TCRAP_Public/180719.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

            Thursday, July 19, 2018, Vol. 21, No. 142

                            Headlines


A U S T R A L I A

BEYOND BOUNDARIES: Second Creditors' Meeting Set for July 27
CONCRETERS GROUP: Second Creditors' Meeting Set for July 25
GEODAVE PTY: Second Creditors' Meeting Set for July 25
GOLDBREAK HOLDINGS: Second Creditors' Meeting Set for July 25
JOSE BART: Second Creditors' Meeting Set for July 25

MOORE SPORTS: Air + Style Festival Promoter Goes Into Liquidation


I N D I A

ANKUR ROLLER: CRISIL Lowers Rating on INR30cr Cash Loan to D
AR CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
ARADHANA BUILDERS: CRISIL Assigns B+ Rating to INR10cr Loan
AURO SUNDRAM: CRISIL Reaffirms B Rating on INR30cr Loan to B
AXSYS SOLUTIONS: CRISIL Reaffirms B- Rating on INR5.85cr Loan

BHAGWATI COTTON: CARE Moves B Rating to Not Cooperating Category
BLACKBERRY TILES: CRISIL Migrates B+ Rating to Not Cooperating
CRAFT INDIA: CARE Assigns B+ Rating to INR5.46cr LT Loan
DOLPHIN OFFSHORE: CRISIL Migrates C Rating to Not Cooperating
EXTOL EDUCATION: Ind-Ra Maintains BB Rating in Non-Cooperating

GENESYS BIOLOGICS: CRISIL Migrates B+ Rating to Not Cooperating
GOVERDHAN VERMA: CARE Hikes Rating on INR10cr LT Loan to B+
GPI TEXTILES: Insolvency Resolution Process Case Summary
HITECH GRAIN: CRISIL Lowers Rating on INR154.3cr Loan to D
JAIDHAR CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating

KUNAL COTTON: CRISIL Migrates B- Rating to Not Cooperating
LAXME SAAI STEEL: Insolvency Resolution Process Case Summary
MANJUNATHA AGRO: CRISIL Migrates B Rating to Not Cooperating
MOTOR AND GENERAL: CRISIL Reaffirms B+ Rating on INR17.78cr Loan
NAZARUDEEN: CRISIL Assigns B+ Rating to INR4cr Cash Loan

NECTAFRESH FOODS: Ind-Ra Assigns BB- LT Issuer Rating
NEW WIN WIN: CRISIL Lowers Rating on INR4.05cr Cash Loan to 'D'
PALNADU INFRASTRUCTURE: CRISIL Moves D Rating to INR10.35CR Loan
PLASTO ELTRONICS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
PLUZ RESORT: CARE Lowers Rating on INR5.70cr LT Loan to B+

POWERCON PROJECTS: Insolvency Resolution Process Case Summary
POWERWIND LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'D'
PUJA INDUSTRIES: CRISIL Lowers Rating on INR6.5cr Cash Loan to B
PVS LABORATORIES: CRISIL Migrates B+ Rating to Not Cooperating
RAGHUVIR OIL: CARE Migrates D Rating to Not Cooperating Category

RANCHHOD OIL: CARE Migrates D Rating to Not Cooperating Category
RAMESHWAR PRASAD: Ind-Ra Migrates BB LT Rating to Non-Cooperating
RAMJI DAS: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
REKHA CORPORATION: CRISIL Moves B+ Rating to Not Cooperating
SABOO TOR: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating

SHANTI AGRO: CRISIL Lowers Rating on INR24.5cr Cash Loan to D
SHYAM SUNDER: CRISIL Raises Rating on INR30cr LT Loan to B-
SIDDARTHA CIVIL: CRISIL Migrates B+ Rating to Not Cooperating
SRI GOPAL: CARE Assigns B+ Rating to INR9cr Long Term Loan
SU-KAM POWER: Ind-Ra Lowers Long-Term Issuer Rating to 'D'

SUBRAHMANYESWARA SWAMY: CRISIL Moves B- Rating to Not Cooperating
UTTAM GALVA: Insolvency Resolution Process Case Summary
VERONICA MARINE: CRISIL Reaffirms B+ Rating on INR7.41cr Loan


I N D O N E S I A

MERPATI NUSANTARA: No Funds to Resume Operations This Year
SENTUL CITY: S&P Assigns B Issuer Credit Rating; Outlook Stable


J A P A N

MITSUI OSK: Egan-Jones Hikes Sr. Unsecured Ratings to B


N E W  Z E A L A N D

CBL CORPORATION: FMA Warns of Potential Companies Act Breaches
MATRIX HOMES: Placed in Receivership; 25 Jobs at Risk


S I N G A P O R E

TRANSPORTATION PARTNERS: Fitch Affirms & Withdraws 'B-' LT IDR
VIBRANT LTD: Auditors Unable to Complete Audit in Blackgold Unit


S O U T H  K O R E A

ASIANA AIR: Shares Jump on Report SK Group Mulling Takeover Bid


S R I  L A N K A

MELSTA REGAL: Fitch Cuts National Long-Term Rating to B(lka)


T A I W A N

ACER INCORPORATED: Egan-Jones Hikes Sr. Unsecured Ratings to BB


                            - - - - -


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


BEYOND BOUNDARIES: Second Creditors' Meeting Set for July 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Beyond
Boundaries Auspac Pty Limited has been set for July 27, 2018, at
10:00 a.m. at the offices of PPB Advisory Sydney, Level 7, 8
Chifley, 8-12 Chifley Square, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 26, 2018, at 4:00 p.m.

Kenneth Michael Whittingham, David Webb, and Mark Robinson of
PPB Advisory were appointed as administrators of Beyond
Boundaries on June 22, 2018.


CONCRETERS GROUP: Second Creditors' Meeting Set for July 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Concreters
Group Australia Pty Ltd has been set for July 25, 2018, at
10:30 a.m. at the offices of William Buck, Level 20, 181 William
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2018, at 4:00 p.m.

Sean Wengel and Robert Whitton of William Buck were appointed as
administrators of Concreters Group on June 20, 2018.


GEODAVE PTY: Second Creditors' Meeting Set for July 25
------------------------------------------------------
A second meeting of creditors in the proceedings of Geodave Pty
Ltd, trading as Mobile Coverz, has been set for July 25, 2018, at
11:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, Level 4, 240 Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2018, at 5:00 p.m.

Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of Geodave Pty on July 4, 2018.


GOLDBREAK HOLDINGS: Second Creditors' Meeting Set for July 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Goldbreak
Holdings Pty Ltd, trading as The Local Shack Joondalup, has been
set for July 25, 2018, at 11:00 a.m. at Liberty, Boola Moort
Room, Ground Floor, 197 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2018, at 4:00 p.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Goldbreak Holdings on June 20,
2018.


JOSE BART: Second Creditors' Meeting Set for July 25
----------------------------------------------------
A second meeting of creditors in the proceedings of Jose Bart
Marketing Pty Ltd has been set for July 25, 2018, at 10:00 a.m.
at the offices of PA Lucas & Co Pty Ltd, Level 4, 232 Adelaide
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2018, at 4:00 p.m.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Jose Bart on June 20, 2018.


MOORE SPORTS: Air + Style Festival Promoter Goes Into Liquidation
-----------------------------------------------------------------
Brynn Davies at The Music Network reports that the inaugural
Aussie edition of Air + Style festival - snowboarder Shaun
White's music and snow sports event - has been canned.

Mere weeks out from its scheduled debut, the festival's local
promoter, Moore Sports International, went into liquidation
earlier this month, the report says.

The Music Network relates that the August event, which debuted in
Austria in 1994, was set to host performances from Flo Rida and
Snow Patrol.

According to the report, Air + Style confirmed the cancellation
in a statement posted to Facebook, saying "It is with great
disappointment that we share the news that Air + Style Australia
has been cancelled by the local promoter due to circumstances
beyond our control.

"We had partnered with a company that we believed shared our
vision and values, but ultimately they did not.

"Unfortunately, this left us in difficult [sic] situation, which
resulted in a forced cancellation of the weekend."

Organisers have said that the event has been postponed
indefinitely, the report relays.

"To all ticket buyers, athletes, and musicians - thank you for
your enthusiasm and continued support. Tickets will be fully
refunded through Moshtix and we plan on returning in the future
with a stellar event."

The Music Network relates that Moshtix added in another
statement: "For those who have purchased tickets, the purchase
price will automatically be refunded back to your credit
card/PayPal account. The process usually takes around 3-5
business days for the funds to return to your account."

Set to take place over three days at Sydney's Domain, the
festival was set to host Big Air, a snowboarding and skiing
competition from a 16-storey ski ramp, the report says.

The Music Network notes that Flo Rida's appearance was set to be
his first Australian show in over six years, while Snow Patrol
haven't performed in Sydney since their Fallen Empires tour in
2012.

Both Flo Rida and Snow Patrol's headline shows around Australia
are still confirmed to go ahead, The Music Network notes.



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


ANKUR ROLLER: CRISIL Lowers Rating on INR30cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded the rating of Ankur Roller Flour Mills
Private Limited (ARFMPL), part of the Hitech group, to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          30         CRISIL D (ISSUER NOT
                                   COOPERATING: Downgraded
                                   from 'CRISIL BB+/Stable
                                   ISSUER NOT COOPERATING')

   Letter of Credit     20         CRISIL D (ISSUER NOT
                                   COOPERATING: Downgraded
                                   from 'CRISIL A4+ ISSUER
                                   NOT COOPERATING')

   Proposed Long Term   30         CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING: Downgraded
                                   from 'CRISIL BB+/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with ARFMPL for
obtaining information through letter dated March 9, 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 ARFMPL. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality of the entity. CRISIL believes that the information
available for ARFMPL 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 and banker feedback,
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

The rating reflects continuous overdrawals in cash credit limit
for more than 30 days and devolvement in letter of credit.

The Hitech group is managed by Mr Naresh Mittal, and his two sons
Mr Vipul Mittal and Mr Kapil Mittal, with the support of a team
of professionals, who have experience of over 35 years in
processing and trading in pulses and other food products. The
group sells a majority of its products under the Hitech Pulses
brand.

HGPPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.


AR CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of AR
Constructions (ARC) to CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        4        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Proposed Long Term    3.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ARC for obtaining
information through letters and emails dated April 17, 2018,
June 7, 2018 and June 11, 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 AR Constructions, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
AR Constructions is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

Established in 2009 as a partnership firm by Mr. Ajendra H. ARC
is engaged in the business of electrical transmission and
substation EPC contracts for civil and erection works. It
operates in Karnataka, AP and Telangana.


ARADHANA BUILDERS: CRISIL Assigns B+ Rating to INR10cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Aradhana Builders Private Limited (ABPL).

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

   Drop Line
   Overdraft Facility     4.5      CRISIL B+/Stable (Assigned)

   Proposed Term Loan     5.5      CRISIL B+/Stable (Assigned)

The rating reflects the extensive experience of the promoter and
established track record in the real estate industry. These
strengths are partially offset by susceptibility of operating
performance to timely completion of projects and receipt of
customer advances, exposure to risks inherent in the real estate
industry, and geographical concentration in revenue.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operating performance to timely execution of
projects and flow of customer advances against current and future
bookings: Operating performance remains susceptible to risk
associated with demand and saleability of the ongoing project.
Any delay in receipt of advances form customers, slowdown in the
real estate sector, or increase in interest rates could adversely
affect the execution and saleability of the projects. Moreover,
with cash flow constraints, the progress or launch of other
projects can also be impacted.

* Exposure to inherent risks and cyclicality in the real estate
industry: The real estate sector is cyclical in nature and marked
by sharp movements in prices. Also, slowdown in the industry,
multiple property laws, government regulations, and aggressive
timelines for project completion with shortage of manpower
directly impact the execution and saleability of projects. The
business risk profile will remain exposed to the inherent risks
and cyclicality in the real estate sector over the medium term.

* Geographic concentration in revenue: All the ongoing projects
are primarily located in Dehradun, exposing the company to a
slowdown in the real estate market of the region. Any slowdown in
the real estate market in the region will significantly impact
the demand for ABPL`s projects, and consequently, its business
risk profile due to concentration of projects in those regions.
Furthermore, any adverse revision in rates in the region will
significantly affect profitability margins.

* Moderate financial risk profile: Gearing and TOL/TNW
deteriorated in fiscal 2017 to 2.5 times and 3.7 times
respectively from 1.3 times and 2.2 times in fiscal 2016 on
account of higher debt to fund ongoing project. Debt protection
metrics are comfortable with interest coverage of about 1.85
times and NCA/TD of 0.11 times in fiscal 2017. Liquidity is
supported by lower reliance on external debt to fund ongoing
project cost; bank limit utilization of about 70-75% however
constrained by low cash balance of INR11 lakhs as on March 31,
2017. The company is in process of availing term loan of about
INR12 crore to refinance existing loans and fund project
construction activities. Any delay in sanction of term loan or
delay in customer advances or absence of fund infusion by
promoter to service the existing debt obligations and fund
operations of the company shall remain one of the key
monitorables

Strengths

* Extensive experience of promoters and an established track
record: The promoter's experience of more than 20 years in the
real estate business has resulted in an established position in
the real estate industry through timely execution of the projects
and high quality construction. Since its establishment in 1993,
the firm had serviced premium category clients through successful
completion of 11 residential and commercial projects in Dehradun,
Uttarakhand.

Outlook: Stable

CRISIL believes ABPL will continue to benefit from extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of substantial cash flow from operations,
resulting from accelerated execution of projects and improved
receipt of customer advances, leading to an a better capital
structure. The outlook may be revised to 'Negative' in case of
significantly lower-than-expected cash accrual because of subdued
response to the projects, low customer advances, or delay in
completion of its ongoing projects, leading to deterioration in
the financial risk profile, particularly liquidity.

ABPL is Uttarakhand based real estate development private company
incorporated in 1993. The company develops residential and
commercial properties in Dehradun. Day to day operations are
managed by Mr Ashok Kumar Agarwal.


AURO SUNDRAM: CRISIL Reaffirms B Rating on INR30cr Loan to B
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facility of Auro Sundram International Private Limited
(ASIL).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)

The rating reflects the company's exposure to modest scale of
operations in a competitive maize trading industry and to project
implementation-related risks, and expected average financial risk
profile because of debt-funded project. These weaknesses are
partially offset by the experience of its promoters and their
funding support.

Analytical Approach

Unsecured loans of INR1.19 crore (as on March 31, 2017) from
promoters have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a competitive maize trading
industry: Since maize trading activity began in May 2017, revenue
stood at Rs.36 crore in fiscal 2018, resulting in small scale of
operations in a competitive industry. The operating income was
not as per Crisil's expectation as inventory has to be written
off due to floods in Bihar in the month of July and August of
2017. The operating revenue is expected to be in the range of
INR50-60 crore over the medium term.

* Expected average financial risk profile: Total outside
liabilities to tangible networth ratio is likely to remain at
0.5-1.5 times over the medium term, while networth is estimated
at above INR18.50 crore over the medium term. Networth stood at
INR19.59 crore as on March 31, 2017 and the same declined due to
losses incurred to the tune of INR1.5 crore in fiscal 2018 due to
floods. However, interest coverage ratio is expected to be weak
in the range of 1.2-1.3 times over the medium term, the same is
estimated at 1.2 times as on 31st March 2018.

* Exposure to implementation risk: The company is setting up a
unit to manufacture maize starch and liquid glucose at a total
cost of INR200 crore, which is being funded through a mix of
share capital and unsecured loans. The unit is likely to commence
operations from fiscal 2022. However, only 15-20% of work has
been completed till date.

Strengths

* Experience of promoters and their funding support: The
promoters have been in the maize industry for a decade and are
also diversifying revenue profile by setting up a maize starch
powder and liquid glucose facility. Also, till March 31, 2017,
promoters had infused equity of INR17.85 crore and extended
unsecured loans of INR1.19 crore. They are expected to continue
to extend need-based financial aid.

Outlook: Stable

CRISIL believes ASIL will benefit over the medium term from its
promoters' funding support. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual and
efficient working capital management, or if project is
commissioned on time and unit demonstrates substantial capacity
utilisation, leading to higher scale of operations. The outlook
may be revised to 'Negative' if significant cost or time overrun
in project execution or delays in stabilising operations weakens
debt-servicing ability.

Incorporated in November 2006 and promoted by Mr Anil Kumar
Choudhary and his brother Mr Ashok Kumar Choudhary, ASIL is
setting up a starch and liquid glucose manufacturing facility in
Forbesganj, Bihar. Currently, the company trades in maize.


AXSYS SOLUTIONS: CRISIL Reaffirms B- Rating on INR5.85cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Axsys
Solutions (Axsys) at 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        5.0       CRISIL A4 (Reaffirmed)

   Cash Credit           2.5       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      6.25      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    5.85      CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                 .50      CRISIL A4 (Reaffirmed)

   Term Loan             2.40      CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations, and
low profitability owing to intense competition and weak financial
risk profile. The rating weaknesses are partially offset by
extensive experience of promoters in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and low profitability owing to
intense competition: Axsys is a marginal player in the aluminium
facade industry and is vulnerable to changes in the domestic and
global economies. Demand from the domestic construction and real
estate sector has been subdued. Revenue is estimated at around
INR18 crore for fiscal 2018. Modest scale limits benefits of
economies of scale, and exposes the firm to intense competition.
The intense competition, in turn, constrains pricing power and
profitability. Ramp-up in scale will likely be gradual.

* Weak financial risk profile: Networth, at INR8.51 crore as on
March 31, 2017, is expected to remain modest over the medium term
due to negative profit after tax, driven by low operating
profitability. Debt protection metrics were below average, as
reflected in interest coverage (1.7 time in fiscal 2017) and net
cash accrual to adjusted debt (0.12 time in fiscal 2017) ratios.
The interest coverage and net cash accrual to adjusted debt
ratios are estimated at 1.8 times and 0.12 time in fiscal 2018.
The metrics are expected to remain below average over the medium
term driven by modest profitability.

Strength

* Extensive experience of promoters in business: The promoters
and their family have been in the glass products and processing
industry through group entities Art N Glass Inc. (rated 'CRISIL
BBB/Stable/CRISIL A3+'), Green Fenestration Technologies, and
other family-run businesses for close to three decades. Synergies
derived from having common end-user industries such as real
estate, and common suppliers are expected to continue. Benefits
from the extensive experience of the promoters and growth
prospects for the aluminium composite panels industry are
expected to continue over the medium term.

Outlook: Stable

CRISIL believes Axsys will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if significant increase in scale and
profitability strengthens net cash accrual, and consequently, the
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity,
deteriorates, most likely because of large, debt-funded capital
expenditure or a stretched working capital cycle.

Axsys, based in Sirmour, Himachal Pradesh (HP), manufactures
aluminium facades. Its unit is in Kala Amb, HP. The firm
commenced commercial operations in February 2015.


BHAGWATI COTTON: CARE Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Bhagwati Cotton Industries
(BCI) to monitor the rating vide e-mail communications/letters
dated April 23, 2018, May 23, 2018, May 28, June 19, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Bhagwati Cotton Industries' bank facilities will
now be denoted as CARE B; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank        8        CARE B; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating in May 3, 2017 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Thin profit margins, moderately leveraged capital structure and
weak debt coverage indicators: The profitability margins have
remained thin on account of its presence in the lowest segment of
the textile value chain with limited value addition. On account
of higher debt as compared to tangible net worth overall gearing
ratio of BCI stood moderately leveraged at 1.91 times as on
March 31, 2015. As a result of high debt along with low
profitability the debt coverage indicators of BCI stood weak
marked by high ratio of total debt to gross cash accrual of 37
times as on March 31, 2015.

Presence of BCI in the cotton ginning business which is at the
lower end of entire textile value chain that involves limited
value addition: BCI operates in an industry characterized by high
fragmentation and intense competition on account of presence of a
large number of small- and medium-scale units due to minimal
technological and financial investment requirement. Furthermore,
due to limited value addition, players present in this segment
operate at a very low bargaining power against its customers as
well as suppliers.

Seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations:
Operations of cotton business are seasonal in nature, as sowing
season is during March to July and harvesting cycle (peak season)
is spread from November to February every year. Prices of raw
material i.e. raw cotton are highly volatile in nature and depend
upon factors like, monsoon condition, area under production,
yield for the year, international demand-supply scenario, export
policy decided by the government and inventory carried forward of
last year. Thus, aggregate effect of both the above factors
results in exposure of ginners to price volatility risk.

Key Rating Strengths

Wide experience of the promoters in the cotton industry: Among
the current partners, Mr. Pravin Jiyani is actively involved in
day to day activities and administration of firm. The partners of
BCI look after the overall operations of the firm and take all
the strategic decisions of BCI.

Location advantage in terms of proximity to the cotton seed
growing regions in Gujarat: BCI's presence in the cotton-
producing region of Gujarat results in benefit derived from a
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.

Bhagwati Cotton Industries (BCI) was started in 2004 as a
partnership firm; During FY13 three partners retired and four
partners joined the firm. Currently there are seven partners who
has unequal holding in the firm. Mr.Pravin J Jiyani, Managing
Partner, is actively involved in the business and manages the
routine operations. BCI is engaged in cotton ginning and
pressing.


BLACKBERRY TILES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Blackberry
Tiles Private Limited to CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        1.4       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

   Proposed Long Term    0.1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Blackberry Tiles
Private Limited (BTPL) for obtaining information through letters
and emails dated March 29, 2018, June 07, 2018 and June 11, 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 Blackberry Tiles Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Blackberry Tiles Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Blackberry Tiles Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in Morbi in 2013 and promoted by Mr. Sureshkumar
Kaswala, Mr. Vashudev Barsara, Mr. Mansukh Detroja, Mr. Bharat
Detroja, Mr. Amod Katiyar, and Mr. Dipesh Jariwala, BTPL
manufactures digitally printed ceramic tiles. Commercial
operations began in February 2015.


CRAFT INDIA: CARE Assigns B+ Rating to INR5.46cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Craft
India Industries (CII), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            5.46       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CII is constrained
by initial stage of operations of debt funded project,
susceptibility of margins to fluctuations in raw material prices
and partnership nature of constitution. The rating is further
constrained by concentrated customer base and firm's presence in
a highly fragmented and competitive nature of industry. The
rating however derives comfort from experienced partners in the
packaging industry, association with reputed customer base and
positive long term outlook for packaging industry.

Going forward, the ability of the firm to achieve envisaged
revenue at projected profitability margins would be the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Initial stage of operations of debt funded project: The
operations of the firm commenced in June, 2017. The total cost of
project of INR 6.14 crore was funded through term loan of INR
4.19 crore and partners' capital of INR 1.95 crore. In FY18
(Provisional), firm booked TOI of INR 8.00 crore. Post project
execution risk is associated in the form of stabilization of the
manufacturing facilities to achieve the envisaged scale of
business. Further, the capital structure is expected to be
leveraged initially however the same is expected to improve going
ahead.

Susceptibility of margins to fluctuations in raw material prices:
CII's main raw materials include different qualities of kraft
paper. The prices of which are significantly volatile as they
further depend upon paper pulp prices. Accordingly, profitability
of packaging material producers is highly susceptible to raw
material prices due to limited bargaining power with their
customers. Owing to competition among players within the
industry, packaging products manufacturers might fail to pass on
the higher cost of production to consumers. Partnership nature of
constitution: CII's constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partners'
capital at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision of the lenders.

Presence in a highly fragmented and competitive industry:
Packaging industry in India is highly fragmented in nature. CII
will operate in a competitive segment of the packaging industry
which is affected from low profitability due to highly fragmented
industry, high raw material prices, low entry barriers, presence
of large number of unorganized players with capacity additions by
existing players as well as new entrants.

Key Rating Strengths

Experienced partners in the packaging industry: Both of them have
an industry experience of around two decades gained through their
association with regional entities like Craft India (CRI) and
C.I. Packaging (CIP), engaged in similar business operations.
Hence, the partners have adequate acumen about various aspects of
business which is likely to benefit CII in the long run.

Association with reputed customer base through concentrated
revenue stream: The firm is into manufacturing of packaging
material like corrugated boxes and boards etc. and is supplying
to various reputed players like Dabur India Limited, Godrej
Consumer Products Limited and Surya Biscuits Industries
(Priyagold). However, income from these customers constituted
~70% of the total sales achieved in FY18 (Provisional) which
exposes the firm to customer concentration risk.

Positive long term outlook for packaging industry: The
consumption of industrial packaging material is closely aligned
to the manufacturing growth. As the government is taking several
steps to boost the contribution of manufacturing to GDP, the
demand for industrial packaging is likely to grow in the future.
Greater thrust on industrialisation, rising income levels and the
improving demography are factors influencing positive outlook for
the industrial packaging industry. The National Manufacturing
Policy, which aims to increase the contribution of manufacturing
industry to the GDP would lead to an increased demand for
industrial packaging material in the longer term despite concerns
in the economy in the near term.

Craft India Industries (CII) an ISO 9001: 2014 certified firm,
was established in October, 2015 as a partnership firm and is
promoted and managed by Mr. Nitin Jain and Mr. Anuj Jain, sharing
profit and losses equally. CII has set up a manufacturing
facility for packaging material like corrugated boxes and boards
etc., at Bari Brahmana, Jammu, having a combined installed
capacity of 18,000 metric tonne of packaging material per annum
as on March 31, 2018.


DOLPHIN OFFSHORE: CRISIL Migrates C Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated its rating on the bank facilities of Dolphin
Offshore Shipping Limited (DOSL, part of the Dolphin Group) to
'CRISIL C Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.5       CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)

   Fund & Non Fund
   Based Limits          3.5       CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)


   Proposed Long Term
   Bank Loan Facility    7.0       CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)

CRISIL has been consistently following up with DOSL for obtaining
information through letters and emails dated June 20, 2018, and
June 25, 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 DOSL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
DOSL 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,
CRISIL has migrated its rating on the bank facilities of DOSL to
'CRISIL C Issuer Not Cooperating'.

DOSL is the flagship company of the Dolphin group and is in the
business of providing a complete range of offshore support
services to the oil and gas industry. The services include diving
and underwater engineering services, marine operations and
management (vessel management), fabrication and installation,
ship repairs, geo-technical services, Engineering, Procurement
and Construction activities (EPC), etc.

DOSL is Dolphin Offshore Enterprises India Limited (DOEIL's)
wholly-owned subsidiary and engaged in chartering of vessels and
tugs to oil and gas exploration companies.


EXTOL EDUCATION: Ind-Ra Maintains BB Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Extol
Education Society's bank facility rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR37.04 mil. Term loan maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Bank overdraft facility maintained in non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 7, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Extol Education Society is an educational society registered
under Madhya Pradesh Society Registration Act in 1996. The
society runs a college which became operational in 1997 and a
school which became operational in 2005. Both are situated in
Bhopal, Madhya Pradesh.


GENESYS BIOLOGICS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Genesys
Biologics Private Limited to 'CRISIL B+/Stable Issuer not
cooperating'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      60       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Genesys Biologics
Private Limited (GBPL) for obtaining information through letters
and emails dated April 23, 2018, June 07, 2018 and June 11, 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 Genesys Biologics Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Genesys Biologics Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

GeneSys Biologics Private Limited (GBPL) was incorporated in
November 2014 at Hyderabad. The company is promoted by Rajender
Rao, Venkat Reddy, Krishna Rao and Tulasi Ramu. The Company is
focused on R&D and Commercial Manufacture of Insulin Biosimilars.

GBPL is currently setting-up a 1 Kilo Litre (KL) manufacturing
facility in Biotech Park, Lalgadimalakpet Panchayat, R.R.
District, Telangana. The facility is expected to commence
operations from July 2017.


GOVERDHAN VERMA: CARE Hikes Rating on INR10cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goverdhan Verma Punjab Jewellers Private Limited (GVPJ), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       10.00       CARE B+; Stable Revised from
   Facilities                       CARE B; Stable; ISSUER NOT
                                    COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
GVPJ and in line with the extant SEBI guidelines, CARE revised
the rating(s) of bank facilities of the company to 'CARE B;
Stable; ISSUER NOT COOPERATING'. However, the company has now
submitted the requisite information to CARE. CARE has carried out
a full review of the ratings and the rating(s) stand at 'CARE B+;
Stable'.

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of Goverdhan Verma Punjab Jewellers Private Limited
(GVPJ) takes into consideration improvement in profitability
margins, capital structure and debt coverage indicators. The
rating continues to draw comfort from experienced promoters
coupled with long track record of operations. However, the rating
continues to be constrained by small scale of operations coupled
with low net worth base, elongated inventory holding period,
vulnerability of margins to gold price fluctuations and
competition from various organized or unorganized players.

Going forward; ability of GVPJ to profitably scale up its
operations while improving its capital structure shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: GVPJ's
scale of operations has remained small as evident: from total
operating income (TOI) and gross cash accruals of INR33.19 crore
and INR0.60 crore, respectively, in FY17 (refers to the period
April 1 to March 31). Further, the company's net worth base also
stood relatively small at INR2.59 crore as on March 31, 2017. The
small scale limits the firm's financial flexibility in times of
stress and deprives it of scale benefits. Further, the company
has achieved TOI of ~ INR27.00 crore during FY18 (refers to the
period April 1 to March 31; based on provisional results).

Elongated inventory holding period: Being a jewellery retailer,
it is critical for the company to provide a wide range designs to
its customers and to cater their immediate demand. This resulted
in significant finished goods inventory leading to high working
capital intensity of business operations. Further, the company
sells mainly on cash basis; however, to few known customers it
gives credit period of around a week. The company purchases gold
and other traded jewellery on cash or on advance basis and gems
and diamonds are generally bought on credit of around one month.
The average working capital limits of the company remained almost
90% utilized for past 12 months period ending May, 2018.

Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past. Therefore,
any adverse change in prices of the same is likely to have a
significant impact on margins of the players in the G&J industry.
Further, the high price gold can also have an adverse impact on
the demand for jewellery, thereby exposing the company to risk of
decline in sales volume. The risk is more evident now that the
prices has registered considerable volatility and could leave the
company carrying costly inventory in case of sudden decline in
prices.

Competition from various organized or unorganized players: GVPJ
operates in the Gems & Jewellery (G&J) industry, which is a
fragmented industry with a high level of competition from both
the organized and unorganized sector.

Currently, the organized retailers account for less than 20% of
the total jewellery retail market. This is primarily because
of the buyers' preference and trust in their neighborhood
goldsmith. Even the standardization of designs is not possible
due to varying local tastes. With presence of various players,
the same limits bargaining power which exerts pressure on its
margins.

Key Rating Strengths

Experienced promoters coupled with long track record of
operations: GVPJ's operations are currently being managed by Mr.
Sanjiv Verma, Mrs. Poonam Verma and Mr. Sumit Verma. Mr. Sanjiv
Verma and Mrs. Poonam Verma are post graduates by qualification
and holds experience of more than two and half decades in gems
and jewellery industry through their association with this entity
and other associate concern. Mr. Sumit Verma is also a post
graduate with an experience of around one decade in gems and
jewellery industry through his association with this entity.

Improvement in profitability margin, capital structure and
coverage indicators: The profitability margins of the company has
improved as marked by PBILDT and PAT margin of 4.01% and 1.57%
respectively in FY17 as against 3.55% and 0.52% respectively in
FY16. The improvement in PBILDT margin was mainly on account of
increase in sale of high end jewellery (designer jewellery).
Additionally, improvement in PAT margin has taken into account
lower interest expenses.

The capital structure of the company improved significantly as
marked by overall gearing ratio of 1.84x as on March 31, 2017 as
against 3.59x as on March 31, 2016 mainly on account of lower
utilization of working capital borrowings as on balance sheet
date coupled with accretion of profit to net reserves. Further,
the debt coverage indicators of the company also improved
significantly marked by interest coverage ratio and total debt to
GCA of 2.36x and 7.92x for FY17on account lower debt levels
coupled with better profitability consequently resulting into low
finance cost and higher gross cash accruals.

Delhi based, Goverdhan Verma Punjab Jewellers Private Limited
(GVPJ) (CIN No. U74899DL1992PTC049815) is a private limited
company incorporated in August, 1992. The company is currently
being managed by Mr. Sanjiv Verma, Mrs. Poonam Verma and Mr.
Sumit Verma. The company is engaged in the manufacturing,
designing and retail trading of gold and diamond studded gold
jewellery such as necklaces, earrings, rings, pendants, bangles,
etc. The company is having one associate concern namely, "Regalia
Jewels Private Limited" (rated 'CARE B; Stable'); incorporated in
2005; engaged in the retail trading of gold and diamond
jewellery.


GPI TEXTILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: GPI Textiles Limited
        Bharat Garh Road
        Nalagarh, Distt. Solan Himachal
        Pradesh 174101

Insolvency Commencement Date: July 6, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: January 1, 2019

Interim Resolution
Professional:           Jalesh Kumar Grover
                        SCO 131, 2nd Floor
                        Sector 5, MDC Panchkula
                        Haryana 134114
                        E-mail: jk.grover27@gmail.com
                                ip.gpitextiles@ducturus.com

Laste date for
submission of claims:  July 26, 2018


HITECH GRAIN: CRISIL Lowers Rating on INR154.3cr Loan to D
----------------------------------------------------------
CRISIL has downgraded the rating of Hitech Grain Processing
Private Limited (HGPL), part of the Hitech group, to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         154.3       CRISIL D (ISSUER NOT
                                   COOPERATING: Downgraded
                                   from 'CRISIL BB+/Stable
                                   ISSUER NOT COOPERATING')

   Letter of Credit    148.8       CRISIL D (ISSUER NOT
                                   COOPERATING: Downgraded
                                   from 'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    6.9       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING: Downgraded
                                   from 'CRISIL BB+/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with HGPL for obtaining
information through letter dated March 9, 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 HGPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
HGPL 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 and banker feedback,
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

The rating reflects continuous overdrawals in cash credit limit
for more than 30 days and devolvement in letter of credit.

The Hitech group is managed by Mr Naresh Mittal, and his two sons
Mr Vipul Mittal and Mr Kapil Mittal, with the support of a team
of professionals, who have experience of over 35 years in
processing and trading in pulses and other food products. The
group sells a majority of its products under the Hitech Pulses
brand.

HGPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.


JAIDHAR CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jaidhar
Constructions (Jaidhar) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       0.8       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          4.1       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   1.07      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            4.03      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Jaidhar for
obtaining information through letters and emails dated May 25,
2018, June 7, 2018 and June 11, 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 Jaidhar Constructions. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Jaidhar Constructions is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

Established in 2008, Jaidhar Constructions (Jaidhar) is a
partnership firm based out Secunderabad and engaged in
manufacturing of readymix concrete (RMC). Jaidhar is promoted by
Mr N Chandrashekhar Rao.


KUNAL COTTON: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kunal Cotton
Industries (KCI) to 'CRISIL B-/Stable Issuer not cooperating'.

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

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

   Term Loan            0.3      CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCI for obtaining
information through letters and emails dated April 23, 2018,
June 7, 2018 and June 11, 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 Kunal Cotton Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Kunal Cotton Industries is consistent with 'Scenario 2' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

KCI was established as a partnership firm in 2011. The firm gins
and presses raw cotton, and has a ginning unit in Bhainsa
district (Telangana). Mr. M.Jagdish, Mrs. M.Kunda Jagdish, and
Mr. M.Kunal Jagdish are the partners.


LAXME SAAI STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Laxme SAAI Steel Private Limited
        D.No. 3-156 A
        Old Garividi, Sriram Nagar
        Garividi Mandalam
        Vizianagaram Andhra Pradesh 535101

Insolvency Commencement Date: July 13, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 8, 2019
                               (180 days from commencement)

Interim Resolution
Professional:            Venkateswarlu Kari
                         Flat No. 406, Everest block
                         Aditya Enclave
                         7-1-618 Ameerpet
                         Hyderabad 500038
                         E-mail: karivenkateswarlu@gmail.com

Last date for
submission of claims:    July 26, 2018


MANJUNATHA AGRO: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Manjunatha
Agro Foods LLP (MAF) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Cash         10       CRISIL B/Stable (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with MAF for obtaining
information through letters and emails dated May 25, 2018,
June 7, 2018 and June 11, 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 Manjunatha Agro Foods LLP.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Manjunatha Agro Foods LLP is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

Set up in 2016 in Andhra Pradesh as a proprietorship firm by Mr.
Kotta Siva Raghaviah and his son, Mr. K Ashok Kumar, MAF will
process and trade in black gram, and turmeric and chilli powder.


MOTOR AND GENERAL: CRISIL Reaffirms B+ Rating on INR17.78cr Loan
----------------------------------------------------------------
CRISIL has assigned its short term rating on the bank facilities
of Motor and General Sales Private Limited (MGSPL) to 'CRISIL A4'
while reaffirming its long term rating at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         9.15      CRISIL A4 (Assigned)

   Cash Credit           12.30      CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility              15.0       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan            5.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    17.78      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        10.27      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile and
exposure to risks relating to low bargaining power with principal
and intense competition. These rating weaknesses are partially
offset by established market position, established relationship
with the Tata Motors Limited and diversified business and
Efficient working capital management.

CRISIL had assigned its 'CRISIL B+/Stable' rating on the bank
facilities of MGSPL on May 25, 2018.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of MGSPL and Motor Fab Sales Private
Limited (MFSPL). That's because the two companies, together
referred to as the MGS group, are in similar businesses, and have
operational linkages and a common management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The gearing is high, estimated at
more than 20 times as on March 31, 2018. The gearing was 41.04
times, on account of large debt of INR134.15 crore against a
small networth of INR3.2 crore, as on March 31, 2017. The debt
protection metrics were also weak: The interest coverage and net
cash accrual to total debt ratios were 1.2 times and 0.05 time,
respectively in fiscal 2017. The metrics are expected to remain
weak over the medium term. Further, the group also has large
amount of loans and advances, constraining the liquidity.

* Low bargaining power with the principal and exposure to intense
competition: The low bargaining power is because of the strong
market position of TML; this constrains operating profitability.
While the group is one of the leading authorised dealers for
commercial vehicles (CVs) of TML, the principal faces competitive
pressures from other brands, such as Ashok Leyland Ltd and
Mahindra & Mahindra Ltd. The group too faces intense competition
from other dealers in its area of operations as principals have
been encouraging more dealerships (thereby increasing
competition) to improve penetration and sales. This has created
the need for differentiation, and hence dealers have to refurbish
their dealership outfits and service centres regularly. All these
demand constant expenditure, resulting in a lower margin as well
as higher overheads per vehicle, and may impact operating
profitability. The business risk profile will remain exposed to
risks relating to intense competition and low negotiating power
with the principal.

Strengths

* Established market position, strong relationship with TML, and
diversified revenue streams:  The group has been in operations
since 1955. Over the years, the promoters have gained
considerable industry experience, which has helped to scale-up
operations and expand. The group has a diversified revenue
profile through sales of CVs, spares, and accessories, workshop
service income, fabrication for CV bodies, a cinema theatre,
jewellery trading and other businesses.  On consolidated basis,
the group recorded operating income of 647 crores in 2016-17 and
is estimated to record around INR660 crores in 2017-18.
Diversified revenue streams and the strong relationship with the
principal should continue to support the business risk profile
over the medium term.

* Efficient working capital management: Gross current assets
(GCAs) were 61 days, due to low receivables and inventory of 3
days and 23 days, respectively, as on March 31, 2017. GCAs are
estimated at 70-80 days as on March 31, 2018. Working capital
management is likely to remain efficient over the medium term.

Outlook: Stable

CRISIL believes the MGS group will continue to benefit over the
medium term from its established market position and strong
relationship with TML. The outlook may be revised to 'Positive'
if increase in revenue and profitability leads to better-than-
expected cash accrual, or any equity infusion strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual or large, debt-funded capital expenditure
weakens the financial risk profile.

MGSPL, incorporated in 1955, is promoted by Mr Divas Gupta, Mr
Raghav Gupta, and Ms Shivani Gupta. The company is an authorised
dealer of CVs for TML. In addition, it sells automobile body
parts, does fabrication for CV bodies, and runs a cinema theatre.

MFSPL incorporated in 1991, has the same promoters. It is an
authorised dealer of CVs for TML and also trades in jewellery.


NAZARUDEEN: CRISIL Assigns B+ Rating to INR4cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nazarudeen.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------      -----------    -------
   Bank Guarantee       1         CRISIL A4 (Assigned)
   Cash Credit          4         CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations,
working capital intensive operations, and below-average financial
risk profile. These weaknesses are partially offset by the
proprietor's extensive experience, and moderate order book which
provides revenue visibility.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in a tender-
driven business, geographic concentration risk, and limited
capability to bid for large projects constrains scalability:
revenue was modest at INR11.37 crore in fiscal 2018.

* Working-capital-intensive operations: Operations are working
capital intensive: gross current assets were around 229 days as
on March 31, 2018 (200-320 days in the past three fiscals). High
work-in-progress inventory, and deposits kept as per contractual
agreements lead to large working capital requirements.

* Below-average financial risk profile: Networth was small at
INR1.3 crore, and total outside liabilities to tangible networth
(TOLTNW) ratio high at 4.47 times as on March 31, 2018. Debt
protection metrics were average- interest coverage and net cash
accrual to total debt ratios were 1.7 times and 0.08 time,
respectively, in fiscal 2018.

Strengths

* Proprietor's extensive experience: Benefits from the
proprietor's experience of 18 years in the construction industry,
and established relations with suppliers and customers/agencies
should continue to support business risk profile.

* Moderate order: Unexecuted orders of INR16 crore as on June 28,
2018'to be executed over the next two years - provide medium-term
revenue visibility.

Outlook: Stable

CRISIL believes Nazarudeen will continue to benefit from its
proprietor's extensive experience. The outlook may be revised to
'Positive' if significant improvement in revenue, and stable
profitability strengthen cash accrual. The outlook may be revised
to 'Negative' if less-than-expected revenue, decline in
profitability, stretch in working capital cycle, or any large
debt-funded capex weakens financial risk profile, particularly
liquidity.

Established in 2000 as a proprietorship of Mr Nazarudeen, the
firm undertakes construction of roads, buildings, and river bunds
mainly for Kerala State Coastal Area Development Corporation,
Kerala Tourism Development Corporation, Harbour Engineering
Department, and PWD, Kerala.


NECTAFRESH FOODS: Ind-Ra Assigns BB- LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nectafresh Agro
Foods (NAF) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits assigned with
    IND BB-/Stable rating; and

-- INR45 mil. Term loan due on December 2023 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect NAF's small scale of operations and weak
operating profitability, as reflected from its revenue of INR282
million in FY18 (FY17: INR264.42 million) and EBITDA margins of
5.19% (2.2%), respectively. The weak margins are a result of high
materials costs. The margin improvement was due to the
introduction of a new product i.e. cattle feed, the entity's
offerings.

The ratings also reflect NAF's tight liquidity profile as
reflected from its 99% average working capital utilization during
the six months ended June 2018.

The ratings are constrained by the partnership nature of the
entity's business.

The ratings however are supported by the entity's strong credit
metrics, despite deterioration in interest coverage, due to low
debt. Interest coverage deteriorated to 11x in FY18 (FY17:
41.86x) and net financial leverage reduced to 4.3x (4.4x), due to
slightly higher interest cost and improved margin. However, the
credit metrics is likely to deteriorate in FY19 due to the new
debts which have come in on account of capital expenditure and
increased interest payments.

The ratings are also supported by the entity's partners' almost
10 years of experience in manufacturing inverted sugar syrup and
cattle feed.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or EBITDA leading to
deterioration in the credit metrics, on a sustained basis, could
lead to a negative rating action.

Positive: A sustained and significant improvement in the revenue
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, NAF manufactures inverted sugar syrup and
cattle feed. It is managed by Mr. Rakesh Singh and Vikesh Kumar.


NEW WIN WIN: CRISIL Lowers Rating on INR4.05cr Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
New Win Win Feeds Private Limited (NWW) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .29       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          4.05       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term   2.93       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

   Term Loan             .73       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflects delay in repayment of debt obligation by
the company due to stretched liquidity.

However, the company benefits from the extensive experience of
the promoters in the poultry feed industry.


Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing because of stretched liquidity:
Inadequate cash accrual vis-a-vis term debt obligation has led to
stretched liquidity and hence delays in servicing of term loan.

Strengths

* Promoters' extensive industry experience: NWW is managed by Mr
Amarnath Saha and Mr Debnath Saha, who have been in the feed
business for almost a decade, through group company Win Win
Enterprise which was set up in 2007. The promoters' experience
has helped the company increase revenue over the past few
fiscals.

Incorporated in 2012, NWW manufactures poultry feed, and has
capacity of 3000 tonne per month. It also undertakes broiler
chicken farming on contract. Promoters Mr Amarnath Saha and Mr
Debnath Saha look after operations.


PALNADU INFRASTRUCTURE: CRISIL Moves D Rating to INR10.35CR Loan
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        3.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2.15      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             10.35      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated April 19, 2018,
June 7, 2018 and June 11, 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 Palnadu Infrastructure Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Palnadu Infrastructure Private Limited
is consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

PIPL was set up in 2013 by Mr K Mahesh Reddy, Mr Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limits migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat molded, fabricated, and extruded components such as
meter covers, switchboards, and batten-holder boards.


PLUZ RESORT: CARE Lowers Rating on INR5.70cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pluz Resort (PLZ), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long term Bank      5.70     CARE B+; ISSUER NOT COOPERATING;
   Facilities                   Revised from CARE BB-; ISSUER NOT
                                COOPERATING; Based on best
                                Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PLZ to monitor the ratings
vide e-mail communications/letters dated April 20, 2018, May 20,
2018, May 28, 2018, June 19, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Pluz Resort's
bank facilities and instruments will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in March 20, 2017 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Constitution as a proprietorship firm: PLZ being a proprietorship
firm is exposed to inherent risk of the proprietor's capital
being withdrawn at the time of contingency and also limits the
ability to raise the capital.

Modest scale of operations and thin profitability: The scale of
operations of PLZ has grown over the last year however overall
operations have remained at modest level due to its short
operational track record of two years. PLZ reported TOI of
INR5.35 crore during FY15 as compared to INR3.24 crore during
FY14. The PBILDT margin of PLZ has remained healthy at 34.82% in
FY15, however reduced by 668 bps from 41.50% in FY14. However,
PAT margin remained thin at 0.72% during FY15 mainly on account
of higher depreciation and interest cost.

Modest liquidity position: The overall liquidity position was
modest marked by below unity current ratio of 0.84 times and
quick ratio of 0.82 times. The working capital cycle remained
negative at 42 days during FY15 mainly because of higher
creditor's period of 57 days. Being into the hospitality industry
PLZ have very small amount of receivables as majority of the
business is being done on spot payment basis and PLZ maintains
very low level of inventory majority of which is of perishable in
nature due to which working capital cycle remained negative.

Inherent cyclical nature of hotel industry and intense
competition: The hotel business in India is seasonal in nature,
with September-March being the peak period. This is primarily due
to the increased leisure tourism during this season. April-August
is a lean period for the hotel business due to the summer heat
and monsoons.

Key Rating Strengths

Experienced proprietor: PLZ was established by Mr Mehul Parmar
having experience of seven years in the hospitality industry
through various business ventures. He looks after the overall
management of the firm. Experience of the proprietor and focus on
quality has helped it to achieve growth in revenue.

Strategic location of resort: PLZ is located at Silvassa (Dadra
and Nagar haveli, Union Territory) is a very popular place known
for its scenic beauty, wildlife sanctuaries, beaches and water
sports. Moreover, the resort is situated in the vicinity of two
states Gujarat and Maharashtra and hence attracts the tourist
from both the states. Moreover the resort has all the range of
luxury
amenities with liquor permission.

Comfortable capital structure and debt coverage indicators: The
long term capital structure remained comfortable marked by 0.86
times of debt to equity ratio as on March 31, 2015. The overall
gearing ratio also remained comfortable at 0.91 times as on
March 31, 2015. Its debt coverage indicators also remained
comfortable marked by interest coverage of 3.32 times during FY15
and a total debt to GCA ratio of 3.59 times as on March 31, 2015
owing to healthy operating profits and cash accruals
respectively.

Pluz Resort (PLZ) was established by Mr Mehul Parmar in the year
March, 2013. Mr Mehul Parmar, Proprietor, has seven years of
experience in hospitality industry. The resort is located at
Silvassa (Dadra and Nagar haveli, Union Territory) with the
amenities such as Restaurant, Conference hall, Banquets, Swimming
pool, Health club, Spa, Discotheque etc. Total number of rooms in
resort is 105. The resort is categorized as a "4 Star" resort.
PLZ received liquor license in the year 2014. During FY15 PLZ has
undertaken an expansion project to increase the total number of
rooms in the resort from 75 to 105.


POWERCON PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Powercon Projects & Associates Ltd
        House No. - 3, Gymkhana
        Palm Heights Residency
        Near Sum Hospital,
        Bharatpur, Bhubaneswar
        Khordha Or 751003 In

Insolvency Commencement Date: July 10, 2018

Court: National Company Law Tribunal, Bhubaneswar Bench

Estimated date of closure of
insolvency resolution process: January 1, 2019

Interim Resolution
Professional:           Anand Chandra Swain
                        Expo Tower, Plot -1307, Flat4(A&B)
                        Nandankanan Road, P.O.-KIIT
                        Bhubaneswar, Odisha 751024
                        E-mail: anand.swain2@gmail.com

Laste date for
submission of claims:  July 26, 2018



POWERWIND LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Powerwind
Limited's (PWL) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (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 based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR414.9 mil. Long-term loan (Long-term) downgraded with
    IND D (ISSUER NOT COOPERATING) rating;

-- INR580 mil. Fund-based working capital facilities (Long-
    term/Short-term) downgraded with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR1.4 bil. Non-fund-based working capital facilities (Long-
    term/Short-term) downgraded with IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following a confirmation from
the lenders of PWL that the company has been categorized as a
non-performing asset.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

PWL manufactures windmill blades and assembles wind turbine
generators, at its facility in Bawal, Haryana.


PUJA INDUSTRIES: CRISIL Lowers Rating on INR6.5cr Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Puja Industries (PI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term     5.41       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects significant weakening in PI's business
risk profile. Revenue is estimated to decline to INR8 crore in
fiscal 2018 from INR13.19 crore the previous year (Rs 20.72 crore
in fiscal 2016), and is likely to remain flattish in fiscal 2019,
due to intense competition. Working capital cycle has weakened
further, as reflected in increase in gross current assets to 250
days as on March 31, 2018, from 165 days the previous year.

The rating reflects PI's below-average financial risk profile,
working-capital-intensive operations, and susceptibility to
volatility in raw material prices. These weaknesses are partially
offset by the promoters' extensive experience in the tamarind
kernel powder segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated to
remain small at INR3.2 crore, and total outside liabilities to
adjusted networth high at over 2 times, as on March 31, 2018.
Debt protection metrics have been average: interest coverage and
net cash accrual to total debt ratio ratios were around 1 time
and 0.01 time, respectively, in fiscal 2018.

* Working-capital-intensive operations, and susceptibility to
volatility in raw material prices: Gross current assets were high
at over 250 days as on March 31, 2018, due to large inventory of
over 200 days. Operating margin was low at 7-10% in fiscal 2018
because of volatility in the prices of raw material (agro
commodity).

Strengths

* Promoters' extensive experience: Promoters' experience of over
30 years through several group entities should continue to
support business risk profile.

Outlook: Stable

CRISIL believes PI will continue to benefit from its promoters'
extensive experience, and established relations with customers
and suppliers. The outlook may be revised to 'Positive' if
higher-than-expected cash accrual, driven by ramp-up in revenue
and profitability, strengthens financial risk profile. The
outlook may be revised to 'Negative' if decline in cash accrual,
stretch in working capital cycle, or a larger-than-expected debt-
funded capital expenditure weakens financial risk profile,
particularly liquidity.

Set up in 1998 by Ruparel family, Gondia (Maharashtra)-based PI
manufactures tamarind kernel powder, which is used in textile
industries for rolling printing on synthetic fabric.


PVS LABORATORIES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PVS
Laboratories Limited (PVS) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with PVS for obtaining
information through letters and emails dated April 26, 2018,
June 7, 2018 and June 11, 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 PVS Laboratories Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on PVS Laboratories Limited is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information'.

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

Incorporated in 1997 and based in Vijayawada (Andhra Pradesh),
PVS manufactures animal feed supplement. It is promoted by Dr.
Seshaiah V Pamulapati.


RAGHUVIR OIL: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Raghuvir Oil Mill (ROM) to
monitor the rating(s) vide e-mail communications/letters and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, ROM has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.

The rating on Raghuvir Oil Mill's bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      1.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short-term Bank     8.95       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

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

The ratings assigned for the bank facilities of Raghuvir Oil Mill
factors in on-going delays in debt servicing obligations.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses (updated based on best
available information).

Key Rating Weaknesses

Delay in servicing of debt obligations: There are ongoing delays
in debt servicing of Raghuvir Oil Mill owing to stretched
liquidity.

Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the
business of crushing and processing of groundnut seeds to produce
groundnut oil and groundnut cake. Its present partners took over
the business in 2010. ROM's manufacturing facility is located at
Keshod, Gujarat with an installed capacity of 1,450 Metric Tonne
Per Annum (MTPA) for groundnut seed crushing and 15,000 Metric
Tonne Per Annum (MTPA) for groundnut seed processing as on
March 31, 2015.


RANCHHOD OIL: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Ranchhod Oil Mill Company
(ROMC) to monitor the rating(s) vide e-mail
communications/letters and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, ROMC has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on Ranchhod Oil Mill
Company's bank facilities will be denoted as CARE D/CARE D;
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      0.40      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

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

The ratings assigned for the bank facilities of Ranchhod Oil Mil
Company factors in on-going delays in debt servicing obligations.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses (updated based on best
available information).

Key Rating Weaknesses

Delay in servicing of debt obligations: There are ongoing delays
in debt servicing of Ranchhod Oil Mil Company owing to stretched
liquidity.

Setup in 1997, Ranchhod Oil Mill Co. (ROMC) is a partnership firm
formed by Mr. Jeram Gami and Mr. Bharat Gami for undertaking
processing and trading of agro products like groundnut, cumin
seed, husk and sesame seed, etc. The firm generates majority of
its income from export to countries like Philippines, China, and
Gulf countries etc. ROMC's sole processing facility is located in
Keshod region of Gujarat. The firm operates with installed
processing capacity of 37,000 metric tonne per annum (MTPA) as on
March 31, 2015.


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

The instrument-wise rating actions are:

-- INR100.0 Fund-based limit migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR100.0 mil. Non-fund-based limit migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rameshwar Prasad Sharma Contractor is an AA class road
construction contractor for various government authorities in
Rajasthan.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR400 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1998 as a partnership firm, RDCPL specializes in
civil and structural contracts including accommodation, military
hospitals, military colleges and technical buildings, among
others.


REKHA CORPORATION: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rekha
Corporation Private Limited (RCPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

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

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated April 17, 2018,
June 7, 2018 and June 11, 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 Rekha Corporation Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Rekha Corporation Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Established in 1967 as a proprietorship firm and later converted
into a private limited company in 2001, Rekha Corporation Private
Limited (RCPL) is an exclusive distributor of pesticides and
seeds for Syngenta India Limited in 11 districts of Telangana and
1 district of Andhra Pradesh. Based in Hyderabad (Telangana), the
company is promoted and managed by Mr.G Srinivas Naidu.


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR19.5 mil. Non-fund-based limits migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in1991, Saboo Tor, a part of the Saboo Group of
Industries, manufactures thermo-mechanically treated bars and
angles at its 24,000 metric ton per annum facility in Kalamb,
which is at the border of Haryana and Himachal Pradesh. The
company is managed by Raj Kumar Saini.


SHANTI AGRO: CRISIL Lowers Rating on INR24.5cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shanti Agro Foods Private Limited (SAFPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          24.5       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term    1.46      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan             3.04      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects the recent instance of over-utilisation of
cash credit facility by the company for over 30 days.

The company also has large working capital requirement and is
vulnerable to volatility in raw material prices. However, it
benefits from the extensive experience of the promoters in the
rice industry.

Key Rating Drivers & Detailed Description

* Over-utilisation of the cash credit account: There was a recent
instance of over-utilisation of the cash credit account for over
30 days because of stress in business and stretched liquidity.

Weaknesses

* Vulnerability to volatility in raw material prices: The price
of paddy is highly volatile, and depends on monsoon and crop
cycles. The company has to maintain large raw material inventory
during the season to fulfil demand in the off season.

* Large working capital requirement: Gross current assets have
been large at 180-200 days because of large inventory. That's
because paddy, the major raw material, is available only in the
crop season from October to February.

Strength

* Extensive industry experience of the promoters: The promoters'
experience of over 15 years in the rice industry has helped them
establish a strong clientele and a local supplier base, and gain
a sound understanding of the market dynamics.

SAFPL was established as a partnership firm, Shanti Agro Foods,
in 2008 by Mr Sahil Verma and Mr Bishanbar Lal. In 2014, the
business operations were taken over by SAFPL with Mr Sahil Verma
and Mr Bishanbar Lal as directors. The company mills and
processes basmati and non-basmati rice. Its facility at Nilokheri
in Karnal, Haryana, has milling and sorting capacity of around 10
tonne per hour.


SHYAM SUNDER: CRISIL Raises Rating on INR30cr LT Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shyam Sunder Estates Private Limited (SSEPL) to 'CRISIL B-
/Stable' from 'CRISIL D'. The rating upgrade reflects timely
servicing of term debt for past 3 months, subsequent to
improvement in cash flow from higher sales and receipt of
customer advances.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        30        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating continues to reflect moderate demand risk and inherent
risks and cyclicality in the real estate industry. These
weaknesses are partially offset by extensive experience of the
promoters in the real estate sector in Mumbai and low project
implementation risks.

Key Rating Drivers & Detailed Description

Weakness

* Moderate Demand Risk: The company has moderate demand risk as
only 47% of the flats have been sold till June 2018. Ramp-up in
bookings and timely receipt of customer advances remains critical
to repay upcoming debt obligations.

* Exposure to inherent risks and cyclicality in the real estate
industry: The real estate sector in India is cyclical and marked
by sharp movements in prices and a highly fragmented market
structure. The overall uncertain economic climate and changing
regulatory environment exposes the firm to cyclicality in the
sector.

Strength:

* Extensive experience of promoters and low implementation risk:
Promoters have extensive understanding of the local real estate
market. They have constructed several residential and commercial
projects in Mumbai and Pune. This has led to strong market
presence and brand value. The project implementation risk is low
as the project is already complete and all approvals received.

Outlook: Stable

CRISIL believes SSEPL will continue to benefit from the extensive
experience of its promoters in the real estate industry. The
outlook may be revised to 'Positive' if increase in bookings of
units and receipt of customer advances, leads to substantial cash
inflows. The outlook may be revised to 'Negative' if lower than
expected bookings or delay in receipt of advances, impacts debt
servicing ability.

SSEPL is promoted by Mumbai based Darvesh group. It is engaged in
residential real estate development. It is currently undertaking
one redevelopment residential project- 'Darvesh Grand' at Khar
(West), Mumbai. The project is completed.


SIDDARTHA CIVIL: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Siddartha
Civil Works Private Limited to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Siddartha for
obtaining information through letters and emails dated April 19,
2018, June 7, 2018 and June 11, 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 Siddartha Civil Works Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Siddartha Civil Works Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in 1998, Siddartha is promoted by Mr P Sudhkar Rao
and his wife Ms P Indira Rao. The company is engaged in civil
construction, and undertakes irrigation works and construction of
roads and railway bridges.


SRI GOPAL: CARE Assigns B+ Rating to INR9cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Gopal Auto Centre (SGAC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of SGAC are tempered
by small scale of operations with fluctuating total operating
income and PBILDT Margins along with thin PAT margin during
review period, working capital intensive nature of operations,
leveraged capital structure, weak debt coverage indicators during
review period and constitution of the entity as a proprietorship
firm. The ratings, however, derive its strengths from established
track record and experienced proprietor, established presence as
sole authorized dealer for Hero Motorcorp Limited and stable
outlook of automobile industry.

Going forward, ability of the firm to increase its scale of
operations while improving its profit margins and improvement in
its capital structure while improving its debt coverage
indicators along with efficient management of working capital
requirements.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and profitability margins during review period The TOI of the
firm has declined from INR 37.45 crore in FY15 to INR 33.78 crore
in FY16 on account of subdued rural demand. However, in FY17, the
firm reported a total operating income of INR 43.02 crore in
FY17, achieving growth of ~27%, on account of stabilization of
demand in local market and increase in promotional offers on
launching of hero duet and hero maestro edge. Furthermore, the
company has achieved revenue of INR37.89 crore in 11MFY18.

The PBILDT margin of the firm although satisfactory, remained
fluctuating in the range of 6%-10%, on account of the inherent
nature of automobile dealership industry, where the firm has no
control over the selling prices of the vehicles as the same is
fixed by the manufacturers and high discounts offered to the
customers as part of promotional sales. Also, the PAT margin of
the firm remained thin for the past three years ended FY17 as the
firm had relatively high interest expenses. In FY17, the PAT
margin was reported at 0.57% and declined from 0.97% in FY16 to
0.57% in FY17 on account of increase in purchase price which the
firm is not able to pass on to the customers.

Leveraged capital structure and Weak debt coverage indicators
during review period: The capital structure of the firm has been
leveraged. The debt-equity ratio and overall gearing ratio of the
firm were marked at 1.69x and 9.95x respectively, as on March
31st 2017 against 0.52x and 6.54x respectively, as on March 31st
2016 on account of significant increase in term loan and decrease
in net worth of the firm at the back of loss on site and loss on
chit fund charged to proprietors capital account. The debt
coverage indictors marked by interest coverage and TD/GCA have
been also weak. TD/GCA deteriorated from 24.29x in FY16 to 26.36x
in FY17 mainly due to decline in profit levels. Interest coverage
ratio has also deteriorated from 1.48x in FY16 to 1.26x in FY 17
due to decrease in PBILDT. The debt profile of the firm comprises
of ~6% unsecured loans, ~17% term loan and ~77% working capital
bank borrowings.

Working capital intensive nature of operations: Trading of
automobiles is working capital intensive nature of operations as
the firm needs to stock different models of vehicles in order to
ensure ample availability. Furthermore, the firm places the order
with its supplier depending on the season to meet the demand of
its customers, hence, the inventory holding period is between 2-3
months. The firm takes part of the payment from customers in 4-5
days. Subsequently, the firm receives the payment from financial
institutions in 15-20 days time depending on the clearance
formalities. The firm has availed a credit period of 20-30 days
from its suppliers for purchase of stock. The average utilization
of working capital was 90% for the last 12 months ended Feb. 28,
2018.

Constitution of entity as the proprietorship firm: The firm being
a proprietorship firm is exposed to inherent risk of capital
withdrawal by proprietor due to its nature of constitution. Any
substantial withdrawals from capital account would impact the net
worth and thereby the gearing levels.

Key Rating Strengths

Established track record and experienced proprietor: SGAC was
established in the year 1993, having its registered office
located at Palamaner Road, Chittoor (Andhra Pradesh) and has
established track record of operations. The firm was promoted and
managed by Mr.D. Pundarikakshaya, who is a qualified post
graduate, has an experience of more than two decades in
automobile Industry. Mr. Mr.D. Pundarikakshaya is also a partner
in Sri Gopal Automobiles (SGA), SGA is the sole authorized dealer
for HMCL in Tirupathi, Andhra Pradesh.

Established presence as sole Authorized Dealer for HMCL: SGAC is
the sole authorized dealer for HMCL in Chittoor (Andhra Pradesh)
for two wheelers. SGAC is operating its business from single
showroom and is equipped with 3-S facilities (sales, service and
spare parts). The company also provides after sale service to its
customers. 50% of the firm's business is through sub dealers
located in punganoor, Palamaneru, pakala, madanapalle, kuppam in
chittoor district.

Stable outlook of automobile industry:  The automotive industry
in India is one of the largest in the world, following a growth
of 2.57 per cent over the last year. The automobile industry
accounts for 7.1 per cent of the country's gross domestic product
(GDP). The Two Wheelers segment, with 81 per cent market share,
is the leader of the Indian Automobile market, owing to a growing
middle class and a young population. Moreover, the growing
interest of companies in exploring the rural markets further
aided the growth of the sector. The overall Passenger Vehicle
(PV) segment has 13 per cent market share. India is also a
prominent auto exporter and has strong export growth expectations
for the near future. In addition, several initiatives by the
Government of India and the major automobile players in the
Indian market are expected to make India a leader in the Two
Wheeler (2W) and Four Wheeler (4W) market in the world by
2020.Almost Self-governing cars are predicted to be on the
streets by 2020.More than half the cars on the streets are going
to be powered by diesel by 2020. High Performance Hybrid cars are
likely to gain greater popularity among consumers. The Indian
automobile industry has a prominent future in India. Apart from
meeting the advancing domestic demands, it is penetrating the
international market too.

Andhra Pradesh based, Sri Gopal Auto Centre (SGAC) was
incorporated in the year 1993 as a Proprietorship firm by Mr. D.
Pundarikakshaya (Proprietor). The firm is an authorized dealer of
Hero MotorCorp Limited-HMCL. The firm is engaged in sale of two-
wheelers and spare parts as well as servicing of vehicles. The
vehicles sold by SGAC are Motorcycles and Scooters (covers around
18 models). The firm derives 95% of the revenue from sale of
vehicles and remaining 5% from sale of spare parts and the
services rendered by the firm to its customers.


SU-KAM POWER: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Su-kam Power
Systems Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB+ (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 based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR2.5 bil. Fund-based facilities (long-/short-term)
    Downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.0 bil. Non-fund-based facilities (long-/short-term)
    Downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR413.1 mil. Term loan (long-term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following National Company Law
Tribunal's decision to admit Su-kam Power Systems for bankruptcy
proceedings.

RATING SENSITIVITIES

The ratings shall be revisited after the committee of creditors
evaluates and reaches a decision on the resolution plan presented
by the interim resolution professional.

COMPANY PROFILE

Su-kam Power Systems manufactures power backup devices, such as
solar power system, inverters, and uninterruptible power supply
systems, for home and commercial use, batteries, among others.
Its manufacturing facilities are in Baddi and Gurugram.


SUBRAHMANYESWARA SWAMY: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Subrahmanyeswara Swamy Rice Mill (SSRM) to 'CRISIL B-/Stable
Issuer not cooperating'.

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

   Long Term Loan       5.79       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   3.21       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSRM for obtaining
information through letters and emails dated May 8, 2018,
June 7, 2018 and June 11, 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 Subrahmanyeswara Swamy Rice
Mill. Which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Subrahmanyeswara Swamy Rice Mill is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Subrahmanyeswara Swamy Rice Mill to 'CRISIL B-
/Stable Issuer not cooperating'.

SSRM was established in 1983, promoted by Mr V Peddanna , Mr V
Rajendra Prasad, and their family members. The firm mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 4 tonne per hour (tph)
at its mill in Guntur, Andhra Pradesh.


UTTAM GALVA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Uttam Galva Metallics Limited
        502, Global Foyer Building, Sector-43
        Golf Course Road, Gurgaon, HR 122002
        (India)

Insolvency Commencement Date: July 11, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 7, 2019
                              (180 days from commencement)

Insolvency professional: Rajiv Chakraborty
                         1st Floor, 12 Sukhdev Vihar
                         New Delhi 220036
                         E-mail: chakrabortyrajiv72@gmail.com

Interim Resolution
Professional:            PricewaterhouseCooper Pvt Ltd
                         Plot No. 56 & 57, Block DN, Sector V
                         Salt Lake, Kolkata - 700091
                         E-mail: claim.ugml@in.pwc.com

Last date for
submission of claims:    July 27, 2018


VERONICA MARINE: CRISIL Reaffirms B+ Rating on INR7.41cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Veronica Marine Exports Private Limited
(VMEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4 (Reaffirmed)

   Cash Credit           7.41       CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit               18.00       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Negotiation          12.00       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Purchase              2.20       CRISIL A4 (Reaffirmed)

   Long Term Loan        1.04       CRISIL B+/Stable (Reaffirmed)

CRISIL had earlier upgraded the rating of VMEPL to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the short
term rating at 'CRISIL A4'. vide rationale dated May 23, 2018.
The upgrade reflected improved business risk profile due to
better revenue profile and stable margins leading to improved
accruals. Operating margin remained healthy between 6% and 8%
over the last 2 years while revenue improved to INR62.6 crore in
fiscal 2017, against INR44.5 crore a year ago backed by
established customer relationship. Improved accretion to reserves
and absence of debt-funded capital expenditure (capex) should
improve gearing over the medium term.

The rating continues to reflect VMEPL's below-average financial
risk profile, and its moderate scale and working-capital-
intensive nature of operations. The ratings also factor in the
group's exposure to risks inherent in the seafood exports
industry. These rating weaknesses are partially offset by its
established brand in this industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The financial risk
profile has been modest because of high gearing and below-average
debt protection metrics. Leverage was high at around 3.7 times as
on March 2017. Interest coverage ratio was 1.4 times in fiscal
2017.

* Moderate scale and large working capital requirements: Scale of
operations remains moderate (reflected in operating income of
INR62.6 crore in fiscal 2017) in the fragmented and competitive
industry, which has many un-organized and large players.
Operations are also highly working capital intensive, as
indicated by GCA days of 212 as on March 31 2017. High GCA days
is mainly on account of large inventory and moderate receivables
of 170 days and 40 days respectively.

Strength

* Established brand position: VMEPL has been in the business for
over four decades. It has built healthy relationship with most
customers, with whom the firm has been associated for over 10
years.

Outlook: Stable

CRISIL believes that the VMEPL will continue to benefit over the
medium term from its healthy relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the
working capital management improves while achieving a substantial
increase in its cash accruals, resulting in improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of pressure on the company's liquidity, driven
most likely by large working capital requirements, debt-funded
capital expenditure, or low cash accruals.

Set up in 2004 and promoted by Mr Alphonse Joseph, VMEPL
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fish, shell fish, and cooked/blanched fish.



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


MERPATI NUSANTARA: No Funds to Resume Operations This Year
----------------------------------------------------------
The Jakarta Post reports that state-owned airline Merpati
Nusantara Airlines does not have the funds to resume operating
this year, as the company has failed to restructure its
IDR10.72 trillion (US$745 million) in debt, an official has said.

The Jakarta Post relates that the State-Owned Enterprises
Ministry's deputy for restructuring and development, Aloysius Ro,
said in Jakarta on July 16 that the government was trying to find
investors.

"In fact, [Merpati] still cannot fly. We are trying to find
investors because the government won't provide additional capital
injection," Aloysius said as reported by kompas.com after
attending a hearing with the House of Representatives Commission
VI on transportation affairs, the Jakarta Post relays.

He said Merpati was in a difficult spot given the value of its
assets, which was recorded at IDR1.21 trillion in 2017, far lower
than the value of its debt, relates the Jakarta Post. The airline
ceased operations in 2014.

According to the report, Commission VI member Supratman said it
would be difficult to bailout the airline. "With an assets value
at IDR1.2 trillion and total debt of more than IDR10 trillion, it
is hard to save Merpati," the report quotes Aloysius as saying.

The Jakarta Post relates that the Business Competition
Supervisory Commission (KPPU) said the majority of Merpati's debt
came from the Finance Ministry and state-owned energy company
Pertamina at IDR2.6 trillion each.

Other debt comes from state-owned enterprises, such as national
flag carrier Garuda Indonesia, Bank Mandiri and asset management
firm Perusahaan Pengelola Aset, the report discloses.

                      About Merpati Nusantra

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2014, Antara News said that state-owned airline Merpati
Nusantara Airlines has temporarily shut down its operation in the
face of its consolidation period, according to a cabinet
minister.

The state-owned airline which is now burdened with debts
amounting to IDR6.7 trillion has been carrying out restructuring
since 2005. It has spent IDR3.6 trillion for its salvaging
efforts, according to Antara News.


SENTUL CITY: S&P Assigns B Issuer Credit Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit
rating to PT Sentul City Tbk. (Sentul City). The outlook is
stable.

The rating reflects Sentul City's high project concentration
risk, small operating scale, and exposure to Indonesia's volatile
property market. It also incorporates our expectation that the
company will increase its leverage to support its ongoing
construction needs. Sentul City's good brand name and ties with
established international partners underpin its credit profile.

Sentul City's creditworthiness rests on the performance of Sentul
City, its flagship township located about 45 kilometers south of
Jakarta. The integrated township has residential properties,
commercial offices, healthcare centers, shopping malls, and
educational facilities in a resort-type setting. Sentul City has
built up a brand name in Sentul City through launches of low-rise
apartments and landed houses over the past 20 years. The township
caters to middle-to- high-end customers living in Sentul City and
Jakarta, or those looking for a holiday home.

Project concentration is a key constraint for Sentul City. Sentul
City will be the only township contributing to the company's
property sales over the next two years. The integrated township
has about 20 ongoing projects. S&P said, "However, we estimate
that 60%-65% of Sentul City's property sales will come from high-
rise apartments surrounding its key AEON mall development over
the next 12 months. Any delay in project launches or completion
could significantly affect the company's cash flow and leverage.
In addition, Sentul City's massive land bank at Greater Sentul
brings limited diversification benefit. We believe the company
will continue to focus on its core Sentul City area development,
leveraging on established infrastructure."

S&P said, "We believe Sentul City's unique township concept
provides the company with some pricing power, given that not many
similar peers offer such projects in the nearby regions. But this
segment is less resilient to a volatile property market. We
believe high concentration to holiday homebuyers and investors
exposes Sentul City to more cyclical demand because such demand
is more sensitive to economic cycles." This is seen in the
greater volatility and weakness in the company's margins than
local peers' during a subdued property market in the past three
years.

Sentul City has a small but growing operating scale compared to
local peers'. Such limited scale renders the company unable to
reap the economies of scale that larger players benefit from and
expose it to greater volatility when the market is soft. Sentul
City had annual property sales of Indonesian rupiah (IDR) 430
billion-IDR1.5 trillion in 2014-2016. The company expanded its
property sales to IDR2.5 trillion in 2017. S&P estimates that
Sentul City's total property sales will be IDR1.5 trillion-IDR2.3
trillion annually over the next two years, supported by new
launches of high-rise properties surrounding AEON mall.

S&P said, "We believe Sentul City's joint venture (JV) with
established Japanese strategic partners, Sumitomo Corp. and
Hankyu Realty will support the company's growing scale of
operation, brand image, and financial liquidity and stability. In
2017, Sentul City set up the JV, which effectively purchased the
block of Royal, Regal, and Regent high-rise apartments in Sentul
City for IDR1.3 trillion from Sentul City in late 2017.
Subsequently, the JV will re-sell the block in the open market.
Sumitomo will collaborate by providing guidance in sales and
marketing.

"The transaction with the JV boosted Sentul City's property sales
to a record high of IDR2.5 trillion in 2017. In our view, the
accumulated property sales to the JV and in the open market in
2016 and 2017 provide visibility over the company's revenue and
cash flow over the next two years. We estimate that the combined
property sales of the past two years will secure 45%-50% of
revenue and cash flows in 2018 and 25%-30% in 2019.

"Despite its growing scale, Sentul City's core operations will
remain vulnerable to the inherent volatility of property
development, which generates lumpy cash flows. The company has
limited but growing recurring income. We forecast the
contribution from recurring income will increase to about 15% in
2019, from about 8% in 2017. However, the contribution will
remain small relative to total revenue, and may not be large
enough to offset the volatility risk. Any negative swing in
property sales could quickly exhaust the cash flow buffers
accumulated from recurring income.

"We expect Sentul City, like most property developers, to face
increasing project execution risk due to its rapid debt-funded
growth. The company's prior expertise lies in low-rise
developments and its expansion was slow prior to the development
of AEON mall. The rapid expansion into high-rise development
could test Sentul City's working capital management and project
execution.

"We expect elevated leverage and negative free operating cash
flows over 2018-2019 due to the increasing construction costs of
high-rise apartments and AEON mall. We project the company's
total debt to increase to about IDR3.9 trillion in 2018 and 2019,
from IDR2.4 trillion in 2017, to support construction costs of
IDR1.3 trillion-IDR1.4 trillion for high-rise apartments and AEON
mall over the next two years.

"Given increasing construction costs, we do not expect Sentul
City to incur significant land acquisition expenses over the next
two years. The company owns the largest self-sufficient township
development in south Jakarta with a sizable low-cost land bank,
which is sufficient for at least 20 years of development in the
core area at Sentul City. We forecast IDR150 billion of land
acquisition costs per year over next two years.

"Sentul City's legal infraction due to a bribery case in 2014 has
a neutral impact on the rating. In our view, the impact of this
infraction has abated. All prior internal control deficiencies
have been resolved and the relationship with regulators has
stabilized with no outstanding issues. The entire former
management team was replaced following the incarceration of the
former president and director in 2014. The new management team,
which is committed to protect against similar future infraction,
has diverse experience in the property development sector. We
believe the current management has had sufficient time to
understand the business and build adequate internal controls
since taking over in 2014.

"The stable outlook reflects our expectation that Sentul City
will maintain stable property sales and margins over the next 12-
18 months. We also expect the company to maintain prudent
financial management while pursuing its expansion strategy. This
should result in EBITDA interest coverage of more than 2.0x over
the next 12 months.

"We could lower the rating if Sentul City's financial performance
materially weakens such that we expect EBITDA interest coverage
to decline to materially below 2.0x. This could happen if: (1)
Sentul City's property sales and cash flow are substantially
below our expectations on account of factors such as operational
challenges with the JV; or (2) the company deviates from its core
business and strategy to undertake aggressive debt-funded
expansion.
We may also lower the rating if Sentul City's liquidity profile
weakens materially or the company finds it difficult to raise
funds.

"Rating upside over the next 12 months is limited because we
expect Sentul City to continue its debt-funded expansion.
However, we may raise the rating if the company significantly
expands its scale, improves its diversity, and demonstrates a
consistent track record of operational performance and
disciplined financial management."



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


MITSUI OSK: Egan-Jones Hikes Sr. Unsecured Ratings to B
-------------------------------------------------------
Egan-Jones Ratings Company, on July 9, 2018, upgraded the foreign
currency and local currency senior unsecured ratings on debt
issued by Mitsui OSK Lines to B from B-.

Earlier, on July 6, 2018, EJR downgraded the senior unsecured
ratings on debt issued by the Company to B- from B. EJR also
downgraded the rating on commercial paper issued by the Company
to B from A3.

Mitsui OSK Lines (MOL) is a Japanese transport company
headquartered in Toranomon, Minato, Tokyo, Japan. It is one of
the largest shipping companies in the world.



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


CBL CORPORATION: FMA Warns of Potential Companies Act Breaches
--------------------------------------------------------------
The FMA investigation into the conduct of CBL Corporation Limited
("CBL") and its directors is ongoing. Due to investor interest in
these matters, an update on the investigation is appropriate at
this time.

The FMA has completed a preliminary assessment of the information
obtained as part of the investigation to date and has concerns
about potential breaches of the Financial Markets Conduct Act
2013 ("FMC Act") and the Companies Act 1993 ("Companies Act")
for:

   * Disclosures made as part of the initial public offer;

   * Continuous disclosure, in particular for matters which arose
     from mid-2017;

   * Financial reporting;

   * Directors duties.

Given the FMA's mandate in auditor oversight, the FMA is also
considering the performance of the auditor, Deloitte.

It is important for the market to understand how the FMA will
make decisions about the direction of the investigation, and
what, if any, enforcement action may be appropriate.  In line
with enforcement guidelines, the FMA will be guided by the
following primary regulatory objectives in carrying out this
investigation:

   * Sending an important denunciation and deterrence message
     where misconduct is identified in an area of strategic
     importance to New Zealand's financial markets;

   * Holding to account those considered most culpable for any
     identified misconduct, e.g. directors or a subset of
     directors;

   * Clarifying the law and provide important legal precedent
     for future actions.

Given the circumstances leading up to the FMA investigation of
CBL, some interested parties have asked the FMA to consider using
its powers to step in and exercise any potential right of action
that shareholders may have under the Companies Act.

At this time, given the preliminary stage of the investigation,
the FMA has not yet determined whether the use of this power
would be appropriate. That determination will not be made until
the investigation has progressed further.

Any future decision on the possible exercise of this power will
need to consider whether it would be in the public interest for
the FMA to do so, having regard to the factors outlined in
section 34 of the Financial Markets Authority Act 2011 ("FMA
Act").

In particular, the FMA will consider whether outcomes that meet
the FMA's regulatory objectives can be achieved through action
under the FMC Act, without the FMA exercising another person's
right of action pursuant to section 34 of the FMA Act.

The FMA notes that directors can be joined to an action under the
FMC Act as accessories to the breach, and, as such, there is a
mechanism under that Act to hold directors to account where
appropriate.

The FMA remains focused on lifting standards of corporate
governance, particularly given observations that poor corporate
governance leads to poor disclosure by listed issuers.  If it is
considered that there has been a breach of director's duties, the
FMA will need to assess whether there is additional benefit in
also pursuing directors for a breach of director's duties under
the Companies Act.

Additionally, the FMA does not consider it would be appropriate
to exercise section 34 powers for the sole purpose of seeking
compensation for shareholders. We note that pathways to
compensation may be achieved through actions under the FMC Act.
For example, the FMA may obtain a declaration of contravention
which can be used by either the FMA or shareholders, and/or
creditors to take forward actions for compensation where
causation and loss can be proven.  These options will all be
considered in light of FMA's regulatory objectives outlined
above.

The FMA continues to liaise with the RBNZ and the SFO about their
ongoing investigations and to seek to gather information from the
voluntary administrator (CBL) and liquidator (CBL Insurance) as
well as relevant overseas regulators. Given the involvement of
these other agencies and the complexity of the issues the
investigation process is likely to take some time.

                         About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together
with its subsidiaries, provides insurance and reinsurance
products and services primarily in New Zealand. It offers
financial risk products, builders' risks, sureties, guarantees,
and contractor bonds primarily in Europe and Scandinavia; deposit
guarantees in Australia; and bonding and fiduciary services to
the Mexican commercial sector. The company also provides a range
of specialty products, such as credit enhancement, surety bonds,
specialized property insurance, aviation, and rural risk in
Australia, as well as distributes construction-sector insurance
products in France through a network of brokers.

CBL Corp. went into voluntary administration in late February
2018, in a move to prevent other regulators from taking action
after the Reserve Bank moved to have its subsidiary CBL Insurance
placed in interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators
by the Board of CBL Corporation Ltd and certain of its
subsidiaries.

The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL
entities -- CBL Corporation Limited; LBC Holdings New Zealand
Ltd; LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings
Europe Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company
Ltd; Deposit Power Ltd; South British Funding Ltd; and CBL
Corporate Services Ltd.


MATRIX HOMES: Placed in Receivership; 25 Jobs at Risk
-----------------------------------------------------
Julie Iles at Stuff.co.nz reports that prefabricated housing
company Matrix Homes has been put in receivership potentially
putting at least 25 Upper Hutt jobs at risk.

BDO Wellington partners Iain Shephard and Jessica Kellow were
appointed as receivers on July 17 by Matrix Homes' managing
director Sean Murrie, Stuff discloses.

The company built transportable houses for NZ$139,000 in its
Trentham warehouse, the report says.

According to Stuff, Ms. Kellow said the receivers would try to
sell the business as a going-concern. However, Camperdown Studios
applied to liquidate the company earlier this month.

Sir Peter Jackson is a large shareholder in Camperdown Studios
and a former director of the company.

Camperdown Studios owns 22 properties, which includes 19
properties surrounding Weta Workshop, Weta Cave and Stone Street
Studios in Wellington, the report discloses.

Stuff notes that the liquidation application was due to be heard
in the High Court in Wellington on July 3, but has been deferred
to August for settlement discussions.

Camperdown Studios uses half of Matrix Homes' 8000-square-metre
warehouse to store props from Weta films including the Lord of
the Rings trilogy, the report relates.

According to Stuff, Matrix general manager Grant Richardson said
earlier this month the liquidation proceedings were over a
"landlord issue".

Matrix had made several applications to provide its modular homes
for KiwiBuild contracts, primarily in Auckland, he said.

Stuff adds that Ms. Kellow said she was "confident" they would be
able to find a buyer.

She said the receivers had received expressions of interest, but
would not comment on the identities of the interested parties.

Kellow said the company would continue trading, staff would
continue to be paid, and the receivers were "liaising with
clients".

"It's business as usual," the report quotes Ms. Kellow as saying.

She said it was too soon to comment on the state of the company's
assets, adds Stuff.



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


TRANSPORTATION PARTNERS: Fitch Affirms & Withdraws 'B-' LT IDR
--------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Transportation Partners
Pte. Ltd.'s (TP) 'B-' Long-Term Issuer Default Rating (IDR). The
rating has been withdrawn for commercial reasons.

These actions have been taken in conjunction with a broader
aircraft leasing industry peer review conducted by Fitch, which
includes 10 publicly rated firms.

KEY RATING DRIVERS

IDR

TP's ratings are supported by its relatively young and liquid
commercial aircraft portfolio; cash flow generation supported by
solid lease yields; adequate interest coverage of near-term debt
maturities; and low leverage for the rating.

The IDR is constrained by elevated key-man risk linked to one of
TP's co-founders; weaker corporate governance relative to larger,
listed peers; material customer concentrations related to Lion
Air Group and its affiliates; funding and placement risks
associated with TP's outsized order book, which can be placed
with Lion Air Group airlines for their external financing; an
untested risk management framework relative to peers; and lack of
financial performance track record through credit and aviation
cycles.

Rating constraints applicable to the aircraft leasing industry
more broadly include the monoline nature of the business;
vulnerability to exogenous shocks; potential exposure to residual
value risk; sensitivity to oil prices; reliance on wholesale
funding sources; and increased competition.

Elevated key man risk resides with one of TP's co-founders, Rusdi
Kirana, who is also the co-founder and co-owner of Jakarta-based
airline, Lion Air. While key-man risk is not uncommon for
aircraft lessors rated by Fitch, Kirana is actively involved in
all aspects of TP's business, including advising management on
the strategic direction and providing oversight of the business,
which includes TP and its largest customers (airlines affiliated
with Lion Air Group).

Fitch believes TP has a weaker corporate governance framework, as
evidenced by a lack of independent director membership and
numerous related party transactions. The Chief Executive Officer
and Chief Financial Officer (CFO) roles are also currently being
shared on an interim basis, and an active search continues for a
permanent CEO replacement. Fitch would view a strengthened
corporate governance framework favorably.

TP's fleet totaled 65 aircraft, 10 engines and one helicopter, as
of Dec. 31, 2017. The aircraft portfolio was primarily comprised
of narrowbody and turboprop aircraft with an average age of 3.5
years, which is among the lowest when compared to aircraft
lessors rated by Fitch. The ATR72-500/600 aircraft, which
represented 63.5% of TP's total net book value (NBV), have
experienced a resurgence in orders over the past few years
primarily driven by favorable operating economics. Though viewed
by Fitch as niche, these planes have an established operator
base, and, compared to regional jets, ATRs are more fuel
efficient and less exposed to technological disruption.

TP's near-term performance and growth continues to be supported
by modest additional ATR deliveries, but in the medium to longer
term, Fitch expects the fleet to evolve as the lessor expands
further into widely-utilized aircraft, as evidenced by TP's
impending deliveries of current and next-generation Boeing B737
and Airbus A320 family aircraft. Still, the order book is
aggressive, in Fitch's view, and as of Dec. 31, 2017 represented
466 aircraft with staggered deliveries through 2027, translating
to a 21.8% CAGR of the existing fleet over the next 10 years. TP
has the option to not take deliveries, electing to place its
near-term deliveries with Lion Air Group's airlines for their
external financing.

TP's asset quality performance has been solid to date, as the
firm has taken only a modest impairment charge in 2017 in
connection with the sale of two aircraft. Nevertheless, the
firm's financial performance and credit risk management framework
have not been tested through a credit cycle given its inception
in 2011. As of Dec. 31, 2017, TP's portfolio remained highly
concentrated in Lion Air Group and its affiliates. TP's lessee
concentrations represent a constraint to the IDR, due to the non-
investment grade credit profile of many of its airlines, though
not uncommon among aircraft lessors. Management is seeking to
diversify its customer base through the placement of its order
book deliveries with third-party airlines in the medium term.
However, Fitch believes there is execution risk with the ability
of TP to successfully diversify away from affiliate airlines, as
well as the competitiveness of the overall aircraft leasing
environment, which could pressure lease pricing, and ultimately
earnings in the medium term.

The company has been profitable since inception with growing
lease revenue and stable lease yields. In 2017, TP reported
favorable net income margins (NIMs) relative to peers, which are
attributed to the combination of higher lease yields and
relatively lower funding costs associated with its secured
funding profile. Fitch believes TP's favorable lease yields also
correspond to asset and/or lessee risk associated with the
company's turboprop aircraft which are often leased to smaller,
regional airlines. Nevertheless, Fitch expects current NIMs and
interest coverage metrics will normalize toward peer averages of
7.5% and 3.0x, respectively in the medium term, as the firm
shifts its funding profile toward unsecured funding, which is
relatively more expensive compared to securitizations, and other
forms of secured funding.

Given operating cash flow generation is supported by long-term
contractual lease terms, TP has sufficient liquidity and cash
balances to support near-term debt maturities. However, Fitch
believes TP remains exposed to potential funding risk associated
with its sizeable order book commitments, with deliveries through
2027.

Leverage, calculated as total debt to tangible equity, was 2.6x
as of Dec. 31, 2017. This ratio is expected to remain relatively
stable, as cash flow from underlying lease payments is used to
repay outstanding secured borrowings to deleverage the balance
sheet, but will be offset by additional borrowings as TP funds
its order book over time. Fitch believes TP's leverage is
consistent with peers, and the assigned rating given the
company's monoline business model, as well as its current revenue
and customer concentrations.

RATING SENSITIVITIES

IDR

Rating sensitivities are no longer relevant given its rating
withdrawal.

Fitch has affirmed and withdrawn the following rating:

Transportation Partners Pte. Ltd.

  -- Long-Term IDR at 'B-'.


VIBRANT LTD: Auditors Unable to Complete Audit in Blackgold Unit
---------------------------------------------------------------
The Strait Times reports that Vibrant Limited on July 18 said its
auditor, KPMG, was unable to complete an audit of the company's
financial statements for the year ended April 30 as they found
irregularities and discrepancies in coal mining and coal trading
receipts, and sales invoices in certain units of wholly owned
subsidiary Blackgold International Holdings.

In particular, these relate to Blackgold units Chongqing Heijin
Industrial, Chongqing Caotang Coal Mine Resources Development and
Chongqing Guoping Heiwan Coal Mine Resources Development, the
report says.

The Strait Times relates that in a filing with the Singapore
Exchange, Vibrant said: "As the auditors have not undertaken any
further procedures, they are currently unable to determine if the
irregularities have been fully identified and the associated
financial impact."

The auditors are unable to complete their audit without
performing additional procedures, it added, the report relays.

According to the report, Vibrant acquired its 94.18% stake of the
then Australia-listed Blackgold - a Chongqing-based producer of
coal - through a scheme of arrangement approved by the Federal
Court of Australia, on July 13, 2017 for AUD37.6 million (SGD37.9
million).

On finding irregularities, Vibrant said: "The auditors have
recommended to the audit committee that the auditors carry out
additional procedures on Blackgold's balance sheet as at the date
of its acquisition by the group, to ascertain the existence,
accuracy and completeness of the assets and liabilities
acquired," the report relays.

The report says Vibrant's board has authorised the committee to
appoint a special auditor to conduct an investigation into the
irregularities.

Based on the company's unaudited financial results for the nine
months ended Jan. 31, Blackgold Group contributed to 23.5% or
$318.9 million of Vibrant's $1.4 billion of assets.

However, Blackgold accounted for 2% or $2.6 million of Vibrant's
net profit of $128.1 million. If negative goodwill is excluded,
Blackgold would account for 62% of Vibrant's net profit of $4.3
million, the report states.

As at Jan. 31, there are outstanding inter-group loans of $22.6
million made to the Blackgold Group. The group has not provided
any guarantees or other security in respect of the bank
borrowings, loans, debts or other liabilities of the Blackgold
Group, the Strait Times adds.

The report notes that based on information available to the
board, due to the irregularities, a reversal of all revenues
arising from Blackgold subsidiaries' coal mining and coal trading
business for the nine months ended Jan 31 would have resulted in
a 70 per cent fall in revenue to $132.8 million from S$436.8
million, a 77 per cent fall in cost of sales to $89.2 million
from $386 million, and a 99 per cent fall in net profit to $1.6
million from $128.1 million.

The Strait Times meanwhile, reports that the company has
appointed a special committee that includes chief executive
officer Eric Khua Kian Keong, chief corporate development officer
Henry Chua Tiong Hock, and chief financial officer Simon Sim Geok
Beng to "supervise the Blackgold subsidiaries until such time
that the results of the special audit are released and the new
management for the Blackgold subsidiaries are in place".

According to the report, Vibrant has also sent two senior finance
executives to Chongqing to safeguard the cash, other assets, and
accounting records of the Blackgold Subsidiaries while Yuguo
Peng, the chairman of the Blackgold Group, has been placed on
leave pending the outcome of the special audit.

The Strait Times says Vibrant's board is of the opinion that the
company will be able to operate as a going concern as it is
expected to have sufficient cash to meet its debts and
liabilities in the next 12 months and that its shares are not
suspended from being traded pending the outcome of the special
audit.

However, in the event that its shares are suspended for a
continuous period of more than seven days, the company is obliged
to, at the option of a note holder, to redeem notes from its
multi-currency medium term note programme - presently $66 million
if fully exercised, the report relates.

This will create an immediate and significant cash flow concern
for the group, and is likely to affect the group's ability to
operate as a going concern, Vibrant said, The Strait Times adds.

Vibrant Group Limited provides logistics, real estate, and
financial services worldwide. It operates through three segments:
Freight and Logistics Business, Financial Services, and Real
Estate Business. The company provides international freight
forwarding services, including less than container load
consolidation, container freight station, ocean and air freight
forwarding, consolidation and deconsolidation, transshipment,
project cargo, documentation, and customs clearance and
transportation services; and project logistics services for oil
and gas, infrastructure development, power plant, and factory
relocation. It also offers chemical logistic solutions



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


ASIANA AIR: Shares Jump on Report SK Group Mulling Takeover Bid
---------------------------------------------------------------
The Financial Times reports that shares of Asiana Airlines shot
up more than 20 per cent on Tuesday morning (July 17) on a media
report that SK Group is considering buying the troubled airline -
a claim the conglomerate later denied.

The FT relates that Asiana shares climbed as much as 23 per cent
to KRW5,130 ($4.57), their highest since May 21, after local
online media News Tomato said SK Group, South Korea's third-
largest conglomerate, is considering a takeover.

But SK Holdings, the holding company of SK Group, denied the
media report in a regulatory filing, making Asiana shares give up
much of the gains, the report says.

Asiana shares were up nearly five per cent on Tuesday afternoon
(July 17), while the benchmark Kospi composite index was little
changed, the FT notes.  According to the report, Asiana has seen
its financial status deteriorate in recent years despite its
profitable operations because it was drafted by its parent group
to support troubled affiliates. It underwent a creditor-led debt
restructuring programme with asset sales.

It also came under fire last month for an issue with in-flight
meals after a caterer failed to deliver the food on time, the FT
relates. Although the service has been normalised, Asiana has
been plagued by market rumors that it may be up for sale because
of growing debt burden.

Asiana has about KRW1.86 trillion in debt due over the next year
but it had about KRW340 billion in cash and cash equivalents as
of March, according to the FT.

But Kang Sung-jin, an analyst at KB Securities, said parent Kumho
Asiana Group was unlikely to sell the profitable airline as it
already raised funds through sales of asset backed securities,
real estate and other assets, the FT adds.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.



================
S R I  L A N K A
================


MELSTA REGAL: Fitch Cuts National Long-Term Rating to B(lka)
------------------------------------------------------------
Fitch Ratings Lanka has downgraded Melsta Regal Finance Ltd.'s
(MRF) National Long-Term Rating to 'B(lka)' from 'A+(lka)' and
removed the Rating Watch Evolving (RWE). A Stable Outlook has
been assigned. The agency has also affirmed the ratings of the
following nine finance companies:

  - Central Finance Company PLC (CF)

  - LB Finance PLC (LB)

  - Senkadagala Finance PLC (Senka)

  - Singer Finance (Lanka) PLC (SFL)

  - Mercantile Investments and Finance PLC (MIF)

  - People's Leasing & Finance PLC (PLC)

  - HNB Grameen Finance Limited (HGL)

  - AMW Capital Leasing And Finance PLC (AMWCL)

  - Siyapatha Finance PLC (Siyapatha)

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS

The rating actions follow Fitch's periodic review of Sri Lanka's
large and mid-sized finance companies.

Fitch expects the credit profiles of the country's licensed
finance company sector to remain under pressure in the medium
term. Competition in leasing from banks and a deceleration in
vehicle financing has pushed finance companies to look beyond
their core businesses and venture into term financing,
microfinance and lending against gold. Fitch believes the shift
in business mix has raised the companies' risk profiles in the
absence or poor quality of collateral, challenges to the
recoverability of collateral and a lack of experience in the new
segments. This has already resulted in the industry's reported
non-performing loan (NPL) ratio (based on six month arrears)
increasing to 5.8% at end-March 2018 (FYE18), from 4.9% at FYE17.
The sector also faces more stringent capital requirements and
potential earning headwinds stemming from higher credit costs.

The ratings of the finance companies in the peer group are driven
by their business models and franchises. Risk appetite, another
rating driver, reflects the companies' predominant exposures to
more vulnerable customers and non-core business segments.

Finance Companies with Intrinsic Strength-Driven Ratings

The resolution of the RWE and downgrade of MRF's rating to
reflect its standalone profile is because the agency views that
support from the parent, Fairfax Financial Holdings Limited
(Fairfax), cannot be relied upon. Fitch believes Fairfax's stake
in MRF is part of its portfolio of investments and does not have
a strategic significance. Fairfax is MRF's largest shareholder,
with effective control of 70% via Bluestone1 (Private) Limited,
an SPV established for the acquisition of MRF. As such, MRF's
standalone profile is characterised by an evolving business model
and small franchise (0.5% of sector assets at end-March 2018).
The rating also captures potential pressure on MRF's asset
quality from its unseasoned loan book.

CF's rating reflects its modest franchise and strong
capitalisation, which is supported by above-industry
profitability and earnings retention. These factors
counterbalance its weaker asset quality compared with similarly
rated peers, owing to its higher exposure to the risky three-
wheeler segment. CF remains the highest capitalised among peers,
with regulatory Tier 1 and total capital ratios of 32.9% and
32.1%, respectively, at FYE18. It has demonstrated an ability to
maintain better-than-industry net interest margins through the
interest-rate cycle and its profitability ratio, as measured by
pre-tax net income/average assets, improved to 10.5%, from 7.9%
in FYE15, on wider net interest margins, better cost efficiency
and lower credit costs.

LB's rating reflects its established franchise and satisfactory
capital level, which is supported by sound profitability from
high-yielding products. This is counterbalanced by the company's
higher risk appetite due to high exposure to gold-backed lending
and elevated liquidity risk, with gross loans accounting for 87%
of total assets at FYE18 (FYE17: 89%). LB has the highest
leverage ratio among peers, with debt/tangible equity of 6.6x
(FYE17: 6.9x). However, its Tier 1 ratio was a satisfactory 17.3%
at FYE18 (FYE17: 16.1%). Fitch believes risk from gold-backed
lending (FYE18: 19% of gross loans, FYE17: 18%) has been managed
through active monitoring and risk-control measures, but a sharp
decline in gold prices could pressure asset quality.

Senka's rating reflects its strong franchise and well-matched
maturity gaps. This is counterbalanced by a low proportion of
deposit funding compared with higher-rated peers. We expect
Senka's Tier-1 ratio of 17.0% at FYE18 to come down in the
absence of capital infusion, as internal capital generation has
not kept pace with above-industry loan growth. The company's
reported NPL ratio increased to 2.3%, from 1.6% at FYE17, but
remained below higher-rated peers amid challenging operating
conditions.

SFL's rating reflects its small franchise and overall stable
financial indicators. Capitalisation has been supported through
rights issues, the most recent being in FY18. The company's
reported NPL ratio increased, like that of peers, to a still-
modest level of 2.1% at FYE18 and asset-quality pressure is
likely to persist. SFL's profitability is better than that of
peers', supported by higher-yielding assets. The rating is
underpinned by Fitch's view that the rating of SFL's parent,
retailing company Singer (Sri Lanka) PLC (A-(lka)/Stable),
provides a floor for SFL's rating that is two notches lower. This
reflects Singer's majority ownership in SFL and the common Singer
brand.

MIF's rating reflects its long operating history and satisfactory
capitalisation. It also captures MIF's high risk appetite,
stemming from relatively weak underwriting standards, evolving
risk controls that have affected asset quality and high reliance
on concentrated short-term funding that has led to considerable
negative maturity mismatches. Fitch expects MIF's relatively
weaker profitability to improve marginally in the medium term,
aided by its high-yielding, non-lease products, and for the
reported NPL ratio (FYE18: 7.6%) to remain elevated until the
resolution of its single-largest NPL account (backed by
collateral), which forms half of total NPLs. Fitch attributes
MIF's below-peer NPL provision coverage to the low allowances set
aside for its largest NPL account.

Finance Companies with Institutional Support-Driven Ratings

PLC's Issuer Default Rating (IDR) and National Long-Term Rating
reflect Fitch's view that its parent, the state-owned and
systemically important People's Bank (Sri Lanka)
(AA+(lka)/Stable), would provide PLC with extraordinary support,
if required. People's Bank's propensity to support PLC stems from
PLC's group role as a strategically important subsidiary and the
high reputational risk to People's Bank should PLC default, as
the bank owns 75% of PLC and shares a common brand. People's
Bank's ability to provide support to PLC is limited and stems
from Sri Lanka's rating of 'B+'/Stable.

PLC plays an important role in the group, accounting for 10.3% of
People's Bank's assets and 11.6% of loans at FYE18. PLC also has
101 window offices within People's Bank branches and board
representation from People's Bank. PLC's reported NPL ratio
increased to 2.7% at FYE18, from 1.3% at FYE17, due to unsecured
term loans - a segment PLC has aggressively grown over FY15-FY17.
Nevertheless, its NPL ratio remained better than that peer
average.

HGL's rating reflects Fitch's expectation of support from its
parent, Hatton National Bank PLC (HNB; AA-(lka)/Stable), Sri
Lanka's fourth-largest domestic commercial bank. This view is
based on HNB's majority 51% shareholding, its involvement in
HGL's strategic direction through board representation and the
common HNB brand. The two-notch differential reflects HGL's
limited role in the group. HGL is mainly engaged in microfinance,
which is not a significant product for HNB. Furthermore, there is
limited operational integration between the entities.

AMWCL's rating reflects Fitch's view that support would be
forthcoming from Associated Motorways Private Limited (AMW),
which owns 90% of AMWCL, given the finance company's strategic
importance to its parent, a large importer of motor vehicles in
Sri Lanka. This is based on AMWCL's role in the group, the common
AMW brand and the existence of common creditors, which contribute
to high reputational risk for AMW if AMWCL were to default. Fitch
sees the synergies between the two companies as high, since
almost half of AMWCL's advances comprise facilities that are
provided to clients who purchase AMW products. AMWCL also
benefits from business referrals from its parent.

Siyapatha's rating reflects Fitch's expectation that support
would be forthcoming from its 100% parent, Sampath Bank PLC
(A+(lka)/Stable), which is involved in the strategic direction of
the subsidiary through board representation. Siyapatha is rated
two notches below its parent because of its limited role to the
group's core business and different branding. Sampath Bank's
leasing book accounted for just 7% of group loans at FYE18, of
which half came from Siyapatha. Siyapatha also only accounted for
5% of group pre-tax profit in 2017.

DEBT RATINGS

The ratings on the senior debentures of PLC, CF, LB, Senka, SFL,
MIF and Siyapatha are in line with the companies' National Long-
Term Ratings, as they constitute their direct, unconditional,
unsecured and unsubordinated obligations.

Fitch has not provided any rating uplift for the
collateralisation of CF's and SFL's secured notes, as it
considers recovery prospects as average and comparable with that
of unsecured notes in a developing legal system.

Subordinated debentures of LB, Senka and Siyapatha are rated one
notch below the companies' National Long-Term Ratings to reflect
their subordination to senior unsecured creditors.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS

Finance Companies with Intrinsic Strength-Driven Ratings

MRF's ratings could be upgraded if the company increased its
operating scale while maintaining asset quality and
capitalisation at levels of higher-rated peers. However, a
significant reduction in loss absorption buffers owing to asset-
quality slippage could lead to a rating downgrade.

CF's ratings could be upgraded if its risk appetite moderates,
which Fitch does not expect in the medium term. However, the
rating could be downgraded if capital buffers are substantially
eroded due to weakening asset quality and a prolonged rapid
growth in the more vulnerable customer segments.

Downgrade triggers for LB include capital pressure from weaker
profitability, increased liquidity risk or heightened risk
appetite. This could be indicated through aggressive loan growth
or deterioration in asset quality. An upgrade of LB's rating is
contingent on the company achieving stronger capitalisation,
lower risky asset exposure and a more comfortable liquidity
position.

An upgrade of Senka's rating is contingent upon the company
sustaining stronger capital levels and a more robust deposit
franchise. Senka's rating could be downgraded if asset quality
weakens, leading to a significant decline in capitalisation or
excessive asset encumbrance.

Fitch does not expect an upgrade of SFL's ratings from an
improvement in its standalone strength, as its franchise is
likely to remain significantly weaker than that of its more
established, higher-rated peers. The more likely upgrade driver
would be a stronger relationship with its parent, in particular,
its strategic importance to Singer. A sustained deterioration in
SFL's standalone credit profile in terms of capitalisation and
asset quality relative to similarly rated peers would not result
in a downgrade of SFL's rating, unless its assessment of parental
support also changed.

MIF's ratings could be downgraded if its large maturity
mismatches were to increase or if it experiences higher capital
impairment risk due to sustained deterioration in profitability
and asset quality. An upgrade of MIF's ratings is contingent upon
a moderation of its risk appetite, as seen through better
underwriting standards and risk controls alongside sustained
improvement in asset quality and profitability.

Finance Companies with Institutional Support-Driven Ratings

A downgrade of PLC's IDR and National Ratings would occur if
People's Bank's ability to support PLC was to weaken, if People's
Bank's was to cede its majority ownership in PLC or if PLC's
strategic importance to its parent was to diminish over time,
reflecting a reduced propensity to support PLC. However, Fitch
does not anticipate this in the foreseeable future. PLC's ratings
are also sensitive to changes in the sovereign rating, as this
would affect People's Bank's ability to provide support to PLC.

The ratings on HGL, AMWCL and Siyapatha are similarly sensitive
to changes in Fitch's assessment of their respective parents'
ability and propensity to provide support, none of which Fitch
expects to change significantly in the short to medium term.

DEBT RATINGS

The ratings on the senior debt of CF, LB, Senka, SFL, MIF, PLC
and Siyapatha will move in tandem with the companies' National
Long-Term Ratings.

The assigned subordinated debt ratings will move in tandem with
the National Long-Term Ratings.

FULL LIST OF RATING ACTIONS

Melsta Regal Finance Ltd.:

National Long-Term Rating downgraded to 'B(lka)' from A+(lka);
off RWE; Outlook Stable

Central Finance Company PLC:

National Long-Term Rating affirmed at 'A+(lka)'; Outlook Stable

Senior secured National Long-Term Rating affirmed at 'A+(lka)'

Senior unsecured National Long-Term Rating affirmed at 'A+(lka)'

LB Finance PLC:

National Long-Term Rating affirmed at 'A-(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'A-(lka)'

Subordinated debt National Long-Term Rating affirmed at
'BBB+(lka)'

Senkadagala Finance PLC

National Long-Term Rating affirmed at 'BBB+(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at
'BBB+(lka)'

Subordinated debt National Long-Term Rating affirmed at
'BBB(lka)'

Singer Finance (Lanka) PLC

National Long-Term Rating affirmed at 'BBB(lka)'; Outlook Stable

Senior secured National Long-Term Rating affirmed at 'BBB(lka)'

Senior unsecured National Long-Term Rating affirmed at 'BBB(lka)'

Mercantile Investments and Finance PLC

National Long-Term Rating affirmed at 'BBB-(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'BBB-
(lka)'

People's Leasing & Finance PLC:

Long-Term Foreign-Currency Issuer Default Rating affirmed at 'B';
Outlook Stable

Long-Term Local-Currency Issuer Default Rating affirmed at 'B';
Outlook Stable

National Long-Term Rating affirmed at 'AA-(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'AA-(lka)'

HNB Grameen Finance Limited:

National Long-Term Rating affirmed at 'A(lka)'; Outlook Stable

AMW Capital Leasing And Finance PLC

National Long-Term Rating affirmed at 'BBB+(lka)'; Outlook Stable

Siyapatha Finance PLC

National Long-Term Rating affirmed at 'A-(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'A-(lka)'

Subordinated debt National Long-Term Rating affirmed at
'BBB+(lka)'



===========
T A I W A N
===========


ACER INCORPORATED: Egan-Jones Hikes Sr. Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 10, 2018, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Acer Incorporated to BB from B+.

Acer Incorporated was founded in 1976 and is headquartered in New
Taipei City, Taiwan. The company researches, designs, markets,
and services personal computers (PCs), information technology
(IT) products, and tablet products in the Americas, Mainland
China, Taiwan, and internationally.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***