/raid1/www/Hosts/bankrupt/TCRAP_Public/180917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 17, 2018, Vol. 21, No. 184

                            Headlines


A U S T R A L I A

4WD SYSTEMS: Second Creditors' Meeting Set for Sept. 20
AUSTRALIAN SALES: Fitch Affirms 'BB' Rating on Class E Notes
ICPS AUSTRALIA: First Creditors' Meeting Set for Sept. 25
LIBERTY TRUST 2016-2: Moody's Hikes Rating on Cl. E Notes to Ba1
NPC CONSULTING: First Creditors' Meeting Set for Sept. 24

RAV'S KITCHEN: First Creditors' Meeting Set for Sept. 24
SUMO SALAD: Gets Fresh Start After Voluntary Administration
T & L MOORE: Second Creditors' Meeting Set for Sept. 21
WATER JET: Second Creditors' Meeting Set for September 28


C H I N A

CIFI HOLDINGS: Fitch Gives BB(EXP) Rating to Offshore Sr. Notes
HNA GROUP: Defaults on CNY300 Million Owed to Hunan Trust
JIANGSU FANG: Fitch Assigns BB(EXP) to Unsecured USD Notes
JIAYUAN INTERNATIONAL: Moody's Affirms B2 CFR, Outlook Stable
SICHUAN LANGUANG: S&P Rates New US Dollar Sr. Unsecured Notes 'B'


I N D I A

ALAKNANDA HYDRO: CARE Hikes Rating on INR2,147.94cr Loan to BB
BL FOOD: CRISIL Migrates B Rating to Not Cooperating Category
BLUE CROSS: CARE Lowers Rating on INR30cr LT Loan to D
DHARANI SUGARS: CARE Reaffirms D Rating on INR316.53cr Loan
HAIGREEVA INFRATECH: Ind-Ra Corrects August 1 Rating Release

INDIGO FACILITY: CARE Assigns B+ Rating to INR10.85cr LT Loan
JAY IBER: CARE Lowers Rating on INR5.57cr LT Loan to B
JAYAM SAND: CRISIL Assigns B+ Rating to INR5cr New LT Loan
K PATEL: CRISIL Withdraws B Rating on INR19.5cr Cash Loan
K. N. SINGH: CARE Moves B+ Rating to Not Cooperating Category

LALIT MINING: CRISIL Moves B- Rating to Not Cooperating
LAXMI VISHNU: CRISIL Migrates B Rating to Not Cooperating
LICHI CERAMIC: CARE Reaffirms B+ Rating on INR9.48cr LT Loan
PHOROTECH SURFIN: Ind-Ra Maintains BB+ Rating in Non-Cooperating
PKP FEED: Ind-Ra Maintains D LT Issuer Rating in Non-Cooperating

PLATINUM AAC: CARE Reaffirms B+ Rating on INR10.75cr LT Loan
PROMINENT METAL: CARE Lowers Rating on INR15cr LT Loan to D
PUNNAMI HATCHERIES: CRISIL Migrates B Rating to Not Cooperating
RANKAS TEXFAB: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
RELIABLE POLYESTER: CARE Reaffirms B+ Rating on INR5.5cr Loan

S. G. PRESERVATIVES: CARE Assigns B+ Rating to INR14cr LT Loan
SIDDHESHWARI PAPER: CRISIL Migrates B+ Rating to Not Cooperating
SPICA PROJECTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SRI KAVERI: CARE Reaffirms B+ Rating on INR14.96cr LT Loan
SRS MODERN: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating

SURYA CHARITABLE: CRISIL Migrates B Rating to Not Cooperating
VAZHRAA NIRMAAN: CRISIL Migrates B+ Rating to Not Cooperating
VISHAL SALES: CARE Assigns B+ Rating to INR8cr LT Loan
YUVRAJ BUILDCON: CRISIL Migrates B+ Rating to Not Cooperating


I N D O N E S I A

BAYAN RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable
RESOURCES PRIMA: Auditor Raises Going Concern Doubt


N E W  Z E A L A N D

STONEWOOD HOMES: Liquidators Seek Millions From Mayor and Founder


P H I L I P P I N E S

MALASIQUI PROGRESSIVE: Creditors' Claims Deadline Set for Oct. 29
RURAL BANK OF MAIGO: Placed Under PDIC Receivership


S I N G A P O R E

WILTON RESOURCES: Posts IDR78.8BB Net Loss for Year Ended June 30


                            - - - - -


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


4WD SYSTEMS: Second Creditors' Meeting Set for Sept. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of 4WD Systems
Pty Ltd has been set for Sept. 20, 2018, at 3:00 p.m. at the
offices of Clifton Hall, Level 3, 431 King William Street, in
Adelaide, SA.

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.

Simon Richard Miller of Clifton Hall was appointed as
administrator of 4WD Systems on Aug. 22, 2018.


AUSTRALIAN SALES: Fitch Affirms 'BB' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed five classes of Australian Sales
Finance and Credit Cards Trust floating-rate notes. The
transaction is a securitisation of Australian consumer
receivables originated by Latitude Finance Australia (unlimited).

The rating actions are:

AUD984.1 million Class A notes affirmed at 'AAAsf'; Outlook
Stable

AUD76.8 million Class B notes affirmed at 'AAsf'; Outlook Stable

AUD71.6 million Class C notes affirmed at 'Asf'; Outlook Stable

AUD54.7 million Class D notes affirmed at 'BBBsf'; Outlook Stable

AUD39.7 million Class E notes affirmed at 'BBsf'; Outlook Stable

Some of the outstanding subordinate tranches of Australian Sales
Finance and Credit Cards Trust may be able to support higher
ratings based on the output of Fitch's proprietary cash flow
model. Since the credit card programme is set up as a continuous
funding programme and requires that any new issuance, or note
reductions, do not affect the rating of existing tranches, the
enhancement levels are set to maintain a constant rating level
per class of issued notes and may provide more than the minimum
enhancement necessary to retain issuance flexibility. Therefore,
Fitch may decide not to assign or maintain ratings above the
current outstanding ratings in anticipation of future issuance or
reductions.

KEY RATING DRIVERS

Credit Card Receivables Performance: Performance has remained
stable over the previous year with gross charge-offs averaging
4.6%, yield (excluding merchant service fees) averaging 14.6% and
the monthly payment rate (MPR) averaging 14.9%, all within the
modelled base cases of 5.25% for charge-offs (changed from 5.5%),
13.0% for yield (changed from 12.5%) and 13.5% for the MPR
(changed from 13.0%). Changes to base cases reflect improved
medium-term performance and generally lower overall data
volatility.

Originator and Servicer Quality: Fitch believes Latitude is an
effective and capable originator and servicer given its long and
consistent record.

Counterparty Risk: The notes' ratings are dependent on the
financial strength of certain counterparties. Fitch believes this
risk is mitigated based on the counterparties' ratings and the
legal documentation covering their roles.

Interest Rate Risk: Interest rate risk is mitigated by available
credit enhancement.

Fitch analysed the characteristics of the underlying collateral
as well as the originator's historical data when determining the
following steady state performance assumptions and stresses:

Steady States:

Annualised Charge-offs - 5.25%

Annualised Gross Yield - 13.00%

Monthly Payment Rate - 13.50%

Purchase Rate - 100.00%

Rating Stresses: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

Charge-offs (increase); 4.50x, 3.75x, 3.0x, 2.25x, 1.5x

Monthly Payment Rate (% decrease); 40.0%, 35.0%, 30.0%, 25.0%,
20.0%

Gross Yield (% decrease); 35.0%, 30.0%, 25.0%, 20.0%, 15.0%

Purchase Rate (% decrease); 90.0%, 85.0%, 80.0%, 70.0%, 60.0%

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the ratings assigned to
the Australian Sales Finance and Credit Cards Trust to increased
charge-offs, decreased MPR and decreased yields over the life of
the transaction.

Rating sensitivity to increased charge-off rate:

Current ratings for class A, B, C, D and E (steady state: 5.25%):
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

Increase base case by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf';
'BBsf'

Increase base case by 50%: 'AA+sf'; 'AA-sf'; 'BBB+sf','BBB-sf';
'BB-sf'

Increase base case by 75%: 'AAsf'; 'Asf'; 'BBB+sf', 'BB+sf';
'B+sf'

Rating sensitivity to reduced MPR:

Current ratings for class A, B, C, D and E (13.5% steady state):
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf'

Reduce MPR by 15%: 'AA+sf'; 'AA-sf'; 'A-sf', 'BBBsf'; 'BBsf'

Reduce MPR by 25%: 'AA+sf'; 'A+sf'; 'BBB+sf', 'BBB-sf'; 'BB-sf'

Reduce MPR by 35%: 'AA-sf'; 'A-sf'; 'BBBsf', 'BB+sf'; 'B+sf'

Rating sensitivity to reduced yield:

Current ratings for class A, B, C, D and E (steady state: 13.0%):
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

Reduce yield by 15%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

Reduce yield by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BB-sf', 'BBsf'

Reduce yield by 35%: 'AAAsf'; 'AA-sf'; 'Asf', 'BB+sf', 'B+sf'


ICPS AUSTRALIA: First Creditors' Meeting Set for Sept. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of ICPS
Australia Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 8, 102 Adelaide Street, in
Brisbane, Queensland, on Sept. 25, 2018, at 10:30 a.m.

Lee Crosthwaite and Chris Cook of Worrells Solvency were
appointed as administrators of ICPS Australia on Sept. 13, 2018.


LIBERTY TRUST 2016-2: Moody's Hikes Rating on Cl. E Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 10 classes
of notes issued by three Liberty Series RMBS.

The affected ratings are:

Issuer: Liberty Series 2016-2 Trust

  Class C Notes, Upgraded to Aa3 (sf); previously on Aug 29, 2017
  Upgraded to A1 (sf)

  Class D Notes, Upgraded to A3 (sf); previously on Oct 25, 2016
  Definitive Rating Assigned Baa2 (sf)

  Class E Notes, Upgraded to Ba1 (sf); previously on Oct 25, 2016
  Definitive Rating Assigned Ba2 (sf)

  Class F Notes, Upgraded to Ba3 (sf); previously on Oct 25, 2016
  Definitive Rating Assigned B1 (sf)

Issuer: Liberty Series 2017-1 Trust

  Class C Notes, Upgraded to Aa3 (sf); previously on Dec 11, 2017
  Upgraded to A1 (sf)

  Class E Notes, Upgraded to Baa3 (sf); previously on Dec 11,
  2017 Upgraded to Ba1 (sf)

  Class F Notes, Upgraded to Ba3 (sf); previously on Mar 27, 2017
  Assigned B1 (sf)

Issuer: Liberty Series 2017-4 Trust

  Class B Notes, Upgraded to Aa1 (sf); previously on Nov 17, 2017
  Definitive Rating Assigned Aa2 (sf)

  Class C Notes, Upgraded to Aa3 (sf); previously on Nov 17, 2017
  Definitive Rating Assigned A2 (sf)

  Class D Notes, Upgraded to Baa1 (sf); previously on Nov 17,
  2017 Definitive Rating Assigned Baa2 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement (from note subordination and the Guarantee Fee
Reserve Account) available for the affected notes.

The upgrade of Liberty Series 2017-1 Trust Class F Notes also
reflects the correction of an input error.

In the last rating action on December 11, 2017, a stepdown
condition relating to the first payment date in which the
transaction could switch to pro-rata principal repayments was
input incorrectly as May 2019. The rating action reflects the
corrected stepdown condition potential start date in March 2019.

This correction has a positive rating impact on the Class F Notes
and a limited rating impact on the other notes.

Sequential amortization of the notes since closing led to the
increase in note subordination in all three transactions. Liberty
2016-2 Trust switched to pro-rata principal repayments in October
2017.

In all three transactions, the Guarantee Fee Reserve Account is
currently fully funded, non-amortizing, and can be used to cover
charge-offs against the notes and liquidity shortfalls that
remain uncovered after drawing on the liquidity facility and
principal.

In addition, the transaction portfolios have been performing
within Moody's expectations. Both scheduled and indexed loan to
value ratios have decreased in all three transactions.

Liberty Series 2016-2 Trust

Since closing, the note subordination available for the Class C,
Class D, Class E and Class F Notes has increased to 7.8%, 4.9%,
2.4% and 1.6% from 5.9%, 3.6%, 1.6% and 1.0%, respectively.

The Guarantee Fee Reserve Account has accumulated AUD1.5 million
(0.5% of current total note balance) from excess spread.

The performance of the transaction has been within expectations
since closing. As of July 2018, 2.5% of the outstanding pool was
30-plus day delinquent, and 1.1% was 90-plus day delinquent. The
deal has incurred AUD129,583 of losses to date.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.5% as a percentage of the
original pool balance.

Moody's decreased its MILAN CE assumption to 11.2% from 12.6%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2017-1 Trust

Since closing, the note subordination available for the Class C,
Class E and Class F Notes has increased to 7.4%, 3.6% and 2.5%
from 5.0%, 2.4% and 1.7%, respectively.

The Guarantee Fee Reserve Account has accumulated AUD2.4 million
(0.4% of current total note balance) from excess spread.

The performance of the transaction has been within expectations
since closing. As of July 2018, 2.5% of the outstanding pool was
30-plus day delinquent, and 1.2% was 90-plus day delinquent. The
deal has incurred AUD41,903 of losses to date.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.3% as a percentage of the
original pool balance.

Moody's increased its MILAN CE assumption to 10.7% from 10.5%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2017-4 Trust

Since closing, the note subordination available for the Class B,
Class C and Class D notes has increased to 7.8%, 5.6% and 4.0%
from 6.4%, 4.6% and 3.3%, respectively.

The Guarantee Fee Reserve Account has accumulated AUD3.6 million
(0.4% of current total note balance) from excess spread.

The performance of the transaction has been within expectations
since closing. As of July 2018, 1.2% of the outstanding pool was
30-plus day delinquent, and 0.7% was 90-plus day delinquent. The
deal has incurred no losses to date.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.2% as a percentage of the
original pool balance.

Moody's decreased its MILAN CE assumption to 10.1% from 10.6%
since closing, based on the current portfolio characteristics.

For all transactions, the MILAN CE and expected loss assumption
are the two key parameters used by Moody's to calibrate the loss
distribution curve, which is one of the inputs into the cash-flow
model.

The transactions are Australian RMBS secured by a portfolio of
prime and non-conforming residential mortgage loans, originated
and serviced by Liberty Financial Pty Ltd, a large Australian
non-bank lender. A portion of the portfolio consists of loans
extended to borrowers with impaired credit histories or made on a
limited documentation basis.

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 ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than
Moody's expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.


NPC CONSULTING: First Creditors' Meeting Set for Sept. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of NPC
Consulting Services Pty Ltd will be held at the offices of Level
1, 84 Pitt Street, in Sydney, NSW, on Sept. 24, 2018, at
11:00 a.m.

David Joseph Levi of Levi Consulting Pty Ltd was appointed as
administrator of NPC Consulting on Sept. 12, 2018.


RAV'S KITCHEN: First Creditors' Meeting Set for Sept. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rav's
Kitchen Pty. Ltd. will be held at the offices of Smith Hancock
Chartered Accountants, Level 4, 88 Phillip Street, in Parramatta,
NSW, on Sept. 24, 2018, at 10:00 a.m.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of Rav's Kitchen on Sept. 12, 2018.


SUMO SALAD: Gets Fresh Start After Voluntary Administration
-----------------------------------------------------------
Sarah Stowe at Inside Retail Weekly reports that Luke Baylis is
back in charge at SumoSalad, heading up the healthy fast food
chain after putting the business into voluntary administration in
July this year.

"We've had a full bill of health. The team have been incredibly
supportive, they are very passionate. It's been a tough time but
it's been incredibly positive and a fresh start for us," Mr.
Baylis told Inside Franchise Business.  "We've had legacy issues,
this gives our business the ability to remove those legacy issues
and create a really strong platform that doesn't divert us from
moving the business forward."

Undertaking the 35-day Deed of Company Arrangement process was an
intensive way to tweak and restructure the business, he said,
Inside Retail relays.

According to the report, Mr. Baylis said significant improvements
in profit and cashflow had been made ahead of the voluntary
administration but free working cashflow was tied up dealing with
legacy issues. The ability to disclaim any non-viable contracts,
including leases, and to clear areas of business not generating
sufficient return was invaluable.

"This gave us the ability to redeploy the profitability into
future business. This is where we'll see huge growth and
rejuvenation."

A vocal naysayer of the food court model, Mr. Baylis has been
working on taking the business into other arenas, the report
says.

"As one business model gets disrupted, you have to shoot a few
test shots out. One of the things that's worked incredibly well
is the wellness cafe. It's providing people seeking healthier
food opportunities with breakfast, lunch and dinner options in an
upmarket manner, it's very strong," the report quotes Mr. Baylis
as saying.

Inside Retail says Sumo has been trialling wellness cafes to good
effect - he reports a 261 per cent growth on the food court
model.

It offers higher transaction value, day parts, a strong customer
experience and association of the brand.

"Such a huge improved turnover line makes this a very viable
model which we've refined over the last 24 months."
According to Inside Retail, the changes to a broader menu
offering prompted a refinement of the branding: the word Salad
will be dropped from future stores. Mr. Baylis reported the name
Sumo scored very highly in customer awareness.

"It's leveraging that, rather than the affiliation with salad. We
are promoting healthy and fresh as two pillars in a more diverse
offering. There's huge growth opportunity within this, this is a
very elevated offering."

When it comes to site locations airports, hospitals and
universities are in the mix, but so too are shopping centres.

"We're not walking away from shopping centres, we're walking away
from food courts," Mr. Baylis, as cited by Inside Retail,
explained.

Current stores will be converted to the wellness cafe model over
time as franchise agreements expire.

"We want to reposition stores in the new format, build up
franchisee skill sets and keep the best operators."

Morgan Kelly and Peter Gothard of Ferrier Hodgson were appointed
Voluntary Administrators of the Sumo Group on July 18, 2018.  At
the second meeting of creditors of the Group held on Aug. 22,
2018, creditors passed a resolution requiring the Group to
execute a Deed of Company Arrangement (DOCA).  The Group and its
Administrators executed the DOCA on Aug. 29, 2018. As a term of
the DOCA, responsibility for the Group's day-to-day trading
activities has now reverted to the director.


T & L MOORE: Second Creditors' Meeting Set for Sept. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of T & L Moore
Air Conditioning Pty Ltd has been set for Sept. 21, 2018, at
2:30 p.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 15, 114 William Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 20, 2018, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic was appointed
as administrator of T & L Moore on Aug. 14, 2018.


WATER JET: Second Creditors' Meeting Set for September 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Water Jet
International Pty Ltd has been set for Sept. 18, 2018, at 11:00
a.m. at the offices of Cor Cordis, Level 29, 360 Collins Street,
in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 17, 2018, at 5:00 p.m.

Glenn John Spooner and Bruno A Secatore of Cor Cordis were
appointed as administrators of Water Jet on Aug. 14, 2018.



=========
C H I N A
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CIFI HOLDINGS: Fitch Gives BB(EXP) Rating to Offshore Sr. 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/sqm, 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.


HNA GROUP: Defaults on CNY300 Million Owed to Hunan Trust
---------------------------------------------------------
The Financial Times reports that Chinese aviation-to-finance
conglomerate HNA defaulted on a CNY300 million (US$44 million)
loan raised through a trust company, the lender said on Sept. 13
as it sought to freeze HNA assets.

The FT says the announcement by Hunan Trust is a sign that HNA's
liquidity woes are beginning to have a broader impact outside
China's formal banking sector.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China
Development Bank, following a liquidity crunch in the final
quarter of last year.

The default comes despite an estimated $18 billion in asset sales
by HNA this year that have done little to address its ability to
meet its domestic debts, the FT notes.

Last month, HNA began missing payments to individual investors in
peer-to-peer products it issued, while narrowly averting a
default on a CNY1 billion bond, the report recalls.

A huge shift of finance in China away from the formal banking
sector over the past six years and into higher interest,
unregulated lending has resulted in a wave of shadow banking
defaults across corporate China, the report states.

                           About HNA

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

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


JIANGSU FANG: Fitch Assigns BB(EXP) to Unsecured USD Notes
----------------------------------------------------------
Fitch Ratings has assigned China-based Jiangsu Fang Yang Group
Co., Ltd.'s (Fang Yang, BB/Stable) proposed senior unsecured US
dollar notes an expected long-term foreign-currency rating of
'BB(EXP)'. The notes will be issued by Haichuan International
Investment Co., Ltd., an indirectly and wholly owned subsidiary
of Fang Yang.

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

KEY RATING DRIVERS

Fang Yang will provide an unconditional and irrevocable guarantee
for the proposed notes, which will constitute its direct,
unconditional, unsubordinated, and unsecured obligations and
shall, at all times, rank pari passu among themselves without any
preference.

The proceeds will be used to refinance existing indebtedness and
for general corporate purposes.

RATING SENSITIVITIES

Any change in the Issuer Default Ratings of Fang Yang will result
in a similar change in the rating of the proposed notes.


JIAYUAN INTERNATIONAL: Moody's Affirms B2 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Jiayuan International
Group Limited's B2 corporate family rating. The rating outlook is
stable.

RATINGS RATIONALE

Jiayuan's B2 corporate family rating reflects (1) the company's
track record in its core markets of Nanjing, Yangzhou and Taizhou
in Jiangsu Province; (2) its low-cost and quality land bank.

These strengths support the company's business growth plan and
give it pricing flexibility in a down-cycle.

However, the B2 rating is constrained by Jiayuan's small
operating scale, its high geographic concentration, the execution
risks associated with its rapid growth plan, and its weak
liquidity.

The B2 rating also reflects Jiayuan's elevated leverage owing to
its fast expansion plan.

The company achieved robust contracted sales with 108% year-on-
year growth to RMB9 billion in the first seven months of 2018.

This sales performance will provide part of the funding for the
company's expansion and debt repayments, and support future
revenue growth.

Moody's expects the company's revenue to reach RMB9-12 billion
over the next 12-18 months with gross profit margins above 30%,
from RMB8.2 billion and 33.7% for the 12 months ended June 2018,
supported by strong contracted sales growth in the last 12-18
months.

With such growth in revenues, Moody's expects that Jiayuan's
credit metrics will not change materially. Its revenue/adjusted
debt will fall slightly to around 45-47% over the next 12-18
months from 49% for the 12 months ended June 2018. Its
EBIT/interest will also fall slightly to 2.3x-2.6x from 2.7x for
the 12 months ended June 2018. Nevertheless, these credit metrics
remain appropriate for the company's B2 CFR.

Jiayuan's liquidity position is weak but manageable because its
cash/short-term debt was 99% as of end June 2018.

The stable outlook reflects Moody's expectation that Jiayuan (1)
will grow its sales as planned; and (2) adjust its pace of
expansion with market conditions to maintain adequate liquidity.

Jiayuan's CFR could be upgraded if the company (1) materially
grows its scale and geographic coverage with financial
discipline; (2) builds its brand in new locations outside its
home market; (3) improves liquidity, with cash/short-term debt
coverage consistently over 1.5x and the lengthening of its debt
maturity profile; and (4) improves its financial metrics, with
EBIT/interest coverage consistently above 3.0x and
revenue/adjusted debt more than 70%-75% on a sustained basis.

On the other hand, downward rating pressure could emerge if (1)
Jiayuan's liquidity profile weakens materially; (2) its
contracted sales or revenue falls short of Moody's expectations
or profit margins substantially decline, which, in turn, affects
interest coverage and financial flexibility; or (3) the company
engages in significant debt-funded acquisitions.

Metrics indicative of a rating downgrade include Jiayuan's cash
holdings falling below 1.0x of short-term debt or the company's
EBIT/interest coverage weakening below 1.5x on a sustained basis.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu Province. The company
expanded its footprint to Shenzhen in 2016, Macau and New York in
2017, and Guiyang, Shanghai, Hong Kong and Cambodia in the first
half of 2018. The company had a total land bank of around 9.8
million square meters (sqm) at the end of June 2018. It also
develops and operates commercial properties alongside its
residential property projects.


SICHUAN LANGUANG: S&P Rates New US Dollar Sr. Unsecured Notes 'B'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Hejun Shunze Investment Co. Ltd., an indirectly owned
subsidiary of Sichuan Languang Development Co. Ltd. (Languang:
B+/Stable/--). Languang unconditionally and irrevocably
guarantees the notes. The company plans to use the proceeds for
general corporate purposes.

S&P said, "We rate Languang's senior unsecured notes one notch
lower than the issuer credit rating because of significant
subordination risks. In our calculation, the proposed notes will
rank behind a sizable amount of priority debt in Languang's
capital structure. As of June 30, 2018, Languang's capital
structure (after adjustments on guarantee, interest bearing
payables, and accrued interest) consists of Chinese renminbi
(RMB) 18.3 billion unsecured debt and RMB28.8 billion secured
debt issued by the company and its subsidiaries. As such, the
secured debt ratio is over our threshold of 50%. The issue rating
is subject to our review of the final issuance documentation.

"The issuer credit rating on Languang reflects our view that the
company's leverage will remain high at 7.0x-7.5x debt-to-EBITDA
over the next two years. At the same time, we expect the company
to maintain below average margins and a small land bank. The
company's established position in Sichuan, good sales execution,
and reasonable capital structure, with a balanced maturity
schedule and limited dependence on alternative financing, temper
these weaknesses.

"The stable outlook reflects our view that Languang will improve
its cash collection, and maintain stable margins and leverage
ratios in the next 12 months. We also expect the company to grow
its scale moderately and expand its geographical diversity.



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


ALAKNANDA HYDRO: CARE Hikes Rating on INR2,147.94cr Loan to BB
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Alaknanda Hydro Power Company Limited (AHPCL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank     2,147.94      CARE BB; Stable Revised
   Facilities                       from CARE D

Detailed Rationale & Key rating factors

The revision in the rating assigned to the bank facilities of
AHPCL takes into account receipt of pending insurance claims and
timely realization of bills raised to Uttar Pradesh Power
Corporation Ltd (UPPCL) leading to regularization of debt
repayment obligations. The rating, however, is constrained due to
weak financial risk profile, counter party credit risk and
Hydrological risks associated with run-of-the-river power
generation. The rating, continues to derive strength from
experience of promoters in infrastructure segment, long-term PPA
in place, satisfactory operating performance of the power plant,
continuous growth in total operating income and stable
profitability margins. Going forward, the ability of the company
to receive approval of final tariff in a timely manner,
maintenance of similar PLF levels and timely realization of
outstanding receivables shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Counter party credit risk: AHCPL has entered into long term PPA
with UPPCL for sale of 88% of the power generated followed by
remaining 12% provided as free energy the state of Uttarakhand.
DISCOMs under UPPCL have high cost of power procurement, high
level of AT&C loss and stretched receivables during FY17. The
weak financial health of the state distribution utilities is a
cause of concern for the power generating companies. Any under
recoveries or delayed payments from the DISCOMs will
significantly impact the company. AHPCL remains exposed to credit
risk related to sole off-taker UPPCL, any delay in collections
from the utility would have adverse impact on cash flow and debt
servicing of the company. However, the presence of fixed price
long-term PPA mitigates the power off-take risks and provides the
company a stable revenue stream.

Weak financial risk profile: The overall gearing of the company
stood high at 6.07 times as on march 31, 2018. Majority of the
debt comprises of term loan which was availed for setting up the
power plant. Owing to time and cost overrun the company incurred
additional interest during construction, increased establishment
cost, construction insurance premium charges, margin money etc.
which led to increase in term loans. Although term debt to GCA
still remains on the higher side, it has improved considerably as
on March 31, 2018 to 40.01x from 233.32x as on March 31, 2017.
However, PBILDT interest coverage improved marginally from 0.93
as on March 31, 2017 to 1.04x as on March 31, 2018.

Hydrological risks associated with run-of-the-river power
generation: Run-of-the-river power is considered an unstable
source of power, as a run-of-the-river project has little or no
capacity for water storage and therefore is dependent on the flow
of river water for power generation. It thus generates more power
during times when seasonal river flows are high and less during
lean period. However, AHPCL has demonstrated healthy operational
performance since the commissioning of the project in June 2015.

Key Rating Strengths

Regularization of debt repayment obligations: During FY18, the
company has received pending insurance claims of INR99.44 crore
and has been realizing the bills raised to Uttar Pradesh Power
Corporation Ltd (UPPCL) in a timely manner leading to
regularization of debt repayment obligations.

Experienced promoters in Infrastructure segment: AHPCL belongs to
Hyderabad based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through
GVKPIL and its subsidiaries has substantial ownership interest
into power generating assets and is also engaged in building and
developing of highway projects, providing infrastructure
facilities, exploration of oil & natural gas, operations,
maintenance and development (OMD) of airport projects and
exploration of coal mines.

Long-term PPA in place: AHCPL has entered into long term PPA with
UPPCL for sale of 88% of the power generated and to provide the
remaining 12% of power generated as free energy to Uttarakhand
state. The initial term of PPA is 30 years from the date of
commissioning of the last unit. Further, the PPA can be extended
for a period of 20 years on mutually agreeable terms and
conditions between AHCPL and UPPCL.

Satisfactory operating performance of the power plant: The
company completed the project at a total cost of INR5294.15 crore
and commenced commercial operations from June 21, 2015. The
company has set up a 330 MW (4 x 82.5) run-of-the-river
hydroelectric power project on Alaknanda River. During FY18, the
total generation capacity stood at 1397 Million Units and
electricity generated was 1375 MU as compare to 1275 Million
Units during FY17. The same has led to an improvement in the
plant load factor (PLF), which stood at approximately 47.56% in
FY18 as compared to 44.10% in FY17. Further, PLF of Saleable
units stood at 43.80% in FY18 as compared to 41.80% in FY17.

Continuous growth in total operating income and stable
profitability margins: During FY18, the company has witnessed y-
o-y growth of about 6% in its total operating income. Total
operating income of the company stood at INR648.79 crore during
FY18 (Prov.) against INR613.18 crore of FY17. The increase was
due to improved operation performance during the year. The
company has generated 1210 million units of saleable primary
energy during FY18 as against 1122 million units during FY17.
Further, PBILDT margin during FY18 improved by 126 bps and stood
88.73% as against 87.47% during FY17. However, the company has
reported negative PAT during FY18 owing to high interest expense.

Alaknanda Hydro Power Company Ltd (AHPCL) is a Special Purpose
Vehicle (SPV) promoted by GVK group. The company has set up a 330
MW (4 x 82.5) run-of-the-river hydroelectric power project on
Alaknanda River at Shrinagar, Uttarakhand. AHCPL is the first
hydropower venture of the GVK Power and Infrastructure Limited
(GVKPIL) the flagship company of GVK group. The project is
located on the Alaknanda River, a major tributary of the Ganges
River, a perennial river in Uttarakhand. The plant is at a
distance of about 110 km from Rishikesh railhead, along
Rishikesh-Badrinath highway. A dam is constructed on the
Alaknanda River at Shrinagar, about 26 kms downstream of
Rudraprayag. The original scheduled Commercial Operations Date
(COD) of the project was July 31, 2011 with estimated project
cost of INR2069 which was postponed to March 2012, May 31, 2013
and later to May 31, 2014. However, the company completed the
project at a total cost of INR5294.15 crore and commenced
commercial operations from June 21, 2015. AHPCL has signed
purchase power agreement (PPA) with UP Power Corporation Ltd
(UPPCL) for selling 88% of the power generated and the state of
Uttarakhand will be provided 12% of the power generated as free
energy.


BL FOOD: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of BL Food
Industries (BLFI) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           3         CRISIL B/Stable (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Open Cash Credit       3.75      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              0.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Established in 2014, BLFI mills and processes paddy into basmati
and non-basmati rice at its facility in Nizamabad, Andhra
Pradesh. The firm's partners are G Shekar, G Jyothi, G Balaiah, G
Bharatamma, G Srinivas, K Ramesh and R Srinivas.


BLUE CROSS: CARE Lowers Rating on INR30cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Blue Cross Commodities Private Limited (BCCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      30.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB+; Stable
   (Fund Based)

   Long term Bank       2.00      CARE D; Issuer not cooperating;
   Facilities-                    Revised from CARE BB+; Stable
   Term Loan
   (proposed)

   Short term Bank      0.75      CARE D; Issuer not cooperating
   Facilities                     Issuer not cooperating Revised
   (Non-Fund Based)               from CARE A4+; on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to BCCPL takes into account
on-going delays in servicing debt obligations owing to liquidity
constraints.

CARE has been seeking information from Blue Cross Commodities
Private Limited to monitor the rating(s) vide e-mail
communications dated August 1, 2018, August 16, 2018, March 7,
2018, January 29, 2018, December 26, 2017 and November 30, 2017
and numerous phone calls. However, despite CARE's repeated
requests, Blue Cross Commodities 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 available information. The rating on Blue Cross
Commodities 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).

Detailed description of the key rating drivers

Key Rating Weakness

Delays in Debt servicing: The rating has been revised on account
of on-going delays in debt servicing due to liquidity
constraints.

Incorporated in November 2009, Blue Cross Commodities Private
Limited (BCCPL), promoted by Mr. Prakash Bihani and his son Mr.
Siddharth Bihani (MD), is engaged in the manufacturing & trading
of bitumen & bitumen related products like cold bitumen,
emulsion, etc.


DHARANI SUGARS: CARE Reaffirms D Rating on INR316.53cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dharani Sugars and Chemicals Limited (DSCL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       316.53      CARE D Reaffirmed
   Facilities
   (Term Debt)

   Long-term Bank       257.18      CARE D Revised from
   Facilities                       CARE C; Stable
   (Fund based
   and Non Fund
   based)


   Short-term Bank       27.11      CARE D Revised from
   Facilities                       CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
DSCL takes into account delays in servicing of debt obligations
due to tight liquidity position on account of continuation of
losses incurred in FY18 (refers to the period April 1 to
March 31).

Detailed description of the key rating drivers

Key Rating Weaknesses

Continuation of losses incurred in FY18 resulting in delays in
debt servicing: During FY18, total operating income registered by
the company was INR502 crore as against INR536 crore in FY17. The
company reported net loss of INR85 crore in FY18 as against net
loss of INR17 crore in FY17. The loss is mainly on account of
unfavourable sugar industry scenario and high interest expense
due to leveraged capital structure, this has led to strained
liquidity position resulting in delays in term debt repayment and
overdrawals in working capital limits.

Cyclicality of Sugar Business: Cyclical nature of the sugar
industry results in significant impact on the operating
performance of sugar companies, thereby affecting their debt
servicing ability. Only companies which have adequate
diversification are insulated from downtrends of the industry.

Key Rating Strengths

Experience of Promoters: The promoters have more than two decades
of experience in the industry. DSCL was promoted by Mr.Palani G
Periyasamy. He has obtained his Masters in Economics from
University of Madras in 1962, Masters in Economics from
University of Pittsburgh, USA in 1969 and Doctorate in Advanced
Micro/Macro Economics from the University of Pittsburgh, USA in
1972. He has also experience in hotel industry and in the field
of education.

Dharani Sugars and Chemicals Limited (DSCL), part of the PGP
group of companies based in Tamil Nadu was established in the
year 1987 by Dr Palani G Periyasamy and his NRI Associates. The
company is engaged in the manufacture of sugar, industrial
alcohol and co-generation of power. DSCL has three sugar mills
located across Tamil Nadu. These units are located in Dharani
Nagar (Tirunelveli Dist.), Sankarapuram (Villupuram Dist.) and
Polur (Thiruvannamalai Dist.). The aggregate capacity of the
company as on March 31, 2018, was 10,000 tons of cane crushed per
day (TCD), 160 Kilo Liter per day (KLPD) distillery and 37 MW co-
generation plant.


HAIGREEVA INFRATECH: Ind-Ra Corrects August 1 Rating Release
------------------------------------------------------------
India Ratings and Research corrects a ratings release on
Haigreeva Infratech published on August 1, 2018 to mention the
Outlook for the ratings.

An amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Haigreeva
Infratech Projects Limited's (HIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB'. The Outlook is Stable. The rating has
also been migrated to the non-cooperating category. The issuer
did not provide complete information despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)
/Stable' on the agency's website.

The instrument-wise rating actions are:

-- NR750 mil. Fund-based working capital limits downgraded and
    migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) /Stable/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR1.40 bil. Non-fund-based working capital limits downgraded
    and migrated to Non-Cooperating Category with IND A4+ (ISSUER
    NOT COOPERATING) rating;

-- INR33 mil. Term loan due on September 2021 downgraded and
    migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/Stable rating;

-- INR100 mil. Proposed fund-based working capital limits
    downgraded and migrated to Non-Cooperating Category with
    Provisional IND BB+ (ISSUER NOT COOPERATING)
    /Stable/Provisional IND A4+ (ISSUER NOT COOPERATING) rating;
    and

-- INR617 mil. Proposed non-fund-based working capital limits
    downgraded and migrated to Non-Cooperating Category with
    Provisional IND A4+ (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects HIPL's net leverage (total adjusted net
debt/operating EBITDAR) staying above 3.0x, on a sustained basis,
at 3.6x in FY18 and 3.4x in FY17 (FY16: 2.4x). FY18 provisional
financials are provisional. Moreover, in FY18, its interest
coverage (operating EBITDA/gross interest expense) was 2.6x
(FY17: 2.3x; FY16: 1.9x). Meanwhile, its net cash conversion
cycle continued to deteriorate (FY18: 136 days; FY17: 121 days;
FY16: 90 days) and cash flow from operations was negative in FY17
and FY18. Better management of the net cash conversion cycle will
be crucial for the company's liquidity.

HIPL's revenue increased to INR4,054.9 million in FY18 from
INR3,309.7 million in FY17, with its profitability rising to 8.6%
from 8.1%.

The ratings have been migrated to the non-cooperating category,
as the company did not provide Ind-Ra updated order book,
projections for the next four years and management certificate
detailing timely debt servicing and working capital utilization
for the last 12 months, despite continuous requests and follow-
ups by the agency.

RATING SENSITIVITIES

Negative: Any further deterioration in the credit metrics and the
liquidity will be negative for the ratings.

Positive: An improvement in the credit metrics and the liquidity,
on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2001, HIPL executes road, building and irrigation
projects.


INDIGO FACILITY: CARE Assigns B+ Rating to INR10.85cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Indigo
Facility Services Private Limited (IFSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.85      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of IFSPL are tempered
by small scale of operations, leveraged capital structure, weak
debt coverage indicators and working capital intensive nature of
operations. The ratings, however, derive its strengths from long
track record of the company and experienced management,
comfortable profit margins during the review period and stable
demand outlook for manpower industry.

Going forward, the ability of the company to increase its revenue
along with improving the profitability margins and capital
structure while, managing its working capital efficiently are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations:  Despite having a long track record,
the scale of operations are relatively small marked by total
operating income (TOI) of INR5.00 crore during FY18 (Prov.) with
small net worth base of INR2.83crore as on March 31, 2018 (Prov.)
as compared to other peers in the industry. However, the total
operating income of the company has been increasing y-o-y at a
CAGR of 64.80% i.e., from INR1.84 crore in FY16 to INR5.00 crore
in FY18(Prov.) on account of increase in amount of orders from
existing customers as well as addition of new customers. There is
a significant growth in total operating income in FY18 as the
company receives orders from new customers. Furthermore, during
3MFY19, the company has achieved total operating income of
INR2.50crore and PAT of INR0.30 crore.

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and working capital intensive
nature of operations: The capital structure of the company marked
by overall gearing stood leveraged during the review period. Debt
equity ratio of the company is seen deteriorating from 0.77x as
on March 31, 2017 to 3.74x as on March 31, 2018(Prov.) due to
increase in term loans. The company has availed additional term
loans in FY17-18 to meet the working capital requirements. The
overall gearing also deteriorated from 3.01x as on March 31, 2017
to 3.89x as on March 31, 2018 (Prov.) due to aforementioned
reasons.

The debt coverage indicators of the company also remained weak
during FY16-FY18(Prov.). The interest coverage ratio deteriorated
from 2.38x in FY16 to 1.96x in FY18 (Prov.) due to increase in
interest expenses. However, total debt/GCA improved from 24.42x
in FY16 to 10.98x in FY18(Prov.) due to improved profit levels
and cash accruals.

The operating cycle of the company was elongated during review
period and remained at 137 days in FY18 (Prov.) due to high
inventory period of 131 days in FY18 (Prov.). Operating cycle of
the entity continues to remain elongated due to its nature of
business operations wherein, the company is required to keep high
inventory level of cleaning products to meet the customers demand
within time limits. IFSPL receives payment from its customers
within fifteen days to one month and the company makes immediate
payment to its suppliers on immediate receipt of invoice. The
average utilization of the overdraft facility was around 60% to
70% for the last 12 month ended July 31, 2018. The outstanding
trade receivables are INR0.10 crore as on July 31,2018 and
INR0.20 crore during FY18 (Prov.).

Key Rating Strengths

Long track record of the company and experienced management:
IFSPL is a private limited company promoted by Mr. GaddeBabji and
Mrs. Vijayabharathi in the year 2000. Mr. GaddeBabji is a
graduate with rich experience of more than three decades in the
manpower services industry whereas Mrs. Vijayabharathi and
Mr.Akhil Chandralook after finance and marketing of the company.
Due to their long experience in the manpower industry, the
promoters have established relations with its customers which has
benefitted in terms of bagging new orders in competitive
Industry.

Comfortable profit margins during the review period: The PBILDT
margin of the company has increased from 13.49% in FY16 to 45.73%
in FY17 due to increase in manpower services. Manpower services
carries better margins and associated cost for providing these
services is less. In FY18 (Prov.), the PBILDT margin stood
relatively stable at 43.22%, even though there was significant
increase in total operating income, due to relatively higher
contribution from sales of traded products and data testing &
quality assurance services. However, the PAT margin of the
company, though satisfactory, has been declining year-on-year
from 7.33% in FY16 to 4.81% in FY18 (Prov.) due to increasing
financial expenses.

Stable demand outlook for Manpower Industry: Growing
urbanisation, coupled with retail boom and increased concerns
regarding security of men, money and material has led to rise of
organisation under the umbrella of private security segment in
India. The Indian security industry, which primarily comprised
man-guarding is now witnessing a shift towards cash management
and electronic surveillance. The sector seems to have a very
positive outlook both from an organic and an inorganic growth
perspective. Due to continued thrust on infrastructure
development, the industry has a huge potential to grow
organically since it is an ancillary service which is required
both at infrastructure development stage and also at maintenance
stage. The continuing era of business digitalization and
mobilization brings the new technologies in software development,
along with the testing trends in quality assurance industry. As
it is, QA department is one of the most important ones that
defines the weak points of apps and websites before their launch.
Testing itself is an essential stage of software development
where all the QA initiatives save developers' time and company's
money by finding problems or bugs fast and effectively.

Hyderabad based, Indigo Facility Services Private Limited (IFSPL)
was incorporated by Mr. Gadde Babji and Mrs. Vijayabharathi in
the year 2000 as a private limited company. The directors of the
company have more than two decades of experience in the manpower
industry. The company offers services in sectors such as property
management, housekeeping and security services. IFSPL serves and
provides services for all individual and organizational needs, as
they have the skills, expertise and operational infrastructure to
efficiently deliver the end user requirements. The trading
materials include harpic products, lysol and housekeeping
material etc.

Additionally, IFSPL also sells its cleaning products in the brand
name of 'SPARKLZ' and 'DETSOL'. The company procures its orders
through online and through dedicated purchase department. To meet
the timely manpower requirements of organizations, IFSPL
maintains a separate recruitment team and executes the orders
through best available quotations. Presently, IFSPL has availed
services of around 400 security guards and other management teams
to provide quality of services.


JAY IBER: CARE Lowers Rating on INR5.57cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jay Iber Pvt Ltd (JIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term bank        5.57       CARE B; Stable; ISSUER NOT
   Facilities                       COOPERATING Revised from
                                    CARE BB-; ISSUER NOT
                                    COOPERATING

CARE has been seeking information from  JIPL to monitor the
rating vide e-mail communications/letters dated June 11, 2018,
July 31, 2018, August 3, 2018, August 16, 2018, August 20, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company 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 Jay
Iber Private Ltd.'s bank facilities will now be denoted as CARE
B; 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.

Detailed description of the key rating drivers

At the time of last rating on March 18, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Below average financial risk profile: The company has below
average financial risk profile characterized by growing scale of
operations, high gearing levels and low liquidity position. The
PBILDT margins of the company stood comfortable at 27.24% during
FY15 however the PAT margin was low at 0.11% in FY15 due to high
interest cost and depreciation. The overall gearing remained high
at 2.61x as on March 31, 2015 on account of initial years of
operations with low net worth and higher debt. The liquidity
position of company was low as indicated by current ratio and
quick of 0.72x and 0.57x as on March 31, 2015 respectively.
Limited track record with small scale of operations- JIPL started
its commercial operations in September 2013 and therefore has a
short track record of operations. Also the company has small
scale of operations as reflected by the annual turnover of
INR3.61 cr and INR6.91 cr in FY14 and FY15 respectively.

Working capital intensive nature of business: The company has a
gross and net operating cycle of 167 days and 41 days
respectively as on March 31, 2015.

Key Rating Strengths

Long track record and experience of the promoters: Jay Iber Pvt
Ltd is promoted by the JPM group. In 1959, Mr. J.P. Minda started
manufacturing a locksets and switches unit for automobiles. Over
the years JPM group has scaled up its operations and the group
turnover is now ~INR2000 crore. Mr. J.P. Minda the Director of
Jay Iber has about 53 years of experience in manufacturing and
marketing of automotive components.

Technical collaboration from Iber Medior S.L., Spain: JIPL has
technical arrangement with Iber Medior S.L. Spain, which has
provided the company specialized technology that helps in
improving the quality and reducing the cost of production thereby
providing an edge over the competitors (die casting products).

Jay Iber Pvt. Ltd (JIPL) is promoted by the JP Minda group and
was incorporated on April 19, 2012, with technical collaboration
from Iber Medior S.L, Spain. JIPL has gravity die casting unit,
which manufactures fully machined components of aluminum casting
for automobile industries. The product portfolio of JIPL includes
engine mounting brackets, CNG regulators and brake master
cylinders. The manufacturing unit is located at Gurgaon (Haryana)
with an installed capacity of 4,50,000 engine mounting brackets
per year and 12,000 CNG regulators per year.

During FY15 (refers to the period April 1, 2014 to March 31,
2015), the company reported a total operating income of INR6.91
crore with PBILDT and PAT of INR1.88 crore and INR0.01 crore
respectively. Further, as per the FY16 provisional results
(refers to period from April 1, 2015 to March 31, 2016), the
company reported a total operating income of INR7.54 crore with
PBILDT of INR1.83 crore.


JAYAM SAND: CRISIL Assigns B+ Rating to INR5cr New LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
bank facility of Jayam Sand & Gravels Private Limited (JSGPL).
The rating reflects the company's small scale of operations in a
competitive industry and working capital intensive operations.
These rating strengths are partially offset by the extensive
experience of its promoters and above average debt protection
metrics.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a competitive industry: The
company operates at a small scale, as indicated by estimated
revenue of around INR1.2 crore in fiscal 2018. Small scale of
operations, coupled with intense competition from other players
in the region, restricts the company's bargaining power with
customers.

* Working capital intensive operations: The company's operations
are working capital intensive, as indicated by GCA days of 201 as
on March 31 2017. High GCA days is primarily on account of
inventory of around 2-3 months.

Strengths

* Extensive experience of promoters: The business risk profile of
JSGPL will continue to benefit over the medium term from the
extensive experience of its promoters, who have been engaged in
the construction aggregates industry for around 25 years. Over
the years, the company has established strong relationships with
its customers.

* Above average debt protection metrics: As a result of low
reliance on external debt, the company's debt protection metrics
were above average, as indicated by interest cover of more than
14 times and NCATD of 17% in fiscal 2017.

Outlook: Stable

CRISIL believes that JSGPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's
revenues improve substantially while maintaining profitability
and stable working capital management, leading to stronger cash
accrual and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if its revenues and profitability
decline substantially, if its working capital requirement
increases, or if it undertakes substantial debt funded capital
expenditure leading to a deterioration in its financial risk,
particularly liquidity.

JSGPL incorporated in 2008 and based out of Thrissur (Kerala), is
engaged in manufacture of building stone aggregates and m-sand.
The company is promoted by Mr Jovy C.V. and Mr Paul K. Davis.


K PATEL: CRISIL Withdraws B Rating on INR19.5cr Cash Loan
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of K Patel
Metal Industries Private Limited (KPMIPL) on the request of the
company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            19.5        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL B/Stable'; Rating
                                      Withdrawn)

   Letter of Credit        5.5        CRISIL A4 (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL A4'; Rating
                                      Withdrawn)

   Proposed Long Term      2.0        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Migrated from
                                      'CRISIL B/Stable'; Rating
                                      Withdrawn)

CRISIL has been consistently following up with KPMIPL for
obtaining information through letters and emails dated
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 KPMIPL. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for KPMIPL is consistent with 'Scenario ' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower. Based on the last available
information, CRISIL has migrated the ratings on the bank
facilities of KPMIPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL B/Stable/CRISIL A4'.

CRISIL has withdrawn its rating on the bank facilities of KPMIPL
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 1992, KPMIPL manufactures bare, enamelled, paper-
covered, and fibre glass-covered copper wires and strips, which
are used as conducting materials in electrical motors,
transformers, and electric pumps. Unit is in Daman.


K. N. SINGH: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of K. N.
Singh Infratech Private Limited (KSIPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        3.19       CARE B+; Stable; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

   Short-term Bank       3.25       CARE A4; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KSIPL to monitor the
ratings vide e-mail communications/letters dated April 30, 2018,
June 5, 2018, June 19, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company 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 ratings. The
ratings on KSIPL's bank facilities will now be denoted as CARE
B+; Stable/CARE A4; 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 ratings.

Detailed description of the key rating drivers

At the time of last rating in May 31, 2017, the following were
the rating strengths and weaknesses: (Updated the information
available form MCA).

Key Rating Weaknesses

Small scale of operations: The total operating income of KSIPL
grew at a CAGR of 69.82% during the last three years (FY15-FY17)
on account of increase in revenue from mining related activities.
However, the size of operations remained small with total
operating income of INR17.19 crore with a PAT of INR0.48crore in
FY17. Furthermore total capital employed was also low at
INR17.84crore as on March 31, 2017. Hence, KSIPL suffers on
account of lack of economies of scale.

Working capital intensive nature of operations: The business of
KSIPL is working capital intensive in nature marked by its higher
debtor's collection period. The company mainly works for Western
Coalfields Ltd and it needs to allow high credit period due to
its low bargaining power and the procedural delays involved in
getting payment from government entities. Henceforth it depends
on external borrowings for its working capital needs. Accordingly
the average utilization of cash credit was about 99% during last
twelve months ending in April 2017.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by debt equity and overall gearing ratios of
5.16x and 5.30x respectively as on March 31, 2017. The debt
coverage indicators were improved and remained moderate in FY17.
The interest coverage ratio improved and stood at 2.18 times in
FY17 on account of higher increase in PBILDT level. Furthermore,
the total debt to GCA also improved and stood at 1.60x in FY17 on
account of higher cash accrual from business.

Seasonal nature of industry: The Company is into mining related
activities. Mining and allied activities are susceptible to
decline in output in rainy season due to adverse weather
condition, resulting in volatility of margins and cash flows.
Intense competition and exposure to tender driven process risk:
Western Coalfields Ltd awards bid for coal lifting from its coal
mine to its registered bidder only through e-auctions. There is
intense competition among the registered bidders in securing
purchase bid through auction. Henceforth there is a risk of non-
receipt of contract or bidding prices go up significantly in a
highly competitive scenario.

Key Rating Strengths

Experienced promoters and satisfactory track record of
operations: KSIPL has started operations since 2009 and thus has
satisfactory track record of operations of around eight years.
Mr. Amar Narayan Singh has around a decade of experience in the
same line of business, looks after the day to day operations of
the company. He is supported by Mr. Kamal Narayan Singh who has
around five decades of experience in diversified industry. The
company is deriving benefits out of the long experience of the
promoters in the same line of business and accordingly the
revenue of the company has grown at a CAGR of 120.72% during last
three years (FY15-FY17).

Satisfactory profit margins and client profile: The profit
margins of the company remained satisfactory in FY17 marked by
healthy PBILDT margin at 17.67% and satisfactory PAT margin at
2.80%. PBILDT margin improved by 265 bps in FY17 on account of
better management of cost of operations. Furthermore, the client
profile of the company comprises of Western Coalfields Limited
and thus risk of default is minimal.

K. N. Singh Infratech Private Limited (KSIPL) was incorporated in
June 2009by Mr. Amar Narayan Singh and Mr. Kamal Narayan Singh.
KSIPL is engaged in coal mining related activities and
transportation services which include lifting of coal from mine,
overburden clearance of ash and transportation of coal to the
contractor place as per the contract.KSIPL has contract from
Western Coalfield Ltd (WCL) for three years (2016-2019) for
lifting of coal from mine, overburden clearance of ash and
transportation of coal to the WCL' stock yard.


LALIT MINING: CRISIL Moves B- Rating to Not Cooperating
-------------------------------------------------------
CRISIL has been consistently following up with Lalit Mining Impex
Private Limited (LMPPL) for obtaining information through letters
and emails dated June 28, 2018 and August 13, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Letter of Credit        2         CRISIL A4 (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 LMPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on LMPPL 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 LMPPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'

LMPPL, is a Faridabad-based company established in and promoted
since 2001 by Mr. Subhash Gupta, Mr. Lalit Gupta and Ms. Veena
Gupta. The company trades in spare parts for all types of heavy
earthmoving machines along with oil lubricants and supplies these
to domestic customers across local geographies.


LAXMI VISHNU: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Laxmi Vishnu
Cotton Industries (LVCI) 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          2.25     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LVCI 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 LVCI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LVCI 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 LVCI to 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2014 as a partnership firm, LVCI gins and presses
cotton. Based in Bhainsa, Telangana, the firm is promoted and
managed by Mr Vishnu Prakash Bajaj, Mr Rohit Bajaj, Mr Rahul
Bajaj and Ms Nikita Bajaj.


LICHI CERAMIC: CARE Reaffirms B+ Rating on INR9.48cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Lichi Ceramic (LICH), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities            9.48       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities            0.60       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of LICH are continue
to remain constrained due to partnership nature of constitution,
susceptibility of operating margins to volatility in raw material
& fuel costs and presence in the highly competitive ceramic
industry along with fortunes linked to demand from cyclical real
estate sector. Further, the ratings also factored in its nascent
stage of operation along with stabilization risk associated with
recently completed green field project and its financial risk
profile marked by reporting net losses during the year, moderate
capital structure, weak debt coverage indicators and modest
liquidity position during FY18(Provisional, refers to period
April 1 to March 31). However, the ratings derive strength from
experience of promoters in ceramic industry and location
advantage having presence into ceramic cluster.

LICH's Ability to stabilize recently commissioned manufacturing
operations along with increase in the scale of its operations and
achieving envisaged level of sales and profitability are the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operation along with stabilization risk:
associated with recently completed green field project The
operation of LICH is into nascent stage as LICH has commenced its
full flagged operation from February 2018. LICH completed its
green field project at a total cost of 12.21 crore, which was
funded through debt/equity ratio of 1.44 times.

LICH has reported TOI of INR1.15 crore during FY18 (Provisional,
refers to period April 1 to March 31). However, LICH remains
exposed to post implementation risk in the form of stabilization
of operations in terms of achieving envisaged level of sales and
profitability. Further, LICH has achieved total operating income
(TOI) of INR4.15 crore in 4MFY19(Prov).

Financial risk profile marked by reporting net losses during the
year, moderate capital structure, weak debt coverage indicators
and modest liquidity position. During FY18(Provisional) LICH has
reported operating loss and net loss of INR0.05 crore and INR1.31
crore respectively on TOI of INR1.15 crore. The capital structure
remained moderate marked by an overall gearing ratio of 1.51
times as on March 31, 2018 on account of lower tangible net worth
base and high amount of debt during the year. Debt coverage
indicators of LICH remained weak mainly on account of reporting
operating losses and cash losses during the year.

Liquidity position remained modest marked by below unity current
ratio of 0.49 times as on March 31, 2018 (Prov.).

Partnership nature of constitution: LICH being a partnership firm
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency. The partners may withdraw
capital from the business as when it is required, which may put
pressure on the capital structure of the firm.

Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector: LICH operates
in a highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. This situation is likely to
increase the level of competition which is expected to put
pressure on profitability of the manufacturers. Most of the
demand for the tiles comes from the real estate industry, which,
in India is highly fragmented and cyclical. Thus any negative
impact on real estate industry will adversely affect the
prospects of ceramic tiles industry as well as the firm.

Susceptibility of operating margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay & feldspar is
market driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in
the gas form which is to fire the furnace. The profitability of
LICH remains exposed to volatile LNG prices, mainly on account of
its linkages with the international demand-supply of natural gas.
Hence, LICH's ability to control its cost structure would be
crucial going forward especially in light of a competitive
environment.

Key rating strengths

Experienced promoters and well established presence in the
ceramic industry: LICH is established by 14 partners having
experience into similar line of operations through other
entities. Mr. Dhiren Kundariya and Mr. Vishal Patel are key
partners of LICH and will look after manufacturing and marketing
department. Mr. Pravin Ransaria and Mr Rajesh Sadatiya has
experience of more than decade in same line of business and will
also look after manufacturing department. All the other promoters
are carrying good amount of reputation in the ceramic industry
and holds an average experience of more than a decade in same
line of business activities.

Located in the ceramic hub with easy access to raw material, fuel
and labor: LICH is located in Morbi and being located in a
cluster provides the company with easy access to raw materials,
primary fuel and all other utilities. Further, the cluster is
well connected by a good road network which provides logistical
benefits.

Morbi (Gujarat) based LICH was established in March 2017 as a
partnership firm by fourteen partners to with object of
establishing unit for manufacturing of ceramic wall glazed tiles.
LICH has recently completed its green field project for
manufacturing Ceramic Wall glazed tiles having total capital cost
of INR12.21 crore, which was funded through project debt/equity
ratio of 1.44 times LICH has commenced its commercial operations
from February 2018. LICH is operating from its sole manufacturing
unit located in Morbi (Gujarat) having installed capacity of
25200 Metric tonne per annum for manufacturing Ceramic Wall
Glazed Tiles as on March 31, 2018 Anjali Oil Industries, Kishan
Ceramic Industries, Real Technitex, Guru Industries, Orken
Ceramic Private Limited, Avadh Educare, Pavansut Polymers are
associate entities of LICH, which are engaged into ceramic
industry, Packaging material industries, Plastic products
industry and service industry


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR52.3 mil. Term loan facilities maintained in Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR24.7 mil. Proposed long-term loans maintained in Non-
    Cooperating Category with Provisional IND BB+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 1, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1998, Phorotech Surfin (India) provides anti-
corrosive coating services for auto components manufactured by
Tier 1 suppliers.


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

The instrument-wise rating actions are:

-- INR57 mil. Fund-based facilities (long-/short-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR112.9 mil. Term loan (long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 11, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PKP Feed Mills, founded by PK Pounraj in 2011, is based in
Dharmapuri. The company is involved in the production of feeds
and sale of eggs.


PLATINUM AAC: CARE Reaffirms B+ Rating on INR10.75cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Platinum AAC Blocks Private Limited (PABPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           10.75       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PABPL continues to
remain constrained on account of its financial risk profile
marked by nascent stage of operations with reporting net loss,
leveraged capital structure, weak debt coverage indicators and
modest liquidity position during FY18(Provisional, refers to
period April 01 to March 31). The rating also continue to remain
constrained owing to presence in a highly competitive industry
which further expose to the risks and cyclicality inherent in
real estate industry.  The rating, however, continues to derive
strength from experienced management and location advantage.

PABPL's ability to increase its scale of operations,
profitability and overall financial risk profile on back of quick
stabilization of operation with efficient working capital
management would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent Stage of operations with reporting net loss: PABPL has
successfully completed its green-field project and commenced
commercial operations from November 2017, hence FY18(Prov) was
first year of operation. PABPL has reported Total operating
income (TOI) of INR3.38 crore and net loss of INR0.92 crore
during FY18 (Prov.).

Leveraged capital structure, weak debt coverage indicators and
modest liquidity position: On account of high total debt along
with moderate networth base capital structure stood leveraged
marked by overall gearing ratio of 1.94 times as on March 31,
2018 (Prov.). As a result of low cash accruals, the debt coverage
indicators stood weak marked by high ratio of total debt to GCA
of 37.40 times during as on March 31, 2018. The liquidity
position stood modest marked by current ratio of 1.35 times as on
March 31, 2018.

Presence in a highly competitive industry which further exposed
to the risks and cyclicality inherent in real estate industry:
AAC block manufacturing is evolving nature of industry with
presence of very few established players with huge number of
small manufactures at regional level. Further, due to low entry
barriers many players have taken up plans for capacity expansion
in recent times. This situation is likely to increase the level
of competition in the domestic market which might put pressure on
the profitability of the existing as well as new players. Entire
demand for the AAC blocks comes from the real estate and
construction industry, which in India is highly fragmented and
cyclical. Hence, company is exposed to the risk and cyclicality
associated with the real estate sector. Thus any negative impact
on real estate industry will adversely affect the prospects of
AAC block industry as well as the company.

Key rating strengths

Experienced management: PABPL is managed by Mr. Jitendra
Jalawadia, Mr. Dilip Kadivar, Mr Pragji Van, Mr. Hasmukh Patel,
Mr. Sanjaykumar Bhut Bhanubhai, Mr. Denis Kadiwar, Mr. Ghanshyam
Polar, Mr. Parth Gandhi, Mr. Khimji Bhappa and Mr. Vinay Gandhi.
They possess average 15 years of experience through different
industries such as printing, packaging and construction
industries.

Location advantage: PABPL has a locational advantage as its
manufacturing facilities are strategically located in terms of
proximity to key raw materials as well as major consumption
centres of Gujarat viz. Valsad, Daman and Mumbai. This makes
availability of raw material, labor, end customers and
transportation of goods easy to a certain extent.

Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL was initially promoted
and managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr.
Sanjay Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr.
Vinay Gandhi. Since May, 2017, four new promoters joined as
directors named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth
Gandhi and Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a
director during November 2017 but continue to operate and manage
day to day operations of the company. PABPL is operating with its
plant location based in Village-Kherdi (Dadara and Nagar Haveli,
Gujarat) having total capacity of 1,50,000 cubic meters per
annum. PABPL has commenced its operations from November 2017
after successful completion of its project.


PROMINENT METAL: CARE Lowers Rating on INR15cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prominent Metal Private Limited (PMPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       15.00     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Stable
                                  on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from PMPL to monitor the
ratings vide e-mail communications/ letters dated August 27,
2018, August 21, 2018, August 8, 2018, July 31, 2018, July 23,
2018, July 20, 2018, July 17, 2018, July 12, 2018, July 6, 2018,
and June 14, 2018, and numerous phone calls. However, despite
CARE's repeated requests, the company 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
ratings on PMPL's bank facilities will now 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 ratings.

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
PMPL takes into account ongoing delays in debt servicing by the
company.

Incorporated in Feb, 2014 by Mr. Prem Chand Gupta, Prominent
Metal Private Limited (PMPL) is engaged in trading of aluminium
ingots, aluminium wire rods & all types of aluminium products &
scraps. The company also has associate concerns namely Worldwide
Metals Private Limited, Olympus Metal Private Limited, Oyster
Steel & Iron Private Limited and Duke Sponge and Iron Private
Limited, all engaged in the same business.


PUNNAMI HATCHERIES: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Punnami
Hatcheries (PH) 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          8.01     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      6.49     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PH 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 PH. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Punnami
Hatcheries 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 PH to 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2010 as a partnership firm, Hyderabad (Telangana)
based PH is engaged in production of commercial eggs.


RANKAS TEXFAB: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rankas Texfab
Private Limited's (RTPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR66 mil. (reduced from INR85.8 mil.) Term loan due on
    November 2022 downgraded with IND BB/Stable rating;

-- INR148 mil. Fund-based facilities Long-term rating downgraded
    & Short-term rating affirmed with IND BB/Stable/IND A4+
    rating; and

-- INR15 mil. (increased from INR12 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects RTPL's continued small scale of operations
and a fall in its revenue in FY18. According to the provisional
FY18 financials, revenue declined to INR875 million in FY18
(FY17: INR940 million) on account of a traders' strike for a
month as the company was unable to procure raw materials and GST
implementation. RTPL achieved revenue of INR250 million during
4MFY19. The company has an outstanding order book of INR100
million, which will be executed by November 2018.

The ratings also reflect RTPL's continued modest credit metrics
which deteriorated in FY18, with interest cover of 2.1x in FY18
(FY17: 2.4x). This was primarily on account of an increase in
interest expenses and a fall in operating EBITDA. Also, net
leverage deteriorated to 6.3x in FY18 (FY17: 5.2x) on account of
an increase in debt. EBITDA margin remained modest in the range
of 7.9%-6.8% over FY15-FY18 (FY18: 6.8%, FY17: 6.8%, FY16: 7.7%).
Return from capital employed was 7% in FY18 (FY16: 9%). The
company also faces the risk of raw material price fluctuation and
forex exchange.

The ratings factor in RTPL's tight liquidity position with the
fund-based facilities being utilized around 97.8% during the 12
months ended August 2018.

The ratings are supported by the company's promoter's experience
of more than two decades in the textile sector, leading to
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 will be positive for the ratings.

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

COMPANY PROFILE

RTPL was incorporated in 1994 as a private limited company by Mr.
Chetankumar Motilal Ranka. The company is involved in textile
processing, dyeing, printing, and stitching. It has a plant in
Ahmedabad (Gujarat).


RELIABLE POLYESTER: CARE Reaffirms B+ Rating on INR5.5cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Reliable Polyester Private Limited (RPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       5.50        CARE B+; Stable Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RPPL continue to
remain constrained on account of its thin profit margins,
moderate capital structure, weak debt coverage indicators and
moderate liquidity position during FY18(Prov.) (refers to the
period April 1 to March 31). Furthermore, the rating continues to
remain constrained on account of susceptibility of its operating
margins to fluctuations in raw material price and presence in the
highly fragmented and competitive textile industry. The rating,
however, continue to derive comfort from the experience of
promoters, location advantage by way of its presence in textile
hub of Surat. The rating also factored in increase in total
operating income during FY18(Prov).

RPPL's ability to increase its scale of operations with
improvement in profitability, solvency position and debt coverage
indicators along with better working capital management will be
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin profitability, moderate capital structure and weak debt
coverage indicators: The profitability of RPPL stood thin marked
by PBILDT margin and PAT margin of 2.68% and 0.08% respectively
during FY18(Prov).The capital structure of RPPL has continued to
remain moderate as on March 31, 2018 (Prov.) and stood at 1.93
times as compared to 1.90 times as on March 31, 2017, mainly on
account of increase in the total debt. The debt coverage
indicators has remained weak marked by an interest coverage ratio
which stood at 1.38 times during FY18 (Prov.) as against 1.30
times during FY17 (A) mainly on account of decrease in interest
and finance cost. Further, total debt to GCA stood at 27.04x as
on March 31, 2018 as against 26.98x as on March 31, 2017 on
account of increase in total debt level.

Moderate Liquidity: The liquidity position remained moderate
marked by current ratio stood at 1.18 times as on March 31, 2018
as against 1.51 times as on March 31, 2017. However, the
operating cycle has improved and stood elongated at 102 days
during FY18 (Prov.) as against 166 days during FY17 mainly due to
decrease in the inventory period days coupled with increase in
creditor period days.

Presence into highly fragmented and competitive textile industry
RPPL operates into highly fragmented and competitive textile
industry with presence of large number of small and regional
players which restricts pricing flexibility as well.

Key Rating Strengths

Experienced promoters: All the promoters of the company hold
healthy experience of more than a decade individually in the same
line of business.

Location advantage by way of presence in textile hub of Surat:
RPPL's plant is located in Surat (Gujarat) which is considered to
be one of the major textile hubs in India. Surat also occupies a
major position in the production of manmade fabrics. The presence
in textile hub provides additional advantage of easy market
availability for its product to RPPL.

Increase in total operating income during FY18(Prov): During FY18
(Prov.), the total operating income has substantially increased
by 82% and stood moderate at INR39.22crore as against
INR21.60crore in FY17.

Surat-based (Gujarat) RPPL, a family run business was
incorporated in May 1988, by Mr. Radha Mohan Mittal which is now
managed by Mr. Ruchir Radha Mohan Mittal and Mrs. Esha Ruchir
Mittal. The company is engaged into the manufacturing of greige
(unprocessed) polyester fabrics from polyester yarn (primarily
Air Textured Yarn (ATY)), prior to which it discontinued the
operations of manufacturing polyester yarn. RPPL operates from
its sole manufacturing facility located in Surat (Gujarat) with
135 shuttle-less water jet looms having an installed capacity of
1.20 crore metres of greige fabric as on March 31, 2018.


S. G. PRESERVATIVES: CARE Assigns B+ Rating to INR14cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S. G.
Preservatives Private Limited (SGPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            14.00      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGPPL is
constrained on account of its stabilization risk associated with
ongoing debt funded capex, financial risk profile marked by small
scale of operations, low profitability, leveraged capital
structure, weak debt coverage indicators and weak liquidity
position for trading operation conducted during past two years'
ended FY18 (Prov). The rating is further constrained on account
of competition from other local players with dependency of
business prospects on vagaries of nature and seasonality of
business.

The rating, however, derives strength from the experienced
promoters, eligibility of various fiscal benefits receivables
from government and location advantage.

SGPPL's ability to achieve envisaged sales and profitability
after successful completion of ongoing project and optimum
capacity utilization of storage facility will be the key rating
sensitivities.

Key Rating Weaknesses

Stabilization risk associated with on-going debt funded capex
SGPPL is implementing a project to establish a cold storage at an
estimated total project cost of INR27.25 crore. The same is to be
funded through debt/equity mix of 2.41 times. The project is at
its advanced stage with 93% of the cost being already incurred.
SGPPL is envisaging commencing operations from end of September,
2018.Hence, SGPPL remains exposed to post implementation risk
mainly comprising of stabilization of operations from the new
plant and salability risk.

Financial risk profile marked by small scale of operations, low
profitability, leveraged capital structure, weak debt coverage
indicators and weak liquidity position for trading operation
conducted during past two years' ended FY18(Prov).

During FY18 (Prov.), SGPPL has reported TOI of INR0.06 crore
reflecting very small scale of operation. The TOI pertains to
income generated from trading of mangoes. SGPPL's profitability
remains low marked by low PBILDT and PAT in absolute terms during
FY18(Prov). SGPPL's capital structure remained leveraged marked
by overall gearing ratio of 2.62x as on March 31, 2018(Prov.). As
on March 31, 2018 (Prov.), SGPPL's debt coverage indicators
remained weak owing to low PBILDT level and cash accruals in
absolute term. Further, liquidity position remained weak marked
by below unity current ratio as on March 31, 2018.

Competition from other local players: In spite of being capital
intensive business, the entry barrier for new cold storage is low
backed by capital subsidy schemes of government. As a result, the
cold storage business in the region has become highly
competitive. However, high demand from for high-tech cold
storages provides some respite to the company and SGPPL will be
mainly dealing in onion, garlic, apples, ginger cold storage for
which there are very few options in Vadodara.

Business prospects depends on vagaries of nature and seasonality
of business: The operations of the company will be seasonal in
nature since it has direct linkage with agriculture sector.
Further, lower output of agro commodities may have an adverse
impact on the rental collections as the cold storage units
collect rent on the basis of quantity stored and the production
is highly dependent on vagaries of nature.

Key Rating Strengths

Experienced promoters: Mr. Shashikant Patel is key the promoters
of SGPPL, whos hold on an average experience of around three
decades in agriculture/dairy industry. Mr. Shashikant Patel and
his son Mr. Harsh Patel manage day to day operations of the
company.

Eligibility of various fiscal benefits receivables from
government: As per the revised policy of National Horticulture
Mission (NHM), proposed cold storage facility of SGPPL will be
eligible for credit linked back-ended capital subsidy from
central government as well as capital subsidy from state
government. Location Advantage. SGPPL's cold storage plant is
located at Vadodara and hence it can sell the products to nearby
market and locations such as Nadiad, Padra, Ahmedabad, Surat.
SGPPL can purchase and sale products in nearby areas due to its
presence in Vadodara.

Vadodara (Gujarat) based, S. G. Preservatives Private Limited
(SGPPL) was incorporated in 2015 by Mr. Shashikant Patel and Mrs.
Reena Patel. SGPPL has taken up a project for establishing a cold
storage having total project cost of INR27.25 Crore, envisaged to
be funded through debt/equity mix of 2.41 times. SGPPL has
incurred 93% of the cost till July 10, 2018. SGPPL is envisaging
to commencing operations by end of September, 2018. However,
SGPPL has also undertaken nominal trading activity of agro
commodity during last two years ended FY18(Prov). Total proposed
installed capacity of cold storage is 5000 Metric Tonne per
Annum. Mr. Shashikant Patel and Mrs. Reena Patel are also serving
as a director in other group companies named S G Milk Processing
Private Limited and Jagaji Farms Private Limited which are
engaged into business of milk processing and dairy farms
respectively.


SIDDHESHWARI PAPER: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Siddheshwari
Paper Mill (SPM) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      2.05     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               4.95     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPM for obtaining
information through letters and emails dated July 31, 2018,
August 16, 2018 and August 21, 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 SPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPM is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

SPM, set up in 2013, will manufacture kraft paper. Its production
facility is in Palanpur (Gujarat) and has capacity of 9036 tonnes
per annum. SPM's commercial operations began from April 2015.


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

The instrument-wise rating actions are:

-- INR48.7 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR8.3 mil. Term loans due on April 8, 2020 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR150 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR138.5 mil. Non-fund-based limits migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
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 1997, Spica Projects & Infrastructures executes
road and bridge construction contracts for the Jharkhand
government.


SRI KAVERI: CARE Reaffirms B+ Rating on INR14.96cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Kaveri Cotton Industries (SKCI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           14.96       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SKCI continues to
be tempered by limited track record and modest scale of
operations, thin PAT margins, leverage capital structure and weak
debt coverage indicators, highly fragmented industry and
regulated by government, operating margins susceptible to cotton
price fluctuation and seasonality associated with the cotton
industry and constitution of entity as a partnership concern with
inherent risk of possibility of withdrawal of the partner's
capital. The rating also takes into account satisfactory total
operating income (refers to period April 1 to March 31 and PBILDT
margin during first full year of operations and moderate
operating cycle. However, the rating continues to derive benefits
from experienced partners and established relationship with
clients and suppliers. Going forward, the firm's ability to
increase its scale of operations and improve profitability
margins amidst competition, and the ability to improve capital
structure while managing its working capital requirement
efficiently would remain the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Limited track record of operations coupled with relatively small
scale of operations: SKCI was established in the year 2013 and
the commercial operation started from Nov 2016. Hence, the firm
has very short track record of operations. However, the firm has
achieved total income of INR60.99 crore in FY18(C.A. Certified
Prov) and has networth of INR2.96 crore as on March 31, 2017.

Weak debt coverage indicators: The total debt/GCA of the firm was
high at 14.82x in FY18 (C.A Certified Prov). The interest
coverage ratio stood satisfactory at 2.04x in FY18 (C.A.
Certified Prov).

Improved capital structure albeit remained leveraged: The capital
structure of the firm has leveraged marked by debt equity and
overall gearing of 0.99x and 5.87x as on March 31, 2018 (C.A
Certified Prov) due to low networth and higher outstanding
balance of working capital facility as on account closing date
along with term loan facility availed for setting up of the
cotton ginning unit.

Highly fragmented industry and regulated by government: The
ginning and pressing of cotton which involves very limited value
addition and hence, results in thin profitability. Moreover, on
account of large number of units operating in the cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers. Furthermore, the
cotton prices in India are regulated by government through MSP
(Minimum Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government
through quota systems to suffice domestic demand for cotton.
Hence, any adverse change in government policy, i. e, higher
quota for any particular year, ban on the cotton or cotton yarn
export may negatively impact the prices of raw cotton in the
domestic market and could result in lower realizations and
profit.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with cotton industry: Operations of cotton
business are seasonal in nature, as sowing season is done during
March to July and harvesting cycle (peak season) is spread from
October to February every year. Prices of raw material, i. e, raw
cotton are highly volatile in nature and depend upon factors like
monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year.
Ginners usually have to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers.
Furthermore, cotton being a seasonal crop, the inventory levels
of the entity generally remains high at the end of the financial
year. Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk and high dependence
on working capital bank borrowings.

Constitution of the entity as a Partnership firm with inherent
risk of withdrawal of capital and limited access to funding
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure. Furthermore, partnership firms have restricted access
to external borrowings as credit worthiness of the partners would
be key factors affecting credit decision for the lenders.

Key Rating Strengths

Experience of the partner for three decade in cotton industry:
SKCI is promoted by Mr. K Ramesh and their relatives. Mr K Ramesh
has three decades of experience in cotton industry. He is also
actively involved in the associate concerns Kaveri Ginning Mills
Private Limited, Kaveri Ginning Industries Private Limited,
Swathi Ginning Mills Private Limited. Apart, Mr. K. Ramesh is
actively involved in Kaveri Cotton Traders which is in the name
of Mrs. K. Sujana (Spouse of Mr. K. Ramesh). Due to long term
presence in the market, the partners have established relations
with the customer and supplier which will further enable the firm
to grow in future

Achieved satisfactory revenue and profit margins in first full
year of operations FY18 (C.A. Certified Prov): SKCI was
established in the year 2013 and the commercial operations
started from Nov 2016, hence it has a very short operational
track record. The firm achieved total operating income of
INR60.99 crore in FY18 (C.A. Certified Prov) on account of
established customer base due to presence of associated entities
in the similar line of business. The PBILDT margin and PAT margin
stood at 4.73% and 1.05% respectively in FY18 (C.A. Certified
Prov).

Working capital intensive nature of operations: The operating
cycle of the firm remained moderate and stood at 86 days in FY18
(C.A. Certified Prov). The firm extends credit period of around
25-35 days to its customers while it makes payment to the raw
material suppliers (farmers) within a week and sometimes by way
of upfront cash. However, the firm also avails credit period of
15-25 days based on the long standing relationship with some of
the farmers. The firm holds the inventory of around three months
which includes raw cotton, inventory of raw cotton under process
and finished inventory of cotton bales and cotton seeds to meet
customer requirements. The average monthly utilization of working
capital was 90% for the last 12 month ended July 31, 2018.

Telangana based, Sri Kaveri Cotton Industries (SKCI), [erstwhile
Kaveri Cotton Industries] was established on April 27, 2013 and
the firm stated its commercial operation from Nov 2016. SKCI was
promoted by Mr K Ramesh, his friends and relatives/family
members. The firm is engaged in manufacturing of cotton bales and
cotton seeds. The firm procures the raw cotton from the farmers
located in and around Karimnagar. The firm sells its products
i.e. cotton bales and cotton seeds to the spinning millers
located at Tamil Nadu, Maharashtra, Haryana, Rajasthan and Andhra
Pradesh.


SRS MODERN: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Modern Sales
Ltd.'s Long-Term Issuer Rating at 'IND D' while migrating the
rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating action is:

-- INR750 mil. Fund-based working capital limits (long-
    term/short-term) affirmed and migrated to Non-Cooperating
    Category with IND D rating.

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

KEY RATING DRIVERS

The affirmation reflects National Company Law Tribunal's order to
commence the liquidation of SRS Modern Sales.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in an upgrade.

COMPANY PROFILE

SRS Modern Sales, a part of the SRS Group, is engaged in the
trading of construction materials such as cement, thermo-
mechanically treated bars and glasses. The company has presence
primarily in Delhi NCR.

The SRS group operates in various businesses such as retail,
wholesale trading of FMCG products, jewelry, real estate and
financing.


SURYA CHARITABLE: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Surya
Charitable And Welfare Society Regd. (Surya) to 'CRISIL B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Surya for
obtaining information through letters and emails dated July 31,
2018, August 16, 2018 and August 21, 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 Surya, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Surya is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Set up in 2004 by Mr. R K Sharma, Surya is not-for-profit society
that provides mid-day meals and free nutritional food in schools
under a central government scheme.


VAZHRAA NIRMAAN: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vazhraa
Nirmaan Private Limited (VNPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          20       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VNPL 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 VNPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VNPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Established in 2006, as a partnership firm and later
reconstituted in 2007 as a private limited company, Vazhraa
Nirmaan Pvt ltd (VNPL) is engaged in real estate development. The
company is currently undertaking one residential project in
Nizampet, Hyderabad on joint development basis. The company is
promoted by Sri M Srinivasa Rao and Sri M Umamaheshwara Rao.


VISHAL SALES: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vishal
Sales, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facility of Vishal Sales is
constrained by its small scale of operations with low
profitability margin, working capital intensive nature of
operations, leveraged capital structure with moderate debt
coverage indicators, constitution being a proprietorship firm and
intensely competitive industry with presence of many unorganised
players. However, the aforesaid constraints are partially offset
by experienced proprietor with long track record of operations
and satisfactory demand outlook of building materials. Going
forward, ability of the entity to increase its scale of
operations with improvement in profitability margins and ability
to manage working capital effectively are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margin: Vishal
Sales is a small player vis-a-vis other players in the trading
industry marked by its total operating income of INR36.21 crore
(Rs.28.40 crore in FY16) and PAT of INR0.37 crore (Rs.0. 31 crore
in FY16) in FY17. Further, the net worth base and total capital
employed was low at INR2.96 crore and INR10.60 crore,
respectively, as on March 31, 2017. However, the firm has
reported total operating income of INR38.50 crore in FY18. The
profitability margins of the firm remained low marked by PBILDT
of 1.83% (1.41% in FY16) and PAT margin of 1.02% (1.09% in FY16)
in FY17 mainly due to its trading nature of operations.

Working capital intensive nature of operations: The operations of
the firm remained working capital intensive marked by high
collection and inventory holding period. The firm maintains stock
of traded goods for one and half months for timely supply of its
client demands. Furthermore, it allows credit of around two month
to its customers due to its low bargaining power and it needs to
pay to its suppliers within two weeks. Accordingly the average
utilization of fund based limit remained on the higher side at
about 99% during last twelve months ending on May 31, 2018.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the firm remained leveraged
mainly due to its working capital intensive nature of operations.
Further, the overall gearing ratio marginally deteriorated as on
March 31, 2017 to 2.58x as against 2.51x as on March 31, 2016.
The debt coverage ratios were deteriorated in FY17 with
deterioration of interest coverage ratio and total debt to GCA
due to increase in interest expenses and higher debt level as on
account closing dates respectively. However, the debt coverage
ratios remained moderate marked by interest coverage ratio of
2.65x and total debt to GCA of 18.51x in FY17.

Constitution as a proprietorship firm: Vishal Sales, being a
proprietorship firm, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and firm being dissolved upon the death/insolvency of
the proprietor. Furthermore, proprietorship firms have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.

Intensely competitive industry with presence of many unorganized
players: The firm is engaged in the trading of building materials
which is highly fragmented and competitive due to presence of
numerous small players owing to low entry barriers and low
capital and technology requirement. High competitive pressure
limits the pricing flexibility of the industry participants which
induces pressure on profitability.

Key Rating Strengths

Experienced proprietor with long track record of operations: The
firm is into trading of emulsion, bitumen and other allied
products since 1994 and thus has long operational track record.
Mr. Sanjay Kumar Agarwal, the proprietor of the firm, is
associated with the firm since its inception and he has more than
two decades of experience in the same line of business. He looks
after the overall management of the firm supported by his son Mr.
Rahul Palsonia who has six years of experience in the same
industry.

Satisfactory demand outlook of building materials: One of the
main reasons for the growth of demand for building materials in
India is the sudden expansion of major projects. GOI has proposed
a number of huge schemes including industrial parks, and
technological business and residential hubs known as smart
cities. Furthermore, the construction materials industry in India
is continuing to grow, becoming more and more lucrative for
international companies looking to get involved with this strong
market.

Established in 1994, Vishal Sales was promoted as a
proprietorship firm by Mr. Sanjay Kumar Agarwal. Since its
inception, the firm has been engaged in trading of construction
materials like emulsion, bitumen and other allied products.


YUVRAJ BUILDCON: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Yuvraj
Buildcon Private Limited (YBPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL has been consistently following up with YBPL 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 YBPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YBPL 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 YBPL to 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2012, YBPL is engaged in residential real estate
development. The company is promoted by Mr Jitendra Kumar Sahu
and Mr. Virendra Sahu and undertakes projects mainly in Bilaspur.



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


BAYAN RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit
rating to PT Bayan Resources Tbk. (Bayan). The outlook is stable.
Bayan is an Indonesia-based holding company that has majority
ownership in operating companies with coal mining concessions in
Indonesia.

The rating reflects Bayan's single mine and mineral exposure, and
limited scale relative to global coal producers. The company
faces the risk of fluctuations in working capital during the dry
season, and its credit ratios are sensitive to volatility in coal
prices. Mitigating these risks are the sound cost position and
long reserve life of Bayan's mines, the company's adequate
liquidity, and the likelihood it will continue to generate
positive discretionary cash flows through 2020.

S&P expects the Tabang/Pakar mines to account for about 70% of
Bayan's production. This site is inland in East Kalimantan, and
is dependent on fully owned infrastructure for distribution.
Specifically, barging down the Kedang Kepala River can be delayed
during the dry season, and has delayed sales in the past. Bayan
is building a new haul road to the Mahakam River to mitigate this
risk; however, the road is not likely to be complete until 2021.
The company produced about 20 million metric tons (MMT) of coal
in 2017, up from 10 MMT in 2016, and expects to increase annual
production to 25 MMT-28 MMT in 2018 and beyond. This rapid growth
is primarily due to increasing production at Bara Tabang.

Bayan's operations should continue to have low mining costs,
driven by moderate stripping ratios of 3.5x-4.5x on average. This
translates into group overburden removal costs of about US$10 per
ton, with all-in cash costs averaging US$28-US$31 per ton across
all operations. S&P projects the cost and average strip ratios to
be stable over the next 12-24 months. The Bara Tabang mine is in
the first quartile of the global energy adjusted cash cost curve,
and compares favorably with other large or midsize coal mines in
Indonesia.

Bayan sells a low-energy-content product and its average selling
price is typically about 40% below the Newcastle thermal coal FOB
benchmark. S&P projects Bayan's average selling prices to be
US$45-US$55 per ton over the next few years, which is lower than
that of Indonesia peers PT Berau Coal Indonesia, PT Bumi
Resources, PT Kideco Jaya Agung, and PT Indo Tambangraya Megah
Tbk. However, Bayan has a lower cost base per ton and we forecast
its EBITDA per ton to be US$15-US$20 per ton on average, which is
comparable or better than that of the Indonesian peers.
Additionally, its profit and margins should be more resilient in
a downturn than that of peers with a higher energy content
product and higher cost base.

Although less important than profitability, Bayan has other
characteristics which compare favorably to peers'. The reserve
life at the Tabang/Pakar deposit is about 30 years with 800 MMT
of reserves (including Kangaroo Resources Ltd.), which provides
good potential for growth in production. Additionally, Bayan
enters into sales contracts with end users to provide visibility
over offtake. The company has contracted its entire expected
production in 2018 and about 50% for the next five years,
resulting in lower reliance on commodity traders than its peers
do. Additionally, 69% of 2018 production is contracted at fixed
prices, which helps reduce price volatility.

Bayan's increased production in 2017 resulted in positive cash
flows for debt repayment. The company raised production at the
low-cost Bara Tabang and Fajar Sakti sites to 15.6 MMT in 2017,
from 6.1 MMT in 2016. This helped drive an increase in total
production to 20.9 MMT in 2017, from 9.7 MMT in 2016. The
stronger operations continued in the first half of 2018, with an
annual run rate of 29.6 MMT. The volume increases occurred amid
favorable pricing, leading to EBITDA of US$485 million in 2017.
Bayan used the cash flow, along with proceeds from a new US$100
million credit facility with Permata Bank, to fully prepay US$484
million of loans. The company's credit facility with Permata Bank
complements a US$75 million facility recently established with
Sumitomo Mitsui Banking Corp., which together provide liquidity.

S&P said, "We expect Bayan to maintain modest leverage and
interest coverage with continued access to liquidity. We project
the company's annual EBITDA will average US$250 million-US$350
million through a coal price cycle, with the ratio of funds from
operations (FFO) to debt averaging about 50%.

"We expect Bayan to maintain limited debt balances while fully
funding capital expenditure using internal cash flows. The
company's capital expenditure is manageable at under US$100 per
year because the company's existing capacity does not require
substantial additional investment. This allows for positive
discretionary cash flows through 2020, while also paying a
dividend of around half of the previous year's net income. The
positive cash flows should lead to growing cash balances. Bayan
also has access to a total of US$175 million across the two
three-year credit facilities.

"In our credit analysis, we do not net Bayan's sizable cash
balance and excess cash accumulation in 2018 against its debt,
given the volatility of coal prices. Nevertheless, we recognize
that the company is likely to generate positive discretionary
cash flows through 2020, translating into cash accumulation amid
growing production. We believe that rising cash balances could
provide the company with sufficient headroom against future
extended periods of lower prices or working capital fluctuations.
The prospect of a sound liquidity position support our assessment
of Bayan's credit quality.

"The stable outlook reflects our expectation that Bayan will be
able to adequately service its debt over the next 12 months. The
current supportive coal prices should provide steady cash flows
and liquidity for the company. The stable outlook also reflects
our expectation that Bayan's Bara Tabang operations will remain
stable and profitable.

"We would lower the rating if Bayan's debt balance increases and
liquidity weakens materially. This could result from a sharp fall
in realized coal prices and profit per ton coinciding with
acquisitions and elevated capital spending, while production
declines, possibly due to delays or operational challenges. A
debt-to-EBITDA ratio above 3x would indicate such deterioration.

"We would raise the rating if Bayan is able to diversify its
operations, but we believe that is unlikely over the next 12
months. A higher rating could also be supported by more mine
sites and a larger scale, progress on the Mahakam haul road, or
diversification into uncorrelated businesses, while maintaining
the current financial profile and liquidity position."


RESOURCES PRIMA: Auditor Raises Going Concern Doubt
---------------------------------------------------
Navin Sregantan at The Strait Times reports that Resources Prima
Group's independent auditor, Baker Tilly, has qualified its
opinion on the Indonesian coal mining company's 2017 accounts and
raised a significant doubt about the company's ability to remain
a going concern.

According to the Strait Times, Baker Tilly said that its opinion
was qualified with regard to the accounts of discontinued unit PT
Rinjani Kartanegara, which went bankrupt in 2017.  The report
says Rinjani underwent a scheme of arrangement in August 2017,
and following that loss of control, Resources Prima's management
could not obtain audited financial statements for Rinjani for the
period between Jan 1, 2017, and Aug 24, 2017. A reported US$14.8
million (SGD20.2 million) loss from discontinued operations in
Resources Prima's accounts were, therefore, based on unaudited
numbers from Rinjani, the report relays.

The Strait Times relates that the auditor also highlighted
significant doubt about the company's ability to remain a going
concern.

During the financial year ended Dec 31, 2017, the group incurred
a net loss from continuing operations and discontinued operations
of US$1.06 million and US$14.79 million respectively, Baker Tilly
reported, the report discloses. Resources Prima also carried a
total net liability of US$151,000 as at Dec 31.

"These factors and contingent liabilities indicate the existence
of material uncertainties which may cast doubt about the ability
to continue as going concerns," Baker Tilly said in its report.

The Strait Times adds the auditor also noted cashflow pressures.
With the folding of Rinjani, Resources Prima's remaining
subsidiary is the coal hauling business, PT Energy Indonesia
Resources (EIR), which has a key coal hauling service agreement
with one PT Coalindo Adhi Nusantara (CAN). But the average
quantity of coal hauled under that agreement has turned out to be
significantly less than the 100,000 tonnes per month stipulated
due to ongoing heavy rainfall and poor condition of the coal
hauling road.

Separately, Resources Prima on Sept. 12 said that EIR has been
advised by CAN that all coal hauling activities will be shut down
from Sept. 5 to Sept. 17 due to a full stockpile and sporadic
fires within the stockpile. CAN, therefore, requires time to
clear the stockpile and extinguish the fires.

According to the Strait Times, Resources Prima said that it is in
discussions with CAN on possible recourse resulting from the said
disruption as well as disruptions in August. It is also exploring
how EIR can be protected against such disruptions in the future
and will meet CAN in this regard, the company added.

Despite the auditor's concerns, Resources Prima's directors
believe that the going concern assumption is still appropriate.
Key to that stance is an investment commitment that the company
obtained in August 2018 from substantial shareholder Ang Liang
Kim for not less than $4 million via a $2 million convertible
loan and rights issue. With the investment agreement, the company
should be able to pay off debts that fall due in 2018.

Resources Prima Group Limited, an investment holding company,
engages in the exploration, mining, transportation, trading, and
marketing of coal in Malaysia and Indonesia. It holds a
production operations license in the mining concession area
covering 1,933 hectares located in Kutai Kartanegara Regency in
East Kalimantan, Indonesia.



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


STONEWOOD HOMES: Liquidators Seek Millions From Mayor and Founder
-----------------------------------------------------------------
Daisy Hudson at Otago Daily Times reports that more than
NZ$28 million is being sought from Queenstown Lakes mayor Jim
Boult and former Stonewood Homes managing director Brent Mettrick
over the collapse of the company and amid allegations of reckless
trading.

Both Mr. Boult and Mr. Mettrick deny the claims, the report says.
Mr. Boult said he acted in "good faith'' as director.

According to the report, high Court documents show Mr. Boult, a
former director of Stonewood, and Mr. Mettrick are accused of
three counts of breaching their duties as directors under the
Companies Act 1993.

Otago Daily relates that the claim, lodged in the Christchurch
High Court by liquidators Rhys Cain and Rees Logan on July 31,
also alleged Mr. Boult is liable to repay hundreds of thousands
of dollars in directors fees because his remuneration for two
companies was not properly authorised, fair, or added to the
interests register.

The breaches of directorship duties relate to claims the pair
allowed companies to continue trading while insolvent, that
Mr. Boult "actively dissuaded" Mr. Mettrick from accepting
another offer to buy the company while he was making offers at
the same time, and that the pair put their personal interests
above the best interests of the companies, Otago Daily relays.

A total of NZ$28,369,000 is being sought jointly from
Mr. Mettrick and/or Mr. Boult, while Mr. Boult is also being
sought for an extra NZ$267,592.20 in repayments of his
directorship fees, Otago Daily discloses, the report discloses.

Otago Daily says Mr. Mettrick is being sought for an additional
NZ$1814,273. The claim relates to Stonewood Homes Limited (SHL),
Stonewood Homes New Zealand Limited (SHNZL), and Holmfirth Group
Limited (HGL), the report notes.

In his statement of defence Mr. Boult denies the allegations,
saying he did not make an offer to buy the company.

He also denies the companies were insolvent for several months,
as stated in the claim, and that their continued trading caused
substantial risk to creditors, the report adds.

Christchurch-based Stonewood Homes went into receivership on
February 22, 2016, owing unsecured creditors NZ$15 million. It
was later placed into liquidation. About 110 home buyers were
affected by the collapse.



=====================
P H I L I P P I N E S
=====================


MALASIQUI PROGRESSIVE: Creditors' Claims Deadline Set for Oct. 29
-----------------------------------------------------------------
All creditors of the closed Malasiqui Progressive Savings and
Loan Bank, Inc. have until October 29, 2018 to file their claims
against the assets of the closed bank either personally or by
mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Malasiqui Progressive
Savings and Loan Bank and include depositors whose deposits
exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must
have a postmark dated not later than October 29, 2018. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after October 29, 2018 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Malasiqui Progressive Savings and Loan Bank was ordered closed by
the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
August 16, 2018 and PDIC, as the designated Receiver, was
directed by the MB to proceed with the takeover and liquidation
of the closed bank in accordance with Section 12(a) of Republic
Act No. 3591, as amended. The bank is located in Quezon Blvd.
Extension, Brgy. Poblacion, Malasiqui, Pangasinan.

All requests and inquiries relating to Malasiqui Progressive
Savings and Loan Bank shall be addressed to the PDIC Public
Assistance Department through mail at the 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City, or through
telephone numbers (02) 841-4630 or 841-4631. Depositors and
creditors outside Metro Manila may call the PDIC Toll Free
Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also
visit the PDIC Public Assistance Center at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM. Inquiries may also be sent
as private message at Facebook through
www.facebook.com/OfficialPDIC


RURAL BANK OF MAIGO: Placed Under PDIC Receivership
---------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Maigo (Lanao del Norte), Inc. from doing
business in the Philippines. Under Resolution No. 1484.A dated
September 13, 2018, the MB directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
September 14, 2018.

Rural Bank of Maigo is a single-unit rural bank located in
Poblacion, Maigo, Lanao del Norte.

Latest available records show that as of June 30, 2018, Rural
Bank of Maigo had 2,150 deposit accounts with total deposit
liabilities of PHP73.25 million. Total insured deposits amounted
to PHP64.06 million equivalent to 87.4% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000. Individual depositors with valid deposit accounts
with balances of PHP100,000 and below shall be eligible for early
payment and need not file deposit insurance claims, provided they
have no outstanding obligations with Rural Bank of Maigo or have
not acted as co-makers of these obligations. These individual
depositors must ensure that they have complete and updated
addresses with the bank. They may update their addresses until
September 19, 2018 using the Mailing Address Update Forms to be
distributed by PDIC representatives at the bank premises.

For business entities and all other depositors who are required
to file claims for deposit insurance, the schedule for filing of
claims will be announced as soon as possible through posters in
the bank premises and in other public places, the PDIC website,
www.pdic.gov.ph , and PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Rural Bank of Maigo and to transact
only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for
filing claims for deposit insurance and settlement of loan
obligations, all depositors and borrowers of the bank are
enjoined to attend the Depositors-Borrowers' Forum which will be
held in a venue near the premises of the bank on September 24,
2018. Details will be posted in the bank premises and in other
public places.

Depositors and borrowers may communicate with PDIC Public
Assistance personnel stationed at the bank premises or call the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631
or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those
outside Metro Manila. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account at www.facebook.com/OfficialPDIC



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


WILTON RESOURCES: Posts IDR78.8BB Net Loss for Year Ended June 30
-----------------------------------------------------------------
Rachel Mui at The Strait Times reports that higher operating and
finance expenses sent Catalist-listed gold miner Wilton Resources
Corp. deeper into the red for its fourth-quarter and full year
results.

For the three months ended June 30, net loss came in at
IDR24.7 billion (SGD2.3 million), from a loss of IDR14.9 billion
a year earlier, The Strait Times discloses.  This translates to a
loss per share (LPS) of IDR10.12 (0.1 Singapore cent) for the
quarter, from a LPS of 6.1 Indonesian sen (0.06 Singapore cent)
last year.

No dividend has been declared, the report says.

According to The Strait Times, revenue for the fourth quarter and
the full year came in at IDR4.3 billion as the group reported the
maiden sale of its gold dore in Q4. A total of 7.7 kg of gold
dore was sold at about US$1,274 per ounce, Wilton Resources said.
No revenue was reported for the fourth quarter and the full year
of fiscal 2017.

For the 12 months ended June 30, Wilton Resources widened its net
loss to IDR78.8 billion, from a net loss of IDR46 billion in the
previous year, The Strait Times discloses.

LPS for the full year stood at IDR32.35 (0.32 Singapore cent),
versus IDR19.66 (0.21 Singapore cent) a year ago.

In particular, other operating expenses rose by 73.4 per cent, or
six billion rupiah in fiscal 2018, mainly due to higher
exploration and evaluation expenses, higher amortisation of
prepaid land leases, and higher site expenses incurred during the
year, Wilton Resources said.

Finance costs of IDR15.2 billion was also recorded for the full-
year period. This was related to interest expense incurred on the
project financing arrangement obtained by the group in October
last year to fund a facility at the company's Ciemas Gold Project
located in West Java, Indonesia. There was no such cost incurred
in FY2017.

According to the report, Wilton Resources said the price of gold
has declined since the beginning of July last year from US$1,229
per ounce to about US1,198 per ounce due to the stronger US
dollar.

Nonetheless, the group said it remains focused on gold production
at its Ciemas Gold Project, which "boasts high grades, large and
open resources, and low projected costs which help to de-risk the
opportunity," the report relays.

Looking ahead, the volatility of the foreign exchange for the US
dollar against the group's functional currency (Indonesian
rupiah) will continue to have a significant impact on its
financial results, Wilton Resources said, adds The Strait Times.

Based in Singapore, Wilton Resources Corporation Limited --
http://www.wilton.sg/-- an investment holding company, engages
in the exploration, mining, and production of gold ores in
Indonesia. It holds interest in the Ciemas gold project
comprising two concession blocks covering a total area of 3,078.5
hectares located in Sukabumi Regency, West Java Province of
Indonesia. The company is also involved in general trading,
transportation, construction, real estate, logging, farming,
plantation, forestry, electrical, mechanical, computer, workshop,
and printing and services businesses.



                             *********

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

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

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


                            *********


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

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

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

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

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



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