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

                      A S I A   P A C I F I C

           Thursday, April 5, 2018, Vol. 21, No. 067

                            Headlines


A U S T R A L I A

ENVIDA PRODUCT: First Creditors' Meeting Set for April 12
LATITUDE AUSTRALIA 2018-1: DBRS Finalizes 'BB' Rating on E Notes
MI MEDIA: First Creditors' Meeting Set for April 13
RED LEA: In Administration; 22 Franchisees Affected
ROCK HARD: First Creditors' Meeting Set for April 13

TIMBER MILLING: First Creditors' Meeting Set for April 16


C H I N A

ANBANG INSURANCE: To Receive $9.7BB Injection From Industry Fund


I N D I A

ADHUNIK INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to B-
ADVANTAGE ORGANIC: CRISIL Moves D Rating to Not Cooperating
APEX BUILDERS: CRISIL Withdraws B+ Rating on INR12MM Term Loan
ARUNA INT'L: CRISIL Moves B Ratings From Not Cooperating
BIOMEDIX OPTOTECHNIK: Ind-Ra Assigns BB LongTerm Issuer Rating

ESSAR STEEL: ArcelorMittal to Challenge Legitimacy of Numetal Bid
ESSEN TRADING: CRISIL Withdraws B Rating on INR10MM Cash Loan
GORANTLA MULTIPLEX: CRISIL Moves B Rating to Not Cooperating
HARDWARE TRADING: CRISIL Moves B- Rating to Not Cooperating
HARE KRISHNA: CRISIL Migrates B+ Rating to Not Cooperating Cat.

HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR5MM Loan
INTERNATIONAL MEGA: CRISIL Moves D to Rating to Not Cooperating
KRR POULTRY: CRISIL Assigns B+ Rating to INR6MM Cash Loan
LALA MADHORAM: CRISIL Moves B+ Rating to Not Cooperating Category
LALWANI INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to BB

LAXMI POLYTEX: CRISIL Lowers Rating on INR7MM Cash Loan to B
MAGNAMIND VENTURES: CRISIL Withdraws D Rating on INR6.7MM Loan
MEGA VITRIFIED: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
MICRO SUPREME: CRISIL Reaffirms B+ Rating on INR9MM Loan
NANDNANDAN SILK: CRISIL Lowers Rating on INR6.75MM Cash Loan to B

QUADSEL SYSTEMS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
R.C. KHINVASARA: CRISIL Moves B+ Rating From Not Cooperating
RUKSH EXIM: CRISIL Migrates B+ Rating to Not Cooperating Category
SCT PRIVATE: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
SHREE SHAKTI: CRISIL Moves B Rating to Not Cooperating Category

SV ISPAT PRIVATE: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
THIRUVAMBADY DEVASWOM: CRISIL Moves B Rating to Not Cooperating
V.T. ADASKAR: CRISIL Moves D Rating to Not Cooperating Category
VHS MECHATRONICS: CRISIL Reaffirms D Rating on INR2.82MM Loan
VIDHATRI EXPORTS: CRISIL Moves B Rating to Not Cooperating Cat.

VINIT FABRICS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable


I N D O N E S I A

LIPPO MALLS: Moody's Withdraws Ba1 CFR; Outlook Negative


J A P A N

TOSHIBA CORP: Unit Sale to Proceed Despite Eased Delisting Fears


N E W  Z E A L A N D

A&G PRICE: Sole Shareholder Buys Foundry; 40 Jobs to be Created


                            - - - - -


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


ENVIDA PRODUCT: First Creditors' Meeting Set for April 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Envida
Product Solutions Pty Ltd will be held at the offices of Macquarie
Gordon & Co, at OCBC Building, at Level 5, 75 Castlereagh Street,
in Sydney, NSW, on April 12, 2018, at 11:00 a.m.

Angus Carnegie Gordon of Macquarie Gordon was appointed as
administrator of Envida Product on April 2, 2018.


LATITUDE AUSTRALIA 2018-1: DBRS Finalizes 'BB' Rating on E Notes
----------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
Series 2018-1 Notes issued by Latitude Australia Credit Card Loan
Note Trust as follows:

-- Series 2018-1 Class A1 Notes at AAA (sf)
-- Series 2018-1 Class A2 Notes at AAA (sf)
-- Series 2018-1 Class B Notes at AA (sf)
-- Series 2018-1 Class C Notes at A (sf)
-- Series 2018-1 Class D Notes at BBB (sf)
-- Series 2018-1 Class E Notes at BB (sf)

The transaction represents the issuance of notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card
Master Trust. DBRS previously assigned ratings to the Issuer's
Series 2017-1 Notes in April 2017 and Series 2017-2 Notes in
September 2017.

The majority of credit card accounts within the portfolio were
originated by GE Capital Australia prior to its acquisition by a
consortium comprising Deutsche Bank AG and funds managed by Varde
Management L.P. and KKR & Co. L.P. in November 2015, at which
point the business was renamed Latitude, and accounts subsequently
originated by Latitude.

With respect to the Series 2018-1 Notes, the Class A1 Notes
benefit from a minimum credit support of 32.5% which includes
subordination of the Class A2 Notes, the Class B Notes, the Class
C Notes, the Class D Notes and the Class E Notes (collectively
28.0%) and the series-specific Originator VFN (4.5%). Upon
closing, part of the initial balance of the Series Originator VFN
subordination, equal to 1% of the rated Notes, is used to fund a
specific ledger that provides liquidity support to the
transaction. This liquidity support would only be available as
credit enhancement if not utilized for liquidity purposes.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure including the form and
    sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support the DBRS
    charge-off, payment and yield rate assumptions under various
    stress scenarios at a AAA (sf) standard for the Class A1 and
    Class A2 Notes, AA (sf) standard for the Class B Notes, A
    (sf) standard for the Class C Notes, BBB (sf) standard for
    the Class D Notes and BB (sf) standard for the Class E Notes
    across all outstanding series.

-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay investors according to the terms
    under which they have invested.

-- The transaction parties' capabilities with respect to
    originations, underwriting, servicing and cash management.

-- The credit quality of the collateral and Latitude's ability
    to perform collection activities on the collateral.

-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the Trust and its consistency
    with DBRS's "Legal Criteria for European Structured Finance"
    methodology.

-- Portfolio performance to date in line with DBRS's
    expectations, in terms of delinquencies, charge-off rates,
    principal payment rates and yield rates.

DBRS considers the Australian credit card market to share a
similar consumer credit protection framework to that of European
jurisdictions. Furthermore, the performance and operation of
Latitude's portfolio is deemed comparable with other originators
where DBRS has previously assigned structured finance ratings.
Subsequently, DBRS has elected to continue to reference its
"Rating European Consumer and Commercial Asset-Backed
Securitizations" methodology when assessing the transaction.

As the Issuer is part of a master issuance structure where all
series of notes are supported by the same pool of receivables and
generally issued under the same requirements regarding servicing,
amortization events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Series 2018-1
Notes will not result in a downgrade or withdrawal of the ratings
listed below:

-- Series 2017-1 Class A1 Notes at AAA (sf)
-- Series 2017-1 Class A2 Notes at AAA (sf)
-- Series 2017-1 Class B Notes at AA (sf)
-- Series 2017-1 Class C Notes at A (sf)
-- Series 2017-1 Class D Notes at BBB (sf)
-- Series 2017-1 Class E Notes at BB (sf)
-- Series 2017-2 Class A1 Notes at AAA (sf)
-- Series 2017-2 Class A2 Notes at AAA (sf)
-- Series 2017-2 Class B Notes at AA (sf)
-- Series 2017-2 Class C Notes at A (sf)
-- Series 2017-2 Class D Notes at BBB (sf)
-- Series 2017-2 Class E Notes at BB (sf)

Notes: All figures are in Australian dollars unless otherwise
noted.


MI MEDIA: First Creditors' Meeting Set for April 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of Mi Media
Holdings Limited will be held at the offices of Worrells Solvency
+ Forensic Accountants, at Level 15, 114 William Street, in
Melbourne, Victoria, on April 13, 2018, at 10:30 a.m.

Con Kokkinos of Worrells Solvency was appointed as administrator
of Mi Media on April 3, 2018.


RED LEA: In Administration; 22 Franchisees Affected
---------------------------------------------------
Emma Koehn at SmartCompany reports that 22 franchisees face an
uncertain future as administrators work to determine the fate of
poultry producer and retailer Red Lea Chickens, which collapsed
into voluntary administration on March 29.

The Western Sydney business has been trading for "over sixty
years", according to its website, and has a processing plant
employing 500 staff members, as well as six company-owned stores
and 22 franchised sites, SmartCompany says.

However, the business confirmed on its website last week that it
had called in administrators McGrath Nicol to Red Lea Chickens Pty
Ltd and associated entities. According to the report, the company
informed customers that, "due to the financial position of the
companies, we regret to advise that the administrators are unable
to trade the business" and operations would begin winding down.

In a statement provided to SmartCompany, administrators Jason
Preston, Kathy Souzou, and Barry Kogan said that due to the
financial state of the company, there was no choice but to
immediately close the processing plant. The closure has resulted
in immediate redundancies for "the majority of staff", with a few
continuing to work until the plant is properly closed.

The company-owned stores are also closed, but franchisees involved
in outlets that sell Red Lea produce will continue to operate. But
they now have to work out how to "secure chicken products from
alternative suppliers", according to the administrators.

SmartCompany relates that the administrators said no further
comment could be made about the future of the franchised stores at
this time, however, they confirmed they are still meeting with
stakeholders to determine the cause of the failure of the
business, and the next steps.

A first creditors meeting will be held on April 12, but the
administrators say it will be the second creditor's meeting, held
in one month's time, that will seal the future of the business,
the report relays.

"We have been advised by the sole director that he intends to
submit a [deed of company arrangement] DOCA proposal which will
cover the outstanding employee entitlements (including unpaid
superannuation, wages, annual leave, long service leave, pay in
lieu of notice and redundancy) in full and provide a return to
unsecured creditors," the administrators, as cited by
SmartCompany, said in a statement.

A deed of company arrangement would avoid the need for the company
to be liquidated, the report notes.

On March 29, 2018, Barry Frederic Kogan, Jason Preston and
Katherine Sozou of McGrathNicol were appointed as administrators
of these entities:

    - Red Lea Chickens Pty Ltd,
    - Red Lea Leasing Pty Limited,
    - Red Lea Feed Pty Ltd,
    - Red Lea Hatchery Pty Ltd;
    - Red Lea Logistics Pty Ltd;
    - Red Lea Franchising Pty Ltd;
    - Red Lea Franchise Pty Limited;
    - ORLC 92 Pty Ltd;
    - Red Lea Corrugation & Flexo Pty Ltd; and
    - Red Lea Retail Holding Pty Ltd.


ROCK HARD: First Creditors' Meeting Set for April 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rock Hard
Rendering Pty Ltd will be held at Level 5, Suite 6, 350 Collins
Street, in Melbourne, Victoria, on April 13, 2018, at 10:30 a.m.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of Rock Hard on April 3, 2018.


TIMBER MILLING: First Creditors' Meeting Set for April 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Timber
Milling Services Pty Ltd will be held at the offices of Rodgers
Reidy, at Level 9, 46 Edward Street, in Brisbane, Queensland, on
April 16, 2018, at 3:30 p.m.

David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Timber Milling on April 4, 2018.



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


ANBANG INSURANCE: To Receive $9.7BB Injection From Industry Fund
----------------------------------------------------------------
Nikkei Asian Review reports that China's Anbang Insurance Group on
April 4 said it will receive a CNY60.8 billion (US$9.7 billion)
capital injection from an industry fund to stabilize its finances
during a search for strategic investors.

The Nikkei relates that the injection from the China Insurance
Security Fund, which has been approved by the country's banking
and insurance regulator, will "steadily promote risk disposal" and
"ensure sufficient solvency" of the group, Anbang said in a news
release.

According to the Nikkei, the move is the latest development in
Beijing's drive to tighten its grip on the financial sector. In
February, the government officially seized control of Anbang and
charged Chairman Wu Xiaohui with fraud and embezzlement.

The Nikkei says the group had gained international attention for
an overseas acquisition spree that included a $2 billion deal for
the Waldorf-Astoria New York hotel. But its risky financing
tactics are thought to have raised concerns among financial
authorities, the report relates. In May, Chinese regulators banned
the sale of so-called universal life policies that were
essentially short-term, high-interest savings products.

The Nikkei relates that Anbang said the injection is a "temporary
measure," adding that it will begin the process of selecting
strategic investors to restructure its business. Private companies
with the potential to create synergies are welcome to participate,
the insurer said, specifically citing those in the "elderly care,
health care and technology" fields.

The company described the China Insurance Security Fund as a
"nongovernmental" institution, says the Nikkei.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world
over the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to
take control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.



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


ADHUNIK INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to B-
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Adhunik
Industries Limited's (AIL) Long-Term Issuer Rating to 'IND B-'
from 'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR59.4 mil. Long-term loan due on September 2017 withdrawn
    (paid in full) and the rating is withdrawn;

-- INR893 mil. (reduced from INR905.5 mil.)Fund-based working
    capital limit upgraded with IND B-/Stable rating; and

-- INR546.5 mil. (reduced from INR560 mil.)Non-fund-based
    working capital limit upgraded with IND A4 rating.

KEY RATING DRIVERS

The upgrade and Stable Outlook reflect AIL's timely debt servicing
for three consecutive months during December 2017 to February 2018
and repayment of term loans. However, Ind-Ra expects AIL's
financial flexibility to decline, as Adhunik group companies
Adhunik Alloys & Power Limited, Adhunik Metaliks Limited, Zion
Steel Limited and Orissa Manganese & Minerals Ltd have been
referred to and accepted by National Company Law Tribunal under
the Insolvency and Bankruptcy Code, 2016. Ind-Ra expects that the
development could affect AIL's refinancing ability in the near-to-
medium term, as the group companies have a common set of bankers.

AIL's credit profile continues to deteriorate. According to FY17,
interest cover (operating EBITDA/interest expense) declined to
1.38x (FY16: 1.40x) and net leverage (net debt/operating EBITDA)
increased to 3.84x in (2.63x) due to a decline in EBITDA as well
as higher working capital debt utilization due to a stretch in
working capital cycle. Revenue fell to INR3,743 million in FY17
(FY16: INR4,101 million) due to a decline in sales realization.
This along with the under absorption of fixed cost resulted in
EBITDA margin declining to 6.23% in FY17 (FY16: 6.63%).

RATING SENSITIVITIES

Positive: An improvement in liquidity and financial flexibility
could result in a positive rating action.

COMPANY PROFILE

AIL is a Kolkata-based company manufacturing rolled products
mainly thermos-mechanically treated bars, rounds and wire rods at
its plant located in Durgapur, West Bengal.


ADVANTAGE ORGANIC: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Advantage
Organic Naturals Technologies Private Limited (AONTPL) for
obtaining information through letters and emails dated
February 21, 2018 and February 26, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan        10        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     1.8      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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 Advantage Organic Naturals
Technologies Private Limited. Which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality. CRISIL
believes information available on Advantage Organic Naturals
Technologies Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Advantage Organic Naturals Technologies Private
Limited to 'CRISIL D Issuer not cooperating'.

AONTPL was incorporated in 2007 as a private limited company by
New Delhi based Sachdev family. AONTPL is engaged in setting up of
unit to manufacture organic readymade garments. Mr. Rajiv Rai
Sachdev is the key promoters and is actively engaged in managing
day-to-day operations of the company.


APEX BUILDERS: CRISIL Withdraws B+ Rating on INR12MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Apex
Builders (AB) for obtaining information through letters and emails
dated February 16, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           8        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Term Loan            12        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AB. This restricts CRISIL's
ability to take a forward AB is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of AB
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of AB on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

AB was established as a partnership firm in 2013 in Pune by
members of the Kasturi group, to execute a residential project at
Borhadwadi, near Moshi, in Pune.

The Kasturi group, established by Mr. Bharat Agarwal, has been
developing real estate in Pune since 1998. So far, the group has
implemented more than ten projects aggregating over 0.15 crs.
square feet of saleable area.


ARUNA INT'L: CRISIL Moves B Ratings From Not Cooperating
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Aruna
International-Sankarankovil (AI) for obtaining information through
letters and emails dated October 16, 2017, January 12, 2018 and
January 19,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Export Packing         2        CRISIL B/Stable (Issuer Not
   Credit                          Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

   Foreign Bill           5        CRISIL B/Stable (Issuer Not
   Discounting                     Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

   Letter of Credit       1.2      CRISIL A4 (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

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 AI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for AI
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the rating on the bank facilities of AI to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4'.

CRISIL has withdrawn its rating on the bank facilities of AI at
the company's request and after receiving a no-objection
certificate from Bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

AI was established by Mr. Lekshmanan Aruna and Jaisar Spintex P
Ltd as a partnership firm in 2006. It manufactures and exports
terry towels. The firm's manufacturing facility is at Tirunelveli
in Tamil Nadu.


BIOMEDIX OPTOTECHNIK: Ind-Ra Assigns BB LongTerm Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Biomedix
Optotechnik & Devices Private Limited (BODPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR3 mil. Fund-based limit assigned with IND BB/Stable/
    IND A4+ rating; and

-- INR55 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect BODPL's small scale of operations, as it
operates in a highly fragmented medical device industry. Revenue
increased to INR576 million in FY17 from INR530 million in FY16,
primarily driven by additional orders received from customers.
BODPL recorded INR503.9 million in revenue for 11MFY18 and had
outstanding orders totaling INR80 million as of March 12, 2018
that are likely to have been completed by FYE18.

The ratings also reflect BODPL's volatile operating EBITDAR (FY17:
INR45 million; FY16: INR34 million; FY15: INR78 million) owing to
fluctuating import duties, and an elongated net cash conversion
cycle (FY17: 162 days; FY16: 154 days).

The ratings, however, are supported by comfortable credit metrics
and liquidity. In FY17, interest coverage (operating EBITDAR/net
interest expense + rents) was 11.3x (FY16: 8.3x) and net leverage
(total adjusted net debt/operating EBITDA) was 0.4x (0.8x). The
improvement in the credit metrics was on account of an increase in
absolute EBITDA. BODPL's average fund-based limit utilization was
56.13% for the seven months ended January 2018.

The ratings are also supported by the promoters' extensive
experience of over three decades in the medical device trading and
manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in revenue and operating EBITDAR or any
further elongation in the working capital cycle leading to any
deterioration in the credit metrics would lead to a negative
rating action.

Positive: Any substantial growth in revenue, with operating
EBITDAR and credit metrics staying at the current levels, and any
improvement in the working capital cycle would be positive for the
ratings.

COMPANY PROFILE

Bengaluru-based BODPL was incorporated in 1986 as a proprietary
firm and later reconstituted as a private limited company in
November 1993. The company is engaged in the trading and
manufacturing of high-tech medical electronics devices such as
medical appliances used in ophthalmology.


ESSAR STEEL: ArcelorMittal to Challenge Legitimacy of Numetal Bid
-----------------------------------------------------------------
Bloomberg News reports that billionaire Lakshmi Mittal's
ArcelorMittal on April 4 challenged in court the legitimacy of a
bid for Essar Steel India Ltd. by a group led by Russia's VTB
Capital, intensifying the battle for the biggest industry asset
yet to be sold under a new bankruptcy law.

Mittal's steelmaker has several reasons to question the
eligibility of the VTB-led Numetal Ltd. group, including that a
company controlled by the family of the founder of Essar Steel was
part of the consortium at the time of an initial round of bidding,
Brian Aranha, an executive president at ArcelorMittal, said in an
interview in Mumbai on April 3, Bloomberg relates. Under India's
bankruptcy laws, owners of insolvent firms aren't eligible to bid
for assets. The case will be heard in the company court in
Ahmedabad.

Numetal's bids remain eligible and the company has approached the
court to reinforce its suitability, while at the same time
questioning the bid by Mittal's company, a Numetal spokesman said
in a text message late on April 3, Bloomberg relays. He didn't
elaborate on the reasons for eligibility but said VTB Capital UK
is not affected by sanctions by U.S. and the European Union on
Russia.

Aurora Enterprises -- a part of the Numetal-led consortium that's
backed by the son of one of Essar's founders -- has since been
bought out of the bidding group by India's No. 1 producer of the
alloy JSW Steel Ltd., Bloomberg says citing people familiar with
the matter.

According to Bloomberg, steelmakers are seeking to expand in
India, set to be the second-largest producer this year, as
economic growth drives demand and producers scale up capacity.
ArcelorMittal, based in Luxembourg, and Japan's Nippon Steel &
Sumitomo Metal Corp. bid for the 10 million metric ton-a-year
Essar plant in the latest round on April 2. Billionaire Anil
Agarwal's Vedanta Ltd. also made an offer, said people familiar
with the matter.

"It's more straightforward to acquire an underperforming asset and
to work to improve its performance than to build something new,
which would also take a long time before it would be operating,"
Bloomberg quotes Mr. Aranha as saying. "Land acquisition in India
is very difficult."

Bloomberg relates that the plan to acquire Essar Steel remains
ArcelorMittal's "Plan A and Plan B" for India, Mr. Aranha said,
where Mittal has long-term plans to raise Essar's capacity to 15
million to 20 million tons.

Advisers to the resolution professional had recommended
ArcelorMittal be considered ineligible because it held a stake in
Uttam Galva Steels Ltd., which is classified as a delinquent
borrower, when it made its offer for Essar Steel, people with
knowledge said February, Bloomberg relays. ArcelorMittal had sold
the shares prior to the bid and was a "passive shareholder" with
no management role, Mr. Aranha said.

"We are very confident our bid is valid although it's clear one of
the other consortia has a strategy of trying to convince people
otherwise," Aranha, as cited by Bloomberg, said. "Perhaps this is
because they know that they can't compete with us when it comes to
industrial track record."

                         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, admitted
Essar Steel's insolvency case on Aug. 2, 2017. State Bank of
India's suggested interim resolution professional (IRP) Satish
Kumar Gupta, of Alvarez and Marsal India, has been appointed as
IRP.

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 SCB in debt.

Both petitions filed by State Bank of India (SBI) and Standard
Chartered Bank (SCB) for initiating insolvency proceeding under
Insolvency & Bankruptcy Code (IBC) against the steel major Essar
Steel Ltd have been admitted by NCLT on Aug. 2, according to ET.


ESSEN TRADING: CRISIL Withdraws B Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Essen
Trading Company (ETC) for obtaining information through letters
and emails dated January 27, 2017, and February 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           10       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ETC. This restricts CRISIL's
ability to take a forward ETC is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, the rating on bank facilities of ETC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of ETC on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans

ETC, set up in 2006 by Mr. Gopakumar and Mr. Babyas a partnership
firm, manufactures coconut oil and trades in edibleoils. It is
based in Annamanada (Kerala).


GORANTLA MULTIPLEX: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gorantla
Multiplex (GM) for obtaining information through letters and
emails dated February 20, 2018 and February 23, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        9.75      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Gorantla Multiplex. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Gorantla Multiplex 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 Gorantla Multiplex to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in the year 2006, Gorantla Multiplex (GM) is
propertiorship firm that currently own and operates a multiplex in
ongole district of Andhra Pradesh. The operations of the
propertiorship firm started in 2009.The multiplex is owned by Mr.
G.V.N Babu.


HARDWARE TRADING: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Hardware
Trading Corporation (HTC) for obtaining information through
letters and emails dated January 29, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.5       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit     13.5       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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 Hardware Trading Corporation.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Hardware Trading Corporation 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 Hardware Trading Corporation to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

HTC, was set up in 1960 by Mr. Kantilal Nandalal Vora. The firm is
engaged in trading of chemicals, batteries and licenses. The firm
is promoted by Mr. Mahesh Vora and Mr Pankaj Vora.


HARE KRISHNA: CRISIL Migrates B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hare
Krishna Industries (HKI) for obtaining information through letters
and emails dated February 21, 2018 and February 26, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              3.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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 Hare Krishna Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Hare Krishna Industries 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 Hare Krishna Industries to 'CRISIL B+/Stable Issuer
not cooperating'.

Set up in 2012, HKI manufactures polar and mink blankets. It has
two manufacturing units, one each at Panipat and Karnal (both in
Haryana). The firm was set up by Mr. Gourav Goyal, Mr. Lalit
Gupta, and Mr. Pramod Kumar, who manage the operations.


HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Himachal Aluminium and Conductors at 'CRISIL B+/Stable/CRISIL
A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect its modest scale of and working
capital-intensive operations, susceptibility of profitability to
tender-driven business, and weak financial risk profile because of
subdued debt protection metrics. These weaknesses are partially
offset by the extensive experience of its promoters in the
electrical component and equipment industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of and working capital-intensive operations: With
revenue of INR22.87 crore in fiscal 2017, scale remains modest due
to intense competition and tender-driven business. Furthermore,
operations are working capital-intensive, reflected in gross
current assets of 156 days as on March 31, 2017, because of
inventory and receivables of 63 days and 76 days, respectively.

* Below-average financial risk profile: As on March 31, 2017,
networth was small at INR3.31 crore and moderately high gearing at
1.19 times. Debt protection metrics were also weak, with interest
coverage and net cash accrual to total debt ratios of 1.22 times
and 0.03 time, respectively, in fiscal 2017.

Strength

* Extensive experience of promoters: Presence of around two
decades in the electrical component and equipment industry has
enabled the promoters to maintain healthy relationship with
suppliers and customers, mainly state electricity boards.

Outlook: Stable

CRISIL believes HAC will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if significant ramp up in operations, stable
profitability, and prudent working capital management considerably
enhances cash accrual and strengthens financial risk profile. The
outlook may be revised to 'Negative' if any large capital
expenditure, or deterioration in operating margin or working
capital management further weakens financial risk profile,
particularly liquidity.

Set up in 2009 as a partnership firm by Mr Kunal Gupta and Mr
Vinod Mahajan, HAC manufactures aluminium conductors and polyvinyl
chloride cables at its plants in Mohtli, Himachal Pradesh.


INTERNATIONAL MEGA: CRISIL Moves D to Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with
International Mega Food Park Limited (IMFPL) for obtaining
information through letters and emails dated February 21, 2018 and
February 26, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan       74.9       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan             14.03      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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 International Mega Food Park
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on International Mega Food Park Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of International Mega Food Park Limited to '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 2010 as a closely held public limited company and
special-purpose vehicle, IMFPL has set up a mega food park under
the ministry of food processing industries' Mega Food Parks'
scheme at village Dabwala Kalan in Punjab. Total project cost of
INR1364 million is being funded with term debt of INR564 million,
promoters' contribution of INR300 million, and Government of India
grant of INR500 million. Key promoters include International Fresh
Farm Products Pvt Ltd, Narain Exim Corporation, and Citrus
Estates. The project is expected to provide adequate
infrastructure facilities for food processing along the entire
value chain. Major revenue streams will be retailing and
wholesaling of dairy and agricultural products, rentals from food
processing and cold storage facilities, and selling power to
Punjab State Electricity Board from its biomass power plant.
Operations of the dairy, cold storage, and warehousing segments
commenced in February 2014, while the biomass plant is expected to
start operating in April 2015.


KRR POULTRY: CRISIL Assigns B+ Rating to INR6MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of K.R.R. Poultry Farms (KRRPF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Working
   Capital Facility      .6        CRISIL B+/Stable (Assigned)

   Cash Credit          6.0        CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility             1.4        CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations in the
poultry industry and vulnerability of operating profitability to
risks inherent in the segment. These weaknesses are partially
offset by the extensive experience of its proprietor and family.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographical concentration in
revenue: With turnover of INR23.1 crore in fiscal 2017, scale
remains small. Also, majority of income is derived from Kerala and
Tamil Nadu.

* Vulnerability to inherent risks: The poultry industry is driven
by regional demand and supply because of transportation
constraints and perishable nature of the products. Also, low
capital intensity and limited entry barrier have facilitated the
entry of unorganised players, resulting in intense competition.

Strength

* Extensive experience of proprietor: The firm's proprietor and
family have been in the poultry industry for over 40 years. This
has helped the firm to establish a large network of customers and
suppliers, resulting in assured demand and timely supply of
required day-old-chicks, respectively.

Outlook: Stable

CRISIL believes KRRPF will continue to benefit over the medium
term from proprietor's extensive experience. The outlook may be
revised to 'Positive' if business risk profile improves
significantly with ramp up in operations and better liquidity. The
outlook may be revised to 'Negative' if decline in revenue or
stretch in working capital cycle constraints liquidity.

Set up in 1970s by Mr Thangamuthu and subsequently taken over by
his son, Mr T Ramesh, KRRPF is engaged in the commercial poultry
business. The firm has an integrated feed mill in Namakkal, Tamil
Nadu, to support operations.


LALA MADHORAM: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lala
Madhoram Bhagwan Dass Charitable Society (LMBDCS) for obtaining
information through letters and emails dated December 14,2017 and
January 17,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              2        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    19        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)


   Rupee Term Loan       13        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Lala Madhoram Bhagwan Dass
Charitable Society. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Lala Madhoram Bhagwan Dass
Charitable Society 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 Lala Madhoram Bhagwan Dass Charitable Society 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.

LMBDCS, established in 1982 under the Rajasthan Society
Registration Act, 1958, runs a school in Faridabad. The school is
affiliated to the Central Board of Secondary Education and offers
education from pre-nursery to higher secondary levels. LMBDCS
belongs to the Manav Rachna group of institutes founded by Dr O P
Bhalla. The group runs five other educational societies and a
deemed university in Faridabad and Gurgaon.


LALWANI INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to BB
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Lalwani
Industries Limited's (LIL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are given below:

-- INR14 mil. Fund-based limits upgraded with IND BB/Stable
    rating; and

-- INR91 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects a growth in LIL's revenue along with an
improvement in the credit metrics in FY17. Although the credit
metrics improved to modest from weak, the scale of operations
remained small.

Revenue grew to INR244 million in FY17 (FY16: INR151 million) due
to higher trading of nickel and moly oxide. Until January 2017,
the company booked revenue of INR229.39 million. Gross interest
coverage (operating EBITDA/gross interest expense) improved to
4.1x in FY17 (FY16: 0.3x) owing to an improvement in operating
margin to 3% (0.4%). The improvement in the margin was mainly due
to a decrease in employee benefit, manufacturing and overhead
expenses. The company had a net cash position in FY17.

The ratings also benefit from LIL's strong liquidity position as
reflected by 54.58% maximum use of its fund-based facility during
the 12 months ended February 2018.

The ratings continue to draw comfort from the management's
experience of over two and a half decades in the ferro alloy
industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
maintaining the credit metrics will lead to a positive rating
action.

Negative: A decline in scale of operations along with
deterioration in the profitability margin may lead to a negative
rating action.

COMPANY PROFILE

LIL is manufactures ferro alloys including ferro silico magnesium,
ferro aluminum, ferro chrome, ferro molybdenum and nickel
magnesium. The company also trades in manganese ore, moly oxide
and nickel. Its manufacturing facility is located in South 24
Parganas, West Bengal.


LAXMI POLYTEX: CRISIL Lowers Rating on INR7MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Laxmi Polytex Private Limited (LPPL; part of the Laxmi
group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            7         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects deterioration in financial risk profile,
especially liquidity. Also, working capital-intensive operations
and withdrawal of unsecured loans have significantly increased
reliance on working capital limit, leading to frequent
overutilization.

The rating reflects the Laxmi group's modest scale of operations
in a highly fragmented industry, large working capital requirement
driven by high receivables and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of its promoters in the textiles industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LPPL and Nandnandan Silk Mills Pvt Ltd
(NSMPL). This is because both the companies, together referred to
as the Laxmi group, are under a common management and have the
same business and operational linkages.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to intense competition:
With turnover of INR53 crore in fiscal 2017, scale remains small
in the intensely competitive textiles industry. This limits
benefits of economies of scale and also restricts pricing and
bargaining power, thereby adversely affecting profitability.

* Large working capital requirements owing to stretched
receivables: Gross current assets were 132 days as on March 31,
2017 (despite improving from previous year's level), because of
high credit of 92 days provided to customers and moderate
inventory of 45-60 days. Against this, it gets credit of 30-45
days from suppliers, leading to high reliance on working capital
limit.

* Below-average financial risk profile: Networth was small at
INR4.4 crore as on March 31, 2017, on account of limited accretion
to reserves following modest scale and profitability. Gearing and
total outside liabilities to tangible networth ratio were high at
3.37 times and 4.15 times, respectively. Debt protection metrics
were subdued, reflected in interest coverage and net cash accrual
to total debt ratios of 1.4 times and 0.04 time, respectively, for
fiscal 2017.

Strengths

* Established track record and experience of promoters: The
promoters have been manufacturing grey fabrics since 1973 through
group concerns, leading to strong understanding of local market
dynamics, healthy relationship with suppliers and customers, and
consistent ramp up in operations.

Outlook: Stable

CRISIL believes the Laxmi group will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if higher cash accrual,
improved working capital cycle, or sizable fund infusion by
promoters lead to better liquidity. The outlook may be revised to
'Negative' if financial risk profile, especially liquidity,
deteriorates on account of low cash accrual, stretch in working
capital cycle, or unanticipated large, debt-funded capital
expenditure.

NSMPL and LPPL were incorporated in 1990 and 1992, respectively,
and are promoted by Mr C R Agarwal, Mr Manoj Agarwal, Ms Madhu
Agarwal, and Mr Pratik Agarwal. Both the companies manufacture
grey fabrics by weaving and processing polyester, viscose, and
cotton yarn at their two units in Boisar, Thane (Maharashtra).


MAGNAMIND VENTURES: CRISIL Withdraws D Rating on INR6.7MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Magnamind
Ventures Private Limited (MVPL) for obtaining information through
letters and emails dated February 7, 2017, and March 6, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            .5      CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term     .8      CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Term Loan             6.7      CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MVPL. This restricts CRISIL's
ability to take a forward MVPL is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower. Based on the
last available information, the rating on bank facilities of MVPL
continues to be 'CRISIL D Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of MSC on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

MVPL, established in 2013, has set up an industrial laundry
facility in Kochi (Kerala). It commenced operations in July 2014.
The company's daily operations are managed by Mr. Sreejith
Narendran.


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

-- INR22.2 mil. Term loan due on August 2019 migrated to Non-
    Cooperating Category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR70 mil. Fund-based cash credit migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR36.2 mil. Non-fund-based working capital limits migrated
    to Non-Cooperating Category with IND A4+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 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 2007, MVPL manufactures vitrified tiles at its
36,000mtpa production facilities in Morbi, Gujarat. The company
started commercial production in March 2008.


MICRO SUPREME: CRISIL Reaffirms B+ Rating on INR9MM Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Micro Supreme Auto Industries India
Private Limited (MSPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Drop Line
   Overdraft Facility     9        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's small scale and
working capital intensive operations along with average financial
risk profile. These weaknesses are partially offset by the
promoter's extensive experience in the mechanical component
industry, and established client base.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is small.
Revenue was modest at INR9 crore in fiscal 2017, and is expected
to be at INR10 crore in the current fiscal.

* Average financial risk profile: Networth was moderate at INR4.6
crore, and gearing was moderately high at 1.86 times as on
March 31, 2017. Debt protection metrics were average, marked by
interest coverage of 1.6 times and net cash accrual to total debt
of 0.08 time in fiscal 2017.

* Working capital intensive operations: Gross current assets were
moderately high at 117 days as on March 31, 2017, due to sizeable
inventory and receivables of 35 days and 45 days, respectively.

Strengths

* Extensive experience of the promoter, and established client
base: Presence of more than two decades in the mechanical
component industry has enabled Mr Joshi (promoter) to build a
strong network of reputed customers. His extensive continue should
continue to support business risk profile.

Outlook: Stable

CRISIL believes MSPL will continue to benefit from its established
relationships with customers, and its promoter's extensive
experience. The outlook may be revised to 'Positive' if
considerable increase in revenue, due to higher capacity
utilisation, strengthens cash accrual and financial risk profile.
The outlook may be revised to 'Negative' if decline in
profitability or stretch in working capital cycle weakens
financial risk profile, particularly liquidity.

Incorporated in 1984, Pune-based MSPL is promoted by Mr Satish
Joshi. It manufactures precision mechanical components and
assemblies used in automotive engines, and environmental testing
and measuring systems. Mechanical components, primarily piston-
cooling nozzles, contribute 90% of revenue. The company has two
manufacturing plants, with installed capacity of 2 million units
per month.


NANDNANDAN SILK: CRISIL Lowers Rating on INR6.75MM Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Nandnandan Silk Mills Private Limited (NSMPL; part of
the Laxmi group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           6.75       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects deterioration in financial risk profile,
especially liquidity. Also, working capital-intensive operations
and withdrawal of unsecured loans have significantly increased
reliance on working capital limit, leading to frequent
overutilization.

The rating reflects the Laxmi group's modest scale of operations
in a highly fragmented industry, large working capital requirement
driven by high receivables and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of its promoters in the textiles industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NSMPL and Laxmi Polytex Pvt Ltd (LPPL).
This is because both the companies, together referred to as the
Laxmi group, are under a common management and have the same
business and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition:
With turnover of INR53 crore in fiscal 2017, scale remains small
in the intensely competitive textiles industry. This limits
benefits of economies of scale and also restricts pricing and
bargaining power, thereby adversely affecting profitability.

* Large working capital requirements owing to stretched
receivables: Gross current assets were 132 days as on March 31,
2017 (despite improving from previous year's level), because of
high credit of 92 days provided to customers and moderate
inventory of 45-60 days. Against this, it gets credit of 30-45
days from suppliers, leading to high reliance on working capital
limit.

* Below-average financial risk profile: Networth was small at
INR4.4 crore as on March 31, 2017, on account of limited accretion
to reserves following modest scale and profitability. Gearing and
total outside liabilities to tangible networth ratio were high at
3.37 times and 4.15 times, respectively. Debt protection metrics
were subdued, reflected in interest coverage and net cash accrual
to total debt ratios of 1.4 times and 0.04 time, respectively, for
fiscal 2017.

Strengths

* Established track record and experience of promoters: The
promoters have been manufacturing grey fabrics since 1973 through
group concerns, leading to strong understanding of local market
dynamics, healthy relationship with suppliers and customers, and
consistent ramp up in operations.

Outlook: Stable

CRISIL believes the Laxmi group will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if higher cash accrual,
improved working capital cycle, or sizable fund infusion by
promoters lead to better liquidity. The outlook may be revised to
'Negative' if financial risk profile, especially liquidity,
deteriorates on account of low cash accrual, stretch in working
capital cycle, or unanticipated large, debt-funded capital
expenditure.

NSMPL and LPPL were incorporated in 1990 and 1992, respectively,
and are promoted by Mr C R Agarwal, Mr Manoj Agarwal, Ms Madhu
Agarwal, and Mr Pratik Agarwal. Both the companies manufacture
grey fabrics by weaving and processing polyester, viscose, and
cotton yarn at their two units in Boisar, Thane (Maharashtra).


QUADSEL SYSTEMS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Quadsel Systems Private Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           6         CRISIL B/Stable (Reaffirmed)
   Long Term Loan        2         CRISIL B/Stable (Reaffirmed)

The rating reflects the modest scale of operations and below-
average financial risk profile. These rating weaknesses are partly
offset by extensive experience of promoters, and established
relationships with the principal - Hewlett Packard (HP).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations remains modest,
as reflected in revenue of INR21 crore in fiscal 2017, but is
likely to improve in the medium term, driven by increasing orders
from existing customers and addition of new customers. However,
with bulk of revenue coming from a single principal, any slowdown
in HP's business can adversely impact QSPL.

* Below-average financial risk profile: Networth stood at INR2.3
crore as on March 31, 2017, constrained by a low capital base and
modest accretion to reserves. Total outside liabilities to
tangible networth ratio was high around 6.7 times, given the
sizeable reliance on working capital debt and debt funded capex.
However, it has moderate debt protection metrics marked by
interest coverage ratio and net cash accruals to total debt at
2.04 times and 7 percent as on March 31, 2017.

Strength

* Extensive experience of promoters and established relationship
with principal: The two decade-long experience of the promoters in
the computer consumables industry, and established relationship
with key principal, HP, will continue to support the business risk
profile. QSPL is one of the top gold channel partners in India for
computers, laptops and printers.

Outlook: Stable

CRISIL believes QSPL will continue to benefit from the extensive
experience of its promoters and established relationship with
customers and the principal supplier. The outlook may be revised
to 'Positive' in case of significant improvement in topline and
profitability, and working capital management. The outlook may be
revised to 'Negative' in case of a decline in topline or
profitability, or if any large expansion plans, weaken the
financial risk profile.

Established in 1996, Chennai-based QSPL is a dealer and channel
partner of HP. Operations are managed by the promoter, Mr Girish
Madhavan.


R.C. KHINVASARA: CRISIL Moves B+ Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated
the rating on the long-term bank facility of R. C. Khinvasara
(RCK) to 'CRISIL BB/Stable Issuer not cooperating'. However, the
firm's management has subsequently started sharing information
necessary for carrying out a comprehensive rating review.
Consequently, CRISIL is migrating its rating on the firm's
facility from 'CRISIL BB/Stable Issuer not cooperating' to 'CRISIL
B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             12       CRISIL B+/Stable (Migrated from
                                  'CRISIL BB/Stable Issuer Not
                                  Cooperating')

The downgrade reflects lower-than-expected customer advances from
RCK's ongoing Gold Plex project. Though the project is almost
complete and has been 50% booked, inflow of customer advances has
remained slow, resulting in modest surplus till March 2018. With
large upcoming debt obligation commencing from June 2018, timely
receipt of customer advances will remain a key monitorable.

The rating reflects RCK's low customer advances vis-a-vis the
booking percentage against high upcoming repayment debt
obligation, and cyclicality inherent in the real estate industry.
These weaknesses are partially offset by promoters' extensive
experience, and advanced stage and favourable location of project.

Key Rating Drivers & Detailed Description

Weaknesses

* Low customer advances: Though the booking status of the project
remained moderate at around 50 per cent, customer advances
remained weak till March 2018. The timely receipt of advances will
remain a key rating sensitivity factor given the large upcoming
debt repayments.

* Exposure to risks and cyclicality inherent in the real estate
industry: RCK remains exposed to inherent risks associated with
the real estate segment because of a highly fragmented market
structure.

Strengths

* Extensive experience of promoters: The promoters have
longstanding presence in Aurangabad's real estate segment and have
also extended financial support.

* Advanced stage and favourable location of project: The firm's
ongoing project is almost complete. The project also benefits from
its prime location in Aurangabad, Maharashtra.

Outlook: Stable

CRISIL believes RCK will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if timely receipt of customer advances leads
to sizable cash inflow. The outlook may be revised to 'Negative'
if lower-than-expected sales or delays in receipt of advances
adversely affect liquidity.

Set up in 2014 as a partnership firm by Mr R C Khinvasara and
family, RCK undertakes real estate development in Aurangabad. It
is currently developing a 74-unit commercial project, Khinvasara
Gold Plex.


RUKSH EXIM: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ruksh Exim
Private Limited (REPL) for obtaining information through letters
and emails dated February 21,2018 and February 26, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Foreign Bill          15        CRISIL B+/Stable (Issuer Not
   Discounting                     Cooperating; Rating Migrated)

   Letter of Credit       2.05     CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit         8        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     0.78     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan             1.17      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Ruksh Exim Private Limited.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Ruksh Exim Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Ruksh Exim Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

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

REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr.
Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their
father, Mr. A Haque. REPL manufactures and exports finished
leather.


SCT PRIVATE: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SCT Private
Limited's (SCTPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are as
follows.

-- INR70 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable/IND A4+ rating; and

-- INR80 mil. Non-fund based working capital limits affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SCTPL's continued small scale of
operations and modest credit metrics owing to intense competition
in the transformers business. Revenue declined to INR244.90
million in FY17 (FY16: INR262.89 million) on account of lower
receipt of orders. Ind-Ra expects revenue to further decline in
FY18 due to the decline in orders. The company booked revenue of
INR124 million as of 11MFY18.

However, EBITDA margin improved to 13.41% in FY17 (FY16: 2.52%,
FY15: 10.26%) on account of a decline in raw material cost. Gross
interest coverage (operating EBITDA/gross interest expense)
rebounded to 1.78x in FY17 (FY16: 0.55x, FY15: 1.73x) and net
financial leverage (total adjusted net debt/operating EBITDAR) to
2.94x (13.59x, 2.82x), primarily driven by an increase in absolute
EBITDA and a decrease in working capital debt.

The ratings, however, continue to be supported by SCTPL's
comfortable liquidity position as indicated by 77.13% average peak
utilization of the fund-based limits for the 12 months ended
February 2018.

The ratings also continue to benefit from SCTPL's promoter's more
than four decades of experience in the transformers business.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the EBITDA margin, leading to a sustained deterioration in the
credit metrics.

Positive: A positive rating action could result from a substantial
rise in the EBITDA margin leading to a sustained improvement in
the credit metrics.

COMPANY PROFILE

SCTPL was incorporated on June 26, 1979 as System Controls &
Transformers Private Limited. On March 21, 2016, the company was
renamed as SCTPL.

The company manufactures current and potential transformers at its
facility in Ghaziabad, Uttar Pradesh. The site has an annual
production capacity of 3,000 transformers.


SHREE SHAKTI: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Shakti Enterprises Private Limited (SSPL) for obtaining
information through letters and emails dated October 23, 2017 and
January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           6.5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit      3.5        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

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 Shree Shakti Enterprises
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Shree Shakti Enterprises Private
Limited is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Shree Shakti Enterprises Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

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

SSPL, incorporated in 1997, is a private limited company that
manufactures stainless steel and aluminium utensils and cutlery.
The company is based in Delhi, with its manufacturing unit located
in Sonipat (NCR, Haryana).


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

The instrument-wise rating actions are:

-- INR7.5 mil. Term loan due on June 15, 2020 migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR50 mil. Fund-based working capital migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR22 mil. Non-fund-based working capital migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

S.V. Ispat was incorporated in 2007 and processes met coke, raw
and calcined anthracite coal, raw and calcined petroleum coke and
amorphous graphite and trades exfoliated vermiculite and slag
conditioner.


THIRUVAMBADY DEVASWOM: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with The
Thiruvambady Devaswom (TTD) for obtaining information through
letters and emails dated October 17, 2017, November 8, 2017 and
November 14, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       19.76       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     .24       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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 The Thiruvambady Devaswom.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on The Thiruvambady Devaswom 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 The Thiruvambady Devaswom to 'CRISIL B/Stable Issuer
not cooperating'.

TTD was set up by Mr Hariharsudhan to manage the Thiruvambady
temple in Thrissur. The trust organises the Thrissur Pooram
festival, among other festivals.


V.T. ADASKAR: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with V. T.
Adaskar and Company (VTAC) for obtaining information through
letters and emails dated December 18, 2017 and January 17,2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            1        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              8        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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 V. T. Adaskar and Company.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on V. T. Adaskar and Company 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 V. T. Adaskar and Company to '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 by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged
in civil construction for real estate players. The promoters have
also ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel
(Pune).


VHS MECHATRONICS: CRISIL Reaffirms D Rating on INR2.82MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' ratings to the bank
facilities of VHS Mechatronics Services (P) Limited (VHS).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         1         CRISIL D (Reaffirmed)
   Cash Credit            2         CRISIL D (Reaffirmed)
   Letter of Credit       0.4       CRISIL D (Reaffirmed)
   Term Loan              2.82      CRISIL D (Reaffirmed)

The ratings reflect delays in debt servicing due to weak liquidity
owing to working capital intensive operations owing to high
inventory and receivables.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile: VHS's financial risk profile is
modest, marked by modest net worth, debt protection metrics and
working capital intensive operations.

Strength

* Promoters in the electronic equipment and engineering industry
VHS's benefits from its promoter's extensive experience of around
three decades in the electronic equipment and engineering
industry.

VHS was established in 1996 by Mr. Krishna Prasad. The company is
engaged in the retro fitting i.e. modernisation of CNC machines.


VIDHATRI EXPORTS: CRISIL Moves B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vidhatri
Exports Private Limited (VEPL) for obtaining information through
letters and emails dated February 14, 2018 and February 19, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Export Packing         6        CRISIL B/Stable (Issuer Not
   Credit                          Cooperating; Rating Migrated)

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 Vidhatri Exports Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Vidhatri Exports Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

VEPL was set up in 2006 as a partnership firm by the Gujarat-based
Poddar family. The company exports dyed and printed fabric. It is
based in Mumbai.


VINIT FABRICS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vinit Fabrics
Private Limited's (VIPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

Instrument-wise rating actions are:

-- INR45 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR14.61 mil. (reduced from INR28.52 mil.) Term Loan due on
    December 2020 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings continue to be constrained by VIPL's small scale of
operations of dyeing and printing of fabrics in the overall
textile value chain, leading to low revenue (FY17: INR370 million;
FY16: INR387 million). The revenue decline in FY17 was because of
a dip in sales volume and its average sales realization. Moreover,
the company has a short operating record; it commenced operations
in November 2013.

The ratings are supported by VIPL's comfortable credit metrics,
supported by strong operating margins. Interest coverage
(operating EBITDA/gross interest expense) was 3.6x in FY17 (FY16:
3.2x) and net financial leverage (adjusted net debt/operating
EBITDA) was 1.8x (2.6x). This improvement in metrics was due to an
improvement in EBITDA margin to 20.8% in FY17 (FY16: 16.5%).

The ratings are also supported by the company's adequate
liquidity. Its average working capital utilization was below 20%
during the 10 months ended February 2018.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations and
overall credit metrics could be positive for the ratings.

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

COMPANY PROFILE

VFPL, established by Vishwanath Munigilal Agarwal in 2010 as a
closely held public limited entity, was converted into a private
limited company in May 2016. The company has been operational
since November 2013 and is engaged in dyeing and printing of
fabrics.



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


LIPPO MALLS: Moody's Withdraws Ba1 CFR; Outlook Negative
--------------------------------------------------------
Moody's Investors Service has withdrawn Lippo Malls Indonesia
Retail Trust's (LMIRT) Ba1 corporate family rating and negative
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust, listed on the Singapore Stock Exchange since
November 2007. At December 31, 2017, it had a portfolio of 23
retail malls and seven retail spaces across major cities in
Indonesia, with a total appraised value of around SGD1.9 billion.

LMIRT is sponsored by Lippo Karawaci Tbk (P.T.) (B1 negative),
which owns around 30% stake in the trust. LMIRT is managed by
LMIRT Management Ltd, while its properties are managed by PT Lippo
Malls Indonesia. The latter two companies are wholly-owned
subsidiaries of Lippo Karawaci.



=========
J A P A N
=========


TOSHIBA CORP: Unit Sale to Proceed Despite Eased Delisting Fears
----------------------------------------------------------------
The Japan Times reports that new Toshiba Corp. Chairman and CEO
Nobuaki Kurumatani emphasized on April 3 that the company does not
intend to change plans to sell its lucrative memory chip unit even
now that it has staved off financial woes.

"I've experienced a lot of M&As, and it's common sense that
stakeholders need to work sincerely toward closing the deal once
they've signed a contract," the report quotes Mr. Kurumatani as
saying during an interview at the firm's headquarters in Minato
Ward, Tokyo.

The Japan Times relates that the new head, who had worked
exclusively in banking before taking over at the struggling
technology on April 1, added that he aims to transform the 143-
year-old electronics firm so that the lion's share of its long-
term revenue falls under "recurring" business models.

"The memory business is indeed extremely profitable at the moment,
but other businesses can be more stable even though they're not as
profitable," Mr. Kurumatani, as cited by The Japan Times, said.
"We can't fully assess the value of a business just by its
profitability."

According to the report, Mr. Kurumatani's remarks follow a failure
by the struggling conglomerate to finalize before its end-of-March
deadline a deal to sell memory unit Toshiba Memory Corp. to a
Japan-U.S.-South Korea consortium led by U.S. investment fund Bain
Capital for JPY2 trillion.

The Japan Times says selling the prized memory unit was initially
thought to be essential to offset a negative net worth by the end
of March and avoid being delisted by the Tokyo Stock Exchange. But
the company managed to eliminate the risk of delisting by raising
JPY600 billion through a third-party allocation of new shares in
December to 60 overseas investment funds.

The unit sale has now been delayed due to antitrust screening in
China, the report says. The contract stipulates that Toshiba could
cancel the deal if it wasn't finalized by the end of March, but
the firm said in a statement on March 30 it would continue
proceeding with the sale even though the deadline has passed.

With the firm's financial standing now improved, the question
arose whether the company really needs to sell its lucrative
memory business, the report states. Income from the unit could be
a major driver pushing forward recovery from the company's
financial crisis, which stemmed from massive losses at
Westinghouse Electric Co., Toshiba's former U.S. nuclear unit,
that filed for bankruptcy protection in March 2017, according to
the report.

But Mr. Kurumatani countered such speculation and maintained that
Toshiba will drive the sale forward unless it fails to pass
screening by antitrust authorities, The Japan Times relays.

"Some people, including investors, say we'd do better sticking
with the profitable memory business, while others say we'd do
better not to. I think it's down to us managers to decide what
kind of company we aim to become," The Japan Times quotes Mr.
Kurumatani as saying.

A former president of CVC Asia Pacific Japan and former vice
president of Sumitomo Mitsui Financial Group, Kurumatani succeeded
Satoshi Tsunakawa as Toshiba's CEO, the report discloses.
Tsunakawa will continue in the role of president and also became
chief operating officer.

Mr. Kurumatani said the company is working to develop a strategic
plan for revitalization to regain strength in its core operations.
The plan will be announced sometime this year, he added.

Toshiba is set to issue its annual report for the last financial
year May 15, the report notes.

                        About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 24, 2018, S&P Global Ratings said it has raised two notches
to 'CCC+' from 'CCC-' both its long-term corporate credit and
senior unsecured debt ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. S&P said, "We also
placed the ratings on CreditWatch with positive implications. We
have kept our 'C' short-term corporate credit and commercial
paper program ratings on Toshiba on CreditWatch with positive
implications."

The TCR-AP on Dec. 15, 2017, reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Caa1 corporate family rating and
senior unsecured debt ratings, and its Ca subordinated debt
rating. Moody's has also changed the ratings outlook to stable
from negative. At the same time, Moody's has affirmed Toshiba's
commercial paper rating of Not Prime.



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


A&G PRICE: Sole Shareholder Buys Foundry; 40 Jobs to be Created
---------------------------------------------------------------
Stuff.co.nz reports that the A&G Price foundry has been sold, with
more than 40 jobs likely to be created from the sale.

The business, which was established in Thames in 1871, went into
liquidation in July last year, leaving 100 employees without jobs,
the report says.

It has now been sold to Auckland businessman Chris Reeve, the sole
shareholder of A&G Price Ltd, according to Stuff.

Stuff.co.nz relates that after the liquidation, a core staff of 27
were retained to complete work on hand at the engineering company,
and Mr. Reeve said he expects that number to rise to more than 40.

"It's a new chapter for A&G Price and I hope it's a new 150 years.
We want that culture to be restored," the report quotes Mr. Reeve
as saying.  "I'm very proud of the guys who work in the foundry .
. . I applaud their skills and how many people rely on their
products."

According to Stuff, Mr. Reeve said he planned to be a hands-off
owner, leaving the running of the business to Peter Yates, who has
worked at the foundry for 24 years, and Ian Findlay.

"I've said to Peter and to Ian, run it like you own it, and I
won't be involved much at all because I have other [commitments],"
Mr. Reeve, as cited by Stuff, said.  "I want A&G Price to be
successful and I want the guys who work there to be part of a team
that make A&G Price proud and make themselves proud, and I want
them to be rewarded for their success."

Stuff.co.nz relates that Mr. Reeve said he had been in talks with
people from Singapore, who wanted more work completed by the
foundry.

"Obviously there's been enough [work] for 27 for the liquidator to
keep it open, hopefully there's enough work for more than 27
people.

"The plant is big enough that in my opinion that it will take more
people, but we're only interested in can-do people, we don't want
to take people on who are not going to be part of the team
culture.

"We've got a chance and it's up to all of us to take the chance.
Really, this is Peter Yates' to win or lose, and Ian Findlay's to
win or lose and for the 27 or maybe soon to be 40-something staff
to win or lose, and if they win, then I will definitely share the
success with them."

The purchase of the business was settled on April 3, Stuff notes.
Mr. Reeve said he planned to meet with staff at 7:00 a.m. on April
10, the report adds.



                             *********

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 ***