TCRAP_Public/180919.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

         Wednesday, September 19, 2018, Vol. 21, No. 186

                            Headlines


A U S T R A L I A

ADARA KNOX: Second Creditors' Meeting Set for Sept. 26
ALL EARTH: First Creditors' Meeting Set for Sept. 27
BOULANGERIE 113: Clifton Hall Appointed as Liquidators
CORNERSTONE HOLDINGS: First Creditors' Meeting Set for Sept. 27
DWYER-COOK PTY: First Creditors' Meeting Set for Sept. 26

MILLICENT & DISTRICT: First Creditors' Meeting Set for Sept. 25
SOMMER & STAFF: First Creditors' Meeting Set for Sept. 26
TOYS 'R' US: Second Creditors' Meeting Set for Sept. 26


C H I N A

CHINA LESSO: Fitch Assigns BB+ IDR & Gives BB+ Unsec. Rating
GOLDEN WHEEL: Fitch Assigns 'B' LongTerm Issuer Default Ratings
PARKSON RETAIL: Fitch Withdraws 'B-' LT IDR, Outlook Stable
RONSHINE CHINA: Fitch Affirms B+ LT IDR; Outlook Stable
SEVEN STARS: Signs Deal to Acquire Communication Plaform FinTalk

* CHINA: Firms' Debt-Servicing Firepower Slumps to 2015 Low


H O N G  K O N G

PLASTOFORM HOLDINGS: To Shut Production Plant in Shenzhen
* Receivers Seek Buyers for Majority Stake in Luxury Travel Co.


I N D I A

ADVENT ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
ARCHEAN CHEMICAL: ICRA Assigns 'D' Rating to INR840cr Loan
ASHVI DEVELOPERS: CARE Migrates D Rating to Not Cooperating
BC POWER: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating

CHORUS LABS: ICRA Maintains B- Rating in Not Cooperating
DIGJAM LIMITED: CARE Reaffirms D Rating on INR54cr ST Loan
DR. ANAR: CARE Assigns 'B' Rating to INR5.38cr LT Loan
EMERALD ALCHYMICUS: ICRA Maintains D Rating in Not Cooperating
GOPAL SHIVHARE: CARE Moves D Rating to Not Cooperating Category

H M INDUSTRIAL: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
HUBTOWN BUS: CARE Migrates D Rating to Not Cooperating Category
HUBTOWN BUS TERMINAL: CARE Moves D Rating to Not Cooperating
J.J. AUTOMOTIVE: ICRA Moves B+ Rating to Not Cooperating
JAGANNATH PLASTIPACKS: Ind-Ra Moves B Rating to Non-Cooperating

JYOTI ENTERPRISES: CARE Assigns B+ Rating to INR4.50cr LT Loan
KALPANA SHIVHARE: CARE Migrates B+ Rating to Not Cooperating
KAMLA SHIVHARE: CARE Moves D Rating to Not Cooperating Category
KVK GRANITES: ICRA Maintains D Rating in Not Cooperating
LANCO TEESTA: Wins 90-Day Extension for Insolvency Resolution

MANOJ TRADING: ICRA Moves B+ Rating to Not Cooperating Category
MEGHDOOT GINNING: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
MIRAJ RECYLERS: CARE Migrates D Rating to Not Cooperating
NAGARJUNA WAREHOUSING: ICRA Maintains B Rating in Not Cooperating
NAITIK GEMS: ICRA Withdraws B+/A4 Ratings on INR25cr Loan

OCEAN PEARL: ICRA Lowers Rating on INR62cr LT Loan to B+
PAWAR ELECTRO: CARE Migrates D Rating to Not Cooperating
PLUTO PLAZA: ICRA Maintains B+ Rating in Not Cooperating
RANK CRANES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SAI PRINT: Ind-Ra Withdraws 'D' Long Term Issuer Rating

SAMDARIYA BUILDERS: ICRA Hikes Rating to B+; Off Non-Cooperating
SHRI SHYAM: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
SHREE RAM: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
SREEALANKAR GOLD: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
SRI SARVARAYA: ICRA Removes D Rating From Non-Cooperating Cat.

SWAGATTAM PLASTICS: Ind-Ra Maintains B+ Rating in Non-Cooperating
TAYAL FIBERS: ICRA Maintains B+ Rating in Not Cooperating
VICHITRA CONSTRUCTION: ICRA Maintains C Rating in Not Cooperating
VNKC AGROCOM: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating


I N D O N E S I A

CHANDRA ASRI: S&P Alters Outlook to Stable & Affirms 'B+' ICR


N E W  Z E A L A N D

NEW ZEALAND SALES: Fitch Affirms 'BB' Rating on Class E Notes


                            - - - - -


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


ADARA KNOX: Second Creditors' Meeting Set for Sept. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Adara Knox
City Pty Ltd has been set for Sept. 26, 2018, at 11:00 a.m. at
the offices of Hamilton Murphy at Level 1, 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 25, 2018, at 4:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Adara Knox on Aug. 22, 2018.


ALL EARTH: First Creditors' Meeting Set for Sept. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of All Earth
Group Pty Ltd will be held at the offices of RSM Australia
Partners at Level 8, Exchange Tower, 2 The Esplanade, in Perth,
WA, on Sept. 27, 2018, at 11:00 a.m.

Gregory Bruce Dudley -- greg.dudley@rsm.com.au -- and Travis
Kukura -- travis.kukura@rsm.com.au -- of RSM Australia Partners
were appointed as administrators of All Earth on Sept. 14, 2018.


BOULANGERIE 113: Clifton Hall Appointed as Liquidators
------------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
Boulangerie 113 Pty Ltd on Sept. 13, 2018.

Boulangerie 113 sold French traditional artisan loaves and
delicacies in Adelaide.


CORNERSTONE HOLDINGS: First Creditors' Meeting Set for Sept. 27
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Cornerstone Holdings Pty Ltd, trading as Cornerstone Cartage
Contractors, will be held at the offices of HLB Mann Judd
(Insolvency WA) at Level 3, 35 Outram Street, in West Perth, WA,
on Sept. 27, 2018, at 11:00 a.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Cornerstone Holdings on Sept. 17, 2018.


DWYER-COOK PTY: First Creditors' Meeting Set for Sept. 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Dwyer-Cook
Pty Ltd will be held at the offices of SM Solvency Accountants
Level 8/490 Upper Edward Street, in Spring Hill, Queensland, on
Sept. 26, 2018, at 3:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Dwyer-Cook Pty on Sept. 17, 2018.


MILLICENT & DISTRICT: First Creditors' Meeting Set for Sept. 25
---------------------------------------------------------------
David Kidman of Ferrier Hodgson was appointed Voluntary
Administrator of Millicent & District Community Club on Sept. 13,
2018.

The first meeting of creditors will be held at the Millicent &
District Community Club, 28 Davenport St, Millicent SA 5280, on
Sept. 25, 2018 at 3:00 p.m.

The Association ceased trading prior to the appointment. A report
to creditors detailing the Administrator's investigations into
the Company's affairs will be issued to creditors in due course.


SOMMER & STAFF: First Creditors' Meeting Set for Sept. 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sommer &
Staff Constructions Pty Ltd will be held at the offices of United
Services Club Queensland, 183 Wickham Terrace, in Spring Hill,
Queensland, on Sept. 26, 2018, at 11:30 a.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Sommer & Staff on Sept. 14, 2018.


TOYS 'R' US: Second Creditors' Meeting Set for Sept. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Toys "R" Us
(Australia) Pty Ltd and Babies "R" Us (Australia) Pty Ltd has
been set for Sept. 26, 2018, at 11:00 a.m. at Wesley Conference
Centre, 220 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 25, 2018, at
11:00 a.m.

Jason Preston, Keith Crawford, and Barry Kogan of McGrathNicol
were appointed as administrators of Toys "R" Us on May 21, 2018.



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


CHINA LESSO: Fitch Assigns BB+ IDR & Gives BB+ Unsec. Rating
------------------------------------------------------------
Fitch Ratings has affirmed plastic-pipe and fittings manufacturer
China Lesso Group Holdings Limited's Long-Term Issuer Default
Rating (IDR) and senior unsecured rating at 'BB+'. The Outlook is
Stable.

The affirmation reflects the company's solid operational
performance with stable operating EBITDA margins and sales
growth.

The Stable Outlook reflects Fitch's expectation Lesso's core
manufacturing businesses will remain stable, supported by the
company's strong market position and stable downstream demand.
Fitch also expects Lesso to maintain low leverage, backed by
strong cash flow generation and limited investment in its other
business segments such as commercial-property development.

KEY RATING DRIVERS

Strong Operational Performance: Lesso has maintained stable gross
profit margins of 25%-27% from 2014 to 2017. Its core businesses
in the manufacturing of polyvinyl-chloride (PVC) and non-PVC
products recorded strong volume growth in 1H18, while maintaining
a gross profit margin of 26%. Fitch expects Lesso's sales to grow
5%-14% yoy in 2018-2021, mostly driven by volume growth as a
result of China's stable infrastructure fixed-asset investment
growth. Fitch also expects its gross profit margin to remain
stable at around 25%-27% in the next few years, consistent with
its historical performance.

Limited Property Investment: Lesso spent around CNY1.8 billion in
2016 and CNY1.5 billion in 2017 on investment properties to build
a new business segment, Lesso Home, which develops commercial
property overseas focused on the sale of building materials and
interior-decoration products. These properties are under
development and have yet to generate rental income but management
has said it will not be acquiring additional properties in the
next few years. Fitch has not taken into account the assets'
potential rental income given the lack of track record but Fitch
has factored in the USD100 million per annum investment limit
indicated by management for the assets' construction in the next
few years.

Leverage to Peak in 2018: Fitch expects Lesso to return to free-
cash-flow (FCF) generation from 2018 on limited property
investments and strong cash flow from its core manufacturing
business. Lesso's FFO adjusted net leverage had been increasing
since 2016 from a net cash position in 2015, primarily due to
higher capex and shorter account-payable days in 2017, which also
led to negative FCF in 2016 and 2017. Fitch expects Lesso to
generate CNY2.8 billion-3.5 billion in cash flow from operations
in 2018 and 2019, compared with around CNY2 billion per annum of
capex, including manufacturing plant upgrades and Lesso Home
construction costs, resulting in positive FCF and therefore lower
leverage.

Significant Equity Investments: Lesso has made some large
financial investments since 2017 on the equity market. It bought
a 26.28% stake in Xingfa Aluminium Holdings Limited in April 2018
for HKD974 million, becoming the second-largest shareholder, a
move Lesso considers strategic as Xingfa has similar downstream
users based on location and product applications. The company
also purchased a 9.41% stake in Red Star Macalline Group
Corporation Ltd. (BBB-/Stable) in March 2017 for around CNY800
million, although the stake was reduced to 8.97% during Red
Star's share repurchase in July 2018.

Lesso had CNY1,979.6 million in other financial assets at end-
June 2018, the majority of which were liquid equity and bond
holdings. Management has indicated it has no plans for additional
financial investments and may consider the disposal of its
current financial assets.

Limited Range of Products: Lesso's rating is mainly constrained
by its limited range of products. As of end-2017, 58% of its
revenue was from PVC pipes. The company's expansion into the
commercial-property sector is not likely to make a material
contribution in the medium term.

DERIVATION SUMMARY

Lesso is China's largest plastic-pipe producer. It has a much
lower FFO adjusted net leverage than Elementia, S.A.B. de C.V.
(BB+/Stable), a Mexico-based building-materials producer.
However, Elementia has a broader product offering and better
geographical diversification although both have a neutral-to-
negative FCF margin. Lesso has a much larger scale and more
geographical diversification than West China Cement Limited (BB-
/Stable), a regional cement producer in China. However, the two
companies have a similar net leverage position and Fitch expects
both to deleverage for the following years.

KEY ASSUMPTIONS

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

  - Gross profit margin to remain at 25%-27% from 2018 to 2021

  - Capex of CNY2 billion from 2018 to 2021

RATING SENSITIVITIES

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

  - FFO adjusted net leverage sustained below 1.0x (2017:1.2x)

  - Sustained positive cash flow generation

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

  - FFO adjusted net leverage sustained above 2.0x

  - FFO margin below 10% (2017:14.4%)

LIQUIDITY

Adequate Liquidity: As of end-2017, the company had available
cash of CNY3.7 billion with unused banking facilities of CNY7.7
billion against short-term debt of CNY2.9 billion and negative
free cash flow of CNY2.9 billion. The majority its debt is
unsecured.


GOLDEN WHEEL: Fitch Assigns 'B' LongTerm Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B'. The Outlook is
Stable. Fitch has also affirmed GWTH's senior unsecured rating at
'B' with a Recovery Rating of 'RR4'.

The rating affirmation is premised on GWTH's good quality metro-
linked property-development portfolio compared with its 'B' rated
peers and healthy margins. The ratings, however, are constrained
by GWTH's small sales scale and higher leverage from recent land
acquisitions.

KEY RATING DRIVERS

Leverage to Stay High: Fitch expects GWTH's leverage to remain at
35%-40% in the next 18-24 months as the company will spend an
average of 45% of contracted sales on land acquisitions in 2018-
2020 to keep its land bank sufficient for about five years of
development. GWTH's leverage rose to around 40% by June 2018 from
35% at end-2017 and 23% at end-2016 after it acquired prime land
sites in Hong Kong and Nanjing. The company spent about CNY845
million in 1H18 on land acquisitions, which is about 66% of its
contracted sales of CNY1.27 billion in the same period.

Fitch expects a slower acquisition pace in 2H18 as the company
has restored its land-bank life to about five to six years of
sales from the recent purchases. Its land-bank life had dropped
to less than three years at end-2016.

Niche Positioning: GWTH is focused on developing small commercial
and residential projects near metro stations. Its projects
usually fetch higher average selling prices because of their
convenient locations and better foot traffic for the commercial-
property components. The Nanjing government's plan to expand the
city's metro services to 20-25 operating lanes by 2030 from the
current 10 will provide opportunities and visibility for GWTH to
replenish its metro-linked projects in the medium term.

Margins to Stay Healthy: Fitch expects GWTH's EBITDA margin,
excluding capitalised interest from cost of goods sold, to stay
high at around 31%-33% in 2018-2019, supported by existing
integrated projects connected to metro stations, which have gross
margins of around 35%-40%. The company's EBITDA margin recovered
to about 38% in 1H18 and 36% in 2017 from 28% in 2016 and -4% in
2015. This followed higher sales revenue from property
development after the completion and delivery of more projects
from 2017.

Growing Non-Development Businesses: Fitch expects GWTH's non-
property development divisions to expand steadily over the medium
term, with new investment properties and hotels coming into
operation each year and an increase in the lease of retail space
in metro stations. These divisions provide a non-property
development EBITDAR/interest plus rent ratio of 0.4x-0.5x, higher
than for 'B' rated peers, and mitigate cash flow volatility in
the property-development business.

GWTH had completed investment property with total gross floor
area (GFA) of 214,347 sq m (including 65,400 sq m from a joint
venture) and two operating hotels at end-2017. Fitch expects the
GFA to grow to over 280,000 sq m and the hotels to increase to
five in the next two to three years, supporting GWTH's improving
non-development EBITDAR/interest plus rent ratio and ratings.

Adjustments to Investment-Property Value: Fitch has adjusted the
inventory-property value in leverage calculations, taking into
account the value that may be realised if these assets are sold.
Its adjusted inventory-property value of CNY3.7 billion at end-
2017 is based on the income capitalisation approach at a 4%
capitalisation rate, comparable with that of other Chinese
homebuilders that have investment properties in top-tier cities,
including the 3.5%-4.0% rate of China Jinmao Holdings Group
Limited (BBB-/Stable) and LVGEM (China) Real Estate Investment
Company Limited (B/Stable).

DERIVATION SUMMARY

GWTH's contracted sales of CNY2.5 billion in 2017 were below
those of most 'B' rated peers, such as Xinyuan Real Estate Co.,
Ltd. (B/Stable) and Redco Properties Group Ltd (B/Stable), which
generate around CNY15 billion in contracted sales annually.
GWTH's land bank of 1.1 million sq m for development and sale as
of December 2017 is also smaller than that of peers. However, its
healthy margins and substantial interest coverage from non-
property development income support its ratings at 'B'.

KEY ASSUMPTIONS

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

  - Total contracted sales of around CNY3 billion-4 billion
    per year in 2018-2019 (2017: CNY2.5 billion)

  - On average 45% of contracted sales to be spent on land
    acquisitions in the next two to three years to maintain
    a land bank sufficient for five years of development

  - EBITDA margin, excluding capitalised interest from cost of
    goods sold, at 31%-33% in 2018-2019 (2017: 36%)

RATING SENSITIVITIES

Fitch does not expect positive rating action over the next 12-18
months given the company's current small scale. However, in the
longer term, positive rating action may result from:

  - Annual development property sales sustained above
    CNY3 billion (2017: CNY2.5 billion)

  - Non-property development EBITDA/gross interest coverage
    rising to over 1.0x on a sustained basis (2017: 0.5x)

  - Net debt/adjusted inventory sustained below 30% (end-2017:
    35%)

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

  - Net debt/adjusted inventory rising above 40% for a sustained
    period

  - Deviation from the current focus on metro-linked projects

  - EBITDA margin falling below 25% for a sustained period
    (2017: 36%)

LIQUIDITY

Adequate Liquidity: GWTH had cash and restricted balances of
CNY1.3 billion as of end-June 2018, sufficient to cover CNY1.2
billion of debt maturing in one year. In July 2018, GWTH was
granted loan facilities of up to HKD708 million by a financial
institution, which will be used for business development and
daily operations.

FULL LIST OF RATING ACTIONS

Golden Wheel Tiandi Holdings Company Limited

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

  - Long-Term Local-Currency IDR affirmed at 'B'; Outlook Stable

  - Senior unsecured rating affirmed at 'B' and Recovery Rating
    at 'RR4'

  - USD300 million 8.25% senior unsecured notes due 2019 affirmed
    at 'B' and Recovery Rating at 'RR4'

  - USD200 million 7% senior unsecured notes due 2021 affirmed
    at 'B' and Recovery Rating at 'RR4'


PARKSON RETAIL: Fitch Withdraws 'B-' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Parkson Retail Group Limited's Long-
Term Issuer Default Rating (IDR) at 'B-' with Stable Outlook and
simultaneously, Fitch has chosen to withdraw Parkson's Issuer
Default Rating for commercial reasons. The senior unsecured
rating has been withdrawn as the company's USD500 million 4.5%
bonds due 2018 have been redeemed.

KEY RATING DRIVERS

Parkson has evolved from managing traditional department stores
to becoming a lifestyle retail operator in China, reflecting
changing consumer preferences for shopping channels. This saw
operating revenue growth recover from 2H16 and EBIT turning
positive in 2017, following losses in 2015-2016.

The ratings are primarily constrained by Parkson's financial
profile. Its reliance on rented properties and low profitability
has resulted in high FFO payables-adjusted net leverage, which
Fitch expects to remain at 6x-7x. Fitch also expects its FFO
fixed-charge coverage to be around 1x in the medium-term assuming
no significant interest and rental cost increases.

DERIVATION SUMMARY

The company's business profile has been hurt by weaker consumer
spending and competition from other retail formats, while
profitability has been negatively affected by a high proportion
of rented properties. Parkson's financial profile is also weaker
than that of peers, such as Golden Eagle Retail Group Limited
(BB/Stable), with lower coverage and higher leverage ratios. No
Country Ceiling, parent/subsidiary or operating environment
aspects impact the rating.

KEY ASSUMPTIONS

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

  - Slightly negative gross sales proceeds and flat to low-
    single-digit operating revenue growth from higher direct
    sales

  - EBITDA margin of 7%-8% of revenue and 3% of gross sales
    proceeds

  - Capex of CNY150 million annually from 2018-2021

  - No common dividends paid

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Bond Redeemed: Parkson had approximately CNY2.7 billion of cash
and short-term principal guaranteed investments at end-June 2018,
which was more than sufficient to cover short-term bank loans of
CNY576 million. The company's liquidity position improved after
the redemption of the USD500 million 4.5% bonds maturing in May
2018.


RONSHINE CHINA: Fitch Affirms B+ LT IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Ronshine China
Holdings Limited's (Ronshine) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has
also affirmed Ronshine's senior unsecured rating and the rating
on its outstanding US dollar senior notes at 'B+' with a Recovery
Rating of 'RR4'.

Ronshine's ratings reflect its high quality and diversified land
bank, which supported its fast contracted-sales expansion in 2017
and 1H18. The company is on track to reach its target total
contracted sales of CNY120 billion in 2018. Its ratings are
constrained by its sustained moderately high leverage of just
above 50%, as defined by net debt to adjusted inventory. Fitch
believes Ronshine will need to continuously replenish its land
bank at market prices to sustain its scale, limiting its ability
to deleverage to below 45%, the level that will trigger positive
rating action.

KEY RATING DRIVERS

Faster Scale Expansion: Ronshine's total contracted sales grew
104% yoy to CNY50 billion in 2017, and 76% to CNY55 billion in
1H18. Proactive land acquisitions in 2016 and 2017 have provided
the company with ample saleable resources and it is on track to
achieve its total contracted sales target of CNY120 billion
(equivalent to Fitch's estimated consolidated contracted sales of
CNY84 billion in 2018) with CNY180 billion in total saleable
resources. Ronshine's focus on the Yangtze River Delta with
exposure to cities that are benefitting from spillover demand
from top-tier cities was a key driver for the company's strong
sales growth, which is likely to continue in 2018.

High Quality, Diversified Land Bank: Ronshine's attributable land
bank increased slightly to 13 million sq m by June 30, 2018 from
12.66 million sq m as of end-2017. Its land-bank portfolio is
well-diversified, covering 38 cities in China and focusing on
Tier 1 and 2 cities, which accounted for 57.5% of its land bank
by area. Fitch believes Ronshine's diversified land bank has
mitigated the impact from tighter home-purchase restriction
policies in many high-tier cities. The company entered new cities
in 2017, including Chengdu, Tianjin, Guangzhou, Chongqing, Ningbo
and Zhengzhou as well as lower-tiered Longyan, Putian, Jinhua,
Shaoxing and Quzhou. Ronshine also entered the Qingdao market in
2018.

Margin Recovery: Ronshine's EBITDA margin, after adding back
capitalised interest in cost of goods sold (COGS), recovered to
29% in 1H18 from 20% in 2017. The weak EBITDA in 2017 was due to
the impact from the revaluation of inventory to fair value as the
company made a few acquisitions in 2017. Fitch expects the effect
to diminish as the company's scale expands. Ronshine's average
land-bank cost was CNY6,463 per sq m, which accounted for 30% of
its contracted average selling price in 1H18. Ronshine's land
cost appears reasonable in light of its high-quality land bank,
which should sustain its EBITDA margin at around 25%-30%.

Leverage Lowered; Still Constrains Ratings:  Ronshine's leverage,
measured by net debt/adjusted inventory including guaranteed debt
for its joint ventures (JVs) and associates, fell to 53.4% by
June 30, 2018, from 56.6% at end-2017. Management expects to
deleverage further as the company's budget for land acquisition
will be lowered to about 30% of contracted sales proceeds in
2018, from about 70% in 2017, and it plans to keep the proportion
at 30%-50% in 2018-2020 to maintain its contracted sales scale.
However, Ronshine's leverage is likely to stay at about 50%,
which is high among 'B+' rated peers.

DERIVATION SUMMARY

Ronshine's consolidated contracted sales scale of about CNY80
billion per year and diversified land bank in China are
equivalent to other 'BB-' rated homebuilders, such as Yuzhou
Properties Company Limited (BB-/Stable). However, Ronshine's
leverage of 50%-55% is much higher than 'BB-' rated peers, which
usually have a leverage of below 45%.

Ronshine is well-positioned on scale and land-bank quality
relative to Guangdong Helenbergh Real Estate Group Co., Ltd.
(Helenbergh, B+/Stable) but its leverage of 56.6% at end-2017 and
53.4% at end-June 2018 were higher than Helenbergh's 43% at end-
2017. The company has similar scale as 'B' category peers such as
Yango Group Co., Ltd. (B/Positive) and Zhenro Properties Group
Limited (B/Positive) although Ronshine's leverage is lower.
Ronshine's normalised EBITDA margin (adding back capitalised
interest in COGS) of about 20%-25% is comparable with that of
Zhenro and Yango.

KEY ASSUMPTIONS

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

  - Total contracted sales of CNY122 billion in 2018 and
    CNY157 billion in 2019 (1H18: CNY55 billion)

  - EBITDA margin, after adding back capitalised interest in
    COGS, of 25%-30% in 2018-2020 (1H18: 29%)

  - Land acquisitions to account for 30% and 55% of contracted
    sales proceeds in 2018 and 2019, respectively

Recovery Rating assumptions:

  - Ronshine would be liquidated in a bankruptcy because it is an
    asset-trading company.

  - 10% administrative claims.

  - The value of inventory and other assets can be realised in
    a reorganisation and distributed to creditors.

  - A haircut of 25% on net inventory at fair value, as
    Ronshine's EBITDA margin is higher than the industry average.
    This implies its inventory will have a higher liquidation
    value than that of peers.

  - A 30% haircut on receivables, 40% haircut on investment
    properties and 50% haircut on properties, plant and
    equipment.

  - Ronshine's large cash balance is adjusted so that cash
    in excess of its three-month contracted sales is invested
    in new inventories.

  - Based on its calculation of the adjusted liquidation value
    after administrative claims, Fitch estimates the recovery
    rate of the offshore senior unsecured debt to be 59%. Fitch
    has rated the senior unsecured debt at 'B+'/RR4. Under its
    Country-Specific Treatment of Recovery Ratings Criteria,
    China falls into Group D of creditor friendliness and
    instrument ratings of issuers with assets in this group are
    subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory including
    guaranteed debt for its JVs/associates, sustained below 45%
    (1H18: 53%)

  - EBITDA margin, after adding back capitalised interest in
    COGS, sustained at 25% or above (1H18: 29%)

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

  - Leverage, measured by net debt/adjusted inventory including
    guaranteed debt for its JVs/associates, sustained at above
    55%

  - EBITDA margin, after adding back capitalised interest in
    COGS, sustained below 20%

LIQUIDITY

Sufficient Liquidity: Ronshine had cash balances of CNY20.3
billion at end-June 2018. It issued a total of USD375 million
8.25% senior unsecured notes due 2021 in July and August 2018.
The company should have sufficient liquidity to refinance its
short-term debt of CNY21.1 billion.

FULL LIST OF RATING ACTIONS

Ronshine China Holdings Limited

  - Long-Term Foreign-Currency Issuer Default Rating affirmed
    at 'B+', Outlook Stable;

  - Senior unsecured rating affirmed at 'B+' with Recovery Rating
    of 'RR4';

  - Outstanding USD400 million 6.95% senior notes due 2019
    affirmed at 'B+' with Recovery Rating of 'RR4';

  - Outstanding USD800 million 8.25% senior notes due 2021
    affirmed at 'B+' with Recovery Rating of 'RR4'.


SEVEN STARS: Signs Deal to Acquire Communication Plaform FinTalk
----------------------------------------------------------------
Ideanomics (Seven Stars Cloud Group, Inc.) has announced its
agreement to acquire the secure communications and information
platform FinTalk (http://fintalk.com/).

FinTalk serves two critical business use cases.  First, FinTalk
will provide integrated B2B financial technology communications
and AI-enabled financial information services and financial data
analytics.  One of the first business implementations of FinTalk
will be in support of Ideanomics' recent joint venture with Asia
Times.  Tying well into Ideanomics' strategy, FinTalk's
integration into Asia Times will enable the English-language,
pan-Asia news platform to deploy a strong suite of financial
technology services and enable the building of a financial
institutional community.

Second, FinTalk will support a number of B2C business use cases
providing both secure messaging and consumer financial services
to a wide scale retail user base.  FinTalk's consumer-facing
technology will provide valuable curated financial information,
access to digital loyalty products, and consumer financial
services, which will include the ability to access digital asset
investment products and connect with an investor and financial
advisor community.

Currently in active Beta, FinTalk provides a secure channel for
critical services in financial markets that are currently not
available through popular social platforms, including "burn after
reading" text and media messaging, video conferencing,
subscription-based information services, and consulting services
channels.

A critical component of the FinTalk solution is that it will work
in parallel with a secure enterprise blockchain network.  All
messaging is end-to-end encrypted and built on an open
architecture.  FinTalk is able to expand the scale of services
and tools available on its platform to further appeal to its
audience of investors and financial services professionals.
FinTalk's active Beta is currently available on iOS at Apple's
App Store, and will soon be available on Android, for use on
mobile devices.

Each FinTalk deployment will be integrated into a secure
enterprise blockchain network.  Every corporation that subscribes
to FinTalk will receive their own deployment as a node, which
will strengthen the larger blockchain network.

Ideanomics Chairman and Co-CEO, Bruno Wu said "FinTalk is a
symbiotic addition to the Ideanomics family, as it will enable
next-generation communication, collaboration, information
consumption, and consulting outreach interactivity for the
financial services community in the digital economy.  FinTalk's
innovative platform and forward-thinking service delivery is
aligned with Ideanomics' objectives of empowering and enabling
blockchain-based asset digitization, and it will serve as a
primary channel for easy-to-use, secure, information exchange and
decision-making between investors and financial services
professionals.  We are extremely excited to have them onboard as
an integral part of Ideanomics fintech family, which will
complement our joint venture with Asia times as well as enable us
to meaningfully penetrate retail-based consumer financial
services and product distribution."

                       About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from
operations, has net current liabilities and an accumulated
deficit that raise substantial doubt about its ability to
continue as a going concern.


* CHINA: Firms' Debt-Servicing Firepower Slumps to 2015 Low
-----------------------------------------------------------
Bloomberg News reports that Chinese companies' debt-servicing
firepower has slumped to a three-year low even as authorities
move to support their financing, showcasing the difficulty of
getting stimulus through to the real economy.

Listed non-financial companies had cash and equivalents to cover
only 81 percent of debt due in the coming year, the worst since
2015 -- when China was battling hard-landing fears -- data
compiled by Bloomberg show. Materials, utilities and energy
sectors are particularly vulnerable as their cash levels were at
about half of short-term obligations, Bloomberg says.

According to Bloomberg, businesses are having a tough year
raising funds and boosting profits, thanks to the lingering
effects of a crackdown on shadow financing and a slowdown in
economic growth as trade tensions with the U.S. rise. In July,
China moved to boost domestic demand and infrastructure spending,
building on previous efforts to sustain lending to smaller firms.
Even so, analysts question whether it's enough to halt a record
run of defaults, Bloomberg says.

"A worsening cash-to-debt ratio is mainly a result of China's
efforts to cut leverage," Bloomberg quotes Shi Min, credit
investment director from Beijing Lerui Asset Management Co. as
saying.  "It's unclear whether the recent easing measures will
result in more money flowing to less creditworthy companies in
the private sector."

There have been over CNY40 billion (US$5.8 billion) in local-bond
defaults this year, an unprecedented tally, Bloomberg discloses.
Many companies have had to tap internal cash to repay debt.
That's depleted their cash reserves, making it harder for them to
repay upcoming borrowing if credit markets remain tight,
according to Bloomberg.

Even after the targeted steps China unveiled in July, defaults
have yet to slow, the report states. Bloomberg says coal miner
Wintime Energy Co. failed to roll over a local bond that month,
triggering delinquency on its other notes and making it the
biggest defaulter in China this year. Firms such as oil trader
CEFC Shanghai International Group Ltd. and Dandong Port Group Co.
reneged on payments in August, Bloomberg adds.

"We see a divergence in refinancing ability currently, and
investors -- spooked by defaults earlier this year -- still favor
stronger credits," the report quotes Tan Chang, an analyst at
China Chengxin International Credit Rating Co., as saying.  "The
ones that are exposed to a high debt burden and negative media
coverage will face pressure on refinancing."

Shanghai-listed HNA Innovation Co. hasn't repaid CNY300 million
in trust loans that were due on Sept. 10 because of a liquidity
squeeze. Some of its assets in the eastern province of Zhejiang
were frozen, which affected the refinancing, the unit of HNA
Group Co, Bloomberg relates.

It's not all doom and gloom, as there are some signs in recent
months of a rising appetite for local notes, Bloomberg says. Net
bond issuance was positive in June through August, bouncing back
from a negative figure in May, Bloomberg discloses.  According to
Bloomberg, property developers are among the few sectors
benefiting from the trend and saw their debt servicing ability
improve; their cash to short term debt ratio rose to 113 percent
at the end of June, up 13 percentage points from December.

Still, caution remains, Bloomberg says. Zou Weina, who manages
one of the top performing bond funds in China this year, has been
slashing risk and avoiding lower-rated notes. She believes the
easing measures aren't likely to meaningfully help weaker firms,
she said in an interview in August, Bloomberg relays.

"China's economic stimulus has raised expectations of a rebound
in the real economy," Bloomberg quotes Li Qilin, the chief
macroeconomic researcher at Lianxun Securities Co., as saying.
"But credit risks will remain high because financial-market
regulations are still tight."



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


PLASTOFORM HOLDINGS: To Shut Production Plant in Shenzhen
---------------------------------------------------------
The Strait Times reports that Plastoform Holdings announced late
on Sept. 17 that the group will be shuttering its production
facility in Shenzhen as parts of efforts "to restructure its
business and improve its operational efficiency and cost-
effectiveness".

Following the production closure, the group intends to submit an
application to the court in China to liquidate its wholly owned
Shenzhen subsidiary, the report says.

According to the report, the group said that it faced challenges
in respect of debt collections from its major customers and
insufficient sales orders to sustain its operations.

"With the dynamic change in market during the last few years,
sales orders and business have changed to high mix and low
volume. It is not justified to keep a big scale manufacturing
operation for small volume of business," said the group.

Without the manufacturing site, there would be cost savings in
terms of monthly fixed overhead, the group added.

According to the report, Plastoform Holdings said the group plans
to transform its manufacturing-oriented business to project-
oriented business with the support from multiple contract
manufacturers. With a project-oriented business model, the group
would pay manufacturing cost associated with sales order which
would better reflect the actual project profit and loss
performance for each undertaken project.

The Strait Times says the production closure is expected to
result in the following non-recurring expenses, which are
expected to have material impact to the group's financial results
for the financial year ending Dec. 31, 2018.

Following the commencement of the subsidiary into liquidation,
the remaining assets would be realised and any fund from
realisation would be repaid to staff for layoff compensation,
government's expenses and payout to suppliers. It is expected
that there would be no residual value to be refunded to its
immediate holding company, Plastoform Industries, the report
relays.

Net assets value as at Dec. 31, 2017 and as at June 30, 2018 is
positive HK$3.7 million and negative HK$24 million respectively,
the Strait Times discloses. The group's consolidated net assets
value would be increased by HK$11.7 million (after including the
loss of inter-company balances) after the closure in Shenzhen. It
would expect an increase in consolidated net assets value of the
group for FY2018.

The Strait Times relates that the monthly loss for the first half
was around HK$2 million to HK$3 million after taking out the one-
off impairment loss on accounts receivable. After the facility's
closure, it would expect a reduction of loss in consolidated
results, of about HK$2 million per month.

There would also be about HK$1 million of one-off professional
fee and supporting fee for liquidating the Shenzhen subsidiary,
the report adds.

Hong Kong-based Plastoform Holdings Ltd. manufactures audio
speakers. The Company produces speakers for personal computers,
and mobile and multimedia devices.


* Receivers Seek Buyers for Majority Stake in Luxury Travel Co.
--------------------------------------------------------------
John Howard Batchelor and Chow Wai Shing Daniel, both of FTI
Consulting (Hong Kong) Limited, were appointed Joint and Several
Receivers of the entire issued shares in an investment holding
entity incorporated in the British Virgin Islands ("the
Company").

The Company is the major shareholder, with a majority control
shareholding interest ("the Majority Shareholding"), in an award-
winning asset-light business engaged in the provision of luxury
travel services operated under a well-established brand name in
the market from over 55 offices and in more than 30 countries.
The remaining minority shareholding in the Business is controlled
by the Business' founder. The Business is expected to achieve an
EBITDA of approximately US$45 million for the financial year of
2018.

The Receivers are now seeking expressions of interest for the
acquisition of the Majority Shareholding with the Company being
the intended seller. The Receivers and the Company will not
provide any representations and warranties in relation to the
Business and interested parties are expected to conduct and rely
on their own due diligence.

The deadline for submission of an expression of interest on
Sept. 21, 2018, at 5:00 p.m.

The Receivers may reached at:

     FTI Consulting
     Level 35, Oxford House Taikoo Place
     979 King's Road, Quarry Bay
     Hong Kong
     Mr. Edmund Lo
     Email: Edmund.lo@fticonsulting.com
     Mr. Stanley Law
     Email: Stanley.law@fticonsulting.com



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


ADVENT ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings of INR12.50 crore fund based bank
facilities of Advent Enterprises Private Limited (AEPL) continues
to remain under 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term-Fund        12.50      [ICRA]B (Stable) ISSUER NOT
   Based-Dropline                   COOPERATING; Rating continues
   Overdraft Limits                 to remain in 'Issuer Not
                                    Cooperating' Category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
Advent Enterprises Private Limited, ICRA has been trying to seek
information from the company to undertake a surveillance of
ratings; but despite multiple requests, the company's management
has remained non-cooperative. In the absence of the requisite
information, ICRA's Rating Committee has taken a rating view
based on the best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA]B (Stable); ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited information or no
updated information on the company's performance since the time
it was last rated.

Advent Enterprises Private Limited was incorporated in 1997 by
Mr. Dinesh Agarwal. The company commenced trading in electrical
home appliances and kitchenware under its own brand, 'Demont',
from 2011 onwards. It also trades welding consumables, equipment
and spares of Indian Railways to a small extent (~2% of total
revenues for FY2015 and FY2016). Under the home appliances
segment, the company has a pan India presence, with operations
primarily concentrated in Gujarat, Rajasthan, Maharashtra, Madhya
Pradesh and Uttar Pradesh. AEPL's registered office is in Mumbai,
along with a warehouse at Palghar, near Mumbai, and branch
offices in Surat, Jaipur, Indore, Lucknow and Mumbai, to
facilitate distribution. AEPL also has a few group companies who
are involved in the same business sector.


ARCHEAN CHEMICAL: ICRA Assigns 'D' Rating to INR840cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of Provisional [ICRA]B to
the INR840-crore proposed NCD programme of Archean Chemical
Industries Private Limited. ICRA also has a rating of [ICRA]D
outstanding on the INR293.66-crore fund-based bank facilities and
the INR404.34-crore fund-based unallocated facilities.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     840.00      Provisional [ICRA]B (Stable);
   Debentures (NCD)                Assigned
   (Proposed)


   Fund based-          240.25     [ICRA]D; Outstanding
   Term Loan

   Fund based-           53.41     [ICRA]D; Outstanding
   Working Capital
   Facilities

   Long-term,           404.34     [ICRA]D; Outstanding
   Unallocated
   limits

Rationale

The provisional rating assigned to the INR840.0-crore proposed
NCD programme takes into account the complete refinancing of the
existing bank debt by the new lender/investor - India RF, a joint
venture between Piramal Enterprises Limited and Bain Capital
Credit - in September 2018. The provisional rating is subject to
the company adhering to the terms of the issuance as shared with
ICRA. The finalisation of the rating would be completed once the
executed documentation is shared.

ACIPL has been servicing its existing debt obligations with some
delays due to the stressed financial position arising out of the
long delays in project commissioning/ stabilisation and the
resultant unfavorable debt amortisation schedule. The proposed
refinancing will substantially reduce the near-term repayment
commitments as the mandatory coupon payout is low (10-12%) and
the mandatory principal repayment is during the end of the debt
tenure spanning six years. However, any excess cash flows would
be applied towards additional coupon (to meet the defined coupon
on the debt) and towards principal prepayment. ICRA also takes
comfort from the provision of a debt service reserve account
(DSRA) during the tenure of the loan with the initial
requirements being built out of the issuance.

Through this refinancing exercise, ACIPL would also receive
funding for the planned bromine expansion project, which is
critical considering the robust profitability witnessed in this
segment in the recent past. The long-term offtake agreement with
Sojitz Corporation of Japan for salt offtake provides comfort
with regards to ACIPL's revenue stability. Additionally, a
portion of the NCD issuance is also budgeted towards working
capital and this is likely to aid the company in achieving higher
harvesting and transportation of salt, thereby aiding the overall
financial profile.

The rating, however, continues to be constrained by the weak
financial profile of the company with large accumulated losses
and an adverse capital structure. The rating also continues to be
exposed to factors such as vagaries of nature on the company's
production, given the usage of naturally available brine,
fluctuating international prices for the key products, and
operational issues. ACIPL's sulphate of potash (SOP) segment has
been underperforming, given the raw materials quality issues
faced by the company, on input side, and the lower amounts of the
KTMS (key intermediate) harvested. The rating also considers its
weak financial track record, with the debt having been
restructured by the lenders through the S4A route, and the
stressed financial profile of most of its Group entities.

Outlook: Stable

ICRA believes that the company will witness healthy sales growth
across all the three product segments owing to robust domestic
and international demand. The outlook will be revised to Positive
if substantial improvement in salt and bromine sale volume/
realisation result in sustained improvement in the operating
profitability. The outlook will be revised to Negative if cash
accruals are not sufficient to meet the repayment obligations,
or, if any adverse fluctuation in exchange rate or commodity
prices impact the profitability, thereby affecting the company's
liquidity position.

Key Rating Drivers

Credit strengths

Refinancing of existing bank debt through NCDs: ACIPL has
proposed to raise INR840 crore by issuing NCDs to India RF (joint
venture between Piramal Enterprises Limited and Bain Capital
Credit). The proposed facilities will substantially reduce the
near to medium-term repayment requirements and also provide
funding for the ongoing bromine expansion capex programme.

Diversified product portfolio: ACIPL manufactures industrial
salt, bromine and SOP in its integrated marine chemicals
facility. In FY2018, the company witnessed an improvement in the
production of all the three products, which supported its overall
revenue growth on the back of improved volume and realisation
supported by robust domestic and international demand.

Refinancing through the issuance of NCDs will support the
required funding for achieving capacity expansion for bromine,
which is a key contributor to the company's profitability.
Integrated manufacturing plant provides cost advantages in the
manufacturing process: ACIPL's integrated manufacturing plant is
located at Hajipir near Rann of Kutch (Gujarat). The company uses
the abundant and unique Rann brine as raw material and this
provides a cost advantage relative to the other producers.

Marketing arrangements in place likely to reduce business risks
to a large extent: The company has a long-term offtake agreement
with Sojitz Corporation of Japan for the entire production
quantity of industrial salt and this has reduced its business
risk significantly, given the contribution of salt to the overall
revenue mix. The marketing of bromine, the other key product, has
also been successful with ACIPL able to acquire a number of new
customers.

Credit challenges

Delays in debt servicing: The company continues to delay on its
debt obligation commitments towards bank facilities, since its
current scale of operations and cash accruals are insufficient to
meet the timely repayments despite the debt restructuring
completed in October 2016. Lower scale of operations is mainly on
account of the lack of availability of the funds required for
meeting ACIPL's working capital requirements.

The initial targeted COD for the project was April 2012, whereas,
the company had been able to achieve completion only by June
2015. The large delay was due to multiple factors such as
deferment in the receipt of approvals, heavy rainfall and changes
in the scope of the project. However, it did not reschedule the
repayments and continued to service the term loans. This, in
addition to the operational losses and substantial working
capital requirements, has strained its liquidity profile.

Higher interest cost on proposed NCDs: High repayment obligations
owing to higher interest cost on NCDs as well as the principal
repayment commencing from FY2020 will stress the liquidity.
However, the mandatory payments are restricted to 10-12% coupon
till FY2025 and the differential interest payment will be paid
along with mandatory payments based on cash accruals generated
during the initial years, or, a redemption premium will be paid
at the end of the tenure.

Subdued prices of SOP and salt and lower production volume
impacting the profitability: The selling prices of industrial
salt and SOP have remained subdued in line with global prices and
this has impacted the overall profitability of the company.
Although, there has been improvement in prices for salt in the
recent fiscals, any adverse fluctuations in the demand-supply
scenario and exchange rates will remain the credit concern.

Financial profile characterised by highly levered capital
structure and modest coverage indicators: Weakened profitability,
over the last few years, has significantly worsened the company's
net worth. This coupled with high debt levels has resulted in a
highly levered capital structure. Owing to moderate
profitability, the debt coverage metrics also remained modest.

Operations exposed to risk of excessive rain fall: The company's
operations are exposed to the risk of excessive rain fall, which
can adversely impact the quality of key raw materials as well as
lead to an operational stoppage impacting the scale of
production.

Incorporated in July 2009, ACIPL has set up an integrated marine
chemicals complex for producing sulphate of potash (SOP),
industrial salt and bromine. The project was commissioned in June
2015. The manufacturing plant is located in Hajipir, in the Kutch
district of Gujarat. The integrated complex utilises naturally
available brine flowing over the marine mineral deposits in the
Rann of Kutch. The Archean Group is already one of the leading
producers of industrial salt in the country and through this
project it has also become the first domestic manufacturer of
SOP.

ACIPL is part of the Archean Group, which is a conglomerate with
businesses across building materials, mining and minerals,
industrial chemicals and fertilisers.

In FY2018, on a provisional basis, the company reported a net
loss of INR66.0 crore on an operating income (OI) of INR437.9
crore, as compared to a net loss of INR73.2 crore on an OI of
INR288.4 crore in the previous year.


ASHVI DEVELOPERS: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Ashvi
Developers Private Limited (ADPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      250.00     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ADPL to monitor the
rating(s) vide e-mail communications/letters dated Aug. 1, 2018,
July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018,
Feb. 6, 2018, Oct. 23, 2017 and numerous phone calls. However,
despite CARE's repeated requests, Ashvi Developers Private
Limited has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Ashvi Developers Private
Limited's bank facilities will be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by the lenders.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt: The rating has been reaffirmed
on account of the ongoing delays in debt servicing of the
company.

Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along
with another company Atithi Builders and Constructors Pvt. Ltd.
(ABCPL) of Ariisto Realtors group is developing a real estate
project "Ariisto Sommet" (erstwhile named as Ariisto Solitaire)
at Goregaon, Mumbai. The group has developed an area of 68.12
lakh square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious
retail spaces and TDR generating rehab projects in and around
Mumbai.


BC POWER: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded BC Power
Controls Limited's (BCPCL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR340 mil. Fund-based limits Long-term rating upgraded;
     Short-term rating affirmed with IND BB+/Stable/IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects a sustained improvement in BCPCL's revenue
and credit metrics. In FY18, revenue was INR4,934 million (FY17:
INR3,541 million; FY16: INR2,465 million), interest coverage
ratio (gross EBITDA/interest expense) was 4.7x (2.3x; 1.9x) and
net leverage (net debt/operating EBITDA) was negative 0.5x
(13.7x; 10.0x). The scale of operations and the credit metrics
are modest. Revenue growth was driven by an increase in export
and domestic demand, while the improvement in metrics was on
account of low utilization of external borrowings and a rise in
absolute EBITDA.

The ratings continue to benefit from BCPCL's comfortable
liquidity, indicated by an average fund-based facility
utilization of about 90% for the 12 months ended August 2018.

The ratings are also supported by the promoters' over two decades
of experience in ferrous and non-ferrous metals, mainly copper.

The ratings, however, are constrained by BCPCL's highly volatile,
albeit healthy, EBITDA margin on account of raw material price
fluctuations, which are not passed on to clients immediately
owing to high competition. The margin was 0.8%-2.0% over FY15-
FY18. The improvement in the margin to 2.0% in FY18 from 0.8% in
FY17 was driven by an increase in the sales of customized value-
added wires. Furthermore, its return on capital employed was
18.8% in FY18 (FY17: 4.3%).

RATING SENSITIVITIES

Negative: Any deterioration in the profitability and credit
metrics, on a sustained basis, will lead to a negative rating
action.

Positive: A rise in the profitability, while maintaining the
credit metrics at the current levels, on a sustained basis, could
lead to a positive rating action.

COMPANY PROFILE

Formed in 2008, BCPCL manufactures and trades copper wires and
cables. It has a manufacturing facility in Bhiwadi (Rajasthan).
Its product portfolio includes armored and unarmored cables,
flexible and house wires, submersible cables, and control and
instrumentation cables.


BHAVYALAXMI INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
The rating for the INR8.00 crore bank facilities of Bhavyalaxmi
Industries (P) Ltd. (BIPL) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund       6.45      [ICRA]B+ (Stable); ISSUER NOT
   Based-Cash                     COOPERATING; Rating continues
   Credit                         to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term Fund      0.27       [ICRA]B+ (Stable); ISSUER NOT
   Based-Term Loan                COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-          1.28       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

BIPL was incorporated in 2008 and undertakes milling of non-
basmati rice, which it sells under its own brand names. The
company's promoters Mr. Sanjeev Gupta and Mr. Pradeep Kumar Gupta
have extensive experience in agro-based businesses through their
group companies.


CHORUS LABS: ICRA Maintains B- Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Chorus Labs Limited continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit          4.00        [ICRA]B- (Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Non Fund Based       2.75        [ICRA]A4 ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Unallocated Limits   3.25        [ICRA]B- (Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

As part of its process and in accordance with its rating
agreement with Chorus Labs Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory,
anti fugal and anti bacterial Active Pharma Ingredients (APIs).
Mr. Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry. CLL manufacturing facilities are located
in Bidar, Karnataka.


DIGJAM LIMITED: CARE Reaffirms D Rating on INR54cr ST Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Digjam Limited (Digjam), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           40.50       CARE D Reaffirmed

   Short-term Bank
   Facilities           54.00       CARE D Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of Digjam take into
account delays in debt servicing owing to stressed liquidity and
cash losses during FY18 (refers to the period April 1 to
March 31).

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in servicing of debt obligations: Due to stressed
liquidity position and cash losses, Digjam has delayed in
servicing its term loan principal and interest along with over
utilisation in its fund-based working capital facilities. The
account has been classified as NPA.

Originally incorporated in 1948 as Digvijay Woollen Mills Ltd,
Digjam is promoted by the S K Birla Group. Mr Sidharth
Birla, son of Mr S K Birla, is the Chairman of the company.
Digjam is primarily engaged in manufacturing worsted fabrics
at its sole manufacturing facility at Jamnagar, Gujarat. It had
an installed capacity to manufacture 5.50 million meters of
worsted fabric as on March 31, 2018.


DR. ANAR: CARE Assigns 'B' Rating to INR5.38cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dr.
Anar Singh Educational Trust (DASET), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.38       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of DASET is
constrained by its small scale of operations, weak financial risk
profile and presence in highly competitive industry. The ratings
are further constrained on account of regulatory framework for
both healthcare & educational sector in India and reputation
risk. The rating however, draws comfort from experienced and
qualified members of the trust and positive outlook & high growth
potential for the healthcare sector.  Going forward, the ability
of the trust to increase its scale of operations while improving
its profitability margins and improvement in enrolment ratio
provided the highly competitive scenario.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The scale of operations of the trust
stood small at INR1.14 crore in FY17 (refers to the period April
1 to March 31).

Furthermore, the corpus fund of the trust also remained small at
INR2.30 crore as on March 31, 2017. The small scale limits the
trust's financial flexibility in times of stress and deprives it
from scale benefits. During FY18 (period refers to April 01 to
March 31; based on provisional results) the trust achieved total
operating income of INR1.95 crore.

Weak financial risk profile: The SBID margin of company stood
weak at 4.40% for FY17. Further the company suffered net losses
in FY17; owing to high interest cost.

The capital structure of the trust stood leveraged mainly on
account of addition of rupee term loan to meet the CAPEX
requirements coupled with low corpus fund as marked by overall
gearing ratio of 1.48x as on March 31, 2017.

Furthermore, debt coverage indicators as marked by interest
coverage ratio and total debt to GCA stood weak on account
of high total debt resulting in higher interest expense.

Competitive nature of Industry: The education and healthcare
sector are highly fragmented with few players in the organized
sector. Barring a few, most of the organized sector players have
one or two institutes/hospitals only. All these lead to high
level of competition in the business. Further, the medical
college also faces high competition from various other medical
colleges.

Regulatory framework for both healthcare & educational sector in
India: Despite the increasing trend of privatization of education
and healthcare sector in India, both the sectors continue to
operate under string regulatory control. Accordingly, the
players, at times, find difficult to realize their plans or cope
up with the framework resulting in failure of the institution.
Hence, regulatory challenges continue to pose a significant risk
to private healthcare & educational institutions as they are
highly susceptible to changes in regulatory framework.

Reputation risk: Healthcare is a highly sensitive sector where
any mishandling of a case or negligence on part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently
and maintain standard of services in order to avoid the
occurrence of any unforeseen incident. They also need to maintain
high vigilance to avoid any malpractice at any pocket.

Key Rating Strengths

Experienced and qualified members of the trust: Dr. Anar Singh
and Dr. Anita Yadav both are trustees in DASET. Both are
doctorate as well as PhD holders and have accumulated an
experience of around two and a half decades in running
educational institution through their association with DASET and
its other sister concerns. Moreover, they also get support from
other qualified members in the field of social work and other
well-experienced doctors to carry out the day-to-day operations.


Positive outlook & high growth potential for the healthcare
sector: Increasing urbanisation, improving demographics, rising
purchasing power necessary to afford quality medical treatments
and medicines are expected to drive increase in per capita health
expenditure. Furthermore, the government's strategy to
incentivize participation of people under the private insurance
umbrella and enrolling the economically deprived under public
insurance schemes would provide fillip to healthcare spending in
subsequent years and as per WHO reports, global spending on
health care has risen as a proportion of GDP. In contrast,
spending on health care as a proportion of GDP in India, which is
already low comparatively, has further declined. Furthermore, in
the past few years, state governments have spent larger
proportion of their total expenditure towards healthcare and
related subjects. This similarly results in higher demand in
hospital as well as educational services.

Uttar Pardesh based Dr. Anar Singh Educational Trust (DASET) was
established and registered as an educational trust in
October, 2015 for the purpose of promoting state of the art
hospital and medical & paramedical educational institutions.
Trust is affiliated by State Government, Kanpur University and
Central Council of Indian Medicine. The trust operates a
college as well as hospital under the name of Dr. Anar Singh
Ayurvedic Medical College and Hospital in a single campus
and is located at Civil Lines, Krishna Nagar, Fatehgarh,
Farrukhabad, Uttar Pradesh .


EMERALD ALCHYMICUS: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR13.25 crore bank facilities of
Emerald Alchymicus Private Limited (EAPL) continues to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits      7.50       [ICRA]D ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain
                                     in the 'Issuer Not
                                     Cooperating' category

   Non-Fund based         5.75       [ICRA]D ISSUER NOT
   Limits                            COOPERATING; Rating
                                     continues to remain
                                     in the 'Issuer Not
                                     Cooperating' category

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

Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is
involved in trading of chemicals. The company derives its revenue
from two segments viz. Stock & Sell and Commercial segment. In
case of Stock & Sell, the company imports specialty chemicals
from various overseas suppliers and maintains an inventory of the
same whereas in the case of Commercial segment, the customers
place bulk orders with EAPL for various chemicals and based on
these orders, EAPL procures the materials from the suppliers and
supplies directly to the customers.


GOPAL SHIVHARE: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Gopal
Shivhare (GSH) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Long term/           3.00      CARE D; Issuer not cooperating;
   Short term Bank                Based on best available
   Facilities                     Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GSH to monitor the ratings
vide e-mail communications/letters dated June 21, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, The rating on GSH's bank
facilities will now be denoted as CARE D/ CARE D ISSUER NOT
COOPERATING.

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

The ratings of GSH is proimarily constrained on account of thin
profitability, weak solvency and stressed liquidity position.
The ratings are, further, continue to remain constrained on
account of risk associated with the operations in a highly
regulated liquor industry.

The ratings, however, derive benefits from experienced promoter
and favourable demand outlook with steady increase in
consumption of alcohol.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2017, the following were
the rating strengths and weaknesses (updated for the
information available).

Key rating weaknesses

Thin profitability: GSH's PBILDT and PAT margins for FY17
remained thin at 4.03% and 1.16% respectively improved as
compared to 3.54%
and 1.13% in FY16.

Weak Solveand and stressed liquidity position: The company's
financial profile remained leveraged by its high gearing and weak
debt protection metrics. Overall gearing remained at 11.86 times
in FY17 deteriorated marginally from 9.89 times in FY16 on
account of higher proportionate increase in total debt than in
tangible net worth. However, debt coverage indicators of the firm
also remained stressed at 42.08 times as on March 31, 2017
declined from 34.79 times as on March 31, 2016 due to higher
proportionate increase in GCA level than in total debt of the
firm. Interest coverage remained moderate at 1.40 times as on
FY17. Liquidity position of the company remained stressed in
FY17.

High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The state
governments are also given liberty to enact the bye-laws for
liquor industry on their own hence any significant policy changes
adversely affect the whole industry.

Key Rating Strengths

Rich experience of promoters in liquor trading business: GSH is
part of the Shivhare Liquor Group which through its various
associate concerns has licence for around 73 liquor shops in
various districts of Madhya Pradesh as on March 31, 2015.

Favorable demand outlook with steady increase in consumption of
liquor: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. In addition, changing consumer preference towards
premium varieties has resulted in improvement in sales mix of
industry. Hence, Indian liquor industry is envisaged to continue
the trend of steady growth supported by increasing demand led
volume growth.

Established in 2006, M/s Gopal Shivhare (GSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. GSH is part of Shivhare liquor group based in Madhya
Pradesh (MP). GSH holds retail liquor supplier license in MP and
undertakes retail trade of Indian made foreign liquor (IMFL),
beer, country liquor (CL), wine etc. The firm enters into open
tendering process every year to avail license for the retailing
of the liquor. Depending upon the allotment of shops during
tendering, the number of shops held by the firm varies every
year. The shops are allotted in MP by the state government
through a competitive bidding process and for FY15 and FY16, the
firm has received license for three shops. Of these three shops,
two are of IMFL and one of CL. Shivhare Liquor group has other
associate concern namely M/s Ram Swaroop Shivhare, M/s Kamla
Shivhare, M/s Laxmi Narayan Shivhare & M/s Kalpna Shivhare which
are engaged in similar business activity.


H M INDUSTRIAL: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded H M Industrial
Private Limited's (HM) Long-Term Issuer rating to 'IND D' from
'IND BBB-'. The Outlook was Stable. The agency has simultaneously
migrated the rating to the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency. Thus, the
rating is on the basis of best available information. The rating
will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR398.5 mil. Term loan (Long-term) due on January 2024
     downgraded & migrated to the non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR590 mil. Fund-based facilities (Long-term/Short-term)
     downgraded & migrated to the non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR190 mil. Non fund-based facilities (Short-term) downgraded
    & migrated to the non-cooperating category with IND D (ISSUER
    NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings are constrained by a stretched liquidity position,
leading to delays in debt repayment for over the three months
ended August 2018. This is a result of the high working-capital
intensity of HM's operations, arising from high inventory levels
and receivables days.

RATING SENSITIVITIES

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

COMPANY PROFILE

HM was founded by Shri HM Patel in 1991 as H M industrials and
was reconstituted as a private limited company in 2016. HM has
been engaged in the processing of cotton seed oil, castor seed
and castor de-oil cake since 1991. It has a 45,000MTPA plant
located in Kapadwanj, Gujarat.


HUBTOWN BUS: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Hubtown
Bus Terminal (Ahmedabad) Private Limited (TRPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      100.00     CARE D; ISSUER NOT COOPERATING;
   Facilities-                    Based on best available
   Term Loan                      Information

   Short Term Bank      27.55     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TRPL to monitor the
rating(s) vide e-mail communications/letters dated Aug. 1, 2018,
July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018,
Feb. 6, 2018, Oct. 23, 2017 and numerous phone calls. However,
despite CARE's repeated requests, Hubtown Bus Terminal
(Ahmedabad) Private Limited has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Hubtown Bus Terminal (Ahmedabad) Private Limited's bank
facilities will be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by the lenders.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt: The rating has been reaffirmed
on account of the ongoing delays in debt servicing of the
company.

Hubtown Bus Terminal (Ahmedabad) Pvt Ltd (HBTAPL) is a special
purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti
City Ltd) with an objective to develop a bus terminal at Geeta
Mandir, Ahmedabad Gujarat, as per the concession agreement with
Gujarat State Road Transport Corporation (GSRTC). The Hubtown
group is in the business of developing real estate since two
decades. The group commenced operations with the incorporation of
Akruti Nirman Private Limited (ANPL) in February 1989. ANPL was
subsequently converted into a public limited company in April,
2002 renamed as Hubtown Ltd in 2012. Gujarat State Road Transport
Corporation (GSRTC) floated a tender for redevelopment of the bus
terminal at Geeta Mandir (Ahmedabad) in 2007. The Hubtown group
was allotted development rights of the said bus terminal project
to be executed through HBTAPL.


HUBTOWN BUS TERMINAL: CARE Moves D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Hubtown
Bus Terminal (Adajan) Private Limited (HBTAPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      41.37      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HBTAPL to monitor the
rating(s) vide e-mail communications/letters dated Aug 1, 2018,
July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018,
Feb 6, 2018, Oct 23, 2017 and numerous phone calls. However,
despite CARE's repeated requests, Hubtown Bus Terminal (Adajan)
Private Limited has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Hubtown Bus
Terminal (Adajan) Private Limited's bank facilities will be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by the lenders.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt: The rating has been reaffirmed
on account of the ongoing delays in debt servicing of the
company.

Hubtown Bus Terminal (Adajan) Pvt Ltd (HBTAPL) is a special
purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti
City Ltd) with an objective to develop bus terminal at Adajan,
Surat-based, Gujarat, as per the concession agreement with
Gujarat State Road Transport Corporation.

The Hubtown group is in business of developing real estate since
more than two decades, commencing with the incorporation of
Akruti Nirman Private Limited on February 16, 1989 which was
subsequently converted into a public limited company on April 11,
2002. Company was renamed to Akruti City Limited in 2008 and
further renamed to Hubtown Ltd in 2012.


J.J. AUTOMOTIVE: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the ratings for the bank facilities of J.J.
Automotive Ltd (JJAL) to the 'Issuer Not Cooperating' category.
The ratings are now denoted as "[ICRA]B+ (Stable)/ [ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based-          13.25       [ICRA]B+ (Stable) ISSUER NOT
   Term Loans                       COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Fund Based-          25.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Fund Based-           0.50       [ICRA]B+ (Stable) ISSUER NOT
   Untied Limits                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Non Fund Based-      (0.40)      [ICRA]A4 ISSUER NOT
   Letter of                        COOPERATING; Rating moved to
   Guarantee                        the 'Issuer Not Cooperating'
                                    category

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

JJAL was incorporated in 1981 primarily as an auto component
dealer of various OEM's. In 1998 it became a dealer of Hyundai
Motor India Limited (HMIL) and began operations under the brand
name of "Bengal Hyundai". The company currently operates through
five showrooms, spread across Kolkata. At present, JJAL provides
the majority of its servicing facility and insurance option to
its customers via its group companies. JJAL also operates an auto
component division, which is the authorised dealer for various
auto components OEM's and has six branches located at Kolkata,
Guwahati, Patna, Siliguri, Ranchi and Cuttack.


JAGANNATH PLASTIPACKS: Ind-Ra Moves B Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) migrates Jagannath
Plastipacks 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 these ratings. The rating
will now appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jagannath Plastipacks manufactures polypropylene bags at its
75,00,000 pieces/annum facility in Cuttack, Odisha.


JYOTI ENTERPRISES: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jyoti
Enterprises (JE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            3.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JE are primarily
constrained by its small scale of operations, concentrated order
book position, leveraged capital structure and elongated
operating cycle. Further, the ratings are also constrained by
risk associated with constitution of the entity being a
proprietorship firm, highly competitive industry along with
business risk associated with tender-based orders. The ratings,
however, draws comfort from experienced proprietor coupled with
long track record of operations and moderate profitability
margins.

Going forward; ability of the firm to profitably increase its
scale of operations while improving its capital structure and its
ability to successfully execute projects in timely manner shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: JE's scale of operations remained
small as marked by total operating income and gross cash accruals
of INR14.17 crore and INR0.62 crore respectively for FY17 (refers
to the period April 1 to March 31). Furthermore, the firm's net
worth base also stood relatively small at INR1.44 crore as on
March 31, 2017. The small scale limits the company's financial
flexibility in times of stress and deprives it of scale benefits.
Though, the risk is partially mitigated by the fact that the
scale of operations has been growing on y-o-y basis in last 3
financial years (FY15-FY17) with a CAGR of around 36.23% and grew
from INR7.63 crore in FY15 to INR14.17 crore in FY17 mainly on
account of higher orders executed. Furthermore, during FY18
(refers to the period April 1 to March 31; based on provisional
results); the firm has achieved the total operating income of
~Rs.17.50 crore.

Concentrated order book position: The unexecuted order book of
the firm stood at INR20.98 crore as on June 30, 2018 which is
equivalent to ~1.48x the total operating income achieved in FY17,
thereby giving near term revenue visibility. However, the present
unexecuted order book is concentrated towards contracts from
Central Public Works Department, West Bengal, Central Public
Works Department, Uttarakhand and The West Bengal Small
Industries Development Corporation Limited, West Bengal. Hence,
effective and timely execution of the orders has a direct bearing
on the margins.

Leveraged capital structure: The capital structure of the firm
stood leveraged as on the past three balance sheet dates ending
March 31, '15-'17 on account of low net worth base coupled with
high dependence on external borrowings to meet the working
capital requirements. Overall gearing ratio stood at 4.95x as on
March 31, 2017 showing deterioration from 3.95x as on March 31,
2016 mainly on account of higher utilization of working capital
borrowings as on balance sheet date.

Elongated operating cycle: The firm raises bills on monthly basis
on the completion of certain percentage of work and thereon which
gets acknowledge by customer after necessary inspection of work
done. Post the inspection, department clears the payment after
deducting certain percentage of bill raised (2.5% of bill amount)
in the form of retention money, which they refund after
completion of order/contract. Furthermore, there are normally
procedural delays involved in relation to clearance of bills.
Entailing the same, results into average collection period of 105
days for FY17. The firm maintains minimum inventory in the form
of raw materials at different sites for smooth execution of
contracts which leads to inventory days of 54 in FY17. Further,
the firm receives credit period of around a month from its
suppliers. The average utilization of working capital limits
remained almost 80% utilized for past 12 months ending June,
2018.

Highly competitive industry coupled with business risk associated
with tender-based orders: JE faces direct competition from
various organized and unorganized players in the market. There
are number of small and regional players and catering to the same
market which has limited the bargaining power of the firm and has
exerted pressure on its margins. The firm majorly undertakes
government projects (Central Public Works Department (CPWD)),
which are awarded through the tender-based system. The growth of
the business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Further, any changes in
the government policy or government spending on projects are
likely to affect the revenues of the firm.

Key Rating Strengths

Experienced proprietor coupled with long track record of
operations: Mr. Sanjay Agarwal has an accumulated experience of
nearly two decades in construction business through his
association with this entity and look after the overall
operations of the firm. The proprietor is having a considerable
track record in this business which has resulted in long term
relationships with both suppliers and clients.

Moderate profitability margins: The profitability margins of the
firm have remained moderate though fluctuating during last three
financial years (FY15-FY17) as the profitability largely depends
upon nature of contract executed. The PBILDT margin of the firm
improved and stood at 6.72% in FY17 as against 5.82% in FY16 on
account of execution of few orders which had higher profitability
margins. Similarly, PAT margin of the firm stood above 3.30% for
past two financial years (FY16 & FY17).

Delhi based Jyoti Enterprises (JE) was established in the year
2000 as a proprietorship firm. The firm is currently managed
by Mr. Sanjay Agarwal. The firm is "Class-I" contractor and is
engaged in the construction of buildings, designing, supply,
installation, testing, commissioning and maintenance of fire
protection systems, internal water supply, drainage, roads &
pavement, internal electrification & related development works,
etc. for buildings.


KALPANA SHIVHARE: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kalpana
Shivhare (KSH) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      3.50      CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

   Long term/          5.00      CARE B+;/CARE A4 Issuer not
   Short term Bank               cooperating; Based on best
   Facilities                    available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KSH to monitor the ratings
vide e-mail communications/letters dated June 21, 2018, June 4,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, The rating on
KSH's bank facilities will now be denoted as CARE B+/CARE A4;
ISSUER NOT COOPERATING.

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

The ratings of KSH is proimarily constrained on account of thin
profitability, weak solvency and stressed liquidity position.
The ratings are, further, continue to remain constrained on
account of risk associated with the operations in a highly
regulated liquor industry.

The ratings, however, derive benefits from experienced promoter
and favourable demand outlook with steady increase in consumption
of alcohol.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2017, the following were
the rating strengths and weaknesses (updated for the
information available).

Key rating weaknesses

Thin profitability: KSH's PBILDT and PAT margins for FY17
remained thin at 3.51% and 1.00% respectively improved as
compared to 2.62% and 0.84% in FY16.

Moderte Solvency and stressed liquidity position: KSH's financial
profile remained moderate by its average gearing and average debt
protection metrics. Overall gearing remained at 0.73 times in
FY17 improved marginally from 1.83 times in FY16 on account of
higher proportionate decrease in total debt than in tangible net
worth. However, debt coverage indicators of the firm also
remained stressed at 14.48 times as on March 31, 2017 although
improved from 17.53 times as on March 31, 2016 due to decrease in
total debt of the firm. Interest coverage remained moderate at
1.51 times as on FY17. Liquidity position of the company remained
stressed in FY17.

High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The state
governments are also given liberty to enact the bye-laws for
liquor industry on their own hence any significant policy changes
adversely affect the whole industry.

Key rating strengths

Rich experience of promoters in liquor trading business: KSH has
been in the liquor business from the last 10 years. At present
KSH have 10 licences in different district of Madhya Pradesh for
retailing of liquor. KSH is part of the Shivhare Liquor Group
which through its various associate concerns has licence for
around 73 liquor shops in various districts of Madhya Pradesh as
on March 31, 2015.

Favorable demand outlook with steady increase in consumption of
liquor: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. In addition, changing consumer preference towards
premium varieties has resulted in improvement in sales mix of
industry. Hence, Indian liquor industry is envisaged to continue
the trend of steady growth supported by increasing demand led
volume growth.

Incorporated in 1990, M/s Kalpana Shivhare (KSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. The firm also own and operates petrol pump under the
name M/s Patel & Sons in Madhya Pradesh. KSH is part of Shivhare
Liquor Group which is based out of Madhya Pradesh. KSH undertakes
retail trade of Indian made foreign liquor (IMFL), country liquor
(CL), wine etc and holds retail license for liquor shops in the
state of MP. KSH has been allotted retail liquor license for 10
shops in different districts of Madhya Pradesh in FY15 and FY16.
The firm enters into open tendering process every year to avail
license for the retailing of the liquor. Depending upon the
allotment of shops during tendering, the number of shops held by
the company varies every year. Shivhare Liquor group has other
associate concern namely M/s Ram Swaroop Shivhare, M/s Gopal
Shivhare, M/s Kamla Shivhare & M/s Laxminarayan Shivhare which is
also engaged in similar business activity.


KAMLA SHIVHARE: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kamla
Shivhare (KSH) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4.70      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Long term/           3.00      CARE D/CARE D Issuer not
   Short term                     cooperating; Based on best
   Bank Facilities                available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KSH to monitor the ratings
vide e-mail communications/letters dated July 11, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, The rating on
KSH's bank facilities will now be denoted as CARE D/CARE D ISSUER
NOT COOPERATING.

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

The ratings of KSH is proimarily constrained on account of thin
profitability, weak solvency and stressed liquidity position.
The ratings are, further, continue to remain constrained on
account of risk associated with the operations in a highly
regulated liquor industry.

The ratings, however, derive benefits from experienced promoter
and favorable demand outlook with steady increase in
consumption of alcohol.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2017, the following were
the rating strengths and weaknesses (updated for the information
available).

Key rating weaknesses

Thin profitability: KSH's PBILDT and PAT margins for FY17
remained thin at 3.50% and 0.94% respectively declined as
compared to 3.56%
and 1.09% in FY16.

Weak Solveand and stressed liquidity position: The company's
financial profile remained leveraged by its high gearing and weak
debt protection metrics. Overall gearing remained at 6.80 times
in FY17 deteriorated from 6.48 times in FY16 on account of higher
proportionate increase in total debt than in tangible net worth.
However, debt coverage indicators of the firm also remained
stressed at 67.72 times as on March 31, 2017 declined from 49.86
times as on March 31, 2016 due to higher proportionate increase
in GCA level than in total debt of the firm. Interest coverage
remained moderate at 1.40 times as on FY17.  Liquidity position
of the company remained stressed in FY17.

High business risk due to regulated nature of liquor industry
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from
government which impact the pricing flexibility of the industry.
The state governments are also given liberty to enact the
bye-laws for liquor industry on their own hence any significant
policy changes adversely affect the whole industry.

Key Rating Strengths

Rich experience of promoters in liquor trading business: KSH is
part of the Shivhare Liquor Group which through its various
associate concerns has licence for around 73 liquor shops in
various districts of Madhya Pradesh as on March 31, 2015.

Favorable demand outlook with steady increase in consumption of
liquor: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. In addition, changing consumer preference towards
premium varieties has resulted in improvement in sales mix of
industry. Hence, Indian liquor industry is envisaged to continue
the trend of steady growth supported by increasing demand led
volume growth.

Established in 1995, M/s Kamla Shivhare (KSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. KSH is part of Shivhare liquor group based in Madhya
Pradesh (MP). KSH holds retail liquor supplier license in MP
and undertakes retail trade of Indian made foreign liquor (IMFL),
beer, country liquor (CL), wine etc. The firm enters into open
tendering process every year to avail license for the retailing
of the liquor. Depending upon the allotment of shops during
tendering, the number of shops held by the firm varies every
year. The shops are allotted in MP by the state government
through a competitive bidding process and for FY15 and FY16, the
firm has received license for six shops. Of these six shops, two
are of IMFL and four of CL. Shivhare Liquor group has other
associate concern namely M/s Ram Swaroop Shivhare, M/s Gopal
Shivhare, M/s Laxmi Narayan Shivhare & M/s Kalpna Shivhare which
are engaged in similar business activity.


KVK GRANITES: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating of INR6.81-crorebank facilities of KVK
Granites (KVK) continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D/D ISSUER NOT
COOPERATING".

                   Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term loan           1.76      [ICRA]D ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Packing Credit      3.00      [ICRA]D ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Foreign             2.00      [ICRA]D ISSUER NOT COOPERATING;
   Documentary                   Rating continues to remain under
   Bill Purchase                 'Issuer Not Cooperating'
                                 category

   Unallocated         0.05      [ICRA]D/D ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

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

Founded in 2007 by Mr. KV Krishna Reddy, KVK granites is
primarily into mining and trading of granite. The firm operates
two quarries based in Karimnagar. In line with its growth
aspirations, the firm had acquired two other mines, one each in
Mysore and Chittoor in FY2014. Only the two Karimnagar mines are
operational at present. The majority of the sales of the firm are
from exports to China while a small portion of it comes from the
domestic market.


LANCO TEESTA: Wins 90-Day Extension for Insolvency Resolution
-------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal (NCLT) Hyderabad has extended by 90 days the deadline
for Lanco Teesta Hydel Power's(LTHPPL) corporate insolvency
resolution.

The insolvency petition was filed by ICICI Bank, the report says.

"I am satisfied that the Corporate Insolvency Resolution Process
is to be extended by 90 days, beyond 180 days as per the
Insolvency and Bankruptcy Code," the report quotes Ratakonda
Murali, Judicial Member, as saying.

The resolution period, which comes to an end on September 12,
2019, now gets extended, the report notes.

The Hindu BusinessLine relates that Huzefa Fakhri Sitabkhan,
NCLT-appointed Resolution Professional sought the extension.
According to the report, the Resolution Professional contended
that the CIRP has reached an advanced stage and the time for
submission of the resolution plans is expiring. Ten resolution
applicants had informed the Committee of Creditors their
willingness to submit resolution plans. Of these, only three
applicants submitted their plans on August 10, 2018. Others have
asked for more time, the report says.

Approval date of the plan expired on August 24, the report
discloses.

The Committee of Creditors too passed a resolution seeking
extension.

The Hindu BusinessLine meanwhile reports that the company has
informed that Uddesh Kumar Kohli and Pawan Chopra, Independent
Directors have resigned from the Board with effect from
September 6, 2018 on account of liquidation as per NCLT Hyderabad
bench order dated August 27.

Lanco Teesta is part of the diversified Lanco group, whose
infrastructure holding company, Lanco Infratech Ltd, is already
under liquidation.


MANOJ TRADING: ICRA Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA said the long term and short term ratings for INR30.00 crore
fund based bank facilities of Manoj Trading Co. (MTC) has been
moved to 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund        30.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Cash Credit                COOPERATING; Rating moved to
                                    'Issuer Not Cooperating'
                                    Category

   Short Term-Fund       (1.00)     [ICRA]A4 ISSUER NOT
   Based-Cheques/DD                 COOPERATING; Rating moved to
   purchases                        'Issuer Not Cooperating'
   (Sublimits)                      Category

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

Manoj Trading Company is a proprietorship concern which sells
cotton and polyester-based saris manufactured on an external job
work basis. Mr. Manoj Jain is the proprietor of the firm who has
been involved with this business since 1983. The firm has its
registered office located at Kalbadevi, Mumbai.


MEGHDOOT GINNING: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Meghdoot Ginning
And Pressing Industries Private Limited (MGPIPL) a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR300 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect MGPIPL's small scale of operations and modest
and volatile profitability. MGPIPL's revenue was INR440.2 million
in FY18 (FY17: INR1,323.1 million; FY16: INR684.2 million). The
decline was due to the minimum support price (MSP) awarded to
farmers by the Department of Agriculture Cooperation & Farmers
Welfare. In addition, its EBITDA margin was 1.8%-4.4% over FY16-
FY18. The volatility in the margin was primarily due to
fluctuations in the prices of its raw material (cotton) price.
Its return on capital employed was 4.0% in FY18 (FY17: 6.0%;
FY16: 6.0%). FY18 financials are provisional.

The ratings further reflect MGPIPL's modest credit metrics. Its
net financial leverage (adjusted net debt/operating EBITDA) was
7.9x in FY18 (FY17: 9.7x; FY16: 8.0x) and gross interest coverage
(operating EBITDA/gross interest expense) was 1.7x (1.6x; 1.9x).
The improvement in the metrics was primarily due to a fall in
unsecured loans and a decrease in interest expenses.

However, the ratings are supported by MGPIPL's comfortable
liquidity, indicated by an average 37.2% maximum utilization of
the fund-based facilities over the 12 months ended August 2018.

The ratings are also supported by the promoter's more than two
decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue and the operating
profitability, leading to deterioration in the credit profile, on
a sustained basis, could lead to a negative rating action.

Positive: A rise in the operating profitability, leading to an
improvement in the credit metrics, on a sustained basis, could
lead to a positive rating action.

COMPANY PROFILE

MGPIPL was incorporated in 1999 by Mr. Bharat Shah, Mr. Anand
Shah, Mr. Ajay Shah and their family. The company is engaged in
the ginning and pressing of raw cotton. It has a manufacturing
capacity of around 400 bales of cotton per day.


MIRAJ RECYLERS: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Miraj
Recylers Pvt Ltd (MRPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       3.00       CARE D; Issuer not
   Facilities-                     cooperating;
   Fund Based                      Based on best available
                                   Information

   Long term/Short     12.00       CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities-Non                  available information
   Fund Based

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Miraj Recylers Pvt Ltd to
monitor the rating(s) vide e-mail communications/ letters dated
June 4, 2018, June 1, 2018, Jan. 11, 2018, December 22, 2017,
December 22, 2017, December 11, 2017, October 11, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Miraj Recylers bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING, Based on best
available information.

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

Detailed description of the key rating drivers:

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by the lender.

Incorporated in April 2013 by Mr. Hiten Mehta and Mrs Harita
Mehta, Miraj Recyclers Private Limited (MRPL) is a
supplier of non-ferrous metals scrap of copper, aluminum and
iron, and is also engaged in the manufacturing of aluminum ingots
& copper wire rods. The company procures majority of its raw
material requirements from its group concern; Miraj Metals. The
scrap, after procurement, is bifurcated into aluminum, copper and
iron, of which the recyclable aluminum and copper is used to
manufacture aluminum ingots and copper wire rods respectively,
whereas the non-recyclable metals scrap is sold off in the
market. The company has its recycling facility located in
Bhavnagar, Gujarat.


NAGARJUNA WAREHOUSING: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Nagarjuna Warehousing continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            7.78       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated Limits   0.22       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

As part of its process and in accordance with its rating
agreement with Nagarjuna Warehousing, ICRA has been trying to
seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information

Nagarjuna Warehousing, a partnership concern established in 2015,
is engaged in the construction of go-downs and leasing out to
FCI/CCI. The firm is in the process of constructing 3 godowns
with aggregate capacity of 24,000 MT at Gajalpuram village,
Thripuraram Mandal of Nalgonda district, which are expected to
commence operations in September, 2017. The total cost of the
project is estimated at INR10.54 crore which is to be funded
through INR7.78 crore of term loans and equity of INR2.76 crore.


NAITIK GEMS: ICRA Withdraws B+/A4 Ratings on INR25cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with Stable
outlook and short-term rating of [ICRA]A4, assigned to INR25.00
crore unallocated limits of Naitik Gems LLP.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Unallocated limits    25.00       [ICRA]B+ (Stable)/[ICRA]A4;
                                     Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the firm, based on
the undertaking from the company that NGL hasn't availed any bank
facilities against the unallocated limits rated by ICRA.

Established in 2003, Naitik Gems LLP (NGL) is a limited liability
partnership firm promoted by Mr. Bharat Kalathiya and Mr.
Vallabhai Kalathiya. The firm manufactures small sized cut and
polished diamonds (CPD). Its family owned, manufacturing
facilities are in Botad (Gujarat), equipped with the latest
diamond sorting, polishing and laser cutting equipment. NGL's
registered office is at Bharat Diamond Bourse, Mumbai, with
branch offices at Surat (Gujarat) and Jaipur (Rajasthan).


OCEAN PEARL: ICRA Lowers Rating on INR62cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from its
earlier rating of [ICRA]BB- and reaffirmed the short-term rating
of [ICRA]A4 on the INR65-crore bank facilities of Ocean Pearl
Hotels Private Limited (OPHPL). The outlook on the long-term
rating is Stable.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term Fund      62.0      Downgraded to [ICRA]B+ (Stable)
   Based                         from [ICRA]BB- (Stable)

   Long-term/Short-     3.0      Downgraded to [ICRA]B+ (Stable)
   term Non-fund                 from [ICRA]BB- (Stable);
   Based                         Reaffirmed [ICRA]A4

Rationale

ICRA's rating action takes into account the company's debt-funded
acquisition of the majority stake in Sagar Ratna Restaurants
Private Limited (SRRPL), which led to deterioration in the
capital structure and weakening of the credit profile. OPHPL's
gearing deteriorated to 2.1 times as on March 31, 2018 with
almost nil interest coverage in FY2018. The company's net losses
in FY2018 were wider than ICRA's estimate. OPHPL's operating
performance also deteriorated due to operating losses in the
business, which coupled with high interest expenses, resulted in
cash losses in FY2018. Despite the high occupancy in its hotel,
the company has shown weak return indicators due to high fixed
overheads, with limited growth in Average Room Revenues (ARRs)
and high operating leverage. ICRA has also taken into
consideration the intensely competitive hotel industry in
Mangalore, with presence of various luxury and upscale hotels
which restricts growth in ARRs.

However, ICRA favorably takes into account the extensive
experience of the promoter in the catering and hospitality
segment. The company has recently taken on lease various
properties (banquet and hotel) in Karnataka and Delhi, which are
expected to boost the top-line growth in the near term.
The company's ability to increase its ARRs and rein in the fixed
overheads to improve its operating profitability and liquidity
will be the key rating sensitivities. Its ability to monetise
some of the non-core assets and capital infusion by the promoters
will remain crucial for timely debt servicing.

Outlook: Stable

ICRA believes that OPHPL will continue to benefit from the
extensive experience of its promoters and the profile of the
properties under the management of the company, which will lead
to healthy top-line growth. The outlook may be revised to
Positive if substantial growth in revenues and profitability, and
capital infusion by the promoters strengthen the financial risk
profile. The outlook may be revised to Negative if cash accrual
is lower than expected, or if any major capital expenditure, or
stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoter: OPHPL is spearheaded by Mr.
Jayaram Banan, who has extensive experience in the industrial
catering and hospitality business. Mr. Banan is the promoter of
various restaurant chains such as Sagar Ratna and Swagath.
Location of the properties under management - OPHPL operates an
84-room four-star hotel in Mangalore, Karnataka. Furthermore, it
operates two banquets at Chattarpur, Delhi, namely Ocean Retreat
and Ocean Gardenia. The banquet business has shown robust grown
in the past four years owing to the location of the property,
i.e. a wedding destination in Delhi in proximity to Gurgaon and
the Delhi-Jaipur National Highway. OHPL has also taken on lease a
newly commenced 45-room hotel at Udupi, Karnataka and Dr. TMA Pai
International Convention Centre. Furthermore, OPHPL has entered
into an agreement in FY2019 to manage a 28-room hotel at
Hubballi, Karnataka.

Credit challenges

Debt-funded acquisition of SRRPL: OPHPL acquired ~77% equity
stake in SRRPL in May 2017, which was entirely funded through
debt. The led to deterioration in the company's its capital
structure. The gearing of the company increased to 2.1 times as
on March 31, 2018 from 1.0 times as on March 31, 2017. The costly
borrowings resulted in high interest expenses in FY2018.

Operating loss in FY2018: OPHPL witnessed operating loss in
FY2018, mainly due to high operating leverage and inflationary
pressure on fixed overheads. The company requires continuous
support from Group concerns in terms of unsecured loans or
dividend from investee companies for servicing repayment
obligation due to negative return on capital employed.

Intense competition: OPHPL faces stiff competition from other
hotels and banquets in the proximities, which is likely to exert
pressure on the margins.

Mr. Jayaram Banan commenced operations of OPHPL in 1986 with a
restaurant in Defence Colony called Sagar Ratna. In 2010, the
company opened an 84-room, four-star luxury hotel in Mangalore,
Karnataka. In FY2012, the company hived off its restaurant
business. Furthermore, OPHPL started banqueting activities in
Chattarpur, Delhi at a leased farm house in 2012 and named it
Ocean Retreat. At present, OPHPL operates an 84-room hotel at
Mangalore, a banquet at Delhi, two restaurants at Ashoka Hotel,
Delhi and a newly commenced 45-room hotel at Udupi, Karnataka,
with an adjacent banquet that has a capacity to fit 300 people.
The company has also taken on lease a convention centre in
Mangalore and another banquet at Chattarpur, Delhi.


PAWAR ELECTRO: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Pawar
Electro Systems Pvt Ltd (PESPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term           7.89       CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Fund based                     Information
   Limits

   Long Term          42.00       CARE D/CARE D; Issuer not
   Facilities-                    cooperating; Based on best
   Fund based                     available information
   Limit

   Short Term         55.50       CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Non Fund                       Information
   based Limits

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Pawar Electro Systems Pvt
Ltd to monitor the rating(s) vide e-mail communications/ letters
dated June 4, 2018, June 1, 2018, Jan. 11, 2018, December 22,
2017, December 11, 2017, October 11, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Pawar Electro Systems Pvt Ltd.'s bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING, Based on best
possible information.

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

Detailed description of the key rating drivers

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by lenders.

Pawar Electro Systems Private Limited (PESPL) [erstwhile
proprietary concern since 1998] was incorporated in 2006 by
Mr. Kailash Pawar, Mrs. Manisha Pawar and Mr. HemantWagh. PESPL
is engaged in manufacturing and assembly of blood bank equipments
and cold storage medical equipment. PESPL is an ISO 9001:2003
certified company and its products comply with medical devices
standards of ISO 13485:2003. PESPL has a network of around 35
dealers across India.


PLUTO PLAZA: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR35.00-crore bank facilities of
Pluto Plaza Private Limited (PPPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based-          35.00       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-
multiplex is scheduled to start operations from April 2019.


RANK CRANES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rank Cranes
Private Limited's (RCPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable rating; and

-- INR50 mil. Non-fund-based limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RCPL's continued small scale of
operations, albeit its revenue raised to INR209 million in FY18
from INR187 million in FY17, driven by higher order execution.
FY18 financials are provisional.

The ratings, however, are supported by RCPL's continued strong
credit metrics and healthy EBITDA margin. Its interest coverage
(operating EBITDA/gross interest expense) was 8.7x (FY17: 9.21x)
and net financial leverage (total adjusted net debt/operating
EBITDAR) was 0.69x (0.90x). The deterioration in the coverage was
due to a proportionately higher increase in interest cost than
that in absolute EBITDA, while the improvement in the leverage
was driven by a proportionately higher rise in absolute EBITDA
than that in EBITDA.

Moreover, its operating EBITDA margin raised to 13.96% in FY18
from 11.71% in FY17 on account of a fall in work execution and
transportation expenses. Its return on capital employed was
23.00% in FY18 (FY17: 20%).

The ratings also continue to be supported by RCPL's comfortable
liquidity, indicated by an average utilization of its working
capital limits of about 61% for the 12 months ended August 2018.

The ratings continue to be benefit from the founders' experience
of more than two decades in the crane manufacturing and assembly
business.

RATING SENSITIVITIES

Negative: Any fall in the profitability, leading to any
deterioration in the overall credit metrics, could lead to a
negative rating action.

Positive: Any rise in the scale of operations and a substantial
increase in the profitability, along with the maintenance of the
credit metrics, could lead to a positive rating action.

COMPANY PROFILE

RCPL was incorporated in 1983 by Mr. N Ramesh Babu and Mr. SA
Narasimha Raju. It manufactures and assembles industrial cranes
and other material handling equipment that are used in various
industries such as engineering, cement, coal, steel and power.
Its facility is in Bollaram (Telangana).


SAI PRINT: Ind-Ra Withdraws 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sai Print &
Packs' Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR5.4 mil. Term loan due on March 2021 withdrawn and the
     rating is withdrawn; and

-- INR60 mil. Fund-based limits withdrawn and the rating is
     withdrawn.

RATING SENSITIVITIES

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no objection certificates from the rated
facilities' lenders. This is consistent with the Securities and
Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies.

COMPANY PROFILE

Incorporated in 1998, Sai Print & Packs is a proprietorship firm
providing packaging solutions.


SAMDARIYA BUILDERS: ICRA Hikes Rating to B+; Off Non-Cooperating
----------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B (Stable) from the
'ISSUER NOT COOPERATING' category as Samdariya Builders Pvt. Ltd.
(SBPL) has now submitted its No Default Statement (NDS) which
validates that the company is regular in meeting its debt
servicing obligation. ICRA has also upgraded the long-term rating
for the INR50.00-crore bank facilities of SBPL to [ICRA]B+ from
[ICRA]B. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           0.24       [ICRA]B+(Stable) Upgraded from
   Cash Credit                     [ICRA]B(Stable), removed from
                                   non- cooperating category

   Fund-based          20.19       [ICRA]B+(Stable) Upgraded from
   Term Loan                       [ICRA]B(Stable), removed from
                                   non- cooperating category

   Unallocated         29.57       [ICRA]B+(Stable) Upgraded,
                                   from [ICRA]B(Stable) removed
                                   from non- cooperating category

Rationale

The rating continues to take into account the promoter's
extensive experience in the real estate sector and steady
operations of the company's Samdariya Mall in Jabalpur. The
rating upgrade factors in the surpluses available from the mall
for loan repayment. The rating also considers the increased sales
velocity in SBPL's premier and largest current project -
Samdariya Gold (SG) - which has supported the committed
receivable levels. However, the ratings remain constrained by the
relatively slower sales velocity in other projects. This apart,
the imminent funding risk in the SG project remains as company is
yet to avail additional debt.

Going forward, SBPL's ability to increase the sales velocity for
the remaining projects as well as ensure healthy collections and
timely debt tie-up to improve its debt liquidity position remain
crucial.

Outlook: Stable

ICRA believes that SBPL will continue to benefit from the
experience of the promoters and their established mall
operations. The outlook may be revised to Positive if the company
is able to timely sell the remaining real estate inventory and
complete its older projects. The outlook may be revised to
Negative if there is pressure on liquidity and further delay in
tying-up debt, resulting in time overruns in project execution.

Key rating drivers

Credit strengths

Extensive experience of promoters in real estate industry: The
promoters of the company have more than three decades of
experience in the real estate business. The company has been
operating hotels, multiplexes and malls in Jabalpur. SBPL is
currently developing five projects in Jabalpur and Rewa in Madhya
Pradesh. All the projects are registered under Real Estate
Regulatory Agency (RERA) with revised timelines.

Improved cash flows from mall operations: The company's Samdariya
Mall continues to have a good set of tenants. The mall rentals
have had triennial escalations and the next hike is due in
FY2020. Despite the reduced real estate revenues and bullion
business, the revenues from mall operations remained steady in
FY2018. The company reduced bullion trading to shift it to
another Group entity. Also, the operating margins from the mall
business is expected to grow with gradually reducing lease
rentals debt, which is scheduled to be entirely repaid by FY2020.
The revenues from hotel operations, along with multiplex and
Westside franchise business, remained stagnant.

Improved sales velocity in Samdariya Gold project: The company
has been focussing more on selling units in its flagship project
- SG - in Rewa which includes both residential and commercial
units. The company sold additional 11% of the units in FY2018,
which amounted to approximately 90 units sold. As on March 31,
2018, committed receivables from SG stood at INR84.5 crore
against INR62.5 crore as on March 31, 2017. As a result, the
overall ratio of committed receivables to committed outflows
stood at 0.90 times - an improvement from the previous year.

Credit challenges

Relatively slower sales in other real estate projects: While the
sales picked up in SG project, the sales in other projects slowed
down. Apart from sales in SG, the company managed to sell only 21
other units in four projects combined, which impacted the overall
sales velocity. The situation was exacerbated by a weak market
scenario. Thus, the company remains dependent on new bookings and
timely collections to complete execution and manage its cashflow
position. This is crucial as the company has repayments of
INR14.589 crore over the next three years, excluding the rentals
debt.

Debt tie-up for Samdariya Gold still pending: As on March 31,
2018, the total pending cost including debt was INR131 crore
against committed receivables of INR110 crore. This resulted in a
shortfall of INR21 crore. The company has not been able to tie-up
the required debt for SG and the proposal is still pending. While
the overall financial progress stands at 53%, the timely debt
availability and collections remain crucial for the execution of
all the real estate projects.

Samdariya Builders Pvt. Ltd. (SBPL) is a part of the Samdariya
Group, Jabalpur. The Group was incorporated in 1947 to carry on
the business as builders, contractors, developers, colonisers and
real estate agents. The company also operates the Samdariya Mall
at Civic Centre, Jabalpur, which is the central hub of Jabalpur
city. Samdariya Mall is a shopping and entertainment destination
for Jabalpur. It is a mix of multiplex cinema, hyper market,
retail area, entertainment area and restaurant and food court.
Apart from this, the company has interest in developing real
estate projects. Besides, SBPL is involved in cement trade,
construction, jewellery wholesale and mall operations. Currently,
company is developing five real estate projects, comprising both
residential and commercial units.

In FY2017, the firm reported a net profit of INR2.0 crore on an
operating income (OI) of INR54.6 crore compared with a net profit
of INR1.4 crore on an OI of INR54.5 crore in the previous year.
As per the provisional figures provided by SBPL, it generated
sales of INR39.4 crore in FY2018 with net profit of INR0.8 crore.


SHRI SHYAM: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Shyam Oil
Extraction Private Limited's (SSOEPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit affirmed with IND BB/Stable
     rating; and

-- INR21.24 mil. (reduced from INR28.75 mil.) Term loan due on
     June 2021 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SSOEPL's continued medium scale of
operations as indicated by revenue of INR445 million in FY18
(FY17: INR541 million). The decline in revenue was driven by a
decline in sales of de-oiled cakes, resulting from lower demand.
FY18 financials are provisional in nature.

The company's return on capital employed was 5% and EBITDA margin
was modest at 4.5% in FY18 (FY17: 2.6%). The improvement in the
EBITDA margin was due to a decline in raw material prices.

The ratings remain constrained by the company's modest credit
metrics. During FY18, gross interest coverage (operating
EBITDA/gross interest expense) improved to 3.1x in FY18 (FY17:
1.9x) and net financial leverage (adjusted net debt/operating
EBITDAR) to 5.2x (5.9x) due to an improvement in operating EBITDA
to INR20 million (INR14 million).

The ratings continue to be constrained by SSOEPL's tight
liquidity position as reflected by 99.28% average utilization of
its working capital limits during the 12 months ended August
2018.

The ratings, however, remain supported by the company's
promoter's experience of over two decades in the rice milling
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit metrics on a sustained basis could be
positive for the ratings.

Negative: Any deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, SSOEPL operates a 60,000 MTPA solvent
extraction plant for the production of rice bran oil in Janjgir,
Chhattisgarh.


SHREE RAM: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.50-crore cash credit facilities of Shree Ram Cotton
Industries (Tankara). ICRA has also reaffirmed the long-term
rating of [ICRA]B+ and the short-term rating of [ICRA]A4 to the
INR2.13 crore unallocated limits of SRCI. The outlook on the
long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          6.50       [ICRA]B+ (Stable) Reaffirmed;
   Cash Credit                     removed from Issuer Not
                                   Cooperating category

   Unallocated Limit    2.13       [ICRA]B+ (Stable)/A4
                                   Reaffirmed; removed from
                                   Issuer Not Cooperating
                                   Category

Further, ICRA has removed its earlier rating from the ISSUER NOT
COOPERATING category as the firm has now submitted its 'No
Default Statement' (NDS), which validated that the firm is
regular in meeting its debt servicing obligations. The firm's
rating was moved to the ISSUER NOT COOPERATING category in
February 2018.

Rationale

The ratings reaffirmation continues to factor in SRCI's modest
scale of operations with a decline in operating income reported
in FY2018 and its average financial risk profile marked by low
profitability, moderate capital structure and below average debt
coverage indicators. The ratings are also restricted by high
working capital intensity caused by high inventory level, which
has also resulted in high utilization of the working capital
limits. The ratings also factor in the vulnerability of the
firm's profitability to any fluctuations in raw material prices
in the inherently low value-added ginning business and its stiff
competition due to a fragmented industry structure with presence
of numerous small and unorganised players, creating pressure on
the margins. ICRA also notes the potential adverse impact on the
firm's net worth and the gearing levels in case of any
substantial withdrawal from capital accounts given that it is a
partnership concern.

The assigned rating, however, continues to favourably factor in
the extensive experience of the partners in the cotton industry
and proximity of the firm's manufacturing plant to raw materials,
easing procurement.

Outlook: Stable

ICRA believes SRCI will continue to benefit from the past
experience of its partners in the cotton industry. The outlook
may be revised to Positive if the firm witnesses a healthy
improvement in the scale of operations and profitability or
better working capital management that strengthens the overall
financial risk profile. The outlook may be revised to a
Negative if the firm reports substantial de-growth in scale and
profitability, leading to inadequate net cash accruals or if any
major debt-funded capital expenditure or capital withdrawal,
leading to deterioration in capital structure, weakens the
overall liquidity position of the firm.

Key rating drivers

Credit strengths

Experience of partner in the cotton industry: SRCI was
established in January 2011. The key promoters of the firm, Mr.
Suresh Ratanpara, Mr. Vipul Kakasaniya and Mr. Nanji Lalapara
have an experience of more than a decade in the cotton industry.

Location specific advantage: The firm benefits in terms of lower
transportation cost and easy access to quality raw material, due
to its proximity to raw material suppliers.

Credit challenges

Modest scale of operations with intense competition: The firm's
scale of operation has remained moderate at INR30.83 crore in
FY2018; witnessing de-growth of ~27% on YoY basis. Further, the
firm faces stiff competition from other small and unorganised
players in the industry, which limits its bargaining power with
customers and suppliers, and hence, exerts pressure on its
margins.

Average financial risk profile: The operating margins of the firm
remained low at 2.0% and 2.7% in FY2017 and FY2018 respectively,
due to fluctuation in raw material consumption coupled with low
value additive nature of operation. The net margin stood low at
0.05% in FY2018. The capital structure remained moderate, evident
from the gearing of 1.67 times as on March 31, 2018, improved
from 2.08 times as on March 31, 2017. The debt-coverage
indicators stood below average with interest coverage of 1.12
times and Total Debt/OPBDITA of 8.48 times for FY2018.

High working capital intensity: The working capital intensity has
remained high in the past and it increased further in FY2018, as
reflected by NWC/OI of ~32% (~22% in FY2017), because of high
inventory level (~109 days). The overall liquidity position
remained average, as evident from the high utilisation (~90%) of
working capital limits from May 2017 to July 2018.

Vulnerability of profitability to any fluctuation in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend upon various factors
like seasonality, climatic conditions, international demand and
supply situations, export policy, etc. In addition, it is also
exposed to regulatory risks with regard to the minimum support
price (MSP) set by the Government.

Risk associated with partnership nature of the firm: SRCI, being
a partnership firm, is exposed to adverse capital structure risk
in case of substantial withdrawal from its capital accounts.

Shree Ram Cotton Industries (Tankara) (SRCI) was established as a
partnership firm in January 2011 by Mr. Keshav Lalapara, Mr.
Rakesh Lalapara and Mr. Harshad Ratanpara along with other family
members. Later in August 2014, Mr. Suresh Ratanpara, along with
other eleven partners, took over the management of the firm from
all previous partners. SRCI gins and presses raw cotton and
crushed cottonseeds to produce cotton bales, cottonseeds,
cottonseed oil and cottonseed oil cake. The manufacturing
facility is located at Tankara, Rajkot district of Gujarat. It is
equipped with 36 ginning machines, one pressing machine and eight
expellers, with a capacity to produce 300 cotton bales and 5
metric tonnes of cottonseed oil per day (24 hours operation).
In FY2018, on a provisional basis, the firm reported a net profit
of INR0.01 crore on an operating income of INR30.83 crore, as
compared to a net profit of INR0.18 crore on an operating income
of INR41.96 crore in the previous year.


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

The instrument-wise rating action is:

-- INR250 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sreealankar Gold Hub was incorporated in 2014 for setting up a
jewelry showroom in the Berhampur city of Odisha.


SRI SARVARAYA: ICRA Removes D Rating From Non-Cooperating Cat.
--------------------------------------------------------------
ICRA has removed its ratings of [ICRA]D for the bank facilities
and MD for the fixed deposit programme from the 'ISSUER NOT
COOPERATING' category as Sri Sarvaraya Sugars Limited has now
submitted its 'No Default Statement' ("NDS") for the period
February 2018 to July 2018. The company's rating was moved to the
'ISSUER NOT COOPERATING' category in April 2018 due to non-
submission of NDS.

As per the NDS submitted, the company has delayed in repayment of
its debt obligations for the period February 2018 to July 2018.
The ratings continue to factor in the delays in debt servicing by
the company owing to subdued performance of its sugar division
due to reduced sugar cane availability. The ratings continue to
remain constrained by the relatively stretched liquidity profile
of the company due to high working capital requirements of the
sugar division and high funding requirements of the bottling
division due to regular maintenance costs incurred on RGB
(returnable glass bottles) and coolers and sustained capex
requirements. Furthermore, while the sugar operations of the
company remain exposed to agro-climatic risks, the bottling unit
remains vulnerable to the seasonality associated with the sales
within the bottling unit and the exposure of beverages industry
to regulatory risks from changes in government policies.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Non-fund-based limits maintained in Non-Cooperating
     Category with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR10.53 mil. Long-term loans maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 15, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed by Anil Kumar Babulal Malviya in 2004, M/s Swagattam
Plastics is an ISO-certified manufacturer of plasticized
polyvinyl chloride pipes and profiles.


TAYAL FIBERS: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Tayal Fibers continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund        9.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Cash                      COOPERATING; Rating continues
   Credit                          to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term Fund        1.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Term Loan                 COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Tayal Fibers is a partnership concern of Mr. Gaurav Tayal, Mr.
Sunil Tayal and Mr. Kunal Tayal. It is engaged in the ginning and
pressing of cotton in Pamanagundla district, Telangana. It
procures 'kapas' from the farmers and local mandis through cash
or demand draft. The company sells the ginned cotton to traders
and sometimes to spinning companies. The company sells cotton
seeds to the oil extraction companies.


VICHITRA CONSTRUCTION: ICRA Maintains C Rating in Not Cooperating
-----------------------------------------------------------------
The rating for the INR12.0 crore bank facilities of Vichitra
Construction Private Limited (VCPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA] C ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term Fund      3.0       [ICRA]C ISSUER NOT COOPERATING;
   based/Cash                    Rating continues to remain in
   Credit                        the 'Issuer Not Cooperating'
                                 category

   Long-Term Fund      3.0       [ICRA]C ISSUER NOT COOPERATING;
   based/Term loan               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long-Term Non       6.0       [ICRA]C ISSUER NOT COOPERATING;
   fund based/Bank               Rating continues to remain in
   guarantee                     the 'Issuer Not Cooperating'
                                 category

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

Vichitra Group of Companies had its inception in the year 1980
under the leadership of Mr. R.N. Aggarwal. We established the
first unit of RCC Pipes- Durgesh Hume Pipes at Najafgarh, Delhi.
After having Expertise in RCC Pipes Manufacturing, we established
another Unit- Pragati Concrete Udyog also at Najafgarh, Delhi in
1982. We took over M/s U.P. Concrete Products (P) Ltd. at Hapur
road, Ghaziabad (U.P.) in 1986. We shifted towards laying of all
types of underground Telephone cables such as PIJF, Coaxial
Cable, Optical Fibre Cable and Construction of Cable Duct works
for the Deptt., of Telecom, govt. of India and established
M/sVichitra Constructions Pvt. Ltd., during October- 1982. At
present, it is registered with the various Govt. Dept.,/Public
Sector, agencies such as MTNL, HCL, RITES, ITI, DMRC, Railways,
DOT& PWD- Punjab for executions works.


VNKC AGROCOM: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded VNKC Agrocom
Private Limited's (VNKC) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The Outlook is Stable. The rating has also been
migrated to the non-cooperating category. The issuer did not
provide complete information, despite continuous requests and
follow-ups by the agency. Thus, the rating is on the basis of
best available information. 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:

-- INR370 mil. Fund-based working capital limit downgraded and
    migrated to non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) /Stable/IND A4+ (ISSUER NOT COOPERATING) rating;
    and

-- INR40 mil. Term loan due on March 2020 downgraded and
    migrated to non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) /Stable rating.

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

KEY RATING DRIVERS

The downgrade reflects VNKC's net leverage (adjusted net
debt/operating EBITDAR: 4.9x in FY18; FY17: 4.7x) staying above
3.5x on a sustained basis. FY18 financials are provisional.
Moreover, its interest coverage (operating EBITDA/gross interest
expense) fell to 3.1x in FY18 (FY17: 5.1x). The deterioration in
metrics is a result of profitability falling to 6.4% in FY18
(FY17: 7.1%).

The ratings also reflect VNKC's continued elongated working
capital cycle. The net cash conversion cycle was  105 days in
FY18 (FY17: 107 days), driven by a longer inventory holding
period of 92 days (81 days). The company is vulnerable to agro-
climatic risks since the availability and prices of raw material
depend on climatic conditions. Better management of the net cash
conversion cycle will be crucial for the company's liquidity.

However, VNKC's revenue increased to INR1,523.2 million from in
FY18 (FY17: INR1,397.5 million). Also, the promoters have over 10
years of experience in trading peanuts leading to established
relationships with suppliers.

The ratings have been migrated to the non-cooperating category,
as the company did not provide Ind-Ra with bankers contact
details and updated working capital utilization, despite
continuous requests and follow-ups by the agency.

RATING SENSITIVITIES

Negative: Any further deterioration in the credit metrics and the
liquidity will be negative for the ratings.

Positive: An improvement in the credit metrics and the liquidity,
on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in October 2004, VNKC is an Ahmedabad-based company
engaged in processing and trading of peanuts. Since FY15, the
company began processing of peanuts at its Gujarat facility with
an annual installed capacity (shelling capacity) of 70,400 metric
tons. It markets its product under the brand, Nutty World and U
Nuts. VNKC majorly exports its products to Middle East and South
East Asia.



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


CHANDRA ASRI: S&P Alters Outlook to Stable & Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on PT Chandra Asri
Petrochemical Tbk. to stable from developing. At the same time,
we also affirmed our 'B+' long-term issuer credit rating on the
company and the 'B+' issue rating on its senior unsecured notes.
Chandra Asri is an Indonesia-based producer of petrochemical
products.

S&P said, "We revised the outlook to stable to reflect our view
that the credit profile of Chandra Asri's parent, PT Barito
Pacific Tbk., has stabilized following its recently completed
reorganization and is unlikely to change over the next 12-18
months. We assess Barito Pacific's credit profile at 'b+' and the
stand-alone credit profile of Chandra Asri as 'bb-'; we cap the
rating on Chandra Asri to the level of the group credit profile.

"We now have better visibility over the steady-state financial
profile of Barito Pacific. This follows the release of its first
pro forma consolidated financial statements since the company
acquired a 66.67% stake in Star Energy Group Holdings Pte. Ltd.,
an Indonesian geothermal power producer, and the completion of a
rights issue in late June 2018. Consolidated debt increased to
about US$2.52 billion as of June 30, 2018, compared with about
US$540 million in 2016 before the acquisition. Most of the
additional debt (about US$1.7 billion) comes from the full
consolidation of operating debt for Star Energy's power
generation assets. Debt at the chemical operations (through
Chandra Asri) is about US$600 million and debt at Barito Pacific
parent level is about US$250 million as of June 30, 2018.

"We forecast Barito Pacific's consolidated pro forma debt-to-
EBITDA ratio at 3.5x-3.7x over the next 24 months. We consider
that level commensurate with a 'b+' credit profile given the
quality and predictability of the group's earnings."

S&P bases that projection on the following assumptions:

-- Consolidated EBITDA for the group (on a full-year basis) at
    US$700 milllion-US$750 million over the next two years.

-- Consolidated debt at Barito Pacific at US$2.4 billion-US$2.7
    billion over the next two years.

S&P said, "Our estimate for consolidated EBITDA assumes EBITDA of
about US$350 million at Star Energy, EBITDA of at least US$350
million from Chandra Asri, and immaterial losses at the parent
company's own operations.

"In our view, Chandra Asri can self-fund a sizable investment
program with operating cash flows and a sizable cash balance of
about US$715 million as of June 30, 2018. The company has limited
need for additional debt in our base case. Debt at Star Energy is
likely to stay broadly stable, given only about US$200 million of
debt matures within the next two years. Finally, and unlike what
it had earlier announced, Barito Pacific will use about US$111
million in additional proceeds from its rights issue for working
capital purposes at subsidiaries rather than to partially repay
the US$250 million bank loan. Our debt projections exclude
further debt-funded investment at Barito Pacific, especially in
other power projects."

Barito Pacific owns about 46% of Chandra Asri (and about 61%,
including related party holdings) and its economic interest in
Star Energy power generation assets varies from 35% for the Salak
and Darajat plants to 40% for the Wayang Windu plant. Those
minorities create leakage of dividends. Still, the group's cash
flow adequacy and leverage ratios do not significantly change,
assuming a proportionate consolidation of debt and EBITDA at its
operating subsidiaries. S&P said, "We estimate the debt-to-EBITDA
ratio, on a proportionate consolidation basis, at 3.7x-3.8x.
Nearly 90% of the consolidated debt is at the operating company
level and well-matched with respective subsidiaries operating
cash flows. Assuming debt at the parent-level remains US$250
million or below, structural subordination risk remains
manageable, in our view."

The acquisition of Star Energy reduces the volatility of Barito
Pacific's earnings, which have historically been driven by
volatile profits from the chemical operations. Earnings and cash
flows from Star Energy benefit from predictable power offtake
agreements for both volumes and tariffs with state-owned
electricity distributor PT Perusahaan Listrik Negara for the next
20 years. The capacity factor at all three power plants have been
in excess of 85% since 2016, noting a one-time interruption of
production at the Wayang Windu plant in 2015.

S&P said, "We equalize the rating on Chandra Asri to the level of
the group credit profile because we still view the company as an
integral part of the group's strategy, given it still contributes
nearly 50% of the group's consolidated EBITDA. We expect Barito
Pacific and related parties to maintain a majority shareholding
in Chandra Asri over the next few years and exert management and
financial control, especially regarding financial policies.

"We also cap the rating on Chandra Asri to the credit profile of
its group because we believe that Barito Pacific could rely on
Chandra Asri's resources, through cash calls, higher dividends,
asset swaps or other means, if itself or other group subsidiaries
face tighter financial conditions or require liquidity." Barito
Pacific has relied in the past on Chandra Asri to raise funding,
most notably the US$250 million bank loan, which is
collateralized with Chandra Asri shares. Barito Pacific will also
rely on dividends from Chandra Asri to service its own debt.
Proceeds from Chandra Asri's US$377 million rights issue in
September 2017 could also technically be sent upstream to its
main shareholders if needed without breaching covenants on
Chandra Asri's US$300 million bond. Finally, future expansion at
Chandra Asri, especially for its second naphtha cracker, may also
require buying land from Barito Pacific's sponsor.

Chandra Asri's 'bb-' stand-alone credit profile reflects the
company's still-modest scale compared with regional peers, high
single-site concentration, and its exposure to volatile product
spreads in the petrochemical sector. Chandra Asri's integrated
operations, larger operating scale following its cracker
expansion, and improved balance sheet mitigate these weaknesses.

S&P said, "We project the ratio of debt-to-EBITDA below 2.0x
through 2019. That level is solid for the 'bb-' SACP, but
captures the inherent volatility in product spreads and sharp
changes in EBITDA and operating cash flows at weaker points in
the cycle. Under a mid-cycle spread environment, the company
could generate at least US$175 million in EBITDA (translating
into a debt-to-EBITDA ratio of 2.5x-3.0x), with the ratio not
exceeding 4.0x under more stressed market conditions.

"The stable outlook on Chandra Asri reflects our expectation that
the credit profile of parent Barito Pacific will remain stable
over the next 12 months, with a consolidated debt-to-EBITDA ratio
of close to 3.5x, and that Chandra Asri will remain a core
subsidiary within the group."

S&P may lower the rating on Chandra Asri if we assess the
consolidated credit profile of Barito Pacific as having
substantially weakened. This could materialize if one or more of
the following occurs:

-- S&P assesses Barito Pacific's cash flow adequacy and leverage
    ratios as having substantially weakened because of more
    aggressive spending. A consolidated ratio of debt to EBITDA
    exceeding 4.0x without any prospect of near-term improvement
    would be indicative of a weaker group credit profile.

-- Barito Pacific fails to maintain ample liquidity at the
    parent company level or its debt maturity profile stays
    concentrated, leading to persistent refinancing risks.

-- Chandra Asri's own operations deteriorate materially from
    current levels because of a sharp and sudden decline in
    product spreads or much higher spending than S&P anticipates,
    diminishing the profit-generation capacity of the group as a
    whole.

S&P said, "We may assess Chandra Asri's SACP lower at 'b+' if the
company embarks in near-term and large-scale greenfield projects
or its product spreads decline sharply such that its debt-to-
EBITDA ratio exceeds 3.5x with no prospect of recovery. We view
this situation as unlikely over the next 12 months, given our
forecasts of subdued oil and naphtha prices, steady product
spreads and EBITDA.

"We may raise the rating on Chandra Asri if we assess the
consolidated credit profile and balance sheet of Barito Pacific
to be commensurate with at least a 'bb-' level, with a
consolidated debt-to-EBITDA ratio sustainably below 3.0x after
the company reorganization. A higher credit profile at Barito
Pacific would also be contingent upon the group demonstrating and
maintaining ample liquidity at the parent company level and
proactively lengthening its debt maturity profile within the
group."

A higher SACP at Chandra Asri is unlikely over the next 12-24
months, given the company's structural exposure to industry risks
in the petrochemical sector, volatile product spreads, high
operating advantage, and moderate scale compared with higher-
rated peers regionally and globally. A 'bb' SACP would require
the company to achieve a larger scale, broader product diversity,
a permanently reduced sensitivity to fluctuations in product
spreads through enhanced integration and greater economies of
scale, while maintaining a debt-to-EBITDA ratio below 2.0x
through a product spread cycle.



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


NEW ZEALAND SALES: Fitch Affirms 'BB' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed five classes of New Zealand Sales
Finance and Credit Cards Trust floating-rate notes. The
transaction is a securitisation of New Zealand consumer
receivables originated by Latitude Financial Services Limited.

The rating actions are as follows:

NZD777.6 million Class A notes affirmed at 'AAAsf'; Outlook
Stable

NZD82.9 million Class B notes affirmed at 'AAsf'; Outlook Stable

NZD63.2 million Class C notes affirmed at 'Asf'; Outlook Stable

NZD56.4 million Class D notes affirmed at 'BBBsf'; Outlook Stable

NZD44.4 million Class E notes affirmed at 'BBsf'; Outlook Stable

Some of the outstanding subordinate tranches of New Zealand Sales
Finance and Credit Cards Trust may be able to support higher
ratings based on the output of Fitch's proprietary cash flow
model. Since the credit card programme is set up as a continuous
funding programme and requires that any new issuance, or note
reductions, do not affect the rating of existing tranches, the
enhancement levels are set to maintain a constant rating level
per class of issued notes and may provide more than the minimum
enhancement necessary to retain issuance flexibility. Therefore,
Fitch may decide not to assign or maintain ratings above the
current outstanding ratings in anticipation of future issuances
or reductions.

KEY RATING DRIVERS

Credit Card Receivables Performance: Performance has remained
stable over the previous year, with gross charge-offs averaging
3.5%, yield (excluding merchant service fees) averaging 14.5% and
the monthly payment rate (MPR) averaging 11.8%, all within the
modelled base cases of 4.25% for charge-offs, 13.0% for yield
(changed from 12.5%) and 10.75% for the MPR (changed from 9.4%).
Changes to base cases reflect improved medium-term performance
and generally lower overall data volatility.

Originator and Servicer Quality: Fitch believes Latitude is an
effective and capable originator and servicer given its long and
consistent record.

Counterparty Risk: The notes' ratings are dependent on the
financial strength of certain counterparties. Fitch believes this
risk is mitigated based on the counterparties' ratings and the
legal documentation covering their roles.

Interest Rate Risk: Interest rate risk is mitigated by available
credit enhancement.

Rated Above Sovereign Local-Currency IDR: Structured finance
notes can be rated up to six notches above New Zealand's Long-
Term Local-Currency Issuer Default Rating (IDR) of 'AA+',
supporting the 'AAAsf' rating on the class A notes.

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the ratings assigned to
the New Zealand Sales Finance and Credit Cards Trust to,
increased charge-offs, decreased MPR and decreased yields over
the life of the transaction.

Rating sensitivity to increased charge-off rate:

Current ratings for class A, B, C, D and E (steady state: 4.25%):
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

Increase base case by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf';
'BBsf'

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

Increase base case by 75%: 'AA+sf'; 'A+sf'; 'BBB+sf', 'BBB-sf';
'BB-sf'

Rating sensitivity to reduced MPR:

Current ratings for class A, B, C, D and E (10.75% steady state):
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf'

Reduce MPR by 15%: 'AAAsf'; 'AA-sf'; 'Asf', 'BBBsf'; 'BBsf'

Reduce MPR by 25%: 'AA+sf'; 'A+sf'; 'BBB+sf', 'BBB-sf'; 'BBsf'

Reduce MPR by 35%: 'AA-sf'; 'A-sf'; 'BBBsf', 'BB+sf'; 'B+sf'

Rating sensitivity to reduced yield:

Current ratings for class A, B, C, D and E (steady state: 13.0%);
'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'

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

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

Reduce yield by 35%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf'



                             *********

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

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

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


                            *********


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

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

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

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

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



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