/raid1/www/Hosts/bankrupt/TCRAP_Public/180817.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

            Friday, August 17, 2018, Vol. 21, No. 163

                            Headlines


A U S T R A L I A

AUSDRILL LTD:  Moody's Places Ba3 CFR on Review for Upgrade
AUSDRILL LTD: S&P Places 'BB-' ICR on Watch Pos. on Barminco Deal
AUZCORP PTY: Port Hedland Council Claims AUD1.74MM Lease Bill
BARMINCO HOLDINGS: Moody's Puts B1 CFR on Review for Upgrade
BARMINCO HOLDINGS: S&P Puts B ICR on Watch Pos. on Ausdrill Deal

BEYOND DEVELOPMENT: First Creditors' Meeting Set for Aug. 23
BUILDING RENO: First Creditors' Meeting Set for Aug. 24
DTE ELECTRICAL: Second Creditors' Meeting Set for August 22
GLU CREATIVE: First Creditors' Meeting Set for Aug. 24
O'CORP MEDIA: Second Creditors' Meeting Set for Aug. 21

RESIMAC BASTILLE 2018-1NC: S&P Rates AUD7.5MM Class F Notes 'B'


C H I N A

CBAK ENERGY: Delays Second Quarter Financial Report
SINO AGRO: Ecovis HK Steps Down as Auditors
SIXTH AGRICULTURE: Repays Defaulted Bond Worth CNY500 Million


I N D I A

AAJ KA ANAND: CRISIL Keeps D Rating in Non-Cooperating Category
ARKAS ENERGY: ICRA Assigns B Rating to INR23cr Term Loan
ATTIRE DESIGNERS: CRISIL Maintains D Rating in Non-Cooperating
BALRAJ KUMAR: CRISIL Migrates B+ Rating to Non-Cooperating
CEEDEEYES INFRA: CRISIL Maintains 'B' Rating in Not Cooperating

CHOICE PRECITECH: CRISIL Maintains D Rating in Non-Cooperating
DHENU HYDRO: CRISIL Maintains D Rating in Non-Cooperating
EPITOME PETROCHEMICAL: CRISIL Keeps D Rating in Non-Cooperating
ERA INFRA: RP Invites EOIs From Potential Bidders
FPC PETRO: CRISIL Maintains D Rating in Not Cooperating Category

GEETA MACHINE: CRISIL Lowers Rating on INR12cr Bank Loan to D
GLOBSYN TECHNOLOGIES: CRISIL Keeps 'B' Rating in Not Cooperating
GNB MOTORS: CRISIL Maintains B Rating in Not Cooperating Category
GOODONE TRADERS: CRISIL Maintains D Rating in Not Cooperating
GOVERDHAN COTTEX: CRISIL Maintains B Rating in Not Cooperating

GUPTA INFOTECH: CRISIL Maintains B Rating in Not Cooperating
GURANDITTA MAL: CRISIL Maintains B in Not Cooperating Category
GURU NANAK: CRISIL Maintains B- Rating in Not Cooperating
HANUMAN ALLOYS: CRISIL Maintains B Rating in Not Cooperating
HARIHAR INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating

HIGH VALUE: CRISIL Maintains 'D' Rating in Not Cooperating
INTOUCH TRADING: CRISIL Maintains D Rating in Not Cooperating
MAA MAHAMAYA: ICRA Moves D Rating to Not Cooperating Category
MADHUSUDAN GARAI: ICRA Reaffirms B Rating on INR3cr Loan
MANIKANTA COTTON: ICRA Reaffirms B+ Rating on INR12cr Loan

MEENAKSHI ASSOCIATES: CRISIL Hikes Rating on INR7cr Loan to B-
NEW-TECH STEEL: CRISIL Maintains D Rating in Not Cooperating
R.K. STEEL: CRISIL Maintains B Rating in Not Cooperating
RAJ POLY: CRISIL Maintains B Rating in Not Cooperating Category
RAM NATH: CRISIL Maintains D Rating in Not Cooperating Category

RBBR INFRASTRUCTURE: ICRA Withdraws B Rating on INR8.66cr Loan
RELIANCE COMMUNICATIONS: In Talks with TPG, Et Al., on Asset Sale
WELLDONE EXIM: CRISIL Maintains D in Not Cooperating Category
WILLIAM INDUSTRIES: ICRA Withdraws B Rating on INR7cr Loan


N E W  Z E A L A N D

Q CARD TRUST: Fitch Assigns 'Bsf' Rating on Class F-2018-1 Notes
STONEWOOD HOMES: Queenstown Mayor Faces Suit Over Collapse


S I N G A P O R E

TRANSPORTATION PARTNERS: Moody's Withdraws B2 Corp. Family Rating


V I E T N A M

VIETNAM MARITIME: Moody's Affirms 'B3' Bank Deposit Ratings


                            - - - - -


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


AUSDRILL LTD:  Moody's Places Ba3 CFR on Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Ba3
corporate family rating of Ausdrill Limited. At the same time,
Moody's has placed the Ba3 rating on the senior unsecured notes
issued by Ausdrill Finance Pty Ltd. on review for upgrade.

Moody's review follows Ausdrill Limited's announcement on August
15, that it has reached an agreement to acquire 100% of the share
capital of Barminco Holdings Pty Limited for a total consideration
of around AUD697 million. Barminco's USD350 million senior secured
notes due May 2022 are expected to remain in place following the
completion of the proposed transaction.

As part of the announcement, Ausdrill has also indicated that it
will undertake a fully underwritten equity raising of AUD250
million. The company will use the proceeds from the equity
raising, combined with around AUD106 million of availability under
its revolving credit facilities, to repay its USD300 million
senior unsecured notes.

Moody's review will focus on the progress and completion of the
proposed transaction, completion of the repayment of Ausdrill's
USD300 million senior unsecured bond, and the ultimate capital
structure of the combined group following a successful
transaction. Additionally, Moody's review will focus on the new
combined group's plans around managing its liquidity profile and
its ongoing operating strategy following the completion of the
transaction.

Moody's currently expects that the ratings will be upgraded by one
notch if the transaction closes on the proposed terms and
conditions, given the expected improvement in Ausdrill's credit
profile, its increased scale, as well as its improved geographical
diversity and product offerings.

RATINGS RATIONALE

"The rating action reflects its expectation that the proposed
acquisition, if completed successfully, combined with the
announced debt reduction plans, will lead to a significantly
improved credit profile for Ausdrill," says Shawn Xiong, a Moody's
Analyst.

"The acquisition will strengthen Ausdrill's business profile in
terms of increased scale, product offerings, as well as geographic
diversity," adds Xiong.

Ausdrill plans to acquire Barminco for a total consideration of
around AUD697 million -- around AUD246 million of which will be
funded by issuance of shares to existing Barminco shareholders,
with the remaining AUD26 million being funded out of its existing
cash balance. In addition, Ausdrill will assume around AUD425.5
million of net debt from Barminco.

Ausdrill generated AUD887 million in revenue and AUD177 million in
reported EBITDA for the fiscal year ended June 2018. The company's
Moody's-adjusted debt/EBITDA was around 2.7x for fiscal 2018,
improved from around 2.8x for fiscal 2017.

The transaction is subject to Ausdrill shareholder approval and is
expected to close by 31 October 2018.

Ausdrill Limited was established in 1987 as a drill and blast
company in the Australian mining services sector. It has since
expanded into a vertically integrated provider of mining services
to the resources industry in Australia and Africa, with in-house
capabilities in manufacturing, logistics and supply.


AUSDRILL LTD: S&P Places 'BB-' ICR on Watch Pos. on Barminco Deal
-----------------------------------------------------------------
S&P Global Ratings, on Aug. 15, 2018, said it has placed its
'BB-' long-term issuer credit rating on Ausdrill Ltd. on
CreditWatch with positive implications. At the same time, S&P
placed the 'BB+' and 'BB-' ratings on the company's senior secured
and senior unsecured issues, respectively, on CreditWatch with
positive implications.

Based in Australia, Ausdrill is a provider of mining services.

S&P placed the ratings on CreditWatch with positive implications
because Ausdrill's proposed acquisition of Barminco Holdings Pty
Ltd. should improve Ausdrill's operating scale, and service and
commodity diversity. Ausdrill will fund the majority of the
acquisition, which has an implied enterprise value of AUD697
million (including Barminco's US$350 million senior secured debt),
via a scrip offering and a small cash component.

In S&P's view, the potential transaction should improve Ausdrill's
scale of operations, solidifying the company's business risk
profile. It would create the second-largest surface and
underground mining services company in Australia with revenues of
about AUD1.8 billion on a pro-forma basis (consolidating Barminco
and the African Underground Mining Services joint venture) as of
June 30, 2018. Ausdrill reported about AUD887 million of revenue
during the year ended June 30, 2018. In addition, Ausdrill's
service offering would expand to underground hard-rock mining,
which has a higher margin, greater barriers to entry, and lower
capital intensity compared with open-cut mining. Ausdrill's
commodity exposure will also improve slightly, with some exposure
to base metals such as zinc and nickel. However, the combined
group remains largely exposed to gold and copper.

More importantly from a credit perspective, the acquisition would
reduce Ausdrill's exposure to higher-sovereign risk countries.
This reduction is because Australia will account for about 50% of
the consolidated group's revenues, from about 35% currently.

In S&P's view, Ausdrill's prudent financial management underpins
its credit strength. To reduce its leverage, the company plans to
repay its US$300 million senior unsecured notes maturing in 2019
via a AUD250 million (before costs) fully underwritten equity
raising, excess cash, and drawing on its revolving credit
facility. Barminco's bonds will remain in the consolidated group's
capital structure after the acquisition. Ausdrill has a track
record of funding growth with equity. In late 2017, Ausdrill
raised AUD100 million equity (before costs) to fund its growth
capital expenditure for new contracts.

The current 'BB-' rating on Ausdrill reflects the company's
smaller scale globally, increasing presence in Africa, and
indirect exposure to volatile commodity prices. Offsetting these
weaknesses is Ausdrill's long track record and expertise of
operating in Africa, its conservative financial management, and a
diversified service offering that provides some resilience to an
industry downturn.

S&P plans to resolve the CreditWatch following completion of the
acquisition. S&P would raise the rating by one notch to 'BB' if
the transaction is completed in its current form, with further
potential for rating upside.


AUZCORP PTY: Port Hedland Council Claims AUD1.74MM Lease Bill
-------------------------------------------------------------
Sean Smith at The West Australian reports that the Town of Port
Hedland is claiming AUD1.74 million from a Pilbara property and
accommodation group sent under by the mining downturn owing tens
of millions of dollars to banks, suppliers and subsidiaries.

According to the report, administrators to Auzcorp Pty Ltd said
the council's claim is subject to a legal dispute and yet to be
verified but it relates to an accommodation village near the Port
Hedland airport leased to the failed group in 2009. Auzcorp and
eight of its subsidiaries were put into the hands of Ferrier
Hodgson administrators last month, owing AUD16.3 million to the
Commonwealth Bank.

A further AUD62.8 million is owed to the collapsed subsidiaries
and other group companies, with AUD2 million due to trade
suppliers, the report discloses.

On Ferrier Hodgson's recommendation, a creditors meeting called on
Aug. 9 to decide Auzcorp's future was adjourned to October to
allow administrators to pursue a potential recapitalisation with
interested parties, including directors.

The West Australian notes that Auzcorp, controlled by Pilbara
entrepreneur Haniff Kassim, drew most of its income from the 255-
room airport accommodation camp and the 91-room Mia Mia House in
the Desert hotel in Newman.

Both raked in revenue during the iron ore boom, with Mia Mia House
charging up to AUD325 a night during the region's accommodation
squeeze. However, occupancy and room rates dropped sharply from
2014 as mining spending in the Pilbara fell, putting Auzcorp under
financial pressure.

The airport venue and Mia Mia House were closed and put on care
and maintenance last year, leaving Auzcorp little capacity to
service its debt, the report states.

The West Australian says the group's plight was exacerbated by the
plunge in Pilbara property prices, which left Auzcorp underwater
on five Port Hedland houses it also owns. Commonwealth Bank holds
security over the houses and will recover some of its debt.
However, unsecured creditors' hopes of a recovery rest with a deed
of company arrangement.

Ferrier Hodgson has also blamed poor management of cash flow and
working capital and a focus on turnover rather than profit for the
collapse, the report says.

Auzcorp faced legal claims from several creditors. A statutory
demand from Water Corp in June eventually tipped it over, adds The
West Australian.


BARMINCO HOLDINGS: Moody's Puts B1 CFR on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B1
corporate family rating (CFR) of Barminco Holdings Pty Limited,
Barminco Finance Pty Ltd's B1 senior secured notes rating and the
Ba3 senior secured rating on its revolving credit facility.

Moody's review follows the announcement that Ausdrill Limited has
reached an agreement to acquire 100% of the share capital of
Barminco Holdings Pty Limited for a total consideration of around
AUD697 million.

At the same time, Ausdrill has announced that it will assume and
leave in place Barminco's USD350 million senior secured notes
maturing in May 2022, as well as its AUD100 million senior secured
revolving credit facility which remained largely undrawn at the
end of June 30, 2018. If the proposed transaction is successfully
completed, Barminco and its subsidiaries will remain a ring-fenced
group under Ausdrill ownership and will continue to have access to
its 50% share of earnings from African Underground Mining Services
(AUMS), a joint venture with Ausdrill.

Moody's review will focus on the progress and completion of the
proposed transaction. Given the fact that Barminco and its
entities will be ring-fenced, Moody's expects to continue to
monitor the company's standalone operating performance as well as
the performance of the combined group.

The review will also focus on the potential for parental support
from Ausdrill to provide uplift to Barminco's ratings. The
strategic importance of Barminco in the combined group, and the
capacity and willingness of its parent, Ausdrill, to support
Barminco will be key considerations.

The outcome of the review will balance the appropriateness of
equalizing the ratings between the combined group and Barminco,
against the underlying standalone credit profile of Barminco and
the implications of the ring-fenced structure. However,
notwithstanding Barminco's ring-fenced structure, Moody's expects
that an upgrade of Barminco's ratings is likely following a
completion of the transaction.

RATINGS RATIONALE

The review for possible upgrade reflects the potential benefits
that Barminco will derive from being part of the combined group,
which is larger in scale as well as more diverse in its product
offering and earnings profile.

Additionally, Barminco had a solid operating performance for
fiscal 2018 ended on June 2018 on a standalone basis, reporting
revenue of AUD586 million and trading EBITDA of around AUD117
million. Barminco's Moody's-adjusted debt/EBITDA was estimated to
be around 3.7x for fiscal 2018.

The transaction is subject to Ausdrill shareholder approval and is
expected to close by 31 October 2018.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Barminco Holdings Pty Limited is a market leader in underground
hard rock contract mining in Australia. The company also provides
diamond drilling, crushing and screening support services to its
mining customers. Barminco also has material operations across
Africa, both directly and through its 50% interest in the African
Underground Mining Services joint Venture.


BARMINCO HOLDINGS: S&P Puts B ICR on Watch Pos. on Ausdrill Deal
----------------------------------------------------------------
S&P Global Ratings said that it has placed its 'B' long-term
issuer credit rating on Barminco Holdings Pty Ltd. on CreditWatch
with positive implications. At the same time, S&P placed the 'B'
rating on the company's senior secured debt on CreditWatch with
positive implications.

Based in Australia, Barminco is a provider of underground hard-
rock contract mining services.

S&P placed the ratings on CreditWatch with positive implications
because it expects Barminco to be a core subsidiary of Ausdrill
group following completion of Ausdrill's takeover of Barminco.

Barminco has reached an agreement with Ausdrill that the latter
will acquire 100% of Barminco's share capital for AUD271.5
million. Ausdrill will fund the majority of the acquisition via a
scrip offering and a small cash component. Barminco's security
holders will receive 22.1% of the combined group. In addition,
Ausdrill will assume Barminco's US$350 million senior secured
notes, which will remain within the consolidated group. S&P notes
that a change-of-control clause of Barminco's senior secured notes
will only be triggered if the transaction results in a lowering of
the rating on Barminco's debt.

S&P said, "We would regard Barminco to be a core subsidiary of the
combined group should the transaction be completed in its current
form. In our opinion, Barminco is unlikely to be sold, operates in
the same industry as Ausdrill, and will act as an additional
division of Ausdrill. The core status would result in a raising of
the ratings on Barminco to the same level as the group credit
profile of its potential parent, Ausdrill (BB-/Watch Pos).

"In our opinion, the potential transaction would improve
Ausdrill's scale of operations." It would create the second-
largest surface and underground mining services company in
Australia with revenues of about AUD1.8 billion on a pro-forma
basis (consolidating Barminco and the African Underground Mining
Services joint venture [AUMS JV]) as of June 30, 2018. In
addition, the consolidated group's service offering would expand
to underground hard-rock mining, which has a higher margin,
greater barriers to entry, and lower capital intensity compared
with open-cut mining. The consolidated group's commodity exposure
will also improve slightly, with some exposure to base metals such
as zinc and nickel. However, the combined group remains largely
exposed to gold and copper.

The current 'B' rating on Barminco reflects the company's small
scale of operations globally and narrow business focus on
underground hard-rock contract mining. In addition, the company
has a concentration of contracts, which could expose the business
to earnings volatility if it cannot roll over or extend expiring
contracts. Offsetting these weaknesses is Barminco's long track
record of operations and some geographic diversity benefits from
its AUMS JV business that offset weaker conditions in its
Australian operations.

S&P plans to resolve the CreditWatch following completion of the
takeover. S&P is likely to equalize the ratings on Barminco to
that on its parent, Ausdrill.


BEYOND DEVELOPMENT: First Creditors' Meeting Set for Aug. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Beyond
Development Group Pty Ltd will be held at the offices of Cor
Cordis, One Wharf Lane, Level 20, 171 Sussex Street, in Sydney,
NSW, on Aug. 23, 2018, at 10:00 a.m.

Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Beyond Development on Aug. 13, 2018.


BUILDING RENO: First Creditors' Meeting Set for Aug. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Building
Reno Pty Ltd, trading as Belmore Meats Sydney, Soupa Stocks,
Belmore Organic Meats Hawthorn, Organis Meats Of Melbourne, and
Belmore Meats, will be held at the offices of Australian Institute
of Company Directors, Level 26, 367 Collins Street, in
Melbourne, Victoria, on Aug. 24, 2018, at 11:00 a.m.

Grahame Robert Ward and Thyge Trafford-Jones of Mackay Goodwin
were appointed as administrators of Building Reno on Aug. 14,
2018.


DTE ELECTRICAL: Second Creditors' Meeting Set for August 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of DTE Electrical
Pty Ltd and DTE Fluid Systems Pty Ltd has been set for Aug. 22,
2018, at 1:00 p.m. and 2:00 p.m., respectively, at Conference Room
BGC Centre, 28 the Esplanade, 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. 21, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of DTE Fluid on Jan. 17, 2018.


GLU CREATIVE: First Creditors' Meeting Set for Aug. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Glu
Creative Pty Ltd will be held at the offices of Restructuring
Works, Level 8, 80 Clarence Street, in Sydney, NSW, on Aug. 24,
2018, at 11:00 a.m.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of Glu Creative on Aug. 14, 2018.


O'CORP MEDIA: Second Creditors' Meeting Set for Aug. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of O'Corp Media
Pty Ltd has been set for Aug. 21, 2018, at 10:30 a.m. at the
offices of Hall Chadwick, Level 14, 440 Collins Street, in
Melbourne, Victoria.

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

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

David Anthony Ross of Hall Chadwick was appointed as administrator
of O'Corp Media on July 30, 2018.


RESIMAC BASTILLE 2018-1NC: S&P Rates AUD7.5MM Class F Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC
Series 2018-1NC. RESIMAC Bastille Trust - RESIMAC Series 2018-1NC
is a securitization of nonconforming and prime residential
mortgages originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including that this is a closed portfolio, which
    means no further loans will be assigned to the trust after
    the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses we apply. This credit support comprises note
    subordination for the rated notes and lenders' mortgage
    insurance to 4.8% of the portfolio. Lenders' mortgage
    insurance covers 100% of the principal balance on the insured
    loans, plus accrued interest, and reasonable costs of
    enforcement. In addition, the transaction includes various
    mechanisms to utilize excess spread to provide additional
    credit support.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 1.5% of the aggregate invested
    amount of the notes on closing, and principal draws, are
    sufficient under our stress assumptions to ensure timely
    payment of interest.

-- The extraordinary expense reserve of AUD250,000, funded by
    RESIMAC Ltd. before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying a
    assets and the U.S. dollar payments on the class A1 notes to
    be provided by National Australia Bank Ltd.

  RATINGS ASSIGNED

  Class      Rating       Amount (mil.)
  A1         AAA (sf)     US$393.75
  A2         AAA (sf)      AUD175.00
  AB         AAA (sf)      AUD195.00
  B          AA (sf)        AUD30.00
  C          A (sf)         AUD30.00
  D          BBB (sf)       AUD17.50
  E          BB (sf)         AUD8.50
  F          B (sf)          AUD7.50
  G          NR             AUD11.50

  NR--Not rated.



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CBAK ENERGY: Delays Second Quarter Financial Report
---------------------------------------------------
CBAK Energy Technology, Inc., notified the Securities and Exchange
Commission via a Form 12b-25 that it will be delayed in filing its
Quarterly Report on Form 10-Q for the period ended June 30, 2018.
The Company has not finalized its financial statements for the
said quarter and, as a result, it was unable to file its Form 10-Q
within the prescribed time period without unreasonable effort or
expense. The Company anticipates that it will file the Form 10-Q
within the five-day grace period provided by Exchange Act Rule
12b-25.

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million in 2017
compared to a net loss of US$12.65 million for the year ended
Sept. 30, 2016. The Company reported a net loss of US$2.19 million
for the three months ended Dec. 31, 2016. As of Dec. 31, 2017,
CBAK Energy had US$153.13 million in total assets, US$150.93
million in total liabilities and US$2.19 million in total
shareholders' equity.

As of March 31, 2018, CBAK Energy had US$148.80 million in total
assets, US$148.95 million in total liabilities, and a total
shareholders' deficit of US$152,826.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017 stating that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.


SINO AGRO: Ecovis HK Steps Down as Auditors
-------------------------------------------
Undercurrent reports that Ecovis HK, the auditing firm of Sino
Agro Food, the Chinese firm behind the troubled megafarm project
in south China, has resigned. The resignation came shortly before
publication of Sino Agro's quarterly results, the report says.

According to Undercurrent, Hong Kong-based Ecovis HK resigned its
auditing duties as per a Sino Agro filing dated June 29. Ecovis
has been replaced by Zhen Hui CPA as Sino Agro's new independent
accountant, said the firm.

Undercurrent relates that the resignation preceded the reporting
of a 27.2% year-on-year increase in Sino Agro's seafood trade
business in China for the three months to June 30, to $9.5
million.

In Q2, all told, the firm said it brought in $32.9 million in
revenues, down 31% y-o-y, the report relays. Gross profits were
$5.2 million, down from $6.5 million.

Sino Agro's mega-farm in Zhongshan has been troubled despite its
billing as the largest indoor shrimp farm using recirculated
aquaculture systems (RAS) in the world, Undercurrent discloses.

Undercurrent says Sino Ago has previously said the farm could
theoretically produce up to 300,000 metric tons of shrimp per
year, following eventual expansion and once full operational
capacity is reached.

However, last November, Undercurrent News reported the farm was
experiencing technical difficulties farming freshwater shrimp and
a funding shortfall. As of September last year, no shrimp had yet
been harvested, two years after the firm said it was three months
away from stocking the farm with shrimp larvae.

The report followed a visit to the farm in Zhongshan by an
Undercurrent reporter. Sino Agro released a statement in response
to the report, which defended its record farming fish and shrimp
at the megafarm, Undercurrent relays.

In March 2017, Sino Agro "carved out" a 64% stake in the mega-farm
in the newly incorporated, Hong Kong-based Tri-way Industries.

Tri-way's new shareholders included Chinese partner firms in the
project. Sino Agro remains project manager for Tri-way, however,
and still retains a 36.6% stake in the firm, Undercurrent relates,
citing latest quarterly report.

It no longer sells the seafood produced by the farm, however.

Undercurrent notes that Sino Agro's shares have been on a steady
downwards spiral.

The firm, which trades on both the Merkur Olso Exchange and over-
the-counter markets in the US, has seen shares fall by more than
95% since peaking at $17 per share in mid-2015, Undercurrent
discloses citing Reuters's stock tracker.

Sino Agro Food, Inc. develops, produces, and distributes organic
foods. The Company operates fisheries and dairies, produces
capers, and grows sod.


SIXTH AGRICULTURE: Repays Defaulted Bond Worth CNY500 Million
-------------------------------------------------------------
Gabriel Wildau at The Financial Times reports that a Chinese
local-government investment platform that defaulted on a CNY500
million bond payment on Aug. 13 has belatedly repaid the debt,
according to local media.

China Business News, a respected Chinese newspaper, cited unnamed
sources to report that Sixth Agriculture State-Owned Assets
Management Co had already transferred the full amount due for
principal and interest on the bond to Shanghai Clearing House, one
of two main state-owned clearing house and custodians for China's
interbank bond market, the FT relates.

According to the FT, the clearing house had said late on Aug. 13
that it had not received any payment for principal and interest
due that day.

The FT says the default had been seen as a precedent-setting event
for China's domestic bond market, where investors viewed state-
owned investment holding companies like Sixth Agricultural as
agents of fiscal policy that could rely on implicit guarantees
from their local government owners.

But previous bond defaults or near-defaults have also resulted in
payments within days or weeks, often as a result of bailouts by
local governments or state-owned banks, the FT notes.




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


AAJ KA ANAND: CRISIL Keeps D Rating in Non-Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aaj Ka Anand Papers
Limited (AKAPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         38       CRISIL D (ISSUER NOT COOPERATING)

   Funded Interest
   Term Loan           15.2     CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit   46.85     CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          20.22     CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Term Loan          31.73     CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

AKAPL, based in Pune, was formed as a proprietorship firm in 1971;
this firm was reconstituted as a closely held company in 1993,
promoted by Mr. Shyam Agarwal. The company prints and publishes
Hindi, Marathi, and English daily newspapers: Aaj ka Anand,
Sandhyanand, and Life 365, respectively. It also owns a 30-room
budget hotel, Citi-o-tel, at Pune. AKAPL is currently being
managed by Mr. Anand Agarwal.


ARKAS ENERGY: ICRA Assigns B Rating to INR23cr Term Loan
--------------------------------------------------------
ICRA has assigned a long -term rating of [ICRA]B to the INR23.00
crore(1) term loan facilities of Arkas Energy LLP.  The outlook on
the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-Term
   Loan                  23.00      [ICRA]B (Stable); assigned

Rationale

The assigned ratings favorably factor in the extensive operational
track record of the Karnataka asset spanning over eleven years.
Also, presence of long-term Power Purchase Agreements (PPAs) with
state discoms lend comfort to the assigned rating by mitigating
demand risk to a large extent. The rating is further supported by
the diversification benefit arising out of the fact that the three
plants are located at three different sites spanning over three
different states.

The rating is, however, constrained by weaker generation profile
of the three wind power assets in Karnataka, Madhya Pradesh (MP)
and Andhra Pradesh (AP). Delayed payments from the counterparties,
in MP and AP, extending over a period of ~six months put stress on
the liquidity profile of the company. Finally, the rating factors
in the seasonality and possible variance in wind-power density
across years which can impact year on year returns, given that the
revenues are linked to actual generation.

Going forward, generational performance of the three assets along
with the timeliness of payments from the state discoms will remain
key rating sensitivities.

Outlook: Stable

ICRA believes Arkas Energy LLP will continue to benefit from the
long track record of its management in the renewable energy
industry. The outlook may be revised to 'Positive' if generation
profile of the three plants in the company, improves thereby
increasing revenue and profitability. The outlook may be revised
to 'Negative' if payments from the counterparties are received
with a further delay resulting in a stretch in the liquidity
profile of the company.

Key rating drivers

Credit strengths

Long operational track record of the Karnataka asset spanning over
eleven years: The Karnataka plant was commissioned in 2006 and has
a long operational history. The plant was acquired by AEL from one
of the group companies, Vishva Vishal Engineering Limited, in
December 2015. The lengthy track record of the management at the
Karnataka plant lends strength and experience to the management of
AEL as well.

Long-term PPAs with state discoms mitigate off-taker risk to a
large extent: The three power assets have tied up 25 year PPAs
with respective state discoms, thereby mitigating demand risk to a
large extent. The Karnataka plant has signed a PPA with Bangalore
Electricity Supply Company Limited (BESCOM) at a tariff of
INR3.40/unit while the MP plant has tied-up a PPA with Madhya
Pradesh Power Management Company limited (MPPMCL) at a tariff of
INR4.78/unit. The third PPA for the AP plant has been signed with
Southern Power Distribution Company of AP Limited (SPDCAL) at a
tariff of INR4.84/unit.

Benefits arise from geographical diversification as plants are
located at three different sites: The three plants are located at
three different sites which largely off-sets asset concentration
risk. Unavailability or low availability of wind resource at a
particular site is, therefore, not expected to result in
volatility in cash flows as low resource availability at one site
is often compensated by higher resource availability at the other.

Credit challenges

Weaker generation profile in all the three assets raises concern:
Generation has been below than estimated levels in all the three
assets which has significantly impacted revenues and
profitability. Generation in MP plant has been plagued by grid
unavailability issues apart from low wind resource availability at
the project site. Generation in Karnataka plant as well, was
subdued due to low wind availability whereas AP plant's low
generation can be attributed to the plant still being under
stabilisation.

High receivable days on account of delayed payments from the
counterparties affect liquidity: Payments in MP are being received
with a delay of about six months while no payments have been
received since commissioning in case of AP plant. This puts stress
on liquidity as the company depends on timely payments from the
counterparties to service its debt obligations.

Vulnerability of cash flows to weather conditions as tariffs are
linked to actual generation: Given that revenues are linked to
actual generation, any variance in wind levels would directly
affect the revenues of the company. However, the same is mitigated
to some extent as the company had conducted site specific wind
resource assessment at the MP and AP plants.

Incorporated in June 2015, Arkas Energy LLP (AEL) is primarily
engaged in the business of power generation and distribution
activities. The company owns and operates 1x1.25 MW wind turbine
generator (WTG) at Kappadgudda, Karnataka, 2x2 MW WTG at Mandsaur,
MP and 1x2.1 MW WTG at Vajrakarur, AP. AEL is a group concern of
Bhilai Engineering Corporation Ltd. which is rated at CRISIL D
(withdrawn).

The Karnataka asset was acquired from one of AEL's group company
viz. Vishva Vishal Engineering Limited in December 2015 at a
capital cost of INR0.86 crore, entirely funded by promoter's
contribution. The company further installed 2 WTGs of 2 MW each at
Mandsaur district in MP (downsized from 5 WTGs of 2 MW each),
which commenced operations in June 2016. The AP asset has been
recently commissioned in March 2017.


ATTIRE DESIGNERS: CRISIL Maintains D Rating in Non-Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Attire Designers
Private Limited (part of the RBD group) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Foreign Bill          19          CRISIL D (ISSUER NOT
   Purchase                          COOPERATING)

   Packing Credit         6          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Attire Designers Pvt Ltd, Welldone Exim
Pvt Ltd, High Value Exim Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


BALRAJ KUMAR: CRISIL Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facility of Balraj Kumar
Vinod Kumar (BKVK) to 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with BKVK for obtaining
information through letters and emails dated June 29, 2018,
July 27, 2018, and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

BKVK is a proprietorship firm set up in 1986 by Mr Vinod Kumar and
family. Based in Delhi, the firm trades in dry fruits. Operations
are managed by Mr Vinod Kumar and his son, Mr Harish Goel.


CEEDEEYES INFRA: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ceedeeyes
Infrastructure Development Private Limited (CIDPL) continues to be
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan        56.9        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    59.1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Overdraft    20          CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING)

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

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

Detailed Rationale

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

Established in April 2005, CIDPL is developing a residential
township. It leases out commercial space in Chennai. The company
is promoted by Mr. Brunth D Sundar and his family, and is a part
of the CeeDeeYes group of companies.


CHOICE PRECITECH: CRISIL Maintains D Rating in Non-Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Choice Precitech
India Private Limited (Choice) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      0.63     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         3.50     CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit    1.00     CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan      2.16     CRISIL D (ISSUER NOT COOPERATING)

   Standby Line of
   Credit              0.50     CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Demand Loan          2       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.


DHENU HYDRO: CRISIL Maintains D Rating in Non-Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of with Dhenu Hydro
Private Limited (DHPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        6.97        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit           3.00        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Bank          .53        CRISIL D (ISSUER NOT
   Guarantee                         COOPERATING)

   Working Capital       2.00        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

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

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

Detailed Rationale

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

DHPL was set up in 2000 by Mr. Yella Reddy and his family members.
The company is executing a sub-contract received from IVRCL Ltd,
towards construction of canals and reservoirs in the Kadapa
region, Andhra Pradesh.


EPITOME PETROCHEMICAL: CRISIL Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Epitome Petrochemical
Private Limited (EPPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee       1       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         10       CRISIL D (ISSUER NOT COOPERATING)

   Funded Interest
   Term Loan            2.89    CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit     5       CRISIL D (ISSUER NOT COOPERATING)

   Term Loan           16.56    CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Term Loan           14.02    CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

EPPL was incorporated in 2007 and started commercial production in
January 2009. It manufactures poly-ethylene terephthalate (PET)
preforms for bottlers of carbonated soft drinks, and has capacity
of 6900 tonnes per annum at its unit in Sikkim.


ERA INFRA: RP Invites EOIs From Potential Bidders
-------------------------------------------------
Financial Express reports that the resolution professional for the
bankrupt Era Infra Engineering invites expressions of interests
(EoI) from potential bidders this week.

The lenders of the company at their last meeting, held last week,
firmed up the evaluation matrix based on which the bids will be
evaluated, sources said, FE relays.

"At our third meeting, held last week, we have firmed up the
evaluation matrix. Now, the EoI will be issued, most likely next
week," the source said.

A resolution professional needs to come up with a corporate
insolvency resolution plan (CIRP) in consultation with the
committee of creditors (CoC) within 180 days of the admission;
this can extended to 270 days, FE notes. Era Infra's total debt at
the end of March 2016 stood at Rs10,065 crore. In 2016-17, the
company reported a net loss of Rs1,295 crore on the back of
Rs1,211 crore in revenues, the report discloses.

The National Company Law Tribunal (NCLT) had on May 8 ordered the
initiation of the corporate insolvency resolution process against
Era Infra Engineering under Section 7 of the Insolvency and
Bankruptcy Code (IBC). The firm was referred to the NCLT by Union
Bank of India.

                         About Era Infra

Era Infra Engineering Limited engages in the execution of
construction contracts involving engineering, procurement and
construction projects across a range of sectors, such as roads
and highways, power, railways, metro, aviation, industrial,
institutional and related segments. Its principal business
activities are to carry on the business of builders, civil
contractors, and sanitary engineers, architects, town planners
and to submit tenders for the aforesaid business; to layout,
develop, construct, build, erect, demolish, re-erect, repair,
remodel, execute or do any other work in connection with any
industrial complex/parks, flyovers, ports, airports, highways,
roads, railways, irrigation, dam and canals, among others, and to
act as manufacturer, trader, dealer, importer, exporter, buyer,
seller of all any type/kind of material used in the construction/
infrastructure industry, including setting up of ready mix plant
in India or abroad.

Eighteen winding-up petitions filed by various operational and
financial creditors against Era Infra Engineering are pending
before the Delhi High Court, Livemint.com reported. Union Bank of
India is not among them. Era Infra Engineering owes more than
INR10,000 crore to its creditors.

Era is one of the 12 bad loan accounts that have been directed by
the central bank to be referred under IBC, Livemint.com said.


FPC PETRO: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of FPC Petro Energy
Private Limited (FPC) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         1.5      CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit   12.0      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Cash
   Credit Limit        6.5      CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by
Mr. Surya Kumar Shikha. The company trades in petrochemical
products, mainly heavy aromatics and toluene, and is based in
Hyderabad.


GEETA MACHINE: CRISIL Lowers Rating on INR12cr Bank Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Geeta
Machine Tools Private Limited (GMT) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4' owing to delay in term debt
installment repayment and over utilization of cash credit
facilities for more than 30 days.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         12       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit             9       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit        3       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term      2.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan               3.5     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

Analytical Approach

CRISIL has treated unsecured loans from promoters as neither debt
nor equity. That's because these loans will remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile remains
weak, with high gearing of 3.93 times as on March 31, 2017, and
weak debt protection metrics, with interest cover and net cash
accrual to total debt ratios of 1.22 times and 0.04 time,
respectively, in fiscal 2017.

* Large working capital requirement: Large working capital
requirement is reflected in gross current assets (GCAs) of 524-815
days over the three years ended March 31, 2017. This is largely
due to stretched debtors and large inventory which is partially
funded by stretching the creditors and the balance through working
capital borrowings

* Modest scale of operation in intensely competitive engineering
and capital gods industry: Despite being in the engineering sector
for over 20 years, GMT's scale has been modest, as reflected in
topline of INR19.29 crore in fiscal 2017, on a provisional basis,
due to competition faced from imported products and large players
such as Hindustan Machine Tools Ltd and Premier Auto Ltd.

Strengths:

* Promoter's extensive industry experience: GMT will continue to
benefit from its promoters' experience of over two decades in the
engineering and capital goods industry, and their understanding of
the industry dynamics and the domestic market.

GMT, incorporated in 1989, is promoted by the Jamnagar, Gujarat-
based Jadeja family. Mr Sardarsinh L Jadeja is its key promoter,
and operations are managed by directors Mr Vanrajsinh Jadeja and
Mr Vasant Bhadra. The company manufactures a wide range of boring,
milling, lathe, and radial drilling machines, and other industrial
equipment.


GLOBSYN TECHNOLOGIES: CRISIL Keeps 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facility of Globsyn Technologies
Limited (GTL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Overdraft             8.4         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

GTL was set up in 1995 by the Kolkata (West Bengal)-based Mr.
Bikram Dasgupta. Since 2002, the company operates a management
institute named Globsyn Business School at Sector-V in Kolkata. It
offers post-graduate management degree course.


GNB MOTORS: CRISIL Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of GNB Motors Private
Limited (GNB) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Channel Financing      7.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Proposed Fund-
   Based Bank Limits      2.1       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

GNB was incorporated in Kolkata (West Bengal) in 1980. The company
is an authorised dealer for CVs of Ashok Leyland Ltd and three-
wheelers of Piaggio Ltd in the state. In 2010, GNB commenced sales
and servicing of Doosan India (P) Ltd's heavy earth moving
machines and inter-solvent compressors. Promoter Mr. Pawan Kumar
Todi manages GNB's operations.


GOODONE TRADERS: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goodone Traders
Private Limited (part of the RBD group) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Foreign Bill           19         CRISIL D (ISSUER NOT
   Purchase                          COOPERATING)

   Packing Credit          6         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Goodone Traders Pvt Ltd, Welldone Exim
Pvt Ltd, High Value Exim Pvt Ltd, Attire Designers Pvt Ltd, and
RBD International. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.


GOVERDHAN COTTEX: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goverdhan Cottex
(GC) continues to be 'CRISIL B/Stable Issuer not cooperating'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

   Term Loan             1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

GC, based in Barwani (Madhya Pradesh) was set up in 2012-13
(refers to financial year, April 1 to March 31) by the Harsola
family. The firm commenced operations in February 2014 and
undertakes cotton ginning and pressing.


GUPTA INFOTECH: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gupta Infotech (GI)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Cash Credit/
   Overdraft facility     2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Import Letter of
   Credit Limit           3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       0.05      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     6.95      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

GI, a proprietorship firm, was set up in 2003 by Mr. Saurabh Gupta
as compact fluorescent lamps (CFL) manufacturing unit. The firm
has also recently diversified into the manufacture and sale of
light-emitting diodes (LED).


GURANDITTA MAL: CRISIL Maintains B in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Guranditta Mal Mohan
Lal (GMML) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

GMML was set up as a partnership firm in 1978. The firm is being
managed by Mr. Roshan Lal and Mr. Adarsh Kumar. It primarily
processes basmati and non-basmati rice. Its production facilities
are in Fazilka (Punjab), with a milling and sorting capacity of
around 4 tonnes per hour, which is utilised at around 90 percent.


GURU NANAK: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Guru Nanak Rice Mill
- Bilaspur (GNRM) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

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

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

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

Detailed Rationale

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

Established as a partnership firm in Bilaspur, Uttar Pradesh, by
Mr. Gurjeet Singh and Mr. Amreet Pal Singh in 1994, GNRM mills and
sorts basmati and non-basmati rice and sells in the domestic
market under its brand, Sardar Rice.


HANUMAN ALLOYS: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hanuman Alloys
Private Limited (HAPL) continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        2.91        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit          10.75        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Letter of Credit       .97        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Proposed Cash         6.87        CRISIL B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING)

   Proposed Fund-        3.5         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 1996 and based in Kolkata, HAPL manufactures mild
steel ingots and thermo-mechanically treated bars. It is promoted
by Mr. Vijay Kumar Rai and his family members.


HARIHAR INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harihar Industries
- Kadi (HI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

   Term Loan              2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in 2014, HI is a Gujarat-based partnership firm
promoted by Mr. Pushkarbhai Patel and his family members. The firm
is engaged in cotton ginning and pressing operations, and started
its commercial operations from June 2015.


HIGH VALUE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of High Value Exim
Private Limited (part of the RBD group) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Foreign Bill
   Purchase            37       CRISIL D (ISSUER NOT COOPERATING)

   Packing Credit       8       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of High Value Exim Pvt Ltd, Welldone Exim
Pvt Ltd, Attire Designers Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


INTOUCH TRADING: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Intouch Trading
Private Limited (ITPL) continues to be 'CRISIL D Issuer not
cooperating'

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Proposed Long Term      3           CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

   Term Loan               9.5         CRISIL D (ISSUER NOT
                                       COOPERATING)

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

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

Detailed Rationale

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

ITPL, incorporated in 2001, is a part of the City group
established by Mr. R R Modi and his associates. The company is
developing an information technology park in Noida (Uttar
Pradesh).


MAA MAHAMAYA: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the INR455.00 crore bank facilities
of Maa Mahamaya Industries Limited (MMIL) to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".


                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-Cash      149.23      [ICRA]D ISSUER NOT
   Credit                           COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

   Fund-based-Term      282.23      [ICRA]D ISSUER NOT
   Loan                             COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

   Non-Fund Based        23.02      [ICRA]D/[ICRA]D ISSUER NOT
   Limits                           COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

   Unallocated Limits     0.52      [ICRA]D/[ICRA]D ISSUER NOT
                                    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
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.

Maa Mahamaya Industries Limited (MMIL) is promoted by Mr. Ashok
Kumar Agarwal & Ms. Anita Agarwal who have more than two decades
of experience in steel industry. MMIL has an integrated steel
plant near Vishakhapatnam with an installed capacity of 112,000 MT
of sponge iron, 125,000 MT of billets, 125,000 MT of TMT bars per
annum and 20MW captive power plant. The company sells the TMT bars
under the brand 'Mangal' through its well established network of
retailers and distributors. Further, the company benefits from
assured raw material supply due to long term agreements with NMDC
for iron ore procurement and MCL for coal supply.


MADHUSUDAN GARAI: ICRA Reaffirms B Rating on INR3cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR3.00-crore cash credit and INR3.50-crore bank-guarantee
facilities of Madhusudan Garai. The outlook on the long-term
rating is Stable. ICRA has also removed the rating from the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based Limit      3.00       [ICRA]B (Stable); Reaffirmed
                                    and removed from the 'Issuer
                                    Not Cooperating' category

   Non-fund based        3.50       [ICRA]B (Stable); Reaffirmed
   Limit                            and removed from the 'Issuer
                                    Not Cooperating' category

Rationale

The reaffirmation of the rating considers MG's relatively small
scale of current operations, and weak financial profile, as
reflected by low profits and cash accruals, and subdued coverage
indicators. The rating also notes the high working capital
intensity of the business on the back of high receivables, leading
to stretched liquidity position of the concern. MG remains exposed
to client and geographical concentration risks since a major
portion of the revenues and the current outstanding order book are
contributed by the Indian Railways, which again are confined to
West Bengal. The rating is also impacted by the highly fragmented
and competitive nature of the industry, which coupled with tender-
based contract awarding system, limits the profitability. ICRA
also notes the risk associated with the entity's status as a
proprietorship concern, including the risk of capital withdrawal.

The rating, however, derives comfort from the long experience of
the promoter in the civil construction business, and a reputed
client base, which mitigate the counterparty credit risk to a
large extent.

In ICRA's opinion, the concern's ability to scale up operations
while improving its profitability and coverage indicators and
managing its working capital requirement efficiently would remain
key rating sensitivities, going forward.

Outlook: Stable

ICRA believes that the concern will continue to benefit from the
extensive experience of the promoter. The outlook may be revised
to Positive if the concern is able to scale up operations while
improving its profitability, and coverage indicators. The outlook
may be revised to Negative if cash accrual is lower than expected
or if there is an increase in the working capital requirement,
which could adversely impact the liquidity position of the
concern.

Key rating drivers

Credit strengths

Long experience of promoter: MG was established as a
proprietorship concern in 1979 by the Nadia-based Mr. Madhusudan
Garai, who has an experience of around four decades in
constructing and maintaining roads, car sheds, buildings, bridges,
subways, structural steel sheds etc.

Reputed customer profile reduces counterparty risk to an extent:
The promoter of the concern has established relationship with
various government departments like Public Works Department (PWD),
Central Public Works Department (CPWD) and Eastern Railways and
has availed repeat orders. The counterparty risk reduces to a
large extent due to a reputed client base. However, at present,
Indian Railways accounts for the entire revenue and the
outstanding order book, which again is concentrated in West
Bengal. This exposes the concern to high client and geographical
concentration risks.

Credit challenges

Relatively small scale of current operations: The concern's scale
of operations continued to remain relatively small. Moreover, it
declined from INR15.70 crore in FY2017 to INR10.00 crore in FY2018
(provisional), depicting a de-growth of about 36%, on the back of
lower execution of contracts, which in turn resulted in decline in
the profits and cash accruals.

Weak financial profile characterised by low profits and cash
accruals, and subdued coverage indicators: The profits and cash
accruals of the concern have declined due to decrease in the scale
of operations. Consequently, the coverage indicators deteriorated,
as indicated by an interest coverage indicator of 0.77 times,
total debt relative to operating profit (Total Debt/OPBDITA) of
11.25 times and net cash accrual relative to total debt (NCA/Total
Debt) of 21% in FY2018 (provisional).

High working capital intensity of the business leading to
stretched liquidity position: MG's working capital intensity of
operations has increased substantially in FY2018 (provisional) due
to an increase in receivables of the concern, as reflected by the
net working capital relative to operating income (NWC/OI) of 46%
in FY2018 (provisional) against 26% in FY2017. This in turn, has
stretched the concern's liquidity position, which restricts its
financial flexibility to a large extent.

Fragmented and intensely competitive nature of the industry: Small
and medium-sized Government civil construction projects lead to
low entry barriers and allow many players to enter this sector,
thus intensifying competition. As contracts are awarded to the L1
bidder, margins in such contracts remain under pressure.

Risks associated with the entity's status as a proprietorship
concern: MG's legal status as a proprietorship concern gives rise
to the risk of capital withdrawal by the proprietor, which might
impact the capital structure and the liquidity position.

Established in 1979, Madhusudan Garai (MG) is promoted by the
Nadia-based Mr. Madhusudan Garai. It is involved in construction
and maintenance of roads, car sheds, buildings, bridges, subways,
structural steel sheds, etc. in West Bengal.


MANIKANTA COTTON: ICRA Reaffirms B+ Rating on INR12cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR13.84
crore fund-based limits and INR2.16 crore unallocated limits of
Manikanta Cotton Agro Industries (MCAI) at [ICRA]B+. The outlook
on the long-term rating is 'Stable'. ICRA has removed the ratings
from Issuer not cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          12.00      [ICRA]B+(Stable) reaffirmed
                                   and removed from issuer not
                                   cooperating category

   Term loan             1.84      [ICRA]B+(Stable) reaffirmed
                                   and removed from issuer not
                                   cooperating category

   Unallocated           2.16      [ICRA]B+(Stable) reaffirmed
                                   and removed from issuer not
                                   cooperating category

Rationale

The reaffirmation of rating is constrained by the small scale of
operations of the company in intensely competitive ginning
industry; dip in revenue by 12% in FY2018 to INR45.72 crore from
INR52.18 crore in FY2017 owing to unfavorable prices and limited
availability of cotton kappas; and weak financial profile of the
company with gearing of 3.66 times as on March 31, 2018 and modest
coverage indicators with OPBITDA/Interest of 1.85 times, and
NCA/Debt of 5% for FY2018. The firm's revenues and profitability
are exposed to fluctuations in the prices of raw material, cotton,
which is an agro-commodity, and its prices are subject to
seasonality and crop harvest and risks arising from the
partnership natures of the firm.

However, the rating favorably factors in the extensive experience
of the partners spanning over two decades in the cotton ginning
industry; established customer and supplier base of the firm; and
location advantage with firm's proximity to cotton growing areas
of Karimnagar in Telangana. The ratings also consider the benefits
from Telangana government in the form of interest subsidies, power
subsidies and 50% of GST supporting profitability.

Outlook: Stable

The stable outlook reflects ICRA belief that MCAI will continue to
benefit from the extensive experience of its partners in the
cotton ginning business. The outlook may be revised to 'Positive'
if there is substantial growth in revenue and profitability
strengthening the financial risk profile. The outlook may be
revised to 'Negative' if revenue reduces than current levels or
stretch in the working capital cycle weakening liquidity.

Key rating drivers

Credit strengths

Experienced partners with over 20 years of experience in the
cotton industry: MCAI is founded by Mr. D Malla Reddy who has more
than 20 years of experience in cotton trading business. He has
established network with farmers, traders and ginners in the
region. Cotton lint produced is sent for pressing and then sold to
various spinning mills located in Telangana and Tamil Nadu through
commission agents. Cotton seeds extracted are sold to oil mills
located in Haryana and Punjab through commission agents.

Proximity of manufacturing unit to cotton-producing belt of Andhra
Pradesh: The firm's manufacturing facility is located in
Karimnagar district, Telangana, which provides the firm with
access to raw material enabling easy availability of raw material
(cotton kappas).

Benefits from Telangana government in the form of subsidies for
cotton ginning: The firm received INR0.50 crore subsidy from
National Bank for Agriculture and Rural Development (NABARD) in
FY2017 towards machinery term loan taken in FY2015. MCAI also
received interest subsidy under "Pavala vaddi" scheme, where up to
9% of the term loan interest is paid by the government of
Telangana for 5 years from FY2015. The other subsides include
INR0.75/unit of power rebate and GST subsidy of 50%.

Credit challenges

Small scale of operations: The firm's scale of operations has been
small with operating income of INR45.72 crore in FY2018. The
operating income has decreased by 12% to INR45.72 crore in FY2018
from INR52.18 crore in FY2017 on account decrease in sales volume
as a result of unfavorable prices and limited availability of raw
material.

Weak financial risk profile: The gearing is high at 3.66 times as
on March 31, 2018 which increased from 3.12 times as on March 31,
2017 on account of higher working capital borrowings. The total
outstanding debt as on March 31, 2018 is INR15.75 crore comprising
of CC loans of 11.91 crore, INR2.00 crore of promoter's loans and
remaining INR1.84 crore term loan. The interest coverage decreased
to 1.85 times in FY2018 compared to 3.81 times in FY2017 due to
high interest expenses while NCA/Debt stood at 5% and DSCR at 1.13
for FY2018.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations: The profit
margins of the firm are exposed to the fluctuation in raw material
prices, which depend upon factors like seasonality, monsoon
condition, international demand and supply situation, export
policy etc. Further, it is exposed to the regulatory risks, as
prices are decided through the minimum support price by the
Government.

Intense competition and fragmentation in the industry given the
low entry barriers: The firm faces stiff competition from
organized and unorganized players limiting its pricing flexibility
and bargaining power. Also, commoditised nature of the cotton lint
results in limited pricing power for the firm.

Manikanta Cotton Agro Industries (MCAI) was setup as a partnership
firm in 2013 by Mr. D Malla Reddy and Mr. P. Ravinder Reddy and
six other partners, with ginning activity as its main operations.
MCAI is a TMC unit, engaged in extraction of cotton lint and
cotton seeds from Kappas. The firm has its production facility
located at Muthannapeta village, Karimnagar District, Telangana.
Presently the firm is operating 36 gins and 1 press with a
production capacity of 86400 bales per annum. The managing
partners, Mr. D Malla Reddy and Mr. P Ravinder Reddy also serve as
managing partners of other textile units namely M/s Saritha Cotton
Industries operating with 24 gins, 4 oil expellers and 1 pressing
machine and M/s Sri Balaji Cotton Industries operating with 40
gins and 1 pressing unit.


MEENAKSHI ASSOCIATES: CRISIL Hikes Rating on INR7cr Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Meenakshi Associates Private Limited (MAPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         10         CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             7         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit        5.5       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term       .08      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan               1         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects regularisation in cash credit with no
instances of devolvement of letters of credit in the past 6
months. Further, MAPL's working capital cycle has improved,
supported by better inventory and debtor management. Increasing
accrual is further expected to support debt coverage. In the
absence of major capital expenditure plans for the medium term, no
debt obligation is likely. Need-based funding support from the
promoters is expected to continue to aid liquidity.

The rating also reflects the extensive experience of the
promoters. This strength is partially offset by the short duration
of account regularisation, working capital-intensive operations
and stretched capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio is estimated at a weak 4.14 times as on
March 31, 2018 (4.09 times as on March 31, 2017). Besides, debt
protection metrics were below-average, with interest coverage and
net cash accrual to total debt ratios of 1.3 times and 0.03 time,
respectively, for fiscal 2018. With high reliance on working
capital debt, financial risk profile is expected to remain below-
average over the medium term.

* Modest scale of operations: Estimated revenue of INR31.46 crore
in fiscal 2018 (Rs 27.98 crore in fiscal 2017) reflects MAPL's
small scale of operations in the fabrication industry. Though
improved demand from the market and diversity in product portfolio
is likely to help increase turnover 8-10% during fiscals 2019-
2020, scale may remain subdued.

* Working capital-intensive operations: Gross current assets were
estimated at 425 days as on March 31, 2018 (454 days as on March
31, 2017), driven by inventory and receivables of 306 days and 121
days, respectively (333 days and 134 days). Against this, credit
from suppliers was 180 days. Working capital requirement may
remain high due to ramp up in scale over the medium term.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' three decades of experience and established relations
with customers and suppliers should support the business.

* Need-based funding support from the promoters: Unsecured loan
received from the promoters was INR3.98 crore as on March 31,
2018. This loan has been in business for more than three years
ending fiscal 2018.

Outlook: Stable

CRISIL believes MAPL will continue to benefit from the extensive
experience of its promoters and their funding support. The outlook
may be revised to 'Positive' if substantial cash accrual and
efficient working capital management strengthen financial risk
profile. The outlook may be revised to 'Negative' if decline in
profitability or stretch in working capital cycle weakens
liquidity and capital structure.

Incorporated in 1985, MAPL, promoted by Mr Ish Kumar Narang and
family, fabricates pressure vessels, heat exchangers, storage
tanks, and chemical gas cylinders mainly for the petroleum
refining and chemical industries. Its manufacturing unit is in
Noida.


NEW-TECH STEEL: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of New-Tech Steel and
Alloys Private Limited (New Tech) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         25       CRISIL D (ISSUER NOT COOPERATING)

   Inland/Import
   Letter of Credit     5       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long Term
   Bank Loan Facility   0.08    CRISIL D (ISSUER NOT COOPERATING)

   Term Loan           10.42    CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

New Tech, incorporated on June 6, 2003, in Assam, is promoted by
Mr. Suresh Sharma. The company manufactures thermomechanically
treated bars, mild steel (MS) rolls, and MS ingots.


R.K. STEEL: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of R.K. Steel Udyog
Private Limited (RK) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          12.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Electronic Dealer    10.00       CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING)
   (e-DFS)

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

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

Detailed Rationale

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

RK Steel was set up in 1982 as a partnership concern by Mr.
Ranjith Kumar Surana and his family members, and was reconstituted
as a private limited company in 2004. The company trades in
various steel products such as mild steel billets, thermo-
mechanically treated bars, channels, angles, billets, squares,
blooms, and rounds. It is based in Hyderabad, Telangana.


RAJ POLY: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Raj Poly Products
Limited (RPPL) continues to be 'CRISIL B/Stable Issuer not
cooperating.'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 1992, RPPL trades in plastic granules such as low-
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.


RAM NATH: CRISIL Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ram Nath Memorial
Trust Society (RNMTS) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Funded Interest       3.55        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Term Loan            16.30        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, and offering
Bachelor of Education, Master of Education, and Bachelor of
Physical Education courses.


RBBR INFRASTRUCTURE: ICRA Withdraws B Rating on INR8.66cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable) -
Issuer Not Cooperating and the short-term rating of [ICRA]A4 -
Issuer Not Cooperating outstanding to the INR15.00 crore bank
limits of RBBR Infrastructure Pvt Ltd.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-Cash       3.00       [ICRA]B (Stable); ISSUER NOT
   Credit                           COOPERATING; Withdrawn

   Fund-based-Term       8.66       [ICRA]B (Stable); ISSUER NOT
   Loan                             COOPERATING; Withdrawn

   Fund-based-ODBD      (2.00)      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Withdrawn

   Non-fund-based-       1.75       [ICRA]B (Stable); ISSUER NOT
   Bank Guarantee                   COOPERATING; Withdrawn

   Non-fund-based-       0.50       [ICRA]A4; ISSUER NOT
   Letter of Credit                 COOPERATING; Withdrawn

   Unallocated           1.09       [ICRA]B (Stable)/A4; ISSUER
                                     NOT COOPERATING; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

RBBR is a part of Daga Group, which has interests in mining and
mineral processing, imports, exports, real estate, infrastructure
and power. Promoted by Mr. Madhusudan L Daga and his family, the
company was incorporated in 1996 and is involved in manufacturing
of pre-cast reinforced cement concrete (RCC) products from its
plant in Hosur (Tamil Nadu).


RELIANCE COMMUNICATIONS: In Talks with TPG, Et Al., on Asset Sale
-----------------------------------------------------------------
The Financial Times reports that Anil Ambani's Reliance
Communications is in discussions with TPG, Blackstone and other
bidders over the sale of its remaining telecommunications assets
in a deal that would mark the tycoon's formal exit from India's
telecommunications sector.

The FT, citing people involved in the talks, relates that the sale
of RCom's international submarine cable network, fixed-line
telecoms network and data centres has attracted bids from I
Squared Capital and a consortium comprising TPG, Blackstone and
Varde. Both bids have valued Mr. Ambani's remaining
telecommunications business at about US$1.1 billion, the FT says.

According to the FT, the sale process is RCom's latest gambit in
its struggle to avoid being forced into insolvency proceedings
under India's historic new bankruptcy code, having become unable
to service debts of US$7 billion.

Its default came amid a price war launched by new entrant Reliance
Jio, controlled by Mr Ambani's elder brother Mukesh.

The FT notes that the exit from telecoms of RCom -- once India's
second-largest mobile operator and the flagship of Anil Ambani's
business empire -- would mark the end of an era for the younger
sibling, leaving him with a smaller group focused on
infrastructure and financial services.

Over the past year, creditors China Development Bank and Ericsson
have both started insolvency proceedings against RCom, the FT
recalls.

CDB withdrew its petition in December after the Ambani brothers
agreed a telecoms infrastructure deal, the report says. According
to a presentation to RCom bondholders earlier this year, the
state-owned bank has forgiven loans worth at least US$1.1 billion
in return for the rights to a US$700 million real estate project
near Mumbai's new airport, the FT relays.

The FT says Ericsson filed a separate insolvency action in
May against RCom, which has emerged as a high-profile test case of
India's new bankruptcy law. The petition by Ericsson, which said
it was owed US$150 million, disrupted RCom's first attempt to sell
its remaining telecommunications assets, before being stayed in
May after an appeal by RCom.

Ericsson recently reached a settlement with RCom, allowing it to
proceed with the sale of its remaining telecoms assets. The sale
is being run by Credit Suisse, with bids due by August 16, says
the FT.

I Squared, which paid $1.9 billion for Hong Kong-based Hutchison
Telecommunications' fixed-line business last year, had been in
pole position to buy the assets before Ericsson's intervention,
the FT reports citing three people involved in the deal. "I
Squared wants to take the Hutch assets and create a new India and
China-focused data centre company," one of the people said.

But the delay opened the door for the TPG-Blackstone-Varde
consortium, which has offered to pay out high-yield bonds issued
by RCom's undersea cables unit, the FT states.

The FT notes that Richard Li's PCCW and Sistema, a Russian
conglomerate, have also previously expressed interest in buying
some or all of RCom's remaining telecoms business.

RCom last year made an abortive attempt to merge its mobile
business with that of Aircel, another struggling operator. In
December it announced the sale of most of its core mobile assets
to Mukesh Ambani's Reliance Jio, a deal which has been heavily
delayed by Ericsson's legal action. RCom said the Jio deal is now
set to proceed after the Supreme Court gave its approval on August
3, the FT adds.

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.


WELLDONE EXIM: CRISIL Maintains D in Not Cooperating Category
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Welldone Exim
Private Limited (WEPL; part of the RBD group) continues to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Foreign Bill           40         CRISIL D (ISSUER NOT
   Purchase                          COOPERATING)

   Packing Credit          5         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of WEPL, High Value Exim Pvt Ltd, Attire
Designers Pvt Ltd, RBD International, and Goodone Traders Pvt Ltd.
This is because all these entities, together referred to as the
RBD group, have the same board of directors and senior management
team with common procurement, marketing, and finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


WILLIAM INDUSTRIES: ICRA Withdraws B Rating on INR7cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable) -
ISSUER NOT COOPERATING and the short-term rating of [ICRA]A4 -
ISSUER NOT COOPERATING outstanding to the INR7.00 crore fund-based
limits of William Industries Private Limited.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based limits     7.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   PC/FBP               (1.50)     [ICRA]A4; ISSUER NOT
                                   COOPERATING; Withdrawn

   Bill Discounting     (1.50)     [ICRA]A4; ISSUER NOT
                                   COOPERATING; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

WIPL was initially promoted by Mr. Surendranath Juneja and Mr.
Narendranath Juneja as a partnership firm in 1962 and subsequently
incorporated as a private limited company in 2004. Since inception
WIPL has been manufacturing various types of socks, including
stockings. The present directors, Mr. Vivek Juneja and Mr. Manoj
Juneja, manage the company's overall operations and
administration. WIPL manufactures various types of socks for men,
women, and kids under the in-house brand Anchor and also under
private labels for various institutional players.
The company's marketing and designing activities are undertaken
in-house; however, the socks are manufactured under job work
arrangement with its group companies, Narvin Chemicals Private
Limited (Navi Mumbai) and Global Knits Private Limited. Both these
companies carry out exclusive work for WIPL.



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


Q CARD TRUST: Fitch Assigns 'Bsf' Rating on Class F-2018-1 Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings to Q Card Trust's issuance of
NZD150 million across seven floating-rate notes. The transaction
is an asset-backed securitisation programme of credit card
receivables featuring a multiclass structure that will purchase
eligible receivables from subsidiaries of the seller, Flexi Cards
Limited, on a revolving basis. Proceeds of the issuance will used
to refinance the redemption of class A Series 2014-3 notes and to
purchase additional receivables.

The ratings are as follows:

  - NZD54.0 million Class A-2018-1: 'AAAsf' ; Outlook Stable;

  - NZD64.0 million Class A-2018-2: 'AAAsf' ; Outlook Stable;

  - NZD9.2 million Class B-2018-1: 'AAsf' : Outlook Stable;

  - NZD6.4 million Class C-2018-1: 'Asf' : Outlook Stable;

  - NZD4.6 million Class D-2018-1: 'BBBsf' : Outlook Stable;

  - NZD5.0 million Class E-2018-1: 'BBsf' : Outlook Stable;

  - NZD1.8 million Class F-2018-1: 'Bsf' : Outlook Stable.

An additional NZD5.0 million of class S notes were also issued.

KEY RATING DRIVERS

Credit Card Receivables Performance: Performance has remained
stable over the last year with gross charge-offs averaging 3.5%,
yield averaging 19.8% and the monthly payment rate (MPR) averaging
9.0%, which were all within the modelled base cases of 4.5% for
charge-offs, 17.8% for yield and 7.25% for the MPR.

Originator and Servicer Quality: Fitch believes Flexi Cards to be
an effective and capable originator and servicer given its track
record.

Counterparty Risk: Fitch's ratings of the notes are dependent on
the financial strength of certain counterparties. Fitch believes
this risk is currently mitigated as evidenced by the ratings of
the applicable counterparties to the transactions.

Interest Rate Risk: Interest rate risk is currently mitigated by a
combination of interest rate swaps and the available credit
enhancement.

RATING SENSITIVITIES

Fitch has modelled three scenarios compared with existing
performance to evaluate the sensitivity of the ratings.

Rating sensitivity to increased charge-off rate:

Current ratings for class A, class B, class C, class D, class E,
class F (steady state: 4.50%): 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'

Increase base case by 25%: 'AAAsf'; 'AA-sf'; 'Asf', 'BBBsf';
'BBsf'; 'Bsf'.

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

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

Rating sensitivity to reduced MPR:

Current ratings for class A, class B, class C, class D, class E,
class F (7.25% steady state): 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf';
'BBsf'; 'Bsf'.

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

Reduce MPR by 25%: 'AAsf'; 'Asf'; 'Asf', 'BBB-sf'; 'BBsf'; 'Bsf'.

Reduce MPR by 35%: 'A+sf'; 'A-sf'; 'Asf', 'BB+sf'; 'BB-sf'; 'Bsf'.

Rating sensitivity to reduced yield:

Current ratings for class A, class B, class C, class D, class E,
class F (steady state: 17.8%); 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'.

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

Reduce yield by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf',
'Bsf'.

Reduce yield by 35%: 'AAAsf'; 'AAsf'; 'A-sf', 'BBB-sf', 'BB-sf',
'Bsf'


STONEWOOD HOMES: Queenstown Mayor Faces Suit Over Collapse
----------------------------------------------------------
Daisy Hudson at Otago Daily Times reports that Queenstown's mayor
is facing legal action over the collapse of building company
Stonewood Homes.

Otago Daily relates that Jim Boult said he will "vigorously
defend" any suggestions he did not fulfil his duties as a director
of the company.

A statement of claim has been lodged at the High Court in
Christchurch against Mr. Boult, the Queenstown Lakes District
mayor, and Stonewood founder Brent Mettrick, according to Otago
Daily.

The plaintiffs are liquidators Rhys Cain and Rees Logan, the
report says.

According to Otago Daily, Stuff reported the liquidators are
seeking millions of dollars from Boult and Metrrick. It said the
papers allege they continued trading while the companies were
essentially insolvent.

The High Court hears civil claims that are complex or for more
than NZ$350,000.

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

Mr. Boult joined the Stonewood board in August 2014. He stepped
down from the company on February 1, 2016, telling media he had
done so because he had been part of an attempt to buy Stonewood
before receivers were called in and he considered he had a
conflict of interest.

Otago Daily says Mr. Cain confirmed legal proceedings had been
lodged in respect to the Stonewood Homes liquidations.

"The matter is now before the Court and as such the liquidators
have no further comment to make at this time," the report quotes
Mr. Cain as saying.

Mr. Boult said in a statement he rejected the claim made by the
liquidators.

He said he was a non-shareholding director of the company for 18
months.

Mr. Boult is represented by Auckland QC Alan Galbraith.

A court spokesman confirmed the matter was a civil case initiated
by a statement of claim, filed on July 31. He could not provide
details of the claim.

There was no date set for the case to be called in court, the
report notes.

Stonewood Homes Ltd and Stonewood Homes New Zealand Ltd went into
liquidation, unchallenged, on April 21, 2016, after a High Court
order. The companies entered receivership in February 2016.  At
the time of liquidation, almost 400 companies and contractors were
owed nearly NZ$20 million by the failed Stonewood Homes companies.

Wisetax Advisory's Robin Gardenbroek was appointed receiver of
Stonewood Homes Ashburton Limited on Oct. 26, according to
Stuff.co.nz.


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


TRANSPORTATION PARTNERS: Moody's Withdraws B2 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 long-term corporate
family rating assigned to Transportation Partners Pte. Ltd., and
the stable outlook on the rating.

RATINGS RATIONALE

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

Incorporated in Singapore in 2011, Transportation Partners is a
lessor of modern aircraft, turboprop aircraft and engines. The
company is principally engaged in purchasing new commercial
aircraft directly from aircraft manufacturers, and leasing those
aircraft under multiyear contracts to airlines.



=============
V I E T N A M
=============


VIETNAM MARITIME: Moody's Affirms 'B3' Bank Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Vietnam Maritime Commercial
Joint Stock Bank's (MSB) local and foreign-currency bank deposit
and issuer ratings at B3/Not Prime, and changed the outlook to
stable from positive.

At the same time, Moody's has also affirmed the bank's baseline
credit assessment (BCA) and Adjusted BCA at caa1.

Moody's has also affirmed MSB's counterparty risk assessment (CRA)
of B2(cr)/Not Prime(cr) and counterparty risk rating (CRR) of
B2/Not Prime.

RATINGS RATIONALE

The change in the outlook to stable from positive reflects Moody's
view that MSB's long-term ratings will remain stable over the next
12 -- 18 months. While the bank is working closely with the
Vietnam Asset Management Company (VAMC) to sell the underlying
collateral to its chunky legacy problem assets, Moody's expects
the actual transaction will take time, given the complex and
lengthy recovery process for problem assets in Vietnam. Any
material recoveries could significantly improve the bank's
solvency profile, but will likely take place beyond the rating
horizon.

MSB's deposit and issuer ratings of B3 incorporate a one-notch
uplift from the bank's BCA of caa1, owing to its expectation of a
moderate probability of support from the Government of Vietnam
(Ba3 stable) in times of need. The moderate government support
assumption for MSB is based on the bank's modest 1% share of
system deposits at year-end 2017, as well as a history of
regulatory forbearance in Vietnam.

The affirmation of MSB's BCA at caa1 reflects the elevated asset
risks in the bank's balance sheet, thin capital buffer in the
context of the bank's large share of assets that Moody's consider
problematic, and weak profitability. MSB's funding and liquidity
is stable, supported by a large pool of liquid assets.

MSB's problem loan ratio was 25% as at the end of March 2018, an
increase from 24% at the end of 2017. Moody's defines problem
loans as the sum of loans in categories 2-5 under Vietnamese
accounting standards and gross bonds issued by the VAMC. As at the
end of March 2018, the size of VAMC bonds remained substantial at
21% of the bank's adjusted gross loans. Given their large size and
very concentrated nature, material recoveries of these legacy
problem assets will significantly improve the bank's asset
quality. That said, Moody's expects the sale of the underlying
collateral will likely take place beyond the rating horizon.

Loss absorbing buffers against MSB's stock of problem assets are
low. While MSB's tangible common equity to adjusted risk weighted
assets ratio of 12.8% at the end of 2017 is the highest among the
Moody's rated Vietnamese banks, the economic capital position of
the bank is weak, in Moody's view, because of the large
provisioning gap.

Moody's expects the bank's profitability to improve slightly over
the next 12 -- 18 months as it grows its loan portfolio. The
return on tangible assets (ROTA) -- which hovered around 0.1% over
the last several years -- will however remain at weak levels owing
to subdued margins as well as high operating and credit costs.

MSB's funding and liquidity are stable. Liquid banking assets
amounted to 48% of total banking assets at the end of March 2018,
providing a robust buffer against funding and liquidity shocks.

WHAT COULD MOVE THE RATING UP

A material reduction in problem assets, including the bank's VAMC
balance, could lead to upward rating pressure. Improved
profitability will also be positive for the rating.

WHAT COULD MOVE THE RATING DOWN

The rating could be downgraded if there is any further
deterioration in asset quality or a material depletion of the
bank's capital buffers in the medium term.

The principal methodology used in these ratings was Banks
published in August 2018.

Vietnam Maritime Commercial Joint Stock Bank, headquartered in
Hanoi, reported total assets of VND123,299 trillion ($5.35
billion) at June 30, 2018.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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