/raid1/www/Hosts/bankrupt/TCRAP_Public/180503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 3, 2018, Vol. 21, No. 087


                            Headlines


A U S T R A L I A

AUGUSTA PARTNERS: Second Creditors' Meeting Set for May 9
AUSTRALIAN RETAIL: First Creditors' Meeting Set for May 10
FLEXI TRUST 2018-1: Moody's Assigns (P)Ba1 Rating to Cl. E Notes
METAL TRADES: First Creditors' Meeting Set for May 9
MI MEDIA: Second Creditors' Meeting Scheduled for May 9

PROJECT GROUP: Second Creditors' Meeting Slated for May 9
QUEENSLAND NICKEL: Liquidator Confirms Refusal of Employee Payout
SOUTHLINE PTY: Second Creditors' Meeting Set for May 9


C A M B O D I A

NAGACORP LTD: S&P Assigns B Issuer Credit Rating, Outlook Stable


C H I N A

HNA GROUP: Plans to Sell Real Estate Unit for $456 Million
YINGLI GREEN: Reports Full Year 2017 Net Loss of RMB3.31 Billion


H O N G  K O N G

NOBLE GROUP: Goldilocks Lists Goldman, Hedge Funds in Legal Case


I N D I A

ADHUNIK METALIKS: Seeks 20-day Extension to consider Liberty Plan
ANANT RICE: ICRA Maintains B+ Rating in Not Cooperating Category
AYUSH TEXLENE: ICRA Maintains B- Rating in Not Cooperating
BHUSHAN POWER: Lenders Deny Bid for Second Round of Bidding
CONSOLIDATED CONSTRUCTION: ICRA Keeps D Rating in Not Cooperating

DHANSMRUTI TEXTILES: ICRA Keeps B+ Rating in Not Cooperating
ESWAR RUBBER: CARE Assigns B Rating to INR17cr LT Loan
G. N. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
GALAXY CONCAB: CARE Assigns B+ Rating to INR8.87cr LT Loan
GOPAL RICE: CARE Assigns B+ Rating to INR1.0cr Long-Term Loan

GURU ASHISH: ICRA Maintains B+ Rating in Not Cooperating
HANS INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
HARAPARBATI POTATO: CARE Reaffirms B+ Rating on INR11.59cr Loan
JAI MANGLA: CARE Assigns B Rating to INR11.46cr LT Loan
JAYSHREE BUILDERS: ICRA Keeps B- Rating in Not Cooperating

JHV STEELS: ICRA Maintains B Rating in Not Cooperating Category
JMV ISPAT: CRISIL Lowers Rating on INR3.5MM Term Loan to D
JOY COFFEE: CRISIL Lowers Rating on INR13MM Secured Loan to B+
MAHAVIR CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
MAT WHITE: CRISIL Withdraws 'B' Rating on INR15MM Cash Loan

MONDAL COLD: ICRA Maintains B+ Rating in Not Cooperating
MONDAL ICE: ICRA Keeps B+ Rating in Not Cooperating Category
NAVIN COLD: ICRA Maintains C+ Rating in Not Cooperating Cat.
PANCHANAN COLD: CARE Reaffirms B Rating on INR11.72cr LT Loan
PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR11.90cr LT Loan

PL MULTIPLEX: CARE Assigns B Rating to INR5.67cr LT Loan
PLATINUM ISPAT: CARE Assigns B Rating to INR18.57cr LT Loan
PRITHVI DEVELOPERS: ICRA Moves D Rating to Not Cooperating
PUREWAL STONE: CARE Assigns B+ Rating to INR11cr LT Loan
RAJEEV KUMAR: CARE Assigns B+ Rating to INR0.80cr LT Loan

S P CONSTRUCTION: CARE Assigns B+ Rating to INR2.0cr LT Loan
SAHAPUR COLD: CARE Reaffirms B Rating on INR8.10cr LT Loan
SHAPE ENGINEERING: CARE Assigns B+ Rating to INR10.50cr Loan
SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Loan
SREE HARI: CARE Assigns B+ Rating to INR12cr LT Loan

SRI LAKSHMI: CARE Assigns B+ Rating to INR8cr LT Loan
SRI VARALAKSHMI: CRISIL Moves B+ Rating From Not Cooperating
SRI VENKATESWARA: ICRA Keeps B+ Rating in Not Cooperating
SRISHTI CONSTRUCTIONS: CRISIL Cuts Rating on INR4.75MM Loan to B
ST. GREGORIOS: CRISIL Assigns B Rating to INR6.5MM LT Loan

TULIP TELECOM: ICRA Maintains D Rating in Not Cooperating Cat.
UNITED COKE: ICRA Maintains B+ Rating in Not Cooperating
UNITED EXPORTS: CRISIL Migrates to D Rating From Not Cooperating
VBS TEXTILES: CARE Assigns B+ Rating to INR10.75cr LT Loan
VISWABAHARATHI EDUCATIONAL: CARE Rates INR166.50cr LT Loan B+


I N D O N E S I A

KAWASAN INDUSTRI: S&P Lowers ICR to 'B', Outlook Stable
MATAHARI PUTRA: S&P Affirms 'B' Issuer Credit Rating


N E W  Z E A L A N D

NELSON RELIANCE: Goes Into Liquidation; Owes More Than NZ$3MM
NOSH GROUP: Unsecured Creditors Unlikely to Get Repayment


P A P U A  N E W  G U I N E A

BANK OF SOUTH PACIFIC: S&P Lowers SCR to 'B', Outlook Stable


S I N G A P O R E

CHINA FISHERY: Court Approves Intercompany Claims Settlement


T A I W A N

WAN HAI LINES: S&P Alters Outlook to Stable & Affirms 'BB+' ICR


                            - - - - -


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


AUGUSTA PARTNERS: Second Creditors' Meeting Set for May 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Augusta
Partners Pty Ltd has been set for May 9, 2018, at 3:00 p.m at the
offices of BRI Ferrier, Level 4, 12 Pirie Street, Adelaide, SA.

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

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

Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Augusta Partners on April 3, 2018.


AUSTRALIAN RETAIL: First Creditors' Meeting Set for May 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Australian Retail Company Pty. Ltd will be held at the offices of
SV Partners Sydney, Level 7, 151 Castlereagh Street, in Sydney,
New South Wales, on May 10, 2018, at 9:00 a.m.

Shumit Banerjee and Jason Lloyd Porter of SV Partners Sydney were
appointed as administrators of Australian Retail on April 30,
2018.


FLEXI TRUST 2018-1: Moody's Assigns (P)Ba1 Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2018-1.

Issuer: Flexi ABS Trust 2018-1

AUD100.00 million Class A1 Notes, Assigned (P)P-1 (sf)

AUD66.50 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD66.00 million Class A2-G Notes, Assigned (P)Aaa (sf)

AUD15.30 million Class B-G Notes, Assigned (P)Aa2 (sf)

AUD17.70 million Class C Notes, Assigned (P)A2 (sf)

AUD12.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD7.50 million Class E Notes, Assigned (P)Ba1 (sf)

The AUD15.00 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction,
the liquidity reserve in the amount of 1.50% of the note balance,
the interest rate swaps provided by Commonwealth Bank of
Australia ('CBA', Aa3/P-1/Aa2(cr)/P-1(cr)) and National Australia
Bank Limited ('NAB', Aa3/P-1/Aa2(cr)/P-1(cr)), the experience of
Flexirent Capital Pty Limited as servicer and the back-up
servicing arrangements with Dun & Bradstreet (Australia) Pty
Limited.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd ("Certegy"), a subsidiary
of FlexiGroup Ltd ("FlexiGroup").

This is FlexiGroup's eighth term-securitisation of Certegy
assets.

Initially, Class A notes (which include Class A1, Class A2 and
A2-G), Class B-G, Class C, Class D and Class E notes benefit from
22.5%, 17.4%, 11.5%, 7.5% and 5.0% of note subordination,
respectively. The notes will be repaid on a sequential basis
until the later of: (1) repayment of the Class A1 short-term
tranche, and (2) increase in the subordination to Class A notes
to 25% from 22.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10%
of the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied).

The transaction features a short-term (P)P-1 (sf) rated tranche,
with a legal final maturity of 12 months from issuance. The
tranche represents 33.3% of the total issuance. Key factors
supporting the (P)P-1 (sf) rating include:

  - Principal cashflows -- which will be allocated to the short-
term tranche in priority to other tranches until it is fully
repaid -- will be sufficient to amortise the tranche within the
12-month period. The amortisation is tested with no prepayment
and assuming a P-1-commensurate level of defaults and
delinquencies occurring during the amortisation period.

  - The corporate administration and insolvency regime in
Australia and the hot back-up servicing arrangements with Dun &
Bradstreet (Australia) Pty Limited mitigate the risk of a
prolonged servicer disruption. Dun & Bradstreet (Australia) Pty
Limited carries out servicing in parallel with Certegy, providing
near 'hot' levels of support and mitigating risks of a prolonged
servicing disruption.

These two factors are relevant in the context of assigning the
(P)P-1 (sf) rating because FlexiGroup and Certegy are unrated.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.00%,
coefficient of variation (CoV) of 60.0% and a recovery rate of
0.0%. Moody's assumed mean default rate is stressed compared to
the historical levels of 2.38%. The stress addresses lack of
economic stress during the historical data period (2004-2018).

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, lack of transactional
governance and fraud.

Moody's Parameter Sensitivities

If the default rate rises to 4.5% (1.5 times Moody's assumption
of 3.0%) then the model-indicated rating for the Class A2 Notes
drops two notches to Aa2. Similarly, the model-indicated rating
for the Class B-G Notes and Class C Notes drop four notches,
while Class D Notes and E Notes drop three notches, under this
scenario.


METAL TRADES: First Creditors' Meeting Set for May 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Metal
Trades Group Pty Ltd will be held at the offices of Sammut Bulow
Accountants, Level 1, 164 Brisbane St, in Ipswich, Queensland, on
May 9, 2018, at 1:30 p.m.

John Maxwell Morgan of BCR Advisory was appointed as
administrator of Metal Trades on April 27, 2018.


MI MEDIA: Second Creditors' Meeting Scheduled for May 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Mi Media
Holdings Limited has been set for May 9, 2018, at 3:30 p.m. at
the offices of Worrells Solvency + Forensic Accountants
Level 15, 114 William Street, in Melbourne, Victoria.

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

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

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


PROJECT GROUP: Second Creditors' Meeting Slated for May 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Project Group
Construction Pty Ltd has been set for May 9, 2018, at 3:00 p.m.
at the offices of Chartered Accountants Australia and New Zealand
Level 18, 600 Bourke Street, Melbourne VIC.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 8, 2018, at 12:00 p.m.

Ivan Glavas and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Project Group on
March 23, 2018.


QUEENSLAND NICKEL: Liquidator Confirms Refusal of Employee Payout
-----------------------------------------------------------------
Ewen Hosie at Australian Mining reports that Kelly-Anne
Trenfield, a liquidator and former administrator of Queensland
Nickel's Yabulu refinery - which went into voluntary
administration in January 2016 - has admitted in court that she
rejected an offer from Queensland Nickel managing director Clive
Mensink to pay all administration costs if she transferred the
refinery's employees and assets to a new operator.

Queensland Nickel owner Clive Palmer commented on this last week,
stating that he had given "strict instructions" to Mr. Mensink
(also his nephew) to pay all bills and transfer the workers so
that the business could continue, the report relates.

He also said it was a disgrace that liquidators would put their
own interests before the interests of the employees; hundreds of
workers were sacked from Yabulu refinery, leading to a big blow
for the North Queensland economy, according to Australian Mining.

"Neither Mr. Mensink or I could not do any more than offer to pay
all costs owing at that time," the report quotes Mr. Palmer as
saying. "If the administrator had accepted the money no one would
have lost their job and Queensland Nickel would have continued to
operate."

According to Australian Mining, Mr. Palmer also referred to the
liquidators use of over AUD10 million in taxpayer funds and
attempt to blame him for such problems as a "political abuse of
the first order. Taxpayers funds should not be the reward of
people that are so heartless to North Queensland.

"Taxpayer funds should be used for hospitals and schools not to
line the pockets of AUD14,000 a day barristers, solicitors and
heartless members of the insolvency profession," he said.

Mr. Palmer went on to say he still hoped the refinery could be
reopened as soon as possible in an attempt to revitalise North
Queensland's economy given the current high nickel prices, the
report adds.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


SOUTHLINE PTY: Second Creditors' Meeting Set for May 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Southline
Pty. Ltd. has been set for May 9, 2018 at 11:00 a.m. at the
offices of Hall Chadwick, Level 14, 440 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 8, 2018, at 4:00 p.m.

David Anthony Ross and Gaurav Mishra of Hall Chadwick were
appointed as administrators of Southline Pty on March 26, 2018.



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C A M B O D I A
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NAGACORP LTD: S&P Assigns B Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit
rating to NagaCorp Ltd. (Naga). The outlook is stable. At the
same time, S&P assigned its 'B' issue rating to a proposed issue
of senior unsecured notes by Naga, a Cambodia gaming company.

S&P said, "The rating on Naga reflects the company's single-
property risk in Phnom Penh, Cambodia. We view the jurisdiction
as very high risk due to the country's non-transparent
policymaking environment, very weak institutional strength, and
limited monetary flexibility. Our view of the T&C risk for
Cambodia constrains Naga to a 'B' rating level because the
company derives more than 90% of its revenue from Cambodia. In
our opinion, Naga has a limited local captive market. We estimate
less than 25% of revenue is from local residents, thus affording
a limited buffer if major travel disruptions or a significant
deterioration in the political environment arises.

"In our opinion, Naga's exclusive license monopoly, low taxes,
attractive service offerings, and anticipated moderate leverage
profile support a 'b+' stand-alone credit profile (SACP). We
expect Naga to continue to see good growth prospects from its
sustained dominant market position, as Cambodia becomes a more
prominent tourist and gaming destination and Naga lures more VIP
players to its newly opened Naga2. To drive VIP volumes, Naga
targets to offer very competitive revenue-sharing incentives
(otherwise known as junkets) to gaming promoters with a network
of primarily Asia-based players.

"Although we see this push for VIP volume as a lower-risk
strategy to grow the VIP business versus offering rolling-based
commissions to junkets or approaching VIPs directly, we expect
Naga's EBITDA margin to decrease to 30%-32% over the next two
years from 48.2% in 2016 and 33.4% in 2017. This is because
increasing VIP revenues would have a dilutive effect to the
higher-margin mass-market table and Electronic Gaming Machine
(EGM) businesses. In addition, we anticipate higher earnings
volatility over the next two years while Naga ramps up VIP
revenue to about 70% of total annual revenue. This is a marked
rise from less than 50% a year ago, before the opening of Naga2.

"Naga's reliance on shareholder financing and lack of external
borrowings to build its asset base has resulted in an unleveraged
balance sheet. In our base case, we expect the company to
maintain moderate levels of leverage post the proposed bond
issuance, given higher earnings generation from the ramp-up of
Naga2 over the next two years. We expect the company's debt-to-
EBITDA ratio to remain comfortably below 2.5x, supported by
stable borrowings and continuous earnings growth. We anticipate
Naga's gross debt to be stable as we expect the company to be
able to fund all its capital expenditures and dividends using
operating cash flows. We also expect the company to retain a
significant cash balance, post its bond issuance, to sustain the
higher working capital requirements of the growing VIP business.

"In our view, although Naga's Russian project is outside the
restricted group for the bond, we adjust Naga's deferred
development cost for the planned Vladivostok project for debt.
The construction is wholly outsourced to a private contractor,
which has provided funding from the outset, but Naga has the
obligation to repay the contracted amount in 2023--seven years
after the start of construction in 2016. We add the fixed
contract amount of US$300 million to debt starting from 2020,
when we expect the asset to commence operations. However, we have
not included the project's revenue in our base case. In our view,
the Russian project reflects Naga's significant appetite to
expand into far flung, high-risk regions where the management may
have limited experience.

"We believe management actions could lead to leverage higher than
our base-case forecast because of international development
opportunities or possible significant investments to expand its
Cambodian operations. We believe Naga could aggressively pursue
international development opportunities in Mongolia or Kazakhstan
if available, potentially seeking multiple opportunities at once.
That said, the timing of future opportunities in such
jurisdictions is uncertain and depends on the timeline of gaming
legislation, licensure, and project development completion. We
believe, however, any meaningful investment is likely a number of
years away, given our view that most discussions are preliminary.
We therefore assess Naga's financial policy as negative.

"The stable rating outlook on Naga reflects our T&C risk
assessment for an entity only operating in Cambodia.

"We expect Naga to maintain its dominant market position in the
Cambodian gaming industry given its monopoly within the Phnom
Penh region while maintaining moderate leverage. While we foresee
stronger revenue growth over the next 12 months from Naga2, we
anticipate a more volatile earnings profile with lower operating
margins as Naga significantly increases its VIP gaming revenue.
We expect VIP gaming revenue to constitute about 70% of the
company's revenue for 2018.

"Downward rating pressure on Naga could also arise if we revise
down the T&C assessment for Cambodia.

"Although it is unlikely, we may also lower the rating if Naga's
SACP weakens due to: (1) unexpected material debt-funded
acquisitions or new projects being adopted faster than we
anticipated; or (2) substantially weaker operating performance
such that its debt-to-EBITDA ratio stays above 5x on a prolonged
basis.

"We could raise the rating on Naga if we have a higher T&C
assessment for Cambodia.

"We believe the uncertainty in Naga's financial policy,
especially its appetite to undertake sizable and long-dated
capital investments, limits any rating upside in the next 12
months. This is despite the company's improved cash flows and
earnings from its expanded capacity from the second half of 2017.
We may revise the SACP upward if the company clearly and publicly
articulates a financial policy and manages its capital spending
and dividend payments such that its debt-to-EBITDA ratio remains
below 2.5x on a sustainable basis."



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C H I N A
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HNA GROUP: Plans to Sell Real Estate Unit for $456 Million
----------------------------------------------------------
Prudence Ho at Bloomberg News reports that HNA Group Co. plans to
sell a real-estate unit for CNY2.9 billion ($456 million), in the
latest disposal for the embattled Chinese conglomerate as it
unloads billions of dollars of assets to pare one of the highest
debt loads in the country.

HNA Investment Group Co. will sell a subsidiary that has the
right to develop a project in Shanghai to a unit of real-estate
developer Fusheng Group, Bloomberg relates citing a filing with
the Shenzhen stock exchange on May 2. HNA expects to generate a
CNY400 million gain from the deal, which is subject to
shareholders' approval, Bloomberg says.

HNA, which was once one of China's most acquisitive companies,
has sold more than $13 billion of assets this year, including its
stake in Hilton Worldwide Holdings Inc., according to Bloomberg.
The disposals may help bring some relief to HNA, whose interest
expenses surged to a level topping that of any other non-
financial company, Bloomberg relays.

HNA Investment shares have been suspended since January,
Bloomberg notes. Six other HNA units have also been halted from
trading amid asset restructuring.

                            About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


YINGLI GREEN: Reports Full Year 2017 Net Loss of RMB3.31 Billion
----------------------------------------------------------------
Yingli Green Energy Holding Company Limited announced its
unaudited consolidated financial results for the quarter and full
year ended Dec. 31, 2017.

For the three months ended Dec. 31, 2017, Yingli Green reported a
net loss attributable to the Company of RMB491.93 million on
RMB2.27 billion of total net revenues compared to a net loss of
RMB1.91 billion on RMB2.04 billion of total net revenues for the
same period during the prior year.

The increase of total net revenues from the third quarter of 2017
to the fourth quarter of 2017 was primarily due to [the increase
of PV module shipments from 597.7 MW to 837.9 MW].

Operating expenses were RMB555.1 million (US$85.3 million),
compared to RMB2,293.1 million in the third quarter of 2017 and
RMB1,944.9 million in the fourth quarter of 2016.  Operating
expenses as a percentage of net revenue was 24.4 % in the fourth
quarter of 2017, compared to 136.6 % in the third quarter of 2017
and 95.3% in the fourth quarter of 2016.

The significant decrease of operating expenses from the third
quarter of 2017 to the fourth quarter of 2017 was mainly because
the Company recorded an impairment loss of RMB2,041.7 million on
long-lived assets and an bad debt provision of RMB 27.8 million
on doubtful accounts receivable in the third quarter of 2017,
while the Company recorded a provision of RMB 225.4 million
against the prepayments to suppliers with inventory firm purchase
commitment, a bad debt provision of RMB 48.5 million on doubtful
accounts receivable and an impairment loss of RMB0.5 million on
long lived assets in the fourth quarter of 2017. Excluding the
impact of such impairment loss and provisions, the slight
increase of operating expenses from the third quarter of 2017 to
the fourth quarter of 2017 was mainly due to the increase of
selling, general and administration expenses along with the
increase of total PV module shipments.

Yingli Green reported a net loss attributable to the Company of
RMB3.31 billion on RMB8.36 billion of total net revenues for the
year ended Dec. 31, 2017 compared to a net loss attributable to
the Company of RMB2.09 billion on RMB8.37 billion of total net
revenues for the year ended Dec. 31, 2016.  The slight decrease
in total net revenues despite a significant increase in the
shipments year-over-year was mainly due to the continuous decline
of average selling price of PV modules throughout the Company's
major markets, including China and Japan and decrease in other
revenues.

As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total
assets, RMB20.83 billion in total liabilities and a total
shareholders' deficit of RMB10.49 billion.

                       Financial Position

As of Dec. 31, 2017, the Company had RMB378.1 million (US$58.1
million) in cash and cash equivalents, decreased from RMB439.3
million as of Sept. 30, 2017.

As of Dec. 31, 2017, the Company had RMB342.7 million (US$52.7
million) in restricted cash, increased from RMB337.4 million as
of Sept. 30, 2017.

As of Dec. 31, 2017, the Company's accounts receivable had
decreased to RMB2,655.5 million (US$408.1 million) from
RMB3,005.0 million as of Sept. 30, 2017.  Days sales outstanding
were 105 days in the fourth quarter of 2017, decreased from 161
days in the third quarter of 2017, mainly due to enhanced control
on overdue accounts receivable and the increase of orders with
better payment terms.

As of Dec. 31, 2017, the Company's accounts payable had decreased
to RMB2,321.6 million (US$356.8 million) from RMB2,527.7 million
as of Sept. 30, 2017.  Days payable outstanding were 99 days in
the fourth quarter of 2017, decreased from 138 days in the third
quarter of 2017, primarily because the Company settled certain
long aging accounts payables.

As of Dec. 31, 2017, the Company's inventory had increased to
RMB1,133.5 million (US$174.2 million) from RMB1,058.1 million as
of Sept. 30, 2017.  Inventory turnover days were 48 days in the
fourth quarter of 2017, decreased from 58 days in the third
quarter of 2017, which was mainly due to the increase of cost of
total net revenues as a result of the increase of PV module
shipments in the fourth quarter of 2017.

As of Dec. 31, 2017, the Company had a total shareholders'
deficit attributable to shareholders of the Company of
RMB18,746.5 million (US$2,881.3 million) and a deficit in working
capital of RMB9,666.6 million (US$1,485.7 million).

As of Dec. 31, 2017, the Company had short-term borrowings
(including past due and current portion of medium-term notes and
long-term debt) of RMB10,407.0 million (US$ 1,599.5 million) and
long-term debts of RMB 920.3 million (US$141.4 million).

As of Dec. 31, 2017, Tianwei Yingli had approximately RMB 2,076.5
million (US$319.2 million) of medium term notes overdue,
including principal and interest.

As of Dec. 31, 2017, the Company had RMB648.4 million (US$99.7
million) of short-term borrowings overdue, included principal of
RMB144.1 (US$ 22.2 million) and interest of RMB504.3 million
(US$77.5 million), respectively.

As of Dec. 31, 2017, except for those loans and debts that were
overdue as mentioned above, the Company had total short-term
borrowings of RMB8,505.9 million (US$1,307.3 million) that were
expected to be due within one year.

              Liquidity and Going Concern Analysis

The Company stated in the press release that given its financial
position, substantial doubt exists as to the Company's ability to
continue as a going concern.  The Company and its subsidiaries'
liquidity is primarily dependent on their ability to generate
adequate cash flows from operations, to renew or rollover their
short-term borrowings, to agree on a debt restructuring plan with
their creditors, and to persuade their creditors to refrain from
enforcing their debt payment obligations or initiate any
bankruptcy, liquidation or similar proceeding against them in any
jurisdiction before a viable debt restructuring plan is adopted
and approved by all relevant parties.

The Company and its subsidiaries are currently exploring a
variety of measures to maintain and improve their liquidity and
financial position as follows:

* Renewal or Rollover of Borrowings and Other Financing
  Arrangements

The Company and its subsidiaries have maintained good
relationships with their lending banks and other financial
institutions in China.

While there can be no assurance that the Company and its
subsidiaries will be able to refinance their short-term
borrowings as they become due, historically, the Company and its
subsidiaries have renewed or rolled over a significant portion of
their short-term bank and other borrowings upon their maturity
dates.  In the Company and its subsidiaries' recent discussion
with the lending banks, they have imposed additional conditions
for such renewal or rollover requests.  As of March 31, 2018, the
lending banks conditionally agreed to renew or roll over
RMB1,702.8 million (US$261.7 million) out of RMB10,407.0 million
(US$1,599.5 million) of short-term borrowings outstanding as
of Dec. 31, 2017.  Those agreements are conditional upon the
decision of a committee organized by the financial creditors of
the Company and its subsidiaries to continue to support the
Company and its subsidiaries.  The Company and its subsidiaries
plan to continue to seek such renewal or rollover in the future.

                     Debt Restructuring

As previously announced by the Company, the Company's board of
directors formed a special committee comprised solely of
independent directors in March 2017 to assess its operating and
financial situation and evaluate, develop and recommend one or
more strategic alternatives and financing plans potentially
workable to the Company, its subsidiaries and their creditors.

The Company and its subsidiaries have been in active discussion
with their creditors about potential debt restructuring plans.
As part of the debt restructuring, the Company and its
subsidiaries are also in active discussion with potential
investors who may provide fresh funds in the form of equity
investments in the Company's principal operating subsidiaries in
China.  The Company endeavors to work out a debt restructuring
plan that will significantly reduce the amount of outstanding
debts of its principal subsidiaries and provide them with funding
necessary to maintain and improve their normal operations.

As of the date of this press release, while alternative debt
restructuring plans have been prepared and discussed among the
Company and its subsidiaries, their major creditors and potential
new investors, the Company and its subsidiaries have not received
any binding proposal from any party with respect to the debt
restructuring and neither the Company nor the Special Committee
have made any decision to engage in any particular transaction
with respect to the debt restructuring.  While the Company was
aware that its major creditors are in progress of working on a
formal proposal to the Company and its subsidiaries, there can be
no assurance as to the timing or content of such proposal.  It is
unclear whether any proposed debt restructuring plan will be
agreed to by all creditors of the Company and its subsidiaries or
be acceptable to the Company as determined by the Company's board
of directors and the Special Committee.  In addition, the
Company's board of directors and the Special Committee may
conclude that it will no longer be possible to work out a debt
restructuring plan that preserves some value for the Company's
shareholders without compromising the interests of its creditors,
in which case they may approve a debt restructuring plan that
disposes all of the business and assets of the Company to its
creditors without leaving any value for the Company's
shareholders.

Based on the management's comprehensive assessment on the
Company's operation and financial situation, the Company expects
to continue to maintain the normal operation of its existing
major subsidiaries, including their manufacturing, sales,
procurement and other operational activities and matters.

* Voluntary Forbearance by Creditors

The Company and its subsidiaries have successfully persuaded many
of their creditors to refrain from enforcing their debt payment
obligations or initiate any bankruptcy, liquidation or similar
proceeding against the Company or any of its major subsidiaries
in any jurisdiction before a viable debt restructuring plan is
adopted and approved by all relevant parties.  As a debt
restructuring plan may maximize value for all creditors, the
Company and its subsidiaries will endeavor to persuade their
creditors to continue such voluntary forbearance.

There can be no assurance that the Company and its subsidiaries
will always be successful in persuading all of their creditors to
observe such voluntary forbearance.  One of the holders of the
MTNs filed a lawsuit against Tianwei Yingli (a principal
subsidiary of the Company) in a PRC court to recover the amount
due under such MTNs.  The principal amount of the MTNs held by
the Note Holder is alleged to be RMB65.7 million, representing
approximately 3.7% of the total amount of the MTNs that are still
outstanding.  The Note Holder claimed that Tianwei Yingli should
repay principal, interest and overdue penalty on the MTNs for an
aggregate amount of RMB74.4 million and bear costs relating to
the lawsuit.  In addition, in March 2018, one of the financial
creditors of Yingli China (another principal subsidiary of the
Company) filed a lawsuit against Yingli China, demanding
immediate repayment of outstanding loans from this creditor with
a total amount of RMB106.4 million (including RMB98 million of
principal and RMB8.4 million of unpaid interests).  Tianwei
Yingli and Yingli China have been vigorously defending their
rights in court while continuing to seek a mutually beneficial
solution out of court. Considering the amount claimed by the Note
Holder and the three rural credit cooperative unions, the Company
does not expect these lawsuits to have any direct material impact
on its overall operation or liquidity position. Tianwei Yingli
notified all holders of the MTNs of the lawsuit filed by the Note
Holder and the Company is not aware of any other legal
proceedings initiated by holders of the MTNs against the Company
or any of its subsidiaries.  The Company and its subsidiaries are
also still in discussion with all of their other financial
creditors and [are not aware of any other legal proceedings
initiated by any of the other financial creditors].  However,
there can be no assurance that the Company and its subsidiaries'
negotiation efforts will be successful or their creditors will
continue to observe any voluntary forbearance in the future.

     Updates on Long-term Polysilicon Supply Contracts

As the Company previously announced, on Dec. 15, 2017, one of the
Company's subsidiaries received a notice of termination from one
of suppliers notifying the Company of its decision to terminate
its long-term polysilicon supply contract with the Company with
immediate effect and claiming US$897.5 million of payments due
and payable by the Company under the contract.  The Company
previously entered into an agreement with this supplier on Nov.
13, 2017 in which the supplier agreed not to initiate any suit,
claim, arbitration or other proceeding against the Company in
connection with the contract before March 31, 2018.  Currently,
the Company is still in discussion with this supplier to find an
amicable solution.  However, the Company's negotiation efforts
may not be successful and the Company cannot assure you that the
supplier will not bring any legal action against the Company to
enforce its rights under the contract in the future.  While the
Company does not expect termination of the contract to negatively
affect its polysilicon procurement, the Company made a full
impairment provision against total prepayments to this supplier
of RMB 225.4 million (US$34.5 million) for the year ended
Dec. 31, 2017 as the notice of termination and the claim raised
uncertainty as to the recoverability of the prepayments of the
RMB225.4 million made by the Company.  Since the negotiation with
this supplier is on-going and no mutual agreement has been
reached, the Company has made no adjustment to the reserve for
the inventory purchase commitments made in prior years.

     Preliminary Shipment Data for First Quarter of 2018

Based on preliminary data, the Company estimates that its PV
module shipments in the first quarter of 2018 were in the range
of 400 MW to 420 MW.

                       Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate of
RMB6.5063 to US$1, the noon buying rate in New York for cable
transfers of Renminbi per U.S. dollar as set forth in the H.10
weekly statistical release of the Federal Reserve Board as of
Dec. 31, 2017.  No representation is intended to imply that these
translated Renminbi amounts could have been, or could be,
converted, realized or settled into U.S. dollar amounts at such
rate, or at any other rate.  The percentages stated in this press
release are calculated based on Renminbi amounts.

A full-text copy of the press release is available for free at:

                       https://is.gd/dgFe57

                     About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as
"Yingli Solar", -- http://www.yinglisolar.com/-- is a
photovoltaic (PV) module manufacturer.  Yingli Green Energy's
manufacturing covers the photovoltaic value chain from ingot
casting and wafering through solar cell production and PV module
assembly.

Headquartered in Baoding, China, Yingli Green Energy has more
than 20 regional subsidiaries and branch offices and has
distributed more than 20 GW solar panels to customers worldwide.



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


NOBLE GROUP: Goldilocks Lists Goldman, Hedge Funds in Legal Case
----------------------------------------------------------------
Krystal Chia at Bloomberg News reports that Noble Group Ltd.'s
dissident shareholder Goldilocks Investment Co. listed a raft of
hedge funds and banks, including Goldman Sachs Group Inc. and
Deutsche Bank AG, as defendants in its legal battle against the
commodity trader, as the fund presses on with a bid to stop its
debt-for-equity swap.

Goldilocks late last month initiated legal action in Singapore's
High Court against Noble, seeking to halt the restructure and
block any attempt to move its main interests to the U.K.,
Bloomberg relates.  According to a summons seen by Bloomberg, the
Abu Dhabi-based fund listed Noble and its directors as
defendants, as well as hedge funds and banks that it says are
creditors supporting the planned rescue.

According to Bloomberg, the defendants include Goldman Sachs
(Asia) LLC, Deutsche Bank AG, ING Bank NV, as well as Taconic
Capital Advisors LP, Davidson Kempner Capital Management LP, Och-
Ziff Capital Management Group LLC, Strategic Value Partners LLC,
BFAM Partners (Hong Kong) Ltd., Varde Partners Asia Pte, Arkkan
Capital Management Ltd., Cowell & Lee Advisors Ltd. and Attestor
Capital LLP.

After years of crisis marked by billions in losses and a default,
Noble's battle for survival has descended into legal fights and
public sparring between the company, its creditors and
Goldilocks, which is fighting the rescue, saying it's unfair.
Houlihan Lokey Inc., which is acting for the ad hoc group of
creditors backing the proposal, has said the deal is only viable
option. At a special general meeting convened in Singapore on
April 30, Chairman Paul Brough also highlighted the extreme
difficulties the company is now facing.

Bloomberg notes that at present, more than 80 percent of senior
creditors support the deal, which will see about half of the $3.4
billion debt burden written off, as does top shareholder and
founder Richard Elman. Under the proposal, existing shareholders
would get 15 percent in a new company, which Goldilocks says is
too small. It's also raised concerns about the company's
management and their actions in recent months as the rescue plan
has come together, Bloomberg says.

In a separate case on April 27, the court approved Goldilocks'
request for an injunction to stop Noble from holding its annual
general meeting, which had been scheduled for April 30, but it
didn't restrain the company from holding future special general
meetings, Bloomberg says. On April 30, Noble went ahead with such
a meeting, where attendees voted to approve a vessel disposal.
Before that, the disputed AGM was opened, then immediately
adjourned.

In remarks to shareholders at the ship-sale SGM, Mr. Brough said
that while he believed the company could pull off the
restructuring, there's a limited period of time to get the deal
done. The trader's financial position is "critical," and one
reason it wants to avoid insolvency is that it doesn't want
contracts, including some long-term coal contracts,
"invalidated," Mr. Brough, as cited by Bloomberg, said.

The claims by Goldilocks "are an intentional attempt to
obfuscate, delay, derail and/or prevent the implementation of the
restructuring," Noble said in a statement on April 26, Bloomberg
relays. "The company and its directors will vigorously defend
each of the claims and, at the appropriate time, seek costs
orders."

According to Bloomberg, creditors backing the restructure have
warned time is fast running out to get the deal through, saying
it's the sole option to save the trader. Houlihan Lokey hasn't
identified the members of the ad hoc group it represents,
Bloomberg states.

"We need to get it done ASAP," Chief Financial Officer Paul
Jackaman told Bloomberg in an interview after the vessel-sale
SGM, referring to the restructuring. He declined to comment on
the trader's first-quarter performance. Referring to the
chairman, he said: "You heard Paul talk about how it needs to
happen as soon as possible. I am confident. He said he's
confident and I share his view. But I also share the sense of
urgency."

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores.  Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa.  Energy business includes coal, gas and liquid energy
products.  In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys.  The Company operates
nearly in 140 locations.  It supplies growth demand markets in
Asia and Middle East.  Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018.  In addition, the company said it would not make
the payments despite being given 30-day grace periods to meet
both obligations.  The failure to make these payments will
trigger cross-defaults on the company's other obligations.  We do
not expect Noble to meet any outstanding obligations as the
company preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July.  S&P will conduct
another review the company's credit profile after the
restructuring is complete.



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


ADHUNIK METALIKS: Seeks 20-day Extension to consider Liberty Plan
-----------------------------------------------------------------
Financial Express reports that the resolution professional (RP)
of Adhunik Metaliks on May 1 urged the Kolkata bench of the
National Company Law Tribunal (NCLT) to exclude 20 days from the
mandated 270-day deadline under the insolvency resolution process
for the insolvent company so that in this additional time the
revised resolution plan of UK-based Liberty House could be
considered.

According to the report, the stipulated 270-day deadline under
the corporate insolvency resolution process (CIRP), for the debt-
laden steel maker, expired on April 29, and during this period,
no resolution plan for the company was approved by its Committee
of Creditors (CoC). Financial Express says there are only two
resolution applicants -Liberty House, the highest bidder (H1) for
the bankrupt firm, and Maharashtra Seamless of the DP Jindal
Group - for the company.

In his submission before the division bench of the tribunal,
comprising justices Jinan KR and Madan Balachandra Gosavi, Sumit
Binani, the RP, said, "If 20 days, which we have lost due to
unwanted situation, is excluded from the purview of the 270-day,
we may save the company from going into liquidation," Financial
Express relays.

As per the Insolvency and Bankruptcy Code (IBC) norms, an
insolvent company is to be liquidated if during the moratorium of
nine months no successful resolution plan is in place, the report
notes. Bankruptcy proceedings against Adhunik Metaliks, its
subsidiary Orissa Manganese & Minerals and Adhunik Group
companies Zion Steel and Adhunik Alloys & Power, were admitted by
the Kolkata bench of NCLT in August last year, Financial Express
recalls. The insolvency petitions had been filed by the State
Bank of India (SBI).

SBI, which leads the consortium of lenders to the companies, had
in July last year filed insolvency petitions over non-payment of
loans worth about INR940 crore by Orissa Manganese & Minerals
(OMML) and INR812 crore by Adhunik Metaliks (AML), Financial
Express notes. The bank had also claimed dues from Zion Steel, as
it was a co-obligator to the loans disbursed to OMML and AML
under the provisions of the master restructuring agreement and
the common loan agreement signed in March 2014, adds Financial
Express.

Adhunik Metaliks Limited is an alloy, special and construction
steel manufacturing company. The Company is engaged in the
manufacture and sale of steel, both alloy and non-alloy.


ANANT RICE: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the ratings for the INR9.00 crore bank
facilities of Anant Rice Industries (ARI) continue to remain
under 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       0.80       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund based-       3.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Non fund based    2.50       [ICRA]A4 ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated       2.20       [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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


AYUSH TEXLENE: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------
ICRA Ratings said the rating of INR5.00 crore bank facilities of
Ayush Texlene Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-          5.00        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative.

The current rating action has been taken by ICRA basis best
available/dated/ limited information on the issuers' performance.
Accordingly the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

Incorporated in year 2001, Ayush Texlene Limited is engaged into
trading of textile yarns and fabrics. The company has its office
and warehouse facility located in Surat. Mr. Rakesh Agarwal and
Mr. Pramod Agarwal are the directors and the key management
personnel of the company. Babita Synthetics Private Limited and
Textrend Lifestyle Private Limited are the group companies of ATL
and are engaged in almost same line of business in the textile
industry.


BHUSHAN POWER: Lenders Deny Bid for Second Round of Bidding
-----------------------------------------------------------
Financial Express reports that lenders to Bhushan Power and Steel
(BPSL) have rejected the proposal for a second round of bidding
for the troubled steel-maker, a development that could well cheer
UK-based Liberty House, which has submitted the highest bid for
the beleaguered firm, though after the designated deadline. The
other contenders - Tata Steel and JSW Steel - had submitted their
bids within the February 8 deadline, but their bids were lower,
the report says.

According to the report, the rejection of a second round of bids
means that the lenders would need to agree on the proposal to
accept from bidders in the first round and proceed with the
resolution process. Financial Express relates that sources close
to the development said that BPSL's lenders, led by state-run
Punjab National Bank did not find merit in the rebidding
proposal, initiated by BPSL's resolution professional (RP)
Mahender Khandelwal. The report says the reason for the RP to
propose rebidding to the lenders was not immediately known,
though this could have been with the intent of offering other
bidders an opportunity to revise their bids.

For an RP to move ahead with any such proposal, at least 75% of
the lenders must give their nod. In this case, sources said, the
count fell short of the requisite number in the e-voting process,
the report states. Bhushan Power and Steel owed lenders about
INR47,000 crore as on March 31, 2017. Sources said while Tata
Steel had offered to make an upfront payment of INR17,000 crore
to the lenders, Liberty House has offered to pay INR18,500 crore.
JSW Steel's offer for upfront payment was INR11,000 crore,
Financial Express relays.

The National Company Law Tribunal (NCLT) last week had asked the
Committee of Creditors (CoC) of the troubled firm to consider the
late bid submitted by UK-based Liberty House for the floundering
steel-maker, Financial Express recalls. The direction followed
Liberty House's challenge of the rejection of its bid by the RP
on the grounds that it was submitted late.

Financial Express relates that a two-member NCLT bench, headed by
justice M M Kumar, in its order had said that the bid by Liberty
House could not be disqualified only on the grounds it had been
submitted after the deadline. "The resolution plan of the Liberty
House shall not be rejected on the ground of delay emanating from
process document or any other document internally circulated by
the RP or the CoC. The rejection shall be on some substantive
ground as against flimsy one," the bench, as cited by Financial
Express, had said.

The tribunal has now directed the CoC to complete its resolution
proceedings by June 23, Financial Express notes.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com.  Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


CONSOLIDATED CONSTRUCTION: ICRA Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
ICRA Ratings said the ratings for INR1962.05 crore bank
facilities and INR50 crore Non Convertible Debentures of
Consolidated Construction Consortium Limited (CCCL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA had earlier
moved the ratings of CCCL to the 'ISSUER NOT COOPERATING'
category as it had not received any information for carrying out
the periodic rating assessment.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        380.00     [ICRA]D/ISSUER NOT COOPERATING;
   Working capital               Remains in 'Issuer Not
   Facilities                    Cooperating' category

   Fund based-         72.05     [ICRA]D/ISSUER NOT COOPERATING;
   Term Loans                    Remains in 'Issuer Not
                                 Cooperating' category

   Fund based-        190.00     [ICRA]D/ISSUER NOT COOPERATING;
   Short term                    Remains in 'Issuer Not
   Facilities                    Cooperating' category

   Non-fund based    1275.00     [ICRA]D/ISSUER NOT COOPERATING;
                                 Remains in 'Issuer Not
                                 Cooperating' category

   Proposed            45.00     [ICRA]D/ISSUER NOT COOPERATING;
   facilities                    Remains in 'Issuer Not
                                 Cooperating' category

   Non-Convertible     50.00     [ICRA]D/ISSUER NOT COOPERATING;
   Debentures                    Remains in 'Issuer Not
                                 Cooperating' category

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

CCCL was incorporated in 1997 as a public limited company by four
former employees of L&T: Mr. R. Sarabeswar, Mr. S.
Sivaramakrishnan, Mr. V. Janarthanam, and Mr. T.R. Seetharaman.
Since inception, the company has concentrated on construction and
related activities in the commercial, infrastructure, industrial
and residential sectors. To provide turnkey construction solution
to clients, CCCL has set up subsidiaries including Consolidated
Interiors Limited (for interior contracting and fit-out
services); Noble Consolidated Glazings Limited (for glazing
services); and CCCL Power Infrastructure Limited (for undertaking
BOP orders for power projects).


DHANSMRUTI TEXTILES: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA Ratings said the rating for the INR47.5 crore bank
facilities of Dhansmruti Textiles Pvt Ltd. continues to remain in
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund       38.97       [ICRA]B+ (Stable) ISSUER NOT
   Based-Term Loan                  COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Long Term-Fund       6.25        [ICRA]B+ (Stable) ISSUER NOT
   Based-Cash Credit                COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Short Term-Non       1.25        [ICRA]A4 ISSUER NOT
   Fund Based                       COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Long Term-           1.03        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

M/s Dhansmruti Textiles Pvt Ltd is a private limited company
incorporated on 29.03.2010, in the name of M/s Dhansmruti Agro
Farms Private Limited. Later, the name of the said company has
been changed to M/s Dhansmruti Textiles Private Limited. The
Company has proposed to set up a Spinning Mill with 18720
spindles capacity to manufacture medium and fine counts of carded
yarns. The Installed Capacity of the Unit will be 37 Lac Kg. per
annum. The company is promoted by Solapur based Deshmukh family.
Mr Sanjay Narayan Tate, Mr. Narayan Bhagawan Tate and Mr. Vishal
Popat Magar are the directors of the company. The group also
comprises of three major units viz. M/s Mangalam Enterprises
engaged in construction business, M/s Dhansmruti Buildcon Pvt Ltd
engaged in civil contracts in irrigation works of different
governments dept. across Maharashtra state and M/s Dhansmruti
Petroleum which is a retail outlet of BPCL for MS, HSD &
Lubricants.


ESWAR RUBBER: CARE Assigns B Rating to INR17cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Eswar
Rubber Products Private Limited (ERP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            17.00      CARE B; Stable Assigned

   Short-term Bank
   Facilities             2.25      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ERP are primarily
tempered by Modest scale of operation along with volatility in
the total operating income, Highly fluctuating operating margins
with net loss incurred in FY15 and FY17, Working capital
intensive nature of operations with elongated operating cycle
days, Leveraged capital structure and weak debt coverage
indicators and Raw material price volatility and competitive
nature of the industry. However, the ratings derive comfort from
experienced promoters and long track record of operations and
Established relationship with customers and suppliers. Going
forward, the firm's ability to improve its scale of operations,
profitability, and capital structure and debt coverage indicators
and expand its clientele base would be its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operation along with volatility in the total
operating income: ERP's total operating income (TOI) has been
volatile over the last three years ending FY17 (refers to the
period of April 01 to March 31) on account of stiff price
competition in the market and unfavourable market condition due
to sluggish automobile industrial scenario. The company achieved
total operating income of INR75.05 crore in FY17 compared to INR
74.38 crore in FY16 and INR82.16 crore in FY15. The company
achieved total operating income of INR 58.91 crore during H1FY18
(refers to the period of April 1 to September 30) based on the
increases in the quantity of sales.

Highly fluctuating operating margins with net loss incurred in
FY15 and FY17: The company's PBILDT drastically declined to INR
2.49 crore in FY17 from INR 6.81 crore in FY16 due to bad debts
written off to INR5.63 crore in FY17 on account of one of the
major customers has went to bankrupt. Highly fluctuating
operating margins along with high financial expenses and
depreciation provision led to net loss incurred during FY15 and
FY15.

Working capital intensive nature of operations with elongated
operating cycle days: The company operates in a working capital
intensive nature of business due to long collection period which
is about 3-4 months along with high inventory period to meet
production and client requirements. ERP's working capital cycle
has remained elongated at 146 days in FY17 (FY16: 146 days). The
company extends credit period of about 3-4 months to its
customers to ensure steady flow of orders. Similarly, the company
gets around 1-2 months of credit period from its customers to
manage operations. ERP has registered near full utilization of
the fund based facilities over the last 12 months ended December,
2017.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of ERP stood leveraged marked by overall
gearing of 2.54x as of March 31, 2017 as against 2.24x as of
March 31, 2016 on back of increase in total debt mainly
associated with increase in working capital utilisation to manage
business operations along with low net-worth base with net losses
incurred in FY15 and FY17. The debt protection metrics of the
company marked by TD/GCA and interest coverage ratio deteriorated
drastically due to significant decline in PBILDT in absolute
terms and cash loss incurred in FY17.

Raw material price volatility and competitive nature of the
industry: Key raw material for the company remains rubber, prices
of which have remained volatile in the past. Competitive nature
of the industry limits the ability of passing on the increased
costs to customers, therefore exposing the profitability margins
to volatility in raw material prices.

Key Rating Strengths

Experienced promoters and long track record of operations:
Incorporated in 1995 by Mr Vaidyalingam, ERP is a closely-held
family-owned business wherein the members of the family are
involved in management and day to day operations of the company.
Mr Vaidyalingam has an experience of over four decades in the
field of reclaimed rubber and rubber powder. Long industry
experience of the promoter has led to established relationships
with the customers and suppliers.

Established relationship with customers and suppliers: ERP has
established good relationship with customers and suppliers on
account of the more than four decade long experience of Mr.
Vaidyalingam. Most of the suppliers of the entity are located in
Tamil Nadu and Andhra Pradesh. Almost 95% of the raw materials
are procured from within India itself. ERP has established long
standing relationship with market leaders like TVS Srichakra
Limited, MRF Rubber Factory Limited and Camso Loadstar Private
Limited for more than two decades these companies are
contributing revenue of around 40-45% over last three years.

Incorporated in 1995, ERP is engaged in the manufacturing of
reclaimed rubber. It has been used for raw material of automobile
tyre manufacturing companies. The company operates from its
manufacturing facility in Andhra Pradesh and Tamil Nadu with an
installed capacity of manufacturing 20,000 tonnes per annum.


G. N. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with G. N. Industries -
Surat (GNI) for obtaining information through letters and emails
dated January 31, 2018, March 27, 2018 and April 3, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           1        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             5.5      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 G. N. Industries - Surat,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on G. N. Industries - Surat 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 G. N. Industries - Surat to CRISIL B+/Stable Issuer
not cooperating'.

Established in 2015, Noida based GNI is a partnership of Mr
Surendra Kumar Arora, Mr Gautam Arora, Ms Sonal Arora and Mr
Gokul Arora. The firm commenced operations in October 2016 and
undertakes embroidery and printing on fabrics.


GALAXY CONCAB: CARE Assigns B+ Rating to INR8.87cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Galaxy
Concab (India) Pvt Ltd (GCIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            8.87      CARE B+; Stable Assigned

   Short-term Bank
   Facilities           21         CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GCIPL are
constrained on account of weak financial risk profile marked by
relatively small scale of operations, moderately leveraged
capital structure, weak debt coverage indicators, thin
profitability at net level and susceptibility of profitability to
volatility in raw material prices. The ratings are further
constrained on account of its stressed liquidity position and
presence in the highly competitive and fragmented industry with
tender driven nature of business and customer concentration risk.

The ratings, however, derive strength from the experienced
promoter with established customer relationship and moderate
order book position. The ratings also factor in stable demand
outlook for power cable sector.

GCIPL's ability to increase its scale of operations with receipt
of new work orders while improving profitability, improvement in
capital structure and efficient management of working capital
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The cable industry is highly
fragmented with a large number of players. With a total operating
income of INR41.04 crore in FY17 and net worth of INR9.92 crore
as on March 31, 2017, GCIPL is a small sized player in the cable
industry.

Moderately leveraged capital structure with weak debt coverage
indicators: Capital structure of GCIPL stood moderate leveraged
with overall gearing of 1.71 times as on March 31, 2017. Further,
with increase in LC backed creditors and interest expenses, debt
coverage indicators deteriorated in FY17. Debt coverage
indicators stood weak with total debt to GCA of 38.36 times as on
March 31, 2017 and interest coverage ratio of 1.10 times in FY17.

Profit margins susceptible to volatility in raw material prices:
The main raw materials for the manufacturing of cables and wires
are copper, aluminum and steel. Raw material cost is a major
contributor to total operating cost (around 82% in FY17, P.Y.:
81%). Prices of all the raw materials have witnessed high
volatility during previous financial years. Furthermore, the
company does not enter into long term supply contracts with the
suppliers. This makes its profitability sensitive to changes in
the raw material prices.

Stressed liquidity position: Liquidity position of the company
remained stressed marked by around 92.70 % utilization of fund
based working capital limits during last 12 months ending
February, 2018 and elongated collection period resulting in
stretched operating cycle of 81 days in FY17.

Key Rating Strengths

Experienced promoters: Overall operations of GCIPL are managed by
experienced promoters. Mr Vinay Gupta, director has around 25
years of experience in the industry whereas Mr Rajesh Gadia,
another director, has around three decades of experience in the
industry.

Established customer relationship as well as moderate order book
position: GCIPL has been supplying its products directly and
indirectly to the government agencies like National Highway
Authority of India (NHAI), Power Grid   Corporation India Limited
(PGCIL), Rajasthan State Industrial Development and Investment
Corporation (RIICO), Jaipur Development Authority (JDA), Jaipur
Vidyut Vitran Nigam Limitd (JVVNL) and Ajmer Vidyut Vitran Nigam
Ltd (AVVNL) and Jodhpur Vidyut Vitran Nigam Limitd (JdVVNL) etc.
GCIPL is approved vendor for supply of power cables to JVVNL,
AVVNL and JdVVNL. GCIPL has order book of INR65.13 crore as on
March 20, 2018 which is 1.59 times of its TOI for FY17. Out of
total order book, orders from Govt. entities were around 87.49%
while the balance were from private EPC players.

Moderate Operating Profit margin albeit thin net profit margin:
Operating profitability of the company stood moderate with PBILDT
margin of 8.29% in FY17, improved by 38 bps from 7.90% in FY16 on
account of decline in prices of its key raw material (aluminium
and copper). PAT margin of the company stood thin at 0.48% in
FY17 as against 0.55% in FY16 due to higher interest expenses.

Stable long term outlook for power cable sector in country:
Strong increase in demand for control and instrumentation cables
is expected with approval of several projects by Government of
India for promotion of renewable sources of energy. Also, with
the expansion of metro/freight corridors and infrastructure
development under Smart city schemes will create further demand
for the cable industry.

Jaipur (Rajasthan)-based Galaxy Concab (India) Pvt Ltd (GCIPL)
was incorporated in 2006 by Mr. Mr Vinay Gupta and Rajesh Gadia.
GCIPL is engaged in manufacturing of Low-tension (LT) power
cables mainly Low tension Cross Linked Polyethylene (LT XLPE) and
Low Tension Polyvinyl Chloride (LT PVC) cables, Aerial Bunched
cables and conductors as well as PCC poles.


GOPAL RICE: CARE Assigns B+ Rating to INR1.0cr Long-Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gopal
Rice Mill (GRM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            1.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            7.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GRM are
constrained by small scale of operation with low profitability
margins, volatile agro-commodity (paddy) prices with linkages to
vagaries of the monsoon, regulated nature of the industry,
working capital intensive nature of business, proprietorship
nature of constitution and intensely competitive nature of the
industry. However, the aforesaid constraints are partially offset
by experienced proprietor with satisfactory track record of
operations, proximity to raw material sources with favourable
industry scenario and comfortable capital structure with moderate
debt coverage indicators.

The ability of the entity to grow its scale of operations,
improve profitability margins and to manage working capital
effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: GRM is
a relatively small player in the rice milling industry with total
operating income of INR3.34 crore (INR2.18 crore in FY16) and PAT
of INR0.15 crore (INR0. 09 crore in FY16) in FY17. Further, the
net worth base and total capital employed was low at INR1.18
crore and INR1.57 crore, respectively, as on March 31, 2017. The
entity has reported total operating income of INR2.80 crore
during the period from April 1, 2017 to March 21, 2018.
Furthermore, the profitability margins of the entity remained low
marked by PBILDT of 6.42% (7.39% in FY16) and PAT margin of 4.47%
(4.28% in FY16) in FY17.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: GRM is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the
peak arrival of crop at major trading centers starts in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central government for the central pool. Given the
market determined prices for finished product vis-…-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.

Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Accordingly the average inventory holding period was on the
higher side in the range of 47 days to 91 days during last two
years (FY16-FY17). Further, entity pays upfront to its suppliers
whereas it needs to provide credit of around a week to its
customers. Therefore the operations of the entity remained
working capital intensive in nature. The average utilization of
working capital limits was high at around 85% during last 12
months ended in February 2018.

Proprietorship nature of constitution: GRM, being a
proprietorship entity, is exposed to inherent risk of proprietor'
capital being withdrawn at time of his personal contingency and
entity being dissolved upon the death/insolvency of the
proprietor. Moreover, proprietorship entities have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.

Intensely competitive industry: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Raigarh and nearby
districts of Chhattisgarh are major paddy growing area with many
rice mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths

Experienced proprietor with satisfactory track record of
operations: The entity is into custom rice milling industry since
2003 and thus has satisfactory operational track record. Mr.
Gopal Prasad Agrawal is associated with the company since its
inception. He has four decade of experience in rice industry,
previously was in paddy trading business. He looks after the day
to day operations of the company and is supported by his son Mr.
Rajesh Kumar Agrawal.

Proximity to raw material sources and favorable industry
scenario: GRM's plant is located at Raigarh, Chhattisgarh which
is a paddy growing region in eastern India resulting in lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. Rice, being one of the primary food articles in India,
demand is high throughout the country and with the change in life
style and health consciousness; by-products of the same like rice
bran oil etc. are in huge demand.

Comfortable capital structure with moderate debt coverage
indicators: The capital structure of the entity improved and
remained comfortable with overall gearing ratio at 0.33x in FY17.
However, the overall gearing ratio deteriorated as on March 31,
2017 mainly on account of higher working capital utilisation. The
debt coverage indicators was moderate with interest coverage of
5.19x (FY16: 3.31x) and total debt to GCA of 2.23x (FY16: 2.29x)
in FY17.

Established in November 2003, Gopal Rice Mill (SRMPL) was
promoted by Mr. Gopal Prasad Agarwal. The entity has been engaged
in rice milling and processing business. Apart from owned rice
milling and processing, the entity also engaged in custom milling
services for Chhattisgarh State Co-operative Marketing Federation
Limited (CSCMFL) whereas CSCMFL provide raw paddy to the entity
for processing and the entity receives commission charges for the
same. The plant of the entity is located at Raigarh, Chhattisgarh
with a processing capacity of 19,200 metric ton per annum. The
entity generated revenue of around 29% from custom milling
services and rest from owned milling in FY17.


GURU ASHISH: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
ICRA Ratings said the long term and short-term ratings for the
bank facilities of Guru Ashish Shipbreakers (GAS) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING"
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

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

   Non-fund based-   66.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Letter of Credit             Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

GAS is a partnership company incorporated in 1997, with Mr.
Sukesh Aggarwal and Mr. Balkrishna Aggarwal as its partners. It
is a part of the Bhavnagar-based Aggarwal Group run by Mr.
Balkrishan Aggarwal. The entity is primarily into ship breaking.
The business operations are carried out from Bhavnagar and the
ship-breaking activity is conducted at the plot leased by the
Gujarat Maritime Board in the Alang Ship Recycling Yard. The
group is also involved in other businesses like steel re-rolling,
scrap trading and coke manufacturing.


HANS INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA Ratings said the long term and short-term ratings for the
bank facilities of Hans Industries Private Limited (HIPL)
continue to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          45.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based-      12.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based-     (10.00)     [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Hans Industries Private Ltd. (HIPL) was acquired in 2006-07 by
the Bhavnagar based UB Aggarwal Group which is held by Mr.
Balkrishan Aggarwal and Family. The Company is engaged in steel
rolling and manufacturing of mild steel beam, channels
and angles. The operations of the company are carried out at
Ghangli in Bhavnagar district with an overall capacity of 40000
MTPA. The promoter group is also involved in other related
businesses like ship breaking, coke manufacturing, steel rolling
and scrap trading.


HARAPARBATI POTATO: CARE Reaffirms B+ Rating on INR11.59cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Haraparbati Potato Cold Storage Private Limited (HPCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facility             11.59       CARE B+; Stable Reaffirmed

   Short term Bank
   Facility              0.12       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HPCSPL are
continues to be constrained by its post project stabilization
risk, seasonality of business with susceptibility to vagaries of
nature, regulated nature of industry, risk of delinquency in
loans extended to farmers, competition from local players and
working capital intensive nature of business. However, the
aforesaid constraints are partially offset by its experienced
management, and proximity to potato growing area.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Though, HPCSPL started its operation from
May 2017, the promoters of the company have long experience in
potato trading business. Mr. Monoranjan Mandal has more than a
decade of experience in potato trading business along with Mr.
Biswajit Bhakta and Mr. Srimanta Banerjee who also have around
two decades of experience in potato trading business, looks after
the overall management of the company along with adequate support
from a team of experienced personnel.

Proximity to potato growing area: HPCSPL's storing facility is
situated in the Hooghly district of West Bengal which is one
of the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Key Rating Weaknesses

Post project stabilization risk: HPCSPL has set up a cold storage
facility in Hooghly (West Bengal). The project was completed and
the company has started its commercial operation from May 2017.
The company achieved a turnover of around INR3.51 crore for FY18.
The seasonality nature of the potato crop and regulation of
rental rent by the government are few of the factors on which
cold storage business depends. Hence, there is post project
stabilization risk involved with respect to which the ability of
revenue generation of the company on a sustainable basis as
envisaged in the project scope needs to be seen.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: HPCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages starts at the
end of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, HPCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Working capital intensive nature of business: HPCSPL is engaged
in the cold storage business, accordingly its operation is
working capital intensive. The same is reflected by the higher
working capital requirement for the company and the average
utilization for the same remained at about 95% during the last
eleven months ending March 31, 2018.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

HPCSPL, incorporated in the year 2016, is a Hooghly (West Bengal)
based company. It is engaged in the business of providing cold
storage services to potato growing farmers and potato traders,
having an installed storage capacity of 120,000quintals in Vill-
Pursurah, Hoogly district of West Bengal. The directors have
taken over the cold storage facility of "Hara Parbati Potato Cold
Storage Private Limited" and started commercial operation from
May, 2017.


JAI MANGLA: CARE Assigns B Rating to INR11.46cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai
Mangla Sponge Iron Private Limited (JMSIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           11.46       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of JMSIPL is
constrained by small scale of operations with moderately low
profit margins, lack of backward integration vis-…-vis volatility
in raw material prices, working capital intensive nature of
operation, moderate capital structure with moderate debt coverage
indicators, stiff competition and cyclicality associated with the
steel industry. The rating, however, derives strength from its
experienced promoters with satisfactory track record of
operations and strategic location of the plant.

Going forward, the ability of the company to increase its scale
of operations with improvement in profit margins and ability to
manage working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderately low profit margins:
JMSIPL is a relatively small player in the iron & steel industry
with total operating income (TOI) and net profit of INR32.67
crore and INR0.38 crore, respectively, in FY17 (provisional).
Moreover, the company has achieved a turnover of INR59.00 crore
during FY18. The profit margins of the company remained moderate
marked by PBILDT margin of 10.09% (FY16: 16.56%) and PAT margin
of 1.17% (FY16: 0.04%) in FY17 as per the provisional.

Lack of backward integration vis-…-vis volatility in raw material
prices: The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry.
JMSIPL does not have backward integration for its major raw
material (coal and iron ore) and has to purchase the same from
open market. The company does not have its own captive mines for
coal & iron ore and has to source the same at prevailing market
rates and raw material is the major cost driver for JMSIPL
accounting for about 85% of the total cost of sales in FY17.
Hence, it is exposed to price volatility risk.

Working capital intensive nature of operation: JMSIPL's business,
being manufacturing of sponge iron is working capital intensive
marked by high inventory period and high average collection
period. The average inventory holding period remained high at 308
days (FY16: 321 days) during FY17 (provisional) on the back of
its strategy to maintain raw material stock to mitigate price
fluctuation risk and smooth running of its production process.
Further, sluggish demand in the industry also resulted in high
inventory period during last three years. The average collection
period was also high marked by 62 days (FY16: 145 days) in FY17
on account of delay in receipts of collection from its clients.
However, the company got 66 days (FY16: 110 days) of credit
period from its suppliers due to its long presence in the
industry. The aforesaid reason led to high utilization of its
bank limit at around 98% during the last 12 months ended in
November 2017.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the company remained
moderate with debt equity ratio of 1.88x (FY16: 2.07x) and
overall gearing ratio of 2.07x (FY16: 2.89x) in FY17 as per the
provisional financial. Furthermore, the debt coverage indicators
also remained moderate marked by interest coverage of 1.91x
(FY16: 1.48x) and total debt to GCA of 23.35x (FY16: 28.96x) in
FY17.

Stiff competition and cyclicality associated with the steel
industry: The spectrum of the steel industry in which the company
operates is highly fragmented and competitive marked by the
presence of numerous players in northern and eastern India. Hence
the players in the industry do not have pricing power and are
exposed to competition induced pressures on profitability. This
apart, JMSIPL's products being steel related, it is subjected to
the risks associated with the industry like cyclicality and price
volatility. The steel industry is sensitive to the shifting
business cycles, including changes in the general economy,
interest rates and seasonal changes in the demand and supply
conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel
projects along-with the inordinate delays in the completion
impact the responsiveness of supply side to demand movements.
This results in several steel projects bunching-up and coming on
stream simultaneously leading to demand supply mismatch.
Furthermore, the producers of steel & related products are
essentially price-takers in the market, which directly expose
their cash flows and profitability to volatility of the steel
industry.

Key Rating Strengths

Experienced promoters with satisfactory track record of
operations: Mr. Jawahar Lal Vig and Mr. Harish Kumar Vig are
having more than two decades of experience in manufacturing of
sponge iron business and both are involved in the strategic
planning and running the day to day operations of the company.
They are being duly supported by a team of experienced personnel.
Furthermore, JMSIPL commenced commercial operation since 2006 and
accordingly has a satisfactory track record of operations.
Strategic location of the plant: JMSIPL's plant is located in
Saraikela Kharswan district of Jharkhand where the raw materials
are available in abundance. Furthermore, the coal and iron-ore
rich states of Jharkhand and Orissa are also located nearby. The
proximity to the raw material sources reduces the transportation
cost to the company. Besides, the region has a large number of
steel manufacturers as well as end users. Hence, the company has
a large ready market to sell its products.

JMSIPL was incorporated on May 16, 2000 and started its
commercial operation since 2006. The registered office of the
company is situated at Patna, Bihar. The company is promoted by
Mr. Jawahar Lal Vig and Mr.Harish Kumar Vig. JMSIPL is engaged in
the manufacturing of sponge iron at its plant located at
Saraikela Kharswan district of Jharkhand with a current installed
capacity of 60,000 metric tonnes per annum (MTPA).


JAYSHREE BUILDERS: ICRA Keeps B- Rating in Not Cooperating
----------------------------------------------------------
ICRA Ratings said the ratings of INR75.00 crore bank facilities
of Jayshree Builders continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        30.00      [ICRA]B- (Stable) ISSUER NOT
   Term loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non-fund based-     3.80      [ICRA]A4 ISSUER NOT COOPERATING;
   Standby letter                Rating continues to remain
   of credit                     under 'Issuer Not Cooperating'
                                 category

   Unallocated        41.20      [ICRA]B-(Stable)/[ICRA]A4 ISSUER
   Limits                         NOT COOPERATING; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  category

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

Jayshree Builders was incorporated in the year 1980 by Mr. Ramesh
Mehta along with his other family members as partners for
undertaking real estate development in Mumbai. The firm is a part
of the Mehta Group which consists of various firms namely Amrut
Builders, Shree Ram Builders, Deep Construction Company and Lubex
Petro Chem Private Limited which are engaged in the business of
real estate development in Thane and Kalyan since 1978. They
together have a strong history of executing more than 40 projects
in past 30 years. The firm is currently undertaking the
development of Amrut Siddhi project at Titwala in proximity to
Titwala railway station and a redevelopment project - Saket, in
Santacruz, Mumbai.


JHV STEELS: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings said the ratings for the INR12.50 crore bank
facilities of JHV Steels Limited continue to remain under 'Issuer
Not Cooperating' category. The ratings are now denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       12.50      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Incorporated in 2009, JHV is promoted and managed by the Mr. Hira
Lal Jaiswal and Mr. Abhishek Jaiswal. The company is engaged in
the manufacturing of TMT bars with a production capacity of
1,00,000 tons per annum (TPA). The manufacturing facilities are
located at Mirzapur in Uttar Pradesh. JHV has also setup a
manufacturing unit for mildsteel billets in its existing plant
with an installed capacity of 75,000 TPA. The commercial
production of the billet unit commenced in June' 2016.


JMV ISPAT: CRISIL Lowers Rating on INR3.5MM Term Loan to D
----------------------------------------------------------
Due to inadequate information and in line with SEBI guidelines,
CRISIL had migrated its ratings on the bank facilities of JMV
Ispat Private Limited (JMV) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the firm's management has started sharing
information necessary for a comprehensive rating review.
Consequently, CRISIL is downgraded the ratings from 'CRISIL
B/Stable Issuer Not Cooperating' to 'CRISIL D'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.5       CRISIL D (Downgraded from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating)

   Cash Term Loan       3.5       CRISIL D (Downgraded from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating)

   Proposed Long Term
   Bank Loan Facility   3.0       CRISIL D (Downgraded from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating)

CRISIL rating reflects recent delays by JMV in servicing its term
debt obligations. The interest and principal payment due for
April 2018 has not been paid yet.

The rating also reflects JMV's large working capital requirements
and modest financial risk profile due to modest networth and high
leverage. These weaknesses are partially offset by promoters'
extensive experience in the steel industry and their funding
support.

Analytical Approach

CRISIL has treated the unsecured loan from trust (outstanding at
INR4.3 crores as on March 31, 2017) as debt.

Key Rating Drivers & Detailed Description

* Recent instance of delay in repayment obligation of term loan.

Weaknesses

* Large working capital requirements: Operations are working
capital intensive reflected from gross current asset days (GCA)
of 187-241 days over the three fiscals ended 2017 because of high
debtors (86-195 days) and inventory (81-143 days) and are
expected to remain working capital intensive over the medium
term.

* Modest financial risk profile: Networth of INR4.5 crores as on
March 31, 2017 and total outside liabilities to adjusted networth
ratio of 7.7-9.2 times over the 2 years ended March 31, 2017
constrains the financial risk profile.

Strengths

* Promoter's extensive experience in the steel industry and their
funding support: Promoters have over 2 decade of industry
experience in scrap and machine trading business through group
companies, which has help them build healthy relations with the
customers and suppliers. Further, in order to support the
business, promoters have extended unsecured loan. Benefit from
the extensive experience of the promoters is expected to continue
over the medium term.

JMV was incorporated in 2011 by Mr. Aslam Qureshi and Mr. Niraj
Saini. The company manufactures mild steel ingots at its unit in
Haridwar (Uttarakhand).


JOY COFFEE: CRISIL Lowers Rating on INR13MM Secured Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Joy Coffee Curing Works (JCCW) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft       13       CRISIL B+/Stable (Downgraded
   Facility                         from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the pronounced
stretch in JCCW's working capital cycle could continue in the
medium term, mainly on account of rising inventory level to
support peak season activity. The same is expected to result in a
weakened financial risk profile, with an adverse change in the
debt protection metrics of the firm.

The rating also factors in the firm's modest scale of operations
and limited value addition. These weaknesses are partially offset
by the benefit expected to accrue to JCCW from the extensive
experience of its partners.

JCCW has clocked revenue of more than INR60 crore in fiscal 2018,
after a slump in fiscal 2017, when the firm reported a topline of
just over INR50 crore. There was a significant capital withdrawal
of INR0.85 crore in fiscal 2017 as against profit after tax of
INR0.15 crore. While CRISIL understands that the same was one-
time in nature based on the management's assertion to that
effect, future capital withdrawal shall be a key monitorable over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* High working capital intensity: JCCW's operations exhibit
considerable working capital intensity, with gross current assets
of more than 100 days during the peak season from December to
May. This is mainly on account of high inventory level to support
operations during the period. With growing scale of business, the
inventory level, and consequently, the working capital cycle of
the firm are expected to remain intensive in the medium term.

* Average financial risk profile: JCCW's financial risk profile
is marked by a small net worth, relatively high total outside
liabilities to tangible net worth (TOLTNW) ratio due to heavy
reliance on fund-based limits to finance working capital, and
average debt protection metrics on account of range-bound
operating margin.

* Modest scale of operations and limited value addition:
JCCW's scale of operations is small with average annual revenue
of between INR50 and 75 crore. Operating margin is typically
range-bound, on account of limited value addition. The twin
limitations constrain the overall business prospects of the firm.

Strength

* Extensive experience of partners: JCCW's founder-partner, Mr.
Francis George has been engaged in coffee curing for more than 20
years, during which the firm has built stable relationships with
all industry stakeholders, which is expected to benefit the firm
in the medium term.

Outlook: Stable

CRISIL believes JCCW will continue to benefit over the medium
term from the extensive experience of its partners. The outlook
may be revised to 'Positive' in case of higher-than-expected
profitability and revenue, or substantial capital infusion,
resulting in significant improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates, most likely due to
reduced margins and revenue or large, debt-funded capital
expenditure or huge capital withdrawal by partners.

Established in 1992 as a partnership firm, JCCW is engaged in
curing and processing of raw coffee to coffee beans. Based in
Chikmagalur, Karnataka, the day-to-day operations of the firm are
managed by Mr. Francis George.


MAHAVIR CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Mahavir
Construction Company - Mumbai (MCC; a part of the Mahavir VNC
group) for obtaining information through letters and emails dated
December 14, 2017, March 8, 2018 and March 12, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        4        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           8        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term   10.5      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 Mahavir Construction Company -
Mumbai, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Mahavir Construction Company - Mumbai 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 Mahavir Construction Company - Mumbai to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of MCC with its group entity - VNC
Infraprojects (VNC). This is because both these entities -
together referred to as the Mahavir VNC group - execute the same
line of business and have significant financial interlinkages.

MCC is a Mumbai-based proprietorship firm formed by Mr Kishore
Shah in 1983. It undertakes civil construction activities on
contract or sub contract basis for Municipal Corporation of
Greater Mumbai (MCGM), Mumbai Metropolitan Region Development
Authority (MMRDA) and Maharashtra Housing and Area Development
Authority (MHADA).

VNC is a Mumbai-based proprietorship firm formed by Mr Chirag
Jain in 2008. VNC undertakes civil construction activities on
contract or sub contract basis for MCGM, MMRDA, and MHADA.


MAT WHITE: CRISIL Withdraws 'B' Rating on INR15MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Mat White Gum Industries Private Limited (MWG) and subsequently
withdrawn the ratings at the company's request and on receipt of
a no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           15       CRISIL B/Stable (Rating
                                  reaffirmed and Withdrawn)

MWG was incorporated in 2012 and is promoted by Mr Sanjay
Mahipal, Ms Munni Devi, and Ms Nisha Mahipal. The company
manufactures guar gum powder at its processing unit in
Sriganganagar, Rajasthan, with installed capacity of 36 tonne per
day. It also trades in guar gum and related items.


MONDAL COLD: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
ICRA Ratings said the ratings for the INR15.17 crore bank
facilities of Mondal Cold Storage (MCS) continue to remain under
'Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        14.82      [ICRA]A4 ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain
   Facilities                    under 'Issuer Not Cooperating'
                                 Category

   Non fund            0.35      [ICRA]B+ (Stable) ISSUER NOT
   Based-Bank                    COOPERATING; Rating continues
   Guarantee                     to remain under 'Issuer Not
                                 Cooperating' category

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

Mondal Cold Storage (MCS) had set up its first cold storage unit
at Amlagora in the Paschim Medinipur district of West Bengal in
1967. It was established as a proprietorship concern to carry on
the business of storage and preservation of potatoes. In 1999,
the entity was converted into a partnership firm. MCS had set up
its second cold storage unit at Chatra in the Bankura district of
West Bengal in 2005. Promoted by the Kolkata-based Mondal family,
MCS has a storage capacity of 69,200 metric tonnes (MT) at
present.


MONDAL ICE: ICRA Keeps B+ Rating in Not Cooperating Category
------------------------------------------------------------
ICRA Ratings said the ratings for the INR9.49 crore bank
facilities of Mondal Ice & Cold Storage Private Limited (MICS)
continue to remain under 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       0.10       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund based-       9.24       [ICRA]A4 ISSUER NOT COOPERATING;
   Working Capital              Rating continues to remain
   Facilities                   under 'Issuer Not Cooperating'
                                Category

   Non fund based-   0.15       [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee               COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Mondal Ice & Cold Storage Private Limited (MICS) had set up its
cold storage unit at Bishnupur in the Bankura district of West
Bengal in 1985. It was established as a partnership firm to carry
on the business of storage and preservation of potatoes. In 1999,
the entity was converted into a private limited company. Promoted
by the Kolkata-based Mondal family, MICS has a storage capacity
of 35,000 metric tonnes (MT) at present.


NAVIN COLD: ICRA Maintains C+ Rating in Not Cooperating Cat.
------------------------------------------------------------
ICRA Ratings said the ratings for the INR9.00 crore bank
facilities of Navin Cold Storage Pvt. Ltd. continue to remain
under 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-       1.81       [ICRA]C+ ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based-       1.17       [ICRA]C+ ISSUER NOT COOPERATING;
   Cash credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based-       5.50       [ICRA]C+ ISSUER NOT COOPERATING;
   Working capital              Rating continues to remain under
   Loan                         'Issuer Not Cooperating' category

   Unallocated       0.52       [ICRA]C+ ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests
by ICRA, the entity's management has remained non-cooperative.
The current rating action has been taken by ICRA basis
best available information on the issuers' performance.

Accordingly the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the
business of storage and preservation of potatoes. The current
capacity of the cold storage unit is 23,557 metric tones (Mt).


PANCHANAN COLD: CARE Reaffirms B Rating on INR11.72cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Panchanan Cold Storage Private Limited (PCPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facility             11.72       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PCPL is constrained
by its small scale of operation with moderately low net profit
margins, regulated nature of the industry, competition from local
players, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers and
working capital intensive nature of business resulting in
leveraged capital structure. The aforesaid constraints are
partially offset by its experienced promoters with long track
record of operations and proximity to potato growing areas.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters with long track record of operations: The
main promoter of PCPL, Shri SibaramSamanta (Managing Director,
aged about 50 years) has more than two decades of experience in
similar line of business and is involved in the strategic
planning and running the day to day operations of the company. He
is being duly supported by the other director Shri. Ayan Samanta
(Director, Age: 28 years) and Shri Sayan Samanta (Director, Age:
24 years) and a team of experienced personnel. Further, PCPL
commenced commercial operation in 1989 and accordingly has a long
track record of commercial operations.

Proximity to potato growing areas: The said cold storage is
located in potato growing belt of Hooghly district of West
Bengal, having large network of potato growers along with potato
traders, thereby making it suitable for the farmers and traders
in terms of transportation and connectivity and ensures company's
higher level of capacity utilization.

Key Rating Weaknesses

Small scale of operations with moderately low net profit margins:
PCPL is a relatively small player in the cold storage business
having total operating income and net loss of INR4.14 crore and
INR 1.01 crore respectively, in FY17. The total capital employed
was also low at around INR12.51 crore as on March 31, 2017. Small
scale of operations with low net worth base limits the credit
risk profile of the company in an adverse scenario. PBILDT margin
which was moderately satisfactory at 40.27% in FY17 primarily on
the back of better operating efficiency translated from
absorption of fixed overheads. The company has achieved a
turnover of INR4.35 crore for FY18 (provisional).

Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
PCPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India.In view of the
same, cold storage business is highly competitive in this region
forcing cold storage owners to lure farmers by offering them
lower rental and other services.

Seasonality of business with susceptibility to vagaries of nature
PCPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages starts at the end of
February and lasts till March. Additionally, with potatoes having
a preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, PCPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Working capital intensive nature of business resulting in
leveraged capital structure: The capital structure of the company
remained leveraged marked by high debt equity ratio and overall
gearing ratio during the last three account closing dates. Debt-
equity ratio deteriorated from 3.82x as on March 31, 2016 to
9.62x as on March 31, 2017 on account of availment of long term
loan for the expansion of its existing storage capacity and
decrease of tangible net worth during the period. Overall gearing
ratio deteriorated from 8.16x as on Mar.31, 2016 to 21.89x as on
March 31, 2017 on account of higher utilisation of working
capital limits on account of growing nature of operations. Total
debt to GCA also remained high at 38.07x in FY17 (33.81x in
FY16).

Panchanan Cold Storage Private Ltd. (PCPL) was incorporated on
January 16, 1989 by Jaiswal family of Hooghly, West Bengal to
provide cold storage services with the facility being located at
village: Olipur, Hooghly, and West Bengal. However, the earlier
promoters were unable to run the management efficiently and the
current promoters Shri Ayan Samanta, Shri SayanSamanta and Shri
SibaramSamanta of Hooghly, West Bengal took over from the earlier
management in November, 2014. PCPL is currently engaged in the
business of providing cold storage facility at the same location
primarily for potatoes and is operating with a storage capacity
of 1,79,000 quintals. Besides providing cold storage facility the
unit also works as a mediator between the farmers and marketers
of potato, to facilitate sale of potatoes stored and it also
provides interest free advances to farmers for farming purposes
of potato against potato stored. Further, PCPL commenced trading
of potatoes from FY14 onwards. During FY15, PCPL undertook a
capacity expansion project thereby enhancing the capacity from
1,03,000 quintals to 1,79,000 quintals since March, 2016.

Shri Sibaram Samanta (MD) looks after the day to day operations
of the unit with the help of other directors a team of expert
professionals who are having an relevant experience in the
similar line of business.


PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR11.90cr LT Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+
assigned to INR15.00 crore long-term fund-based bank facilities
of Pertinent Infra & Energy Limited. The outlook on the rating is
revised
from Negative to Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       11.90      [ICRA]B+ reaffirmed; Outlook
   Based TL                        revised to Stable from
                                   Negative

   Long Term-            3.10      [ICRA]B+ reaffirmed; Outlook
   Unallocated                     revised to Stable from
                                   Negative

Rationale

The long-term outlook of reflects regularization of payments from
Maharashtra State Electricity Distribution Company Limited
(MSEDCL), resulting in substantial reduction in receivable cycle
and hence improved liquidity position of the company. ICRA
expects PIEL's credit profile will remain stable over the medium
term in absence of any debt funded capex plans, steady cash
accruals and moderate repayment obligations. The rating
reaffirmation continues to reflect the long-standing experience
of the promoters in the wind energy sector and financial
flexibility provided by the other group businesses.

The rating however continues to remain constrained by small scale
of operations, exposure to plant utilization and counter party
risks resulting in volatility in the liquidity position in the
backdrop of irregularities in payments from MSEDCL. Nevertheless,
ICRA expect group entities as well as promoters will continue to
provide timely financial support in case of any financial
exigencies.

Outlook: Stable

The outlook may be revised to 'Positive' if PIEL's financial risk
profile improves considerably, primarily reflected in improved
capital structure and liquidity as well as better working capital
management. The outlook may be revised to 'Negative' if the
liquidity position deteriorates due to stretched working capital
cycle or any further unforeseen downturn in the industry
pressurizing the financial profile of the company.

Credit strengths

Financial flexibility provided by being part of Priyadarshini
group: The promoters of the company have over three decades of
experience in wind energy sector with the group company-
Priyadarshini Polysacks Limited, being in wind mill energy
generation since 2006. The company derives significant support
from the promoters in the form of unsecured loans which remains
critical for the company, given the stretched payments from
MSEDCL. Further healthy performance of the group businesses in PP
sack manufacturing also provides financial flexibility to the
company in case of cash flow mismatch.

Long term PPA signed with MSEDCL: PIEL has signed PPA with MSEDCL
for entire capacity at tariff of INR5.18/KwH, which mitigates
off-take risk to a large extent. However, high tariff also
exposed company to grid backdown risk from MSEDCL.

Credit weaknesses

Exposed to plant utilization and counter party risks: Stretched
payment from MSEDCL has adversely impacted liquidity position as
well as cash flows of the company in the past, exposing company
to high counterparty risk. Moderate capital structure and debt
coverage indicators; Liquidity position remains susceptible to
timely payments from the key client.

The capital structure as well as coverage indicators remained
moderate with a gearing of 1.4x TD/ OPBDITA at 2.6x and interest
coverage of 3.1x as on March 31, 2018. Working capital intensity
remains susceptible to timely payments from MSEDCL which may
impact the cash flow position of the company as witnessed in
H1FY2018.

PIEL was formerly known as Maharashtra Prestressed Pipes Limited
and it used to sell PP woven bags on consignment basis which were
produced by the flagship company of the group PPL. However this
business was discontinued in 2011- 12. The company was renamed in
2011 as Pertinent Infra & Energy Limited and since then is
engaged in Wind power generation business and operates two
windmills of 1.5 MW each in Satara and Sangli (Maharashtra).

In FY2018, on a provisional basis, the company reported a PAT of
INR0.3 crore on an operating income of INR2.5 crore, as compared
to PAT of INR0.3 crore on an operating income of INR2.9 crore in
the previous year.


PL MULTIPLEX: CARE Assigns B Rating to INR5.67cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of PL
Multiplex India Private Limited (PLMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term bank
   Facilities            5.67       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PLMPL are
constrained on account of small scale of operations coupled with
low net worth base, moderately leveraged capital structure and
debt coverage indicators. The rating is also constrained on
account of cyclical nature of real estate industry leading to
investment and leasing activities. The rating however derives
strength from experienced promoters and healthy profit margin.

The ability to receive lease rent income in timely manner shall
be critical in term of credit perspective.

Detailed description of Key rating drivers

Key rating Weakness

Small scale of operations coupled with low net worth base
PLMI has leased out its building to Cinepolis India Private
Limited. The total income declined from INR 2.37 crore in FY16 to
INR2.47 crore in FY17 on account of delay in receipt of rent.
Furthermore, during 9MFY18, PLMI reported total income of INR 197
crore. Nonetheless, the scale of operation remained small with a
relatively low networth base of INR1.91 crore as on March 31,
2017, which limits its financial flexibility to meet any exigency
Nevertheless comfort can be drawn from the fact that it has
escrow mechanism in place i.e rent received is directly deposited
in the account of the lenders by the tenant.

Moderately leveraged capital structure and debt coverage
indicators: PLMI's capital structure marked by overall gearing,
stood leveraged in past (FY15-17) on account of higher debt
availed to construct the building. The same has improved to 3.73x
as on March 31, 2017 (vis-…-vis 8.40x as on March 31, 2016) on
account of increase in net worth (owing to accretion of profits
to reserve) and reduction in debt level, due to scheduled
repayment of term loan. Thus, owing to above, the total debt to
GCA also improved and stood at 7.59x for FY17 (vis-…-vis 15.24x
for FY16).

Cyclical nature of real estate industry leading to investment and
leasing activities: The nature of real estate property in terms
of leasing and renting of premises is highly fragmented and
capital intensive in nature. The life cycle of real estate
property is long and the state of economy at every point of time
has an impact on the project.

Key rating Strengths

Experienced promoters: PLMI is managed by the experienced
promoter of Sharma and Gala families having rich experience in
the various industries. PLMI is being managed by the experienced
director having more than a decade of experience in various
industries.

Healthy profit margin: Since the company is engaged in the
leasing business it posted healthy profit margin in the range of
18.51% to 36.34%. Further owing to interest and tax expenses, PAT
margin stood low but healthy. The same has improved on account of
lower interest expense during to scheduled repayment of term
loan.

Incorporated in the year 2002, PL Multiplex India Private Limited
(PLMI), is engaged in the business of commercial leasing. PLMI is
a part of the Thane-based Siddhi group, promoted by members of
the Sharma and Gala families. PLMI has taken sub-contract for
construction of third and fourth floors (Aproxx area of 38000 Sq.
ft) to build a multiplex theater (comprising of 5 screens having
1104 seats) along with office cum commercial area (i.e. booking
counter) from Shree Balaji Builders and Developers (SBBD) of Lake
City Mall. PLMI has given the said building on long-term (for 30
years lease) to Cinepolis India Private Limited. PLMI has given
the said building on lease for long-term (30 years lease) to
Cinepolis India Private Limited (CIPL) with a lock in period of
10 years. CIPL in turn has to compensate PLMI a monthly
consideration which is higher of: a) Minimum conducting guarantee
charges of INR 17.50 lakhs, or b) on the basis of Revenue Share
(RS) - 12% of net revenue from box office and concessions Also,
the agreement states that if at least 50% of total occupancy is
not achieved, then PLMI shall receive 30% of the minimum
guarantee conducting charges (as stated in point (a) above).

There is also an escalation of 12% on the last paid minimum
guaranteed conducting charges after period of three years term.


PLATINUM ISPAT: CARE Assigns B Rating to INR18.57cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Platinum Ispat Industries Private Limited (PIIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           18.57       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PIIPL is primarily
constrained by its small scale of operation with net loss and
short track record, volatility in raw material prices, highly
competitive and fragmented industry, high financial risk profile
marked by leveraged capital structure, moderate debt coverage
indicators and working capital intensive nature of operation. The
rating, however, derives strength from its experienced promoters.
Going forward, the ability of the company to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability and short track
record: PIIPL is a small player in steel TMT bar manufacturing
business with total operating income of INR36.56 crore and net
loss of INR2.88 crore, respectively, in FY17. Furthermore, the
total capital employed was also modest at INR31.66 crore as on
March 31, 2017. The small scale restricts the financial
flexibility of the company in times of stress. During 11MFY18,
the company has achieved total operating income of INR41.67
crore. Furthermore, the company started its commercial operation
from FY15, thus having very nascent stage of operation.

Volatility in raw material prices: The degree of backward
integration defines the ability of the company to minimize price
volatility risk and withstand cyclical downturns generally
witnessed in the iron and steel industry. PIIPL does not have any
backward integration for its basic raw material (ingots/billets
and coal) and will purchase the same from open market. Since the
raw material is the major cost driver and raw material prices are
volatile in nature, the profitability margin of the company will
remain susceptible to fluctuation in raw material prices.

Highly competitive and fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in
India. Hence the players in the industry do not have pricing
power and are exposed to competition induced pressures on
profitability. This apart, PIIPL's products being steel related,
it is subjected to the risks associated with the industry like
cyclicality and price volatility.

High financial risk profile marked by leveraged capital
structure, moderate debt coverage indicators: The financial risk
profile of the company is high. The capital structure of the
company is leveraged marked by high debt-equity ratio and overall
gearing ratios. Both the ratios stood at 1.85x and 4.07x,
respectively, as on March 31, 2017. Debt protection indicators
marked by interest coverage ratio was below unity at 0.62x and
the company repaid the interest from cash credit limit and
infusion of unsecured loan aggregating INR0.44 crore in FY17.
Current ratio was below unity at 0.71x as on March 31, 2017 due
to high current portion of long term debt.

Working capital intensive nature of operation: PIIPL's business,
being manufacturing of steel products, is working capital
intensive. During FY17, collection period was high at 149 days
and inventory period was 78 days. However, the company also
avails credit period of 181 days from suppliers which leads to
operating cycle of 46 days. The aforesaid reason led to high
utilization of its bank borrowing at around 98% during the last
12 months ended March 2018.

Key Rating Strengths

Experienced promoters: PIIPL is currently managed by Mr. Ashok
Kumar Agrawal, Director, along with other three directors. All
the directors are having over two decade of experience in similar
line of business.

Platinum Ispat Industries Private Limited (PIIPL) was
incorporated during August 2012 to initiate a TMT bar
manufacturing unit. After incorporation, the company started to
set up a manufacturing unit at Didarganj, Patna with an installed
capacity of 99,000 MTPA with a project cost of INR22.53 crore.
The commercial operation has started from March 2015. However,
there was some ancillary work left which is still going on and
the same is expected to complete by FY19.


PRITHVI DEVELOPERS: ICRA Moves D Rating to Not Cooperating
----------------------------------------------------------
ICRA Ratings has moved the rating for the bank facility of
Prithvi Developers (PD) to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2000 as a partnership firm by Mr. Ashok Kumar
Lunkad and Mrs. Anju Lunkad, PD is engaged in the real estate
business in Jagdalpur, Chhattisgarh for more than 15 years. So
far the firm has completed six projects primarily in residential
space with a total developed area of ~13.80 lakh sq. ft.
Currently, PD is in the process of developing a residential
project, 'Ashoka Greens'. The project comprises of developing 96
bungalows with a total saleable area of ~1.27 lakh sq.ft. The
construction for the project commenced in August 2014 and is
expected to be completed by December 2016.


PUREWAL STONE: CARE Assigns B+ Rating to INR11cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Purewal Stone Crusher (PSC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           11.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PSC are primarily
constrained by the short track record and small scale of
operations, leveraged capital structure and elongated inventory
holding period. The rating is further constrained by the
constitution of entity being a partnership firm, regulatory risk
pertaining to environmental issues and highly competitive nature
of the industry. The ratings, however, draw comfort from moderate
profitability margins and debt coverage indicators.

Going forward; the ability of the firm to profitably increase its
scale of operations while improving the capital structure, shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Short track record with small scale of operations: The firm has
started its commercial operations from March, 2015 and has a
relatively short track record of operations as compared with
other established players. The scale of operations has remained
small marked by total operating income and gross cash accruals of
INR19.08 crore and INR2.78 crore respectively in FY17 (FY refers
to period April 1 to March 31). Further, the firm's capital base
also remains relatively small at INR5.95 crore as on March 31,
2017. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Further, the
firm has achieved TOI of ~Rs. 17crore for 11MFY18 (refers to
period April 1 to February 28; based on provisional results).

Leveraged capital structure: The capital structure of the firm
stood leveraged marked by high overall gearing as on the past
three balance sheet dates ending March 31, '15-'17 due to debt
funded capex undertaken in past coupled with high dependence on
external borrowings to meet the working capital requirements.
Overall gearing stood at 2.18x respectively as on March 31, 2017.

Elongated inventory holding period: The inventory holding period
of PSC remained elongated at 257 days for FY17. The firm crushes
and processes river bed material (RBD), boulders into stone
chips, stone grits and sand stone for which the procurement is
done from October to May resulting into higher inventory holding
as on balance sheet date. The firm allows an average credit
period of around 10-15 days to its customers and receives an
average payable period of around a week from its suppliers. The
firm has average working capital utilization of around 50% for
last 12 months period ended February, 2018. However, during the
peak time i.e. October to May, the average utilization remains
around 90%.

Regulatory risk pertaining to environmental issues: The firm is
engaged in crushing and processing of river bed material (RBD),
boulders which are procured from local suppliers. The raw
material is extracted from river bed and banks. Such activities
involve environmental concerns resulting in regulatory issues.
Any delays faced by the suppliers in getting approvals from the
concerned government authority will lead to delay in raw material
procurement by PSC hence, affecting revenue generation of the
firm.

Highly competitive nature of the industry: PSC operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized sectors. There are number of
small and regional players catering to the same market which has
limited the bargaining power of the firm and has exerted pressure
on its margins.

Key rating strengths

Experienced partners in managing business: The firm is being
managed by Mr Dilbag Singh. He has considerable experience of
around four decades in stone crushing industry and trading of
construction material like stone chips, stone grits and sand
stone industry through his association with various corporates
and in his individual capacity.

Comfortable profitability margins and debt coverage indicators:
The profitability margins as marked by PBILDT and PAT margin
stood moderate for the past two financial years (FY16 and FY17).
PBILDT margin stood at ~24% during the said period. Further, PAT
margin stood comfortable at 9.33% in FY17.

Owing to moderate profitability margins; the debt coverage
indicators stood moderate as marked by interest coverage and
total debt to GCA stood moderate at 4.20x and 4.66x respectively
for FY17.

Nainital, Uttarakhand based Purewal Stone Crusher (PSC) was
established in 2013 as a partnership firm and the commercial
operations started from March, 2015. The partners of the firm are
Mr. Dilbag Singh, Mr. Ved Prakash Tiwari, Mr. Sukhwinder Singh,
Mr. Amol Agarwal, Mr. Deepak Bali and Mr. Balvinder Singh,
sharing profit and losses in the ratio of 4:5:1:5:2.5:2.5
respectively. It is currently managed by Mr Dilbag Singh. The
firm crushes and processes river bed material (RBD), boulders
into stone chips, stone grits and sand stone that find usage in
the construction industry. The primary raw materials like
boulders, and river bed materials are procured through local
suppliers.


RAJEEV KUMAR: CARE Assigns B+ Rating to INR0.80cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rajeev
Kumar (RK), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facility             0.80       CARE B+; Stable Assigned

   Short-term
   Facility             9.20       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RK are constrained
by its small size of operations with moderate profitability
margins, working capital intense nature of business, volatility
associated with fluctuation in input prices, constitution as a
proprietorship entity and intensely competitive industry with
tender driven process risk. However, the aforesaid constraints
are partially offset by experienced management with long track
record of operations, satisfactory order book position and
comfortable capital structure with satisfactory debt coverage
indicators.

Going forward, ability of the entity to maintain healthy order
book position, increase scale of operations by executing orders
within stipulated time period, timely receipt of contract
proceeds and ability to manage its working capital effectively
will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management & long track record of operations: The
entity has started its operations from the year 2005 and thus has
long track record of operations. It is a professionally managed
Class 'A' contractor managed by the proprietor himself (Mr.
Rajeev Kumar) who has a long experience in similar line of
business. He looks after the day to day activities of the entity
supported by a team of experienced professionals.

Satisfactory order book position of the entity: The entity has
satisfactory order book position of INR41.11 crore (which is
4.01x of FY17 turnover) as on March 30, 2018 which is expected to
be completed by October 2019. The satisfactory order book
position reflects satisfactory revenue visibility for the entity
in near to medium term.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the entity remained
comfortable marked by overall gearing ratio of 0.20x as on
March 31, 2017. The overall gearing ratio improved gradually over
the last three years mainly on account of scheduled repayment of
term loan and accretion of profits to capital. Furthermore, the
debt coverage indicators also remained satisfactory marked by
total debt to GCA of 1.46x and interest coverage ratio of 5.12x
in FY17.

Key Rating Weaknesses

Small size of operation with moderate profitability margin: The
entity is a small player vis-…-vis other players in domestic
construction industry with a PAT of INR0.52 crore on total
operating income of INR10.25 crore in FY17. The capital base of
the entity was also low at INR5.47 crore as on March 31, 2017.
The small size restricts the financial flexibility of the entity
in terms of stress and deprives it from benefits of economies of
scale. Due to its small scale of operations, the absolute profit
levels of the entity also remained low. The profitability margins
of the entity remained moderate marked by PBILDT and PAT margins
of 10.46% and 5.07% respectively in FY17. Moreover, the entity
has achieved a revenue of INR11.56 crore during 11MFY18.

Volatility associated with fluctuations in input prices: The
major input materials for the entity are boulder, stone chip,
stone dust, bricks, sand, cement, steel, bitumen, etc. the prices
of which are volatile. Further the orders executed by the entity
does not contain price escalation clause on the orders. This
apart, any increase in labour prices will also impact its
profitability being present in a highly labour intensive
industry.

Working capital intensive nature of business: The operations of
the entity remained working capital intensive as the entity
executes orders mainly for public sector units and govt
departments. The average collection period remained on the higher
side during FY17 as the payment comes around four months from the
date of bill raised. Due to its working capital intensive nature
of operations, the entity stretches its suppliers of around one
month. Accordingly the average utilization of working capital was
on the higher side at around 95% during last 12 months ended
February 2018.

Constitution as a proprietorship entity: RK, being a
proprietorship entity, is exposed to inherent risk of the
proprietor capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Intensely competitive industry with tender driven process risk:
The entity has to bid for the contracts based on tenders opened
by the various governments and public sector units. Upon
successful technical evaluation of various bidders, the lowest
bid is awarded the contract. The entity receives projects which
majorly are of a short to medium tenure (i.e. to be completed
within maximum period of one to two years). Furthermore, orders
are generally tender driven floated by government units
indicating a risk of non-receipt of contract in a competitive
industry. The outlook of construction sector appears challenging
in view of slow execution of the existing order book in view of
hindrances related to land acquisition, obtaining requisite
clearances, labour shortage and liquidity issues with the
clients, etc. Additionally, the sector is plagued with elongated
working capital cycle leading to increase in debt level of
construction companies.

M/S Rajeev Kumar was established in the year 2005 as a
proprietorship firm with its office located at P.C. Colony
Kankarbagh, Patna. Since its inception, the entity has been
engaged in civil construction business in the segment like
bridges and roads. Further, the entity is also classified as
class 'A' contractor in civil (B&R) under the department of PWD
Government of Bihar and PWD Government of Chhattisgarh. Class 'A'
contractor can bid for all types and higher value of contracts of
Public Works Department (PWD) in Bihar and Chhattisgarh. The
entity is also engaged in contractor business with Public and
Works Department and Rural works Department.


S P CONSTRUCTION: CARE Assigns B+ Rating to INR2.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S P
Construction (SPC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        2.00       CARE B+; Outlook: Positive
   Facilities                       Assigned

   Short-term Bank
   Facilities           15.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SPC are
constrained by its small scale of operations and moderate profit
margins with susceptibility to volatility in raw material prices,
working capital intensive nature of operations, highly
competitive and fragmented industry with tender-driven nature of
business and proprietorship constitution of the entity.
The ratings, however, derived strength from the entity's long and
established track record, wide experience of proprietor, healthy
order book position with reputed clientele, comfortable capital
structure and moderate debt coverage indicators.

Ability of SPC to increase its scale of operations while
strengthening its order book and improve profitability amidst
intense competition while maintaining its capital structure along
with efficient management of its working capital requirement
remain the key rating sensitivity.

Outlook: Positive

The outlook is 'Positive' on account of expectation of a
significant improvement in the scale of operations by FY19 on the
back of healthy order book position. The outlook may be revised
to 'Stable' if the company is not able to achieve the said
improvement in the scale of operations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with moderate profit margins:
SPC's total operating income remained small and fluctuating over
the period FY15-FY17 due to fluctuation in the order execution.
SPC's profit margins remained moderate primarily on account of
intense competition from large number of registered contractors,
leading to aggressive biddings and number of projects were sub-
contracted by the entity.

Working capital intensive nature of operation: Operations of SPC
are working capital intensive mainly on account of funds being
blocked in receivables. Stretched receivables are mainly due to
retention money held by clients which are recoverable after the
completion of project. Further inventory of raw material is
purchased when required and it gets utilized quickly therefore
inventory period remains very low. On account of the same the
utilization of working capital limits remained high.

Susceptibility of profit margins due to volatile material prices:
The material is the major cost driver and the prices of the same
are volatile in nature therefore cost base remains exposed to any
adverse price fluctuations in the prices of steel and cement
being major cost components amongst all materials. Accordingly,
the profit margins of the firm are susceptible to fluctuation in
raw material prices. With limited ability to pass on the increase
in raw material costs in a competitive operating spectrum, any
substantial increase in raw material costs would affect the
entity's profitability.

Highly competitive and fragmented industry with tender-driven
nature of business: The construction industry is fragmented in
nature with a large number of medium scale players present at
regional level. This coupled with the tender-driven nature of
construction contracts poses huge competition and puts pressure
on the profit margins of the players. Furthermore SPC faces
competition from other companies for tenders of contracts.
Proprietorship nature of constitution: Being a proprietorship
concern, SPC has inherent risk of withdrawal of proprietor's
capital at the time of personal contingency. Furthermore, it has
restricted access to external borrowings where net worth as well
as creditworthiness of the proprietor are the key factors
affecting credit decision of the lenders. Hence, limited funding
avenues along with limited financial flexibility have resulted in
small scale of operations for the entity.

Key Rating Strengths

Established track record of operations & experienced proprietor
in civil construction industry: SPC has been in the civil
construction business for more than a decade and over the years
of its operations it has developed long standing relationships
with reputed clients mainly from oil industry as reflected by the
continuous receipt of orders on y-o-y basis. SPC is managed by
Mr. Shashipal Kumawat who has rich experience in civil
construction for more than two decades. Proprietor is further
assisted by experienced management team to carry out project
execution and day-to-day operations.

Established relations with reputed clientele along with healthy
order book position: SPC has maintained long-standing &
established relationship with the reputed customers in the oil
industry. Further, SPC has secured healthy order book from then
which provides medium term revenue visibility to the entity.

Comfortable capital structure and moderate debt coverage
indicators: SPC's capital structure has remained comfortable and
in the range of 0.00x to 0.68x over the years (FY15-17) due to
higher net worth base and lower utilization of working capital
borrowings. Further owing to above along with significant decline
in gross cash accruals, total debt to GCA deteriorated in FY17.
However, interest coverage ratio improved significantly in FY17
on account of decrease in interest cost and improved
profitability margin.

Established in 2000, as proprietorship concern by, Mr. Shashipal
Kumawat, S P Construction (SPC) is engaged in civil construction
business (primarily construction of plants, buildings, sheds,
roads, etc. for oil companies) through tender bidding process for
reputed players in oil and gas industry namely Hindustan
Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Bharat
Petroleum Corporation Ltd., ESSAR Oil Ltd. and others from
various states of India. The key raw materials, cement and steel
are sourced from local suppliers.


SAHAPUR COLD: CARE Reaffirms B Rating on INR8.10cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sahapur Cold Storage (SCS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facility              8.10       CARE B; Stable Reaffirmed

   Short term Bank
   Facility              0.10       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SCS are
constrained by its post project stabilization risk, constitution
as a partnership firm, regulated nature of business, seasonality
of business and susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, competition from local
players and working capital intensive nature of business.
However, the aforesaid constraints are partially offset by its
experienced promoters and proximity to potato growing area.

Going forward, ability to stabilize operations post project
implementation and fetch revenue and profitability as envisaged
and to manage working capital effectively.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Though, SCS started its operation from
April 2017, the promoters of the firm have long experience in
potato trading business. Mr. Srimanta Banerjee having more than
two decades of experience in potato trading business looks after
the day to day activities of the business along with the other
two partners and a team of experienced personnel who are having
adequate experience in similar line of business.

Proximity to potato growing area: SCS's storing facility is
situated in the Burdwan district of West Bengal which is one of
the major potato growing regions of the state. The favourable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Key Rating Weaknesses

Post project stabilization risk: Sahapur Cold Storage (SCS) has
set up a cold storage facility in Burdwan (West Bengal). The
project was completed and the firm has started its commercial
operation from April 2017.The firm achieved a turnover of around
INR2.85 crore for FY8 (Provisional).The seasonality nature of the
potato crop and regulation of rental by the government are few of
the factors on which cold storage business depends. Hence, there
is post project stabilization risk involved with respect to which
the ability of revenue generation of the firm on a sustainable
basis as envisaged in the project scope needs to be seen.

Constitution as a partnership firm: SCS, being a partnership
firm, is exposed to inherent risk of the partners' capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partner would be the key factors
affecting credit decision for the lenders.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: SCS's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages starts at the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SCS provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Working capital intensive nature of business: SCS is engaged in
the cold storage business, accordingly its operation is working
capital intensive. The same is reflected by the higher working
capital requirement for the firm and the average utilization for
the same remained at about 90% during the last twelve months
ending March 31, 2018.

Sahapur Cold Storage (SCS), started commercial operation from
2017, is a Burdwan (West Bengal) based entity. It is engaged in
the business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity
of 90,000 quintals in Vill- Sahapur, P.O-Parbatpur, P.S.-
Jahalpur, Dist- Burdwan, West Bengal-713408.

Mr. Srimanta Banerjee having more than two decades of experience
in potato trading business looks after the day to day activities
of the business along with the other two partners and a team of
experienced personnel who are having adequate experience in
similar line of business.


SHAPE ENGINEERING: CARE Assigns B+ Rating to INR10.50cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shape
Engineering Company Private Limited (SECPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           10.50       CARE B+; Stable Assigned

   Long/Short-term       0.58       CARE B+; Stable/CARE A4
   Bank Facilities                  Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SECPL are
constrained by its small and stagnant scale of operations, weak
coverage indicators and fluctuating profitability margins. The
ratings are further constrained on account of elongated working
capital cycle, concentrated though reputed customer base and
susceptible to volatility in the prices of raw materials.

The ratings, however, draw comfort from experienced promoters and
long track record of operations, moderate profitability margins
and comfortable capital structure.

Going forward, the ability of the company to increase its scale
of operations while maintaining its profitability margins along
with managing its working capital requirements while improving
its capital structure shall be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small and stagnant scale of operations: The total operating
income of the company remained small at INR10.71 crore for FY17;
refers to the period April 1 to March 31). Furthermore, the scale
of operations of the company remained low and stable in the last
2 financial years (FY17 and FY16). The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Further during 7MFY18 (refers to the
period April to October) the company has achieved a total
operating income of INR7.00 crores.

Concentrated though reputed customer base: SECPL's business risk
profile continues to be supported by association with various
reputed customers like METSO India (P) Ltd., ARVOAS Energy India
(P) Ltd., TOSHIBA JSW Power Systems (P) Ltd., BHEL Ranipur, etc,
through its regular supply of quality products. Moreover, reputed
customer base ensures timely realization of receivables. However,
the revenue share from the four customers accounted for 82% share
of TOI in FY17. This exposes the company towards customer
concentration risk. Any change in procurement policy of this
customer may adversely impact the business of the company. This
also exposes the company's revenue growth and profitability to
its customer's future growth plans.

Elongated operating cycle and Weak coverage indicators: The
operating cycle of the company elongated at 428 days during FY17
on account of high inventory holding and high collection period.
The raw -material as well as finished goods are subjected to
quality checks and requisite approvals from the customer before
processing and dispatching which resulted in high inventory
holding. Furthermore, significant portion of inventory is blocked
in work in progress due to customization and approvals from the
customers. All these resulted into a high average inventory
period of 368 days. The collection period of the company also
stood elongated at 147 days in FY17 on account of low bargaining
powers with its customers and it takes around 4-5 months in
realization. The company receives an average credit period of
around 2-3 months resulted into average creditors' period of 87
days for FY17. Average working capital borrowings remained almost
fully utilized for the past 12 month period ending October, 2017.

The coverage indicators remained weak marked by interest coverage
and total debt to gross cash accruals of 1.68x and 10.49x
respectively for FY17 as against 2.12x and 7.52x in FY16. The
deterioration in the coverage indicators in on account of low
profitability levels resulting in lower GCA.

Susceptible to volatility in the prices of raw materials: The
main raw material used in production of plates and pipes is iron.
The raw material cost constituted ~60% of the total cost of sales
in FY17, thereby making profitability sensitive to raw material
prices mainly due to the reason that the major raw material is
commodity in nature and witness frequent price fluctuations. The
prices are driven by the international prices which had been
volatile in past. Thus any adverse change in the prices of the
raw material may affect the profitability margins of the company.

Key Rating Strengths

Experienced promoters and long track record of operations: The
promoters of the company are Shri Sudhir Kumar Jain and Shri
Saurabh Jain. Shri Sudhir Kumar Jain has been engaged in the
manufacturing business since 1984. Shri Saurabh Jain who has an
experience of one and a half decades looks after overall
functioning of the organization. Nevertheless, long experience of
the promoters in the manufacturing industry has led to establish
good relationships with the customers and suppliers.

Moderate profitability margins and capital structure: The
products manufactured by the company are technical in nature for
which engineering skills and precision designing is required. Due
to the technical nature of the job, the entry barriers are high
and the company enjoys comparatively low competition. The
profitability margins of the company stood moderate as marked by
PBILDT and PAT margin of 24.27% and 1.74% in FY17.

The capital structure of the company stood moderate as marked by
overall gearing ratio stood at 0.71x as on March 31, 2017.

Uttarakhand based, Shape Engineering Compay (P) Ltd. (SECPL) was
established on November 09, 1984 as a private limited company and
is currently being managed by Mr. Shri Sudhir Kumar Jain and Mr.
Shri Suarabh Jain. The company is engaged in manufacturing of
turbine parts at its manufacturing unit located in Uttarakhand
having an installed capacity of 2,500 MTPA as on October 30,
2017. The products manufactured by company find application in
manufacturing of capital goods. The company procures raw
materials namely, M.S.Plates, Steel and Iron Ingots from the
domestic suppliers.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Loan
----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR9.00-crore bank facilities of Shri Balaji Ginning Factory. The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-
   Working Capital
   Loans                 8.00       [ICRA]B+ (stable), reaffirmed

   Term loans            0.50       [ICRA]B+ (stable), reaffirmed

   Unallocated           0.50       [ICRA]B+ (stable), reaffirmed

Rationale

The reaffirmation of the long-term rating favourably factors in
the extensive experience of the promoters in the textile
industry and the location-specific advantage, given the proximity
of the firm's ginning unit to the cotton-growing belt of
Maharashtra.

However, the rating remains constrained by the stretched
financial profile of the firm characterised by low profit
margins, leveraged capital structure, weak coverage indicators,
and high working capital intensity. The rating also considers the
stiff competition in the ginning industry and the vulnerability
associated with agro-climatic conditions and regulatory
environment, which has a direct bearing on the capacity
utilisation and profitability of the firm. ICRA also notes that
SBGF is a proprietorship firm and any significant withdrawal from
the capital account can impact its capital structure and hence
the net-worth position.

Outlook: Stable

ICRA believes SBGF will continue to benefit from the extensive
experience of its promoters in the textile industry and the
location-specific advantage because of presence in the cotton-
growing belt of Maharashtra. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
equity infusion by the prompters to support liquidity and better
working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
is lower than expected, or if any major debt-funded capital
expenditure, or a stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the ginning business:
SBGF is a proprietorship concern promoted by Mr.
Aditya Goyanka and commenced operations in 2004. The firm is
involved in ginning and pressing of cotton. The proprietor has
vast experience of over a decade in the cotton ginning business.

Location-specific advantage from proximity to cotton-growing
region of Maharashtra: The ginning facility of the firm is
located in the key cotton-growing region of Hinganghat in Wardha
district, which ensures steady supply of quality cotton.

Credit challenges

Decline in operating income in FY2017 and weak financial profile:
The firm's capital structure remained leveraged with the gearing
at 1.64 times as on March 31, 2017, in line with the previous
fiscal end. The debt coverage indicators continued to remain weak
owing to limited accruals with TD/OPBIDTA at 8.04 times, NCA/TD
of 2% and interest coverage of 4.76 times in FY2017 as compared
to TD/OPBIDTA at 7.42 times, NCA/TD of 3% and interest coverage
of 3.67 times in FY2016. The working capital intensity remained
at 26% in FY2017 as compared to 20% in FY2016 mainly on high
yearend inventory levels. Limited value additive nature of the
business has historically resulted in low operating margins. The
same improved to 2.27% in FY2017 from 1.90% in FY2016 due to
better realisations in lint and other cotton by products.

Profitability vulnerable to raw material price fluctuations due
to agro-climatic conditions and regulatory changes: The agro-
climatic conditions and regulatory environment have direct
bearing on SBGF's capacity utilisation and profitability.
Regulations like the minimum support price and export bans
closely influence the price dynamics of cotton.

Stiff competition in cotton ginning and yarn trading industry:
The cotton ginning and crushing industry is highly fragmented due
to the low entry barriers and limited complexity of work
involved. SBGF faces stiff competition from numerous players
operating in the cotton-growing regions of Maharashtra, which
impacts its pricing power. Moreover, the value addition in
ginning business is low, which coupled with strong competition
and the commoditised nature of the products, limits the firm's
ability to achieve high margins.

Risk of capital withdrawals associated with a proprietorship
firm: SBGF is a proprietorship firm and thus remains exposed to
any significant withdrawal from its capital account, which can
impact its capital structure and hence the networth position.

Established in 2004, SBGF is a proprietorship concern promoted by
Mr. Aditya Goyanka. The firm is involved in ginning and pressing
of cotton and crushing of cotton seeds. Its ginning facility is
located in Hinganghat in Wardha district of Maharashtra. The
plant has 36 gins with an annual capacity of 60,000 bales.

In FY2017, the firm reported a net profit of INR0.94 crore on an
operating income (OI) of INR66.21 crore, as compared to a net
profit of INR0.77 crore on an OI of INR90.18 crore in the
previous year.


SREE HARI: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Hari Agro Products Private Limited (SHAPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           12.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SHAPPL is tempered
by small scale of operations with low net worth base, fluctuating
profitability margins during the review period, vulnerability of
the tobacco business to government regulations & to climatic
risks affecting tobacco availability and working capital
intensive nature of operations due to high inventory holding
period. The rating, however, derives strength from the experience
of the promoters for about a decade in tobacco business, growth
in total operating income during the review period, reputed
clientele base and favorable location for operating tobacco
business and stable outlook of tobacco industry.

Going forward, ability of the ability of the company to increase
its scale of operations and improve profitability margins,
ability of the company to diversify its geographic base and its
ability to effectively utilize its working capital bank
borrowings would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: Although, the
company has a long track record, the total operating income (TOI)
of the company remained low at INR35.98 crore in FY17 with a low
net worth base of INR3.90 crore as on March 31, 2017 as compared
to other peers in the industry.

Fluctuating profitability margins during the review period:
Profitability margins of the company were seen fluctuating during
the review period. The PBILDT margin of the company declined from
5.23% in FY15 to 3.95% in FY16 due to decrease in selling price
of tobacco. The PBILDT margin further rose to 4.70% in FY17 on
account of increase in selling price of tobacco coupled decrease
in employee costs. The PAT margin of the company was fluctuating
during review period i.e., in the range of 0.56%-0.77% on account
of increase in interest costs relating to deferred payment of
advance tax as imposed by Income Tax Department.

Vulnerability of the tobacco business to government regulations
and to climatic risks affecting tobacco availability: Tobacco
products form a major source of revenue in the form of taxes to
both central as well as state government and hence there are
regular modifications in taxation laws/tax rates with respect to
the same. Due to the harmful nature of the product, the various
state governments have banned.

Manufacture and sale of various tobacco products under the Food
Safety and Standards (Prohibition and Restrictions on Sales)
Regulations, 2011 and availability of tobacco is highly
susceptible to the factors like area under cultivation, Climatic
risk, crop yield. Hence, the profitability margins of the company
are vulnerable to government regulations on tobacco products and
availability of tobacco.

Working capital intensive nature of operations due to high
inventory holding period: The company has working capital
intensive nature of operations due to high inventory holding
period. Owing to trading nature of business and availability of
tobacco is seasonal in nature (susceptible to climatic risks),
the company has to buy the tobacco depending on availability. Due
to market demand fluctuations, the company holds the inventory
till it gets better pricing. Hence the company has elongated
inventory holding period of 122 days in FY17.

SHAPPL's average creditor days were marked nil in FY17 as the
company almost always made upfront payment to its suppliers to
procure tobacco. However, the company received payment from its
customers within 30-60 days from the date of invoice, in order to
give a comfortable credit period as set by the peers in the local
industry. The operating cycle of the company stood at 153 days in
FY17. The company had been managing its working capital needs
from internal accruals. However, from February 2018, the company
availed an overdraft facility of INR 12 crores. The utilization
of the same was 90% for the last two months ended March 2018.

Key Rating Strengths

Experience of the promoters for about a decade in tobacco
business: The company is promoted by Mrs. Chaluvadi Jayasree and
Mr. Sanagapallipardha Saradhi Rao, who have more than a decade of
experience in the trading of tobacco.

Growth in total operating income during the review period: The
total operating income of the company increased steadily y-o-y at
a CAGR of 19.40% i.e., from INR21.14 crore in FY15 to INR35.98
crore in FY17, at back of increase in sales volume with
repetitive orders from existing customers.

Reputed clientele base and favorable location for doing tobacco
business: The clientele of SHAPPL includes some established
companies in the state of Andhra Pradesh. The company has been
associated with these customers for more than a decade and
garners repeat orders from them on a regular basis.

Stable outlook of tobacco industry Cigarettes currently represent
one of the most popular forms of tobacco, accounting for nearly
90% of the global tobacco sales value. The global cigarette
market today represents a multi-billion dollar market,
representing a CAGR of around 7% during 2009-2017. Despite
falling volumes in developed markets as a result of an increasing
awareness on the harmful effects of cigarette smoking,
manufacturers have been able to increase value growth. Factors
driving the cigarette market include a continuous increase in the
prices of cigarettes and an increasing popularity of premium
products. Another major factor driving the growth is the rising
consumption of cigarettes in developing countries. Owing to the
aforementioned reasons, the outlook for tobacco industry looks
stable for the medium term.

Andhra Pradesh based, Sree Hari Agro Products Private Limited
(SHAPPL) was established in the year 1997. The company is engaged
in the trading of tobacco and is promoted by Mrs. Jayasree
Chaluvadi and Mr. Sanagapallipardha Saradhi Rao. The company
purchases tobacco from local farmers and traders, and sells the
same to its clients located across Andhra Pradesh.


SRI LAKSHMI: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Lakshmi Enterprises (SLE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SLE is constrained
by the small scale of operations with fluctuating total operating
income and profitability margins during the review period (FY15-
FY17), high inventory risk associated with trading nature of
business, geographical concentration risk, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating, however, derives its
strengths from experience of the proprietor, the firm being an
authorized wholesaler for a FMCG company.

The ability of the firm to increase its sales along with
improving the profit margins amidst competition and enhance its
geographical influence are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and y-o-y declining profitability margins during the review
period (FY15-FY17): The scale of operations of the firm was
marked small in nature as reported by total operating income of
the firm, which remained fluctuating during the review period, on
account of fluctuation in sales of nestle food products in the
local market. However, in 11M FY18 (provisional; refers to the
period from April 1 to February 28), the firm has achieved a TOI
of INR 35 crore. Further, the PBILDT margins were declining y-o-y
from 8.87% in FY15 to 5.41% in FY17 on account of increasing
overhead expenses. Further the APAT margin remained thin and was
declining in line with decline in PBILDT in absolute terms and
increase in interest expenses in FY17.

High inventory risk associated with trading nature of business:
The firm is exposed to high inventory risk associated with the
distribution and trading nature of business, as the firm has to
maintain high level of inventory in order to meet its local
demand. Any changes in the desirability of Nestl‚'s products in
the local market may directly affect the profitability of the
firm.

Geographical concentration risk: The factors that contribute to
the small scale of operations of SLE are geographic concentration
risk of customers i.e. within Prakasam District, negligible value
addition in business and lean profitability margins.

Leveraged capital structure and weak debt coverage indicators:
Despite of the increased amount of net worth of the firm y-o-y,
overall gearing ratio of the firm stood high at 3.45x as on March
31, 2017 at the back of high utilization of working capital
facilities. The debt coverage indictors marked by interest
coverage and TD/GCA have been also weak which deteriorated from
1.94x and 8.33x respectively in FY16 to 1.02x and 610.36x
respectively in FY17 mainly due to fluctuating profit levels and
increased working capital bank borrowings as on March 31st 2017
and increase in unsecured loans. The debt profile of the firm
comprises of working capital bank borrowings (Rs. 6.31 crore),
Rupee term loans (Rs. 3.97 crore) and interest free Unsecured
loans from friends and relatives (Rs. 6.74 crore).

Working capital intensive nature of operations: The firm has a
working capital intensive nature of business. In FY17, the firm
had a high working capital cycle of 142 days. The average
inventory period of the SLE was around 89 days during review
period essentially contributed by its trading operations while
the distribution segment followed a cash and carry policy where
FMCG products were sold from the warehouse and invoices were
settled on spot by the customers.

The firm received the payments from its customers in trading
business within 30-70 days depending on the customer
relationship. Also, the firm made 100% advance payments to its
FMCG creditors and to the edible oil companies, payment was made
within a week or two. The average utilization of the cash credit
facility during the review period was around 90%.

Key Rating Strengths

Experienced promoter: Mrs. Jayasree, the proprietor of the firm
has more than one decade of experience in distribution business.
She is well supported by her husband to look after the day to day
operations of the firm. Due to long term presence in the market,
she has gained a fine reputation in the district.

Authorized wholesaler for reputed FMCG companies: SLE is an
authorized wholesaler for Nestle India Limited. It entered an
agreement with Nestle India Limited and the same is being adhered
to on mutual consent by both the parties till date. SLE also
distributes edible oil products of local companies. SLE's main
assets are its sales force, transportation and storage
facilities. It has an experienced team of salesmen associated
with the firm for more than a decade. The firm uses road
transport as its major means of transportation given the
geographical concentration of its supplier and customers. It has
2 warehouses in Prakasam District measuring approximately 3000
and 7000 square feet each.

Ongole based, Sri Lakshmi Enterprises (SLE) was established in
the year 2010 as a proprietorship concern by Mrs. Jayasree. The
firm is engaged in distribution of FMCG goods, in Prakasam
District.

It has been recognized as an authorized distributor for the
Prakasam District by Nestle India Limited. Further, the firm also
engages in trading of edible oil procured from local companies
and traded to retailers across Andhra Pradesh.


SRI VARALAKSHMI: CRISIL Moves B+ Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sri Varalakshmi Motors
Private Limited (SVMPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SVMPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           5        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

   Proposed Long Term    0.5      CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The rating reflects SVMPL's below-average financial risk profile,
marked by low net worth, high ratio of total outside liabilities
to tangible net worth and modest debt protection metrics. The
ratings also factor in the company's susceptibility to intense
competition in automobile dealership business, and its low
bargaining power with its principal, Hero MotoCorp Limited (HML;
rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). These rating
weaknesses are partially offset by the promoters' extensive
industry experience and its and its established relationship with
its key principal.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: SVMPL had below average
financial risk profile marked by its net worth of INR2.09 crores
and high total outside liabilities to tangible net worth ratio
(TOL/TNW) of around 5.15 times as on March 31,2017. The company
had modest interest coverage ratio of 1.16 times and Net Cash
Accruals / Adjusted Deb of 3 percent in 2016-17.

* Susceptibility to intense competition in automobile dealership
business, and its low bargaining power with its principal: SVMPL
is exposed to risks relating to low bargaining power with
principal, HML. HML faces intense competition from other two-
wheeler manufacturers. SVMPL also faces competition from other
HML dealers in Andhra Pradesh. Stiff competition has compelled
automobile companies to cut costs, including reducing their
commissions to dealers.

Strengths:

* Promoters' extensive industry experience and its established
relationship with its key principal: SVMPL benefits from
extensive industry experience of the promoters in the automobile
dealership business and its established relationship with HML.
The promoters of PMPL have an extensive experience of over a
decade in the automotive dealership industry and have aided SVMPL
to establish a comfortable presence in Vizianagaram, Andhra
Pradesh automobile dealership market.

Outlook: Stable

CRISIL believes that SVMPL will continue to benefit from its
promoters extensive industry experience and from the established
relationship with principal. The outlook may be revised to
'Positive' in case the company's revenue and operating
profitability increase significantly, while efficiently managing
working capital, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case SVMPL's accruals are low or if it undertakes any debt-funded
capex plan, leading to deterioration in its financial risk
profile.

Incorporated in 2005, SVMPL is an authorized dealer for two-
wheelers of HML in Vizianagaram district of Andhra Pradesh. The
company is promoted by Mr. N Sairam Venkata Reddy and his family.


SRI VENKATESWARA: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA Ratings said the ratings for INR24.00 crore bank facilities
of Sri Venkateswara Aerospace (Private) Limited (SVAPL) continues
to remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
ICRA had earlier moved the ratings of SVAPL to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the entity.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-
   Fund Based           2.66         [ICRA]B+(Stable) ISSUER NOT
                                     COOPERATING; Remains at
                                     'Issuer Not Cooperating'
                                      Category

   Long Term/          20.00         [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                       ISSUER NOT COOPERATING;
   Non-Fund Based                    Remains at 'Issuer Not
                                     Cooperating' category

   Long Term/           1.34         [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                       ISSUER NOT COOPERATING;
   Unallocated                       Remains at 'Issuer Not
                                     Cooperating' category

The ratings are based on limited information on the entity's
performance since the time it was last rated in November 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile
of the entity, despite the downgrade.

Incorporated in 1998, Sri Venkateswara Aerospace (Private)
Limited is involved in the business of manufacture of various sub
assemblies and spare components for the aerospace and defence
sector. The company has a manufacturing unit in Ancillary
Industrial Estate in Ramchandrapuram, Hyderabad and a second unit
in Maheshwaram Mandal in the outskirts of Hyderabad. The company
is managed by Mr. C. Satyanarayana Reddy and his son Mr. C.
Sandeep Reddy. The company's clients include laboratories that
form a part of ISRO, DRDO etc.


SRISHTI CONSTRUCTIONS: CRISIL Cuts Rating on INR4.75MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Srishti Constructions (SC) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' and reaffirmed its 'CRISIL A4' rating on
the short-term facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        10.75      CRISIL A4 (Reaffirmed)

   Cash Credit            2.50      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     4.75      CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that SC's business risk
profile will remain subdued due to decline in operating income to
INR20-25 crore in fiscal 2018 from INR112.08 crore in fiscal 2017
because of fewer orders. The firm had orders of only INR16 crore
as on March 31, 2018, limiting revenue visibility over the medium
term.

The downgrade also reflects weak financial risk profile owing to
significant capital withdrawals in the past resulting in high
dependency on external borrowings to fund working capital
requirements. The same is reflected in high total outside
liabilities to tangible net worth of 7.53 times as on March 31
2017.

The ratings reflect modest scale and tender-based operations in
the highly fragmented civil construction industry, geographical
and customer concentration in revenue, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and tender-based operations in highly fragmented
industry: Scale of operations is expected to remain modest over
the medium term due to limited orders in hand and intense
competition from local and small unorganised players when bidding
for government tenders.

* Geographical and customer concentration in revenue: SC's
customers are mainly government entities such as public works
departments, municipal authorities, and airport authorities, and
majorly confined to Punjab, leading to geographical and client
concentration in revenue. Also, the firm is vulnerable to changes
in government priority towards infrastructure development.

Strength:

* Partners' experience in the construction industry: The
partners' experience of more than 15 years in the construction
industry has helped the firm establish healthy relationships with
customers and suppliers. The firm has executed orders at the
Golden temple and war memorial in Amritsar, Municipal Corporation
building in Patiala, and parking lot at the Attari border.

Outlook: Stable

CRISIL believes SC will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in sales and
profitability, and less-than-expected capital withdrawal,
resulting in better liquidity and healthy build-up of net worth.
The outlook may be revised to 'Negative' if working capital
requirement increases or if the partners withdraw substantial
capital, leading to deterioration in the financial risk profile.

SC is a partnership firm started in 1998 by Mr Ravi Goyal and Mr
Rajesh Kumar. The firm is based in Jalandhar, Punjab, and is into
civil construction work.


ST. GREGORIOS: CRISIL Assigns B Rating to INR6.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of St. Gregorios Dental College (STGRDC)

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.5       CRISIL B/Stable
   Long Term Loan       6.5       CRISIL B/Stable

The ratings reflect strong reputation of the trust in the
education sector, and its variety of course offerings. These
rating strengths are partially offset by exposure to intense
competition from other educational institutes in Kerala, and
susceptibility to regulatory changes in the education sector.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite being in operation for more
than a decade now, the collection of the trust were small at
INR5.7 cr in 2016-17. STGRDC faces stiff competition from many
dental colleges in Kerala district like Government dental
college, Indira Gandhi Institute of dental college etc

* Weak financial risk profile: CRISIL believes that the trust
financial risk profile is expected to remain weak due to small
net worth, high gearing and continued weak liquidity.

Strengths

* Established regional position in education sector, with variety
of course offerings: STGRDC has a reputation of being a quality
education provider with good infrastructural facilities. STGRDC
offers courses in PG-(Prosthodontics, Endodontics, Orthodontics).
CRISIL believes that the company will benefit from its
established regional position in education sector.

Outlook: Stable

CRISIL believes that the STGRDC will continue to benefit over the
medium term from its established market position in the education
sector in Kerala. The outlook may be revised to 'Positive' if the
group scales up operations significantly without impacting its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low business growth and profitability, or any debt-
funded capex, or stretch in working capital cycle, weakens
financial risk profile.

STGRDC was set up in 2005 by Mr. Thambu George Thukalan, Its run
by Malankara Jacobite Syrian Christian Education Trust under the
Jacobite Syrian Christian Church- a non profit organization
formed in 1996.

Profit after tax (PAT) and net sales are at INR(0.7) crore and
INR5.9 crore, respectively, for fiscal 2016; PAT was NM crore on
net sales of NM for the previous fiscal.


TULIP TELECOM: ICRA Maintains D Rating in Not Cooperating Cat.
--------------------------------------------------------------
ICRA Ratings said the rating for the INR150.0-crore NCD of Tulip
Telecom Limited (TTL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Non-Convertible   150.0     [ICRA]D ISSUER NOT COOPERATING;
   Debenture                    Continues to remain under 'Issuer
                                Not Cooperating' category

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

Incorporated in 1992, by Retired Lt. Col. H.S. Bedi, as a private
limited company involved in trading of software, Tulip
Telecom Limited (Tulip), formerly Tulip IT Services Limited has
since diversified its operations to other related areas such
as selling of hardware products, network integration, VPN data
connectivity and managed services. The company became a public
limited company and was renamed to Tulip Software Ltd.; the name
was further changed to Tulip IT Services Ltd. in 2002 and to
Tulip Telecom Limited in 2008.


UNITED COKE: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
ICRA Ratings said the long-term and short-term ratings for the
bank facilities of United Coke Private Limited (UCPL) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash
   Credit              (5.00)      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      35.00      [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

United Coke Private Limited is a part of the Bhavnagar based UB
Aggarwal Group. The company is engaged in the production of low
ash metallurgical coke. The business operations are carried out
from Bhavnagar and the manufacturing unit with a capacity of
54,000MT is located in Anjar, near Kandla port. The group is also
involved in other businesses like ship breaking (Guru Ashish
Shipbreakers), steel re-rolling (Hans Industries Pvt Ltd,
Aggarwal & Co. & Arihant Industries) and scrap trading.


UNITED EXPORTS: CRISIL Migrates to D Rating From Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with SEBI guidelines,
CRISIL had migrated its ratings on the bank facilities of United
Exports to 'CRISIL D/CRISIL D; Issuer Not Cooperating'. However,
the firm's management has started sharing information necessary
for a comprehensive rating review. Consequently, CRISIL is
migrating the ratings from 'CRISIL D/CRISIL D; Issuer Not
Cooperating' to 'CRISIL D/CRISIL D'

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Purchase-         15       CRISIL D (Migrated from
   Discounting                     'CRISIL D' Issuer Not
   Facility                        Cooperating)

   Cash Credit            35       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Packing Credit         35       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Term Loan              17       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

The ratings reflect recent instances of delay by United Exports
in servicing its term loan due to stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing debt because of weak liquidity: United
Exports has weak liquidity due to stretched working capital
cycle. Gross current assets increased to 568 days as on March 31,
2017, from 387 days a year earlier. The weak liquidity is
reflected in almost fully utilized cash credit limit, and has led
to delay in servicing debt.

* Weak financial risk profile: The financial risk profile is
constrained by high total outside liabilities to tangible
networth ratio of 56.44 times as on March 31, 2017. Debt
protection metrics were also weak, reflected in adjusted interest
coverage ratio of 1.27 times and net cash accrual to adjusted
debt ratio of 0.03 time for fiscal 2017.

Strength

* Extensive experience of the promoters: The promoters'
experience of more than 30 years in the rice industry has helped
the firm establish its customer base in India and abroad, and
maintain relationships with suppliers in mandis.

United Exports was set up as a partnership firm in 1983. Its
current partners are Mr Harish Narang and Mr Sudhanshu Narang. It
mills and processes basmati and non-basmati rice for sale in the
domestic and international markets.


VBS TEXTILES: CARE Assigns B+ Rating to INR10.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VBS
Textiles Private Limited (VTPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           10.75       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            4.25       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VTPL are
constrained on account of its nascent stage of operations with
small scale of turnover in FY17 (refers to the period April 1 to
March 31), presence in highly fragmented and competitive textile
industry and susceptibility of profit margins to volatility in
raw material prices. The ratings, however, derive strength from
experienced promoters in diversified industries.

VTPL's ability to increase its turnover and improve its
profitability in light of competitive business environment and
volatile raw material prices remain the key rating sensitivities.
Further, VTPL's ability to improve its solvency position along
with efficient working capital management would also remain
crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent Stage of operations with small scale of turnover: VTPL
reported Total Operating Income (TOI) of INR4.29 crore for its
seven months of operations in FY18 (Provisional) for the period
August, 2017 - February 28, 2018. The equity share capital stood
at INR20.52 crore as on February 28, 2018.

Presence in highly fragmented and competitive textile industry
and susceptibility of profit margins to volatility in raw
material prices: VTPL operates in highly fragmented market of
textile industry marked by large number of organized and
unorganized small sized players. Also, the presence of big sized
players with established marketing & distribution network results
into intense competition in the industry. Furthermore, VTPL is
engaged in the business of printing and dyeing of cloth, the
major raw material of which is chemical, prices of which remain
volatile in nature and put a pressure on the profit margins of
the players.

Key Rating Strengths

Experienced promoters in diversified industries: VTPL was
established in 2016 and was promoted by two individuals including
i.e. Ms. Shanna Shah and Mr. Sukoon Shah. Both the directors have
nearly a decade of experience in diversified industries like coal
trading, chemical trading, and managing a process house.

Ahmedabad- based (Gujarat), VTPL is a private limited company
incorporated in 2016, by two promoters i.e. Ms. Shanna Shah and
Mr. Sukoon Shah. VTPL is engaged in the business of dyeing and
printing of fabric. The company also does job work for few
renowned companies in the textile industry. It carries out its
manufacturing from its facility located in   Ahmedabad (Gujarat)
with an installed capacity of 1,00,000 metres of fabric per day
as on February 28, 2018. The company commenced its commercial
operations from August 2017. Till February 28, 2018
(Provisional), VTPL has registered TOI of INR4.29 crore.


VISWABAHARATHI EDUCATIONAL: CARE Rates INR166.50cr LT Loan B+
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Viswabaharathi Educational Society (VES), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           166.50     CARE B+; Stable Assigned

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of VES is constrained
by its adverse capital structure due to debt funded capex,
relatively small scale of operations, geographical concentration
and its presence in highly regulated and competitive nature of
industry. However, these constraints are partially strengthened
by the experience of promoters, long track record of the trust
and consistent growth in the income. Going forward, ability of
the trust to scale up the operations and deleverage the capital
structure while efficiently managing its liquidity will be the
key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weaknesses

Weak financial risk profile and Debt funded capex leading to
tight liquidity and leveraged capital structure: VES undertook an
infrastructural development and expansion capex in 2013 to be
completed in two phases at an initial project cost of INR230.4
crore including the land and new building blocks for the Medical
college and Teaching Hospital and was estimated to be completed
by March 2017. The capex was to be funded with a debt of INR155.0
crore rest through trust contribution. However the project
execution was delayed for Phase 2 resulting in a cost overrun of
INR40 Crores and revised schedule of March 2018. The cost overrun
is borne by the trust. The project is around 85% complete till
Jan'18. Debt funded capex has resulted in a weak financial
profile with an overall gearing as on March 31, 2017 is 3.82x and
expected to deteriorate further with additional disbursement of
term loan of about INR28 Crores. Society's ability to generate
cash profits on sustained basis considering addition of new
batches during FY18, FY19 and FY20, will be key to its prospects.

Highly regulated industry: The education industry remains a
highly regulated industry with constant intervention from the
central government and other regulatory bodies. In addition to
the Medical Council of India, VES is regulated by the Andhra
Pradesh State government with respect to the number of management
seats, amount of the tuition fees charged for the government
quota and management quota. These factors have a significant
impact on the revenue and profitability of the institutions.

Highly competitive sector and geographical concentration:
Education field is characterized by intense competition with the
presence of various educational institutes and increasing
private sector participation. This poses considerable risk as it
may lead to decline in student enrolment which will directly
impact the revenue visibility for the trust. Moreover, all the
institutions of the Trust are located in Kurnool District i.e.
single location in Andhra Pradesh which limits the penetration
level for the Trust to tap opportunities and results in stiff
competition from other institutes in the vicinity.

Key rating Strengths

Experienced Promoters and long track record of the Trust: Dr D
Kantha Reddy, the promoter of Viswabharathi Group of Institutions
is a doctor by profession having over 3 decades of experience and
exposure in the industry. Trust commenced its operations by
starting Viswabharathi School of Nursing in 1999 and established
other educational institutions in the field of Medicine. Over the
years, the Group has marked its presence in the industry.

Consistent growth in income: VES's total operating income has
been witnessing consistent growth of operating income with a CAGR
of 46.32% over the past three years. The total operating income
of VES increased from INR11.97 Crores in FY16 to INR18.86 Crores
in FY17 marking a growth of 57.5% driven by increasing student
enrollment over the years. Owing to low levels of operating cost
(inherent to educational institutes revenue model), VES's SBID
margins have been healthy over the years and has earned SBID
margin of 35.0% in FY17.

Established in 1997, Viswabharathi Educational Society (VES) is
promoted by Dr D Kantha Reddy and family. Various institutions
under the promoter include Viswabharathi Medical College &
Teaching Hospital, Viswabharathi Super Specialty Hospital,
Viswabharathi Cancer Hospital, Viswabharathi College of Nursing,
and Viswabharathi School of Nursing. In 2013, VES initiated an
expansion project that include a Medical College with authorized
intake of 150 students per yearly batch, (Optimum intake of 750
students i.e 150*5 covering the entire course) and a Teaching
General Hospital attached to the Medical College having a
capacity of 750 beds. At present three batches consisting of 450
students are admitted in the Medical College.



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


KAWASAN INDUSTRI: S&P Lowers ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Indonesia-based developer PT Kawasan Industri Jababeka. (KIJA) to
'B' from 'B+'. The outlook is stable. S&P also lowered its long-
term issue rating on the company's guaranteed outstanding senior
unsecured notes to 'B' from 'B+'.

S&P said, "We lowered the rating because we expect KIJA's
leverage to be higher than we had previously anticipated, given
the company's weak performance in 2017. We have revised our
forecast of the company's leverage, as measured by the debt-to-
EBITDA ratio, to 5.8x-6.2x over the next two years. Additionally,
we expect the company's cash flow adequacy to be substantially
weaker than we had earlier anticipated through 2019, amid subdued
property sales and marginal operating cash flows.

"KIJA's 2017 financial performance was weaker than we had
anticipated. As of end-2017, the company's debt-to-EBITDA ratio
of 6.1x was much weaker that our expectation of 3.9x. A slower
revenue recognition schedule, weaker property development gross
profit margin, and higher debt level contribute to the weak
results.

"We believe property sales momentum in Indonesia is still
stagnant and will recover at a slow pace over the next 12-18
months. To support profit and cash flows, developers are
increasingly depending on land sales, a trend we expect will
continue over next 12-18 months. Additionally, political and
regulatory uncertainty before the presidential election in 2019
has led to investors putting their investment plans on hold until
conditions turn favorable.

"We expect KIJA's overall performance to remain broadly in line
with the industry, with flat annual property sales of Indonesian
rupiah (IDR) 1.5 trillion-IDR1.6 trillion over the next two
years. In our revised base case, we forecast the company's annual
EBITDA to be IDR740 billion-IDR750 billion through 2019, compared
with our earlier estimate of IDR1.1 trillion annually. The
reduction reflects a slower-than-expected pace of ramp-up at the
company's Kendal industrial park amid subdued property market
sentiment, and weaker margin because of land sales at Kendal
bearing a lower margin.

"We believe the KIJA management will prioritize aggressive
reinvestment in the company's operations over debt repayment,
despite weaker operating conditions, to strengthen its
competitive advantage. We anticipate that KIJA will spend IDR1.3
trillion-IDR1.4 trillion annually in 2018-2019, mostly for
construction, development, and land acquisitions. The debt-funded
expansion will keep the company's leverage high. In our base
case, we project the company's total debt will increase to IDR4.5
trillion-IDR4.6 trillion over the next two years, compared with
our previous forecast of IDR4.1 trillion."

In mid-February, PT Perusahaan Listrik Negara (Persero) (PLN)
suspended the power purchase from PT Bekasi Power (BP), the power
subsidiary of KIJA, due to oversupply of power on the grid. The
current power purchase agreement is for 20 years, expiring in
2032. The negotiations between the two parties is still underway
with no specific completion timeline in sight.

S&P said, "We believe the power plant reserve shut down has
neutral impact on the rating. We expect the impact on KIJA's
consolidated EBITDA in 2018 to be limited." During the reserve
shutdown, PLN is compensating BP on the take-or-pay basis of the
readiness of the plant. Although the compensation is about less
than half of the payment during normal operation, BP's gross
profit margin will be maintained because of a decline in
operation costs.

Lower recurring income from the power plant business won't strain
KIJA's liquidity over the next 12 months. That's given the
company's adequate cash balance of about IDR900 billion as at
end-2017 and S&P's expectation that KIJA will continue to collect
cash from property sales achieved in the past two years. The
company does not have significant debt maturities until 2023.

S&P said, "The stable outlook reflects our expectation that KIJA
will maintain its EBITDA interest coverage at 1.7x-1.8x over next
12 months, supported by stable property sales, steady margins,
and stabilized debt levels. It also reflects our expectations
that the company will maintain adequate liquidity by managing
capital expenditures, as well as continued recurring income from
its power plant, infrastructure services, and dry port operations
over the next 12 months.

"We may lower the rating if KIJA's financial performance weakens
significantly such that its EBITDA interest coverage declines
materially below 1.5x in the next 12 months. This could happen if
KIJA's property sales and cash flows are substantially below our
expectation, or the company deviates from its core business and
strategy to undertake aggressive debt-funded expansion that are
beyond our expectation.

"We could also lower the rating if KIJA fails to maintain a cash
balance above IDR400 billion and is unable to maintain adequate
liquidity over a sustained period. This could happen if the
company incurs larger-than-expected capital spending and
construction costs to support expansion.

"Rating upside over the next 12 months is limited because we
expect KIJA to continue its debt-funded expansion. However, we
may raise the rating if the company materially reduces its
leverage." This could happen if KIJA improves property sales,
meaningfully increases recurring income, or prioritizes debt
repayment. An upgrade trigger could be the debt-to-EBITDA ratio
staying below 3.5x for a prolonged period. For any of these
scenarios to occur, KIJA needs to practice financial prudence,
reining in its capital expenditure.


MATAHARI PUTRA: S&P Affirms 'B' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on PT Matahari Putra Prima Tbk. (MPPA). The outlook is
stable. MPPA is an Indonesian retail hypermarket operator.

S&P said, "The rating affirmation reflects our view that PT
Multipolar Tbk. (B/Stable/--) will provide ongoing and
exceptional support to MPPA, including liquidity support, if
needed, given the strategic importance and link between the two
entities. We therefore equalize the rating on MPPA with that on
parent and majority shareholder Multipolar.

"We lowered MPPA's stand-alone credit profile (SACP) to 'b' from
'b+' because we believe it will take time for the company's
profitability, cash flows, and cash flow adequacy to recover
after a very poor performance in 2017." The company's revenue
declined by 7.1% to Indonesian rupiah (IDR) 12.6 trillion year on
year in 2017, leading to negative EBITDA. As a result of its poor
operating performance, the company's reported debt increased
substantially to IDR1.49 trillion as of Dec. 31, 2017, from
IDR750 billion one year ago.

To better compete with local minimarts, MPPA started a large
discounting drive to cull unnecessary product categories. In
addition, the company also lowered staff headcount and closed
non-profitable stores. These initiatives led to margin
compression and losses in the second half of 2017. S&P expects
reported EBITDA margins to stay below 1% in 2018 and 2019.

S&P said, "We believe that MPPA's operations will stabilize in
2018. Customer transaction volume growth has started to improve
since December 2017, increasing about 7% year on year in February
2018. Sales should pick up in May and June due to the Indonesian
festive holiday of Lebaran. In addition, with Indonesian regional
and general elections happening in 2018 and 2019, we believe that
MPPA's sales should pick up, given the positive patterns
historically."

MPPA's debt will likely remain high through 2019 given limited
profitability, working capital requirements, and residual capital
spending over the period. The company scaled back its capital
expenditure substantially. S&P now expects MPPA to spend IDR150
billion per annum, mostly on store refurbishments, versus IDR500
billion historically. The company has been managing its balance
sheet, and has extended all but IDR700 billion of its IDR1.5
trillion maturities in 2018. While MPPA's proposed rights issue
is not contracted, S&P expects Multipolar to subscribe to at
least 50% (about IDR400 billion) or provide liquidity and
backstop support if MPPA's liquidity position thins.

The stable outlook on MPPA reflects the outlook on parent
Multipolar.

S&P said, "We will lower the rating on MPPA if we downgrade
Multipolar.

"We could also lower the rating on MPPA if Multipolar fails to
provide ongoing support or exceptional liquidity support to MPPA
if the company requires it, leading us to re-assess the strategic
link between the two entities and support considerations from the
parent.

"We will raise the rating on MPPA if we upgrade Multipolar."



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


NELSON RELIANCE: Goes Into Liquidation; Owes More Than NZ$3MM
-------------------------------------------------------------
Stuff.co.nz reports that Nelson Reliance Engineering, once a key
player in Nelson's marine engineering industry, has gone into
liquidation, owing more than NZ$3 million.

The boat-building business, owned by Nevil Basalaj, owed around
200 creditors a total of NZ$3,195,316.50, the liquidators' first
report showed, Stuff relays.

That included a claim by the Inland Revenue Department for just
over NZ$405,000 in unpaid GST, Child Support Deductions, Income
Tax, Kiwisaver Deductions, Student Loan Deductions and PAYE,
Stuff says.

Company records showed the boat yard operator had around
NZ$220,000 in known assets.

According to Stuff, 28 staff were employed by the company on the
date of liquidation in March, including Mr. Basalaj and his
partner Amber Basalaj, with 26 employees owed more than
NZ$102,000 in outstanding wages and/or holiday pay.

Stuff says staff would be the first to be paid back any money
retrieved from the business, followed by IRD, and then creditors
with security interests, who were owed more than NZ$1 million.

Around 180 unsecured creditors were owed NZ$1,562,638.03 in
total.

Stuff adds that liquidator Rhys Cain from Ernst and Young in
Christchurch said a number of creditors had contacted the
liquidators directly with information about the company, but he
wouldn't be drawn on the details.

"It is standard practice for every liquidation for the liquidator
to investigate allegations of insolvent trading and whether or
not the directors have breached their director's duty in allowing
that to occur," Stuff quotes Mr. Cain as saying.  "It certainly
will be the subject of our investigation."

He strongly urged any creditors with concerns to put their
concerns in writing to the liquidator, Stuff relates.

"Anybody who is a creditor of the company that has got
information that they believe will assist the liquidators, we
really do encourage them to let us know so that we can look into
it."

Nelson Reliance Engineering director Nevil Basalaj told Stuff on
April 26 he would respond by email, but failed to reply to
messages.

But in the liquidators' first report, Mr. Basalaj attributed the
company's failure to a number of events, including a "significant
bad debt incurred by a related party". That led to legal action
that was unsuccessful, he said, Stuff relays.

Nelson Reliance Engineering was operating under an umbrella
company, Challenge Marine, also run by Mr. Basalaj.  He owns
another company, Fluid Power Solutions, under the Challenge New
Zealand umbrella, and two other companies; Basalaj Properties and
Basalaj Racing.


NOSH GROUP: Unsecured Creditors Unlikely to Get Repayment
---------------------------------------------------------
NZ Herald reports that unsecured creditors waiting to be paid by
Nosh Group may have had their fears confirmed by the latest
report by the liquidators of the upmarket supermarket chain.

Inland Revenue launched proceedings against the company after it
was put in receivership by director Andrew Phillips in July last
year, NZ Herald says. After IRD issued the proceedings, the
company was put into liquidation.

NZ Herald relates that a liquidator's report last week from RES
Corporate Recovery Insolvency said a claim had been received from
Inland Revenue for NZ$318,705.32, of which NZ$285,629.82 was
preferential in respect of outstanding GST, student loan
deductions, KiwiSaver employer and employee contributions, and
PAYE deductions.

There were preferential claims from employees of NZ$324,201.

Claims from unsecured creditors totalled NZ$2,118,239.

"Due to the amount still owing to secured and preferential
creditors we do not consider it likely that there will be any
distribution to unsecured creditors," the liquidators' report, as
cited by NZ Herald, said.

"Only if it is likely that there will be sufficient funds
available for a distribution to unsecured creditors will
unsecured creditors be inspected to be admitted for
distribution."

A review of the company records for the period leading up to RES'
appointment was not yet complete, NZ Herald notes.

"We are conducting an investigation into the company's books and
records to establish whether all assets have been accounted for
and if there are any voidable transactions or other recoveries
that are viable to pursue, including whether the director and
other parties have complied with the duties imposed on them under
the [Companies] Act," the report said.

NZX-listed Veritas Investments sold Nosh in February last year to
Gosh Holding, which was renamed Nosh Group, for NZ$4 million.
Veritas said last year it was owed about NZ$69,000 by the chain's
new owner, NZ Herald discloses.






=============================
P A P U A  N E W  G U I N E A
=============================


BANK OF SOUTH PACIFIC: S&P Lowers SCR to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings said it had lowered its long-term rating on
Papua New Guinea (PNG)-based Bank of South Pacific Ltd. (BSP) to
'B' from 'B+'. At the same time, S&P affirmed the short-term
issuer credit rating on BSP at 'B'. The outlook on the long-term
issuer credit rating is stable.

S&P downgraded BSP following its recent lowering of the sovereign
rating on PNG (B/Stable/B).

The lower rating on PNG follows a period of much slower economic
growth than S&P previously expected, and lower-than-expected
government revenues leading to fiscal deficits and rising
government debt and debt service costs. Lower-than-expected tax
revenues from PNG's largest liquefied natural gas project's
exports, along with natural disasters such as drought and
earthquakes, have hindered revenues in recent years. These fiscal
deficits, along with slower economic growth, have pushed the
government debt to GDP ratio over the ceiling of 30%, and S&P
forecasts it to increase to about 40% by 2021.

S&P said, "The ratings on BSP reflect our view that the bank is
exposed to the high-risk economic and operating conditions across
PNG and other underdeveloped Pacific island nations. We may rate
an entity above the sovereign foreign currency rating if, in our
view, there is an appreciable likelihood that it would not
default if the sovereign were to default. We do not assess this
to be the case with BSP reflecting the bank's concentration in
its domestic home market--at around 65% of BSP's operations--and
its high exposure to government and central bank debt, at more
than 100% of shareholders equity. Consequently, we expect our
rating on the bank to remain no higher than our sovereign foreign
currency rating on PNG. As a result, we have lowered our long-
term rating on BSP to keep it equalized with our long-term
foreign currency sovereign rating on PNG, which is one notch
lower than our assessment of the bank's stand- alone credit
profile (SACP) of 'b+'.

"Despite the deteriorating operating environment in PNG, we
forecast credit losses to remain broadly unchanged at between
0.7% and 0.8% (of average customer loans) over the next two
years, in our base case. We expect provisioning levels to remain
conservatively positioned at more than 300% of nonperforming
loans. We expect local economic conditions to remain subdued and
in many parts challenging in the near term. The subsequent
slowdown in government spending and ongoing shortage of foreign
exchange is likely to result in credit pressures remaining
elevated in PNG, in our view, for both corporate and increasingly
some small and midsize enterprises and personal customers.
Single-name concentration has the potential to noticeably shift
the level of nonperforming and past-due loans during periods of
stress--with the top 20 exposures accounting for close to 150% of
shareholders equity and about a quarter of the total loans on the
bank's balance sheet.

"Our ratings on BSP take into account its dominant market
position as the largest commercial and retail bank in PNG,
accounting for around 60% of lending and deposit activity,
respectively. We believe the bank has a number of structural
advantages over its competitors, including an extensive
distribution model and affinity with customers as PNG's largest
domestically owned bank. We believe that BSP's price-maker
advantage is underscored by its strong earnings metrics, with the
bank reporting a return on equity on average of 30% over the last
three years; we see this remaining unchanged in the near term.
Despite our expectation of slower lending growth in PNG, stronger
growth across other pacific island nations and a broadly
unchanged margin (at around 7.25%) should underpin a further
increase in earnings. We forecast the bank's risk-adjusted
capital -- based on S&P Global Ratings' methodology -- to remain
modest, at between 4.2% and 4.7%, although we expect the bank's
earnings to provide good cover for any foreseeable rise in credit
losses without adversely affecting its capitalization.

"Slower lending growth should support BSP's key funding metrics,
which should remain strong by international comparisons. Almost
entirely funded by customer deposits, we believe BSP's deposit
base is likely to exhibit a reasonable degree of stability,
reflecting the limited number of alternative avenues to invest
surplus liquidity beyond the banking sector, particularly in PNG.
We forecast the bank's loan-to-deposit ratio to remain broadly
unchanged at around 65% and its stable funding ratio at around
145%.

"The stable outlook on BSP principally reflects the stable
outlook on the sovereign foreign currency rating on PNG. As BSP's
SACP of 'b+' is one notch above its issuer credit rating, we
consider the rating has the buffer to absorb a modest
deterioration in BSP's financial profile.

"We see limited prospects for upward rating movement within the
next year for BSP, partly because any improvement in the bank's
SACP, by itself, would not result in an upgrade if our sovereign
rating remains unchanged. Over the medium term, an improved
outlook for PNG's credit quality will likely provide a segue to a
higher rating for BSP.

"We believe downward rating prospects are limited within the next
few years. Similar to the upside potential, a lower rating on BSP
would most likely arise following a further deterioration in the
rating on the sovereign."



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


CHINA FISHERY: Court Approves Intercompany Claims Settlement
------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved China Fishery Group's Chapter 11 trustee's settlement
agreement related to inter-company claims among and between CFG
Peru Singapore, the other Debtors and non-debtor affiliates
(including CFG Peru Singapore subsidiaries). As previously
reported, "The Peruvian Opcos have repeatedly been referred to as
the 'crown jewels' of these Chapter 11 Cases and their value is
likely to be the prime source of creditors' recoveries at the
Debtor entities in the CFGL group. The Chapter 11 Trustee has
sought to monetize all or substantially all of the assets of the
Peruvian Opcos, currently through a sale of CFG Peru Singapore's
equity interest in CFGI (the 'CFG Peru Sale'), the proceeds of
which would first be used to pay the creditors of the Peruvian
Opcos, with any remaining proceeds ultimately used to pay
creditors of CFG Peru Singapore and certain of the Other Debtors.
Finally, and most importantly, the Chapter 11 Trustee has
concluded that the uncertainty surrounding certain Intercompany
Claims is likely to chill bidding in the CFG Peru Sale, since
potential bidders cannot be sure whether they will be liable for
any Intercompany Claims even after the consummation of the CFG
Peru Sale process and exit from these Chapter 11 Cases given that
the Peruvian Opcos are non-debtor entities. Of particular
significance is an approximately $459 million Intercompany Claim
owed by CFGI to China Fishery International Limited ('CFIL'). To
resolve these concerns, the Chapter 11 Trustee, the Other
Debtors, and the Non-Debtor Affiliates, including the CFG Peru
Singapore Subsidiaries have reached a settlement to compensate,
assign, spin-off, contribute, forgive, capitalize, pay in kind or
such similar or equivalent mechanism as required by any specific
jurisdiction, the Intercompany Claims (collectively, 'Netting' or
'Netted')."

          About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other
than CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors.  Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan
Lovells US LLP serves as special counsel; and Quinn Emanuel
Urquhart & Sullivan, LLP, serves as special litigation counsel.



===========
T A I W A N
===========


WAN HAI LINES: S&P Alters Outlook to Stable & Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings said it had revised the outlook on its long-
term issuer credit rating on Taiwan-based Wan Hai Lines Ltd. to
stable from negative. At the same time, S&P affirmed the 'BB+'
long-term issuer credit rating on Wan Hai.

"The outlook revision reflects our view that Wan Hai's improving
profitability and moderate capital spending will enable the
company to sustain its low debt leverage with a ratio of funds
from operations (FFO) to debt improving to 50%-55% over the next
two years," said S&P Global Ratings credit analyst Jin Dong. "In
addition, we expect the carrier to maintain better profitability
than its peers', underpinned by Wan Hai's leading market position
on intra-Asia routes and its comprehensive network. We also
expect the volatility in the company's profitability to decline
slightly because of industry consolidation that has improved
market discipline in the global container shipping industry."

S&P said, "We believe improving shipping volumes and Wan Hai's
good cost controls will support moderately growing operating cash
flow in 2018 and 2019. This is despite lingering overcapacity and
a fast increase in fuel price. We expect better pricing
discipline among carriers, in part due to merchandise owners
increased willingness to accept freight rates. In our view, such
discipline will prevent a material decline in intra-Asia freight
rates in 2018 and 2019, despite significant capacity additions
during the period."

Significant consolidation and the formation of three major
container-shipping alliances have improved pricing conditions.
S&P expects these developments to lower the risk of severe
oversupply in the industry. In addition, Wan Hai's good control
over its operating expenses should mitigate the cost increase in
bunker fuel and help the carrier defend its margin over the next
two years. Wan Hai's unit operating expense declined by 6% in
2017 and 5.4% in 2016 on a year-on-year basis.

S&P said, "Meanwhile, we expect Wan Hai to remain financially
conservative and control capital spending at a moderate level
over the next two years, despite improving market conditions and
the company's strengthening cash flow. Unlike long-haul carriers,
Wan Hai is unlikely to expand capacity aggressively through new
shipbuilding, in our view.

"We forecast the carrier will generate positive discretionary
cash flow and slightly lower its debt leverage in 2018. Wan Hai's
capital expenditure is likely to increase for the replacement of
ageing vessels in 2019; however, we expect Wan Hai's capital
spending to remain within its cash flow generation and without a
material increase in debt. Therefore, we estimate Wan Hai's ratio
of FFO to debt will improve to 50%-55% over the next two years."

"We expect Wan Hai to sustain better profitability than its
peers' even under severe industry conditions," said Ms. Dong. "We
base this on Wan Hai's leading market position on intra-Asia
routes where it has a comprehensive network coverage and high-
frequency service."

S&P also believes the carrier's pricing power is supported by its
trade route diversity with significant exposure to second- and
third-tier ports where competition is more benign and less
affected by long-haul carriers' capacity cascading. Wan Hai's
good operating efficiency, characterized by relatively high and
stable load factor and competitive unit operating costs, also
contributes to its higher profitability. Wan Hai's EBITDA margin
and return on capital ratios have remained consistently above
those of its peers during the past industry cycle.

"The rating affirmation reflects our view that Wan Hai's credit
profile remains constrained by high, albeit lowering, industry
volatility with lingering capacity and potential competition from
long-haul carriers," added Ms. Dong. "This will continue to post
downside risk for Wan Hai's performance and produce significant
volatility in the company's credit metrics."

The shipping industry is also subject to downside risk associated
with volatile fuel prices and rising trade protectionism. This is
despite its view that the volatility of Wan Hai's profitability
will remain slightly lower than that of its long-haul peers,
given the less volatile intra-Asia market.

S&P said, "We may lower the rating if Wan Hai's profitability
deteriorates materially, burdened by deep industry downturns or
rising competition from long-haul competitors that erodes its
competitive advantage. We may also lower the rating if the
carrier takes on more aggressive expansion and substantially
increases its debt leverage, such that its ratio of FFO to debt
falls to below 45% for an extended period.

"The likelihood of a rating upgrade is low over the next 12
months. However, we may raise the long-term rating if Wan Hai
could achieve strong and resilient profitability, demonstrated by
ratio of return on capital above 10% throughout industry cycles,
while keeping the adjusted ratio of funds from operation to debt
consistently above 60%. This could be achieved by further
expansion in niche networks that can help the company to counter
margin pressure, while at the same time lower its debt level
through constrained capital expenditure."



                             *********

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 ***