TCRAP_Public/180920.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 20, 2018, Vol. 21, No. 187

                            Headlines


A U S T R A L I A

CHARLTON BROWN: First Creditors' Meeting Set for Sept. 27
IDEAL INTERIORS: First Creditors' Meeting Set for Sept. 26
LOSINO PTY: Second Creditors' Meeting Set for Sept. 26
M GROUP: First Creditors' Meeting Set for Sept. 27
RJ & CO: Second Creditors' Meeting Set for Sept. 26

VICTORY AT BRIGHTON: First Creditors' Meeting Set for Sept. 27


C H I N A

CHINA AOYUAN: Fitch Rates US$225MM & SGD100MM Sr. Notes BB-
GCL NEW: Moody's Puts Ba3 CFR on Review for Downgrade
REDCO PROPERTIES: Fitch Gives 'B' Rating to $200MM Notes Due 2020
ZHEJIANG OUHUA: Seeks Contractors for Unfinished Newbuildings
ZHENRO PROPERTIES: S&P Rates New USD-Denominated Sr. Notes 'B-'


I N D I A

AASTHA HOSPITAL: CRISIL Maintains B Rating in Not Cooperating
ARUNA INDUSTRIAL: Ind-Ra Assigns 'BB-' LongTerm Issuer Rating
ASIAN THAI: CRISIL Maintains 'B' Rating in Not Cooperating
ASUTI TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
B. BUCHA: CRISIL Maintains D Rating in Not Cooperating Category

BALAJI POLYSACKS: CRISIL Maintains D Ratings in Non-Cooperating
BINAYAK HI-TECH: CRISIL Maintains 'B' Rating in Not Cooperating
BLOOM DEKOR: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
C P ISPAT: CRISIL Maintains D Ratings in Non-Cooperating
CHADALAVADA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating

COUPLE INTERNATIONAL: CRISIL Retains B Ratings in Not Cooperating
DRASHTI INNOVATIVE: CRISIL Maintains D Ratings in Not Cooperating
ELECTROWORLD DIGITAL: Insolvency Resolution Process Case Summary
ENGINEMATES HEAT: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
EVANS FRASER: Insolvency Resolution Process Case Summary

FINE JEWELLERY: Ind-Ra Maintains BB LT Rating in Non-Cooperating
GEE GEE AGRO: Ind-Ra Keeps B+ LT Issuer Rating in Non-Cooperating
HIMANCHAL CONSTRUCTION: Ind-Ra Keeps BB+ in Non-Cooperating
IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
IL&FS FINANCIAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'

INDIAN STATE OF KERALA: S&P Assigns 'BB' LT Issuer Credit Rating
INFRASTRUCTURE LEASING: Ind-Ra Lowers Issuer Rating to 'D'
INFRO-ALLIANCE TRADING: Insolvency Resolution Case Summary
JAIN OVERSEAS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
JUST CLICK: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

JAGANNATH POLYMERS: Ind-Ra Migrates B+ Rating to Non-Cooperating
KERALA INFRASTRUCTURE: S&P Rates INR50BB Medium-Term Notes 'BB'
KERALA INFRASTRUCTURE: S&P Assigns 'BB' LT Issuer Credit Rating
LAVASA CORP: Insolvency Resolution Process Case Summary
LOTUS SHOPPING: Insolvency Resolution Process Case Summary

MAROLI NH: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
MOODS HOSPITALITY: Insolvency Resolution Process Case Summary
MILLENNIUM APPLIANCES: Insolvency Resolution Process Case Summary
RATTAN INDIA: Power Finance Files Insolvency Bid vs. Firm
SANGANI INFRASTRUCTURE: Ind-Ra Assigns BB Rating, Outlook Stable

SECL INDUSTRIES: Ind-Ra Maintains D LT Rating in Non-Cooperating
SIMBHAOLI SUGARS: OBC Seeks Insolvency Process Against Firm
SUNIL HITECH: NCLT Admits American Express Insolvency Bid
WINSOME INT'L: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating


I N D O N E S I A

ABM INVESTAMA: Moody's Alters Outlook to Neg. & Affirms Ba3 CFR


M O N G O L I A

CAPITAL BANK: Moody's Withdraws Caa1 LT Deposit Ratings


N E W  Z E A L A N D

EBERT: Talks Ongoing for New Builder at 153-unit Union Green


P A K I S T A N

* PAKISTAN: National Grid is Bankrupt, Engro Corp CEO Says


S I N G A P O R E

JUBILANT PHARMA: Fitch Affirms BB- LT IDR; Outlook Stable


                            - - - - -


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


CHARLTON BROWN: First Creditors' Meeting Set for Sept. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Charlton
Brown Pty Ltd will be held at the offices of Grant Thornton
Australia Ltd at Level 18, 145 Ann St, in Brisbane, Queensland, on
Sept. 27, 2018, at 10:30 a.m.

Michael McCann and Andrew Hewitt of Grant Thornton Australia were
appointed as administrators of Charlton Brown on Sept. 17, 2018.


IDEAL INTERIORS: First Creditors' Meeting Set for Sept. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ideal
Interiors (NSW) Pty. Ltd., trading as CM Joinery Aust, will be
held at the offices of Hall Chadwick Chartered Accountants at
Level 40, 2 Park Street, in Sydney, NSW, on Sept. 26, 2018, at
11:00 a.m.

David Allan Ingram of Hall Chadwick was appointed as administrator
of Ideal Interiors on Sept. 16, 2018.


LOSINO PTY: Second Creditors' Meeting Set for Sept. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Losino Pty Ltd
has been set for Sept. 26, 2018, at 11:00 a.m. at Level 19,
Waterfront Place, 1 Eagle Street, in Brisbane, Queensland.

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

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

Darryl Kirk and Matthew Joiner of Cor Cordis were appointed as
administrators of Losino Pty on Aug. 22, 2018.


M GROUP: First Creditors' Meeting Set for Sept. 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of M Group
Comms Pty Ltd will be held at the offices of
PricewaterhouseCoopers at Level 17, One International Towers
Sydney, Watermans Quay, in Barangaroo, NSW, on Sept. 27, 2018, at
11:00 a.m.

Kenneth Michael Whittingham and David Michael Webb of
PricewaterhouseCoopers were appointed as administrators of M Group
on Sept. 17, 2018.


RJ & CO: Second Creditors' Meeting Set for Sept. 26
---------------------------------------------------
A second meeting of creditors in the proceedings of RJ & Co
Solutions Pty Ltd has been set for Sept. 26, 2018, at 2:30 p.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. 24, 2018, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
RJ & Co. on Aug. 22, 2018.


VICTORY AT BRIGHTON: First Creditors' Meeting Set for Sept. 27
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Victory at
Brighton Pty Ltd will be held at the offices of Cor Cordis at One
Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW, on
Sept. 27, 2018, at 11:00 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Victory at Brighton on Sept. 17, 2018.



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C H I N A
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CHINA AOYUAN: Fitch Rates US$225MM & SGD100MM Sr. Notes BB-
-----------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(BB-/Positive) US$225 million 7.95% senior notes and SGD100
million 7.15% senior notes due 2021 a final rating of 'BB-'.

The notes are rated at the same level as Aoyuan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Aoyuan intends to use the note net proceeds to
refinance its existing offshore indebtedness. The final rating is
in line with the expected rating assigned on August 28, 2018.

KEY RATING DRIVERS

Strong Sales Momentum: Fitch expects Aoyuan's attributable
contracted sales to exceed CNY60 billion in 2018 due to its fast-
churn strategy and strong execution, which is backed by adequate
total sellable resources of over CNY328 billion at end-1H18 and
strong demand in its home markets of southern China's Guangdong-
Hong Kong-Macau Greater Bay Area. Aoyuan is on track to meet its
targeted total sales of CNY73 billion in 2018, with 7M18 total
sales rising by 143% yoy to CNY46 billion. Total contracted sales
have increased by more than 8.6x since 2012 - to CNY46 billion in
2017 - achieving a CAGR of 54%.

Accelerated but Controlled Land Acquisition: Aoyuan accelerated
land acquisitions in 2017 to accommodate its national expansion
and enlarged scale. It spent around 70% of collected sales on land
replenishment (based on cash land premium paid/contracted sales),
compared with around 30% in 2014-2016. Fitch expects land premiums
to account for 40%-45% of sales during the company's expansion
over the next year or two, but to remain controlled under its
fast-churn strategy. Aoyuan mainly acquires land via project
acquisitions, which allow it to control average land acquisition
costs. Its land bank enjoyed a low average cost of CNY2,131 per
square metre (sqm) in 2017, or 20% of Fitch's estimated average
selling price for 2018.

Sufficient and Diversified Land Bank: Aoyuan's land bank had a
total gross floor area (GFA) of 30 million sqm at end-1H18,
sufficient for three to four years of development; with 51% of the
land by GFA located in the Pearl River Delta, of which more than
half was in the Greater Bay Area. The remainder was spread around
central and western China, the Yangtze River Delta and the Bohai
Economic Rim around Beijing as well as offshore markets. The
company plans to continue implementing a balanced city layout
during land replenishment, with a focus on southern China's Big
Bay Area, which encompasses 11 cities.

Healthy Financial Profile: Aoyuan's leverage, after adjusting for
land premium receivables and payables in adjusted inventory, rose
to 35.4% in 2017, from 32.6% in the previous year, due to
accelerated land acquisition. Fitch expects Aoyuan to maintain its
fast-churn model and disciplined land acquisition strategy. Cash
outflow from construction costs is likely to rise to keep pace
with increasing contracted sales, leading to higher leverage, but
the company's financial profile should stay healthy for the next
12-18 months, as reflected in its Positive Outlook.

Fitch also estimates sales efficiency, as measured by attributable
contracted sales/gross debt, to improve to above 1.2x in 2018,
from 0.9x in 2017. Aoyuan's EBITDA margin remained at around 25%
(2017: 25%, 2016: 26%), underpinned by its low average land cost,
which should support a healthy margin of around 25% for the next
one to three years.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk given its deeper penetration into lower-tier cities and
higher commercial property exposure than 'BB-' peers. Its
contracted average selling price of around CNY10,500 per sqm
compares with CNY13,500-19,500 per sqm of peers, including Yuzhou
Properties Company Limited (BB-/Stable) and Logan Property
Holdings Company Limited (BB-/Stable). Most of Aoyuan's lower-tier
cities are satellite cities, which benefit from spillover from
tier 1 cities with home-purchase restrictions. However, Fitch sees
lower-tier city housing markets as more vulnerable than higher-
tier cities to tighter-than-expected policies and industry
downturns.

Fitch believes Aoyuan's large exposure to commercial property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Less than 25% of Aoyuan's annual sales
came from commercial products in 2017 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term, since commercial products
accounted for 20% of 2018 saleable resources and 19% of land bank
by GFA at end-2017.

DERIVATION SUMMARY

Aoyuan's sales scale is comparable with 'BB-' category peers, such
as Yuzhou and Times China Holdings Limited (BB-/Stable), which had
a sales scale of around CNY30 billion on an attributable basis in
2017. Aoyuan maintains stronger sales momentum than peers, as
evident from its stronger 1H18 sales and higher completion rate of
its full-year sales target, which is also the highest among peers.
The company kept a healthy financial profile during its expansion,
with leverage of around 35%; this was the lowest leverage among
'BB-' peers, which ranged from 38% to 48%. These factors support
the Positive Outlook on Aoyuan.

Aoyuan's scale is smaller than that of 'BB' peers, such as CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and Future Land Development
Holdings Limited (BB/Stable), whose attributable sales scale was
above CNY55 billion in 2017. Aoyuan's sales efficiency, of around
0.9x in 2017, was also lower than CIFI's 1.4x and Future Land's
1.9x.

KEY ASSUMPTIONS

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

  - Attributable sales to exceed CNY60 billion in 2018 and
    CNY80 billion-90 billion in 2019-2020

  - Land premium accounting for 50%-60% of contracted sales each
    year on a cash flow basis during 2018-2020

  - Land bank life maintained at three to four years

  - Company to maintain its fast-churn business model

RATING SENSITIVITIES

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

Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40% (2017: 35%)

  - contracted sales/gross debt sustained above 1.2x

  - EBITDA margin sustained above 25%

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

  - Failure to reach the positive guidelines in the next 12-18
    months would lead to the Outlook reverting to Stable

LIQUIDITY

Adequate Liquidity: Aoyuan had CNY26.4 billion in available cash
on hand and CNY16.9 in unutilised credit facilities at end-2017,
sufficient to cover short-term debt of CNY21.1 billion.

Smooth Refinancing; Lower Borrowing Cost: Aoyuan's short-term debt
accounted for half of its total CNY42.5 billion debt at end-2017.
The company has proven its ability to refinance through multiple
channels, including the offshore and onshore bond markets this
year. Fitch has also seen its average borrowing cost drop to 7.2%
in 2017, from 11.4% in 2013, given its broad financing channels
and improved credit profile.


GCL NEW: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba3 corporate family rating of GCL New Energy Holdings Limited and
the B1 senior unsecured rating on its USD bond.

RATINGS RATIONALE

"Our review of GCL New Energy's ratings reflects the continued
pressure on its credit profile from the lingering credit weakness
of its parent, GCL-Poly Energy Holdings Limited," says Ivy Poon, a
Moody's Vice President and Senior Analyst.

"On a standalone basis, GCL New Energy's business transformation
strategy of an asset light model through asset disposals would
improve its financial leverage, but uncertainty remains in the
lengthy negotiation process associated with the disposals, against
the backdrop of an evolving policy environment, as well as the
structure of disposal transactions," adds Ms. Poon.

GCL Poly issued a profit warning for its 1H 2018 results, which
its reported EBITDA and net operating cash flow fell by around
31%, because of a drop in average sales prices and sluggish market
demand.

Moody's expects that the heightened business volatility arising
from the challenging industry environment will continue to cloud
GCL-Poly's financial performance over the next 12-18 months. In
particular, the recent government policy to curb capacity
expansion in solar power will temper sentiment in the upstream
market.

Given the close linkage between GCL New Energy and GCL Poly, a
weakening in the parent's credit profile directly constrains the
subsidiary's ratings.

Nevertheless, as mentioned, GCL New Energy has refined its
business focus to an asset light strategy from one which is asset
heavy, in response to the policy changes. If the strategy is
executed as planned, it would reduce the company's financial
leverage through the deconsolidation of debt associated with the
disposed projects and use of sales proceeds to repay debt.

Moody's notes, however, that the lengthy negotiation process with
potential buyers, precarious terms and conditions of the disposal
transactions, as well as recent policy headwinds in the solar
power industry could cast uncertainty over the execution of asset
light strategy. Moreover, aggressive asset sales could result in
an evolving business model.

In the absence of major asset sales and capital expenditure,
Moody's expects that GCL New Energy's projected metrics will stay
within its ratings tolerance levels and continue to position the
company's credit profile at the single-B rating level.

GCL New Energy's liquidity profile remains weak, highlighted by a
heavy reliance on external financing, and the prolonged collection
of government subsidies on new projects. Nevertheless, Moody's
expects that the government subsidy associated with the seventh
batch of renewable energy will be distributed in the fourth
quarter of 2018 and could provide some relief against refinancing
pressure.

Moody's ratings review period will focus on: (1) the
implementation of GCL New Energy's asset light model and the
resultant impact on the company's financial leverage, as well as
its business model, (2) the receipt of subsidies for GCL New
Energy's seventh batch of renewable energy, and (3) GCL New
Energy's liquidity.

The review will also take into account any further parental
constraint from GCL-Poly as well as the contagion risk between
GCL-Poly and GCL New Energy.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

GCL New Energy Holdings Limited is a privately owned solar power
generation company in China. The company's installed capacity
totaled 7.1GW in 26 provinces in China and overseas at June 30,
2018.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings
Limited at June 30, 2018. GCL New Energy is the sole downstream
platform of its parent company.

Founded in 1996, GCL-Poly Energy Holdings Limited is an integrated
solar photovoltaic company.


REDCO PROPERTIES: Fitch Gives 'B' Rating to $200MM Notes Due 2020
-----------------------------------------------------------------
Fitch Ratings has assigned China-based Redco Properties Group
Ltd's (B/Stable) USD200 million 11% senior notes due 2020 a final
rating of 'B', with a Recovery Rating of 'RR4'.

The notes are rated at the same level as Redco's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is the same as the expected rating
assigned on August 22, 2018 and follows the receipt of final
documentation conforming to information already received.

KEY RATING DRIVERS

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

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

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

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

  - Sustained drop in contracted sales

  - Net debt/ adjusted inventory sustained above 50%

  - EBITDA margin sustained below 15%

LIQUIDITY

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


ZHEJIANG OUHUA: Seeks Contractors for Unfinished Newbuildings
-------------------------------------------------------------
Splash247.com reports that Zhejiang Ouhua Shipbuilding has issued
a notice looking for contractors to take over the construction of
seven unfinished containership newbuildings.

Splash247.com relates that the seven newbuildings are three 1,700
teu boxships and two 3,100 teu boxships. One of the vessels has
been launched, three vessels were at block joining stage and the
other three were at block construction stage.

According to Splash247.com, Ouhua said all the vessels have been
abandoned by the owners and the relevant financial institutes have
completed the refund process.

Splash247.com says the shipyard is hoping to find a third party
contractor to complete the construction of the ships at Ouhua's
yard and export the vessels in name of Ouhua.

The interested parties are required to submit proposals to the
yard before a deadline of October 18, Splash247.com discloses.

Ouhua Shipbuilding filed for bankruptcy protection with a court in
Zhoushan in May and issued a notice last week to seek investors to
restructure the yard, Splash247.com notes.


ZHENRO PROPERTIES: S&P Rates New USD-Denominated Sr. Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by Zhenro
Properties Group Ltd. (B/Stable/--). The China-based developer
intends to use the net proceeds to refinance its existing
indebtedness. The rating is subject to S&P's review of the final
issuance documentation.

S&P said, "We rate the proposed senior notes one notch below the
issuer credit rating on Zhenro to reflect structural subordination
risk. By the end of 2017, Zhenro's capital structure consists of
Chinese renminbi (RMB) 36.3 billion in secured debt, as well as
RMB8.8 billion in unsecured debt. As such, the priority debt ratio
of Zhenro is around 80%, which is significantly above the 50%
threshold.

"We do not expect the new issuance to have a material impact on
Zhenro's credit profile because it intends to use the proceeds
primarily for debt refinancing. In our view, the company will
maintain high contracted sales and revenue growth, supported by a
good quality land bank in higher-tier cities and good sales
execution. At the same time, we expect Zhenro's leverage to remain
high with a debt-to-EBITDA ratio at 8x-10x in 2018 and 2019, given
the company's high land premium payments and construction
expenditure."



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AASTHA HOSPITAL: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Aastha Hospital (AH)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit          0.1           CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Term Loan            2.92          CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

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

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

Detailed Rationale

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

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

AH, incorporated in 2009, is a Mandi (Himachal Pradesh)-based
hospital, promoted by Dr. Arun Chandel and Dr. Bandna Chandel. AH
currently manages a 50-bed multi-specialty hospital in Mandi
offering specialisation in Orthopaedics, Gynaecology and
Obstetrics, and Physiotherapy and Radiology.


ARUNA INDUSTRIAL: Ind-Ra Assigns 'BB-' LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aruna Industrial
Products Private Limited (AIPPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50.0 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR163.0 mil. Term loan due on October 2025 assigned with
    IND BB-/Stable rating; and

-- INR 67.0 mil. Proposed term loan* assigned with Provisional
    IND BB-/Stable rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
AIPPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect a stabilization risk as AIPPL is yet to
commence commercial operations. Its commercial operations are
likely to commence from end-September 2018. The company is
conducting the trial run of valve manufacturing facility. Ind-Ra
believes AIPPL's ability to stabilize operations and generate
positive cash flows can be ascertained only after one full year of
operations.

The ratings, however, are supported by AIPPL's technology transfer
agreement with South Korea-based Samshin Limited that allows AIPPL
to use Samshin's trademarks, trade names, and logos, along with
AIPPL's trademarks, trade names and logos, on licensed products.

The ratings are further supported by the fact that its major raw
material (valve casting) is manufactured by a group company,
indicating that its raw material availability risk is mitigated.

The ratings benefit from the promoters' experience of over a
decade in the manufacturing, design and drawing of valve casting.

RATING SENSITIVITIES

Negative: Any delay in the commencement of operations, leading to
insufficient cash flows, will lead to a downgrade.

Positive: The scheduled commencement and stabilization of
operations, leading to sufficient cash flows, will lead to an
upgrade.

COMPANY PROFILE

Incorporated in April 2017, AIPPL is setting up a 54,300-per-annum
valve manufacturing unit in Madurai. The project cost of INR243
million is being funded by a term debt of INR163 million and INR80
million in equity and unsecured loan.


ASIAN THAI: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL's ratings on bank facilities of Asian Thai Foods India
Private Limited (ATFIPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       10        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

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

Detailed Rationale

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

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

ATFIPL is a subsidiary of Asian Thai Foods (P) Ltd and was
incorporated in December 2009. It is setting up a food processing
plant at Chaygaon, Kamrup, Assam, and is promoted by the Sharda
group, the Jaju group of Nepal, the Baid group headed by Mr.
Mulchand Baid, and the Agarwal group of Assam. The plant is
expected to have an installed capacity of 7875 MTPA for Instant
Noodles and 225 MTPA for Noodles Bhujia.


ASUTI TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Asuti Trading Private
Limited (ATPL) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit        40        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ATPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality.

Based on the last available information, the ratings on bank
facilities of ATPL continues to be 'CRISIL D Issuer not
cooperating'.

ATPL, based in Mumbai, is owned by Mr. Sidharth M Bagrecha, Mr.
Binod Kumar Agarwal and Mr. Vimal Agarwal. The company trades in
steel and iron products, such as hot-rolled coils, cold-rolled
coils, sheets, sponge iron fines/lumps, and pig iron.


B. BUCHA: CRISIL Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL's rating on bank facilities of B. Bucha Reddy and Co (BBRC)
continues to 'CRISIL D/CRISIL D Issuer not cooperating'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          8         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Overdraft               5.5       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term       .5       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BBRC continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).


BALAJI POLYSACKS: CRISIL Maintains D Ratings in Non-Cooperating
---------------------------------------------------------------
CRISIL's rating on bank facilities of Balaji Polysacks Private
Limited (BPPL) continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit            10         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        3         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Standby Letter
   of Credit               1         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan               .95       CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BPPL continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

BPPL, incorporated in 1995 by Mr. Sajjan Kumar Agarwal, Mr. Sushil
Agarwal, and Mr. Naresh Kumar Agarwal, manufactures high-density
polyethylene (HDPE) bags, used primarily in the fertilizer
industry and in packaging grains. The company commenced commercial
production in 2000 and has capacity of 5400 tonne per annum. Its
operations are managed by Mr. Sushil Agarwal.


BINAYAK HI-TECH: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL's rating on bank facilities of Binayak Hi-Tech Engineering
Limited (BHTEL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Foreign Bill            8          CRISIL B/Stable (ISSUER NOT
   Purchase                           COOPERATING)

   Packing Credit          6          CRISIL A4 (ISSUER NOT
                                      COOPERATING)

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

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BHTEL continues to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

BHTEL, promoted by Mr. Mahesh Jhunjhunwala, his wife Ms. Kiran
Jhunjhunwala, and son Mr. Atul Jhunjhunwala, is an ISO 9001:2000
company, incorporated in 1995. BHTEL manufactures casting manhole
covers, garden benches, and fence panels, and sells about 200
kinds of steel products.


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR145 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Bloom Dekor manufactures and sells laminated sheets and doors. The
company caters to both domestic and international markets.


C P ISPAT: CRISIL Maintains D Ratings in Non-Cooperating
--------------------------------------------------------
CRISIL's rating on bank facilities of C P Ispat Private Limited
(CPIPL) continues to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      .2       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit       12.0       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          7.8       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of CPIPL continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

CPIPL, incorporated in 2006, manufactures sponge iron. The company
commenced commercial production in July 2009 at its facility in
Durgapur, West Bengal. CPIPL was promoted by the Kolkata-based
Chawla family and was earlier managed by Mr. Amarjeet Chawla.
However, in September 2013, the Chawla family leased out the plant
to the Durgapur-based Jayshree group owned by Mr. Amit Agarwal and
his family. Since September 15, 2013, operations of the plant have
been managed by the Jayshree group. In February 2014, the Jayshree
group entered into an agreement with the Chawla family to purchase
CPIPL with effect from April 2014.


CHADALAVADA INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL's rating on bank facilities of Chadalavada Infratech
Limited (CIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          93        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit             22        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          65        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of CIL continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Chadalavada Infratech Ltd. (erstwhile Chadalavada Construction
Pvt. Ltd.) was incorporated in February 2000 and started as a
subcontractor to L&T. The company is engaged in Electrical
Transmission & Distribution Infrastructure Industry involving
Engineering, Procurement and Commissioning of sub-stations and
Electrical Transmission lines. The company undertakes activities
mostly for government departments.


COUPLE INTERNATIONAL: CRISIL Retains B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Couple International
Private Limited (CIPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing        5.90        CRISIL B/Stable (ISSUER NOT
   Credit                            COOPERATING)

   Term Loan               .48       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Working Capital         .09       CRISIL B/Stable (ISSUER NOT
   Term Loan                         COOPERATING)

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

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

Detailed Rationale

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

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

CIPL, incorporated in 1998, manufactures and exports ready-made
garments, primarily shirts, tops, skirts, and blouses, among
others. It has a manufacturing capacity of 1 million pieces per
annum at its facility in Noida (Uttar Pradesh). The operations are
managed by the promoter, Mr. Rituraj Gupta.


DRASHTI INNOVATIVE: CRISIL Maintains D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL's rating on bank facilities of Drashti Innovative Syncotex
Pvt. Ltd. (DISPL) continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit            10.13      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      4         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               9.87      CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of DISPL continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.


ELECTROWORLD DIGITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Electroworld Digital Solutions Limited
        171-C, 17th Floor, Mittal Court, C-Wing
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA. Avil Menezes

Interim Resolution
Professional:            CA. Avil Menezes
                         403, Crescent Business Park
                         Sakinaka Telephone Exchange Lane
                         Sakinaka Andheri East
                         Mumbai 400072, Maharashtra
                         E-mail: avil@caavil.com
                                 irp.electroworld@gmail.com

Last date for
submission of claims:    September 21, 2018


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Enginemates Heat Transfer manufactures and supplies air-cooled
heat exchangers, air fin coolers, high-integrity radiators,
aluminum-brazed heat exchangers and fabricated components such as
fuel tanks.


EVANS FRASER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Evans Fraser and Co. (India) Limited
        171-C, 17th Floor Mittal Court C Wing
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA. Avil Menezes

Interim Resolution
Professional:            CA. Avil Menezes
                         403, Crescent Business Park
                         Sakinaka Telephone Exchange Lane
                         Sakinaka Andheri East
                         Mumbai 400072, Maharashtra
                         E-mail: avil@caavil.com
                                 irp.evansfraser@gmail.com

Last date for
submission of claims:    September 21, 2018


FINE JEWELLERY: Ind-Ra Maintains BB LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Fine Jewellery
Manufacturing Ltd.'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
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR563 mil. Fund-based working capital limit maintained
    in non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR78 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Fine Jewellery Manufacturing manufactures and exports diamonds,
studded gold and platinum jewelry.


GEE GEE AGRO: Ind-Ra Keeps B+ LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gee Gee Agro
Tech'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 continue to appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR230 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gee Gee Agro Tech is a partnership firm engaged in manufacturing
and processing Basmati and non-Basmati rice in Moga, Punjab.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Term loan due on March 2018 maintained in Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR20 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Himanchal Construction is engaged in the construction of roads,
bridges, dams, overburden removal, earthworks, excavation and
other civil works.


IL&FS EDUCATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Education
and Technology Services Limited's (IETS) Long-Term Issuer Rating
to 'IND BB+' from 'IND A+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR290 mil. (reduced from INR1.20 bil.) Working capital term
    loan limits downgraded with IND BB+/Negative rating;

-- INR850 mil. (increased from INR650 mil.) Fund-based working
    capital downgraded with IND BB+/Negative/IND A4+ rating;

-- INR2.244 bil. (reduced from INR2.650 bil.) Non-fund-based
    working capital downgraded with IND BB+/Negative/IND A4+
    rating; and

-- INR100 mil. (reduced from INR200 mil.) Term loan due on
    June 30, 2019 downgraded with IND BB+/Negative rating.

Ind-Ra continues to take a consolidated view of IETS, its wholly
owned subsidiary IL&FS Clusters Development Initiative Limited and
its majority owned subsidiary IL&FS Skills Development Corporation
Limited as they operate in the same business. Moreover, IETS has
provided a corporate guarantee for the bank facilities of both
subsidiaries.

KEY RATING DRIVERS

Reduction in Parent Support: The downgrade reflects the recent
announcement of a commercial paper repayment default by IETS's
parent Infrastructure Leasing & Financial Services Limited (IL&FS;
'IND D') to the stock exchange. The recent developments at IL&FS
would affect the financial flexibility of IETS with regard to the
raising of fresh equity and debt.

The parent's liquidity tightness poses challenges to IETS in
meeting its immediate debt liabilities. Ind-Ra believes that the
possibility of the roll-over of its borrowings has diminished
significantly in the short term. Although IL&FS plans to rise
about INR80 billion in equity and debt and monetize some assets,
the timeliness of the debt and equity raising and proceeds from
the divestment is critical. IL&FS would require immediate
liquidity support to honor its debt repayment obligations in a
timely manner.

IL&FS directly owns 68.93% equity in IETS. IL&FS has provided an
undertaking to IETS' bankers to maintain at least 51% of the
shareholding in IETS and has representation on IL&FS board. Ind-Ra
hitherto factored in benefit from the parent support into IETS's
ratings on account of operational linkages and tangible support.

Exposure to Group Entities with Weak Credit Profiles: The
downgrade also reflects IETS's exposure to group companies with
weak credit profiles through routed loans, indicating the
possibility of delayed payments on such loans. There is a high
dependence of these entities on IL&FS to support their debt
servicing payments. At FYE18, to support group companies, IL&FS
Financial Services Ltd (IFIN; 'IND D') had routed loans totaling
INR3.8 billion through IETS's subsidiaries: IL&FS Clusters
Development Initiative and Skills Training Assessment Management
Partners Limited. IFIN's loans are secured by a charge on current
assets, including loans and advances given to group companies, and
demand promissory note.

Liquidity & Refinancing Risks:  In FY19 and FY20, IETS has
consolidated debt maturities (excluding routed loans) of INR3.2
billion and INR1.6 billion, respectively, which would be entirely
dependent on timely collections from government departments due to
ambiguity about the timely availability of line of credit totaling
INR2 billion from IL&FS. Timely repayment of debt obligations
would be an important monitorable in the near term.

Excluding the maturities of routed loans, the debt service
coverage ratio of IETS will be below 1.0x in FY19-FY20, indicating
refinancing requirements.

Possible Exit by Private Equity Investors: The exit of private
equity investors from IETS is due and could happen in the scenario
of another strategic investor bringing in equity. The ability to
find potential investors may be subject to group developments.
Lexington Equity Holdings Limited (India Equity Partners) has a
26.12% stake in IETS since 2010.

Improved ICT Collections: IETS's receivable days have historically
remained high on account of delayed payments from government
departments. However, INR2,970 million worth of collections were
already made in 1QFY19 compared with the total collection of
INR7,234 million in FY18 (FY17: INR6,388 million). The INR2,970
million collection includes INR2,441 million from information and
communication technology (ICT) contracts. Also, the major part of
collections (INR1,820 million) was received from the ICT contract
from the Odisha government, under which a receivable of INR1,131
million was outstanding for over one year. The collection
efficiency of ICT contracts improved to 95% at 1QFYE19 from 82% at
FYE16.

Reduction in Working Capital Requirements: In earlier ICT
contracts, about 30% of the hardware cost was received at the time
of delivery/installation and the remaining 70% was received in
equal quarterly installments during the contract tenure. Payment
terms for hardware have improved in recent contracts (West
Bengal), where around 80% payment is received at the time of
delivery/installation and the remaining 20% can be availed by
providing performance bank guarantee for the equivalent amount.
IETS has been availing supplier credit of 360 days for ICT
contracts, where a 90-day credit period is interest-free. IETS is
in discussions with non-ICT business suppliers for availing a
supplier credit of 180 days, aimed at improving the working
capital cycle.

RATING SENSITIVITIES

Outlook Revision: The Outlook will be revised to Stable on an
improvement in the liquidity profile and the refinancing
capability of IETS in the short term. Moreover, an improvement in
IL&FS's liquidity and IETS's continued improvement in cash flows
would lead to the Outlook revision to Stable.

COMPANY PROFILE

IETS is the education technology and training arm of IL&FS.
Started in 1997, IETS has a well-diversified business model and
provides solutions in education and training to schools, colleges,
vocational training institutes, state governments and corporates.


IL&FS FINANCIAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Financial
Services Ltd.'s (IFIN) Long-Term Issuer Rating to 'IND D' from
'IND C' and Short-Term Issuer Rating to 'IND D' from 'IND A4'.

The instrument-wise rating actions are:

-- INR49.85 bil. Non-convertible debentures* (NCDs; Long-term)
    downgraded with IND D rating;

-- INR11.0 bil. Subordinated debt (Long-term)* downgraded with
    IND D rating;

-- INR7,587.5 bil. Bank loans (Long-term) downgraded with IND D
    rating; and

-- INR7.0 bil. Short-term debt/commercial paper programme
    (Short-term)^ downgraded with IND D rating.

*Details in annexure
^Unutilized

The downgrade reflects IFIN's dried up liquidity, which
significantly increases the likelihood of default on its debt
obligations. The liquidity situation worsened post the
inconclusive shareholder meeting on September 15, 2018 where
funding support from shareholders was envisaged at IL&FS level.
Delays in meeting the debt obligations and tight liquidity
situation at the parent level resulted in a rating revision for
IL&FS ('IND D'). Additionally, IFIN faces regulatory constraints
in accessing the commercial paper market, which further stresses
the liquidity situation. The company's ability to reduce its group
exposure within the regulatory limits could also face challenges
and it may be required to take haircuts on both its group and
external exposures. This would aggravate the already high leverage
situation.

KEY RATING DRIVERS

Depleted Liquidity Buffers: IFIN's liquidity situation has
significantly weakened since March 2018. Contractual debt
repayment (principal plus interest) obligations for second half of
September 2018 stood at INR15 billion (2HFY19: INR37 billion). The
liquidity situation has worsened due to the delayed repayments of
the loans extended to group companies, which is 29% of the total
credit exposure at FYE18. Furthermore, the ability of parent to
support IFIN's payment obligations is extremely low at present. As
IL&FS' funding infusion from its shareholders remained
inconclusive, the expected funneling of funding at IFIN also
failed to materialize.

Regulatory Overhang to Reduce Group Exposure: IFIN's exposure to
group companies of over INR50 billion as of March 2018 needs to be
significantly brought down by March 2019. However, this is subject
to the planned injection of equity by IL&FS' shareholders as well
as the timely divestment of assets at the operating companies of
the group. At present, there is a limited visibility on these
developments.

Highly Challenging Deleveraging Plans: IFIN's financial leverage
is higher than its peers', which the company plans to address
through a combination of paring group companies' exposure and
equity infusions. The execution of this plan is now difficult as
it involves timely injections of equity and liquidity from its
shareholders.

RATING SENSITIVITIES

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

COMPANY PROFILE

IFIN is a systemically important non-banking finance company that
provides credit and other services such as debt syndication and
corporate advisory.


INDIAN STATE OF KERALA: S&P Assigns 'BB' LT Issuer Credit Rating
----------------------------------------------------------------
S&P, on Sept. 19, 2018, assigned its 'BB' long-term issuer credit
rating and 'B' short-term issuer rating to the Indian state of
Kerala. The outlook on the long-term rating is stable.

This is the first local and regional government (LRG) rating we
have assigned in India.

OUTLOOK

S&P said, "The stable outlook reflects our view that Kerala's
economic growth will remain healthy and produce strong revenue
growth over the next 12 months. We believe that the state will
continue to have strong access to capital markets and be able to
contain its weak fiscal metrics. It also reflects our belief that
the central government would provide extraordinary support to
Kerala under a financial distress scenario."

Downside scenario

S&P said, "We may lower the ratings on Kerala if the state's
economic growth slowed down materially, leading to much lower
revenues. If the government failed to rationalize expenditures in
such a scenario, operating deficits could widen and debt
accumulate faster than we envisage in our base-case scenario. The
ratings could also be lowered if we view the state's financial
management to have weakened as demonstrated by a failure to stick
to fiscal and capital plans. Downward pressure would also occur if
we viewed the central government to be less likely to provide
extraordinary support to Kerala under a financial-distress
scenario."

Upside scenario

S&P said, "We could raise the ratings if the state government
managed to strengthen budgetary performance leading to a
sustainable operating surplus. This might result from a
combination of stronger revenue stream under the new goods and
services tax (GST) regime and a higher efficiency of operating
expenditures. In such a scenario, the state would display lower
and more sustainable deficits after capital accounts, a lower debt
burden, and a better debt-service coverage."

RATIONALE

The credit rating on Kerala is constrained by structural budgetary
deficits resulting from large committed expenditures and
considerable socio-economic welfare spending. A traditionally
strong focus on social welfare programs has boosted Kerala's
development, as reflected in its high placing on the Human
Development Index (HDI) relative to many other Indian states. S&P
said, "Given Kerala's commitment to maintain socio-economic
spending and the need for large capital investments, we believe
the state government will find it challenging to curtail its
expenditure. As a result, we expect the state's debt burden to
remain heavy." Moreover, the ratings are also constrained by
Indian's unbalanced intergovernmental system, which places heavy
spending mandates on state governments without sufficient
allocations of revenues to fund them.

Mitigating these weaknesses is the satisfactory financial
management of Kerala. The state's long-term planning and level of
transparency and disclosure compares more favorably than domestic
peers. The ratings also benefit from Kerala having strong access
to domestic capital markets via the Reserve Bank of India's bond
auction window. This strong external access mitigates the state's
low level of internal cash holdings to cover debt servicing. In
addition, S&P expects that Kerala will receive extraordinary
support from the central government in a financial-distress
situation.

Low per capita GDP and an unbalanced intergovernmental system sets
the credit backdrop.

The institutional framework of Indian states is characterized by
their mature intergovernmental structure and adequate transparency
and accountability. The system is founded in strong democratic
institutions and a free press yields policy stability and
predictability. But the pace of intergovernmental reforms is slow,
as seen in the case of GST implementation, which took years due to
the protracted and widespread consultation between central and
state governments. Nevertheless, there is no history of
significant policy flip-flops. On the downside a feature of the
Indian intergovernmental system is the chronic mismatch in revenue
and expenditure, poor execution of policy implementation, and very
high LRG debt levels.

Kerala's economy, although growing strongly, has a very low per
capita income of about US$2,000 in 2018. The resultant narrow tax
base adds to the budgetary weakness of the state. That said,
Kerala's GDP per capita is higher than the national average of
US$1,700 and compares favorably with domestic peers. Though the
state's population growth is lower than the national average, a
more educated workforce has raised per capita productivity faster
than other states.

S&P said, "We expect Kerala's economy to grow in line with the
national average, contributing to higher revenues. As in previous
years, Kerala's tax revenues will benefit from strong growth in
the tourism sector and steady remittances from the state's large
force of overseas workers (mostly in the Gulf region). Large-scale
patronage by domestic tourists insulates Kerala from global
turbulence, in our view. Remittances from the "Kerala diaspora" of
workers abroad have anchored household consumption.

"We assess Kerala's financial management as satisfactory.
Policymakers are generally in accord on key development issues,
and this is reflected in a consistent focus by successive
governments on improving healthcare and educational standards. In
our view, the state's policymakers are of high caliber and have
extensive experience in central government and state government
administration. Kerala has its own five-year plan which acts as an
anchor for policy formulation. This informs our view of long-term
capital and financial planning, which we view as more advanced
than some domestic peers'." However, revenue and expenditure
forecasts tends to be optimistic, reflecting some budgeting
inaccuracy. Kerala's level of transparency and disclosure is high.
Full audited financial statements are available publicly,
including those for the state's government-related entities
(GREs). Kerala's accounting policies and daily cash balances are
disclosed in the state's accounts.

Very high committed expenditure causing structural deficits and
heavy debt burden

In S&P's view, the state's under-developed infrastructure coupled
with a high demand for public services, especially social support,
constrain Kerala's ability to substantially improve its budgetary
performance. Nevertheless, brisk economic growth fuels the state's
tax revenues growth. Though the new GST regime has reduced
Kerala's share of modifiable revenues, it remains at a fair level
and we believe the state has some flexibility to expand its
revenue base if need be.

Kerala's infrastructure needs are pressing. Limited budgetary
funds constraint its ability to spend more on capital projects.
Over the fiscal years 2017-2021 (fiscal year ending March 31), S&P
expects Kerala's capital expenditure as a percentage of total
expenditures to average 11.6%. Over 80% of the state's budget is
for operating expenditures and thus not easily deferred. Further,
its charted path on socio-economic spending means that the state
is already looking at second-generation healthcare and skill-
enhancing education-related spending.

S&P said, "We project operating deficits to average around 1.9% of
adjusted operating revenues over fiscal 2016-2020. Exacerbating
the weak shape of Kerala's finances is the poor efficiency of tax
collection. The state's capacity to self-finance is challenging
and Kerala has opted to increase debt in the short term to deliver
on basic services. This aggravates the state's interest burden and
further increases operating expenditure. The state's interest as a
percentage of adjusted operating revenues is expected to average
14.5% from fiscal 2017-2019, which is significantly higher than
international peers. Kerala has a high deficit after capital
accounts. We forecast the deficit to average around 14.8% of total
adjusted revenues over fiscal 2016-2020."

Despite recurring high deficits, Kerala's debt has stabilized
(albeit at a high level) due to steady revenue growth. S&P said,
"We project the state's tax-supported debt as a percentage of
consolidated operating revenues to hover around 160% over the
forecast period. Though Kerala's direct debt will continue to
increase as it funds essential upgrades and new infrastructure, we
do not anticipate its debt ratios to materially worsen. Revenue
grew more than 10% a year on average over fiscal 2015-2018, and we
expect this healthy trend to continue as the GST regime settles
and tax collection efficiency improves.

"We assess the GREs of Kerala government as mostly non self-
supporting. Over half of the sector is loss-making and the state
government has continued to support the GRE sector. That said, the
indebtedness of the sector is low."

Likelihood of extraordinary support from central government
despite the evolving and unbalanced framework supports the rating.

"We believe that Kerala is likely to benefit from timely and
extraordinary support from the central government if needed. The
India central government has an established framework and there is
a track record of providing debt relief to stressed states. There
are different routes that the central government can adopt
depending on how critical the situation is. The assistance can be
in shape of credit stability support or direct debt relief under
the Indian constitution. The debt relief can come in the form of
forgiveness of debt owed to the central government and/or the
central government repaying commercial debt on behalf of the
states. Central assistance can also be provided via the
legislature or the Finance Commission. Notably, funds flow via a
contingency fund of the central government and therefore do not
require parliamentary approval, which can be onerous and untimely.

"We note that Kerala has benefited from central-government debt
relief in the past, despite the state being headed by the
opposition party.

"Given that we fully factor GRE debt into tax-supported debt,
other contingent liabilities are limited. The state has no complex
securitizations or private-public partnerships. The contingent
risk we factor for Kerala is that of natural catastrophes like the
recent July 2018 floods. We believe that the state government
preparedness is basic. However, we expect the central government
to provide support in the case of calamities, as it has done in
the past."

Liquidity

S&P estimates that Kerala has cash in hand, liquid assets, and
committed credit lines covering less than 40% of debt service for
the next 12 months. The state's debt maturity profile will remain
stable, with about 4% of its debt maturing annually over the next
two years. The lack of fiscal resources, budget inflexibility, and
a very high debt burden means that it is unlikely the state will
be able to accumulate cash reserves to improve its internal
liquidity position.

However, India's relatively deep domestic credit market is the
state's main avenue for refinancing. The Reserve Bank of India
(RBI) enhances external liquidity access for Indian states by
conducting bond auctions regularly on behalf of state governments.
The RBI acts as the fiscal agent and the debt manager to the state
governments by way of mutual agreement. States are not allowed to
directly access capital markets themselves. Bond issuances are
done through the central bank, thus enhancing states' access to
external liquidity.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.

At the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST

  New Rating; Outlook Action

  Kerala (State of)

   Issuer Credit Rating                   BB/Stable/B

  Kerala Infrastructure Investment Fund Board

   Issuer Credit Rating                   BB/Stable/B


INFRASTRUCTURE LEASING: Ind-Ra Lowers Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Infrastructure
Leasing & Financial Services Limited's (IL&FS) Long-Term Issuer
Rating to 'IND D' from 'IND BB' and Short-term Issuer Rating to
'IND D' from 'IND A4+' while resolving the Rating Watch Negative
(RWN).

The instrument-wise rating actions are:

-- INR93,600.8 bil. Long-term debt (Long-term) * downgraded, off
    RWN with IND D rating;

-- INR1.0 bil. Subordinated debt (Long-term) ^ downgraded, off
    RWN with IND D rating;

-- INR12.25 bil. Short-term debt (Short-term) downgraded, off
    RWN with IND D rating; and

-- INR3.0 bil. Bank loans (Long-term) downgraded, off RWN with
    IND D rating.

^Unutilized
*Details in annexure

The downgrade reflects IL&FS's delays in meeting its debt
servicing obligations due to sharp deterioration in the liquidity
profile of the group. The company is planning to raise INR45
billion of equity through a rights issue and INR35 billion of
long-term debt from its shareholders. However, the emergency
shareholders meeting remained inconclusive on providing liquidity
support to IL&FS, which aggravated the liquidity situation. In
absence of immediate support from the shareholders, IL&FS's
ability to timely honor its forthcoming repayments commitments is
highly susceptible.

KEY RATING DRIVERS

Delays in Debt Servicing: IL&FS according to the notification in
BSE has defaulted on the commercial paper obligations due on
September 14, 2018 and September 17, 2018. The company has also
defaulted on servicing its interest obligations on non-convertible
debentures (NCDs) due on September 17, 2018. It is also reported
that IL&FS has received notices for delays and defaults in
servicing inter-corporate deposits accepted by it. IL&FS's
liquidity has largely dried up and the funding support from
shareholders has not come as articulated by the management. The
plan to monetize its investments to shore up liquidity could be a
prolonged affair.

Investments may Need to be Marked Down, Raising Tangible Leverage:
While the status as a core investment company caps financial
leverage (debt/adjusted net worth) at 2.5x, Ind-Ra believes that
in light of recent events the company may need to expedite the
sale of its assets, resulting in lower realization on its
investments. This would lead to a rise in tangible leverage and
the need for an immediate injection of equity.

Likely Impaired Ability to Execute Projects Amid Deteriorating
Liquidity: IL&FS is facing liquidity challenges across the group
and their ability to mobilize funds from banks and capital markets
is modest at the best. Hence, in spite the group's strength in
India's infrastructure space, their ability to execute projects in
the pipeline and take up new assignments could be impacted
significantly in the near to medium term. The company plans to
transform itself into a capital-light business model and focus on
pure-play service offerings in the infrastructure space - the
execution of this plan will need the support of all existing
stakeholders, including shareholders and lenders.

Modest Support Diminishes: IL&FS's own challenges have wiped out
its ability to provide support to group companies. It is exploring
ways of divesting some of its large investments to significantly
reduce the consolidated debt of the group. While the company is
trying to expedite the process, its ability to make material
progress on the same without impacting the realizable value is
uncertain.

RATING SENSITIVITIES

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

COMPANY PROFILE

IL&FS is one of the leading companies operating in India's
infrastructure development space. The company has a strong
investor profile with LIC of India and ORIX Corporation, Japan
together holding a 49% stake. The company had restructured its
business in FY08 and converted itself into a holding company after
demerging its lending and advisory business to its subsidiary,
IL&FS Financial Services Ltd ('IND D'). The company received a
core investment company license in September 2012.


INFRO-ALLIANCE TRADING: Insolvency Resolution Case Summary
----------------------------------------------------------
Debtor: Infro-Alliance Trading Private Limited
        Flat No.2605, 1st Floor, Building No.57 Kailash C.H.S.
        Gandhinagar, Bandra East Mumbai Maharashtra 400051

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ms. Subha Pal

Interim Resolution
Professional:            Ms. Subha Pal
                         475, Sector-A, Pocket-C, Vasant Kunj
                         New Delhi 110070
                         E-mail: ssubha_1@yahoo.com

                            - and -

                         505-A, Fifth Floor, Rectangle 1, District
                         Centre, Saket, New Delhi 110017
                         E-mail: subhapal.ip@gmail.com

Last date for
submission of claims:    September 19, 2018


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

The instrument-wise rating action is:

-- INR330 mil. Fund-based working capital limit (long-and short-
    term) maintained in Non-Cooperating Category with IND D
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009 as a partnership firm, Jain Overseas is
engaged in the milling, processing, sorting and polishing of
basmati and non-basmati rice; it has a 9 metric ton per hour rice
milling plant in Sikandrabad, Uttar Pradesh.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based facilities Migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Just Click Travels offers a comprehensive range of travel
services. It is registered with the International Air Transport
Association, the Travel Agents Federation of India, the Indian
Association of Tour Operators and Indian Railway Catering and
Tourism Corporation.


JAGANNATH POLYMERS: Ind-Ra Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jagannath
Polymers 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:

-- INR70 mil. Fund-based 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 Polymers manufactures polypropylene bags at its 126,0000
woven sacks/annum facility in Cuttack, Odisha.


KERALA INFRASTRUCTURE: S&P Rates INR50BB Medium-Term Notes 'BB'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
Kerala Infrastructure Investment Fund Board's (KIIFB, BB/Stable/B)
proposed Indian rupee (INR) 50 billion medium-term note (MTN)
program. We equalize the ratings on the program with the long-term
foreign currency issuer credit rating on the guarantor, the Indian
State of Kerala (BB/Stable/B).

The issue rating on the program is based on Kerala's
unconditional, timely, and irrevocable guarantee. Kerala's
obligations as guarantor for the notes under the program are
direct and unconditional, and will at all times rank at least pari
passu with all other existing and future unsecured and
unsubordinated obligations of the state.


KERALA INFRASTRUCTURE: S&P Assigns 'BB' LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB' long-term
and 'B' short-term issuer credit ratings to Kerala Infrastructure
Investment Fund Board (KIIFB). The outlook on the long-term rating
is stable.

The stable outlook takes into account S&P's expectation that
KIIFB's strategic role as a policy instrument of the state
government of Kerala to promote infrastructure financing will
prevail in the medium term. The ratings and outlook on KIIFB will
move in tandem with the rating on the government of Kerala.

Any sign of a change in KIIFB's policy role, a reduction in
government support, or a move to significantly reduce the
government's stake in KIIFB could erode the obligation or
incentive for the government to support the entity, and thus,
would affect the ratings.

S&P said, "We may also lower the ratings on KIIFB if the
government modifies or discontinues the guarantee facility or even
the broader Kerala Infrastructure Investment Fund (KIIF) Act
itself.

"The 'BB' rating reflects our expectation that the likelihood of
support to KIIFB from the government of Kerala (BB/Stable/B) is
almost certain, based on KIIFB's critical role and integral link
to the state. The ratings on KIIFB mirror the credit ratings on
the Indian state of Kerala. We do not assess the entity's stand-
alone credit profile because that is not a rating driver given the
almost certain likelihood of extraordinary support from the state.
In addition, we do not believe government support is subject to
transition risk. KIIFB executes strategic governmental policies
and is a non-severable arm of the Kerala state government."

Supporting the ratings on KIIFB is the company's position as the
sole agency for the state to promote long-term financing of its
strategic infrastructure projects. The ratings benefit from the
support the company receives from the government in several forms,
including guarantees, capital injections, tax revenue streams for
funding, and escrow mechanism.

KIIFB was set up in 1999 as an agency to mobilize funds for
capital expenditure on behalf of the Kerala government. After
being dormant for more than a decade, the KIIF Act was amended in
2016 to strengthen the oversight, guarantee structure, and new
controls, with the state intending to use the vehicle in a major
way for its infrastructure plans.

S&P views KIIFB's role as critical given that it is the nodal
infrastructure funding agency of the Kerala government focused on
strategic infrastructure projects crucial for the economy. The
government created KIIFB in anticipation of the need to invest in
physical infrastructure. KIIFB's policy role and terms under which
it operates are clearly spelt out in the KIIF Act. The state is
planning for KIIFB to finance infrastructure projects worth Indian
rupees (INR) 500 billion (US$7.3 billion) over five years in
Kerala.

The government envisions using KIIFB to secure funding for
infrastructure to back new growth sectors in the economy. This is
critical given the heavy reliance of Kerala's current economic
growth on consumption. KIIFB's operations support the government
efforts to charter a new course in economic development. S&P
therefore believes KIIFB has a crucial public policy objective to
fulfill.

There is no clear written line of separation of infrastructure
projects between the government of Kerala and KIIFB. The state has
publicly laid out its intentions to place all of its strategic and
large-scale projects with KIIFB. The process starts with elected
representatives discussing with their constituency officials and
residents about their infrastructure requirements. The elected
representatives then present the desired list of projects to the
legislative assembly for debate. The state may fund small projects
from its own budget if possible. For the rest of the projects,
KIIFB is the final approver. As part of delivering its mandate,
KIIFB scrutinizes, approves, and funds selected projects from the
proposed list.

In S&P's view, KIIFB is integrally linked to the state through the
government's tight supervisory control and support in the shape of
statutory guarantee on KIIFB's debt obligations. KIIFB benefits
from having all its debt obligations guaranteed by the state under
the KIIF Act. The support reflects the government's commitment to
expanding the entity's scale and scope of operations.

S&P believes KIIFB's board structure reflects the highest level of
commitment and tight link with the state government. The
government appoints KIIFB's chief executive officer and most of
the board of directors. KIIFB is the only state government-related
entity (GRE) that has its chief minister, finance minister, budget
secretary, finance secretary, and chief secretary of the state on
the board. The chief minister is the chairman of the board while
the minister of finance heads the executive committee. The
presence of top government officials heightens the reputational
risk for the government if KIIFB were to fail in meeting its debt
obligations.

The government has in place the escrow mechanism to ensure tax
revenue due to KIIFB from the government is received in a timely
manner. This is on top of ongoing support mainly through regular
capital infusions and loan guarantees.

The Kerala government has clear processes and procedures to enable
effective governance, monitoring, and control over the GRE. S&P
said, "In our experience, the safeguards and support mechanisms
deployed by Kerala for KIIFB are more than what we have generally
observed in state GREs in India. The government has the
administrative capacity and mechanism for responding to KIIFB's
financial distress in a timely manner. The Fund Trustee and
Advisory Commission (FTAC) is an additional oversight mechanism
the Kerala government created under the legislative framework of
KIIF. We believe this additional feature, besides the usual
oversight by Bureau of Public Enterprises, will help ensure that
investments of the fund are ring-fenced, in line with the intent
of the Act, and that there is no diversion of funds." Notably, the
three-man FTAC is headed by eminent central officials -- the
former comptroller and auditor-general of India, former deputy
governor of the Reserve Bank of India (RBI), and a retired
executive director of the RBI.

S&P believes the strength of government support for KIIFB at this
stage offsets uncertainties relating to the company's financial
position. KIIFB's importance to the government of Kerala, at least
over the next few years, is likely to translate into funding
support should the entity encounter difficulty in servicing its
debt obligations. In addition, the constraint of fiscal rules on
Kerala to increase direct funding toward much-needed capital
investment will provide a strong reason for the Kerala government
to support KIIFB.


LAVASA CORP: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Lavasa Corporation Limited
        Hincon House Lal Bahadur Shastri Marg Vikhroli West
        Mumbai City MH 400083 IN

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Devendra Prasad

Interim Resolution
Professional:            Devendra Prasad
                         Flat-1304. A Wing, Raheja Ridgewood
                         Near Nesco, Goregaon (East)
                         Mumbai City
                         Maharashtra 400063
                         E-mail: dp197509@gmail.com

                            - and -

                         BDO Restructuring Advisory LLP
                         Level 9, The Ruby, N W Wing
                         Senapati Bapat Marg
                         Dadar (W), Mumbai 400028, India
                         E-mail: irplavasa@bdo.in

Classes of creditors:    Allottees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Senapati Varaha Satyanarayana
                         Sudip Bhattacharya
                         Immaneni Eswara Rao

Last date for
submission of claims:    September 14, 2018


LOTUS SHOPPING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Lotus Shopping Centres Private Limited
        Door No.15-8-441/50, Shop No.46, 1st Floor
        Yenepoya Mall, Kadri Road Mangalore Dakshina
        Kannada KA 575003 IN

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Sundaresh Bhat

Interim Resolution
Professional:            Mr. Sundaresh Bhat
                         BDO India LLP
                         The Ruby-Level 9
                         NW Wing Senapati Bapat Marg
                         Dadar West, Mumbai 400028 India
                         E-mail: sundaresh55@yahoo.com

                            - and -

                         BDO Restructuring Advisory LLP
                         The Ruby-Level 9, NW Wing Senapati Bapat
                         Marg, Dadar West, Mumbai 400028 India
                         E-mail: irp.lotus@bdo.in

Last date for
submission of claims:    September 13, 2018


MAROLI NH: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Maroli NH Road
Private Limited's (MNRPL) senior project bank loan as follows:

-- USD3.9 mil. (INR223.9 mil.) Senior project bank loan*
    downgraded with IND BB/Negative rating.

* Outstanding INR179.3 million on September 17, 2018

PROJECT PROFILE

MNRPL is a special purpose vehicle promoted by Relcon
Infraprojects Ltd (Relcon). It has been incorporated to implement
the two-laning of NH Maroli section (0.70km to 15.60km) on
National Highway 8 in Gujarat under a design, build, finance,
operate and transfer (annuity basis) model. The 13-year concession
has been awarded by the Roads and Buildings Department, the
government of Gujarat (GoG). Relcon has over three decades of
experience in the civil construction industry, especially roads
and buildings.


MOODS HOSPITALITY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Moods Hospitality Private Limited
        Regional Office:
        House No. 1A, Basement, Khirki Village
        New Delhi
        South Delhi DL 110017

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Akhil Goel

Interim Resolution
Professional:            Akhil Goel
                         F-224-A, Laxmi Nagar, Delhi 110092
                         E-mail: akhilgoelca1982@gmail.com

Last date for
submission of claims:    September 13, 2018


MILLENNIUM APPLIANCES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Millennium Appliances India Limited
        2275, Adate Bazar
        Ahmednagar 414001

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA. Avil Menezes

Interim Resolution
Professional:            CA. Avil Menezes
                         403, Crescent Business Park, Sakinaka
                         Telephone Exchange Lane, Sakinaka Andheri
                         East, Mumbai 400072, Maharashtra
                         E-mail: avil@caavil.com
                                 irp.millennium@gmail.com

Last date for
submission of claims:    September 20, 2018


RATTAN INDIA: Power Finance Files Insolvency Bid vs. Firm
---------------------------------------------------------
BloombergQuint reports that state-owned Power Finance Corp. has
filed an insolvency plea against Rattan India Power Ltd., formerly
known as Indiabulls Power, in the National Company Law Tribunal to
recover unpaid loans.

BloombergQuint relates that a two-member bench of NCLT on
Sept. 18 adjourned the matter to Nov. 26 as the Supreme Court has
ordered a status quo in insolvency pleas against power companies.
PFC has also moved insolvency plea against another firm Rattan
India Nashik Power, the report says.

According to BloombergQuint, Rattan India has defaulted on loans
to the tune of INR20,000 crore. The group has two integrated
thermal power plants at Nashik and Amravati in Maharashtra.

On Sept. 11, the apex court had asked the banks not to file any
insolvency cases until November when it would hear the matter, the
report states.

However, the counsel appearing for PFC said that it moved NCLT on
the same day before the order was passed by the apex court and it
was listed for hearing on Sept. 18, adds BloombergQuint.

Rattan India Power Ltd. engages in power generation, distribution,
trading and transmission, and other ancillary and incidental
activities in India.


SANGANI INFRASTRUCTURE: Ind-Ra Assigns BB Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sangani
Infrastructure India Pvt. Ltd (SIIPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating;

-- INR250 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating; and

-- INR203.8 mil. Long-term loan due on April 2020 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect the low track record (three years) of SIIPL in
executing contracts for the different departments of the Gujarat
government. Until July 2018, SIIPL had completed only five
projects for the state government. At present, the company has a
large pending government work order of INR1,516.86 million that
needs to be completed by end-2019. Any delay in project execution
may affect SIIPL's liquidity position.

The ratings, however, are supported by the promoters' two decades
of experience in completing several residential and commercial
projects.

The ratings are also supported by low time and cost overrun risks
posed by its two ongoing residential projects (Dove Deck and
Sangani Skyz), given 78.35% of the total construction work is
completed. Dove Deck and Sangani Skyz are likely to be completed
by FYE19 and 9MFYE19, respectively. Considering the majority of
the construction work is completed, SIIPL's operating cost is
likely to be low in FY19 and FY20. This will help in strengthening
SIIPL's cash flow position. Thus, SIIPL's debt service coverage
ratio is likely to be strong at above 3.0x in FY19.

The ratings benefit from the fact that 75.99% of the total
advances have already received from both projects so far.

The ratings also benefit from the strategic location of both
projects in Ahmedabad and Vadodara in proximity to schools,
colleges, hospitals, markets and others.

RATING SENSITIVITIES

Positive: The successful execution of the government project will
lead to a positive rating action.

Negative: Any delay in the construction of its real estate
projects and any delay in the execution of its government order,
leading to any liquidity stress, may lead to negative rating
action.

COMPANY PROFILE

SIIPL was incorporated in 2007 in Ahmedabad to undertake the
development of residential and commercial projects in and around
Gujarat. In addition, the company executes building construction
government contracts. Its promoters are Mr. Hanubhai Sangani, Mr.
Arvindbhai Sangani, Mr. Bhanubhai Sangani and Mr. Rakesh Kumar
Limbasia.


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

The instrument-wise rating actions are:

-- INR149.9 mil. Fund-based working capital limits (long-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR190 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND C (ISSUER NOT COOPERATING)
    rating;

-- INR317 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND C (ISSUER NOT COOPERATING)
    rating; and

-- INR663.8 mil. Term loans maintained in Non-Cooperating
    Category with IND C (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 1, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SECL Industries is engaged in the civil construction business as a
government contractor.


SIMBHAOLI SUGARS: OBC Seeks Insolvency Process Against Firm
-----------------------------------------------------------
moneycontrol.com reports that Oriental Bank of Commerce has
approached the National Company Law Tribunal (NCLT) to initiate
insolvency proceedings against debt-ridden Simbhaoli Sugars.

According to the report, the sugar company said the OBC has filed
an application with the NCLT, Allahabad seeking initiation of the
corporate insolvency resolution process under section 7 of the
Insolvency and Bankruptcy Code, 2016.

SBI, PNB, Bank of Baroda, ICICI Bank, Exim Bank are among 12 other
bankers of the company, the report says.

The company had posted a net loss of INR180.39 crore during the
2017-18 fiscal. During the April-June quarter of the current
fiscal, the net loss was INR1.44 crore, moneycontrol.com
discloses.

Simbhaoli Sugars, one of the largest sugar mills in India, has
sugar units in Uttar Pradesh and Gujarat.


SUNIL HITECH: NCLT Admits American Express Insolvency Bid
---------------------------------------------------------
Sunil Hitech Engineers Ltd. said that the petition filed by
American Express Banking Corp. under the Insolvency And Bankruptcy
Code 2016 before the National Company Law Tribunal has been
admitted.

"It is further informed that the Interim Resolution Professional
(IRP) has taken over the control and custody of assets of the
company," Sunil Hitech said in a regulatory filing.

"It is also informed that a public notice for the creditors of the
Company under Regulation 6 of the Insolvency and Bankruptcy Board
of India (Insolvency Resolution Process for Corporate Persons)
Regulations 2016 has been issued by the IRP in Financial Express
on September 13, 2018."

The Times of India relates that Sunil Hitech had blamed delay in
realizing its dues from government agencies and other corporate
giants for the situation.

Sources in the company's top management told TOI that Sunil Hitech
is awaiting payments from the ministry of road transport and
highways (MORTH), NTPC, BHEL and even Mahagenco. "The delay has
hit liquidity due to which the company has failed to honour its
liabilities," the source told TOI.

Sunil Hitech has defaulted on dues worth INR45 crore to American
Express following which an insolvency petition was moved last
week, TOI notes.


WINSOME INT'L: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Winsome
International 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
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR160 mil. Fund-based limits (Long-term/Short-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Winsome International, a public limited company, manufactures jute
at its unit in Muktapur, Bihar, which has 400 narrow looms with
5,420 spindles.



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


ABM INVESTAMA: Moody's Alters Outlook to Neg. & Affirms Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service has revised ABM Investama Tbk (P.T.)'s
ratings outlook to negative from stable.

At the same time, Moody's has affirmed the company's Ba3 corporate
family rating and the Ba3 senior unsecured rating on its $350
million notes due 2022.

RATINGS RATIONALE

"The change in ABM's ratings outlook to negative reflects mounting
operational difficulties in its core businesses which has been
evidenced by materially weaker-than-expected earnings growth over
recent quarters," says Maisam Hasnain, a Moody's Analyst. "We
expect that earnings growth will continue to trend weaker than
expected over the course of 2019, based on the company's current
trajectory and our expectations for coal prices. This will lead to
weaker credit metrics for the ratings," adds Hasnain, also Moody's
lead analyst for the company.

This is primarily because of: (1) increase in operating costs and
slightly lower overburden removal volumes at its mining services
business, and (2) lower production and higher mining costs at its
largest mine, PT Tunas Inti Abadi (TIA), which is nearing the end
of its reserve life.

As a result of these challenges, ABM's adjusted EBITDA, excluding
its unrestricted power subsidiaries, has increased only slightly
to around $150 million for the 12 months ended June 30, 2018 from
around $140 million in 2016 despite a considerable increase in
benchmark Newcastle thermal coal prices during this period.

To counter the lower production at TIA, ABM plans to ramp up
volumes at its 70%-owned mining subsidiary, PT Mifa Bersaudara
(MIFA), to 10 million tons a year from the five million tons
expected in 2018. However, at 3,400 kcal/kg, MIFA sells lower
calorific value coal than TIA's 4,200 kcal/kg, and generates lower
cash profit. MIFA also has a shorter track record of ramping up
production and consequently will raise the potential for increased
execution risk.

In addition, Moody's notes that based on current production
levels, TIA reserves will be depleted by 2021, prior to the
maturity of ABM's $350 million bond due August 2022.

"ABM remains committed to acquiring a majority stake in a mine
with similar coal quality and location to TIA by the end of this
year, though details of potential targets remain uncertain. The
ratings could be further pressured should this process prove to be
protracted and replacement of dwindling reserve life be delayed
from our expectations, " adds Hasnain.

Despite the challenges that the company faces, ABM's Ba3 corporate
family rating continues to reflect its track record of maintaining
stable performance through the cycle, supported by its integrated
operations. ABM's subsidiaries are involved across multiple stages
of the coal supply chain, and the group benefits from synergies
through the ownership of the supply chain from pit to port.

The negative ratings outlook reflects ABM's weakening business
profile and operational challenges at its core operations, as the
coal reserve life at its TIA mine continues to decline, and as the
uncertainty continues over ABM's ability to acquire suitable coal
assets to increase production and extend its limited mine reserve
life.

Upward ratings pressure is unlikely, given the negative ratings
outlook. Nevertheless, the outlook could revert to stable if ABM
revives operations to improve earnings and cash flows, and
increases its reserve life, while maintaining prudent financial
policies.

Credit metrics - excluding unrestricted subsidiaries - indicative
of a change in the ratings outlook to stable include adjusted
debt/EBITDA below 3.5x and adjusted EBIT/interest above 2.0x on a
sustained basis.

On the other hand, Moody's could downgrade the ratings if: (1) the
company is unable to rectify its operational challenges/fails to
improve consolidated earnings and cash flow; or (2) ABM fails to
extend its mine life in the near term and/or increase its coal
production volumes; or (3) there is evidence of cash leakage to
its unrestricted power subsidiaries.

Specific quantitative indicators Moody's may consider in
downgrading the ratings include adjusted debt/EBITDA above 3.5x
and adjusted EBIT/interest below 2.0x.

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

Listed on the Indonesian stock exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in
coal mining, mining services, engineering and logistics, and power
generation.

The Hamami family controls 78% of ABM through PT Tiara Margo
Trakindo (23%) and Valle Verde PTE LTD (55%). The remaining shares
are held by the public.



===============
M O N G O L I A
===============


CAPITAL BANK: Moody's Withdraws Caa1 LT Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings and
assessments of Capital Bank LLC (Capital Bank):

  - Baseline Credit Assessment (BCA) of caa1

  - Adjusted BCA of caa1

  - Long-term Counterparty Risk Assessment of B3(cr)

  - Short-term Counterparty Risk Assessment of NP(cr)

  - Foreign currency and local currency long-term Counterparty
    Risk Ratings of B3

  - Foreign currency and local currency short-term Counterparty
    Risk Rating of NP

  - Local currency long-term deposit rating of Caa1

  - Foreign currency long-term deposit rating of Caa1

  - Foreign currency and local currency short-term deposit
    ratings of NP.

At the time of withdrawal, the outlook on local currency long-term
deposit rating was positive and the outlook on foreign currency
long-term deposit rating was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support
the maintenance of the ratings.

Capital Bank LLC, headquartered in Ulaanbaatar, had total assets
of MNT745.6 billion (USD374.1 million) as of December 31, 2015.
Capital Bank was 99.97% owned by the Mongolian conglomerate
Bishrelt Group LLC as of the end of 2015.



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


EBERT: Talks Ongoing for New Builder at 153-unit Union Green
------------------------------------------------------------
          Anne Gibson at The New Zealand Herald reports that
negotiations are under way for a new contractor at the Union Green
development on the CBD fringe after main contractor Ebert was
placed in receivership.

NZ Herald relates that since the start of last month, the 153-unit
apartment project at the Union St/Cook St corner has lain idle
after the receivership of its main contractor, dashing buyers'
hopes as they saw no action on the property.

But negotiations are under way for a new contractor to finish the
job, the report says.

According to the report, Farhad Moinfar, whose Myland Partners is
developing the site at 39 Union St site near Spaghetti Junction,
said he hoped work would resume there soon.

"Dominion Constructors have been engaged by us as preferred
contractors, subject to contractual terms being agreed to complete
the project," the report quotes Mr. Moinfar as saying. "All going
to plan, construction could resume in October."

In early August, builder Ebert went into receivership, shutting a
number of large jobs including Union Green where workers were
later able to retrieve equipment and tools.

Precisely when the apartments will be finished remains uncertain,
the report says.

NZ Herald relates that Mr. Moinfar said discussions on the
completion programme formed part of the contract negotiations now
ongoing with Dominion.

"We will advise buyers on revised completion date once this
process has concluded. There's still a lot of work before we can
absolutely confirm a re-start on the site but it's certainly
looking positive," he said.

Prices could not be increased due to pre-sale agreements, he said,
the report relays.

Early last month, Mr. Moinfar said the project was approximately
half-finished, with work up to level six on the 12-level tower.
Equipment was being removed from the site by contractors after the
receivership was announced - a bad omen for apartment buyers,
hoping the project would re-start and be finished so they can
settle their purchases, the report says.

Mr. Moinfar said last month there had been no problems with the
contract. Deposits had been paid on about 95 per cent of
apartments which sold "from the high NZ$400,000s through to the
low millions."

A PwC spokeswoman said on Sept. 19 no new update on Ebert's
receivership could be provided. But the statutory report would be
out in about a fortnight, providing extensive information on
Ebert's situation, NZ Herald notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2018, NZ Herald said Ebert Construction has gone
into receivership with debts of around NZ$40 million, and the
future of its 95 staff is in jeopardy with wages being paid day-
to-day.  The firm's 15 building contracts - as well as work and
payment of dozens of subcontractors - also now hangs in the
balance, the report said.



===============
P A K I S T A N
===============


* PAKISTAN: National Grid is Bankrupt, Engro Corp CEO Says
----------------------------------------------------------
Chris Kay and Faseeh Mangi at Bloomberg News report that
Pakistan's distribution and transmission network is bankrupt,
Shamsuddin Shaikh, the chief executive officer of Engro Corp.'s
energy arm.

Bloomberg relates that in Pakistan's Tharpakar desert, Chinese and
Pakistani workers toil in the blistering heat to complete the
construction of a massive open pit coal mine and an adjacent 660
megawatt power plant four months before schedule. The roadblocks
will come soon after.

When Engro Corp., one of Pakistan's largest conglomerates, which
is partnering with China, begins generating electricity from the
plant in December it will hit a distribution and transmission
network that is essentially "bankrupt," according to Shaikh.

"The system has already collapsed, really the system is just
existing because the government every few months will churn out
some money, dole out some money and the system keeps on working,"
Bloomberg quotes Shaikh as saying in an interview. "Lots of
overhauling is required. Distribution needs to be improved, the
theft needs to be removed from the system."

Pakistan, which is facing a financial crisis and may need a
bailout, has added half of its power generating capacity in the
past five years with Chinese help but a weak distribution network
means companies and households are still bereft of electricity,
according to Bloomberg. Prime Minister Imran Khan faced immediate
complaints after he was elected premier by lawmakers last month
when the nation's largest city Karachi was hit by an all-night
blackout, Bloomberg says. Residents in the metropolis of more than
15 million took to Twitter to vent anger at the local distribution
company K-Electric Ltd. and mock Khan's promise of a "naya" or new
Pakistan.

Bloomberg says widespread theft, along with a bloated debt and
imbalanced payments system, are the major causes of Pakistan's
electricity challenge. Bloomberg relates that government-mandated
tariffs aren't high enough to recover costs and subsidies are
rarely paid on time, leading to what is known locally as circular
debt that has accumulated to about 1.2 trillion rupees ($9.7
billion), according to the finance ministry.

"It's not possible for anybody to give that money, they have to
improve the system," Shaikh, as cited by Bloomberg, said. "They
need to privatize the distribution system, they just cannot go on
like this."

According to Bloomberg, Khan's government, which is facing a
potential bailout from the International Monetary Fund, has
pledged to reduce that debt by fixing the aging transmission
network and limit distribution losses. His Movement for Justice
party said in its election manifesto that it would support the
expansion of Engro's Thar coal project, as well as renewable power
generation.

However, Khan's administration has already ruled out selling its
loss-making state corporations after previous governments failed
to make headway because of strident unions or financial
mismanagement at the companies, Bloomberg relates. Karachi's K-
Electric is Pakistan's only privatized distribution company and
managed to stem outages by implementing a strict billing and
collection system since 2008 -- though it still faces challenges
from circular debt and an aging grid that has yet to be
significantly revamped, Bloomberg relays.

Bloomberg says Engro's coal power project is part of a wider wave
of Chinese-constructed plants across the country raising
generation that has helped the nation add 11,000 megawatts in the
past five years to combat Pakistan's continual blackouts. China is
financing infrastructure projects worth about $60 billion as part
of the Belt and Road initiative and has increased Pakistan's
machinery imports. That has exacerbated Pakistan's financial
crisis as the nation's current-account deficit continues to widen,
relates Bloomberg.

Engro, which was previously owned by Exxon Mobil Corp., is looking
to expand in the power sector. The coal project will continue
expanding in phases with investments reaching as much as $9
billion by 2024, making it the biggest project in terms of cost
while it plans to bid for wind and hydro projects.

"We are seriously looking into those projects," Shaikh said.
"Pakistan doesn't have a generation problem, it's more a
transmission, evacuation and distribution problem and we at Engro
are looking into these things."



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S I N G A P O R E
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JUBILANT PHARMA: Fitch Affirms BB- LT IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Singapore-based Jubilant Pharma
Limited's (JPL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB-'. The Outlook is Stable. The agency has also
affirmed JPL's senior unsecured rating and the rating on its
USD300 million 4.875% senior unsecured notes due 2021 at 'BB'.

JPL's ratings reflect moderate linkages with its parent, Jubilant
Life Sciences Limited (JLS), which has a weaker credit profile on
account of lower profitability and commodity-price driven
volatility in its life-science chemicals business. JPL enjoys a
favourable market position in its speciality pharmaceutical-
focused segments, such as radiopharma and contract manufacturing
of sterile products. The company has maintained a solid regulatory
record with the US Food and Drug Administration (USFDA), which
Fitch believes mitigates the risks associated with the small size
of its operations.

The Stable Outlook underscores Fitch's expectation that JPL's
speciality pharmaceuticals-focused segments will help to
counterbalance ongoing pricing pressure in the US generic
pharmaceuticals market and support management's strategy to
further reduce debt, even as the company aims for selective
capacity expansion across businesses. Fitch also expects JLS's
largely commoditised chemicals business to remain stable after its
improved operating performance in financial year ended March 2018
(FY18).

KEY RATING DRIVERS

Moderate Parent Linkages; Bond Above IDR: JPL's IDR is based on
its parent's consolidated profile, as Fitch assesses moderate
linkage between the two entities due to management control,
commonality and JLS's access to its key operating subsidiary's
cash and cash flow. JLS's life-science ingredient business has
strong positions in some products - such as pyridines, acetyls and
niacinamide - and its backward integration provides a cost
advantage against some peers. However, Fitch believes JLS has a
weaker credit profile than JPL due to volatile cash flow on
account of the commodity nature of its products and intense
competition.

The rating on the bond is above the IDR to reflect lower secured
debt at JPL and direct recourse to JPL's cash flow and assets.
JPL's ratio of secured and prior-ranking debt/EBITDA dropped to
below 0.1x in FY18, from more than 1.5x in FY16, post the
refinancing of secured debt from the October 2016 bond issue. In
addition, the bond's indenture restricts the amount of prior-
ranking debt.

Robust Speciality Segment Positioning: JPL's scale and
diversification is smaller compared with larger generic
pharmaceutical companies. Nonetheless, Fitch believes its focus on
speciality pharma segments, such as nuclear imaging, contract
manufacturing of sterile products and allergy therapy (which
contributed more than 85% of pharma EBITDA in FY18) limits its
exposure to ongoing pricing pressure in the US generics
pharmaceutical market. JPL's Draximage business is the third-
largest participant by sales in North America's small nuclear
imaging market. Similarly, JPL is among the leading contract
manufacturing organisations in North America for sterile
injectables.

Healthy Pipeline to Support Growth: JPL's Draximage business is
well positioned to maintain its robust growth profile with limited
competition and a healthy pipeline of radiopharma products. The
ramp-up of Ruby Fill - an infuser device used for heart imaging
launched in 1QFY18 - has been slow compared with Fitch's
expectations, in part due to challenge from the incumbent leader.
However, Fitch expects a gradual pick-up over the next few years,
as Ruby Fill is the first new product launched in this segment in
nearly 25 years and offers significant patient safety-related
advantages over the competitor's existing alternative. JPL
estimates the product's market size to be around USD60-70 million.

The order book for JPL's contract manufacturing business remains
robust, reflecting favourable industry conditions. The business
enjoys a high degree of stickiness in its customer base, which
mainly comprises large pharmaceutical companies that are focused
on quality standards rather than costs. JPL's generics formulation
business has adequate off-patent abbreviated new drug application
filings - 60 approved and 35 pending as at end-June 2018 - to
counter competitive pressure on its portfolio.

Sustained Improvement in Financial Profile: JLS's consolidated FFO
adjusted gross leverage improved to 3.3x in FY18 (FY17: 3.9x), as
sustained growth in JPL's speciality pharmaceutical-focused
segments - such as radiopharma and contract manufacturing of
sterile products - and improved performance in its life-sciences
business supported healthy free cash generation and debt
reduction. Fitch expects JLS's leverage to fall below 2.5x, a
level where Fitch would consider positive rating action, by FY21.

Fitch believes JPL's favourable positioning in speciality
pharmaceutical segments and healthy pipeline will support growth
in its pharma business. Fitch also expects steady performance in
the life-sciences business owing to favourable market conditions,
particularly for its acetyls and ethanol businesses, and
investments that will support capacity expansion and backward
integration. These factors should allow for adequate operating
cash flow growth that will cover JLS's upwardly revised expansion
capex and lead to sustained free cash generation.

Regulatory Risks; Adequate Record: JPL has maintained a continued
strong regulatory record since the successful resolution of USFDA-
related issues in 2014-2015. This helps to mitigate industry-wide
regulatory risks associated with non-compliance with USFDA-
stipulated manufacturing norms, which appear more pronounced for
JPL due to its small size and lower number of production
facilities.

DERIVATION SUMMARY

JPL has smaller scale and geographic diversification than larger
generic pharmaceutical companies, such as Mylan N.V. (BBB-/Stable)
and Teva Pharmaceutical Industries Limited (BB/Negative). JPL's
rating also factors in its parent's focus on life-science chemical
products, which are commodities in nature and thus exposed to
competition and price volatility. These factors are partly
counterbalanced by acquisition-led higher leverage of the larger
peers, particularly in the case of Teva, as Fitch expects its
leverage to remain elevated due to continued pricing pressure on
generic drugs in the US.

Glenmark Pharmaceuticals Ltd (BB/Stable) has a larger and more
geographically diversified pharma business compared with JPL, but
JPL benefits from a greater presence in specialty pharmaceuticals,
which limits its exposure to ongoing pricing pressure in the US
generic pharmaceutical market. JPL also has a better deleveraging
profile, which partly counterbalances the weakness from its
parent's chemicals business.

Ache Laboratorios Farmaceuticos S.A. (BB/Stable) benefits from a
bigger scale, solid market positioning and a stronger financial
profile, although Brazil's Country Ceiling of 'BB' constrains its
rating.

KEY ASSUMPTIONS

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

  - JLS revenue growth of around 21% in FY19 with full-year
revenue from its Triad acquisition and 8%-9% thereafter, supported
by a healthy pharma pipeline and capacity expansion across
businesses.

  - EBITDA margin to decline to about 17% in FY19 (FY18: 18%),
reflecting the addition of full-year Triad revenue, then improve
to around 19% by FY21, supported by growth in speciality-pharma
segments while life-science margins normalise from FY18 levels.

  - Annual capex to average about INR7 billion over the medium-
term, reflecting selective capacity expansion plans across pharma
and life-science business segments.

  - Dividend payout to remain at less than 10% of net income.

RATING SENSITIVITIES

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

  - FFO adjusted gross leverage sustained at less than 2.5x
    (FY18: 3.3x).

  - Sustained free cash flow generation.

  - Sustained improvement in the operating profile of the
    life-science business.

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

  - Volatility in free cash flow generation due to a weak
    operating environment in life sciences or adverse USFDA
    actions.

  - Deterioration in FFO adjusted gross leverage to more than
    4.5x.

LIQUIDITY

Adequate Liquidity: JLS had an unrestricted cash balance of INR2.4
billion and undrawn credit facilities of INR2.8 billion as of
FYE18, which sufficiently covered INR4.2 billion in short-term
debt maturities. The company's liquidity profile is further
supported by Fitch's expectations of sustained positive free cash
flow generation in its rating case. There are no significant debt
maturities before FY22. Fitch expects JLS's healthy free cash
generation and improving leverage to support its refinancing
ability in FY22, when USD300 million of senior notes mature.



                             *********

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
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                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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