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

                      A S I A   P A C I F I C

           Monday, October 1, 2018, Vol. 21, No. 194

                            Headlines


A U S T R A L I A

BETTER GLASS: First Creditors' Meeting Set for Oct. 9
CARDINAL MUSIC: Second Creditors' Meeting Set for Oct. 8
CHOW BELLA: First Creditors' Meeting Set for Oct. 9
COOMBOONA HOLDINGS: May Have Traded While Insolvent
ELLAWAYS KEDRON: First Creditors' Meeting Set for Oct. 9

GLENFYNE FARMS: Second Creditors' Meeting Set for Oct. 9
IDEAL INTERIORS: Second Creditors' Meeting Set for Oct. 9
MESOBLAST LIMITED: MPC-150-IM Featured at Heart Disease Symposium
SUNSHINE FOODS: Second Creditors' Meeting Set for Oct. 8
TARACK HOLDINGS: First Creditors' Meeting Set for Oct. 11

UPCYCLE ONE: Ferrier Hodgson Appointed as Liquidators


C H I N A

GANSU GANGTAI: Defaults on Bond Payments for Second Time
GREENLAND HOLDING: S&P Alters Outlook to Stable & Affirms BB ICR


I N D I A

AEGAN INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
AMBAL VIDHYA: CRISIL Withdraws 'D' Rating on Company's Request
ANDREW YULE: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
APEX BUILDSYS: Insolvency Resolution Process Case Summary
ARCHIT PLYWOOD: ICRA Withdraws B Rating on INR4cr Cash Loan

ASHBEE INDUSTRIES: Insolvency Resolution Process Case Summary
BANSAL SPINNING: Ind-Ra Maintains BB+ Rating in Non-Cooperating
BERHAMPUR FINANCE: Insolvency Resolution Process Case Summary
BTM INDUSTRIES: Insolvency Resolution Process Case Summary
CANBUILD PRECAST: Insolvency Resolution Process Case Summary

CE INDIA: Insolvency Resolution Process Case Summary
CHANDRA ROYAL: Insolvency Resolution Process Case Summary
CHEMPHARM INDUSTRIES: Insolvency Resolution Process Case Summary
DEVDHAR RICE: Ind-Ra Maintains B- Rating in Non-Cooperating
DIAMOND POWER: Insolvency Resolution Process Case Summary

EXIT 10: Insolvency Resolution Process Case Summary
FARMVILLE AGROVET: Insolvency Resolution Process Case Summary
FEEDATIVES PHARMA: Insolvency Resolution Process Case Summary
FLORIND SHOES: Insolvency Resolution Process Case Summary
GANGAKHED SUGAR: Ind-Ra Maintains 'D' Rating in Non-Cooperating

GRACE SUPPLIERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
GROWELL CNC: Ind-Ra Maintains B- Issuer Rating in Non-Cooperating
HT GLOBAL: Fitch Affirms 'BB-' LongTerm Issuer Default Ratings
IL&FS ENVIRONMENTAL: Ind-Ra Lowers LT Issuer Rating to 'BB'
INDIA GOLF: ICRA Lowers Rating on INR16cr Term Loan to D

IREO PRIVATE: ICRA Lowers Rating on INR420.69cr Loan to D
JAGSON INT'L: Insolvency Resolution Process Case Summary
JANARDAN NIRMAN: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
JASPER ENGINEERS: Insolvency Resolution Process Case Summary
JEYENKAY PETROGELS: ICRA Lowers Ratings on INR18cr Loans to D

JVR FORGINGS: Insolvency Resolution Process Case Summary
KAMALA BOARD: ICRA Maintains B+ Rating in Not Cooperating
KKRC INFRASTRUCTURE: ICRA Maintains B Rating in Not Cooperating
KOLKATA CONDUCTOR: Insolvency Resolution Process Case Summary
KORBA WEST: Insolvency Resolution Process Case Summary

LAXMIKANT COTTON: ICRA Reaffirms B Rating on INR5.0cr Loan
K.T.C. FOODS: Insolvency Resolution Process Case Summary
MA SARADA: ICRA Maintains D Rating in Not Cooperating Category
MADHYA BHARAT: Insolvency Resolution Process Case Summary
MAGMA AUTOLINKS: Insolvency Resolution Process Case Summary

MAHARASHTRA SHETKARI: Insolvency Resolution Process Case Summary
MAXIM INFRA: Insolvency Resolution Process Case Summary
MELSTAR INFORMATION: CRISIL Moves D Rating to Not Cooperating
MILLENIUM APPLIANCES: Insolvency Resolution Process Case Summary
MILLENIUM WIRE: Insolvency Resolution Process Case Summary

MRO-TEK REALTY: ICRA Reaffirms B+ Rating on INR10cr Loan
N.S.R. MILLS: CRISIL Withdraws B Rating on INR4.2cr Term Loan
P K OVERSEAS: Ind-Ra Retains BB Issuer Rating in Non-Cooperating
PARKER TILES: CRISIL Lowers Rating on INR13cr Loan to D
PAUL ALUKKAS: Ind-Ra Maintains B Issuer Rating in Non-Cooperating

PETRO & AGROWAYS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
PRIORITY MARKETING: Insolvency Resolution Process Case Summary
PROJECT MASTER: Insolvency Resolution Process Case Summary
RIYA IMPEX: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
S.S. CONSTRUCTIONS: CRISIL Lowers Rating on INR4cr Loan to D

SAI ENTERPRISES: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
SCOD 18: Insolvency Resolution Process Case Summary
SHAIFALI ROLLS: Insolvency Resolution Process Case Summary
SHANTINIKETAN ASHRAYA: CRISIL Withdraws B+ Rating on INR10cr Loan
SHAVETA GOLDEN: Insolvency Resolution Process Case Summary

SHEKHAR RESORTS: Insolvency Resolution Process Case Summary
SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr Loan
SHANKAR RICE: ICRA Maintains B+ Rating in Not Cooperating
SHREE SUBHLAXMI: CRISIL Maintains D Rating in Not Cooperating
SHUBH SWASTIK: ICRA Migrates B Rating to Not Cooperating

SKI HIMALAYAS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
SMAAT INDIA: Insolvency Resolution Process Case Summary
SREENAGAR COLD: ICRA Withdraws B Rating on INR7.12cr Loan
SRI ADHIKARI: CRISIL Migrates D Rating to Not Cooperating
SRI LAXMI: ICRA Reaffirms 'B+' Rating on INR6.60cr Loan

SRI SARASWATHI: CRISIL Maintains B+ Rating in Not Cooperating
SSMP INDUSTRIES: Insolvency Resolution Process Case Summary
SUJATHA FEEDS: CRISIL Maintains D Rating in Not Cooperating
SUNDARAM MULTI: CRISIL Migrates 'D' Ratings to Not Cooperating
SUNIL HITECH: Insolvency Resolution Process Case Summary

SVL LIMITED: Insolvency Resolution Process Case Summary
TANISHKA AGRO: Insolvency Resolution Process Case Summary
TRISHUL ELECTRIC: Insolvency Resolution Process Case Summary
TWENTY FIRST: Insolvency Resolution Process Case Summary
U R AGROFRESH: Ind-Ra Lowers Long Term Issuer Rating to 'D'

ULTIMO FABRICS: Insolvency Resolution Process Case Summary
UTTARA FOODS: ICRA Keeps D on INR265cr Loans in Not Cooperating
VANSHIKA SUGAR: ICRA Migrates B+ Rating to Not Cooperating
VEER GURJAR: Insolvency Resolution Process Case Summary
VELOHAR INFRA: Insolvency Resolution Process Case Summary

VIJAY VELAVAN: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
VISAKHA TRADES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
WEST BENGAL MINERAL: Insolvency Resolution Process Case Summary
WHITEGOLD CERAMICS: ICRA Withdraws B- Ratings on INR4.89cr Loans
WIOSKA MOLDINGS: Insolvency Resolution Process Case Summary


N E W  Z E A L A N D

MAHANA ESTATES: Placed Into Receivership


S I N G A P O R E

OBIKE: More Than 58,000 oBikes Removed From Public Spaces


                            - - - - -


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BETTER GLASS: First Creditors' Meeting Set for Oct. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Better
Glass and Glazing Pty Ltd will be held at the offices of Nicols +
Brien at Level 2, 70 Market Street, in Wollongong, NSW, on Oct.
9, 2018, at 11:00 a.m.

Ryan Bradbury of Nicols + Brien was appointed as administrator of
Better Glass on Sept. 27, 2018.


CARDINAL MUSIC: Second Creditors' Meeting Set for Oct. 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of Cardinal
Music Pty Ltd has been set for Oct. 8, 2018, at 11:00 a.m. at
Level 19, 207 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 5, 2018, at 4:00 p.m.

Barry Anthony Taylor and Todd Andrew Gammel of HLB Mann Judd were
appointed as administrators of Cardinal Music on Aug. 31, 2018.


CHOW BELLA: First Creditors' Meeting Set for Oct. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Chow Bella
Group Pty Ltd will be held at the offices of PKF at Suite 1,
Level 8, 1 O'Connell Street, in Sydney, NSW, on Oct. 9, 2018, at
10:00 a.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Chow Bella on Sept. 26, 2018.


COOMBOONA HOLDINGS: May Have Traded While Insolvent
---------------------------------------------------
Colin Kruger, Darren Gray & Patrick Hatch at SmartCompany report
that Harvey Norman founder Gerry Harvey has reached an agreement
with the creditors of its failed dairy investment, Coomboona
Holdings, that will avoid liquidation and any further questions
about whether the company traded while insolvent.

A report from the administrators, led by Stewart McCallum from
Ferrier Hodgson, said the group was "potentially insolvent from
mid-March 2018," SMH relays.

Coomboona's directors, including Mr. Harvey, agreed to appoint
administrators on March 23.

According to SMH, Mr. Harvey said he did not believe it had
traded while insolvent, and had not heard that allegation.

"I'm surprised because at no stage did I ever consider that we
were trading insolvent. I find it quite strange that someone
could suggest that," SMH quotes Mr. Harvey as saying.  "In
retrospect they might say - 'hang on, for one week in a certain
period you were trading insolvent', under the law maybe we were,
I don't know."

According to the report cited by SMH, NAB notified Coomboona on
March 15 of an event of default on its finance facilities, citing
the fact the group said it would not be able to pay its debts as
of March 16.

The agreement with creditors means Harvey Norman is close to an
exit from its failed dairy farming operation, SMH relates.

Mr. Harvey said it was good to put the saga behind him.

"Should never have done it. Bad mistake. Needed a kick in the bum
[for it]. But in the big picture, it makes no difference. But
it's an embarrassment," Mr. Harvey, as cited by SMH, said.

Under a deed of company arrangement (DOCA) that was expected to
be executed last week, unsecured creditors are expected to be
paid between 81 cents and 98 cents in the dollar, SMH discloses.
A second meeting of creditors voted for the DOCA at a meeting in
Melbourne in early September, SMH notes.

A buyer for the dairy operation is also expected to be announced
within weeks, SMH relays.

SMH adds that the meeting was told that the DOCA would provide
for AUD5 million that would be used "to firstly pay priority
(employee) creditors in full and thereafter to pay a priority
distribution to unsecured creditors". Whatever remains from the
proceeds of the sale of the dairy farm will pay down the secured
debts of Harvey Norman subsidiaries, which are owed AUD72.3
million, SMH relays.

In July, Harvey Norman told shareholders there could be a
shortfall of as much as AUD29.13 million on what it was owed, SMH
recalls.

Coomboona is a vast dairy enterprise across two farms in the
Goulburn Valley, covering about 4500 acres. The operation, which
is currently in the hands of administrators, employs about 60
staff and is continuing to operate.


ELLAWAYS KEDRON: First Creditors' Meeting Set for Oct. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ellaways
Kedron Pty Ltd will be held at the offices of Regus Brisbane
Level 22, 127 Creek Street, in Brisbane, Queensland, on
Oct. 9, 2018, at 9:00 a.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Ellaways Kedron on Sept. 26, 2018.


GLENFYNE FARMS: Second Creditors' Meeting Set for Oct. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Glenfyne
Farms International AU Pty Ltd has been set for Oct. 9, 2018, at
11:00 a.m. at the offices of Hall Chadwick Chartered Accountants
at Level 40, 2 Park Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2018, at 5:00 p.m.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of Glenfyne Farms on Sept. 7, 2018.


IDEAL INTERIORS: Second Creditors' Meeting Set for Oct. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ideal
Interiors (NSW) Pty. Ltd., trading as CM Joinery Aust, has been
set for Oct. 9, 2018, at 11:00 a.m. at the offices of Hall
Chadwick Chartered Accountants at Level 40, 2 Park Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2018, at 5:00 p.m.

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


MESOBLAST LIMITED: MPC-150-IM Featured at Heart Disease Symposium
-----------------------------------------------------------------
Mesoblast Limited's proprietary allogeneic mesenchymal precursor
cell (MPC) heart failure product candidate MPC-150-IM for use in
children with hypoplastic left heart syndrome (HLHS) was featured
at the First Cardiac Regenerative Symposium for Congenital Heart
Disease in Baltimore, Maryland on the weekend.  The symposium
focused on the potential for using cellular therapies in the
treatment of complex congenital heart conditions.

A randomized, placebo-controlled 24-patient trial is ongoing at
Boston Children's Hospital and combines an injection of MPC-150-
IM into the left ventricle with corrective heart surgery in
children under the age of five with HLHS.  To date there have not
been any cell-related safety concerns in the trial.
Consequently, this trial has the potential to extend the safety
profile of MPC-150-IM beyond adults, where it is being studied in
two complementary late-stage clinical trials in patients with
advanced and end-stage chronic heart failure, to children with
congenital heart disease.

Dr. Sitaram Emani, associate professor of Surgery at Harvard
Medical School and Director of the Complex Biventricular Repair
Program at Boston Children's Hospital, and the trial's principal
investigator, said: "We believe that a direct injection of
Mesoblast's cellular medicine into the hypoplastic left ventricle
as an adjunct to surgical rehabilitation has the potential to
promote growth and regeneration of that ventricle and recruit it
back into the circulation.  This provides a chance for the
patient with this congenital disease to regain normal two-
ventricle circulation commensurate with improved quality of life
and longevity."

The underlying mechanism of action by which MPC-150-IM is thought
to exert its therapeutic effects in both pediatric and adult
patient populations, based on preclinical evidence, is through
reduction of damaging inflammation, maturation of the
vasculature, reduction in fibrosis, and cardiac repair.

A Phase 2b trial comparing an injection of MPC-150-IM or placebo
into the left ventricle in 159 adult patients with end-stage
heart failure receiving a left ventricular assist device (LVAD)
implant completed enrollment in September 2017, with all patients
having a planned follow-up of at least one year.  The United
States Food and Drug Administration (FDA) has granted Mesoblast a
Regenerative Medicine Advanced Therapy (RMAT) designation for use
of MPC-150-IM in these patients based on prior Phase 2 trial
results showing improved heart function, prolonged time to re-
hospitalization and improved early survival after a single intra-
myocardial injection of Mesoblast's MPCs at the time of an LVAD
implant.  Full results of this Phase 2b trial will be presented
by the trial's independent investigators at an upcoming
conference.

A Phase 3 trial in approximately 600 patients with New York Heart
Association (NYHA) Class II/III chronic heart failure is also
being actively conducted in the United States, with over 85% of
patients enrolled.  The objectives of this Phase 3 events-driven
trial are to evaluate the ability of a single catheter-based
injection of MPC-150-IM to reduce heart failure-related major
adverse cardiac events (HF-MACE) in patients with left
ventricular dysfunction, as well as delay or prevent disease
progression to end-stage heart failure and terminal cardiac
events. In a prior Phase 2 trial, HF-MACE events were
significantly reduced by a single intra-myocardial injection of
MPC-150-IM.  This trial has previously been successful in a
futility analysis of the primary endpoint.

                         About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer  of innovative cell-based medicines.  The
Company has leveraged its proprietary technology platform to
establish a broad portfolio of late-stage product candidates with
three product candidates in Phase 3 trials - acute graft versus
host disease, chronic heart failure and chronic low back pain due
to degenerative disc disease.

Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can
be used off-the-shelf without the need for tissue matching.
Mesoblast has facilities in Melbourne, New York, Singapore and
Texas and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of
June 30, 2018, Mesoblast had US$692.4 million in total assets,
US$146.4 million in total liabilities and US$546.0 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended June 30, 2018.  The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


SUNSHINE FOODS: Second Creditors' Meeting Set for Oct. 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sunshine
Foods Co Pty Ltd has been set for Oct. 8, 2018, at 2:00 p.m. at
the offices of SV Partners, 22 Market 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 Oct. 5, 2018, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Sunshine Foods on Sept. 3, 2018.


TARACK HOLDINGS: First Creditors' Meeting Set for Oct. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tarack
Holdings Pty Ltd will be held at the offices of McLeod & Partners
at Level 9, 300 Adelaide Street, in Brisbane, Queensland, on
Oct. 11, 2018, at 11:00 a.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Tarack Holdings on Sept. 28, 2018.


UPCYCLE ONE: Ferrier Hodgson Appointed as Liquidators
-----------------------------------------------------
David Kidman of Ferrier Hodgson was appointed Liquidator of
Upcycle One Pty Ltd on Sept. 14, 2018.  The Liquidator's Initial
Notice to Creditors was issued on Sept. 27, 2018.

An investigation into the Company's affairs will be conducted and
a report on the progress of the Liquidator's investigations will
be provided to the Company's creditors within three months from
the date of appointment.



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GANSU GANGTAI: Defaults on Bond Payments for Second Time
--------------------------------------------------------
Reuters reports that Gansu Gangtai Holding Group Co Ltd, a
retailer of gold, gold artwork and gold jewellery, said it missed
a deadline for interest payments in the company's second default
on bond payments last week.

In a statement dated Sept. 27 but posted on the website of the
Shanghai Stock Exchange Sept. 28, Gangtai said it was unable to
pay interest and fees totalling CNY39 million (US$5.67 million)
for its CNY500 million 7.8 percent 2022 bond, Reuters discloses.

The payments were due Sept. 26, Reuters notes.

"Under the influence of financial deleveraging, our company has
exhibited a situation of insufficient liquidity since June of
this year, and has yet to achieve effective improvement," Gangtai
said in its statement, Reuters relays.

Reuters relates that earlier last week, Gangtai defaulted on bond
payments on a puttable bond after investors exercised options to
sell bonds back to the company, the bond's trustee said.

The company also said on Sept. 27 that it was being questioned by
the Shanghai Stock Exchange over reports of its involvement in a
false invoices case.

Reuters, meanwhile, reports that Dagong Global Credit Rating Co
Ltd said it had downgraded Gangtai's issuer credit rating from B
to C, and downgraded ratings on several of the company's bonds.
It had previously downgraded Gangtai to B from AA on Sept. 21.

Dagong defines an AA issuer rating as representing a "very low
risk of default," Reuters says.

Reuters notes that Chinese regulators took the rare step of
barring Dagong from taking on new securities rating business for
a year after finding the company had provided pricey consultation
services to firms it also issued credit ratings for.

China's credit ratings industry has a reputation for providing
favorable ratings for local issuers, downplaying risks, even as
some international watchdogs warn debt is at levels that could
trigger a financial crisis, Reuters states.

As of Sept. 27, 25 Chinese issuers had defaulted on 51 bonds
worth a combined CNY60.1 billion, Reuters discloses. While
Chinese regulators have said the default rate remains much lower
than in many other countries, the rise in bond defaults has
highlighted risks to China's economy as growth slows and amid an
intensifying trade war with the United States, says Reuters.

Based in Shanghai, China, Gansu Gangtai Holding (Group) Co., Ltd.
engages in the jewelry business. It sells jewelry through
Internet e-commerce platform and retail outlets.


GREENLAND HOLDING: S&P Alters Outlook to Stable & Affirms BB ICR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on China-based
property developer Greenland Holding Group Co. Ltd. (Greenland
Group) and its subsidiary Greenland Hong Kong Holdings Ltd.
(Greenland HK) to stable from negative.

S&P said, "At the same time, we affirmed our 'BB' long-term
issuer credit rating on Greenland Group and the 'BB-' long-term
issuer credit rating on Greenland HK. We also affirmed our 'BB-'
long-term issue rating on Greenland Group's outstanding
guaranteed senior unsecured notes and the 'B+' rating on
Greenland HK's outstanding senior unsecured notes.

"We revised the outlook on Greenland Group because we expect the
company to continue to reduce leverage over the next two years.
In our view, Greenland Group is adopting more prudent financial
management. It has reduced its debt-to-EBITDA ratio to slightly
more than 6.5x for the 12 months ending June 2018, from 7.4x in
2017 and 9x in 2016.

"In our view, Greenland Group has turned more cautious on its
debt management over the past year, partly due to the Chinese
government's recent campaign to reduce leverage at state-owned
enterprises (SOE). This SOE has slowed down its previously
aggressive expansion. Its land acquisition payments fell to
Chinese renminbi (RMB) 62 billion (22% of sales) in 2017, from
RMB101 billion (42% of sales) in 2016. Therefore, Greenland
Group's free operating cash flow turned positive in the first
half of 2018 and in 2017, while its adjusted debt declined to
RMB258 billion in June 2018, from RMB280 billion in 2016.

"We also believe Greenland Group's margin recovery will continue
over the next 12 months and further support deleveraging. The
company's property gross margin rose to 26% in the first half of
2018, from 23% in 2017, thanks to rising prices in mid-tier
cities in China and reduced destocking of commercial properties.
In our view, the company's recent cost centralization will also
support its profitability."

Greenland Group is likely to have steady sales growth of 10%-15%
in 2018 and 15%-20% in 2019, given its sizable land reserve. The
company had slower sales growth than its peers' in the past two
years due to its strategic scale-back and high exposure to
commercial properties in mid-size cities. Nevertheless, its land
bank remains sufficient at more than 130 million square meters of
gross floor area as of June 30, 2018; more than 60% of the land
bank is in tier-two cities in China. Greenland Group's latest
strategy to develop projects adjacent to high-speed rail lines
should also support sales.

S&P said, "In our view, Greenland Group's settlement of overdue
loans of its Liaoning subsidiaries at the end of 2017 has
mitigated immediate reputational risks. The company still has
good access to onshore banking. Nevertheless, we believe it will
take time for Greenland Group to improve and reestablish a record
of internal control.

"We also revised the outlook on Greenland HK to stable because we
continue to view the company as a strategically important
subsidiary of Greenland Group. We expect Greenland Group to
remain the controlling shareholder and control Greenland HK's
management and strategy. Greenland HK benefits from the group's
support in the form of brand recognition and access to lower-cost
funding.

"We believe Greenland HK's liquidity will tighten in 2019, given
its rising short-term maturities. In particular, the company has
a heavy offshore refinancing schedule of US$200 million in June
2019 and US$450 million in July 2019. We have therefore revised
our assessment of Greenland HK's liquidity to less than adequate,
from adequate.

"The stable outlook on Greenland Group reflects our expectation
that the company will continue its steady sales growth and
improve its leverage over the next 12 months. We also expect the
company to maintain financial discipline in its expansion in non-
property business segments.

"We could lower the rating if: (1) Greenland Group's property
sales and profitability deteriorate; or (2) its debt-funded
expansion is more aggressive than we expect, such that its debt-
to-EBITDA ratio does not improve from our base-case expectation
of 6.9x in 2018.

"The rating may also come under pressure if Greenland Group
continues to face operational accidents, such that we lower our
assessment of its internal control and governance.

"We may upgrade Greenland Group if the company shows discipline
in financial management, and improves its cash flow adequacy and
debt leverage, such that the debt-to-EBITDA ratio falls to lower
than 5x on a sustained basis."

The stable outlook on Greenland HK reflects the outlook on
Greenland Group.

S&P may lower the rating on Greenland HK if it downgrades
Greenland Group.

S&P said, "We may also lower the rating on Greenland HK if: (1)
we believe the company's importance to Greenland Group has
weakened because of a change in the parent's strategy; or (2) the
group's control and supervision of Greenland HK weakens, which a
fall in the parent's shareholding in the company would indicate.

"We may upgrade Greenland HK if we raise the rating on Greenland
Group."



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

The instrument-wise rating actions are:

-- INR268 mil. Term loan (Long-term) affirmed with IND D (ISSUER
    NOT COOPERATING) rating;

-- INR450 mil. Fund-based facilities (Long-term/Short-term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR101 mil. Non-fund-based facilities (Short-term) affirmed
    with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
AIPL.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2008, AIPL is a cotton yarn manufacturer and
exporter with an installed capacity of 25,920 spindles.


AMBAL VIDHYA: CRISIL Withdraws 'D' Rating on Company's Request
--------------------------------------------------------------
CRISIL has withdrawn its rating on bank facility of Ambal Vidhya
Bhavan Charitable Trust (AVBCT) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of AVBCT from 'CRISIL D Issuer Not Cooperating' to
'CRISIL D'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

Due to inadequate information, CRISIL, in line with the
Securities and Exchange Board of India (SEBI) guidelines, had
migrated the rating of AVBCT to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8.5       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

AVBCT, a public charitable trust set up in December 2004,
presently runs a school in the name of AVB Matriculation Higher
Secondary school at Coimbatore (Tamil Nadu) providing state board
curriculums for Kindergarten to Class XII.


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

The instrument-wise rating actions are:

-- INR374.4 mil. Fund-based limits maintained in non-cooperating
     category with IND C (ISSUER NOT COOPERATING) rating; and

-- INR27.6 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 2, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Headquartered in Kolkata, Andrew Yule & Company, a flagship
company of the Andrew Yule group has four divisions: tea,
engineering, electrical and general.


APEX BUILDSYS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Apex Buildsys Limited

        Regional Office:
        B-292, Chandra Kanta Complex, Shop No.7
        Near Metro Pillar No. 161, New Ashok Nagar
        New Delhi 110096

        Corporate Office:
        C-56/41, Sector 62, Noida 201303

        Work/Units:
        i. Industrial Plot No.11, Sector 9
           Industrial Integrated Estate
           Pantnagar, Rudrapur Post Office Uddham Singh
           Nagar, Uttarakhand 263153

        ii. MIDC Plot No. D-3, Umred Industrial Area
            Chandrapur Road, Taluka Umred, Distt. Nagpur 441203

Insolvency Commencement Date: September 20, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 19, 2019
                               (180 days from commencement)

Insolvency professional: Gian Chand Narang

Interim Resolution
Professional:            Gian Chand Narang
                         Block-B2, Flat No. 214
                         Varun Apartment Sector-9
                         Rohini, New Delhi 110085
                         E-mail: narangcg58@gmail.com

                            - and -

                         Arck Resolution Professionals LLP
                         409, 4th Floor, Ansal Bhawan
                         16 K G Marg, Connaught Place
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    October 4, 2018


ARCHIT PLYWOOD: ICRA Withdraws B Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn its long-term and short-term rating of [ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING for the INR9.00-crore
bank limits of Archit Plywood Private Limited.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term:         4.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Withdrawn

   Long-term:         0.75       [ICRA]B (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Withdrawn

   Short-term:        4.00       [ICRA]A4; ISSUER NOT
   Letter of Credit              COOPERATING; Withdrawn

   Short-term/        0.25       [ICRA]B(Stable)/[ICRA]A4; ISSUER
   Long-term:                    NOT COOPERATING; Withdrawn
   Unallocated

Rationale

The long-term and short-term rating assigned to APPL has been
withdrawn at the request of the company, based on the no-
objection certificate provided by its banker.

APPL commenced operations from October 2011 and is engaged in the
trading of timber and manufacturing of plywood, veneer, block
board and flush doors. It sells the products under the registered
brand name "Archit". The company's head office is located in New
Delhi whereas the manufacturing facility is located in
Gandhidham, Gujarat.


ASHBEE INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ashbee Industries India Private Limited
        Gat No. 283 to 285, Post-Shindewadi
        Taluka-Khandala
        Shindewadi MH 412803 IN

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019
                               (180 days from commencement)

Insolvency professional: Prabhakar Bhat

Interim Resolution
Professional:            Prabhakar Bhat
                         No.7, First Floor, Shital, Plot No.81
                         Jain Mandir Marg, Behind Old SIES
College
                         Sion West, Mumbai 400022
                         E-mail: sukkhe@gmail.com

Last date for
submission of claims:    September 21, 2018


BANSAL SPINNING: Ind-Ra Maintains BB+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bansal
Spinning Mills 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:

-- INR770 mil. Fund-based limit maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR680 mil. Non-fund-based limit maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR213 mil. Term loan due on November 2021 maintained in non-
    cooperating category with IND BB+ (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

Founded in 1997, Bansal Spinning Mills is an integrated
manufacturer of worsted woolen yarn, fabrics, blankets and wool
tops.


BERHAMPUR FINANCE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Berhampur Finance & Leasing Private imited
        Room No.2B, Puspanjali Chambers
        9/2A, Topsia Road (S), Govind Kartick Road
        Kolkata WB 700046

Insolvency Commencement Date: September 13, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 11, 2019
                               (180 days from commencement)

Insolvency professional: Soumitra Lahiri

Interim Resolution
Professional:            Soumitra Lahiri
                         Flat 14D & E, Tower-32, Genexx Valley
                         Diamond Harbour Road, Joka
                         Kolkata 700104
                         E-mail: slahiri0207@gmail.com

Last date for
submission of claims:    September 26, 2018


BTM INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: BTM Industries Limited
        Flat No. 202, Second Floor, Plot No.19
        Road No. 41 Goenka Apartments
        Punjabi Bagh (West) New Delhi 110026

Insolvency Commencement Date: June 8, 2018

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: December 5, 2018
                               (180 days from commencement)

Insolvency professional: Mr. Satyendra Prasad Khorania

Interim Resolution
Professional:            Mr. Satyendra Prasad Khorania
                         402, 4th Floor, OK Plus DP Metro, Opp.
                         Pillar No.94, New Sanganer Road
                         Jaipur 302019, Rajasthan
                         E-mail: skhorania@live.com
                                 btmcirp@gmail.com

Last date for
submission of claims:    October 3, 2018


CANBUILD PRECAST: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Canbuild Precast Solutions (India) Private Limited
        204, Arora's KDC, 2nd Floor
        3927/28, Padam Singh Road
        Karol Bagh New Delhi
        New Delhi DL 110005 IN

Insolvency Commencement Date: April 9, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel 410206
                         RaigadZilla, Maharashtra
                         E-mail: gopi63.ip@gmail.com

Last date for
submission of claims:    September 24, 2018


CE INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: CE India Limited

        Registered Address:
        Auto Cars Compound, Adelat Road
        Aurangabad 431005

        Corporate Address:
        No.171, 17th Floor, C Wing, Mittal Court
        Nariman Point, Mumbai 400021

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12, Dwarka
                         New Delhi 110078
                         E-mail: mahender.khandelwal@pwc.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot#Y-14, Block EP, Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.ce@in.pwc.com

Last date for
submission of claims:    September 28, 2018


CHANDRA ROYAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Chandra Royal Inn Private Limited
        No. 52 Main Road Velankanni
        Nagapattinam Dt
        Tamil Nadu 611111

Insolvency Commencement Date: September 6, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 5, 2019
                               (180 days from commencement)

Insolvency professional: Mr. T.R. Ravichandran

Interim Resolution
Professional:            Mr. T.R. Ravichandran
                         G3, Block 2, Shivani Apts
                         40, East Coast Road, Thiruvanmiyur
                         Chennai 600041
                         E-mail: trravichandran@yahoo.com
                                 sririal1@gmail.com

Last date for
submission of claims:    September 20, 2018


CHEMPHARM INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Chempharm Industries India Private Limited
        60, Dayanand Marg
        Daryaganj, New Delhi 110002

Insolvency Commencement Date: September 4, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arunava Sikdar

Interim Resolution
Professional:            Arunava Sikdar
                         D-3, LGF, Lajpat Nagar, Part-I
                         New Delhi 110024
                         E-mail: asikdar1990@gmail.com
                                 irpasikdar@gmail.com

Last date for
submission of claims:    September 25, 2018


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

The instrument-wise rating action is:

-- INR87 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
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

Incorporated in 2014, Devdhar Rice Mill is engaged in the
business of rice milling and packaging of non-basmati rice. Its
plant has the capacity to process five tons of paddies per hour.


DIAMOND POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Diamond Power Infrastructure Limited
        Phase-II, Village-Vadavala, Ta: Savli
        Baroda 390008, Gujarat, India

Insolvency Commencement Date: August 24, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 19, 2019

Insolvency professional: Ramchandra Dallaram Choudhary

Interim Resolution
Professional:            Ramchandra Dallaram Choudhary
                         9-B, Vardan Complex, Near Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: rdc_rca@yahoo.com

Last date for
submission of claims:    September 7, 2018


EXIT 10: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Exit 10 Marketing Private Limited
        WZ-303, 2nd Floor, Palam Village
        Near Jaat Chaupal New Delhi
        South West Delhi 110045

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Kapil Dev Taneja

Interim Resolution
Professional:            Kapil Dev Taneja
                         56-C/BB, Janak Puri
                         New Delhi 110058
                         E-mail: kapildtaneja@gmail.com
                                 exit10.ip@gmail.com

Last date for
submission of claims:    October 4, 2018


FARMVILLE AGROVET: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Farmville Agrovet Limited
        Arya Samaj Mandir Building
        G S Road, Shillong, East Khasi Hills
        Meghalaya 793002

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Guwahati Bench

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

Insolvency professional: CA Purshotam Gaggar

Interim Resolution
Professional:            CA Purshotam Gaggar
                         3A, Saroj Court, Danish Road
                         Pan Bazar, Guwahati, Assam 781001
                         E-mail: purshotamgaggar@hotmail.com

Last date for
submission of claims:    September 21, 2018


FEEDATIVES PHARMA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Feedatives Pharma Private Limited
        46, Chanditala Street, Uttarpara Hooghly
        West Bengal 712258

Insolvency Commencement Date: September 18, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 16, 2019
                               (180 days from commencement)

Insolvency professional: Sanjeev Jhunjhunwala

Interim Resolution
Professional:            Sanjeev Jhunjhunwala
                         Siddha Weston, 9 Weston Street
                         Suite No. 134, Kolkata 700013
                         E-mail: sanjeevjhunjhunwala@gmail.com
                                 irp.feedatives@gmail.com

Last date for
submission of claims:    October 7, 2018


FLORIND SHOES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Florind Shoes Private Limited
        No. 5/19, II Floor, E.K. Guru Street
        Periamet Chennai 600003
        Tamil Nadu, India

Insolvency Commencement Date: September 10, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 9, 2019

Insolvency professional: Ramela Rangasamy

Interim Resolution
Professional:            Ramela Rangasamy
                         A-6, Aaryaa Harmony Apartment
                         A.S. Colony, Police Kandasamy Street
                         Olympus, Ramanathapuram
                         Coimbatore 641045
                         Mobile: 9080425353
                                 9442617180
                         E-mail: rum_jai@yahoo.com

                            - and -

                         Plot No. PP5, Thiruvalluvar Street
                         Secretariat Colony, Agaram Main Road
                         Chennai 600126

Last date for
submission of claims:    September 24, 2018


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

The instrument-wise rating actions are:

-- INR2,446.6 bil. Long-term loans (Long-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR1.50 bil. Cash credit limits (Long-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.170 bil. Non-fund-based limits (Short-term) maintained
    in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 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 2007, Gangakhed Sugar and Energy is an integrated
cane processing plant located in the cane surplus district of
Parbhani, Maharashtra. In addition to a 6,000 tons crushed per
day sugar mill, it has a 60,000 liters per day distillery plant
and a 30MW co-generation power plant.


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

The instrument-wise rating actions are:

-- INR394 mil. Fund-based limits migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR8.2 mil. Term loan due on January 2021 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Grace Suppliers is a franchise holder of Titan Industries
Limited's jewelry brand Tanishq since 2002.


GROWELL CNC: Ind-Ra Maintains B- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Growell CNC
Systems' 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:

-- INR20.1 mil. Long-term loans maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating;

-- INR44 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT COOPERATING)
    rating; and

-- INR12.5 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1996, Growell CNC Systems is a proprietorship
firm engaged in manufacturing CNC machined components, mainly
precision engineering and auto components, CNC toolings, jigs and
fixtures.


HT GLOBAL: Fitch Affirms 'BB-' LongTerm Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed HT Global IT Solutions Holdings
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB-'. The Outlook is Stable. Simultaneously,
the agency has affirmed the 'BB-' rating on HT Global's USD368
million 7% senior secured notes due 2021.

The affirmation reflects its view that HT Global's 63%
subsidiary, Hexaware Technology Ltd, will continue to generate
robust free cash flow (FCF), supported by above industry-average
growth.

HT Global's IDR reflects its mid-tier market position, solid
customer base and diversified revenue. However, rating headroom
remains low because the pace of deleveraging has slowed,
following HT Global's sale of an 8% stake in Hexaware in August
2018. Fitch analyses HT Global by proportionate consolidation of
Hexaware due to the presence of significant minorities. Larger-
than-Fitch-expected returns to private-equity parent, Baring
Private Equity Asia (Baring), preventing deleveraging for a
sustained period is a key risk for the ratings.

KEY RATING DRIVERS

Low Rating Headroom: Fitch expects HT Global's 2018 FFO adjusted
net leverage of 4.5x-5.0x (2017: 5.0x) - on a proportionately
consolidated basis - to be close to the 5.0x threshold above
which Fitch will consider negative rating action. Leverage
remains high for HT Global's rating level as its owners have
extracted cash in the form of dividends and stake sales. Hexaware
is strongly cash generative and the HT Global group has the
potential to deleverage. However, HT Global owners' desire for
cash returns may limit the pace of deleveraging, although, Fitch
does not expect higher shareholder returns to threaten the 'BB-'
ratings.

Mid-Tier Market Position: HT Global's business-risk profile is
supported by moderate-to-high costs for its customers to switch
to competitors, diversified revenue in terms of products and
industries served and a profitable niche with a solid customer
base. HT Global lacks scale and technological capability compared
with larger IT peers, but this is mitigated by its niche
customised service offering to customers.

Hexaware's customer concentration remains high, as its top-five
and top-10 customers contributed about 44% and 55%, respectively,
of 2017 revenue - similar to most mid-tier Indian IT peers.
However, the risk is mitigated by the company's established
customer relationships, with no loss of customer among the top-20
customers in the previous decade, and high revenue visibility
with about 95% revenue derived from repeat customers.

Strong Growth to Continue: Fitch forecasts revenue and EBITDA to
increase by 12%-13% in Indian rupee terms annually during 2018-
2019, driven by expanding infrastructure management services and
more business from mortgage-related customers. Fitch expects
Hexaware to continue to expand at a greater rate than the 7%-8%
IT industry average rate forecast by the National Association of
Software and Services Companies, supported by better execution
and its digital cloud-led strategy. Net new customer additions
are healthy and have more than offset revenue decline from two
large customers.

Stable Profitability: Fitch expects HT Global's operating EBITDAR
margin to remain stable at around 18.0% (2017: 18.5%), as higher
utilisation, flat billing rates and cost savings are likely to
offset elevated staff costs and higher H1B US working visa fees.
Proactive campus hiring in 2Q18 led to a drop in the utilisation
rate to 78%, which Fitch expects to bounce back to the 80% level
seen in 2016-2017 on increased service orders from existing
customers.

FCF Usage to Drive Ratings: Fitch expects Hexaware to continue to
generate a positive FCF margin of 5%-6% due to low capex/revenue
of around 2.0% and modest working-capital requirements. The usage
of FCF will drive the ratings. HT Global's ability to pay
dividends to Baring is subject to an incurrence covenant of
debt/EBITDA of 3.75x (2017: 3.7x) and a restricted payment basket
test, which limits dividend payments up to 50% of HT Global's
share of Hexaware's net income.

IDR Drives Senior Note Rating: The senior notes are rated in line
with HT Global's Long-Term Foreign-Currency IDR, as they
represent its direct, unconditional, secured and unsubordinated
obligations. The notes' rating will move in line with HT Global's
IDR. The notes are secured by Baring's 100% equity stake in HT
Global and are subordinate to any debt at Hexaware or other
operating subsidiaries. These entities do not currently have any
debt and Fitch understands management aims to keep the businesses
debt free.

Stable Outlook for 2018: Fitch expects India's USD150 billion IT
software and service industry to expand by about 7%-8% per year,
driven by digital solutions. Rising automation is a key threat to
the industry, as it could dilute the country's labour arbitrage
advantage over international peers. Increasing adoption of
digital platforms and automated software could hamper
profitability by increasing employee redundancies and reducing
market share against smaller innovative and agile IT companies.
Fitch does not foresee a complete H1B visa ban or major
restrictions on outsourcing from the US. However, stricter rules
or delays in granting visas could increase labour costs for
onsite staff.

DERIVATION SUMMARY

HT Global's business profile is a notch weaker than that of
Marble II Pte. Ltd. (BB/Stable), as Marble benefits from a larger
revenue base and a minimum revenue guarantee of USD990 million
during 2016-2021 from Hewlett Packard group-related clients,
including DXC Technology Company (BBB+/Stable), HP Inc.
(BBB+/Stable) and Micro Focus International plc. Marble's
financial risk profile is similar with that of HT Global; HT
Global's 's 2018 Fitch-forecast FFO adjusted net leverage of
4.5x-5.0x is similar to Marble's Fitch-forecast FFO adjusted net
leverage of 5.0x at end-March 2019. However, Fitch believes HT
Global will expand faster than the industry average's and
Marble's growth rate of 7%-8%.

KEY ASSUMPTIONS

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

  - Hexaware's revenue to increase by 12%-13%, driven by
    infrastructure management services in Asia-Pacific
    (2017:11.5%).

  - Operating EBITDAR margin to remain stable around 18.0% (2017:
    18.5%).

  - Capex/revenue to remain low at around 2%-3% during 2018-2019
    (2017:2.4%).

  - M&A of about USD16 million each year starting 2019.

  - Effective tax rate of 20%-21%.

RATING SENSITIVITIES

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

  - An improvement in proportionally consolidated FFO adjusted
    net leverage to below 3.5x, although Fitch believes that
    this is unlikely as shareholders may prioritise cash returns.

  - An improvement in Hexaware's market position.

  - Growth in Hexaware's FCF to over USD75 million (2018 Fitch-
    forecast: USD25 million-30 million).

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

  - Higher-than-Fitch-expected shareholder returns, greater
    competition or loss of key customers leading to deterioration
    in proportionally consolidated FFO adjusted net leverage to
    above 5.0x.

LIQUIDITY

Adequate Liquidity: HT Global's liquidity was adequate at end-
June 2018, with a cash balance of USD18 million and no near-term
maturities. HT Global also had USD21 million in its interest-
reserve account to service its USD368 million bond. The company
needs to maintain one year's worth of coupon in the interest
reserve account, as required by bond documents. Hexaware is debt-
free. HT Global used the proceeds from its USD158 million 8%
stake sale in Hexaware to pay a dividend of USD141 million to
Baring and repay USD17 million to noteholders in August 2018.


IL&FS ENVIRONMENTAL: Ind-Ra Lowers LT Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS
Environmental Infrastructure and Services Limited's (IEISL) Long-
Term Issuer Rating to 'IND BB' and placed it on Rating Watch
Negative (RWN).

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits Downgraded; Placed on RWN with
    IND BB/RWN/IND A4+/RWN rating;

-- INR54 mil. Term loan due on June 2021 Downgraded; Placed on
    RWN with IND BB/RWN rating; and

-- INR896 mil. Proposed bank loans* Downgraded; Placed on RWN
    with Provisional IND BB/RWN/Provisional IND A4+/RWN rating.

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

KEY RATING DRIVERS

The downgrade reflects a similar rating action on IEISL's parent
Infrastructure Leasing & Financial Services Limited (IL&FS; 'IND
D') following the default on repayment of commercial paper. The
recent developments at IL&FS will affect IEISL's financial
flexibility with regards to raising fresh equity and debt. IL&FS
holds 97.54% stake in IEISL and has provided equity (FY18: INR579
million; FY17: INR422 million; FY16: INR400 million) and debt
(INR7.2 billion; INR4.58 billion; INR6.81 billion) to the latter,
giving financial flexibility in terms of repayment of debt and
interest. IEISL is the group's only entity engaged in the waste
processing business and is of strategic importance to IL&FS to
serve its social objectives.

The parent's liquidity tightness poses challenges to IEISL in
meeting its immediate debt liabilities. Ind-Ra believes that the
possibility of the rollover 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 obligations in a timely
manner. IEISL also plans to raise equity of INR2,380 million
through rights issue to part pay IL&FS' debt.

RATING SENSITIVITIES

The RWN indicates that ratings may be either affirmed or
downgraded upon resolution. Ind-Ra will review the progress on
the refinancing plans and resolve the RWN by end-2QFY19 or early
3QFY19. Any delay in the implementation of IEISL's current
refinancing plans would be negative for the ratings.

COMPANY PROFILE

IEISL largely operates in five segments: Processing and Disposal
(municipality solid waste management business), Construction &
Demolition, Collection & Transportation, Waste to Energy and
Social Advisory. Collection & Transportation (except Varanasi)
and Waste to Energy segments have been segregated into separate
entities while the remaining segments are included in the
standalone financials.


INDIA GOLF: ICRA Lowers Rating on INR16cr Term Loan to D
--------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]BB+/Stable to
[ICRA]D for the INR20.00-crore bank facilities of India Golf
Assets Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           16.00       [ICRA]D; Downgraded from
   Term Loan                       [ICRA]BB+(Stable)

   Long-term            4.00       [ICRA]D; Downgraded from
   Unallocated                     [ICRA]BB+(Stable)

Rationale

The revision in IGAPL's rating takes into account the recent
irregularity in debt servicing by the project, owing to its
stretched liquidity position. The project entity has witnessed
weak sales and collections in its ongoing plotted
development/residential villa project '18 & Oak'. The sluggish
sales are on account of the high-ticket size of the villa, which
is in line with the trend witnessed in luxury segment sales in
the Bangalore real estate market.

Key rating drivers

Credit strengths

Track record of Assetz Property Group: The Assetz Property Group
has developed commercial and real estate projects, having
completed 4.5 million sq. ft. of development.

Credit challenges

Stretched liquidity position resulted in delays in debt
servicing: There has been a delay in debt servicing taken for
construction funding in the previous instalment, owing to the
stretched liquidity position of the project. The same has been
serviced subsequently by the company.

Weak sales in ongoing project: The large saleable area of the
project and the challenging market environment, on account of
high competitive intensity and sluggish Bangalore real estate
market, have led to weak sales in the ongoing residential
project.

IGAPL, part of the Assetz property group, was incorporated in
2006 and is currently undertaking a premium plotted development
cum villa project named '18 & Oak' (previously named Clover
Greens) which is located at Sarjapur, Bangalore. The villas can
be constructed at the option of buyers in five years' time. The
project is spread around a 107 acre golf course and an
operational club house, with built up area of 90,000 sq. ft.,
which is owned by Clover Greens Private Limited (belongs to the
land owners). The company has, at large, completed the
infrastructure development for the project. The project is being
executed in the JDA mode with revenue sharing arrangement between
the land owner and the developer. The project has 184 plots with
a total saleable area of 1.72 million sq. ft. spread over 40
acres of land. Out of the total saleable area 39% has been sold
till date. IGAPL was previously wholly owned by Kotak Mahindra
Realty Fund and was acquired by the Assetz Property Group on 5th
August 2014. APG holds 15% equity shareholding in the company
with the balance held by the private equity investor Avenue
Venture Real Estate Fund


IREO PRIVATE: ICRA Lowers Rating on INR420.69cr Loan to D
---------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]BB ISSUER NOT COOPERATING assigned earlier
to the INR970.0-crore bank facilities of IREO Private Limited
(IPL). The rating continues to remain in the 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based       420.69      [ICRA]D ISSUER NOT COOPERATING;
                                downgraded from [ICRA]BB and
                                continues to remain in issuer
                                not cooperating category

   Non-fund Based   150.00      [ICRA]D ISSUER NOT COOPERATING;
                                downgraded from [ICRA]BB and
                                continues to remain in issuer
                                not cooperating category

   Unallocated      399.31      [ICRA]D ISSUER NOT COOPERATING;
                                downgraded from [ICRA]BB and
                                continues to remain in issuer
                                not cooperating category

Rationale

The revision of IPL's rating takes into account the recent
irregularities in the debt servicing by the company. IPL has not
made the repayments on time because of slower-than-expected pace
of planned land monetisation and lower-than-expected customer
collections in IPL's projects, which has affected the liquidity
of the company.

Key rating drivers

Credit challenges

Recent delays in debt servicing: There has been delays in debt
servicing by the company in absence of sufficient cash flows in
the company. The repayments for the month of July 2018 onwards
have not been paid yet.

Sharp rise in contingent liability and servicing of NCDs by IPL:
IPL's group company, Incredible Realcon Private Limited (IRPL),
issued INR600 crore NCD in October 2017 for which IPL has
extended a corporate guarantee. Since IRPL doesn't have any
operational cash flows, the servicing of the INR600 crore NCD is
being done by IPL. The crystallisation of the corporate guarantee
coupled with reliance on IPL for meeting the obligation related
to the NCD raised has deteriorated the credit profile of IPL.

Exposure to concentration and market risk: High concentration of
IPL's ongoing projects to premium segment as well as to a single
micro market: Golf Course Extension Road, Gurgaon, accentuates
its exposure to marketing risk given the slowdown in real estate
demand.

Exit option to investor: IPL's ultimate promoter is a fund. Mode
of funding IPL provides for redemption or returns to investors
and its consequent impact on financial risk profile will be a key
monitorable.

IPL was set up as a special purpose vehicle (SPV) to develop a
mixed-use township in Gurgaon. The company (erstwhile Orange
Realty Private Limited) is promoted by IREO Investment Holding
III Ltd., which is registered in Mauritius. As on March 31, 2016,
IREO - directly and through its intermediate holding companies -
had funded the SPV to the tune of INR1,719 crore through a mix of
equity, fully convertible debentures and redeemable preference
shares. At present, IPL is developing around 7 million square
feet (mn sq ft) area across Sector 58, 59, 60 and 66 in Gurgaon.
IREO is a foreign private equity fund established to directly
invest in the Indian real estate sector. The IREO Group had
raised over USD1.7 billion. It is involved in real-estate
development in residential, commercial and hospitality sectors.
As a business strategy the IREO Group focuses on Tier-1 cities.
At present, it has over 14 investments in cities like Gurgaon,
Delhi, Ludhiana, Goa (South Maharashtra), Panchkula, Mohali, and
Chennai.


JAGSON INT'L: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Jagson International Limited
        5, Krishna Menon Lane
         New Delhi 110011

Insolvency Commencement Date: September 11, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 9, 2019

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         Moraj Riverside Park
                         Takka, Panvel 410206
                         Raigad Zilla
                         Maharashtra
                         E-mail: gopi63.ip@gmail.com
                                 jagson.ip@gmail.com

Last date for
submission of claims:    October 3, 2018


JANARDAN NIRMAN: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Janardan Nirman
Private Limited's (JNPL) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits affirmed with IND B/Stable
    rating; and

-- INR10 mil. Non-fund-based limits affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects JNPL's continued small scale of
operations and moderate credit profile. FY18 provisional
financials indicate revenue of INR223 million (FY17: INR201
million). The improvement in the revenue was driven by an
increase in order flow. Net financial leverage (adjusted net
debt/operating EBITDA) was 5.0x in FY18 (FY19: 5.9x) and interest
coverage (absolute EBITDA/interest cost) was 2.3x (1.9x).

The moderate metrics are attributed to the company's modest
EBITDA margin of 12% in FY18 (FY17: 11.5%) with ROCE at 9% (6%).

The ratings further reflect JNPL's low revenue visibility, with
an order book of INR214 million in July 2018, which is around
0.95x its FY18's revenue.

The ratings continue to be constrained by JNPL's tight liquidity
as reflected in full utilization of the fund-based limit with few
instances of overutilization during the 12 months ended August
2018, however, the use was regularized within 30 days.

The ratings, however, are supported by the company's promoters'
around a decade of experience in the civil construction and
piling business.

RATING SENSITIVITIES

Negative: An improvement in the liquidity profile of the company
would lead to a positive rating action.

Positive: Further deterioration in the liquidity profile of the
company would lead to a negative rating action rating.

COMPANY PROFILE

Incorporated in 2008, JNPL executes civil construction projects
as well as piling work for government and private counterparties.


JASPER ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jasper Engineers Private Limited

        Regional Office:
        53, Shahpur Jat
        Opp. Panchsheel Commercial Complex
        New Delhi 110049

        Corporate Office:
        A-23, Sector-8, Noida 201301
        Distt, Gautam Budh Nagar, (U.P.)

Insolvency Commencement Date: September 5, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 4, 2019
                               (180 days from commencement)

Insolvency professional: Hemant Gupta

Interim Resolution
Professional:            Hemant Gupta
                         24-A, Pocket-A, DDA LIG Flats, Hari
Nagar
                         New Delhi 110064
                         E-mail: hka.consultants@gmail.com
                                 cirp.jasper@gmail.com

Last date for
submission of claims:    September 21, 2018


JEYENKAY PETROGELS: ICRA Lowers Ratings on INR18cr Loans to D
-------------------------------------------------------------
ICRA has downgraded the long-term and short-term ratings assigned
to the INR18.00 crore bank limits of Jeyenkay Petrogels Private
Limited from [ICRA]C+ and [ICRA]A4 to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based limit     3.45       [ICRA]D; Downgraded from
                                   [ICRA]C+

   Non-Fund based      11.00       [ICRA]D; Downgraded from
   Limit                           [ICRA]A4

   Unallocated limit    3.55       [ICRA]D/[ICRA]D; Downgraded
                                   from [ICRA]C+/[ICRA]A4

Rationale

The downgrade of ratings takes into consideration the instance of
devolvement in Letter of Credit (LC) facility and consequently
the overdrawal of Cash Credit (CC) facility in the past six
months, due to the company's deteriorating liquidity position.
Also, the ratings continue to factor in the stretched financial
profile of the company characterised by thin profitability, weak
debt protection metrics and leveraged capital structure. The
ratings are further constrained by the company's presence in the
highly fragmented petrogel and speciality oil industry,
characterised by intense competition, which limits its pricing
flexibility. The prices of the company's key raw materials are
derived from the highly volatile crude prices, which expose
JPPL's margins to raw material price volatility. Furthermore,
with more than 30% of the raw material requirement met through
imports in FY2018, the company's profit margins remain vulnerable
to volatility in foreign currency exchange rates.

However, the ratings draw comfort from the established experience
of the promoter in the petrogel and speciality oil industry.

Outlook: Not applicable.

Key rating drivers

Credit strengths Extensive experience of the promoter in the
manufacture of petrogels and speciality products: JPPL's
promoter, Mr. Nilesh Patel has been associated with the petrogel
and speciality oil industry for over two decades. Over the years,
the company has established strong ties with its customers,
entailing repeat orders.

Credit challenges

Delay in debt servicing in the last six months: There has been a
recent instance of devolvement in Letter of Credit (LC) facility
and consequently the overdrawal of Cash Credit (CC) facility for
30 days, due to the company's deteriorating liquidity position.

Stretched financial risk profile characterised by thin
profitability, weak debt protection metrics and leveraged capital
structure: Owing to a low net-worth base, the company funds its
working capital requirements largely by availing external
borrowings and through its creditors, resulting in a TOL/TNW of
14.28 times as on March 31, 20183. Consequently, JPPL's capital
structure remained highly leveraged with the gearing at 10.56
times as on March 31, 2018. Furthermore, the company's
profitability remained thin, leading to weak debt protection
metrics as indicated by NCA/Total Debt of 1% and Total
Debt/OPBDITA of 16.32 times as on March 31, 2018.

Intensely competitive nature of the industry and limited value-
addition in the nature of the business, result in thin
profitability: The company's presence in the highly fragmented
petrogel and speciality oil industry, which is characterised by
intense competition, limits its pricing flexibility and thereby
its ability to effectively pass on any increase in raw material
prices to its customers.

Profitability susceptible to movements in the prices of raw
materials, which are crude oil derivatives: The prices of the
company's key raw materials comprising base oils, crystal wax,
slack wax and paraffin wax are derived from the highly volatile
crude prices. Since the company procures inventory in
anticipation of demand, its margins remain vulnerable to raw
material price volatility.

Modest scale of operations: The operating scale of the company
stood modest with the company registering an operating income of
INR59.58 crore and INR59.33 crore in FY2018 and FY2017
respectively.

Exposure to currency fluctuation risks, given its dependence on
imports: As the dependence on imports remained at 37% and 34% in
FY2017 and FY2018 respectively, JPPL's profits remain susceptible
to adverse fluctuations in foreign exchange rates, in the absence
of any hedging mechanism. The company recorded a net forex gain
of INR0.05 crore and INR0.07 crore in FY2017 and FY2018
respectively.

Established in 1996 as a partnership firm, Jeyenkay Petrogels
Private Limited manufactures petrogels and speciality grade oils.
The entity was converted into a private limited company in August
2011. JPPL's products are used as lubricating oils, rust
preventive oils, industrial oils, shock absorbers in
pharmaceuticals, cosmetics, automotives, telecom, defence,
perfumery, plastics, refrigeration, foundry, switch gears,
turbines, etc. The principal raw materials consist of base oils,
crystal wax, slack wax, paraffin wax, etc., which are majorly
imported from Singapore, Netherlands, and the UAE. JPPL's
corporate office is in Mumbai and its manufacturing facility in
Silvassa (Union Territory of Dadra and Nagar Haveli).

JPPL recorded a profit after tax of INR0.06 crore on an operating
income of INR59.58 crore for the year ending March 31, 2018
(provisional numbers).


JVR FORGINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: JVR Forgings Limited

        Regional Office:
        Industrial Area-C, Sua Road
        Dhandari Kalan, Ludhiana 141010
        Punjab

Insolvency Commencement Date: September 18, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: March 17, 2019
                               (180 days from commencement)

Insolvency professional: Hemanshu Jetley

Interim Resolution
Professional:            Hemanshu Jetley
                         Ducturus Resolution Profesionals Pvt.
Ltd
                         SCO-131, 2nd Floor, MDC, Sector-5
                         Panchkula, Haryana 134114
                         E-mail: hejetley@gmail.com
                                 ip.jvr@ducturus.com

Last date for
submission of claims:    October 1, 2018


KAMALA BOARD: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Kamala Board Box Pvt. Ltd. (KBBPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based Limit-     1.15      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based Limit-     6.85      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Kamala Board Box Private Limited (KBBPL) manufactures corrugated
boxes and offset-printed duplex board cartons at its facility in
Barasat, West Bengal, with an annual installed capacity of 12,000
metric tonnes (MT). Promoted by the Kolkata-based Das family, the
entity was set up in 1984 as a proprietorship concern, Kamala
Board Box, and was converted into a private limited company in
2006. The promoters have an experience of more than three decades
in the packaging industry.


KKRC INFRASTRUCTURE: ICRA Maintains B Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR34.00 crore bank facilities of
KKRC Infrastructure Private Limited (KKRCIPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         10.50      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non Fund-based-     23.50      [ICRA]B (Stable) ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

KKRC Infrastructure Private Limited (KKRCIPL) was set up as a
proprietorship firm named KK Reddy and Company by Mr. K Chandra
Mohan Reddy in 1983. The firm was reconstituted as a partnership
firm in 1996 and subsequently as a private limited company in
2010. KKRCIPL, located in Hyderabad (Andhra Pradesh), undertakes
civil construction work for various irrigation projects,
including digging and lining of canals, excavation work,
embankment in canal projects, and dam construction. The company
is registered as a special-class contractor with the Public Works
Department of Andhra Pradesh, Maharashtra, and Chhattisgarh.


KOLKATA CONDUCTOR: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kolkata Conductor & Cables Pvt. Ltd
        NH6, Chamrail (South) Kona Mouza-Chamrail
        Howrah, West Bengal 711323

Insolvency Commencement Date: September 11, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 10, 2019
                              (180 days from commencement)

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         Apex Insolvency Professionals LLP
                         Central Plaza, 41 B.B. Ganguly Street
                         5th Floor, Room No.5A
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 kccpl.cirp@gmail.com

Last date for
submission of claims:    September 25, 2018


KORBA WEST: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Korba West Power Company Limited
        First Floor, E-122, Patel Nagar, City Centre
        Site No. 2 Gwalior Madhya Pradesh 474011 India

Insolvency Commencement Date: August 3, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 22, 2019
                               (180 days from commencement)

Insolvency professional: Abhijit Guhathakurta

Interim Resolution
Professional:            Abhijit Guhathakurta
                         Flat No. 701, A Wing, Satyam Springs
                         CTS No. 272A/2/1, Off BSD Marg
                         Deonar, Mumbai City, Maharashtra 400088
                         E-mail: aguhat@hotmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         Indiabulls Finance Centre Tower 3
                         27th floor, Senapati Bapat Marg
                         Elphinstone Road (W), Mumbai 400013
                         E-mail: inkorbaip@deloitte.com

Last date for
submission of claims:    August 17, 2018


LAXMIKANT COTTON: ICRA Reaffirms B Rating on INR5.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR5.00-crore fund-based facility of Laxmikant Cotton. ICRA has
also reaffirmed the long-term rating of [ICRA]B to the
unallocated limit of INR1.20 crore of LC. The outlook on the
long-term rating is Stable. ICRA has also removed the rating from
Issuer not cooperating category.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund-based-          5.00        [ICRA]B(Stable) Reaffirmed;
   Cash Credit                      Removed from 'Issuer Non-
                                    cooperating' category

   Unallocated          1.20        [ICRA]B(Stable) Reaffirmed;
                                    Removed from 'Issuer Non-
                                    cooperating' category

Rationale

The rating reaffirmation continues to remain constrained by the
small scale of operation and is characterised by low profit
margins, weak coverage indicators and high working capital
intensity in FY2018. The rating also factors in the vulnerability
of the firm's profitability to fluctuations in raw material
prices in the inherently low value-added ginning business and the
high competitive intensity, which pressurises the margins. ICRA
also notes the potential adverse impact on the net worth and the
gearing levels in case of substantial withdrawal from capital
accounts.

The rating, however, continues to favourably factor in the
extensive experience of partners in the cotton industry and the
proximity of the firm's manufacturing unit to raw material (raw
cotton).

Outlook: Stable

ICRA believes LC will continue to benefit from the past
experience of its partners in the cotton industry. The outlook
may be revised to Positive if healthy improvement in scale of
operations and profitability; or substantial infusion of capital
or prudent working capital management strengthens the capital
structure and liquidity profile. The outlook may be revised to
Negative if the firm reports substantial decline in scale and
profitability, leading to inadequate net cash accruals or if any
debt-funded capital expenditure deteriorates capital structure or
any further capital withdrawals weakens the overall liquidity
position of the firm.

Key rating drivers

Credit strengths

Extensive experience of partner in cotton industry: LC was
established in May 2013. The partners have extensive experience
through their association with other entities engaged in the
cotton business.

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

Credit challenges

Moderate financial profile: LC reported a growth of ~52% in
operating income to INR17.37 crore in FY2018 from INR11.39 crore
in FY2017 followed by increase in sales volumes. However, the
profitability declined to 3.00% in FY2018 from 4.79% in FY2017
due to high raw material cost. Consequently, the net margin also
stood low at 0.44% in FY2018. The total debt of the firm
increased to INR4.61 crore as on March 31, 2018 from INR2.86
crore as on March 31, 2017 because of higher working capital. The
capital structure continued to remain leverage with gearing of
1.24 times as on March 31, 2018. The coverage indicator remained
weak, with interest coverage ratio of 1.14 times and high
TD/OPBDITA of 8.86 times in FY2018. The working capital intensity
stood high at 41% in FY2018 due to high inventory holding as on
March 31, 2018. The average working capital utilisation stood
high at ~83% for the period from June 2017 to June 2018.

Profitability remains vulnerable to agro-climatic condition and
regulatory changes: The cotton ginning business is a low value-
adding business. The profit margins are also exposed to
fluctuations in raw material (raw cotton) prices, which depend on
various factors such as seasonality, climatic conditions,
international demand and supply situation, and export policy,
etc. Further, it is also exposed to the regulatory risks with
regards to the Minimum Support Price (MSP) set by the Government.

Intense competition and fragmented industry: The stiff
competition from other small and unorganised players in the
industry limits the firm's bargaining power with customers and
suppliers and exerts pressure on its margins.

Adverse impact on net worth: LC, being a partnership firm, is
exposed to adverse capital structure risk in case of substantial
withdrawal from its capital accounts.

Established in May 2013, Laxmikant Cotton (LC) is involved in the
business of ginning and pressing of raw cotton to produce cotton
bales and cotton seeds. Its manufacturing facility is located at
Rajkot (Gujarat). The firm is equipped with 24 ginning machines
and one pressing machine, with an installed capacity of
processing 100 MT of raw cotton per annum. The promoters have an
extensive experience in the cotton industry.

In FY2018 on a provisional basis, the firm reported a profit
before tax of INR0.08 crore on an operating income of INR17.37
crore, as compared to a net profit of INR0.09 crore on an
operating income of INR11.39 crore in the previous year.


K.T.C. FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: K.T.C. Foods Private Limited
        5, Mile Stone, Karnal Road
        Nissing, Haryana
        PIN 132024

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Mast Ram

Interim Resolution
Professional:            Mast Ram
                         SCO: 23-25, IInd Floor, Sector-34A
                         Chandigarh, PIN 160022
                         E-mail: mrchechi@gmail.com
                                 mrcheci.ip@gmail.com

Last date for
submission of claims:    September 23, 2018


MA SARADA: ICRA Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the rating for the INR5.56 crore bank facilities of Ma
Sarada Cold Storage Private Limited (MSCSPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based         4.01       [ICRA]D ISSUER NOT COOPERATING;
   Limit-Term                    Rating continues to remain
   Loan                          under 'Issuer Not Cooperating'
                                 Category

   Fund based         0.80       [ICRA]D ISSUER NOT COOPERATING;
   Limit-Working                 Rating continues to remain
   Capital                       under 'Issuer Not Cooperating'
                                 Category

   Fund based         0.75       [ICRA]D ISSUER NOT COOPERATING;
   Limit-Seasonal                Rating continues to remain
   Cash Credit                   under 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tonnes.


MADHYA BHARAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Madhya Bharat Phosphate Private Limited
        E-7/80, Arera Colony, Bhopal, MP 462016

Insolvency Commencement Date: September 11, 2018

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: March 10, 2019

Insolvency professional: Amresh Shukla

Interim Resolution
Professional:            Amresh Shukla
                         F-05, Jaideep Complex
                         112, Zone-II, M.P. Nagar
                         Bhopal-M.P. 462011
                         E-mail: insolvencyprofessionalsindia@
                                 gmail.com
                                 cirp.madhyabharat@gmail.com

Last date for
submission of claims:    September 28, 2018


MAGMA AUTOLINKS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Magma Autolinks Private Limited
        Rakkar Road Una, UNA HP 174303 IN

Insolvency Commencement Date: September 13, 2018

Court: National Company Law Tribunal, SAS Nagar Mohali Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019

Insolvency professional: Arvind Kumar

Interim Resolution
Professional:            Arvind Kumar
                         94 Gillco Valley Mohali (Kharar) 140301
                         Punjab
                         E-mail: sankhyain@gmail.com

                            - and -

                         Plot No. D-190, Mohali Business Tower
                         303, 3rd Floor, Industrial Area, Phase
8B
                         Sector 74, SAS Nagar Mohali
                         Punjab 160074
                         E-mail: irparvindkumar@gmail.com

Last date for
submission of claims:    October 4, 2018


MAHARASHTRA SHETKARI: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Maharashtra Shetkari Sugar Limited
        Hp Petrol Pump, Station Road
        Parli Vaijanath Mh 431515

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 25, 2019
                               (180 days from commencement)

Insolvency professional: Rajendra Karanmal Bhuta

Interim Resolution
Professional:            Rajendra Karanmal Bhuta
                         1207, Yogi Paradise, Yogi Nagar
                         Borivali (West), Mumbai 400092
                         E-mail: rkbhuta@gmail.com

                            - and -

                         303 Raghuveer Tower, Chamunda Circle
                         Borivali (West), Mumbai 400092
                         E-mail: mahassl.ip@gmail.com

Last date for
submission of claims:    September 26, 2018


MAXIM INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Maxim Infra Venues Private Limited
        Una-Nangal Road, Rakkar, Teh. & Distt. Una
        Una HP 174303 IN

Insolvency Commencement Date: September 13, 2018

Court: National Company Law Tribunal, SAS Nagar Mohali Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019

Insolvency professional: Arvind Kumar

Interim Resolution
Professional:            Arvind Kumar
                         94 Gillco Valley Mohali (Kharar)
                         140301 Punjab
                         E-mail: sankhyain@gmail.com

                            - and -

                         Plot No.D-190, Mohali Business Tower
                         303, 3rd Floor, Industrial Area, Phase
8B
                         Sector 74, SAS Nagar Mohali
                         Punjab 160074
                         E-mail: irparvindkumar@gmail.com
                         Mobile: 98162-00033
                         Phone: 0172-4089990

Last date for
submission of claims:    October 4, 2018


MELSTAR INFORMATION: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Melstar
Information Technologies Limited (MITL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft             4         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    6         CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MITL for obtaining
information through letters and emails dated September 7, 2018
and September 10, 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 Melstar Information
Technologies Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Melstar Information
Technologies Limited is consistent with 'Scenario 4' outlined in
the 'Framework for Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Melstar Information Technologies Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large information technology (IT)
companies and IT divisions of large corporations. MITL also
provides application development and implementation services,
albeit on a modest scale. MITL is listed on the Bombay Stock
Exchange and the National Stock Exchange.



MILLENIUM APPLIANCES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Millenium 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
                         Andheri East, Mumbai 400072, Maharashtra
                         E-mail: avil@caavil.com
                                 irp.millennium@gmail.com

Last date for
submission of claims:    September 20, 2018


MILLENIUM WIRE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Millenium Wire Private Limited
        D-30 Focal Point
        Jallandhar (Panjab) 144001

Insolvency Commencement Date: August 30, 2018

Court: National Company Law Tribunal, Jallandhar Bench

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

Insolvency professional: Adesh Kumar Singla

Interim Resolution
Professional:            Adesh Kumar Singla
                         House No.324, Sector-12A
                         Panchkula, Haryana 134112
                         E-mail: as022208@gmail.com

Last date for
submission of claims:    September 20, 2018


MRO-TEK REALTY: ICRA Reaffirms B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR10.00-crore cash credit facility and INR10.00-crore fund based
unallocated facilities of MRO-TEK Realty Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 for the INR4.00-
crore non-fund-based facilities and INR6.00-crore non-fund based
unallocated facilities of MRO-TEK Realty Limited (MRL). The
outlook on the long-term rating is 'Stable'.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based-
   Cash Credit          10.00       [ICRA]B+ (Stable); Reaffirmed


   Fund Based-
   Proposed             10.00       [ICRA]B+ (Stable); Reaffirmed

   Non-Fund Based-
   Letter of Credit/
   Bank Guarantee        4.00       [ICRA]A4; Reaffirmed


   Non-Fund Based-
   Proposed              6.00       [ICRA]A4; Reaffirmed

Rationale

The ratings continue to be constrained by company's weak
operational performance with MRO-TEK recording a net loss of
INR2.9 crore on an operating income of INR4.9 crore in the Q1
FY2019, owing to weak order inflow from its customers under its
access and networking segment from which the company derives
majority of the revenues. ICRA notes that in FY2018, the company
reported a healthy net profit of INR7.2 crore supported majorly
by one-time income of INR13.8 crore on account of the sale of
portion of super built-up area under construction as per the
joint development agreement entered with the Umiya Builders and
Developers for real estate development of its land situated at
Hebbal, Bangalore. The ratings continue to be constrained by
company's modest scale of operations limiting economies of scale
and impacting its competitive positioning and pricing
flexibility. The ratings also factor in the intense competition
in the access and networking equipment industry, and high revenue
concentration on telecom majors with whom the company has limited
bargaining power. ICRA also takes note of the ongoing
consolidation in the telecom sector resulting in subdued order
inflow from telecom majors.

The ratings, however, continue to derive comfort from MRO-TEK's
long track record in the access and networking equipment business
and its long-term relationship with reputed clients like Vodafone
India Ltd., Bharti Airtel Ltd. and Tata Communications. The
ratings also derive comfort from the comfortable capital
structure and improved liquidity position following two
consecutive years of healthy profitability. The ratings
favourably factor in the company's foray into the real estate
business and addition of Electronic Manufacturing Services (EMS)
and Solutions segments to diversify business in order to improve
the revenue and profitability of the company; however, the
scalability and profitability of the same is yet to be seen.

Outlook: Stable

ICRA believes that the MRO-TEK will benefit from its long track
record in the access and networking industry from which the
company derives majority of the revenues, its established
relationship with its customers as well as foray in the real
estate business, EMS and Solutions segments. The outlook may be
revised to 'Positive' upon significant and sustainable
growth in revenues and profitability resulting in healthy cash
accruals improves the overall financial profile of the company.
Conversely, the outlook may be revised to 'Negative' if cash
accruals are lower than expected, or if any higher than
anticipated capital expenditure weakens capital structure or
increase in working capital intensity further stretches liquidity
position.

Key rating drivers

Credit strengths

Established track record of more than three decades in telecom
and networking equipment business: The Company has an established
track record of more than three decades in manufacturing of
access and networking equipment. The company has strong presence
in products like convertors, modems, multiplexers, modems,
Ethernet switches etc. During FY2018, the company derived 53.7%
of its revenues from 'access and networking' division under which
the company has an established presence.

Moderately diversified product profile: The company has a
moderately diversified product profile consisting of networking
and access equipment like convertors, modems, multiplexers,
modems, Ethernet switches etc under its 'access and networking
segment'. The company has also added Electronic Manufacturing
Services, Solutions and Real Estate as additional business
segments in order to diversify its revenues and support revenue
growth and profitability.

Reputed domestic and international customer base: The Company has
long established relationship with reputed clients like Vodafone
India Ltd., Bharti Airtel Ltd. and Tata Communications in telecom
sector resulting in repeat business. Under its EMS segment, the
company has acquired several new customers like Schneider
Electric India Pvt Ltd, Bharat Electronics Limited, Terumo Penpol
Pvt Ltd, Elmeasure India Pvt Ltd.

Credit challenges

Modest Scale of operations that limits financial flexibility to
an extent; net loss in Q1 FY2019: The operating income of the
company despite additional income from Real Estate segment has
remained modest at INR36.2 crore in FY2018. This constrains
company's ability to benefit from economies of scale and limits
its competitive position and pricing flexibility vis-Ö-vis the
larger entities. The company also reported a net loss of INR2.9
crore on an operating income of INR4.9 crore Q1 FY2019 owing to
under absorption of fixed expenses.

High Customer concentration: The company's customer concentration
remained high with top-five customers accounting for 58% of the
total revenues in FY2018 (albeit improved marginally from 62% in
FY2017), rendering the revenues vulnerable to variations in
demand from these customers. However, the company has acquired
several new customers under its EMS and Solutions segment which
is likely to reduce customer concentration going forward.
Susceptibility to volatile raw material prices and forex rates:
The operating profitability of the company remains vulnerable to
volatility in raw material prices since the company has limited
ability to pass on the increase in prices to its customers.
Further, as the company imports over 65% of the raw materials and
components (including traded goods), its margin remains
susceptible to adverse movement in forex rates in absence of any
hedging policy.

Stiff competition in the 'access and networking' and EMS
industry: The 'access and networking' and 'Electronic
Manufacturing Services' industry is intensely competitive with
the presence of several established companies limiting its
pricing flexibility.

MRO-TEK Realty Limited (erstwhile MRO-TEK Limited), founded in
1984, primarily manufactures access and networking products like
modems, converters, switches and multiplexers. The name of the
company was changed from "MRO-TEK Limited" to "MRO-TEK Realty
Limited" with effect from May 11, 2016 with 'Real Estate
Development' being included as an additional line of business.
The existing solar-based equipment and integration services
business was discontinued in January 2016, owing to sustained
cash losses incurred in the business.

In May 2016, Mr. Aniruddha Mehta, Mrs. Gauri Aniruddha Mehta and
Umiya Holdings Private Limited entered into a share purchase
agreement with the promoters of the company to acquire a stake of
39.66%. Subsequently, on August 8, 2016, Mr. Aniruddha Mehta was
appointed as the Chairman and Managing Director after resignation
of Mr. S Narayanan and Mr. H. Nandi (erstwhile promoters).
In FY2018, the company reported a net profit of INR7.2 crore on
an operating income of INR36.2 crore compared to a net profit of
INR8.3 crore on an operating income of INR37.7 crore in the
previous year.


N.S.R. MILLS: CRISIL Withdraws B Rating on INR4.2cr Term Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of N.S.R.
Mills (NSR) on the request of the company and receipt of a no
objection from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            1        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan              4.2      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with NSR for obtaining
information through letters and emails dated December 31, 2017
and June 29, 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 they are arrived at without any
management interaction and are 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 NSR. This restricts CRISIL's
ability to take a forward NSR 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 NSR
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2007 by Ms S Amirtham as a proprietorship concern, NSR
manufactures cotton yarn of 60s and 40s counts.


P K OVERSEAS: Ind-Ra Retains BB Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained P K Overseas
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 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:

-- INR380 mil. Fund-based working capital limits maintained
    in non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR170 mil. Proposed fund-based working capital limit
    maintained in non-cooperating category with Provisional
    IND BB (ISSUER NOT COOPERATING) / Provisional IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

P K Overseas is engaged in the processing and export of both
basmati and non-basmati rice.


PARKER TILES: CRISIL Lowers Rating on INR13cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Parker Tiles Pvt Ltd (PTPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+' because of regular delay of 10-15 days in
servicing term-debt, also for one term loan, the instalment of
August 2018 is yet to be received.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Bank Guarantee        1.5        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit          13.0        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit      1.0        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Term Loan            10.24       CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: The delay in meeting term loan obligations
is on account of liquidity crunch, which is due to deferral in
payment to be received from debtors. Also cash credit remains
almost fully utilised.

Strength

* Extensive experience of the promoters and strategic location of
the plant: Benefits from the promoters' decade-long experience,
their in-depth understanding of industry dynamics and established
dealer/distributor network across India should continue to
support the business. The manufacturing facility is situated near
Surendranagar, Gujarat, which is close to tile manufacturing
cluster Morbi and hence ensures easy availability of raw
material.

Incorporated in 2003, PTPL was registered as Nova Gold Floor
Tiles Pvt Ltd and in 2005, it was renamed as Nova Gold
Sanitaryware Pvt Ltd. Further, in 2011, it got its current name.
Initially, the company was engaged in manufacturing sanitaryware
and these operations were discontinued from fiscal 2012 by
replacing those machineries with digitally printed wall tile
manufacturing machineries. The unit located at Muli, near
Surendranagar, Gujarat with an installed capacity of 10,000
square metre per day manufactures digitally printed glazed wall
tiles of various sizes that is sold under the SOL brand.


PAUL ALUKKAS: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Paul Alukkas
Developers 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 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:

-- INR140 mil. Term loan maintained in non-cooperating category
    with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Paul Alukkas Developers is promoted by Paul
Alukkas, who is engaged in the jewelry retail business in Kerala


PETRO & AGROWAYS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Petro & Agroways
(PAW) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR150 mil. Proposed overdraft limit (drop line)* 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 PAW to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect PAW's small scale of operations as indicated
by revenue of INR903.78 million in FY18 (FY17: INR912.16
million). The credit metrics were moderate due to modest
operating margins of 2.09% in FY18 (FY17: 2.05%), inherited to
the trading nature of the business. Interest coverage (operating
EBITDA/gross interest expense) was 2.63x in FY18 (FY17: 2.54x)
and net leverage (total adjusted net debt/operating EBITDA) was
4.17x (2.07x). The firm's return on capital employed was 9.66% in
FY18. FY18 financials are provisional in nature.

The ratings also constrained by the proprietorship structure of
the firm and tight liquidity position as evident by around 90%
utilization of its fund-based limits during 12 months ended July
2018.

However, the ratings are supported by PAW's low working capital
requirement. The firm's net working capital cycle was negative 4
days in FY18 (FY17: 3 days).

The ratings also benefit from PAW's promoter's experience of more
than three decades in the oil trading business.

RATING SENSITIVITIES

Positive: A substantial growth in the top line along with the
operating profitability, leading to an improvement in the credit
metrics could lead to a positive rating action.

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

COMPANY PROFILE

Established in 1976, PAW has a dealership of Hindustan Petroleum
Corporation Limited ('IND AAA'/Stable). Its fuel station is
located at Kharar on Chandigarh-Ludhiana-Ropar highway.


PRIORITY MARKETING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Priority Marketing Private Limited
        Gala No.423-B, 4th Floor
        Shah & Nahar Industrial Premises (A-1)
        Dhanraj Mills Compound, S.J. Marg
        Lower Parel (West) Mumbai 400013
        Maharashtra India

Insolvency Commencement Date: August 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 26, 2019

Insolvency professional: Pranav Damania

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

Last date for
submission of claims:    September 19, 2018


PROJECT MASTER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Project Master Electricals Private Limited
        Unit No. 105, 1st Flr, New Heera Panna Industrial Est
        Vishaveshawar Road
        Goregaon (East) Mumbai 400063
        Maharashtra

Insolvency Commencement Date: Septemmber 10, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 9, 2019

Insolvency professional: Jitendrakumar Rambaran Yadav

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

Last date for
submission of claims:    September 28, 2018


RIYA IMPEX: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Riya Impex's
(RI) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits affirmed with
    IND B+/Stable rating; and

-- INR180 mil. Non-fund-based limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects RI's continued modest scale of
operations and modest credit metrics. Its revenue registered
nearly flat growth in FY18 at INR697 million (FY17: INR693
million). Moreover, in FY18, its interest coverage (operating
EBITDA/gross interest expense) was 1.28x (FY17: 1.1x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was negative 0.46x (0.7x). The slight improvement in the credit
metrics was mainly due to a marginal fall in year-end debt and a
decline in interest expenses.

The ratings reflect RI's modest operating EBITDA margin, which
was 1.19% in FY18 (FY17: 1.3%), owing to the trading nature of
business. Its return on capital employed was 8% in FY18 (FY17:
11%).

The ratings continue to reflect RI's tight liquidity, indicated
by a 94% utilization of its non-fund based limits during the 12
months ended August 2018, as well as the proprietorship nature of
business.

The ratings, however, continue to be supported by the
proprietor's experience of over two decades in the trading
business.

RATING SENSITIVITIES

Negative:  Any deterioration in the interest coverage will be
negative for the ratings.

Positive: A positive rating action could result from any
improvement in the interest coverage.

COMPANY PROFILE

Incorporated in 2010, RI is a proprietorship firm engaged in the
import and export of cashews and spices. It is managed by Mr.
King Kakkar, and its registered office is in New Delhi.


S.S. CONSTRUCTIONS: CRISIL Lowers Rating on INR4cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of S.S.
Constructions (SSC) to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee           4         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL A4')

   Cash Credit              3         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B+/Stable')

CRISIL has been consistently following up with SSC for obtaining
information through letters and emails dated July 31, 2018,
August 23, 2018 and August 28, 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 SSC. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
SSC is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower. CRISIL has downgraded its rating on the bank
facilities of SSC to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL B+/Stable/CRISIL A4'.

The downgrade reflects Stretched liquidity as reflected in
overdraw of more than 30 days consecutively against the cash
credit limit availed by SSC.

Established in Ghaziabad (Uttar Pradesh) in 2010, SSC is a
partnership firm engaged in civil construction. The firm
constructs roads, bridges, and sewers for state government
departments in Uttar Pradesh; and is owned and managed by Mr
Manoj Pradhan and his family.


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

The instrument-wise rating action is:

-- INR97.50 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 27, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Sai Enterprises was incorporated in 2011 by C Jaganathan and
B Ragavendran for trading glass bottles, corrugated boxes,
aluminum caps, waste crafts and glass pieces, and others.


SCOD 18: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: SCOD 18 Netwroking Private Limited
        Ground Floor, Plot No. 97
        Marol Industrial Estate
        Makwana Road, Andheri (east)
        Mumbai MH 400059 IN

           - and -

        2nd and 3rd Floor, Iqara Centre
        Adajan - Hazira Road
        Surat 395009 GJ

Insolvency Commencement Date: September 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019

Insolvency professional: Snehal A. Kamdar

Interim Resolution
Professional:            Snehal A. Kamdar
                         302, Poonam Pearl, Juhu Lane
                         Andheri (West), Mumbai 400058
                         E-mail: snehal.kamdar@jjkandco.com

Last date for
submission of claims:    September 21, 2018


SHAIFALI ROLLS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shaifali Rolls Limited
        Block No. 1563, Sola Kalol Road
        Village: Santej, Kalol, Gandhinagar
        Gujarat 382721

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II, Opp. GLS University
                         Maradia Plaza Lane, CG Road, Ahmedabad
                         E-mail: pksheth@hotmail.com
                                 irp.shaifalirolls@gmail.com

Last date for
submission of claims:    October 3, 2018


SHANTINIKETAN ASHRAYA: CRISIL Withdraws B+ Rating on INR10cr Loan
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Shantiniketan Ashraya (SA) on the request of the company. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

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

CRISIL has been consistently following up with SA for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 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 they are arrived at without any
management interaction and are 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 SA. This restricts CRISIL's
ability to take a forward SA 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 SA
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2010, SA is engaged in real estate development. The
operations are managed by Mr. Anil Kumar Seth.


SHAVETA GOLDEN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shaveta Golden Foods Private Limited
        H.No. 31, MIG. H.B. Colony, Rakkar Una
        Una HP 174303 IN

Insolvency Commencement Date: September 13, 2018

Court: National Company Law Tribunal, SAS Nagar Mohali Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019

Insolvency professional: Arvind Kumar

Interim Resolution
Professional:            Arvind Kumar
                         94 Gillco Valley Mohal (Kharar) 140301
                         Punjab
                         E-mail: sankhyain@gmail.com

                            - and -

                         Plot No. D-190, Mohali Business Tower
                         303, 3rd Floor, Industrial Area,
                         Phase 8B
                         Sector 74, SAS Nagar Mohali
                         Punjab 160074
                         E-mail: irparvindkumar@gmail.com

Last date for
submission of claims:    October 4, 2018


SHEKHAR RESORTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shekhar Resorts Limited
        J-1817, Chittranjan Park
        New Delhi 110019

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019
                               (180 days from commencement)

Insolvency professional: Vikram Kumar

Interim Resolution
Professional:            Vikram Kumar
                         J 6A, Kailash Colony
                         New Delhi 110048
                         E-mail: vikramau@gmail.com
                                 ip.shekharresorts@gmail.com

Last date for
submission of claims:    September 28, 2018


SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr Loan
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR5.50-crore fund-based facilities of Shri Tulsi Oil Products.
The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          5.50      [ICRA]B+ (Stable); Reaffirmed
   Working Capital
   Facilities

Rationale

The rating reaffirmation favorably factors in the extensive
experience of the promoters in the solvent extraction industry.
ICRA notes the location benefits of the firm's solvent extraction
unit due to proximity to the raw material sources as well as end
customers.

The rating, however, remains constrained by STOP's modest
financial profile characterised by high gearing and weak debt
coverage indicators, low profitability due to limited value
addition, and working capital intensive nature of operations
owing to stretched inventory position. The rating also factors in
the exposure to intense competition in the edible oils industry,
and susceptibility of revenues and profitability to prices of
cottonseeds and its derivatives. Further, ICRA also notes that
STOP is a partnership firm and any significant withdrawals from
the capital account could impact its net worth and hence its
capital structure.

Outlook: Stable

ICRA believes Shri Tulsi Oil Products will continue to benefit
from the extensive experience of its promoters. The outlook may
be revised to Positive if substantial growth in revenue and
profitability, and better working capital management, strengthens
the financial risk profile. The outlook may be revised to
Negative if cash accrual is lower than expected, or if any major
capital expenditure, or stretch in the working capital cycle,
weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the solvent extraction
industry: STOP's promoters have close to 20 years' experience in
the solvent extraction industry. The daily operations of the firm
are managed by its managing partner, Mr. Chetan Chopda. Mr.
Chopda is also associated with Shri Tulsi Industries and Shri
Tulsi Krupa Agro Tech Private Limited, both based out of
Khamgaon, Maharashtra, as a partner and director, respectively.
Both entities are involved in the same solvent extraction
business.

Location advantage from proximity to cotton growing region as
well as end customers: Being in Khamgaon (Buldhana), Maharashtra,
the company enjoys proximity to the key cotton producing regions
of Vidarbha and Marathwada, in the vicinity of Gujarat. SOTP
sells cotton wash oil to edible oil manufacturers in Maharashtra,
Karnataka and Telangana, among others, while the de-oiled cake
(DOC) is sold to cattle feed manufactures, farmers and dairies in
the region.

Credit challenges

Modest financial profile characterised by low profit margins,
high gearing and moderate debt coverage indicators: STOP's
operating profit margins (OPM) remain low, given the limited
value-added nature of the operations though they have shown a
progressive improvement in the past three fiscals. Further, the
net profit margins also remain low, given the low OPM and
sizeable interest charges. OPM improved to 5.6% in FY2018 from
3.2% in FY2017, with the firm embarking on finished product
volume growth in a declining realisations scenario. The capital
structure continued to remain leveraged with a gearing of 2.5
times as on March 31, 2018, although improving from 4.4 times in
FY2017, given the increase in networth base. The debt coverage
indicators also continued to remain stretched in FY2018.

Revenue volatility in the past fiscals: STOP's revenue profile in
FY2018 continued to be dominated by cottonseed DOC revenues (~70%
of the total revenues) as in the past, followed by cottonseed
wash oil (~25%). The firm's revenues had declined in FY2017 to
INR25.4 crore from INR28.9 crore in FY2016 on limited cotton seed
availability. It managed to maintain a modest revenue growth in
FY2018 with operating income at INR26.7 crore, given its focus on
sales volumes in a declining sales realisation scenario.

High working capital intensity due to stretched inventory
position: The working capital intensity continued to remain high
because of stretched inventory and stood at 32% in FY2018 as
compared to 24% in FY2017. STOPL offers a credit period of ~30-40
days to its customers. Anticipating an increase in the cotton
seed procurement price, the firm in the past two fiscals (FY2017
and FY2018) has purchased cottonseeds on a 30-day credit period,
which has led to increase in the inventory levels. The inventory
days stood at 108 days in FY2018 as compared to 88 days and 57
days in FY2017 and FY2016, respectively.

Vulnerability of profitability to commodity price movements as
well as regulatory changes: Being an agro commodity, the company
remains vulnerable to price movements of cottonseeds. Further,
price movements as well as demand for substitute oilseed products
influence the firm's revenue growth and profitability.

Exposure to high competition in edible oil industry: The edible
oil industry in India is characterised by intense competition and
fragmentation with a large number of units, given its low entry
barriers. The same limits the pricing power, and hence, the
operating profitability of the company.

Risk of capital withdrawal associated with a partnership firm:
STOP is a partnership firm and any significant withdrawals from
the capital account could impact its net worth and hence the
capital structure, as witnessed in the past two fiscals.

Shri Tulsi Oil Products is a partnership firm promoted by Mr.
Chetan Chopda and his wife, Mrs. Payal Chopa. It commenced
operations from 2008. The firm is engaged in crushing cottonseeds
for producing cotton oil and cotton de-oiled cake. Cotton oil is
sold to oil refineries, while the DOC is sold to farmers and
dairies as cattle feed. The firm's manufacturing units are
located in the Buldhana district of Maharashtra with a total
installed capacity of 10,000 metric tonnes per annum.
In FY2018 on a provisional basis, the firm reported a net profit
of INR0.8 crore on an operating income of INR26.7 crore, as
compared to a net profit of INR0.2 crore on an operating income
of INR25.4 crore in the previous year.


SHANKAR RICE: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR9.50-crore bank facility of
Shankar Rice Mill (SRM) continues to be in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+ (Stable)
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           9.50       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2008, SRM is a partnership firm that mills and
processes basmati and non-basmati rice. Its plant at Karnal,
Haryana has a milling capacity of 3 metric tonne per hour. The
firm is promoted by Mr. Ashok Kumar, Mr. Shishan Kumar, Mr. Shiv
Charan Dass and Mr. Mangal Sain.


SHREE SUBHLAXMI: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISL said the rating on bank facilities of Shree Subhlaxmi Foods
Limited (SSFL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             3.4        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Foreign Letter
   of Credit                .84       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Long Term Loan          3.15       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Fund-
   Based Bank Limits       1.61       CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with SSFL for obtaining
information through letters and emails dated February 28, 2018
and August 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 SSFL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSFL 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 SSFL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

SSFL was incorporated in 2014, promoted by the Mainpuri (Uttar
Pradesh)-based Maheshwari family. The company mills and processes
basmati rice. Its unit at Sirsaganj Road in Mainpuri has an
installed capacity of 14,080 tonnes per annum.


SHUBH SWASTIK: ICRA Migrates B Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the rating for the bank facility of Shubh Swastik
Dal Mill Co. Pvt. Ltd. (SSDMCPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limit-      6.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

Shubh Swastik Dal Mill Company Private Limited (SSDMCPL)
processes red gram (arhar dal), red lentil (masoor dal), bengal
gram (chana dal), yellow peas (matar dal), corn flakes, soya bean
nuggets among others at its facility in Raipur, Chhattisgarh,
with an installed capacity of 50 metric tonnes (MT) per day.
Promoted by the Raipur-based Sachdev family, the entity was set
up in 2002 as a proprietorship concern named Swastik Industries,
and was converted into a private limited company in 2011. The
promoters have a long experience in the pulses-processing
industry.


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

The instrument-wise rating actions are:

-- INR71.45 mil. Term loan due on January 2019 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR1.5 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR5.6 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Ski Himalayas Ropeway undertakes tourism ropeway projects and
installs aerial passenger ropeways on a build and operate basis.
The company runs ropeway and passenger transportation systems,
which have been commissioned in Solang, District Kullu, Himachal
Pradesh, on the south western ridge of the Phatru mountains,
along with the famous Solang ski slopes.


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

Insolvency Commencement Date: July 9, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 4, 2019
                               (180 days from commencement)

Insolvency professional: Ravi Chandra Mohan Kadiyala

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

Last date for
submission of claims:    August 19, 2018


SREENAGAR COLD: ICRA Withdraws B Rating on INR7.12cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B ISSUER NOT
COOPERATING with stable outlook assigned to the INR7.12-crore
fund-based and INR0.24-crore non-fund based limits of Sreenagar
Cold Storage Pvt. Ltd. ICRA has also withdrawn long-term rating
of [ICRA]B(Stable) ISSUER NOT COOPERATING and short-term rating
of [ICRA]A4 ISSUER NOT COOPERATING assigned to the INR2.64-crore
unallocated limits of SCSPL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based Limits      7.12       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Withdrawn

   Non-Fund based Limit   0.24       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Withdrawn

   Unallocated Limits     2.64       [ICRA]B (Stable)/[ICRA]A4
                                     ISSUER NOT COOPERATING;
                                     Withdrawn

Rationale

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

Sreenagar Cold Storage Private Limited (SCSPL) set up its cold
storage unit at Sreenagar, in the Paschim (West) Midnapore
district of West Bengal in 1973 as a partnership firm, to carry
on the business of storage and preservation of potatoes. In 1982,
the entity was converted into a private limited company.
Currently, SCSPL has a storage capacity of 22,920 metric ton
(MT). The company is promoted by the Agarwal and the Poddar
families.


SRI ADHIKARI: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Adhikari
Brothers Television Network Limited (SABTNL) to 'CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               75       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SABTNL for
obtaining information through letters and emails dated
September 10, 2018 and September 14, 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 Sri Adhikari Brothers
Television Network Limited. Which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Sri Adhikari Brothers
Television Network Limited is consistent with 'Scenario 4'
outlined in the Framework for Assessing Consistency of
Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri Adhikari Brothers Television Network Limited to
'CRISIL D Issuer not cooperating'.

SABTNL was incorporated on December 19, 1994 by Mr. Gautam
Adhikari and Mr. Markand Adhikari, to take over the business of
partnership firm - Sri Adhikari Brothers. SABTNL is engaged in
the business of content production and syndication for
television. The company is listed on the Bombay and National
Stock Exchanges.


SRI LAXMI: ICRA Reaffirms 'B+' Rating on INR6.60cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ on the
INR6.50 crore fund bases limits and Rs0.50 crore unallocated
limits of Sri Laxmi Srinivasa Roller Flour Mills (SLSRFM). The
outlook on the long-term rating is 'Stable'.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits      6.60      [ICRA]B+ (Stable); Reaffirmed
   Unallocated limits     0.50      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating considers SLSRFM's small scale of operations in the
flour-milling industry and thin profitability levels due to the
low value additive nature of business and intense competition
from organised and un-organised players in the flour-milling
industry. The rating considers SLSRFM's moderate financial
profile charcterised by high gearing of 2.0 times as on March 31,
2018 and moderate coverage indicators for FY2018. The rating is
further constrained by stretched liquidity position of the firm
with increasing inventory and receivables. The firm's revenue
growth and profitability are exposed to external factors such as
government regulations and agro-climatic conditions that
influence supply conditions. ICRA also notes the risks associated
with the partnership nature of the firm.

The rating however derives comfort from the extensive experience
of the promoters of more than four decades in the flour-mill
industry and stable demand outlook for wheat flour as it forms an
important part of the staple Indian diet.

Outlook: Stable

ICRA believes SLSRFM will continue to benefit from the extensive
experience of its promoters, and stable demand prospects of the
sector. The outlook may be revised to Positive if substantial
growth in revenue and profitability and better working capital
management strengthen its financial risk profile. The outlook may
be revised to Negative if cash accrual is lower than expected, or
if any major capital expenditure, or a stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters of more than four decades in
the flour-milling industry: The promoters are involved in the
business of flour milling for more than four decades resulting in
established relationship with customers.

Favourable demand prospects of the industry: Demand prospects of
the industry are expected to remain good as wheat flour forms an
important part of the staple Indian diet.

Credit weaknesses

Small scale of operations: The firm's scale of operations has
been small with an installed capacity of 52560 metric tonne of
wheat per anum and revenues of INR58.6 crore in FY2018, limiting
its financial flexibility.

Moderate financial profile of the firm: SLSRFM's financial
profile remained moderate as reflected by thin operating margins
of 4.1% in FY2018, high gearing of 2.0 times as on March 31, 2018
and moderate coverage indicators with interest coverage of 2.2
times, NCA/Total debt ratio of 8% in FY2018.

Stretched liquidity position: The firm's liquidity position has
been stretched as evident from its high average working capital
limit utilisation of 89% for the period from July 2017 to July
2018, owing to increased inventory holding and stretched
receivables position.

Intense competition in the industry keeps margins under check-
Flour-milling industry is very competitive with presence of many
organised and unorganised players.

Susceptibility to agro-climatic risks: The flour-milling industry
is susceptible to agro-climatic risks, which can affect the
availability of wheat in adverse weather conditions. Fluctuations
in supply, in turn, expose the company to price-volatility risks.
Risks inherent to the partnership nature of the firm- SLSRFM is
exposed to the risks associated with partnership firms including
capital-withdrawal risks that could adversely impact the capital
structure.

Sri Laxmi Srinivasa Roller Flour Mill (SLSRFM) was set up in 2008
as a partnership firm and is involved in milling of wheat. It
produces atta, maida, rava and bran. The firm's milling unit is
located at Kondamadugu village of Nalgonda district in Telangana
with an installed production capacity of 52,560 metric tonne per
annum. SLSRFM sells its products mainly in the wholesale/retail
market in Andhra Pradesh and Telangana. According to provisional
financials, SLSRFM has reported an operating income of INR58.6
crore and a net profit of INR1.0 crore in FY2018 against an
operating income of INR62.6 crore and a net profit of INR1.0
crore in FY2017.


SRI SARASWATHI: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Saraswathi
Education Society (SSES) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Proposed Long Term      3.6       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)


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

SSES was established in 1991 under the Indian Societies
registration act. The society runs two schools - Nandi School,
and Nandi International School - in Bellary (Karnataka). The
institutions are managed by the Iqbal Ahmed family.

The Nandi International School is affiliated to the Central Board
of Secondary Education (CBSE) and imparts education from Class I
to Class X. It also offers pre-university courses (Class XI and
Class XII), which is affiliated to Karnataka state board. The
Nandi School is affiliated to the Karnataka state board and
provides education from Kindergarten to Class X.


SSMP INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: SSMP Industries Limited
        K-336, Sarita Vihar, New Delhi 110076 IN

Insolvency Commencement Date: August 27, 2018

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: February 22, 2019

Insolvency professional: Munish Kumar Sharma

Interim Resolution
Professional:            Munish Kumar Sharma
                         AAF 14, Shipra Krishna Azure, Kaushambi
                         Ghaziabad, UP 201012
                         E-mail: munish@mksadvisors.com
                                 ssmp.resolve@gmail.com

Last date for
submission of claims:    September 24, 2018


SUJATHA FEEDS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Sujatha Feeds
Private Limited (SFPL; part of the Gouthami group) continues to
be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10.5        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Long Term Loan         17.4        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term
   Bank Loan Facility      1.4        CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated February 28, 2018
and August 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 SFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SFPL 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 SFPL continues to be 'CRISIL D Issuer not
cooperating'.

SFPL, set up in 2009, manufactures poultry feed. GHPL, set up in
1999, produces hatching eggs and broiler birds. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SFPL and Gouthami Hatcheries Pvt Ltd
(GHPL). This is because both the companies, together referred to
as the Gouthami group, are under the same management team, and
have considerable operational and business linkages.


SUNDARAM MULTI: CRISIL Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sundaram
Multi Pap Limited (SMPL; part of Sundaram Group) to 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         15.87       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Corporate Loan      15.75       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Funded Interest
   Term Loan            5.43       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   7.95       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated September 7, 2018,
September 10, 2018 and September 14, 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 Sundaram Multi Pap Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Sundaram Multi Pap Limited is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sundaram Multi Pap Limited to 'CRISIL D Issuer not
cooperating'.

To arrive at the ratings of SMPL, CRISIL has consolidated the
business and financial risk profiles of SMPL with that of its 100
per cent subsidiary E-Class Education System Limited (EESL) on
account of significant financial interlinkages between the
companies.

SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery
under the Sundaram brand. Its manufacturing facility is in
Palghar, Maharashtra. The company is managed by the Shah family
and is promoted by Mr. Amrut Shah and his brother Mr. Shantilal
Shah.


SUNIL HITECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sunil Hitech Engineers Limited

        Registered Office:
        72, Floor-7, Plot-15A, Sagar Tarang Chs
        Khan Abdul Gaffar Khan Marg, Worli Seaface
        Wori Colony Mumbai
        Maharashtra 400030 India

        Corporate Office:
        6th Floor, 'C' wing, MET Educational Complex
        Gen. A.K. Vaidya Marg, Bandra Reclamation
        Bandra (W)
        Mumbai 400050

Insolvency Commencement Date: September 10, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 10, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Harshad Shamkant Deshpande

Interim Resolution
Professional:            Mr. Harshad Shamkant Deshpande
                         Flat No. 403, Kumar Millenium
                         Jaibhavani Nagar, Paud Road
                         Near Rohan Corner
                         Kothrud, Pune 411038
                         E-mail: Harshad_de@hotmail.com

                            - and -

                         Harshad S. Despande & Associates
                         Cost Accountants
                         Shop No 2, Sumedha Apartments
                         Plot No 5
                         Sutar Path, Shivtirtha Nagar
                         Pune 411038
                         E-mail: hsdasso@gmail.com

Last date for
submission of claims:    September 24, 2018


SVL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: SVL Limited
        (fka Shriram Industrial Holdings Limited)

        Registered Office:
        123, Angappa Naicken Street
        Tamil Nadu 600001

        Corporate Office:
        Shriram House
        1st First, No. 4, Burkit Road
        T. Nagar, Chennai 600017

Insolvency Commencement Date: September 10, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 9, 2019
                               (180 days from commencement)

Insolvency professional: Shiv Nandan Sharma

Interim Resolution
Professional:            Shiv Nandan Sharma
                         129, Nav Jeevan Vihar
                         Near Aurobindo College
                         New Delhi 110017
                         E-mail: sharmasn@gmail.com
                                 cirp.svl@gmail.com

Last date for
submission of claims:    September 24, 2018


TANISHKA AGRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Tanishka Agro Ventures Private Limited
        Main Chandigarh Una Road Una
        UNA HP 174303 IN

Insolvency Commencement Date: September 13, 2018

Court: National Company Law Tribunal, SAS Nagar Mohali Bench

Estimated date of closure of
insolvency resolution process: March 12, 2019

Insolvency professional: Arvind Kumar

Interim Resolution
Professional:            Arvind Kumar
                         94 Gillco Valley Mohali (Kharar) 140301
                         Punjab
                         E-mail: sankhyain@gmail.com

                            - and -

                         Plot No. D-190, Mohali Business Tower
                         303, 3rd Floor, Industrial Area,
                         Phase 8B
                         Sector 74, SAS Nagar Mohali
                         Punjab 160074
                         E-mail: irparvindkumar@gmail.com

Last date for
submission of claims:    October 4, 2018


TRISHUL ELECTRIC: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Trishul Electric and Powergen Limited
        No. 7, Mahakavi Bharathiyar Nagar Opp
        Vellelar College of Engieering and Technology
        Thindal Erode TN 638102 IN

Insolvency Commencement Date: August 24, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 20, 2019

Insolvency professional: Mudappallur Varieth Gangadharan

Interim Resolution
Professional:            Mudappallur Varieth Gangadharan
                         341, 6th Floor, Fountain Plaza
                         Pantheon Road, Egmore, Chennai
                         Tamil Nadu 600008
                         E-mail: mvgfca@gmail.com

Last date for
submission of claims:    September 8, 2018


TWENTY FIRST: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Twenty First Century Wire Rods Limited

        Registered Office:
        K 87, B K Dutt Colony
        New Delhi 110003

        Corporate Office:
        111/112, Bonanza, B Wing, Sahar Plaza
        Andheri Kurla Road, Near Kohinoor Hotel
        Andheri east, Mumbai 400059

Insolvency Commencement Date: September 12, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 11, 2019
                               (180 days from commencement)

Insolvency professional: Rupesh Agarwal

Interim Resolution
Professional:            Rupesh Agarwal
                         11F, Pocket-IV, Mayur Vihar Phase-I
                         Delhi 110091
                         E-mail: rupesh@cacsindia.com

Last date for
submission of claims:    October 3, 2018


U R AGROFRESH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded U R Agrofresh
Private Limited's (UR Agro) Long-Term Issuer rating to 'IND D'
from 'IND B+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR64.88 mil. (reduced from INR75.0 mil.) Term loans (long-
    term) due on March 2024 downgraded with IND D rating; and

-- INR51.50 mil. (increased from INR45.0 mil.) Fund-based
    facilities (long-/short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrades reflect delays in debt servicing by U R Agro
during the six months ended August 2018 owing to a stressed
liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2009, U R Agro processes gherkins and exports
semi-processed gherkins in barrels to the US and Europe.


ULTIMO FABRICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ultimo Fabrics Private Limited
        Registered Office:
        3rd Floor, Todi Estate
        Above Post Office, Sun Mill Compound
        Lower Parel, Mumbai
        Mumbai City MH 400013 IN

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019

Insolvency professional: Shyam Sundar Kasera

Interim Resolution
Professional:            Shyam Sundar Kasera
                         B-402, La Chappelle CHS
                         Evershine Nagar
                         Near Ryan International School
                         Malad (West), Mumbai 400064
                         E-mail: shyamkasera551@gmail.com
                                 irp.ultimo@gmail.com

Last date for
submission of claims:    September 24, 2018


UTTARA FOODS: ICRA Keeps D on INR265cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR265.83 crore bank facilities of
Uttara Foods and Feeds Private Limited (UFFPL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-       145.83       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 category

   Short Term-      120.00       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 category

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

Uttara Foods and Feeds Private Limited (UFFPL) is a part of the
Venkateshwara Hatcheries Group (VH) group which is the largest
and most integrated poultry player in India. UFFPL, commenced
operations in 1996 in order to further the groups involvement in
the poultry feeds industry, later on diversifying into other
segments such as cattle feed and hatchery. With four hatcheries
located at various locations across the country, the hatcheries
division accounts for 12% of the company's revenues. However, to
date, poultry feed continues to remain the company's main line of
business; accounting for ~85% of the company's operating income
with annual feed production capacity of 248,255 MT. Presently,
the company has seven feed manufacturing plants in the country
which have been located strategically in order to cater to
poultry farmers located across the country. UFFPL also forayed
into parent breeding with two breeder farms at Julekal and Pullur
with a combined output capacity of 2,24,000 birds.


VANSHIKA SUGAR: ICRA Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the rating for the bank facility of Vanshika Sugar
& Power Industries Limited (VSPIL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Warehousing Limits     14.50      [ICRA]B+(Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Term Loan              12.00      [ICRA]B+(Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Unallocated            10.00      [ICRA]B+(Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

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

VSPIL, incorporated in 2012, manufactures white crystal sugar and
its by-products. The company's cane processing plant is located
in Narsinghpur, Madhya Pradesh, with an installed crushing
capacity of 2,500 tonnes per day (TCD). The company commenced
commercial production from November 2014.


VEER GURJAR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Veer Gurjar Alluminium Industries Pvt. Ltd
        Plot No. K-250/2, M I D C Area, Walunj
        Aurangabad, Maharashtra 431133, India

Insolvency Commencement Date: August 9, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Sundararajan Devanathan

Interim Resolution
Professional:            Mr. Sundararajan Devanathan
                         C/O PAN India Legal Services LLP
                         303-304, Natwar Chambers
                         94, Nagindas Master Road, Fort
                         Mumbai, Maharashtra 400023
                         E-mail: dsrajan@plslegal.in

                            - and -

                         601, Griselda, Plot No. 35
                         5th Road, Matunga East
                         Mumbai 400019
                         E-mail: vgaipl.cirp@gmail.com

Last date for
submission of claims:    September 26, 2018


VELOHAR INFRA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Velohar Infra Private Ltd
        No. 1F, 7th Cross Street
        Woodcreek County, Nandambakkam
        Chennai, Tamil Nadu 600016, India

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019

Insolvency professional: M. Murugesan

Interim Resolution
Professional:            M. Murugesan
                         Block C, 3 D, Aishwaryam Apartments
                         102/103, Barakka Road, Secretariat
Colony
                         Kilpauk, Chennai, Tamil Nadu 600010
                         E-mail: vasamu60@gmail.com

Last date for
submission of claims:    September 22, 2018


VIJAY VELAVAN: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vijay Velavan
Spinning Mills 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 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:

-- INR140 mil. Fund-based limits maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR18 mil. Long-term loan maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR6.5 mil. Non-fund-based limits (bank guarantee) maintained
    in non-cooperating category with IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits (letter of credit)
    maintained in non-cooperating category with IND A4+ (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 9, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Vijay Velavan Spinning Mills manufactures
cotton yarn and grey fabric.


VISAKHA TRADES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Visakha Trades'
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:

-- INR40 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR20 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 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Visakhapatnam-based Visakha Trades is engaged in the refurbishing
of the cabins of naval ships, and the building and selling of
porta cabins.


WEST BENGAL MINERAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: West Bengal Mineral Development & Trading Corporation
Ltd.
        13 Nelle Sengupta Sarani (Lindsey Street), 2nd Floor
        Kolkata 700087

Insolvency Commencement Date: September 10, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 7, 2019
                               (180 days from commencement)

Insolvency professional: Chandra Kumar Jain

Interim Resolution
Professional:            Chandra Kumar Jain
                         18, Rabindra Sarani, Poddar Court
                         Gate No-2, 7th Floor, Room No 9
                         Kolkata 700001
                         E-mail: ckcacs@yahoo.co.in
                                 ckcacs.wbmdtcltd@yahoo.co.in
                         Mobile: 9748488836

Last date for
submission of claims:    September 24, 2018


WHITEGOLD CERAMICS: ICRA Withdraws B- Ratings on INR4.89cr Loans
----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- on the
INR1.89-crore term loan facility and the INR3.00-crore cash
credit facility of Whitegold Ceramics Pvt. Ltd. ICRA has also
withdrawn the short-term rating of [ICRA]A4 on the INR1.85-crore
non-fund based bank guarantee facility of WCPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            1.89       [ICRA]B- (Stable); Withdrawn

   Fund-based-
   Cash Credit          3.00       [ICRA]B- (Stable); Withdrawn

   Non-fund Based-
   Bank Guarantee       1.85       [ICRA]A4; Withdrawn

Rationale

The ratings assigned to WCPL have been withdrawn at the request
of the company, based on the no-due certificate provided by its
banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Whitegold Ceramics Pvt. Ltd (WCPL), established in September
2010, is a private limited company promoted by Mr. Jay
Bhatt and Mr. Niral Patel. Later in 2013, WCPL was taken over by
Mr. Kishor Detorja, Mr. Alpesh Patel and their relatives
and friends. The company started manufacturing digitally printed
ceramic wall tiles on May 2011. The manufacturing unit
is located at Morbi, Gujarat, and has an installed capacity to
produce 24,52,800 boxes of ceramic wall tiles per annum in
sizes 12"X18" and 12"X24".


WIOSKA MOLDINGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Wioska Moldings Private Limited
        Registered Office:
        R-52, 3rd Floor, Vikas Marg
        Shakarpur, Delhi 110092

Insolvency Commencement Date: September 12, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 11, 2019
                               (180 days from commencement)

Insolvency professional: Anup Kumar

Interim Resolution
Professional:            Anup Kumar
                         734, Lawyers Chamber Block
                         Western Wing Tis Hazari Court
                         Delhi 110054
                         E-mail: Sachanlawanalyst@gmail.com
                                 irpwioska@gmail.com

Last date for
submission of claims:    September 27, 2018



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


MAHANA ESTATES: Placed Into Receivership
----------------------------------------
Nelson based vineyard and hospitality provider, Mahana Estates,
was placed into receivership on Sept. 28, 2018.

KordaMentha partners, Brendon Gibson and Natalie Burrett have
been appointed Receivers.

The Receivers will look to find a buyer leveraging off the sales
process undergone to date.

Mahana (previously Woollaston Estates), set in the hills above
Nelson, has been operating for 18 years as an established,
vertically integrated winery and includes 30 hectares of mixed
grape vineyards, state of the art gravity flow winery and
bottling plant, cellar door, restaurant and event space.

Receiver, Brendon Gibson, said the company requested the
appointment of Receivers due to its financial difficulties
including an ongoing shareholder dispute. Mr. Gibson said the
Receivers will try and work with the director and stakeholders.
"We will be maintaining assets of the Estate and focus on
concluding a realisation process to optimise value of the
assets", Mr. Gibson said.

Receivers have also been appointed to a related party, Woollaston
Estate Holdings, which is the land owning entity.

Currently, Mahana employs 6 staff in New Zealand.



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


OBIKE: More Than 58,000 oBikes Removed From Public Spaces
---------------------------------------------------------
Channel NewsAsia, citing the Singaporean Land Transport Authority
(LTA), reports that more than 58,000 oBikes have been removed
from public spaces around Singapore after the company went into
liquidation earlier this year.

In response to queries from Channel NewsAsia, LTA said that it
has been working with FTI Consulting, the liquidators of oBike
Asia, to remove the bicycles from the streets. Some of those
which were removed by LTA officers are now temporarily stored at
holding sites and are being progressively removed to be scrapped,
LTA added.

It was reported previously that oBike estimated it had around
70,000 bicycles in Singapore.

One of the sites where the bikes are being stored is an LTA
building situated between Pelton Canal and the Pan-Island
Expressway (PIE), near the Kallang-Paya Lebar Expressway (KPE).

When Channel NewsAsia visited the area last month, thousands of
bikes were seen stacked up in the grounds of the building.

When FTI Consulting was appointed as oBike's liquidators, it said
it would work with LTA and other vendors to ensure that oBike's
bicycles "continue to be collected and thereafter, realised in an
orderly manner," according to Channel NewsAsia.

In July, Channel NewsAsia observed oBikes being scrapped at a
Tuas compound.

                         About oBike

Headquartered in Singapore, oBike is a stationless bicycle-
sharing system with operations in several countries.

As reported in the Troubled Company Reporter-Asia Pacific on
June 26, 2018, the Strait Times said bicycle-sharing operator
oBike announced on June 25 that it will cease operations
immediately in Singapore.  In a statement shared via its app,
oBike cited difficulties in meeting the new requirements and
guidelines by the Land Transport Authority (LTA) to curb
indiscriminate parking. FTI Consulting was appointed as
provisional liquidator in July 2018. The operator is believed to
owe users SGD8.9 million in total.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***