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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

          Wednesday, August 29, 2018, Vol. 21, No. 171

                            Headlines


A U S T R A L I A

COOMBOONA HOLDINGS: Second Creditors' Meeting Set for Sept. 6
INTERNATIONAL FERRO: Second Creditors' Meeting Set for Sept. 4
LEDAR GROUP: First Creditors' Meeting Set for Sept. 4
NORTHERN TRAILER: First Creditors' Meeting Set for Sept. 4
PERFECTION FLOORING: Second Creditors' Meeting Set for Sept. 4

SHOES OF PREY: On the Verge of Collapse; Stops Taking Orders
VODAFONE HUTCHISON: In Talks to Merge With TPG Telecom


C H I N A

BIOSTAR PHARMACEUTICALS: Gets New Delisting Notice From Nasdaq
BOHAI STEEL: Enters Bankruptcy Proceedings Amid Financial Trouble
CHINA COMMERCIAL: Regains Compliance with Nasdaq Listing Rules
CHINA HONGQIAO: Fitch Hikes LT IDR to 'BB-'; Outlook Stable
SEVEN STARS: Signs 3-Year $24B Deal with Electric Bus Operator


H O N G  K O N G

NOBLE GROUP: Shareholders Approve $3.5 Billion Debt Restructuring


I N D I A

ABHIRAM INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
AKASH RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
AKASH RICE AND AGRO: CRISIL Migrates B+ Rating to Not Cooperating
AMBABHAVANI FAB: CRISIL Migrates B+ Rating to Not Cooperating
ANANDA BHARATHI: CRISIL Migrates B Rating to Not Cooperating

ANGELS PHARMA: CRISIL Migrates B+ Rating to Not Cooperating
ARK BUILDERS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
ASTHALAKSHMI AGROTECH: CRISIL Cuts Rating on INR8cr Loan to D
BALAJI OIL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
BEEHIVE EDUCATIONAL: CRISIL Migrates B- Rating to Not Cooperating

C. M. INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
CHAUDHARY CONST: CRISIL Migrates B+ Rating to Not Cooperating
COSMOS INDUSTRIES: Ind-Ra Moves BB LT Rating to Non-Cooperating
DEVIPRASAD CONSTRUCTIONS: CRISIL Moves Rating to Not Cooperating
GANESA MODERN: CRISIL Migrates B+ Rating to Not Cooperating

GMR CHHATTISGARH: Gautam Adani Set to Acquire Thermal Power Plant
GUJRAL AND SONS: CRISIL Migrates D Rating to Not Cooperating
GURU KIRPA: CRISIL Migrates B+ Rating to Not Cooperating Category
HEMKUNT RICE: CRISIL Migrates B+ Rating to Not Cooperating
HR FOOD: CRISIL Migrates B- Rating to Not Cooperating Category

I FOUR: CRISIL Migrates B+ Rating to Not Cooperating Category
KAILASH RICE: CRISIL Migrates B+ Rating to Not Cooperating
KAMMAN CORPORATION: CRISIL Migrates B+ Rating to Not Cooperating
KANS WEDDING: CRISIL Migrates B+ Rating to Not Cooperating
KEAUM ORGANICS: CRISIL Migrates B- Rating to Not Cooperating

KOSHER PHARMACEUTICAL: CRISIL Moves B Rating to Not Cooperating
MAYA VENTURES: CRISIL Migrates B- Rating to Not Cooperating
MCO HOSPITAL: CRISIL Migrates B+ Rating From Not Cooperating
MONA TOWNSHIPS: CRISIL Migrates B Rating to Not Cooperating
NANDINI ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating

OPTECH ENGINEERING: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable
RAMESH CHANDRA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
RANGER COTTON: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
SAI BALAJI: CRISIL Migrates B- Rating to Not Cooperating Category
SAINI ALLOYS: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'

SATYAM BALAJEE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SHAH STEEL: CRISIL Lowers Rating on INR59.5cr Loan to D
SHEEL AUTO: CRISIL Assigns B+ Rating to INR5cr Cash Loan
TAKSHILA RETAIL: Ind-Ra Maintains 'D' Rating in Non-Cooperating
UTTAM INDUSTRIAL: Ind-Ra Migrates B- LT Rating to Non-Cooperating

VISWABHARATHI EDUCATIONAL: CRISIL's D Rating in Not Cooperating
VMS INTERNATIONAL: Ind-Ra Migrates B+ Rating to Non-Cooperating


J A P A N

ASAHI LIFE: Fitch Rates New USD Subordinated Bonds 'BB(EXP)'


N E W  Z E A L A N D

MARAMA FOX: Consultancy Firm Placed Into Liquidation
* Insolvency Experts Should Report Serious Issues or Face Fines


                            - - - - -


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


COOMBOONA HOLDINGS: Second Creditors' Meeting Set for Sept. 6
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Coomboona Holdings Pty Ltd;
     - Coomboona Genetics Pty Ltd;
     - Coomboona Dairies Pty Ltd;
     - Coomboona Dairies Prop Co 1 Pty Ltd;
     - Coomboona Dairies Op Co 1 Pty Ltd;
     - Goulburn Valley Genetics Pty Ltd; and
     - Goulburn Valley Dairies Pty Ltd

has been set for Sept. 6, 2018, at 10:30 a.m. at the offices of
Ferrier Hodgson, Level 43, 600 Bourke Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 5, 2018, at 4:00 p.m.

Stewart Alexander McCallum and Ryan Reginald Eagle of Ferrier
Hodgson were appointed as administrators of Coomboona Holdings on
March 23, 2018.


INTERNATIONAL FERRO: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of International
Ferro Metals Limited has been set for Sept. 4, 2018, at 3:00 p.m.
at the offices of Grant Thornton Australia Limited, Level 17, 383
Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2018, at 5:00 p.m.

John McInerney and Philip Campbell-Wilson of Grant Thornton
Australia were appointed as administrators of International Ferro
on July 31, 2018.


LEDAR GROUP: First Creditors' Meeting Set for Sept. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ledar Group
Pty. Ltd. will be held at Level 10, 550 Bourke Street, in
Melbourne, Victoria, on Sept. 4, 2018, at 4:00 p.m.

Glen Kanevksy of Deloitte was appointed as administrator of Ledar
Group on Aug. 23, 2018.


NORTHERN TRAILER: First Creditors' Meeting Set for Sept. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Northern
Trailer Hire and Sales Pty Ltd, trading as Redback Trailers &
Parts, will be held at the offices of SM Solvency Accountants,
Level 8/490 Upper Edward Street, in Spring Hill, Queensland, on
Sept. 4, 2018, at 12:00 noon.

Brendan Nixon of SM Solvency Accountants was appointed as
administrators of Northern Trailer on Aug. 24, 2018.


PERFECTION FLOORING: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Perfection
Flooring Pty Ltd has been set for Sept. 4, 2018, at 11:00 a.m. at
the offices of Veritas Advisory, Level 5, 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2018, at 4:00 p.m.

Vincent Pirina and Steve Naidenov of Veritas Advisory were
appointed as administrators of Perfection Flooring on July 31,
2018.


SHOES OF PREY: On the Verge of Collapse; Stops Taking Orders
------------------------------------------------------------
Emma Koehn at The Sydney Morning Herald reports that one of
Australia's most recognised online startups Shoes of Prey is on
the verge of collapse with the footwear retailer stopping orders
and co-founder Jodie Fox admitting the business has "faced
struggles".

The startup was launched in 2009 with co-founders Ms. Fox, Mike
Knapp and Michael Fox, allowing shoppers to order their own
customised shoes online and have them delivered within weeks, the
report discloses.

SMH notes that on Aug. 28, the business removed ordering options
from its website and told customers "we're pausing to consider our
options for the future of our business, and we have stopped taking
orders".

In an Instagram post, Ms. Fox said while "early signs" for the
company's growth were great, "we were unable to fully crack mass-
market adoption," SMH relays.

According to SMH, Ms. Fox said the business will pause operations
to "actively assess all our options" including a possible sale or
relaunch of the business.

In March, it emerged the fashion startup was making a pitch for
AUD3 million in bridging funding from investors.

A pitch to investors revealed the company had lost AUD6 million
last year off AUD7 million in revenue, SMH says.


VODAFONE HUTCHISON: In Talks to Merge With TPG Telecom
------------------------------------------------------
David Fickling at Bloomberg News reports that one of the longest
stalemates in Australian corporate history could be nearing a
resolution.

According to Bloomberg, Vodafone Hutchison Australia Pty, the
joint venture between Vodafone Plc and a unit of Victor Li's CK
Hutchison Holdings Ltd. that runs the nation's third-largest
mobile network, is in talks to merge with homegrown challenger TPG
Telecom Ltd., the companies said.

That would be a merciful outcome for Vodafone Hutchison, which was
created in 2009 through a 50-50 merger of the two operators' local
businesses and has racked up about AUD3 billion (US$2.2 billion)
in net losses since 2012 alone, Bloomberg relates. The company has
been in a form of limbo for years, with neither side willing to
sell out for a price the other would accept and a resulting lack
of clear leadership that's left it saddled with an insolvent
balance sheet, according to Bloomberg.

Its EBITDA, at about AUD976 million in 2017, is greater than TPG's
AUD835 million, but with AUD7.57 billion in net debt Vodafone
Hutchison will be doing very well if it gets an equity value of
more than AUD1 billion in any deal, Bloomberg discloses. That
compares with TPG's AUD6.7 billion, after the stock surged 15
percent on the announcement.

Bloomberg says the move is the latest in a string of ambitious
deals by TPG, founded by Chairman David Teoh in 1986 and unrelated
to the U.S. private-equity group. Alongside the potential interest
in taking over local wireless operator Amaysim Australia Ltd. by
Singapore Telecommunications Ltd., or SingTel, it's also a sign
that Australia's telecommunications sector is on the verge of a
fresh wave of consolidation as a government-owned fixed-fiber
network increases competition, Bloomberg states.

Vodafone Hutchison Australia (VHA) is a telecommunications company
providing mobile and fixed broadband services.  VHA is a 50:50
joint venture between Vodafone Group Plc and Hutchison
Telecommunications (Australia) Limited. As of June 30, 2018, VHA's
mobile customer base was almost 6 million.



=========
C H I N A
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BIOSTAR PHARMACEUTICALS: Gets New Delisting Notice From Nasdaq
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc. received on Aug. 16, 2018, a
notification letter from Nasdaq Listing Qualifications advising
the Company that since it had not filed its Quarterly Report on
Form 10-Q for the second quarter ended June 30, 2018, this matter
serves as an additional basis for delisting the Company's
securities from the Nasdaq Stock Market.

Previously, on April 19, 2018 and May 23, 2018, the Company
received notification letters from Nasdaq advising the Company
that, since it had not filed its Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2017 and its Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31, 2018, the Company
was not in compliance with Nasdaq Listing Rules.

On July 19, 2018, the Company received a delisting determination
letter from the Nasdaq advising the Company that following review
of the Company's plan of compliance, the Nasdaq staff determined
to delist the Company's common stock from the Nasdaq Capital
Market.

On July 26, 2018, the Company requested a hearing before the
Nasdaq Hearings Panel to appeal the delisting determination from
the Nasdaq staff.  On Aug. 10, 2018, the Company was granted an
extended stay as to the suspension of the Company's common stock
from trading by the Panel until the Company's scheduled hearing
before the Panel on Sept. 13, 2018 and issuance of a final Panel
decision.

As a result of the latest Form 10-Q filing delinquency, the Panel
will consider this matter in rendering a determination regarding
the Company's continued listing on The Nasdaq Capital Market.
Pursuant to Listing Rule 5810(d), the Company plans to present its
views with respect to this additional deficiency at the hearing.

The Company said it is working assiduously to complete its
delinquent filings with SEC and to regain compliance with the Rule
as soon as possible.

                  About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015.  As of Sept. 30, 2017, the Company
had $41.42 million in total assets, $5.27 million in total current
liabilities, and $36.14 million in total stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31,
2016, stating that the Company had experienced a substantial
decrease in sales volume which resulted a net loss for the year
ended Dec. 31, 2016.  Also, part of the Company's buildings and
land use rights are subject to litigation between an independent
third party and the Company's chief executive officer, and the
title of these buildings and land use rights has been seized by
the PRC Courts so that the Company cannot be sold without the
Court's permission.  In addition, the Company already violated its
financial covenants included in its short-term bank loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


BOHAI STEEL: Enters Bankruptcy Proceedings Amid Financial Trouble
-----------------------------------------------------------------
Yimian Wu at China Money Network reports that Bohai Steel Group, a
debt-stricken state-owned enterprise, has entered bankruptcy
proceedings as Tianjin Higher People's Court accepted its creditor
Tianjin Seri Machinery Equipment Corp., Ltd.'s application to
reorganize Bohai Steel Group on August 24.

The group's bankruptcy and reorganization process involves 48
businesses located in Tianjin and Hebei province, the report says.

According to the report, China Banking and Insurance Regulatory
Commission said it will work with Tianjin municipal government to
establish a creditors committee. China Money Network relates that
the committee, local government and enterprises will fully
communicate on major issues during the bankruptcy process, as how
these proceedings work in China with usually great interventions
from the government.

The report relates that Peng San, director of the State-owned
Assets Supervision and Administration Commission of Tianjin, said
the reorganization process will bring in professional and
financially sound strategic investors to improve company
management and optimize its capital structure.

Bohai Steel Group was formed in 2010 by four state-owned
enterprises including Tianjin Iron and Steel Group Co., Ltd.,
Tianjin Metallurgical Group Co., Ltd. and Tianjin Tiantie
Metallurgical Group Co., Ltd.

The group became one of the Fortune 500 Companies in 2014 and
2015. As the company's production capacity continued to expand,
its debt level also increased, the report says. In 2016, its debt
level reached RMB200 billion (US$29 billion). But as China's
economic growth slowed and the commodity industry plummeted, Bohai
Steel Group ran into serious financial difficulties.

Local government set up a debt committee trying to resolve the
debt problems but detailed plans were never announced, the report
adds.

Bohai Steel Group Co Ltd is a steelmaker based in northeast
China.


CHINA COMMERCIAL: Regains Compliance with Nasdaq Listing Rules
--------------------------------------------------------------
China Commercial Credit, Inc. received a letter on Aug. 22, 2018
from The Nasdaq Stock Market stating that the Company has regained
compliance with Listing Rule 5250(b).

As previously disclosed Feb. 28, 2018, Nasdaq notified the Company
that it did not comply with the minimum $35 million market value
of listed securities for The Nasdaq Capital Market set forth in
Listing Rule 5550(b)(2) nor the alternative compliance standards
under Nasdaq Listing Rule 5550(b) of (i) net income from
continuing operations of $500,000 in its last completed fiscal
year or in two of the last three fiscal years, or (ii)
stockholders' equity of at least $2.5 million. On Aug. 22, 2018,
the Company received the Notification Letter from Nasdaq notifying
the Company that based on the Company's Quarterly Report on Form
10-Q for the period ended June 30, 2018 filed on Aug. 17, 2018, in
which it reported stockholders' equity of $4,132,773, Nasdaq has
determined that the Company satisfies the $2.5 million
stockholders' equity requirement under Listing Rule 5550(b)(1) and
this matter is now closed.

                    About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in used
luxurious car leasing. The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016. As of June 30, 2018, China
Commercial had US$4.14 million in total assets, US$15,246 in total
liabilities and US$4.13 million in total shareholders' equity.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


CHINA HONGQIAO: Fitch Hikes LT IDR to 'BB-'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded China Hongqiao Group Limited's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'BB-' from 'B+'. The Outlook on the IDRs is Stable.

The upgrade reflects significant improvements in Hongqiao's
financial profile, which are driven by strong free cash flow from
its core aluminium business and equity injections. These resulted
the substantial decrease in net leverage to 2.3x at end-2017 from
3.9x at end-2016. Fitch expects Hongqiao to continue to post
positive FCF in the near term and net leverage to remain at 2.0x-
2.4x, driven by its robust aluminium profitability and lower
capex.

Honqgqiao's ratings continue to be constrained by weak internal
controls and uncertainties regarding the policy implications of
unpaid power tariffs and potential surcharges on power costs,
which could significantly increase its production costs.

KEY RATING DRIVERS

Largest Aluminium Smelter in China: Hongqiao has 6.5 million
tonnes of compliant aluminium production capacity remaining after
it shut 2.7 million tonnes of capacity for aluminium and aluminium
products in 2H17. The company retains around 15% domestic market
share and remains one of the largest aluminium smelters in the
world. Hongqiao's size allows it to enjoy large economics of
scale, although the advantage has reduced, and remains one of the
most profitable aluminium smelters in China.

Fitch expects Hongqiao's total aluminium capacity to remain steady
at 6.5 million tonnes as the company does not have regulatory
approval to build more plants. Its capex will also be limited in
the near term, while Fitch expects Hongqiao's average utilisation
rate to improve from 2018.

Rising Costs, Lower Margins: Hongqiao's EBITDA margin narrowed to
24% in 2017 from 30% in 2016, driven by the rising costs of raw
materials, such as coal and carbon anodes. Fitch expects
Hongqiao's EBITDA margin to remain at 22%-24% over 2018-2020,
supported by forecasts for strong aluminium prices and lower coal
prices. Hongqiao's profitability should remain well ahead of that
of other domestic aluminium smelters, although Fitch does not
expect Hongqiao's EBITDA margin to returns to the 30s in the near
term.

Leverage to Decrease: Hongqiao's net leverage dropped to 2.3x in
2017 from around 4.0x in 2015 and 2016 on back of strong FCF
generation and equity injections. Fitch expects Hongqiao's net
leverage to remain at 2.0x-2.4x over 2018-2020, as Fitch expects
Hongqiao to continue to post positive FCF driven by strong FFO
generation in its core aluminium business and limited capex
despite higher dividend pay-outs.

Potentially Higher Power Surcharge: Fitch expects Hongqiao's
aluminium profitability to decrease if the company has to start
paying power surcharges to the state grid for electricity
generated by its captive power plants. Its sensitivity analysis
shows that a 5.04c/kwh increase in power tariffs could reduce the
company's aluminium gross profit per tonne by as much as CNY500
(2018 forecast gross profit per tonne: CNY2,100). This would in
turn increase net leverage to about 3.0x in 2018. Without the
power surcharges Fitch expects Hongqiao's 2018 net leverage to
remain at around 2.4x.

DERIVATION SUMMARY

Compared with Alcoa Corporation (BB+/Positive), Hongqiao has a
less sophisticated range of products, but it maintains higher
margins due to the scale and efficiency of its core aluminium
smelting business. However, Hongqiao's net leverage remains higher
than that of Alcoa, even after the deleveraging in 2017.

KEY ASSUMPTIONS

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

  - Aluminium capacity to remain at 6.5 million tonnes

  - Capex of CNY6 billion a year between 2018 and 2021

  - 35% dividend pay-out ratio

  - Aluminium price of USD2,350/tonne in 2018, USD2,250/tonne
    in 2019 and 2020

  - No claw-back of unpaid power tariffs

RATING SENSITIVITIES

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

  - Longer track record of consistent financial reporting and
    adequate internal controls.

  - FFO net leverage sustained below 2.0x

  - Higher clarity on regulatory implications surrounding
    Hongqiao's unpaid power tariffs or potential imposition of
    power surcharges, which will not result in any negative
    impact on the company's financial metrics.

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

  - Further delays in financial reporting or evidence of weak
    internal controls

  - FFO net leverage above 3.5x on a sustained basis

  - Further capacity shutdowns or significant deterioration of
    market position

  - Significant increase in power surcharges paid or substantial
    payment of previously unpaid tariffs.

LIQUIDITY

As of end-1H18, Hongqiao has around CNY36.5 billion in cash, which
is adequate to cover its short-term debt of around CNY24.4
billion.

FULL LIST OF RATING ACTIONS

China Hongqiao Group Limited

  - Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB-'
    from 'B+'; Outlook Stable

  - Senior unsecured rating upgraded to 'BB-' from 'B+' and
    Recovery Rating of 'RR4'


SEVEN STARS: Signs 3-Year $24B Deal with Electric Bus Operator
--------------------------------------------------------------
Seven Stars Cloud Group, Inc. has entered into a ground-breaking,
three-year, exclusive $24 billion deal with National
Transportation Capacity Co Ltd (NTS) to issue fixed income lease
financing-based products, through a global strategic alliance
network which operates in a regulatory compliant manner, for
large-scale electric bus upgrades, as part of the Chinese
government's regulations for all buses to be replaced with
electric buses by 2021 (within the next three years).  The market
size for the mandatory replacements and upgrades to achieve fully-
electric bus operations in China is estimated at RMB1 trillion
(approximately US$145 billion).  NTS is China's largest full-
service operator for electric buses, with sales, lease financing,
a charging station network, and real-time data services including
media, payments, maps, and facial recognition.

Under the terms of the deal, SSC, through its global strategic
alliance network, will provide two distinct financing campaigns,
one in China and the second across global markets.  For the
China-based financing, SSC will conduct financing activities
through the sale of fixed income products to raise 60 Billion RMB
(approx. $8.75B) over three years (an average of 20B RMB / $2.9B
per year). For the global markets financing activities, SSC will
exclusively provide both fixed income and asset digitization
products to raise $15B over three years (an average of $5B per
year).

Bruno Wu, chairman and CEO of Seven Stars Cloud remarked, "This is
a truly ground-breaking deal globally for blockchain-based fintech
companies to gain such a large-scale, asset-backed, contract.  It
represents a new era and a paradigm shift in the way in which we
view asset-based financial products; and it will serve as a window
to the world on how asset value and liquidity can be unlocked by
traditional industries as we take fixed income products into the
digital era.  By combining regulated financial infrastructure, and
the market confidence in asset-based products, with AI-enhanced
risk management and the dynamics of blockchain-enabled
fractionalization, securitization, tokenization, and global
trading of token-based offerings, we are delivering the next-
generation of financial products which will be compelling for both
asset-rich industries and investors alike.  It's an exciting time
for SSC, and we're extremely pleased and honored to partner with
NTS on this offering."

Jihong Huang, president of National Transportation Capacity Co Ltd
stated, "We're delighted to enter into this deal, which is
historic in terms of fixed-income asset digitization.  SSC has
taken traditional lease financing business offerings and
rejuvenated them with today's new technology, in which
flexibility, fractionalization, and global accessibility are key.
A combination of SSC's Blockchain and AI technologies, combined
with our shared mission for unlocking both liquidity and
enterprise value through asset digitization, will result in a
significant transformation of the entire lease financing-based
fixed income market.  Each of the leading ten bus manufacturers in
China strongly back NTS in this initiative, and the success of
this transaction with SSC will place asset-backed digital
offerings firmly on the map."

                    About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible preferred stock and
$34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from operations,
has net current liabilities and an accumulated deficit that raise
substantial doubt about its ability to continue as a going
concern.



================
H O N G  K O N G
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NOBLE GROUP: Shareholders Approve $3.5 Billion Debt Restructuring
-----------------------------------------------------------------
Reuters reports that Noble Group Ltd won approval on Aug. 27 from
a majority of shareholders for a $3.5 billion debt restructuring
plan that should ensure the survival of what was once Asia's
biggest commodity trader.

Faced with the prospect of the company's insolvency, shareholders
reluctantly backed a debt-for-equity swap that will leave them
with ownership of just 20 percent of the business, while handing
majority control to a group of creditors comprised mainly of hedge
funds, according to Reuters.

"It's obviously a relief to get this out of the way today and to
get such a strong support from our shareholders," Noble Chairman
Paul Brough told reporters after the company won approval from
99.6 percent of shareholders voting at the 90-minute meeting in
Singapore.

"It's all about the business now, rather than the restructuring,"
Mr. Brough said after fielding numerous questions about the
restructured firm's prospects from the shareholders that packed
the banquet hall where the meeting was held, Reuters relays.

Several small shareholders attending the meeting told Reuters they
were angry with Noble's management as the plan diluted the value
of their investments, but said they saw no choice but to support
the plan in order to save at least some of their money.

"We want to keep the company afloat rather than liquidate it,"
Reuters quotes Roger Ong, 49, a driver who invested in Noble
shares, as saying.

Noble, founded in 1986 by Richard Elman, who took advantage of a
commodities bull run to build it into one of the world's biggest
traders, has had its market value all but wiped out from $6
billion in February 2015, Reuters recalls.

Reuters says the crisis for the company started that month after
Arnaud Vagner, a former employee, published reports anonymously
under the name of Iceberg Research that accused Noble of inflating
its assets. The upheaval triggered a share price collapse, credit
downgrades, writedowns and asset sales.

Singapore-listed Noble has always stood by its accounts, says
Reuters.

Reuters notes that under the debt-for-equity deal, the company's
debt will be halved and it will get access to $800 million in
trade finance and hedging facilities, a lifeline in a sector where
profit margins are in the low single digits.

In return, Noble will hand over 70 percent of its restructured
business to creditors, while existing shareholders' equity will be
reduced to 20 percent and its management will get 10 percent,
Reuters states.

The company's shareholders include sovereign wealth fund China
Investment Corp, Abu Dhabi-based fund Goldilocks Investment Co Ltd
and Eastspring Investments, as well as more than 30,000 retail
investors, Reuters discloses.

Reuters adds that Mr. Brough, a restructuring expert with more
than 30 years of experience including the liquidation of Lehman
Brothers' assets in Asia, said Noble would appoint a new chairman
and board before the restructured company starts operations in two
to three months.

Noble seeks to transform itself into an Asian-centric trader
mainly dealing with coal, freight and liquefied natural gas. As
part of its restructuring plan, the company has already moved its
headquarters to London from Hong Kong, Reuters says.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores.  Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa.  Energy business includes coal, gas and liquid energy
products.  In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys.  The Company operates
nearly in 140 locations.  It supplies growth demand markets in
Asia and Middle East.  Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.  S&P lowered the
ratings because Noble has missed the principal and coupon payment
for its 2018 notes due March 20, 2018. Noble also missed the
coupon payment on its 2022 notes due March 9, 2018.  In addition,
the company said it would not make the payments despite being
given 30-day grace periods to meet both obligations.  The failure
to make these payments will trigger cross-defaults on the
company's other obligations.  S&P does not expect Noble to meet
any outstanding obligations as the company preserves its assets
during the restructuring process. Noble is undergoing a debt
restructuring and S&P will conduct another review the company's
credit profile after the restructuring is complete.



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


ABHIRAM INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Abhiram Infra
Projects Private Limited's (AIPPL) Long-Term Issuer rating to 'IND
D (ISSUER NOT COOPERATING)' from 'IND BB+ (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Thus, the rating is on the basis of best available
information. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based facilities (Long-term/Short-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.280 bil. Non-fund-based facilities (Short-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by AIPPL,
details of which are not available.

COMPANY PROFILE

Established in 2009, AIPPL executes engineering, procurement and
construction contracts in water supply and underground sewerage
segments in Karnataka, Tamil Nadu, Andhra Pradesh and Kerala. The
company also undertakes road and civil construction projects.


AKASH RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Akash Rice
Industries (ARI) to 'CRISIL B+/Stable Issuer not cooperating'.

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

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

Set up in June 2013, ARI is a partnership firm. It mills and
processes paddy into rice, rice bran, broken rice, and husk at its
factory in Davangere, Karnataka. The firm is managed by Mr S
Suresh and his family members.





AKASH RICE AND AGRO: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Akash Rice
And Agro Industries Private Limited (ARAIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Term Loan            5.68        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ARAIPL for
obtaining information through letters and emails dated July 17,
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 Akash Rice And Agro Industries
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Akash Rice And Agro Industries
Private Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Akash Rice And Agro Industries Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.

ARAIPL, incorporated in 2013, is setting up a parboiled rice mill
unit for manufacturing of raw rice and parboiled rice in East
Champaran district, Bihar with capacity of 6 tonnes per hour. The
company is promoted by Mr. Panna Lal Sah and Mr Bhupendra Sah.


AMBABHAVANI FAB: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ambabhavani
Fab Engineering Works LLP (AFE) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AFE 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 Ambabhavani Fab Engineering
Works LLP, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Ambabhavani Fab Engineering Works LLP 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 Ambabhavani Fab Engineering Works LLP to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating.

Established in 2011 as partnership firm, AFE provide customized
Fabrication, Machining and Assembly works as per designs provide
by customers. AFE is promoted by Mr. Madanan Pillai, Ms.
Sreelekha, Mr. Muhamood Koonhal, Mr. Dileep Kumar and Mr. Sivan
Pillai. Mr. Madanan Pillai and Ms. Sreelekha has over two decades
of experience in the fabrication industry. While, Mr. Muhamood
Koonhal, Mr. Dileep Kumar have experience of around 15 years in
consulting work for structural design and detailing work for
plants.


ANANDA BHARATHI: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ananda
Bharathi Fertilizers (India) Private Limited (ABFPL) to 'CRISIL
B/Stable Issuer not cooperating'.
                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/           1         CRISIL B/Stable (Issuer Not
   Overdraft facility               Cooperating; Rating Migrated)

   Long Term Loan         9         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

CRISIL has been consistently following up with ABFPL 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 Ananda Bharathi Fertilizers
(India) Private Limited, which restricts CRISIL's ability to take
a forward looking view on the entity's credit quality. CRISIL
believes information available on Ananda Bharathi Fertilizers
(India) Private Limited 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 Ananda Bharathi Fertilizers (India) Private Limited
to 'CRISIL B/Stable Issuer not cooperating'.

ABFPL, incorporated in January 2011 is setting up a facility for
manufacturing customized fertilizers. Based out of Hyderabad
(Telangana), ABFPL is promoted by Mr Rajashekar Rao.


ANGELS PHARMA: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Angels Pharma
India Private Limited (APIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        23         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Established in March, 2016 as a private limited company, Angels
Pharma India Pvt Ltd (APIPL) is a setting up an Active
Pharmaceutical intermediates (APIs) plant in Visakhapatnam, Andhra
Pradesh. The company is promoted and managed by Mr. K Srinivasa
Rao.


ARK BUILDERS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained ARK Builders'
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 these ratings. The rating will continue to appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR51 mil. Long-term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR37.5 mil. Fund-based facilities maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, ARK Builders is a residential and commercial
real estate developer.


ASTHALAKSHMI AGROTECH: CRISIL Cuts Rating on INR8cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Asthalakshmi Agrotech Private Limited (AAPL) to 'CRISIL D' from
'CRISIL BB/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Long Term Loan         8         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Warehouse Financing    8         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects instances of delay by AAPL in servicing
debt obligation. The rating also considers large working capital
requirement, susceptibility to adverse government regulations and
to fluctuations in raw material prices and moderate working
capital requirement. However, the company benefits from the
experience of the promoter.

Key Rating Drivers & Detailed Description

* Delays in repayment of term loan: Term loan repayment has been
delayed owing to temporary stretch in liquidity led by fully
utilised bank limit.

Weakness

* Large working capital requirement: Gross current assets are
estimated at 163 days as on March 31, 2018, driven by large
inventory of 150 days. Inventory is sizeable because paddy, key
raw material, is available only during crop season (October-
February); hence, the annual requirement has to be procured during
this time and stored in bulk for smooth sales throughout the year.

* Susceptibility to adverse government regulations and to
volatility in raw material prices: The domestic rice industry is
highly regulated in terms of paddy prices, export/import policies,
and rice release mechanism, which affects the credit quality of
players. Further, since cost of procuring the major raw material
accounts for 90% of the production expense, even a slight
variation in price can drastically impact profitability.

* Moderate financial risk profile: Total outside liabilities to
adjusted networth ratio was estimated at 2.1 times as on March 31,
2018. Interest coverage and net cash accrual to adjusted debt
ratios are moderate estimated at 2.16 times and 10%,
respectively.Net worth remain modest estimated at INR6.9 cr as on
March 2018.

Strengths

* Experience of promoter: Benefits from the promoter's experience
of around two decades, his strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

AAPL, incorporated in 2014 by Mr Puneet Agarwal, processes rice at
its facility in Hathras (Uttar Pradesh), with milling and sorting
capacities of 4 tonne per hour; it began commercial operations
from fiscal 2017. The company sells produce in the domestic market
under in-house brands, India Best, Al-Agaro, and Kitchen Khas
(account for 30% of total revenue); the rest is sold to the
wholesale market.


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

The instrument-wise rating actions are:

-- INR30.0 mil. Fund-based facilities migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR305.4 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1985, Balaji Oil Industries is engaged in the
trading and manufacturing of refined palm oil, refined oil and
crude palm oil, hydrogenated vegetable cooking oil, and bakery
shortening.


BEEHIVE EDUCATIONAL: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Beehive
Educational Society (BES) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

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

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

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

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.


C. M. INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of C. M.
Industries (CMI) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

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

CMI, a proprietorship firm, manufactures oil and oil cakes from
cotton seeds, sells packaged and graded wheat, and trades in other
agricultural commodities such as chana, soybean, maize, and
pulses. The firm also trades in cotton bales. Mr. Anant Goyal is
the proprietor of the firm and also manages the operations.


CHAUDHARY CONST: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chaudhary
Const. Co (CCC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against
   Property              .75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        .75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft            3.50        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Bank        7.50        CRISIL B+/Stable (ISSUER NOT
   Guarantee                        COOPERATING; Rating Migrated)

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

Established in 1996 as a proprietorship by Mr Vikas Sharma, CCC,
undertakes turnkey projects of setting up of substations and
transmission lines for state power transmission and distribution
utilities in Uttar Pradesh.


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

The instrument-wise rating action is:

-- INR620 mil. Fund-based working capital limits with IND BB
    (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1955, CIL manufactures sugar at its manufacturing
unit, with a daily capacity of 4,000 tons, in Dhuri, Sangrur
district, Punjab.


DEVIPRASAD CONSTRUCTIONS: CRISIL Moves Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Deviprasad
Constructions Private Limited (DCPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          9        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

DCPL, set up in 1984 by Mr. Shetty, is based in Udupi, Karnataka.
The company undertakes civil construction. This includes
construction of residential complexes, buildings, temples, and
roads for government and private entities.


GANESA MODERN: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesa Modern
Rice Mill (GMRM) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Bank         0.72      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

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

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

Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.


GMR CHHATTISGARH: Gautam Adani Set to Acquire Thermal Power Plant
-----------------------------------------------------------------
Bloomberg News reports that Indian billionaire Gautam Adani's
energy unit is nearing a deal to acquire a 1,370-megawatt thermal
power plant backed by GMR Infrastructure Ltd., according to people
with knowledge of the matter.

Adani Power Ltd. will take over about INR38 billion (US$543
million) of loans out of a total of INR58 billion that GMR
Chhattisgarh Energy Ltd. owes, said the people, who asked not to
be identified because the information is private, Bloomberg
relates. Adani Power will also assume non-funded liabilities of
about INR14 billion, the people said.

Bloomberg notes that India's central bank has been looking to
restructure stressed loans that have already pushed dozens of
companies into bankruptcy. According to Bloomberg, the RBI is
attempting to clean up more than $210 billion of soured debt on
bank balance sheets and has previously asked lenders to take about
40 large defaulters to bankruptcy court lest overdue borrowings
slow growth in Asia's third-largest economy. In February, it
introduced new rules and a timeline for delinquent loans to be
recast.

A deal is likely to be announced in the next few weeks after
lenders give a formal approval, the people, as cited by Bloomberg,
said. Lenders took control of GMR Chhattisgarh from GMR
Infrastructure after adopting a restructuring plan last year that
converted about INR30 billion of debt into about 52 percent of
equity, Bloomberg recalls.

GMR Chhattisgarh comprises two 685-megawatt coal-power units that
started operations in 2015 and 2016, Bloomberg discloses iting
GMR's website.

Adani Power, Vedanta Ltd., JSW Energy Ltd. and state-run NLC India
Ltd. were among firms that submitted non-binding bids for the
project, lender Power Finance Corp. said in a May 31 statement,
adds Bloomberg.

GMR Chhattisgarh (100% held by GMR Energy Limited) is developing
a 1370 MW (2 X 685 MW) supercritical unit at Raipur District,
Chhattisgarh, for which the land has been acquired and most major
approvals are in place. The GMR Group is an infrastructure
developer active in the power, roads and airports segments.


GUJRAL AND SONS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gujral and
Sons (G&S) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           6.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Set up in 1971 by Mr. Vinod Gujral, as a partnership firm, G&S
retails garments from its showroom in Karol Bagh, Delhi. The firm
sells casual wear (T-shirts and shirts), formal wear, wedding
suits, Jodhpuri kurtas, and other designer wear. It also sells
unstitched fabric for menswear.


GURU KIRPA: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Guru Kirpa
Agro Industries - Firozpur (GKAI) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Term Loan              4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Established as a partnership firm in 2013 by Mr Rajinder Kumar and
seven others, GKAI primarily processes basmati and non-basmati
rice at its facilities in Fazilka, Punjab. The operations are
managed by Mr Kumar, supported by other partners.


HEMKUNT RICE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hemkunt Rice
Mills Private Limited (HRMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

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

   Term Loan              1.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Incorporated in May 2005 in Hazaribagh and promoted by Mr. Manjeet
Singh Kalra and Mr. Swaranpal Singh Kalra, HRMPL mills and
processes parboiled rice. The company markets its product under 10
registered brands.


HR FOOD: CRISIL Migrates B- Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of HR Food
Processing Private Limited (HFPPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .37        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan            7.13        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HFPPL for obtaining
information through letters and emails dated July 17, 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 HR Food Processing Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on HR Food Processing Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Incorporated in 2010 and promoted by Mr. Abhinav Shah, Mr. Rakesh
Kumar Sharma, Mr. Harsh Thakkar, and Mr. Abhishek Raj, HFPPL began
operations in April 2015 and processes milk to manufacture curd,
paneer, ghee, lassi, toned milk, and sweets (peda). Facility is in
Ramgarh, Jharkhand, and products are sold under the Osam brand.


I FOUR: CRISIL Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of I Four
Exporters (IFE) Exporters 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 Cash          6.0       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

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

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

Set up in 2016, Palakkad, IFE is involved in the gold jewellery
wholesale business. Mr Prasad TP, Mr Suresh Palakot, and Mr Nitin,
are the promoters. The firm commenced operations in May 2015.


KAILASH RICE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kailash Rice
and General Mills Private Limited (KRGM) to 'CRISIL B+/Stable
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.1       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Fund-         .08       CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating; Rating Migrated)

   Term Loan              .02       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

CRISIL has been consistently following up with KRGM 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 Kailash Rice and General Mills
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Kailash Rice and General Mills
Private Limited 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 Kailash Rice and General Mills Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2001 by Mr Vipan Gupta, KRGM is engaged in
milling, manufacturing and trading of basmati and other varieties
of rice. KRGM operates a rice mill in Kapurtala, Punjab. The
company derives its entire sales from the domestic market i.e.
sales of rice to export houses (70%) and the remaining from sales
to wholesalers and traders located throughout the country. The
company does not undertake direct exports.


KAMMAN CORPORATION: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamman
Corporation (KC) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Line of Credit         10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

KC, incorporated in 1978, trades mainly into minerals, ferro
alloys, chemicals & metals.


KANS WEDDING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kans Wedding
Centre (KWC) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         1.22      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working       0.18      CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

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

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

KWC, incorporated in 2009, is promoted Mr K A Niyas and his
family, who have been in this line of business for over two
decades. It is Kerala's largest wedding apparel retail firm,
offering over 10,000 branded products. The firm has three
operational retail stores in Kerala.


KEAUM ORGANICS: CRISIL Migrates B- Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Keaum
Organics Private Limited (Keaum) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .32        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          1.30        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term   2.01        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan            1.87        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Incorporated in July 2009 and promoted by Mr. Ketan Joshi and Mr.
Bipin Shah, Keaum rectifies, purifies, and distils solvents and
speciality chemicals for players in the pharmaceutical and
chemical industries. Operations began in July 2011.


KOSHER PHARMACEUTICAL: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kosher
Pharmaceutical Private Limited (KPPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         13        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash           2        CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

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

KPPL, set up in 2012, is currently setting up a bulk drug
manufacturing unit. The company is promoted by Mr Lakkireddy
Tirupathi Reddy and is based in Hyderabad.


MAYA VENTURES: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maya Ventures
Private Limited (MVPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

   Project Loan          26.2       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Incorporated in 2003, MVPL is a Bengaluru-based residential real
estate developer. The company is currently developing Maya
Indradhanush, a multi-storied building project in South Bengaluru,
to be completed by December 2016. It is managed by its managing
director, Mr M N Karthik.


MCO HOSPITAL: CRISIL Migrates B+ Rating From Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MCo Hospital
Aids Private Limited (MCO) from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.8        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Letter of Credit      0.7        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan             0.5        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of MCo Hospital Aids Private
Limited (MCO) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of the company from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

CRISIL ratings continue to reflect the modest scale of operations
in competitive industry, working capital-intensive operations and
below-average financial risk profile. These weaknesses are
partially offset by extensive experience of promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive industry: MCO scale
remains small in the competitive surgical sutures segment.
Business risk profile will remain constrained over the medium term
due to the company's subdued scale.

* Working capital-intensive operations: Gross current assets were
intensive, because of sizeable inventory and stretched
receivables. This has led to limited cushion in overdraft
facility, thereby constraining liquidity.

* Below-average financial risk profile: Networth was small but was
partially offset by a moderate gearing of 1.5 times. Debt
protection metrics were muted due to low profitability. Financial
risk profile is expected to remain weak over the medium term.

Strength

* Extensive experience of promoter: Presence of more than three
decades in the healthcare supplies segment has enabled the
promoters to build a wide product base comprising synthetic and
natural absorbable and non-absorbable sutures under the Relyonpga,
Relyonmono, Relyongut, and Relyonsilk brands. The company
specialises in manufacturing absorbable sutures primarily used in
gynecological surgery.

Outlook: Stable

CRISIL believes MCO will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if increase in revenue and stable operating
profitability, or improved working capital management leads to a
better financial risk profile. The outlook may be revised to
'Negative' if financial risk profile weakens further because of
decline in cash accrual, deterioration in working capital
management, or sizeable, debt-funded capital expenditure.

Incorporated in Bengaluru in 1983 and promoted by Mr. C Mahalinga
Shetty, MCO manufactures absorbable and non-absorbable surgical
sutures.


MONA TOWNSHIPS: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mona
Townships Private Limited (MTPL) to 'CRISIL B/Stable Issuer not
cooperating'

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           35         CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

MTPL is presently developing 2 project Mona Green IIA & Mona City.
The project comprise of total 466 luxury apartments (160
apartments in Mona Green II & 306 apartments in Mona City) along
with club & other facilities.


NANDINI ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Nandini
Enterprises - Jaipur (NE) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

NE is a proprietorship firm set up MrRaj Kumar Bhargava in 1999.
It is a AA class approved government contractor working for PHED
to undertake projects related to public water supply, other
irrigation projects (pipeline work, tube well construction, water
storage tanks, and drainage) and civil construction work (building
construction).


OPTECH ENGINEERING: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Optech
Engineering Private Limited's (Optech) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Term loan due on March 10, 2022 affirmed with
    IND BB/Stable rating;

-- INR80 mil. (increased from INR50 mil.) Fund-based facility
    affirmed with IND BB/Stable/IND A4+ rating; and

-- INR45 mil. (increased from INR40 mil.) Non-fund-based
    facility affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Optech's continued moderate credit
metrics, despite an improvement in revenue in FY18. Moreover, the
company had a tight liquidity position as indicated by 96% average
use of the working capital limits during the 12 months ended July
2018.

As per FY18 provisional financials, revenue grew to INR646 million
(FY17: INR424 million) due to an increase in orders from new and
existing customers. However, as of March 2018, the company had a
weak order book of INR510 million (0.8x of FY18P revenue),
providing low revenue visibility. The scale of operations remained
small.

Interest coverage (operating EBITDA/gross interest expense)
improved to 3.5x in FY18P (FY17: 2.9x) and net leverage (adjusted
net debt/operating EBITDAR) to 2.5x (3.0x) owing to an increase in
absolute EBITDA to INR45 million (INR28 million).

However, the ratings are supported by Optech's strong EBITDA
margin, which improved to 6.5% in FY18P (FY17: 5.5%) attributed to
better absorption of variable cost. The company's return on
capital employed was 24.4% in FY18P.

The ratings also continue to benefit from the promoters' a decade-
long experience in the oil and liquid petroleum gas engineering
services business.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
operating profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2005 by Mr. Siddhartha Desai and Mr. Trisit
Bhuiyan, Optech provides oil and liquid petroleum gas engineering
services. It operates through four divisions: fabrication, project
and construction, onsite service, and non-destructive testing and
certifications. The company provides 90% of its engineering
services to companies in Bangladesh, Africa, Kenya, Nepal, Uganda
and Myanmar and 10% to Indian public sector companies such as
Indian Oil Corporation Ltd ('IND AAA'/Stable) and Oil and Natural
Gas Corporation Limited.


RAMESH CHANDRA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ramesh Chandra
Rai'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
B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR45 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 18, 2016 Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Ramesh Chandra Rai trades country and foreign
liquor.


RANGER COTTON: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ranger Cotton
Mills (India) 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 these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR91.8 mil. Long-term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR185 mil. Fund-based facilities maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR14.6 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2004 by Mr. A Arumugam, Ranger Cotton Mills (India)
manufactures grey cotton and cotton yarn in counts ranging from
20s to 40s.


SAI BALAJI: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai Balaji
Paraboiled Rice Mill (SBP) to 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.26       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       .25       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             2.75       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

SBP was set up in June 2011, as a partnership firm. It mills and
processes paddy into rice, and generates by-products, such as
broken rice, bran, and husk. Its rice mill is located in
Mahbubnagar district, Telangana. The firm is managed by nine
partners, comprising Mr K Kannaiah Setty and his family members.


SAINI ALLOYS: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Saini Alloys
Limited's (SAL; formerly Saini Alloys Private Limited) Long-Term
Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR170 mil. Fund -based working capital limits upgraded with
    IND BB+/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating; and

-- INR60 mil. Proposed fund-based limits withdrawn (the company
    did not proceed with the instrument as envisaged) and the
    rating is withdrawn.

KEY RATING DRIVERS

The upgrade reflects a significant rise in SAL's revenue leading
to an improvement in the credit metrics in FY18. Revenue surged to
INR3,278.86 million in FY18 (FY17: INR2,387.42 million), driven by
an increase in sales volume and sales realization due to the
revival of the steel sector. Despite the rise in revenue, the
scale of operations remained moderate. Interest coverage
(EBITDA/gross interest expenses) improved to 2.79x in FY18 (FY17:
1.4.x) and net leverage (net debt/EBITDA) to 2.99x (5.28x) driven
by an increase in absolute EBITDA and a decline in debt. The
increase in the EBITDA was attributed to the increase in revenue.

The ratings also factor in the company's moderate liquidity
position as indicated by 84% average utilization of its working
capital facilities during the 12 months ended July 2018. Cash flow
operation improved to INR79.13 million in FY18 (FY17: INR15.21
million) due to increase in profitability, reduced interest cost
and lower working capital requirements.

Despite a return on capital employed of 17.39% in FY18 (FY17:
10.52%), the EBITDA margins were thin at 1.76% (1.56%), inherent
to the trading nature of the business. The company derives about
70% of its revenue from its trading segment. The slight
improvement in the margins in FY18 was due to increased revenue
contribution from the manufacturing segment, which commands high
margins.

The ratings, however, continue to benefit from the promoters' more
than two decades of experience in the steel industry.

RATING SENSITIVITIES

Positive: An increase in the size of operations and an improvement
in the EBITDA margins while maintaining the credit metrics on a
sustained basis could be positive for the ratings.

Negative: Any deterioration in the top line or EBITDA margins or
liquidity profile could be negative for the ratings.

COMPANY PROFILE

SAL was incorporated in 1999 as a private limited company and was
converted into a limited company in March 2018. SAL manufactures
ingots, steel pipes and casting products, and is also involved in
the trading of hot-rolled products.


SATYAM BALAJEE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Satyam Balajee
Automotives Pvt. Ltd.'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:

-- INR110 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR57.42 mil. Long-term loans maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Satyam Balajee Automotives is engaged in chicken processing in
Kolkata, West Bengal.


SHAH STEEL: CRISIL Lowers Rating on INR59.5cr Loan to D
-------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Shah Steel
Impex Private Limited (SSIPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

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

   Channel Financing    50          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')


   Letter of Credit     59.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SSIPL for obtaining
information through letters and emails dated December 26, 2017 and
January 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 SSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

Based on banker feedback indicating irregularities in conduct of
account, CRISIL has downgraded the ratings on bank facilities of
SSIPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

SSIPL, incorporated in 2006, trades in steel products such as hot-
rolled coils, cold-rolled coils, and galvanised coils. It is an
authorised distributor of JSW Steel Ltd, which accounts for 60% of
its trading business. SSIPL is promoted and managed by Mr Ambrish
Shah.


SHEEL AUTO: CRISIL Assigns B+ Rating to INR5cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sheel Auto Industries Private Limited
(SAIPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (Assigned)
   Inland/Import
   Letter of Credit       1.5       CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations,
below-average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of the promoters in the automotive components
industry, and established relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: SAIPL's modest scale, reflected in
revenue of INR30 crore in fiscal 2018, in the fragmented and
competitive automotive components industry restricts its
bargaining power with customers.

* Large working capital requirement: Gross current assets were
large, estimated at 200 days as on March 31, 2018. The working
capital requirement has increased due to large inventory of 101
days. However, established relationships with suppliers have
enabled the company to stretch payables to 85 days.

* Below-average financial risk profile: Capital structure is weak,
indicated by estimated high gearing and total outside liabilities
to adjusted networth ratio of 1.68 times and 3.6 times,
respectively, as on March 31, 2018, on account of stretched
payables. Debt protection metrics are weak, reflected in estimated
interest coverage and net cash accrual to total debt ratio of 1.5
times and 0.06 time, respectively, for fiscal 2018.

Strengths

* Extensive industry experience of the promoters and established
customer relationships: The promoters have experience of about
three decades and have developed good industry insights, which
helps anticipate price trends and calibrate purchasing and
stocking decisions, and build healthy relationships with
customers. Benefits from the promoters' experience and established
customer relationships should continue.

Outlook: Stable

CRISIL believes SAIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a significant increase in revenue while
profitability remains healthy, leading to higher-than-expected
cash accrual and sustainable improvement in the capital structure
along with efficient management of working capital requirements.
The outlook may be revised to 'Negative' if profitability is lower
than expected, or if the capital structure weakens because of
more-than-expected debt contracted to fund capital expenditure or
incremental working capital requirement.

Established in 1998 and based in Ludhiana, SAIPL is promoted and
managed by Mr H R Sarda and Mr Ravi Sarda. The company
manufactures automotive components.


TAKSHILA RETAIL: Ind-Ra Maintains 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Takshila Retail
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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR650 mil. Fund-based working capital limit (Long-
    term/Short-term) maintained in non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR330.3 mil. Term loan (Long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 5, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Takshila Retail is a retailer of premium fabrics, home decor and
jewelry.


UTTAM INDUSTRIAL: Ind-Ra Migrates B- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Uttam
Industrial Engineering Private Limited's (UIEPL) Long-Term Issuer
Rating to 'IND B-' from 'IND BB', while migrating the rating to
the non-cooperating category. The Outlook was Stable. The issuer
did not participate in the rating exercise, despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND B- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR11.3 mil. (reduced from INR60 mil.) Long-term loan due on
    April 2018-March 2028 downgraded and migrated to non-
    cooperating category with IND B- (ISSUER NOT COOPERATING)
    rating;

-- INR5 mil. Fund-based limits downgraded and migrated to non-
    cooperating category with IND B- (ISSUER NOT COOPERATING)
    rating; and

-- INR328.7 mil. (reduced from INR442.2 mil.) Non-fund-based
    limits downgraded and migrated to non-cooperating category
    with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects UIEPL's stressed liquidity profile. Cash
flow from operation continued to deteriorate in FY18 to INR7
million (FY17: INR87 million; FY16: INR156 million). Also, cash
position was low at INR0.05 million at FYE18 (FYE17: INR20
million). Revenue declined 52.8% yoy to INR868 million in FY18
(FY17: INR1,838 million) and interest coverage fell to 4.1x
(4.3x). FY18 financials are provisional in nature.

The ratings have been migrated to the non-cooperating category, as
the company did not provide Ind-Ra with the details of the orders
executed in FY18, financial projections for the next four years
and working capital utilization for the 12 months ended July 2018,
despite continuous requests and follow-ups by the agency.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity, revenue and
credit metrics will be positive for the ratings.

Negative: A sustained deterioration in the revenue, credit metrics
and liquidity will be negative for the ratings.

COMPANY PROFILE

UIEPL is a privately held company, primarily engaged in the
engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.


VISWABHARATHI EDUCATIONAL: CRISIL's D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Viswabharathi
Educational Society (VES) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     9.5       CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan   155.0       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long      1.6       CRISIL D (ISSUER NOT COOPERATING)
   Term Bank Loan
   Facility

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

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates
a multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


VMS INTERNATIONAL: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VMS
International's (VMS) 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 these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR7.5 mil. Term loan due on October 2018 migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2003, VMS International is a partnership firm
engaged in the manufacturing of polyester staple fiber.



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


ASAHI LIFE: Fitch Rates New USD Subordinated Bonds 'BB(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Asahi Mutual Life Insurance Company's
(Asahi Life; Insurer Financial Strength: BBB-(Good)/Stable)
proposed US dollar step-up callable cumulative perpetual
subordinated bonds with interest-deferral options an expected
rating of 'BB(EXP)'. The issuance ranks pari passu with Asahi
Life's outstanding Fitch-rated US dollar subordinated bonds and is
rated at the same level as the outstanding bonds.

The proceeds from the bond issue will be used for general
corporate purposes, and also may (subject to regulatory and other
approvals) be applied towards the partial repayments of existing
subordinated loans and/or foundation funds. The total amount and
the coupon of the subordinated bonds have yet to be decided
although the issuance will be around a maximum of USD430 million.
The issue is expected to be callable after five years, at which
point there would be a 100bp coupon step-up feature.

The final rating is contingent on the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

The subordinated bonds are rated one notch below Asahi Life's
Long-Term IDR (BB+/Stable) to reflect its baseline assumption of
below-average recovery.

The bonds include a mandatory interest-deferral feature on a
cumulative basis, which is triggered when Asahi Life's statutory
solvency margin ratio (SMR) falls below the regulatory capital
requirement of 200% on a consolidated or non-consolidated basis or
on the issuance of an order of prompt corrective action by Japan's
Financial Services Agency. The company's SMR was 803% on a non-
consolidated basis and 809% on consolidated basis at end-June
2018. Fitch classifies the interest-deferral feature on this
instrument as minimal non-performance risk, with no additional
notching applied, in line with its notching criteria.

The subordinated bond is classified as 100% capital within Fitch's
risk-based capitalisation.

It is classified as 50% capital for the agency's financial
leverage calculations, according to Fitch's methodology. This is
because, under the current regulation, Japanese insurers are
required to issue at least the same amount of perpetual
subordinated debt of the same (or better) quality when the company
redeems perpetual subordinated debt. Fitch therefore regards
Japanese insurers' perpetual subordinated debt as having
economically perpetual characteristics, even if they have call
dates with step-ups.

Fitch expects Asahi Life's financial leverage of around or below
30% at end-December 2018 to improve and its interest coverage to
remain adequate, as the company plans to redeem its existing
subordinated loans and/or foundation funds so it can enhance
capitalisation quality.

RATING SENSITIVITIES

A rating upgrade may arise from further strengthening of
capitalisation and a decline in financial leverage to well below
35% for a sustained period, and sustainable growth in the third-
sector business while maintaining profitability.

A rating downgrade may arise from major erosion of capitalisation,
financial leverage above 42%, or a significant deterioration in
profitability, such as the core profit margin falling below 5%,
for a sustained period.



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


MARAMA FOX: Consultancy Firm Placed Into Liquidation
----------------------------------------------------
Stuff.co.nz reports that former Maori Party MP Marama Fox has lost
her consultancy company in liquidation proceedings.

Marama Fox Consultancy Group Tapui Ltd is registered in Masterton
and was formed in October 2017, after Ms. Fox lost her
parliamentary seat in the general election.

Ohnyx IT Solutions Ltd, a Masterton-based information technology
support services provider, filed proceedings against Fox's company
at the High Court in Wellington on July 3.

Associate Judge Kenneth Johnston made the order liquidating the
company on Aug. 28, Stuff says. There was no appearance for Marama
Fox Consultancy. Ms. Fox was shown in company records as the sole
director and shareholder.

According to Stuff, Ohnyx director Jono Oh confirmed after the
hearing that the company was owed about NZ$33,000 for setting up
infrastructure for a new business, including designing the system
to be used and supplying computers and networking equipment.


* Insolvency Experts Should Report Serious Issues or Face Fines
---------------------------------------------------------------
Madison Reidy at Radio New Zealand reports that insolvency
practitioners could face fines of up to NZ$75,000 if they don't
report serious issues in failed businesses, if proposed
legislative amendments go ahead.

The penalties were one idea floated in a Supplementary Order Paper
on the proposed amendments to the Insolvency Practitioners Bill,
Radio NZ says.

According to Radio NZ, the legislation aimed to get rid of errant
behavior by so-called friendly liquidators, administrators and
receivers who did not give all creditors a fair go. Submissions on
the bill close on Aug. 24.

The bill was spearheaded by the Restructuring Insolvency and
Turnaround Association (RITANZ), the report notes.

Radio NZ relates that RITANZ chair John Fisk said friendly
practitioners were rare in New Zealand, but issues such as
conflict of interest, and working in the interest of directors or
themselves did happen.

He said the law was "well overdue". It would make accreditation
compulsory, requiring all practitioners to hold a licence. RITANZ
already had a voluntary accreditation process, Radio NZ relays.

According to Radio NZ, the number of insolvencies in New Zealand
had reduced over the past five years, which Mr. Fisk said
reflected a healthy economy.

"There is a movement to try and rehabilitate companies without
having to go into receivership," the report quotes Mr. Fisk as
saying.  "It's pretty much good news for everyone but insolvency
practitioners."

More directors were seeking help earlier to try to turn around
their businesses, rather than calling it quits when it ran into
the ground, Mr. Fisk said, Radio NZ relays.

Citing the insolvency of finance firms between 2006 and 2012,
Mr. Fisk said the construction, agriculture and retail sectors
were next, adds Radio NZ.

Taking on too much risk, debt or being too late to digitise would
be their demise, he said.

Radio NZ adds that Mr. Fisk said most businesses failed because
they started with too little equity.

"Often the equity is effectively the family home, and that's a
shame because it means people's lives are impacted badly when
things do go wrong."

He discouraged further amendments to the Companies Act to make it
more difficult to start a business, adds Radio NZ.



                           *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***