TCRAP_Public/180723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 23, 2018, Vol. 21, No. 144

                            Headlines


A U S T R A L I A

ALINTA ENERGY: Moody's Withdraws Ba1 CFR for Business Reasons
BATTLEFIELD FASHION: First Creditors' Meeting Set for July 31
CRO TRAVEL: First Creditors' Meeting Set for July 27
FEELIN FRUITY: First Creditors' Meeting Set for July 31
ONSLOW WORKFORCE: First Creditors' Meeting Set for July 30

PAYYOURBILLS PTY: Second Creditors' Meeting Set for July 30
SIMON MASONRY: Second Creditors' Meeting Set for July 30
WAITAN GROUP: High-End Restaurant Collapses Into Liquidation
WIRE NETWORKS: Second Creditors' Meeting Set for July 30


C H I N A

ROAD KING: S&P Alters Risk Profile to Fair & Affirms 'BB-' ICR
YIDA CHINA: Fitch Alters Outlook to Stable & Affirms 'B' LT IDR


I N D I A

BHUSHAN POWER: NCLAT Allows Lenders to Meet & Finalize Bid
DHARAMVIR EXPORTS: Ind-Ra Maintains B+ Rating in Non-Cooperating
DUGAR OVERSEAS: CRISIL Withdraws D Rating on INR15.7cr Loan
FRISCO GLOBAL: CRISIL Lowers Rating on INR15cr Loan to D
JAGDISH PRASAD: Ind-Ra Maintains B+ LT Rating in Non-Cooperating

KANSARA POPATLAL: CRISIL Maintains B Rating in Not Cooperating
LOOMTEX FABRICS: CRISIL Maintains B Rating in Not Cooperating
M.M. COTTON: CRISIL Maintains B Rating in Not Cooperating
MAHAVIR BUILDERS: CRISIL Maintains B Rating in Not Cooperating
MAITRI AND MAITRI: CRISIL Maintains B Rating in Not Cooperating

MANGANG CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating
MATSYODARI STEEL: CRISIL Maintains B Rating in Not Cooperating
MBR GROUP: CRISIL Maintains B Rating in Not Cooperating Category
MUTHUS GOLDEN: CRISIL Maintains B Rating in Not Cooperating
NAVJIVAN POLYFAB: Ind-Ra Migrates B LT Rating to Non-Cooperating

NAVKAR SUGARS: CRISIL Maintains B Rating in Not Cooperating
N KUMAR: CRISIL Maintains B Rating in Not Cooperating Category
PANIPAT JALANDHAR: CRISIL Raises Rating on INR3646cr Loan to B
PRASHANTI AYURVEDIC: Ind-Ra Ups LongTerm Issuer Rating from 'B+'
RADHE GIRDHARI: CRISIL Reaffirms B Rating on INR5.6cr LT Loan

RAMKAMAL CHEMICALS: CRISIL Migrates Rating from B/Not Cooperating
SHRI RANI: CRISIL Maintains B Rating in Not Cooperating Category
SHIRAJ TIMBER: CRISIL Lowers Rating on INR25.5cr Loan to D
SHRIRAM INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
SREE GURU: CRISIL Maintains B Rating in Not Cooperating Category

SREE HARSHA: CRISIL Maintains B Rating in Not Cooperating
SRI GANESH: CRISIL Maintains B Rating in Not Cooperating Category
SRI GAYATHRI: CRISIL Lowers Rating on INR5cr LT Loan to D
SRI MAHAGANAPATHI: CRISIL Maintains B Rating in Not Cooperating
SRI MURUGAR: CRISIL Maintains B Rating in Not Cooperating

SRI SAI LAKSHMI: CRISIL Maintains B Rating in Not Cooperating
SRI VENKATESWARA: CRISIL Maintains B Rating in Not Cooperating
SOUTH PARK: CRISIL Migrates Rating from B+/Not Cooperating
SRINIVASA RAW: CRISIL Assigns 'B' Rating to INR1cr Cash Loan
T.M. MOTORS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

TAMIL NAADU: CRISIL Maintains B Rating in Not Cooperating
TATA POWER: S&P Alters Outlook to Pos. & Withdraws 'B+' ICR
TM MOTORS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
TRANS VOLT: CRISIL Maintains B Rating in Not Cooperating Category
UNI PROFILES: CRISIL Maintains B Rating in Not Cooperating

UNITED WIRE: CRISIL Maintains D Rating in Not Cooperating
VJR POULTRY: CRISIL Maintains B Rating in Not Cooperating


I N D O N E S I A

MEDCO ENERGI: Fitch Alters Outlook to Pos. & Affirms 'B' LT IDR


N E W  Z E A L A N D

D E MOONEY: In Liquidation; Jeweller Serves Home Detention


S I N G A P O R E

FORELAND FABRICTECH: Independent Directors Resign
GLOBAL CLOUD: Fitch Corrects July 5 Ratings Release
HYFLUX LTD: Has $2.95BB in Total Liabilities as of March 31
MARY CHIA: Ordered to Resolve Issues w/ Partner Over Liquidation


                            - - - - -


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


ALINTA ENERGY: Moody's Withdraws Ba1 CFR for Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn Alinta Energy Pty
Limited's Ba1 corporate family rating. Prior to withdrawal, the
rating had a positive outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.


BATTLEFIELD FASHION: First Creditors' Meeting Set for July 31
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Battlefield Fashion House Pty Ltd will be held at the offices of
BPS Reconstruction and Recovery, Level 5, Suite 6, 350 Collins
Street, in Melbourne, on July 31, 2018, at 10:00 a.m.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of Battlefield Fashion on July 19, 2018.


CRO TRAVEL: First Creditors' Meeting Set for July 27
---------------------------------------------------
A first meeting of the creditors in the proceedings of CRO Travel
Pty Ltd will be held at the offices of Chartered Accountants
Australia and New Zealand, Level 18 Bourke Place, 600 Bourke
Street, in Melbourne, Victoria, on July 27, 2018, at 10:00 a.m.

Mathew Terence Gollant of Courtney Jones & Associates was
appointed as administrator of CRO Travel on July 17, 2018.


FEELIN FRUITY: First Creditors' Meeting Set for July 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Feelin
Fruity (Tas) Pty Ltd will be held at Gateway Inn, 16 Fenton
Street, in Devonport, Tasmania, on July 31, 2018, at 11:00 a.m.

Robert Woods & Travis Anderson of Deloitte Financial were
appointed as administrators of Feelin Fruity on July 19, 2018.


ONSLOW WORKFORCE: First Creditors' Meeting Set for July 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Onslow
Workforce and Labour Solutions Pty Ltd will be held at the
offices of Auxilium Partners, Level 2, 949 Wellington Street, in
West Perth, WA, on July 30, 2018, at 2:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Onslow Workforce on July 18, 2018.


PAYYOURBILLS PTY: Second Creditors' Meeting Set for July 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Payyourbills
Pty Ltd has been set for July 30, 2018, at 11:00 a.m. at the
offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2018, at 9:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Payyourbills Pty on June 25, 2018.


SIMON MASONRY: Second Creditors' Meeting Set for July 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

     * Simon Masonry Pty Limited;
     * Simon Masonry (NSW) Pty Ltd;
     * Simon Masonry Supply Pty Ltd;
     * SM Group V2 Pty Ltd; and
     * S Masonry Group Pty Ltd

has been set for July 30, 2018, at 11:00 a.m. at Level 27, 259
George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 27, 2018, at 4:00 p.m.

Sule Arnautovic & Amanda Young of Jirsch Sutherland were
appointed as administrators of Simon Masonry on June 25, 2018.


WAITAN GROUP: High-End Restaurant Collapses Into Liquidation
------------------------------------------------------------
Lucy Macken at Domain reports that five years after the upmarket
Waitan Restaurant opened as Chinatown's answer to Justin Hemmes'
The Ivy party venue, the doors have closed and liquidators
appointed to try to recoup debts of AUD1.3 million.

According to the report, the collapse of the high-end restaurant
group comes as its director Kai Meng, 49, takes an almost
AUD500,000 loss on his Castle Cove home, selling it in an off-
market deal for AUD5.5 million.

Domain relates that attempts by the liquidator David Kerr --
david.kerr@rsm.com.au -- of RSM Australia, to contact Mr. Meng
have proved unsuccessful despite the June sale of his grand six-
bedroom residence.

However, press reports in China indicate Mr Meng returned to his
homeland in May of last year where he is set to make a comeback
in the restaurant and catering industry, the report says.

Domain notes that the Waitan Restaurant, owned by Australia
Xiangeqing Investments, opened in 2013 amid a blaze of publicity
after a lavish AUD10 million make-over that included three bars,
a dim sum bar, eight private dining rooms, a members-only space
and award-winning chef John Rankin at the helm.

In late 2013, Fairfax Media reported its success among high-end
diners had prompted the sale of eight AUD10,000 memberships
giving them access to the VIP rooms, valet parking and the chance
to purchase a AUD50,000 six-litre bottle of cognac.

However, at the time Chinese President Xi Jinping's austerity
drive was already starting to cause headwinds in China's high-end
restaurant industry, and Mr Meng's China-based Xiangeqing
restaurant chain was no exception, the report notes.

As Reuters reported, Xiangeqing posted a net loss of CNY68.4
million in the first quarter of the year, making it just one of
many restaurant casualties in the crackdown on Chinese government
extravagance, Domain relays.

In 2014, the China-based company changed its name to Cloud Live
amid reports Mr. Meng planned to take it out of the restaurant
trade into cloud computing.

According to Domain, Mr. Meng resigned as chairman of Cloud Live
the following year after China's Securities Regulatory Commission
launched an investigation for suspected violations of securities
law.

Meanwhile, in Sydney the Waitan Group's directors had all
resigned by early 2017, a year before the liquidators were called
in, leaving Mr. Meng as the sole director, the report recalls.

The Waitan Group's collapse has left outstanding debts worth
AUD1.3 million, of which AUD1 million is owed to the tax office
and the Office of State Revenue, Domain discloses.


WIRE NETWORKS: Second Creditors' Meeting Set for July 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of Wire Networks
Pty Ltd has been set for July 30, 2018, at 11:00 a.m. at the
offices of Cor Cordis, 'One Wharf Lane', Level 20, 171 Sussex
Street, in Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 27, 2018, at 4:00 p.m.

Ozem Kassem and Alan Walker of Cor Cordis were appointed as
administrators of Wire Networks on June 25, 2018.



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ROAD KING: S&P Alters Risk Profile to Fair & Affirms 'BB-' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Road King Infrastructure Ltd. (RKI). The outlook is
stable. S&P also affirmed its 'BB-' long-term issue ratings on
the company's guaranteed senior unsecured notes. RKI develops and
manages property projects and operates toll roads in China.

S&P said, "We revised our assessment of RKI's business risk
profile to fair from weak because we expect the company to
sustain its improved margins over the next two years. RKI's
profitability strengthened significantly, with the EBITDA margin
increasing to 41.6% in 2017, from 28% in 2016. This was mainly
due to the company's established low-cost land banks in its
robust key markets, particularly the Yangtze delta region (74% of
revenue), and steadily increasing high-margin toll income. Our
base-case forecast is that RKI's EBITDA margin will be 35%-40% in
2018, given its sizable high-margin unrecognized revenue.

"We revised our assessment of RKI's capital structure to neutral
from positive because the company's financial flexibility on the
disposal of its toll portfolio has diminished. As RKI's debt
continues to grow due to its expansion in property development,
the company's potential disposal of its toll portfolio--if
needed--is no longer sufficient to materially improve its
leverage, in our view."

The affirmed rating reflects RKI's significant margin expansion,
steady sales growth, and some financial discipline. These
strengths offset the company's moderately increased leverage
during its expansion, and increasing cash flow cyclicality due to
the gradually rising share of property development relative to
the toll road business. S&P expects RKI's sales to continue to
grow steadily by 15%-20% annually in 2018 and 2019, driven by
more saleable resources in its established markets.

S&P said, "The stable outlook reflects our expectation that RKI
is likely to moderately increase its property sales over the next
12 months. We also expect the company to maintain its strong
profit margin during this time due to its steady execution of
property development and stable income from its toll road
business.

"We could lower the rating if RKI's debt-to-EBITDA ratio
increases to more than 5x on a sustained basis. This could happen
if: (1) RKI's revenue growth or gross margin in the property
segment is much lower than our expectation due to a severe
industry downturn; and (2) the company's debt-funded expansion is
more aggressive than our base case.

"We could raise the rating if RKI improves the execution of its
property sales while maintaining its disciplined approach toward
debt-funded expansion. A ratio of debt to EBITDA below 4x on a
sustained basis could trigger an upgrade."


YIDA CHINA: Fitch Alters Outlook to Stable & Affirms 'B' LT IDR
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based business
park developer Yida China Holdings Limited to Stable from
Positive. At the same time, Fitch has affirmed Yida's Long-Term
Foreign-Currency Issuer Default Rating at 'B', and its senior
unsecured rating and outstanding senior unsecured notes at 'B'
with a Recovery Rating of 'RR4'.

The Outlook revision reflects the company's weaker-than-expected
sales of property, including residential products and offices,
which have slowed its progress in deleveraging. Meanwhile, Yida's
recurring income from operating business parks also increased
slower than its estimate after the company decided to stop adding
new investment properties.

The ratings are supported by Yida's sufficient and sound land
bank in Tier 2 cities, which supports annual property sales of
CNY7 billion-8 billion and development activity of around six
years. The company's investment properties provide stable
recurring income, which is an additional liquidity buffer.
However, the ratings are constrained by high leverage, which
Fitch expects to remain at 50%-55% as the company continues to
acquire land.

KEY RATING DRIVERS

Leverage to Remain High: Yida's leverage, as measured by net
debt/adjusted inventory (including guarantees to JVs and
associates), rose to 52.9% at end-2017 from 50.8% at end-2016 due
to weak sales and resumption of land acquisitions after two years
of muted purchases. Fitch expects leverage to rise close to 55%
in 2018 after Yida completes the acquisition of the Dalian Tiandi
project, which comprises offices, residential and commercial
properties, from its project partner.

Leverage is likely to remain high at 50%-55% in the following two
to three years as the company tries to replenish quality
residential land in Dalian, where Fitch has seen increasing
competition for land from large developers. Yida is also at the
initial stage of expansion outside Dalian, to certain Tier 2
cities like Zhengzhou and Changsha, which would also drive up the
leverage.

Limited Geographic Diversification: Dalian accounts for 80%-90%
of Yida's attributable contracted sales of property. Fitch
expects the capital city of Liaoning Province to remain the main
contributor of contracted sales in the next two to three years
because 80% of Yida's land reserve for property development was
in the city at end-2017. Yida has started to expand into other
cities by tapping its expertise in business park development and
operation, but Fitch expects progress to be slow given the long
development cycle of such projects.

Sales to Recover: Fitch expects the company's sales to recover to
CNY7 billion-CNY8 billion in 2018 from CNY5.9bn in 2017,
supported by total saleable resources of CNY16.5 billion at end-
2017 and a strong residential market in Dalian. Yida's 2017
attributable sales missed Fitch's estimate of CNY7.6 billion
because of a delay in launching presales of its business park
project in Wuhan, where prices are capped under strict home-
purchase restrictions. Attributable sales have recovered to
CNY3.7 billion in 1H18, driven mainly by the newly acquired
Dalian Tiandi project as well as the sale of land lots to Longfor
Properties Co. Ltd. (BBB/Stable).

Leading Business Park Developer: Yida has 16 years of experience
in business park development and operation, starting with its
first project, Dalian Software Park, in 2002. The company has
demonstrated an ability to attract large multinational
corporations and reputable local companies to its business parks.
Its strong retention rate is reflected by the 94% occupancy rate
enjoyed by Dalian Software Park and average occupancy rates of
above 80% for mature assets. Its fast-expanding entrusted
businesses in 2015-2017 also demonstrates the company's expertise
in business park operation.

Stable Recurring Business: Fitch estimates recurring income from
Yida's own business parks to stabilise at CNY450 million-500
million annually after fully consolidating the Dalian Tiandi
project in 1H18. Meanwhile, Fitch expects few, if any, new
properties to be added into its investment property portfolio
after the company adjusted its strategy to focus on property
development. This, along with the contribution from small but
growing entrusted business, will generate stable EBITDA interest
coverage of 0.2x in the next two to three years (2017: 0.23x).

DERIVATION SUMMARY

Yida's business profile as a leading regional homebuilder in
Dalian and business park developer, with a sufficient and sound
land bank to support its property development, is commensurate
with a 'B' rating. Yida also has a satisfactory EBITDA margin of
above 20%, which is comparable with those of 'BB' rating category
peers. Its recurring income from investment property assets,
especially from mature office buildings in Dalian Software Park,
provides an extra liquidity buffer. However, Yida's limited scale
and recurring income, and geographic concentration in Dalian cap
its rating at 'B'.

Yida's closest peer is China South City Holdings Limited
(B/Stable) in terms of contracted sales scale at CNY7 billion,
leverage of 50%-55% and a recurring EBITDA interest coverage of
around 0.2x. Yida's churn rate is higher than China South City's,
though the latter enjoys higher profitability of above 30%.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Attributable contracted sales to stay at CNY7 billion-
    CNY8 billion during 2018-2020.

  - Land premium accounting for 50% of attributable contracted
    sales in 2018, and 30% in 2019.

  - No new investment properties to be added in the next three
    years; Average occupancy rate for existing investment
    properties at above 90% in 2018-2020.

RATING SENSITIVITIES

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

  - No positive rating action is envisaged for Yida due to its
    modest scale.

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

  - Failure to refinance the company's short-term debt;

  - Net debt/adjusted inventory of above 55% for a sustained
    period

LIQUIDITY

Tight Liquidity: Yida has CNY3.3 billion in available cash,
including CNY1.5 billion of unrestricted cash and CNY1.9 billion
of restricted cash on hand, which only covered 48% of its short-
term debt of CNY6.9 billion as of end-2017. Yida has provided
detailed plans to refinance its short-term debt, including
rolling over existing secured loans and obtaining additional
operation property loans from banks after fully consolidating the
Dalian Tiandi project. The disposal of quality assets is another
alternative to boost liquidity.

However, Fitch has seen narrowing financing channels and rising
financing costs for small developers like Yida in the tightening
credit environment in China, and would closely monitor the
company's refinancing progress. Any failure to refinance the
company's short-term debt would have negative impact on the
ratings.



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BHUSHAN POWER: NCLAT Allows Lenders to Meet & Finalize Bid
----------------------------------------------------------
Livemint reports that the National Company Law Appellate Tribunal
(NCLAT) on July 20 gave a go-ahead to the lenders' meeting of
debt-ridden Bhushan Power & Steel, directing them to finalise a
bid for the company. Vacating its earlier stay, the appellate
tribunal has directed the committee of creditors (CoC) for the
company to consider resolution plans submitted by three firms:
Tata Steel, Liberty House and JSW Steel, the report says.

Livemint relates that the NCLAT has also directed the CoC to call
all the three bidders, along with operational creditors and
suspended board of directors of Bhushan Power & Steel, to the
meeting.

"The CoC will call for an urgent meeting to take up the
resolution plan for discussion and approval," the report quotes a
two-member bench headed by Chairman Justice S J Mukhopadhaya as
saying. "The resolution professional, after consulting the CoC,
will invite operational creditors and all three applicants will
remain present on the date of consideration of the resolution
plan," the bench ruled.

The suspended board of directors of Bhushan Power & Steel is also
allowed to attend the meeting in which the resolution plan will
be considered by the CoC, the NCLAT said in its order, Livemint
relays.

Earlier, on July 17, the tribunal had stayed the meeting of the
CoC when it was about to vote for finalisation of the highest
bidder for BPSL, the report notes.

Livemint adds that the tribunal further said that the CoC will
place the selected resolution plan before adjudicating authority,
which may approve it, but the plan will not come into effect
without prior approval of the NCLAT.

The report adds that during the proceedings on July 20,
resolution professional Mahendra Kumar Khandelwal tendered an
unconditional apology to the tribunal for not following its
previous orders to allow representatives of operational creditors
to attend the meeting.

Moreover, Liberty House has alleged it was not informed about the
meeting and on July 11 Khandelwal handed over a 19-page checklist
seeking the company's compliance with Section 29A of the
Insolvency and Bankruptcy Code (IBC). The section deals with
criteria to disqualify bidders, the report states.

Earlier, lending banks had rejected the resolution plan submitted
by Liberty House citing delay, following which the UK-based group
had moved the National Company Law Tribunal (NCLT), Livemint
notes.

The NCLT had on April 23 directed the lenders, led by Punjab
National Bank, to consider the bid submitted by Liberty House.
This order was challenged by Tata Steel, another resolution
applicant for Bhushan Power & Steel, before the NCLAT, adds
Livemint.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Dharamvir Exports is engaged in export of
agro products to 25 countries across the European Union, the
Middle East, Africa and the Far East.


DUGAR OVERSEAS: CRISIL Withdraws D Rating on INR15.7cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities Dugar
Overseas Private Limited (DOVPL) and subsequently withdrawn the
ratings at the company's request and on receipt of no-objection
certificate from the bank. The rating action is in line with
CRISIL's policy on withdrawal of its bank loan ratings.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Capex Letter        1.3        CRISIL D (Rating reaffirmed
   of Credit                      and Withdrawn)

   Cash Credit        13          CRISIL D (Rating reaffirmed
                                  and Withdrawn)

   Foreign Letter
   of Credit          15.7        CRISIL D (Rating reaffirmed
                                  and Withdrawn)

   Term Loan           9.5        CRISIL D (Rating reaffirmed
                                  and Withdrawn)

   Working Capital
   Term Loan           1.5        CRISIL D (Rating reaffirmed
                                  and Withdrawn)

Incorporated in 1992, DOVPL is promoted by the Delhi-based Mr
Nagraj Dugar and his family members. The company trades in and
manufactures confectionery and chocolates. In fiscal 2013, it
entered into a manufacturing license agreement with General Candy
Company Ltd, Thailand, to manufacture candies under the brand
name 'Hartbeat'. It started manufacturing milk toffees under its
own brand 'Sapphire' in fiscal 2010.


FRISCO GLOBAL: CRISIL Lowers Rating on INR15cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Frisco Global Private Limited (FFPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4 '.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Bill           13.5       CRISIL D (Downgraded from
   Purchase                         'CRISIL A4')

   Export Bill           15.0       CRISIL D (Downgraded from
   Purchase-                        'CRISIL A4')
   Discounting

   Export Packing         5.0       CRISIL D (Downgraded from
   Credit                           'CRISIL A4')

   Term Loan              9.6       CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects a recent instance of delay in principal
and interest payment on its working capital limits.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting principal & interest obligation: There was
instances of delay in interest payment on working capital limits.

Strengths

* Promoter's extensive industry experience : The promoters have
extensive experience of more than 3 decades. The promoters' have
built long term rapport with overseas customers which helps FFPL
to get repeated orders.

FFPL was incorporated in 1980, and acquired in 2010 by Delhi-
based Mr. Tarun Jain and his brother, Mr. Ayush Jain, who manage
its daily operations. The company manufactures and exports a
variety of biscuits to countries in Africa, the Middle Eastern
and South Asia. FFPL has a manufacturing facility in Haridwar,
Uttarakhand.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR65 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 8, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Alwar-based Jagdish Prasad Agarwal undertakes civil construction
works tendered by the government.


KANSARA POPATLAL: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Kansara Popatlal
Tibhovandas Metal Private Limited (KCSPL) for obtaining
information through letters and emails dated December 31, 2017
and June 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5.15     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               3.95     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

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

Incorporated in 1978, KCSPL is promoted by Mr. Bhavesh Mavani and
family. This Gandhinagar (Gujarat)-based company manufactures
stainless steel products such as coils, sheets, rounds, and
pipes.


LOOMTEX FABRICS: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Loomtex Fabrics
(LOOMTEX) for obtaining information through letters and emails
dated December 31, 2017 and June 29, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Proposed Long Term     4         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Detailed Rationale

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

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

Established in 1993, by Mr. Shahnawaz Qureshi, Loomtex is an
Ahmadabad based proprietorship firm engaged in manufacturing and
trading of shirting and suiting fabrics, dress material, towel
and home furnishing material such as bed sheets.


M.M. COTTON: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with M.M. Cotton
Factory (MMCF) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Rupee Term Loan      0.37      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Warehouse            5.00      CRISIL B/Stable (ISSUER NOT
   Financing                      COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MMCF continues to be CRISIL B/Stable Issuer not
cooperating'.

MMCF was set up by Mr. Surinder Pal as a proprietorship firm in
2006, and was reconstituted as a partnership concern in 2012. The
firm gins and presses cotton at its unit in Malhout district
(Punjab).


MAHAVIR BUILDERS: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Mahavir Builders
(MB) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long        10        CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING)
   Facility

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

Based on the last available information, the ratings on bank
facilities of MB continues to be CRISIL B/Stable Issuer not
cooperating'.

Set up in 2003 as a partnership entity by Mr. Pravin K Dedhia and
his family, MB develops commercial real estate in Hyderabad.


MAITRI AND MAITRI: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Maitri and Maitri
Builders and Developers (MMBD) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Term Loan       10        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

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

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

MMBD was setup in 2011 as a proprietorship concern of Mr. Mitesh
Chhaganbhai Patel. MMBD is developing a residential complex in
Vasind, Thane. The project is expected to be completed by March
2017.


MANGANG CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Mangang
Constructions Private Limited (MCPL) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       43       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

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

Incorporated in 2009 and promoted by Mr. Humane Mutumcha, MCPL
conducts civil construction business mainly related to road and
building and all kinds of civil and electrical works sectors. The
company executes work for PWD of Manipur government, banks and
other central government bodies. Mr. y Humane Mutumcha looks
after operations.


MATSYODARI STEEL: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Matsyodari Steel
and Alloy Private Limited (MSAPL) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          25        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

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

Mumbai-based MSAPL was incorporated in 1998, and manufactures
ingots and billets; the billets production started in April 2014.
Mr. Deepak Mittal and family acquired MSAPL in 2001.


MBR GROUP: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with MBR Group (MBR)
for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         50        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

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

Incorporated in 2011, the MBR group is a real estate
infrastructure firm located in Bengaluru. The partnership firm is
owned by Mr. M Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath
Babu Reddy.


MUTHUS GOLDEN: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Muthus Golden Rice
Products Private Limited (MGRPPL) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             2.2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

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

MGRPPL incorporated on August 8, 2015, mills non-basmati rice
from paddy. MGRPPL took over the operations of Sri Ram Modern
Rice Mill (SRMRM), a partnership firm. Mr. P Venkatesa Prasadh
and Mr. A Perisamy, who earlier were partners in SRMRM, are now
MGRPPL's directors. They have been in this line of business since
1976. The company markets its products under the brand, Royal.


NAVJIVAN POLYFAB: Ind-Ra Migrates B LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navjivan Polyfab
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 B (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Term loan due on January 22, 2023 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Fund-based facilities migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 21, 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 June 2015, Navjivan Polyfab manufactures fabrics
and polypropylene woven bags, woven sacks and polyethylene bags.


NAVKAR SUGARS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Navkar Sugars (NS)
for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        5.25       CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Long      1.75       CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                COOPERATING)
   Facility

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

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

NS is a proprietorship concern established in 1986 by Mr.
Nemichand Mutha. The firm is engaged in trading of sugar. The
office of the firm is located in Navi Mumbai.


N KUMAR: CRISIL Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with N Kumar Projects
and Infrastructure Private Limited (NKPIPL) for obtaining
information through letters and emails dated December 31, 2017
and June 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            65        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

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

NKPIPL was set up by Mr. Nandkumar Harchandani in 2010-11 (refers
to financial year, April 1 to March 31) to undertake commercial
and infrastructure projects. The company is setting up a
commercial-cum-hotel complex comprising a 114-room hotel in
Nagpur (Maharashtra). The company commenced operations of the
150,000 square-foot shopping complex during 2014.


PANIPAT JALANDHAR: CRISIL Raises Rating on INR3646cr Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Panipat Jalandhar NH-1 Tollway Private Limited (PJNTPL) to
'CRISIL B/Stable' from 'CRISIL D' on account of timely debt
servicing during last 3 months and improved liquidity position
with receipt of part change of scope funds from National Highways
Authority of India (NHAI: rated 'CRISIL AAA/Stable').

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           3646       CRISIL B/Stable (Upgraded from
                                  'CRISIL D')

CRISIL's rating continues to reflect the good traffic potential
supported by strategic location of the project. The rating is,
however, constrained by the susceptibility to volatility in
traffic volumes and moderate debt protection metrics over the
tenure of debt.

The name of the company was changed from 'Soma-Isolux NH One
Tollway Private Limited' to 'Panipat Jalandhar Nh-1 Tollway
Private Limited' in fiscal 2017.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to volatility in traffic volumes: Tolling began
on October 1, 2015, with receipt of provisional completion
certificate for 91.03% of the total project. Currently the
project is 96% complete. Monthly toll revenue is around Rs 45
crore, however, the same is exposed to volatility in traffic
volumes. Any lower-than-expected toll revenue could result in
shortfall in cash flows; hence adversely impacting the company's
debt servicing ability.

* Modest debt protection metrics over the tenure of debt: The
company has received toll collections of Rs 515 crore during
fiscal 2018 an increase of 11% of the previous year. However, the
company's debt protection metrics over the tenure of debt is
expected to be modest, with large back ended repayments. The
company has received around Rs 188 crore of change of scope funds
from NHAI which has improved its liquidity position. The company
is also expecting arbitration claim money of around Rs 30 billion
over the medium term, which would remain the key rating
sensitivity factor.

Strength

* Good traffic potential supported by strategic location of the
project: The Panipat-Jalandhar road stretch on NH-1 provides
connectivity to the northern states. NH-1 is one of the largest
projects of NHAI's National Highways Development Project (NHDP) V
programme, and crosses various tourist and industrial hubs and
connects prominent cities/towns in Punjab and Haryana (Karnal,
Ambala, Ludhiana, and Kurukshetra), which provide good economic
potential for the road stretch. Furthermore, the Panipat-
Jalandhar road stretch has existed for several years, which
mitigates the risk of resistance to toll charges. The concession
agreement also provides for indexed escalation (linked to
wholesale price index) for the entire tenure of the concession.
Though there are alternative routes, these are relatively longer,
have only two or four lanes, and are in poor condition. PJNTPL's
toll income is expected to pick up gradually over the medium
term, backed by good traffic potential of the road stretch.

Outlook: Stable

CRISIL believes that PJNTPL will continue to benefit from its
strategic project location. The outlook may be revised to
'Positive' if the toll collection on the stretch is better than
expectation, leading to healthy debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected toll collections or additional debt leads to
deterioration in debt protection metrics.

Incorporated in 2008, PJNTPL is a special-purpose vehicle
promoted by the Isolux Corsan group and Soma Enterprises Ltd in
the ratio of 61:39. PJNTPL has entered into a concession
agreement with NHAI for execution, operation, and maintenance of
the project on a build-operate-transfer (BOT) basis.

The company has been awarded the right to widen the four-lane
Panipat'Jalandhar section of NH 1 to six lanes, to be executed on
a BOT-toll basis. The concession period is for 15 years, which
includes a construction period of 30 months. The revised project
cost of Rs 56.90 billion was funded in a debt-equity ratio of
64:36. The project was delayed by 46 months and it achieved
provisional completion certificate on September 30, 2015.


PRASHANTI AYURVEDIC: Ind-Ra Ups LongTerm Issuer Rating from 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Prashanthi
Ayurvedic Centre's (PAC) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR18 mil. Fund-based working capital limits upgraded with
    IND BB-/Stable rating; and

-- INR6.81 mil. (reduced from INR52.5 mil.) Term loan due on
    March 2019 upgraded with IND BB-/Stable rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in PAC's revenue and credit
metrics, driven by the growing awareness of the Ayurvedic
treatment. Its revenue rose to INR73 million in FY18 (FY17: INR55
million). Moreover, its interest coverage (EBITDA/gross interest
expenses) improved to 3.4x in FY18 (2.4x) and net leverage (net
debt/EBITDA) enhanced to 2.9x (3.9x), respectively, driven by a
rise in absolute EBITDA to INR28 million (INR24 million) and a
decline in external borrowings due to the scheduled repayment of
the long-term loan. The scale of operations continues to be
small, and the credit metrics continue to be modest. FY18
financials are provisional.

The ratings are supported by PAC's healthy return on capital
employed (FY18: 20.0%; FY17: 15.0%) and EBITDA margin levels
(39.3%; 44.7%). The margin declined owing to an increase in
overhead expenses.

The ratings continue to be supported by the proprietor's
experience of more than a decade in the Ayurvedic treatment.

The ratings, however, continue to be constrained by PAC's tight
liquidity position, indicated by a 98% average use of the working
capital limits over the 12 months ended June 2018.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity position, on a
sustained basis, could be negative for the ratings.

Positive: A substantial increase in the revenue and an
improvement in the credit metrics, on sustained basis, could be
positive for the ratings.

COMPANY PROFILE

Founded by Dr. Giridhara Kaje, PAC is a proprietorship concern
that trades Ayurvedic medicines and provides Ayurvedic treatment
in Bengaluru, Karnataka.


RADHE GIRDHARI: CRISIL Reaffirms B Rating on INR5.6cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Radhe Girdhari Cold Storage Private
Limited (RGCSPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.3       CRISIL B/Stable (Reaffirmed)
   Long Term Loan        5.6       CRISIL B/Stable (Reaffirmed)
   Term Loan             1.8       CRISIL B/Stable (Reaffirmed)

The rating reflects RGCSPL's exposure to nascent stage of
operations. The rating weakness is partially offset by the
benefits that the company derives from its promoters' extensive
experience in the agro industry.

Key Rating Drivers & Detailed Description

Weakness

* Nascent Stage of operations: The company is in the nascent
stage of operations as reflected by its modest revenue of Rs 2.4
crores in fiscal 2018. Also, RGCSPL is mainly catering to
farmers, any delay in collection for the storage facility
utilized might postpone the revenue of the company.

Strength

* Track record and extensive experience of promoters: RGCSPL's
promoters have extensive experience in the agro industry for over
a decade. The day to day operations are managed by Mr. Randhir
Kesari.

Outlook: Stable

CRISIL believes that RGCSPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' in case the company reports efficient
management of farmer credit financing, along with significant
ramp up in its scale of operations and profitability. Conversely,
the outlook may be revised to 'Negative' in case RG reports
pressure on its liquidity because of delays in repayments by the
farmers, lower-than-expected cash accruals, or undertakes an
additional debt-funded capital expenditure programme.

Incorporated in 2017, RGCSPL operates a cold storage unit for
storing potatoes, with a capacity of 6,000 MT, in the Khagaria
district of Bihar. The company also, at times, undertakes trading
in potatoes to ensure optimum capacity utilisation of its cold
storage unit. It also provides funding to the farmers against the
potatoes stored, which is in turn re-financed by the banks. The
company was started by Mr. Randhir Kesari.


RAMKAMAL CHEMICALS: CRISIL Migrates Rating from B/Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of Ramkamal
Chemicals Private Limited (RCPL) from 'CRISIL B/Stable/CRISIL A4;
Issuer not cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter of Credit     2        CRISIL A4 (Migrated from
                                 'CRISIL A4 ISSUER NOT
                                 COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the bank facilities of RCPL to 'CRISIL B/Stable/CRISIL A4;
Issuer not cooperating' through its rationale dated February 21,
2018. However, the management has subsequently started sharing
the requisite information for carrying out a comprehensive review
of the rating. Consequently, CRISIL is migrating the rating from
'CRISIL B/Stable/CRISIL A4; Issuer not cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

The upgrade reflects expected improvement in RCPL's business and
financial risk profile backed by improvement in scale and
profitability which would lead to increase in cash accrual and
reduction in gearing. Continued increase in demand from customers
should lead to increase in cash accrual, which will be sufficient
to cover fixed debt obligation and incremental working capital
requirement. While liquidity is expected to remain adequate,
gearing is likely to improve backed by steady accretion to
reserves and controlled reliance on external bank debt. The
upgrade also factors in CRISIL's belief that the company's
working capital cycle and profitability will remain stable over
the medium term.

The ratings reflect a modest scale of operations in the
competitive chemicals industry, and vulnerability of operating
margin to fluctuations in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue is estimated at a modest Rs
26 crore for fiscal 2018. Growth in revenue is expected to be
gradual and remain modest over the medium term.

* Vulnerability of operating margin to fluctuations in raw
material prices: RCPL's raw material costs account for around 70
per cent of its operating revenue, thus rendering its operating
margin vulnerable to any changes in raw material prices.
Additionally, RCPL limited pricing power with its customers
because of intense competition and its small scale of operations,
and could only partially pass on price hikes to the customers.

Strength

* Extensive industry experience of the promoters: RCPL benefits
from the extensive experience of promoters in chemical industry.
The promoter's acquired RCPL in 2010 and leveraged on their
experience and market knowledge to ramp up its operations.
Moreover, the company's presence in the chemicals industry has
supported its established position in the chemical solvent
industry, and enabled healthy business relationships in the value
chain with various customers and suppliers.

Outlook: Stable

CRISIL believes RCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant growth in revenue and
profitability, resulting in improvement in the financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates
because of a decline in cash accrual, a substantial increase in
working capital requirement, or any unanticipated debt-funded
capital expenditure.

RCPL, based in Mumbai, is promoted by Mr Sahabuddin Khan and his
brother, Mr Sadruddin Khan, who also manage operations. The
company manufactures specialty chemicals, mainly solvents. Its
manufacturing facility is at Kurkumbh, in the Pune district of
Maharashtra.


SHRI RANI: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Shri Rani Sati
Foods and Grains Private Limited (SRFGPL) for obtaining
information through letters and emails dated December 31, 2017
and June 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SRFGPL continues to be CRISIL B/Stable Issuer not
cooperating.

Incorporated in 2009, SRFGPL is engaged in milling of non-basmati
parboiled rice. Its manufacturing facility is in Ranchi. Its
operations are managed by promoters-directors Mr. Susil Poddar
and Mr. Anup Gupta.


SHIRAJ TIMBER: CRISIL Lowers Rating on INR25.5cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shiraj
Timber Traders (STT) to 'CRISIL D/CRISIL D/Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           25.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      14.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4')

CRISIL has been consistently following up for information with
Shiraj Timber Traders (STT) for obtaining information through
letters and emails dated April 26, 2018 and May 18, 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 STT. 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
STT is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. CRISIL has downgraded its rating on the bank
facilities of STT to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL B-/Stable/CRISIL A4'.

The downgrade reflects delays by the company in servicing debt.
CRISIL had discussions with the bank, which has confirmed the
delay in repayment.

STT was set up as a partnership firm in 1985 by Mr Shirajul-Haque
Mohammad and his brothers, Mr Maroof Mohammad and Mr Salim
Mohammad. The firm trades in timber. It mainly imports teakwood
and hardwood from countries across West Africa and South America.
The administrative office is at Mumbai.


SHRIRAM INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Shriram Industries
and Exports Private Limited (SIEPL) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Term Loan               9         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

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

Originally incorporated in 1972 as a limited company, SIEPL was
reconstituted as a private limited company in September 2013. The
company provides warehousing services in Kolkata and also owns
two jetties to facilitate export of fly-ash to Bangladesh. It is
promoted by Mr. Anand Kumar Agarwal.


SREE GURU: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sree Guru
Raghavendra Farm (SGRF) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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

Detailed Rationale

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

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

SGRF, set up as a partnership firm, operates a poultry farm in
Davangere (Karnataka) with capacity of 180,000 layer birds. Its
operations are managed by Mr. M Ramesh. The promoter family has
been in the poultry farming business for over two decades.


SREE HARSHA: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Sree Harsha
Automotive Services Private Limited (SHAPL) for obtaining
information through letters and emails dated December 31, 2017
and June 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding       7         CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING)

   Proposed Long Term      1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SHAPL continues to be CRISIL B/Stable Issuer not
cooperating

SHAPL was set up in 2005 by Mr. Harshavardhan and Mr. M.R.K.
Prasada Rao. The company is an authorized dealer for spares and
service provider for trucks and buses of Volvo India Pvt Ltd.  It
is based in Hyderabad, Telangana.


SRI GANESH: CRISIL Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Sri Ganesh Steels
(SGS) for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

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

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

Detailed Rationale

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

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

Established as a proprietorship firm by Mr. Sunkara Vasu in 1995
and based in Vijaywada (Andhra Pradesh), SGS trades in iron and
steel scrap.


SRI GAYATHRI: CRISIL Lowers Rating on INR5cr LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sri
Gayathri Nature Cure Hospital (SGNCH) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable'. The downgrade reflects
delays in debt servicing due to weak liquidity.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      5        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL B/Stable')


CRISIL has been consistently following up for information with
SGNCH for obtaining information through letters and emails dated
April 26, 2018 and May 18, 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 SGNCH. 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
SGNCH is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower.

Set up in March 2017, SGN is a partnership firm setting up a
holistic Ayurvedic healthcare and massage centre in the outskirts
of Coimbatore. The firm is promoted by the partners, Ms.
Motchapriya and Ms Sindujaa.


SRI MAHAGANAPATHI: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Sri Mahaganapathi
Cashew Industries (SMCI) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

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

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

Set up in 2014, SMCI processes raw cashew nuts and sells cashew
kernels. SMCI currently operates one facility in Mangalore
(Karnataka) with an installed capacity of processing 10 tonnes of
cashew kernels per day. The operations are managed by the
managing partner, Mr. Ganesh Kamath.


SRI MURUGAR: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Sri Murugar
Spinning Mill (SMSM) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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

Detailed Rationale

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

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

SMSM was set up in 1997 by Mr P V Devaraj and his family. The
firm is a synthetic yarn manufacturer with 27,000 installed
spindles.


SRI SAI LAKSHMI: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Sai Lakshmi
Rice Mill (SSLRM) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         5.65       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Working    5.15       CRISIL B/Stable (ISSUER NOT
   Capital Facility               COOPERATING)

   Term Loan           1.70       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSLRM continues to be CRISIL B/Stable Issuer not
cooperating'.

Set up in 2008, SSLRM mills and processes paddy. The operations
are managed by the managing partner, Mr. Jyothula Bhimudu.


SRI VENKATESWARA: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Sri Venkateswara
Rice Mill - Gollaprolu (SVRM) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          3.95      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Long Term Loan       1.20      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term
   Bank Loan Facility   1.10      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   SME Credit            .25      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

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

Set up in 2002 as a proprietorship firm, SVRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. Its rice mill is located in Gollaprolu in East Godavari
District of Andhra Pradesh. The firm is promoted by Mr.
Gollapalli Tirupathi Rao and his family.


SOUTH PARK: CRISIL Migrates Rating from B+/Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of South Park
Motor Private Limited (SPM) from 'CRISIL B+/Stable; Issuer Not
Cooperating' to 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              10        CRISIL B-/Stable (Migrated
   Overdraft                        from 'CRISIL B+/Stable';
   Facility                         ISSUER NOT COOPERATING')

   Electronic             15        CRISIL B-/Stable (Migrated
   Dealer Financing                 from 'CRISIL B+/Stable';
   Scheme(e-DFS)                    ISSUER NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of SPM to 'CRISIL B+/Stable;
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SPM from 'CRISIL
B+/Stable; Issuer Not Cooperating' to 'CRISIL B-/Stable'.

The rating downgrade reflects weakening of SPM's credit risk
profile marked by lower-than-expected operating performance and
financial risk profile. Though the revenue has increased in
fiscal 2018, company was unable to absorb the expenses and hence
resulted in operating loss in the said year. The same resulted in
weaker than expected financial risk profile as reflected in the
negative networth of Rs. 0.2 crore and negative gearing of less
than 20 times. Given the low operating profitability and thereby
the cash accretions, improvement in financial risk profile will
be gradual and will remain weak over the medium term.

The migration reflects sharing of requisite information by the
company. CRISIL had, on June 11 2018, migrated the rating to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL B+/Stable'
as the client was not cooperating for the rating exercise. SPM
has now shared the required information, enabling CRISIL to
assign a revised rating to the bank facilities.

The rating reflects the company's modest scale of operations with
operating losses. The weakness is partially offset by its
promoters' extensive experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The company has been operational
only since October 2016, and hence the scale will likely remain
modest over the near term. In fiscal 2018, the company booked
revenue of around Rs 70 crores.

Strength

* Promoters' extensive experience and funding support: Promoters,
the Mohandas family, also run the South Park group, which has
diversified business interests across hospitality, education and
pharma sector, apart from auto dealership. They have also infused
unsecured loans to support operations.

Outlook: Stable

CRISIL believes that the SPM will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the SPM's liquidity
improves significantly, with sizeable improvement in cash
accruals, driven by an increase in its scale of operations.
Conversely, the outlook may be revised to 'Negative' if the SPM's
financial risk profile deteriorates, because of low cash
accruals, substantial increase in working capital requirements,
or debt-funded capital expenditure (capex).

Incorporated in February 2016, SPMPL, promoted by the Mohandas
family, is a part of the South Park group and a dealer of Maruti
Suzuki India Pvt Ltd (MSIL) passenger vehicles in
Thiruvananthapuram. It has been running one showroom and workshop
since October 2016.


SRINIVASA RAW: CRISIL Assigns 'B' Rating to INR1cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Srinivasa Raw & Par Boiled Rice Mill
(SRPBRM).

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       10        CRISIL A4 (Assigned)
   Cash Credit           1        CRISIL B/Stable (Assigned)

Ratings reflect modest scale of operations and working capital
intensive operations. Rating also factors in susceptibility of
operating profitability to volatility in raw material prices and
to changes in government regulations. These rating weaknesses are
partially offset by average financial risk profile, albeit
constrained by modest net worth, and extensive industry
experience of partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and working capital intensive
operations: With revenues and estimated revenues of around Rs.4.0
crore and Rs.7.5-8 crore for Fiscal 2017 and fiscal 2018
respectively, scale of operations remains modest. Scale of
operations is expected to increase however should remain modest
over the medium term. Operations are working capital intensive as
reflected in GCA of 179 days as on March 31 2018. Operations are
expected to remain working capital intensive over the medium
term.

* Susceptibility of operating profitability to volatility in raw
material prices and to changes in government regulations: Cost of
paddy accounts for 85-90% of the cost of producing rice. Hence,
operating profitability is highly susceptible to volatility in
paddy prices. Moreover, change in policy pertaining to rice
procurement and in other regulations may affect profitability.

Strengths

* Extensive experience of the partners and established
relationships with customers and suppliers: The firm is promoted
by Mr. Vallabhaneni Venkatramaiah and five other partners.
Partners, over the years, have gained extensive experience in the
rice milling business leading to established relations with civil
supplies department of Andhra Pradesh state and key raw material
suppliers resulting in continuous orders inflow and uninterrupted
supply of raw material.

* Average financial risk profile: Financial risk profile is
average with sub 1 gearing which is expected to remain on similar
level over the medium term. Financial risk profile is constrained
by modest net worth of 1.5 crore as on March 31 2017.

Outlook: Stable

CRISIL believes SRPBRM will continue to benefit over the medium
term from the industry experience of promoter. The outlook may be
revised to 'Positive' in case of an increase in revenue and
profitability or increase in net worth, while maintain the
capital structure. Conversely, the outlook may be revised to
'Negative' if a larger-than-expected, debt-funded capital
expenditure, sharp decline in sales volumes and profitability, or
a considerable stretch in working capital cycle, leads to
deterioration in the financial risk profile, especially
liquidity.

Established in 2012, SRPBRM, based in Davuluru, Kankipadu,
Krishna (Andhra Pradesh), mills rice. The firm is promoted by Mr
Mr. Vallabhaneni Venkatramaiah and five other partners.


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

The instrument-wise rating action is:

-- INR110 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

T. M. Motors is a partnership firm that is engaged in the trading
of two-wheelers. Its authorized sales-spares-service dealership
is in Bharatpur, Rajasthan.


TAMIL NAADU: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Tamil Naadu Edible
Oils Private Limited (TNEOPL) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Letter of Credit    20         CRISIL A4 (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TNEOPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating.

TNEOPL, incorporated in 1989, refines edible sunflower oil. The
company is promoted by Mr. Mahavir P Gupta and his family
members.


TATA POWER: S&P Alters Outlook to Pos. & Withdraws 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Tata Power Co. Ltd. to
positive from stable. S&P said, "At the same time, we affirmed
our 'B+' long-term issuer credit rating on the India-based
company. We then withdrew the rating at Tata Power's request. The
company has no outstanding rated foreign currency debt."

S&P said, "The outlook revision reflected our expectation that
Tata Power would refinance its debt to significantly alleviate
liquidity pressures in the next three to nine months. We expected
the company to refinance its external commercial borrowings
related to its Mundra project in the next three months, removing
the covenant breach. We also anticipated that Tata Power would
refinance some of its other short-term debt over the fiscal year
ending March 2019 (fiscal 2019).

"The positive outlook at the time of the withdrawal also
reflected our expectation that the company's ongoing asset sales,
stable regulated cash flows, and growth in the renewables segment
would help reduce leverage. Tata Power's leverage had risen
following the debt-funded acquisition of Welspun Renewables
Energy in fiscal 2017. We expected Tata Power's ratio of funds
from operations (FFO) to debt to improve to about 9% in fiscal
2019 and above 10% in fiscal 2020, from 7% in the previous year.
The company received Indian rupee 21 billion from the sale of its
shares in Tata Communications in May 2018, and will use the
proceeds to repay debt at Mundra.

"The ratings affirmation prior to the withdrawal reflected our
view that Tata Power's stable regulated cash flows would offset
higher earnings volatility in the company's unregulated segments,
particularly in Coastal Gujarat Power Ltd., which owns the Mundra
plant. We also expected prudent growth in the company's
renewables business with continued solid profitability despite
the current competitive bidding environment. We estimated the
company's EBITDA margin to be 22%-24% in the next 12-24 months.

"We could have upgraded Tata Power if: (1) the company materially
refinanced its high short-term maturities; (2) the company
eliminated the covenant breach and adopted a prudent capital
structure management, with financial policies with less
dependence on short-term funding; and (3) the company maintained
a ratio of FFO to debt of close to 10% on a sustainable basis and
FFO cash interest coverage higher than 2.0x.

"We could have revised the outlook to stable if: (1) the
company's refinancing efforts were not successful and liquidity
pressure continued due to high short-term debt maturities
(including working capital); (2) the covenant breach at the
Mundra project was not removed and bank relationships weakened;
or (3) Tata Power's operating performance deteriorated or it
embarked on capital spending or acquisitions that would result in
the FFO-to-debt ratio falling below 9% on a sustainable basis and
FFO cash interest coverage being less than 1.75x."


TM MOTORS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated TM Motors
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 action is:

-- INR120 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2008, TM Motors is engaged in the trading of
four-wheelers.


TRANS VOLT: CRISIL Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Trans Volt
Engineering (TVE) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Long Term Loan        .41       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term   4.09       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TVE continues to be 'CRISIL B/Stable Issuer not
cooperating.

TVE, established in 2008 as a proprietary firm by Mr. Anirudha
Chavan, manufactures radiators for electrical transformers. Its
manufacturing facility is located in Pirangut near Pune.


UNI PROFILES: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Uni Profiles
Private Limited (UPPL) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Cash Credit             3.5       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      5.06      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)


   Term Loan                .94      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of UPPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

UPPL, incorporated in 2010 and set up by Mr. Atul Agarwal,
manufactures heavy fabrication and machine components that find
application in the heavy engineering, power, steel, and
construction industries. Its manufacturing facility is in
Rourkela (Odisha).


UNITED WIRE: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with United Wire
Products (UWP) for obtaining information through letters and
emails dated December 31, 2017 and June 29, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          11.95       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.88       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              .17       CRISIL D (ISSUER NOT
                                    COOPERATING)

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


Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of UWP continues to be 'CRISIL D Issuer not
cooperating'.

UWP, set up in 1994, manufactures several types of mild steel
wires such as galvanised wires, earth wires, barbed wires,
binding wires, chain-link fencing, stitch wires, and black
annealed wires. These products are used by the automobile,
construction, and agricultural-based industries, and electricity
boards, among others.


VJR POULTRY: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with VJR Poultry Farms
(VJRPF) for obtaining information through letters and emails
dated December 31, 2017 and June 29, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    4.9        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VJRPF continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2011 as a partnership firm, VJRPF produces broiler
chicken and commercial eggs. The firm, which has its
manufacturing unit in Hyderabad, is promoted by Mr. Janardhan
Reddy and his wife Mrs. Snehalatha.



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


MEDCO ENERGI: Fitch Alters Outlook to Pos. & Affirms 'B' LT IDR
---------------------------------------------------------------
Fitch Ratings has revised Indonesia-based oil and gas producer PT
Medco Energi Internasional Tbk's Outlook to Positive from Stable
and affirmed its Long-Term Issuer Default Rating (IDR) at 'B'.
The agency has also affirmed the rating on senior unsecured US
dollar notes issued by wholly owned subsidiaries Medco Platinum
Road Pte Ltd and Medco Strait Services Pte Ltd, and guaranteed by
Medco and several of its subsidiaries, at 'B' with a Recovery
Rating of 'RR4'.

The Outlook was revised due to Fitch's expectations of an
improvement in Medco's financial profile, driven by strong oil
and gas prices.

Fitch expects Medco's leverage, measured by FFO adjusted net
leverage, to decline to less than 4.0x from 2019, compared with a
forecast 4.5x in 2018. Medco's EBITDA would benefit from stronger
oil prices and better pricing on its new fixed-price gas
contracts in 2018. Some of Medco's newer fixed-price gas sales
that are scheduled to start in August this year are priced higher
than its older gas contracts. As a result, Fitch expects Medco's
EBITDA to rise gradually to over USD550 million in 2018 from
USD434 million in 2017 and remain above USD500 million throughout
its forecast horizon up to 2023, based on Fitch's crude oil price
deck assumptions.

Medco needs to succeed in its deleveraging efforts in line with
its expectations to be rated higher than its current level. Fitch
excludes Medco's 88%-owned subsidiary, PT Medco Power Indonesia
(MPI), when calculating its FFO adjusted net leverage.

KEY RATING DRIVERS

Favourable Earnings Mix: Medco derives over 35% of its EBITDA
through fixed-price take-or-pay contracts. EBITDA generated from
these contracts covered about 1.1x of consolidated interest
expense (excluding MPI) in 2017 and Fitch expects this ratio to
improve to over 1.5x from 2018. This is a key strength relative
to some of its global oil and gas peers rated in the 'B' category
in terms of lowering the commodity risks associated with the
sector. Gas accounts for about two-thirds of Medco's production
volume and is sold through long-term contracts, mainly to
investment-grade off-takers.

Geographical Concentration: Medco's operations are predominantly
based in Indonesia, which exposes it to the associated country
risks. The geographical concentration of earnings remains a
constraint to most 'B' rated oil and gas producers. However, most
of Medco's operations span across seven producing oil and gas
concessions, which provide a meaningful level of diversification
for its operating risks.

Strong Operating Profile: Medco's production volume gradually
increased to about 78 mboepd in 2017 from 47 mboepd in 2015 and
Fitch expects nominal growth in the next few years. Medco also
expects a meaningful production contribution from its Block A gas
development in Aceh, scheduled to commence in August this year,
which would help the company maintain its production volumes over
its forecast horizon. Medco's proved reserve life was more than
eight years at end-2017, with a healthy three-year reserve
replacement ratio of over 100%. About 76% of Medco's proved
reserves are developed, which Fitch views favourably, as it
indicates a balanced portfolio of assets.

Measures to Improve Leverage: Medco is planning to sell some
assets in the next 12 months, which could raise up to USD300
million, including one of its buildings. Fitch has not
incorporated the expected asset sales into its forecasts. Medco
also expects to raise about IDR2.7 trillion by 2020 from its
share warrants. Fitch has only factored in the company raising
about USD60 million in 2018 due to its share price currently
exceeding the warrants' strike price.

Medco also expects to receive USD138 million from the repayment
of a shareholder loan it had granted to a holding company of PT
Amman Mineral Nusa Tenggara, a 32%-owned associate company. Fitch
has not factored this inflow in its forecasts.

Power Investment: Fitch considers the risk dynamics of MPI
neutral to Medco's credit profile as Medco's investment in the
power company falls outside the restricted group structure
defined in Medco's bond documentation. Medco has a USD300 million
limit on investments outside the restricted group as stated in
the documentation, and has a remaining USD90 million as of March
2018. The structure limits potential cash outflows from Medco to
MPI or any other investments outside the restricted group.

There are also no cross-default clauses linking MPI's debt to
Medco. MPI could however be credit positive in the long term
after it completes most of its growth and is able to upstream
dividends. MPI's business profile is not a concern as it has a
relatively diversified earnings mix between geothermal and gas-
power generation as well as earnings from the provision of
operations and maintenance services to other independent power
producers. MPI also has a successful track record of raising
funds on its own. Fitch expects MPI's gross debt/EBITDA to be
less than 6x from 2018 (7.0x in 2017).

DERIVATION SUMMARY

Medco's ratings reflect its relatively strong operating profile,
mix of earnings generated through fixed-price take-or-pay
contracts and bigger scale compared with other 'B' rated
exploration and production peers. Its ratings are constrained by
its relatively high leverage. Medco's ratings and Outlook are
similar to those of Kosmos Energy Ltd. (B/Positive) despite
considerably larger production volumes and a stronger cash flow
profile due to its earnings mix. This is because Kosmos has lower
leverage and its Positive Outlook reflects its improving
geographical diversification.

The ratings of GeoPark Limited (B+/Stable) are one notch higher
than Medco due to its lower leverage. Medco's production scale is
larger than that of GeoPark, and it derives more income from
long-term fixed-price take-or-pay sales agreements. GeoPark's
geographical diversification is better than Medco as GeoPark has
operations in Chile, Colombia and Brazil.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Production volume of 74 mboepd in 2018 and between 77 mboepd
    and 80 mboepd from 2019 to 2023

  - Brent prices to average USD70 per barrel in 2018, USD65 per
    barrel in 2019 and USD57.5 per barrel in the long term as per
    Fitch's oil and gas price deck

  - Cash production costs to remain at or below USD9/barrels of
    oil equivalent

  - Capex of USD250 million-300 million over the forecast horizon

Fitch's key assumptions for bespoke recovery include:

  - The recovery analysis assumes Medco would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Medco's going-concern EBITDA is based on the average EBITDA
Fitch expects over 2018 to 2023, which is stressed by 30% to
reflect the risks associated with oil-price volatility, potential
challenges in maintaining production from its maturing fields,
and other factors.

  - An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation and reflects a mid-cycle multiple
for oil and gas and metals and mining companies globally, which
is somewhat higher than the observed lowest multiple of 4.5x. The
higher multiple considers that a majority of Medco's production
volumes stem from long-term fixed-price and indexed take-or-pay
gas contracts, which provide the company with more cash flow
visibility across economic cycles than the average global
upstream oil and gas production companies.

  - Fitch has assumed prior ranking debt of USD418 million as
well as the USD138 million secured debt at PT Api Metra Graha
will be repaid before Medco's senior unsecured creditors,
including the investors of its US dollar bonds. Prior-ranking
debt includes project-finance debt at non-guarantor subsidiaries
PT Medco E&P Tomori Sulawesi and PT Medco E&P Malaka. The
recovery analysis also assumes that Medco would fully draw down
USD85 million of working capital facilities, the extent allowed
under its covenants for the US dollar notes, since working
capital debt is tapped when companies are under distress.

  - The payment waterfall results in a 85% recovery corresponding
to a 'RR2' recovery for the unsecured notes. However, Fitch has
rated the senior unsecured bonds 'B'/'RR4' because Indonesia
falls into Group D of creditor friendliness under its Country-
Specific Treatment of Recovery Ratings Criteria, and the
instrument ratings of issuers with assets in this group are
subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Fitch may upgrade the ratings of Medco if it is able to
maintain FFO adjusted net leverage at less than 4.5x on a
sustained basis.

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

  - The Outlook may be revised to Stable if Medco is unable to
reduce its net leverage as expected by Fitch

LIQUIDITY

Additional Funding Required: Fitch expects Medco's free cash
flows to be broadly neutral to negative due to its capex
intensity over the next five years and hence it will continue to
require additional funds for its scheduled debt repayments.
Medco's debt maturities amount to USD150 million-USD300 million
per annum till 2021, with USD400 million of its senior unsecured
notes due 2022 and USD500 million in 2025. As of December 2017,
the company (excluding MPI) had about USD560 million of readily
available cash and up to USD300 million of undrawn bank
facilities. Fitch believes Medco's recent track record of tapping
capital markets bodes well for its liquidity. The company raised
USD900 million from unsecured notes and USD190 million through a
fully subscribed rights issue in the last 12 months.



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


D E MOONEY: In Liquidation; Jeweller Serves Home Detention
----------------------------------------------------------
Belinda Feek at NZ Herald reports that an award-winning jeweller
swapped out real diamonds for fakes leaving one couple NZ$60,000
out of pocket and almost ending another couple's marriage plans.

They were just two of five victims who fell for Dale Edward
Mooney's charm offensive behind the counter at Diamond Jewellers
in Hamilton, the report says.

NZ Herald relates that the 43-year-old was a convincing picture;
he drove a flash car and wore fancy suits.  But temptation
appeared to get the better of the company director who is
currently serving a 12-month home detention sentence after
admitting theft and fraud charges while operating Diamond
Jewellers in Hamilton.

D E Mooney and Company Ltd has now been put into liquidation, NZ
Herald discloses. Liquidators currently have the company before
the civil court seeking NZ$300,000 for out-of-pocket creditors,
according to NZ Herald.

According to NZ Herald, the liquidator's report revealed Mooney
had withdrawn "significant funds" for personal use. The report
also discovered "irregularities" with the company's GST returns.
The IRD had been notified.

In its short life, Diamond Jewellers built a quick reputation
after taking out business of the year in 2014 in the Hamilton
Central Business Association Awards.

As for his offending, it was anything but scientific. It involved
either an up-sell which he failed to deliver on or the swapping
out of valuable jewels for cheaper rocks, NZ Herald recalls.

In one victim's case, it left her holding a NZ$4000 ring instead
of one supposedly worth NZ$92,500. She and her husband paid
NZ$60,000 and are yet to get any of the money back.

NZ Herald says none of the other victims had seen any money yet
either, despite Mr. Mooney being sentenced in the Manukau
District Court in June and the judge ordering he pay NZ$90,436 in
reparations.

Mr. Mooney has moved back to Manurewa, Auckland, where he is
serving his home-detention sentence, NZ Herald notes.



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


FORELAND FABRICTECH: Independent Directors Resign
-------------------------------------------------
The Strait Times reports that Foreland Fabrictech Holdings has
lost all of its independent directors, with only executive
chairman Yang Meng Yang left on the board, the company announced
on July 20.

Seah Chee Wei, Wu Geng and Lim Aik Bin resigned in one fell swoop
on July 19, with all of them saying that they left "to pursue
other interests". Mr Seah and Mr Wu joined the board in late
2014, while Mr Lim was appointed in November 2017.

The Strait Times relates that the latest board announcement,
signed by Mr. Yang, said that the company is now looking for new
candidates to reconstitute the board and the nominating,
remuneration and audit committees, to comply with Singapore
regulations.

Foreland Fabrictech, which has been suspended from trading since
Dec. 27, 2016, said earlier in the week that it does not know how
much it owes in a Chinese court case that dates back to 2013.

It also faces a legal imbroglio involving former executive
chairman Tsoi Kin Chit, whom the company has accused of going
rogue with a subsidiary in China despite his resignation in 2016.
Foreland Fabrictech said in May 2018 that it "may have lost
control" of that subsidiary, Fulian Knitting Co, without full
access to its funds.

Foreland Fabrictech Holdings Limited manufactures and produces
fabrics. The Company's process includes weaving, dyeing, coating,
and finishing of fabrics.


GLOBAL CLOUD: Fitch Corrects July 5 Ratings Release
---------------------------------------------------
Fitch Ratings replaced a ratings release published on July 5,
2018 to include Fitch's "Parent and Subsidiary Rating Linkage"
criteria, which was omitted from the original release.

The revised release is as follows:

Fitch Ratings has affirmed Global Cloud Xchange Limited's (GCX)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) at 'CCC'. The agency has also affirmed the company's USD350
million 7% senior secured notes due 2019, issued by subsidiary,
GCX Limited, at 'B-' with a Recovery Rating of 'RR2'.

The affirmation reflects high refinancing risk on the secured
notes due to continued weak liquidity and persistently negative
free cash flow (FCF) as well as the default and break-up of GCX's
parent, Reliance Communications Limited (Rcom) which has dented
the group's reputation. GCX may face challenges to refinance the
notes - which have a current yield to maturity of around 16%-17%
- in a timely manner. Fitch expects to review the ratings again
by end-September 2018.

The notes are rated two notches higher than GCX's IDR due to
Fitch's bespoke recovery analysis, which indicates recoveries of
between 71%-90% on senior secured notes in a default scenario.
The notes are secured by the assets and equity interests of GCX
and its key subsidiaries and are guaranteed by GCX and its key
operating subsidiaries, which generate most of the group's
revenue and EBITDA.

KEY RATING DRIVERS

Excessive Refinancing Risk: GCX continues to face excessive
refinancing risk on its USD350 million secured notes due in
August 2019 on persistently negative FCF and a lack of resolution
of receivables of USD130 million due from Rcom. GCX's management
intends to invite a strategic investor to buy Rcom's part or a
full stake in GCX which should help in refinancing the secured
notes. However, Fitch has little visibility over such a
transaction, which would be subject to approval from Rcom's
lenders.

Liquidity to Remain Weak: GCX's liquidity is likely to remain
weak; Fitch forecasts negative FCF of around USD10-15 million for
the financial year ending March 2019 (FY19), as cash flow from
operations may fall short of its capex estimate of around USD30
million (FY18: USD30 million). The company pays about USD25
million in cash interest and will face additional cash pressure
if it pays a dividend to support USD13 million of loans due at
its immediate parent, Reliance Global BV, whose stake in GCX is
pledged for the loan.

Lower Cash EBITDA: Fitch believes GCX's FY19 cash EBITDA could
decline to around USD60 million (FY18: USD76 million) on lower
indefeasible right of usage (IRU) sales of around USD50 million
(FY18: USD56 million). Fitch expects revenue to fall by around
5%-6% on lower revenue from Rcom and customer churn in the
managed services segment where revenue decline by 16% in FY18.
However, management expects to achieve higher cash EBITDA, with
IRU sales of around USD60 million-70 million in FY19.

Non-Payment by Rcom: Fitch believes GCX's working capital outflow
will fall to around USD10-15 million in FY19 on lower net sales
exposure to Rcom of USD7 million (FY18: USD32 million) following
the discontinuation of its services to Rcom's former wireless
business. Fitch continues to rate GCX's IDR based on its
standalone profile under its Parent and Subsidiary Rating Linkage
methodology, as GCX's cash flow is largely ringfenced and
dividends to Rcom are subject to an incurrence test of
debt/EBITDA of below 3.75x (FY18: 3.10x) and restricted payment
covenants.

However, GCX is able to pay about USD10million-15 million in
annual dividends under the ringfencing conditions. GCX's plan to
acquire fibre assets from Rcom for USD130 million is uncertain
and subject to approval by Rcom's lenders.

Recovery Rating of 'RR2': Fitch rates the USD350 million notes at
'B'-'/'RR2' and use the going-concern value approach to calculate
post-restructuring enterprise value, as the liquidation approach
is not appropriate since GCX's assets are of little use if
dismantled and liquidated. Fitch estimates post-restructuring
cash flow of around USD74 million, the same as last year. This
assumes the depletion of the current position to reflect the
distress that provoked a default and a level of corrective action
that Fitch assumes would have occurred during restructuring.

Fitch assumes a cash flow multiple of 4.5x, as it believes Rcom
may settle for a lower value for GCX in light of its weak
liquidity and cash requirements. The adjusted going-concern
enterprise value after administrative claims of USD300 million is
then applied to the USD350 million secured notes, resulting in an
estimated 86% recovery.

DERIVATION SUMMARY

GCX's 'CCC' IDR reflects Fitch's assessment that the company is
exposed to high refinancing risk on its USD350 million secured
notes due August 2019. Its liquidity is weak due to persistently
negative FCF due to lower cash generation and working-capital
outflows related to transactions with Rcom. GCX's business
profile is exposed to high execution risk on the successful
completion of lumpy IRU sales in FY18-FY19 amid an oversupplied
industry that is characterised by frequent price erosion.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Revenue to decline by around 5% in FY19.

  - Cash EBITDA of around USD60 million, with IRU sales of around
    USD50 million in FY19.

  - Rcom will not pay for net sales of around USD7 million during
    FY19.

  - Annual capex of around USD30 million.

RATING SENSITIVITIES

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

  - Visibility on GCX's ability to refinance its 2019 secured
notes.

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

  - Fitch believes liquidity has weakened to the point where
    default appears probable, refinancing appears unavailable or
    liquidity issues are immediate.

LIQUIDITY

Weak Liquidity: GCX's liquidity is likely to remain weak on
negative FCF. Its cash balance improved to USD48 million at end-
March 2018 (end-2017: USD32 million), supported by USD56 million
of IRU sales. Management is confident of paying its coupon of
USD12 million due in August 2018. GCX's committed undrawn
facilities of USD30 million expired in September 2017. The
company needs a minimum cash balance of USD40 million-50 million
to pay its annual interest cost of USD25 million, maintenance
capex of around USD20 million and taxes of USD2 million-3
million.


HYFLUX LTD: Has $2.95BB in Total Liabilities as of March 31
-----------------------------------------------------------
Grace Leong at The Strait Times reports that Hyflux Ltd has about
50,000 shareholders, bondholders, perpetual securities holders
and preference shareholders - and over 60 per cent of them are
owed around $1.17 billion in total.

Of that amount, $265 million is debt owed to medium-term note
(MTN) holders, and $900 million to perp and preference
shareholders, Hyflux chief executive Olivia Lum said on July 19.
The water treatment specialist's total liabilities stood at $2.95
billion as of March 31, the report discloses.

"We still have to do our utmost to ensure that the company stays
viable and work towards a viable scheme so everyone will be
treated fairly," the report quotes Ms. Lum as saying in her first
media appearance since Hyflux filed for court protection to
reorganise its debts in May.

The main question raised by many of some 200 MTN holders at a
townhall on July 19 was whether they will be able to get their
money back, and what triggered Hyflux's voluntary filing, group
executive vice-president and group chief financial offer Lim Suat
Wah said, the report relays.

They also wanted an update on the sale of Hyflux's largest asset,
Tuaspring integrated water and power plant, proceeds of which
will be used to pay back its 29 lenders and other creditors,
among other things, according to the Strait Times.

"We don't have a restructuring plan to share yet, but the
townhall is to keep them informed and help them understand what
will happen going forward," the report quotes Ms. Lim as saying.

Hyflux management has yet to receive any firm offer for
Tuaspring, Ms. Lum, as cited by The Strait Times, said. But there
are now eight interested parties - comprising a "good mix" of
both foreign and Singapore companies. Some are waiting for
approval by water agency PUB before they can start looking at the
plant. Some have received it and gained access to Hyflux's
dataroom, she added.

Binding bids will have to be made by Oct 1. Hyflux's main lender
Maybank has given it until Oct. 15 to ink a binding purchase
agreement, The Strait Times notes.

"We all know that under these conditions when the power market is
weak, it is very difficult to get good value. But it also cannot
be so unreasonably low that I can't even pay my stakeholders," Ms
Lum, as cited by the Strait Times, said.

The Strait Times meanwhile reports that Hyflux has signed non-
disclosure agreements with 19 interested parties for possible
rescue financing. None are its current bank lenders, although it
is in discussions with a few banks on rescue financing, Mr Glenn
Peters of Ernst & Young Solutions' transaction advisory services
said.

"Beyond that, we are also in discussions with project finance
banks for support to complete projects," the report quotes Mr.
Peters as saying.

Despite its woes, Ms. Lum said the company has not laid off any
of its 2,500 employees. "There were some resignations... but we
still need people to execute our projects," she said.

She added that most of her clients remain supportive. In the last
few weeks, Hyflux secured two projects "despite their knowing we
are in a restructuring exercise," the report relays.

"So I feel that our business is still very viable . . . We are
still wanted despite what we are going through," Ms. Lum added.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.


MARY CHIA: Ordered to Resolve Issues w/ Partner Over Liquidation
----------------------------------------------------------------
Lee Meixian at The Business Times reports that Mary Chia Holdings
updated that in its court hearing on July 20, the judge directed
it and its Japanese partner to attempt to resolve their
differences over the choice of liquidators and the costs, and
accordingly adjourned the hearing to Aug 3, 2018.

According to the report, Mary Chia's susidiary, Mary Chia Beauty
& Slimming Specialist (MCBSS), and Slim Beauty House Co had set
up a joint venture called MSB Beauty in 2015, but Slim Beauty
House Co in 2016 initiated arbitration proceedings against MCBSS
due to a dispute over the joint venture.

In July 2017, the Singapore International Arbitration Centre had
ordered that MSB Beauty be liquidated, and MCBSS was ordered to
pay more than SGD580,000 in damages and costs, the report
relates.

Last month, Slim Beauty House Co applied for the appointment of
Baker Tilly TFW as approved company liquidators, and for the cost
of the proceedings be taxed, if not agreed or fixed, and be paid
to SBH by MCBSS, Business Times relates.

Mary Chia Holdings Limited engages in the provision of lifestyle
and wellness services for both women and men at its lifestyle and
wellness centers under the Mary Chia (for women), Urban Homme
(for men), GO60 (for professionals, managers, executives and
businessmen (PMEBs)), Masego (for families), Huang Ah Ma (for
tourists and PMEBs), LPG Endermospa (for PMEBs), Scinn Medical
Centre and MCU Beautitudes (for medical aesthetics) brands. The
Company's segments are Beauty, slimming and spa treatment for
women; Beauty, slimming and spa treatment for men, and Investment
holding. Its services are categorized into beauty and facial
services, slimming services, and spa and massage services. Its
ancillary business is in the sale of lifestyle and wellness
products under the MU brand at its lifestyle and wellness
centers.



                             *********

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

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

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


                            *********


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

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

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

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

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



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