/raid1/www/Hosts/bankrupt/TCRAP_Public/181024.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 24, 2018, Vol. 21, No. 211

                            Headlines


A U S T R A L I A

CATO GALILEE: First Creditors' Meeting Set for Oct. 31
DIRECTION FUND: First Creditors' Meeting Set for Nov. 2
GENE PACKAGING: First Creditors' Meeting Set for Nov. 2
HUNTSMAN HOTEL: First Creditors' Meeting Set for Oct. 29
KILCOY 27: First Creditors' Meeting Set for Nov. 1

MORAITIS COMMUNICATIONS: Administrators Recommend Liquidation
MORPHATE PTY: First Creditors' Meeting Set for Oct. 30
WATER WINE: First Creditors' Meeting Set for Nov. 1


C H I N A

CHINA CITIC: Moody's Rates Proposed AT1 Securities Ba2(hyb)
FENGHUI LEASING: Moody's Withdraws B2 Corporate Family Rating
WINTIME ENERGY: Defaults on US$214.74 Million Bond Payment


I N D I A

AADITYA KRAFT: CRISIL Hikes Rating on INR17.95cr Loan to B-
AGI CARGO: Insolvency Resolution Process Case Summary
ANANTSHREE POLYFAB: CRISIL Assigns B Rating to INR6.45cr LT Loan
AQUA DESIGNS: Insolvency Resolution Process Case Summary
ASN AGRI: ICRA Migrates B+ Rating to Not Cooperating Category

BALLAVPUR PAPER: CRISIL Lowers Rating on INR14cr Loan to D
BHARAT COTTAGE: ICRA Reaffirms B- Rating on INR9cr Loan
BLUE STAR: CRISIL Withdraws 'D' Rating on INR9cr Cash Loan
BLUE STAR BUILDING: CRISIL Withdraws D Rating on INR12.5cr Loan
CARE IT: Insolvency Resolution Process Case Summary

DHOLADHAR DEVELOPERS: CRISIL Moves C Rating to Not Cooperating
EASYTECH GLOBAL: Insolvency Resolution Process Case Summary
FAIRDEAL CONSUMER: CRISIL Migrates B+ Rating to Not Cooperating
IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
INFRASTRUCTURE LEASING: Taps Advisers for Debt Resolution Plan

ISAT NETWORK: CRISIL Migrates B+ Rating to Not Cooperating
JINDAL STAINLESS: Set to Exit Restructuring by End of Fiscal Year
JODGE INFRA: CRISIL Assigns B+ Rating to INR10cr Term Loan
KALANJIAM DEVELOPMENT: Ind-Ra Affirms BB- Rating on INR340MM Loan
KALINDI RESORTS: CRISIL Assigns 'B' Rating to INR12cr LT Loan

KISHAN GINNING: ICRA Reaffirms B+ Rating on INR13.50cr Loan
KOTHARI FOODS: Insolvency Resolution Process Case Summary
MAMTA AGRO: CRISIL Assigns B+ Rating to INR3.50cr Term Loan
MANDEEP INTERNATIONAL: CRISIL Reaffirms B Rating on INR10cr Loan
MAYANK TEXOFINE: CRISIL Migrates B Rating to Not Cooperating

MOHAK CARPETS: Insolvency Resolution Process Case Summary
NEW WIN: ICRA Lowers Rating on INR7.83cr Unallocated Loan to D
ONEUP MOTORS: CRISIL Migrates B Rating to Not Cooperating
P. B. ALLOYS: CRISIL Migrates 'B' Rating to Not Cooperating
ROSHA ALLOYS: ICRA Maintains B+ Rating in Not Cooperating

SANCHETI COTEX: CRISIL Raises Rating on INR10cr Cash Loan to B+
SATNAM AGRI: Insolvency Resolution Process Case Summary
SEAWARD EXPORTS: ICRA Maintains B+ Rating in Not Cooperating
SELVARAAJ PRABHU: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SHAPE MACHINE: CRISIL Migrates B Rating to Not Cooperating

SHIV SHAMBHU: CRISIL Revokes Suspension of B+ Rating on Loan
SHREE RAM: ICRA Reaffirms B+ Rating on INR5cr LT Loan
SHREEPATI JEWELS: Ind-Ra Maintains 'D' Rating in Non-Cooperating
SHRI JAIPAL: CRISIL Assigns D Rating to INR81.79cr Term Loan
SKAF CONSTRUCTION: CRISIL Hikes Rating on INR7cr Bank Loan to B+

SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR5.45cr Cash Loan
SRI BALAJI: CRISIL Migrates B- Rating to Not Cooperating Category
SRI GAYATRI: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
SUDEEP EXIM: CRISIL Migrates B+ Rating to Not Cooperating
UNNAMALAI AGRO: Insolvency Resolution Process Case Summary

VAISHNAVI COTTON: ICRA Withdraws B Rating on INR7cr LT Loan
VEERA TECHNO: CRISIL Migrates 'B' Rating to Not Cooperating


N E W  Z E A L A N D

ORE JEWELLERY: Stand-Alone Jewellery Store Goes Into Liquidation
VINOPTIMA ESTATE: Up For Sale After Going Into Receivership


                            - - - - -


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


CATO GALILEE: First Creditors' Meeting Set for Oct. 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cato
Galilee Pty Ltd will be held at Regus Brisbane, Level 22, 127
Creek Street, in Brisbane, Queensland, on Oct. 31, 2018, at
11:30 a.m.

Christopher Baskerville -- ChrisB@jirschsutherland.com.au -- of
Jirsch Sutherland was appointed as administrator of Cato Galilee
on Oct. 19, 2018.


DIRECTION FUND: First Creditors' Meeting Set for Nov. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Direction
Fund Limited will be held at the offices of McLeod & Partners
Level 9, 300 Adelaide Street, in Brisbane, Queensland, on Nov. 2,
2018, at 10:00 a.m.

Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Direction Fund on Oct. 23, 2018.


GENE PACKAGING: First Creditors' Meeting Set for Nov. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Gene
Packaging Pty Ltd, trading as Premium Packaging, will be held at
the offices of Amos Insolvency, Locked Bag 5007, in Narellan,
NSW, on Nov. 2, 2018, at 12:00 p.m.

Peter A Amos of Amos Insolvency was appointed as administrator of
Gene Packaging on Oct. 23, 2018.


HUNTSMAN HOTEL: First Creditors' Meeting Set for Oct. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Huntsman
Hotel Pty Ltd will be held at the offices of DuncanPowell Level
4, 70 Pirie Street, in Adelaide, South Australia, on Oct. 29,
2018, at 10:00 a.m.

Stephen James Duncan and Christopher Powell of DuncanPowell were
appointed as administrators of Huntsman Hotel on Oct. 17, 2018.


KILCOY 27: First Creditors' Meeting Set for Nov. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Kilcoy 27
Pty Ltd will be held at the offices of Worrells Forensic and
Solvency Accountants, Level 8, 102 Adelaide Street, in Brisbane,
Queensland, on Nov. 1, 2018, at 10:30 a.m.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Kilcoy 27 on Oct.
22, 2018.


MORAITIS COMMUNICATIONS: Administrators Recommend Liquidation
--------------------------------------------------------------
Nico Arboleda at CRN reports that the administrators of Moraitis
Communications have recommended that the company be liquidated
after more than three years in operation.

Kenneth Whittingham and David Webb from PricewaterhouseCoopers
(PWC) were appointed as administrators last month, after the
company ceased operations with just over AUD2 million in debts,
including claims from the director and some related entities,
according to CRN.

CRN relates that the administrators revealed the company had not
been profitable since its inception in December 2014 and was
heavily reliant on loans from the company director and related
parties to fund operations.

They also said there was insufficient director oversight and the
operation of the company was increasingly reliant on more
experienced senior staff, CRN relates.

CRN says the report did not reveal the total number of staff the
company employed, but said the three senior staff left in
November, March and April, and had two staff upon the appointment
of PWC.

"The company engaged with unprofitable customers on low gross
profit margin services which did not have sufficient volume to
cover fixed overheads," the administrator, as cited by CRN, said
in the report.  "[It also] failed to continue to win significant
contracts and obtain the necessary scale to operate in the
industry and support its cost structure."

Projects had lead times of two to three years before they can be
profitable, while diminishing commissions on Telstra products
placed pressure on the company's mobility business, CRN states.

According to CRN, the administrators also said the company was
likely trading while insolvent from at least June 2017, but the
director said he relied on reports from employees who represented
unrealistically optimistic forecasts and financial performances.

The company's unsecured creditors are claiming a combined AUD2
million debts, which exclude employee entitlements of AUD145,000.
Claims include AUD1.3 million by the director, while the
Australian Taxation Office is claiming AUD428,000. The company
also owes distributor Dicker Data AUD113,000, CRN discloses.

Other creditors making claims include Fuji Xerox, UC distributor
Aria Technologies and Sydney-based call centre technology
provider Data and Telephone Specialists, CRN notes.

A deed of company arrangement has been reached between the
director and the administrators, with the director agreeing to
pay at least AUD80,000 while Whittingham and Webb will collect
from the company's debtors, aiming to reach at least a combined
AUD180,000, according to CRN.

Sydney-based Moraitis Communications provided a range of IT
solutions like unified communications, cloud solutions, mobile
device management and professional solutions. Its vendors
included Citrix, Cisco, Microsoft, VMware, Samsung, LG, Ericsson,
Sony Mobile, Mitel and Navman.


MORPHATE PTY: First Creditors' Meeting Set for Oct. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Morphate
Pty Ltd will be held at the Institute of Chartered Accountants,
Level 18, 600 Bourke Street, in Melbourne, Victoria, on Oct. 30,
2018, at 11:00 a.m.

John Maxwell Morgan and Geoffrey Davis of BCR Advisory were
appointed as administrators of Morphate Pty on Oct. 22, 2018.


WATER WINE: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Water Wine
& Juice Pty Ltd will be held at the offices of MaC Insolvency,
Level 7, 91 Phillip St, in Parramatta, NSW, on Nov. 1, 2018, at
10:00 a.m.

Trent McMillen of MaC Insolvency was appointed as administrator
of Water Wine on Oct. 22, 2018.



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


CHINA CITIC: Moody's Rates Proposed AT1 Securities Ba2(hyb)
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) rating to China
CITIC Bank International Limited's proposed USD-denominated,
perpetual, non-cumulative and subordinated AT1 securities with
contractual point of non-viability loss absorption features.
Coupons may be cancelled in full or in part on a non-cumulative
basis at the issuer's discretion or mandatorily in case the
distributable reserves were not sufficient.

RATINGS RATIONALE

The assigned Ba2(hyb) rating reflects: (1) China CITIC Bank
International's Baseline Credit Assessment (BCA) and Adjusted BCA
of baa2; (2) Moody's Advanced Loss Given Failure (LGF) analysis,
resulting in a position three notches below the bank's Adjusted
BCA; and (3) Moody's assumption of a low probability of
government support for loss-absorbing instruments, resulting in
no uplift.

China CITIC Bank International is subject to Hong Kong's
Financial Institutions (Resolution) Ordinance and Moody's
considers Hong Kong an Operational Resolution Regime.

Moody's assesses the probability of the failure of China CITIC
Bank International taking into account potential affiliate
support - as represented by the bank's Adjusted BCA of baa2 - as
the starting point for rating the bank's AT1 securities. Moody's
then applies its Advanced LGF analysis to determine the loss-
given-failure of the AT1 securities.

Given the limited subordination in the form of residual equity,
the Advanced LGF analysis indicates a high loss-given-failure for
the AT1 securities, resulting in a position one notch below the
bank's Adjusted BCA.

In addition, Moody's rating for non-viability securities also
incorporates two additional notches to capture the risk of coupon
suspension on a non-cumulative basis.

WHAT COULD CHANGE THE RATING UP

China CITIC Bank International's AT1 securities rating would be
upgraded together with any upgrades of the bank's Adjusted BCA.

The bank's BCA is already three notches above that of its parent
China CITIC Bank Corporation Limited; therefore, an upgrade of
its BCA is not likely in the near term. Given that the parent has
a lower BCA, there is no uplift to the bank's Adjusted BCA,
although Moody's believes that there is a very high probability
of support from the parent to China CITIC Bank International.

WHAT COULD CHANGE THE RATING DOWN

China CITIC Bank International's AT1 securities rating would be
downgraded together with any downgrades of the bank's Adjusted
BCA.

The bank's BCA and Adjusted BCA can be downgraded if rapid growth
in its mainland or overseas exposures results in weakened
solvency and liquidity profiles.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in August 2018


FENGHUI LEASING: Moody's Withdraws B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn Fenghui Leasing Co.,
Ltd's B2 corporate family rating, and the B3 backed senior
unsecured rating assigned to the USD150 million 7.875% notes due
2019 issued by Silver Sparkle Limited and guaranteed by Fenghui
Leasing.

At the time of the withdrawal, the outlook of Fenghui Leasing and
Silver Sparkle was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because of inadequate
information to monitor the ratings, due to the issuer's decision
to cease participation in the rating process.

Fenghui Leasing Co., Ltd, headquartered in Beijing, is a local
entrusted loans and leasing company in China. It reported total
assets of RMB25 billion at the end of 2017.

Silver Sparkle Limited, incorporated in the British Virgin
Islands, is a wholly owned subsidiary of Fenghui Leasing Co.,
Ltd. The subsidiary's principal activity is to act as a fund-
raising vehicle for its parent.


WINTIME ENERGY: Defaults on US$214.74 Million Bond Payment
----------------------------------------------------------
Reuters reports that Wintime Energy Co. said on Oct. 22 that it
had defaulted on principal and interest payments on a puttable
medium-term note after investors exercised their options to sell
bonds back to the company.

The payments, worth a total of CNY1.49 billion ($214.74 million),
were due Oct. 22, the company said in a statement on the website
of the Shanghai Clearing House, Reuters relates.

In a separate statement, the company said the default had
triggered cross-protection clauses in six of its other
outstanding debt instruments, adds Reuters.

China-based Wintime Energy Co., Ltd., engages in the power,
mining, petrochemical, logistics and investment, and other
businesses in China. The company generates power; mines and
produces coking coal; and processes shale gas. It has an electric
power installed capacity of 10.94 million kilowatts; a total of
14 producing mines; and shale gas exploration rights. The company
is also involved in the new energy business; and distribution of
petrochemicals. In addition, it invests in strategic emerging
industry projects, financial sector, coking coal and thermal coal
projects, and power and new energy projects.



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


AADITYA KRAFT: CRISIL Hikes Rating on INR17.95cr Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Aaditya Kraft & Papers Private Limited (AKPPL) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3.3       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan            17.95      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating had been downgraded on January 18, 2018, due to delay
in servicing of the term loan. The upgrade reflects track record
of timely repayment of the term loan repayment.

The rating continues to reflect its start-up phase and expected
small scale of operations in the intensely competitive industrial
paper segment. These weaknesses are partially offset by the
entrepreneurial experience and funding support of the promoters.

Analytical Approach

For arriving at the rating, unsecured loans of INR12.61 crore
from the promoters have been treated as neither debt nor capital
as these are expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Start-up phase and expected small scale of operations: With
installed capacity of 2500 tonne per month and production
commenced from November 2016, scale is likely to remain modest
over the medium term. Moreover, as industrial kraft paper would
be the company's only source of revenue, it will remain
vulnerable to the seasonal nature of demand. Moreover, intense
competition in the segment will limit the pricing power and
increase susceptibility to volatile raw material prices.

Strength:

* Entrepreneurial experience and funding support of the
promoters: Though AKPPL is the first project of its promoters in
the paper industry, they have more than 10 years of experience in
material handling services for aluminum industries across
Cuttack, Odisha. Further, need-based funding support from the
promoters is expected to continue.

Outlook: Stable

CRISIL believes AKPPL will benefit from the entrepreneurial
experience and funding support of its promoters. The outlook may
be revised to 'Positive' if ongoing project is completed within
stipulated time and cost and generates strong revenue and
profitability, resulting in sizeable cash accrual. The outlook
may be revised to 'Negative' if delay in completion of project
and stabilisation of operations leads to low revenue and
profitability; or if large working capital requirement or debt-
funded capital expenditure weakens financial risk profile,
particularly liquidity.

Incorporated in 2012 and promoted by Mr Bibekananda Behara and
family, AKPPL manufactures kraft paper at its facility in
Cuttack.


AGI CARGO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: AGI Cargo Private Limited

        Regioinal Office:
        Office No. 202, KH. No. 548, F/F
        MahipalPur, New Delhi 110037, India

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 9, 2019
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         G-41, Ground Floor, West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnkassociates.com
                         Tel.: +91-11-45095230

Last date for
submission of claims:    October 26, 2018


ANANTSHREE POLYFAB: CRISIL Assigns B Rating to INR6.45cr LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank loan facilities of Anantshree Polyfab Private Limited
(APPL). The ratings reflect APPL's weak financial risk profile
and risks related to initial stage of operations. These
weaknesses are partially offset by the experience of the
promoters.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan       6.45       CRISIL B/Stable (Assigned)
   Bank Guarantee       0.25       CRISIL A4 (Assigned)
   Cash Credit          3.00       CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Despite increasing to an estimated
INR4.85 crore as on March 31, 2018, from INR1.74 crore a year
ago, networth has been modest due to large debt levels; hence,
overall gearing has been high at 2.76 times. Interest coverage
and net cash accrual to adjusted debt ratios were 1.2 times and
0.01 time, respectively, in fiscal 2018. Business should remain
constrained unless promoters infuse sizeable equity or extend
large unsecured loans.

* Risks related to initial stage of operations: The company is
still in the initial stages of operations and the business is yet
to stabilise. APPL started its operations from October 2017. It
is expected to stabilise over the next 12 months, supported by
improvement in capacity utilisation and demand. This risk is
slightly mitigated by the promoters' experience in stabilising
newly started ventures in the similar line of business.

Strength

* Experience of promoters: Benefits from the promoters'
experience, their strong understanding of the local market
dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Outlook: Stable

CRISIL believes APPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability strengthens
financial risk profile and liquidity. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected revenue or
profitability, or stretched working capital cycle weakens
financial risk profile and liquidity.

APPL, incorporated in 2016 at Darjeeling, manufactures
polypropylene bags with installed capacity of 250 tonne per
month; it started commercial production from November 2017.

Mr Sandip Kumar Kayan, Mr Ajay Agarwal, Ms Sunita Devi Agarwal
and Mr Govind Prasad Kayan are the promoters.


AQUA DESIGNS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Aqua Designs India Private Limited
        No. 9, Jayanthi Nagar Extension
        (Behind IBP Petrol Bunk)
        Off 200' Road, Kolathur
        Chennai 600099

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam
                         (C Ramasubramaniam)

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         (C Ramasubramaniam)
                         'RAJI' 3B1, 3rd Floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com
                                 rmscirp@gmail.com
                         Phone: 044-2852 8292, 4260 6292
                         Mobile: +91 98840 68292, 99625 68292

Last date for
submission of claims:    October 31, 2018


ASN AGRI: ICRA Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the rating for INR23.00 crore bank facility of ASN
Agri Genetic Private Limited (ASN) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     21.00      [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Non-Fund based         2.00      [ICRA]A4 ISSUER NOT
   Limits                           COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Incorporated in 1995 by Mr. Radheyshyam Patidar, ASN Agri Genetic
Private Limited (ASN Agri) is an Indore (Madhya Pradesh) based
company engaged in processing and trading of seeds. Besides
these, the company also trades in cotton seeds on a limited
scale. ASN Agri procures hybrid breeder seeds from agricultural
research centres and institutions and sells them to various
farmers for sowing and reproduction. It then purchases the seeds
from these farmers.


BALLAVPUR PAPER: CRISIL Lowers Rating on INR14cr Loan to D
----------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Ballavpur
Paper Mfg. Limited (BPML) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating' as account has been reported to have defaulted debt
repayment obligation.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           10        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL BB/Stable
                                   ISSUER NOT COOPERATING')

   Letter of Credit      14        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL A4+
                                   ISSUER NOT COOPERATING')

   Standby Line           1.5      CRISIL D (ISSUER NOT
   of Credit                       COOPERATING; Downgraded
                                   from 'CRISIL A4+
                                   ISSUER NOT COOPERATING')

   Term Loan              7.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL BB/Stable
                                   ISSUER NOT COOPERATING')

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

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

Detailed Rationale

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

Based on best available information, CRISIL has downgraded the
rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating' as account has been
reported to have defaulted debt repayment obligation.

BPML, incorporated in 2006, is promoted by Mr Ujjal Kumar
Upadhyay. The company, which commenced commercial operations from
2009, manufactures kraft paper using waste paper. Kraft paper is
primarily used in industrial packaging. The manufacturing unit is
at Ranigunj, West Bengal. The company also has a coal-based
captive power plant. Mr Amarendra Nath Bhattacharjee, who has
decades of experience in the paper industry, is the managing
director and overseas operations.


BHARAT COTTAGE: ICRA Reaffirms B- Rating on INR9cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR9.00 crore (enhanced from INR8.50 crore) cash credit facility,
INR1.18 crore term loans (earlier INR1.80 crore) and the INR1.90
crore fund-based sub-limits of Bharat Cottage Industries. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 to the
INR2.20 crore (enhanced from INR1.70 crore) non-fund based bank
facilities and INR1.50-crore non-fund based sub-limit of the
firm. The unallocated limits of INR0.12 crore has been rated on
both the scales at [ICRA]B-/[ICRA]A4. The ratings have been
removed from the Issuer Not Cooperating category. The outlook on
the long-term rating is Stable.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             9.00       [ICRA]B-(Stable);
                                      reaffirmed, removed from
                                      issuer not cooperating

   Term Loans/             1.18       [ICRA]B-(Stable);
   Working Capital                    reaffirmed, removed from
   Demand Loan                        issuer not cooperating

   Packing Credit         (0.80)      [ICRA]B-(Stable);
                                      reaffirmed, removed from
                                      issuer not cooperating

   Foreign Documentary    (0.80)      [ICRA]B-(Stable);
   Bill Purchase (FDBP)               reaffirmed, removed from
                                      issuer not cooperating

   Letter of Credit       (0.30)      [ICRA]A4; reaffirmed,
   (Inland)                           removed from issuer not
                                      cooperating

   Letter of Credit (LC)   2.00       [ICRA]A4; reaffirmed,
                                      removed from issuer not
                                      cooperating

   Letter of Guarantee     0.20       [ICRA]A4; reaffirmed,
                                      removed from issuer not
                                      cooperating

   Buyers Credit (Sub
   limit of LC)           (1.50)      [ICRA]A4; reaffirmed,
                                      removed from issuer not
                                      cooperating

   Unallocated Limits      0.12       [ICRA]B-(Stable)/[ICRA]A4;
                                      reaffirmed, removed from
                                      issuer not cooperating

Rationale

The ratings continue to remain constrained by BCI's modest scale
of operations with the firm reporting a compounded annual growth
rate (CAGR) of ~9% from FY2014 to FY2018 in its turnover. BCI's
liquidity has remained stretched as reflected by its high
utilisation of the working capital limits with a high working
capital intensity of 58% as on March 31, 2018 marked by high
inventory levels and elongated receivables, though the same has
improved compared to 72% as on March 31, 2017, supported by
marginal reduction in inventory levels. Its capital structure
remains leveraged with a gearing of 1.67 times as on March 31,
2018. The ratings are also constrained by BCI's exposure to raw
material price fluctuations with its key raw material
'polypropylene (PP)' being a crude oil derivative. The cost of
the same remains a significant component of its cost structure.
ICRA also takes into consideration the intense competition in the
industry, which impinges the margins and the risk of capital
withdrawals, given BCI's constitution as a partnership firm. The
assigned ratings, however, favorably incorporates the established
experience of the partners in the plastic products segment with a
well-diversified product profile.

Outlook: Stable

ICRA believes BCI will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if BCI is able to report substantial growth in its
revenue and profitability, as well as efficiently manage the
working capital requirement. The outlook may be revised to
'Negative' if the firm's revenues decline or if there is
significant withdrawal of capital by the partners or a stretch in
the working capital cycle weakening its liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the plastic industry: BCI
was established in 1961 by late Shri Mangilalji Danrajji Badamia.
The firm manufactures plastic household products. At present, it
is managed by Mr. Mahendra Mangilalji Jain and Mr. Priyank
Mahendra Jain. Mr. Mahendra Jain has a wide experience of more
than three decades in the plastic industry, which has helped BCI
in establishing its position in the domestic market.

Well-diversified product profile: BCI manufactures a broad range
of household plastic items and thermo-ware products with ~500
product varieties in its portfolio. BCI's product range is
particularly diverse and comprises items such as water jugs,
casseroles, water bottles, water filter, vacuum flasks, bucket,
mugs, waste bins and others.

Credit challenges

Modest scale of operations: BCI has been operating on a modest
scale at present with a compounded annual growth rate of ~9% from
INR27.63 crore in FY2014 to INR39.24 crore in FY2018. Stiff
competition in the sector has hampered the growth in its top-line
to an extent. This also constrains its ability to benefit from
the economies of scale.

Stretched liquidity profile with a high working capital intensity
marked by high inventory levels: BCI's working capital intensity
has improved to 58% as on March 31, 2018, over 72% as on
March 31, 2017, following marginally reduced inventory levels due
to faster production enabled by capacity expansion. Nonetheless,
despite an improvement, its liquidity profile has continued to
remain stretched, given the elongated receivables and high
inventory levels. The products being seasonal in nature, the firm
maintains a finished goods stock for five to six months to cope
with the seasonal demand. High working capital intensity of
operations has led to a tight liquidity position for BCI and has
resulted in full utilisation of its working capital limits.

Leveraged capital structure while YoY infusion of capital by the
partners provides comfort: The firm's capital structure continues
to remain leveraged with a gearing of 1.67 times as on March 31,
2018 following its high debt levels. The total debt has increased
to INR16.75 crore as on March 31, 2018, against INR16.34 crore as
on March 31, 2016 following an increase in working capital
borrowings along with a working capital deman loan of INR1.00
crore, availed in January 2018, for funding the growing business
requirements. ICRA notes that there has been continuous infusion
of capital into the business. In FY2016 and FY2017, the partners
infused an amount of INR0.59 crore and INR0.23 crore,
respectively.

Vulnerability of profitability to crude oil prices, which can
affect the pricing and availability of PP: The major raw
materials used by BCI are PP, polyurethane, isopolyol and steel.
PP takes up around 80% of the total raw material requirement. It
procures a major portion of PP from the domestic distributors.
Out of the total procurement, <1% of the total purchases were
imported in FY2018 from the UAE, Malaysia and China. PP is a
crude oil derivative and any significant movement in crude oil
prices is likely to affect BCI's profit margins.

Intense competition due to fragmented industry structure: The
Indian plastics industry is characterised by stiff competition
and remains fragmented with many small-scale units present
throughout the country. There are also a few large domestic and
multi-national players in this segment with established brand
recognition. Hence BCI faces tough competition in the local
markets. However, its extensive experience of more than 50 years
has enabled the firm to establish a secure position in the Indian
market. It manufactures around 500 types of products, which are
sold under its own brands, 'Bharat' and 'Fable'.

Risks of capital withdrawal as inherent in a partnership firm:
Being a partnership firm, the risk of capital withdrawal remains
inherent and any significant withdrawal of capital by the
partners may weaken BCI's net worth base and impact its capital
structure.

Established in 1961 by late Shri Mangilalji Danrajji Badamia, BCI
is a partnership firm managed by Mr. Mahendra Mangilalji Jain,
Mrs. Madhubala Mahendra Jain and Mr. Priyank Mahendra Jain. BCI
manufactures household plastic items and thermo-ware products.
BCI's product range comprises water jugs, casseroles, water
bottles, water filter, vacuum flasks, bucket, mugs, waste bins
and others. Its products are mostly used during Diwali and other
festivals, water bottles for the summer season and thermos ware
for the winter season. The firm has a manufacturing unit located
at Daman with an installed capacity of 3125 MTPA and is operating
at its full capacity at present.

In FY2018, the firm reported a profit before tax of INR0.62 crore
on an operating income (OI) of INR39.24 crore on a provisional
basis, as compared to a net profit of INR0.51 crore on an OI of
INR30.13 crore in the previous year.


BLUE STAR: CRISIL Withdraws 'D' Rating on INR9cr Cash Loan
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Blue
Star Construction Co. (BSCC; part of the Blue Star group) on the
request of the company and receipt of a no objection/due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         9        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

CRISIL has been consistently following up with BSCC for obtaining
information through letters and emails dated October 16, 2017 and
January 12, 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 they are arrived at without any
management interaction and are 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 BSCC. This restricts CRISIL's
ability to take a forward BSCC 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 BSCC
continues to be 'CRISIL D Issuer Not Cooperating'.

The Blue star group is promoted by Navi Mumbai-based Thakur
family. Established as a partnership firm in 1978, BSCC
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


BLUE STAR BUILDING: CRISIL Withdraws D Rating on INR12.5cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Blue
Star Building Materials Private Limited (BSBMPL; part of the Blue
Star group) on the request of the company and receipt of a no
objection/due certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         12.5       CRISIL D/Issuer Not Cooperating
                                  (ISSUER NOT COOPERATING; Rating
                                  Withdrawn)

CRISIL has been consistently following up with BSBMPL for
obtaining information through letters and emails dated
October 16, 2017, January 12, 2018 and September 28, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as they are arrived at without any
management interaction and are 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 BSBMPL. This restricts
CRISIL's ability to take a forward BSBMPL 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
BSBMPL continues to be 'CRISIL D Issuer Not Cooperating'.

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

The Blue star group is promoted by Navi Mumbai-based Thakur
family. Established as a partnership firm in 1978, BSCC
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


CARE IT: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Care IT Solutions Private Limited
        481 Anna Salai, 2nd Floor, Nandanam
        Chennai 600035

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Division Bench, Chennai

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

Insolvency professional: Nurani Subramanian Suryanarayanan

Interim Resolution
Professional:            Nurani Subramanian Suryanarayanan
                         Flat V-II, Silver Palm Apartments
                         340/1, Bajanai Koil Street
                         Padi, Chennai 600050
                         E-mail: suri_nar@hotmail.com
                                 careitrp@gmail.com

Last date for
submission of claims:    November 3, 2018


DHOLADHAR DEVELOPERS: CRISIL Moves C Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dholadhar
Developers Private Limited (DDPL) to 'CRISIL C Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     2.2       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              8         CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DDPL for obtaining
information through letters and emails dated September 24, 2018
and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DDPL 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 Dholadhar Developers Private Limited to 'CRISIL C
Issuer not cooperating.

DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up
Maximus Mall, a commercial complex with a 2-screen multiplex, at
Dharamsala. The project commenced commercial operations in April
2017. The company's founder has entrepreneurial experience of 48
years.


EASYTECH GLOBAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Easytech Global Private Limited

        Registered address:
        E-92, 2nd Floor, Masjid Moth
        Greater Kailash-III
        New Delhi 110048

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 13, 2019

Insolvency professional: Ashish Kumar Batta
                         K.G. Somani & Co. (Chartered
Accountants)

Interim Resolution
Professional:            Ashisk Kumar Batta
                         Delite Cinema Building, 3rd Floor
                         Asaf Ali Road, New Dehi 110002
                         E-mail: ashishbatta@gmail.com
                                 kgs.easytech@gmail.com

Last date for
submission of claims:    October 29, 2018


FAIRDEAL CONSUMER: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Fairdeal
Consumer Durables Private Limited (FDCDL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Bank Guarantee        8          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          12          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FDCDL for
obtaining information through letters and emails dated August 30,
2018 and September 11, 2018, 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 FDCDL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on FDCDL 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 FDCDL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Promoted by Mr. Devi Dasan and his wife, Ms. R Saraswathy, in
1999, Fairdeal is an authorised distributor of Micromax mobile
handsets. It is also an authorised distributor of Morphy Richards
and Oster range of home appliances in Bengaluru. Further in 2015-
16 (refers to financial year, April 1 to March 31) the company
has signed-up for the distribution of Reliance JIO (Hardware as
well as Connectivity).


IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS
Education and Technology Services Limited's (IETS) Long-Term
Issuer Rating to 'IND B+' from 'IND BB+'. The Outlook is
Negative.

The instrument-wise rating actions are:

-- INR290 mil. Working capital term loan limits downgraded with
     IND B+/Negative rating;

-- INR850 mil. Fund-based working capital downgraded with IND
     B+/Negative/IND A4 rating;

-- INR2.244 bil. Non-fund-based working capital downgraded with
     IND B+/Negative/IND A4 rating; and

-- INR100 mil. Term loan June 30, 2019 downgraded with IND
     B+/Negative rating.

Ind-Ra continues to take a consolidated view of IETS, it's wholly
owned subsidiary IL&FS Clusters Development Initiative Limited
and its majority owned subsidiary IL&FS Skills Development
Corporation Limited, as they operate in the same business
(education). Moreover, IETS has provided a corporate guarantee
for the bank facilities of both subsidiaries.

KEY RATING DRIVERS

Stressed Liquidity: The downgrade and Negative Outlook reflect
the stressed liquidity of IETS, indicated by an almost near
utilization of its bank cash credit limits and concerns over
further availability of an INR2 billion credit line from parent
Infrastructure Leasing & Financial Services Limited (IL&FS; 'IND
D'). The stressed liquidity of IETS may increase the project
execution risk for IETS.

Weak Collections: The downgrade factors in lower-than-expected
collections made during September-October 2018, leading to
uncertainty over its ability to meet upcoming debt servicing
obligations through internal cash accruals. Against the expected
cash inflow of INR1,504 million, IETS collected INR740 million
until 16 October 2018. Failure to receive timely collections from
government departments could lead to refinancing requirements,
which would be difficult in the current situation.

Heavy Debt Repayments in FY19: IETS has the following major debt
repayments pending in FY19: INR1,550 million for the commercial
paper (INR1,000 million on 20 November 2018, INR300 million on 28
February 2019 and INR 250 million on 26 March 2019) and INR226
million for the long-term loans. IETS had availed an INR733
million letter of credit from IDBI Bank Ltd ('IND AA-'/Negative)
using the banking lines of IL&FS. The letter of credit became due
for repayment on September 21, 2018; however, IETS was unable to
pay the requisite amount on the due date. Thereafter, IL&FS has
adjusted this liability under the line of credit facility
(INR2,000 million) already sanctioned by IL&FS to IETS. Repayment
and servicing terms of this liability are not finalized yet.
Meanwhile, NCD interest and part redemption repayment totalling
INR318 million that was due on October 10, 2018 was timely paid
by IETS.

Exposure to Group Entities with Weak Credit Profiles: IETS has
significant exposure to group companies with weak credit profiles
through routed loans, indicating the possibility of delayed
payments on such loans. There is a high dependence of these
entities on IL&FS to support their debt servicing payments. At
FYE18, to support group companies, IL&FS Financial Services Ltd
('IND D') had routed loans totalling INR3.8 billion through
IETS's subsidiaries: IL&FS Clusters Development Initiative and
Skills Training Assessment Management Partners Limited. IFIN's
loans are secured by a charge on current assets, including loans
and advances given to group companies and demand promissory note,
and are repayable by March 2019.

Group Developments: On October 1, 2018, the government of India
superseded the board of directors of IL&FS and appointed a new
board. The new board would present a roadmap to revive the IL&FS
group to National Company Law Tribunal by 31 October 2018. The
liability of the routed loans is likely to be addressed in the
roadmap. Against the government's plea for a three-month
moratorium against any legal proceedings by any party against
IL&FS and its subsidiaries, National Company Law Tribunal has
granted interim relief until the next hearing in November 2018.

Possible Exit by Private Equity Investors: The exit of private
equity investors from IETS is due and could happen in the
scenario of another strategic investor bringing in equity. The
ability to find potential investors may be subject to group
developments. Lexington Equity Holdings Limited (India Equity
Partners) has a 26.12% stake in IETS since 2010.

RATING SENSITIVITIES

Outlook Revision: The Outlook will be revised to Stable on an
improvement in the liquidity profile and the refinancing
capability of IETS in the short term. Moreover, an improvement in
IL&FS's liquidity and IETS's continued improvement in cash flows
would lead to the Outlook revision to Stable.

Further stress in liquidity could lead to a negative rating
action.

COMPANY PROFILE

IETS is the education technology and training arm of IL&FS.
Started in 1997, IETS has a well-diversified business model and
provides solutions in education and training to schools,
colleges, vocational training institutes, state governments and
corporates.


INFRASTRUCTURE LEASING: Taps Advisers for Debt Resolution Plan
--------------------------------------------------------------
Reuters reports that the board at Infrastructure Leasing and
Financial Services Ltd (IL&FS) said on Oct. 22 it has appointed
two advisers for assisting them in its debt resolution exercise.

Reuters relates that the company said the newly appointed board
has chosen advisory firms, Arpwood Capital and JM Financial
Consultants, which will provide financial and transaction
advisory as well as "undertake valuations across divestments and
monetisation".

According to Reuters, the six-member IL&FS board was formed to
revive the financier and infrastructure developer, which has 348
subsidiaries and INR910 billion ($12.4 billion) of debt.

In a court-led process earlier this month, the government
replaced the entire board with its own set of people in order to
find an early resolution to a debt-default driven crisis, Reuters
recalls.

The board also appointed consultancy firm Alvarez and Marsal as
restructuring advisers to the group, it said, adds Reuters.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments over the last one month. This was
said to be an attempt to restore the confidence of financial
markets in the credibility and solvency of the infrastructure
financing and development group.


ISAT NETWORK: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of iSat Network
Engineers Pvt. Ltd. (ISPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        4.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ISPL for obtaining
information through letters and emails dated September 24, 2018
and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ISPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISPL 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 iSat Network Engineers Pvt. Ltd. to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 1998 and promoted by Mumbai-based Agarwal family,
ISPL is an engineering, procurement, and construction contractor
for high voltage and low voltage substations of up to 400
kilovolts. It also imports testing equipment for generation sets.


JINDAL STAINLESS: Set to Exit Restructuring by End of Fiscal Year
-----------------------------------------------------------------
Swansy Afonso and Archana Chaudhary at Bloomberg News report that
Jindal Stainless Ltd., part of billionaire Savitri Jindal's steel
and power conglomerate, expects to leave behind its debt troubles
by March, allowing it to boost its capacity by half over the
following two years.

India's dominant stainless steel producer had been forced into a
central bank-mandated restructuring after its debts piled up,
Bloomberg says. Having repaid most of its dues, the company is
now working with banks to exit the program by the end of the
fiscal year, Managing Director Abhyuday Jindal -- a grandson of
Savitri, India's richest woman -- said earlier this month in an
interview in New Delhi, where the company is headquartered.

"After that, we can really plan our growth journey again," he
said, which'll involve increasing capacity to 2.4 million metric
tons by 2021, from 1.6 million tons now, as the company looks to
take advantage of burgeoning demand from the car, kitchenware,
railway and defense sectors, Bloomberg relays.

"We will maintain financial prudence to maintain a healthy
balance sheet and definitely not get into a high-leverage
situation," Bloomberg quotes Mr. Jindal as saying. Scheduled
repayments of INR10 billion in the next two years will further
cut debt to INR36 billion, he said.

India's stainless steel consumption is growing faster than that
of crude steel, and usage will increase by 10 percent annually
over the next decade, he said, from a current level of 2.5
million tons, Bloomberg relays.

Bloomberg adds that risks to that rosy outlook include rising
imports. A retreat to protectionism as a result of the trade
flare-up between the U.S. and China could see metals, including
stainless steel, diverted to India, mainly from countries that
have free trade agreements with the south Asian nation, said
Jindal, who started his career at his uncle Sajjan Jindal's JSW
Steel Ltd. and took over the reins of Jindal Stainless from his
father earlier this year.

"Our request to the government is to review the free trade
agreements with countries like South Korea, Indonesia, Japan, and
the proposed Regional Comprehensive Economic Partnership," he
said, referring to the 16-nation Asian trade deal currently being
negotiated, adds Bloomberg.

Based in New Delhi, India, Jindal Stainless Limited operates as
an integrated stainless steel manufacturing company in India and
internationally. Its products include ferro alloys, slabs, hot
rolled coils, plates and sheets, and cold rolled coils and
sheets. The company's products are used in automotive, railway
and transport, architecture, building and construction, chemical
and petrochemical, capital goods, nuclear, kitchenware, and food
processing industries.


JODGE INFRA: CRISIL Assigns B+ Rating to INR10cr Term Loan
----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the proposed long term
bank facilities of Jodge Infra (India) Private Limited (JIPL).
The ratings reflect the extensive experience of promoters. These
strengths are partially offset by the initial stage of operations
and risks and cyclicality inherent in Indian real estate
industry.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan      10        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Strengths

* Established track record of promoters: Promoters of the firm
have extensive experience in real estate development. The project
undertaken by JIPL is handled by experienced management who have
extensive domain experience. CRISIL believes that the promoters'
established track record will help the firm to market its project
well.

Weakness

* Risks and cyclicality inherent in Indian real estate industry:
The real estate sector in India is cyclical, and marked by
volatile prices, opaque transactions, and a highly-fragmented
market structure because of the presence of a large number of
regional players. Significant time overruns in earlier projects
has led the company to apply for rescheduling and restructuring
of term loans in the past, owing to slow inflow of customer
advances. The rising interest rates and increasing costs of land,
along with expected correction in prices, will hurt players'
profitability over the medium term.

* Initial stage of operations: The company has commenced it
operations in fiscal 2018 and is executing its first residential
project in Hosur, Tamil Nadu named Dollar Colony. The limited
experience of the company in the real estate sector limits its
ability to take multiple and large projects over the medium.

Outlook: Stable

CRISIL believes that the JIPL will benefit over the medium term
from extensive experience of the promoters and better market
penetration in the real estate industry as the operations of the
company increases. The outlook may be revised to 'Positive' if
the company registers significant increase in its revenue and
profitability, resulting in substantial cash accruals, and
improves its working capital cycle on a sustainable basis.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile, particularly liquidity, weakens
due to delays in realization of receivables or unanticipated
withdrawal of capital by promoters from the business.

JIIPL is a Registered & Incorporated Private Limited Company in
2018 based from Hosur, Krishnagiri District, Tamil Nadu. The
Company has engaged in viable development of land and
construction of Residential Complexes.


KALANJIAM DEVELOPMENT: Ind-Ra Affirms BB- Rating on INR340MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kalanjiam
Development Financial Services (KDFS) bank facilities as follows:

-- INR340 mil. Bank loans affirmed with IND BB-/Stable rating.

The rating reflects KDFS's high leverage, modest loan
performance, weak asset quality, and limited stand-by liquidity
plans. The rating factors in the entity's exposure to inherent
risks under the self-help group (SHG) model, due to its role as a
bridge financier, and limited growth prospects. Ind-Ra however
derives comfort from KDFS's 16 years of operations and the
committed operational and strategic support it receives from DHAN
(Development of Humane Action) Foundation.

KEY RATING DRIVERS

KDFS has a low capitalization level because of limited infusion
of share capital by the SHG groups. The leverage ratio remained
high despite improving to 5.8x in 1HFY19 from 6.2x in FY18 (FY17:
5.9x) and was stable below 6x over FY13-FY17. Its capital growth
largely depends on the addition of new SHG groups under the
Kalanjiam Programme, while internal accruals are marginal due to
its not-for-profit status. The rising leverage exposes the
company to refinancing risks in times of liquidity stress.

The entity's operational performance was subdued in FY18 at
INR42.7 million (FY17: INR33.3 million), with a pre-grant loss of
INR1.1 million. Although non-operational income compensated for
the operational loss and the entity reported a net profit of
INR0.3 million in FY18 (FY17: INR0.09 million), the modest
operating profitability without timely support could affect debt
serviceability in a high leverage scenario.

Also, KDFS's gross non-performing assets remained at elevated
levels of 3.3% as of September 2018 (FY18: 3.7%; FY17: 3.6%),
which is higher than that observed in the better rated entities
in this segment. A rise in credit costs because of delinquent
loans could further pressure profitability. Although KDFS is a
Section 8 company under the new Companies Act, 2013 and therefore
does not come under the purview of the Reserve Bank of India, it
follows the 180+ days past due NPA recognition policy. This puts
the company in a higher risk situation compared to peers for the
recognition of early stress signs in the portfolio.

The entity employs the SHG lending model that exposes it to a
variety of risks. The entity offers unsecured lending to SHG
groups comprising low-income individuals with low discipline
among borrowers. KDFS operates as a bridge financier to SHGs,
formed in line with the Kalanjiam Programme as a self-help
promoting institution, before banks would regard SHG groups
bankable. It extends credit to poor women and small/marginal
farmers who have seasonality in their income, making recovery of
loans highly vulnerable.

DHAN Foundation has committed to provide operational, strategic
and liquidity support to KDFS through cross-guarantee mechanisms
and mutuality funds aggregated at the federation level out of
member savings surplus. KDFS provides credit services only to the
SHGs promoted and monitored by DHAN foundation.

RATING SENSITIVITIES

Negative: An inability to improve leverage and operational
income, a further decline in the asset quality, inability to
raise funds as and when required to support capital impairment
arising out of possible asset quality shocks, and any signs of
deteriorating support from DHAN Foundation may result in a
negative rating action.

Positive: A sustained increase in the size and scale of
operations along with improvement in asset quality without
significant increase in the leverage could result in a positive
rating action.

COMPANY PROFILE

KDFS is a section 8 company (not-for-profit) and operates under
the umbrella of DHAN foundation. It is responsible for providing
credit services to the SHG groups promoted by the Kalanjiam
Programme of the Foundation. The Kalanjiam Programme identifies
areas for livelihood development and concentrates on themes such
as agriculture, irrigation, goat rearing, fish rearing, and
agriculture allied activities.


KALINDI RESORTS: CRISIL Assigns 'B' Rating to INR12cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kalindi Resorts and Hotels (KRH).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        12        CRISIL B/Stable (Assigned)

The rating reflects KRH's exposure to risks associated with
timely completion and stabilisation of the ongoing hotel project,
and susceptibility to geographical concentration in revenue and
to cyclicality in the hospitality industry, along with low cash
accrual against term debt obligation. These weaknesses are
partially offset by the benefits derived from the favourable
location of the hotel and association with the established brand,
Ramada Wisdom Garden.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to implementation and stabilisation
of ongoing project: Operations are expected to commence from
January 2019. Timely commencement, occupancy rates, and
stabilisation of the working capital cycle will remain key rating
sensitivity factors.

* Susceptibility to geographical concentration in revenue and to
cyclicality in the hotel industry: The hotel is at Jaipur, where
tourist season will not be throughout the year. Geographical
concentration might affect the ramp-up in occupancy. It is also
susceptible to intense competition in the hospitality sector.

* Low net cash accrual against term debt obligation: Being in the
initial period of operations, the firm is expected to post low
net cash accrual as against maturing debt. Repayments will start
from January, 2020 and cash accrual of INR0.04 crore and INR1.30
crore are projected in fiscals 2019 and 2020, respectively, just
enough to meet annual debt obligations of INR0.35 crore in fiscal
2020. However, consistent funding support from promoters should
support the debt-servicing ability.

Strengths

* Initial stage of operations; however, benefits from
advantageous location: The hotel is in the initial stages of
operations as it will start operations from end of fiscal 2019.
It is at Jaipur, entirely surrounded by nature. This attracts
customers, both business and leisure travellers.

* Association with Ramada Wisdom Garden: The firm has a tie up
with the Ramada Wisdom Garden of Hotels and has to pay 3-5% of
the gross revenue as royalty. In turn, the firm uses the Ramada
Wisdom Garden brand and receives technical support from the group
in management and daily operations of the hotel. Benefits through
the brand association with Ramada Wisdom Garden should help the
hotel to establish its presence in the category of premium
hotels.

Outlook: Stable

CRISIL believes KRH will continue to benefit from the experience
of the promoters and its association with the established brand
of Ramada Wisdom Garden. The outlook may be revised to 'Positive'
if timely implementation of the hotel project without any
significant cost overrun, and higher-than-expected occupancy
strengthen liquidity. Conversely, the outlook may be revised to
'Negative' if any significant time or cost overrun in
commissioning the project, subdued cash accrual as a result of
low occupancy or room tariffs, or substantial, debt-funded
capital expenditure weakens financial risk profile.

KHR, set up in April 2015, is constructing a hotel at Jaipur.
Commercials operations of the hotel will start from end of fiscal
2019.


KISHAN GINNING: ICRA Reaffirms B+ Rating on INR13.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR13.50-crore cash credit facility of Kishan Ginning & Pressing
Factory. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Cash Credit         13.50      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to factor in KGPF's modest
scale of operations and its average financial risk profile marked
by low profitability, leveraged capital structure and below-
average debt coverage indicators. The rating also factors in the
business risk associated with the edible oil industry, including
the high competition, the fragmented structure, and the exposure
of profitability to agro climatic risks. ICRA also notes the
potential adverse impact on the firm's net worth and the gearing
levels in case of any substantial withdrawal from capital
accounts, given that it is a partnership concern.

The assigned rating, however, continues to favourably factor in
the extensive experience of the partners in the cottonseed oil
business and the proximity of the firm's manufacturing plant to
raw materials.

Outlook: Stable

ICRA believes KGPF will continue to benefit from the experience
of its partners in the cotton oil business. The outlook may be
revised to Positive if the firm witnesses a healthy improvement
in the scale of operations and sustains profitability, or better
working capital management strengthens the overall financial risk
profile. The outlook may be revised to Negative if the firm
reports substantial decline in scale and profitability, leading
to inadequate net cash accruals. Moreover, capital withdrawal
that deteriorates capital structure and weakens the overall
liquidity position of the firm would be a credit negative.

Key rating drivers

Credit strengths

Extensive experience of promoters in cottonseed oil segment: KGPF
was established in 2008. The key promoters of the firm, Mr.
Hitesh Chachadia and Mr. Ramesh Chachadia have more than two
decades of experience in the cotton ginning and cottonseed oil
crushing business.

Proximity to cotton-producing belt in Gujarat ensures easy
availability of raw material: The firm purchases its raw material
(cottonseeds) from Gujarat, mainly cotton ginners. It enjoys easy
availability of raw material by virtue of its location in Rajkot,
cotton belt of Gujarat.

Credit challenges

Modest scale of operations; intense industry competition: The
firm's scale of operation was moderate at INR116.29 crore in
FY2018; declining ~6% on YoY basis. Further, the firm faces stiff
competition from numerous players in the cottonseed oil business
due to low technological requirement and import of cheap
varieties of edible oils.

Average financial risk profile: The firm's operating margin was
low at 2.52% in FY2018 primarily due to low value-added
operation. The financial risk profile of the firm remained
average, marked by leveraged capital structure as evident from
the gearing of 3.07 times as on March 31, 2018, although it
improved from 4.44 times as on March 31, 2017. The debt-coverage
indicators stood below average - the interest coverage was 1.50
times and Total Debt/OPBDITA was 4.81 times in FY2018.

Vulnerability of profitability to fluctuations in raw cotton
prices: As cottonseeds are purchased from ginners at prevailing
spot prices, the firm's profit margin is exposed to volatility in
cottonseed prices. The industry is susceptible to agro-climatic
conditions, which determines the availability of raw materials
and their prices. Further, given the high volatility in
international edible oil prices, the margins of domestic players
often shrink due to pricing mismatch between raw materials (which
are linked to domestic factors) and final product.

Risk associated with partnership firms: KGPF, being a partnership
firm, is exposed to adverse capital structure risk if there is
substantial withdrawal from its capital accounts.

Kishan Ginning & Pressing Factory (KGPF) was established as a
partnership firm in 2008. It is owned by Mr. Dipak Parmar, Mr.
Hitesh Chachadia, Mr. Kishor Manvar and Mr. Ramesh Chachadia.
Initially, the firm was in the business of ginning and pressing
of raw cotton and crushing of cottonseeds. However, from FY2017,
it discontinued the ginning operation. The manufacturing facility
of the firm, located at Rajkot in Gujarat, is equipped with 25
expellers. The facility produces 20 metric tonnes cottonseed oil
per day (24 hours operations). The firm also trades corn powder
and cattle feed mixture.

In FY2018, the firm reported a net profit of INR0.81 crore on an
operating income of INR116.29 crore, as compared to a net profit
of INR0.67 crore on an operating income of INR123.11 crore in the
previous year.


KOTHARI FOODS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kothari Foods and Fragrances Private Limited

        Registered Office:
        426-C, City Centre 63/2
        The Mall, Kanpur 208004

Insolvency Commencement Date: October 18, 2018

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019
                               (180 days from commencement)

Insolvency professional: CS Shravan Kumar Vishnoi

Interim Resolution
Professional:            CS Shravan Kumar Vishnoi
                         Shopping Square-II, 406-407
                         Sushant Golf City, Ansal API
                         Sector-D, Lucknow
                         Uttar Pradesh 226030
                         E-mail: Shravan.vishnoi@yahoo.com
                         Mobile: +91 9839 443555

                            - and -

                         BCC Tower-1008, 10th Floor
                         Sultanpur-Lucknow Road, Arjun Ganj
                         Ahmamau, near Saheed Path
                         Lucknow Uttar Pradesh 226002
                         E-mail: ip.kotharifoods@gmail.com

Last date for
submission of claims:    November 1, 2018


MAMTA AGRO: CRISIL Assigns B+ Rating to INR3.50cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mamta Agro Industries (MAI).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              3.5       CRISIL B+/Stable (Assigned)
   Cash Credit            1.75      CRISIL B+/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     1.75      CRISIL B+/Stable (Assigned)

The rating continues to reflect the firm's small scale of
operations and large working capital requirement. These
weaknesses are partially offset by promoters' experience and
funding support, and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: With revenue of INR2.1 crore for
fiscal 2018 (INR1.6 crore in the previous fiscal), scale remains
modest.

* Large working capital requirement: Gross current assets were
183 days as on March 31, 2018, because of stretched receivables.

Strengths

* Experience and funding support of promoters: Benefits derived
from promoters' experience of more than two decades have helped
the company to ramp up revenue. Promoters have also backed
liquidity by extending need-based capital and unsecured loans.

* Moderate financial risk profile: Networth was INR2.3 crore as
on March 31, 2018, while gearing was 1.48 times on account of
modest dependence on external debt. Also, debt protection metrics
were moderate, with interest coverage and net cash accrual to
total debt ratios of 2.8 times and 0.21 time, respectively, for
fiscal 2018.

Outlook: Stable

CRISIL believes MAI will continue to benefit from the experience
and funding support of its promoters. The outlook may be revised
to 'Positive' if substantial increase in revenue, profitability,
and cash accrual, along with prudent working capital management
strengthen business and financial risk profiles. The outlook may
be revised to 'Negative' if low cash accrual because of a dip in
revenue, stretched working capital cycle, or any large, debt-
funded capital expenditure weakens financial risk profile,
especially liquidity.

Established in 2015 as a partnership firm by Mr Sachin Katiyar,
Mr Shishupal Singh, Ms Pragya Singh Katiyar, and Ms Birla
Katiyar, MAI operates a potato cold storage unit in Kanpur.


MANDEEP INTERNATIONAL: CRISIL Reaffirms B Rating on INR10cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Mandeep International Private Limited
(MIPL).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           10         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the modest scale of MIPL's
operations in the intensely competitive agro commodities trading
segment, and a below-average financial risk profile. These
weaknesses are partially offset by the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was around INR57 crore in fiscal 2018.

* Below-average financial risk profile: Networth was low at
INR2.76 crore as on March 31, 2018, with gearing and total
outstanding liabilities to tangible networth ratio at 5.26 times
and 6.32 times, respectively.

Strength

* Experience of promoters: Benefits from the promoters'
experience of four decades, their strong understanding of local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes MIPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
substantial and sustained increase in cash accrual strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if significantly low revenue and profitability or
stretch in working capital cycle weakens financial risk profile.

MIPL, incorporated in April 2013 at Gujarat, trades in de-oiled
cakes made of rapeseed and groundnut, and other agro-products
such as maize. Mr Ashish Talaviya and Mr Kishor Vaishnani are the
promoters.


MAYANK TEXOFINE: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mayank
Texofine (MT) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan             5.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MT for obtaining
information through letters and emails dated September 24, 2018
and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in August 2015, MT is a proprietorship firm by Mr Radhe
Shyam Agarwal. The firm processes, dyes and prints poplin fabrics
(cotton and synthetic) for suiting and shirting; it majorly
undertakes job work for customers. The processing unit is in
Balotra, Rajasthan.


MOHAK CARPETS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mohak Carpets Private Limited

        Registered address:
        17/2, Kennedy Avenue
        Amritsar Amritsar
        Punjab 143001

        Principal office:
        Plot no. 8, Sec-Mahila Udhyami Park-II
        Ecotech-III, Greater Noida
        U.P. 201306

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, Chandigarh Bench,
Chandigarh

Estimated date of closure of
insolvency resolution process: April 10, 2019
                               (180 days from commencement)

Insolvency professional: Anil Kumar

Interim Resolution
Professional:            Anil Kumar
                         303, Chandra CGHS Limited
                         Golf Course Road, Plot No. 64
                         Sector 55, Gurgaon
                         Haryana 122011
                         E-mail: anil2566@gmail.com

                            - and -

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

Last date for
submission of claims:    October 27, 2018


NEW WIN: ICRA Lowers Rating on INR7.83cr Unallocated Loan to D
--------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from
[ICRA]BB- for INR2.83-crore term loan, INR4.05-crore cash credit
and INR7.83-crore unallocated limit of New Win Win Feeds Pvt.
Ltd. (NWWFPL). ICRA has also downgraded the short-term rating to
[ICRA]D from [ICRA]A4 for the INR0.29-crore non-fund based
facility of NWWFPL. The rating continues to be in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D/
[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        2.83      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Revised from [ICRA]BB- (Stable)
                                and continues to be in 'Issuer
                                Not Cooperating' category

   Fund based-        4.05      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Revised from [ICRA]BB- (Stable)
                                and continues to be in 'Issuer
                                Not Cooperating' category


   Fund based-        7.83      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                  Revised from [ICRA]BB- (Stable)
                                and continues to be in 'Issuer
                                Not Cooperating' category

   Non-Fund based-    0.29      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Revised from [ICRA]A4 and
                                continues to be in 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

Rationale

The rating downgrade follows the irregularity in debt servicing
by NWWFPL due to stretched liquidity position.

Incorporated in 2012, New Win Win Feeds Pvt. Ltd. (NWWFPL) is
involved in the production of poultry feed as well as broiler
farming at its facilities located in Murshidabad, West Bengal.


ONEUP MOTORS: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Oneup Motors
India Private Limited (OMIPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer     14.00      CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Rating Migrated)
   (e-DFS)

   Inventory Funding      7.25      CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Proposed Inventory     0.25      CRISIL B/Stable (ISSUER NOT
   Funding                          COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OMIPL for
obtaining information through letters and emails dated
September 24, 2018 and September 28, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, OMIPL is a dealer of MSIL vehicles and has
two showroom-cum-service centres and three service centres in
Lucknow.


P. B. ALLOYS: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P. B. Alloys
Private Limited (PBAPL) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Foreign Letter        6         CRISIL B/Stable (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

   Proposed Long Term    0.2       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PBAPL for
obtaining information through letters and emails dated
September 24, 2018 and September 28, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

PBAPL, incorporated in 2010, has its registered office in Agra.
The company started trading in metal scrap and ingots in fiscal
2017. From May 2017, it also started trading in polyurethane (PU)
chemicals.


ROSHA ALLOYS: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for INR12.50 crore bank facility of Rosha
Alloys Private Limited (RAPL) continues to remain in the 'Issuer
Not Cooperating' category. The rating is now denoted as
[ICRA]B+(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           4.00       [ICRA]B+(Stable) ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-Fund             1.00       [ICRA]B+(Stable) ISSUER NOT
   based limits                    COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated          7.50       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Rosha Alloys Private Limited (RAPL) was set up in 2002 and
manufactures Iron ingots and trading of Iron products. The
registered office of the company is at Mandi Gobindgarh, which is
one of the most famous Iron/steel markets in India. It has an
annual production capacity of 20,000 tonnes. RAPL acquires the
raw material locally and mainly deals with rolling mills located
within Mandi Gobindgarh. The company's is professionally managed
by Mr. Harinder Pal Singh and Hardev Singh Rosha.


SANCHETI COTEX: CRISIL Raises Rating on INR10cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facility of
Sancheti Cotex (SC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The upgrade reflects improvement in the business risk profile of
SC as firm's operating income has increased by 10% in fiscal 18
to INR53 cr from 48 cr in the preceding fiscal resulting into
increased cash accruals. It also reflects the sustenance in
profitability and no further instance of overdrawals leading to
increase in net worth from INR4.65 cr in FY 17 to INR9.34 cr in
FY 18 leading to significant improvement in the gearing. In
addition, upgrade also factored in the adequate liquidity
position of SC which is further supported by cushion in the bank
lines. The rating upgrade also factors in CRISIL's belief that
the working capital cycle of the company is expected to remain
steady though intensive while achieving a healthy top-line growth
and maintaining a stable operating margins.

The rating reflects modest scale of operations in the intensely
competitive cotton ginning industry. These rating weaknesses are
partially offset by the partner's funding support and locational
advantage.

Analytical Approach

CRISIL has treated unsecured loans to the tune of INR2.5 cr as
neither debt nor equity as they are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely fragmented cotton
ginning and pressing industry: SC will be engaged in ginning and
pressing of cotton which is a low value addition process.
Furthermore, the output is commoditized with minimal product
differentiation, and will result in low profitability. The firm's
operating margin is expected to be 5 per cent, over the medium
term. Furthermore, SC's inventory will be primarily non-order
backed and will expose the firm's profitability to movement in
cotton prices. Cotton is an agricultural commodity; hence, its
availability largely depends on the monsoons. Furthermore,
government interventions and fluctuations in global cotton output
resulted in sharp fluctuations in cotton prices. Domestic cotton
prices were stable over the past 12 months but have historically
been volatile.

* Average financial risk profile: SC is expected to have a weak
financial risk profile marked by a high gearing, modest net worth
and depressed debt protection metrics.

Strength

* Partner's funding support and locational advantage: The Jain
family has been engaged in the cotton ginning and pressing
industry for over 10 years through their business interests and
established relationships with farmers and raw cotton traders in
and around Madhya Pradesh, over the years.

Outlook: Stable

CRISIL believes that SC will benefit over the medium term from
the extensive industry experience of its partners and their
funding support. The outlook maybe revised to 'Positive' in case
the firm reports significantly better than expected cash accruals
while maintaining its working capital cycle. Conversely, the
outlook maybe revised to 'Negative' in case of lower than
expected cash accruals or larger than expected working capital
requirements exerting further pressure on the firm's liquidity.

Incorporated in 2014, SC, a partnership firm, is promoted by four
partners, comprising mainly of Jain family. The firm has
installed ginning and pressing unit in Ketia, Madhya Pradesh with
a capacity of 300 bales per day which would commence commercial
operations in November 2014. The firm's day to day operations are
handled by the key partners, Mr Aditya Jain and Mr Chetan Jain
(cousins).


SATNAM AGRI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Satnam Agri Products Limited
        Village Partap Pura, Jamsher Road
        Near Lamra Jalandhar, Jalandhar
        Punjab 144026

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 3, 2019

Insolvency professional: Yogender Pal Singhal

Interim Resolution
Professional:            Yogender Pal Singhal
                         51, (2nd Floor), Rani Jhansi Road
                         New Delhi 110055
                         E-mail: info@ypsinghalassociates.com
                                 irp.satnamagri@gmail.com

Last date for
submission of claims:    October 25, 2018


SEAWARD EXPORTS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
The rating for INR10.00 crore bank facility of Seaward Exports
Private Limited (SEPL) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable)
ISSUER NOT COOPERATING.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     10.00      [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Incorporated in the year 2001, Seaward Exports Private Limited
(SEPL) is a private limited company engaged in the business of
processing of Natural Stones mainly Sandstone. The company
manufactures tiles and slabs of different colors, designs, shapes
and sizes which are mainly used for wall cladding, interior
flooring, exterior flooring, stairs, etc. The promoters of the
company have been in the stone industry for more than twenty
years.


SELVARAAJ PRABHU: Ind-Ra Affirms 'D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Selvaraaj Prabhu
and Company's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is on based on the best available
information. 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 action is:

-- INR177.5 mil. Fund-based working capital facilities (long-
     /short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by Selvaraaj
Prabhu and Company.

RATING SENSITIVITIES

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

COMPANY PROFILE

Formed in 1997, Selvaraaj Prabhu and Company is a partnership
firm that is engaged in the milling of various raw pulses and the
trading of processed pulses, along with other agri commodities.
It has a manufacturing unit in Chennai, with an installed
capacity of 900 tons per month. Day-to-day operations are managed
by Mr. Selvaraj Prabhu.


SHAPE MACHINE: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shape
Machine Tools Private Limited (SMTPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        0.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash         2.0       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMTPL for
obtaining information through letters and emails dated
September 24, 2018 and September 28, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMTPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SMTPL 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 Shape Machine Tools Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating.

SMTPL is a Ghaziabad based company, set up in 1989 by Mr. Ranjeet
Anand. His son Mr. Anuj Anand currently manages operations. The
company machines casted components such as gears, mill hoods,
trunnions and pinions for sugar mills, cement and steel
industries. It also undertakes job work in the same line of
business. The manufacturing facility is in Ghaziabad.


SHIV SHAMBHU: CRISIL Revokes Suspension of B+ Rating on Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Shiv Shambhu Iron and Steel Private Limited
(SSISPL), and has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of SSISPL. The rating was 'Suspended' by
CRISIL vide the Rating Rationale dated December 10, 2014 since
SSISPL had not provided necessary information required to take
the rating review. SSISPL has now shared the requisite
information enabling CRISIL to assign a rating on its bank
facilities.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           13        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects the company's below-average financial risk
profile, driven by weak debt protection metrics, modest scale of
operations in a highly competitive steel industry and working
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of promoters in the
steel scrap trading industry.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The financial risk
profile is marked by weak debt protection metrics - Interest
coverage and net cash accrual to adjusted debt have remained
below 1.3 times and 0.03 time, respectively, over the four
fiscals through 2018 (estimated at 1.3 times for fiscal 2018).
However, the low total outside liabilities to adjusted debt ratio
estimated at 1.32 times as on March 31, 2018, supported by a
moderate networth of INR10.9 crore and absence of any long-term
debt partly aid the financial risk profile.

* Modest scale of operations in highly competitive industry and
susceptibility to volatility in scrap metal prices: Scale of
operations is modest, as reflected in its revenue of INR39.8
crore in fiscal 2018. The revenue has remained at INR31-55 crore
over the four fiscals through 2018. Steel scrap industry has
numerous unorganised players and is marked by intense
competition, due to low entry barriers. On account of its modest
scale of operations and limited value addition in the industry
value chain, the bargaining power is limited. Furthermore,
trading nature of the business keeps the operating margin
moderate and volatile at 4 -5.5 % for the four fiscals through
2018.

* Working capital-intensive operations: Operations are highly
working capital intensive as reflected in gross current assets
(GCAs) of 217 days, driven by inventory of around 45 days and
receivables of around 115 days as on March 31, 2018. The company
extends sizable credit to its customers. Also, it does not
receive any credit period from its suppliers, resulting in large
working capital requirement.

Strength

* Extensive experience of the promoters in the scrap trading
industry: Mr Shambhu Jaiswal and his family have been in the
steel scrap trading business for more than 30 years. Benefits
from promoters' extensive experience in the scrap trading
business has helped the company to establish relationships with
suppliers, ensuring easy availability of raw materials and strong
customer relationships, majorly with Tata Motors ancillary units
in Jamshedpur. Also, over the years, the promoters have forayed
into multiple business segments related to steel, thereby adding
value to the business. SSISPL will benefit from its promoters'
extensive experience in the industry over the medium term.

Outlook: Stable

CRISIL believes that SSISPL will benefit from its promoters'
extensive experience in the steel industry and their established
relationships with customers. The outlook may be revised to
'Positive' if the company sustainably increases its scale of
operations and profitability, leading to sizeable cash accrual,
and improved debt protection metrics. The outlook may be revised
to 'Negative' if the profitability declines because of adverse
movements in metal scrap prices, or if capital structure weakens
because of larger-than-expected debt-funded capital expenditure
or if liquidity deteriorates because of large working capital
requirement.

SSISPL, formed in 2005 by Mr Shambhu Jaiswal is into processing
and trading of mild steel (MS) scrap. The processing unit is
located in Jamshedpur. The company caters to the auto ancillary
units in the city. Mr Shambhu Jaiswal is responsible for the
overall management of the company and has been in the industry
for more than three decades.


SHREE RAM: ICRA Reaffirms B+ Rating on INR5cr LT Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR5.00-crore fund-based bank facilities of Shree Ram Pulse
Mills. The outlook on the long-term is Stable.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term           5.00      [ICRA]B+ (Stable); reaffirmed
   fund-based

Rationale

The rating reaffirmation factors in SRPM's modest scale of
operations, despite its encouraging improvement in FY2018; and
its below-average financial risk profile, marked by low
profitability, leveraged capital structure and below-average debt
coverage indicators. The rating also factors in the vulnerability
of the firm's revenue and profitability to fluctuations in
pulses' prices. ICRA also takes into account SRPM's exposure to
stiff competition in a fragmented industry.

The rating, however, positively factors in the extensive
experience of SRPM's partners in the pulse processing industry
and the logistical advantages enjoyed by the firm due to its
proximity to raw material suppliers.

Outlook: Stable

ICRA expects SRPM to continue to benefit from the extensive
experience of its partners in the pulse processing industry. The
outlook may be revised to Positive if substantial growth in
revenue and profitability and better working capital management
strengthen the financial risk profile. The outlook may be revised
to Negative if any major debt-funded capital expenditure, or
stretch in the working capital cycle, or any substantial
withdrawals from the partners' capital account weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of partners in pulse processing industry:
SRPM was established in 2003 by Mr. Dhruv Parekh and family to
process and sell black gram pulse, gram pulse and pigeon peas
among other agro-commodities. The partners have extensive
experience in this business through their association with other
entities engaged in similar business.

Location-specific advantages: The firm benefits in terms of lower
transportation cost and easy access to quality raw material due
to its proximity to raw material suppliers.

Credit challenges

Modest scale of operations: The firm's scale of operations
remains modest; the operating income was INR61.90 crore in
FY2018, an improvement of ~34% from INR46.12 crore in FY2017,
following an increase in its overall sales volume.

Below average financial risk profile: The profit margin is
generally low due to low value-added operations -the operating
margin was 2.28% and the net margin was 0.75% in FY2018. The
capital structure stood leveraged, with a gearing of 2.23 times
and TOL/ TNW of 3.09 times as on March 31, 2017, owing to high
debt and relatively low net-worth base. The debt coverage
indicators also stood below the average - the interest coverage
was 1.96 times and Total Debt/OPBDITA was 6.06 times in FY2017.

Vulnerability of profitability to fluctuations in pulse prices:
The profit margins are exposed to fluctuations in pulse prices,
which depend upon various factors such as seasonality, climatic
conditions, international demand and supply situation and export
policy.

Intense competition and fragmented industry: The stiff
competition from other small and unorganised players in the
industry limits the company's bargaining power with customers and
suppliers and exerts pressure on its margins.

Established in 2003 as a partnership firm, SRPM processes and
sells pigeon peas (tuver dal), black gram pulse (urad dal) and
gram pulse (chana dal). The firm's plant at Gondal (Gujarat) is
equipped with sortex and processing machines that have an annual
processing capacity of 9,000 metric tonnes (MT) of pulses. It
markets the pulses under 'Ram Platinum', 'Ram Gold' and 'Ram
Silver' brand names to differentiate the various grades processed
by it. The partners of the firm have extensive experience in the
pulse processing industry through their association with other
Group concerns, namely Shree Ram Traders, Shree Ram Cleaning,
Shree Ram Agro Industries and Jay Siyaram Traders.

In FY2017, the firm reported a net profit of INR0.34 crore on an
operating income (OI) of INR46.12 crore, as compared to a net
profit of INR0.31 crore on an OI of INR48.08 crore in the
previous year.


SHREEPATI JEWELS: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shreepati
Jewels' 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:

-- INR469.2 mil. Term loan (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR47.5 mil. Fund-based working capital limit (long-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shreepati Jewels is promoted by Mr. Rajendra Chaturvedi and is
engaged in residential real estate projects, primarily located in
south Mumbai.


SHRI JAIPAL: CRISIL Assigns D Rating to INR81.79cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the long
term bank facilities of Shri Jaipal Singh Sharma Trust (SJSST).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan           81.79       CRISIL D (Assigned)
   Proposed Non Fund
   based limits         0.71       CRISIL D (Assigned)
   Bank Guarantee       9.50       CRISIL D (Assigned)
   Overdraft           15.00       CRISIL D (Assigned)

The rating reflects delays in servicing interest and term debt
obligations by SJSST.

Rating also factors in weak financial risk profile and nascent
stage of operations. These ratings weaknesses are partially
offset by the promoters experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing interest and repayment of term obligations:
The trust has availed a total term loan of INR81.78 crores. The
trust is irregular in payment of its term debt obligations. The
net cash accruals generated are insufficient to absorb the
repayment burden of the principal and the interest on those
principal. There remain delays of around 20-30 days in the
repayment of principal and interest obligations by the trust.

* High gearing and low net-worth: SJSST has a high gearing which
stood at 39.06 times and while net worth stood at INR3.52 crore
as on March 31, 2018 on account of accumulated losses (networth
was INR21.76 crore in FY2017).

* Nascent stages of its operations: The trust has started its
operations in FY2018 with the first batch of MBBS College. Scale
is modest marked by operating income of INR28.6 crore as on
March 31, 2018 (INR4.14 crores of revenue in FY2017).

Strength

* Extensive experience of the promoters: The promoters of the
trust has an extensive experience of more than a decade in
diversified businesses.

SJSST, a U.P based trust, was incorporated in 2015. The trust
started with a hospital with a mission to provide medical
services at a low cost.  Over the years the trust has opened a
medical college, ayurvedic college & hospital and nursing
college.


SKAF CONSTRUCTION: CRISIL Hikes Rating on INR7cr Bank Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Skaf
Construction Private Limited (SKAF) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        8         CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           3         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    7         CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The upgrade reflects the regularization of working capital
limits.

The ratings continue to reflect working capital intensive
operations and modest scale amidst intense competition. These
rating weakness are partially mitigated by promoters' extensive
experience in the civil construction business and average
financial risk profile marked by moderate networth and
comfortable interest coverage ratio.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from directors, family members, and friends as on March 31, 2018
as neither debt nor equity, since, there is track record of non-
withdrawal for past 3 years and these will be maintained in the
business for over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets are
estimated at 240 days as on March 31, 2018, driven by substantial
receivables of 186 days. Further, the company is also required to
maintain 5 per cent of the project as retention money, which is
released 12 to 24 months after the commissioning of the project.

* Modest scale amid intense competition: Low entry barrier has
led to presence of many players in the civil construction
industry, affecting players' ability to win tenders and maintain
profitability. Against this, the company's scale of operations
has remained modest with revenue of INR55.79 crore for fiscal
2018.

Strength:

* Extensive industry experience of the promoters: Presence of
over 25 years in the civil construction industry has enabled the
promoters to undertake several projects for various corporate
bodies and established healthy relations with them. Consequently,
healthy order book provides significant revenue visibility over
the medium term.

* Average financial risk profile: Moderate networth and total
outside liabilities to adjusted networth (estimated at INR14.9
Crore and 1.78 times, respectively as on March 31, 2018) along
with comfortable interest coverage ratio estimated at 3.97 times
for fiscal 2018 represents average financial risk profile.
Sustenance of interest coverage ratio amidst variation in
operating profitability to remain key rating sensitivity factor.

Outlook: Stable

CRISIL believes SKAF will continue to benefit from the extensive
industry experience of its promoter and a healthy order book. The
outlook may be revised to 'Positive' in case of an increase in
revenue with sustained profitability leading to higher cash
accrual, while improving the working capital cycle is maintained.
The outlook may be revised to 'Negative' in case of a further
stretch in the working capital cycle or a considerable decline in
revenue or margins or significant debt funded capex, leading to
weakening of the financial risk profile particularly liquidity.

SKAF was incorporated in 2006 to take over the business of a
partnership firm, SKAF Constructions. It offers construction
services in civil, electrical, plumbing, firefighting and
finishing work, to real estate players. The company is based in
Mumbai.


SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR5.45cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Sri Ambika Rice Mill (SARM).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          5.45        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile, with modest net worth, moderate gearing
and average debt protection metrics. The rating also factors in
modest scale of operations, and exposure to intense competition
in the rice milling industry. These weaknesses are partially
offset by the extensive experience of the promoter in the rice
milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The firm's financial risk
profile is below average with modest net worth of INR 3.68 cr and
gearing of 2.52 times as on March 31, 2018. SARM has Net Cash
Accruals to Total Debt (NCATD) and interest coverage ratios of
over 0.03 and 1.71 times, respectively, for 2017-18.

* Modest scale of operations and exposure to intense competition
in the rice milling industry: With revenue of INR16.5 cr. for
2017-18 (refers to financial year, April 1 to March 31) and
installed milling capacity of 8 tonne per hour (tph), scale
remains small in the intensely competitive rice processing
industry that has large players with 50-70 tph capacity. Modest
scale restricts pricing power and limits ability to bargain with
customers, thereby affecting operating margin, which is at be 7.6
percent in 2016-17. Profitability margin also remains exposed to
competition.

Strength

* Extensive experience of promoters: Presence of over two decades
in the rice milling business has enabled the promoters to
establish strong relationship with Food Corporation of India
(FCI) and suppliers (farmers). Moreover, mill is strategically
located in the middle of heavy paddy-growing areas. Also, since
promoters are high net worth individuals, they have robust ties
with the lending community.

Outlook: Stable

CRISIL believes SARM will continue to benefit over the medium
term from the extensive industry experience of the promoter. The
outlook may be revised to 'Positive' if significant and sustained
increase in revenue and profitability, or substantial infusion of
capital strengthens financial risk profile. Conversely,
considerable weakening in the financial profile on account of
decline in revenue and profitability, or any large capital
expenditure or capital withdrawal, may drive a revision in
outlook to 'Negative'.

SARM mills and processes paddy into rice, rice bran, broken rice
and husk. It is promoted by Mr. K. Ravindra Reddy and his family,
and is based in Siguguppa, Bellary District (Karnataka).


SRI BALAJI: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Balaji
Poultry Farm (SBPF) to 'CRISIL B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          9.5        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            8.19       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBPF for obtaining
information through letters and emails dated August 27, 2018,
September 11, 2018 and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Established in 2008 as a proprietorship entity,SBPF is engaged in
the production of commercial eggs. The firm is promoted by
Mr.L.Kumar Goud and his family and has its poultry farm situated
at Shadnagar region of Andhra Pradesh.


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

The instrument-wise rating actions are:

-- INR38.5 mil. Term loan maintained in non-cooperating category
    with IND B (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in April 2016, Sri Gayatri Cotton Mills is engaged in
ginning and processing of cotton bales in Adilabad, Andhra
Pradesh.


SUDEEP EXIM: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sudeep Exim
Private Limited to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Channel Financing     3.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated September 24, 2018
and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SEPL is promoted by Mr. Sushil Kanodia and Mr. Deepak Kanodia.
Company was incorporated in 2006. It is an authorized distributor
for JSW Steel Ltd.  Company is engaged in the distributorship of
Mild Steel Flat & Long Products, CR Sheets, CRCA Sheets, CRCA
Coils and Cold Rolled Coils.


UNNAMALAI AGRO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unnamalai Agro Private Limited

        Registered Office:
        4/9, Fourth Lane, Corporation Colony
        Tondiarpet, Chennai 600001
        Tamilnadu, India

        Factory:
        Janakipuram Village, Madurangakam Taluka
        Kanchipuram District 603303
        Tamilnadu, India

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019
                               (180 days from commencement)

Insolvency professional: Vasudevan

Interim Resolution
Professional:            Vasudevan
                         17B/7B, Maruthi Nagar
                         Hasthinapuram, Chromepet
                         Chennai 600064
                         E-mail: cavasu1967@gmail.com

                            - and -

                         Regus Business Centre (Nagpur) Pvt Ltd
                         Level-6 Citi Center, No.10/11
                         Dr. Radhakrishnan Salai, Mylapore
                         Chennai 600004
                         E-mail: cirp.uapl@gmail.com

Last date for
submission of claims:    October 31, 2018


VAISHNAVI COTTON: ICRA Withdraws B Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B assigned to
the INR7.00 crore bank limit of Vaishnavi Cotton Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-
   based limit          7.00       [ICRA]B(Stable) Withdrawn

Rationale

The rating assigned for bank facility of the company has been
withdrawn at the request of the company and on the basis of no
objection certificate provided by its banker.

Vaishnavi Cotton Industries was set up as a partnership firm in
2006 by Mr. Mukesh Patel and other family members. It processes
raw cotton to produce cotton bales and cotton seeds. The
manufacturing plant of the firm is situated in Kadi, Gujarat and
is equipped with 30 ginning machines which have a total installed
capacity to process 126 metric tonne (MT) of raw cotton per day.


VEERA TECHNO: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Veera Techno
Trec Private Limited (VTTPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       13.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           5.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VTTPL for
obtaining information through letters and emails dated September
24, 2018 and September 28, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VTTPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on VTTPL 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 Veera Techno Trec Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 2003, VTTPL is an approved Research Designs &
Standards Organisation Part-1 supplier of switches, switch
expansion joints, and thick web switches to the Indian Railways.
The company was taken over by Mr. Gopal Saha and Mr. Niladri Saha
in fiscal 2006. Manufacturing facilities are in Rohtak, Haryana.



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


ORE JEWELLERY: Stand-Alone Jewellery Store Goes Into Liquidation
----------------------------------------------------------------
Belinda Feek at NZ Herald reports that staff are in tears,
customers are angry and the liquidators have been called in after
the shock closing of an Auckland jewellery store.

It appears the collapse of Ore Jewellery in Albany Westfield mall
was known only to the company, its shareholders and the
liquidators after staff turned up for work on Oct. 22 wondering
what had happened.

Other workers in the Albany mall told the Herald they had seen
"the manager", believed to be company director Brian Donaldson,
packing up all the stock on Sunday evening [Oct. 21].

The abrupt closure had also "broken" the heart of one of the
staffers who turned up to do the work that she loved, only to
find she was suddenly jobless, the Herald relates.

The Herald says the company's Facebook and Instagram pages have
been pulled down and the store's phone number goes unanswered.

Ore Jewellery had a standalone stall in the mall on Level 2, next
to Samsung and Boost Juice.

The company, which sold earrings, watches, necklaces and
bracelets, was officially put into liquidation on Oct. 22,
according to the Companies Office, the Herald discloses.

Mr. Donaldson's partner, Bryce Ebben, was removed as a director
of the company in August but remains a shareholder.  Other
shareholders appear to include family and friends in Whanganui,
Auckland and Christchurch, where Mr. Donaldson lives with Ebben.

When contacted, Mr. Ebben said he couldn't talk but referred the
Herald onto Mr. Donaldson.

When asked to offer comment to affected staff and customers,
Mr. Donaldson said while it was an "absolutely awful situation"
he said he had been advised not to talk about it.

He referred the Herald to liquidator Geoff Brown from Rodgers
Reidy, but he could not be reached for comment.


VINOPTIMA ESTATE: Up For Sale After Going Into Receivership
-----------------------------------------------------------
Anne Gibson at NZ Herald reports that a Gisborne vineyard, partly
owned by local Maori investors and founded by industry leader and
wine pioneer Nick Nobilo, is up for sale after going into
receivership.

The Herald says Vinoptima Estate, of which Nicholas Thomas Nobilo
is the sole director according to Companies Office records, has
been in the hands of BDO's Andrew McKay since August and now
Bayleys are advertising it for sale in the next few weeks.

Mr. Nobilo is a prominent name in the wine sector and a big brand
in New Zealand and globally, although the family sold that
business to BRL Hardy and subsequently Constellation Brands.

Vinoptima shareholders are major Gisborne landowner Wi Pere
Investments, Taupo's Tuaropaki Kaitiaki, Nobilo Trustree, DMG
Trustees and Nick Nobilo, the Herald discloses.

He was reported as realising he had some unfinished business so
followed his dream back again to Gisborne to focus on a single
variety.

"Gewurztraminer is my passion and Gisborne is where it's at -
particularly here at Ormond," he was reported as saying in 2015
when he received a Queen's Birthday honour.

"I will be continuing to pursue the Vinoptima dream - a great
single vineyard Estate. There are other things to come, and I
haven't stopped yet. You never stop learning in this industry,"
he said at the time.

According to the Herald, BDO's McKay said on Oct. 15 there was a
"reasonable amount" of wine in bottles and storage tanks on the
property. One source claimed up to 100,000 bottles but McKay said
he could give no precise numbers.

"There's a sizeable number," the report quotes Mr. McKay as
saying.

As for the reasons for receivership, he said: "Essentially, it
just wasn't making enough sales," the Herald relays.

The Herald reports that Bayley's Damian Campbell and Simon
Bousfield said the 11.9ha vineyard in two titles is 20 minutes
north of Gisborne and Vinoptima has "a reputation of producing
one of the finest Gewurztraminer wines in the world."

The custom-designed amphitheatre layout winery has specifically
designed, state-of-the-art equipment and a self-contained flat.
An intensive vineyard management programme has ensured the
vineyards have been carefully monitored and managed to produce
quality grapes, the agents said, the Herald relays.

The agents said the property has the potential to increase
bottling capacity and significantly grow the business through
broadening into other desirable varieties such as chardonnay and
sauvignon blanc, the Herald adds.

The auction is on December 6 and the agents said it will not be
sold before that, the Herald notes.



                             *********

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.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***