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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, August 20, 2018, Vol. 21, No. 164

                            Headlines


A U S T R A L I A

FEELIN FRUITY: Second Creditors' Meeting Set for Aug. 23
GRADED INVESTMENTS: Second Creditors' Meeting Set for Aug. 24
INTERNATIONAL BUSINESS: Second Creditors' Meeting Set for Aug. 27
LIBERTY FUNDING 2018-1: Moody's Rates AUD9MM Class F Notes 'B1'
ONLINE COMPLIANCE: First Creditors' Meeting Set for Aug. 27

SONAR LABORATORIES: Second Creditors' Meeting Set for Aug. 27
WATER JET: First Creditors' Meeting Set for August 24


I N D I A

AGGARWAL INDUSTRIES: CRISIL Maintains B Rating in Non-Cooperating
AISHWARYA TECHNOLOGIES: Insolvency Resolution Process Case Summary
AISWARYA INFRA: CRISIL Maintains C Rating in Non-Cooperating
AKS VENTURES: CRISIL Maintains B Rating in Non-Cooperating
AMAR PLASTICS: CARE Lowers Rating on INR58.39cr Loan to D

AMBUJA FASHIONS: CRISIL Maintains B Rating in Not Cooperating
ANNAMALAIR TEXTILES: Insolvency Resolution Process Case Summary
ANSHU AUTOMOTIVES: CRISIL Maintains B+ Rating in Not Cooperating
AOV EXPORTS: CRISIL Maintains B+ Rating in Non-Cooperating
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Non-Cooperating

ARNAV AGROTECH: CARE Assigns B+ Rating to INR1.13cr LT Loan
ASHOK TRANSFORMERS: Insolvency Resolution Process Case Summary
BAJAJ ENERGY: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
BOMBAY SLUM: Insolvency Resolution Process Case Summary
CHAKRI FISHERIES: CARE Lowers Rating on INR1.20cr LT Loan to B

CISCONS PROJECTS: CRISIL Maintains D Rating in Not Cooperating
DC INDUSTRIAL: Insolvency Resolution Process Case Summary
DHANEE INTERNATIONAL: CARE Moves D Rating to Non-Cooperating
DHIR GLOBAL: CRISIL Maintains D Rating in Not Cooperating
EKAVIRA VENTURES: Insolvency Resolution Process Case Summary

EMT MEGATHERM: Insolvency Resolution Process Case Summary
ENFIELD APPARELS: Insolvency Resolution Process Case Summary
EURO PALLETS: Insolvency Resolution Process Case Summary
FIELDSPARES SALES: Insolvency Resolution Process Case Summary
FRONTIER LIFELINE: Insolvency Resolution Process Case Summary

HALDIA AGRO: CARE Lowers Rating on INR6.70cr LT Loan to B
HANSRAJ AGROFRESH: Ind-Ra Maintains B+ Rating in Non-Cooperating
HARSHA LINERS: CRISIL Maintains B Rating in Non-Cooperating
HOTEL SUKHAMAYA: CRISIL Maintains B- Rating in Non-Cooperating
INDUSTRIAL PROGRESSIVE: CARE Cuts Rating on INR55cr Loan to D

INTERNATIONAL RECREATIONS: Insolvency Resolution Case Summary
JAISRI SHYAM: CARE Assigns B+ Rating to INR5.62cr LT Loan
JAYARAM TEXTILES: CARE Reaffirms D Rating on INR16.82cr LT Loan
KINDLE DEVELOPERS: Insolvency Resolution Process Case Summary
KMB TRADING: CRISIL Maintains D Rating in Non-Cooperating

KOHINOOR POWER: Insolvency Resolution Process Case Summary
KROFTA PAPERS: CARE Lowers Rating on INR14.50cr LT Loan to D
LEELA GOLD: CRISIL Maintains B- Rating in Non-Cooperating
MAA SHERAWALI: Insolvency Resolution Process Case Summary
MARUTI INTERNATIONAL: CRISIL Moves B+ Rating to Non-Cooperating

MARUTI K KULKARNI: CRISIL Gives B+ Rating to INR18cr Term Loan
MSV LABORATORIES: CRISIL Assigns D Rating to INR9.53cr Loan
NJT GRANITES: CRISIL Maintains B Rating in Non-Cooperating
ORACLE HOME: Insolvency Resolution Process Case Summary
PINGLE BUILDERS: Insolvency Resolution Process Case Summary

R.R. INTERNATIONAL: CARE Assigns B Rating to INR5cr LT Loan
ROYALE EDIBLE: CRISIL Maintains B Rating in Non-Cooperating
PRINS POLYTECH: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
RAHUL COMMERCE: CARE Lowers Rating on INR12.60cr Loan to B+
RAVINDRA KUMAR: CARE Lowers Rating on INR9cr Loan to B-

RBD INTERNATIONAL: CRISIL Maintains D Rating in Non-Cooperating
ROHIT'S HERITAGE: Ind-Ra Maintains B+ Rating in Non-Cooperating
R. SHELADIA DEVELOPERS: Ind-Ra Assigns B+ Rating, Outlook Stable
SHRIRAMRATHI STEELS: Insolvency Resolution Process Case Summary
SIDDHI VINAYAK: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating

SMAAT INDIA: Insolvency Resolution Process Case Summary
SOLACE HEALTHCARE: CRISIL Maintains D Rating in Not Cooperating
SU SOLARTECH: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
TAFCON PROJECTS: Insolvency Resolution Process Case Summary
TALWAR AGENCIES: Insolvency Resolution Process Case Summary

TARANGINI LAYERS: CARE Assigns B+ Rating to INR8.15cr LT Loan
TAVRIDA ELECTRIC: Insolvency Resolution Process Case Summary
TEKNO PRINT: CARE Migrates D Rating to Non-Cooperating Category
TEZALPATTY TEA: CARE Lowers Rating on INR6.35cr LT Loan to D
VARAD LIFESCIENCE: Insolvency Resolution Process Case Summary

WINFAB EQUIPMENTS: CARE Assigns B+ Rating to INR4cr LT Loan
* INDIA: Banks Can Act Vs. Personal Guarantors of Insolvent Cos.


I N D O N E S I A

MITRA PINASTHIKA: Fitch Cuts IDR & Sr. Unsec. Rating to B+/RR4
MODERNLAND REALTY: Moody's Affirms 'B2' CFR & Sr. Unsec. Ratings


M A L A Y S I A

1MDB: Jho Low Takes Refuge in China, Malaysia Says
1MDB: Group That Found $4.2 Billion of Odd Deals Revives Probe


N E W  Z E A L A N D

BELLA VISTA: Tauranga City Council Files Charges in Court


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Hikes Corp. Family Rating to B2


V I E T N A M

VIETNAM EXIMBANK: S&P Alters Outlook to Neg. & Affirms 'B+/B' ICRs


                            - - - - -



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


FEELIN FRUITY: Second Creditors' Meeting Set for Aug. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Feelin Fruity
(Tas) Pty Ltd has been set for Aug. 23, 2018, at 2:30 p.m. at
Gateway Inn, 16 Fenton Street, in Devonport, Tasmania.

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. 22, 2018, at 4:30 p.m.

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


GRADED INVESTMENTS: Second Creditors' Meeting Set for Aug. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   * GRADED INVESTMENTS & DEVELOPMENTS PTY LTD
   * DERPATAYL PTY LTD ATF EDGAR FAMILY TRUST
   * LIVING ON LEE STREET PTY LTD
   * 19 SIDE STREET PTY LTD
   * 7 RAILWAY PTY LTD
   * 15 ALICE PTY LTD
   * 15 NORMAN AVE PTY LTD
   * SHERWOOD APARTMENTS PTY LTD

has been set for Aug. 24, 2018, at 1:00 p.m. at the offices of
SLF Lawyers Brisbane, Level 2, 217 George Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2018, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Graded Investments on June 8, 2018.


INTERNATIONAL BUSINESS: Second Creditors' Meeting Set for Aug. 27
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of International
Business Corporation Pty Limited has been set for Aug. 27, 2018,
at 10:00 a.m. at the offices of Jamieson Louttit & Associates,
Penfold House, Suite 72, Level 15, 88 Pitt Street, in Sydney, NSW.

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

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

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of International Business on May 31, 2018.


LIBERTY FUNDING 2018-1: Moody's Rates AUD9MM Class F Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term ratings to the Notes issued by Liberty Funding Pty Ltd
in respect of the Liberty Series 2018-1 SME. The transaction is a
securitisation of mortgage loans to self-managed superannuation
funds, small-to-medium-sized enterprises and individuals,
originated by Liberty Financial Pty Limited.

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

AUD270.0 million Class A1 Notes, Definitive Rating Assigned Aaa
(sf)

AUD90.0 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)

AUD27.0 million Class B Notes, Definitive Rating Assigned Aa1 (sf)

AUD15.75 million Class C Notes, Definitive Rating Assigned Aa3
(sf)

AUD13.5 million Class D Notes, Definitive Rating Assigned A3 (sf)

AUD11.25 million Class E Notes, Definitive Rating Assigned Baa3
(sf)

AUD9.0 million Class F Notes, Definitive Rating Assigned B1 (sf)

The AUD13.5 million Class G Notes are not rated by Moody's.

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

The portfolio underlying this transaction is comprised of first-
ranking mortgage loans to SMSFs (61.5%), companies (29.3%) and
individuals (9.1%). The loans are secured by residential (62.7%),
commercial (36.2%), or both (1.1%) properties in Australia and
denominated in Australian dollars. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories (1.6%); or made on an alternative (6.8%), or no
documentation (18.3%) basis.

RATINGS RATIONALE

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

Due to the mixed nature of the pool, to perform its analysis,
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the portfolio
to suffer in the event of a severe recession scenario, is 19.3%.
Moody's expected loss for this transaction is 2.7%.

The key transactional features are as follows:

  - The guarantee fee reserve account, which is funded at
AUD2,250,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be replenished
through future excess spread up to its initial funded amount.

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

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

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

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

Other pool features are as follows:

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

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

  - In addition to bullet loans, the portfolio contains 22.3% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and interest.

  - The portfolio exhibits concentration in Victoria, with around
41.8% of loans secured by properties in that state.

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

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

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

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at its absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


ONLINE COMPLIANCE: First Creditors' Meeting Set for Aug. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Online
Compliance Systems Pty Ltd will be held at the offices of Rydges
Parramatta, 116-118 James Ruse Drive, in Rosehill, NSW, on
Aug. 27, 2018, at 2:30 p.m.

Trent McMillen of MaC Insolvency was appointed as administrators
of Online Compliance on Aug. 15, 2018.


SONAR LABORATORIES: Second Creditors' Meeting Set for Aug. 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Sonar
Laboratories Pty. Ltd, trading as Sonar Jewellery, has been set
for Aug. 27, 2018, at 10:30 a.m. at Level 4, 232 Adelaide Street,
in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2018, at 4:30 p.m.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Sonar Laboratories on July 20, 2018.


WATER JET: First Creditors' Meeting Set for August 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Water Jet
International Pty Ltd will be held at the offices of Cor Cordis,
Level 29, 360 Collins Street, in Melbourne, Victoria, on Aug. 24,
2018, at 11:00 a.m.

Glenn J Spooner & Bruno A Secatore of Cor Cordis were appointed as
administrators of Water Jet on Aug. 14, 2018.



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


AGGARWAL INDUSTRIES: CRISIL Maintains B Rating in Non-Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facility of Aggarwal Industries
(AI) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with AI 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 AI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AI 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 AI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AI, a partnership firm set up in 1977, by Mr. Suresh Jain and Mr.
Sudesh Jain, trades in writing and printing paper.


AISHWARYA TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Aishwarya Technologies & Telecom Limited
        1-3-1026 & 27, Kawadiguda
        Behind Hotel Marriot Courtyard
        Hyderabad 500080
        Telangana, India

Insolvency Commencement Date: July 31, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 27, 2019

Insolvency professional: Kranthi Kumar Kedari

Interim Resolution
Professional:            Kranthi Kumar Kedari
                         Flat No 202, D.No:8-3-167/D/49
                         Balaji Kalyan Apartments
                         Next to Axis bank
                         KalyanNagar, Hyderabad 500038
                         E-mail: kranthikumar1980@gmail.com

Last date for
submission of claims:    August 21, 2018


AISWARYA INFRA: CRISIL Maintains C Rating in Non-Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Aiswarya
Infrastructure and Services (AIS) continues to be 'CRISIL C Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         6         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility      2        CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AIS 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 AIS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIS 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 AIS continues to be 'CRISIL C Issuer not
cooperating'.

Set up in 2007, AIS leases warehouses and commercial spaces in and
around the industrial hub of Kakinada (Andhra Pradesh). Mr. M
Venkata Sasidhar, Mr. M Gowtham, and Mr. M Naveen Krishna are
partners in the firm.


AKS VENTURES: CRISIL Maintains B Rating in Non-Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of AKS Ventures Private
Limited (AKS) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        5.9         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit            .75        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)
   Proposed Bank
   Guarantee             7.10        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Cash
   Credit Limit          1.25        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 2006, AKS is engaged in construction of roads,
bridges, and certain irrigation projects. The company also
constructs extra high voltage (EHV), high- and low-tension power
transmission lines and substations. AKS is also engaged in design,
engineering, construction, erection, project management,
supervision and consultancy services for the power irrigation,
survey, soil investigation and mapping and industrial engineering
sectors.


AMAR PLASTICS: CARE Lowers Rating on INR58.39cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Amar Plastics (AP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        58.39      CARE D Revised from CARE BB-;
   Facilities                       Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of AP
factors in the multiple events of delays in debt servicing
obligations over the period of April 2018 to June 2018. AP's
ability to establish a track record of timely servicing of debt
obligations with improvement in liquidity position is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There were multiple events of delays have
been observed in principal repayment of dropline overdraft and
term loan over the period of April 2018 to June 2018.

Amar Plastics (AP), a partnership firm established in September
1973, is part of the Prince Group of companies promoted by the
Chheda family. The entity since inception was engaged in the
business of plastic-moulded articles especially household,
storage, crates and other industrial items, under the well-known
brand name of "PRINCE" in all segments of plastic articles. AP
since 2011 has ventured into commercial leasing. Amar Plastics has
leased a commercial property Arena House located at Andheri
(East), Mumbai. The property is located at MIDC, Andheri, and has
a total leasable area of 1.34 lakh square feet (lsf) out which
92.53% is leased.


AMBUJA FASHIONS: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ambuja Fashions
Private Limited (AFPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with AFPL 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 AFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AFPL 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 AFPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AFPL, incorporated in 1989 as a proprietorship firm was
reconstituted as a private limited company under the Directorship
of Ms. Pinky Agarwal and Mr. Mukesh Agarwal. AFPL is a part of the
Anjani group. The promoters have 5-10 years of relevant
experience. The company trades grey clothes as well as sells bed
sheets. The entire process of converting grey cloth into fabric is
outsourced to local vendors. The company rents warehouse facility
as and when required, because most of its goods are delivered
directly to customers.


ANNAMALAIR TEXTILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Annamalair Textiles Private Limited

        Registered Office:
        Seetha Venkatesh Mill Premises
        387 Sembiam Road (Old 270)
        Kathirvedu, Pozhal Post, Chennai 600066

        Factory:
        Dindugal, Madurai Road
        Begampur Post, Dindugal 624002

Insolvency Commencement Date: August 7, 2018

Court: National Company Law Tribunal, Tirupur Bench

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

Insolvency professional: CA. N. Sivachalam

Interim Resolution
Professional:            CA. N. Sivachalam
                         12, Govindarajalu Street (Stanes Road)
                         Avinashi Road, Tirupur 641602
                         E-mail: sivachalamca@gmail.com
                                 sivachalamip@gmail.com

Last date for
submission of claims:    August 21, 2018


ANSHU AUTOMOTIVES: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anshu Automotives
Private Limited (AAPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.9        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           4          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        0.6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AAPL 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 AAPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
AAPL 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 AAPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating.

AAPL was set up in 2007 by Mr. Ajay Naidu. It is an exclusive
authorised dealer for Force Motors Ltd in the Telangana region.
The company is based in Hyderabad.


AOV EXPORTS: CRISIL Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of AOV Exports Private
Limited (AOV) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          1.25      CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Bill Discounting        3.00      CRISIL A4 (ISSUER NOT
   under Letter of                   COOPERATING)
   Credit

   Foreign Currency        3.34      CRISIL B+/Stable (ISSUER NOT
   Term Loan                         COOPERATING)

   Post Shipment Credit   25         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Pre Shipment Credit    55         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      5.36      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               7.05      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with AOV 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 AOV. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for AOV
is consistent with 'Scenario 1' outlined in '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 AOV continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2001, AEPL is based in Noida (Uttar Pradesh) and
is the flagship entity of the AOV group. The company processes and
exports frozen boneless buffalo meat. The key promoter, Mr. O P
Arora, has around 18 years of experience in the meat products
industry. AEPL has one manufacturing facility in Unnao in (Uttar
Pradesh).


ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Non-Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Aradhana Distributors
Private Limited (ADPL) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.

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

   Proposed Fund-        0.79       CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with ADPL 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 ADPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADPL 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 ADPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.


ARNAV AGROTECH: CARE Assigns B+ Rating to INR1.13cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Arnav
Agrotech (AA), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            1.13       CARE B+; Stable Assigned

   Short-term
   Facilities            4.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AA are constrained
by its short track record with small scale of operation,
constitution being a partnership firm, regulated, fragmented and
competitive nature of the industry, high working capital intensity
with exposure to vagaries of nature. However, the aforesaid
constraints are partially offset by its experienced partners close
proximity to raw material sources and stable demand outlook of
rice and comfortable capital structure with moderate debt coverage
indicators.

The ability of the firm to grow its scale of operation and
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners: Although, the firm has a short track record
of operation, the partners have adequate experience in different
business like trading of petrochemicals and rubber recycling
business. Mr. Sailesh Didwania (aged, 35 years), having more than
a decade of business experience looks after the day to day
operations of the firm along with other partners Mr. Saurabh
Didwania, Mrs. Neha Didwania and Mrs. Mamta Didwania and a team of
experienced professionals who have rich experience in the similar
line of business.

Close proximity to raw material sources and favourable industry
scenario: AA's plant is located at Jangir-Champa district which is
in the midst of paddy growing state i.e. Chhattisgarh. The entire
raw material requirement is met locally from the farmers (or local
agents) which helps the firm to save on substantial amount of
transportation cost and also procure raw materials at effective
prices. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the entity remained
comfortable marked by long term debt equity and overall gearing
ratio remaining at 0.56x and 0.75x, respectively, as on March 31,
2018. Moreover, the debt coverage indicators also remaining
satisfactory as marked by satisfactory total debt to GCA ratio of
2.95x and comfortable interest coverage ratio of 4.93x in FY18.

Key Rating Weaknesses

Constitution as a partnership firm: AA, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partner would be the key factors affecting
credit decision for the lenders.

Short track record with small scale of operations: The firm has
started commercial operation from 2015 and thus has short track
record of operations. AA is a relatively small player in rice
milling industry with revenue and PAT of INR2.26 crore and INR0.39
crore respectively, in FY18 (provisional). Further, the capital
base and total capital employed was low at INR2.30 crore and
INR4.04 crore, respectively, as on March 31, 2018 (provisional).
This apart, the PBILDT and PAT margin were moderate at 32.74% and
17.25% respectively, during FY18. The small size restricts the
financial flexibility of the firm in times of stress and it
suffers on account of economies of scale. Moreover, the firm has
achieved a turnover of INR0.30 crore for Q1FY19.

Regulated nature of the industry: The Government of India (GoI)
decides a minimum support price (MSP-to be paid to paddy growers)
for paddy every year limiting the bargaining power of rice millers
over the farmers. The MSP of paddy was increased during the crop
year 2018-19 to INR1750/quintal from INR1550/quintal in crop year
2017-18. Given the market determined prices for finished product
vis-a-vis fixed acquisition cost for paddy, the profitability
margins are highly volatile. Such a situation does not augur well
for the firm, especially in times of high paddy cultivation.

Fragmented and competitive nature of the industry: AA's plant is
located in Janjgir- Champa district which is in close proximity to
hubs for paddy/rice cultivating region of Chhattisgarh. Owing to
the advantage of close proximity to raw material sources, large
number of small units is engaged in milling and processing of rice
in the region. This has resulted in intense competition which is
also fuelled by low entry barriers. Given that the processing
activity does not involve much of technical expertise or high
investment, the entry barriers are low.

High working capital intensity and exposure to vagaries of nature
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the
next season as the price and quality of paddy is better during the
harvesting season. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the firm's operation to
vagaries of nature. Accordingly, the working capital intensity
remains high leading to higher stress on the financial risk
profile of the rice milling units. Accordingly, the average
utilization of working capital limits was around 64% during last
12 months ended July, 2018.

Arnav Agrotech (AA) was established as a partnership firm in 2015.
The firm is engaged in milling of non-basmati rice on job-work
basis for Food Corporation of India. Further, the firm also sells
rice bran, husk, paddy and broken rice in the open market (which
contributes around 59% of total turnover of FY18) and also
primarily engaged in trading of rice bran (which contributes
around 16% of total turnover of FY18) The milling unit of Arnav
Agrotech is located at Madwa gram, Dist- Janjgir- Champa,
Chhattisgarh with processing capacity of 1,20,000 quintals per
annum (QPA). The firm is promoted by Chhattisgarh based Didwania
family.

Mr. Sailesh Didwania (aged, 35 years), having more than a decade
of business experience looks after the day to day operations of
the firm along with other partners Mr. Saurabh Didwania, Mrs. Neha
Didwania and Mrs. Mamta Didwania and a team of experienced
professionals who have rich experience in the similar line of
business.


ASHOK TRANSFORMERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/S Ashok Transformers Private Limited
        Road No12, Udyognagar, Udhna, Surat 394 210
        Gujarat, India

Insolvency Commencement Date: July 25, 2018

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: January 21, 2019

Insolvency professional: Sachin Dinkar Bhattbhatt

Interim Resolution
Professional:            Sachin Dinkar Bhattbhatt
                         A-103, Yogiraj Villa 2
                         Behind Iscon Heights
                         Kunal Cross Roads, Gotri-Laxmipura Road,
                         Gotri, Vadodara, Gujarat
                         E-mail: Sachin.bhattbhatt@gmail.com

                            - and -

                         212, Atlantis K10, B Tower,
                         Opp. Honest Restaurant
                         Near Genda Circle, Sarabhai Road
                         Vadodara, Gujarat 390007

Last date for
submission of claims:    August 18, 2018


BAJAJ ENERGY: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bajaj Energy
Limited's (BEL) bank facilities' ratings as follows:

-- INR13.341 bil. (reduced from INR14.446 bil.) Term loan (Long-
    term) due on September 2035 affirmed with IND D rating;

-- INR9.50 bil. Working capital facility (Long-term/Short-term)
    affirmed with IND D rating; and

-- INR570 mil. Non-fund-based facility (Long-term/Short-term)
    affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects BEL's continued delays in debt servicing
during July 2018 due to a stretched liquidity position. BEL has
confirmed that debt servicing was timely from April to June 2018.
The combined impact of high debt repayment till FY22 and tariff-
related changes proposed by BEL will keep debt service coverage
low at around 1x. Thus, the project remains vulnerable to any
decrease in revenue, and increase in operating and interest costs.
BEL receives payments directly from the off-taker, Uttar Pradesh
Power Corporation Limited (UPPCL, 'IND A+ (SO)'/ Stable) with a
delay of about four months. Thus, non-operation of an escrow
mechanism is a concern.

The dispute on power purchase agreements (PPAs) with UPPCL was
resolved, after Uttar Pradesh Electricity Regulatory Commission in
its order dated January 3, 2018, ruled PPAs are to be treated to
have existed in continuity. From the date of Uttar Pradesh
Electricity Regulatory Commission's order, BEL is entitled to
variable charges after considering the agreed changes in
parameters and costs, contributing to reduction in variable
charges. BEL offered to improve heat rate, reduce auxiliary power
consumption and specific fuel oil consumption considered for
tariff calculation, reduce road transportation charges for coal by
5 paise/kWh and offer a discount on freight charges until coal
supply is shifted to Northern Coalfields Limited from Central
Coalfields Limited.

BEL asserts that discounts relating to operating parameters can be
met with alteration in plants without any major increase in
operational costs or additional investments. Also, as per
management, optimization in road logistics would reduce costs and
not impact the company's net cash flows. However, cash outflow
because of discount on freight charges will impact the debt
servicing capability until the shift of coal source to Northern
Coalfields. The effect of discount offered on freight charges will
depend upon coal demand.

In FY18, BEL recorded plant availability and plant load factor of
87% (FY17: 85%) and 24% (54%), respectively.

BEL is yet to settle an INR30 million penalty imposed by one of
the lenders for non-creation of security. The company claims to
have completed the security creation and has requested waiver of
the penalty.

RATING SENSITIVITIES

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

COMPANY PROFILE

BEL, a part of the Shishir Bajaj Group, has implemented five 90MW
plants at different locations in Uttar Pradesh. These plants
achieved commercial operations in April 2012, and operation and
maintenance is managed in-house. BEL is fully-owned by Bajaj Power
Ventures Private Limited, which also owns Lalitpur Power
Generation Company Limited. Lalitpur Power Generation Company has
developed 1,980MW coal-based power project and sells power to
UPPCL under a long-term PPA.

At March 31, 2018, BEL had outstanding debt of INR14,977 million
(including rated term loan of INR13,341 million).


BOMBAY SLUM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bombay Slum Redevelopment Corporation Private Limited
        605, Trade Centre, Bandra Kurla Complex
        Bandra (E)
        Mumbai, Maharashtra 400051, India

Insolvency Commencement Date: August 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Arun Kapoor

Interim Resolution
Professional:            Arun Kapoor
                         G-601, Army Co-operative Housing Society
                         Sector-09, Nerul (East)
                         Navi Mumbai, Maharashtra 400706
                         E-mail: arun.kapoor58@yahoo.in

                            - and -

                         c/o Sumedha Management Solutions Pvt Ltd
                         C wing 703, Marathon Innova
                         Off. G K Marg, Lower Parel (W)
                         Mumbai 400013
                         E-mail: bsrcpl@sumedhamanagement.com

Classes of creditors:    Class I - Allottees under Real Estate
                         Project

Insolvency
Professionals
Representative of
Creditors in a class:    Class I -
                         Mr. Arundeep Singh Pathania
                         76-B, 32, Brindavan Society
                         Thane, Maharashtra, 400601
                         E-mail: pathanias@perchadvisors.com

                         Mr. Nitin Hansraj Rajda
                         B 203, Vasant Marvel GRACE
                         Next to Magathane Telephone Exchange
                         Borvili East, Mumbai City
                         Maharashtra, 400066
                         E-mail: nrajda1@yahoo.com

                         Mr. Devendra Rameshchand Dhanesha
                         B7/2nd Floor, Skyland CHS Ltd.
                         Admar Mutt Lane, S.V. Road
                         Andheri (W), Mumbai City
                         Maharashtra 400058
                         E-mail: drdeven.irp@gmail.com

Last date for
submission of claims:    August 23, 2018


CHAKRI FISHERIES: CARE Lowers Rating on INR1.20cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chakri Fisheries Private Limited (CFPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        1.20       CARE B; Stable Issuer not
   Facilities                       cooperating; based on best
                                    available information.
                                    Revised from CARE B+; stable
                                    Issuer not cooperating

   Short-term Bank      12.25       CARE A4; Issuer not
   Facilities                       cooperating; Based on
                                    best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CFPL to monitor the rating
vide e-mail communications/ letters dated April 26, 2018, May 11,
2018, June 5, 2018, June 7, 2018, July 4, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of publicly available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on Chakri Fisheries Private Limited bank facilities will
now be denoted as CARE B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Chakri Fisheries
Private Limited (CFPL) continue to be tempered by Short
track record and small Scale of operations, Elongated operating
cycle, leveraged capital structure and weak debt coverage
indicators albeit remained weak.

The rating also factors in decrease in total operating income,
improvement in PAT margin and decline in PBILDT margin.
The ratings are, however, underpinned experience of the promoter
for more than a decade in sea food industry and
location of plant in aquaculture zone.

Going forward, the ability of the firm to, increase its scale of
operations, improve its profitability margins and manage
timely payments from customers would be the key rating
sensitivities

Detailed description of the key rating drivers

At the time of last rating May 8, 2017, the following were the
rating strengths and weaknesses:

Key Rating Weakness

Short track record and small Scale of operations: CFPL was
incorporated in the year 2014 and started its commercial operation
from February 2014. The scale of operations of the company is
small marked by total operating income of INR17.63 crore in FY17
(refers to the period April 1 to March 31) coupled with low net
worth of INR2.63 crore as on March 31, 2017, as compared with
other peers in the industry. Improved capital structure and debt
coverage indicators The overall gearing ratio of the company
improved from 3.04 as on March 31, 2016 to 2.69x as on March 31,
2017 due to increase in tangible networth , still remained
leverage The debt coverage indicators of the company marked by
debt/GCA of the company improved from 20.18x in FY16 to 17.63x in
FY17 due to increase in gross cash accruals. Interest coverage
ratio is improved from 1.45x in FY16 to 1.55x in FY17 due to
decrease interest cost.

Elongated operating cycle: The operating cycle days of the firm
increased from 142 days in FY16 to 145 days in FY17 due to
increase in inventory days and collection period.

Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: The company has to
stock shrimps for export during the off season, thus increasing
its inventory levels. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to
pose risk in the raw material procurement. Furthermore, due to
limited value addition nature of business and less technological
input entry barriers are low. As a result, processed sea food
industry is highly competitive with the presence of a large number
of Indian players as well as players from other international
market. Furthermore, exports of sea food is highly regulated, as
exporters of sea food have to meet various regulations imposed by
importing nations as well as imposed by the Indian government.

Profitability margins are susceptible to fluctuation in foreign
exchange prices: The company generates 100% of revenue through
export sales therefore the profitability margins of the company
are susceptible to fluctuation in foreign exchange prices on
account of absence of hedging mechanism.

Key Rating Strengths

Experience of the promoters for a decade in sea food industry:
CFPL was incorporated in the year 2014, promoted by Mr Sheshadri
Chowdary Putchakayala (Managing Director) and Ms Sireesha
Putchakayala (Director). Both the directors are qualified
engineers having a decade of experience in the sea food
industry. The directors are actively involved in the day-to-day
operations of the company. Mr Rajendra Prasad (F/o. Mr Sheshadri
Chowdary) has more than three decades of experience in sea food
industry and looks after the marketing activities. He is a
qualified graduate and promoter of KAMEPL. Due to long-term
presence in the market, the promoters have good relations with
suppliers and customers.

Growth in the total operating income and moderate profitability
margins during review period: The total operating income decreased
from INR 17.83 crore in FY16 to INR 17.63 crore in FY17 CFPL has
moderate profitability margins during review period. The PBILDT
margin of the company deteriorated from 8.56% in FY16 to 8.42% in
FY17 due to increase in employee cost and other expenses. The PAT
margin of the company improved from 1.83 % in FY16 to 1.91% in
FY17.

Plant located in aquaculture zone: The plant location of the
company is located in aquaculture Zone near the coastal area of
Andhra Pradesh, which enables the company to procure raw materials
and send the same for process immediately after harvest. This
results in better quality product as well as lowers the
transportation cost.

Chakri Fisheries Private Limited (CFPL) was incorporated in the
year 2014 and promoted by Mr Seshadri Chowdary Putchakayala and Ms
Sireesha Putchakayala. The company is engaged in processing and
export of shrimps to overseas locations like Vietnam, Spain,
Thailand and Netherland. CFPL is 100% Export Oriented Unit (EOU).
CFPL procures shrimp from local farmers based out at Ongole
(Andhra Pradesh). The processing of shrimps is undertaken by the
Kalyan Aqua & Marine Exports India Private Limited (KAMEPL) under
job work process.

In FY17, CFPL had a Profit after Tax (PAT) of INR0.34 crore on a
total operating income of INR17.63 crore, as against PAT
and TOI of INR0.33 crore and INR17.83 crore, respectively, in
FY16.


CISCONS PROJECTS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Ciscons Projects
Private Limited (Ciscons) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              2.75      CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility    13.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              1         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Ciscons 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 Ciscons, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Ciscons
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 Ciscons continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).


DC INDUSTRIAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: DC Industrial Plant Services Private Limited
        6A South Block, Park Plaza
        71 Park Street
        Kolkata, West Bengal
        India 700016

Insolvency Commencement Date: July 30, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 26, 2019
                               (180 days from commencement)

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company
                         16A Shakespeare Sarani 5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com

Last date for
submission of claims:    August 16, 2018


DHANEE INTERNATIONAL: CARE Moves D Rating to Non-Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Dhanee
International to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.25      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Dhanee International to
monitor the rating(s) vide e-mail communications/ letters dated
July 13, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Dhanee
International's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating takes into consideration delays in debt servicing
obligation on account of weak liquidity as the firm is unable to
generate sufficient funds on timely manner.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligation: There are delays in the
repayment of the term loan obligation and there are instances
of over utilization of cash credit limit and export packing credit
for more than 30 days. The account has been classified as
NPA in April, 2016.

Highly competitive and fragmented industry: The firm operates in
highly fragmented textile manufacturing industry wherein the
presence of large number of entities in the unorganized sector and
established players in the organized sector limits the bargaining
power with customers. Further, the firm is also exposed to
competitive pressures from domestic players as well as from
players situated in China and Bangladesh.

Dhanee International (DHI) is a proprietorship firm established in
2006 by Mrs. Aruna Bindra. DHI is engaged in the manufacturing of
readymade garments at its manufacturing facility located at
Ludhiana, Punjab which has a total installed capacity of 4.5 Lakh
pieces of textiles per annum. The firm is also engaged in trading
of fabric The product line of the firm mainly comprises cotton
fabric, acrylic fabric, polyester fabric, sinker fabric, t-shirts,
trousers, shirts, lowers etc. DHI ventured into export business
majorly w.e.f April, 2014 The firm sells its products to various
wholesalers located in UAE and also supplies the same to
wholesalers and retailers located in Punjab.


DHIR GLOBAL: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhir Global
Industria Private Limited (DGIPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Bill          6          CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Letter of Credit      9          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        0.6        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit        9          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.9        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with DGIPL 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 DGIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DGIPL 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 DGIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his
family in 1999. It manufactures readymade garments sold in
domestic and export markets Its manufacturing facility is in
Gurgaon.


EKAVIRA VENTURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ekavira Ventures Limited
        20/A, 1st Floor, Plot No.1646/48,18
        Bhagya Laxmi Building,
        J.S.S. Marg, Kennedy Bridge
        Girgaon, Mumbai 400004
        Maharashtra, India

Insolvency Commencement Date: July 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 25, 2019

Insolvency professional: Pranav Damania

Interim Resolution
Professional:            Pranav Damania
                         407, Sanjar Enclave
                         Above Mahindra Showroom, Opp. PVR Cinema
                         S.V. Road, Kandivali West
                         Mumbai 400067
                         E-mail: pranav@winadvisors.co.in

Last date for
submission of claims:    August 12, 2018


EMT MEGATHERM: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: EMT Megatherm Private Limited
        1 Taratala Road
        Kolkata 700088

Insolvency Commencement Date: July 31, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 27, 2019
                               (180 days from commencement)

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave, 25/1A/1
                         Naktala Road
                         Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         251/A/6 NSC Bose Road
                         Kolkata 700047

Last date for
submission of claims:    August 20, 2018


ENFIELD APPARELS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Enfield Apparels Limited
        4/1A, Jagmohan Mullick Lane
        Kolkata 700007
        West Bengal, India

Insolvency Commencement Date: August 6, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No 13A 33A
                         J.L. Nehru Road, Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    August 21, 2018


EURO PALLETS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Euro Pallets Private Limited
        B-101, Universal Paradise, Nanda Patkar Road
        Vile Parle (East), Mumbai MH 400057 IN

Insolvency Commencement Date: July 17, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 14, 2019
                               (180 days from commencement)

Insolvency professional: Santanu T. Ray

Interim Resolution
Professional:            Santanu T. Ray
                         AAA Insolvency Professionals LLP
                         1343 Regus, Level 13,
                         Platinum, TechnoPark,
                         Plot  17-18, Sector 30A, Vashi,
                         Navi Mumbai, Maharashtra 400705
                         E-mail: santanutray@aaainsolvency.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash - I
                         New Delhi 110048
                         E-mail: euro.pallets@aaainsolvency.com

Last date for
submission of claims:    August 1, 2018


FIELDSPARES SALES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Fieldspares Sales & Services Private Limited
        Bhaskar, Near MLA Hostel Civil Lines
        Nagpur, Maharashtra 440001

Insolvency Commencement Date: July 25, 2018

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 21, 2019

Insolvency professional: Balkrishan Sharma

Interim Resolution
Professional:            Balkrishan Sharma
                         Flat No.302, 3rd Floor, Om Apartment
                         Plot No. 667 & 670, Sector-20
                         Nerul (W)
                         Navi Mumbai, Maharashtra 400706
                         E-mail: balkrishanassociates@gmail.com
                                 irp.fsspl@gmail.com

Last date for
submission of claims:    August 16, 2018


FRONTIER LIFELINE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Frontier Lifeline Private Limited
        R30C, Ambattur Industrial Estate Road
        Chennai 600101

Insolvency Commencement Date: August 2, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 29, 2019

Insolvency professional: S Rajagopal

Interim Resolution
Professional:            S Rajagopal
                         C/o S Rajagopal and Associates
                         11/108, 4th Street, Karpagam Avenue
                         R.A. Puram, Chennai 600028
                         E-mail: centaur_sr@yahoo.com
                                 sribcip@gmail.com
                                 sra.irp@gmail.com

Last date for
submission of claims:    August 16, 2018


HALDIA AGRO: CARE Lowers Rating on INR6.70cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Haldia Agro Private Limited (HAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        6.70       CARE B; Stable; ISSUER NOT
   Facilities                       COOPERATING; Revised from
                                    CARE B+; Stable Based on best
                                    Available information

Detailed Rationale and key rating drivers

CARE has been seeking information from HAPL to monitor the rating
vide e-mail communications/letters dated April 30, 2018, June 5,
2018, June 18, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on HAPL's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

The rating takes into account its small scale of operation with
low profit margins, volatile raw material prices with linkages
to vagaries of the monsoon, regulated nature of the industry,
leveraged capital structure with moderate debt coverage
indicators, working capital intensive nature of business and
intense competition. The rating, however, continues to draw
comfort from its experienced promoters, satisfactory track record
of operation and satisfactory demand outlook of the
products.

Detailed description of the key rating drivers

At the time of last rating done on May 17, 2017, the following
were the rating strengths and weaknesses: (updated for the
information available from Registrar of Companies)

Key Rating Weaknesses:

Small scale of operations: HAPL is a relatively small player in
the industry. The total turnover and PAT of the company stood at
INR29.89 crore and INR0.27 crore respectively, during FY17.
Furthermore, the net worth base and total capital employed was at
INR4.32 crore and INR10.25 crore, respectively, as on March 31,
2017.

Volatile raw material prices with linkages to vagaries of the
monsoon and regulated nature of the industry: HAPL is primarily
engaged in the processing of wheat products. Wheat being an
agricultural produce and staple food, its price is subject to
intervention by the government. Further to be noted, the prices of
wheat are also sensitive to seasonality, which is highly dependent
on monsoon. Any volatility in the wheat prices will have an
adverse impact on the performance of the flour mill.

Intensely competitive nature of the industry with the presence of
many unorganized players: Flour milling industry is highly
fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. West Bengal and nearby
states are a major wheat growing area with many flour mills
operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative
bearing on the profitability.

Working capital intensive nature of business: Average CC
utilization during last 12 months ending on July 31, 2018, was
90%.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by high overall gearing ratios at 1.37x in FY17.
Moreover, the debt coverage indicators remained moderate marked by
interest coverage ratio of 1.96x and total debt to GCA of 9.82x in
FY17.

Key Rating Strengths:

Experienced Promoter: Mr Satyabrata Das has more than two decades
of experience in the same line of industry, looks after the day to
day operations of the company. He is supported by other directors
Mr Debabrata Das, Mr Devendra Kumar Singh and Mr Dhirendra Kumar
Singh along with a team of experienced professionals.

Satisfactory track record of operation: The company is in
operations since 2005 and thus has more than a decade of
track record of operations.

Satisfactory demand outlook of the products: Wheat based products,
viz. Maida, Suji and Atta have large consumption across the
country in the form of bakery products, cakes, biscuits and
different types of food dishes in homes and restaurants. The
demand has been driven by the rapidly changing food habits of the
average Indian consumer, dictated by the lifestyle changes in the
urban and semi-urban regions of the country.

Incorporated in 2005, Haldia Agro Private Limited (HAPL) was
promoted by Mr. Satyabrata Das and Mr. Debabrata Das. Since its
incorporation, the company is engaged in flour milling activities
in Haldia, West Bengal. The company manufactures atta, maida, bran
and sooji with installed capacity of 54,000 MTPA.


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

The instrument-wise rating actions are:

-- INR92.98 mil. Term loan maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR2.97 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2014, Hansraj Agrofresh manufactures ready-to-
serve fruit juices in Siliguri, West Bengal.


HARSHA LINERS: CRISIL Maintains B Rating in Non-Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Harsha Liners Private
Limited (HLPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         3.96       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Cash
   Credit Limit           2.04       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with HLPL 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 HLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HLPL 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 HLPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

KIL was incorporated in April 1992 as a private limited company;
in March 1998, it was reconstituted as a public limited company.
The group manufactures products such as cylinder liners, aluminium
block liners, piston rings, valve seats and guides, centrifugal
castings, scraps, and pallets.  HLPL, a subsidiary of KIL,
manufactures cylinder liners. The group is based in Vijayawada
(Andhra Pradesh).


HOTEL SUKHAMAYA: CRISIL Maintains B- Rating in Non-Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Hotel Sukhamaya
Private Limited (HSPL) continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        0.75        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           2           CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan             4.25        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with HSPL 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 HSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HSPL 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 HSPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

HSPL, incorporated in 1981, operates a three-star hotel named The
Crown in Bhubaneswar (Orissa). The hotel has facilities such as a
swimming pool, a health club, a bar, four banquet halls, and three
restaurants.


INDUSTRIAL PROGRESSIVE: CARE Cuts Rating on INR55cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Industrial Progressive (India) Limited (IPIL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      55.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B-, Issuer
                                  not cooperating. Based on the
                                  best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from IPIL to monitor the
rating vide email communications dated July 11, 2018, June 7, 2018
and Apr 7, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extent
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating of
Industrial Progressive India Limited's bank facilities will now be
denoted as CARE D: ISSUER NOT COOPERATING.

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

The revision in the ratings assigned to the Bank facilities of
Industrial Progressive India Limited takes into consideration
the ongoing delays in the debt servicing by the company.

Industrial Progressive (India) Limited (IPIL), promoted by Mr.
Subash Goel and his associates, was incorporated on Nov. 19, 1984
as a public limited company. However, the company started its
operations from 1992 onwards with initial capacity of 2 lakh
litres per day (LLPD) of milk. Mr. Rajesh Gandhi, MD looks after
the operations of the company. The original promoter Mr. Goel had
sold his stake to Mr. Gandhi in Sept 2010.

The company is engaged in the manufacturing of various Milk
products under the brand name "Doaba" and "Milk Country". "Doaba"
caters to North India especially Haryana and Rajasthan whereas
"Milk Country" caters to the demand of Andhra Pradesh, Kerala and
Tamil Nadu. The manufacturing products range of the company
includes Ghee, Skimmed Milk Powder (SMP), Butter, Casein, Whey
Powder and Liquid Milk.


INTERNATIONAL RECREATIONS: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: M/s International Recreations and Amusement Limited

        Registered Office:
        Metro Walk, Sector 10 Rohini
        Near Rithala Metro Station
        New Delhi, North West Delhi 110085

        Place of Maintenance of Books of Accounts:
        Appu Ghar, Sector 29 Adjoining Huda City Centre
        Metro Station Gurugram 122002
        Haryana

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Arun Chadha

Interim Resolution
Professional:            Mr. Arun Chadha
                         727, Brahmpuri, Meerut - 250002
                         Uttar Pradesh
                         E-mail: chadharun@yahoo.com

                              - and -

                         E-95/2, Narayana Vihar,
                         New Delhi 110028
                         E-mail: cirp.iral@gmail.com

Classes of creditors:    Allottees/Investors under the Real Estate
                         Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rohit Aggarwal
                         P7B, Green Park Extension
                         New Delhi 110016
                         E-mail: rohit@nkumarandaggarwal.com

                         Mr. Sudhir Kumar Agarwal
                         415, Naurang House, 21,
                         Kasturba Gandhi Marg
                         New Delhi 110001
                         E-mail: ska003@gmail.com

                         Rakesh Kumar Agarwal
                         402, Tower-B, NRI Residency, Sector-45
                         Gautam Budh Nagar, Noida 201301
                         E-mail: rakesh.ag54@gmail.com

Last date for
submission of claims:    August 20, 2018


JAISRI SHYAM: CARE Assigns B+ Rating to INR5.62cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jaisri
Shyam Food Products Private Limited (JSFPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.62       CARE B+; Stable Assigned

   Short-term
   Facilities            0.24       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JSFPPL are
constrained by post project stabilization risk, regulation by
government in terms of MSP, seasonal nature of availability of raw
material resulting in high working capital intensity and exposure
to vagaries of nature, intensely competitive nature of the
industry with presence of many unorganized players. However, the
aforesaid constraints are partially offset by its experienced
management, close proximity to raw material sources and favorable
industry scenario.

The ability of the company to achieve the projected scale of
operations and profitability as envisaged in the project scope
and ability to manage working capital requirements effectively
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management: Although, the company is still in its
nascent stage of operation, the directors have adequate experience
in different business like trading of rice and trading of
agricultural equipment industry. The day to day activities of the
company are looked after by Mr. Ajay Poddar (aged, 50 years) and
Mr. Kirodimal Agrawal (aged, 57 years) along with a team of
experienced professionals who have rich experience in the similar
line of business.

Close proximity to raw material sources and stable demand outlook
of rice: Jaisri Shyam Food Products Private Limited's plant is
located in Burdwan District, West Bengal which is in close
proximity to the paddy growing areas of the state. The entire raw
material requirement is met locally from the farmers (or local
agents) helping the entity to save simultaneously on
transportation cost and paddy procurement cost. Further, rice
being a staple food grain with India's position as one of the
largest producer and consumer, demand prospects for the industry
is expected to remain good in near to medium term. Rice, being one
of the primary food articles in India, demand is high throughout
the country and with the change in life style and health
consciousness; by-products of the same like rice bran oil etc. are
in huge demand.

Key Rating Weaknesses

Post project stabilization risk: Jaisri Shyam Food Products
Private Limited has set up a rice milling and processing unit in
Burdwan (West Bengal). The project was completed and the company
has started its commercial operation from December 2017. The
company achieved a turnover of around INR9.66 crore for the period
December 2017 to March 2018. The availability of raw materials and
demand of boiled rice and rice bran in the market are few of the
factors on which rice milling business depends. Hence, there is
post project stabilization risk involved with respect to which the
ability of revenue generation of the company on a sustainable
basis as envisaged in the project scope needs to be seen.

Regulation by Government in terms of minimum support price (MSP)
The Government of India (GoI), every year decides a minimum
support price (MSP) to be paid to paddy growers which limits the
bargaining power of rice millers over the farmers. The MSP of
paddy increased during the crop year 2018-19 to INR1750/quintal
from INR1550/quintal in crop year 2017-18. Given the market
determined prices for finished product vis-a-vis fixed acquisition
cost for raw material, the profit margins are highly vulnerable.

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature:
JSFPPL is primarily engaged in the processing of rice products in
its rice mills. Paddy is mainly a 'kharif' crop and is cultivated
from June-July to September-October and the peak arrival of crop
at major trading centres begins in October. The cultivation of
paddy is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.
Also, agro products cultivation is highly dependent on monsoons,
thus exposing the fate of the company's operation to vagaries of
nature.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented
and competitive due to presence of many small players operating in
this sector owing to its low entry barriers due to low capital and
technological requirements. Burdwan and nearby districts of West
Bengal are a major paddy growing area with many rice mills
operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative
bearing on the profitability.

Jaisri Shyam Food Products Private Limited (JSFPPL) was
incorporated as a Private Limited Company on December 19,
2013. However, after remaining dormant for almost five years, the
company started commercial operation from December, 2017. The
company has set up a rice milling and processing unit at Burdwan,
West Bengal with an installed capacity of 15,000 MTPA. The project
cost was INR6.14 crore, which was financed by way of promoter's
contribution of INR4.33 crore and term loan from bank of INR1.81
crore. The project has been completed and the company has started
commercial operation from December, 2017.  The day to day
activities of the company are looked after by Mr. Ajay Poddar
(aged, 50 years) and Mr. Kirodimal Agrawal (aged, 57 years) along
with a team of experienced professionals who have rich experience
in the similar line of business.


JAYARAM TEXTILES: CARE Reaffirms D Rating on INR16.82cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jayaram Textiles (JT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            16.82      CARE D Reaffirmed

   Short-term Bank
   Facilities             0.18      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JT continue to be
constrained by ongoing delays in servicing its debt obligations,
decline in PBILDT margin, deterioration in debt protection
metrics, working capital intensive nature of operations and
intense competition in a highly fragmented industry structure.
However, the ratings derive comfort from vast experience of
promoters for more than two decades in weaving business and
Moderate capital structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing the debt obligations: The banker has
indicated that there are on-going delays in servicing the
principal and interest commitments in both the term loans for the
months of May 2018, June 2018 and July 2018 and there are
overdrawals observed in the cash credit account.

Decline in PBILDT margin: The PBILDT margin of the firm declined
from 19.85% in FY17 to 13.83% in FY18 on the back of increased
cost of sales. The PAT margin also declined from 4.85% in FY17 to
4.59% in FY18, associated with decrease in PBILDT margin.

Deterioration in debt protection metrics: The debt protection
metrics deteriorated in FY18 marked by TD/GCA of 9.37x in FY18 as
compared to 7.73x in FY17 on the back of decrease in cash
accruals. Interest coverage ratio continued same, stood at 1.83x
both in FY17 and in FY18.

Working capital intensive nature of operations: With less number
of orders in FY18 the inventory of the firm piled up and stood at
INR15.72 crore as of March 31, 2018. Due to the same, the
inventory period stood elongated at 207 days in FY18 marginally
improved from 233 days in FY17. As the creditors as of March 31,
2018 was very low (INR0.12 crore), the average credit period stood
at 3 days for FY18 this led to elongated operating cycle which
stood at 231 days however improved marginally from 270 days in
FY17.

Intense competition in a highly fragmented industry structure:
The textile industry in India is highly fragmented and dominated
by a large number of independent and small unorganized players
leading to high competition among industry players. Thus JT is
exposed to significant competition in the market.

Key Rating Strengths

Vast experience of promoters for more than two decades in weaving
business: The promoters of Jayaram Textiles have more than twenty
five years of experience in the textile industry. All the
promoters are actively involved in managing the day-to-day
operations of the firm. Mr. P.M. Thirumoorthy looks after the
operations of yarn manufacturing and suzler looms while Mr. P.M.
Balasubramaniam and Mr. P.M. Ganeshmoorthy look after operations
of power looms.

Moderate capital structure: The capital structure stood moderate
marked by debt equity ratio which improved from 0.39x as of
March 31, 2017 to 0.29x as of March 31, 2018 on back of reduction
in the debt levels owing to repayment of the same. Overall gearing
ratio also improved from 0.93x as of March 31, 2017 to 0.77x as of
March 31, 2018 on back of increase in the tangible net worth with
accretion of profits.

Jayaram Textiles (JT) was established as a partnership firm in
1985 by Mr. P.M.Thirumoorthy, Mr. P.M.Balasubramaniam and Mr.
P.M.Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its weaving
operations to the current levels. The present installed capacity
is 12,000 spindles, 140 power looms and 32 suzler looms. The firm
produces yarn in counts of 32's, 40's and 60's which is used for
its own fabric production. The fabric produced by JT finds
application in linen, curtains etc. The firm sells the fabric to a
number of distributors and agents in the markets like Tirupur,
Ahmedabad, Mumbai and New Delhi, who in turn sells the fabric to
linen and garment manufacturing units.


KINDLE DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kindle Developers Private Limited

        Registered Office:
        B-9, 2nd Floor, Model Town-II, Delhi 110009 (India)

        Corporate Office:
        Tech Boulevard, Central Block, Plot No.6, Sector-127,
        Noida 201301, U.P. (India)

Insolvency Commencement Date: June 22, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 19, 2018
                               (180 days from commencement)

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional:            Anurag Nirbhaya
                         204, Sagar Plaza, Plot No.19,
                         District Centre Laxmi Nagar
                         New Delhi 110092
                         E-mail: anurag@canirbhaya.com
                                 irp.kindle@gmail.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anuj Maheshwari
                         Mr. Devinder Arora
                         Mr. Arvinder Singh Chauhan

Last date for
submission of claims:    August 14, 2018


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

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Corporate Loan         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)
   Funded Interest
   Term Loan              4.15      CRISIL D (ISSUER NOT
                                    COOPERATING)
   Long Term Loan        12.72      CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility     1.13      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMB 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 KMB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KMB 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 KMB continues to be 'CRISIL D Issuer not
cooperating'

Set up in 1999 as a partnership between Mr. K Shoukath Ali and his
brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem
(Tamil Nadu), quarries and sells rough granite blocks.


KOHINOOR POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kohinoor Power Pvt. Ltd.
        16A Everest House, 46C J.L. Nehru Road,
        Kolkata 700071 West Bengal

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, India

Estimated date of closure of
insolvency resolution process: January 30, 2019
                               (180 days from commencement)

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company
                         16A Shakespeare Sarani, 5th Floor,
                         Kokata 700071
                         Mobile: 9831634214
                         E-mail: savita_22@hotmail.com
                                 savitaagarwal.KP@gmail.com

Last date for
submission of claims:    August 17, 2018


KROFTA PAPERS: CARE Lowers Rating on INR14.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krofta Papers Private Limited (KPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       14.50       CARE D Revised from CARE B+;
   Facilities                       Stable

   Short-term Bank       5.00       CARE D Revised from CARE A4
   Facilities

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of KPPL is primarily
constrained on account ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key rating weakness

Ongoing delay in debt servicing: There have been delays in
interest servicing of rupee term loan on account of stressed
liquidity position.

KPPL has commenced its operations from May 4, 2017. The company is
being managed by Mr. Raghvendra Khaitan and Mr. Dinesh Kumar
Khaitan. It is engaged in manufacturing of tissue papers at its
manufacturing facility located in Firozpur with installed capacity
of 50 metric tonnes per day as on October 31, 2017. The product
manufactured by KPPL is sold to domestic manufacturers. The raw
material used for the manufacturing is waste paper, newspapers and
waste disposable paper cups and the same is procured from European
countries and traders located across India.


LEELA GOLD: CRISIL Maintains B- Rating in Non-Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Gold Designs Limited
(LGDL) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with LGDL 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 LGDL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LGDL 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 LGDL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Incorporated in 2003 by Mr. Parasmal Sancheti, LGDL manufactures
and sells gold chains, and trades in gold bullion. LGDL also
undertakes job works in manufacturing for third parties. The
company has its manufacturing facility in Kolkata.


MAA SHERAWALI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Maa Sherawali Ispat Pvt. Ltd.
        33, Chittaranjan Avenue, 1st Floor
        Kolkata 700012

           - and -

        Maheshpur, P.O. & P.S.
        Salanpur, Burdwan
        West Bengal 713357

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, India

Estimated date of closure of
insolvency resolution process: January 30, 2019
                               (180 days from commencement)

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R.Kothari & Company
                         16A Shakespeare Sarani, 5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com
                                 savitaagarwal.MSI@gmail.com
                         Mobile: 9831634214

Last date for
submission of claims:    August 17, 2018


MARUTI INTERNATIONAL: CRISIL Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Maruti
International - New Delhi (MI) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with MI for obtaining
information through letters and emails dated May 28, 2018,
June 30, 2018 ,July 9, 2018 And July 13, 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 Maruti International - New
Delhi. Which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Maruti International - New Delhi 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 Maruti International - New Delhi to 'CRISIL B+/Stable
Issuer not cooperating'.


MI was set up as a proprietorship firm in April 2006 by Mrs Meenu
Goel, wife of Mr. Vinod Kumar. MI trades in dry fruits.


MARUTI K KULKARNI: CRISIL Gives B+ Rating to INR18cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Maruti V. Kulkarni (MVK).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Term Loan       18       CRISIL B+/Stable (Assigned)

The rating reflects MVK's exposure to implementation risk related
to ongoing projects, customer concentration and a large working
capital requirement. These weaknesses are partially offset by the
experience of the proprietor in the construction and real estate
segments.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risk related to project implementation: MVK is
currently executing three residential real estate projects, of
which two are in the initial stage. Further, the sale velocity of
the commercial project has remained modest and the customer
advances has remained low. Timely completion and receipt of sales
proceedings of the projects will determine its liquidity over the
medium term.

* Exposure to customer concentration risk: The firm derives
majority of its revenues from construction activities for ASL
(D-Mart) which exposes it to customer concentration risk. Also,
the firm is constructing a warehouse for supermarket in Wai
(Satara) which will be rented to Avenue Supermarket Limited (ASL)
(D-Mart). Timely completion of projects and stabilization of
operations will remain key monitorable.

* Large working capital requirement: Operations are expected to
remain working capital intensive over the medium term, driven by
sizeable work-in-progress inventory.

Strength

* Experience of proprietor: Benefits from the proprietor's
experience of over two decades, his strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes MVK will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
there is more-than-expected sales realisations from ongoing
projects and along with prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue or profitability, or stretched working
capital cycle weakens financial risk profile and liquidity.

MVK was set up in 1993 at Sangli, Maharashtra by the proprietor,
Mr. Maruti V Kulkarni. The firm undertakes civil construction
business and executes real estate projects.


MSV LABORATORIES: CRISIL Assigns D Rating to INR9.53cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D(SO)/CRISIL D' ratings
to the bank facilities of MSV Laboratories Private Limited (MSV).

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Proposed Long Term
   Bank Loan Facility     4.75         CRISIL D (Assigned)

   Long Term Loan         9.53         CRISIL D(SO) (Assigned)

   Bank Guarantee          .2          CRISIL D (Assigned)

   Cash Credit            1.52         CRISIL D (Assigned)

The rating reflects instances of delay in servicing of term debt,
as guarantee charges from the West Bengal Essential Commodities
Supply Corporation Ltd (WBECSCL) was not received on time. MSV,
Bank of Baroda (BOB) and WBECSCL entered into a tripartite
agreement on March 24, 2015, for use of MSV's warehouse. As per
the agreement, WBECSCL needs to deposit the guarantee charges
(guaranteed by Food Corporation of India and recouped from
Decentalised Procurement budget, Department of Food & Public
Disribution, Government of India) in MSV's escrow account with
BOB. The bank will have the first charge towards recovery of
interest and principal due on the term loan taken for construction
of the warehouse.

The rating also factors in the modest scale of operations, though
profitability remains healthy.  These weaknesses are partially
offset by extensive experience of the promoters, their
understanding of business dynamics, and patents developed over the
past few years, apart from the moderate financial risk profile.

Analytical Approach

CRISIL has applied its criteria on rating instruments, backed by
guarantees. The structured obligation (SO) suffix reflects the
payment structure that is designed to ensure full and timely
payment to lenders.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: Despite being in business for over 27
years, the company operates on a modest scale, as reflected in
revenue of Rs 9.01 crore in fiscal 2018. Revenue remains stagnant,
as rentals for the warehouse are predetermined, with minimal hikes
announced each year, and the fertiliser business has not
contributed much to the overall income. Also profitability has
been above average with operating margin of 31.8% in fiscal 2018
and 33.4% in last year due to low cost of maintenance of warehouse
and significant value addition in bio-fertilizer manufacturing
segment. However, addition of the gamma radiation unit, expected
to be operational in fiscal 2020, should support growth in
revenue.

Strengths

* Extensive experience of the promoters: The promoters have been
engaged in research and development of bio-fertilisers and soil
evaluation for over 27 years, and have developed deep domain
knowledge in this line of business. They have also collaborated
with the Bidhan Chandra Krishi Viswavidyalaya, IIT Kharagpur and
Bhabha Atomic Research Centre for developing the gamma radiation
patent for sterilizing food items to extend their shelf life. They
have defended 17 other companies for the technology and the patent
was registered in June 2018, after remaining for seven years at
the application stage. The company has also been engaged in
various scientific and technological breakthroughs for sustainable
agricultural development.

* Moderate financial risk profile: Financial risk profile is
marked by moderate networth and gearing of Rs 12.6 crore and 1.2
times, respectively, as on March 31, 2018 (vis-a-vis 10.8 crore
and 0.68 time, a year before). Debt protection metrics are
comfortable, marked by interest coverage and net cash accrual to
adjusted debt ratios of 2.63 times and 0.11 time, respectively, in
fiscal 2018. The recent patent registration, and capex undertaken
for the gamma radiation plant, should enhance the financial risk
profile due to accretions to reserve over the medium term.

MSV, which was set up in 1991, manufactures organic fertilisers,
bio-fertilisers and bio-pesticides. The company has two
warehouses, leased to the government of West Bengal. It also
oversees the maintenance of 21 warehouses in the state. A gamma
radiation plant is being set up currently, to deploy the in-house
technology for sterilisation of food items. Daily operations are
managed by Mr Ashok Maity, based in Purba Medinipur, West Bengal.


NJT GRANITES: CRISIL Maintains B Rating in Non-Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of NJT Granites (NJT)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       6.5       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Term Loan                3.5       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with NJT 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 NJT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NJT 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 NJT continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in December 2014 as a partnership firm, by Mr. Alex Thomas
along with his wife, NJT quarries and sells granite. The firm,
based in Kasargode, Kerala.


ORACLE HOME: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Oracle Home Textile Limited
        216 Creative Industrial Centre N M Joshi
        Marg Lower Parel Mumbai MH 400011

Insolvency Commencement Date: August 9, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 5, 2019

Insolvency professional: Jitendrakumar Rambaran Yadav

Interim Resolution
Professional:            Jitendrakumar Rambaran Yadav
                         11 Singh House, 2nd Floor
                         23 Ambalal Doshi Marg
                         Near Bombay Stock Exchange
                         Fort, Mumbai 400001, Maharashtra
                         E-mail: jitendra.yadav0712@gmail.com

Last date for
submission of claims:    August 23, 2018


PINGLE BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Pingle Builders Private Limited
        5 Stadium Complex
        M.G. Road, Nashik 422002
        Maharashtra State, India

Insolvency Commencement Date: July 19, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 14, 2019
                               (180 days from commencement)

Insolvency professional: Shrikant Madanlal Zawar

Interim Resolution
Professional:            Shrikant Madanlal Zawar
                         525, The Summit Business Bay
                         Behind Gurunanak Petrol pump
                         Near W.E. Metro Station
                         Andheri (East), Mumbai 400093
                         E-mail: shrikantzawar1@yahoo.co.in

                            - and -

                         A6/301, Yogi Prerna
                         A Wing, Yogi Nagar
                         Borivali West, Mumbai 400091
                         E-mail: cirp.pingle@gmail.com

Classes of creditors:    Allottees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Udayraj Patwardhan
                         Sumedha Management Solution Pvt. Ltd.
                         C-703, Marathon Innova
                         Lower Parel West
                         Mumbai, India 400013
                         E-mail:
                         udayraj_patwardhan@sumedhamanagement.com

                         Mr. Rajesh Kumar Mittal
                         204 A, Navjyoti Darshan CHS
                         Murbad Road,
                         Kaylan W, Maharashtra 421301
                         E-mail: csrajeshmittal@gmail.com

                         Mr. Pravin R. Navandar
                         D-519-520, Neelkanth Business Park
                         Nathani Road
                         Vidyavihar, Mumbai 400086
                         E-mail: pravin@prnco
Last date for
submission of claims:   August 15, 2018


R.R. INTERNATIONAL: CARE Assigns B Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R. R.
International (RRI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.00       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of RRI is constrained
by small scale of operations with low profit margins,
proprietorship nature of business, geographical concentration and
geopolitical risk and presence in highly competitive & fragmented
industry. The rating, however, derives strength from its
experienced proprietor with long track record of operations and
strong capital structure with satisfactory debt coverage
indicators.  Going forward, the ability of the firm to increase
its scale of operation with improvement in profit margins and
manage its working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the firm was small marked by its total operating
income (TOI) of INR2.76 crore with a PAT of INR0.05 crore in FY17.
Furthermore the total operating income has been drastically
declining on y-o-y basis during last three financial years (FY15:
INR76.08 crore, FY16: INR47.71 crore and FY17: INR2.76 crore).
However the firm has reported turnover of INR73.31 crore in FY18.
Moreover, the profitability margins of the firm remained low
marked by PBILDT margin of 2.86% (FY16: 1.00%) and PAT margin of
1.85% (FY16: 0.52%) in FY17.

Proprietorship nature of business: RRI, being a proprietorship
firm, is exposed to inherent risk of the capital being withdrawn
at time of personal contingency and entity being dissolved upon
the death/insolvency of the proprietor. Further, proprietorship
firm has restricted access to external borrowing as credit
worthiness of the proprietor would be the key factors affecting
credit decision for the lenders.

Geographical concentration and Geo-Political Risk: RRI generates
100% revenue from export and the firm exports only to Bangladesh
and hence, a slump in the demand from this region might
significantly impact the revenue of the firm.

Presence in highly competitive & fragmented industry: RRI operates
in highly fragmented and competitive market marked by the presence
of numerous organized as well as unorganized players in India. Low
entry barriers and low investment requirements makes the industry
highly lucrative and thus competitive. Smaller companies in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating Strengths

Experienced proprietor with long track record of operations: RRI
was established as a proprietorship firm by Mr. Ayub Mondal since
January 2000 and engaged in trading of non-basmati rice, wheat
etc. Accordingly, it has over 18 years of long track record of
operations and has established good relationship with its clients.
Currently the firm is managed by Mr. Ayub Mondal (proprietor, aged
about 51 years) is having over two decades of long experience in
the trading and exporting business. He looks after the overall
management of the firm, with adequate support from a team of
experienced personnel.

Strong capital structure with satisfactory debt coverage
indicators: The capital structure of the firm was strong with nil
debt equity and overall gearing ratio due to nil debt as on
March 31, 2017. Moreover the debt coverage indicators of the
firm were also satisfactory with interest coverage ratio of 13.35x
and nil total debt to GCA in FY17.

RRI was established in January 2000 as a proprietorship firm by
Mr. Ayub Mondal based out of West Bengal. The firm is a merchant
exporter of non-basmati rice, wheat etc. and it exports only to
Bangladesh. The firm has One Star Export House status from the
Government of India.


ROYALE EDIBLE: CRISIL Maintains B Rating in Non-Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Royale Edible
Company (REC) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Long Term Loan         3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with REC 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 REC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on REC is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Established as a partnership firm in 2014, REC manufactures
coconut oil of premium quality and trades in edible oil such as
sunflower oil, palmolien oil, and rice bran oil. Based in
Thrissur, Kerala, the firm is promoted and managed by Mr. E N
Gopakumar and his wife, Ms. Anju Gopakumar.


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

The instrument-wise rating actions are:

-- INR22.5 mil. Fund-based limit maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating; and

-- INR34.5 mil. Term loan maintained in non-cooperating category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 23, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Prins Polytech manufactures three-layer and
five-layer polyvinyl chloride water tanks at its facility in
Boranada, Jodhpur.


RAHUL COMMERCE: CARE Lowers Rating on INR12.60cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rahul Commerce Private Limited (RCPL), as:
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       12.60       CARE B+; Stable; ISSUER NOT
   Facilities                       COOPERATING Revised from
                                    CARE BB-; Stable; Based on
                                    No information available

   Short-term Bank       1.40       CARE A4; ISSUER NOT
   Facilities                       COOPERATING Revised from
                                    CARE A4; Based on no
                                    information available

Detailed Rationale and key rating drivers

CARE has been seeking information from RCPL to monitor the ratings
vide e-mail communications/letters dated May 2, 2018, June 5,
2018, June 18, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on RCPL's bank facilities will now
be denoted as CARE B+; Stable/A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in August 17, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Small scale of operations with low profit margins: RCPL is a
relatively small player in IT solutions industry marked by its
total operating income of INR22.05 crore (Rs.27.15 crore in FY16)
with a PAT of INR0.34 crore (Rs.0.16 crore in FY16) in FY17
(Provisional). Further, the net worth base and total capital
employed was also low at INR3.91 crore and INR10.93 crore,
respectively, as on March 31, 2017. The small size restricts
financial flexibility in times of stress and it suffers on account
of lack of economies of scale. Furthermore, the profit margins
remained low during last three years (FY15-FY17). However, the
PBILDT margin has improved from 4.80% in FY16 to 6.07% in FY17 due
to better management of cost of operations. Furthermore PAT margin
also improved from 0.59% in FY16 to 1.55% in FY17 on account of
low capital charges.

Working capital intensive nature of operation with high collection
period: The operation of the company is highly working capital
intensive mainly due to high average debtor's collection period.
The client profile of the company includes government and large
private players. The stretched payment mechanism adopted by the
government authorities leads to high average collection period
during last three years. Furthermore, the company has low
bargaining power as compared to its large private clients and it
requires allowing long credit to them. Further, it is required to
maintain adequate inventories of IT hardware/software/spare parts
for timely execution of its client's demands. Accordingly the
average utilization of fund based limit remained on the higher
side at 90% during last 12 months ended in May 2017.

Moderate capital structure and debt coverage indicators: The
capital structure of the company remained moderate marked by debt
equity and overall gearing ratios of 0.33x and 1.80x respectively
as on March 31, 2017. Furthermore the interest coverage ratio also
improved to 1.64x in FY17. The total debt to GCA also improved but
the same remained weak at 18.98x in FY17.

Intense competition and exposure to tender driven process risk: IT
system/solution is a very fragmented and competitive space with
presence of huge small players operating in the same region due to
low capital requirement. Therefore the company is facing intense
competition especially for small players. RCPL executes orders of
government clients. In the government segment the orders are
generally tender driven floated by various government
organizations indicating a risk of non-receipt of contract.
However, RCPL also executes orders for large reputed private
parties where risk of non-receipts of contract is less considering
its long association with these clients.

Key Rating Strengths

Experienced promoters and long track record of operation: The
Company is into IT system/solution industry since 1975 and thus
has long track record of operations of around 42 years. Due to
long track record of operations the company has established
satisfactory relationship with its clients. Furthermore the key
promoters; Mr. Deven Shah, has around 25 years of experience in
same line of business, looks after the day to day operations of
the company. He is supported by other promoters Mr. Vinay Joshi
who has around 25 years of experience in this line of business and
Mr. Soumen Datta who also has around 25 years of experience in
this line of business. The promoters are supported by a team of
experienced technical professional.

Reputed clientele: Being in the business for more than four
decade, RCPL has developed a reputed customer base. The client
portfolios of RCPL comprises of reputed names like Ambuja Realty
Development Limited, AMRI Hospitals Limited (rated CARE A- (SO);
Stable), GPT Infraprojects Limited (rated CARE BBB), MSTC Limited,
The West Bengal State Co-Operative Bank Ltd, Desun Hospital &
Heart Institute, Birla Tyres - Kesoram Industries Limited, West
Bengal Electronics Industry Development Corporation Ltd, TW
International, Creative Solution Pvt. Ltd, Tega Industries Ltd,
Eveready Industries, etc. As most of the clients are reputed
organizations the counter party risk is very minimal.

RCPL was incorporated in June 1975 and the company is currently
managed by Mr. Deven Shah, Mr. Vinay Joshi and Mr. Soumen Datta.
RCPL is a specialized IT service provider engaged in consultancy
services with regards to IT systems and solutions along with
supply, installation and maintenance of IT systems/solutions to
corporates. RCPL mainly supply computer hardware (like projector,
server, laptop, computer, monitor, printer and scanner, UPS etc.)
and related software systems with customized implementation and
provides regular maintenance services of the same.


RAVINDRA KUMAR: CARE Lowers Rating on INR9cr Loan to B-
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ravindra Kumar Singh (RKS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           9.00        CARE B-; Stable; ISSUER NOT
                                    COOPERATING; Revised from
                                    'CARE B;Stable'

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RKS to monitor the rating
vide e-mail communications/letters dated May 8, 2018, May 28,
2018, June 15, 2018, June 18, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on RKS's bank facilities will now be denoted as CARE B-
; ISSUER NOT COOPERATING. Users of this rating (including
investors, lenders and the public at large) are hence requested to
exercise caution while using the above rating.

The rating takes into account its project implementation risk,
proprietorship nature of constitution, geographical concentration
risk, high occupancy risk coupled with susceptibility of revenues
to demand for commercial estate in and around Saharsa of Bihar and
intense competition in the vicinity of the proposed shopping mall.
However, the aforesaid constraints are partially offset by its
experienced proprietor and locational advantage.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Constitution as proprietorship firm: RKS, being a proprietorship
firm, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Geographical concentration risk: The entire operation of the firm
is confined in the city of Saharsa (Bihar). The limited geographic
presence limits the ability of the entity to realise the profit
potential and hinders its growth.

High occupancy risk coupled with susceptibility of revenues to
demand for commercial estate in and around Saharsa of Bihar: RKS
is under developmental stage and is proposed to achieve commercial
operation date from April 2019. As of now, there has been no
booking done for the upcoming shopping mall. Furthermore, it will
earn its entire revenue from the lease rentals and other incomes
from a single property. The firm's revenues are highly dependent
upon the demand from retail space, which is dependent on the level
of economic activity in and around Saharsa, Bihar. Any change in
the economic activity may impact the demand in this region. Due to
this, the proposed mall may find it difficult to lease its
property or have to lease at lower rentals in the situation of
economic slowdown.

Intense competition in the vicinity of the proposed shopping mall:
Saharsa, a fast growing city, is witnessing rapid development as
it transforms itself into an important commercial hub in North
India. The city has witnessed development in every sector from
small scale industries to pharmacy, IT and education, which have
brought significant change in people's attitude and behaviour.
With the change in mindset, people's buying habits have also
changed. Now people prefer to visit the shopping malls instead of
old and isolated shopping centres located at various places.
Hence, there is likely to be high demand for shopping malls in
Saharsa, Bihar.  However, with rapid development and growing
demand, significant number of shopping malls has sprung up in the
city in recent times that are likely to offer tough competition to
RKS. The fragmented nature of the industry is likely to add to
increase the competition further.

Key Rating Strengths

Experienced proprietor: Mr Ravindra Kumar Singh (aged 63 years)
has over three decades of experience in the banking industry. The
proprietor has limited experience in the leasing business. He
looks after the overall management of the firm, with adequate
support from a team of experienced personnel.

Locational advantage: The shopping mall is being developed at
Saharsa, Bihar. The project is located at national highway Saharsa
- Madhepura Road. It is situated in a prime location being
surrounded by residential and commercial complex. Thus,
considering a blend of residential and commercial complex and its
vicinity to various industrial complexes, there will be constant
inflow of customers which would increase the footfalls in the mall
and its linkage to road networks and public transport makes the
location of the mall strategically important.

Set up as a proprietorship firm in 2015, Ravindra Kumar Singh
(RKS) is engaged in the construction of shopping mall cum
commercial complex in Saharsa, Bihar. The proposed mall to be set
up on a plot measuring 14.53 Kattha with a built up area of 57,325
sq.ft. The proposed mall would comprise of 42 small shops for
sale, hyper market, banquet hall, food court and multiplex for
rent or lease. The project is estimated to be set up at a cost of
INR15.32 crore which is proposed to be financed by way of
proprietor contribution of INR6.32 crore and term loan of INR9.00
crore. The firm has already invested INR7.0 crore towards land &
site development, building, civil works etc. till April 30, 2017
which is met through proprietor contribution of INR3.85 crore and
term loan availed by the firm from State Bank of India of INR3.15
crore. The project is expected to be operational from April, 2019.

Mr. Ravindra Kumar Singh (aged 63 years), having over three
decades of experience and looks after the overall management of
the firm with adequate support from a team of experienced
personnel.


RBD INTERNATIONAL: CRISIL Maintains D Rating in Non-Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of RBD International
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Foreign Bill
   Purchase                16        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Packing Credit           4        CRISIL D (ISSUER NOT
                                     COOPERATING)


CRISIL has been consistently following up with RBD International
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 RBD International, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
RBD International 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 RBD International 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.


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

The instrument-wise rating action is:

-- INR110 mil. Fund-based limit maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 4, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Incorporated in 2000, Rohit's Heritage Jewelers is engaged in
manufacturing and trading of jewelry.


R. SHELADIA DEVELOPERS: Ind-Ra Assigns B+ Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R. Sheladia
Developers' (RSD) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. Term loans due on September 2020 assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect high off take and funding risks associated
with RSD's ongoing projects, Palash Residences (residential) and
Panchamrut (residential-cum-commercial). As on 30 June 2018, about
37% of the projects (2,23,532 sf) was booked and the firm incurred
76% of the total cost of INR488.1 million, which is to be funded
by partner's contribution of INR125 million, term loan of INR210
million, customer advances of INR57.1 million and unsecured loans
of INR96 million. As on 30 June 2018, RSD had received partner's
contribution, term loan and unsecured loans in full. The estimated
completion date of both the projects is December 2018.

The ratings are also constrained by low sales realization of the
Panchamrut project, leading to stressed cash flows. The total
saleable area of the project is 90,260 sf with an estimated total
project cost is INR185.9 million (INR2,060/sf). However, the
company sold 22,698 sf at INR1,234/sf.

However, the ratings are supported by R. Sheladia group's more
than two decades of experience in developing residential and
commercial projects.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellation of the sold
units, leading to a stress on the cash flows, could lead to a
negative rating action.

Positive: An increase in sale of units and timely receipt of
customer advances, leading to strong cash flows, could lead to a
positive rating action.

COMPANY PROFILE

RSD is a partnership firm established in August 2015. The firm is
engaged in the construction of residential and commercial real
estate projects in Ahmedabad, Gujarat. Sheladia group completed
projects of 6,92,000 sf. The firm is managed by Akshay R Sheladia
and Ramniklal M Sheladia.


SHRIRAMRATHI STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shriramrathi Steels Industries Ltd.
        Barjora Mauja Namobandh Sitarampur P.O.
        Ghutgoria Sitarampur 722101

Insolvency Commencement Date: August 2, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 29, 2019

Insolvency professional: Mr. Rakesh Kumar Agarwal

Interim Resolution
Professional:            Mr. Rakesh Kumar Agarwal
                         20, N.S. Road, Room no. 15, Block - A,
                         Kolkata 700001
                         E-mail: rakesh202@hotmail.com

Last date for
submission of claims:    August 16, 2018


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

The instrument-wise rating action is:

-- INR45 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Siddhi Vinayak Enterprises is proprietorship concern that is
engaged in the coal trading business.


SMAAT INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Smaat India Private Limited
        H.NO.3-9-554/9/A, Ragala Enclave
        Manoorabad
        Hyderabad, Telangana
        500035 India

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 30, 2019
                               (180 days from commencement)

Insolvency professional: Ravi Chandra Mohan Kadiyala

Interim Resolution
Professional:            Ravi Chandra Mohan Kadiyala
                         #D.NO. 6-3-248, Flat No-202A
                         Maheswari Towers
                         Road No. 1, Banjara Hills,
                         Hyderabad 500034
                         Telangana State
                         E-mail: mohan.ravichandra@gmail.com

Last date for
submission of claims:    August 17, 2018


SOLACE HEALTHCARE: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facility of Solace Healthcare
Private Limited (SHPL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan             18.7        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SHPL 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 SHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHPL 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 SHPL continues to be 'CRISIL D Issuer not
cooperating'.

Established in 2011, SHPL has set up a 125-bed super speciality
hospital in Vadodara (Gujarat). The company has started its
operations in April 2015.


SU SOLARTECH: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Su Solartech
Systems Private Limited (SSSPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR15 mil. Fund-based working capital facility assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR45 mil. Non-fund-based working capital facility assigned
    with IND A4+ rating;

-- INR10 mil. Proposed fund based working capital facility*
    assigned with Provisional IND BB-/Stable/Provisional IND A4+
    rating; and

-- INR35 mil. Proposed non-fund based facility* assigned with
    Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SSSPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SSSPL's small scale of operations as indicated
by revenue of INR415. 49 million in FY18 (FY17: INR233.17
million). The surge in revenue was on account of an increase in
government orders. FY18 financials are provisional in nature.

The ratings are also constrained by SSSPL's tight liquidity
position as reflected by 99% average utilization of its fund-based
facilities during the 12 months ended July 2018.

However, the ratings are supported by the firm's comfortable
credit metrics as indicated by interest coverage (operating
EBITDA/gross interest expense) of 6.30x in FY18 (FY17: 2.96x) and
net financial leverage (total adjusted net debt/operating EBITDAR)
of 1.07x (2.54x). The significant improvement in the credit
metrics was on account of an improvement in absolute EBITDA
INR37.22 million in FY18 (Fy17: INR15.68 million).

The firm's RoCE was 42.03% and profitability margins were healthy
at 9.0% in FY18 (FY17: 6.7%). The margins ranged between 6.7% and
9% during FY16-FY18 due to raw material price fluctuations. In
FY18, the improvement in the margins was driven by a reduction in
variable cost.

The ratings also benefit from the promoters' more than a decade-
long experience in the manufacturing of solar products.

RATING SENSITIVITIES

Negative: Deterioration in the margins leading to a decline in the
credit metrics on a sustained basis and/or a further stretch in
the liquidity position will be negative for the ratings.

Positive: A significant improvement in the revenue, leading to a
sustained improvement in the credit metrics and/or an improvement
in the liquidity position will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, SSSPL is engaged in the manufacturing of
solar products such as solar photovoltaic lighting systems, solar
thermal water heating systems and small photovoltaic wind hybrid
power generation systems, among others.


TAFCON PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Tafcon Projects (India) Private Limited
        705, New Delhi House, 27 Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: July 18, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: CA. Madhu Juneja

Interim Resolution
Professional:            CA. Madhu Juneja
                         4704, Ashoka Enclave, Plot No. 8A
                         Sector-11, Dwarka
                         New Delhi, India 110075
                         E-mail: madhujun94@gmail.com
                                 tafconirp@gmail.com

Last date for
submission of claims:    August 21, 2018


TALWAR AGENCIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Talwar Agencies Pvt Ltd
        F-47, Desh Bandhu Gupta Market
        Karol Bagh, New Delhi 110005

Insolvency Commencement Date: August 6, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Amit Sharma

Interim Resolution
Professional:            Amit Sharma
                         S-50, Pandav Nagar
                         Delhi 110092
                         E-mail: amit2002_shr@rediffmail.com

                            - and -

                         BRS Insolvency Professionals LLP
                         B-220/2, 1/F, Right Side, Main Market
                         Savitri Nagar, Malviya Nagar,
                         New Delhi 110017
                         E-mail: amit.ip0172@gmail.com

Last date for
submission of claims:    August 24, 2018



TARANGINI LAYERS: CARE Assigns B+ Rating to INR8.15cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Tarangini Layers Private Limited (TLPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.15       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TLPL is constrained
by its small scale of operation with relatively low profitability
margins along with short track record of operations, volatility
associated with raw material availability due to exposure to
vagaries of nature, presence in highly competitive and fragmented
industry with risk of outbreaks of bird flu and highly price
sensitive consumer segment, working capital intensive nature of
business and leveraged capital structure with moderate debt
coverage indicators. However, the aforesaid constraints are
partially offset by its experienced promoters, proximity to raw
material sources and satisfactory demand outlook for poultry
products.

The ability of the company to improve its scale of operations
along with profitability margins and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with relatively low profitability margins
along with short track record of operations: TLPL is a relatively
small player in the poultry farming business, with total operating
income and net profit of INR5.11 crore and INR0.05 crore,
respectively, in FY17. Further, the net worth base and total
capital employed was low at INR3.02 crore and INR11.76 crore,
respectively, as on March 31, 2017. As such, the entity has a
limited cushion in times of stress. This apart, the PBILDT and PAT
margin is low at 24.82% and 1.06% respectively, during FY17. The
company has achieved total operating income of INR9.95 crore
during 11MFY18. The small size restricts the financial flexibility
of the company in times of stress and it suffers on account of
economies of scale. Further, TLPL commenced operation since May,
2016 and accordingly has a limited operational track record with
FY17 being its first full year of operations.

Volatility associated with raw material availability due to
exposure to vagaries of nature: Further, the major inputs like De
Oiled Rice Bran, maize, mustered oil cake, bajra, paddy husk etc.
are mostly agricultural products and dependent on vagaries of
nature. Accordingly, any volatility in input prices due to
vagaries of nature may adversely affect the profitability of the
company. Moreover, there may be a negative impact of adverse
climate conditions on the availability of raw materials.

Presence in highly competitive and fragmented industry with risk
of outbreaks of bird flu and highly price sensitive consumer
segment: The poultry farming sector is exposed to inherent risks
associated with the industry, like bird flu, extreme weather
conditions and contamination by pathogens. The outbreak of bird
flu leads to a fall in demand and consequent sharp crash in
poultry's prices. This apart, egg is the major raw material for
poultry farming, the price of which is volatile as the price of
the egg is derived by National Egg Co-ordination Committee (NECC)
on daily basis based on the demand-supply dynamics. On the other
hand, poultry feed industry is highly price sensitive on account
of its intensely competitive and fragmented nature due to presence
of many regional unorganized players. This apart, availability of
cheaper substitutes (like cotton seedcake, copra etc.) further
induce pricing and profitability pressures.

Working capital intensive nature of business: TLPL's business
being poultry farming is working capital intensive by nature on
the back of stocking of raw materials for producing feeds,
medicines, vaccines, eggs and layer birds. The same is reflected
by the average inventory holding period of 212 days during FY17.
Accordingly, the average utilization of the cash credit limit
remained high at about 95% during the last 12 months ended
February, 2018.

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the company remained leveraged
marked by overall gearing ratio of 2.88x as on March 31, 2017
owing to higher term loan availed for setting up the poultry
farming unit during the period. Moreover, Total debt to GCA,
remained moderate at 8.37 as on March 31, 2017. Furthermore,
Interest coverage ratio is comfortable marked by 4.22x
as on FY17.

Key Rating Strengths

Experienced promoters: The key promoter, Smt. Subhra Rani Patro
(aged about 37 years) having around six years of experience in the
poultry industry. She looks after the overall management of the
company, with adequate support from other directors Smt. L. Amita
Patro (aged, 36 years) and a team of experienced personnel.
Proximity to raw material sources TLPL is setting up its plant in
Ganjam District, Odisha which is one of fastest growing region for
poultry farming. The entire raw material requirement is met
locally which helps the company to save substantial amount of
transportation cost and also procure raw materials at effective
price.

Satisfactory demand outlook for poultry products: Poultry products
like eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from economic cycle.

Incorporated in June 2015, Tarangini Layers Private Limited (TLPL)
is engaged in the business of poultry farming in Ganjam, Odisha.
TLPL is engaged in farming of eggs and laying of poultry birds
(chickens). The entity sells its products to retailers in Odisha
and nearby regions through own sales personnel and through some
dealers. Currently the poultry farm has 1.50 lakh layer birds. The
company has started its commercial operational from May, 2016.
Smt. Subhra Rani Patro, having around six years of experience in
the poultry industry, looks after the day to day operations of the
company. She is supported by other director Smt. L. Amita Patro
and a team of experienced professionals.


TAVRIDA ELECTRIC: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tavrida Electric India Private Limited
        15 NC, Block A, New Alipore
        Kolkata 700053

Insolvency Commencement Date: August 2, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 29, 2019
                               (180 days from commencement)

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave, 25/1A/1
                         Naktala Road, Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         251/A/6 NSC Bose Road, Kolkata 700047

Last date for
submission of claims:    August 21, 2018


TEKNO PRINT: CARE Migrates D Rating to Non-Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Tekno
Print Solutions (TPS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       4.80      CARE D; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  information

   Short term Bank      0.20      CARE D; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TPS to monitor the
rating(s) vide e-mail communications/letters dated July 13, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requiste information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information. In line with the extant SEBI guidelines CARE's rating
on Tekno Print Solutions's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in debt servicing.

Detailed Description of the Key Rating Drivers

At the time of last rating in July 2017, the following were the
rating weaknesses (updated for the information available):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing on account of weak liquidity position as the firm is
unable to generate sufficient funds in a time manner.

Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr. Parshant Mudgil in June, 2012. Later
on, in July 2013, the constitution was converted to a partnership
firm having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr.
Deepak Kumar as its partners sharing profit and loss in the ratio
of 51.00%, 24.50% and 24.50% respectively. FY14 was the first full
year of operations. TPS is engaged in the trading of printing
material like rollers, blankets, solvents and adhesives. The firm
is the authorized dealer of 'Bottcher Systems' and also procures
material from various manufacturers based in Maharashtra, Delhi,
Madhya Pradesh and Punjab and supplies to wholesalers and
retailers located in Punjab, Himachal Pradesh, Uttar Pradesh and
Uttarakhand.


TEZALPATTY TEA: CARE Lowers Rating on INR6.35cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tezalpatty Tea Private Limited (TTPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     6.35       CARE D; Issuer Not Cooperating;
   Facilities                    Revised from CARE B+; Issuer Not
                                 Cooperating On the basis of best
                                 Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TTPL to monitor the
rating(s) vide e-mail communication/letter dated August 7, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on
Tezalpatty Tea Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating of bank facilities of Tezalpatty Tea Private Limited
takes into account on-going delays in servicing of its debt
obligation.

Tezalpatty Tea Private Limited (TTPL) was established in 1994 by
Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The
company is engaged in the processing of black tea and has an
installed capacity of 10 lakh kg per annum. The manufacturing
facility is located at Guwahati, Assam.


VARAD LIFESCIENCE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Varad Lifescience Private Limited
        19, New Umiya Vijay Society
        Ghatlodia, Ahmedabad 380061

Insolvency Commencement Date: August 8, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 4, 2019

Insolvency professional: Mr. Ravi Kapoor

Interim Resolution
Professional:            Mr. Ravi Kapoor
                         402 Shaival Plaza, Near Gujarat College
                         Ellisbridge, Ahmedabad 380006
                         E-mail: ravi@ravics.com

Last date for
submission of claims:    August 25, 2018


WINFAB EQUIPMENTS: CARE Assigns B+ Rating to INR4cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Winfab
Equipments Private Limited (WEPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            2.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of WEPL are tempered
by small scale of operations along with fluctuating PBILDT margins
and thin PAT margins, working capital intensive nature of
operations, leveraged capital structure, weak debt coverage
indicators and presence in highly fragmented and competitive
industry. The ratings, however, derives its strengths from the
long track record of the company and experience of the management,
increasing total operating income during the review period and
stable outlook of LPG cylinders market. Going forward, ability of
the company to increase its revenue along with improving the
profitability margins and improve the capital structure while
managing its working capital efficiently are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with fluctuating PBILDT margins
and thin PAT margins: Despite being in the industry since 2000,
the scale of operation has been small, with revenue of Rs 34.09
crore in FY18 (Prov.). Apart, the networth of the company stood
small at INR 2.30 crore as on March 31, 2018 (Prov.) as compared
to other peers in the industry.

The PBILDT margin of the company stood satisfactory although
fluctuated in the range of 4%-6% during review period due
to price competition and tender based nature of business which
involves bidding. Furthermore, the PAT margin stood thin
in the range of 0.40%-0.60% during FY16-18 (Prov.) due to low
PBILDT levels which led to under absorption of financial
expenses.

Working capital intensive nature of operations: The operating
cycle of the company increased from 78 days in FY16 to 93 days in
FY18 (Prov.) at the back of stretched average inventory period.
The average inventory period remained at 76 days in FY18 (Prov.)
due to the fact that the company maintained sufficient quantity of
inventory in hand in order to meet customer requirement on time.
The company provides a credit period of up to 30-60 days to its
customers and on the suppliers end, payment is made within
two months. The average utilization of the cash credit facility
was 90%-95% for the last 12 month ended July 31, 2018.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company marked by debt equity ratio and
overall gearing stood leveraged during the review period. The debt
equity ratio of the company deteriorated from 1.52x as on
March 31, 2016 to 3.39x as on March 31, 2018 (Prov.) owing to
increase in term loans availed by the company (mainly pertaining
to debt availed from NBFC's).  Overall gearing of the company
deteriorated from 4.24x as on March 31, 2016 to 4.92x as on
March 31, 2018 (Prov.) due to increase in debt levels on account
of increase in unsecured loans.  The debt coverage indicators of
the company remained weak during review period. Total debt/GCA
deteriorated from 19.52x in FY16 to 25.15x in FY18 (Prov.) due to
increase in total debt levels. Furthermore, interest coverage
ratio decreased from 1.48x in FY16 to 1.38x in FY18 (Prov.) owing
to increase in interest expenses.

Presence in a highly fragmented and competitive industry: WEPL is
operating in highly competitive and fragmented industry. The
company witnesses intense competition from both the organized and
largely unorganized players as the projects are tender-based and
the revenues are dependent on the company's ability to bid
successfully for these tenders. This fragmented and highly
competitive industry results into price competition thereby
affecting the profitability margins of the companies operating in
the industry.

Key Rating Strengths

Long track record of the company and experienced management: WEPL
was incorporated in the year 2000 and is managed by Mr.
Nandkishore Ladda and Mrs. Sheetal Ladda who has over two decades
of experience in cylinder manufacturing industry. Due to the long
presence of the company in the market, it has good relations with
suppliers and customers resulting in established customer base.
The management's extensive business experience would continue to
support the business and help the company receive tenders from the
PSU's.

Increasing total operating income during the review period: The
total operating income of the company has been increasing y-o-y at
a CAGR of 9.10% i.e., from INR 28.64 crore in FY16 to INR 34.09
crore in FY18 (Prov.) primarily on account of year on year
increase in volume/size of orders from existing customers.
Furthermore, during 3MFY19, the company has achieved total
operating income of INR 7.12 crore. Moreover, WEPL receives orders
every month by participating in tenders. The company has an order
book of INR 2.93 crore as on August 01, 2018 from Indian Oil
Corporation Limited, Bharat Petroleum Corporation Limited and
Hindustan Petroleum Corporation Limited.

Stable outlook of LPG cylinders market: The global LPG cylinders
market is growing at a CAGR of 9.70% during the forecasted period
of 2018 to 2022 and is expected to reach US$ 189.7 million in
2022, which offers an opportunity to the industry players to align
with the market growth. There are several factors bolstering the
growth of composite LPG cylinders in the global consumer goods
industry. The increasing demand for lightweight, explosion proof
and non-corrosive LPG cylinders and government push towards the
usage of composite cylinders are some of the major drivers of the
market. Increase in the consumption of LPG in developing economies
would further elevate the demand for composite LPG cylinders over
the next five years.

Hyderabad based, Winfab Equipments Private Limited (WEPL) was
incorporated in 2000 by Mr. A.S.T. Winston and was taken over by
Mr. Nandkishore and Mrs. Sheetal Ladda in 2001. The company is
engaged in manufacturing of LPG cylinders and reconditioning of
the gas cylinders for the PSU's on tender basis. WEPL currently
processes around 35,000 cylinders per month. The clientele of the
company include Indian Oil Corporation Limited, Bharat Petroleum
Corporation Limited and Hindustan Petroleum Corporation Limited.
It has its registered office and manufacturing facility in
Hyderabad, Telangana.


* INDIA: Banks Can Act Vs. Personal Guarantors of Insolvent Cos.
----------------------------------------------------------------
Arpan Chaturvedi at BloombergQuint reports that the Supreme Court
ruled that creditors can proceed against personal guarantors of a
corporate debtor even while insolvency proceedings are on.

BloombergQuint relates that the top court said the moratorium
envisaged under Section 14 of the Insolvency and Bankruptcy Code
will not apply to the personal guarantors. The provision places a
moratorium on any suits or proceedings against the company during
the insolvency resolution period.

"We have seen that Part III (of the code) has not been brought
into force, and neither has Section 243, which repeals the
Presidency-Towns Insolvency Act, 1909 and the Provincial
Insolvency Act, 1920," said a bench of Justice Rohinton Fali
Nariman and Justice Indu Malhotra on Aug. 14, BloombergQuint
relays.

"The net result of this is that so far as individual personal
guarantors are concerned, they will continue to be proceeded
against under the aforesaid two insolvency acts and not under the
(2016 bankruptcy) code."

According to BloombergQuint, the top court's ruling came on an
appeal filed by the State Bank of India against a judgment of the
National Company Law Appellate Tribunal.

BloombergQuint says the bank had initiated proceedings against the
property of the managing director of a company under insolvency
resolution. The MD, who is the personal guarantor for loans
availed from the bank by the firm, moved the NCLT seeking a stay,
arguing that the Section 14 of the insolvency code would apply to
him as well.

The NCLT ruled in the favor of the MD and the appellate tribunal
upheld the judgment. SBI then challenged it in the apex court,
which set aside the verdicts of both the tribunals, relates
BloombergQuint.



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


MITRA PINASTHIKA: Fitch Cuts IDR & Sr. Unsec. Rating to B+/RR4
--------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Mitra Pinasthika
Mustika Tbk's (MPM) Long-Term Issuer Default Rating (IDR) and
senior unsecured long-term rating to 'B+/RR4' from 'BB-'. The
Outlook is Stable. At the same time, Fitch has chosen to withdraw
the ratings of MPM for commercial reasons.

The downgrade reflects Fitch's view that MPM's business profile
has weakened following the divestment of PT Federal Karyatama
(FKT) to ExxonMobil UK Limited and Esso Petroleum Company Limited
in June 2018. The divestment leads to a smaller business scale and
lower business diversification. FKT, an automotive-lubricant
manufacturer, has historically contributed 30% of MPM's
consolidated EBITDA and offered stable cash flows as an
aftermarket sales service provider, in contrast to MPM's other key
businesses in auto distribution and rentals, where demand is more
cyclical. The Stable Outlook reflects Fitch's view that MPM's
business risk profile will not change materially over the medium
term.

KEY RATING DRIVERS

Weaker Business Profile: The divestment of FKT, in Fitch's view,
changes the group's business profile. FKT has a strong oil
lubricant business with its Federal Oil brand commanding a market
share of around 20% in Indonesia, translating to the solid 30%
annual EBITDA contribution to MPM. FKT also provided earnings
diversification as aftermarket sales generally have more stable
product demand compared with MPM's auto distribution and rental
business with large contracts maturing in less than one year.
Fitch believes the significant reduction in business scale and
lack of earnings diversification after the sale warrant the one-
notch downgrade in MPM's rating.

Divestment Proceeds Reduce Debt: MPM's proceeds from the sale of
FKT were around IDR6.0 trillion, which it used to fully repay its
syndicated loan (IDR3.4 trillion outstanding at June 2018). Total
debt after repayment would be around IDR140 billion, which would
bring MPM's net debt/EBITDA (based on June 2018 figures) to below
1.0x. Fitch believes MPM will continue to seek new opportunities
to expand and improve its businesses though currently the group
has no immediate plan to make new investments. As such, MPM will
continue to have minimal leverage with a large net cash balance in
its balance sheet for at least the next 12 months.

Solid Positions in Key Markets: MPM has been able to maintain a
solid position in its existing businesses. Its two-wheeled
distribution and retail segment has kept its leading market share
(2017: 88%) as a single dealership partner for Honda motorcycles
in East Java and East Nusa Tenggara. MPM's rental business is
Indonesia's third-largest business-to-business automotive rental
provider by fleet size. The rental business has a large market
penetration of over 1,000 corporate clients. Rental asset disposal
is managed internally through its affiliates thereby eliminating
disposal risk while also optimising the company's cash flow cycle.

Growth Sector Investments in Early Stages: MPM increased its
investments in non-traditional auto sectors such as logistic
services and online business platforms starting 2016. The move is
in line with the group's new strategic vision to be a smart
mobility company, which is driven by MPM's awareness of changing
consumer behaviour due to technological advances.

The online businesses, in particular, complement MPM's offline
operations and are aimed at generating cross-selling opportunities
across its businesses. Its online businesses contributed less than
5% to the group's EBITDA at end-2017. Fitch believes there is
potential for growth; however, Fitch does not expect meaningful
EBITDA contribution from these new businesses in the next 12-24
months.

DERIVATION SUMMARY

MPM's rating can be compared with similarly rated peers such as
China Grand Automotive Services Co., Ltd (CGA, BB-/Stable).

Both MPM and CGA are exposed to the cyclical and competitive
automotive industry and have thin EBITDA margins in the
distribution business (MPM: 6.9%, CGA: 5.8%) although MPM has
maintained a more conservative financial profile. Nonetheless,
CGA's significantly larger business scale, especially after MPM's
divestment, business diversification and stronger bargaining power
with auto suppliers due to its extensive dealership network
warrant rating the company higher than MPM.

KEY ASSUMPTIONS

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

  - Revenue growth of 6.0%-7.0% in 2019-2022

  - EBITDA margin of 4.0%-5.0% in 2018-2022

  - Annual capex of around IDR800 billion-900 billion in
    2018-2022 (4.0%-5.0% capex/revenue).

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given Moody's's rating
withdrawal.

LIQUIDITY

Strong Liquidity after Debt Repayment: As at end-June 2018, MPM
had a total unrestricted cash balance of around IDR7.3 trillion
against total debt of IDR3.5 trillion. The full repayment of
around IDR3.4 trillion in syndicated debt in July 2018 left the
group with total debt of around IDR140 billion with an evenly
spread debt maturity profile between 2018 and 2020. MPM is not
planning to make further investments in new businesses in the
immediate term and capex is likely to remain stable at around
IDR800 billion-900 billion per annum in the next three to four
years, generally in line with historical capex. Under these
conditions, Fitch believes MPM will be in a comfortable net cash
position at least for the next 12 months. Fitch expects a
reduction in generated EBITDA after the business divestment;
however, Fitch does not expect a material change in MPM's existing
businesses and their ability to generate earnings for the group.


MODERNLAND REALTY: Moody's Affirms 'B2' CFR & Sr. Unsec. Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Modernland Realty Tbk (P.T.).

Moody's has also affirmed the B2 backed senior unsecured rating of
the 2019 notes issued by Marquee Land Pte Ltd and the 2024 notes
issued by Modernland Overseas Pte. Ltd. Both Marquee Land Pte Ltd
and Modernland Overseas Pte. Ltd. are wholly owned subsidiaries of
Modernland and the notes are guaranteed by Modernland and most of
its subsidiaries.

The outlook on ratings is maintained at stable.

RATINGS RATIONALE

"The affirmation of Modernland's B2 rating reflects (1) the
company's ability to execute one-off land sales to its joint
ventures, which supported its marketing sales in 1H 2018; and (2)
our expectation that its core marketing sales will improve to
around IDR2.0 trillion in 2018," says Jacintha Poh, a Moody's Vice
President and Senior Analyst.

"While the one-off land sales have created volatility in
Modernland's revenue and cash flows, its joint ventures with
reputable partners mitigate development and funding risk while
supporting the company's growth," adds Poh, who is also Moody's
Lead Analyst for Modernland.

Modernland's target is to achieve marketing sales of IDR3.5
trillion in 2018, with around IDR1.7 trillion derived from
residential sales, around IDR1.0 trillion from industrial land
sales and IDR800 billion from one-off land sales.

In 1H 2018, the company achieved marketing sales of around IDR2.0
trillion, with around IDR700 billion from residential sales,
around IDR110 billion from industrial land sales and IDR1.2
trillion from the sales of land at Bekasi to its joint venture
with PT Waskita Karya Realty, a subsidiary of Waskita Karya
(Persero) Tbk.

Moody's expects Modernland's key credit metrics will weaken in
2018 because of (1) a decline in revenue owing to lower
contributions from one-off land sales; and (2) an increase in debt
owing to higher capital spending to replenish its land bank.

Leverage -- as measured by adjusted debt/homebuilding EBITDA --
will weaken to 4.8x in 2018 from 3.7x for the 12 months ended June
30, 2018. Interest coverage -- as measured by homebuilding
EBIT/interest expense -- will also weaken to 2.1x from 2.4x over
the same period. Nonetheless, these metrics remain within
Modernland's B2 rating parameters.

Modernland's rating is constrained by its small scale and lack of
geographic diversity outside Greater Jakarta. The company is also
exposed to the cyclical property sector, with limited
contributions from the more stable and recurring income stream of
its investment properties.

Modernland's liquidity is weak over the next 12 months, owing to
large short-term debt maturities of around IDR680 billion and
large capital spending of around IDR1 trillion. As of June 30,
2018, the company had cash and cash equivalents of IDR560 billion,
and Moody's expects it to generate around IDR1.0 trillion in cash
from operations over the next 12 months.

Nonetheless, the amount of capital spending is uncommitted and
Modernland is able to adjust its spending according to
availability of cash flows and funding.

"Modernland's bonds are rated in line with its B2 corporate family
rating because bond holders are not exposed to either legal or
structural subordination risk," says Poh.

At June 30, 2018, 82% of Modernland's total debt was unsecured.
While the majority of Modernland's borrowings are at the holding
company level, the notes are guaranteed by all major subsidiaries.

The stable outlook reflects its expectation that Modernland will
(1) achieve its sales target; (2) maintain financial discipline
while pursuing growth; and (3) successfully refinance its debt
maturities over the next 12-18 months.

The ratings could be upgraded if Modernland successfully executes
its expansion strategy - supported by sustained improvements in
its sales performance and positive free cash flow generation - and
maintains solid liquidity in the form of cash balances and
committed facilities. Credit metrics that will support a ratings
upgrade include adjusted debt/homebuilding EBITDA below 3.5x, and
adjusted homebuilding EBIT/interest coverage above 3.0x on a
sustained basis.

However, the ratings could be downgraded if: (1) Modernland fails
to implement its business plans; (2) the property market
deteriorates, leading to protracted weakness in Modernland's
operations and credit profile; or (3) Modernland makes large
capital spending including land acquisition that weakens its
liquidity profile.

Moody's would consider downgrading the rating if: (1) adjusted
debt/homebuilding EBITDA rises over 5.0x; (2) adjusted
homebuilding EBIT/interest coverage falls below 2.0x; and (3) cash
holdings and committed facilities are insufficient to cover the
company's short term borrowings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Modernland Realty Tbk (P.T.) is an integrated property developer
in Indonesia that focuses on industrial town development,
residential development and township development. It also has
small exposures to the hospitality and commercial property
segments. The company listed on the Jakarta Stock Exchange in
1993, and is controlled by the Honoris family through direct
ownership and various holding companies, including a 9.6% stake
held by AA Land Pte. Ltd.



===============
M A L A Y S I A
===============


1MDB: Jho Low Takes Refuge in China, Malaysia Says
--------------------------------------------------
The Wall Street Journal reports that Malaysian officials believe
China has been harboring one of the world's most-wanted financial
fugitives, Jho Low, the financier the U.S. Justice Department
alleges is at the center of the $4.5 billion theft from a
Malaysian development fund.

Singapore confirmed this summer that it has been pursuing 36-year-
old Jho Low via an Interpol Red Notice for the past two years, The
Journal says. Malaysia has been trying to arrest him since June.
But through June and into July, Low had been living freely in
China, a person aware of his travels said, the report relates.

According to the Journal, Malaysian prosecutors sent a police
contingent in June to search for him in Hong Kong and Macau. Both
times, local authorities told them he had just flown out,
Malaysian police said. Several Malaysian officials say they
believe he is now being harbored in mainland China after helping
the country with business deals and diplomacy as the 1Malaysia
Development Bhd (1MDB) scandal blew up, the report relays.

The Journal adds that when Malaysian Prime Minister Mahathir
Mohamad kicks off a trip to China on Aug. 17 for meetings with
officials including President Xi Jinping, a request to extradite
Low will be high on the agenda, said the officials, who are
helping prepare for the trip. Malaysia doesn't have an extradition
treaty with China.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion (US$2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


1MDB: Group That Found $4.2 Billion of Odd Deals Revives Probe
--------------------------------------------------------------
Yudith Ho at Bloomberg News reports that a Malaysian parliamentary
committee will reopen its probe into state fund 1Malaysia
Development Bhd (1MDB) amid accusations important information was
omitted from an earlier investigation that took place when the
previous government was in power.

Parliament approved Finance Minister Lim Guan Eng's motion for the
investigation to be restarted, according to proceedings on Aug.
16, Bloomberg relates. According to Bloomberg, the Star newspaper
reported that Lim said it would allow former premier Najib Razak
to clear his name and shed more light on wrongdoing that allegedly
occurred at the investment company.

Bloomberg says Prime Minister Mahathir Mohamad is seeking to
fulfill an election campaign pledge to map out the scope of
missteps at 1Malaysia Development Bhd. after he spent years
accusing Najib's government of covering up alleged embezzlement
and misuse of funds at the company. 1MDB had insisted all funds
were accounted for. Bloomberg notes that the anti-graft agency and
police have also restarted investigations, while the finance
ministry has commissioned an audit of 1MDB's accounts by
PricewaterhouseCoopers LLP.

According to Bloomberg, the bipartisan Public Accounts Committee
concluded its probe in 2016 and issued a 106-page report detailing
at least $4.2 billion of unauthorized and unverified transactions.
It called for an investigation into former CEO Shahrol Halmi and
other unidentified managers, while absolving their political
bosses of responsibility for a scandal that had roiled markets and
sparked worldwide graft probes.

Bloomberg relates that the PAC later released transcripts from a
parliamentary hearing that underlined Najib's role in deciding on
the questionable deals that bypassed the board of directors and
finance ministry. Najib once chaired 1MDB's advisory board, the
report says.

Bloomberg says the transcripts showed 1MDB and government
officials making multiple references to Article 117 of the fund's
constitution, which states all matters need authorization from the
then-premier. Meanwhile finance ministry officials, the sole
shareholder of 1MDB, told the PAC they weren't consulted on the
fund's investment decisions or finances, according to Bloomberg.

Najib has pleaded not guilty to several charges linked to a former
unit of the state fund and denied having knowledge of wrongdoing
at 1MDB, Bloomberg states. He didn't object to the reopening of a
probe by the PAC, but said in Parliament this week that the aim
shouldn't be to "look for faults," adds Bloomberg.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion (US$2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


BELLA VISTA: Tauranga City Council Files Charges in Court
---------------------------------------------------------
Scott Yeoman at NZ Herald reports that the Tauranga City Council
has filed charges in court against parties involved in the failed
Bella Vista Homes development at The Lakes.

According to the report, the council said the charges relate to
non-compliance with the Building Act and were served on the
parties on Aug. 17.

NZ Herald relates that the council said the charges were filed on
August 2 in the Tauranga District Court.

"The council will not be commenting on the prosecution while it is
before the court."

The liquidators of Bella Vista Homes confirmed they had been
served with the council's legal proceedings, the report relays.

"It's fair to say that given the financial situation that the
company finds itself in, the council would be looking at other
options as well as the company for these proceedings," the report
quotes liquidator Rhys Cain as saying.

Council chief executive Garry Poole said last month that the
council was looking into prosecuting Bella Vista Homes for non-
compliance with the Building Act, NZ Herald recalls.

NZ Herald relates that Mr. Poole said at the time that the goal of
the prosecution would not be to recover money from the developer.

"I don't think that would be a realistic option. Bella Vista Homes
has gone into liquidation, and I understand the liquidators are
already seeking large sums from the developer," he said in July,
NZ Herald relays.  "This is about non-compliance with the Building
Act."

The Tauranga City Council itself is facing two separate lawsuits
from Bella Vista homeowners, adds NZ Herald.

Bella Vista Homes went into voluntary liquidation on November 30
last year, leaving behind unfinished houses and millions of
dollars in outstanding debts to creditors, according to the
report.

The latest liquidators' report, released on June 27, 2018, showed
Bella Vista Homes had just NZ$28 with which to pay more than NZ$4
million to creditors - unless the liquidators could recover money
from two former directors and a series of related company
transactions, NZ Herald discloses.



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


MAGNACHIP SEMICONDUCTOR: Moody's Hikes Corp. Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 MagnaChip
Semiconductor Corporation's corporate family and senior unsecured
bond ratings, including the rating on its senior notes due 2021.

The rating outlook is stable.

RATINGS RATIONALE

"The rating action reflects the continued improvement in
MagnaChip's operating performance and credit metrics, as the
company is returning to sustained profitability and positive cash
flow generation," says Gloria Tsuen, a Moody's Vice President and
Senior Analyst.

MagnaChip's reported operating income -- excluding gains and
charges -- increased 71% year-on-year to $21 million in 1H 2018,
and its reported operating cash flow also turned to positive $22
million from an $18 million outflow in 2017.

Moody's expects the company's solid operating performance to
continue in the next 12-18 months, including revenue growth of
around 11% in 2018 and stable margins, driven by the company's
improved product mix and strong demand for its OLED display
products.

Moody's also expects MagnaChip's leverage -- as measured by
adjusted debt/EBITDA -- will decline to around 3.8x, and for its
adjusted EBIT/interest expense to improve to over 2.1x. These
ratios will be consistent with the company's B2 ratings.

MagnaChip's management started revamping the business in early
2015 by cutting costs, developing new products, and broadening the
customer base. As a result, its reported gross margins increased
to 27% in 1H 2018 from 21.3% in 2015, and its reported operating
margins improved to positive 5.8% from negative 6.8% over the same
period.

The company's liquidity is solid, with $132 million in cash as of
the end of June 2018, and no debt maturities until 2021 when its
senior notes and exchangeable senior notes totaling around $300
million become due.

MagnaChip's ratings continue to factor in the company's small
scale, exposure to the volatile and competitive consumer
electronics industry, and changes in end-customer demand.

The stable outlook reflects Moody's expectation that MagnaChip
will maintain its positive operating cash flow generation and
solid liquidity.

The ratings could be upgraded if MagnaChip further improves its
operating performance and maintains prudent financial management.

Specific metrics Moody's would consider include adjusted
debt/EBITDA remaining below 2.5x-3.0x and adjusted EBIT/interest
expense above 3x, both on a sustained basis.

The ratings could be downgraded if the company's adjusted
debt/EBITDA returns to over 5.0x, or if the company reports cash
on hand below $100 million.

The principal methodology used in these ratings was Semiconductor
Industry published in July 2018.

MagnaChip Semiconductor Corporation is a designer and manufacturer
of analog and mixed-signal semiconductor platform solutions for
communications, 'Internet of Things', consumer, industrial and
automotive applications.



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


VIETNAM EXIMBANK: S&P Alters Outlook to Neg. & Affirms 'B+/B' ICRs
------------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
Commercial Joint Stock Bank (Eximbank). At the same time, S&P
affirmed its 'B+' long-term and 'B' short-term issuer credit
ratings on the bank.

S&P said, "We revised the outlook to reflect our view that the
resilience of Eximbank's financial profile has improved on the
back of a solid rebound in profitability in 2016 and 2017, and the
expected benefit from the restructuring of its business and risk
management.

"In our view, Eximbank's new management team has reinvigorated the
bank with a well-executed restructuring plan. The plan primarily
realigns the bank to its traditional strengths in trade financing
and institutes stricter risk management and cost controls.
Eximbank's results for 2017 were in line with our base-case
expectations and showed a sustainable return to profitability,
with sound performance in its core lending business. The bank has
resolved its accumulated losses incurred in 2015, and reported
positive retained profits. Extensive changes in management,
business strategy, and internal processes underpin these
improvements. Management has improved the bank's asset quality and
made provisions for legacy nonperforming loans (NPLs).

"We believe Vietnam's banking system still faces a volatile
operating environment and systemic credit risks, reflecting high
private-sector debt, low-income levels, and legacy stressed assets
in the form of Vietnam Asset Management Co. (VAMC) bonds. In our
view, Eximbank has made notable progress to resolve its legacy
NPLs and is working toward complete resolution of its VAMC bonds,
likely by 2020. We consider the bank's prudent loans growth target
of 12%, compared with the industry's 17%-19% average, as
reflective of the management's focus on selective, profitable
growth versus volume-driven lending. Eximbank did not pay
dividends in 2017, and we expect it to preserve capital with a low
payout, if any, in 2018.

"The stable outlook on Eximbank reflects our expectation that the
bank will continue its restructuring efforts, characterized by
selective loans growth and stricter underwriting standards, over
the next 12-18 months. The ability of the bank management to
execute its strategic priorities will be a key credit factor, in
our view. In particular, the bank aims to reinvigorate its
franchise as a trade finance bank to boost fee income and regain
market share. We expect this to lead to sustained improvements in
profitability while keeping credit costs under control.

"We may lower the rating on Eximbank if we believe the bank's
capital and earnings will come under pressure in the next 12-18
months, particularly if credit expansion is not accompanied by
better profitability, due to high credit costs or weak revenue
growth.

"An upgrade is unlikely within our outlook horizon. We believe the
bank's financial profile will remain challenged by Vietnam's
volatile and competitive operating conditions, as reflected in our
Banking Industry Country Risk Assessment's economic and industry
risk scores for the country."



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***