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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

          Friday, September 14, 2018, Vol. 21, No. 183

                            Headlines


A U S T R A L I A

COGNO BROS: Second Creditors' Meeting Set for Sept. 20
EMECO HOLDINGS: S&P Upgrades ICR to 'B', Outlook Stable
HAZSTORE PTY: First Creditors' Meeting Set for Sept. 24
ICAPSULATE: Shareholders, Directors Dispute Causes Collapse
ITALO-AUSRALIAN CLUB: Second Creditors' Meeting Set for Sept. 19

KENNETH BLACKLEY: First Creditors' Meeting Set for Sept. 24
KL SAMAD: First Creditors' Meeting Set for Sept. 20
LACHLAN VALLEY: First Creditors' Meeting Set for Sept. 20
ONLINE COMPLIANCE: Second Creditors' Meeting Set for Sept. 19
REDZED TRUST 2018-1: Moody's Rates AUD6MM Class E Notes (P)Ba2

SUMMIT FINANCIAL: First Creditors' Meeting Set for Sept. 24


C H I N A

CHANGSHA PILOT: S&P Cuts Issuer Credit Rating to BB+/Stable
CHINA EVERGRANDE: Moody's Gives B1 CFR & Alters Outlook to Pos.
CIFI HOLDINGS: Fitch Assigns BB(EXP) Rating to Senior Notes
GOME RETAIL: S&P Cuts Issuer Credit Rating to BB-, Outlook Stable
HEALTH AND HAPPINESS: Moody's Rates New USD Unsec. Notes 'Ba2'

HEALTH AND HAPPINESS: S&P Hikes ICR to 'BB+', Outlook Stable
HNA GROUP: Sovereign-Wealth Fund Keen in Buying Deutsche Stake
JIANGSU FANG: Fitch Affirms BB LT IDR, Outlook Stable
SHARING ECONOMY: Files Preferred Stock Certificate of Designation


I N D I A

AAROHAN BUILDERS: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
AGGARWAL COAL: CARE Assigns 'B+' Rating to INR15cr LT Loan
ANUBANDANA INFRATECH: CRISIL Moves D Rating to Not Cooperating
ARISTO TEXCON: Insolvency Resolution Process Case Summary
BADRI ECOFIBRES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

BGR MINING: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
BHANDARI AGRO: CRISIL Reaffirms B+ Rating on INR2.71cr Loan
BHUPTANI ASSOCIATES: Ind-Ra Affirms BB- LT Rating, Outlook Stable
CEEKAY ASSOCIATES: Ind-Ra Migrates BB- Rating to Non-Cooperating
CPR CAPITAL: CRISIL Maintains C Rating in Not Cooperating

DARJEELING ROLLING: Insolvency Resolution Process Case Summary
DEEPAK CABLES: Insolvency Resolution Process Case Summary
DIPTI DIAMONDS: CARE Assigns 'B' Rating to INR12cr LT Loan
DOME-BELL ELECTRONICS: Insolvency Resolution Process Case Summary
DOSHION WATER: Insolvency Resolution Process Case Summary

GALAXY COSMETICS: Insolvency Resolution Process Case Summary
GBR HATCHERIES: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
GHANSHYAM UDHYOG: Ind-Ra Maintains B+ Rating in Non-Cooperating
GUPTAS GOLD: CRISIL Migrates B Rating to Not Cooperating Category
HBS VIEW: CARE Lowers Rating on INR100cr LT Bank Loan to D

HIGHLAND STAR: CRISIL Assigns B+ Rating to INR15cr Term Loan
HITECH GLOBAL: CRISIL Assigns 'B' Rating to INR0.58cr LT Loan
INDH-BARATH ENERGY: Insolvency Resolution Process Case Summary
INFRASTRUCTURE LEASING: Said to Be Delinquent on More Debt
INTERNATIONAL RECREATION: Insolvency Resolution Case Summary

JAI PUSHPA: CRISIL Withdraws B Rating on INR1.5cr Cash Loan
JEEVAN POLYMERS: Insolvency Resolution Process Case Summary
KAMAL ENTERPRISES: CRISIL Migrates B Rating to Not Cooperating
KENERSYS INDIA: CRISIL Maintains D Rating in Not Cooperating
KND ENGINEERING: Insolvency Resolution Process Case Summary

KONARK POWER: Insolvency Resolution Process Case Summary
KOTAK URJA: Ind-Ra Withdraws 'D' Long Term Issuer Rating
LANCO BABANDH: Insolvency Resolution Process Case Summary
LAXAI LIFE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
LILASONS ALCO: CRISIL Assigns B+ Rating to INR12cr Proposed Loan

MAIIA COMMODITY: Insolvency Resolution Process Case Summary
MANPURIA AGRO: Ind-Ra Affirms 'D' Long Term Issuer Rating
MANPURIA CONSORTIUM: Ind-Ra Affirms 'D' Long Term Issuer Rating
MANPURIA REALATORS: Ind-Ra Affirms 'D' Long Term Issuer Rating
MYRIAD INFRASTRUCTURE: CRISIL Assigns B Rating to INR2.5cr Loan

NCC URBAN: CRISIL Reaffirms B+ Rating on INR50cr LT Loan
NOVA ELECTRO: Insolvency Resolution Process Case Summary
PADIA TIMBER: Insolvency Resolution Process Case Summary
PARABOLIC DRUGS: Insolvency Resolution Process Case Summary
PAWAN EDIFICE: CARE Assigns 'D' Rating to INR11.44cr LT Loan

PRAKASAM MILK: CRISIL Migrates B+ Rating to Not Cooperating
RENATA PRECISION: Ind-Ra Maintains BB+ Rating in Non-Cooperating
RUPNARAYAN VANJIYA: Ind-Ra Affirms 'D' Long Term Issuer Rating
S.K. HITECH: CRISIL Lowers Rating on INR7.98cr Term Loan to D
S.R INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating

SAI CONSTRUCTION: CRISIL Migrates B+ Rating to Not Cooperating
SAISHAKTI POLYSACKS: Ind-Ra Migrates B+ Rating to Non-Cooperating
SANARIYA CERAMIC: CRISIL Assigns B+ Rating to INR5.7cr Term Loan
SANATAN LOGISTICS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SARVOTTAM VEGETABLE: Insolvency Resolution Process Case Summary

SCENARIO POWERTECH: CRISIL Reaffirms 'B' Rating on INR3cr Loan
SHIV SHAKTI: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
SHREE SITA: CRISIL Migrates B+ From Not Cooperating Category
SHREE BALAJI: CRISIL Assigns B+ Rating to INR6.5cr Cash Loan
SIDDAPUR DISTILLERIES: Ind-Ra Assigns 'BB+ Rating, Outlook Stable

SIVA FILLING: CRISIL Migrates B+ Rating to Not Cooperating
SIVA STONES: CRISIL Migrates B- Rating to Not Cooperating
SMALL WONDER: CRISIL Assigns 'B' Rating to INR7.25cr Term Loan
SRI AGARWAL: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
SRI LAXMI: CARE Reaffirms B+ Rating on INR12.77cr LT Loan

SRI SURYA: CRISIL Migrates D Rating in Not Cooperating Category
SRK KITCHEN: Insolvency Resolution Process Case Summary
TREASURE REALTORS: CARE Lowers Rating on INR54cr LT Loan to D
TVC SKY: Insolvency Resolution Process Case Summary
VEGA CONVEYORS: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating

VISHWA INFRASTRUCTURES: Insolvency Resolution Process Case Summary
VIZ INFRA: Insolvency Resolution Process Case Summary


I N D O N E S I A

ALAM SUTERA: Moody's Affirms B2 CFR & Alters Outlook to Negative
GARUDA INDONESIA: Aims for Losses Under US$100 Million


S O U T H  K O R E A

SOUTH KOREA: Recoups 68.8% of Bailout Funds From Financial Firms


                            - - - - -


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A U S T R A L I A
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COGNO BROS: Second Creditors' Meeting Set for Sept. 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Cogno Bros
Cobbitty Wines Pty Ltd, trading as Cogno Bros Cobbitty Wines, has
been set for Sept. 20, 2018, at 11:00 a.m. at the offices of Cor
Cordis, One Wharf Lane, Level 20, 171 Sussex 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. 19, 2018, at 4:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Cogno Bros on Aug. 16, 2018.


EMECO HOLDINGS: S&P Upgrades ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings said it has raised its issuer credit rating on
Australia-based Emeco Holdings Ltd. to 'B' from 'B-'. The outlook
is stable.

In addition, S&P raised its issue rating on Emeco Pty Ltd.'s
senior secured US$355.9 million 9.25% notes to 'B' from 'B-'. The
recovery rating remains unchanged at '4' (35%) indicating average
recovery prospects in the event of a payment default.

Emeco Holdings Ltd. is an Australian mining equipment rental
provider.

S&P said, "We upgraded Emeco based upon the completion of the
hedging of its US$355.9 million 9.25% senior secured notes
maturing in 2022 with cross currency interest rate swaps.

"In our view, the fully hedged senior secured notes have reduced
the company's exposure to unfavorable currency movements and
provides greater certainty that Emeco can sustain the improvement
in its financial profile." The group also refinanced its existing
A$40 million debt facility to a A$65 million revolving credit
facility, which should support the company's liquidity position.

Previously, the significant proportion of unhedged principal and
interest to the group's outstanding senior secured notes greatly
exposed the group to material foreign currency movements between
the U.S dollar and the Australian dollar, and in our opinion,
weighed on the rating. In S&P's view, adverse foreign currency
movements and a reversal in trading conditions could have quickly
deteriorated Emeco's credit metrics from higher interest costs and
lower earnings. Emeco targets a leverage ratio of 1.0x (net debt
to operating EBITDA).

Emeco's market share has increased through its acquisitions of
Andy's, Orionstone, Force Equipment, and Matilda over the past two
years. More importantly, these acquisitions have increased the
company's economies of scale, expanded its product offering, and
potentially reduced overcapacity in the market. S&P said, "We
understand that Emeco could pursue additional acquisition
opportunities if it makes strategic sense. Key to rating stability
is the funding approach for such acquisitions. We note that
Emeco's use of equity to fund its past acquisitions is positive
from a credit perspective."

S&P said, "In our opinion, Emeco's growing consolidated group
earnings provide the company with greater financial headroom to
operate, should current favorable industry conditions reverse. We
expect Emeco's margins to grow, cash flows to remain stable, and
its free operating cash flows to be positive over the next two to
three years. This is based on the company's cost discipline,
managed capital expenditure (capex), and a sustained improvement
in its key markets, as indicated by higher utilization rates of
62% from 56% as of June 30, 2018, and growing demand for equipment
hire.

"In our base case, we forecast Emeco's debt to EBITDA to be below
3.0x, and funds from operations (FFO) to debt to be in the high
20% and low 30% over the next two years, driven by improving
industry conditions. This comes after a difficult period for
equipment rental companies 12 to 18 months ago as mining companies
completed large resource projects and cut costs and capex across
their businesses amid subdued commodity prices.

"The stable outlook reflects our expectation that Emeco will
maintain adequate liquidity and increase its earnings due to
improving trading conditions and additional earnings from recent
acquisitions. We expect Emeco's credit metrics to be well above
our rating expectation in the absence of a debt-funded
acquisition. For example, we forecast the company to generate
adjusted FFO to debt in the high 20% and debt to EBITDA below 3x
in 2019."

EMECO's restored balance sheet should provide sufficient financial
flexibility to pursue growth opportunities and withstand a
moderate level of earnings volatility.

S&P could however lower the rating if EMECO were to exhibit an
increase in financial risk appetite or if its credit metrics were
to deteriorate such that FFO to debt were to be sustainably below
20% and debt-to-EBITDA sustainably above 4x. This could occur due
to:

-- A material increase in the amount of debt or a debt-funded
    acquisition that increases the group's overall leverage;

-- Free operating cash flow (FOCF) position (as measured by FOCF
    to debt) becoming materially negative, substantially
    increasing the group's financial risk as a result of a
    reversal in improved trading conditions; or

-- The company pursuing shareholder friendly capital management
    initiatives.

S&P said, "We consider the rating upside to be limited based on
the company's current capital structure and growth prospects.
However, we could ultimately consider an upgrade if Emeco were to
materially reduce the amount of debt and this resulted in a more
conservative financial risk profile that we considered sustainable
through the mining cycle."


HAZSTORE PTY: First Creditors' Meeting Set for Sept. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hazstore
Pty Ltd will be held at the offices of DW Advisory, Level 2, 32
Martin Place, in Sydney, NSW, on Sept. 24, 2018, at 9:00 a.m.

Ronald John Dean-Willcocks and Cameron Hamish Gray of DW Advisory
were appointed as administrators of Hazstore Pty on Sept. 12,
2018.


ICAPSULATE: Shareholders, Directors Dispute Causes Collapse
-----------------------------------------------------------
Dominic Powell at SmartCompany reports that a company that once
received the biggest ever deal on the Australian edition of Shark
Tank, but was marred by controversy in the months after the show
aired, has fallen into voluntary administration.

Coffee pod manufacturer iCapsulate was placed into voluntary
administration on Sept. 10, with Rodgers Reidy administrator
Andrew Barnden appointed to oversee the administration process,
the report says.

However, speaking to SmartCompany, Mr. Barnden said the company is
not insolvent, and he understands the company's administration is
due to a dispute between its shareholders and directors.

"It is not as a result of insolvency but the result of a
shareholder and director dispute. The company does not appear to
be insolvent, it's trading as per usual", Mr. Barnden told
SmartCompany.

Appearing on the third season of the popular entrepreneurial TV
show in 2017, iCapsulate founder Kane Bodiam exiting Shark Tank
with a whopping AUD2.5 million investment offer for 22.5% of the
company from shark Andrew Banks, the highest ever on the show,
according to SmartCompany.

SmartCompany relates that during the Shark Tank pitch, Mr. Bodiam
said the company had recorded AUD4 million in sales in 2016 and
the offer from Banks valued the company at AUD11.1 million.

But eight months after hands were shook, the deal was still in due
diligence, and the future of the capital injection was drawn
further into question after a number of competing Australian
coffee pod manufacturers called out iCapsulate for a number of
"highly questionable statements" made on the show, the report
says.

On the show, Mr. Bodiam claimed his company had contracts with
"Australia and New Zealand's largest coffee companies", but the
other coffee capsule companies alleged they were "not aware of a
single major retail store in Australia from which a customer can
purchase coffee capsules packed by iCapsulate".

"We were concerned by the number of vague statements made during
Kane's pitch, which we believe do not reflect the true state of
our industry. Most particularly, in relation to existing contracts
in the marketplace," Podpac director Toby Strong told SmartCompany
at the time.

"We would appreciate the opportunity to clarify the market status
quo in relation to contracts with major brands, which we believe
were not represented accurately in the show."

Messrs. Bodiam and Banks then proceeded to hit back at the claims,
with the investor telling news.com.au he "frankly didn't take too
much notice" of the claims by his competitors, and Mr. Bodiam
claiming he was victim of a "smear campaign". Mr. Banks confirmed
the deal was still "on hold" at that time.

However, almost a year later, Mr. Banks confirmed the iCapsulate
deal ultimately fell through due to the company's claims about its
biodegradable capsules not being accurate, SmartCompany relates.

"It didn't go because on the show you'll remember they said, 'we
are the exclusive producers of biodegradable coffee pods and the
CSIRO will validate that soon'," the report Mr. Banks quotes as
saying in March this year.

"And guess what? They didn't, and they aren't. So for 2.5 million
bucks I wasn't going to risk that. It was [a shame], because their
revenues were getting close to AUD15 million that year and AUD21
million the next, they had a reasonable business. They still [do],
they just don't have my money."

According to SmartCompany, Mr. Bodiam disputed what Mr. Banks
said, saying his claims were "basically false" and that all
certifications for the coffee pods' being biodegradable were
there. He said the decision to not proceed with the deal was an
internal one at the company.

"We gave them some info at the beginning, but when we received all
the certification and everything we just never continued [with the
deal]," the founder told news.com.au.

"They stopped communicating so we stopped communicating. It was
just moving slowly and we were moving quite quickly. We made a
decision probably two or three months after we met Andrew that we
were just going to go it alone."

Additionally, the founder said the AUD2.5 million capital
injection wasn't a great deal of money to the company, as it would
be equal to "barely a deposit on new machinery". According to
administrator Andrew Barnden, iCapsulate doesn't have any
significant outstanding debts, bar a "fair bit of money still owed
on equipment," SmartCompany relays.

SmartCompany says the administrators are proceeding to seek third-
party expressions of interest for the company, but Mr. Barnden
said there are also purchase offers from the company's management
to consider.

"We'll be considering any proposals that come forward including a
Deed of Company Arrangement or a straight sale," the report quotes
Mr. Barnden as saying.

However, at this point, he says the future of the company is still
uncertain, as it is "too early to tell" which route creditors will
be keen to pursue, adds SmartCompany.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of iCapsulate Pty Ltd and iCapsulate Holdings Pty
Ltd on Sept. 10, 2018.


ITALO-AUSRALIAN CLUB: Second Creditors' Meeting Set for Sept. 19
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Italo-
Ausralian Club (ACT) Limited has been set for Sept. 19, 2018, at
10:00 a.m. at Level 10, 60 Marcus Clarke Street, in Canberra City,
ACT.

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. 18, 2018, at 10:00 a.m.

Ezio Senatore -- eddie@eddiesenatore.com -- of Eddie Senatore
Advisory was appointed as administrators of Italo-Ausralian Club
on Aug. 20, 2018.


KENNETH BLACKLEY: First Creditors' Meeting Set for Sept. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kenneth
Blackley Enterprises Pty Ltd, trading as Happy Cat Dry Cleaners,
will be held at the offices of Amos Insolvency, 25/ 185 Airds
Road, in Leumeah, NSW, on Sept. 24, 2018, at 11:00 a.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Kenneth Blackley on Sept. 12, 2018.


KL SAMAD: First Creditors' Meeting Set for Sept. 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of KL Samad
Pty Ltd, trading as Beds 'R' Us Wetherill Park, and Adkam
Enterprises (NSW) Pty Limited, trading as Beds 'R' Us Warwick
Farm, will be held at Level 11, 1 Margaret Street, in Sydney,
NSW, on Sept. 20, 2018, at 3:00 p.m.

Andrew Thomas Sallway of BDO was appointed as administrator of KL
Samad on Sept. 10, 2018.


LACHLAN VALLEY: First Creditors' Meeting Set for Sept. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Lachlan
Valley Machinery Pty Ltd, trading as SINCOCK LVM, will be held at
the offices of Parkes Leagues Club, 192 Clarinda St, in Parkes,
NSW, on Sept. 20, 2018, at 11:30 a.m.

John Maxwell Morgan and Geoffrey Davis of BCR Advisory were
appointed as administrators of Lachlan Valley on Sept. 10, 2018.


ONLINE COMPLIANCE: Second Creditors' Meeting Set for Sept. 19
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Online
Compliance Systems Pty Ltd has been set for Sept. 19, 2018, at
12:00 p.m. at the offices of Rydges Parramatta, 116-118 James Ruse
Drive, in Rosehill, 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. 18, 2018, at 12:00 p.m.

Trent McMillen of MaC Insolvency was appointed as administrator of
Online Compliance on Aug. 15, 2018.


REDZED TRUST 2018-1: Moody's Rates AUD6MM Class E Notes (P)Ba2
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Trustee Company
Limited as trustee of RedZed Trust Series 2018-1.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2018-1

AUD50.000 million Class A-1S Notes, Assigned (P)Aaa (sf)

AUD175.000 million Class A-1L Notes, Assigned (P)Aaa (sf)

AUD88.125 million Class A-2 Notes, Assigned (P)Aaa (sf)

AUD32.250 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.375 million Class C Notes, Assigned (P)A2 (sf)

AUD7.125 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.000 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.375 million Class F Notes, Assigned (P)B2 (sf)

The AUD6.750 million of Class G-1 and Class G-2 Notes (together,
the Class G Notes) are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a securitisation of first-ranking mortgage
loans secured over residential properties located in Australia.
The loans were originated and are serviced by RedZed Lending
Solutions Pty Limited (RedZed, unrated).

Around 92.5% of loans are to self-employed borrowers; 89.6% were
extended on alternative income documentation verification (alt
doc) basis; and, based on its classifications, 13.3% are to
borrowers with adverse credit histories.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE - representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario -
is 16.5%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are as follows:

  - While the Class A-2 Notes are subordinate to Class A-1L Notes
in relation to charge-offs, Class A-2 and Class A-1L rank pari
passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A-1L Notes.

  - The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.00% above one
month BBSW, which is within the current portfolio yield of 6.1%.
This generates a high level of excess spread available to cover
losses in the pool.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000,
thereby limiting their exposure to losses. At the same time, the
retention amount ledger ensures that the level of credit
enhancement available to the more senior ranking notes is
preserved.

  - The Class B to Class F Notes will start receiving their pro-
rata share of principal if certain step-down conditions are met.
Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Class G Notes do not receive principal payments
until the other notes are repaid, once step-down conditions are
met, their pro-rata share of principal will be allocated in a
reverse sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
of 68.6%, and 20.9% of the loans have scheduled LTVs over 80%.
There is no loan with a scheduled LTV over 85%.

  - Around 92.5% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may experience
higher default rates.

  - About 89.6% of the loans were extended on an alt doc basis.

  - Loans secured by investment properties represent 41.8% of the
pool, with a further 2.5% of loans secured by both owner-occupied
and investment properties.

  - Interest-only loans represent 30.3% of the pool.

  - Based on its classifications, around 13.3% of borrowers have
adverse credit histories.

  - Based on its classifications, 90.3% of loans are secured by
properties located in metro areas, which is higher than the market
average.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization, or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.


SUMMIT FINANCIAL: First Creditors' Meeting Set for Sept. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Summit
Financial Group Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 8, 102 Adelaide Street, in
Brisbane, Queensland, on Sept. 24, 2018, at 10:30 a.m.

Christopher Richard Cook of Worrells Solvency was appointed as
administrator of Summit Financial on Sept. 12, 2018.



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C H I N A
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CHANGSHA PILOT: S&P Cuts Issuer Credit Rating to BB+/Stable
-----------------------------------------------------------
S&P Global Ratings, on Sept. 12, 2018, lowered its long-term
issuer credit ratings by one notch on seven Chinese local
government financing vehicles (LGFVs). These are Chongqing Nan'an
Urban Construction & Development (Group) Co. Ltd., Tianjin Binhai
New Area Construction & Investment Group Co. Ltd., Tianjin
Infrastructure Construction & Investment Group Co. Ltd., Wuxi
Construction and Development Investment Co. Ltd., Yangzhou Urban
Construction State-owned Assets Holding (Group) Co. Ltd., Changsha
Pilot Investment Holdings Co. Ltd., and Zhenjiang Transportation
Industry Group Co. Ltd. The outlook is stable on six LGFVs and
negative on Zhenjiang Transportation. S&P also removed the latter
company from Credit Watch with negative implications.

                              To                  From

  Chongqing Nan'an           BBB/Stable/--        BBB+/Stable/--
  Tianjin Binhai New Area    BBB/Stable/--        BBB+/Stable/--
  Tianjin Infrastructure     BBB+/Stable/--       A-/Stable/--
  Wuxi Construction          BBB/Stable/--        BBB+/Stable/--
  Yangzhou Urban             BBB-/Stable/--       BBB/Stable/--
  Changsha Pilot             BB+/Stable/--        BBB-/Stable/--
  Zhenjiang Transportation   BB-/Negative/--      BB/WatchNeg/--

S&P said, "At the same time, we also lowered our issue rating by
one notch on the senior unsecured notes issued or guaranteed by
the seven LGFVs.

"Our downgrades mainly reflect a weakening trend in the likelihood
of local governments to provide extraordinary support to their
financing arms.

"Five of the LGFVs we downgraded have an almost certain likelihood
of extraordinary support in the case of financial stress, which is
our highest category of support. This represents our view that
these government-related entities (GRE) provide essential public
services, execute critical government policies, or are backed by
explicit financing agreements from the local and regional
government (LRG) owner. Although we continue to view the five
entities as being in this category, we see a transitional
weakening of the LGFVs' role and/or link with their LRG owners. As
a result, we have lowered the support-related rating uplift by one
notch."

Issuer                   Role/link to gov't       Support level

Chongqing Nan'an           Critical/integral      Almost certain
Tianjin Binhai New Area    Critical/integral      Almost certain
Tianjin Infrastructure     Critical/integral      Almost certain
Wuxi Construction          Critical/integral      Almost certain
Yangzhou Urban             Critical/integral      Almost certain
Changsha Pilot             Very important/        Extremely high
                            integral
Zhenjiang Transportation   Very important/        Very high
                            very strong

S&P said, "Our view on the transition in role and link of LGFVs is
based on Chinese central government's efforts to enforce a greater
separation between local Chinese governments and their financing
vehicles. These reforms are part of a general focus on reducing
financial risks and deleveraging the state-owned corporate sector,
and include a crackdown on off-budget borrowing by local
governments.

"Nevertheless, in our opinion, most LGFVs still execute very
important functions for local governments. This includes investing
in key infrastructure investments to boost growth and development.
We note the central government still looks to local governments
for economic support in times of slowing growth. For example,
after tightening conditions for LGFVs earlier this year, in July
2018 the State Council said local government should help to ease
the liquidity crunch faced by many LGFVs, especially driven by
material refinancing risk. This came at a time when escalating
China-U.S. trade tensions threatens to bruise the economy, and
followed record-low infrastructure spending in the first seven
months of 2018.

"That said, we believe the business models of LGFVs are
transforming, an irreversible process that could be bumpy and
protracted. It also has mixed credit implications for LGFVs. In
some cases, LGFVs' stand-alone creditworthiness improve, if the
growing cash flow generation from more market-based operations
improve credit metrics. Local government support to LGFVs may
become more comparable to that ascribed to non-LGFV state-owned
enterprises (SOEs), who tend to be less reliant on government
support for debt servicing because they generate recurring cash
flows from their assets and operations. We also expect creditors
would assign less support to government endorsements of LGFVs over
time.

"Two of our downgrades were on LGFVs that we do not assess as
having the highest level of extraordinary support.

"We downgraded Changsha Pilot to 'BB+' from 'BBB-' to reflect our
view of a gradual transition in the likelihood of extraordinary
government support Changsha Pilot might receive given the
company's increased exposure to competitive businesses and
classification as market competitive type SOE by Changsha
municipal government. In addition, Hunan Province's recent more
stringent control over LGFVs indicating further stripping of
financing functions and sector consolidation, will over time
undermine the likelihood of extraordinary support toward Changsha
Pilot.

"We downgraded Zhenjiang Transportation to reflect our view of a
significantly heightened refinancing risk. We believe the
Zhenjiang municipal government's monitoring and control over the
company is insufficient, though there is still some ongoing
support through the allocation of government bond proceeds. We
assess the company's liquidity as weak, indicating material
deficit between liquidity sources and uses and lack of visibility
of a refinancing plan in the coming 12 months. We have lowered the
likelihood of extraordinary support to 'very high' from 'extremely
high' and the issuer rating to 'BB-' from 'BB'. Our outlook is
negative.

"Our seven downgrades followed a portfolio review on 15 LGFV
issuers that we rate. Most of the unaffected LGFVs have a
likelihood of extraordinary government that is less than "almost
certain" and were not considered to face the same transition risk
at this time.

"However, two of the unaffected LGFVs are assessed as having an
almost certain likelihood of extraordinary government support:
Beijing Infrastructure Investment Co. Ltd. (BII) and Tianjin Rail
Transit Group Co. Ltd. (TRT). In our view, these entities are less
vulnerable to transitions in local government financing
structures. BII and TRT's operations are backed by strong long-
term financing support from the government and banking system due
to the essential public-service nature and importance of the metro
system development and operations to each city.

"We expect the LGFV sector to maintain largely stable credit
metrics over the next 24 months. China's deleveraging campaign has
led to a slowdown in economic growth and in response the central
government has, at least for now, loosened some restrictions and
eased conditions for LGFVs. We believe local governments will take
measures to assuage the refinancing risk of their LGFVs, given
their roles in supporting the local economy, and the systemic and
reputational risks that would arise in the event of liquidity
stress. We have observed some local governments are strengthening
their monitoring of LGFVs, and arranging contingency plans, given
that in the longer run, the role and link of LGFVs to local
governments will remain under pressure to evolve."


CHINA EVERGRANDE: Moody's Gives B1 CFR & Alters Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook on China Evergrande Group's B1 corporate family and B2
senior unsecured ratings.

At the same time, Moody's has affirmed the ratings of Evergrande.

RATINGS RATIONALE

"The positive ratings outlook reflects our expectation that
Evergrande will sustain the improvement in its debt leverage over
the next 12-18 months," says Wenhan Chen, a Moody's Assistant Vice
President and Analyst.

Evergrande's revenue/adjusted debt improved to 51% for the 12
months ended June 30, 2018 from 35% at the end of 2017, and its
EBIT/interest improved to 2.3x from 2.2x in the same period.

Moody's has included the RMB130 billion investments from
Evergrande's strategic investors in the calculation of adjusted
debt, but notes that the funds were treated as equity by the
company, in accordance with Hong Kong Accounting Standards.

The improvement in its debt leverage was the result of robust 36%
revenue growth to RMB423 billion for the 12 months to June 30,
2018 from RMB311 billion in 2017. The growth in revenue was in
turn supported by strong contracted sales over the past few years.

In addition, Moody's expects that over the next 12-18 months,
Evergrande will continue to pursue its deleveraging plan, deliver
moderate contracted sales growth and control the scale of its debt
and land bank.

Evergrande's current business plan is to reduce its land reserves
by approximately 5% per annum between 2017 and 2020. In the first
half of 2018, its total land reserve size dropped by 2.2% from
that at the end of 2017. This strategy will decrease its capital
expenditure requirements, which will in turn reduce debt leverage.

Moody's expects that Evergrande's sizable land reserves, which
totaled 822 projects with 305 million square meters in gross floor
area at June 30, 2018, will be adequate to support its positive
contracted sales growth.

Evergrande achieved contracted sales of RMB385 billion in the
first eight months of 2018, up 20% from RMB322 billion for the
same period in 2017. Moody's expects Evergrande will achieve
contracted sales of RMB570-RMB620 billion over the next 12-18
months. Moody's also says that the company's gross margin should
stay at around 35% during 2018-2019 compared with 28% in 2016 and
36% in 2017.

Evergrande's total reported debt at June 30, 2018 dropped by 8%
compared with that at the end of 2017. This result was the first
time over at least the past four years that its total reported
debt had fallen. More importantly, its debt structure also
improved in the first half of 2018. Its short-term debt fell to
44% at June 30, 2018 from 49% at the end of 2017. Moody's expects
that the company will continue to improve its debt structure over
the next 12-18 months.

Accordingly, Moody's says that over the next 12-18 months,
Evergrande will likely improve its revenue/adjusted debt to around
75% and EBIT/interest to around 2.5x-3.0x. These levels place
Evergrande in a stronger credit position versus other B1-rated
Chinese property companies when its sales scale is also
considered.

Evergrande' B1 corporate family rating reflects its strong market
position as one of the top three property developers in China (A1
stable) in terms of contracted sales and the size of its land
bank. In addition, the rating reflects Evergrande's nationwide and
broad geographic coverage, strong sales execution, low-cost land
bank and focus on mass-market residential properties.

However, the rating is constrained by the high business and
financial risks associated with Evergrande's high debt leverage,
despite the company's plan to gradually deleverage.

Financial indicators of ratings upgrade pressure could include:
(1) cash/short-term debt in excess of 1.00x-1.25x; (2)
revenue/adjusted debt in excess of 75%-80%; and (3) EBIT/interest
in excess of 2.5x-3.0x on a sustainable basis.

The outlook on the ratings could return to stable if the company's
credit metrics are unlikely to improve to levels that will support
an upgrade over the next 12--18 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

China Evergrande Group is among the top three developers in China
by sales volume, with a standardized operating model. Founded in
1996 in Guangzhou, the company has rapidly expanded its business
across China over the past a few years. At June 30, 2018, its land
bank totaled 305 million square meters in gross floor area across
228 cities in China.

The company listed on the Hong Kong Stock Exchange in 2009.


CIFI HOLDINGS: Fitch Assigns BB(EXP) Rating to Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) proposed yuan-denominated
offshore senior notes an expected rating of 'BB(EXP)'.

The final rating is contingent on the receipt of final documents
conforming to information already received. The notes are rated at
the same level as CIFI's senior unsecured debt as they represent
its direct, unconditional, unsecured and unsubordinated
obligations.

KEY RATING DRIVERS

Stable Leverage on Strong Performance: Leverage, as measured by
net debt/adjusted inventory with proportionate consolidation of
joint ventures (JV) and associates, was a healthy 40% in 1H18
(2017: 36%). Fitch expects leverage to rise slightly in the next
12-18 months, but to stay well below 45%, as CIFI plans to
strengthen its land bank through further land acquisitions. Total
land bank was 40 million square metres (sq m) in 1H18, with an
average cost of CNY6,500/sq m, sufficient for more than four years
of development.

CIFI's attributable contracted sales increased by 88% in 2017, to
CNY55 billion, and land acquisitions picked up to 82% of
contracted sales on an attributable basis. Aggregated contracted
sales, including contracted sales by JVs and associated companies,
rose by 50% in 8M18.

Healthy Margin: CIFI's EBITDA margin, excluding the effect of
acquisition revaluation, was 20% in 1H18 or 30% excluding the
accounting effect of financial consolidation of subsidiaries.
Fitch expects the margin to remain stable in 2018, even though
CIFI's average selling price decreased slightly, to CNY15,300/sq m
in 1H18, from CNY16,500/sq m in 2017. CIFI's large portfolio of
projects in tier 1 and 2 cities and its significant proportion of
products that appeal to upgraders rather than the mass market have
enhanced its profit structure.

Focus on Top-Tier Cities: More than 82% of the company's
attributable land bank was in tier 1 and 2 cities at end-2017,
sheltering CIFI from the oversupply plaguing lower-tier cities.
Nevertheless, strong and widespread implementation of home-
purchase restrictions by authorities may slow growth. CIFI has a
diversified presence in the Yangtze River Delta, Pan Bohai Rim,
the central western region and Guangdong and Fujian provinces,
which provides room for further expansion. CIFI entered 14 new
cities in 7M18, with its projects now spreading over 53 cities,
helping mitigate risks from local policy intervention and
economies

Lower Funding Costs: CIFI has developed diversified funding
channels, including onshore bonds and offshore bank loans. The
company issued USD1.1 billion in senior notes in January and April
2018 and HKD2.8 billion in zero-coupon convertible bonds in
February 2018, with the proceeds used to refinance borrowings. The
company also signed a 3.5-year club loan of up to approximately
USD0.5 billion in March 2018. Average funding cost remained stable
at 5.3% in 1H18 (2017: 5.2%) and Fitch expects CIFI's active
management of its capital structure to maintain its low funding
costs, despite the tighter liquidity and unfavourable funding
environment in 2018.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited (BBB-
/Stable, standalone credit profile: BB+) in terms of contracted
sales, land bank size and geographic focus on tier 1 and affluent
tier 2 cities. CIFI's leverage of around 40% is similar to the 40%
leverage Fitch expects for Sino-Ocean in 2018 and significantly
lower than the above 60% leverage of 'BB' peers, such as Guangzhou
R&F Properties Co. Ltd. (BB-/Negative) and Beijing Capital
Development Holding (Group) Co., Ltd. (BBB-/Negative, standalone
credit profile: BB). CIFI's EBITDA margin is also slightly higher
than Sino-Ocean's 23%-25%, but in line with that of Guangzhou R&F
and Beijing Capital Development. However, its nil recurring EBITDA
interest coverage is inferior to Sino-Ocean's 0.4x and Guangzhou
R&F's 0.2x.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY75 billion in 2018

  - Attributable land acquisition at 75% of contracted sales in
    2018 then slowing to 55% in 2019 (2017: 82%)

  - Adjusted EBITDA margin improving to around 30% by 2018 (2017:
    26%)

  - Flattish average land cost in 2018 compared with 2017

  - 30% dividend payout

RATING SENSITIVITIES

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

  - leverage, measured by net debt/adjusted inventory, sustained
    below 30% (2017: 36%)

  - EBITDA margin, excluding the effect of acquisition
    revaluations, of over 30% for a sustained period (2017: 26%)

  - maintaining high cash flow turnover despite the JV business
    model and consolidated contracted sales/debt at over 1.2x
    (2017: 1.4x)

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

  - substantial decrease in contracted sales

  - EBITDA margin, excluding the effect of acquisition
    revaluation, below 25% for a sustained period

  - net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY39.1 billion at
1H18, enough to cover short-term debt of CNY15.0 billion. The
company issued several tranches of senior perpetual, senior and
convertible bonds in the past several months and had approved but
unutilised facilities of CNY5.4 billion at 1H18. This is
sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.


GOME RETAIL: S&P Cuts Issuer Credit Rating to BB-, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
GOME Retail Holdings Ltd. to 'BB-' from 'BB'. The outlook is
negative.

S&P said, "At the same time, we lowered our long-term issue rating
on the company's U.S. dollar-denominated senior unsecured notes to
'B+' from 'BB-'. GOME is a China-based retailer of electrical
appliances and consumer electronics.

"We lowered the rating because we expect GOME's leverage to
increase over the next 12-24 months. The company's revenue growth
and profit margins are likely to remain under pressure due to
fierce competition from online retailers and the increasing
bargaining power of large suppliers."

GOME's performance has weakened over the past 12 months despite
its various initiatives to improve business. S&P expects only a
modest recovery in the second half of 2018.

S&P said, "We estimate that the company's leverage (debt-to-EBITDA
ratio) will remain above 4.0x in 2018. The ratio could deteriorate
to above 5.0x if GOME's turnaround strategies do not stem revenue
and profit declines in the second half of 2018 or in 2019.

"We have revised our 2018 revenue growth forecast for GOME to 0%
to negative 4%, from 3%-6% earlier. This reflects the company's
revenue and profit declines over the past four quarters despite
strategies such as store renovations, the opening of new county-
level stores in lower-tier cities, and investments in the online
channel in 2017 and the first half of 2018."

GOME's plan to open 800 new county-level stores by the end of 2018
and up to 2,000 by 2020 should help to stabilize revenue and
profit growth starting in the second half of 2018. However, the
continued rise of online retailers and the increasing bargaining
power of GOME's key suppliers could more than offset the
additional revenue and profit from the new stores.

S&P expects online retailers to continue to grab share from
offline appliance retailers such as GOME. For example, online
retailer JD.com Inc.'s electronic and home appliance sales grew
about 24% year-over-year in the first half of 2018, while GOME's
sales fell 9%. As another example, the share of online sales in
home appliance manufacturer Midea Group Co. Ltd.'s total sales
rose to 30% in 2017, from 20% a few years ago. In contrast, the
share of Midea's sales through offline retailers (such as GOME)
dropped to 20%, from 30% over the same period. However, Gome is
likely to remain an important channel for home appliance and
consumer electronics companies.

Increasing bargaining power of large electronics and appliance
suppliers is likely to put added pressure on GOME's operating
performance. The top-five suppliers accounted for 47% of GOME's
sales in the first half of 2018, up from 43% in the first half of
2017. In addition, with an increasing number of channels to sell
their products, these suppliers are less reliant on offline
retailers. GOME has so far been able to prevent an erosion in its
margins and accounts payable days. However, this could change if
the company's share in appliance sales continues to weaken.

In addition, GOME's liquidity could worsen if the company has
significant working capital outflows in 2018. GOME has a small
liquidity buffer, with its cash holdings enough to meet Chinese
renminbi (RMB) 4 billion of bonds puttable in 2018 and RMB5
billion bonds puttable in 2019. The company had significant
working capital outflows in 2017 due to one-off items such as
prepayment of land lease. Excluding these, GOME had net working
capital inflows.

The negative outlook over the next 12 months reflects the
uncertainty around GOME's turnaround plan. The company's revenue
and profitability could decline beyond S&P's base-case
assumptions, such that the debt-to-EBITDA ratio exceeds 5.0x on a
sustainable basis.

The negative outlook also reflects the possibility that GOME's
liquidity could worsen over the next 12 months.

S&P said, "We could lower the rating if GOME's: (1) debt-to-EBITDA
ratio exceeds 5.0x; (2) same-store sales growth of newly-opened
county-level stores declines; or (3) EBITDA continues to decline
below our base-case forecast, possibly due to the company
inability to stem declines in revenue and profitability.

"We could also lower the rating if GOME's liquidity deteriorates
beyond our base case. This could happen if the working capital
outflows continue due to increasing pressure from competitors and
suppliers.

"We could revise the outlook to stable if GOME can effectively
manage its working capital while generating revenue and profit
growth. This could happen if: (1) the company's turnaround plan,
including the launch of county-level stores and investments in
logistics, materializes faster than we expect; or (2) GOME is able
to stabilize its underlying same-store sales growth while
maintaining or improving its cash collection cycle."


HEALTH AND HAPPINESS: Moody's Rates New USD Unsec. Notes 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to Health and Happiness International Holdings Limited's
(Ba2 positive) proposed USD notes.

The rating outlook is positive.

The company plans to issue USD notes to existing investors in
exchange for the outstanding USD600 million senior notes due in
2021.

The bond rating reflects Moody's expectation that H&H will
complete the bond issuance upon satisfactory terms and conditions,
including proper registrations with the National Development and
Reform Commission in China (A1 stable).

RATINGS RATIONALE

"The proposed notes issuance will not impact H&H's Ba2 corporate
family rating or positive outlook, as most of the proceeds will be
used to refinance existing debt," says Gerwin Ho, a Moody's Vice
President and Senior Credit Officer.

"The issuance will further improve H&H's debt maturity profile,"
adds Ho, also Moody's Lead Analyst for the company.

Moody's expects that H&H's revenue will grow at about 28% year-on-
year over the next 12-18 months versus the RMB8.1 billion achieved
in 2017, reflecting growth in its baby nutrition and care
products, as well as adult nutrition and care products.

Moody's expects the company will maintain its EBITDA margins at
about 26.4% and positive free cash flow over the next 12-18
months. Such positive free cash flow will enable the company to
reduce its debt.

Consequently, the company's adjusted debt/EBITDA will be expected
to improve to around 1.9x in the next 12-18 months from about 2.4x
in last 12 months ending June 30, 2018 and 2.9x in 2017. This
level of debt leverage is strong for its Ba2 corporate family
rating.

H&H's liquidity profile is sufficient. At June 30, 2018, its cash
balance - including restricted cash - totaled RMB2.0 billion,
which was sufficient to cover its short-term debt of RMB289
million.

H&H's senior unsecured bond rating for the proposed USD notes is
not affected by subordination to claims at the operating company
level, because the latter is not seen as material, especially as
Moody's expects the majority of claims will remain at the holding
company.

H&H's Ba2 corporate family rating reflects (1) the company's
leading position among domestic infant milk formula (IMF)
providers in China and diversification into a leading position in
Australia's (Aaa stable) vitamin, herbal and mineral supplements
(VHMS) market, (2) the favorable demand trend for IMF in China and
VHMS in Australia and China, and (3) the company's strong
profitability and steady cash flow generation, which reflect in
turn its brand equity and the confidence-sensitive nature of its
products.

However, the rating is constrained by (1) its developing scale in
competitive markets, and (2) regulatory and product safety risks.

The positive ratings outlook reflects Moody's expectation that H&H
will expand its revenue scale and deleverage over the next 12-18
months.

Upward rating pressure could arise if (1) the company maintains a
strong market position in the IMF and VHMS segments; (2) its
revenue scale expands; (3) it maintains a conservative financial
policy and strong liquidity position, such as sustainable positive
free cash flow, conservative dividend payouts, and cash/short-term
debt exceeding 1.5x-2.0x; and (4) it achieves debt leverage, such
that debt/EBITDA falls below 2x on a sustained basis, while
maintaining steady EBIT margins and growing its revenue scale.

On the other hand, the ratings outlook could return to stable if
H&H is unlikely to meet the upgrade conditions over the next 12-18
months.

The principal methodology used in this rating was Global Packaged
Goods published in January 2017.

Health and Happiness (H&H) International Holdings Limited is a
leading domestic infant milk formula provider in China and leading
Australian vitamin, herbal and mineral supplements (VHMS)
provider. The company acquired an 83% stake in Australian VHMS
provider Swisse Wellness Group Pty Ltd in September 2015, and
further raised its stake to 100% in February 2017.

Established in 1999, H&H is headquartered in Guangzhou and listed
on the Hong Kong Stock Exchange in December 2010. Its chairman and
CEO, Mr. LUO Fei, and related parties held a 67.52% stake in the
company at the end of June 30, 2018.


HEALTH AND HAPPINESS: S&P Hikes ICR to 'BB+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings said it had raised its issuer credit rating and
issue rating on Health and Happiness (H&H) International Holdings
Ltd. to 'BB+' from 'BB'. The outlook is stable.

S&P said, "At the same time, we had assigned our 'BB+' issue
rating to the company's proposed U.S. dollar-denominated senior
unsecured notes. The issue rating is subject to our review of the
final documentation on the issuance.

"The ratings upgrade reflects our view that H&H will increase its
shares of its core markets of infant milk formula (IMF) and
vitamin, herbal, and mineral supplement (VHMS) products. At the
same time, we expect the company's revenue and EBITDA to grow
gradually, and it should maintain its low debt leverage.

"We expect H&H's debt leverage to remain below 2.5x over the next
12 months. Since its acquisition of Australia-based Swisse
Wellness Group Pty. Ltd. (Swisse) in 2015, H&H's debt leverage has
gradually decreased through debt repayment and EBITDA growth. The
company's debt-to-EBITDA ratio strengthened to 1.7x as of June 30,
2018, from 6.8x at the end of 2015. Its annualized EBITDA interest
coverage also improved to 6.0x as of June 30, 2018, from 4.7x in
2015."

H&H manufactures and distributes milk powder and other baby
products in China. Its VHMS products are distributed globally.

S&P believes H&H will continue its good growth, fueled by rising
health awareness and a consumer desire for premium products in
China. During 2011-2017, the baby food industry in China
experienced a 12.8% compound annual growth rate (CAGR) in retail
sale value, according to Euromonitor. Similarly, VHMS products in
China witnessed a 10.3% industry CAGR. Premium and super premium
IMF had expanded market share to 64.8% in June 2018 from 51.8% in
2016, according to AC Nielson. H&H's revenue grew 29% year on year
in the first six months of 2018. This came after the introduction
of new IMF registration rules on Jan. 1, 2018, which drove out the
smaller IMF manufacturers. H&H's market share grew as a result.

H&H is also investing more in branding and marketing. This is
partially a competitive response and an effort to increase brand
awareness. Consumers are asking for more premium products. This
could help H&H solidify its position with its customers and
differentiate itself from its peers. Furthermore, consumers' push
for higher-quality products and more trusted brands will likely
pressure small producers. This could also benefit H&H's market
share. However, at the same time, large multinationals are
expanding their presence in China. S&P expects the competition
with larger players will increase over time as they deepen their
penetration in lower-tier cities.

H&H's operating cash flow will likely remain stable over the next
12-24 months, supported by healthy revenue growth and good working
capital management, despite EBITDA margin compression. For the six
months ended June 30, 2018, H&H's EBITDA margin was 27.3%, down
from 30.3% over the same period last year. Due to the branding and
marketing initiatives mentioned, S&P expects the company's EBITDA
margin to decrease to 25%-27% in 2018-2019, a level similar to its
international peers'. S&P estimates an annual operating cash
inflow of Chinese renminbi (RMB) 1.4 billion-RMB1.6 billion,
backed by modest working capital requirement of its IMF and VHMS
segments.

The company has demonstrated good financial discipline with its
acquisition of Swisse. After its initial purchase of 83% in 2015,
H&H acquired the remaining 17% stake in 2017. However, H&H omitted
a call option to acquire Swisse China, which was retained by PGT
Healthcare LLP. Recognizing the threat Swisse China could pose,
H&H subsequently repurchased the China option from PGT. S&P
expects H&H, after fully integrating Swisse, will use Swisse's
global platform to further uphold its brand position in China.

Regulatory uncertainty for the distribution of VHMS products
through cross-border e-commerce is a key risk factor. All such
cross-border businesses regarding the distribution of health
supplements may have to be registered with the China Food and Drug
Administration after Dec. 31, 2018. S&P estimates cross-border e-
commerce now accounts for 13% of H&H's sales, similar to 12% in
2017. This regulation may hurt revenue across various cross-border
e-commerce businesses. Swisse recorded significant sales decline
in the second half of 2016 when a December 2016 deadline to
register with China Food and Drug Administration loomed; however,
the government subsequently extended that deadline to the end of
2018.

S&P said, "At this point, we believe the final regulation is
likely to be more moderate and the eventual impact may be less
than initially feared. Furthermore, we view the government as
still broadly supportive of cross-border e-commerce because the
State Council recently included 22 cities as comprehensive cross-
border e-commerce pilot zones, on top of the 15 cities announced
in March 2017. A potential abrupt halt in cross-border e-commerce
brought on by onerous registration is not within our base case.

"The stable outlook reflects our expectation that H&H will
maintain its good market position in the IMF and VHMS segments and
good operating cash flow in the next 12 months. We also expect
that H&H's debt-to-EBITDA ratio will remain comfortably below 2.5x
in 2018-2019, driven by its steady operating cash flow,
disciplined capital spending, and conservative dividend
distributions.

"We may lower the ratings if H&H's debt-to-EBITDA ratio approaches
3.0x. This could happen if the company's sales decline or EBITDA
margin drops by more than 600 basis points in 2019, possibly due
to intense competition, negative impact from regulatory changes,
or difficulties in expanding Swisse's business. We may also lower
the ratings if H&H undertakes more aggressive debt-funded
expansion than we expected."

An upgrade would require the company to strengthen its business
position through meaningful market share gain, new geographical
market expansions, or profitable expansion into new products. This
will need to be done in conjunction with debt leverage staying
below 2x and EBITDA interest coverage expanding to 10x or higher.


HNA GROUP: Sovereign-Wealth Fund Keen in Buying Deutsche Stake
--------------------------------------------------------------
Stella Yifan Xie, Julie Steinberg and Jenny Strasburg at The Wall
Street Journal report that China's sovereign-wealth fund and other
large investors have expressed interest in potentially buying
shares in Deutsche Bank AG from embattled Chinese conglomerate HNA
Group Co., according to people familiar with the matter.

HNA, which is one of Deutsche Bank's largest shareholders, is
planning to unload its entire 7.6% stake in the German bank as
part of a plan to shrink its global footprint, the Journal
previously reported.

The Journal relates that the potential buyers that were recently
in contact with HNA include state-backed fund China Investment
Corp., as well as Chinese state-owned financial institutions Citic
Group, China Merchants Group and China Everbright Group, the
people said. Some European and U.S. investors have also inquired
about HNA's stake in Deutsche Bank, they added.

According to the Journal, the airlines-to-hotels conglomerate is
reversing a $40 billion global acquisition spree in which HNA took
stakes in banks, airports, office buildings and other assets
around the world. Chinese authorities, uncomfortable with HNA's
rapid expansion and heavy debt load, have ordered the group to
focus on running Chinese airlines and related businesses, The Wall
Street Journal reported last week.

The recent talks HNA has had about its Deutsche Bank stake are at
a preliminary stage and may not result in any deal, people
familiar with the matter said, the Journal relays. No formal sales
process has begun, some of the people added. A sale could be
complicated because HNA's shares are tied up in derivatives
agreements with banks.

According to the Journal, HNA has been one of Deutsche Bank's
largest shareholders since early 2017. The relationship between
the two firms has been tense at times, partly because the Chinese
group borrowed billions of dollars to finance its share purchases
and used derivatives to hedge its position. Some investors and
executives therefore saw HNA as a speculative investor. Still, an
HNA-nominated member of Deutsche Bank's supervisory board,
Alexander Schutz, received shareholder support in May for re-
election to a five-year term.

Other investors previously held discussions with HNA about
acquiring its Deutsche Bank shares. Earlier this year, Cerberus
Capital Management LP - which disclosed a roughly 3% stake in
Deutsche Bank last November - contemplated increasing its stake
and held discussions with HNA about acquiring the Chinese group's
shares, the Journal says citing people briefed on the discussions.

Instead, Cerberus became a paid adviser to the German lender, The
Wall Street Journal reported in July. Cerberus is restricted from
buying or selling Deutsche Bank shares while in that role,
according to people familiar with the consulting arrangement.

The Journal notes that Deutsche Bank first disclosed early last
year that HNA was a significant shareholder. According to the
Journal, the Chinese conglomerate ultimately built a stake of
close to 10% using derivatives contracts with banks as part of
more than $2.8 billion in financing it obtained. When some of the
contracts matured, lenders sold shares to recoup what they were
owed, whittling down HNA's ownership to about 7.6% currently.
Deutsche shares have fallen about 42% since early 2017, valuing
that stake at roughly $1.74 billion.

HNA could let the rest of its Deutsche Bank stake similarly roll
off over the next 18 months when the rest of its financing
arrangements expire, the Journal previously reported. That would
result in a loss for the Chinese firm because the shares are worth
less than what the firm bought them for.

If it were to sell its Deutsche Bank stake before the contracts
mature, HNA would likely have to pay a fee to banks to exit the
arrangements early, according to people familiar with the matter,
the Journal relays. But a sale could be attractive if HNA gets an
offer that would enable it to recoup more money, one of the people
said.


JIANGSU FANG: Fitch Affirms BB LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed China-based Jiangsu Fang Yang Group
Co., Ltd.'s (Fang Yang) Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB'. The Outlook is Stable.

Fitch has also affirmed Fang Yang's USD200 million 5.35% senior
unsecured notes due 2019 at 'BB'. The notes were issued by
Haichuan International Investment Co., Ltd. and are
unconditionally and irrevocably guaranteed by Fang Yang Commerce
Trade Company Limited (FYCT), a wholly owned subsidiary of Fang
Yang. The notes are senior unsecured obligations of FYCT and rank
pari passu with all its other obligations.

In place of a guarantee, Fang Yang has granted to FYCT, a keepwell
and liquidity support deed and a deed of equity interest purchase
undertaking to ensure it has sufficient assets and liquidity to
meet its obligations under the note guarantee.

KEY RATING DRIVERS

The ratings on Fang Yang are credit linked to, but not equalised
with, Fitch's assessment of the creditworthiness of Lianyungang
Municipality, which is on the eastern coast of China, due to the
absence in an explicit guarantee. Fang Yang's ratings are assessed
under Fitch's Government-Related Entities (GRE) Rating Criteria,
reflecting the municipality's ownership of the entity, and its
direct control and strong support track record of Fang Yang.

"Strong" Status, Ownership and Control: Fang Yang is registered as
a wholly state-owned limited liability company under China's
company law, which means it could be subject to bankruptcy. The
municipal government delegates the supervision of Fang Yang to the
management committee of Lianyungang's Xuwei New District. Fang
Yang's major decisions - for instance, M&A, spinoffs, bankruptcy
and liquidation - would require verification and approval from
Lianyungang municipality. Fang Yang's board members are mainly
appointed by the municipality and major projects require municipal
approval. The municipality closely monitors Fang Yang's financing
plan and debt levels and the company is required to regularly
report its operational and financial results to the municipality
and the Xuwei New District management committee. The municipality
had no plan to dilute its stake in Fang Yang as at August 2018.

"Strong" Support Track Record and Expectations: Fang Yang receives
government subsidies to ease debt-servicing pressure, enhance
financial flexibility and support capital expenditure in urban
infrastructure development. The company received CNY177.5 million
of government subsidies in 2017, 25% more than in 2016. It did not
receive any new asset or capital injections in 2017. Fitch
considers Fang Yang as an important functional government-related
entity in Lianyungang, especially for the Xuwei New District. The
government also supports Fang Yang by repurchasing infrastructure
projects on a cost-plus basis, which represent a large share of
the company's annual revenue. Fitch expects the municipality to
continue to extend the company legitimate support in the medium
term.

"Moderate" Socio-Political Impact of Default: Fang Yang continued
in 2017 to be integrated in the National East-Central-West
Regional Cooperation Demonstration Region within Lianyungang Xuwei
New District and one of the key GREs in the Lianyungang city. It
is the sole developer of large-scale infrastructure projects and
affordable housing in the district, which would likely lead to
disruptions should its default put on hold the implementation of
the blueprint of the Lianyungang municipal government and the
central government. Disruption would be moderated, in Fitch's
assessment, by the presence in the city of other GREs with similar
expertise and responsibilities.

"Strong" Financial Implications of Default: Xuwei New District is
one of the major drivers of economic development in Lianyungang.
Fang Yang raises funds and carries out urban development projects
on behalf of government in the district. A failure by the
government to provide timely support, leading to a default by the
company, could jeopardise borrowing options of Lianyungang
Municipality's as well as its GREs.

'B' Category Standalone Profile: Fang Yang's financial profile is
weak, with large capex, high leverage, and weak cash flow and
profitability. Its credit quality is burdened by a net debt/
Fitch-calculated EBITDA ratio that Fitch expects to edge towards
25x over the medium term. Fitch-calculated EBITDA barely covers
interest expenses and CFO/debt and interest servicing is well
below 1x. Fitch expects the trend of large capex, high leverage
and poor debt and interest servicing ability to continue in the
medium term because the company will carry on making
infrastructure investments in Xuwei New District.

RATING SENSITIVITIES

The ratings on Fang Yang could change if Fitch revises its
perception of Lianyungang municipality's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations, or changes its internal
assessment of the city.

An increase in incentive for Lianyungang municipality to provide
support to Fang Yang, including stronger socio-political and
financial implications of a default by the company and a stronger
track record of support, may trigger positive rating action on
Fang Yang. In contrast, the rating may be downgraded if there is a
significant weakening in the socio-political and financial
implications of a default by Fang Yang, a weaker track record of
support by the municipality, or a dilution of in the government's
shareholding.

An improvement or deterioration of the standalone credit profile
or the liquidity position of Fang Yang would also affect the
ratings.

A rating action on Fang Yang would also lead to similar action on
the rating on the US dollar notes.


SHARING ECONOMY: Files Preferred Stock Certificate of Designation
-----------------------------------------------------------------
Sharing Economy International Inc. filed with the State of Nevada
a Certificate of Designation establishing the designations,
preferences, limitations and relative rights of the Series A
Preferred Stock on Sept. 7, 2018.  The Designation authorized
10,000,000 shares of Series A Preferred Stock.  Each share of
Series A Preferred Stock will be convertible into one share of the
Company's common stock, at the option of the holder, on or after
the date and subject to the conditions set forth in the
Designation.

                    About Sharing Economy

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

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

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

RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016.  As of June 30, 2018,
Sharing Economy had $74.97 million in total assets, $9.83 million
in total liabilities and $65.13 million in total stockholders'
equity.



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


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

The instrument-wise rating actions are:

-- INR14 mil. Fund-based limit migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limit migrated to Non-Cooperating
     Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2005, Ranchi-based Aarohan Builders is a civil
construction company engaged in highway and industrial road
constructions works in Jharkhand. In addition, it is engaged in
pipeline works, telecommunication optical installation, and
plumbing contract designing, fabrication and laying services. It
is managed by Mr. Pradhan and his family.


AGGARWAL COAL: CARE Assigns 'B+' Rating to INR15cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Aggarwal Coal Company (ACC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             15        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACC is constrained
by the small and fluctuating scale of operations, weak overall
solvency position and working capital intensive nature of
operations. The rating is further constrained by the
susceptibility of margins to regulatory changes, volatility in
international market prices of coal, proprietorship nature of the
entity and inherent risk associated with the trading nature of
business.

The ratings, however, derive strength from the long track record
of operations with experienced promoter, ACC's established
business relationship with the customers and satisfactory PBILDT
margins.

Going forward, the ability of the firm to profitably scale-up its
operations, improve its overall solvency position and manage its
working capital requirements efficiently will remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations, weak overall solvency
position and working capital intensive nature of operations: The
scale of operations of the firm has remained fluctuating in the
past. The operating income of the firm declined by ~53% in FY17,
owing to subdued demand in the coal industry. It, however,
increased by ~42% in FY18 on the back of increased orders from
existing as-well-as new customers. In 4MFY19 (Provisional), the
firm has achieved a total operating income of INR23.83 crore.
Though the firm had no term debt liability, as on March 31, 2018,
the capital structure has remained weak on account of high
reliance of operations on the working capital borrowings. There
has also been withdrawal of capital by the proprietor in FY18. The
debt coverage indicators have also remained weak in FY18 on
account of low profit generation. The operating cycle of the firm
stood elongated at ~93 days, as March 31, 2018. The average
utilization of the cash credit limit remained at ~95% for the
twelve month period ended July-2018.

Inherent risk associated with trading nature of the business: The
firm is exposed to the risks associated with the trading nature of
business like inherently low profitability margins, etc.
Susceptibility of margins to regulatory changes and volatility in
international market prices of coal: The price of coal is decided
in the international market based on the calorific value (a
measure of quality) of the coal. The prices and therefore margins
for traders are therefore susceptible to this volatility in the
international price indices. Coal importers also face regulatory
risk in the form of custom duty variations, etc.

Key Rating Strengths

Long track records of operations with experienced promoter: ACC
was established in the year 2002 and is promoted by Mr. Deepak
Garg who has an experience of more than 15 years. He is assisted
by a team of professionals who are highly experienced in their
respective domains.

Established business relations with customers: ACC has been in the
coal trading business since 2002 with the proprietor holding an
extensive industry experience. Long standing in the market has
helped the firm in building strong business relationships with its
clients.

Satisfactory PBILDT margins: Though the PBILDT margins of the
company declined from 5.67% in FY17 to 4.55% in FY18, they
continued to remain at a satisfactory level.

Incorporated in 2002, Aggarwal Coal Company (ACC) is engaged in
wholesale trading of coal. The firm was established in the year
2002 as a proprietorship concern, with Mr. Deepak Garg as its
proprietor. In 2012, the firm was reconstituted as a partnership
firm with Mr. Deepak Garg and his wife Mrs. Rachita Aggarwal as
the two partners. The same was, however, dissolved in Mar-15,
subsequent to which Mr. Deepak Garg remains the sole proprietor of
the firm.


ANUBANDANA INFRATECH: CRISIL Moves D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anubandana
Infratech Private Limited (AIPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated June 26, 2018,
August 8, 2018 and August 13, 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 Anubandana Infratech Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Anubandana Infratech Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Anubandana Infratech Private Limited to 'CRISIL D
Issuer not cooperating'.

Incorporated in 2010 and promoted by Mr. K Sridhar, AIPL
constructs and sells residential apartments in Karnataka and
Andhra Pradesh.


ARISTO TEXCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aristo Texcon Private Limited

        Registered Address:
        Stephen House, Room No. -79, 5th Floor 4
        B.B.D. Bagh
        (East) Kolkata 700001, West Bengal

        Corporate Office:
        DD House, Plot No.32
        Kasba Industrial Estate, Phase-I
        Kolkata 700108, West Bengal

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Ram Ratan Modi

Interim Resolution
Professional:            Ram Ratan Modi
                         Narayani Building, 5th Floor
                         Room no.503, 27, Brabourne Road
                         Kolkata 700001
                         E-mail: rrmodi@gmail.com
                                 cirparisto@gmail.com

Last date for
submission of claims:    September 14, 2018


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR131.7 mil. Long-term loan due on September 2023 migrated
    to Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Badri Ecofibres is a private limited company formed in 2013. The
company manufactures recycled polyester staple fibers and is based
out of Raisen, Madhya Pradesh.


BGR MINING: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BGR Mining &
Infra Limited's (BGR; formerly BGR Mining & Infra Private Limited)
Long-Term Issuer Rating to 'IND BB+' from 'IND BBB'. The Outlook
is Negative.

The instrument-wise rating actions are:

-- INR900 mil. Fund-based working capital downgraded with
    IND BB+/Negative/IND A4+ rating;

-- INR350 mil. Fund-based working capital# assigned with
    IND BB+/Negative/IND A4+ rating;

-- INR3.850 bil. Non-fund-based working capital downgraded with
    IND A4+ rating;

-- INR2.150 bil. Non-fund-based working capital # assigned with
    IND A4+ rating;

-- INR7,743.1 bil. (increased from INR7,642.6 bil.) Term loans
    due on June 2022 downgraded with IND BB+/Negative rating;

-- INR937.9 mil. Proposed term loans withdrawn (the company did
    not proceed with the instrument as envisaged) and the rating
    is withdrawn; and

-- INR837.4 mil. Proposed term loans* assigned with Provisional
    IND BB+/Negative rating.

# The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan/transaction documents for the
above instrument to the satisfaction of Ind-Ra.

The downgrade and the Negative Outlook reflect BGR's increasing
refinancing requirements, weakened liquidity profile and
requirement of incremental debt to fund capex, along with the
issuance of a show cause notice for the termination of contracts
for mining development and operator (MDO) projects with NTPC
Limited (IND AAA/Stable). The latter was because of arbitrary
reasons for which BGR filed cases against NTPC in FY18 which are
pending in the court of law.

KEY RATING DRIVERS

The rating action reflects the increased refinancing risk
pertaining to the debt raised for funding the capex incurred
during FY16-FY17. Lower-than-expected cash flow from operations
and higher debt-funded capex during FY16-FY17 have resulted in
higher debt repayment obligations falling due in FY19. The company
also needs to incur significant incremental capex in the next two
years, majorly on the MDO projects in Pachwara issued by West
Bengal Power Development Corporation Limited along with its
regular capex. BGR will have to infuse additional equity towards
its share of equity contribution for the capex requirement. A
delay in or inability to do the same might impact the company's
ability to execute new MDO contracts and affect revenue generation
and margins.

Moreover, Ind-Ra expects BGR's fund-based working capital
utilization to stay at high levels, despite the enhancement in
limits, due to the ongoing MDO projects in Pachwara. Any delays in
the realizations of its debtors or increase in funding
requirements for MDO projects would further weaken the liquidity
profile. Ind-Ra expects the company to tie-up fresh working
capital limits in FY19 and received promoter funds to improve its
liquidity profile. Any delay in the same would be negative for the
ratings.

The ratings also reflect BGR's deteriorating liquidity. Its cash
and cash equivalents fell to INR63.0 million at end-FY18 (FY17:
INR315.2 million) while its average working capital usage
increased to about 60% during the 12 months ended July 2018
(previous year : <20%). This was due to an increase in working
capital cycle to 4 days in FY18 (FY17: negative 9 days; FY16:
negative 9 days), mainly on account of delayed payments in
irrigation contracts and an increase in unbilled revenue.
Moreover, free cash flow was low at negative INR269.0 million in
FY18 (FY17: negative INR2.4 billion) due to higher capex of INR1.7
billion (INR2.6 billion) with low cash flow from operations at
INR1.4 billion (INR148.8 million).

The ratings however are supported by BGR's strong revenue
visibility and healthy margins. Its order book of INR278.5 billion
at end-March 2018 is 14.3x of its FY18 revenue. Excluding the MDO
contracts from Pachwara and from NTPC, the order book at end-March
2018 was around INR51.6 billion (2.6x FY18 revenue). Its margins
fell marginally to 23.8% in FY18 (FY17: 28.2%) because of an
increase in the execution of low-margin irrigation orders along
with the delays in execution of the MDO order in Pachwara due to
pending statutory clearances erstwhile expected to be commenced in
FY18. However, EBITDA margins in its mining operations remained
healthy. Ind-Ra expects the company to sustain EBITDA margin at
23%-25% in the medium term, on account of existing low-margin
irrigation contracts and initial development phases of the MDO
project orders.

The ratings factor in BGR's moderate credit metrics due to high
debt. BGR's net leverage (net debt/EBITDAR) was 1.8x in FY18
(FY17: 1.8x) and interest coverage ratio (EBITDAR/interest) was
4.2x (4.4x). Ind-Ra expects the net leverage to remain below 2.0x
and interest coverage to improve to about 4.7x in the medium term,
majorly depending on its refinancing ability.

RATING SENSITIVITIES

Negative: A further increase in the debt-led capex resulting in
increased liquidity stress could be negative for the ratings.

Positive: Successful refinancing of debt maturities together with
an improvement in the EBITDA margin resulting in positive free
cash flow on a sustained basis would result in a revision in the
Outlook to Stable.

COMPANY PROFILE

Incorporated in 1988, BGR is a Hyderabad-based mining contractor,
majorly involved in overburden removal and coal extraction; the
company is completely owned by its promoters. The company has
started executing irrigation contracts since FY17.


BHANDARI AGRO: CRISIL Reaffirms B+ Rating on INR2.71cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank facilities of Bhandari Agro (BA).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         2.50        CRISIL B+/Stable (Reaffirmed)
   Term Loan           2.71        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operation amidst
intense industry competition and susceptibility to government
policies and raw material fluctuations, working capital intensive
operations and average financial risk profile. These weaknesses
are partially offset by the extensive experience of promoters in
the edible oil refining industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation with intense industry competition: BA
recorded revenues of INR 0.76 crs during 2017-18, indicating its
modest scale of operations in the fragmented edible oil industry.
The edible oil business is highly fragmented, with numerous small-
scale unorganized players catering to local demands, which impact
ramp-up in sales and profitability margins.

* Susceptibility to government policies and raw material price
fluctuations: BA is exposed to the risk of sudden pressure on
margins as the prices of edible oils are linked to domestic
oilseed prices, which are determined by the production level and
minimum support price fixed by the Government, and by
international price trends.

* Working capital intensive operations: operations are working
capital intensive as reflected in GCA of 904 days as on march
2018. GCA is mainly driven by stock and debtors, however expected
to improve over medium term.

* Average financial risk Profile: As on March 2018 networth
remained small at INR1.27 crore and gearing is high at 2.73 times.
Also debt protection matrices is also at modest level due to
modest scale and modest profitability.

Strengths

* Extensive experience of promoters in the edible oil refining
industry: Promoters' experience of more than 3 decades in the
edible oil industry, their understanding of the dynamics of the
local market, anticipating price trends and calibrating purchasing
and stocking decisions will benefit BA over the medium term.

Outlook: Stable

CRISIL believes that BA will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if  increase in scale of operations and
profitability along with efficient working capital management
further strengthen the financial risk profile. The outlook may be
revised to 'Negative' if decline in revenue and profitability or
inefficient working capital management weakens financial risk
profile, especially liquidity.

BA, promoted in 2014 by the Bhandari family, is engaged in
manufacturing of groundnut oil in Sangamner, Maharashtra. It is a
partnership firm of Mr. Onkarnath Bhandari, Mr. Rameshwar Bhandari
and Mr. Samrat Bhandari. Operations of firm started in February
2018.


BHUPTANI ASSOCIATES: Ind-Ra Affirms BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhuptani
Associates' (BA) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR30.0 mil. Fund-based facilities affirmed with IND BB-
     /Stable/IND A4+ rating;

-- INR70.0 mil. Non-fund-based facilities affirmed with IND A4+
     rating; and

-- INR100.0 mil. Proposed non-fund-based facilities assigned
     with Provisional IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BA's modest scale of operations. Revenue
improved to INR353 million (FY17: INR207 million) due to an
increase in order inflow. Revenue was INR80 million in 5MFY19. The
company's order book position was INR1,280 million (3.6x of FY18
audited numbers) as of August 2018 , to be executed over the next
two and half years, providing medium-term revenue visibility.

The ratings also reflect BA's modest operating profitability and
credit metrics. EBITDA margin were 3.7% in FY18 (FY17: 2.5%) with
ROCE 14% (4%). The EBITDA margin improved due to a decrease in
labor expenses. In FY18, net leverage (adjusted net debt/operating
EBITDAR) was 1.1x (FY17: negative 0.5x) and interest coverage
(operating EBITDA/gross interest expense) was 2.9x (FY17:1.6x).
The credit metrics improved on account of an increase in operating
EBITDA to INR 13 million in FY18 (FY17: INR 5 million). Ind-Ra
expects the credit metrics to deteriorate in FY19 due to an
increase in the debt for a capex.

The ratings have also taken the partnership nature of the firm
into consideration.

However, the ratings are supported by the firm's moderate
liquidity, marked by average fund-based limit utilization of
around 74% over the 12 months ended August 2018. No major term
debt obligation and no capex over the medium term support the
liquidity.

The ratings are also supported by BA's promoter's experience of
more than two decades in the construction segment, resulting in
established relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to an improvement in the credit metrics on a sustained
basis could lead to a positive rating action.

Negative: Any decline in the profitability resulting in further
stress on the liquidity position and sustained deterioration in
the credit profile could lead to a negative rating action.

COMPANY PROFILE

BA was established in 1971 as Sorath Construction and was renamed
in 1993. Based in Junagadh (Gujarat), the firm specializes in
executing civil construction projects.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ceekay Associates was established as a proprietorship concern in
1980 and converted into a partnership firm in April 2017. It is an
authorized distributor of Procter & Gamble in Assam and operates
through 21 offices-cum-warehouses.


CPR CAPITAL: CRISIL Maintains C Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with CPR Capital
Services Limited (CPR) 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.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Overdraft           6.5          CRISIL C (ISSUER NOT
                                    COOPERATING)

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 CPR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPR Capital
Services Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

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

CPR was incorporated in Ghaziabad, Uttar Pradesh, in 1995,
promoted and managed by the Garg family. Mr Pawan Garg and his
immediate family hold around 74% in the company, while other
relatives and friends hold the rest. It was established to provide
broking services to retail and corporate clients, especially in
the equity segment. The company has business interests in
securities, commodities, currency derivatives, and depository
services.


DARJEELING ROLLING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Darjeeling Rolling Mills Private Limited
        Near Kishore Sangha Burdhwan Road
        Siliguri 734005 (WB)

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019
                               (180 days from commencement)

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         Apex Insolvency Professionals LLP
                         Central Plaza
                         41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 drmpl.cirp@gmail.com

Last date for
submission of claims:    September 12, 2018


DEEPAK CABLES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Deepak Cables (India) Ltd
        7, N S Iyengar Street
        Sheshadripuram Bangalore 560020

Insolvency Commencement Date: August 23, 2018

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Mr. Ravi Sankar Devarakonda

Interim Resolution
Professional:            Mr. Ravi Sankar Devarakonda
                         D 602, Prestige St. Johnswood Apartments
                         No.80, Tavarakere Main Road, Bangalore
                         Pin:560029
                         E-mail: ravicacsma@icai.org

Last date for
submission of claims:    September 13, 2018


DIPTI DIAMONDS: CARE Assigns 'B' Rating to INR12cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dipti
Diamonds & Jewellery Private Limited (DDJPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           12.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DDJPL is constrained
by modest scale of operations with fluctuating income and working
capital intensive nature of operations. The ratings are further
constrained by concentrated customer and supplier base,
susceptibility of margins to fluctuation in input prices and
presence in the competitive & fragmented Cut & Polished Diamond
industry.

The aforesaid constraints, however, are partially offset by the
strength derived from the long track record and experience of the
promoters and comfortable solvency position and moderate
profitability.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations, fluctuating profit margins with
operating loss incurred in FY18: The scale of operations of DDJPL
remained small with total operating income (TOI) and networth base
of INR76.48 crore and INR8.28 crore respectively for FY18. Further
the TOI has been fluctuating during last three years (FY15 to
FY18) owing to fluctuation in demand in export markets. Small
scale limits financial flexibility and deprives it of benefits of
economies of scale to the extent. Further due to trading nature of
business & higher competition profit margins of DDJPL have
remained weak during last three years ending FY18. Moreover,
during FY18, the company has incurred operating and net loss which
primarily due to lower price realization from its customers.

Leveraged capital structure and weak debt coverage indicators
DDJPL's capital structure remained leveraged during past three
balance sheet dates ended March 31, 2018 and the same has
marginally deteriorated during year ending FY18 primarily on
account of with decrease in networth base due of net loss incurred
in FY18. Furthermore, the company has also incurred operating loss
in FY18 and hence, the debt coverage indicators remained
vulnerable in FY18.

Working capital intensive nature of operations: DDJPL's operations
remained working capital intensive in nature as the funds are
largely blocked in debtors and inventory. The inventory holding
remained moderate at 28 days. Furthermore, the collection period
remained stretched and elongated in FY18 since the company
primarily deals with overseas based clients to it extends more 120
to 180 of credit in order to get repeat orders and to maintain
long-term relationship. Furthermore, the company also stretched
the credit period of around 120-150 days to its suppliers. As a
result of above factor, during FY18, the operating cycle of the
firm remained stretched from 142 days in FY17 to 127 days in FY18.
Also, the utilization level of its working capital limits remained
high.

Customer concentration and foreign exchange fluctuation risk:
During FY18, the top five customers contributed around 51.62% of
TOI. Out of the five, two customers constituted around 40.55% of
TOI which indicates higher level of customer concentration risk.
Furthermore, DDJPL earns maximum of its revenue through exports
for which it takes partial hedging. The company also partially
benefits through natural hedging through imports which contributes
only 3.14% of total purchases for FY18. Hence, the foreign
exchange fluctuation risk continues to persist, since any adverse
currency movements would have a bearing on the profitability of
the company.

Presence in competitive and fragmented industry: The Cut &
Polished Diamond (CPD) industry in India is highly fragmented with
presence of numerous unorganized players apart from some very
large integrated G&J manufacturers leading to high level of
fragmentation in the industry. Also on account of its small scale
of nature of business, low entry barriers and product
differentiation leading to stiff competition for the company.
However, risk is partially mitigated as DDJPL has established
relations with the customers and have been dealing with the same
since inception.

Key Rating Strengths

Long track record and experienced promoters in the cut & polished
diamond industry: DDJPL was started as a proprietorship firm in
1987 and reconstituted as a private limited company in 2010. The
company has established its presence in the cut & polished
diamonds (CPD) business through its thirty years of track record
of operations and also established long term relationships with
customers and suppliers across the globe. The directors of the
company, Mrs. Dina Shah and Mr. Sudhir Shah are highly experienced
with around four decades of experience in the CPD business.

Dipti Diamonds & Jewellery Private Limited (DDJPL) was originally
established as a proprietorship firm under the name of Dipti
Diamonds in the year 1987 by Mrs. Dina Shah and the same was
reconstituted as a private limited company in 2010 with Mrs. Dina
Shah and Mr. Sudhir K. Shah as the directors of the company. The
company is engaged in trading of cut & polished diamonds. DDJPL
primarily procures cut & polished diamond primarily form domestic
market and also imports from Dubai, USA and Belgium. It exports
majority of cut & polished diamonds to Hong Kong, UAE & Belgium.


DOME-BELL ELECTRONICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Dome-Bell Electronics India Private Limited
        2275, Adat Bazaar
        Ahmednagar 414001 Maharashtra

Insolvency Commencement Date: August 21, 2018

Court: National Company Law Tribunal, Ahmednagar Bench

Estimated date of closure of
insolvency resolution process: February 17, 2019

Insolvency professional: Mr. Rakesh Rathi

Interim Resolution
Professional:            Mr. Rakesh Rathi
                         21, 2nd Floor, Hassan Ali Bldg.
                         Jijibhoy Dadabhoy Lane, Fort, Mumbai
                         Maharashtra 400001
                         E-mail: rakeshrrathi@yahoo.com
                                 iprakeshrathi101@gmail.com

Last date for
submission of claims:    September 7, 2018


DOSHION WATER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Doshion Water Solution Private Limited

        Registered Office:
        Office No.3, 2nd floor, A Wing, Godrej Coliseum
        Eastern Express Hwy, B/h Everard Nagar
        Sion West Mumbai, Mumbai City 400022

        Other Office:
        Plot No.24, Phase II, GIDC Vatva, Ahmedabad 382445

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Ketulbhai Ramubhai Patel

Interim Resolution
Professional:            Mr. Ketulbhai Ramubhai Patel
                         R.S. Patel & Company Chartered
                         Accountants
                         801, Popular House, Nr. Income Tax Circle
                         Ashram Road, Ahmedabad, Gujarat 380009
                         E-mail: ketul@rspatelca.com
                                 ip.doshion@rspatelca.com

Last date for
submission of claims:    September 16, 2018


GALAXY COSMETICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Galaxy Cosmetics Private Limited
        9, Ayalur Muthiah Street
        Kondithope Chennai 600079

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019

Insolvency professional: M.S. Viswanathan

Interim Resolution
Professional:            M.S. Viswanathan
                         15/35 Musafer Jung Bahadur Street
                         Triplicane, Chennai 600005
                         E-mail: msv8200@gmail.com

Last date for
submission of claims:    September 17, 2018


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

The instrument-wise rating actions are:

-- INR11.1 mil. Term loan maintained in Non-Cooperating Category
     with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, GBR Hatcheries runs a poultry business.


GHANSHYAM UDHYOG: Ind-Ra Maintains B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ghanshyam
Udhyog'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:

-- INR87.5 mil. Fund-based limits maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Term loan due on September 2022 maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ghanshyam Udhyog is a partnership firm established in 1998. The
firm's main business is the processing of all types of pulses and
gram flour.


GUPTAS GOLD: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Guptas Gold
House (GGH) to 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with GGH for obtaining
information through letters and emails dated July 25, 2018,
August 8, 2018 and August 13, 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 GGH. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GGH is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information with '.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GGH to 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1995 as a partnership firm, GGH is engaged in to
retail jewellery business with 1 showroom in Ongole, Andhra
Pradesh. The firm is managed by Mr. Raj Kumar and family.


HBS VIEW: CARE Lowers Rating on INR100cr LT Bank Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
HBS View Private Limited (HBS VPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      100.00     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; ISSUER
                                  NOT COOPERATING; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HBS View Private Limited to
monitor the rating(s) vide e-mail communications/ letters dated
Aug. 1, 2018, July 12, 2018, June 25, 2018, June 18, 2018, June
11, 2018, Feb. 6, 2018, Oct. 23, 2017 and numerous phone calls.
However, despite CARE's repeated requests, HBS View Private
Limited has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on HBS View Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating has been revised on account of the ongoing delays in
debt servicing of the company as informed by the lender.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt: The rating has been revised on
account of the ongoing delays in debt servicing of the company.

HBS View Pvt. Ltd (HBS VPL) is a special purpose vehicle to
undertake redevelopment of residential tower on 363,930 sq. ft of
developable area, at Haji Ali Road, South Mumbai. The company is
promoted by HBS Realtors Pvt. Ltd., a Mumbai based real estate
developer, having track record of executing large scale project
development in commercial as well as residential segment.


HIGHLAND STAR: CRISIL Assigns B+ Rating to INR15cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating for the long
term bank faculties of Highland Star Hotels and Resorts Private
Limited (Highland).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan          15        CRISIL B+/Stable (Assigned)

The ratings reflect Highland's modest scale of operations and
susceptibility to economic downturn. These weaknesses are
partially mitigated by experience of the promoters in the
hospitality industry and moderate financial risk profile.

Analytical Approach

CRISIL has treated unsecured loans of INR39.6 crore from promoters
as on March 31, 2018, have been treated as 75% equity and 25% debt
as these loans are expected to remain in business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Highland reported modest revenues of
about INR10.4 crore for fiscal 2018, mainly on account of limit
track record of operations. The hotel was operational only from
fiscal 2016. Further, the revenues are entirely generated from a
single property exposing it to geographic concentration risk.

* Susceptibility to economic downturns: The hotel industry is
vulnerable to changes in the domestic economy. Typically, the
industry follows a six-year cycle. Business traffic is linked to
the global economic conditions and the tourism traffic is linked
to the discretionary budgets

Strengths

* Promoter extensive experience in the hospitality business: The
promoters have been in the hospitality industry for over 5 years,
and has established their hotel with moderate brand recall and
occupancy levels.

* Moderate financial risk profile: Financial risk profile is
supported by moderate gearing, however, remains constrained by
weak debt protection metrics.

Outlook: Stable

CRISIL believes that Highland will continue to benefit from long
standing experience of the promoters in the hospitality industry.
The outlook may be revised to 'Positive' if the company's revenues
improve significantly as a result of increase in its occupancy
rate along with improvement in operating margins, resulting in
increase in higher cash accruals and improvement in debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of adverse impact on the occupancy rates and
ARR because of competitive pressures, resulting in deterioration
in financial risk profile.

Incorporated in 2006, Highland is engaged in the business of
operating a hotel in Kochi (Kerala).


HITECH GLOBAL: CRISIL Assigns 'B' Rating to INR0.58cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the
bank facilities of Hitech Global (HG).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          .58       CRISIL B/Stable (Assigned)

   Letter of Credit      10.0        CRISIL A4 (Assigned)

   Bill Discounting       2.0        CRISIL A4 (Assigned)
   under Letter of
   Credit

   Cash Credit            6.0        CRISIL B/Stable (Assigned)

The rating reflects modest financial risk profile and modest scale
of operations marked by limited track record of nature of
operations. These rating weaknesses are partially offset by
promoters' extensive experience in the electronic consumer
durables industry.

Key Rating Drivers & Detailed Description

Weakness:

* Limited track record of operations: The company is expected to
start commercial operations from the month of September 2018. The
scalability of the company will be driven by the demand of the end
user industry; i.e. white goods industry. The consumer durables
industry is intensely competitive, with a large presence of
smaller regional players producing low-cost and medium quality
goods. This limits HG's pricing flexibility. The scale of
operations is expected to remain modest over the medium term
marked by start-up nature of operations.

* Modest financial risk profile: The financial risk profile stood
modest marked by expected networth of INR 75 lakhs as on 31st
March 2018. The same appears low due to the startup nature of
operation. The networth going forward is expected to improve as
scale of operations improve.

Strengths:

* Extensive experience of promoters in the electronic consumer
durables industry: The partners' extensive industry experience of
over 20 years has helped establish healthy relationships with
customers and suppliers, ensuring regular order inflows through
their group entity called Communication Systems Limited.

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if there is a substantial improvement in revenue and
working capital management, which leads to sizeable cash accrual.
The outlook may be revised to 'Negative' if reduced demand from
key customers hits revenue and profitability, or if the company
undertakes large, debt-funded capital expenditure, weakening its
capital structure and debt protection metrics

Hitech Global, is a New Delhi based firm, is involved in
manufacture of consumer electronics TV. The company is managed by
Mr. OP Agarwal who is also a partner in the firm. The company has
manufacturing facility based in Kundli, Haryana. The firm is
expected to commence operations from September 2018.


INDH-BARATH ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Indh-Barath Energy (Utkal) Limited

        Registered Address:
        H No. 8-5210/43, Plot No.44 Shiv Enclave
        Old Bowenpally Secunderabad
        Rangareddi, TG 500011

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019
                               (180 days from commencement)

Insolvency professional: Udayraj Patwardhan

Interim Resolution
Professional:            Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited, C-703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel (West), Mumbai City
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com
                                 ibeul@sumedhamanagement.com

Last date for
submission of claims:    September 12, 2018


INFRASTRUCTURE LEASING: Said to Be Delinquent on More Debt
----------------------------------------------------------
Bloomberg News reports that the Indian infrastructure finance firm
behind a rare default last month that is reverberating through the
nation's credit markets is delinquent on more borrowings, people
familiar with the matter said.

Infrastructure Leasing & Financial Services Ltd., which helped
fund India's longest tunnel, is in default on INR3 billion (US$41
million) of short-term borrowings taken through so-called inter-
corporate deposits from Small Industries Development Bank of
India, the people said. Government-backed SIDBI has sought a
repayment plan, according to the people, who asked not to be
identified because the details are private, Bloomberg relays.

According to Bloomberg, the mounting troubles come after IL&FS
missed payment on commercial paper last month in a rare
development for India's short-term debt market, fanning concerns
among investors in the money-market funds that hold such
securities. The Reserve Bank of India has initiated a special
audit of the firm, BloombergQuint has reported.

IL&FS has another 1.5 billion rupee inter-corporate deposit
payment due on Sept. 14, according to the people, Bloomberg
relays. SIDBI has asked IL&FS to submit a plan within 10 days to
repay the INR3 billion defaulted portion plus the INR1.5 billion
coming due on Sept. 14, they said.

IL&FS had three tranches totaling INR3.5 billion of ICDs from
SIDBI due on different days since August 27, Bloomberg discloses.
It hasn't made full payment on any of those tranches, and has only
paid INR500 million toward the total, leaving INR3 billion unpaid,
the people said.

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.


INTERNATIONAL RECREATION: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s International Recreation and Amusement Limited

        Registered Office:
        Metro Walk, Sector-10 Rohini
        Near Rithala Metro Station New Delhi North West
        Delhi 110085

        Place of Maintenance of Books of Accounts and Papers:
        Appu Ghar, Sector-29 Adjoining Huda City Centre
        Metro Station Gurugram-122002, Haryana

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: January 31, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Pramod Kumar Sharma

Interim Resolution
Professional:            Mr. Pramod Kumar Sharma
                         H. No. 16, Dasharath Kunj-B
                         West Arjun Nagar
                         Agra 282001
                         Uttar Pradesh, India
                         E-mail: pksharmafcs@gmail.com
                                 claims.iral@gmail.com

Classes of creditors:    Allottees/Investors under a Real
                         Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Gyaneshwar Sahai
                         202/12, BPTP Park Floor-2
                         Sector 76
                         Faridabad, Haryana
                         E-mail: gyaneshwar.sahai@gmail.com

                         Vivek Raheja
                         JD 2C, 2nd Floor, Pitampura
                         New Delhi 110034
                         E-mail: vivek@vpgs.in

                         Navneet Arora
                         E-8/1, LGF, Near Geeta Bhawan Mandir
                         Malviya Nagar, New Delhi, National
                         Capital Territory of Delhi 110017
                         E-mail: info@navneetaroracs.com

Last date for
submission of claims:    August 25, 2018


JAI PUSHPA: CRISIL Withdraws B Rating on INR1.5cr Cash Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Jai
Pushpa Industries (JPI) on the request of the company and receipt
of a no objection/due certificate from its bank. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Bank Guarantee         0.3      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            1.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Inland/Import          5.0      CRISIL A4 (ISSUER NOT
   Letter of Credit                COOPERATING; Rating Withdrawn)

   Proposed Long Term     0.7      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with JPI for obtaining
information through letters and emails dated April 30, 2018 and
August 13, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JPI. This restricts CRISIL's
ability to take a forward JPI is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of JPI
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of JPI on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

JPI is a proprietorship firm set up by Mr. Rajeev Agarwal in 2009.
The firm manufactures polyvinyl chloride (PVC) pipes at its
manufacturing facility in Agra.


JEEVAN POLYMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Jeevan Polymers Private Limited

        Registered Office:
        Plot No. 12/C, C.I.E., Gandhi Nagar
        Balanagar, Hyderabad 500037, IN

        Manufacturing Unit:
        Plot No.274, Phase-III, IDA
        Pashamaylaram, Patancheru, Medak District

Insolvency Commencement Date: August 24, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 19, 2019
                               (180 days from commencement)

Insolvency professional: Kalpana G

Interim Resolution
Professional:            Kalpana G
                         M/s M M Reddy & Co., G-8, Amrutha Ville
                         Apts., Right Wing, Rajbhavan Road
                         Somajiguda, West Marredpally
                         Telangana 500082
                         E-mail: kalpanagonugunta1@gmail.com

                            - and -

                         H.No. 16-11-19/4, G-1, Sri Laxmi Nilayam
                         Saleem Nagar Colony, Malakpet
                         Hyderabad 500036
                         E-mail: jeevanpolymersip@gmail.com

Last date for
submission of claims:    September 11, 2018


KAMAL ENTERPRISES: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kamal
Enterprises - Mumbai (KE) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             6.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      4.0      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KE for obtaining
information through letters and emails dated June 29, 2018,
August 8, 2018 and August 13, 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 Kamal Enterprises - Mumbai.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Kamal Enterprises - Mumbai is consistent with 'Scenario 4'
outlined in the 'Framework for Assessing Consistency of
Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Kamal Enterprises - Mumbai to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Formed in 2002 as a proprietorship firm by Mr Mafatsingh Parmar,
KE, a contractor, undertakes construction of roads and bridges,
schools, dam, water supply projects, water treatment plant project
and others for state government.


KENERSYS INDIA: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Kenersys India
Private Limited (KIPL) for obtaining information through letters
and emails dated February 28, 2018, July 31, 2018 and January 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         180         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit            137.5       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Corporate Loan          20.5       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      5          CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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 KIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KIPL 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 KIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Incorporated on October 20, 2007, and promoted by the Kalyani
group, KIPL manufactures, assembles, erects, and installs wind
turbine generators, and also develops wind farms. The company
focuses on multi-megawatt onshore turbines. It has two platforms,
K 82- 2.0 megawatt (MW) and K110- 2.4 MW, in India. KIPL has a
full-scale assembling facility in Baramati, Maharashtra, with
annual capacity of 220 MW.


KND ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: KND Engineering Technologies Ltd.

        Registered Address:
        7 A Hospital Street
        Kolkata, WB 700072 IN

        Corporate Office:
        10 Raja Subodh Mullick Square
        5th Floor, Kolkata 700013

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019
                               (180 days from commencement)

Insolvency professional: Ram Ratan Modi

Interim Resolution
Professional:            Ram Ratan Modi
                         Narayani Building, 5th Floor
                         Room no.503, 27, Brabourne Road
                         Kolkata 700001
                         E-mail: rrmodi@gmail.com
                                 cirpkndetl@gmail.com

Last date for
submission of claims:    September 13, 2018


KONARK POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Konark Power Project Limited
        94, 7th Floor, Minerva Complex, S D Road
        Secunderabad 500003, Telangana

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 23, 2019
                               (180 days from commencement)

Insolvency professional: V Balasubramanian

Interim Resolution
Professional:            V Balasubramanian
                         # 201, Indra Residency, Street No. 2
                         Ashoknagar, Hyderabad 500020 Telangana
                         E-mail: bala_v99@yahoo.com
                                 konarkpower.ip@gmail.com

Last date for
submission of claims:    September 11, 2018


KOTAK URJA: Ind-Ra Withdraws 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kotak Urja
Private Limited's Long-Term Issuer Rating of 'IND D.

The instrument-wise rating actions are:

-- INR62.5 mil. Term loan due on March 2025 withdrawn and the
    rating is withdrawn;

-- INR220 mil. Fund-based working capital facilities withdrawn
    and the rating is withdrawn; and

-- INR120 mil. Non-fund-based facilities withdrawn and the
    rating is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 1997, Kotak Urja is a Bangalore-based company
engaged in the design, development, manufacture, integration,
installation, commissioning and after sales service of various
solar photovoltaic (lighting) and solar thermal (heating)
applications.


LANCO BABANDH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lanco Babandh Power Limited

        Registered office:
        Plot #4, Software Units Layout
        HITEC City, Madhapur Hyderabad 500081
        Telangana, India

        Corporate office:
        Plot #397, Udyog Vihar, Phase-III
        Gurgaon 122016 New Delhi, India

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019
                               (180 days from commencement)

Insolvency professional: Uliyar Balakrishna Bhat

Interim Resolution
Professional:            Uliyar Balakrishna Bhat
                         A-005, Western Edge II
                         Off Western Express Highway, Borivali (E)
                         Mumbai 66, India
                         E-mail: ubbhat@radissonindia.in

Last date for
submission of claims:    September 11, 2018


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

The instrument-wise rating actions are:

-- INR120 mil. Term loans due on March 2025 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERTAING)
    rating; and

-- INR30 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERTAING) /
    IND A4+ (ISSUER NOT COOPERTAING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 7, 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 2006, Laxai Life Sciences is a contract research
company providing drug discovery and development services to
domestic and international pharmaceutical companies. It has a
research and development unit in Hyderabad, Telangana.


LILASONS ALCO: CRISIL Assigns B+ Rating to INR12cr Proposed Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
facilities of Lilasons Alco Bev Private Limited (LABPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Overdraft
   Facility                12        CRISIL B+/Stable (Assigned)

The rating reflects LABPL's initial stage of operations and
uncertainty regarding business performance. This weakness is
partially offset by the significant experience of the management.

Key Rating Drivers & Detailed Description

Strengths

* Robust management team: The management of the company is
comprised of people with extensive experience in the brewery
industry.

Weaknesses

* Initial stage of operations: As operations have only commenced
in February 2018, there is uncertainty regarding business
performance.

* Stringent controls and regulations in the liquor industry: The
Indian alcohol industry is highly regulated at almost every stage
in the value chain. Moreover, every state has its set of
regulations with respect to distribution and retail channels,
registration, taxation, and pricing of alcohol.

Outlook: Stable

CRISIL believes that LABPL will continue to benefit from the
extensive experience of its management team. The outlook may be
revised to 'Positive' if increase in net cash accrual strengthens
liquidity. The outlook may be revised to 'Negative' if decline in
revenue or margin or stretch in working capital cycle exerts
pressure on liquidity.

American Craft Brew Pvt Ltd acquired the business of LABPL in
September 2017 and began operations in February 2018. LABPL
manufactures beer at its facility in Sangareddy Medak, Telangana.


MAIIA COMMODITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maiia Commodity Management Private Limited
        "Esperanca" Ground Floor, S.B. Road
        Colaba Causeway, Mumbai 400005

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Jovita Reema Mathias

Interim Resolution
Professional:            Ms. Jovita Reema Mathias
                         506, Inizio Building, Cardinal Gracious
                         Road, Chakala, Andheri East
                         Mumbai 400059
                         E-mail: ip.reemajm@gmail.com
                                 irp@maiia.in

Last date for
submission of claims:    September 14, 2018


MANPURIA AGRO: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manpuria Agro
Products Private Limited's (MAPPL) Long-Term Issuer Rating at 'IND
D (ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based limit (long-term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR180 mil. Proposed fund-based limit (Long-term) affirmed
    with Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
MAPPL.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

Started by Mr. Vishnu Kumar Manpuria in 1979, MAPPL runs a sugar
trading business. It is a part of Manpuria Group.


MANPURIA CONSORTIUM: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manpuria
Consortium LLP's (MCLLP) Long-Term Issuer Rating at 'IND D (ISSUER
NOT COOPERATING)'. The issuer did not participate in the rating
exercise, despite requests and follow-ups by the agency. Thus, the
ratings are on the basis of best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit (long-term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed fund-based limit (long-term) affirmed
    with Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
MCLLP.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

M/s Manpuria Enterprise, a proprietorship concern of Manpuria
Group, was converted to MCLLP on 29 June 2015, and is engaged in
the trading of wholesale sugar.


MANPURIA REALATORS: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manpuria
Realators Private Limited's (MRPL) Long-Term Issuer Rating at 'IND
D (ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument wise rating actions are:

-- INR50 mil. Fund-based limit (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed fund-based limit (long-term) affirmed
     with Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
MAPPL.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

MRPL, a part of Manpuria Group, is into wholesale trading of
sugar. On 1 April 2015, the company acquired M/s Ma Tara Store, a
proprietorship concern and a wholesale trader of sugar.


MYRIAD INFRASTRUCTURE: CRISIL Assigns B Rating to INR2.5cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Myriad Infrastructure Private Limited (MIPL).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Bank
   Guarantee               2          CRISIL A4 (Assigned)

   Bank Guarantee          1          CRISIL A4 (Assigned)

   Cash Credit             2.5        CRISIL B/Stable (Assigned)

The ratings reflect modest scale of MIPL's operations, large
working capital requirement, and exposure to risks of customer and
geographical concentration. These strengths are partially offset
by the experience of the promoter in the construction industry.

Analytical Approach

Unsecured loans (outstanding at INR11.5 lakh as on March 31, 2018)
extended to MIPL by the promoter have been treated as debt as
these are expected to be repaid over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition and tender-based
nature of the business may continue to constrain scalability,
pricing power, and profitability. Revenue was modest at INR21.5
crore in fiscal 2018 and has been reported at INR10 crore till
July 2018 (of fiscal 2019).

* Large working capital requirement: Gross current assets were 323
days as on March 31, 2018, driven by large debtors of 252 days.
Debtors have been sizeable owing to the non-recovered payments for
construction work done in the telecommunication sector during
fiscals 2007 to 2010; it also includes amount to be received from
one of the projects (acquired during fiscal 2014), which was
ultimately shelved before completion. The inventory holding
remains moderate reported at 49 days as at Mar 31, 2018.

* Exposure to risks of customer and geographic concentration:
Risks related to customer and geographic concentration is likely
to persist because the entire business is catered to the
government bodies and the Water Resource Department of Madhya
Pradesh.

Strength

* Experience of promoter: Benefits from the promoters experience
of over a decade, their strong understanding of the local market
dynamics, and healthy relations with suppliers and government
authorities should continue to support the business.

Outlook: Stable

CRISIL believes MIPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
significant diversification in clientele and order flow along with
substantial increase in revenue and profitability strengthens
financial risk profile while recovery of old debtors leads to
better liquidity. Conversely, the outlook may be revised to
'Negative' if stretched working capital cycle or steep decline in
order flow weakens financial risk profile and liquidity.

MIPL, incorporated in 2007 and promoted by Mr Yugraj Bhadauria,
builds dams and canals solely for the Madhya Pradesh government.


NCC URBAN: CRISIL Reaffirms B+ Rating on INR50cr LT Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of NCC Urban Infrastructure Limited (NCC
Urban).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee       2         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    50         CRISIL B+/Stable (Reaffirmed)

The ratings' reaffirmation reflect NCC Urban's average saleability
in ongoing projects, exposure to project implementation risk, and
susceptibility of cash flow to cyclicality inherent in the real
estate sector. These weaknesses are partially offset by the
company's moderate track record in real estate development and
financial flexibility.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NCC Urban and its subsidiaries. This is
because, all these entities have significant operational and
managerial linkages. Unsecured loans of INR489 crore from the
promoters as on March 31, 2018 have been treated as debt since
these carry interest rate of 12%.

Key Rating Drivers & Detailed Description

Weaknesses

* Average saleability in ongoing projects: Of the total saleable
area of 5 million square feet (sq ft) comprising 6 completed and 4
ongoing projects across Hyderabad, Bengaluru, Chennai, Guntur,
Kochi, and Ranchi, 57% had been sold as on March 31, 2018.
However, saleability of ongoing projects has been lower at 24% as
on March 31, 2018. Overall saleability is likely to remain under
pressure over the medium term on account of subdued real estate
environment, and any significant improvement in it will remain a
key rating sensitivity factor.

* Exposure to implementation risks: With average construction
progress of 45%, the company remains exposed to implementation
risks. Due to lower-than-estimated customer advances, construction
activity was partly supported by inflow from parent, NCC Ltd and
external debt. Slow construction progress in ongoing projects
could adversely impact customer advances from units already sold.
Further, time and cost overruns in projects may adversely impact
the company's debt servicing ability. Construction progress as per
schedule will remain critical for maintaining regular cash flow
from customers to fund construction and service debt.

* Susceptibility of cash flow to cyclicality inherent in the real
estate sector: Exposure to risks and cyclicality inherent in the
real estate sector may result in volatility in both saleability
and realisations and hence, cash flow. The residential real estate
sector has remained under pressure due to weak demand and bearish
consumer sentiment over the past few years, resulting in
refinancing needs. Demonetisation and RERA has further affected
demand in the near term. Impact on sales will remain a key rating
sensitivity factor.

Strengths

* Moderate track record in real estate development: With around
3.4 million sq ft of residential development spread over the last
eight years in Bengaluru, Hyderabad, Kochi, and Ranchi, track
record is moderate. The company is currently developing 6
residential projects with a total saleable area of around 2
million sq ft.  Benefits from NCC Urban's established brand and
experience in executing real estate projects should support the
business.

* Financial flexibility: NCC Urban benefits from the financial
support of NCC Ltd. Lower-than-expected sales and collections have
weakened financial risk profile, resulting in increased reliance
on parent funding. Loans from parent and inter-corporate
borrowings stood at INR489 crore as on March 31, 2018. These loans
do not have defined repayment terms and are to be repaid only if
surplus is available. Given the pressure on saleability, reliance
on parent will remain high over the medium term. Any decline in
parent support will result in increased reliance on external debt
(low at INR145 crore as on March 31, 2018), and remain a rating
sensitivity factor.

Outlook: Stable

CRISIL believes NCC Urban will continue to benefit from its
established position in the real estate market. The outlook may be
revised to 'Positive' if increased sales and customer advances
strengthen cash flow. The outlook may be revised to 'Negative' if
customer advances decline, or project completion is delayed, or
external debt increases considerably.

Incorporated in 2005, NCC Urban develops residential and
commercial complexes, service apartments, special economic zones,
and integrated townships. NCC Ltd holds 80% equity stake in NCC
Urban, while group company, AVSR Holdings Pvt Ltd, holds the
remaining 20%.


NOVA ELECTRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nova Electro Magnetics Limited
        1A, Vedammal Avenue, Dr. Subaraya Nagar Main Road
        Kodambakkam, Chennai 600024

Insolvency Commencement Date: August 23, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 18, 2019
                               (180 days from commencement)

Insolvency professional: Velayudham Jayavel

Interim Resolution
Professional:            Velayudham Jayavel
                         B-6, Gems Court, Khader Nawaz Khan Road
                         Nungambakkam, Chennai 600006
                         E-mail: velayudhamj@gmail.com

Last date for
submission of claims:    September 9, 2018


PADIA TIMBER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Padia Timber Company Pvt Ltd
        A-145, W.H.S Timber Market, Kirti Nagar
        New Delhi 110015

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019

Insolvency professional: Jagadees Kumar Morri

Interim Resolution
Professional:            Jagadees Kumar Morri
                         D.No:10-5-7, Sri Sai Surya Complex
                         Sevasadan School, Ramnagar
                         Visakhapatnam, AndhraPradesh 530013
                         E-mail: cajagadeesh@gmail.com

Last date for
submission of claims:    September 17, 2018


PARABOLIC DRUGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Parabolic Drugs Limited

        Registered Office presently as per MCA site:
        S.C.O 186-187, Second Floor
        Sector 8-C, Chandigarh 160008
        E-mail: pdl.ipo@parabolicdrugs.com
                www.parabolicdrugs.com

        Plants:
           a. Village Sundran, Post Office Mubarakpur
              Tehsil Dera Bassi, Distt. Mohali, Punjab
           b. Village Chachrauli
              Tehsil, Derabassi, Distt. Mohali, Punjab
           c. Plot No.45, Industrial Area
              Phase-II, Panchkula, Haryana

Insolvency Commencement Date: August 23, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sanjay Kumar Aggarwal

Interim Resolution
Professional:            Mr. Sanjay Kumar Aggarwal
                         # 14, New Punjab Mata Nagar, Main Street
                         Pakhowal Road, Ludhiana 141013 (Pb)
                         E-mail: sanjavaggarwal.fcs@gmail.com
                                 sanjayaggarwal.ip@gmail.com

Last date for
submission of claims:    September 13, 2018


PAWAN EDIFICE: CARE Assigns 'D' Rating to INR11.44cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pawan
Edifice Private Limited (PEPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            11.44      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PEPL takes into
account ongoing delays in servicing of its term debt obligations,
resulting from weak liquidity position due to considerable
slowdown in sales of its ongoing township project.

Detailed description of the key rating drivers

Debt servicing of PEPL is irregular as reflected by delays in
servicing of its term loan principal and interest. Liquidity
position of the company is stressed due to considerable slowdown
in sales of PEPL's ongoing township project Viverra, which has
impacted the cash flows of the company. Moreover there is
implementation and salability risk associated with the said
ongoing township project.

PEPL, part of the Pawan group of Vadodara city, was incorporated
by Mr. Chetan Shah along-with Mr. Kaushik Patel in 1998. In 2006
Mr. Kaushik Patel exited the company and since then PEPL is 100%
owned and managed by Mr. Chetan Shah & his family members. The
Pawan group has been involved in the construction and development
of several projects in and around the city of Vadodara. Till date,
the Pawan group has developed 56 projects across residential and
commercial segments.


PRAKASAM MILK: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Prakasam
Milk Producer Company Limited (PMPCL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating Migrated
                                     from 'CRISIL BB/Stable')

   Proposed Long Term
   Bank Loan Facility       6        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating Migrated
                                     from 'CRISIL BB/Stable')

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

PMPCL was originally set up in 1976 as The Prakasam District Milk
Producers Mutually Aided Co-Operative Union Ltd; it was
reconstituted as a public limited company in 2013. Based in
Ongole, Andhra Pradesh, PMPCL manufactures dairy products such as
pasteurised milk and milk products.


RENATA PRECISION: Ind-Ra Maintains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Renata
Precision Components 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 ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR87.5 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR18 mil. Non-fund-based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR151.9 mil. Term loan maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Proposed term loan maintained in non-cooperating
     category with Provisional IND BB+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Renata Precision Components manufactures and supplies diverse
range of small precision parts. It has two facilities located in
Pune.


RUPNARAYAN VANJIYA: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rupnarayan
Vanjiya Private Limited's (RVPL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based limit (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR240 mil. Proposed fund-based limit (Long-term) affirmed
     with Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
RVPL.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

RVPL is a part of the Manpuria Group. The company acquired M/s
Mahabir Store, effective from 1 April 2015, a partnership firm and
a wholesale trader in sugar. Prior to April 2015, RVPL had no
commercial activity.


S.K. HITECH: CRISIL Lowers Rating on INR7.98cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
S.K. Hitech Industries (SKHI) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade
reflects the delays in repayment of term loan for past more than 2
months and overdraws in fund based facility for more than 60 days
caused primarily by weak liquidity position.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan         7.98       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SKHI for obtaining
information through letters and emails dated December 29, 2017 and
January 8, 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 SKHI which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKHI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. CRISIL has downgraded its rating on the bank
loan facilities of SKHI to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects
the delays in repayment of term loan for past more than 2 months
and overdraws in fund based facility for more than 60 days caused
primarily by weak liquidity position.

Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end of
September 2016. Managing partner, Mrs. Syyed Rehana and her family
manage operations.


S.R INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with S.R Industries
Limited (SRIL) for obtaining information through letters and
emails dated May 31, 2018 and August 16, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        2.35      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term      .84      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Rupee Term Loan        15.86      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Standby Letter           .40      CRISIL D (ISSUER NOT
   of Credit                         COOPERATING)

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 SRIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

SRIL was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989;
it is a contract manufacturer of footwear. It sold its terry towel
business in April 2012 to focus on the footwear business. SRIL
also manufactures footwear under its own brands, Red Zone and
Front Foot.


SAI CONSTRUCTION: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Sai
Construction Corporation (SCC) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit             6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCC for obtaining
information through letters and emails dated June 26, 2018,
August 8, 2018 and August 13, 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 Sai Construction Corporation.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Sai Construction Corporation is consistent with 'Scenario 4'
outlined in the 'Framework for Assessing Consistency of
Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Sai Construction Corporation to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

SCC, established in 2006 by Mr Venkat Rajam and family, is a
partnership firm engaged in civil construction. The operations are
managed by Mr Venkat Rajam and his son Mr Sharat Kumar.


SAISHAKTI POLYSACKS: Ind-Ra Migrates B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings Migrates Saishakti Polysacks to Non-Cooperating
Category
September 12, 2018
By Venu Kumar Konda

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

The instrument-wise rating actions are:

-- INR23.5 mil. Fund-based working capital limits migrated
    to Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR87 mil. Term loan due on September 2027 migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saishakti Polysacks was incorporated in April 2016 to set up a
polypropylene woven sack/bag manufacturing plant with an annual
installed capacity of 3,800 metric tons.


SANARIYA CERAMIC: CRISIL Assigns B+ Rating to INR5.7cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating on the
bank facilities of Sanariya Ceramic LLP (Sanariya).

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Proposed Term
   Loan                    5.7        CRISIL B+/Stable (Assigned)

   Proposed Bank
   Guarantee               0.85       CRISIL A4 (Assigned)

   Proposed Cash
   Credit Limit            3.00       CRISIL B+/Stable (Assigned)

The ratings reflect the start-up phase and expected modest scale
of operations in the intensely competitive ceramic tiles industry,
and the likelihood of large working capital requirement. These
weaknesses are partially offset by the extensive industry
experience of the partners and a favorable location.

Key Rating Drivers & Detailed Description

Weaknesses:

* Start-up phase of operations: Manufacturing is expected to start
in November-December 2018 and it should take some time to
stabilize operations.

* Modest scale of operations: The scale is likely to be modest in
the intensely competitive ceramic tiles industry.

Strengths:

* Extensive experience of promoters: Longstanding presence of
promoters and already established dealer network, through other
entities, are likely to reduce demand risk.

* Favorable location: The firm is based in Morbi, Gujarat, which
is the hub of the ceramic tiles industry in India. Benefits from
the location include easy access to clay (main raw material), and
availability of contractors and skilled laborers.

Outlook: Stable

CRISIL believes Sanariya will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' in case of timely stabilization of
operations and substantial cash accrual. The outlook may be
revised to 'Negative' if cash accrual is low due to fewer orders
or subdued profitability, or if the financial risk profile weakens
further because of sizeable working capital requirement or debt-
funded capital expenditure.

Sanariya was established in January 2018 as a limited liability
partnership (LLP) firm by Mr Vinod D Sanariya, Mr Manish D
Virsodiya and Mr Prayagraj H Rupala. It is setting up a plant to
manufacture ceramic wall tiles at Morbi, with an installed
capacity of 28,800 tons per annum. Operations are expected to
commence in October 2018.


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

The instrument-wise rating actions are:

-- INR9.03 mil. Term loan due on May 2018 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR255 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR21 mil. Non-fund-based limit 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

Incorporated in 2013, Sanatan Logistics provides transportation,
and warehousing and storage services primarily to companies in the
pharmaceutical, metal and FMCG sectors.


SARVOTTAM VEGETABLE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sarvottam Vegetable Oil Refinery Private Limited
        34, Sector A Sanwer Road, Industrial Area
        Indore MP 452003 IN

Insolvency Commencement Date: August 7, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Teena Saraswat Pandey

Interim Resolution
Professional:            Teena Saraswat Pandey
                         387F, 114 Scheme Part 1
                         Behind Diksha Boys hostel
                         Sant Nagar, Indore
                         Madhya Pradesh, 452010
                         E-mail: ip.sarvottam@gmail.com

Last date for
submission of claims:    August 23, 2018


SCENARIO POWERTECH: CRISIL Reaffirms 'B' Rating on INR3cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Scenario Powertech Private Limited (SPPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2          CRISIL A4 (Reaffirmed)
   Cash Credit           1.5        CRISIL B/Stable (Reaffirmed)
   Term Loan             3          CRISIL B/Stable (Reaffirmed)

The ratings reflect a start-up phase and expected modest scale of
operations in the highly competitive insulator industry. The
ratings also factor in large working capital requirement and an
average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.

Analytical Approach

The business and financial risk profiles of associate concerns,
Prime Insulators Pvt Ltd (PIPL) and Orito Polyfab Pvt Ltd (OPPL),
have not been combined with those of SPPL, as the promoters are
different. There are no inter-company transactions nor are there
any financial linkages.

Unsecured loans of INR0.83 crore as on March 31, 2018 are expected
to remain in the business over the medium term, and hence have
been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and profitability: Due to the start-
up phase of operations (commenced in April 2017), the revenue is
expected to remain modest at INR13.5 crore in fiscal 2019. The
operating margin will also be impacted by intense competition.

* Working capital-intensive operations: Sizeable working capital
requirement is expected because of a longer receivables cycle and
moderate inventory. Gross current assets are likely to remain high
over the medium term.

* Average financial risk profile: The gearing is estimated to have
been high at 3 times, because of a low networth of INR1.45 crore,
as on March 31, 2018.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over a decade in the insulator industry and
have a long association with customers. This is expected to help
establish a strong market presence.

Outlook: Stable

CRISIL believes SPPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile improves and
operations stabilise quickly, leading to substantial cash accrual.
The outlook may be revised to 'Negative' if the financial risk
profile weakens owing to significantly low cash accrual,
substantial working capital requirement, or debt-funded capital
expenditure.

SPPL was incorporated in 2016, promoted by Mr Ketul Patel, Mr
Ankit Patel, Mr Jigar Patel, Mr Rashmikant Patel, Mr Yashdeep
Patel, and Mr Dharmendra Patel, all family members.

The company manufactures polymer insulators of 11-33 kilovolt at
its facility in Himatnagar, Gujarat.


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

The instrument-wise rating action is:

-- INR343.50 mil. Fund-based limits(Long-term/Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 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 2010 in Punjab, Shiv Shakti Exporters runs a rice
milling business.


SHREE SITA: CRISIL Migrates B+ From Not Cooperating Category
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Sita
Ispat and Power Private Limited (SSIP) from 'CRISIL B+/Stable
Issuer Not Cooperating to 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      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 SSIP to CRISIL B+/Stable
Issuer Not Cooperating. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SSIP from 'CRISIL
B+/Stable Issuer Not Cooperating to 'CRISIL B+/Stable'.

The rating reflects constrained financial risk profile due to
stretched liquidity, large working capital requirements and
improving yet modest scale of operations. These weaknesses are
partially offset by promoter's extensive experience in steel
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Constrained financial risk profile: Financial risk profile
remains constrained due to stretched liquidity reflected in fully
utilized bank lines amid large working capital requirements and
modest cash accruals. The gross current assets were of more than
300 days due to stretch in receivables of more than 180 days,
inventory of around 100 days. Although there is partial support
from creditors, the bank lines remain near to full utilized. Also
operating margin varied between 2.8% to 5.9% in last three years
through 2018 and the cash accruals remained modest at about INR1.1
crore.

* Modest scale of operations: SSIP's scale of operation though
improving, remains modest with revenue of around INR40 crores in
fiscal 2018. Highly competitive steel industry and limited
capacities leads to modest scale of operation

Strength

* Extensive experience of promoters: SSIP is promoted by Mr Manoj
Agarwal and Mr Kailash Agarwal, have more than a decade's
experience in the industry. Their experience and established
relations with customers and suppliers support the business risk
profile.

Outlook: Stable

CRISIL believes SSIP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability leads to sizable
cash accruals, or better working capital management, leads to
improvement in liquidity. The outlook may be revised to 'Negative'
in case of weakening of the company's financial risk profile,
particularly liquidity, because of pressure on profitability,
further stretch in working capital cycle, or significant debt-
funded capital expenditure.

Shree Sita was incorporated in 2004, promoted by Mr. Manoj Agarwal
along with his relative, Mr. Kailash Agarwal.


SHREE BALAJI: CRISIL Assigns B+ Rating to INR6.5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shree Balaji Steel And Tubes (SBST; part of the
Shree Balaji group).

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

The rating reflects the group's modest scale of operations in the
intensely competitive steel trading industry, and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of its promoters and healthy relationship
with suppliers and customers.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SBST and Shree Balaji Steel Enterprises
(SBSE). This is because both the firms, together referred to as
the Shree Balaji group, are in the same business and have common
promoters. Also, the entities are expected to be merged over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in the intensely competitive steel
trading industry: Operating income was INR167 crore in fiscal 2018
due to high fragmentation in the steel products trading business.
Commoditised products and limited value addition also constrain
pricing flexibility. Operating margin is expected to remain low at
2.5-3% over the medium term.

* Weak financial risk profile: Networth was small estimated at
INR6.3 crores, total outside liabilities to adjusted networth high
at over 5 times, and debt protection metrics subdued with interest
coverage of about 1.5 times in fiscal 2018.

Strength:

* Extensive experience of promoters: Benefits from promoters'
industry experience of more than two decades and established
relationship with customers and suppliers are expected to continue
to support business risk profile. Longstanding presence has led to
repeat orders and healthy revenue growth'at a compound annual rate
of around 41.76% in the three years through fiscal 2018.

Outlook: Stable

CRISIL believes the Shree Balaji group will continue to benefit
from promoters' extensive experience. The outlook may be revised
to 'Positive' if sustained improvement in operating margin and
sizeable capital infusion by promoters substantially strengthen
financial risk profile. The outlook may be revised to 'Negative'
if stretch in receivables, decline in revenue and profitability,
or capital withdrawal further weakens financial risk profile.

SBST is engaged in trading of steel products such as angles,
beams, channels, and sheets.

Set up in 2009 as a partnership firm, SBSE trades in steel
products such as angles, beams, channels, plates, pipes, and bars.
It is an authorised distributor for Jindal Steel and Power Ltd and
Steel Authority of India Ltd. It has also commenced dealership for
JSW Steel Ltd in fiscal 2018. Operations are managed by Mr Deepak
Agarwal.


SIDDAPUR DISTILLERIES: Ind-Ra Assigns 'BB+ Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siddapur
Distilleries Limited (SDL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR44.4 mil. Term loan due on May 2019 assigned with
    IND BB+/Stable rating;

-- INR100.6 mil. Fund-based working capital facilities assigned
    with IND BB+/Stable/IND A4+ rating; and

-- INR40 mil. Non-fund-based facilities assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect SDL's modest scale of operations and modest
credit metrics. Its revenue declined to INR458 million in FY18
from INR643 million in FY17 due to a shortage of raw material
(molasses) owing to a drought in Karnataka. FY18 financials are
provisional.

Moreover, its interest coverage (operating EBITDA/gross interest
expense) was 3.8x in FY18 (FY17: 5.9x) and net leverage (total
adjusted net debt/operating EBITDAR) was 1.9x (1.5x). The
deterioration in the credit metrics was due to an increase in the
usage of the short-term debt and the subsequent increase in
interest expenses, along with a decline in absolute EBITDA. Ind-Ra
expects the metrics to deteriorate further in FY19 in view of the
company incurring a debt-led capex of INR150 million on the
purchase of a boiler and a turbine for steaming purposes. The
capex will be funded by a bank debt (70%) and internal accruals
(30%).

The ratings also reflect SDL's volatile-but-average EBITDA margin,
which ranged 19.6%-30.5% over FY14-FY18, owing to raw material
price fluctuations. The margin rose to 24.5% in FY18 from 19.6% in
FY17 margin on account of an inventory gain. Moreover, its return
on capital employed was 13.0% in FY18 (FY17: 16.0%).  Molasses is
the major raw material and is a seasonal product.

The ratings are constrained by SDL's tight liquidity owing to the
working capital-intensive nature of operations. SDL's utilization
of the fund-based limits was 95% during the 12 months ended July
2018. Its working capital cycle was elongated at 266 days in FY18
(FY17: 161 days), primarily due to an increase in the inventory
holding period to 304 days in FY18 (FY17: 220 days).

The ratings, however, benefit from the promoter's experience of
more than two decades in the sugar industry and industries.

RATING SENSITIVITIES

Negative: A significant fall in the EBITDA margin or an increase
in the working capital cycle, leading to deterioration in the
credit metrics, on a sustained basis, could lead to a negative
rating action.

Positive: A substantial increase in the revenue and the EBITDA
margin, and an improvement in the working capital cycle and the
credit metrics, on a sustained basis, could lead to a positive
rating action.

COMPANY PROFILE

SDL is a public limited company that was incorporated in 2003. It
is based in the Siddapur village, Bagalkot District, Karnataka.
SDL is involved in production and sale of rectified spirit,
ethanol and neutral spirit, as well as by-products such as biogas
and organic manure. Mr. Jagadeesh S Gudaganti is the
chairman/managing director of the company.


SIVA FILLING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Siva Filling
Station (SFS) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.7       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3.3       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SFS for obtaining
information through letters and emails dated July 26, 2018,
August 8, 2018 and August 13, 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 Siva Filling Station. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Siva Filling Station 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 Siva Filling Station to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in the year 2007 as partnership firm SFS undertakes
trading of petrol, diesel, lubricants and spares. The Firm runs 1
petrol bunks in Peraicherla Village, Medikondur Mandal in the
Guntur District of Andhra Pradesh. The Firm is promoted by Mr.
Vudutha Venu Gopal and Vudutha Bharati.


SIVA STONES: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Siva Stones
INC to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         20        CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Proposed Long Term      0.36     CRISIL B- (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSI for obtaining
information through letters and emails dated June 26, 2018,
August 8, 2018, August 8, 2018 and August 13, 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 Siva Stones INC. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Siva Stones INC 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 Siva Stones INC to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

SSI commenced operations in October 2012. It processes and exports
granite slabs. The firm is promoted by Mr Siva Narayana and
family.


SMALL WONDER: CRISIL Assigns 'B' Rating to INR7.25cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Small Wonder Education Society (SWES).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Cash
   Credit Limit           2.75        CRISIL B/Stable (Assigned)

   Term Loan              7.25        CRISIL B/Stable (Assigned)

The rating reflects a small scale of operations with geographic
concentration in revenue, and vulnerability to regulatory risks
associated with educational institutions. The rating also factors
in weak liquidity due to large, debt-funded capital expenditure
(capex) and expected tightly matched cash flows against repayment
obligation. These rating weaknesses are partially offset by an
established regional position in the education sector and a
moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations with geographic concentration in
revenue: Income is estimated at a modest INR1.50 crore for fiscal
2018, due to geographic concentration as the society operates only
one school in Hisar, Haryana.

*Susceptibility to regulatory changes and exposure to intense
competition: The education sector is highly regulated in India.
The society has to comply with specific operational and
infrastructure norms laid down by regulatory bodies. Further,
there are various schools in the area result in higher competition
in the region.

* Tightly matched cash flows:  The society collects fees every
quarter while it has quarterly principal repayment and monthly
operating expenses. The repayment of term loan is expected to
start from April 2019 which constrains financial flexibility for
the society.

Strengths:

* Established regional position: Established in 2004, the society
has significant regional visibility, reflected in high occupancy
of 70-80% with around 600 students. Further, the society is
upgrading its school to the senior secondary category from April
2019; this is expected to support the business risk profile over
the medium term.

* Moderate financial risk profile: The gearing was low at 0.27
time as on March 31, 2017, and estimated at 1.20 times as on March
31, 2018, because of ongoing large, debt-funded capex. The gearing
and debt protection metrics are likely to improve gradually with
stabilisation of operations in the senior secondary school. Hence,
the financial risk profile is expected to remain moderate over the
medium term.

Outlook: Stable

CRISIL believes SWES will maintain an established position in the
education sector over the medium term, driven by a long track
record. The outlook may be revised to 'Positive' in case of an
increase in income and profitability, resulting in healthy cash
generation. The outlook may be revised to 'Negative' if large,
debt-funded capex, or a decline in student strength, thereby
impacting profitability, weakens the financial risk profile,
particularly liquidity.

SWES was established in 2004 by Mr Girish Arora, Mr Vinod Kumar
Arora, and Ms Priyanka Arora. The society runs the Small Wonder
Public School, a middle school in Hisar. It has already received
permission from the Central Board of Secondary Education (CBSE) to
start classes up to the 12th standard from academic year 2019-20.


SRI AGARWAL: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Agarwal
Ispat'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 now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions is:

-- INR410 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Agarwal Ispat, a proprietorship concern, was founded by Mr.
Rameshwarlal Agarwal in 2002 in Chennai. The firm is the product
distributor for JSW Steel Limited ('IND AA-'/Stable). In addition,
it is engaged in the trading and processing of hot- and cold-
rolled coils that are used in the automobile industry.


SRI LAXMI: CARE Reaffirms B+ Rating on INR12.77cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Laxmi Srinivasa Industries (SLSI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            12.77      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SLSI continue to
remain constrained by leveraged capital structure and weak debt
coverage indicators, marginal deterioration in profitability
margins, working capital intensive nature of operations, monsoon
dependent operations and high level of government regulation and
fragmented nature of industry and low entry barriers. The rating
also factor increase in total operating income and marginal
improvement in debt coverage indicators in FY18 (refers to period
April 1 to March 31).

The rating, however, continues to derive strength from experienced
partners and established track record of the firm, location
advantage with presence in cluster and easy availability of paddy
and healthy demand outlook for rice.

Going forward, the ability of the firm to increase its sales and
efficient management of its working capital limits remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Leveraged capital structure and weak debt coverage indicators: The
capital structure marked by overall gearing continued to remain
leveraged and stood at 9.54x as of March 31, 2017, however
improved to 7.14x as of March 31, 2018, (Prov.), owing to
improvement in net worth base. The total debt/GCA also continued
to remain weak and stood at 34.89x in FY17 and 33.36x in FY18
(Prov.) due to high debt levels. The PBILDT interest coverage
stood weak at 1.34x in FY18 (Prov.) as compared to 1.51x in FY17
due to increase in interest cost on account of increase in working
capital borrowing by the firm.

Marginal deterioration in profitability margins: The PBILDT margin
declined marginally by 168 bps to 3.28% in FY18 (Prov.) as
compared to 4.96% in FY17 due to increase in cost of raw materials
and other manufacturing expenses on account of increase in
production during the year.

Working capital intensive nature of operations: Operating cycle
days of the company improved to 86 days in FY18 (Prov.) as
compared to 133 days in FY17 on account of improvement in average
collection period days which stood at 25 days in FY18 (Prov.) as
compared to 69 days in FY17. The average creditor period improved
from 111 days in FY17 to 17 days in FY18 (Prov.) and the average
inventory period also improved to 78 days in FY18 (Prov.) as
against 176 days in FY17. The average utilization of its working
capital limits was 90% in the last 12 months ended July 31, 2018.

Monsoon dependent operations and high level of government
regulation: SLSI's operations are dependent on agro-climatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality. The rice industry is highly regulated by the
government as it is seen as an important sector which could affect
the food security of the country. The sale of rice in the open
market is also regulated by the government through levy quota and
fixed prices. Hence, the firm is exposed to the risk associated
with fluctuation in price of rice.

Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments. The high
level of competition has ensured limiting bargaining power,
because of which rice mills are operating at low to moderate
profitability margins.

Key Rating Strengths

Experienced partners and established track record of the firm:
Mr.K.Kallappa is the Managing Partner of the firm. He along with
the other partners, Mrs .K.Laxmi Bai, Mrs.S.Sharanamma and Mrs.
Ratnamma, has about two decades of experience in rice mill
industry.

Increase in total operating income during the period under review:
The total operating income of the firm improved during FY17 and
stood at INR25.87 crore and further improved to INR62.74 crore in
FY18 (Prov.) on account of increase in production due to
continuous demand for rice. The firm has also expanded their
installed capacity to 70 tons per day from 50 tons per day in
order to meet increase demand and to increase their scale of
operations. During 4MFY19, the company registered a total
operating income of ~INR12 crore.

Location advantage with presence in cluster and easy availability
of paddy: The mill is located in Gangavati in Koppal District of
Karnataka. Koppal is an agriculture based economy with 2nd largest
agriculture produce in the state. Its major food crops are Paddy,
Maize, Jowar, and Bajra. Asia's first Rice Technology Park is to
be set up at Gangavati which will help the rice growers of the
region to add values to their produce and get better returns and
also enhance quality of the produce.

Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favourable opportunity for the
rice millers and thus the demand is expected to remain healthy
over medium to long term. India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. With growing consumer class
and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market. Demand for non-
basmati segment is primarily domestic market driven in India.
Initiatives taken by government to increase paddy and better
monsoon conditions will be the key factors which will boost the
supply of rice to the rice processing units. Rice being the staple
food for almost 65% of the population in India, it has a stable
domestic demand outlook.

M/s Sri Laxmi Srinivasa Industries (SLSI), a partnership firm, was
established in 1993 by Mr. K. Kallappa, Mrs. K. Laxmi Bai, Mrs. S.
Sharanamma, Mrs. Ratnamma and Mr. S. Mahaligappa. However, the
firm was reconstituted in February 2004 after Mr. S. Mahalingappa
retired from the partnership. The other partners continued the
partnership under same name and style. The mill is in Gangavati in
Koppal district of Karnataka. The firm is involved in hulling of
paddy, converting of paddy into rice, broken rice and bran with a
total installed capacity of approximately 50 tons per day. SLSI
sells its products (rice, broken rice and bran) to the final
customers through brokers as well as direct channels in the states
of Maharashtra, Tamil Nadu, Gujarat and Karnataka. The firm has
about 27 employees working in the mill.


SRI SURYA: CRISIL Migrates D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Surya
Poultry Farm (SSPF) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.2       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Bank         7.3       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Proposed Working       0.5       CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSPF for obtaining
information through letters and emails dated June 26, 2018,
August 8, 2018 and August 13, 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 Sri Surya Poultry Farm. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sri Surya Poultry Farm 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 Sri Surya Poultry Farm to 'CRISIL D/CRISIL D Issuer
not cooperating'.

Set up in 2011 as a partnership firm by Mr. Srinivas Reddy and his
family, Andhra Pradesh-based SSPF is engaged in the poultry
business and has installed capacity of 2.24 lakh layer birds.


SRK KITCHEN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: SRK Kitchen Appliances Private Limited
        Plot No.18, Flat No. UG-3, Dhiraj Apartments
        Shalimar Garden-1,
        Sahibabad Ghaziabad UP 201005 IN

Insolvency Commencement Date: August 21, 2018

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: February 17, 2019
                               (180 days from commencement)

Insolvency professional: Praveen Kumar Rai

Interim Resolution
Professional:            Praveen Kumar Rai
                         Smriti Complex, F-5/159, Zone-II
                         M.P. Nagar, Bhopal 462011 (M.P.)
                         E-mail: cspkrai@gmail.com

Last date for
submission of claims:    September 4, 2018


TREASURE REALTORS: CARE Lowers Rating on INR54cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Treasure Realtors Private Limited (TRPL), as:

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     54.00       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; ISSUER
                                  NOT COOPERATING; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TRPL to monitor the
rating(s) vide e-mail communications/letters dated Aug. 1, 2018,
July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018,
Feb. 6, 2018, Oct. 23, 2017 and numerous phone calls. However,
despite CARE's repeated requests, HBS View Private Limited has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on Flamingo Pharmaceuticals Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of the ongoing delays in
debt servicing of the company as informed by lender.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt:  The rating has been revised on
account of the ongoing delays in debt servicing of the company.

Treasure Realtors Pvt. Ltd (TRPL) is a special Purpose vehicle to
undertake redevelopment of residential tower on 87,220 sq ft of
developable area, at Hughes Road, South Mumbai. The company is
promoted by HBS Realtors Pvt Ltd (96% stake), a Mumbai based real
estate developers, having track record of executing large scale
project development in commercial as well as residential segment.
Balance stake is held by Mrs. Shirin Shah (2%) &Arihant Developers
(2%).


TVC SKY: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: TVC Sky Shop Limited
        Khandwala Center, Daftary Road, Malad (East)
        Mumbai 400097

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sundararajan Devanathan

Interim Resolution
Professional:            Mr. Sundararajan Devanathan
                         33, 5th Floor, Kamer Building
                         38, Cawasji Patel Street
                         Fort, Mumbai 400001
                         E-mail: dsrajan@integroip.com

                            - and -

                         601, Griselda, Plot No. 35, 5th Road
                         Matunga East, Mumbai 400019
                         E-mail: tvcskyshop.cirp@gmail.com

Last date for
submission of claims:    September 12, 2018


VEGA CONVEYORS: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vega Conveyors
and Automation 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 BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR32.5 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR21.08 mil. Long-term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating;

-- INR30 mil. Proposed fund-based working capital limits
    maintained in non-cooperating category with Provisional
    IND BB+ (ISSUER NOT COOPERATING)/Provisional IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed non-fund-based working capital limits
    maintained in non-cooperating category with Provisional
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
July 12, 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 1999, Vega Conveyors and Automation manufactures
conveying, material handling and packaging automation systems for
food and beverages, battery, pharmaceuticals, petrochemicals,
textiles and engineering industries.


VISHWA INFRASTRUCTURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Vishwa Infrastructures and Services Private Limited
        1-11-256/C/24, Plot no. 24
        Gagan Vihar Colony
        Begumpet Hyderabad TG 500016

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Hemant Sharma

Interim Resolution
Professional:            Hemant Sharma
                         Block No. 2, House No. 263
                         Subhash Nagar
                         New Delhi 110027
                         E-mail: hemant78sharma@yahoo.com

                         - and -

                         C-360, Defence Colony
                         New Delhi 110024
                         E-mail: ip.vispl@gmail.com

Last date for
submission of claims:    September 15, 2018


VIZ INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Viz Infra Consultants Private Limited

        Regional Office:
        6, D/2, Court Chambers, Plot No. 15-A
        35, New Marine Lines Mumbai MH 400020 IN

        Corporate Office:
        6-3-1112/7, Flat No. 103
        Snow Drop Apartments
        Begumpet, Hyderabad 500016

Insolvency Commencement Date: August 28, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 23, 2019

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EzResolve LLP, 402B, 4th Floor
                         Technopolis, Chikoti Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: Raghu@EzResolve.in
                                 RaghuRp@EzResolve.in

Last date for
submission of claims:   September 10, 2018



=================
I N D O N E S I A
=================


ALAM SUTERA: Moody's Affirms B2 CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Alam Sutera Realty Tbk and affirmed the B2 backed senior
unsecured rating of the 2020 notes and 2022 notes issued by Alam
Synergy Pte. Ltd., a wholly owned subsidiary of Alam Sutera. The
notes are guaranteed by Alam Sutera and most of its subsidiaries.

Moody's has also changed the outlook on the ratings to negative
from stable.

RATINGS RATIONALE

The negative outlook on Alam Sutera's ratings reflect Moody's
expectation that the company's liquidity will weaken significantly
over the next 12-18 months, owing to the maturity of its $235
million notes in March 2020.

"Alam Sutera faces impending refinancing risk because the company
does not have any concrete plans to address the maturity of its
2020 notes," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

"Furthermore, the current market conditions - namely a weaker
Indonesian rupiah and higher interest rates - will prove
challenging for Alam Sutera's refinancing efforts," adds Poh.

Alam Sutera held cash and cash equivalents of IDR904 billion at
June 30, 2018. While Moody's expects the company to generate
IDR1.0-IDR1.7 trillion in cash from operations over the next 12-18
months, Alam Sutera will not accumulate sufficient cash to cover
the repayment of its 2020 notes.

Consequently, Alam Sutera will need to refinance its 2020 notes,
which is equivalent to around IDR3.5 trillion and showed a yield-
to-maturity of around 11% at September 11, 2018 compared to around
IDR2.3 trillion and around 7% at issuance in March 2013.

Alam Sutera's operating performance remains healthy, supported by:
(1) continued execution of land sales to China Fortune Land
Development Co., Ltd (CFLD); (2) a strong take-up rate of more
than 90% at the launch of its new residential project, Lloyds in
Alam Sutera township; and (3) the sale of commercial land at Alam
Sutera township. These contributed around IDR2.4 trillion of the
company's total marketing sales of IDR3 trillion for the first
half of 2018.

Alam Sutera is tracking ahead to meet its full year marketing
sales target of around IDR4 trillion and will likely exceed
Moody's expectation of IDR3.3 trillion.

However, Moody's expects the company's financial metrics will
likely weaken over the next 12-18 months - with adjusted
debt/homebuilding EBITDA registering around 3.9x and homebuilding
EBIT/interest expense at around 3.0x - owing to higher debt-funded
capital spending, weaker Indonesian rupiah against the US dollar
and higher cost of debt.

For the 12 months ended June 30, 2018, Alam Sutera's adjusted
debt/homebuilding EBITDA registered 3.2x and homebuilding
EBIT/interest expense was at around 3.8x.

Alam Sutera's B2 ratings reflect the company's ownership of a
large and low-cost land bank, a situation which has allowed it to
generate strong gross profit margins exceeding 50%. The ratings
also take into account the increased volatility in Alam Sutera's
earnings and cash flow over the last two years, driven by larger
contributions from one-off transactions instead of income from the
company's core business of property development.

The ratings are constrained by Alam Sutera's small scale and
limited geographic diversity. The company is also exposed to the
cyclical property sector, with limited contributions from the more
stable, recurring income stream from its investment properties.

Given the negative ratings outlook, Moody's will unlikely upgrade
Alam Sutera's ratings over the next 12-18 months.

Nevertheless, the ratings outlook could return to stable if the
company: (1) successfully refinances its $235 million bond due
March 2020; (2) continues to execute its business plans, in
particular, its land sales to CFLD; and (3) continues to maintain
stable financial metrics, such that adjusted debt/ homebuilding
EBITDA is below 5.0x and adjusted homebuilding EBIT/interest
expense is above 2.0x.

Moody's could downgrade the ratings if Alam Sutera's financial and
liquidity profiles weaken owing to: (1) company's inability to
proactively address the refinancing its $235 million bond due
March 2020; (2) failure to execute its business plans, in
particular, its land sales to CFLD; (3) a deterioration in the
property market, leading to a protracted weakness in its
operations; and (4) a material depreciation in the Indonesian
rupiah, which may increase the company's debt servicing
obligations.

Metrics indicative of downward ratings pressure include: (1)
adjusted debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted
homebuilding EBIT/interest expense falling below 2.0x; or (3)
insufficient cash to cover short-term debt obligations.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk is an integrated
property developer in Indonesia that focuses on the sale of land
lots in accordance with township planning requirements, as well as
property development in residential and commercial segments in
Indonesia. At June 30, 2018, the company was approximately 47%-
owned by the family of The Ning King.


GARUDA INDONESIA: Aims for Losses Under US$100 Million
------------------------------------------------------
Channel News Asia reports that the new boss of Garuda Indonesia
has abandoned the state-owned airline's hopes of making a profit
this year, saying he aimed to keep losses to less than US$100
million despite rising fuel prices and a weaker rupiah.

According to the report, Ari Askhara was announced as chief
executive on Sept. 12 following a shareholder meeting. He replaces
Pahala Mansury, who was in the job for just 17 months and said in
July he still hoped the airline could break even this year.

"We are determined to reduce our losses by a minimum target of
below US$100 million by the end of year," the report quotes as
saying.  "The current condition is more difficult. The rupiah has
depreciated and oil prices are likely to increase," he added.

CNA relates that Askhara said he would look at increasing
profitable flying routes for new markets, including for Japan and
China, and would renegotiate the company's aircraft leases.

"Garuda will also finalize its memorandum of understanding (MoU)
regarding shares selling with its aircraft maintenance and repair
unit Garuda Maintenance Facility AeroAsia (GMF AeroAsia) and
strategic partners," Askhara, as cited by CNA, said.

CNA says the new CEO, whose full name is I Gusti Ngurah Askhara,
had until on Sept. 11 headed state-owned enterprise PT Pelabuhan
Indonesia 3. He is also a former chief financial officer of
Garuda.

According to CNA, Mansury had been criticized by staff for his
cost-cutting The Garuda Pilot Association (APG) briefly threatened
in July that at least 1,300 pilots and 5,000 cabin crew members
from the carrier would go on strike over complaints about
management, a reduction in flight hours and the removal of annual
raises.  However, he told reporters that there had been "no
problems" with the union, only "miscommunications."

Six directors on Garuda's board were replaced on Sept. 12,
including Mansury.

The flag carrier reported a US$116.86 million net loss for the
first six months of the year, versus a US$281.8 million net loss
in the same period last year, when the company was hit by big one-
off costs related to Indonesia's tax amnesty programme, CNA
discloses.



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


SOUTH KOREA: Recoups 68.8% of Bailout Funds From Financial Firms
----------------------------------------------------------------
Yonhap News Agency reports that South Korea has recouped 68.8% of
the public funds it spent to bail out troubled financial firms
during the 1997-1998 Asian crisis, the country's financial
regulator said on Sept. 13.

Yonhap relates that the Financial Services Commission (FSC) said
the government has retrieved KRW116.1 trillion (US$103.4 billion)
of the KRW168.6 trillion used from public funds as of the end of
June.

The recovery rate was up from 68.5% recorded at the end of last
year, the FSC said, the report relays.

For the second quarter of the year, the government recouped
KRW571.8 billion of bailout funds, the FSC said, adds Yonhap.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***