TCRAP_Public/180827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, August 27, 2018, Vol. 21, No. 169

                            Headlines


A U S T R A L I A

4WD SYSTEMS: First Creditors' Meeting Set for Sept. 3
ABTERRA AUSTRALIA: First Creditors' Meeting Set for Sept. 3
ARKOUDA PTY: First Creditors' Meeting Set for Sept. 4
CANAS INVESTMENTS: First Creditors' Meeting Set for Nov. 3
CORNISH PROPERTY: Ex-Directors Convicted Over Illegal Phoenix

CRUSADE ABS 2015-1: Fitch Hikes Rating on Cl. E Notes to BB+
FORTESCUE METALS: Fitch Affirms 'BB+' LT IDR, Outlook Stable
WEST PERTH FOOTBALL: Administrator May Move Creditors Meeting
ZOYGROUP PTY: Second Creditors' Meeting Set for Sept. 3
* AUSTRALIA: Thousands of Businesses on the Brink of Collapse


C H I N A

BANK OF BEIJING: Fitch Affirms BB+ LT Issuer Default Rating
GCL NEW ENERGY: S&P Puts BB- Issuer Credit Rating on Watch Neg.
KANGDE XIN: Fitch Affirms 'BB' LT IDR & Sr. Unsecured Rating
KANGDE XIN: Moody's Cuts CFR & Sr. Unsec. Bond Rating to B1
REDCO PROPERTIES: Fitch Assigns 'B(EXP)' Rating to USD Sr. Notes

REDCO PROPERTIES: S&P Rates New U.S. Dollar Senior Notes 'B'


H O N G  K O N G

YUE FUNG: EY and Two Partners Fined For Auditing Failures


I N D I A

ABHIRAMA STEELS: Ind-Ra Affirms 'D' Long Term Issuer Rating
ASOKE TIMBER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
AVINASH ISPAT: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
BALESHWAR KHARAGPUR: Ind-Ra Corrects August 17 Rating Release
BENEDETTO KITCHENS: CRISIL Moves B+ Rating to Not Cooperating

BHAVANI SAW: CRISIL Lowers Rating on INR13cr Loan to D
BIDESH PLYWOOD: CRISIL Migrates D Rating to Not Cooperating
CHAUDHARY BUILDERS: CRISIL Ups Rating on INR7cr Cash Loan to B+
COMMTRADE METALS: Ind-Ra Maintains B+ Rating in Non-Cooperating
D.A.R. PARADISE: Ind-Ra Maintains BB LT Rating in Non-Cooperating

DAULAT RAM: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
FLOW TECH: CRISIL Migrates C Rating to Not Cooperating Category
GEO SEA: Ind-Ra Maintains 'BB+' Issuer Rating in Non-Cooperating
GLOBAL HEAVY: CRISIL Migrates B/A4 Ratings From Non-Cooperating
GOOD MEDIA: CRISIL Lowers Rating on INR8.15cr LT Loan to D

GSCO INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating
INCAS INTERNATIONAL: CRISIL Cuts Rating on INR11.82cr Loan to D
OM ESHA: CRISIL Lowers Rating on INR10.97cr LT Loan to D
PIONEER TORSTEEL: Ind-Ra Maintains 'D' Rating in Non-Cooperating
QUEST LIFE: CRISIL Lowers Rating on INR2.5cr LT Loan to D

RCH ORTHOPAEDICS: CRISIL Reaffirms B+ Rating on INR3.85cr Loan
REDCO HOTELS: CRISIL Migrates B+ Rating to Non-Cooperating
RUCHI SOYA: Patanjali Challenges Approval of Adani Wilmar Bid
SATYAM SOLUTIONS: CRISIL Lowers Rating on INR10cr Loan to D
SHAH BHOGILAL: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating

SHRISTI COTSPINN: Ind-Ra Maintains BB Rating in Non-Cooperating
SRI GURU: CRISIL Assigns 'D' Rating to INR6cr LT Loan
SWASTIK FURNACES: CRISIL Reaffirms D Rating on INR8.5cr Loan
VINOD KUMAR: Ind-Ra Cuts LT Issuer Rating to 'BB-'
WOODVILLE PALACE: CRISIL Lowers Rating on INR20cr Loan to D

YAMUNA MACHINE: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
YKM ENTERTAINMENT: Ind-Ra Migrates 'D' Rating to Non-Cooperating


I N D O N E S I A

MODERNLAND REALTY: Fitch Rates USD150MM Sr. Unsec. Notes 'B'
STEEL PIPE: Moody's Affirms B2 CFR & Alters Outlook to Negative


S I N G A P O R E

CHINA TAISAN: Placed Under Judicial Management


                            - - - - -


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


4WD SYSTEMS: First Creditors' Meeting Set for Sept. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of 4WD
Systems Pty Ltd will be held at the offices of Clifton Hall
Level 3, 431 King William Street, in Adelaide, SA, on Sept. 3,
2018, at 10:00 a.m.

Simon Richard Miller of Clifton Hall was appointed as
administrator of 4WD Systems on Aug. 22, 2018.


ABTERRA AUSTRALIA: First Creditors' Meeting Set for Sept. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Abterra
Australia Pty Ltd will be held at the offices of A2Z Insolvency
Solutions, Level 5, 154 Elizabeth Street, in Sydney, NSW, on
Sept. 3, 2018, at 3:00 p.m.

Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrator of Abterra Australia on Aug. 22, 2018.


ARKOUDA PTY: First Creditors' Meeting Set for Sept. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Arkouda
Pty Ltd will be held at the offices of Vincents, Level 34, 32
Turbot Street, in Brisbane, Queensland, on Sept. 4, 2018, at
10:00 a.m.

Nick Combis of Vincents was appointed as administrator of Arkouda
Pty on Aug. 22, 2018.


CANAS INVESTMENTS: First Creditors' Meeting Set for Nov. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Canas
Investments Pty Ltd, trading as The Natural Food Market, will be
held at the offices of Mackay Goodwin, Level 2, 10 Bridge Street,
in Sydney, NSW, on Nov. 3, 2018, at 11:30 a.m.

Grahame Robert Ward and Thyge Trafford-Jones of Mackay Goodwin
were appointed as administrators of Canas Investments on Aug. 22,
2018.


CORNISH PROPERTY: Ex-Directors Convicted Over Illegal Phoenix
-------------------------------------------------------------
Allan Raad of Wentworthville, NSW and his brother-in-law Yousef
Joseph Bazouni of Sandringham, NSW, have been convicted and
sentenced in the Downing Centre District Court after pleading
guilty to Australian Securities and Investments Commission
charges concerning a breach of director's duties and the
fraudulent removal of company assets.

Mr. Raad pleaded guilty to using his position dishonestly to gain
an advantage and for having fraudulently removed property.

Mr. Bazouni also pleaded guilty to these offences on the basis of
complicity, in that he aided, abetted, counselled or procured the
commission of the offences by Mr. Raad.

Mr. Raad was sentenced to a total of 18 months' imprisonment for
the offences and released on a recognisance order to be of good
behavior for two years. Mr. Bazouni was convicted but no penalty
imposed and ordered to be of good behavior for 12 months. As a
result of the convictions, both men are automatically
disqualified from managing companies for five years.

ASIC had alleged that on July 2, 2011, in Sydney, NSW, Mr. Raad
engaged in illegal phoenix activity by dishonestly using his
position as a director of Cornish Property Services Pty Ltd (the
Company) with the intention of indirectly gaining an advantage
for himself by causing the sale of the assets of the Company to
Mr. Bazouni's newly incorporated company Flow Management Pty Ltd
(Flow Management) for an amount of AUD20,000. Mr. Raad later on
sold some of those same assets for AUD176,000, Mr. Raad received
the proceeds of the sale and subsequently used the proceeds to
pay:

  -- AUD50,000 for outstanding legal fees owed by the Company but
     for which he was personally liable;

  -- AUD23,509.20 to creditors of the Company who held personal
     guarantees against Mr. Raad and/or his wife;

  -- AUD51,731.81 towards credit card debts for which he was
     personally liable;

  -- AUD10,000 towards repayments for a home loan account Mr.
     Raad shared with his wife;

  -- AUD22,300 to Mr. Bazouni's credit card; and

  -- AUD4,000 was paid to existing unsecured creditors of the
     Company.

The Company was placed into voluntary liquidation soon after with
an estimated deficiency of AUD1,110,695.93.

ASIC also alleged that between July 21, 2011 and August 13, 2011,
Mr. Raad fraudulently removed AUD21,609.16 and AUD16,044.93 from
the Company's account. It was alleged that Mr. Bazouni was
complicit in helping Mr. Raad remove the funds.

ASIC commenced an investigation following the lodgement of a
report by the Liquidator Bruce Gleeson of Jones Partners
Insolvency & Recovery.  ASIC assisted the Liquidator to conduct
an investigation and prepare his report by providing funding from
the Assetless Administration Funding.

ASIC Commissioner John Price said, 'ASIC is committed to
addressing illegal phoenix activity.  ASIC is a member of the
Australian Taxation Office-led Phoenix Taskforce, which comprises
29 Commonwealth and State governments agencies who are sharing
intelligence and information to detect, deter and prosecute
directors and facilitators that engage in illegal phoenix
activity.'

Suspected illegal phoenix can now be reported directly to the
Phoenix Hotline on 1800-807-875. Further information is also
available from ASIC's website.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


CRUSADE ABS 2015-1: Fitch Hikes Rating on Cl. E Notes to BB+
------------------------------------------------------------
Fitch Ratings has upgraded 10 tranches and affirmed another six
from three Crusade ABS Series transactions. The transactions are
securitisations of Australian auto receivables originated by St.
George Finance Limited and Westpac Banking Corporation (AA-
/Stable).

The performance of the underlying assets has been strong and the
upgrades and affirmations reflect the transaction classes'
ability to pass cash flow stresses commensurate with their
ratings and Fitch's view that the ratings are supported by
sufficient available credit enhancement (CE).

KEY RATING DRIVERS

Obligor Default Risk: The performance of the underlying assets
has been well below Fitch's base-case net loss expectations, with
net losses below 1% of total assets for all transactions. Strong
excess spread since closing has covered all realised losses. The
base-case recovery rates for all three transactions were reduced
to 35% based on historical performance.

Fitch has revised the base-case gross loss in both Crusade ABS
Series 2015-1 Trust and Crusade ABS Series 2016-1 Trust
transactions to reflect historical performance. For Crusade ABS
2015-1, the base-case gross loss was reduced to 2.24%, from 3.8%,
while the base-case gross loss for Crusade ABS 2016-1 was reduced
to 2.79%, from 3.4%. As Crusade ABS Series 2017-1 Trust's
substitution period has just ended, no changes in base-case
losses were made.

The substitution periods for all the transactions have ended, the
pools are now closed and are currently amortising pro rata,
limiting additional build-up of subordination, exposing the
transactions to more back-loaded defaults. Switch back to
sequential payment is only expected if a charge-off occurs or the
90+ day arrears average over three months is greater than 3% of
the pool. The default stress multiples, for all transactions,
were revised to 5x from 5.5x at the 'AAAsf' rating level to
account for the end of substitution periods.

At the end of June 2018, all transactions had 30+ days arrears
above Fitch's 1Q18 Dinkum ABS Index for Australia of 1.58%.
Crusade ABS 2015-1 had the highest levels of 30+ day arrears at
6.23%, while Crusade ABS 2016-1 and Crusade ABS 2017-1 had 30+day
arrears of 3.78% and 2.24%, respectively.

While arrears were above the Dinkum Index, arrears as a balance
have remained stable as the transactions have paid down, have not
translated to higher levels of losses and are comparable with
other auto receivables transactions with similar portfolio
characteristics.

Fitch expects asset performance to remain stable, supported by
sustained economic growth in Australia that is driven by its
forecast for stable GDP growth of 2.7% in 2019 and no significant
change to the official cash rate.

Cash Flow Dynamics: The upgrades and affirmations reflect the
ability of the classes to pass cash flow stresses commensurate
with their ratings and Fitch's view that the available CE is
sufficient to support the ratings.

The default timing distribution was modified to reflect the
remaining weighted-average life for all transactions.

Structural Risks: Structural risks have been evaluated in the
initial transaction analysis through the review of transaction
documentation, legal opinions and structural features and there
have been no changes to any transaction since closing.

Counterparty Risks: Counterparty risks have been evaluated in the
initial transaction analysis through the review of transaction
documentation, legal opinions and structural features and there
have been no changes to any transaction since closing.

Servicer, Operational Risks: Westpac is an authorised deposit-
taking institution. The receivables sold to each trust are
primarily originated through Westpac's third-party distribution
networks. All receivables are subject to the same underwriting,
servicing and collections systems and procedures. Fitch undertook
an onsite operational review and found that the operations of the
servicer were comparable with that of other auto lenders.

Residual Value Risks: There is no residual value risk.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case, which is likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Fitch has evaluated the sensitivity of the ratings to
increased gross default levels and decreased recovery rates over
the life of the transactions.

Crusade ABS 2015-1

Class: A, B, C, D and E

Rating: AAAsf /AAAsf/A+sf/BBBsf/BB+sf

Expected impact upon the note rating of increased defaults:

Increase defaults by 10%: AAAsf /AAAsf/Asf/BBB-sf/BB+sf

Increase defaults by 25%: AAAsf /AAAsf/A-sf/BB+sf/BBsf

Increase defaults by 50%: AAAsf /AA+sf/BBBsf/BBsf/B+sf

Expected impact upon the note rating of decreased recoveries:

Reduce recoveries by 10%: AAAsf /AAAsf/Asf/BBBsf/BB+sf

Reduce recoveries by 25%: AAAsf /AAAsf/Asf/BBBsf/BB+sf

Reduce recoveries by 50%: AAAsf /AAAsf/Asf/BBB-sf/BBsf

Expected impact upon the note rating of multiple factors:

Increase defaults by 10%; reduce recoveries by 10%: AAAsf
/AAAsf/Asf/BBB-sf/BBsf

Increase defaults by 25%; reduce recoveries by 25%: AAAsf
/AA+sf/BBB+sf/BB+sf/BB-sf

Increase defaults by 50%; reduce recoveries by 50%: AAAsf /AA-
sf/BBB-sf/BB-sf/CCCsf

Crusade ABS 2016-1

Class: A, B, C, D and E

Rating: AAAsf /AA+sf/AA-sf/BBB+sf/BBB-sf

Expected impact upon the note rating of increased defaults:

Increase defaults by 10%: AAAsf /AAsf/A+sf/BBBsf/BB+sf

Increase defaults by 25%: AA+sf /AA-sf/Asf/BBB-sf/BBsf

Increase defaults by 50%: AA-sf /Asf/BBB+sf/BB+sf/BB-sf

Expected impact upon the note rating of decreased recoveries:

Reduce recoveries by 10%: AAAsf /AA+sf/A+sf/BBBsf/BBB-sf

Reduce recoveries by 25%: AAAsf /AAsf/A+sf/BBBsf/BB+sf

Reduce recoveries by 50%: AAAsf /AAsf/Asf/BBBsf/BB+sf

Expected impact upon the note rating of multiple factors:

Increase defaults by 10%; reduce recoveries by 10%: AA+sf
/AAsf/Asf/BBBsf/BB+sf

Increase defaults by 25%; reduce recoveries by 25%: AA+sf
/A+sf/A-sf/BBB-sf/BBsf

Increase defaults by 50%; reduce recoveries by 50%: A+sf /A-
sf/BBBsf/BBsf/Bsf

Crusade ABS 2017-1

Class: A, B, C, D and E

Rating: AAAsf /AA+sf/A+sf/A-sf/BBB+sf

Expected impact upon the note rating of increased defaults:

Increase defaults by 10%: AAAsf /AA-sf/Asf/BBB+sf/BBBsf

Increase defaults by 25%: AA+sf /A+sf/A-sf/BBBsf/BBB-sf

Increase defaults by 50%: AAsf /A-sf/BBBsf/BBB-sf/BB+sf

Expected impact upon the note rating of decreased recoveries:

Reduce recoveries by 10%: AAAsf /AAsf/A+sf/A-sf/BBB+sf

Reduce recoveries by 25%: AAAsf /AA-sf/Asf/A-sf/BBBsf

Reduce recoveries by 50%: AAAsf /AA-sf/Asf/BBB+sf/BBBsf

Expected impact upon the note rating of multiple factors:

Increase defaults by 10%; reduce recoveries by 10%: AAAsf /AA-
sf/Asf/BBB+sf/BBBsf

Increase defaults by 25%; reduce recoveries by 25%: AA+sf
/A+sf/BBB+sf/BBBsf/BB+sf

Increase defaults by 50%; reduce recoveries by 50%: AA-sf
/BBB+sf/BBB-sf/BB+sf/BB-sf


The full list of rating actions is (note balances as at July
payment date):

Crusade ABS Series 2015-1 Trust:

AUD131.3 million Class A notes affirmed at 'AAAsf'; Outlook
Stable

AUD8.1 million Class B notes upgraded to 'AAAsf' from 'AAsf';
Outlook Stable

AUD5.9 million Class C notes upgraded to 'A+sf' from 'Asf';
Outlook Stable

AUD5.2 million Class D notes affirmed at 'BBBsf'; Outlook Stable

AUD3.2 million Class E notes upgraded to 'BB+sf' from 'BBsf';
Outlook Stable

Crusade ABS Series 2016-1 Trust:

AUD539.8 million Class A notes affirmed at 'AAAsf'; Outlook
Stable

AUD33.3 million Class B notes upgraded to 'AA+sf' from 'AAsf';
Outlook Stable

AUD26.7 million Class C notes upgraded to 'AA-sf' from 'Asf';
Outlook Stable

AUD18.7 million Class D notes upgraded to 'BBB+sf' from 'BBBsf';
Outlook Stable

AUD13.3 million Class E notes upgraded to 'BBB-sf' from 'BBsf';
Outlook Stable

Crusade ABS Series 2017-1 Trust:

AUD514.7 million Class A1 notes affirmed at 'AAAsf'; Outlook
Stable

AUD1,000 million Class A2 notes affirmed at 'AAAsf'; Outlook
Stable

AUD94.0 million Class B notes affirmed at 'AA+sf'; Outlook Stable

AUD74.8 million Class C notes upgraded to 'A+sf' from 'Asf';
Outlook Stable

AUD52.2 million Class D notes upgraded to 'A-sf' from 'BBBsf';
Outlook Stable

AUD31.3 million Class E notes upgraded to 'BBB+sf' from 'BB+sf';
Outlook Stable


FORTESCUE METALS: Fitch Affirms 'BB+' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Australia-based iron ore miner
Fortescue Metals Group Limited's Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Outlook on the IDR is Stable. At the same
time, Fitch has withdrawn Fortescue's senior secured rating
following the full repayment of its senior secured bonds in June
2018.

The affirmation reflects Fortescue's substantial mining assets
and position as a low-cost producer to Asia (predominantly
China). However this is counterbalanced by weaker profit margins.
The margins were trimmed in the financial year ended June 30,
2018 (FY18) following a drop in Fortescue's realised price to 64%
(FY17: 77%) of the benchmark price (62% Fe Platts CFR Index) -
reflecting the lower iron content in its blend compared with the
benchmark (58% versus the benchmark 62%). Fitch does not expect
Fortescue's realised price to return to historical averages of
around 85% in the short term, as demand for high iron ore content
amongst Chinese steel mills will remain strong due to
environmental controls and wide ongoing profit margins for steel.
Nevertheless, Fitch believes that the company's low-cost base
will support its ongoing profitability and cash flow generation
over this period.

Fortescue expects to benefit from improved production
flexibility, which also allows it to introduce a new 60% Fe
product from 2H19 - West Pilbara Fines - on account of the
development of the Eliwana mine in Australia's north-west Pilbara
region. Fitch expects that this will help to reduce some of the
average discount applied across its portfolio over the longer
term, and have a positive effect on margins - with the mine also
helping the company retain its status as a low-cost producer over
the longer term.

Fortescue's leverage credit metrics remain strong for its rating,
even including the impact of the Eliwana project which the
company expects to cost USD1.3 billion and be funded from
operating cash flows. The removal of the last of the secured debt
in Fortescue's financial structure in FY18 following the
repayment of its US dollar senior secured bonds, is also a
positive development for Fortescue's credit profile.

KEY RATING DRIVERS

Lower Realisation Weakens Profitability: Fortescue's cost of
mining and shipping iron ore to its main market in China compares
well with other major low-cost iron-ore producers such as Rio
Tinto Ltd (A/Stable) and BHP Billiton Limited (A+/Negative).
However, its profitability is not as strong due to its lower
price realisation. The company's mines were positioned in the
second and lower-third quartile of the iron ore global cost
curves in 2017, according to CRU's business cost model, which
adjusts for grade and price realisation. Fitch has amended the
sensitivities to capture this weaker position on the cost curve,
when adjusted for grade and price realisation, relative to peers.

Fortescue has historically been able to achieve price realisation
of around 85% of the benchmark. However, this declined to 64% in
the financial year ended June 30, 2018 (FY18). Fitch expects this
figure to improve from FY20 following the planned introduction of
a 60% iron-grade product in 2H19.

Further Cost Improvements Challenging: Fitch expects the
company's C1 costs (which include the cost of mining, processing,
port and rail) to average around USD13 per wet metric tonne (wmt)
in FY19, which is at the top end of the company's guidance of
USD12-13 per wmt. This recognises that factors beyond Fortescue's
control can have an impact, such as crude oil prices and the
Australian dollar exchange rate.

Investment-Grade Credit Metrics: Fortescue's credit metrics are
strong for its rating, and Fitch expects FFO adjusted net
leverage to remain below 2.5x over the next four years. This
includes the impact of the USD1.3 billion Eliwana mine project,
which will be financed by operating cash flows, as well as
increased shareholder returns following deleveraging since FY13 -
where the company repaid USD10.4 billion of debt, including
USD500 million in FY18.

Flat Iron-Ore Prices: Fitch kept its expectation for benchmark
iron ore prices in May 2018 at USD55 per dry metric tonne (dmt)
for 2019 and increased its expectation to the same level
thereafter. This is based on its expectations that the global
iron-ore market is likely to remain well supplied, with new
capacity continuing to be added amid weaker demand. This is lower
than Fitch's expectation of USD60 per dmt in 2018, as Fitch
expects prices to continue to fall in line with market
fundamentals over the longer term - and drives its conservative
projection of a drop in Fortescue's EBITDA to USD2.5 billion for
FY19.

DERIVATION SUMMARY

Fortescue is amongst the leading low-cost iron ore producers
globally, which positions it well against peers. Fortescue has a
similar business risk profile to Brazil's Vale S.A. (BBB+/Stable)
in that both are highly exposed to a single commodity -- iron ore
-- and have comparable financial risk profiles. However, the
rating differential reflects Vale's significantly stronger
profitability on account of its high Fe content, despite
Fortescue benefitting from its proximity to China and lower
sovereign risk than Brazil.

Anglo American plc's (BBB-/Stable) rating reflects its
significant commodity exposure and geographic diversification as
one of the world's largest mining companies. This is despite
capturing its high exposure to South Africa, which is a
challenging environment with an active, unionised workforce and
comparatively high wage and electricity cost inflation.
Fortescue, like Anglo American, has improved its financial
profile as it prioritises balance-sheet strength. However,
Fortescue's weaker profitability is reflected in the one-notch
difference between the ratings on the two companies, as a result
of lower price realisation due to the iron content of its ore
being lower than the benchmark.

KEY ASSUMPTIONS

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

  - Benchmark iron-ore price to average USD60 per dmt for 2018
    and USD55 per dmt thereafter

  - Fortescue's C1 costs to be around USD13 per wmt in FY19 and
    FY20

  - Capex of around USD1.2 billion for FY19, in line with company
    guidance

  - Dividend payout ratio to remain at the upper end of
    Fortescue's guidance of 50%-80% of net profit after tax from
    FY19 to FY22

RATING SENSITIVITIES

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

  - Maintaining FFO adjusted net leverage at less than 2.5x on a
    sustained basis (FY18: 1.6x).

  - Cost position of key operations, adjusted for grade and price
    realisation, moving to the 2nd quartile on a sustained basis.

  - Maintaining neutral free cash flow on average on a sustained
    basis.

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

  - FFO adjusted net leverage sustained at higher than 3.0x on
    a sustained basis.

LIQUIDITY

Comfortable Liquidity, Debt Structure: Fortescue had USD863
million of cash on hand at FYE18 and a USD525 million undrawn
revolving credit facility. It has no debt maturities until 2022,
when the first tranche of the unsecured notes issued in FY17 of
USD750 million falls due, together with the USD1.4 billion term
loan. Total debt of USD4.0 billion at FYE18 (including finance
leases) does not include financial maintenance covenants. This
provides the flexibility to reshape its capital structure, which
is supported by its strengthened financial credit profile.

FULL LIST OF RATING ACTIONS

Fortescue Metals Group Limited

  - Long-Term Issuer Default Rating: Affirmed at 'BB+'; Outlook
    at Stable

  - Long-term rating on senior unsecured debt: Affirmed at 'BB+'

  - Long-term rating on senior secured debt: Affirmed at 'BBB-'
    and withdrawn FMG Resources (August 2006) Pty Ltd

  - Senior unsecured notes due 2022, 2023 and 2024: Affirmed at
    'BB+'


WEST PERTH FOOTBALL: Administrator May Move Creditors Meeting
-------------------------------------------------------------
John Townsend at The West Australian reports that West Perth
Football Club administrator Korda Mentha has recommended a delay
to the proposed creditors' meeting scheduled for next week as the
Falcons face a tough challenge to find AUD300,000 to stay afloat.

The report says creditors were expected to be asked on Aug. 28 to
vote to either accept a settlement or wind up WA's oldest
football club.

But Korda Mentha has flagged a potential delay to the creditors'
meeting while it attempts to negotiate a deed of company
arrangement with the WA Football Commission that could see
football headquarters take control of the Falcons, relates the
West Australian.

It is understood that a board of four experienced football
identities may be installed to oversee West Perth if the club
survives after going into administration last month with debts of
AUD790,000, the report states.

"We continue to hold discussions with the WAFC who have indicated
they are prepared to put forward a DOCA proposal," Korda Mentha
wrote to creditors this week, the West Australian relays.

"Those discussions are significantly advanced.

"If no proposal has been received before the second meeting of
creditors (August 28), we recommend adjourning the meeting for a
short period to allow the finalisation of the WAFC DOCA
proposal."

According to the West Australian, West Perth have raised about
AUD170,000 of the AUD300,000 identified by Korda Mentha as the
sum required to allow the club to resume trading.

The West Australian says the WAFC has registered the name
Joondalup Falcons and could use that to start a new club in the
northern suburbs should West Perth collapse under the weight of
their debt.

West Perth Football Club, known as the Falcons, is an Australian
rules football club located in Joondalup, Western Australia.


ZOYGROUP PTY: Second Creditors' Meeting Set for Sept. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of Zoygroup Pty
Ltd, trading as Good Life Tours; Good Life Retreats; Good Life
Travel; Putin Towers; Trump Towers; President Trump Towers;
President Putin Towers, has been set for Sept. 3, 2018, at 10:00
a.m. at Suite 1, Level 15, 9 Castlereagh 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 Sept. 2, 2018, at 4:00 p.m.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Zoygroup Pty on
July 30, 2018.


* AUSTRALIA: Thousands of Businesses on the Brink of Collapse
-------------------------------------------------------------
SmartCompany reports that new data from one of Australia's
biggest insolvency firms has revealed there are nearly 10,000
small to medium businesses on the brink of collapse, and experts
said business strength is unlikely to improve.

According to SmartCompany, the SV Partners Commercial Risk
Outlook Report for August 2018 showed there are 9,948 businesses
with annual turnover of less than AUD50 million that are at "high
risk" of insolvency in the next 12 months, with political
uncertainty and a downturn in property markets pinned as the main
contributing factors.

Those SMEs make up 80% of the total 12,464 businesses the
insolvency firm detected as being high risk, with SV Partners
managing director Terry van der Velde recommending SMEs have a
"rigorous" approach to risk management to try and prevent
insolvency where possible, SmartCompany relays.

"SMEs often struggle more with solvency than larger businesses,
as their smaller income streams, tighter margins and difficulties
sourcing finance can make dealing with short-term shocks more
challenging," the report quotes Mr. van de Velde as saying in a
statement.  "That's why small and medium-sized business owners
need a rigorous approach to risk management, to ensure that their
business has a plan to deal with unexpected situations."

SmartCompany notes that a number of high-profile businesses,
particularly in the retail space, have entered administration
throughout the end of 2017 and into 2018. These include Toys 'R'
Us, a selection of Adriano Zumbo's patisseries, SumoSalad, and
Oliver Brown.

Patrick Coghlan, managing director of credit reporting agency
CreditorWatch, told SmartCompany there's definitely been a
significant increase in the number of insolvencies for both
incorporated and unincorporated businesses.

CreditorWatch's own research shows the number of unincorporated
businesses that have gone from active to inactive between
March 2017 to March 2018 is up 60%, suggesting the businesses
being hit the hardest are also the smallest, SmartCompany
discloses.

"We're seeing people really struggle from a cash flow point of
view, and we know from our research that it's pretty much a 50/50
split between SMEs that are running cash flow positive and those
that aren't," SmartCompany quotes Mr. Coghlan as saying.

Mr. Coghlan puts this down to the ever-present issue of payment
times, saying a lot of SMEs are still finding it hard to get
payments from suppliers on time.

However, he also attributes some insolvencies to a "general
softening" of the economy overall, the report relays.

"There's not much confidence around especially with recent
events, which definitely makes business owners a bit skittish.
Australian business is also so welded to property markets that
when it starts to see a downturn it creates a certain level of
discomfort," Mr. Coghlan told SmartCompany.

SmartCompany notes that the 10,000 businesses highlighted at risk
by SV Partners are all under the AUD50 million turnover
threshold, which means, if they are incorporated and profitable,
they will all benefit from the government's legislated tax cuts
as they begin to roll out over the next 10 years.



=========
C H I N A
=========


BANK OF BEIJING: Fitch Affirms BB+ LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) of six Chinese mid-tier commercial banks.
The Outlooks are Stable. At the same time, Fitch has downgraded
the Viability Rating (VR) on Bank of Beijing to 'b+' from 'bb-'.
Fitch affirmed the VRs of the other banks.

The six banks are:

  - Bank of Beijing

  - Industrial Bank Co., Ltd

  - China Minsheng Banking Corp., Ltd.

  - Ping An Bank Co., Ltd.

  - Hua Xia Bank Co., Limited

  - China Guangfa Bank Co., Ltd.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

All of the banks' IDRs are based on state support and are at the
banks' Support Rating Floors of 'BB+'. This reflects Fitch's
continued expectation that there is a moderate probability of
extraordinary support from the central government in the event of
stress. This is based on several factors, including their
relative size, domestic significance and ownership structure.
There is typically no direct central government ownership at
these banks, nor any history of direct government support,
despite their status as national joint stock commercial banks
(except for Bank of Beijing, which is a city commercial bank).

State-owned investors, including insurers, have been increasing
their stakes in these mid-tier banks in recent years through
private placements. Fitch does not factor in institutional
support from these investors as there are sector-specific
regulations that may limit their ability to provide extraordinary
support to the banks. In addition, insurers are likely to be
affected alongside banks in a stress scenario, while the size of
these banks relative to these shareholders also raises doubts
over the investors' ability to provide support. Furthermore, the
long-term strategic intentions of these investors are unclear. As
such, Fitch expects support to come primarily from the state,
unless the portion of private ownership increases significantly
and results in a meaningful reduction in state or policy
influence.

VIABILITY RATINGS

The VRs of the six mid-tier banks, which are in 'b' category
denoting weak intrinsic strength, reflects the banks' perceived
high risk appetite and limited margin to absorb risks; the level
and pace of financial system credit growth and their impact on
capital adequacy; transparency and corporate governance issues;
an evolving regulatory framework; and the nascent legal system.

Growth in shadow-banking activities has slowed and some of these
mid-tier banks have reported declines in their entrusted
investments and/or wealth management product (WMP) exposures over
2017. However, Fitch does not believe contagion risks have
reduced significantly for these mid-tier banks as greater
migration of assets back onto banks' balance sheets may further
weigh on their capitalisation.

Net interest margins have rebounded for joint stock and city
commercial banks during 2Q18, and Fitch attributes this partly to
reductions in reserve requirement ratios so far this year, which
have alleviated funding pressures. Longer-term profitability at
these banks continues to be under pressure from their
provisioning levels, and their capital retention continues to lag
risk-weighted-asset growth in most cases.

Bank of Beijing (BOB)

BOB's VR downgrade takes into consideration the bank's continued
growth in entrusted investments (around 17% of assets) and WMPs
(around 21% of assets) over 2017, despite an improvement in core
capitalisation following a private placement of shares in
December 2017. The continued growth in both entrusted investments
and WMPs was in contrast to Fitch's expectations and the trend at
most peers of reduction in these exposures following regulatory
tightening. The growth in BOB's exposures reflects its growing
risk appetite. Fitch does not expect BOB to increase its capital
buffer to keep pace with its rising risk appetite, although BOB's
capitalisation improved after the share placement and remains
above that of peers. The bank continues to have high risk-
weighted-asset growth and has increased its dividend payout ratio
despite lingering profitability pressures.

Industrial Bank Co., Ltd (IND)

IND's VR reflects its weak capitalisation, high reliance on
interbank funding, and large non-loan credit exposure, which are
balanced against profitability that is above peers' but
declining. Capital levels were on a par with the mid-tier bank
average, bolstered by a private placement of shares to the Fujian
government and others in 2017, but this additional capital may be
consumed in the coming years by more rapid growth. IND is also
highly reliant on interbank borrowings to meet short-term
obligations and has a large exposure to WMPs (around 26% of
assets), which leaves the bank vulnerable to refinancing risk and
interbank market volatility. In addition, IND's exposure to
entrusted investments, commonly used to circumvent regulatory
restrictions, declined in 2017 but remained the largest among
Fitch-rated banks at around 28% of total assets.

China Minsheng Banking Corp., Ltd. (CMBC)

CMBC's VR reflects the bank's capitalisation that is under
pressure and large reliance on interbank funding, which are
balanced against risk appetite and asset quality that are
relatively better than that of peers. The bank is continuing to
pivot away from small and private business customers to larger
corporates, which should benefit asset quality in the medium to
longer term, providing that underwriting standards are upheld.
CMBC's holdings of entrusted investments (around 13% of assets)
and outstanding WMPs (around 20% of assets) both fell in 2017,
and are below the mid-tier average. While funding costs have
risen for all mid-tier banks in general, CMBC's profitability has
declined more than peers as the bank has shifted to lower-
yielding assets. Fitch expects pressure on capitalisation and
leverage to persist, however, especially if CMBC reverts to rapid
growth of shadow-banking activities to boost profit.

Ping An Bank Co., Ltd. (PAB)

PAB's VR reflects its position as one of the weaker mid-tier
banks in terms of asset quality and capitalisation, both of which
remained under pressure due to rapid loan growth. Capital levels
are among the lowest of Fitch-rated banks, especially if off-
balance-sheet WMPs are also taken into account. Total outstanding
WMPs were around 29% of total assets at end-1H18. Profitability
continues to decline as funding costs have climbed; its low
impairment loan allowance (despite higher credit costs relative
to peers) also adds to PAB's near-term profitability pressures.
PAB stands out among mid-tier banks for its higher retail
business contribution, which accounted for over two-thirds of
pre-tax profits in 1H18.

Hua Xia Bank Co., Limited (HXB)

HXB's VR takes into account the bank's relatively lower but
rising entrusted investments (around 11% of assets at end-2017),
which are balanced against its less-robust asset quality, weak
core capitalisation and above-peer WMP exposure (around 31% of
assets at end-2017). Deposit growth continues to lag loan growth;
Fitch calculates HXB's loan-to-deposit ratio as having risen to
around 105% at end-1H18. HXB's reported non-performing loans
(NPLs) and "special-mention" loans (SMLs) increased to around
6.4% of total loans at end-2017 (no change in 1H18), among the
highest of Fitch-rated Chinese banks, but its impairment loan
reserve is among the lowest.

China Guangfa Bank Co., Ltd. (CGB)

CGB's VR reflects the bank's weak profitability and
capitalisation. Despite its strong credit card business, CGB's
profitability remains weak given its small deposit franchise
relative to other banks and higher operating costs. CGB's asset
growth decelerated sharply in 2017, driven by a significant drop
in entrusted investments (to around 9% of assets at end-2017).
Fitch believes this was largely due to the bank's capital
constraints and negative deposit growth. CGB has been planning
for a private placement of shares to raise up to CNY30 billion
since early 2017, which Fitch estimates may lift its pro forma
common equity Tier 1 (CET1) capital adequacy ratio (CAR) by
around 2.1pp to nearly 10%. However, the timing of this share
placement is uncertain, and it is unclear to us whether the
increased capital buffers may be consumed by near-term growth.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

Pressures will build on the banks' Issuer Default Ratings (IDRs)
if Fitch perceives the state's ability to support the banking
sector is undermined by the increasing size of the financial
system. Chinese authorities have not yet provided any clear
guidance on the classification of domestic systemically important
banks - such guidance could lead to changes in the Support
Ratings and Support Rating Floors and, in turn, the banks' IDRs.
Fitch expects the state's propensity to support the banking
sector to remain high over the near term and extremely high for
systemically important banks.

Significant changes to the sector's liability structure that
result in increasing the banks' reliance on wholesale or offshore
funding may affect the state's ability and willingness to support
the entire financial system - especially less systemically
important banks - in the longer term, including resolving the
rising stock of problem assets. A reduction in state ownership,
either directly or indirectly through local governments or state-
owned-enterprises, may also negatively affect the propensity of
the state to support these banks if the reduction is significant
and it lowers state influence at these banks.

VIABILITY RATINGS

Fitch assesses that excessive growth, particularly in wealth-
management product (WMP) issuances and exposures to entrusted
investments, may render capital and liquidity more vulnerable to
deterioration beyond what is implied by the current rating
levels. The scale of WMP issuance and entrusted investments
remains large at these banks, and their credit profiles are more
vulnerable to regulatory changes given their heavy reliance on
non-deposit funding.

Downgrades to the banks' Viability Ratings (VRs) are possible if
concentrations in exposures increase relative to peers; if
deterioration in asset quality begins to undermine solvency; or
if severe deposit migration or reliance on WMPs leads to greater
funding and liquidity strains. The sector benefits from a degree
of ordinary support from Chinese authorities, most notably in the
form of market liquidity injections and aid for financially
troubled borrowers, but major disruptions in the issuance of
WMPs, quasi-substitutes for time deposits or interbank market
distress could lead to VR downgrades.

Upgrades in the VRs for China's mid-tier banks are possible if
Fitch sees the banks as likely to sustain improvements in their
loss-absorption capacities and/or strengthening in their deposit
funding and liquidity. Declines in exposures to entrusted
investments and WMPs at these mid-tier banks, if significant and
sustained over time, may be positive to their VRs. Similarly,
more sustainable credit (both loan and non-loan) growth, tighter
market discipline or a more conservative risk appetite
contributing to less off-balance-sheet activity (or if there is
greater transparency and clarity over the credit risks around
such activity) may also benefit their VRs.

The rating actions are as follows:

Bank of Beijing

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating downgraded to 'b+' from 'bb-'

Industrial Bank Co., Ltd

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating affirmed at 'b'

China Minsheng Banking Corp., Ltd.

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating affirmed at 'b+'

Ping An Bank Co., Ltd.

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating affirmed at 'b'

Hua Xia Bank Co., Limited

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating affirmed at 'b'

China Guangfa Bank Co., Ltd.

  - Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
    Outlook

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - Viability Rating affirmed at 'b'


GCL NEW ENERGY: S&P Puts BB- Issuer Credit Rating on Watch Neg.
---------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer credit
rating on GCL New Energy Holdings Ltd. (GNE) and the 'B+' long-
term issue rating on the senior unsecured bonds issued by the
company on CreditWatch with negative implications. GNE is the
largest non-state-owned solar farm developer and operator in
China. Listed on the Hong Kong stock exchange, GNE is 62.3% owned
by GCL-Poly Energy Holdings Ltd.

The CreditWatch action on GNE reflects the heightened financial
risk of the parent GCL-Poly. S&P assesses GNE as a strategically
important subsidiary of GCL-Poly; hence, the rating on GNE is
constrained by the group credit profile of GCL-Poly.

In S&P's view, the financial performance of GCL-Poly is likely to
materially weaken in the next 12-18 months due to worsening
overcapacity in China's solar material sector, and the
uncertainty around the group's deleveraging efforts.

GCL-Poly, the world's largest producer of poly-silicon and wafer,
suffers from sluggish demand in China following a significant and
profound change to government policy announced on May 31, 2018.
The government suspended approvals of new ground-mounted solar
projects, except in the cases where no renewable subsidies are
applied. It also lowered the benchmark tariffs for new projects
connected to the country's electricity transmission grids. This
policy change has worsened a pre-existing solar oversupply
situation in China.

S&P said, "We expect the worsened oversupply of solar materials
and equipment in China to likely sustain for at least in the next
12-18 months. This would significantly dampen the profitability
and cash flows of upstream and midstream manufacturers, including
GCL-Poly. From December 2017 to mid-August of 2018, the ex-
factory price of polysilicon from Jiangsu Zhongneng, a key
subsidiary of GCL-Poly, has plummeted by over 30%.

"We estimate GCL-Poly's consolidated ratio of funds from
operations (FFO) to debt to likely slide below 10% at least in
2018. GCL-Poly recently warned that its profits for the first
half of 2018 could slump 60%-70% due to declining wafer prices;
and increase in finance costs and exchange losses. If we believe
GCL-Poly's ratio of FFO-to-debt will remain below 12% for a
prolonged period, we could lower the 'bb-' group credit profile,
leading to a downgrade of GNE.

"In our view, GNE, the group's downstream solar-farm developer,
is less affected by the new policy and will maintain a relatively
stable stand-alone credit profile of 'bb-'. This is despite the
fact that GNE's credit metrics in 2017 were weaker than our
expectation due to its significant increase in debt to fund large
capital expenditure and growing large subsidy receivables. In
2017, GNE added 2.5 gigawatt (GW) in new capacity, increasing its
total gross installed capacities by 70% to around 6GW. As such,
GNE's improvement in its FFO-to-debt ratio was slower than we
expected (2017: 5%; 2016: 4.3%).

"Against the backdrop of slower industry growth and accelerated
payments of subsidy receivables, we expect GNE to lower its
capital expenditure to help consolidate its financial strength in
2018. The company will likely only increase its capacity by 700
megawatts (MW)-800MW in 2018. GNE also has about 1.1GW of solar
projects included into the 7th batch of the Renewable Energy
Tariff Subsidy Catalogue announced recently, representing 5.5% of
total solar capacity in this batch. GNE is entitled to the
renewable subsidies as long as the projects are included to the
catalogue. However GNE's total debt and interest expenses in 2018
are likely to increase as a result of the 7.1% US$500 million
bond issued in January 2018, and the recent depreciation of the
Chinese currency.

"While we expect both GNE and GCL-Poly will continue to explore
ways to control their leverage and enhance their financing
capability, concrete measures have not been announced nor
executed. After the termination of the proposed asset sale by
GCL-Poly to Shanghai Electric Group Co. Ltd., GCL-Poly may seek
other options to deleverage, including a potential listing on
China's domestic stock exchanges. GNE also announced a potential
share placement to the consortium of Taiping Financial Holdings
in December 2017 and indicated its intension to divest interests
in some projects for deleveraging. However, the progress on both
initiatives remains to be seen.

"We expect to resolve the CreditWatch in the next 90 days after
we seek more clarity from the management of GNE and its parent on
the business strategy to adjust to the unfavorable operating
environment, protect margins, and maintain a competitive edge in
the group's solar upstream and downstream businesses. We also
expect to update the group's financial strategy, including
measures and progress in deleveraging, improving financial
flexibility, and boosting liquidity.

"We could lower our rating on GNE by one notch or more if we
expect GCL-Poly's FFO-to-debt ratio to constantly stay below
12.0% in the next 12-18 months without the prospect of recovery
or if either company faces liquidity stress.

"We could affirm our rating on GNE if we expect GCL-Poly can
manage its FFO-to-debt ratio to be at least 12.0% through
effective measures to restore its profitability, deleverage its
balance sheet, and maintain its liquidity.

"We may also affirm our rating on GNE if we believe the chance of
potential negative intervention from the parent is very low. This
could be as a result of successful introduction of significant
strategic investors and effective corporate governance,
supporting an assessment of the insulation of GNE from GCL-Poly."


KANGDE XIN: Fitch Affirms 'BB' LT IDR & Sr. Unsecured Rating
------------------------------------------------------------
Fitch Ratings has affirmed China-based Kangde Xin Composite
Material Group Co., Ltd.'s (KDX) Long-Term Foreign-Currency
Issuer Default Rating and senior unsecured rating at 'BB'. The
Outlook is Stable.

The affirmation reflects its expectation that KDX will maintain
its net cash position in 2018 and beyond due to its stable
operating performance. However, the company could potentially
undertake a significant acquisition, which could result in rating
changes. Fitch will evaluate the effect on KDX's creditworthiness
when Fitch receives additional information on the potential
transaction.

KEY RATING DRIVERS

Stable Operating Performance: KDX has achieved strong revenue
growth while maintaining a stable operating EBITDA margin of more
than 30% since 2014. Revenue rose by 19.7% yoy during 1H18,
driven by growth of 22.4% and 22.7% at its lamination-film and
optical-film segments, respectively. Its gross profit margin
edged up by 0.3pp yoy to 37.7% in 1H18, led by margin enhancement
at its optical-film segment, increasing its operating EBITDA
margin to 31.6% from 30.6% in 1H17.

Large Investments in Associates: KDX invested in the carbon-fibre
businesses of shareholder Kangde Group, which owns 24.05% of the
company, for a total of CNY2.09 billion, including CNY90 million
invested in Kangde Composite Material Co., Ltd. in April 2016 for
an 18% stake and CNY2 billion, or 17% of KDX's 2017 revenue,
injected into Kangde Carbon Valley Co., Ltd. in September 2017
for a 14% stake. The deals have not resulted in a deterioration
of KDX's financial metrics due to its strong net cash position,
but a significant increase in transactions with the affiliated
companies is likely to lead to negative rating action, as Fitch
does not expect near-term cash generation from these investments.

Sustained Net Cash Position: Fitch expects KDX to maintain a net
cash position from 2018, despite the large affiliate investment
in 2017 and increasing capex in the next year or two. KDX had a
net cash position of CNY1.6 billion at end-June 2018 (2017:
CNY1.8 billion). Fitch expects capex of CNY3.5 billion in 2018
and CNY2.9 billion in 2019, as the company adds 102 million
square metres of capacity for optical film and 100 million units
of capacity for 3D naked-eye modules. However, the company will
fund capex with equity proceeds received in 2015 and 2016.

Potential Overseas Acquisition: KDX is in the process of making a
significant overseas acquisition, but details are unavailable.
Fitch will evaluate the potential effect on KDX's credit profile
after receiving more information. This may result in rating
changes. The continued suspension of KDX's shares will impede its
access to the equity market, which could also have a negative
rating impact.

Moderate Market Position: KDX operates in fragmented markets, but
this is mitigated by its focus on mid- to high-end products and
strong relationships with customers, which result in moderate
bargaining power. KDX is China's largest producer of lamination
film and optical film, according to the company.

Independent Operations: Fitch has not applied its Parent and
Subsidiary Rating Linkage criteria in rating KDX in relation to
Kangde Group, as Fitch does not deem that the shareholder has
sufficient control over the company. KDX's decisions appear to be
made independently of Kangde Group, as only two of its seven
board members are related to Kangde Group. In addition, Kangde
Group has pledged 91.53% of its shares in KDX for debt.

DERIVATION SUMMARY

KDX may be compared with Shandong SNTON Group Co., Ltd.
(BB/Stable) and sportswear brand 361 Degrees International
Limited (BB/Stable). SNTON is among China's top-three steel tire
cord manufacturers, with significant economies of scale, product
leadership and solid business relationships, while KDX is one of
many optical film and lamination film manufacturers. However, KDX
has a stronger financial profile than SNTON, given its higher
operating EBITDA margin and sustained net cash position. KDX and
361 Degrees are rated at the same level primarily because both
have a net cash position. 361 Degrees is China's sixth-largest
domestic sportswear company and has lower revenue and narrower
margins than KDX. However, 361 Degrees is less exposed to the
macroeconomy.

KEY ASSUMPTIONS

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

  - Operating EBITDA margin at 30%-31% from 2018 to 2020

  - Capex of CNY3.5 billion in 2018, CNY2.9 billion in 2019 and
    CNY530 million in 2020

  - No M&A factored into 2018 or beyond

  - Dividend payout ratio of 10% over 2018 to 2021

RATING SENSITIVITIES

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

No positive rating action envisioned in the medium term

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

  - Operating EBITDA margin below 25% for a sustained period

  - Failure to maintain a net cash position

  - Sustained decrease in cash flow from operations (2017: CNY3.5
    billion)

  - Increased investments in coordination with Kangde Group or
    affiliates may result in Fitch applying the Parent and
    Subsidiary Rating Linkage criteria in rating KDX

LIQUIDITY

Sufficient Liquidity: KDX was in a net cash position as of end-
2017, with available cash of CNY15.8 billion, positive free cash
flow of CNY2.7 billion and unused banking facilities of CNY5.3
billion, compared with CNY9.7 billion in short-term debt.

FULL LIST OF RATING ACTIONS

Kangde Xin Composite Material Group Co., Ltd.

  - Long-Term Issuer Default Rating affirmed at 'BB'; Outlook
    Stable

  - Senior unsecured rating affirmed at 'BB'

Top Wise Excellent Enterprise Co., Ltd.

  - USD300 million 6% senior unsecured notes affirmed at 'BB'


KANGDE XIN: Moody's Cuts CFR & Sr. Unsec. Bond Rating to B1
-----------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Kangde Xin Composite Material Group
Co., Ltd. (KDX) and the backed senior unsecured bond rating of
Top Wise Excellence Enterprise Co., Ltd.

The rating outlook is stable.

These actions conclude Moody's review for downgrade initiated on
June 11, 2018.

RATINGS RATIONALE

"The downgrade reflects our concern that the continued trading
suspension of KDX's shares will impede the company's ability to
access the equity market for funding," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

"KDX is still growing and it is investing in new business
segments such as polymer materials. As a result, maintaining good
access to funding -- both equity and debt -- is important," adds
Tsuen.

Trading in KDX's shares on the Shenzhen Stock Exchange has been
suspended since June 6, when it announced that it was in the
process of acquiring a domestic supplier for automobile service
centers and that the transaction would involve a stock issuance.

The suspension followed another an earlier suspension from
February 26 until April 27 that had resulted from the
negotiations for the acquisition of an overseas company. The
transaction is still in negotiation.

While the company's largest shareholder reduced its share pledge
to 91.5% as of the end of July 2018 from close to 100% at the end
of 2017, this ratio remains very high and increases the risk of a
change of control as well as potential volatility in the trading
of KDX's shares.

KDX reported solid financial results in 1H 2018, with revenue
growing 20% year on year, and its adjusted EBITDA margin
improving to 34% from 31% a year ago driven in part by increased
operating efficiencies. Moody's expects the company's revenue
growth and margins will remain steady in the next 12-18 months.

The company's adjusted debt/EBITDA was around 3.4x for the 12
months to the end of June 2018, and Moody's expects it will
remain in the 3.2x-3.5x range in the next 12-18 months. Such
leverage levels support the company's B1 rating.

KDX also remained in a net cash position, with RMB16.8 billion in
cash and RMB14.3 billion in total reported debt as of the end of
June 2018.

KDX's B1 rating continues to reflect the company's growth in the
global optical film market, technological capabilities,
vertically integrated business model, solid profitability, steady
credit metrics and strong liquidity position.

At the same time, the rating also reflects KDX's modest size
relative to global manufacturers, high working capital and
capital spending requirements, execution risks, and potential
impact on its business plans from prolonged trading suspensions.

The stable outlook on KDX's rating reflects Moody's expectation
that the trading suspension will be lifted in the near term and
that the share pledge of its largest shareholder will continue to
decline, thus reducing the risk of a change in control. In
addition, the stable outlook reflects Moody's expectation that
KDX will maintain strong liquidity with a net cash position, and
that its underlying operating performance will remain steady.

A failure to fulfill these expectations will pressure the
company's rating.

There is no upgrade pressure in the near term, due to the
prolonged share trading suspension. Upward pressure could emerge
if KDX (1) demonstrates a track record of normal share trading
and a reduced risk of a change of control, and (2) maintains its
steady operating performance and solid credit and liquidity
metrics.

The rating could be downgraded if (1) KDX fails to resume normal
share trading in the near term, (2) its largest shareholder fails
to reduce its share pledge or the risk of a change of control
remains elevated, (3) KDX loses its net cash position or its
liquidity weakens, or (4) its adjusted debt/EBITDA rises above
4.5x-5.0x.

The principal methodology used in this rating was Global
Manufacturing Companies published in June 2017.

Established in 2001 and listed on the Shenzhen Stock Exchange
since 2010, Kangde Xin Composite Material Group Co., Ltd. is a
leading manufacturer of optical and pre-coated laminating films
globally.

KDX was 24% owned by its parent company, Kangde Investment Group
Co., Ltd., and 76% by public shareholders at the end of July
2018. The company's founder and chairman, Yu Zhong, owns 80% of
Kangde Investment Group.


REDCO PROPERTIES: Fitch Assigns 'B(EXP)' Rating to USD Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based Redco Properties Group
Ltd's (Redco) (B/Stable) proposed US dollar senior notes an
expected 'B(EXP)' rating, with a Recovery Rating of 'RR4'. The
proposed notes will be used to refinance certain existing
indebtedness.

The notes are rated at the same level as Redco's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

KEY RATING DRIVERS

Transition to Fast-Churn Model: Fitch believes Redco is
transitioning to a fast-churn model, which will lead to swifter
sales turnover but thinner margins. Redco's full-year contracted
sales (including JVs) rose by 30.2% to CNY13.2 billion in 2017,
and by more than 20.5% to CNY6.1 billion in 1H18 compared with
1H17. Redco maintained a healthy sales efficiency, with
contracted sales/total debt at 1.8x in 2017. At the same time,
its 2017 EBITDA margin widened to 18.6%, resulting from a
decrease in average land-acquisition cost per sq m delivered.
Average land-acquisition cost per sq m delivered fell from
CNY2,711 in 2016 to CNY 2,173 in 2017.

Limited Land Bank Constrains Rating: Redco had boosted its land
bank to around 4.9 million sq m by end-2017, from 3.5 million sq
m at end-2016. Tianjin, Nanchang and Jinan accounted for 60% by
gross floor area (GFA). Fitch estimates that the portion of
Redco's land bank that is available for sale (saleable GFA that
the company owns) is around CNY45 billion, which is sufficient
for three years of contracted sales.

Fitch also believes that Redco will be able to secure sufficient
land for property development during 2018-2019. However, holding
higher land reserves than its peers means that Redco has less
land-acquisition flexibility and is more susceptible to land
price and supply volatility, which will result in a volatile
financial profile.

Expansion Resulting in High Leverage: Leverage has increased as
Redco acquired more land to sustain its growth in attributable
sales. Net debt/adjusted inventory (including JV proportionate
consolidation) rose significantly to 56% in 2017 (2016: 7.4%),
which is considered high for its 'B' rating. Fitch expects
leverage to moderate eventually after Redco achieves a certain
land bank size to sustain higher contracted sales. Meanwhile
Fitch will assess how the company will fund its expansion and
whether it can sustain leverage at below 50% - a level more
appropriate for its 'B' rating

DERIVATION SUMMARY

Redco's CNY13.2 billion contracted sales in 2017 are comparable
with 'B' rated companies such as Xinyuan Real Estate Co., Ltd.
(B/Stable) with CNY16 billion and Xinhu Zhongbao Co., Ltd.
(B/Stable) with CNY13 billion. Redco's leverage is higher than
that of Xinyuan but Redco has a larger landbank. Redco's leverage
is lower than that of Xinhu, but Redco's landbank is smaller.
Companies that are rated one notch above Redco, at 'B+', in
general have proven sustainable business models with attributable
sales of over CNY10 billion, larger land banks of more than three
years' worth of development, and stable leverage at around 40%.

KEY ASSUMPTIONS

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

  - Contracted sales including JVs reaching CNY20 billion in
    2018, CNY28 billion in 2019

  - Gross profit margin from property development remaining below
    25% in 2018-2020

  - Land replenished at a rate of 1.3x of annual sales by GFA and
    land premium accounting for 65%-70% of annual sales receipts
    in 2017-2020

  - Construction cost accounting for around 35% of annual sales
    receipts in 2017-2020.


RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above
    CNY8 billion (2017: CNY13 billion) while maintaining an
    available-for-sale land bank for 2.5 years of development
    (2017: 3 years)

  - Net debt/adjusted inventory sustained below 40% (2017: 56%)

  - EBITDA margin sustained above 20% (2017: 18.6%)

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

  - Sustained drop in contracted sales

  - Net debt/ adjusted inventory sustained above 50%

  - EBITDA margin sustained below 15%

LIQUIDITY

Sufficient Liquidity: Redco had cash and cash equivalents of
CNY4.9 billion (including restricted cash of CNY1.3 billion), and
CNY1.4 billion of undrawn bank facilities at end-2017, sufficient
to cover short-term debt of CNY3.1 billion.


REDCO PROPERTIES: S&P Rates New U.S. Dollar Senior Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by Redco
Properties Group Ltd. (B/Stable/--). The China-based developer
intends to use the net proceeds primarily to refinance its US$250
million senior notes maturing in November 2018. The rating is
subject to S&P's review of the final issuance documentation.

S&P said, "We equalize the issue rating to the issuer credit
rating on Redco because the proposed notes are not significantly
subordinated to other debt in the company's capital structure. As
of Dec. 31, 2017, Redco's capital structure consists of Chinese
renminbi (RMB) 3.3 billion of secured debt which is mainly at the
project level, as well as RMB3.9 billion of unsecured debt and
other borrowings issued by the company at the headquarters level.
As such, its priority debt ratio is below our threshold of 50%."

The issuer credit rating and the stable outlook reflect Redco's
small operating scale with high geographic and project
concentration, as well as the company's moderately increasing
leverage stemming from its growing expansion appetite to improve
its scale and diversification. S&P expects Redco's leverage, as
measured by the ratio of debt to EBITDA, will increase to about
4.5x-5x in 2018, from 4.4x in 2017.

S&P said, "In our view, the company will maintain a relatively
aggressive strategy in land acquisitions in the next two years,
but the impact of that will be partly offset by Redco's steady
contracted sales and revenue growth with improving profitability.
We expect the company will spend about 60% of contracted sales in
land premium payments in 2018 and 2019."



================
H O N G  K O N G
================


YUE FUNG: EY and Two Partners Fined For Auditing Failures
---------------------------------------------------------
Enoch Yiu at South China Morning Post reports that accounting
giant EY and two partners have been fined a combined HK$700,000
(US$89,171) and legal costs of HK$1.5 million in Hong Kong for
audit failures during the listing of three companies two decades
ago.

The decision by Hong Kong's accountancy industry watchdog brought
to a close a case that has taken 16 years to resolve - one of the
longest on record in the city for audit failures surrounding
stock flotations, the report says.

The Post relates that the Hong Kong Institute of Certified Public
Accountants (HKICPA) reprimanded and fined EY HK$400,000, Kwok
Chee Tack HK$200,000 and Kelvin Wong Kam-man HK$100,000 for their
failures in acting as the auditors for the three companies, which
collapsed soon after their listings at the turn of the century.

EY, Kwok and Wong will also have to pay legal costs for the
proceedings at a combined HK$1.53 million, the accounting body
said, the report relays.

According to the report, the three companies involved were the
now defunct household-products manufacturer Gold Wo International
Holdings, electronic circuit-board maker Fu Cheong International
Holdings and digital-camera maker Yue Fung International Group
Holding. Yue Fung holds 20 per cent of Gold Wo and indirectly
holds 14 per cent of Fu Cheong.

The HKICPA said EY, formerly Ernest & Young, was the auditor for
the flotations of these companies between 1997 and 2002. Wong was
the "engagement partner" of Gold Wo and Kwok the engagement
partner of Fu Cheong and Yue Fung, the Post relays.

The three listed companies collapsed in 2002, and the Independent
Commission Against Corruption investigated and arrested a number
of executives, the Post recalls.

In 2007, the Court of First Instance convicted former Gold Wo
chairman Fu Chu-kan, her elder sister and former vice-chairman Fu
Yin-ling, and four other former executives for fake transactions
to gain the listing on the stock exchange, according to the
report. The six were jailed for between eight and 10 years. The
three firms were delisted in 2005.

The Post says the three cases sparked concerns about corporate
governance in Hong Kong and have since led to reforms. The
government also set up the Financial Reporting Council in 2006 to
improve regulation of auditors.

All three auditors had failed to follow the procedures required
by the HKICPA, the regulator said, the report relays.

An HKICPA spokeswoman said the investigation had required such a
long time because the companies' problems had only emerged after
the ICAC arrests in 2002, add the Post.



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


ABHIRAMA STEELS: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Abhirama Steels
Limited's (ASL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the ratings are on the basis of best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR16.2 mil. Term loan (Long-term) due on February 2018
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR400 mil. Fund-based working capital facility (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital facility
     (Long-term/Short-term) affirmed with Provisional IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by ASL.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2006, ASL is a Hyderabad-based manufacturer of
thermo-mechanically treated steel and mild steel billets.


ASOKE TIMBER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asoke Timber
Co's (ATC) Long-Term Issuer Rating to 'IND B+' from 'IND BB-
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160 mil. (increased INR82.5 mil.) Fund-based working
    capital limits downgraded with IND B+/Stable rating; and

-- INR50 mil. (increased from INR17.5 mil.) Non-fund-based
    limits downgraded with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in ATC's credit metrics
owing to an increase in working capital debt. As per FY18
provisional financials, net financial leverage (total adjusted
net debt/operating EBITDAR) deteriorated to 9.2x (FY17: 8.26x),
while interest coverage remained weak at 1.3x (1.16x). The firm's
return on capital employed was 9% in FY18P and EBITDA margin was
modest at 2.02% (FY17:2.02%). Despite the growth in revenue to
INR755.7 million in FY18P (FY17: INR682.82 million owing to an
increase in orders, the scale of operations remained medium.

The ratings continue to factor in ATC's modest liquidity position
as indicated by 68% average utilization of its working capital
limits during the 12 months ended July 2018. Cash flow from
operations remained negative due to the firm's working capital
intensive nature of operations.

The ratings are also constrained by the proprietorship nature of
the business. The firm is also exposed to foreign exchange risk
as it imports timber from Malaysia, Indonesia and China, and does
not have any hedging contracts in place.

However, the ratings remain supported by the proprietor's more
than four decades of experience in the timber trading business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the overall credit metrics could lead to a
positive rating action.

Negative: A decline in the scale of operations and deterioration
in the credit metrics from the current level could lead to a
negative rating action.

COMPANY PROFILE

Set up in 1975, ATC is engaged in the trading of timber, veneer,
plywood, marble, granites and tiles. Asoke Choudhary is the
proprietor.


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

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 28, 2017 Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Avinash Ispat manufactures mild steel
structural items such as channels and joists. Its manufacturing
facility in Raipur, Chhattisgarh, has an annual installed
capacity of 30,000 metric tons.


BALESHWAR KHARAGPUR: Ind-Ra Corrects August 17 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects a ratings release on
Baleshwar Kharagpur Expressway Limited published on August 17,
2018 to rectify the FY18 debt/EBITDA and debt/net worth levels in
the financial summary table.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Baleshwar
Kharagpur Expressway Limited's (BKEL) senior project bank loans
and placed it on Rating Watch Negative (RWN) as follows:

-- INR3,936.2 mil. (reduced from INR3,952.10 mil.) Senior
    project bank loans downgraded, placed on RWN with IND BB-/RWN
    rating.

KEY RATING DRIVERS

The downgrade reflects deteriorating financial health of BKEL's
sponsor IL&FS Transportation Networks Limited (ITNL, 'IND
BB'/RWN). The earlier rating had factored in the sponsor's
undertaking to provide necessary support to BKEL to meet its
financial covenants including maintaining a minimum debt service
coverage ratio (DSCR) of 1.10x.

The RWN reflects BKEL's dependence on ITNL for meeting its debt
obligations and making premium payments to the National Highways
Authority of India (NHAI, 'IND AAA'/Stable). There has been a
delay in ITNL's deleveraging plans and weakening of its linkages
with its parent, Infrastructure Leasing & Financial Services
Limited (IL&FS, 'IND AAA'/Stable) due to which ITNL's credit
metrics are likely to remain stretched.

BKEL has borrowed unsecured loans from banks and related parties,
which stood at INR2,154.06 million on March 31, 2018. The
unsecured bank debt of INR300 million has been sanctioned against
the loan extended by ITNL to BKEL, and ITNL has provided its
undertaking to repay the facility. However, in the event of
default by ITNL, BKEL will be liable for immediate repayment of
the facility.

The ratings also factor in BKEL's modest operating performance.
The project recorded about 27% yoy growth in toll revenue to
INR850.86 million in FY18 (second year of operations), higher
than Ind-Ra's base case estimates. The growth in revenue was
driven by a substantial growth in traffic and toll rates on the
project stretch. Average daily traffic (total vehicles) and
average daily toll revenue also improved to about 10,400 vehicles
in FY18 (FY17: 8,800 vehicles) and INR2.33 million (INR1.83
million), respectively. However, a significant increase in
interest component due to the increase in high cost unsecured
loans to meet the operational expenses, NHAI's premium payments
and senior debt obligations, led to marginally lower debt service
coverage ratio in FY18 than Ind-Ra's estimates.

BKEL is liable to pay a premium, which shall escalate 5% each
year over the base amount of INR405.2 million (FY16). The premium
amount shall be payable in equal monthly installments, within
seven days of close of each month. Although NHAI's approval for a
premium deferment of INR2,038.8 million during FY16-FY25 provides
marginal relief to the project, the higher finance costs due to
interest payment on deferred premium and external borrowings
mitigate the advantage of premium deferment.

The ratings reflect BKEL's moderate operation & maintenance (O&M)
risk. With deteriorating credit profile of the O&M contractor -
ITNL, the O&M activity may get impacted as support from IL&FS for
ITNL's operations has reduced significantly, given the increase
in the overall debt levels of the IL&FS group. However, the
presence of a fixed price O&M contract for the entire concession
period mitigates the risk arising from a significant increase in
O&M cost.

Similar to most other infrastructure assets, the project debt is
heavily back-ended with more than 65% of the debt scheduled to be
repaid in the last four years of the repayment period. The
presence of a debt service reserve account equivalent to one
quarter of debt servicing provides comfort to the rating. The
debt service reserve account had a balance of INR110 million on
March 31, 2018. The debt shall amortize in 43 structured
quarterly installments between June 2016 and December 2026,
leaving a tail period of around nine years.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or
downgraded upon resolution. Ind-Ra will monitor the sponsor's
credit profile and track timely support to BKEL over the next two
quarters. Absence of sponsor support would be negative for the
ratings.

COMPANY PROFILE

BKEL operates a 24-year concession project to construct
bridges/structures and repair the existing four-lane highway from
Baleshwar to Kharagpur of National Highway 60 in Odisha and West
Bengal. The project was awarded on a design, build, and finance,
operate and transfer basis by the NHAI.


BENEDETTO KITCHENS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Benedetto
Kitchens Private Limited (BKPL) to CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term     2.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BKPL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 BKPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BKPL 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
facilities of BKPL to CRISIL B+/Stable Issuer not cooperating'.

BKPL, reconstituted as a private limited company in Septemebr
2009, is promoted by Mr. Ambadas Kamurthi and his wife Geetalaxmi
Kamurthi. Before 2009, it operated as a proprietorship firm named
'Ambadas Kitchens' and traded in steel furniture to government
organisations and later on started trading in modular kitchens.
Post 2009, the company set up a facility for manufacturing
customised modular kitchens.


BHAVANI SAW: CRISIL Lowers Rating on INR13cr Loan to D
------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Bhavani
Saw Mill - Trichy (BSM) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating' as the company has been delaying its loan repayment.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      13         CRISIL D (ISSUER NOT
   Bill Discounting                 COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BSM for obtaining
information through letters and emails dated October 12, 2017 and
November 3, 2017 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 BSM which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.' Based on the last available information,
CRISIL has downgraded the ratings to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating' as the company has been delaying its loan repayment.

Established in 2007, BSM, promoted by Mr. Jitendra Patel,
processes (cutting and sawing) and trades in timber. It processes
various types of wood, including teak wood, hard wood, and soft
wood.


BIDESH PLYWOOD: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Bidesh
Plywood Factory Private Limited (BPFL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         .5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           4.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit     18.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.7       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Standby Letter        1.8       CRISIL D (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BPFL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 Bidesh Plywood Factory Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Bidesh Plywood Factory Private Limited
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 ratings on bank
facilities of Bidesh Plywood Factory Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in 1992, BPFL is promoted by Mr. Roshan Lal Agarwal.
The company has a unit near Dhupguri in Siliguri (West Bengal)
and manufactures plywood, block board, and veneers.


CHAUDHARY BUILDERS: CRISIL Ups Rating on INR7cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Chaudhary Builders (CB) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed the short-term rating at 'CRISIL A4'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       2.5       CRISIL A4 (Reaffirmed)

   Cash Credit          7.0       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects improvement in CB's business and financial
risk profiles. Revenue increased to an estimated INR18 crore in
fiscal 2018 from INR4.6 crore in fiscal 2017 due to healthy order
flow and high bidding success rate. Also, net cash accrual to
total debt and interest coverage ratios enhanced to 1.82 times
and 0.06 time, respectively, in fiscal 2018, from 1.29 times and
0.01 time in fiscal 2017.

The ratings also continue to reflect CB's weak financial risk
profile and large working capital requirement in the highly
fragmented civil construction industry. These weaknesses are
partially offset by the experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth was modest at INR6.5
crore as on March 31, 2018, while gearing was 1.45 time. Further,
interest coverage and net cash accrual to total debt ratios were
1.82 times and 0.06 time, respectively, in fiscal 2018.

* Large working capital requirement and exposure to intense
competition: Gross current assets were estimated at 324 days as
on March 31, 2018, due to substantial work-in-progress inventory
of around 285 days. Further, intense competition may continue to
constrain scalability, pricing power, and profitability.

Strength

* Experience of proprietor: Benefits from the proprietor's
experience of over two decade, 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 CB will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability along with a
well-diversified clientele strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any
large, debt-funded capital expenditure, or stretched working
capital cycle weakens financial risk profile and liquidity.

CB was set up in 1996 at New Delhi by the proprietor, Mr. Bhagat
Singh. The firm, a Class 1 contractor, constructs roads, houses,
and hospitals.


COMMTRADE METALS: Ind-Ra Maintains B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Commtrade
Metals' Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the surveillance 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:

-- INR18.7 mil. Term loans maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR95 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with INDA4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Chennai-based Commtrade Metals is a partnership firm that
manufactures aluminum alloy ingots and aluminum die castings. Its
day-to-day operations are managed by its partners Mr. Uzair
Ahmed, Mr. Jahir Ahmed and Mr. Vipul Kumar Agarwal.


D.A.R. PARADISE: Ind-Ra Maintains BB LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained D.A.R.
Paradise 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 BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR200 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1962, D.A.R. Paradise manufactures jewelry
products and exports them to the Middle East.


DAULAT RAM: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Daulat Ram
Industries' 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR54.72 mil. Term loan (Long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR170 mil. Fund-based working capital limit (Long-
    term/Short-term) maintained in Non-Cooperating Category
    with IND D (ISSUER NOT COOPERATING) rating;

-- INR35 mil. Inland letter of credit limit (Short-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR15 mil. Bank guarantee (Short-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Established in 1973, Daulat Ram Industries is a Bhopal-based
partnership firm manufacturing air conditioners, dynamic brake
resistors and the accessories, primarily for the Indian Railways.


FLOW TECH: CRISIL Migrates C Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Flow Tech
Power (FTP) from 'CRISIL BB-/Stable/CRISIL A4+; Issuer not
cooperating' to 'CRISIL C/CRISIL A4'.

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

   Cash Credit           2.5         CRISIL C (Migrated from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Letter of Credit      3.5         CRISIL A4 (Migrated from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

   SME Credit             .25        CRISIL A4 (Migrated from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Flow Tech Power (FTP) to
'CRISIL BB-/Stable/CRISIL A4+; Issuer not cooperating'. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of FTP from 'CRISIL BB-/Stable/CRISIL A4+; Issuer not
cooperating' to 'CRISIL C/CRISIL A4'.

The rating reflects delays in the unrated bank facilities of FTP.
The delays have been on account of stretched liquidity caused
primarily by delay in realization of receivables from customers.

The rating reflects sharing of requisite information by the
company. CRISIL had, on January 31 2018, migrated the rating to
'CRISIL BB-/Stable/CRISIL A4+ (Issuer Not Cooperating) from
'CRISIL BB-/Stable/CRISIL A4+' as the client was not cooperating
for the rating exercise. FTP has now shared the required
information, enabling CRISIL to assign a revised rating to the
bank facilities.

The rating also reflects the firm's modest scale and working
capital intensive nature of operations. These weaknesses are
partially offset by the extensive experience of FTP's promoters
in the pipes and MIS (micro irrigation system) segment.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and working capital intensive nature of
operations: Despite being in the industry for nearly three
decades, FTP's scale of operations has been modest as reflected
in the revenue of around INR65 crore in fiscal 2018. Further, the
firm's operations are working capital intensive, as indicated by
GCA days of 131 as on March 31 2018. High GCA days is on account
of high receivables of around 3 months and moderate inventory of
around 1 month.

Strength

* Extensive industry experience of promoters: FTP's promoters
have extensive experience of around three decades in the pipes
and MIS segment. Over the years, FTP has become one of the
preferred suppliers of MIS under the state government schemes.

FTP was set up in 1986 by Mr. C Gopal. The firm manufactures drip
irrigation systems and pipes. Its product profile comprises drip
irrigation systems, sprinkler irrigation systems, high-density
polyethylene pipes, and polyvinyl chloride pipes.


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

The instrument-wise rating actions are:

-- INR230 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limit maintained in Non-Cooperating
    Category with INDA4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 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 1968 as a partnership firm, Geo Sea Foods is
engaged in processing and export of different varieties of
seafood such as shrimp, fish, squid, and cuttlefish.


GLOBAL HEAVY: CRISIL Migrates B/A4 Ratings From Non-Cooperating
--------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Global Heavy
Engineering industries - Bhopal (GHEI) from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       1.25       CRISIL A4 (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Cash Credit          6.50       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term   3.82       CRISIL B (Migrated from
   Bank Loan Facility              'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan            1.43       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the ratings
on the bank facilities of GHEI to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' through its rationale dated June 27,
2018. However, GHEI has subsequently started sharing the
requisite information for carrying out a comprehensive review of
the rating. Consequently, CRISIL is migrating the rating from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

The migration reflects modest scale of GHEI's operations in the
fragmented mechanical fabrication industry, large working capital
requirement, and a weak financial risk profile. These weaknesses
are partially offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Strengths

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

Weakness

* Modest scale of operations amid intense competition: Revenue
has been modest at INR20.0-33.9 crore for the three fiscals
through 2018 due to intense competition. Further, dependence on
the investments/expansions in engineering sectors makes revenue
flow susceptible to any slowdown and cyclicality in these
sectors.

* Large working capital requirement: Gross current assets were
around 310 days as on March 31, 2018, due to high inventory of
333 days. Better management of inventory will remain critical
over the medium term.

* Below-average financial risk profile: Networth was modest at
INR3.91 crore as on March 31, 2018, while gearing was high at 5.7
times. Interest coverage and net cash accrual to total debt
ratios were weak at 1.29 times and 0.04 time, respectively, in
fiscal 2018.

Outlook: Stable

CRISIL believes GHEI will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
there is substantial increase in revenue, profitability and cash
accrual along with prudent working capital management.
Conversely, the outlook maybe revised to 'Negative' if lower-
than-expected cash accrual, stretched working capital cycle, or
any large, debt-funded capital expenditure weakens liquidity.

GHEI, set up in 2008 at Bhopal, undertakes structural work,
fabrication, heavy work and erections of a small and heavy
fabrication, and machining unit for customers such as Bharat
Heavy Electricals Ltd, L&T Infrastructure Development Projects
Ltd, and Crompton Greaves. Mr. Gilbert Fernandes and his wife, Ms
Anila Gilbert, are the promoters.


GOOD MEDIA: CRISIL Lowers Rating on INR8.15cr LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Good Media News Private Limited to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           2.85        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan        8.15        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating reflects delay in servicing of term debt, the modest
financial risk profile, and exposure to intense competition and
adverse regulatory changes. These rating weaknesses are partially
offset by extensive experience of the promoter, and his funding
support.

Analytical Approach

As on March 31, 2018, unsecured loans of INR2 crore, extended by
the promoter, have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing term debt: Inadequate cash accrual and fully
utilised bank limit have led to a delay in debt repayment, and
may continue to constrain the group's liquidity in the medium
term.

* Modest networth and leverage: GMN's financial risk profile is
constrained by modest networth of INR2.59 crores as on March 31,
2017. Leverage is high too, reflected from total outside
liabilities to adjusted networth ratio (TOLANW) of 8.8-10.3 times
over the three fiscals ended 2017. Both are expected to remain
modest over the medium term in the absence of equity infusion and
high dependence on external debt, respectively.

* Exposure to risks arising from intense competition and adverse
regulatory changes: The company continues to face intense
competition from several unorganised cable operators and direct-
to-home (DTH) service providers. The Telecom Regulatory Authority
of India (TRAI) has considered a number of measures to deal with
issues such as the rampant under-declaration in subscriber base
and poor quality of service. Smaller players, who may not be able
to comply with changes requiring large capex, may exit from the
industry.

Strength

* Extensive experience of the promoter, and their funding
support: GMN is an established cable TV service provider, and the
largest multiple service operator (MSO) in Himachal Pradesh (HP).
The company has around 70% market share in the state, with small,
unorganised entities and DTH players accounting for the rest. The
three-decade-long experience of the promoters in the cable TV
industry, has helped GMN spread its reach to newer geographies in
rural and remote areas of HP, apart from urban cities and towns.

GMN was formed in 2001, to carry out operations of an MSO in the
HP region; the company, which was set up by Mr. Mukesh Malhotra,
has a registered office in HP. It has around 150 local offices
across the state.


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

The instrument-wise rating actions are:

-- INR64 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, GSCO Infrastructure is engaged in the civil
construction business.


INCAS INTERNATIONAL: CRISIL Cuts Rating on INR11.82cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Incas
International (Incas) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       6        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Letter of Credit       4        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Packing Credit        10        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    11.82     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

The downgrade reflects overdue in packing credit limit of 70 days
owing to delays in order shipment and insufficiency of funds.

The ratings also reflect exposure to intense competition in the
leather goods industry and geographic concentration, with exports
to Europe accounting for bulk of sales. These rating weaknesses
are partially offset by extensive experience of the proprietor,
and the firm's diversified customer and product profiles.

Key Rating Drivers & Detailed Description

Weakness

* Liquidity: The packing credit limit of INR10 crore remains
highly utilised, at an average 95-97%. Delay in shipment of
orders has also led to overdue of 70 days on this facility.

* Exposure to intense competition and geographical concentration
risk: The firm faces intense competition from several small and
mid-sized enterprises, given the limited product differentiation
in the domestic leather industry Moreover, bulk of revenue is
generated from exports to Europe and hence, any slowdown in the
region could adversely impact revenue performance going forward.

Strengths

* Extensive experience of the proprietor: The two-decade-long
experience of the proprietor in the leather industry, and the
diversified product portfolio and clientele, will continue to
support the business risk profile. The firm also has healthy
relationships with large fashion and retail brands in Europe.

* Diversified customer base and product profile: The product
portfolio is well-diversified, yet, 80% of revenue comes from
garment exports, and the balance from leather accessories.
Customers are further spread across Europe.

Incas was set up as a proprietorship concern of Mr. Vikas Kalra
in 2000. The firm manufactures leather garments and accessories
such as bags, gloves, and belts and exports primarily to Europe.
It has two plants, one each at Gurgaon and Manesar (both in
Haryana).


OM ESHA: CRISIL Lowers Rating on INR10.97cr LT Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Om Esha Agro Products Private Limited (OEAPPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.03       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan       10.97       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects instances of delays by OEAPPL in servicing
of its scheduled debt obligations. The instalments have been
cleared within 30 days of the due date.

The rating continues to reflect OEAPPL's modest scale on account
of initial stage of operations and average financial risk
profile. These rating weaknesses are partially offset by OEAPPL's
promoter's extensive experience in the rice-milling industry.

Analytical Approach

CRISIL has treated unsecured loans from promoters of INR0.24
crore as on March 31, 2018 as debt since these are not
subordinated to bank debt and are not likely to be maintained in
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: OEAPPL has delayed in servicing its
quarterly instalments of term loan obligations due to delay in
receipt of payments from its customers, leading to weak
liquidity.

* Modest scale of operations on account of initial stage of
operations: The company's modest scale of operation, as reflected
by the revenue of INR71.56 crore estimated for fiscal 2018.
Modest scale of operations restricts the ability to negotiate
with customers or suppliers since rice milling business is highly
fragmented with several small players operating within the
country.

* Average financial risk profile: The networth was modest at
INR7.09 crore and the total outside liabilities to adjusted
networth ratio high, estimated at over 4 times, as on March 31,
2018. The interest coverage ratio remained moderate at around
2.73 times in fiscal 2018.

Strengths

* Promoter's extensive entrepreneurial experience: The company is
promoted by Mr. Krishna Prasad, Mr. Nishant Krishna and Mr. Nitin
Krishna, who have a long-standing industry experience through
their group concern, engaged in manufacturing of paint. The
company benefits from the promoters' entrepreneurial experience.
Established relationship with major suppliers and customers
further strengthen the market position.

Incorporated in 2015, OEAPPL is engaged in processing of rice or
paddy into rice. The company has its manufacturing facility based
in Dhanarua, Bihar with installed capacity of processing non-
basmati rice of 200-250 tonne per day (TPD). The company started
commercial operation in January 2017.


PIONEER TORSTEEL: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pioneer
Torsteel Mills Private Limited' 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits (long-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR185 mil. Term loan limits (long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR40 mil. Non-fund-based limits (short-term) maintained in
    Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1999, Pioneer Torsteel Mills manufactures sponge
iron and steel products at its plant, which has an installed
capacity of 200 tons per day. Benita Industries Limited holds a
97% stake in Pioneer Torsteel Mills.


QUEST LIFE: CRISIL Lowers Rating on INR2.5cr LT Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating' as
Quest Life Sciences Private Limited (Quest) had been delaying its
loan repayment.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .35        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan       2.50        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft            1.45        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Quest Life
Sciences Private Limited (Quest) for obtaining information
through letters and emails dated October 17, 2017, and
December 11, 2017, apart from telephonic communication. However,
the issuer 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 Quest. 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
Quest is consistent with 'Scenario 3' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating' as
Quest had been delaying its loan repayment.

Quest, incorporated in 2005 at Chennai, is a contract research
organisation that provides services such as clinical trials and
bio-equivalent studies. Mr. T S Jayashankar and his wife, Ms
Rajam Jayashankar, are the promoters.


RCH ORTHOPAEDICS: CRISIL Reaffirms B+ Rating on INR3.85cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of RCH Orthopaedics (RCHO).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        3.85       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .65       CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile modest scale of operations, large working capital
requirement, and exposure to risks arising from competition and
fluctuations in foreign exchange (forex) rates. These weaknesses
are partially offset by extensive experience of the proprietor in
the orthopedic implants segment, the firm's diverse product
portfolio, established distribution network, and healthy
operating margin.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile
remains constrained by small networth estimated at INR1.41 crore
as on March 31, 2018 and high gearing estimated at 4.91 times as
on March 31, 2018, owing to the dependence on debt to cover the
capital expenditure (capex) and working capital requirement. Debt
protection metrics are average, with interest coverage and net
cash accrual to total debt ratios of 2.55 times and 0.11 time,
respectively in fiscal 2018.

* Modest scale of operations and large working capital
requirement: The scale of operations remains modest, as reflected
in revenue of less than INR5.8 crore in fiscal 2018. Moreover,
gross current assets were estimated at 280 days as on March 31,
2018, led by receivables and inventory of over 80 and 70 days,
respectively.

* Exposure to risks arising from competition and volatility in
forex rates: The firm remains susceptible to intense competition
in the orthopedic implants industry. Further, though 25% of raw
material requirement is imported from the UK, the entire revenue
comes from domestic sales. Thus, in the absence of definite
hedging policy, profitability remains susceptible to fluctuation
in forex rates.

Strengths

* Extensive experience of the proprietor in the orthopedics
segment, and the firm's diverse product portfolio and
distribution network:  Before setting up RCHO, the proprietor,
Mr. Hemkumar Patel was employed with The Bombay Burmah Trading
Corporation Ltd's orthopedics division for 15 years. He has built
established relationships with distributors/dealers over the
years. The firm has a strong network of 31 distributors across
India. It has presence in major states such as Maharashtra,
Karnataka, Uttar Pradesh, Gujarat, Kerala, Andhra Pradesh, West
Bengal, Punjab, Delhi, Chandigarh, Haryana, Assam, and Odisha. It
manufactures hip, shoulder, and elbow joints of various sizes.

* Healthy profitability: Operating margin has been healthy at
over 20% in the three fiscals through March 2018.

Outlook: Stable

CRISIL believes RCHO will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if substantial growth in revenue and stable
profitability lead to sizeable cash accrual, or if a capital
infusion strengthens the capital structure. The outlook may be
revised to 'Negative' if a decline in profitability, or any
stretch in the working capital requirement or unanticipated
capex, weakens liquidity.

RCHO was set up in 2003, as a proprietorship concern of Mr.
Hemkumar Patel. The firm manufactures orthopedic implants such as
hip, shoulder, and elbow joints, at its facility at Kaman in
Maharashtra. It has capacity to produce 7000 pieces per month.


REDCO HOTELS: CRISIL Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------
CRISIL is migrating the rating on the bank facility of Redco
Hotels Private Limited (RHPL) from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        45        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

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

The rating reflects modest scale of operations in the intensely
competitive hotel industry. This weakness is partially offset by
benefits derived from its tie-up with Marriott Hotels India Pvt
Ltd (Marriott) and the promoters' funding support.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR110 crore as on March 31, 2018, from promoter as neither debt
nor equity as the loans will be retained in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly competitive hotel
industry: The business risk profile is constrained by small scale
of operations, as reflected in estimated revenue of INR35 crore
in fiscal 2018, due to initial few years of operations as the
hotel started operations in Sep 2013. Though the revenue has
improved over the years scale remains modest because of intense
competition in the hotel industry.

* Below average financial risk profile: Financial risk profile
was below average due to losses owing to high depreciation and
interest cost, being the initial few years of operations leading
to erosion of net worth.

Strengths

* Experience of management and tie-up with Marriott: RHPL has
tied up with Marriott for operating the hotel under the renowned
Mariott brand. It is actively engaged in the design and
construction activity of the hotel. This has enabled the hotel to
attain an occupancy level of 64.3% for fiscal 2018.

* Funding support from promoters: RHPL receives funding support
from promoters in the form of unsecured loans which stood at
INR110 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes RHPL will continue to benefit over the medium
term from the promoters' extensive experience and its tie-up with
Marriott. Given constrained liquidity, the management will
continue to extend need-based fund support over the medium term.
The outlook may be revised to 'Positive' in case of substantially
improvement in revenue and cash accrual from the hotel.
Conversely, the outlook may be revised to 'Negative' if revenue
and profitability are adversely affected by lower-than-expected
occupancy or average room rate (ARR) at its hotels, or if any
larger-than-expected, debt-funded capital expenditure weakens its
capital structure.

RHPL was incorporated in 2008 by Mr. Afzal Ladak, his son, Mr.
Shakeel Ladak and son-in-law, Mr. Iqbal Makani. The company has
completed the construction of a four-star hotel at Chakan in Pune
(Maharashtra) in March 2013. RHPL began commercial operations
from September 2013. The company has tied-up with Marriott
International to manage operations of the Courtyard by Marriott.


RUCHI SOYA: Patanjali Challenges Approval of Adani Wilmar Bid
--------------------------------------------------------------
BloombergQuint reports that Baba Ramdev-led Patanjali Ayurved has
approached the National Company Law Tribunal challenging the
decision by Ruchi Soya's lenders to approve Adani Wilmar's
INR6,000-crore takeover bid.

The matter is expected to come up for hearing on today, Aug. 27,
before the Mumbai bench of the tribunal, according to sources,
BloombergQuint relays. When contacted, Patanjali spokesperson SK
Tijarawala declined to comment, saying that the matter is sub-
judice. A spokesperson of the Adani Group, too, declined comment.

According to BloombergQuint, Adani Wilmar's bid was approved by
the committee of creditors of Ruchi Soya on Aug. 23, with about
96 percent of favorable votes. The resolution professional has to
seek the tribunal's approval after the lenders choose a bid.

BloombergQuint says Adani Wilmar and the Patanjali group have
been engaged in a long-drawn battle to take over Ruchi Soya.
While Adani Wilmar emerged as the highest bidder with a INR6,000-
crore offer, Patanjali group came second with a INR5,700-crore
bid.

BloombergQuint relates that Patanjali Ayurved had earlier sought
clarification from the resolution professional of Ruchi Soya over
Adani Group's eligibility to participate in the bidding. It also
sought to know the parameters adopted by the professional to
declare Adani Wilmar as the highest bidder, the report says.

BloombergQuint says the Haridwar-based firm had also questioned
the appointment of Cyril Amarchand Mangaldas as the
professional's legal advisor as the said law firm was already
advising Adani Group.

Patanjali was asked to submit a revised bid by June 16 to match
or better the highest offer of INR6,000 crore by Adani Wilmar
under the Swiss Challenge system adopted by the professional and
the committee of creditors, according to BloombergQuint.

BloombergQuint relates that Patanjali, however, wrote to the
professional seeking clarifications instead of submitting a fresh
bid.

Ruchi Soya, which is facing insolvency proceedings, has a debt of
about INR12,000 crore. The company has many manufacturing plants
and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi
Star and Ruchi Gold.

Ruchi Soya Industries entered into the corporate insolvency
resolution process in Dec. 2017 and Shailendra Ajmera was
appointed as the resolution professional.


SATYAM SOLUTIONS: CRISIL Lowers Rating on INR10cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Satyam
Solutions Limited (SSL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Electronic Dealer        10         CRISIL D (ISSUER NOT
   Financing Scheme                    COOPERATING; Downgraded
   (e-DFS)                             from 'CRISIL B/Stable')

   Overdraft                 2.5       CRISIL D (ISSUER NOT
                                       COOPERATING; Downgraded
                                       from 'CRISIL A4')

CRISIL has been consistently following up with SSL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018 among others. 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 SSL. 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
SSL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB Rating
category or Lower'.

Based on the last available information, CRISIL has downgraded
the rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4'. The downgrade reflects the
confirmation of the fact that account become overdue in fiscal
2018-19 and still irregular for more than 30 days as per the
latest information available.

Incorporated in 1986 and promoted by Garg family, SSL is an
authorised dealer of Ashok Leyland.

Profit after tax (PAT) was INR0.06 crore on net sales of INR99.17
crore in fiscal 2016 against INR0.04 crore and INR61.20 crore in
fiscal 2015.


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

The instrument-wise rating actions are:

-- INR44.5 mil. Fund-based working capital limits maintained
    in Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR9.9 mil. Term loan limits maintained in Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits maintained in Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1933, Shah Bhogilal Jethalal & Bros. manufactures
fire-fighting and safety equipment, and sells products under the
brand AAAG. It has two manufacturing units in Ahmedabad. Its
major products are hydrant valves, couplings and nozzles,
monitors, hoses, extinguisher boxes, and portable and fixed foam
equipment. Its partners are Mr. Mukesh Shah and Mr. Rajesh Shah.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR107.6 mil. Term loans maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Shristi Cotspinn runs a spinning unit nearby Coimbatore. It is
involved in the spinning of cotton yarn and production of
fabrics. The unit has an installed capacity of 16,800 spindles
and 788 rotors.


SRI GURU: CRISIL Assigns 'D' Rating to INR6cr LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Sri Guru Ramakrishna Tubes (SGRT).

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       6         CRISIL D (Assigned)

   Cash Credit              4         CRISIL D (Assigned)

   Long Term Loan           6         CRISIL D (Assigned)

CRISIL's ratings reflect delays in the repayment of term loan.

Rating also factors nascent stage of operations and weak
financial risk profile because of modest net worth, high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in the repayment of term loan: SGRT has been repaying
its term loan with delays. The same is on account of temporary
stretch in liquidity.

* Nascent stage of operations: Commercial operations started in
November 2016 and hence Fiscal 2018 was first full year of
operations. Nascent stage results in modest scale of operations,
as reflected in revenue of around INR20.7 crore in Fiscal 2018.
However the company has been ramping up its operations, which is
supported by extensive experience of promoters.

* Weak financial risk profile: Financial risk profile is weak
marked by modest net worth of around Ra.0.14 crore, resulting in
high gearing as on March 31 2018. However the same is supported
by unsecured loans of around INR6.7 crore from promoters. Debt
protection metrics is categorized with interest coverage ratio of
around 0.3 times.

Strengths:

* Extensive experience of promoters: The Company is promoted by
Mr. Chakka Rama Krishna Rao and his family members. Prior to
incorporating SGRT the promoters were engaged in the business of
trading of roofing sheets, galvanized sheet and pipes by
associate entity. Over the years, promoters have got extensive
experience in the industry with acute knowledge of industry
dynamics. Promoters have established strong relations with key
customers and suppliers resulting in uninterrupted supply of raw
material and ramp up of the operations.

SGRT, incorporated in June 2015, started commercial production on
November 24 2016. It is a partnership firm promoter by Mr. Chakka
Rama Krishna Rao and his family members. SGRT is in the business
of manufacturing pre-galvanized iron pipes from hot-rolled mild
steel coils.


SWASTIK FURNACES: CRISIL Reaffirms D Rating on INR8.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Swastik Furnaces Private Limited (SFPL).

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit              8.5        CRISIL D (Reaffirmed)
   Letter Of Guarantee      2.5        CRISIL D (Reaffirmed)

The ratings reflect overutilization of the working capital limit
for more than 30 days, on account of company's stretched
liquidity position as a result of stretched receivables cycle and
high inventory level, which has been increasing gradually in past
5 fiscals through 2018.

The ratings continue to reflect large working capital
requirement, modest scale of operations, and subdued financial
risk profile of SFPL. These weaknesses are partially offset by
promoters' extensive experience in the furnace manufacturing
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are highly
working capital intensive, as reflected in Gross current assets
of 445 days as on March 31, 2018, emanating from inventory of 272
days and receivables cycle of 119 days.

* Modest scale of operations: With revenues of 32.8 crore for
fiscal 2018, SFPL is a modest player in the highly fragmented
furnace manufacturing industry. Modest size limits the company's
ability negotiate with the customers and suppliers, as reflected
in operating margin fluctuating in the range of 7.6%-10.8% in
last 5 fiscals through 2018.

* Subdued financial risk profile: SFPL has a modest networth of
INR5.4 crore and high total outside liabilities to adjusted
networth ratio of 2.13 times as on 31st March 2018, constraining
the overall financial risk profile. Interest coverage ratio was
at 1.41 times in fiscal 2018, declining from 1.68 times last
year.

Strength

* Promoters' extensive experience in the furnace manufacturing
industry: Promoter of the company has a long-standing experience
of over a decade in furnace manufacturing industry. Established
relationship with major suppliers and customers further
strengthens the market position.

SFPL is an ISO 9001-2008 certified company, engaged in
production, supply and export of heat treatment furnaces. It was
initially established as a partnership firm in the name of
Swastik Furnaces, was reconstituted as a private ltd. company in
2009. Company's day to day operations are being handled by Mr.
Baldeep Dogra, Mr. Rajendra Dogra and Ms. Priya Dogra.


VINOD KUMAR: Ind-Ra Cuts LT Issuer Rating to 'BB-'
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vinod Kumar
Pandey's (VKP) Long-Term Issuer Rating to 'IND BB-' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. (decreased from INR50 mil.) Fund-based limits
    downgraded with IND BB-/Stable rating; and

-- INR70 mil. (increased from INR40 mil.) Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a substantial decline in VKP's revenue to
INR146 million in FY18 from INR300 million in FY17 due to a low
number of work orders received. The scale operations remained
small.

The ratings are constrained by VKP's modest credit metrics. Its
interest coverage ratio (operating EBITDA/gross interest expense)
improved to 3.1x in FY18 from 2.7x, while net leverage (net
debt/operating EBITDA) deteriorated to 3.2x from 1.3x. The
improvement in the coverage was driven by a decline in gross
interest expenses despite a decline in absolute EBITDA. The
deterioration in the leverage was due to an increase in net debt
and the decline in absolute EBITDA.

The ratings continued to be constrained by the firm's tight
liquidity, indicated by an average fund-based limit utilization
of 90% for the 12 months ended July 2018.

The ratings, however, are supported by VKP's average EBITDA
margin, which rose to 9.1% in FY18 from 7.4% in FY17 due to a
decline in direct material cost, including freight charges and
labor charges. Its return on capital employed was 12.5% in FY18
(FY17: 25%).

The ratings continue to be supported by the founder's experience
of more than two decades in the civil construction of government
projects.

RATING SENSITIVITIES

Negative: Any further decline in the revenue may lead to a
negative rating action.

Positive: Any rise in the revenue, along with any improvement in
the credit metrics, could lead to a positive rating action.

COMPANY PROFILE

Raipur-based VKP is registered as Class-A contractor with the
government of Chhattisgarh. VKP participates in the tender
processes of various government departments for their civil
construction projects such as building construction and related
ancillary works such as electrification and water.


WOODVILLE PALACE: CRISIL Lowers Rating on INR20cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facility of
Woodville Palace Hotel (WPH) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              20        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with WPH for obtaining
information through letters dated May 25 and July 12, 2017, 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 WPH. This restricts CRISIL's
ability to take a forward-looking view on the firm's credit
quality. CRISIL believes information available for WPH is
consistent with 'Scenario 3' outlined in the 'Framework for
assessing consistency of information with appropriate action on
the basis of information available.'

Based on banker's feedback on account (classified as a non-
performing asset), CRISIL has downgraded its rating on long-term
bank facility of WPH to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable Issuer Not Cooperating'.

Established in 1980 as a proprietorship firm by Mr. Raj Kumar
Uday Singh, WPH operates a hotel, Woodville Palace, in Shimla.
The property comprises 24 rooms, and is currently being renovated
and expanded to 50 rooms.


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

The instrument-wise rating actions are:

-- INR95 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with INDA4+ (ISSUER NOT COOPERATING) rating; and

-- INR4.35 mil. Term loan due on September 2019 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Yamuna Machine Works manufactures textile processing machines.
Its registered office is in Kandivali, Mumbai, and has a
manufacturing facility in Vapi, Gujrat, with an annual capacity
of 120 machines.


YKM ENTERTAINMENT: Ind-Ra Migrates 'D' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed YKM
Entertainment & Hotels Private Limited's (YEHPL) Long-Term Issuer
Rating at 'IND D' while migrating the rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR1.36 bil. Term loans (long-term) due on December 2023
    affirmed and migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR27 mil. Non-fund-based working capital limits (short-term)
    affirmed and migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

KEY RATING DRIVERS

The affirmation reflects YEHPL's continued delays in debt
servicing during the 12 months ended July 2018.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2009, YEHPL is constructing a five-star hotel in
Tirupati, comprising 215 rooms of different categories, an
international convention center, a health spa and an open
marriage garden.



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


MODERNLAND REALTY: Fitch Rates USD150MM Sr. Unsec. Notes 'B'
------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Modernland Realty
Tbk's (B/Stable) USD150 million 10.75% senior unsecured notes due
2021 a final rating of 'B' with a Recovery Rating of 'RR4'. The
notes are issued by Modernland's wholly owned subsidiary, JGC
Ventures Pte. Ltd., and guaranteed by Modernland and certain
subsidiaries.

The final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on August 20, 2018. The notes are rated at the
same level as Modernland's senior unsecured rating as they
represent unconditional, unsecured and unsubordinated obligations
of the company.

Fitch believes Modernland's business and financial risk profiles
will be largely unchanged despite the new money from the US
dollar bond. Fitch expects leverage to increase but remain
consistent for its rating and appropriate relative to its peers.
The proceeds from the new notes will be used mainly for
refinancing and to extend the maturity profile of the company's
debt, allowing it more flexibility to manage cash flows. The
company also plans to use some of the proceeds for land
acquisition.

KEY RATING DRIVERS

Good Presales Amid Slow Environment: Fitch forecasts Modernland
will book IDR1.5 trillion-2 trillion annually in attributable
presales (excluding bulk sales) in 2018 and 2019 as the company
continues to launch new products in its Jakarta Garden City (JGC)
project. Attributable presales in JGC increased by around 7% yoy
in 1H18, despite the current slow demand environment, to about
IDR650 billion, contributing over 80% to Modernland's
attributable ex-bulk presales.

Fitch thinks JGC's relatively close proximity to the Jakarta
central business district and the recent opening of the AEON mall
on the property have supported demand, and better amenities and
commercial facilities may further increase the township's
attractiveness.

Bulk Land Sales Support Liquidity: Fitch believes Modernland's
large land bank and the good location of the sites allow the
company to sell land in bulk, which may provide liquidity support
during downturns in the property cycle. In 2013-2017, Modernland
sold over 200 hectares of land to Charoen Pokphand, 8.5 hectares
to AEON, 0.5 hectares to Cross Mobile, 3.7 hectares to IKEA and
125 hectares to PT Alam Sutera Realty Tbk (ASRI; B/Stable). In
4Q16 and 1Q18, the company also sold around 67 hectares in JGC to
its 67:33 joint venture (JV) with PT Astra Land Indonesia and
343.5 hectares in its new Bekasi township to its 60:40 JV with
Waskita Karya Realty.

Volatile Cash Flows, Wide Margins: Modernland's exposure to bulk
and industrial land sales results in more volatile cash flows
than peers that depend on residential sales. Nevertheless, the
land sales remain important contributors to Modernland's cash
flows, and the volatility is mitigated by the low development
risks, mainly due to the relatively wide profit margins of the
bulk and industrial land sales.

Low Land Cost: Modernland has a 27-year record in developing
industrial estates, and has built strong relationships with
tenants. Its flagship industrial estate in Cikande in the west of
Java island has a very low average land cost, compared with the
current average selling price of around IDR1.6 million per sq m,
and Modernland has sufficient land to continue the development
for around 10 years, assuming no further land acquisitions. Fitch
believes Modernland can build on its success in Cikande and use a
similar business model for future developments in its other
industrial estate in Bekasi, also in western Java.

Improving Residential Track Record: Fitch expects Modernland's
residential and commercial-property segment to account for an
average of 50% of its attributable presales in 2018-2021, driven
by the JGC project and new launches in Bekasi. Fitch believes the
JVs that Modernland has entered into may further improve the
company's track record in developing integrated, large-scale
residential projects, and the growing proportion of residential
sales may counterbalance volatility in industrial land sales.

Land Sales to ASRI: ASRI has completed the purchase and payment
for 125 hectares of land out of the agreed 170 hectares as of
end-2017. Modernland and ASRI are currently in further
discussions over the purchase of the remaining land, with no
specific timeline for completion.

Modernland's management believes ASRI may eventually complete the
acquisition due to the strategic location of the land in Serpong
in western Java and ASRI's decision to accelerate land
acquisition in the area amid the completion of the Kunciran-
Serpong and Kunciran-Soekarno Hatta International Airport toll
roads in 2018 and 2019, respectively, which will provide ASRI's
Alam Sutera township direct access to the main international
airport in Indonesia and may improve access between western and
eastern Jakarta.

Manageable Forex Risk: Modernland has hedged the principal of its
outstanding US dollar bonds using call-spread options, covering
rupiah depreciation of up to IDR15,000 per US dollar. Fitch also
believes that Modernland's US dollar cash reserves and relatively
wide profit margins may be sufficient to absorb short-term
currency volatility. Modernland had around USD17 million in cash
as of end-2017, which is sufficient to cover a substantial amount
of its US dollar bonds' coupon in 2018.

DERIVATION SUMMARY

Modernland's rating may be compared with other Fitch-rated
Indonesian property developers, such as PT Agung Podomoro Land
Tbk (APLN, B+/Stable), PT Kawasan Industri Jababeka Tbk
(Jababeka, B/Stable), ASRI and PT Intiland Development Tbk
(B(EXP)/Stable).

Fitch believes Jababeka's development profile is weaker than that
of Modernland. Jababeka's main estate in Cikarang is better
located and more mature compared with Modernland's industrial
estate in Cikande but there is also a greater degree of
competition in the area and therefore higher demand risk. Fitch
also believes Modernland's residential-commercial township in
Jakarta (JGC) is more strategically located and commands a
premium compared with Jababeka's nascent second industrial estate
in Kendal, central Java. Nevertheless, Fitch thinks Jababeka's
stronger and more stable non-development interest coverage, which
stems from its 20-year power-purchase agreement with the state
electricity company, compensates for its weaker development
profile.

APLN, a leading residential and commercial-property developer in
Indonesia, has a larger presales scale, lower exposure to
cyclical industrial land sales and a stronger recurring income
profile, which Fitch believes warrant the one-notch rating
difference with Modernland.

ASRI's established track record in residential development is a
key differentiating factor to Modernland. Fitch believes ASRI has
a better record of selling residential properties and a larger
land bank to support sales compared with Modernland. Still,
Modernland has demonstrated stronger sales execution during a
recent downturn. These reasons, combined with both companies'
similar presales scale, support their ratings at the same level.
Modernland's lower leverage profile also offsets ASRI's wider
profit margins.

Intiland has a similar presales scale with Modernland but Fitch
believes Intiland's lower exposure to the cyclical industrial
land-sale segment and its expectations of a growing recurring
profile in the medium term are offset by Modernland's stronger
leverage profile, wider profit margins and relatively stronger
business risk profile due to Intiland's lack of land
replenishment. Thus, Fitch believes both have a similar credit
profile.

KEY ASSUMPTIONS

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

  - Attributable presales (including bulk) of IDR2 trillion-
    IDR2.5 trillion annually in 2018 and 2019

  - Land acquisition capex of around IDR1 trillion in 2018

Key Recovery Rating assumptions:

  - The recovery analysis assumes Modernland will be liquidated
in a bankruptcy rather than continue as a going-concern because
it is an asset-trading company

  - For estimating the liquidation value, Fitch has assumed a 75%
advance rate against the value of accounts receivable and a 50%
advance rate against its inventories and fixed assets. Fitch
believes the company's reported land bank value, which is based
on historical land cost, is at a significant discount to current
market value and, thus, is already conservative. Fitch has also
included Modernland's portion of investments in its JVs as part
of the total liquidation value.

  - Its Recovery Rating assumed successful issuance of the senior
unsecured US dollar bonds to refinance the company's USD57
million senior unsecured bond and secured bank loans.

  - Fitch has deducted 10% of the resulting liquidation value for
administrative claims

  - The estimates result in a recovery of 91%-100% of
Modernland's unsecured debt, corresponding to a 'RR1' Recovery
Rating for the senior unsecured notes. Nevertheless, Fitch has
rated the senior notes at 'B' with a Recovery Rating of 'RR4'
because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the company's Issuer Default
Rating

RATING SENSITIVITIES

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

  - Sustainable generation of attributable residential and
commercial presales (excluding bulk sales) above IDR2 trillion
without any material weakening in financial profile

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

  - Attributable presales (excluding bulk sales) below IDR1.5
trillion for a sustained period

  - Weakening leverage, as measured by net adjusted debt/adjusted
inventory, to above 50% on a sustained basis

LIQUIDITY

Sufficient Liquidity: As of June 30, 2018, Modernland had cash
balance of around IDR560 billion compared with around IDR660
billion of maturing short-term debt, consisting mainly of a IDR50
billion short-term working capital facility and IDR600 billion in
bonds, which the company had refinanced using a bridge loan
facility with a 12-month maturity. The company plans to refinance
the bridge loan, along with its USD57 million of senior unsecured
bonds maturing in August 2019, using the proceeds from the USD150
million bond issue. Fitch expects Modernland's overall liquidity
ratio to be around 1x for the next 12 months after taking into
account its forecast of negative free cash flows during the year
and the new-money proceeds from the bond issuance.

Modernland's capex in the short term is going to be limited to
construction costs, which are partly contingent upon meeting
sales thresholds in the current period. This, coupled with the
discretionary nature of land acquisitions, may allow Modernland
to accumulate cash and shore up its liquidity profile. Liquidity
is also supported by Modernland's access to local banks and
capital markets.


STEEL PIPE: Moody's Affirms B2 CFR & Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service changed the rating outlook on Steel
Pipe Industry of Indonesia Tbk (P.T.)'s (Spindo) to negative from
stable.

At the same time, Moody's affirmed Spindo's B2 corporate family
rating (CFR).

RATINGS RATIONALE

"The change in outlook to negative reflects Moody's expectation
that Spindo's gross margin will remain under pressure due to
steel price volatility over the next 12-18 months, resulting in
elevated leverage and weak interest coverage," says Brian
Grieser, a Moody's Vice President and Senior Credit Officer.

As steel accounts for 85%-95% of its cost of goods sold, Spindo
is exposed to fluctuations in global and domestic steel prices.
Although the company uses a cost plus pricing model, it has been
unable to fully pass on the increase in steel prices to its
customers on a timely basis. As a result, Spindo's gross margins
have fallen to 15% for the 12 months ended June 30, 2018 from 18%
in 2017 and 25% in 2016.

While Moody's expects the company's gross margins to stabilize
around 15% over the next 12-18 months as the company revises its
selling prices to recover the higher steel costs, leverage - as
measured by adjusted debt/EBITDA - will remain in 5.5x-6.5x range
which is high for its B2 rating.

"Moreover, Spindo's debt levels are elevated due to its high
working capital investment needs and reliance on short-term
funding," adds Grieser, who is also Moody's Lead Analyst for
Spindo.

Spindo maintains a large inventory balance, because around 65% of
its raw materials are imported in bulk and half of its pipes are
built-to-stock. While the company has been actively managing
inventory levels down since Q3 2017, inventory days were still
high at 265 days as of June 30, 2018.

Moody's expects Spindo to manage down its inventory levels over
the next 12-18 months, as it shifts more of its raw material
purchases to local suppliers, which should generate some cash
flows to allow for marginal debt reduction.

In addition, Moody's anticipates that capital expenditures will
remain low in 2018 and 2019, alleviating any additional pressure
on cash flow generation. Capital expenditures will be allocated
largely to the construction of warehouses to expand Spindo's
direct sales reach in Indonesia (Baa2 stable).

Spindo's liquidity position is weak, as 70% of the company's
total debt - or IDR2.2 trillion - comes due in the next 12
months. Nonetheless, the company has a track record of rolling
over its short-term working capital facilities. In addition, the
facilities are secured by inventories and receivables which
amounted to IDR 2.8 trillion and IDR754 billion, respectively, as
of June 30, 2018, providing a 1.6x coverage over short-term debt.

Given the negative rating outlook, Spindo's CFR is unlikely to be
upgraded over the next 12-18 months. However, the outlook could
return to stable if the company manages to stabilize EBITDA
margins in the mid-to-high teens, while also improving inventory
turnover levels.

On the other hand, the ratings could be downgraded if margins
fail to stabilize or improve, inventory turnover levels weaken
from current levels and/or short-term borrowings exceed inventory
levels. In addition, reduced financial flexibility as a result of
weaker operating performance could also lead to a downgrade.

Metrics indicative of downward rating pressure include (1)
leverage level in excess of 5.0x over an extended period; and/or
(2) short-term borrowings to inventories in excess of 1.0x.

The principal methodology used in this rating was Global
Manufacturing Companies published in June 2017.

Steel Pipe Industry of Indonesia Tbk (P.T.) (Spindo) is a leading
steel pipe manufacturer in Indonesia, producing a variety of
customized and standardized carbon and stainless steel pipes and
pipe-related products and services. Spindo's products are used by
customers in the construction, infrastructure, utilities, oil and
gas, furniture and automotive industries, and are sold under the
Spindo and Tetsura brands.

Spindo operates six manufacturing facilities in Indonesia, with a
total of 37 steel pipe production lines.

The company listed on the Indonesia Stock Exchange in February
2013. It is 55.94%-owned by PT. Cakra Bhakti Para Putra (unrated)
and 44.06% owned by public shareholders.



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


CHINA TAISAN: Placed Under Judicial Management
----------------------------------------------
The Business Times reports that Singapore's High Court has
approved China Taisan Technology Group's application to be placed
under judicial management.

According to the report, China Taisan said that the court, on
Aug. 21, approved the appointment of Chia Soo Hien and Leow Quek
Shiong of BDO LLP as the group's judicial managers.

BT says China Taisun went into trading suspension in June after
being placed on the distressed watch list for about a year.
Independent auditors RT LLP had raised significant doubts over
the firm's ability to continue as a going concern over its
audited financial statements for the year ended December 2016, BT
recalls.

China Taisan Technology Group Holdings Limited is a Singapore-
based investment holding company. The Company is a producer of
knitted performance fabrics in the People's Republic of China. It
is engaged in the knitting, dyeing and finishing of fabrics under
its own Lianjie brand, as well as the provision of fabric-
processing services. The Company is a supplier of performance
fabrics used in the manufacture of sportswear and casual wear for
international and domestic brands. The Company's subsidiary,
Jinjang Lianjie Textile & Printing Dyeing Industrial Co., Ltd, is
engaged in the manufacture of knitted textile, printing and
dyeing of fabrics, and engaged in the knitting and weaving of
fabrics. The Company's production facility is located in Jinjiang
City, Fujian Province.



                             *********

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
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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
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