/raid1/www/Hosts/bankrupt/TCRAP_Public/180809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 9, 2018, Vol. 21, No. 157

                            Headlines


A U S T R A L I A

BAR MACHIAVELLI: Second Creditors' Meeting Set for Aug. 14
CALIBRE BUILDING: First Creditors' Meeting Set for Aug. 16
GABRIEL'S GATEAUX: First Creditors' Meeting Set for Aug. 16
GOLDFIELDS EQUIPMENT: Second Creditors' Meeting Set for Aug. 15
HILLFOOT TRADING: First Creditors' Meeting Set for Aug. 20

LIBERTY FUNDING 2018-1: Moody's Gives (P)B1 Rating on Cl. F Notes
YORK CIVIL: SA Government to Check on Civil Payments


C H I N A

HNA GROUP: In Talks to Sell $2.2 Billion Avolon Stake to Orix
KWG PROPERTY: Fitch Assigns 'BB-' Rating to US$350MM Sr. Notes


I N D I A

ATHARVA DEVELOPERS: ICRA Migrates D Rating to Not Cooperating
DREAM HOME: ICRA Reaffirms B+ Rating on INR13cr Loan
DSS BUILDTECH: ICRA Reaffirms B+ Rating on INR16.11cr LT Loan
DWARIKAMAYEE BHANDAR: Ind-Ra Migrates D Rating to Non-Cooperating
FOUR WHEELS: ICRA Reaffirms B+ Rating on INR7cr Loan

GOA SPONGE: ICRA Migrates D Rating to Not Cooperating Category
JAI MAAKALI: CRISIL Maintains D Rating in Not Cooperating
KALOKHE STONE: CRISIL Maintains C Rating in Not Cooperating
KAMDAR CARZ: CRISIL Maintains B Rating in Not Cooperating
KESHAV MADHAV: CRISIL Maintains B Rating in Not Cooperating

KWAL PRO: ICRA Migrates B+ Rating to Not Cooperating Category
M/S MARBELLO: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
MAJESTIC EXPORTS: Ind-Ra Maintains BB- Rating in Non-Cooperating
MODERN GRIT: CRISIL Maintains Rating in Not Cooperating Category
NATRAJ INDUSTRIES: ICRA Reaffirms B+ Rating on INR15cr Loan

NISSAN SYNTEX: ICRA Removes B+ Rating from Not Cooperating
PANORAMA REALTY: ICRA Withdraws D Rating on INR11cr LT Loan
PEE JAY: CRISIL Maintains B Rating in Not Cooperating Category
PUJARIS EDUCATIONAL: CRISIL B Maintains Rating in Not Cooperating
RAGHU RAMA: ICRA Maintains B Rating to Not Cooperating Category

RAJEEV ELECTRONICS: CRISIL Maintains B Rating in Not Cooperating
RAJESH CONSTRUCTION: ICRA Moves B+ Rating to Not Cooperating
RAJVEER COTTON: CRISIL Maintains B Rating in Not Cooperating
RELIANCE COMMUNICATIONS: Court OKs Asset Sale to Reliance Jio
SARAVANAA PROJECTS: CRISIL Maintains B Rating in Not Cooperating

SCORE INFORMATION: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
SRI KALISWARI: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR12cr Loan
SRM TRANSPORTS: CRISIL Lowers Rating on INR22.5cr Loan to D
SVS FOOD: ICRA Withdraws B- Rating on INR5.50cr Cash Loan

TIRUPATI COTTON: ICRA Reaffirms B Rating on INR4.50cr Loan
TRUEVALUE ENGINEERING: ICRA Keeps B+ Rating in Not Cooperating
TURQUOISE & GOLD: ICRA Cuts Rating on INR10cr ST Loan to D
UTTARAKHAND SEEDS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
VAIBHAV LAXMI: ICRA Removes B+ Rating From Not Cooperating

VIKAS COTEX: ICRA Migrates B Rating to Not Cooperating Category


J A P A N

DTC ONE: Fitch Affirms BBsf Rating on JPY350MM Class E Notes


N E W  Z E A L A N D

CBL CORP: Watershed Meeting Pushed Out to November 17
CHCH CAR: Creditors Lose Out After Car Yard Goes Into Liquidation


S I N G A P O R E

VIBRANT GROUP: Court Freezes Assets of Two Group Units


                            - - - - -


=================
A U S T R A L I A
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BAR MACHIAVELLI: Second Creditors' Meeting Set for Aug. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Bar
Machiavelli Pty Ltd has been set for Aug. 14, 2018, at 11:00 a.m.
at 220 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 Aug. 13, 2018, at 4:00 p.m.

David Anthony Hurst of Hurst Recovery was appointed as
administrator of Bar Machiavelli on June 12, 2018.


CALIBRE BUILDING: First Creditors' Meeting Set for Aug. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Calibre
Building And Construction Pty Ltd will be held at the offices of
Cor Cordis, One Wharf Lane, Level 20, 171 Sussex Street, in
Sydney, NSW, on Aug. 16, 2018, at 11:30 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Calibre Building on Aug. 3, 2018.


GABRIEL'S GATEAUX: First Creditors' Meeting Set for Aug. 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gabriel's
Gateaux Pty Ltd will be held at Level 12, 460 Lonsdale Street, in
Melbourne, Victoria, on Aug. 16, 2018, at 10:30 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Gabriel's Gateaux on Aug. 6, 2018.


GOLDFIELDS EQUIPMENT: Second Creditors' Meeting Set for Aug. 15
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Goldfields
Equipment Pty Ltd has been set for Aug. 15, 2018, at 11:00 a.m.
at the offices of Ernst & Young, Level 5, 11 Mounts Bay Road, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2018, at 4:00 p.m.

Samuel John Freeman and Justin Walsh Ernst & Young were appointed
as administrators of Goldfields Equipment on July 11, 2018.


HILLFOOT TRADING: First Creditors' Meeting Set for Aug. 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hillfoot
Trading & Investments Pty Ltd, trading as Hillsview Gourmet
Butcher, will be held at the offices of Romanis Cant, Level 2,
106 Hardware Street, in Melbourne, Victoria, on Aug. 20, 2018, at
10:30 a.m.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrator of Hillfoot Trading on Aug. 8, 2018.


LIBERTY FUNDING 2018-1: Moody's Gives (P)B1 Rating on Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
long-term ratings to the notes to be issued by Liberty Funding
Pty Ltd in respect of the Liberty Series 2018-1 SME. The
transaction is a securitisation of mortgage loans to self-managed
superannuation funds (SMSFs), small-to-medium-sized enterprises
(SMEs) and individuals, originated by Liberty Financial Pty
Limited (Liberty, unrated).

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2018-1 SME Trust

AUD240.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD80.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD24.0 million Class B Notes, Assigned (P)Aa1 (sf)

AUD14.0 million Class C Notes, Assigned (P)Aa3 (sf)

AUD12.0 million Class D Notes, Assigned (P)A3 (sf)

AUD10.0 million Class E Notes, Assigned (P)Baa3 (sf)

AUD8.0 million Class F Notes, Assigned (P)B1 (sf)

The AUD12.0 million Class G Notes are not rated by Moody's.

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

The portfolio underlying this transaction is comprised of first-
ranking mortgage loans to SMSFs (60.8%), companies (30.3%) and
individuals (8.8%). The loans are secured by residential (60.5%),
commercial (38.5%), or both (1.0%) properties in Australia and
denominated in Australian dollars. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories (1.8%); or made on an alternative (7.1%), or no
documentation (18.3%) basis.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

Due to the mixed nature of the pool, to perform its analysis,
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario,
is 19.2%. Moody's expected loss for this transaction is 2.8%.

The key transactional features are as follows:

  - The guarantee fee reserve account, which will be funded at
AUD2,000,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be
replenished through future excess spread up to its initial funded
amount.

  - The servicer is required to set interest rates on the
mortgage loans on a weighted average basis at a minimum level
above BBSW or higher if the trust's income is insufficient to
cover the required payments under the transaction documents. The
level of the required margin generates a strong level of excess
spread available to cover loss in the pool.

  - The notes will initially be repaid sequentially. On or after
the payment date in July 2020, and prior to the call option date,
all notes (other than the Class G notes) will receive their pro-
rata share of principal payments, provided there are no charge-
offs on any of the notes, or average arrears greater than or
equal to 60 days do not exceed 4%. The Class G Notes do not step
down and will only receive principal payments once all other
notes have been repaid.

  - Principal pay-down switches back to sequential if the payment
date falls on or after the call option date, i.e. once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or following the fourth anniversary of the
closing date.

  - The liquidity facility provided by Westpac Banking
Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 2.0%
of the aggregate invested amount of the Class A1 to Class F
notes, and the stated amount of the Class G notes. The facility
is subject to a floor of AUD750,000.

Other pool features are as follows:

  - The weighted average scheduled loan to value (LTV) ratio of
the pool is 62.4%, with 0.7% of the loans with scheduled LTVs
above 80.0% .

  - Around 20.0% of loans in the portfolio are bullets, that is,
non-amortising, with an initial term of up to 5 years, and rely
on either refinancing or sale of the underlying property to repay
the loan at maturity. Furthermore, most of these loans (18.3%)
have been assessed on the basis of the borrower's declaration of
their repayment capacity over the loan term, without income
verification.

  - In addition to bullet loans, the portfolio contains 23.3% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and
interest.

  - The portfolio exhibits concentration in Victoria, with around
41.9% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in September
2017 and "Moody's Global Approach to Rating SME Balance Sheet
Securitizations" published in August 2017.

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

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian macroeconomic conditions and residential and small
commercial property markets are primary drivers of performance.

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

Moody's Parameter Sensitivities

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the PCE and
expected loss - differed. The analysis assumes that the deal has
not aged. Parameter Sensitivities only reflect the ratings impact
of each scenario from a quantitative/model-indicated standpoint.

Based on the current structure, if the PCE was to increase to 25%
from 19.2%, and EL was to increase to 3.6% from 2.8%, the model-
indicated rating for the Class A2 Notes would drop one notch to
Aa1. The Class A1 Notes are not subject to rating migration using
these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at its absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


YORK CIVIL: SA Government to Check on Civil Payments
----------------------------------------------------
Australian Associated Press reports that an investigation is
underway to check if subcontractors have been paid after a
leading construction and engineering company working on two large
SA government projects went into voluntary administration.

York Civil is involved with the delay-plagued but almost complete
North Terrace tram extension and the AUD800 million upgrade to
parts of the city's South Road corridor, the report says.

According to AAP, work is continuing on the projects but Premier
Steven Marshall said the government wants to make sure the proper
arrangements have been put in place to pay contractors.

The report says the investigation follows concerns subcontractors
may miss out on some payments because of the company's issues.

There have been similar concerns raised about York Civil projects
in Western Australia, including the Perth Stadium footbridge, the
report states.

According to the report, Mr. Marshall said the government was
looking very closely at the relationship between York Civil and
their subcontractors.

"I just think we need to be assured as taxpayers that when our
money has been paid it has ended up where it has actually been
required.  I'm sure that our money has been paid," the report
quotes Mr. Marshall as saying.  "But there are protocols in place
when governments pay accounts that subcontractors are paid."

AAP relates that administrators Ferrier Hodgson are also
conducting an urgent assessment of York Civil's financial
position and the status of its contracts.

"At this stage, the company will continue work on the contracts
which are subject to the administrators' review," partner Martin
Lewis said in a statement, AAP relays.

Mr. Lewis said meetings will be held with key stakeholders,
including clients, ahead of a creditors' meeting on August 16,
the report notes.

Timothy David Mableson and Martin David Lewis of Ferrier Hodgson
were appointed as administrators of York Civil on Aug. 6, 2018.



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HNA GROUP: In Talks to Sell $2.2 Billion Avolon Stake to Orix
--------------------------------------------------------------
Bloomberg News reports that HNA Group Co., the Chinese
conglomerate unwinding a global acquisition spree, is in advanced
talks to sell a minority stake in jet lessor Avolon Holdings Ltd.
to Japan's Orix Corp., people with knowledge of the matter said.

Orix has been discussing the purchase of around a 30 percent
stake in Avolon from HNA's Shenzhen-listed arm Bohai Capital
Holding Co., according to the people, Bloomberg relates. The sale
could fetch about $2.2 billion, the people said, asking not to be
identified because the information is private.

A deal could be announced as soon as this week, the people, as
cited by Bloomberg, said.

According to Bloomberg, HNA has already shed more than $17
billion of assets this year, a pace of dealmaking that reverses a
multiyear acquisition spree that saddled it with one of corporate
China's biggest debt loads. That the conglomerate is looking to
sell more aviation assets -- an area it has defined as core --
indicates there is little that HNA considers off-limits in terms
of disposals.

Shares of Bohai Capital rose 1.9 percent in Shenzhen trading
Tuesday, the most since January, after earlier gaining as much as
2.5 percent. Avolon's bonds also rose. The company's $950 million
of 4.5 percent coupon notes due 2023 jumped 1.25 cents to 98
cents on the dollar at 9:46 a.m. in New York, the biggest move
since April, Bloomberg discloses citing Trace, the bond price
reporting system of the Financial Industry Regulatory Authority.

No final agreements have been reached, and there's no certainty
the negotiations will lead to a deal, the people said, Bloomberg
relays.

HNA has been discussing a range of options, and other suitors
remain interested in Avolon, one of the people told Bloomberg.

Bloomberg News reported last week that HNA has been exploring
options for Dublin-based Avolon, which is the world's third-
biggest plane lessor. Firms backed by Hong Kong tycoons Li Ka-
shing and Henry Cheng are among suitors that have held talks
about buying a stake or some of Avolon's aircraft, people with
knowledge of the matter said at the time.

Avolon, which Bohai Capital bought in 2016, tripled in size after
acquiring CIT Group Inc.'s plane-leasing business for more than
$10 billion in 2017. Since then, it has been divesting non-core
assets, including a portfolio of about 100 airplanes that it
gained from CIT, Avolon's chief executive officer, Domhnal
Slattery, told Bloomberg in an interview last month.

The lessor sold 41 aircraft in the second quarter, according to
an earnings report this month. Avolon's fleet shrank 3 percent to
890 aircraft from a year earlier. The company also holds orders
and commitments for 328 planes.

                             About HNA

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

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


KWG PROPERTY: Fitch Assigns 'BB-' Rating to US$350MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based KWG Property Holding
Limited's (BB-/Stable) US$350 million 7.875% senior notes due
2021 a final rating of 'BB-'.

The notes are rated at the same level as KWG's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of final documentation conforming to information already
received. The final rating is in line with the expected rating
assigned on July 30, 2018.

KWG's ratings are supported by its established homebuilding
operations in Guangzhou, strong brand recognition in higher-tier
cities across China, consistently high margin, strong liquidity
and healthy maturity profile. The ratings are constrained by the
small scale of its development and investment property business,
as well as its higher leverage after land purchases in 2016.

KEY RATING DRIVERS

Diverse Coverage: KWG's land bank is diversified across China's
Greater Bay Area, which includes Guangzhou, Foshan and Hong Kong,
as well as eastern and northern China. In 2017 KWG ranked among
the top-10 homebuilders by sales in Guangzhou, the capital of
Guangdong province. KWG had 18 million square metres (sqm) of
attributable land as at March 2018, spread across 34 cities in
mainland China and Hong Kong, which had an average cost of
CNY4,310/sqm (excluding Hong Kong) and was sufficient for four to
five years of development. KWG has a prudent approach when
entering new cities, conducting due diligence for around three
years, usually with one or two projects in partnership with
reputable local developers.

Strong Brand Name: KWG has established strong brand recognition
in its core cities by focusing on first-time buyers and
upgraders. It appeals to these segments by engaging international
architects and designers and setting high building standards.
KWG's 2017 pre-sales rose by 29% yoy to CNY28.7 billion after an
11% yoy increase in 2016. Guangzhou, Beijing and Shanghai
accounted for 39% of KWG's pre-sales in 2017 (2016: 44%).

High Margin through Cycles: KWG's EBITDA margin has remained at
30%-35% through different business cycles and is one of the
highest among Chinese homebuilders. Protecting the margin one of
KWG's key business objectives and is achieved by maintaining
higher-than-average selling prices through consistently high-
quality products. The company's experienced project teams also
ensure strong execution capability and strict cost controls. .

Moreover, KWG has a low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other Tier 1 cities.
KWG's EBITDA margin was at 34% in 2017 and Fitch expects the
margin to remain above 35% in the next two years as the product
mix improves.

Worsening Leverage: KWG's leverage on an attributable basis, as
measured by net debt/adjusted net inventories, was around 34% in
2017 (2016: 39%), which is slightly below the 35% level where
Fitch would consider taking positive rating action. However,
Fitch expects the company's leverage to increase gradually, as
KWG's leverage is correlated with its contracted sales growth
rate and land bank replenishment strategy.

Joint Ventures with Leading Peers: KWG's prudent expansion
strategy has created a long record of partnerships with leading
industry peers, including Sun Hung Kai Properties Limited
(A/Stable), Hongkong Land Holdings Limited (A/Stable), Shimao
Property Holdings Limited (BBB-/Stable), China Vanke Co., Ltd.
(BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (BB-/Negative). These
partnerships helped KWG achieve lower project financing costs,
reduce competition in land bidding and improve operational
efficiency. Joint venture presales made up 52% and 47% of KWG's
total attributable presales in 2017 and 2016, respectively.

Joint venture cash flow is well-managed and investments in new
joint venture projects are mainly funded by excess cash from
mature joint ventures. Leverage is also lower at the joint
venture level because land premiums are usually funded at the
holding company level and KWG pays construction costs only after
cash is collected from pre-sales.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong higher-tier cities across
China, consistently high margin, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle. Its 30%-35%
EBITDA margin is comparable with that of Yuzhou Properties
Company Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable) and some investment-grade peers, such as
Poly Real Estate Group Company Limited (BBB+/Stable) and China
Jinmao Holdings Group Limited (BBB-/Stable), and is higher than
some 'BB' peers - Future Land Holdings Co., Ltd. (BB/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB/Stable).

KWG's ratings are constrained by the small scale of its
development and investment property business as well as higher
leverage following its high-cost land purchase in 2016. Fitch
expects KWG's leverage, measured by net debt/adjusted inventory,
to increase to 36% by end-2018 (2017: 34%) due to high land
premiums as the company expands.

KEY ASSUMPTIONS

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

  - Contracted sales gross floor area to rise by 25% in 2018

  - Average selling price to increase by 5% in 2018 due to better
    sales mix in higher-tier cities and then remain flat

  - EBITDA margin, excluding capitalised interest, to rise to
    33%-34% in 2018-2020

  - Land replenishment rate of 1.5x contracted sales gross floor
    area (attributable) in 2018-2021

  - Leverage to deteriorate to about 36%-38% for 2018-2019

RATING SENSITIVITIES

Developments that may individually or collectively, lead to
positive rating action include:

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

Developments that may individually or collectively, lead to
negative rating action include:

  - EBITDA margin below 25% for a sustained period

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

LIQUIDITY

Adequate Liquidity: KWG has well-established diversified funding
channels and strong relationships with most foreign, Hong Kong
and Chinese banks. KWG has strong access to both domestic and
offshore bond markets and was among the first few companies to
issue panda bonds. KWG had available cash of CNY40 billion in
2017, including restricted cash, which was enough to cover the
repayment of its CNY4 billion in short-term borrowing and
outstanding land premium. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations in 2018-2019 due to its diversified
funding channels, healthy maturity profile and flexible land
acquisition strategy.



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ATHARVA DEVELOPERS: ICRA Migrates D Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the Rs.12.50 crore bank facilities
of Atharva Developers to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund       12.50       [ICRA]D ISSUER NOT
   based: Term Loan                  COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

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

Atharva Developers is a proprietorship firm incorporated in 2007
to carry on real estate construction in and around Mumbai. The
proprietor, Mr. Deepak Shah has been engaged in the real estate
business for two decades and has completed four projects
including both residential as well as commercial projects in
Malad and Santacruz in Mumbai.


DREAM HOME: ICRA Reaffirms B+ Rating on INR13cr Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 for the INR23-crore fund-based bank
facilities of Dream Home Carpets Private Limited. The outlook on
the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Packing Credit       13.00      [ICRA]B+(Stable); reaffirmed

   Fund-based
   Foreign Bill
   Purchase             10.00      [ICRA]A4; reaffirmed

Rationale

The rating reaffirmation takes into account the rangebound
operating income in FY2017 and FY2018, the decline in net profits
due to intense competition as well as weak demand from European
countries. However, DHCPL is expected to perform well in the
current fiscal due to increase in the demand from European
countries, coupled with the healthy orders backlog.

The ratings continue to be constrained by the company's exposure
to fluctuations in currency exchange rates, weak financial
profile as evident from the moderate scale of operations, low
net-worth base, elevated Debt/OPBDITA level and working capital
intensive nature of operations. The ratings, however, continue to
be constrained by the extensive experience of DHCPL's promoters
in the carpet-export business and the company's established
relationship with its key customers and suppliers. ICRA also
takes note of the funding support provided by promoters/associate
concerns in the past in the form of unsecured loans.

Going forward, the company's ability to increase its scale of
operations in a profitable manner while maintaining comfortable
gearing and working capital intensity will be the key rating
sensitivities.

Outlook: Stable

ICRA believes that DHCPL will continue to benefit from the
extensive experience of its promoters in the carpet-export
business and established relationships with key customers and
suppliers. The outlook may be revised to Positive if the
company's sales turnover, profitability and financial position
are better than estimates. The outlook may be revised to Negative
if its revenues and profitability are lower than the expected
levels, or there is any deterioration in working capital
parameters or any major unplanned capital expenditure.

Key rating drivers

Credit strengths

Significant experience of promoters in carpe-manufacturing
industry - The promoters have more than 20 years of
experience in manufacturing and exporting carpet, blanket and
other home furnishing products. The promoters have
been involved in manufacturing and exporting textile items
through the Group companies - Javi Home Private Limited
and Jainsons Woven Craft Products - for a long time.

Established relationships with customers and suppliers: DHCPL has
established relationships with customers, especially
in the European market, which ensures regular orders from the
same. The company also has strong relationships with its
raw material suppliers in the domestic markets, which ensures
seamless supply of raw materials.

Diversified customer base reduces geographic-concentration risk:
DHCPL's customers are located in Europe, the US, Australia and
the Gulf countries, which reduces the risk of geographic
concentration.

Credit challenges

Weak financial profile: The company has a weak financial profile
due to the high debt, low net worth and elevated Debt/OPBDITA
level. The debt coverage indicators are also weak due to low
profitability.

Intensely competitive industry: The company faces intense
competition not only from the players in the domestic market but
also from other exporting countries such as Bangladesh, Vietnam
and Pakistan etc. This limits the pricing power and profitability
for DHCPL.

Working capital intensive operations: The carpet-manufacturing
business is intensely working capital intensive due to
the long manufacturing process. A hand-tufted carpet usually
takes three to four months to be fully completed. This has
led to high inventory days for the company.

DHCPL was incorporated in 2013 by Mr. Mohit Jain and Mr. Vinay
Jain. The company manufactures hand-woven and hand-tufted
carpets, rugs (leather and fabric), bathmats, floor cushion, bean
bags etc. However, most of the revenues come from carpet sales,
primarily to overseas buyers.


DSS BUILDTECH: ICRA Reaffirms B+ Rating on INR16.11cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR16.11-crore bank facilities of DSS Buildtech Private Limited
(DSS).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   LT-Non-Fund-
   Based Limits-BG      16.11      [ICRA]B+(Stable); reaffirmed

Rationale:

ICRA's rating draw comfort from the Silverglades brand name and
healthy collection velocity from the strong initial sales in
project The Melia; and the receipt of approvals. Further,
availability of undrawn bank lines lends financial flexibility to
an extent. The ratings are however constrained by weak sales
velocity and significant pending construction costs. This apart,
the company has made inter corporate deposits, timely receipt of
which will be crucial for the project execution and funding
position in the medium term.

Going forward, the ability of the company to continue the ramp up
of execution, increase in bookings pace would be the key rating
sensitivities.

Outlook: Stable

The outlook may be revised to Positive if the company achieves
significant ramp up in the bookings. The outlook may be revised
to Negative if the company faces execution delays or stretched
liquidity position on the back of weaker collection.

Key rating drivers:

Credit strengths

* Extensive experience of the promoters: The company is a part of
Silverglades group which has delivered high end real estate
projects mainly in Gurgaon, Haryana. The promoters have extensive
experience with the brand having good reputation and presence in
the region.

* Presence of undrawn bank lines: The company has total bank
limits in place to support execution in short term. Further, the
initial period has moratorium in place further providing comfort
to an extent.

Credit challenges

* Slow sales velocity over FY2016-FY2018: The company has faced
slow incremental sales over last two financial years. Though
2/3rd of the project was sold at the initial phase, remaining
sales would be critical for timely completion of the project.

* Funding commitments going forward: The company had incurred 18%
of the total cost till February 2018. The project is estimated to
be completed by October 2021 which would require significant ramp
up in the overall cost incurred. committed receivables to payable
stood weak owing to high collection efficiency.

* Inflow of intergroup advances would remain critical: The
company had significant outstanding inter corporate deposits and
advances in February 2018. The timely inflow of the same would be
critical for future funding requirement of the project.

DSS is a part of the Gurgaon-based Silverglades Group, which was
established in 1988. The group develops golf courses and luxury
apartments largely in and around the Gurgaon area. The group's
completed projects include Laburnum, Ivy etc. DSS is developing a
residential housing project called 'The Melia' in Sector 35 of
Sohna, Haryana on a 17-acre land parcel in a joint development
agreement with the landowners. The project, which was launched in
May, 2015, is estimated to cost around Rs.455 crore.


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

The instrument-wise rating action is:

-- INR95 mil. Fund-based limit (long-term) migrated to in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Dwarikamayee Bhandar is a partnership firm, engaged in the
trading of pulses, sugar and edible oil.


FOUR WHEELS: ICRA Reaffirms B+ Rating on INR7cr Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR10-crore fund-based bank facilities of Four Wheels Auto
Private Limited. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Working Capital       7.00      [ICRA]B+(Stable); reaffirmed

   Fund-Based
   Term Loan             3.00      [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation takes into account the decline in the
company's operating income in FY2017. However, the same improved
to some extent in FY2018 and is expected to improve further in
the current fiscal on account of improvement in demand of Audi
cars following the launch of updated versions of most of the
models in January 2018. The ratings, however, continue to be
constrained by the company's modest financial profile as
reflected by its moderate scale of operations, low net worth and
weak debt coverage indicators. In addition, FWAPL's high working
capital requirements have led to a stretched liquidity position
as reflected by almost fully utilised bank limits.

The ratings, however, continue to positively take into account
the company's long track record and the significant experience of
its promoters in the automobile dealership business. FAWPL also
has competitive advantage as the sole dealer for Audi cars in
Kanpur and Lucknow. The rating also continues to take into
account the company's diversified revenue streams across sales,
services and spares, which lends some stability to revenues.
Going forward, FWAPL's ability to grow the scale of its operation
in a profitable manner as well as improve its capital structure
and maintain an optimal working capital cycle will be the key
rating sensitivities.

Outlook: Stable

ICRA believes that FWAPL will continue to benefit from the
extensive experience of its promoters in the auto dealership
business, as well as established presence in Lucknow and Kanpur.
The outlook may be revised to Positive if the company's sales
turnover, profitability and financial position are better than
estimates. The outlook may be revised to Negative if its revenues
and profitability are lower than the expected levels, or there is
any deterioration in working capital parameters.

Key rating drivers

Credit strengths

Extensive experiences of promoters in dealership business: The
promoters have more than 30 years of experience in the auto-
dealership business as authorised dealers of passenger vehicles
(PVs) of Audi.

Positive outlook for PV industry: The strong brand recognition
and improving market share of Audi in the luxury car segment, its
established name in the luxury car industry, low penetration
levels of PVs in the country and falling interest rates augur
well for the company.

Credit challenges

Inherently thin margins in auto-dealership business: The auto-
dealership business is characterised by thin margins, weak
bargaining position and high working capital requirements.

Intensely competitive market given trading nature of business:
The company faces intense competition from other established
players in the Indian market such as Mercedes Benz and BMW. FWAPL
is also exposed to competition from the new entrants such as
Jaguar Land Rover and Volvo etc. Given that auto-dealership is a
trading business, the pricing power of dealers is limited.

Financial profile characterised by leveraged capital structure
and moderate coverage indicators: FWAPL's moderate financial
profile is characterised by its low net worth and elevated
Debt/OPBDITA levels.

FWAPL, incorporated in FY2012, is an authorised dealer of Audi
India Private Limited. The company has two showrooms -- one each
in Kanpur and Lucknow. It also has a service workshop in Lucknow.
The company started its operations in FY2013 and is managed by
Mr. Gauram Garg.


GOA SPONGE: ICRA Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long term and short term ratings for the bank
facilities of Goa Sponge & Power Limited (GSPL) to the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        46.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating moved to the 'Issuer Not
                                  Cooperating' category

   Term Loan          52.30       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short-term          5.00       [ICRA]D ISSUER NOT COOPERATING;
   fund based                     Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short-term non-     4.00       [ICRA]D ISSUER NOT COOPERATING;
   fund based                     Rating moved to the 'Issuer Not
                                  Cooperating' category

   Unallocated        13.53       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with Goa Sponge & Power Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Goa Sponge & Power (GSPL) was established in 2002 for manufacture
of sponge iron with an installed capacity of 90,000 MPTA. In
2008, the company added a power plant of 12 MW, induction furnace
and continuous cast mill (CCM) for manufacture of billets, with
installed capacity of 72,000 MTPA. The manufacturing facility is
located at Village Santona, Sanguem, Goa.


JAI MAAKALI: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Jai Maakali
Poultry Farms (JM) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.5       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     3         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 JM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JM 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 JM continues to be 'CRISIL D Issuer not
cooperating'

JM Farms, established in 1993 and based in Andhra Pradesh, is
promoted by Mr. Kumar Pappu Singh and his family. JM Farms
produces commercial eggs and sells its entire output to JMP. JMP
trades in commercial eggs.


KALOKHE STONE: CRISIL Maintains C Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Kalokhe Stone
Crusher (KSC) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       2.4        CRISIL C (ISSUER NOT COOPERATING)
   Term Loan         7.2        CRISIL C (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

KSC, established in 2010, commenced operations in July 2012. It
undertakes stone-crushing sub-contracting activities for
companies that implement civil construction projects, mainly road
and real estate projects. The firm is owned by the Kalokhe
family; its operations are mainly handled by Mr. Sachin Kalokhe
and Mr. Sandeep Kalokhe.


KAMDAR CARZ: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Kamdar Carz
Private Limited (KCPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Proposed Long Term      30        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 KCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCPL 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 KCPL continues to be 'CRISIL B/Stable Issuer not
cooperating'

Incorporated in 2011, KCPL is engaged in automobile dealer of
Renault India Pvt Ltd in Ahmedabad. The company owns three
showrooms in Gujarat.


KESHAV MADHAV: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Keshav Madhav Agro
Enterprises Private Limited (KMAEPL) for obtaining information
through letters and emails dated February 28, 2018 and July 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Proposed Long Term     0.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              6.5       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 KMAEPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on KMAEPL
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 KMAEPL continues to be 'CRISIL B/Stable Issuer not
cooperating'

KMAEPL, set up in 2011, manufactures wheat products such as
refined flour (maida), semolina (suji), and whole wheat flour
(atta). It has a flour mill at Nawada, Bihar, with installed
milling capacity of 250 tonne per day. Operations are managed by
promoter-directors Mr. Kaulesh Kumar, Ms. Swati Bhardwaj, and Ms.
Anjila Sinha.


KWAL PRO: ICRA Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Kwal Pro
Exports (KPE) to the 'Issuer Not Cooperating' category. The
rating is now denoted as [ICRA]B+(Stable)/A4 ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limits     9.30      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Non-fund Based        0.10      [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

Kwal Pro Exports is a partnership concern engaged in the
manufacturing and export of handicraft items including gift and
furniture. The firm is also having its marketing office in
Holland which is being looked after by Mr Suresh Kumar Borad.
The oversea office has huge clientele all over the Europe with
main focus on Holland and Germany. The firm also takes
exhibits, nationally and internationally, in different trade
fairs every year.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits (Long-
     term/Short-term) migrated to Non-Cooperating Category with
     IND D (ISSUER NOT COOPERATING) / IND D (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

M/S Marbello, established in 1991 as a proprietorship firm, is
involved in the trading of grey fabrics and Italian marbles.


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

The instrument-wise rating actions are:

-- INR140.0 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR3.5 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with INDA4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR29.3 mil. Term loans maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 5, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1987, Majestic Exports is a Tamil Nadu-based
partnership firm involved in manufacturing and export of knitted
garments.


MODERN GRIT: CRISIL Maintains Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Modern Grit
Private Limited (MGPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Proposed Long Term    2.7       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             1.3       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 MGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGPL 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 MGPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2011, MGPL is engaged in stone-crushing
activities in Pilibhit district (UP). The company procures stones
from the quarry on the Nandaun river bed and has a total stone-
crushing capacity of 250 tonnes per hour. The operations are
managed by key promoters Mr. Pramod Aggarwal and his brother, Mr.
Ujjawal Aggarwal.


NATRAJ INDUSTRIES: ICRA Reaffirms B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR15.00-crore (enhanced from INR13.00 crore) cash credit
facility of Natraj Industries. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Cash Credit           15.00     [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation takes into account NI's weak financial
risk profile, characterised by weak profit margins (because of
low value-added operations, its leveraged capital structure
(because of high working capital requirements) and weak coverage
indicators. The rating also factors in the vulnerability of the
firm's profitability to risks associated with agro commodities
such as seasonality, climatic conditions, global demand-supply
situations and export policy associated with agro commodities.
Moreover, the agro-commodity trading industry is characterised by
high competition. ICRA also takes note of the fact that since
Natraj Industries is a partnership firm, any substantial capital
withdrawals would adversely affect the entity's net worth and
thereby, the capital structure.

The ratings, however, continue to positively consider the
extensive experience of the partners in the trading and
processing business and the sustained growth in its operating
income during the last four years.

Outlook: Stable

ICRA expects NI to continue to benefit from the experience of its
partners in the agro trading business. The outlook may be revised
to Positive if NI achieves substantial growth in scale and
profitability and ensures better working capital management. The
outlook may be revised to Negative in case of significant decline
in scale, profitability or cashflows.

Key Rating Drivers

Credit strengths

  Extensive experience of partners in trading and processing
  industry.  The promoters of NI have over two decades of
  experience in trading and processing of agro commodities.

  Growth in scale of operations.  The firm's revenue has grown at
  a healthy CAGR of 22.06% to INR66.58 crore in FY2017 from
  INR29.99 crore in FY2013 with increase in trading and
processing
  operations.

Credit challenges

  Weak financial risk profile.  The financial risk profile of NI
  is weak and is characterised by weak profit margins owing to
low
  value-added operations, leveraged capital structure and modest
  coverage indicators.

  Vulnerability to fluctuations in raw material prices and
  regulatory changes.  The profit margins are exposed to
  fluctuations in the raw material prices, which depend on
various
  factors such as seasonality, climatic conditions, global demand
  and supply situations. Further, the profitability is also
  exposed to regulatory risks with regard to export/import
  restrictions, MSP etc.

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

  Risks associated with partnership concern.  Any substantial
  capital withdrawal, given the partnership nature of the firm's
  constitution, could adversely impact its capital structure.

Established in 1995 as a partnership firm by the Patel family of
Junagadh, Natraj Industries trades agro commodities, processes
groundnuts and crushes oilseeds. The trading portfolio of the
firm includes groundnuts, seeds and oil, castor seeds and oil,
groundnut seeds and oil, wheat, cotton etc.

In FY2017, the company reported a net profit of INR0.60 crore on
an operating income of INR66.58 crore, as compared to a net
profit of INR0.78 crore on an operating income of INR56.29 crore
in FY2016.


NISSAN SYNTEX: ICRA Removes B+ Rating from Not Cooperating
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR7.00-crore cash credit facility of Nissan Syntex Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for NSPL's non fund-based limits (sublimit to cash
credit) of INR4.25 crore. ICRA has further reaffirmed the long-
term rating of [ICRA]B+ and the short-term rating of [ICRA]A4 for
NSPL's unallocated limits of INR0.05 crore. The outlook on the
long-term rating is Stable.

Further, ICRA has removed its earlier rating from the 'ISSUER NOT
COOPERATING' category. The company's rating was moved to the
ISSUER NOT COOPERATING category in January 2018.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Cash Credit           7.00      [ICRA]B+ (Stable); reaffirmed;
                                   removed from "Issuer Not
                                   Co-operating' category
   Non fund-based
   PC/PCFC/FBP/FBD/
   FCBP /FCBD           (4.00)     [ICRA]B+ (Stable); reaffirmed;
                                   removed from "Issuer Not
                                   Co-operating' category

   Non fund-based
   Bank Guarantee       (0.25)     [ICRA]A4; reaffirmed; removed
                                   from "Issuer Not Co-operating'
                                   category

   Unallocated limits    0.05      [ICRA]B+ (Stable)/A4;
                                   reaffirmed; removed from
                                   "Issuer Not Co-operating'
                                   Category

Rationale

The ratings reaffirmation continues to take into account NSPL's
relatively modest scale of operations along with the leveraged
capital structure because of high working capital intensity
caused by elongated receivables and high debtor days. The ratings
also consider the high competition in the textile business due to
low entry barriers and the vulnerability of profitability to
fluctuations in the raw material prices. The ratings are further
constrained by high customer concentration with top-five
customers constituting ~75% to 90% of revenue in last three
years.

The ratings, however, continue to positively consider the
extensive experience of the partners in the textile industry and
NSPL's reputed clientele.

Outlook: Stable

ICRA expects NSPL to continue to benefit from the experience of
its promoters in the textile business and its reputed clientele.
The outlook may be revised to Positive if NSPL achieves
substantial growth in scale and profitability in the garment
manufacturing segment and ensures better receivables cycle. The
outlook may be revised to Negative if any significant decline in
scale and profitability leads to lower-than-expected cash
accruals, or any major debt-funded capital expenditure or stretch
in working capital deteriorates the capital structure and weakens
the overall liquidity position.

Key rating drivers

Credit strengths

Promoter's extensive experience in textile industry: The
promoters of NSPL have experience of over two decades in the
textile industry.

Reputed clientele: The company supplies bottom wears to various
reputed textile players such as Life Style International Pvt.
Ltd., and Aditya Birla Fashion & Retail Ltd.(rated [ICRA]AA
(Stable)/A1+). In FY2018, the company also started supplying to
The Mandhana Retail Ventures Ltd (Being Human brand).

Credit Challenges

Weak financial risk profile: The company's financial risk profile
is characterised by small scale of operations (which declined in
FY2016 and FY2017 before stabilising in FY2018), aggressive
capital structure and weak coverage indicators. The working
capital intensity is high because of elongated receivables and
high inventory days.

High customer concentration risk: The top-five customers have
contributed ~72% to 85% to the revenues in the last three years.
Thus, the revenues and earnings of NSPL are exposed to vagaries
in performance of its key customers, along with other external
factors such as regulations and duty structures across markets.

Earnings exposed to fluctuations in input prices: NSPL's
operating profitability is exposed to volatility in fabric and
yarn prices and hence the company has limited pricing flexibility
with large customers.

Intense competition and fragmented industry: The textile industry
is characterised by high competitive intensity because of the
presence of several small and unorganised players. The high
competition limits the company's bargaining power with customers
and suppliers and exerts pressure on its margins.

Incorporated in 1982, Nissan Syntex Private Limited (NSPL) is a
private limited company, promoted by Mr. Harkishandas P. Parekh.
NSPL commenced its operations as a trading unit and gradually
forayed into garment manufacturing from its unit at GIDC in
Norda, Ahmedabad. The company is engaged in three businesses- 1)
processing/trading of fabrics, 2) garment manufacturing and 3)
denim distributorship.

In FY2017, the company reported a net profit of INR0.48 crore on
an operating income of INR22.88 crore, as compared to a net
profit of INR0.41 crore on an operating income of INR26.55 crore
in FY2016. In 10MFY2018 (unaudited financials), the company
reported a net profit of INR0.58 crore on an operating income of
INR18.21 crore.


PANORAMA REALTY: ICRA Withdraws D Rating on INR11cr LT Loan
-----------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B+
for the INR15.00-crore1 unallocated limits of Panorama Realty and
has simultaneously withdrawn the rating in accordance with ICRA's
policy on withdrawal and suspension.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           11.00      [ICRA]D; Revised from
   Unallocated                     [ICRA]B+ (Stable) and
   Limits                          withdrawn

   Long Term-             4.00     [ICRA]D; Revised from
   Fund Based TL                   [ICRA]B+ (Stable) and
                                   withdrawn

Rationale

The rating downgrade takes into account the delays witnessed in
interest payments on the term loan availed by Panorama Realty for
execution of its project on account of stressed liquidity
position emanating from delay in project execution and slowdown
in bookings and collections.  Furthermore, the long-term rating
for the unallocated limits of the company has also been withdrawn
at the request of the company and on the basis of no objection
certificate provided from its banker.

Credit Weaknesses

Delays in interest payments: The firm has delayed its interest
payments on the term loan during the past six months crore owing
to delay in project execution and slowdown in bookings.

Panoroma Realty was established in 2011 with an objective to
undertake the development of commercial project- Print World at
Bhiwandi, Thane. The project was launched in 2012 and it is being
developed in three phases, of which two phases have been
completed. The third phase commenced in November 2015 and
completion is scheduled in December 2017.

The promoter has executed two residential projects in the past as
partner in other firms and this is the first independent project
of the firm. One project is located in Badlapur comprising 4
buildings and the other is located in Ambarnath and comprises one
seven storey building.

The project comprises 411 galas/shops, of which 159 shops will be
developed in phase III of the project. The project is developed
with an objective to provide industrial set-up to small and
medium enterprises, with special focus on print industry.
However, the units have also been booked by SMEs operating in
textile and plastic industry.


PEE JAY: CRISIL Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with Pee Jay Imports
Exports (Pee Jay) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           8.5        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 Pee Jay, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Pee Jay
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 Pee Jay continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up as a partnership firm in 1997 by Mr. Sanjiv Gupta, Mr.
Rajinder Bansal, Mr. Sanjay Gupta, and Ms. Kamlesh Gupta (mother
of Mr. Sanjiv Gupta), Pee Jay manufactures T-shirts, sweaters,
and jackets at its unit in Ludhiana, Punjab.


PUJARIS EDUCATIONAL: CRISIL B Maintains Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with Pujaris
Educational Trust (PET) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Long Term Loan        4.00        CRISIL B/Stable (ISSUER
                                     NOT COOPERATING)

   Proposed Long Term    2.50        CRISIL B/Stable (ISSUER
   Bank Loan Facility                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 PET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PET 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 PET continues to be 'CRISIL B/Stable Issuer not
cooperating'.

PET is a registered trust, established in 2006. The trust runs a
college that offers courses in engineering, business
administration and hotel management in Vishakhapatnam (Andhra
Pradesh). It also runs a skill development programme in the
hospitality sector for the Government of India. The trust is
managed by its chairman Mr. V. Pujari.


RAGHU RAMA: ICRA Maintains B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA said the ratings for the INR16.00 crore bank facilities of
Raghu Rama Rice Industry (RRRI) continues to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-fund        14.00     [ICRA]B(Stable); ISSUER NOT
   based limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long term-             2.00     [ICRA]B(Stable); ISSUER NOT
   unallocated                     COOPERATING; Rating continues
   limits                          to remain under 'Issuer Not
                                   Cooperating' category

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

Founded in 2012 as a partnership firm, Raghu Rama Rice Industry
(RRRI) is engaged in milling of paddy and produces raw and boiled
rice. The firm started its operations in June 2013. The firm has
a milling unit in Jagannadhagiri village of East Godavari
district of Andhra Pradesh with an installed capacity of 8 tons
per hour. Rice is the main product of the milling process and the
by-products of the milling process are bran, broken rice, ash and
husk.


RAJEEV ELECTRONICS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Rajeev Electronics
Private Limited (REPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         14        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 REPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on REPL 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
facility of REPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 1995, REPL is an authorised distributor in Sikkim
for various brands such as Whirlpool, Panasonic, Onida, Hitachi
and LG. In addition, the company has three retail showrooms in
Gangtok from where in retails goods of various brands. The
company is promoted by Sikkim-based Mishra family, who are into
distribution business for over two decades.


RAJESH CONSTRUCTION: ICRA Moves B+ Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term rating of [ICRA]B+ and the short-
term rating of [ICRA]A4 for the INR10.00 crore bank facilities of
Rajesh Construction Company to the 'Issuer Not Co-operating'
category. The outlook on the long-term rating is 'Stable'. The
ratings are now denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
CO-OPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limit      2.38      [ICRA]B+(Stable); ISSUER NOT
                                   CO-OPERATING; Rating moved
                                   to 'Issuer Not Co-operating'
                                   category

   Non-fund based
   limit                 5.75      [ICRA]A4; ISSUER NOT CO-
                                   OPERATING; Rating moved to
                                   'Issuer Not Co-operating'
                                   category

   Unallocated limit     1.87      [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT CO-OPERATING;
                                   Rating moved to 'Issuer Not
                                   Co-operating' category

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

Rajesh Construction Company was established as a partnership firm
in 1971 and the operations of the firm are managed by Mr. Rajesh
Chandrachud, who is a Civil Engineer with over two decades of
experience in the construction industry. RCC is primarily engaged
in the construction of roads and laying of sewerage pipelines for
government departments. The firm is registered as an 'AA' Class
Contractor with the Mumbai Municipal Corporation and as a 'Class
I' contractor with the Public Works Department in Maharashtra,
the Maharashtra Jeevan Pradhikaran and the Road Construction
Department in Jharkhand.


RAJVEER COTTON: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Rajveer Cotton
Ginning And Pressing Factory (Rajveer) for obtaining information
through letters and emails dated February 28, 2018 and July 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          .35         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash       2.65         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Term Loan            .73         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 Rajveer, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Rajveer
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 Rajveer continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Rajveer, established in January 2013 by Mr. Satish Patil as a
proprietary firm, has been trading in raw cotton since inception,
and has now set up a cotton ginning facility in Malegaon
(Maharashtra) with capacity of 100 bales per day.


RELIANCE COMMUNICATIONS: Court OKs Asset Sale to Reliance Jio
-------------------------------------------------------------
The Economic Times reports that the Supreme Court has permitted
Reliance Communications to go through with the sale of its assets
to Reliance Jio Infocomm unhindered and allowed the Anil Ambani-
owned company's management to give an undertaking that it will
pay INR550 crore to Ericsson by September 30.

ET relates that the apex court, in its order on Aug. 3, said the
timeline of September 30 shall be "strictly adhered to and
payment of INR550 crore be made on or before September 30, 2018".
It then added that," the sale of the assets concerned will go
through as has been stated in the orders of Tribunal and the
Appellate Tribunal," the report relays.

According to legal sources present, the court has directed RCom
chairman Anil Ambani to give an undertaking that the settlement
amount with Swedish telecom equipment maker Ericsson will be made
within September 30, ET relates. "The undertaking that is to be
given by the chairman of the company concerned shall be given
within a period of one week from today," said the order.

The court will next hear the matter on October 1, the report
discloses.

According to the report, the ruling removes any doubts on the
progress of RCom's wireless asset sale to Jio and real estate
sale to Canada's Brookfield sale for over INR18,000 crore, which
is to be used to repay the telco's 39 lenders. RCom is trying to
pare the INR46,000 crore on its books.

Now, with SC's order, RCom is widely expected to close the Jio
deal in couple of weeks. According to legal sources, the deal has
to be completed by August 27, otherwise, the telco will be pushed
into insolvency again, the report states.

A week ago, debt ridden RCom had filed a special leave petition
in the apex court asking it to stop the insolvency process filed
against it and prevent any challenge to its asset sale to Jio and
Brookfield, according to ET.

ET adds that the Anil Ambani-owned telco told the top court that
the value of its assets is getting eroded if the above-mentioned
clauses are not removed since buyers are unwilling to go ahead
otherwise. However, while permitting the undertaking, the apex
court on Aug. 3 did not change any of the clauses, which were
part of National Company Law Apellate Tribunal's (NCLAT) order.

Ericsson was wary and had requested SC not to make any
modifications, ET notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2018, The Economic Times said the dedicated bankruptcy
court has admitted three insolvency petitions filed against
Reliance Communications and its subsidiaries, by Ericsson,
dealing a severe blow to the telco's plans of selling most of its
wireless units to Reliance Jio Infocom (Jio).  The decision,
which came after nearly eight months since the Swedish telecom
equipment maker moved the National Company Law Tribunal's (NCLT)
Mumbai bench to recover INR1150 crore in dues, effectively makes
the Anil Ambani owned carrier bankrupt, the second such after
Chennai-based Aircel, ET said.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.


SARAVANAA PROJECTS: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Saravanaa Projects
& Co. (SPC) for obtaining information through letters and emails
dated February 28, 2018 and July 31, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Long Term Loan        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 SPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPC 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 SPC continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2001, SPC is promoted by Mr. M S Hari Babu. It
undertakes civil construction works, primarily construction of
roads for various government entities. The company is based in
Chennai.


SCORE INFORMATION: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Score
Information Technologies Limited's (SITL) Long-Term Issuer Rating
at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable rating; and

-- INR100 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SITL's continued small scale of
operations and moderate credit metrics. According to FY18
provisional results, revenue grew 8.3% yoy to INR315 million, due
to healthy order execution. Gross interest coverage improved to
2.6x in FY18 (FY17: 2.4x) on account of an increase in operating
EBITDA and net financial leverage (adjusted net debt/ operating
EBITDAR) improved to 6.5x (7.5x) because of a decrease in net
debt. Ind-Ra expects the company to sustain credit metrics at the
present levels in FY19.

Moreover, RoCE of the company was 2.54% in FY18 (FY17: 1.77%)
with modest EBITDA margin of 2.6% (2.6%). The margins are likely
to be on same level due to high competition in the market.

However, the ratings continue to be supported by SITL's
comfortable liquidity position as reflected from its fund-based
limits utilization of 76.04% for the 12 months ended July 2018.
Cash flow from operations also remained positive at INR2 million
during FY17 and FY18.

The ratings are also supported by SITL being a part of Kolkata-
based Kankaria group, which is among the largest jute
manufacturers in India. SITL has received support from the
group's non-banking financial companies in the form of unsecured
loans (FYE17: INR27.4 million). The company's bank facilities are
guaranteed by the group's promoter. The support is likely to
continue.

RATING SENSITIVITIES

Positive: Revenue growth along with an improvement in the credit
metrics on a sustained basis could lead to a positive rating
action.

Negative: EBITDA interest coverage falling below 1.5x on a
sustained basis and/or absence of timely support from the group
could lead to a negative rating action.

COMPANY PROFILE

SITL operates in the information and technology sector and
provides services such as software development and maintenance,
CCTV surveillance system integration, scanning and digitization,
smart card application solutions and telecom infrastructure.


SRI KALISWARI: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Kaliswari
Metal Powders Private Limited's bank loan ratings to 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 ratings will
continue to appear 'IND BB+ (SO) (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR40.0 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB+ (SO) (ISSUER NOT COOPERATING)/IND A4+
    (SO) (ISSUER NOT COOPERATING) rating; and

-- INR155.6 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND BB+ (SO) (ISSUER NOT
    COOPERATING)/IND A4+ (SO) (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 22, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Kaliswari Metal Powders is a part of the Sri Kaliswari Group,
which manufactures and markets fireworks under the brand Cock.
The company manufactures and exports aluminium powder and
aluminium paste.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR12cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR12.00-crore fund-based facilities, INR1.20-crore (revised from
INR2.37 crore) term loans and INR2.50-crore (revised from INR1.33
crore) unallocated limits of Sri Lakshmi Srinivasa Hi-Tech
Industries (SLSHI). The outlook on the long-term rating is
Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-CC        12.00      [ICRA]B+ (Stable); reaffirmed

   Fund-based-
   Term Loan             1.20      [ICRA]B+ (Stable); reaffirmed

   Unallocated Limits    2.50      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation takes into account the firm's moderate
scale of operations with continuous decline in revenues over the
last three fiscals due to decline in sales volume. The rating
factors in the high working-capital intensive nature of
operations, leading to reliance on external borrowings, resulting
in high gearing of 2.9 times as on March 31, 2018 and moderate
coverage indicators. The rating also factors in the intensely
competitive nature of the rice industry with the presence of
numerous large and small-scale players which constrain volumes
and pricing flexibility of rice millers. The rating also
considers the susceptibility of revenues and margins to inherent
agro-climatic risks and changes in Government policies, which
impact the availability and the price of paddy. The rating is
also constrained by the inherent risks associated with the
partnership nature of the business, including the risk of capital
withdrawal, and limited ability to raise funds, among others. The
rating, however, favorably factors in the extensive experience of
the promoters of over two decades in the rice-milling business.
The rating continues to derive comfort from the proximity of the
firm to paddy-growing areas in Raichur and nearby districts, in
turn, facilitating easy procurement of raw materials and a stable
demand outlook of the industry.

Outlook: Stable

ICRA believes that SLSHI will continue to benefit from the
extensive experience of its promoters in the rice-milling
business. The outlook may be revised to 'Positive' if the firm is
able to demonstrate substantial growth in revenues and
profitability, that results in healthy cash accruals or if any
improvement in the capital structure strengthens the overall
financial profile. The outlook may be revised to 'Negative' if
the firm reports lower-than-expected accruals or any stretch in
working-capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the rice-milling business:
Incorporated in 2011, SLSHI is a partnership that processes raw
rice and parboiled rice. The promoters have been involved in the
rice-milling business for over two decades. Experience of the
promoters has enabled the firm to establish relationship with
suppliers as well as customers, which ensures timely availability
of raw materials and repeat orders from a diversified customer
base. The firm's milling unit at Raichur in Karnataka with an
installed capacity of 8 MT per hour of milling. The sale of whole
rice contributes to a major portion to revenues.

Proximity to rice-growing areas: The firm's plant is located at
Raichur, which is surrounded by areas such as Manvi, Sindhnoor
and Gangavathi where a major part of the paddy is cultivated.
This results in low transportation cost for the firm and easy
availability of paddy.

Favourable demand outlook: Demand prospect of rice is expected to
remain favourable as it a staple food grain in India; also, India
is the second largest producer of rice in the world.

Credit challenges

Modest scale of operations: The overall scale of operations
continues to remain moderate with revenues of INR49.6 crore in
FY2018, which declined from INR52.8 crore in FY2017 on account of
a reduction in volumes during FY2018, restricting operational and
financial flexibility to some extent.

Moderate financial profile: The working-capital intensive nature
of operations lead to high reliance on external working-capital
borrowings, resulting in high debt levels, which, coupled with
low net worth resulted in high gearing of 2.9 times as on March
31, 2018 (albeit improved from 3.3 times as on March 31, 2017)
and moderate coverage indicators.

Intense competition marked by presence of a large number of
players: Owing to low entry barriers with readily-available
technology and proximity to rice-cultivating belt, there are more
than 90 rice-milling units in and around Raichur, leading to
intense competition for paddy procurement, in turn affecting
volumes and pricing flexibility of rice millers like SLSHI.

Inherent agro-climatic risks and vulnerability to changes in
Government policies: Being in the agricultural business, industry
players continue to face inherent risks such as unfavourable
monsoons, availability of raw materials at reasonable prices,
epidemics in paddy crop or shift of farmers to other cash crops
and cyclicality, as well as changes in Government regulations.

Inherent risks associated with the partnership nature of the
business: The firm is exposed to risks associated with
partnership firms including limited ability to raise capital,
capital withdrawal by partners, etc that could adversely impact
the capital structure.

Incorporated in 2011 by Mr. T Srinivas Rao and family, SLSHI is a
partnership firm, that mills paddy and produces raw rice. The
firm's major products include boiled rice, raw rice, bran, broken
rice and husk. The firm commenced its operations in March 2013
with a new plant, set up over an area of two acres in Raichur
district of Karnataka with an installed milling capacity of 8 MT
per hour. Although the firm's operations have commenced from
FY2013, the promoters have been engaged in a similar business for
more than two decades. The firm sells raw rice under the brand
names Tammina, Tennis, Miracle, Sunday to Monday and Light house.
In FY2018, on a provisional basis, the firm reported a net profit
of INR0.6 crore on an operating income of INR49.6 crore compared
to a net profit of INR0.8 crore on an operating income of INR52.8
crore in the previous year.


SRM TRANSPORTS: CRISIL Lowers Rating on INR22.5cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SRM Transports India Private Limited (SRMT) to 'CRISIL D' from
'CRISIL BB/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Overdraft             3         CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Term Loan            22.5       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating action follows the recent instances of delay in
servicing term debt obligations due to SRMT's weak liquidity. The
same is on account of fluctuating cash flows due to seasonality
in demand.

The rating also factors in the company's geographic concentration
risk in revenue, and susceptibility to intense competition. These
weaknesses are partially offset by the established regional
presence in the passenger bus transportation segment.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: There have been delays in repayment
of debt due to weak liquidity resulting from cash flow mismatches
due to seasonality in demand.

Weaknesses

* Geographic concentration risk in revenue, and susceptibility to
intense competition: Intense competition - because of the
presence of several players, and commoditised nature of offerings
with little differentiation'continues to constrain business risk
profile. Operating margin has been moderate at 9-14% over the
three years ended fiscal 2017.

Operations are concentrated in Tamil Nadu, Karnataka, Kerala, and
Andhra Pradesh, and hence, dependent on the economic conditions
and activities in these states, and local government policies
related to passenger transport. Susceptibility to adverse events,
such as regional conflicts, natural calamities, or socio-
political instability, also persists.

Strengths

* Established regional presence in the passenger bus
transportation segment: SRM benefits from its track record of
around 15 years in four states through more than 40 routes. It
has 300-owned buses, with a healthy average age, ensuring
performance reliability. The company has developed a reputation
as a passenger bus operator with a safe and comfortable travel
experience.

Incorporated in 1999 and promoted by Mr Ravi Pachaimuthu,
Chennai-based SRMT provides inter-city bus transportation
services, mainly in South India.


SVS FOOD: ICRA Withdraws B- Rating on INR5.50cr Cash Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- ISSUER NOT
COOPERATING assigned to INR7.00-crore bank facilities of SVS Food
Processors Private Limited.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.50      [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; withdrawn

   Term Loan             1.50      [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; withdrawn

Rationale

The long-term ratings assigned to the company have been withdrawn
at the request of the company, based on the no-objection
certificate provided by its bankers.

SVS Food Processors Private Limited (SVSPL) was incorporated as a
private limited company in 2012. The company had set up a flour
mill with 60,000 TPA capacity and the unit is located on a three-
acre land at Singannaguda village, Medak district, Telangana,
which is around 43 km from Hyderabad. The company is promoted by
Mr. D. Narendra Reddy and Mr. C.H. Narsimha Reddy.


TIRUPATI COTTON: ICRA Reaffirms B Rating on INR4.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR4.50-crore cash credit facility and the INR1.50-crore term
loan facility of Tirupati Cotton - Dwarka. The outlook on the
long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.50       [ICRA]B (Stable); Reaffirmed
   Term Loan             1.50       [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to factor in the weak
financial profile of TC, characterised by thin profitability
margins, modest return indicators, leveraged capital structure
and weak debt coverage indicators. The rating also continues to
factor in the intense competition, the commoditised nature of the
firm's products, the regulatory risks with regard to MSP and the
vulnerability of its profitability and stocked inventory to
adverse movements in cotton prices, which are subject to
seasonality and crop harvest. The rating is also impacted by the
risks associated with the firm's constitution as a partnership
firm such as risk of capital withdrawals as witnessed in the
past, which has led to the weakening of net worth base in FY2017
and FY2018. The rating, however, continues to derive comfort from
the long experience of its partners in the cotton ginning
industry and the proximity of the firm's manufacturing unit to
raw materials.

Outlook: Stable

ICRA expects TC to continue to benefit from the extensive
experience of its partners. The outlook may be revised to
Positive if substantial growth in revenue and profitability,
infusion of capital and better working capital management,
strengthen the financial risk profile. The outlook may be revised
to Negative if the cash accrual is lower than expected, or if any
major debt funded capital expenditure, or capital withdrawals by
the partners or a stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Experience of partners in cotton ginning industry: The key
partner, Mr. Pankaj Fefar, who manages the operations of the
firm, has extensive experience in the cotton ginning business by
virtue of his association with other entities engaged in the
similar line of business.

Favourable location of firm's plant: The unit of the firm has a
location advantage by virtue of its presence in the cotton
producing belt of India, i.e., Gujarat. The locational advance
ensures lower transportation costs and easy access to quality raw
material.

Credit challenges

Weak financial risk profile:

The firm's profit margins remains thin -- the operating margin
was 2.75% and the net margin was 0.06% in FY2018 (provisional
figures)
-- because of the limited value addition to the products sold.
The  capital structure stood leveraged, with gearing of 1.99
times as on March 31, 2018 and small net worth base of INR2.08
crore. The debt coverage indicators continue to remain weak, with
interest coverage of 1.61 times and Total Debt/OPBDITA of 4.94
times in FY2018; further as on March 31, 2018, the DSCR for the
firm stood at 1.13 times and NCA/TD at -2% owing to high capital
withdrawals by the partners during the fiscal year.

Vulnerability of profitability to fluctuations in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend on various factors
such as seasonality, climatic conditions, international demand
and supply situation, and export policy. Further, it is also
exposed to regulatory risks with regards to the MSP set up by the
Government.

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

Established in May 2015, TC is engaged in cotton ginning and
pressing. Its manufacturing facility is located at Verad in the
Jamnagar district of Gujarat. The facility is equipped with 36
ginning machines and 1 pressing machine and has a total installed
capacity of processing ~24,192 MT of raw cotton per annum. TC
started commercial operations from February 2016.


TRUEVALUE ENGINEERING: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for INR40.55 crore bank facilities of
Truevalue Engineering Private Limited (TEPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". ICRA had
earlier moved the rating of TEPL to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-           12.50     [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Non-Fund based-       27.50     [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Non-Fund based-        0.55     [ICRA]A4 ISSUER NOT
   Forward Contract                COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in January
2017. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

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


TURQUOISE & GOLD: ICRA Cuts Rating on INR10cr ST Loan to D
----------------------------------------------------------
ICRA has revised the rating for the INR14.70-crore bank
facilities of Turquoise & Gold Apparels Private Limited (TGPL) to
[ICRA]D from [ICRA]BB (Stable)/[ICRA]A4 and continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING". ICRA had earlier moved the
ratings of TGPL to the 'ISSUER NOT COOPERATING' category due to
non-submission of monthly 'No Default Statement' ("NDS") by the
entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term-Fund      10.00      Revised from [ICRA]A4 to
   Based                           [ICRA]D; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Long Term-Term        1.50      Revised from [ICRA]BB (Stable)
   Loan                            to [ICRA]D; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

  Unallocated Limits     3.20      Revised from [ICRA]BB
                                   (Stable)/A4 to [ICRA]D; ISSUER
                                   NOT COOPERATING; Rating
                                   continues to remain in 'Issuer
                                   Not Cooperating' category

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

Rationale

The revision in rating factors in the delays in servicing of bank
debt obligations by the company.

Incorporated in 2008, Turquoise & Gold Apparels Private Limited
is promoted and managed by Ms. Dimple Varma along with her
sisters, Ms. Samara Mahindra and Ms. Natasha Mahindra. The
company is engaged in manufacturing readymade garments,
specializing in children's wear and women's wear, primarily for
the exports market. It is also present in the domestic market
through its showrooms in Bangalore and Goa. It has three
manufacturing facilities in Bangalore, with a total workforce of
around 1,700 and a total production capacity of 20 lacs garments
per annum.


UTTARAKHAND SEEDS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Uttarakhand Seeds & Tarai Development Corporation Limited's
(USTDCL) fund-based working capital facility as follows:

-- INR300 mil. Fund-based working capital facility (long-term)
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing obligations by
USTDCL due to a stretched liquidity position.

The liquidity position was already stretched during FY16, as
USTDCL reported net operating losses for FY15 and FY16. USTDCL
expects a near-term recovery of its receivables. Meanwhile, the
management has already requested for support from the government
of Uttarakhand. No specific time frame is available with regard
to the support from the state government and the recovery of
receivables.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months and an improvement in the financial performance, including
in FY17 and FY18, will be positive for the ratings.

COMPANY PROFILE

USTDCL was established in June 1969 as a collaboration among G.B.
Pant University of Agriculture and Technology, the farmers of
Tarai and the government of India, with the assistance of the
World Bank. The corporation is a leading joint-sector seed
enterprise in India, registered as a public limited company under
Companies Act 1956. It procures and sells seeds under the brand
Pantnagar Seeds.


VAIBHAV LAXMI: ICRA Removes B+ Rating From Not Cooperating
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR9.00-crore fund based bank facilities of Vaibhav Laxmi Tex
Pvt. Ltd.  The outlook on the long-term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limits     9.00      [ICRA]B+ (Stable); Reaffirmed
                                   and Removed from 'Issuer Not
                                   Cooperating' Category

ICRA has removed its earlier long term rating of [ICRA]B+
(stable) from the 'Issuer Not Cooperating' Category. Rating was
moved to 'Issuer Not Cooperating Category' in June 2018.

Rationale

The reaffirmed rating reflects VLTPL's weak financial profile
characterized by low net profitability, weak coverage indicators
and leveraged capital structure. The ratings also remain
constrained by company's high working capital intensity of
operation emanating from adverse credit terms with customer and
supplier along with relatively higher inventory levels. This has
led to tight liquidity position as evident from near to full
utilisation of working capital limits. Further, the company's
profit margins are vulnerable to price fluctuations in the
primary raw material i.e. partially oriented yarn (POY) which is
in turn is pegged to crude oil prices. The rating also remain
constrained by the company's moderate scale of operations in a
highly fragmented and competitive industry structure with low
entry barriers, which limits pricing flexibility.

The ratings, however, favourably factor in the promoters'
experience in the textile industry as well as the locational
advantage enjoyed by the company from its presence in Surat,
which is one of the major textile hubs of India.

Outlook: Stable

The Stable outlook reflects ICRA's expectation of gradual growth
in revenues supported by extensive experience of the promoters in
textile industry which shall enable the management to increase
its market share. The outlook may be revised to Positive, if the
company is able to significantly improve its operating income
(OI) along with an improvement in its return indicators, capital
structure and working capital intensity by lowering the debtors
receivable period. Conversely, the outlook may be revised to
Negative, in case of considerable deterioration in operations or
profitability, which can lower its cash accrual position, or
further deterioration in its capital structure and working
capital cycle, which will deteriorate its financial risk profile
of the company.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the textile industry:
The Mr. Vinay Nandwani, Mr. Rajesh Nandwani, Mr. Neeraj Khurana
and Mr. Amit Khurana are the key directors of the company. They
along with their family members are shareholders of the company.
The promoters have been in the textile business for over two
decades through the group company 'Minakshi Fashion Private
Limited' which is engaged in dyeing of grey fabric in Surat.
Since FY2012, the promoters are also engaged into manufacturing
and dyeing of ATY (Air texturized yarn) through Vaibhav Laxmi Tex
Pvt. Ltd. (VLTPL).

Extensive experience of the promoters in the textile industry
shall guide the company's future growth Location specific
advantage due to presence in Surat, provide an easy access to key
raw material: The company's manufacturing unit is located in
Surat, which is considered to be a major textile belt in Gujarat.

Proximity to the weavers, garment manufactures and textile:
processing mills ensures steady supply of raw material and leads
to lower transportation cost and agent commissions. The presence
in the textile-processing hub offers exposure to a large and
strong customer base, which provides an opportunity to increase
its market share within the industry.

Credit challenges

Modest scale of operations; de-growth in operating income
witnessed in FY2018: Operations of the company commenced during
mid FY2012. Over the years, the operations of the company
gradually increased, and it achieved a turnover of about Rs35.26
crore in FY2017. However, due to weak domestic demand due to GST
related glitches in FY2018, the OI of the company declined by
about 19% to INR28.47 crore in FY2018.

Weak financial profile characterized by low profitability, weak
coverage indicators and leverage capital structure: Profitability
of the company continues to remain low due to limited value
addition in texturised yarn manufacturing and dyeing business.
The OPM remained moderate and marginally improved from about
7.98% in FY2017 to about 9.75% in FY2018 due to decline in raw
material consumption cost. However, NPM remain low at about 1.27%
during FY2017 and its further decline to 0.74% in FY2018 due to
decline in scale of operation coupled with increase in interest
cost and depreciation charges. Return indicators as represented
by ROCE declined from about 14.21% in FY2017 to about 12.23% in
FY2018. The capital structure of the company continues to remain
stretched as represented by gearing level of 2.73 times as on
March 31, 2018 due to relatively higher dependency on external
funding. The coverage ratios as represented by OPBDITA/Interest
and financial charges declined marginally from about 2.34 times
in FY2017 to about 1.89 times during FY2018 due to relatively
higher interest cost. DSCR of the company continues to remain
weak at about 1.10 times as on March 31, 2018. Furthermore, debt
protection indicators, as represented by NCA/Total debt and Total
Debt/OPBDITA, continued to remain weak at about 10.28% and about
4.24 times, respectively, in FY2018.

Profitability vulnerable to fluctuations in the prices of the key
raw material of POY, which is depended on crude prices: Raw
material costs form about about 80% of the total income of the
company. POY is the key raw material for manufacturing textured
yarns. VLTPL procures the same from the domestic market at Surat.
Prices of POY are directly linked to the prices of Mono-ethylene
Glycol (MEG) and Pure Terephthalic Acid (PTA), which are
dependent on crude oil prices. As the prices of crude are
volatile in nature, the profitability of the company remains
exposed to these fluctuations. Given the highly competitive
scenario, the ability to pass on such price fluctuations remains
limited.

Stretched liquidity profile as reflected by increase in working
capital intensity and high utilization of sanctioned bank
Limits: Adverse credit terms with customers and suppliers along
with relatively higher inventory holding leads to a stretched
liquidity position, as represented by almost full utilisation of
working capital limits and increase in working capital intensity
from about 14% in FY2017 to about 25% in FY2018.

Highly fragmented and competitive industry structure with low
entry barriers, which limits pricing flexibility: Texturised
yarn is mainly produced in large quantities in China, India,
Taiwan, Indonesia and Malaysia before being exported worldwide.
This industry is characterised by high levels of competition
across the value chain, due to high fragmentation and low entry
barriers. This limit the pricing power of players in the sector,
which in turn affecting their margins.

Incorporated in 2009, Vaibhav Laxmi Tex Private Limited (VLTPL)
started operations with the manufacturing of Air-Texturised Yarn
(ATY) from Partially oriented yarns (POY) since July 2011. The
company also ventured into dyeing of yarns since 2012. The
company has its manufacturing facility located in surat. Yarn
Manufacturing and dyeing capacity stands at about 220 MT per
month.

The company has reported a net profit of INR0.21 crore on an OI
of INR28.47 crore during FY2018, as compared to a net loss of
INR0.45 crore on an OI of INR35.26 crore in FY2017.


VIKAS COTEX: ICRA Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the ratings for the INR20.00 crore bank facilities
of Vikas Cotex to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Term Loan             1.75     [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Cash Credit          12.35     [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category
   Unallocated
   Limits                5.90     [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

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

Incorporated in the year August 2013, Vikas Cotex (VC) is engaged
in the business of cotton ginning. The firm commenced commercial
production from February 2014 from its manufacturing facility
located at Wankaner, Dist. Rajkot in Gujarat. The unit is
equipped with 48 ginning machines, 1 pressing machine, having
processing capacity of approx. 31000 MTPA of raw cotton. VC is a
partnership firm with the promoters having an extensive
experience in the cotton industry.



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


DTC ONE: Fitch Affirms BBsf Rating on JPY350MM Class E Notes
------------------------------------------------------------
Fitch Ratings has upgraded the class C and D notes of DTC One,
the class C, D and J notes of DTC Two and the class C and D notes
of DTC Three. Fitch has affirmed the other 17 classes of notes of
eight DTC transactions. The Outlooks on all notes are Stable. The
transactions are securitisations of mortgage loans backed by
multi-family apartment properties in Japan.

KEY RATING DRIVERS

The upgrades of the notes of DTC One, DTC Two and DTC Three
reflect improvement in credit-enhancement (CE) levels even after
negative excess spreads are considered. Fitch believes that these
notes have significant cushion for the current ratings due to the
stable performance in the underlying loans and sequential
principal repayment.

The affirmations of the 17 classes reflect stable performance in
the underlying loans and Fitch's view that available CE levels
are sufficient to support the current ratings.

Due to high prepayments over the past several years, the number
of loans has significantly declined compared with at closing in
all transactions. Therefore, Fitch considers potential small-pool
risk as well as aging of the underlying properties, which lead us
to assume greater performance volatility in underlying loans in
stress scenarios.

Japan's low interest rate environment and the master-lease
structure in place contribute to stable loan performance and for
each of the eight transactions, delinquencies and defaults have
been limited to date. Fitch expects this trend to continue.

RATING SENSITIVITIES

An unexpected increase in the default rate may lead to higher
loss assumption, which may, in turn, affect the ratings of the
notes. However, the possibility of downgrade for the senior notes
of DTC One to Three, especially for the most senior notes, is
considered remote due to significant progress of the sequential
principal repayment. The 'AAAsf' rated notes of the other
transactions can be supported even if assumed property cash flows
decline from the agency's initial assumptions by 20% for DTC Four
and 15% for DTC Five to DTC Eight.

The full list of rating actions is:

DTC One Special Purpose Company:

  JPY112 million Class B notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY180 million Class C notes upgraded to 'AA+sf' from 'AAsf';
  Outlook Stable

  JPY320 million Class D notes upgraded to 'A+sf' from 'Asf';
  Outlook Stable

  JPY350 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Two Funding Limited:

  JPY150 million Class C notes upgraded to 'AAAsf' from 'AAsf';
  Outlook Stable

  JPY380 million Class D notes upgraded to 'AAsf' from 'Asf';
  Outlook Stable

  JPY850 million Class E notes affirmed at 'BBsf'; Outlook Stable

  JPY530 million Class J notes upgraded to 'AAsf' from 'Asf';
  Outlook Stable

DTC Three Funding Limited:

  JPY413 million Class C notes upgraded to 'AAAsf' from 'AAsf';
  Outlook Stable

  JPY690 million Class D notes upgraded to 'AAsf' from 'Asf';
  Outlook Stable

  JPY776 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Four Funding Limited:

  JPY1.7 billion Class A-1 notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY866 million Class A-2 notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY218 million Class B notes affirmed at 'AAsf'; Outlook Stable

  JPY9.2 million Class C notes affirmed at 'Asf'; Outlook Stable

DTC Five Funding Limited:

  JPY2.0 billion Class A notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY36 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Six Funding Limited:

  JPY2.7 billion Class A notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY124 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Seven Funding Limited:

  JPY3.0 billion Class A notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY20 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Eight Funding Limited:

  JPY3.8 billion Class A notes affirmed at 'AAAsf'; Outlook
  Stable

  JPY458 million Class B notes affirmed at 'AAsf'; Outlook Stable

  JPY295 million Class C notes affirmed at 'Asf'; Outlook Stable

All tranche balances are as of August 6, 2018.



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


CBL CORP: Watershed Meeting Pushed Out to November 17
-----------------------------------------------------
Sophie Boot at BusinessDesk reports that CBL Corp's creditors
will have to wait until November to hear again from the company's
voluntary administrators after they were granted a further
extension for the watershed meetings by the High Court.

CBL has appointed KordaMentha voluntary administrators after the
Reserve Bank sought an interim liquidation of its New Zealand
supervised arm and the Central Bank of Ireland made a similar
move against its European division, BusinessDesk says.

That month, the court extended the date for the watershed
meeting, normally held within 25 working days of the appointment
of administrators, to May, by which time KordaMentha recommended
the company be put into liquidation, BusinessDesk relates.
However, that meeting was adjourned when it became clear there
would be a voting stalemate on whether to put the company into
liquidation or hand control back to its directors, and
rescheduled until July 2, according to BusinessDesk.

In June, the administrators again got agreement from the High
Court to delay the meeting, then until Aug. 17, the report says.
On Aug. 8, the administrators said the court has allowed another
delay to the meeting until Nov. 17, BusinessDesk discloses.

During this time, CBL Insurance - the New Zealand-based
subsidiary - has been placed in interim liquidation, and is being
investigated by the Serious Fraud Office, the Reserve Bank and
the Financial Markets Authority, according to BusinessDesk.

BusinessDesk relates that the Auckland High Court had set aside
three days beginning July 30 to hear the Reserve Bank's
application to liquidate CBL Insurance, with the central bank
alleging that CBL Insurance breached solvency margins and
statutory directions. However, the court ordered that hearing be
vacated on July 27, and a new date has not yet been set.

"The administrators' previous extension applications had aligned
the dates of the watershed meetings with the expected resolution
of the status of one of CBL's largest subsidiaries, CBL
Insurance," KordaMentha, as cited by BusinessDesk, said. "There
are extensive confidentiality orders in place in respect of the
liquidation application, which limits the information the
administrators can provide."

According to BusinessDesk, KordaMentha's Neale Jackson said the
outcome for CBL Insurance is "a key consideration in assessing
the potential options for the group, including the restructuring
plan that is being proposed by two of CBL's directors. The
position of CBL Insurance also impacts on CBL Insurance Europe,
another of CBL Corporation's subsidiaries, as is explained in our
watershed report."

"The late adjournment of the CBL Insurance liquidation hearing
has necessitated extending the watershed meetings to allow time
to consider the impact that the deferral has on the options
available to the companies we control," BusinessDesk quotes
Mr. Jackson as saying. "One of the options we are considering is
whether to proceed with resolving the position of the companies
that are in administration despite not knowing the outcome for
CBL Insurance, but at this stage that is not our preferred
option."

                          About CBL Corp.

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

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

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

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


CHCH CAR: Creditors Lose Out After Car Yard Goes Into Liquidation
-----------------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that unsecured creditors
of a liquidated Christchurch car firm shouldn't expect to get a
cent.

Cars Under $7990 Ltd operated a large car yard in Moorhouse Ave
and closed in March.  In June, the company changed its name to
Chch Car Retailers Ltd and also changed its shareholding.

Peter George Benden, who was the original shareholder, remained
the company's director in the reshuffle. According to Stuff, the
company was put into liquidation by the High Court on July 4 and
Geoff Brown and Lynda Smart of Rodgers Reidy (NZ) were appointed
liquidators.

Their first report shows Inland Revenue has claimed NZ$25,006 for
GST and PAYE arrears and unsecured creditors are owed NZ$94,000,
Stuff discloses.

According to Stuff, Mr. Brown said it appeared no funds would be
available for the unsecured creditors.

He had been unable to contact Mr. Benden and had issued formal
notices to him to deliver records, information and assets.

He urged any creditors to contact him on his email:
gbrown@rodgersreidy.co.nz.

Mr. Benden, originally from South Africa, is a business adviser
and mentor based in Cashmere, who was also treasurer of the Port
Hills branch of the National Party, Stuff discloses.

Stuff says the yard was managed day-to-day by New Zealand motor
racing representative Hamish Cross. The liquidation means buyers
like Tama Skipper have been left with nobody to honour their
consumer guarantees and warranties.

The flooring supplies warehouseman bought a 2006 Mazda RX8 for
NZ$8,000 in October last year and said it had given him nothing
but grief, the report states.



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


VIBRANT GROUP: Court Freezes Assets of Two Group Units
------------------------------------------------------
Jacquelyn Cheok at The Strait Times reports that Vibrant Group
said on Aug. 8 that assets of two of its subsidiaries have been
frozen following a pre-trial asset preservation court order.

The two are Chongqing Heijin Industrial Co and Coatang Coal Mine
Resources Development Co, both of which are held through the
company's wholly owned subsidiary, Blackgold International
Holdings, the report says.

According to the Strait Times, Vibrant said that it was notified
on Aug. 6 that China Minsheng Banking Corporation has
successfully applied to the Chongqing No 1 Immediate People's
Court for an order relating to pre-trial asset preservation to
freeze bank deposits amounting to an aggregate of CNY80 million
(SGD15.9 million) or freeze other assets amounting to an
equivalent value, against the two subsidiaries.

"The defendants were notified of the application only on Aug 3.
The applicant had obtained the order from the court on July 24,"
Vibrant said, The Strait Times relays.

The order states that if no litigation or arbitration action is
filed against the defendants by the applicant within 30 days from
the date of the order, the order shall be cancelled, the report
says. In addition, the defendants are entitled to apply to the
court for reconsideration within five days of receipt of the
order, Vibrant said.

The company added that the following assets of the defendants
have already been frozen:(a) certain bank accounts of Chongqing
Heijin;(b) all mining rights of Caotang for a period of three
years; and(c) 100 per cent of the shares of Chongqing Guoping
Shangmao Trading Co, a wholly owned subsidiary of Chongqing
Heijing, for a period of three years, the report relays.

The defendants, in consultation with the company, are seeking
legal advice from their lawyers in China and will fully enforce
the rights of the defendants and address any proceedings that may
arise, Vibrant said.

"For the avoidance of doubt, the group has not provided any
corporate guarantee to the applicant for bank loans granted to
the defendants by the applicant," Vibrant, as cited by the Strait
Times, added.

Singapore-based Vibrant Group Limited provides logistics, real
estate, and financial services worldwide. It operates through
three segments: Freight and Logistics Business, Financial
Services, and Real Estate Business.



                             *********

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
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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
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                 *** End of Transmission ***