TCRAP_Public/181005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 5, 2018, Vol. 21, No. 198

                            Headlines


A U S T R A L I A

BHULLAR STEEL: First Creditors' Meeting Set for Oct. 11
FELD ENTERPRISES: First Creditors' Meeting Set for Oct. 11
GFIN PTY: First Creditors' Meeting Set for Oct. 15
HUNTER TRAFFIC: First Creditors' Meeting Set for Oct. 11
LOTHLANN PTY: First Creditors' Meeting Set for Oct. 12

NUFARM LTD: S&P Affirms BB Issuer Credit Rating, Outlook Negative
PRINT MAIL: First Creditors' Meeting Set for Oct. 12


C H I N A

CHINA HUAYANG: S&P Lowers Long-Term Issuer Credit Rating to 'SD'


I N D I A

ACME SAWANT: CRISIL Moves B+ Rating to Not Cooperating Category
ANNAPURNA INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
BHOORATHNOM CONST: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
BODHGAYA NAGAR: ICRA Withdraws B+ Long-Term Issuer Rating
C.L. GULHATI: CRISIL Moves D Rating to Not Cooperating Category

CHALAPATHI EDUCATIONAL: CRISIL Moves B+ Rating to Not Cooperating
CLAYRIS CERAMICS: CRISIL Migrates D Rating to Not Cooperating
DEVPRAYAG PAPER: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
ESSAR STEEL: ArcelorMittal, Numetal Must Clear Dues to Bid
G S DEVELOPERS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating

HEMRAJ DEVKARANDAS: Ind-Ra Withdraws 'B' Long Term Issuer Rating
KALIKA PRESS: Insolvency Resolution Process Case Summary
KAPADIA TEXTILE: CRISIL Migrates D Rating to Not Cooperating
KOHINOOR ELITE: ICRA Withdraws D Rating on INR2.45cr Term Loan
KURUVITHADAM AGENCIES: CRISIL Assigns B+ Rating to INR5.75cr Loan

MAHA ASSOCIATED: Insolvency Resolution Process Case Summary
MAHALAKSHMI SERVICE: CRISIL Migrates B+ Rating to Not Cooperating
MAHARSHI ALLOYS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
NATRAJ MOTELS: CRISIL Migrates D Rating to Not Cooperating
NEWCON ENGINEERS: Insolvency Resolution Process Case Summary

P. LAKSHMI: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
PARI AGRI: CRISIL Migrates B+ Rating to Not Cooperating Category
PMR INFRASTRACTURES: CRISIL Migrates B Rating to Not Cooperating
PULIKKOTTIL LAZAR: CRISIL Lowers Rating on INR7cr LT Loan to B+
RIDLEY IFMR: Ind-Ra Lowers Series A2 PTC Rating to 'D'

SALGUTI INDUSTRIES: ICRA Hikes Rating on INR26.72cr Loan to B+
SAM AGRITECH: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
SANCO INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SDU BEVERAGES: Ind-Ra Retains D Issuer Rating in Non-Cooperating
SHREE JAGDAMBA: CRISIL Migrates B Rating to Not Cooperating

SHREEHARI ASSOCIATES: CRISIL Migrates D Rating to Not Cooperating
SHYAM TIMBER: ICRA Reaffirms B+ Rating on INR2cr Cash Loan
SRI SRINIVASA: CRISIL Migrates B+ Rating to Not Cooperating
SRI VENKATESWARA: ICRA Hikes Rating on INR15cr Cash Loan to B+
STATUS CLOTHING: ICRA Moves D Rating to Not Cooperating Category

SUNTANA TEXTILE: ICRA Removes B-/A4 Rating from Not Cooperating
THIRIPURA CHITS: Insolvency Resolution Process Case Summary
USHDEV INTERNATIONAL: Ind-Ra Migrates D Rating to Non-Cooperating
USHER AGRO: Ind-Ra Affirms 'D' Issuer Rating on INR550MM NCDs
VAIBHAV COTTON: CRISIL Migrates B+ Rating to Not Cooperating

VAISHNAOI INFRATECH: CRISIL Moves B+ Rating from Not Cooperating
VAISHNAOI RESORTS: CRISIL Migrates B+ Rating to Not Cooperating
VARDHMAN CHEMTECH: Insolvency Resolution Process Case Summary
VE-7 CERAMIC: CRISIL Migrates D Rating to Not Cooperating
VELAVAN STORES: CRISIL Migrates B Rating to Not Cooperating

VIJAY PHARMA: Ind-Ra Withdraws 'B-' Rating on INR60MM Loan
VIJAY PULSE: ICRA Lowers Rating on INR7.50cr Cash Loan to B
VISTA PHARMACEUTICALS: Ind-Ra Hikes Long Term Issuer Rating to B+


M A L A Y S I A

1MDB: Wife of Malaysia Ex-PM Charged With Money Laundering


N E W  Z E A L A N D

EBERT CONSTRUCTION: Shareholders Vote for Liquidation
HUHTAMAKI NEW ZEALAND: 128 Jobs to Go at Henderson Factory


S I N G A P O R E

SWIBER HOLDINGS: Pursues US$200MM Equity Deal with Seaspan
VIBRANT GROUP: Seeks Noteholders Nod on Waiver for $66MM Bonds


                            - - - - -


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


BHULLAR STEEL: First Creditors' Meeting Set for Oct. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bhullar
Steel Distribution Pty Ltd will be held at Suite 1, Level 15,
9 Castlereagh Street, in Sydney, NSW, on Oct. 11, 2018, at
11:30 a.m.

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Bhullar Steel on Sept. 28, 2018.


FELD ENTERPRISES: First Creditors' Meeting Set for Oct. 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Feld
Enterprises Pty Ltd and Feld Pty Limited will be held at the
offices of Goulburn Mercure Hotel, 2 Lockyer Street, in Goulburn,
NSW, on Oct. 11, 2018, at 12:00 p.m. and 1:00 p.m., respectively.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Feld Enterprises on
Oct. 2, 2018.


GFIN PTY: First Creditors' Meeting Set for Oct. 15
--------------------------------------------------
A first meeting of the creditors in the proceedings of GFIN Pty
Limited will be held at the offices of Pitcher Partners, Level
22, MLC Centre, 19 Martin Place, in Sydney, NSW, on Oct. 15,
2018, at 11:00 a.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of GFIN Pty on Oct. 3, 2018.


HUNTER TRAFFIC: First Creditors' Meeting Set for Oct. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hunter
Traffic Pty Limited will be held at Suite 601B, Level 6, 91
Phillip Street, in Parramatta, NSW, on Oct. 11, 2018, at
4:00 p.m.

Graeme Robert Beattie of Worrells was appointed as administrators
of Hunter Traffic on Sept. 28, 2018.


LOTHLANN PTY: First Creditors' Meeting Set for Oct. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lothlann
Pty Limited will be held at the offices of Crouch Amirbeaggi
Suite 403, 55 Lime Street, in Sydney, NSW, on Oct. 12, 2018, at
12:00 p.m.

Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Lothlann Pty on Oct. 3, 2018.


NUFARM LTD: S&P Affirms BB Issuer Credit Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB' issuer
credit rating on Nufarm Ltd. The outlook on the long-term rating
remains negative.

S&P has also affirmed the long-term issue rating of 'BBB-' on
Nufarm's A$645 million senior secured bank facility (recovery
rating of '1'); the long-term issue rating of 'BB-' on the US$475
million senior unsecured notes (recovery rating of '5'); and the
'B+' rating on Nufarm's subordinated NSS hybrid notes (recovery
rating of '6').

Nufarm is an Australia-based manufacturer of crop-protection
products.

S&P said, "We affirmed the ratings on Nufarm because the
company's proposed equity raising of A$303 million would support
the company's credit quality. We consider the equity raising to
be credit positive because it will restore the company's balance
sheet and help fund continued growth of the business." However,
negative rating pressure remains because of poor operating
performance stemming from severe drought conditions in Australia
and adverse seasonal conditions in Europe that resulted in a late
season.

Nufarm's trading results in the year ended July 31, 2018 were
subpar. The company's debt-to-EBITDA ratio was elevated at about
7.1x on an S&P Global Ratings-adjusted basis (excludes proforma
earnings from European product portfolio acquisitions). In
addition to severe drought conditions and adverse weather
affecting the results, Nufarm's debt levels remained elevated due
to the acquisition of the European portfolios, which have yet to
incorporate any meaningful earnings contribution due to timing.
The European portfolios are likely to contribute EBITDA of A$110
million-A$115 million in fiscal 2019.

The equity raising has reduced immediate pressure arising from
the large debt on Nufarm's balance sheet, in S&P's opinion. The
equity raising also demonstrates management's willingness to
support the company's balance sheet and its commitment to the
'BB' rating when the company's financial metrics are under
pressure. The institutional portion of the proposed raising has
been completed, raising about A$238 million. The entitlement
offer is fully underwritten.

S&P said, "However, in our view, execution risk remains regarding
Nufarm's operating performance. Severe drought conditions in
Australia and seasonal conditions in Europe have worsened the
company's performance. In addition, key to rating stability is
the successful integration of recent acquisitions, such that
Nufarm establishes a track record of consolidated group earnings
and sound operating performance of the acquired European
portfolio. We also recognize that deleveraging during the year
ending July 31, 2019, will also depend on Nufarm's successful
unwinding of its working capital book build that resulted from
adverse climatic conditions.

"We consider the equity raising has increased the likelihood of
rating stability over the next 12 months; however, rating
stability will require a longer track record of improved
operating performance. Our base case envisages the company's
debt-to-EBITDA ratio will return to about 3.5x in 2019 if the
company's management executes on its strategy, with business
conditions supported by a return to average seasonal conditions
in Nufarm's key markets.

"The negative outlook reflects our view that Nufarm may face
challenges in restoring its metrics in line with our expectations
for the 'BB' rating, if there are prolonged dry weather
conditions or integration risks associated with Nufarm's recent
acquisitions.

"We could lower the rating to 'BB-' if Nufarm is unable to reduce
adjusted debt to EBITDA to about 3.5x. We could also lower the
rating if the company does not generate meaningful positive free
operating cash flow metrics or its liquidity deteriorates during
the next 12 months." This could occur if:

-- Difficult weather conditions persist in Australia or any of
    Nufarm's other key jurisdictions in 2019, and Nufarm is
    unable to mitigate the impact through reducing working
    capital or other cost-cutting initiatives; or

-- Nufarm undertakes a large debt-funded acquisition before
    restoring its credit metrics; or

-- Material execution risk occurs associated with the European
    acquisition.

A stable rating outlook remains dependent upon: (1) the
integration of the European product portfolio (2) a return to
normalized conditions for Australia in fiscal 2019.

A revision to a stable outlook would also require a sustained
improvement in working capital management to mitigate the
company's exposure to the volatile agribusiness sector. An
adjusted debt to EBITDA of below 3.5x and a return to generating
meaningful positive free operating cash flow will indicate
metrics in line with the rating.


PRINT MAIL: First Creditors' Meeting Set for Oct. 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of Print Mail
Logistics (International) Pty Ltd will be held at the offices of
Hall Chadwick Chartered Accountants, Level 4, 240 Queen Street,
in Brisbane, Queensland, on Oct. 12, 2018, at 10:00 a.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Print Mail on Oct. 2, 2018.



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C H I N A
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CHINA HUAYANG: S&P Lowers Long-Term Issuer Credit Rating to 'SD'
----------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term issuer
credit rating on China Huayang Economic and Trade Group Co. Ltd.
(Huayang) to 'SD' from 'B+'. Huayang is a China-based trading and
petrochemicals company.

S&P said, "We lowered the rating on Huayang because the company
did not meet payments on its Chinese renminbi (RMB) denominated
medium-term notes (MTN) issued in 2015. The missed interest and
principal amounted to RMB38.4 million and RMB750 million,
respectively, and became due on Sept. 30, 2018 after investors
exercised put options on the notes. In our view, the company is
unlikely to repay the amount in five business days."

Huayang issued the RMB800 million MTN in September 2015. The
coupon was 4.8% and the MTN has a maturity of five years with an
option for investors to put back the MTN to the company after
three years, i.e. Sept. 30, 2018. Investors attempted to put back
RMB750 million out of the RMB800 million MTN.



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


ACME SAWANT: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ACME Sawant
Ventures (ACME) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Project Loan           8       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term     10      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACME for obtaining
information through letters and emails dated July 30, 2018,
August 31, 2018, September 11, 2018 and September 17, 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 ACME Sawant Ventures, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
ACME Sawant Ventures is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' category or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ACME Sawant Ventures to 'CRISIL B+/Stable Issuer
not cooperating'.

Set up in 2012, ACME is a partnership firm promoted by Mr Abhay
Desai, Mr Rajeev Sawant, and Mr Vijay Mundphane for developing
residential real estate projects.


ANNAPURNA INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Annapurna
Industries (AI) continue to remain in the 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based Limit      1.45      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Ratings continue
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based Limit      6.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Ratings continue
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund-based        7.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Ratings continue
                                   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.

Established in 2006, Annapurna Industries (AI) is involved in the
milling of non-basmati rice and processing of silky sortex rice
with an installed capacity of 76,800 metric tonne per annum
(MTPA). Besides, the firm is involved in milling of paddy on job-
work basis for Food Corporation of India (FCI). The manufacturing
facilities of the firm are located in the district of
Rajnandgaon, Chhattisgarh.


BHOORATHNOM CONST: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhoorathnom
Construction Company Private Limited (BCCPL) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating; and

-- INR720 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect BCCPL's medium scale of operations as
indicated by revenue of INR1,868.2 million in FY18 based on
provisional financials (FY17: INR1,986.3 million). The fall in
revenue was because of the pending bills of executed work in the
roads and building segment.

The ratings are also constrained by the company's average EBITDA
margin and modest credit metrics. EBITDA margins fluctuated
between 7.1%-10.1% during FY15-FY18 (FY18: 7.1%; FY17: 9.1%), on
account of variations in operational expenses which depend upon
the size of each project. BCCPL's ROCE was 12.3% in FY18 (FY17:
22.7%). Net financial leverage (net adjusted debt/operating
EBITDAR) deteriorated to 2.7x in FY18 (FY17: 1.3x) and Gross
interest coverage (operating EBITDA/gross interest expenses)
reduced to 2.3x (3.9x) due to a decrease in EBITDA margins along
with increased interest expenses on short-term borrowings.

Moreover, BCCPL's liquidity position is tight, as indicated by
its full utilization of the working capital limits during the 12
months ended August 2018. BCCPL's net working capital cycle
elongated to 118 days in FY18 (FY17: 78 days) due to a longer
receivable period.

However, the ratings are supported by BCCPL's medium-term revenue
visibility, stemming from its unexecuted order book of INR3,809.5
million (2.04x of FY18 revenue) on 31 August 2018. As of
August 31, 2018, the company achieved revenue of around INR900
million.

The ratings are also supported by BCCPL's established operational
track record and promoters' experience of four decades in the
execution of civil work contracts.

RATING SENSITIVITIES

Negative: Any substantial deterioration in the credit metrics or
the liquidity, or any substantial decline in the revenue or the
EBITDA margin would lead to a negative rating action.

Positive: A sustained improvement in the liquidity, revenue,
profitability and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Established in 1972, Hyderabad-based BCCPL constructs roads and
water pipeline projects for the state and central government of
India.


BODHGAYA NAGAR: ICRA Withdraws B+ Long-Term Issuer Rating
---------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ (stable) long-term issuer rating
assigned to Bodhgaya Nagar Panchayat (BNP). The outlook on the
long-term rating was 'stable'.

Rationale

The rating withdrawal follows the completion of the one-time
rating exercise as per terms and conditions of Rating Agreement
drawn with the Urban Development and Housing Department
Government of Bihar.


The BNP, being an urban local body (ULB), provides civic services
to Bodhgaya city, which is located in Gaya district. According to
Census 2011, the BNP, covering an area of 19.58 sq. km., serves a
total population of 0.38 lakh. The economy of Bodhgaya is driven
primarily by tourism and agriculture. The town has several
commercial units related to tourism and a few flour mills. The
BNP is governed by the Bihar Municipal Act, 2007 (Act), which is
administered by the Urban Development and Housing Department
(UD&HD), Government of Bihar (GoB). The highest decision-making
authority of the ULB is its panchayat, which is formed every five
years by electing ward councilors from each of the 19 municipal
wards. The panchayat is headed by a President, who is elected by
the ward councilors. The overall operations of the ULB are
managed by the Executive Officer (EO), who is appointed by the
state government. The heads of the respective departments support
the EO in managing the services of the BNP.

The key services extended by the ULB are construction and
maintenance of roads and drains, solid waste management, street
lights and amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.


C.L. GULHATI: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of C.L. Gulhati
and Sons Limited (CLG) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           25        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     0.2      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CLG for obtaining
information through letters and emails dated August 28, 2018,
August 29, 2018 and September 3, 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 C.L.Gulhati and Sons Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on C.L.Gulhati and Sons Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' category or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of C.L.Gulhati and Sons Limited to 'CRISIL D Issuer
not cooperating'.

CLG was set up as private limited company in 1956 by Mr. C L
Gulhati and his associates. It became a public limited company.
Since its inception, CLG has been a dealer for the entire range
of TML's CVs. It became a dealer of TML's passenger vehicles in
2000.


CHALAPATHI EDUCATIONAL: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chalapathi
Educational Society (CES) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         14.32     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      3.14     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Secured Overdraft       2.54     CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CES for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CES to 'CRISIL B+/Stable Issuer not cooperating'.

CES was established in 1996 by Mr. Y V Anjaneyulu in Guntur,
Andhra Pradesh. CES offers undergraduate and post graduate
courses in engineering, business management and pharmacy streams.


CLAYRIS CERAMICS: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Clayris
Ceramics Private Limited (CCPL) to CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        2        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         28.36     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       .36     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CCPL for obtaining
information through letters and emails dated August 30, 2018,
September 11, 2018 and September 17, 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 Clayris Ceramics Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Clayris Ceramics Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Clayris Ceramics Private Limited to CRISIL D/CRISIL
D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Set up in 2008 by Mr. Divyesh Patel and family, Morbi-based CCPL
manufactures ceramic tiles


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Term loan due on June 2020 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR10 mil. Proposed non-fund-based limit migrated to non-
     cooperating category with Provisional IND  A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Devprayag Paper Mill manufactures carbon
paper and stationary items at its manufacturing facility. located
in Allahabad.


ESSAR STEEL: ArcelorMittal, Numetal Must Clear Dues to Bid
----------------------------------------------------------
Vishwanath Nair and Arpan Chaturvedi at BloombergQuint report
that the Supreme Court said ArcelorMittal and Numetal have to
clear any outstanding dues in two weeks to become eligible to bid
for Essar Steel Ltd.

BloombergQuint relates that the bids can be resubmitted once the
dues are cleared, the two-judge Supreme Court bench headed by
Rohinton Nariman said in its order on Oct. 3. The lenders of
Essar Steel will choose the best bid in eight weeks after that,
and the litigation time will be excluded from India's 270-day
insolvency process deadline, Bloomberg News reported.

On Sept. 7, a National Company Law Appellate Tribunal order had
found ArcelorMittal ineligible to participate in the bidding
process for Essar unless that it cleared the INR7,000 crore loan
defaults by Uttam Galva Ltd. and KSS Petron Ltd, BloombergQuint
recalls.

According to BloombergQuint, ArcelorMittal held a 29 percent
stake and was co-promoter in Uttam Galva, a non-performing asset
as classified by its lenders, which the company sold before
bidding for Essar Steel. It also holds considerable stake in KSS
Global, the parent company of KSS Petron, also a loan defaulter.
Under Section 29A of the Insolvency and Bankruptcy Code, 2016,
promoters of companies which have been classified as NPAs for
over a year cannot participate in the resolution process of any
company unless the dues are repaid.

The NCLAT in its order found that ArcelorMittal had negative
control over the two companies and therefore was liable for
repayment, BloombergQuint says.

Negative control is the shareholders' right to hold back a
company from carrying out certain decisions.

For Numetal, however, the appellate tribunal had noted that since
it had managed to alter its shareholding by buying out the stake
held by a Ruia family member it was eligible to participate in
the bidding process. The Ruia family is the promoter of Essar
Group companies, BloombergQuint says.

Subsequently, ArcelorMittal approached the Supreme Court to
contest the ineligibility and the INR7,000 crore payment,
BloombergQuint relates.  According to the report, the company
argued that it was eligible for bidding as at the time of putting
in its bid it was no longer promoter of Uttam Galva or KSS
Petron. Since the NCLAT had found Numetal Mauritius to be
eligible after changing its shareholding structure, ArcelorMittal
too should be given the same benefit.

Around the same time, ArcelorMittal sent a letter to creditors of
Essar Steel, offering up to INR42,000 crore in cash to buy the
company, the report says.

Thereafter Numetal, that bid INR37,000 crore, asked the Supreme
Court for the chance to match ArcelorMittal's bid.

Anil Agarwal's Vedanta Group has also submitted a bid for Essar
Steel, BloombergQuint notes.

Essar Steel's financial creditors have claims worth over
INR49,000 crore, adds BloombergQuint.

                        About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


G S DEVELOPERS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated G S Developers &
Contractors 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR122.50 mil. Non-fund-based limits migrated to Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1987, G S Developers & Contractors undertakes
tender-based civil construction for various educational
institutions, corporates and real estate builders across India.


HEMRAJ DEVKARANDAS: Ind-Ra Withdraws 'B' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hemraj
Devkarandas Metals And Minerals Limited's (HDMML) Long-Term
Issuer Rating of 'IND B'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND B rating on the INR85 mil. Fund-based facilities is
    withdrawn;

-- The IND B rating on the INR60 mil. Non-fund-based facilities
    is withdrawn; and

-- The IND B rating on the INR52 mil. Proposed fund-based
    facilities are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the bank
facilities, based on the receipt of a no-dues certificate from
the company's lender. Ind-Ra will no longer provide analytical
and rating coverage for HDMML.

COMPANY PROFILE

Incorporated in October 2012, HDMML is a closely-held public
limited engaged in the trading of steel products such as thermo-
mechanically treated bars, angles, T angles, channels, rounds,
square bars, Z sections, gate channels, joists - I beams, mild
steel flat and rails in the long product category and hot-rolled
sheets, hot-rolled plates, cold-rolled sheets, strips, mild steel
plates, coils and mild steel slabs in the flat product category.


KALIKA PRESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kalika Press Private Limited

        Registered Office:
        25, D L Roy Street
        Kolkata, West Bengal
        Pin Code 700006

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Hulashmal Varma

Interim Resolution
Professional:            Mr. Hulashmal Varma
                         28B, Shakespeare Sarani
                         6B, Neelamber
                         Kolkata 700017
                         E-mail: hmvarma@yahoo.co.in
                                 cirp.kppl@gmail.com

Last date for
submission of claims:    October 12, 2018


KAPADIA TEXTILE: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kapadia
Textile (KT: part of the Kohinoor group) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          7        CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KT for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of KT to 'CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of KT, Energetic Globetex Pvt Ltd
(EGPL), Enigma Ventures Pvt Ltd (EVPL) and Kohinoor Eximtex Pvt
Ltd (KEPL), collectively referred to as the Kohinoor group, as
these entities are engaged in similar line of business and have
operational linkages.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress
materials. The manufacturing facility in Surat is managed by Mr
Sanjay Juneja and Mr Jitendra Shukla.


KOHINOOR ELITE: ICRA Withdraws D Rating on INR2.45cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D assigned to
the INR2.45 crore bank facilities of Kohinoor Elite Hotels Pvt.
Ltd. in accordance with ICRA's policy on withdrawal and
suspension.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan            2.45       [ICRA]D; withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension based on no dues certificate provided
by the banker and as desired by the company.

KEHPL is part of the Kohinoor Group promoted by Mr. Manohar
Joshi. It is currently managed by Mr. Unmesh Joshi. KEHPL is a
Special Purpose Vehicle (SPV) that was set up to manage the 100-
room, three-star hotel - Kohinoor Elite at Kurla (West), Mumbai.
The hotel commenced operations from May 2011. Established by Mr.
Manohar Joshi in 1961, the Kohinoor Group is present in the
education, hospitality and real estate sectors.


KURUVITHADAM AGENCIES: CRISIL Assigns B+ Rating to INR5.75cr Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kuruvithadam Agencies Private Limited (KAPL)

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Term Loan               2.5        CRISIL B+/Stable (Assigned)

   Cash Credit             5.75       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      1.75       CRISIL B+/Stable (Assigned)

The ratings reflect modest scale of KAPL's operations amidst
intense competition and a weak financial risk profile. These
weaknesses are partially offset by the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amidst intense competition: Scale of
operations is modest as reflected in revenue of INR22.89 crores
in fiscal 2018. The company is exposed to intense competition
from other players in Kerala, which constrains its bargaining
power with customers. This has resulted in modest operating
margins.

* Weak financial risk profile: Financial risk profile has been
modest owing to high total outside liabilities to total networth
ratio of 9.42 times and low networth of INR1.34 crore as on
March 31, 2018. Debt protection metrics were also average, with
interest coverage and net cash accrual to adjusted debt ratios at
1.2 times and 0.03 time, respectively, in fiscal 2018.

Strengths:

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

Outlook: Stable

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

KAPL, established at Ernakulam, operates a chain of eight retail
showrooms across Kerala that sells home appliances. It also
operates 12 franchise stores of Linen Club. Mr Mathew George, Ms
Mariamma Mathew, Mr John Mathew, Mr George Mathew, Mr Charles
Mathew, and Mr Thomas Kuruvilla are the promoters.


MAHA ASSOCIATED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maha Associated Hotels Private Limited
        K-47, Janpath, Kishan Nagar, Shyam Nagar
        Jaipur 302019, Rajasthan

Insolvency Commencement Date: September 20, 2018

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 18, 2019
                               (180 days from commencement)

Insolvency professional: Brij Kishore Sharma

Interim Resolution
Professional:            Brij Kishore Sharma
                         AB-162, Vivekanand Marg, Nirman Nagar
                         Near DCM, Ajmer Road, Jaipur 302019
                         E-mail: bksharma162@yahoo.co.in

Last date for
submission of claims:    October 8, 2018


MAHALAKSHMI SERVICE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahalakshmi
Service Apartments (MSA) to CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term       5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MSA for obtaining
information through letters and emails dated June 26, 2018,
September 11, 2018 and September 17, 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 Mahalakshmi Service
Apartments, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Mahalakshmi Service Apartments is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Mahalakshmi Service Apartments to CRISIL B+/Stable
Issuer not cooperating'.

Set up in 2017, MSA plans to operate 40 service apartments in
Coimbatore. Its operations are managed by Mr Ramesh Raju.


MAHARSHI ALLOYS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Maharshi
Alloys and Steels' 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:

-- INR90 mil. Fund-based limits maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating; and

-- INR30 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
October 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1994, Maharshi Alloys and Steels is a proprietorship
concern engaged in steel trading.


NATRAJ MOTELS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Natraj
Motels Private Limited (NMPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              5.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NMPL for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of NMPL to 'CRISIL D Issuer not cooperating'.

NMPL was established in 2007 by Aurangabad-based Mr Kotgire and
his friends to set up a hotel in Aurangabad.


NEWCON ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Newcon Engineers Private Limited
        S-136, Lower Ground Floor
        Greater Kailash-II
        New Delhi 110048

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

Insolvency professional: Ashok Kumar Juneja

Interim Resolution
Professional:            Ashok Kumar Juneja
                         1302, Vijaya Building 17
                         Barakhamba Road, Connaught Place
                         New Delhi 110001
                         E-mail: ashokjuneja@gmail.com
                                 newcon.irp@gmail.com

Last date for
submission of claims:    October 10, 2018


P. LAKSHMI: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P. Lakshmi (PL)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based limits assigned with
    IND BB-/Stable/IND A4+ rating; and

-- INR60 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect PL's small scale of operations as indicated
by revenue of INR479 million in FY18 (FY17: INR243 million). The
increase in the revenue was due to steady order inflows and
timely execution of projects. The firm booked revenue of INR230
million during 4MFY19. As of September 21, 2018, it had an order
book of INR1,782.9 million (3.7x of FY18 revenue), including
INR1,709.7 million of ongoing orders and INR73.3 million of L1
orders which will be executed in the next two years. FY18
financials are provisional in nature.

The ratings are also constrained by the proprietorship nature of
the organization and exposure to geographical concentration risk,
as its operations are largely concentrated in and around Tamil
Nadu.

However, the ratings benefit from healthy EBITDA margins of 8.2%
in FY18 (FY17: 6.4%) with a return on capital employed of 22% in
FY18. The increase in the margins was driven by a reduction in
variable costs. All contracts executed by PL have a price
escalation clause, safeguarding its margins from input price
volatility.

The ratings are also supported by PL's comfortable credit metrics
as indicated by EBITDA interest coverage (operating EBITDA/gross
interest expense) of 12.4x in FY18 (FY17: 222.0x). The firm
maintained a net cash position since FY14. However, PL's debt
levels are likely to rise to meet its increasing working capital
requirement with the growing scale of operations. Despite the
rise in debt levels, Ind-Ra expects the credit metrics to remain
at a comfortable level on account of improving EBITDA (FY18:
INR39 million, FY17: INR16 million, FY16: INR12 million).

The ratings also benefit from PL's comfortable liquidity position
as indicated by 66% average use of the working capital limits
during the eight months ended August 2018 and the firm's
promoter's two-decade-long experience in executing engineering,
procurement and construction contracts.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue and operating
EBITDA margins leading to a sustained improvement in the overall
credit metrics will lead to a positive rating action.

Negative: Any decline in the EBITDA margins or stress in the
liquidity position, leading to deterioration in the credit
metrics on a sustained basis will lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 1996, Tamil Nadu-based PL is a registered class I
civil contractor with the Public Works Department.


PARI AGRI: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pari Agri
Grain Industries Private Limited (PAGIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     4        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Pari Agri Grain
Industries Private Limited (PAGIPL) for obtaining information
through letters and emails dated May 30, 2018, September 3, 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 PAGIPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on PAGIPL
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 PAGIPL to 'CRISIL B+/Stable Issuer not
cooperating'.

Established as Jai Shree Balaji Warehousing and Real Estate Pvt
Ltd in December 2011, PAGIPL got its current name in 2015. PAGIPL
trades chickpeas, wheat, jowar and soyabean and its registered
office is situated at Dewas, Madhya Pradesh. The company has also
forayed into exports recently.


PMR INFRASTRACTURES: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PMR
Infrastractures Private Limited (PMR) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Overdraft       4       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Secured Overdraft        1       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PMR for obtaining
information through letters and emails dated July 25, 2018,
September 3, 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 PMR Infrastractures Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on PMR Infrastractures Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PMR Infrastractures Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Set up in 2004, PMR Infrastructure Pvt. Ltd. undertakes civil
construction works, mainly related to irrigation projects. Daily
operations of the Hyderabad-based company are managed by Mr P
Mohan Reddy and his family members.


PULIKKOTTIL LAZAR: CRISIL Lowers Rating on INR7cr LT Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pulikkottil Lazar and Sons Jewellery (PLS) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.


                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Long Term    7        CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The downgrade reflects weaker standalone financial risk profile,
modest scale of operations and low profitability margins along
with stretched liquidity profile.

The ratings continue to reflect below average financial risk
profile, working capital intensive nature of operations and
modest scale of operations in intensely competitive industry.
These rating weaknesses are partially offset by extensive
experience of the promoters in the gold jewellery retail segment.

Analytical Approach

Based on management stance, CRISIL has adopted standalone
approach for rating for PLS, than earlier approach of
consolidation with PLK Manufacturing Unit (PLK).  The entities
are independently managed.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current asset (GCA)
were high estimated at about 140-145 days as of March 31, 2018,
driven by large inventory of about 80-90 days. Large inventory is
inherent in the jewellery retailing segment. Debtors, were,
however, low as no credit is offered to customers. Operations are
likely to remain working capital intensive over the medium term
due to high inventory holding requirement.

* Below-average financial risk profile: Total outside liabilities
to adjusted networth is high at 3 times as on March 31, 2018.
Debt protection metrics is weak with interest coverage and net
cash accruals to adjusted total debt of 1.2 times and 0.02 time
respectively in fiscal 2018.

* Modest scale of operations: Revenue is modest, estimated at
INR13.89 crore for fiscal 2018. The jewellery industry in India
is highly fragmented and dominated by the unorganised sector. It
has numerous players in retail segment. Besides this gold prices
are highly volatile and will have an impact on margins of the
firm. .

Strengths:

* Extensive experience of the promoters: The promoter family has
been in the jewellery retail segment for over four decades. This
has resulted in an established relationship with various
customers and development of a sound market position in the
region.

Outlook: Stable

CRISIL believes the PLS will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if considerable increase in cash
accruals backed by higher revenue and operating profitability,
leads to better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if decline in revenue and operating
profitability, results in lower cash accrual, or an increase in
working capital requirement, weakens financial risk profile.

Set up in 2015 and based in Kerala, the PLS is promoted by Mr
Jomy Varghese and Mr Jimmy Varghese. PLS operates gold jewellery
retail showrooms in Kunnamkulam, Pattambi, and Kechery, in
Kerala.


RIDLEY IFMR: Ind-Ra Lowers Series A2 PTC Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ridley IFMR
Capital 2016's (an ABS transaction) pass-through certificates
(PTCs) as follows:

-- Series A1 PTCs* issued on November 30, 2016 due on
    September 19, 2018 is paid in full; and

-- INR54.84 mil. Series A2 PTCs# issued on November 30, 2016 has
     a 15% coupon rate due on September 19, 2018 downgraded with
     IND D (SO) rating.

  * INR958.4 million at issuance
  # INR132.0 million at issuance

The rating of Series A2 PTCs indicates deterioration in repayment
profile of borrowers concentrated primarily in certain specific
districts of Maharashtra (49.85% of current pool principal
outstanding; (POS)) and Madhya Pradesh (19.43% of current POS),
which have been more severely affected by idiosyncratic events
such as the demonetization and farm loan waivers by respective
state governments.

The microfinance loan pool assigned to the trust is originated by
erstwhile Disha Microfin Limited (Disha, the originator or
seller). In September 2015, Disha received an in-principle
approval from the Reserve Bank of India (RBI) to commence
operations as a small finance bank (SFB). Disha converted itself
to an SFB from a non-banking finance company (NBFC), changing its
name to Fincare Small Finance Bank Limited (FSFBL) effective June
2017.

KEY RATING DRIVERS

The default is driven by a continuous rise in delinquency in
deeper buckets for the remaining 9,631 loans (49,947 at issuance)
with current POS of INR168.4 million (INR1,101.7 million at
issuance); which has resulted in shortfall of payouts to the PTC
investors even after the utilization of the entire credit
enhancement (CE) available in the transaction. However, the
balance loans, which have been repaid in full, had shown
acceptable repayment track record during their respective tenors,
enabling complete redemption of Series A1 PTCs and partial
redemption of Series A2 PTCs.

As of August 2018 collection month, 0+days past due (dpd), 90+dpd
and 180+dpd delinquency were 15.28%, 15.23% and 15.05% of the
original POS, respectively. The cumulative collection efficiency
observed in the pool was 81.7%.

As of September 19, 2018 (final maturity date), series A1 has
been fully amortized and 41.49% of series A2 is still
outstanding, which is in default. During the last 21 months since
the transaction closing, the peak 0+dpd and 90+dpd delinquency
observed was 21.28% and 15.77% of the original POS, respectively,
until the final maturity.

COMPANY PROFILE

Incorporated in 1995, FSFBL It received the final SFB license on
May 12, 2017 and commenced operations on July 21, 2017. On
March 31, 2018, the company had operations in eight states with
608 branches, covering over 0.9 million active borrowers, with a
gross loan portfolio of INR18.1 billion (FY17: INR13.1 billion).

FSFBL classifies any loan as a non-performing asset if it becomes
overdue for more than 90 days. Its net non-performing assets were
0.72% at FY18 (FY17: 0.38%).


SALGUTI INDUSTRIES: ICRA Hikes Rating on INR26.72cr Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR21.24-
crore fund based limits, INR0.15-crore non-fund based limits and
INR26.72-crore unallocated limits of Salguti Industries Limited
(SIL) to [ICRA]B+ from [ICRA]B-. The outlook on the long-term
rating is Stable. ICRA has reaffirmed the short-term rating at
[ICRA]A4 for the INR26.72-crore unallocated limits of SIL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based limits     21.24       Upgraded to [ICRA]B+(Stable)
                                     from [ICRA]B-(Stable)

   Long-term Non-         0.15       Upgraded to [ICRA]B+(Stable)
   fund based Limits                 from [ICRA]B-(Stable)

   Short-term Non-        9.29       [ICRA]A4 reaffirmed
   fund based limits

   Long-term             26.72       Upgraded to [ICRA]B+(Stable)
   Unallocated                       from [ICRA]B-(Stable)
   limits

Rationale

The rating upgrade considers reduction in debt levels with
closure of term loans and working capital debt of textile
division post divestment of textile division in Q4FY2018. The
ratings also factor in more than two decades of promoter's
experience in the manufacturing of poly-woven sacks; established
relationship with major customers including Coromandel
International Limited and Indian Potash Ltd; and healthy capacity
utilisation of the poly woven sacks facility at 86% in FY2018 and
98% in Q1FY2019. The ratings are however constrained by weak
financial profile characterised by net losses of INR1.09 crore in
FY2018, high gearing of 3.65 times as on March 31, 2018, interest
coverage of 1.30 times for FY2018; and tight working capital
position with high utilisation of working capital limits owing to
high inventory and debtor levels. The ratings also consider high
customer concentration with top three customers accounting for
more than 97% of the total sales in FY2018 and high dependence of
the woven sack business on fertiliser and cement industry.

Going forward, the ability of the company to improve its
operating income and profitability while managing its working
capital requirements would remain key rating sensitivities from
the credit perspective.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SIL will
continue to benefit from the extensive experience of the
promoters in the poly-woven sack industry and the long-term
association of the company with its key customers. The outlook
may be revised to Positive if the firm achieves significant
growth in revenue and profitability, and better working capital
management, strengthening the financial risk profile. The outlook
may be revised to Negative if lower than expected cash accruals;
or if any major capital expenditure, or a stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Successful divestment of textile division: The company divested
the textile unit in Q4FY2018 for INR11.32 crore and has closed
the debt pertaining to textile division with the sale proceeds.
In the past three years, the textile division has been incurring
losses whereas the plastic division was profitable.

Extensive experience of the promoter in the poly-woven sack
industry: SIL has been manufacturing of poly-woven sacks for more
than past three decades. The manufacturing facilities for the
packaging division are located at Bollaram, Medak district and
Rajapur, Mahaboobnagar district of Telangana. The capacity
utilisation of poly woven sacks facility is healthy at 86% in
FY2018 and 98% in Q1FY2019.

Established relationship with major customers: The major
customers in the woven sacks segment are fertilizer companies and
SIL is supplying sacks primarily to Coromandel International
Limited for the past 25 years. In addition, SIL is also supplying
to other fertiliser companies like Indian Potash Limited (IPL),
and Nagarjuna Fertilisers and Chemicals Limited (NFCL). The
company is also focusing on the cement industry and is catering
to players like Vasavadatta Cement (a unit of Kesoram Industries
Limited), Kalburgi Cement Private Limited (Bharathi brandcement),
Penna Cement Industries Limited.

Credit challenges

Weak financial risk profile: The company's financial risk profile
is weak as characterised by net losses of INR1.09 crore in
FY2018, high gearing of 3.65 times as on March 31, 2018,
NCA/Total debt of 5.69% and interest coverage of 1.30 times
during FY2018. However, the net losses were due to accounting
adjustments on sale of textile division and the company reported
cash profits of INR1.97 crore in FY2018.

Tight liquidity position: The liquidity position of company is
tight as reflected by 96% average utilisation of working capital
limits between April 2017 and July 2018 due to high inventory and
debtor days. CIL follows the policy of zero inventories and hence
SIL has to maintain high inventory as the orders received from
CIL have to be supplied within a week.

High customer concentration: The top three customers are CIL,
NFCL and IPL and together accounting for ~97% of sales in FY2018
with CIL alone accounting for 65% of the sales. However, long
relationship with CIL mitigates the risk to certain extent.

Salguti Industries Limited (SIL) was incorporated in 1984 as a
private limited company and was converted into a public company
in 1992. It manufactures poly woven sacks for packaging of
fertilisers and cement. In 2005, SIL diversified into the
textiles segments and started manufacturing of cotton grey fabric
for garments, bed linen and furnishings. The company exited the
textile business in Q3FY2018. The manufacturing facilities for
the packaging division are located at Bollaram, Medak District
and Rajapur, Mahaboobnagar district of Telangana. The installed
capacity of poly-woven sacks is 10400 MT/annum.


SAM AGRITECH: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sam Agritech
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:

-- INR32 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Proposed fund-based facilities maintained in non-
    cooperating category with Provisional IND BB+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1995 as a limited company, Sam Agritech is
engaged in the processing and export of agricultural perishable
goods.


SANCO INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sanco
Industries Limited's Long-Term Issuer Rating to 'IND D' from 'IND
BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR305 mil. (increased from INR180 mil.) Fund-based working
    capital limit (long- and short-term) downgraded with IND D
    rating; and

-- INR224 mil. (reduced from INR154 mil.) Non-fund-based
    facilities (short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Sanco
Industries during the 12 months ended August 2018 due to a tight
liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for ratings.

COMPANY PROFILE

Sanco Industries manufactures polyvinyl chloride (PVC) conduit
pipes, PVC casing and capping, PVC/PP-R plumbing pipes, and PVC-
insulated domestic wires and cables. The company is also engaged
I the trading of PVC resins and other related chemicals. Its
production facility is in Paonta Sahib, Himachal Pradesh. The
site has a capacity of 6,000 metric tons for PVC pipes and
36,000km for PVC wires and cables.


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

The instrument-wise rating action is:

-- INR210 mil. Term loans (long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SDU Beverages manufactures packaged fruit juices in four flavors:
mango, apple, orange and mixed fruit.


SHREE JAGDAMBA: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Shree
Jagdamba Cotton Ginning and Pressing Factory (SJCGPF) to 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     0.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SJCGPF for
obtaining information through letters and emails dated
June 18, 2018 and July 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of SJCGPF to 'CRISIL B/Stable Issuer not cooperating'.

Set up in the 1970s as a partnership firm by Mr. Mayurkumar Shah
and family, SJCGPF gins and presses cotton at its facility in
Handod in Vadodara district.

CRISIL has migrated the ratings on bank facilities of SJCGPF to
'CRISIL B/Stable Issuer not cooperating'.


SHREEHARI ASSOCIATES: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shreehari
Associates Private Limited to CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             28       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter Of Guarantee     20       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit         5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      25.05    CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               25.95    CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Shreehari
Associates Private Limited. (SAPL) for obtaining information
through letters and emails dated August 28, 2018, September 11,
2018 and September 17,2018  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 Shreehari Associates Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shreehari Associates Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shreehari Associates Private Limited to CRISIL
D/CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SAPL, incorporated in 2000, is promoted by Mr Sacheen Madhukar
Mulay and Mr Madhukar Haribhau Mulay. The company was formed to
take over the business of a partnership firm, Shreehari
Associates, which was set up in 1997.


SHYAM TIMBER: ICRA Reaffirms B+ Rating on INR2cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR2.00-crore cash credit facility of Shyam Timber Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for the INR17.00-crore (enhanced from INR13.00 crore)
non fund-based limits of STPL. The outlook on the long-term
rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          2.00      [ICRA]B+ (Stable); reaffirmed;
   Cash Credit                    removed from 'Issuer not
                                  co-operating'

   Non Fund-based-     17.00      [ICRA]A4; reaffirmed; removed
   Letter of Credit               from 'Issuer not co-operating'

Further, ICRA has removed its earlier rating from the 'ISSUER NOT
COOPERATING' category. The company's rating was moved to the
ISSUER NOT COOPERATING category in January 2018.

Rationale

The rating reaffirmation remains constrained by the company's
weak financial risk profile, characterised by moderation in
operating margin in FY2018, moderate capital structure and weak
coverage indicators. Nonetheless, ICRA takes note of the healthy
revenue growth in FY2018 on the back of increased timber trading.
The ratings also take into account the highly fragmented nature
of the industry and the easy availability of substitutes, both of
which intensify the market competition. The ratings further
consider the vulnerability of the profitability to the volatility
in timber prices, foreign exchange fluctuation owing to its
procurement through imports and availability of timber; which
depends upon export regulations in the key supplying markets.
The ratings, however, continue to favourably factor in the
extensive experience of the promoters in the timber trading
business and the proximity of the company's facilities to the
Mundra port in Gujarat.

Outlook: Stable

ICRA believes that STPL will continue to benefit from the
extensive experience of its promoters in the timber trading
business. The outlook may be revised to Positive if sustainable
growth in revenue and profitability improves the coverage
indicators. The outlook may be revised to 'Negative' in case
deterioration in profit margins or increase in debt levels
weakens the company's credit profile.

Key rating drivers

Credit strengths

Extensive experience of promoters in timber trading industry:
STPL's operations are managed by the Jethwa family. The key
promoters have more than three decades of experience in the
timber trading business.

Location-specific advantage in terms of procurement of raw
material: STPL's facility is located at Gandhidham in Gujarat;
the region is declared as a timber zone by the Government. Since,
majority of procurement by STPL are though imports, proximity to
Mundra port in Gujarat provides logistics advantage to the
company.

Credit challenges

Weak financial risk profile: Though, STPL's scale of operations
grew a healthy rate of 97% in FY2018 to INR60.57 crore from
INR30.74 crore in FY2017, the financial risk profile continue to
remain weak as evident from the weak operating margin, which
decreased to 2.16% in FY2018 from 3.30% in FY2017; deterioration
in the capital structure to 1.12 times in FY2018 from 0.91 times
in FY2017; and the below average coverage indicators marked by
TD/OPBDITA of 3.33 times in FY2017 and 3.53 times in FY2018
(vis-a-vis 3.32 times in FY2016), interest coverage ratio of 0.80
times in FY2017 and 0.76 times in FY2018 (vis-a-vis 1.27 times in
FY2016), TOL/TNW of 3.86 times in FY2017 and 3.55 times in FY2018
(vis-a-vis 4.19 times in FY2016).

Intense competition due to presence of numerous players: Timber
trading is a low value-added business and faces stiff competition
from numerous players operating in the fragmented industry.
Further, availability of substitutes limits the pricing
flexibility of industry participants and keeps their margins
under pressure.

Exposure to Government regulations and volatility in timber
prices: STPL's timber requirement is met through imports from the
African countries. This exposes the company to the risk
associated with timber availability and adverse
changes/restrictions in timber export policies by the Government
of the timber-supplying countries.

Vulnerability of profitability to adverse fluctuation in foreign
currency exchange rate: Import constitutes more than 98-99% of
STPL's total purchase and the company does not have any formal
hedging policy for its forex risk. Hence, it remains exposed to
the risk of adverse movement in forex rates with respect to its
import payables.

Shyam Timber Private Limited (STPL) started operations as a
partnership firm in early 1990s and later changed to a closely-
held private limited company in March 2000. STPL trades in timber
logs imported from the African countries and sells it to the
local saw mills. The company's works are located at Gandhidham in
the Kutch district (Gujarat). At present, the company is headed
by Mr. Praveen Jethwa and Mr. Sunil Jethwa, who have three-decade
long experience in the timber industry.

In FY2018, the company reported a net profit of INR0.41 crore on
an operating income of INR60.57 crore, as compared to a net
profit of INR0.14 crore on an operating income of INR30.74 crore
in FY2017.


SRI SRINIVASA: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Srinivasa Agro Products (SSAP) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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


CRISIL has been consistently following up with SSAP for obtaining
information through letters and emails dated May 30, 2018,
September 3, 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 SSAP. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSAP 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 SSAP to 'CRISIL B+/Stable Issuer not cooperating'.

SSAP was set up in 1991 as a proprietorship firm by Mr. S. Shekar
and was reconstituted as a partnership firm in 2015. The firm is
into trading and processing of non-basmati 'Kolam' rice. It sells
its products under various brands, including S, Keerti, Colours,
and Sky.


SRI VENKATESWARA: ICRA Hikes Rating on INR15cr Cash Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR15.00-
crore1 cash credit limits, INR7.52-crore term loan and INR0.20-
crore non-fund based limits of Sri Venkateswara Fertilisers
Private Limited to [ICRA]B+ from [ICRA]B. The outlook on the
long-term rating is Stable. ICRA has also upgraded the long-term
rating to [ICRA]B+ from [ICRA]B and reaffirmed the short-term
rating at [ICRA]A4 for the INR10.28-crore unallocated limits of
SVFPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          15.00      Upgraded to [ICRA]B+(Stable)
                                   from [ICRA]B(Stable)

   Term loan             7.52      Upgraded to [ICRA]B+(Stable)
                                   from [ICRA]B(Stable)

   Non Fund Based
   Limits                0.20      Upgraded to [ICRA]B+(Stable)
                                   from [ICRA]B(Stable)

   Unallocated Limits   10.28      Upgraded to [ICRA]B+(Stable)
                                   from [ICRA]B(Stable);
                                   [ICRA]A4 reaffirmed

Rationale

The rating upgrade factors in successful commissioning of the
Nitrogen, Phosphorus and Potassium (NPK) fertiliser plant in
December 2017; and the extensive experience of promoters across
various businesses including fertiliser, rice mill and shrimp
feed. However, the ratings are constrained by the small scale of
operations with revenue of INR22.07 crore in FY2018; company's
weak financial profile with gearing of 2.92 times as on March 31,
2018, interest coverage of 2.16 times and Total debt to OPBDITA
of 5.20 times in FY2018; and high client concentration risk with
its top-five customers accounting for ~54% of its total revenues
in FY2018. The ratings are further constrained by the company's
susceptibility of operating margins to agro-climatic conditions
and regulatory risks involved in the fertiliser business and
tight liquidity position of the company as evident from high
average working capital utilisation for between June 2017 and
August 2018.

Going forward, the company's ability to improve its revenues,
while managing its working capital requirements, will be the key
credit rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SVFPL will
continue to benefit from the experience of the promoters in
diverse businesses. The outlook may be revised to Positive if the
company achieves significant growth in revenue and better working
capital management, strengthening the financial risk profile. The
outlook may be revised to Negative if lower-than-expected cash
accruals or if any major capital expenditure, or a stretch in the
working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoter in diverse businesses: The
Managing Director, Mr. S Krishna Reddy, has around five years of
experience in the fertiliser industry. He also has over two
decades of experience in the rice milling industry and shrimp
feed industry. Long experience of the promoter in diverse
business coupled with established relationships with its
customers and suppliers supported revenues over the years.

Successful commissioning of the NPK plant in December 2017: The
NPK fertiliser plant is operational since December 2017, thereby
eliminating the execution risk associated with under-construction
projects. The Dicalcium Phosphate (DCP) plant has been
operational since October 2013.

Credit challenges

Small scale of operations: The operating income of the firm
increased by 26% to INR22.07 crore in FY2018 from INR17.58 crore
in FY2017, however remains small. A major portion of revenue
comes from DCP sales that accounted for 79% of the revenue in
FY2018, followed by NPK fertiliser and Gypsum accounting for 18%
and 3% respectively.

Weak financial risk profile characterised by high gearing and
stretched coverage indicators: The financial risk profile of the
company is weak with high gearing of 2.92 times as on March 31,
2018, interest coverage of 2.16 times and Debt/OPBDITA at 5.20
times for FY2018. The debt is primarily working capital and also
has term loans availed for construction of DCP and NPK plant.

Seasonality in the fertiliser business; margins vulnerable to
agro-climatic conditions: The risk of adverse climatic conditions
are inherent concerns in the fertiliser industry. In the years
with good monsoons, sale of fertilisers picks up and vice versa.
This risk is more accentuated for companies with low geographical
diversification, as in the case of SVFPL, wherein the entire
fertiliser sales area is concentrated within Andhra Pradesh.

Tight liquidity position: The company's liquidity position
remains stretched owing to high debtors and inventory holding.
The average working capital utilisation between June 2017 and
August 2018 was high at 99% of the sanctioned limits. The
business is working capital-intensive owing to high debtor days
as the farmers usually pay after the harvesting of crops.

Sri Venkateswara Fertilizers Private Limited was incorporated as
a private limited company in August 2011 by Mr. Krishna Reddy and
his family members. SVFPL manufactures DCP and NPK Fertiliser in
East Godavari District, Andhra Pradesh, with installed capacity
of 400 tonnes per day (TPD) and 50 TPD respectively. The DCP
plant has been operational since October 2013 whereas the
commercial operation of NPK plant began in December 2017.


STATUS CLOTHING: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Status Clothing Company Limited (SCCL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based         9.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits-Cash                   Rating moved to the 'Issuer Not
   Credit                        Cooperating' category

   Fund based         5.50       [ICRA]D ISSUER NOT COOPERATING;
   Limits-Term                   Rating moved to the 'Issuer Not
   Loan                          Cooperating' category Fund based

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

Status Clothing Company Limited was set up in 1996 as a
partnership firm. In July, 2011, the firm was converted into a
private limited company and the name was changed to its current
name. It is engaged in manufacturing and trading of greige fabric
for shirting and suiting. The registered office and manufacturing
plant of the company is located in Tarapur, Thane. The
manufacturing plant is spread over an area of 45,000 square feet
with installed capacity of 5.60 lakh meters per month.


SUNTANA TEXTILE: ICRA Removes B-/A4 Rating from Not Cooperating
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- and the
short-term rating of [ICRA]A4 for the INR12.95-crore fund-based
bank facilities of Suntana Textile Mills Private Limited. ICRA
has also reaffirmed the long-term rating of [ICRA]B- and the
short-term rating of [ICRA]A4 for the INR12.95-crore fund-based
sub-limits of the company. The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based-         12.95        [ICRA]B- (Stable)/[ICRA]A4;
   FBP/FBD/FCBP/                    Reaffirmed, Ratings Removed
   FCBD Cum                         From 'Issuer Not Cooperating'
   PC/PCFC/PSCL                     Category

   Fund Based-PF/      (9.75)       [ICRA]B- (Stable)/[ICRA]A4;
   PCFC                             Reaffirmed, Ratings Removed
                                    From 'Issuer Not Cooperating'
                                    Category

   Fund Based-         (2.25)       [ICRA]B- (Stable)/[ICRA]A4;
   PSDL                             Reaffirmed, Ratings Removed
                                    From 'Issuer Not Cooperating'
                                    Category

   Fund Based-PSDL     (0.80)       [ICRA]B- (Stable)/[ICRA]A4;
   (Against                         Reaffirmed, Ratings Removed
   Government                       From 'Issuer Not Cooperating'
   incentives)                      Category

   Fund Based-         (2.00)       [ICRA]B- (Stable)/[ICRA]A4;
   Direct Bills                     Reaffirmed, Ratings Removed
                                    From 'Issuer Not Cooperating'
                                    Category

   Fund Based-Cash     (0.95)       [ICRA]B- (Stable)/[ICRA]A4;
   Credit                           Reaffirmed, Ratings Removed
                                    From 'Issuer Not Cooperating'
                                    Category

ICRA has also removed its earlier long-term rating of [ICRA]B-
(stable) and short-term rating of [ICRA]A4 from the 'Issuer Not
Cooperating' Category. The rating was moved to 'Issuer Not
Cooperating Category' in August 2018.

Rationale

The rating reaffirmation continues to remain constrained by
STMPL's weak financial profile characterised by its small scale
of operations, low profitability, depressed coverage indicators
and leveraged capital structure. Furthermore, the company has
witnessed de-growth in its operating income during FY2018,
attributable to muted demand for the domestic textile industry
arising from GST implementation related glitches. In addition,
the company's profitability continues to remain susceptible to
raw material price fluctuations, which is accentuated by the high
level of inventory maintained in the business, coupled with high
exposure to foreign exchange fluctuations risk from its presence
in exports in the absence of any firm hedging mechanism. The
ratings also take into account the company's tight liquidity
position emanating from its elongated receivables position and
high inventory level, leading to near to full utilisation of
working capital limits. ICRA notes the stiff competition in the
market, due to low entry barriers, restricts the pricing
flexibility of the company.

The ratings, however, favorably factor in the extensive
experience of STMPL's promoters in the textile industry, the easy
availability of key raw materials, and its proximity to ports for
its exports.

Outlook: Stable

The Stable outlook reflects ICRA's expectations that STMPL will
continue to benefit from the extensive experience of its
promoters in the textile industry. The outlook may be revised to
Positive, if the company is able to significantly improve its
operating income (OI) along with an improvement in its return
indicators, capital structure and working capital intensity by
lowering the debtors receivable period and inventory levels.
Conversely, the outlook may be revised to Negative, in case of
considerable deterioration in operations or profitability, which
can lower its cash accrual position, or further deterioration in
its capital structure and working capital cycle, which will
deteriorate the financial risk profile of the company.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the textile industry:
The company's promoter, Mr. Chiranjilal Agarwal, Mrs. Bharti
Agarwal and Mr. Sunil Agarwal, have extensive experience of the
textile industry in the domestic and international markets. The
same is expected to guide the company's future growth.

Location advantage from presence in Bhiwandi (Maharashtra)
provides easy access to key raw material: The company is located
in Bhiwandi, which is considered to be a major textile belt of
Maharashtra. STMPL's presence in the textile-processing hub
offers it easy access to a wide customer and supplier base,
giving it an opportunity to increase its market share in the
industry. Proximity to weavers, garment manufactures and textile
processing mills ensure a steady supply of raw material, leading
to lower transportation cost and agent commissions.

Credit challenges

Modest scale of operations; de-growth in operating income
witnessed in FY2018: Operations of the company continued to
remain modest, declining further by ~17% to ~Rs. 20.85 crore in
FY2018, against a turnover of ~Rs. 25.09 crore during FY2017.
This was primarily owing to weak operations in H1 FY2018 due to
regulatory changes in the tax structure of the domestic market.

Weak financial profile characterised by low profitability, weak
coverage indicators and leveraged capital structure:
Profitability of the company remains low, since manufacturing is
outsourced. The profitability as represented by operating profit
margin (OPM) continued to remain low at ~7.63% during FY2018.
However, it remained marginally higher than the OPM of ~7.16%
achieved during FY2017, due to marginal decrease in selling and
administrative expenses. Lower OPM, in turn leads to lower NPM of
~0.53% in FY2017 and ~1.06% as per FY2018 provisional statement,
due to relatively higher interest cost. Return indicators as
represented by ROCE declined from ~10.20% in FY2017 to ~8.54% in
FY2018. The ccapital structure of the company continued to remain
stretched as represented by gearing level of 4.18 times as on
March 31, 2018 due to relatively higher dependency on external
funding. The coverage ratios as represented by OPBDITA/Interest
and financial charges continued to remain weak at ~1.16 times
during the last two years due to relatively higher interest cost.
Furthermore, debt protection indicators, as represented by
NCA/Total debt and Total Debt/OPBDITA, continued to remain weak
at ~1% and ~10.13 times, respectively, in FY2018.

Stretched liquidity profile as reflected by increase in working
capital intensity and high utilisation of sanctioned bank limits:
Elongated receivable period from customers coupled with
considerably high inventory holding led to a stretched liquidity
position, as represented by almost full utilisation of working
capital limits and increase in working capital intensity from
~67% in FY2017 to ~94% in FY2018.

Exposure to price fluctuation risks due to high inventory
holding: The yarn used to manufacture greige fabric is a volatile
commodity and fluctuations in the prices of yarn also affect the
prices of greige fabric. The major raw material used to
manufacture products is greige fabric; and with raw material
consumption amounting to ~65-70% of the total cost of
manufacturing, any price fluctuations are likely to impact the
profit margins of the firm. Furthermore, due to the external job
work nature of operations that come with a high lead time for
manufacturing the final product, the company holds inventory up
to ~3-4 months with aggregates price fluctuation risks.

Revenues and margins susceptible to currency risks due to lack of
active hedging in forex derivatives: Export contribution varied
from 40-60% of total revenues during the last few years. The
Indian Rupee has been volatile at ~INR65.97-68.86 to a US Dollar
during the last 12 months. This may affect the profit margins of
the company due to the lack of any active hedging policies.

Highly fragmented and competitive industry structure with low
entry barriers, which limits pricing flexibility: The textile
industry is characterised by high levels of competition across
the value chain, due to high fragmentation and low entry
barriers, which limit the pricing power of the companies in the
segment and affect their margins. STMPL faces competition from
numerous small organised and unorganised players within the
industry. The external job-work nature of manufacturing
operations, in addition to its limited ability to pass on price
fluctuations to its customers may continue to affect the
profitability of the company.

Suntana Textile Mills Private Limited came into existence in 2006
with the merger of 'Sunil Textile Industries' and 'Sushil Textile
Industries', which were incorporated in 1979 and 1985,
respectively, as the proprietorship concerns of Mr Chirnajilal
Agarwal and Mrs Bharti Agarwal. Sunil Textile Industry and Sushil
Textile Industry were engaged in manufacturing grey cloth.
However, since 1995, both firms gradually ceased their in-house
fabric manufacturing operations and commenced manufacturing
fabrics for formal suitings by assigning job-works to various
companies in Bhilwara (Rajasthan) and Bhiwandi (Maharashtra). Mr
Sunil Agarwal, Mr Chiranjilal Agrawal, and Mrs Bharti Agrawal,
are the directors of the company handling its overall operations.
The company's administrative office and factory are located at
Bhiwandi in Maharashtra. The company has reported a net profit of
INR0.22 crore on an OI of INR20.89 crore during FY2018, as
compared to a net profit of INR0.13 crore on an OI of INR25.09
crore in FY2017.


THIRIPURA CHITS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Thiripura Chits Private Limited
        36, Jeenis Road, 2nd Floor, Saidapet
        Chennai 600015

Insolvency Commencement Date: September 17, 2018

Court: National Company Law Tribunal, Single Bench, Chennai

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

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330, Vishalakshi Nagar
                         Fourth Cross Street, Santhosapuram
                         Chennai, Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    October 12, 2018


USHDEV INTERNATIONAL: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ushdev
International Ltd.'s Long-Term Issuer Rating at 'IND D' and
simultaneously migrated the rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus,
the rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR500 mil. Term loans (long-term) due on 2019-2021 affirmed
    and migrated to Non-Cooperating Category with IND D (ISSUER
    NOT COOPERATING) rating;

-- INR5.0 bil. Fund-based limits (long-term) affirmed and
    migrated to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR20.0 bil. Non-fund-based limits (short-term) affirmed and
    migrated to Non-Cooperating Category 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 Ushdev International's announcement that
its corporate insolvency resolution process has been initiated
under the provisions of Insolvency and Bankruptcy Code, 2016, by
an order of National Company Law Tribunal dated May 14, 2018.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Founded in 1994, Ushdev International is a metal trading company
that mainly trades nickel, ferrous flat products and long
products.


USHER AGRO: Ind-Ra Affirms 'D' Issuer Rating on INR550MM NCDs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Usher Agro
Limited's (UAL) 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 rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating action is:

-- INR550 mil. NCDs (long-term) issued on December 23, 2015 ISIN
    INE235G08016 11% coupon rate due on June 2021 affirmed with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects UAL's announcement of initiation of a
corporate insolvency resolution process under the Provisions of
Insolvency and Bankruptcy Code, 2016 following National Company
Law Tribunal's order dated March 21, 2018.

The company has been reporting EBITDA losses since the last 10
quarters ended June 2018 and is unable to service its debt.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

UAL is primarily engaged in the processing of non-basmati rice,
basmati rice and wheat products. The company sells its products
to wholesalers and large organized retailers under the brand,
Rasoi Raja, which is a registered trademark. UAL mainly operates
in Uttar Pradesh and Bihar, which are among the main rice and
wheat growing regions in India. According to management, the
company is the largest rice miller in Uttar Pradesh and Bihar.

Mr. Vinod Kumar Chaturvedi and Mr. Manoj Pathak are the
promoters. Mr. Chaturvedi has over 21 years of experience in the
food processing business.


VAIBHAV COTTON: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Vaibhav Cotton
Corporation (VCC) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           14        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCC for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of VCC to 'CRISIL B+/Stable Issuer not cooperating'.

VCC was established in 1997 as a partnership firm by Mr Shiva
Mukka Kumar, Mr Mukka Narayana, and Mr Mukka Rajalaxmaiah. The
firm gins cotton, and processes cotton seed to produce cotton oil
and cakes. It is based in Karimnagar, Telangana.


VAISHNAOI INFRATECH: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Vaishnaoi
Infratech And Developers Private Limited (VIDPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with VIDPL for
obtaining information through letters and emails dated June 18,
2018 and July 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of VIDPL to 'CRISIL B+/Stable Issuer not cooperating'.

VIDPL was incorporated in 2006.  It is promoted by Mr. Y Ravi
Prasad. The firm currently develops a residential project in
Kompally, Hyderabad. The company also undertakes civil
construction projects.


VAISHNAOI RESORTS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Vaishnaoi
Resorts And Motels (India) Private Limited (Vaishnaoi Resorts) to
'CRISIL B+/Stable Issuer not cooperating'.

                           Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term         10        CRISIL B+/Stable/Issuer
   Bank Loan Facility                   Not Cooperating

CRISIL has been consistently following up with Vaishnaoi Resorts
for obtaining information through letters and emails dated
June 18, 2018 and July 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Vaishnaoi Resorts to 'CRISIL B+/Stable Issuer not
cooperating'.

Vaishnaoi Resorts, incorporated in 2007 is currently setting up a
4-star resort in Coorg, Karnataka and is expected to commence
full operations in September 2019.

Vaishanoi Hotels was set up by Mr. Y Ravi Prasad and Mr. A
Krishna Reddy, in December 2006. It owns and operates a 3-star
hotel at Kachiguda in Hyderabad.


VARDHMAN CHEMTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vardhman Chemtech Limited

        Registered Office:
        SCO 85, Sector 35 C
        Chandigarh 160036

        Works Office:
        D-5, 6 & 7 Industrial Area
        Focal Point
        Dera Bassi 140507

        Corporate Office:

        1. SCO No. 350-352
           3rd Floor, Sector 34-A
           Chandigarh 160036

        2. SCO No. 148-149
           4th Floor, Sector 34-A
           Chandigarh 160036

        3. 525, Industrial Area, Phase-II
           Chandigarh 160047

        4. Village: Nimbua, Dera Bassi 140507 (Punjab)

Insolvency Commencement Date: September 25, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: March 23, 2019
                               (180 days from commencement)

Insolvency professional: Hemanshu Jetley

Interim Resolution
Professional:            Hemanshu Jetley
                         Ducturus Resolution Professional Pvt Ltd
                         SCO-131, 2nd Floor, MDC, Sector-5
                         Panchkula, Haryana 134119
                         E-mail: hejetley@gmail.com
                                 ip.vcl@ducturus.com
                         Mobile: 090417-00000
                                 073470-11150

Last date for
submission of claims:    October 9, 2018


VE-7 CERAMIC: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VE-7 Ceramic
(VEC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.65      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            3.00      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         6.95      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VEC for obtaining
information through letters and emails dated July 31, 2018,
September 3, 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 VEC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VEC 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 VEC to 'CRISIL D/CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 2014 and promoted by members of Morbi-based Patel
family, VEC manufactures wall tiles.


VELAVAN STORES: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Velavan
Stores (VS; a part of the Velavan group) to 'CRISIL B/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VS for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Velavan Stores to 'CRISIL B/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VS, Velavan Stores Jewellers (VSJ),
and Velavan Hyper Market (VHM). This is because the entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant fungible funds.

VS, established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. Set up in 2007,
VSJ is engaged in jewellery retail. The group is located in
Tuticorin and the operations are managed by Mr. T Maharajan.


VIJAY PHARMA: Ind-Ra Withdraws 'B-' Rating on INR60MM Loan
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vijay Pharma's
Long-Term Issuer Rating of 'IND B- (ISSUER NOT COOPERATING)'. The
instrument-wise rating actions is given below:

-- The IND B- rating on the INR60 mil. Fund-based facilities is
    withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Vijay Pharma has been operating in the space for pharmaceutical
trading and distribution since 1971. The company is a distributor
for about two dozen pharmaceutical manufacturers and supplies
nearly 10,000 products to pharmaceutical retailers in western
Mumbai.


VIJAY PULSE: ICRA Lowers Rating on INR7.50cr Cash Loan to B
-----------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]B from [ICRA]B+
to the INR7.67-crore fund-based facilities of Vijay Pulse Pvt.
Ltd. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          0.17       [ICRA]B (Stable); downgraded
   Term Loan                       from [ICRA]B+ (Stable)

   Fund-based-          7.50       [ICRA]B (Stable); downgraded
   Cash Credit                     from [ICRA]B+ (Stable)

Rationale

The rating downgrade takes into account VPPL's substantial
decline in scale of operations. The company scaled down its
operations because demand for gram flour was substituted by
'Split Peas Flour'. The rating also takes into account the weak
financial risk profile of VPPL as characterised by low
profitability, stretched capital structure, weak coverage
indicators and stretched working capital position emanating from
the high inventory position leading to almost full utilisation of
working capital limits. ICRA also notes the stretched creditor
days (from 35 days in FY2017 to 104 days in FY2018). The rating
is further constrained by the vulnerability of the company to
agro climatic conditions and Government regulations on pricing,
availability and distribution of agricultural commodities. The
rating also takes note of the highly competitive nature of the
pulse-processing industry, limited value addition of the business
and increase in demand for substitute product.

The ratings, however, continues to favorably factor in the vast
experience of VPPL's promoters in the gram processing industry.

Outlook: Stable

ICRA believes VPPL will continue to benefit from the experience
of its promoters in the gram processing industry. The outlook may
be revised to Positive if substantial growth in revenue and
profitability leads to higher-than-anticipated net cash accruals,
or equity infusion and better working capital management
strengthen the capital structure and liquidity. The outlook may
be revised to Negative in case any further decline in scale and
profitability leads to lower-than-expected cash accruals, or if
any stretched creditors or a stretch in the working capital cycle
weakens the liquidity profile.

Key rating drivers

Credit strengths

Extensive experience of promoters in gram flour processing
sector: The company's promoters have extensive experience of more
than a decade in gram flour processing sector.

Credit challenges

Decline in scale of operation: VPPL's operating income (OI)
witnessed sharp decline of 49 % to INR23.52 crore in FY2018
(provisional figures) from INR46.57 crore in FY2017 mainly due to
increased use of substitute product (Split Peas Flour). Further,
the company has recorded sales of INR7.88 crores till August
2018.

Weak financial risk profile: The financial risk profile of the
company remained weak as depicted from low operating margin of
4.35% in FY2018 albeit an increase from 2.37% in FY2017 due to
moderation in raw material prices. The gearing remained stretched
at 4.90 times in FY2018 due to increased utilisation of working
capital limits and infusion of unsecured loans. The coverage
indicators also remained weak with Total Debt/OPBDITA of 10.72
times, interest coverage at 1.44 times and NCA/Total Debt at 4%
for FY2018. The working capital intensity remained high at 44% as
on March 31, 2018 (increased from 10% as on March 31, 2017)
mainly due to its high inventory holding, which has also resulted
in a stretch in liquidity position.

Vulnerability of profitability to adverse fluctuation in market
prices of pulses, raw material prices and agro-climatic
conditions: The company's margins are largely affected by the
prevailing market prices of pulses, which are in turn impacted by
numerous factors such as agro-climatic conditions, government
regulations on pricing, and demand-supply scenario. These may
also affect the availability of raw material, further impacting
its quality and pricing mechanism given VPPL's limited ability to
pass on the price hike owing to intense competition. Also, the
company has maintained high inventory as on March 2018 and any
adverse movement in prices may lead to inventory losses.

Intense competition due to low entry barriers: The company faces
stiff competition from other established as well as unorganised
players in the pulse-processing sector due to the fragmented
industry structure and low entry barriers. This limits its
pricing flexibility and bargaining power with customers, putting
pressure on its revenues and margins. Also increased use of
substitute product (Split Peas Flour) impacts operating income of
the company.

Incorporated under the name of Shiv Pulse in early 1995 as a
milling unit for processing of pigeon peas (tuver dal). Later in
2002, the entity started processing gram flour in the name of
Vijay Pulse Private Limited (VPPL). The company is managed by Mr.
Uday Vikani and two other directors. The company's manufacturing
facility is located in Veraval, Shapar (Rajkot), Gujarat with
current installed annual capacity of producing 13,000 MTPA of
gram flour.

In FY2017, the company reported a net profit of INR0.19 crore on
an operating income (OI) of INR46.57 crore against a net profit
of INR0.16 crore on an OI of INR32.93 crore in FY2016. In FY2018,
on a provisional basis, the company reported a net profit of
INR0.19 crore on an OI of INR23.52 crore.


VISTA PHARMACEUTICALS: Ind-Ra Hikes Long Term Issuer Rating to B+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vista
Pharmaceuticals, Ltd.'s (VPL) Long-Term Issuer Rating to 'IND B+'
from 'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital facilities upgraded
    with IND B+/Stable/IND A4 rating;

-- INR30 mil. Non-fund-based working capital facilities upgraded
    with IND A4 rating; and

-- INR60 mil. Term loan due on December 2023 to March 2027
    upgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects timely debt servicing by VPL for the three
consecutive months ended August 2018.

The ratings, however, continue to reflect VPL's increasing albeit
small scale of operations. Revenue improved to INR289 million in
FY18 (FY17: INR242 million) with more orders received from the
export market. The company has managed to achieve a turnover of
INR59.96 million during 1QFY19.

The ratings factor in VPL's RoCE of 11% and modest EBDITA margin
of 18.5% in FY18 (FY17: 12.6%). The improvement in margins was
due to the better absorption of costs, resulting from the
modernization of machinery and streamlining of operations.

The ratings also factor in VPL's moderate credit metrics with net
leverage (adjusted net debt/operating EBITDA) of 1.97x in FY18
(FY17: 3.1x) and interest coverage (operating EBITDA/gross
interest expense) of 3.4x (3.2x). The leverage reduced on account
of a rise in operating EBITDA and debt repayments whereas
interest coverage increased with an improvement in operating
EBITDA.

Moreover, VPL's liquidity position remains tight, indicated by
its fund-based working capital limit utilization of 100% over the
12 months ended August 2018 as a result of the working capital
intensive nature of business. Cash and cash equivalents remained
at INR10 million in FY18.

The ratings, however, are supported by VPL's promoter's more than
two decades of experience in the pharmaceutical industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and the operating
profitability, leading to deterioration in the liquidity and
credit metrics, on a sustained basis, will be negative for the
ratings.

Positive: A substantial rise in the revenue and operating
profitability, along with an improvement in the liquidity and
credit metrics, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

Established in 1992, VPL manufactures pharmaceutical drugs such
as sulphamethoxazole, trimethoprim (BACTRIM) and isoxsuprime. The
company is promoted by Mr. Dhananjaya Alli. VPL is a 100% export
oriented unit and caters to the US market. It is headquartered in
Hyderabad and has a manufacturing facility in Andhra Pradesh.



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


1MDB: Wife of Malaysia Ex-PM Charged With Money Laundering
----------------------------------------------------------
The Financial Times reports that Rosmah Mansor, the wife of
former Malaysian prime minister Najib Razak, has pleaded not
guilty to 17 counts of money laundering and tax evasion in a
court hearing that marks an escalation in the south-east Asian
country's crackdown on corruption.

The FT relates that the court hearing comes as the new government
headed by Mahathir Mohamad intensifies an investigation into
scandal-ridden 1MDB, the state investment fund set up by Mr.
Najib in 2009 from which an alleged $4.5 billion has gone
missing.

Ms. Rosmah has been accused of handling funds from unlawful
activities and of tax evasion involving more than MYR7 million
($1.7 million), the FT says. If found guilty and maximum
penalties are applied, she could face life in prison as well as
fines in excess of MYR5 million.

It remains unclear whether the transactions are directly linked
to 1MDB. But the court hearing followed Ms. Rosmah's three rounds
of questioning at the anti-graft commission about SRC
International, a former 1MDB subsidiary at the heart of the
charges against Mr. Najib, and the state investment fund itself,
according to the FT.

According to the FT, court hearings on Oct. 4 mark the first set
of formal allegations against a member of the Razak family other
than Mr. Najib, who has always pointed to a conspiracy to unseat
him as the key driver of 1MDB investigations. Both Mr. Najib and
his wife deny any wrongdoing.

The FT says that unfazed by the scandals crashing against her
family, Ms. Rosmah's public appearances continue to be marked by
colourful clothing, luxury handbags and lavish jewellery.

Her stance has been unwavering since the first revelations of the
1MDB scandal in 2015, to the loss of her husband's premiership,
up to her recent interrogations and arrest on Oct. 3, the FT
relates.

Her defiance comes in the face of accusations linking the Razak
family to a "Ponzi scheme" that allegedly siphoned off 1MDB funds
from national development projects to purchase high-end real
estate, art and flamboyant jewellery has left many Malaysians
seething, the FT states.

"Finally, that's the one word that I would use, and an
exclamation mark," Wong Chen, a Malaysian MP in the ruling
Pakatan Harapan coalition, said about the court hearings, adding
that the action being taken against Ms. Rosmah was welcome,
according to the FT.

Ms. Rosmah was released on bail set at MYR2 million, of which
MYR500,000 was paid on Oct. 4. The balance needs to be paid
within a week, the FT notes.

While charges were being read out to Ms. Rosmah, Mr. Najib was a
few court rooms away for his own case management, after pleading
not guilty to a total of 32 charges of money laundering, abuse of
power and criminal breach of trust. His trial will start as early
as February next year, adds the FT.

                            About 1MDB

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

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

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

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

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

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

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



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


EBERT CONSTRUCTION: Shareholders Vote for Liquidation
-----------------------------------------------------
Stuff.co.nz reports that Ebert Construction, which owes its sub-
contractors at least NZ$33.84 million, has been placed into
liquidation.

Following a shareholder vote, Grant Thornton partners David
Ruscoe and Tim Downes were appointed as liquidators on Oct. 3.

According to the report, Mr. Ruscoe said the liquidators planned
to "investigate their [the directors'] affairs and see if there
are any other avenues for recovery".

Stuff relates that Mr. Ruscoe said the company's shareholders
decided putting the company into liquidation was "the right thing
to do" but the company's receivership would continue.

Its shareholders include Bronwyn Hale and Beatrice Ebert, the
report discloses.

The first liquidator's report will be released in five days.

Stuff relates that Mr. Ruscoe said the report will be "very
similar to the receivership report", which found the company was
involved in 15 projects at the time of its collapse and owed
creditors more than NZ$45 million.

Ebert's receiver, John Fisk said unlike a receiver, a liquidator
can investigate the personal finances of company directors and
"could look at claims against the director" from creditors, Stuff
relays.

"It's not all that common, but it could happen," Mr. Fisk said of
directors being found personally liable for their company's
collapse.

Stuff adds that Mr. Ruscoe said they will be meeting with the
receivers at PWC today, Oct. 5, and the company directors shortly
after that.

He said he planned to meet with sub-contractors but "not
immediately," Stuff relays.  "No doubt they'll be interested and
be wanting to meet . . . but we need to obviously get an
understanding of the business to start with."

                     About Ebert Construction

New Zealand-based Ebert Construction Limited provided
construction management services. It offered design management,
value engineering, cost planning, programming, construction
management, health and safety management, quality management, and
project reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were
appointed receivers to Ebert Construction Limited in July 2018 as
a result of a request made by the Ebert Board of Directors to its
bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover
of NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with
a further NZ$1.3 million owed to employees on an unsecured basis,
NZ Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale
is also a secured creditor, owed NZ$3.5 million, which he loaned
to the business on July 24 as a short-term measure before new
capital was raised from other shareholders.


HUHTAMAKI NEW ZEALAND: 128 Jobs to Go at Henderson Factory
----------------------------------------------------------
NZ Herald reports that 128 jobs are set to be axed at the
Henderson factory of packaging and labelling company Huhtamaki.

E tu, the union which has 150 members at the plant, said the news
is a devastating blow for workers there, the report says.

"This is a big hit for workers, their families and the west
Auckland community. Add the fact that Christmas is looming, and
this is very hard news for them," the Herald quotes Alvin
Livingstone, Union Lead Organiser, as saying.

Workers are yet to learn who will stay and who will go, the
report says.

According to the report, Mr. Livingstone said if Huhtamaki goes
ahead with the job cuts, the company will have laid off over 260
workers in the last eight years.

Huhtamaki will now manufacture paper and plastic hot and cold
cups, plastic takeaway containers, and wine dividers at its Asian
factories.

"It's just another example of a big multinational deciding to
move production somewhere else, at a huge cost to local workers,"
Livingstone said, notes the report.

The Herald relates that Mr. Livingstone said the priority now was
to explore redeployment options for affected members, as well as
job opportunities elsewhere for those made redundant.

"The redundancy process will be worked through rigorously to
ensure fairness and the best outcome for affected members," Mr.
Livingstone, as cited by the Herald, said.

Bryan Mould, Huhtamaki Henderson general manager, said the
company was committed to manufacturing in New Zealand and was
making clear strategic changes to secure long-term success in
this market, the report relays.

"We need to look at off-shore options to remain competitive in
the market. Our plan is to continue to supply the same high-
quality products, with the advantage of increasing our
environmentally sustainable portfolio of products, most from
within the Huhtamaki family," the report quotes Mr. Mould as
saying.  "There has been a shift in the market's requirements and
to meet these needs Huhtamaki needs to reset to offer sustainable
changes for our customers and for us."



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


SWIBER HOLDINGS: Pursues US$200MM Equity Deal with Seaspan
----------------------------------------------------------
The Business Times reports that Swiber Holdings is pressing on
with its bid to resurrect as a power generation business through
pursuing a US$200 million equity deal with New York-listed box
ship player, Seaspan Corp.

Swiber, which has been placed under judicial management for two
years, announced the signing of a term sheet with Seaspan on
Oct. 3, just days after a term sheet involving a share swop
arrangement with Australia-based Interlink Power & Energy
Holdings expired, BT relates.

According to the report, the binding term sheet that it signed
with Seaspan on Oct. 3 called for the newly emerged white knight
investor to inject an initial US$20 million in cash for new
ordinary shares amounting to an 80 per cent stake of Swiber's
enlarged shareholding.

Seaspan will pump in another US$180 million in exchange of
preference shares in Swiber's subsidiary, Equatoriale Energy Pte
Ltd, BT says. The investment in Equatoriale Energy is subject to
Swiber meeting certain milestones relating to the development of
a US$1 billion liquefied natural gas (LNG)-to-power project that
the Singapore-listed group is eyeing in Vietnam, the report
relates.

The term sheet signed on Oct. 3 carries an exclusivity period
until March 31, 2019. Its long-stop date is June 30, 2019, or the
expiry of Swiber's judicial management period, whichever is
later, BT notes.

In the event that Swiber enters into any third-party transactions
that result in change of management control in the holding
company or certain subsidiaries, it is liable to pay a break fee
of US$10 million to Seaspan as well as reimburse reasonable fees
and expenses, the report states.

BT says the new equity to be injected is not going to repay
Swiber's existing debts and liabilities amounting to billions of
US dollars. Consequently, the Seaspan deal is conditional on the
successful restructuring of Swiber's mounting debt pile, the
report notes. Swiber indicated a preliminary proposal involving
its unsecured debts into new company shares and the issuance of
redeemable convertible bonds for secured creditors. All in, its
unsecured creditors and shareholders are not expected to hold
more than 20 per cent of the enlarged equity.

According to the report, Swiber is expected to convene meetings
with its creditors to seek the requisite approvals before the
Seaspan-backed equity deal can proceed.

The deal is also primarily premised on Swiber breaking into the
LNG-to-power business, beginning with the Vietnam project, the
report notes.

The report relates that Swiber was likewise pursuing gas-fired
power generation opportunities when it last unveiled a deal in
late 2017 to buy out Australia-based Interlink through a share
swop arrangement.

Swiber is now looking to seal a definitive agreement with
Seaspan. But this can only take place with the blessings of its
creditors, adds BT.

                       About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.


VIBRANT GROUP: Seeks Noteholders Nod on Waiver for $66MM Bonds
--------------------------------------------------------------
Wong Kai Yi at The Strait Times reports that Vibrant Group is
seeking noteholders' approval to waive certain key obligations
for its $66 million series of 7.50 per cent notes due 2020.

According to the report, the integrated logistics provider is
asking, among other things, that noteholders add a mandatory
redemption provision, which would allow the company to sell all
of the shares it owns in Sabana Investment Partners for cash. Net
proceeds from the sale will be deposited in escrow and used
towards redeeming the notes.

In a statement to the Singapore Exchange before the market opened
on Oct. 4, the group is also asking for waivers of "any
requirement, covenant and term" in the trust deed and notes which
would be breached as a result of, or in connection with the
"Blackgold Events," the Strait Times relays.

The report says the Blackgold events refer to a number of
developments that stemmed from accounting irregularities at
Vibrant's coal production subsidiary Blackgold International
Holdings. In early September, the group had announced that eight
subsidiaries were facing litigation with respect to a claim that
they failed to comply with certain payment and guarantee
obligations, among others, under the finance documents relating
to a CNY500 million ($100.7 million) loan facility for which they
had provided security, the report discloses.

The Strait Times relates that the suit was filed by China
Minsheng Banking Corporation Limited (Chongqing branch) in the
Chongqing People's High Court.

Vibrant has called for a bondholders' meeting on Oct. 26, 2018,
to vote on its proposal, the report notes. Bondholders who give
their consent by Oct. 24 will be eligible for a 0.25 per cent
consent fee, which will be sweetened to 0.35 per cent if consent
is given before the early-consent deadline of Oct. 17, the Strait
Times reports.

Singapore-based Vibrant Group Limited provides logistics, real
estate, and financial services worldwide. It operates through
three segments: Freight and Logistics Business, Financial
Services, and Real Estate Business.



                             *********

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 ***