TCRAP_Public/180509.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

            Wednesday, May 9, 2018, Vol. 21, No. 091


                            Headlines


A U S T R A L I A

AUSTRALIAN DEVELOPER: Federal Court Enters Liquidation Order
CLEVELAND MINING: Placed in Voluntary Administration
FAT STAG: Second Creditors' Meeting Scheduled for May 15
JPD Media: First Creditors' Meeting Slated for May 15
NGARLUMA AND YINDJIBARNDI: Racked Up Unknown AUD2MM Tax Bill

RAPPORR HOLDINGS: Second Creditors' Meeting Set for May 14
T L VINEYARD: Clifton Hall Appointed as Liquidators


C H I N A

CENTRAL CHINA: Fitch Rates SGD150MM Senior Notes Final 'BB-'
CHINA AOUYUAN: Fitch Assigns Final 'BB-' Rating to USD200M Notes
CHINA COMMERCIAL: Appoints Zhe Ding as Chief Operating Officer
CHINA COMMERCIAL: Widens Net Loss to $10.7 Million in 2017
CHINA COMMERCIAL: Will Sell $1 Million Worth of Common Stock

CHINA SECURITY: Misses Bond Payment Due to Liquidity Shortage
CIFI HOLDINGS: Fitch Assigns 'BB' Rating to USD300M Senior Notes
DUNAN GROUP: Seeks Beijing Bailout to Avoid Default on $7BB Loan
KAIDI ECOLOGICAL: Defaults on CNY698 Million Bond Payment
SHANDONG LONGLIVE: Creditor Applies to Court for Restructuring

TAHOE GROUP: Moody's Downgrades CFR to B2, Outlook Stable
URUMQI GAOXIN: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
YUZHOU PROPERTIES: Fitch Assigns 'BB-' Rating to USD200M Notes
ZHENRO PROPERTIES: Fitch Publishes 'B' IDR, Outlook Positive
ZHENRO PROPERTIES: Moody's Assigns B2 CFR, Outlook Stable

* CHINA: Record Maturities See More Firms Missing Debt Payments


I N D I A

ANIKEDHYA INFRAPROJECTS: CARE Rates INR13.41cr LT Loan 'B+'
ANIR TECHPARK: CRISIL Withdraws B- Rating on INR150MM LT Loan
ASP ENTERPRISES: CARE Assigns B+ Rating to INR6cr LT Loan
AZAD ISPAT: ICRA Moves B+ Rating to Not Cooperating Category
BARANI FERROCAST: ICRA Retains B- Rating in Not Cooperating

BHAVANI RICE: CARE Assigns B+ Rating to INR7cr LT Loan
CBSI INDIA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
DHANDU MARIAMMAN: ICRA Maintains B Rating in Not Cooperating
DHANRAJ RICE: CARE Assigns B+ Rating to INR11.90cr LT Loan
DIGANTA MUDRANA: CARE Assigns B Rating to INR3.33cr LT Loan

DOON TOWERS: CARE Assigns B Rating to INR6.34cr LT Loan
GANESHA MOTORS: CRISIL Migrate C Rating to Not Cooperating Cat.
GEMINI PACK: CARE Assigns B Rating to INR10cr Long Term Loan
HEMRAJ DEVKARANDAS: ICRA Withdraws D Rating on INR8.50cr Loan
INDERA ETHNIC: ICRA Moves D Rating to Not Cooperating Category

JYOTI PROCESSORS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
KAMALA GINNING: ICRA Moves B Rating to Not Cooperating Category
L D SUITING: CARE Assigns B+ Rating to INR9.60cr LT Loan
MAHAAJAY SPINNERS: CARE Assigns B Rating to INR3.50cr LT Loan
MAHANADI EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating

MINITEK SYSTEMS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
MITTAL RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
MM AUTO: ICRA Migrates B Rating to Not Cooperating Category
MOHAN RAO: ICRA Reaffirms B Rating on INR10cr Cash Loan
MORAJ BUILDING: ICRA Moves B+/A4 Rating to Not Cooperating

MOTI RAM: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
NELSUN PAPER: CRISIL Migrates B- Rating to Not Cooperating Cat.
NIAGARA METALS: Ind-Ra Maintains BB LT Rating in Non-Cooperating
PANDA INFRA: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

PRIME LEATHERS: CRISIL Migrates B+ Rating to Not Cooperating
RUCHI SOYA: Patanjali Puts In More Than INR40 Billion Bid
SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr Loan
SHRI PRASANNA: ICRA Assigns B+ Rating to INR9.25cr LT Loan
SKY ALLOYS: CARE Reaffirms D Rating on INR95.94cr LT Loan

SPACETECH EQUIPMENT: CARE Reaffirms B Rating on INR3.25cr Loan
SRI SHRIDEVI: CRISIL Migrates D Rating to Not Cooperating Cat.
TIRUPATI TRADING: CARE Assigns B+ Rating to INR8cr LT Loan
UNICON ENGINEERS: ICRA Maintains B+ Rating in Not Cooperating
VIDEOCON GROUP: SBI-led lenders File Insolvency Bid vs. Units

VIJAY DIAM: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
WONDER SIGNS: ICRA Moves B Rating to Not Cooperating Category


I N D O N E S I A

MNC INVESTAMA: S&P Lowers ICR to 'D' on Debt Exchange Offer


M A L A Y S I A

EDEN INC: Says Going-concern Issue Will Be Addressed


S I N G A P O R E

PARKSON RETAIL: Posts S$7.8MM Net Loss in Q3 Ended March 31
RHODIUM RESOURCES: Fitch Withdraws 'B-(EXP)' Expected Bond Rating


S O U T H  K O R E A

LEO MOTORS: L&L CPAs Quits as Accountants


                            - - - - -


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


AUSTRALIAN DEVELOPER: Federal Court Enters Liquidation Order
------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of
Australian Developer In Hydroponics Farms Pty Ltd on April 27,
2018 by Order of the Federal Court of Australia.

Hoa Hiep Huynh c/o Dorrian Legal filed wind up petition against
Australian Developer on Jan. 12, 2018.


CLEVELAND MINING: Placed in Voluntary Administration
----------------------------------------------------
MiningNews.net reports that Cleveland Mining Company has bowed to
the inevitable and called in the voluntary administrators, with
Hall Chadwick being appointed to take over the running of the
deeply-troubled company on May 4.

Cleveland, which last traded in September 2016, had been seeking
to refinance its debts and strengthen its balance sheet for more
than two years, the report says.

MiningNews.net notes that prior to the company's collapse, it had
negotiated a US$25 million pre-pay agreement it believed would be
sufficient to refinance all existing debt and move to 100%
interest in Brazil, but for serious financial crimes in the US
the same year put paid to that idea, after US backers decided
Cleveland was toxic.

Cleveland's infamy exploded last year after it was revealed by
Fairfax media that a number of brokers from Macquarie Group's
Private Wealth Division were behind an "unsustainable" price rise
circa 2011-12, and the crash that followed, MiningNews.net says.

Richard Albarran, Brent Kijurina and Cameron Shaw of Hall
Chadwick were appointed as joint and several voluntary
administrators of Cleveland Mining on May 4, 2018.

Cleveland Mining Company Limited --
https://clevelandmining.com.au/ -- engages in the acquisition,
exploration, and development of mineral properties in Australia,
Brazil, and Chile. It primarily explores for gold and iron ore.
The company holds interest in O Capitao gold project; a 100%
interest in the Mara Rosa gold project; and a 50% interest in the
Premier gold project located in Goias state, Brazil. It also
holds interests in the Bahia projects and Minas Novas projects
covering 1,070 square kilometers located in Northern Minas
Gerais, as well as option agreements for iron ore projects.


FAT STAG: Second Creditors' Meeting Scheduled for May 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Fat Stag
Pty Ltd has been set for May 15, 2018, at 11:00 a.m. at the
offices of Heard Phillips Chartered Accountants, Level 12, 50
Pirie Street, in 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 14, 2018, at 5:00 p.m.

Andrew Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of The Fat Stag on April 10, 2018.


JPD Media: First Creditors' Meeting Slated for May 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of JPD Media
& Design Pty Ltd will be held at the offices of Worrells Solvency
& Forensic Accountants, Suite 1, Level 15, 9 Castlereagh Street,
in Sydney, NSW, on May 15, 2018, at 9:00 a.m.

Simon Cathro of Worrells Solvency was appointed as administrator
of JPD Media on May 3, 2018.


NGARLUMA AND YINDJIBARNDI: Racked Up Unknown AUD2MM Tax Bill
------------------------------------------------------------
Sean Smith at The West Australian reports that the collapse of an
asset-rich indigenous community organisation pocketing nearly
AUD2 million a year from the North West Shelf has been partly
blamed on a poor financial reporting which resulted in the group
unknowingly racking up a AUD1.8 million tax bill.

According to the report, administrators said the Roebourne-based
Ngarluma and Yindjibarndi Foundation was "unduly reliant" on
outside accountants and only became aware in mid-2016 that it
owed the Australian Taxation Office more than AUD2 million in
overdue GST and pay-as-you-go tax dating back three years.

The fallout was exacerbated by a downturn in the local economy
and a subsequent plunge in property values which undermined an
investment portfolio weighted to Roebourne, the report says.

NYF collapsed in mid-March owing about AUD5.5 million to
creditors, including AUD2.8 million to National Australia Bank,
the West Australian discloses.

When it went under, NFY owned the historic Whim Creek Hotel and a
dozen other residential and commercial properties in Roebourne,
including a civic function centre.

The report says the foundation was set up in 2000 under a land-
use agreement struck with the NWS, which makes AUD1.6 million
biannual payments to the NYF to fund sustainable business,
education and training opportunities for the Ngarluma and
Yindjibarndi people.

The West Australian says NYF set itself up in several businesses,
including the Roebourne general store, TAFE cafes in Karratha and
Port Hedland, a 100-room accommodation village in Karratha,
maintenance and construction contracts with the City of Karratha
and the listed NRW, and a now-failed nursery.

However, administrators from insolvency firm Cor Cordis said that
while it was operating to its charter to support the Ngarluma and
Yindjibarndi people and the region, the group over-invested and
over-capitalised in the local economy, making it vulnerable to a
regional downturn.

"The subsequent drop in property values in the area made it
difficult to realise the assets to assist with the financial
stress of the organisation," the administrators said in the
creditors' report, the West Australian relays.

Also, the loss of construction revenue as WA resources
development boom ran out of steam was "significant and
unexpected", with NYF's "slowness" in reacting to the revenue
slide by cutting costs cited as a factor in its collapse, they
said.

Numbers included in the report show NYF's revenue plunged from
AUD11.7 million for the 2014-15 year to AUD2.9 million last year.
Revenue for the financial year so far is running at less than
AUD1.5 million, according to the West Australian.

The West Australian says Cor Codis is working on a deed of
company arrangement which will have creditors repaid over an
extended period via a realisation of NYL's properties but keep
the organisation operating and preserve jobs.

The North West Shelf has supported the rescue by agreeing to
bring forward its next AUD780,000 payment to NYL from June to
fund the group while a DOCA is finalized, says the West
Australian.


RAPPORR HOLDINGS: Second Creditors' Meeting Set for May 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rapporr
Holdings Pty Ltd and Rapporr Australia Pty Ltd has been set for
May 14, 2018, at 11:00 p.m. at the offices of BDO, Level 11, 1
Margaret Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2018, at 4:00 p.m.

Andrew Thomas Sallway and James Michael White of BDO were
appointed as administrators of Rapporr Holdings on April 6, 2018.


T L VINEYARD: Clifton Hall Appointed as Liquidators
---------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed Liquidator of T L
Vineyard Services Pty Ltd on May 2, 2018 by Order of the Federal
Court of Australia.

Return to Work Corporation of South Australia filed wind up
petition against TL Vineyard on March 22, 2018.



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


CENTRAL CHINA: Fitch Rates SGD150MM Senior Notes Final 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) SGD150 million 6.25% senior notes due 2020 a
final rating of 'BB-'. The notes are rated at the same level as
CCRE's senior unsecured rating because they constitute its direct
and senior unsecured obligations.

The assignment of the final rating follows the receipt of final
documentation conforming to information already received. CCRE
intends to use the net proceeds from the note issue for
refinancing. The final rating is in line with the expected rating
assigned on April 23, 2018.

CCRE's ratings are supported by the company's competitive
position as a real-estate developer in China's Henan province,
with broad housing-product diversification and a growing non-
property development business from rental properties and project
management. Its ratings are also supported by its healthy
financial profile with low leverage, as measured by net
debt/adjusted inventory that proportionately consolidates its
joint ventures, of around 20% at end-2017, slightly lower than
Fitch's forecast of 23%. CCRE's ratings are constrained by its
aggressive strategy of scale expansion over the next two years
and Fitch expects CCRE's leverage to increase to above 30% over
this period.

KEY RATING DRIVERS

Solid Position in Henan: Fitch believes CCRE's track record
supports its plan to raise its market share in Henan to 10%-15%
in the next three to five years. CCRE has been developing
residential properties almost entirely in the province over the
past 25 years, and it has a presence in 18 prefecture-level
cities and an established reputation. CCRE's lower average
selling price (ASP) of CNY6,635 per square metre (sq m) compared
with peers' ASP of above CNY11,000 per sq m reflects its wide
product exposure, which is not driven only by sales in the
province's larger cities. The diversification helps it mitigate
the risks of policy tightening on housing sales in the provincial
capital, Zhengzhou.

CCRE's contracted sales reached CNY30.4 billion in 2017, with a
market share of 4.3% in Henan, among the top developers in the
province. CCRE recorded 51% growth in its 2017 contracted sales,
driven by increased penetration and better sell-through rates in
lower-tier cities in Henan. This helped expand its market share
by 0.7 percentage points. Fitch expects CCRE's annual contracted
sales to increase further to CNY35 billion-45 billion in 2018-
2019.

Growing Non-Development Businesses: Fitch estimates CCRE's non-
development business EBITDA/interest coverage rose to 0.3x at
end-2017 (end-2016: 0.2x), adding an operating cash flow source
other than development property sales to help the company service
debt. Growth in hotel and rental income, and its recent expansion
into project management of residential property developments in
the province's smaller towns, drove the higher contribution from
non-development businesses. CCRE is also expanding into the
development and operation of cultural tourism projects that will
enhance its non-development income in the next three to five
years. Local governments are encouraging cultural tourism
projects, giving CCRE access to lower-cost funding and
alternative land banking channels that improve its financial
flexibility.

Aggressive Land Acquisition in 2017: In 2017, CCRE replenished
9.8 million sq m in attributable gross floor area of land bank
for CNY10.6 billion, or a land-acquisition-to-contracted sales
value ratio of 0.5x, exceeding the 0.2x-0.3x in previous years.
The more volatile home sales performance in lower-tiered cities
may affect the pace at which CCRE sells its newly acquired
projects and may limit its scope to deleverage. CCRE's leverage
of around 20% at end-2017 was lower than the 27% at end-2016, but
still higher than the 17% at end-2015. Fitch expects the
company's leverage to stay around 30% for the next three years on
accelerated land acquisitions.

Fitch believes CCRE's leverage will not rise above 40%, as the
company has the flexibility to slow down its land acquisitions
due to a sizeable land bank of 24.2 million sq m, sufficient for
its development for the next five to six years.

Stabilising Margin: Fitch estimates CCRE's EBITDA margin
(deducting capitalised interest from cost of sales) to be around
16%-17% in 2018-2019. The EBITDA margin fell to 16% in 2017, from
17% in 2016 and 25% in 2014, affected by CCRE's strategy to clear
inventory in 1H15. Higher contracted sales than revenue also
squeezed the EBITDA margin as selling, general and administrative
expenses, which are more a function of its contracted sales, are
apportioned to a much lower level of revenue. The higher
contracted sales ASP in 2017 will support its EBITDA margin when
these projects are recognised in the next one to two years and
CCRE's EBITDA margin should stabilise over time.

DERIVATION SUMMARY

CCRE has increased its sales to a level comparable with those of
'BB-' rated peers, while maintaining a healthier financial
profile. CCRE's contracted sales of CNY30 billion are comparable
with 'BB-' rated peers, such as Yuzhou Properties Company
Limited's (BB-/Stable) CNY40 billion, China Aoyuan Property Group
Limited's (BB-/Stable) CNY46 billion, and KWG Property Holding
Limited's (BB-/Stable) CNY29 billion. Its Fitch-rated 'BB' peers
have higher contracted sales of CNY50 billion-70 billion.

CCRE's leverage of 20% on average in the past four years compares
favourably with that of 'BB-' rated peers' 30%-45%. CCRE's recent
land acquisitions may increase its leverage to above 30% in the
next two years, although most of the newly acquired sites are in
Henan province, where the company has a well-established
reputation.

CCRE's EBITDA margin of 17% is near the bottom of the 18%-25%
range of 'BB-' rated peers, as it has been affected by the
company's destocking strategy since 1H15. Fitch expects the
recognition of projects with rising contracted sales ASP since
2017 to stabilise its EBITDA margin over time. Fitch has forecast
EBITDA margins of 16%-17% in 2018-2019.

KEY ASSUMPTIONS

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

  - Total contracted sales to increase by 26% in 2018 and 25%
    in 2019

  - Average selling price of CNY6,600-6,700 per sq m in 2018-2019
    (2017: CNY6,635 per sq m)

  - EBITDA margin (excluding capitalised interest) at 16%-17% for
    2018-2019

  - Land acquisition budget as a percentage of total contracted
    sales of 27%-33% for 2018-2019, allowing the company to
    maintain a land bank reserve of five years of contracted
    sales

RATING SENSITIVITIES

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

  - Contracted sales sustained above CNY50 billion

  - Leverage persistently at 30% or below

  - Contracted sales to total debt sustained at above 1.5x (2017:
    1.4x)

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

  - Decline in contracted sales for a sustained period

  - Leverage at 40% or above for a sustained period

  - EBITDA margin below 18% for a sustained period

LIQUIDITY

Sufficient Liquidity: As of end-2017, the company had total cash
of CNY13.4 billion (including restricted cash of CNY2.1 billion),
sufficient to cover short-term debt of CNY4.4 billion maturing in
one year (consisting of bank loans of CNY0.4 billion, other loans
of CNY0.1 billion and senior notes of CNY3.9 billion).

Diversified Funding, Lower Costs: CCRE had total debt of CNY15.6
billion as of end-2017, consisting of bank loans, other loans,
senior notes and corporate bonds. There were unutilised banking
facilities amounting to CNY64.3 billion as at end-2017. The
average cost of borrowing dropped to 6.8% in 2017, from 8.9% in
2013, 7.9% in 2015 and 6.9% in 2016.


CHINA AOUYUAN: Fitch Assigns Final 'BB-' Rating to USD200M Notes
----------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(BB-/Stable) USD200 million 7.5% senior notes due 2021 a final
rating of 'BB-'.

The notes are rated at the same level as Aoyuan's senior
unsecured rating because they constitute the company's direct and
senior unsecured obligations. The assignment of the final rating
follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on May 2, 2018.

KEY RATING DRIVERS

Strong Sales Performance: Aoyuan's sales growth remained strong
at 78% in 2017 after an increase of 69% in 2016, as the company
stuck to its fast-churn strategy and demand was strong in its
home markets in the Guangdong-Hong Kong-Macau Greater Bay Area in
southern China. Sales amounted to CNY45.6 billion in 2017, with
the home markets accounting for 53% of total contracted sales
value. Fitch expects contracted sales to continue to rise in
2018, backed by Aoyuan's adequate sellable resources of above
CNY120 billion at end-2017. The company targets sales to reach
CNY73 billion in 2018. Total contracted sales in January-April
2018 were on track to meet the target, rising 143% yoy to CNY20.8
billion.

Stable Financial Profile: Aoyuan has been able to keep its
leverage healthy despite rapid expansion. Leverage, measured by
net debt/adjusted inventory, was 30% at end-2017, up from 28.7%
at end-2016. This gives the company headroom below the 40% level
where Fitch would consider negative rating action in the short
term. Sales efficiency, measured by contracted sales/gross debt,
was stable at 1.1x at end- 2017. Fitch expects Aoyuan to maintain
its fast-churn model and prudent land acquisition strategy, with
annual land premium budgeted at 40%-50% of contracted sales on
cash flow basis. This should keep its financial profile healthy
for the next 12-18 months, supporting its credit profile.

Quality Land Bank: Aoyuan had 135 projects with 23.9 million
square metres (sq m) of gross floor area at end-2017, sufficient
for three to four years of development; 56% of the land by gross
floor area is located in the Pearl River Delta, of which more
than 50% is in the Greater Bay Area, a cluster of cities
including Guangzhou, Shenzhen, Hong Kong and Macau where
urbanisation is likely to pick up due to geographic integration.
Aoyuan's land bank also enjoys a low average cost of CNY2,131 per
sq m, or around 20% of Fitch's estimated average selling price
for 2018, supporting its future profitability.

Healthy Liquidity; Cheaper Funding: Aoyuan has a strong liquidity
position, which supports its planned expansion. It had total cash
of CNY26.5 billion at end-2017 against short-term debt of CNY21.1
billion, and CNY16.9 billion in unutilised committed credit
facilities. Meanwhile, funding initiatives in the last few years,
including issuance of onshore bonds and offshore bank loans, and
its diversified funding channels reduced its weighted-average
funding cost to 7.2% at end-2017 from 8.1% in 2016 and 9.5% in
2015.

DERIVATION SUMMARY

Aoyuan's scale is comparable to those of other 'BB-' rated
Chinese developers that have contracted sales of CNY40 billion-50
billion. These include Times China Holdings Limited (BB-/Stable),
Logan Property Holdings Company Limited (BB-/Stable) and Yuzhou
Properties Company Limited (BB-/Stable). Its sales efficiency
ratio is also similar to those of fast-churn homebuilders, such
as Yuzhou and Times. Aoyuan's healthy leverage of below 35% in
the past several years is in line with those of Logan and Central
China Real Estate Limited (BB-/Stable), which are in the 30%-40%
range.

KEY ASSUMPTIONS

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

  - A stable land acquisition pace in 2018 at 40%-50% of
    contracted sales

  - Increase in contracted sales to CNY65 billio-70 billion in
    2018, which are estimated based on sellable resources

  - Company to maintain its fast-churn and high cash-flow
    turnover business model

RATING SENSITIVITIES

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

  - EBITDA margin sustained below 20% (2017: 24.8%)

  - Net debt/adjusted inventory sustained above 40% (end- 2017:
    30%)

  - Contracted sales/gross debt sustained below 1.2x (end- 2017:
    1.1x)

  - Decrease of total land bank sellable gross floor area to
    below 3.5x of annual contracted sales gross floor area for a
    sustained period

Positive: Positive rating action is not expected unless Aoyuan
substantially increases its scale and establishes core markets in
multi-regions without compromising its financial metrics. This is
not expected over the next 12-18 months.

LIQUIDITY

Healthy Liquidity: Aoyuan has a strong liquidity position, which
supports its planned expansion. It has total cash of CNY26.5
billion at end-2017 against short-term debt of CNY21.1billion,
and CNY16.9 billion in unutilised committed credit facilities.


CHINA COMMERCIAL: Appoints Zhe Ding as Chief Operating Officer
-------------------------------------------------------------
The Board of Directors of China Commercial Credit, Inc.,
appointed Mr. Zhe Ding as the Company's chief operating officer
and Jin Ding as the Company's chief product officer, effective
April 28, 2018.

Mr. Zhe Ding has been the co-founder and chief operation officer
of Zuhaoche, a web-based luxury car rental platform from December
2016 to March 2018.  Mr. Zhe Ding has served as a sales manager
at Zhejiang Lianhe Dazhong Automobile Internet Co. from June 2015
to November 2016.  Mr. Zhe Ding graduated from Sichuan
Agricultural University.  Mr. Zhe Ding has rich experience in
internet, media and automotive industries from his previous roles
and maintained good relationships with China's major suppliers of
car accessories.

Mr.Jin Ding has served as a product specialist of Alibaba Group,
where he was in charge of UC Browser business unit from November
2015 to March 2018.  Mr. Jin Ding had abundant experience in
content output and platform building in the field of information
service.  Mr. Jin Ding's rich internet product experience and
management ability qualified him for his position as the
Company's chief product officer of the Company.

Mr. Zhe Ding entered into an executive employment agreement with
the Company.  Mr. Jin Ding also entered into an Employment
Agreement with the Company.

                       Officer Resignation

Mr. Alex Lau resigned from his position as chief technology
officer of China Commercial, effective April 30, 2018.  Mr. Lau's
resignation is not as a result of any disagreement with the
Company relating to its operations, policies or practices,
according to a Form 8-K filed with the Securities and Exchange
Commission.

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of Dec. 31, 2017, China
Commercial had US$7.16 million in total assets, US$12.43 million
in total liabilities and a total shareholders' deficit of US$5.27
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CHINA COMMERCIAL: Widens Net Loss to $10.7 Million in 2017
----------------------------------------------------------
China Commercial Credit, Inc., filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a
net loss of US$10.69 million on US$404,462 of total interest and
fee income for the year ended Dec. 31, 2017, compared to a net
loss of US$2.58 million on US$1.29 million of total interest and
fee income for the year ended Dec. 31, 2016.

As of Dec. 31, 2017, China Commercial had US$7.16 million in
total assets, US$12.43 million in total liabilities and a total
shareholders' deficit of US$5.27 million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

The Company had an accumulated deficit of US$81,534,396 as of
Dec. 31, 2017.  In addition, the Company had a negative net asset
of US$5,272,461 as of Dec. 31, 2017.  As of Dec. 31, 2017, the
Company had cash of US$2,498,194 and total liabilities other than
accrual for financial guarantee services of $ 3,166,863.

The Company said it is actively seeking other strategic partners
with experience in lending business.

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/I22Wzz

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of Dec. 31, 2017, China
Commercial had US$7.16 million in total assets, US$12.43 million
in total liabilities and a total shareholders' deficit of US$5.27
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CHINA COMMERCIAL: Will Sell $1 Million Worth of Common Stock
------------------------------------------------------------
China Commercial Credit, Inc., has entered into securities
purchase agreements with certain "non-U.S. Persons" as defined in
Regulation S of the Securities Act of 1933, as amended pursuant
to which the Company agreed to sell 1,336,314 shares of its
common stock, par value $0.001 per share, at a per share purchase
price of $0.78. The net proceeds to the Company from the Initial
SPAs Offering will be approximately $1,042,324.

The Initial SPAs are part of the subscription the Company
received in a private placement offering of its Common Stock at a
per share purchase price of $0.78 up to an aggregate gross
proceeds of three million dollars ($3,000,000) to "non-U.S.
Persons" as defined in Regulation S.  The Offering will be on a
rolling basis until June 30, 2018 unless the Company extends for
an additional 30 days at its sole discretion.

The net proceeds of the Offering will be used by the Company in
connection with the Company's planned operation of certain used
luxurious car leasing or other related business as approved by
the board of directors of the Company.

The parties to the SPA have each made customary representations,
warranties and covenants.  The Closing is subject to certain
customary conditions and the Company obtaining all required
permit and licenses to carry out the Planned Business.  Shares
subscribed for in the Initial SPAs will be issued in the initial
closing upon satisfaction of all closing conditions.

The Shares to be issued in the Offering are exempt from the
registration requirements of the Securities Act pursuant to
Regulation S promulgated thereunder.

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of Dec. 31, 2017, China
Commercial had US$7.16 million in total assets, US$12.43 million
in total liabilities and a total shareholders' deficit of US$5.27
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CHINA SECURITY: Misses Bond Payment Due to Liquidity Shortage
-------------------------------------------------------------
Bloomberg News reports that China Security & Fire missed
CNY94.4 million principal and interest of a privately-placed bond
due April 30 because of liquidity shortage, according to a
statement to Shanghai stock exchange

China Security & Fire Co., Ltd. engages in the security systems
integration and the manufacture of intelligent security products.
Its products include security systems integration and security
products, which are applied in several fields, such as financial,
commercial property, education, transportation and medical
service, among others. The Company is also engaged in security
business, providing intelligent public safety and security
operation services. The Company conducts its businesses within
domestic and overseas markets.


CIFI HOLDINGS: Fitch Assigns 'BB' Rating to USD300M Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) USD300 million 6.375%
senior notes due 2020 a final rating of 'BB'.

The notes are rated at the same level as CIFI's senior unsecured
rating because they represent the company's direct,
unconditional, unsecured and unsubordinated obligations. The
final rating is in line with the expected rating assigned on
April 24, 2018.

KEY RATING DRIVERS

Strong Performance in 2017: CIFI's attributable contracted sales
in 2017 increased by 88% to CNY55 billion, while land
acquisitions picked up to 82% of contracted sales on an
attributable basis. Leverage, as measured by net debt/adjusted
inventory with proportionate consolidation of joint ventures
(JVs) and associates, was stable at 36% at end-2017. The healthy
leverage was due to CIFI's share placement, more flexible land
premium payment and adoption of the JV model, which improves
operational efficiency and lowers land acquisition and funding
costs.

Fitch expects CIFI's leverage to rise slightly but stay well
below 45% for the next 12-18 months as CIFI plans to acquire more
land in 2018 to further strengthen its land bank. CIFI had a
total land bank of 31 million square metres (sq m) with an
average cost of CNY6,750/sq m at end-2017, which is sufficient
for more than four years of development.

Healthy Margin: CIFI's EBITDA margin, excluding the effect of
acquisition revaluation, has been consistently above 25%, and it
was at 26% in 2017. Fitch expects the margin to continue widening
to close to 30% by 2018 due to its resilient average selling
price (ASP) and low land cost, which Fitch estimates at 30% of
the contracted ASP. CIFI's large portfolio of projects in tier 1
and 2 cities and its shift to offer products that appeal to
upgraders rather than the mass market have enhanced its profit
structure.

Focus on Top-Tier Cities: CIFI has a diversified presence in the
Yangtze River Delta, Pan Bohai Rim, Central Western Region and
Guangdong/Fujian provinces, reducing its exposure to uncertainty
in local policies and economies while providing room to expand.
More than 90% of the company's attributable land bank at end-2017
was in tier 1 and 2 cities, which means CIFI is less exposed to
the oversupply plaguing lower-tier cities. In addition, CIFI
entered 18 new cities in 2017, with its projects now spreading
over 40 cities, helping mitigate risks from policy intervention
in individual cities. Nevertheless, strong and widespread
implementation of home-purchase restrictions by the authorities
may slow growth.

Lower Funding Costs: CIFI has developed diversified funding
channels, including onshore bonds and offshore bank loans. The
company sold USD300 million in five-year 5.5% bonds in January
2018 and issued USD600 million of senior perpetual debt at 5.375%
in 2017. It also successfully issued HKD2,790 million of zero-
coupon convertible bonds in February 2018. The proceeds will be
used to refinance its existing borrowings. The company reduced
its average funding cost to 5.2% in 2017, from 5.5% in 2016.
Fitch expects CIFI's active management of its capital structure
to maintain its funding cost at a low level, despite the tighter
liquidity and unfavourable funding environment in 2018.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited (BBB-
/Stable: standalone credit profile: BB) in terms of contracted
sales, land bank size and geographic focus on tier 1 and affluent
tier 2 cities. CIFI's leverage of around 35% is lower than the
40% leverage Fitch expects for Sino-Ocean in 2018 and
significantly lower than the above 60% leverage of 'BB' peers,
such as Guangzhou R&F Properties Co. Ltd. (BB-/Negative) and
Beijing Capital Development Holding (Group) Co., Ltd. (BBB-
/Negative, standalone credit profile: BB). CIFI's EBITDA margin
that is consistently above 25% is also slightly higher than Sino-
Ocean's 23%-25%, but in line with that of Guangzhou R&F and
Beijing Capital Development. However, its nil recurring EBITDA
interest coverage is inferior to Sino-Ocean's 0.4x and Guangzhou
R&F's 0.2x.

KEY ASSUMPTIONS

Fitch's key assumptions within ITS rating case for the issuer

  - Attributable contracted sales of CNY75 billion in 2018

  - Attributable land acquisition at 75% of contracted sales
    in 2018 then slowing to 55% in 2019 (2017: 82%)

  - Adjusted EBITDA margin improving to around 30% by 2018

  - Flattish average land cost in 2018 compared with 2017
    acquisition costs

  - 30% dividend payout

RATING SENSITIVITIES

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

  - leverage, measured by net debt/adjusted inventory, sustained
    below 30% (2017: 36%)

  - EBITDA margin, excluding the effect of acquisition
    revaluations, of over 30% for a sustained period (2017: 26%)

  - maintaining high cash flow turnover despite the JV business
    model and consolidated contracted sales/debt at over 1.2x
    (2017: 1.4x)

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

  - substantial decrease in contracted sales

  - EBITDA margin, excluding the effect of acquisition
    revaluation, below 25% for a sustained period

  - net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY29.8 billion at
end-2017, enough to cover short-term debt of CNY11.8 billion. The
company issued several tranches of senior perpetual, senior and
convertible bonds in the past several months and had approved but
unutilised facilities of CNY4.5 billion at end-2017. This will be
sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.


DUNAN GROUP: Seeks Beijing Bailout to Avoid Default on $7BB Loan
----------------------------------------------------------------
Gabriel Wildau at The Financial Times reports that in a test of
Chinese authorities' commitment to reducing financial risk, a
large Chinese manufacturing group has begged for a government
bailout to avoid default on up to $7 billion in debt after a
regional lender withdrew loans.

Over the past year, China has tightened credit in a bid to tackle
an explosion of corporate debt that the International Monetary
Fund has called "dangerous ". But the plea highlights how painful
Beijing's deleveraging campaign has been for some indebted
groups, the FT says.

The letter from privately owned DunAn Group, seen by the
Financial Times, appeals directly to government concerns about
financial stability in asking for officials to intervene with
banks to resolve a liquidity crisis. DunAn has RMB45 billion ($7
billion) in outstanding debt, according to the letter.

"If a credit default happens, it will deliver a serious blow to
many financial institutions in Zhejiang and may even cause
systemic risks," said the letter from DunAn to the provincial
government of prosperous Zhejiang province on China's east coast,
the FT relays.

The FT relates that the letter blamed the country's war on debt -
described using military terminology as a "siege against heavily
fortified positions" - for fundraising difficulties affecting the
company, leading to "extremely serious liquidity difficulties".

However, Ai Tangming, chief economics commentator for Sina
Finance, a Chinese news portal, said: "As the deleveraging
campaign gathers force, more companies will face liquidity crises
and ask the government for help, but the government has to
maintain its focus on market-based principles," according to the
FT.

"Key local enterprises generate employment and tax receipts.
They're like the business card for local officials. So that's why
local governments use subsidies and other methods to keep them
alive," he added.

The FT, citing Caixin, says a respected Chinese financial news
website, the crisis involving DunAn began when Zheshang Bank, a
regional lender in Zhejiang, demanded early repayment of loans,
causing other banks to restrict lending to the group.

Last week, DunAn Artificial Environment Equipment, one of two
Shenzhen-listed units of the group, cancelled a planned bond
issuance worth RMB12 billion, the FT recalls. Dunan Artificial
and the other listed unit, Jiangnan Chemical Industry, have both
suspended trading, and the company's exchange-listed bonds are
suspended, according to the FT.

The FT says the Zhejiang provincial financial affairs office last
week convened a meeting with a group of creditors including China
Development Bank, the "Big Four" commercial banks - Industrial
and Commercial Bank of China, China Construction Bank,
Agricultural Bank of China and Bank of China - and three state-
owned bad-loan banks - Huarong Asset Management, Cinda Asset
Management, and Great Wall Asset Management.

The purpose of the meeting was to resolve "urgent issues" related
to debt owed by DunAn, according to a separate document seen by
the FT.

The FT notes that though Chinese local governments sometimes
directly use fiscal resources to conduct bailouts, a more common
method is to exert pressure on banks to offer bridge loans or
forbear collection of existing debt.

Government bailouts are most common for state-owned companies,
but officials have also rescued private groups when their
potential collapse raised the prospect of contagion.

The Shanghai government shielded investors from losses on bonds
from privately owned Chaori Solar, whose 2014 default was the
first in China's domestic bond market.

Regulators last month deployed an insurance-industry rescue fund
to inject capital into Anbang Insurance Group, whose chairman is
awaiting the verdict of his trial at the end of March on charges
of embezzlement, which he originally denied, although a court
summary said he expressed "deep remorse" for his actions during
the hearing.

Based in Hangzhou, Zhejiang, DunAn Holding Group Co., Ltd.
engages in the manufacturing, civil explosive chemical, energy,
material, investment management, and agriculture businesses. The
company manufactures refrigeration fittings, valves, and fluid
control components; and develops and manufactures high-end
equipment, such as large heating and ventilation system
equipment, motors, and heavy machinery. It is also involved in
the research, development, production, and sale of civil
explosive materials and engineering explosive services, as well
as explosive equipment distribution; development, construction
and operation of wind farms and photovoltaic power plants; and
production of renewable energy.  The Company employs 29,000
workers, the Financial Times discloses.


KAIDI ECOLOGICAL: Defaults on CNY698 Million Bond Payment
---------------------------------------------------------
Bloomberg News reports that Kaidi Ecological and Environmental
Technology Co. said in a statement to the Shanghai Clearing House
that it failed to pay CNY698 million in bond principal and
interest due May 7, 2018.

Kaidi Ecological and Environmental Technology Co., Ltd. engages
in the biomass power generation and supply business in China and
internationally. It is also involved in the investment,
management, technical research and development, and comprehensive
utilization of coal-seam methane and shale gas resources; survey,
consultation, design, and supervision of environmental projects;
and new energies business. The company was formerly known as
Wuhan Kaidi Electric Power Co., Ltd. and changed its name to
Kaidi Ecological and Environmental Technology Co., Ltd. in
September 2015.


SHANDONG LONGLIVE: Creditor Applies to Court for Restructuring
--------------------------------------------------------------
Bloomberg News, citing a stock filing, reports that Shandong
Longlive Bio-Technology Co. said one of its creditors has filed
an application with a court to restructure the company's debt due
to insolvency concerns.

Shandong Longlive Bio-technology Co., Ltd. is a China-based
company principally engaged in the production and trading of
functional sugars, as well as Internet business. The Company's
functional sugar products include xylo-oligosaccharide, xylose,
xylitol, arabinose and cellulosic ethanol, among others. The
Company is also involved in digital marketing and digital
distribution businesses. The Company provides Internet products
and services, including mobile phone games, text content reading,
comic and animation and Interactive Voice Response (IVR).


TAHOE GROUP: Moody's Downgrades CFR to B2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Tahoe Group Co., Ltd (Tahoe), and to
B3 from B2 the backed senior unsecured rating to the notes issued
by Tahoe Group Global (Co.,) Limited - a wholly owned subsidiary
of Tahoe - and guaranteed by Tahoe.

At the same time, Moody's has changed the outlook on all ratings
to stable from negative.

RATINGS RATIONALE

"The ratings downgrade reflects our expectation that Tahoe's
ability to deleverage over the next 12 to 18 months is slower
than we had expected, while the refinancing pressure that it
faces from its maturing onshore shadow banking loans and puttable
onshore bonds has increased," says Franco Leung, a Moody's Senior
Vice President.

Moody's explains that Tahoe's high leverage has been driven by
its debt-funded expansion and slower than expected cash
collection on property sales.

Tahoe has a track record of strong sales execution, which has
enabled it to grow to a scale larger than many single B-rated
Chinese property developers.

However, Moody's estimates that the company's level of cash
collection from property sales was one of the lowest among B-
rated developers in China during 2017, despite reporting strong
sales growth of 170% year-over-year to RMB100.7 billion. At the
same time, the company's high land replenishment requirements -
driven by its fast business expansion plans - contributed to a
significant increase in its reported debt to around RMB136
billion at the end of 2017 from around RMB75 billion at the end
of 2016.

Accordingly, the company's debt leverage - as measured by
revenue/adjusted debt - weakened to around 17% in 2017 from
around 25% in 2016.

Its interest coverage remained at around 1.4x in 2017, because an
increase in gross profit margins to 25.6% in 2017 from 17.4% in
2016 offset the higher interest expenses arising from the
increased debt.

Nevertheless, Moody's expects that the company' revenue/adjusted
debt will gradually improve towards 25% and interest coverage
will trend towards 1.5x, as Tahoe strives to control its debt
growth and improve its cash collection.

In addition, Tahoe increased its short-term debt to support
business expansion, which increased in turn its refinancing
pressure amid tight onshore credit conditions. The company's cash
balance of around RMB16.6 billion at 31 December 2017 was
inadequate to cover its short-term debt of around RMB43 billion
and unpaid land premiums. Its short-term debt to total debt
increased to about 32% at the end of 2017 from around 25% at the
end of 2016.

Moody's expects that Tahoe will be able to address its
refinancing needs by substantially improving its cash collection
and operating cash flow, while continuing to diversify its
funding channels, as evidenced by its recent offshore bond
issuance totaling $655 million between Q1 2018 and Q4 2017.

The ratings outlook is stable, reflecting Moody's expectation
that Tahoe will: (1) achieve its contracted sales target and
substantially improve its cash collection level; (2) manage the
refinancing of its short-term debt; and (3) adopt a more measured
approach to land acquisitions and reduce its debt leverage
positions over the next 12 to 18 months.

Tahoe's B2 corporate family rating reflects the company's strong
sales execution on residential and commercial properties in the
key regions that it operates. The rating also reflects the
company's large business scale relative to many B-rated Chinese
developers, and wide product offerings, ranging from those
catering to the mass market to mid-end and ultra-high-end
properties. These factors contribute to the company's high
business growth.

The company's capital structure is modestly diversified, and it
has maintained a good track record of accessing the domestic debt
and equity capital markets. Moody's expects that Tahoe's good
access to funding will support its capital needs for ongoing
business development.

On the other hand, its B2 corporate family rating also reflects
its rapid growth ambitions, including expansion into new markets,
which increases financial and execution risk.

Tahoe's B2 corporate family rating is constrained by its weak
financial metrics and liquidity, in particular, its high debt
leverage, as a result of sizable land acquisitions, construction
spending requirements and slow cash collection.

Tahoe's ratings could be upgraded in the medium term, if it: (1)
substantially improves its liquidity position, such that cash to
short-term debt is above 1.25x on a sustained basis; and (2)
materially improves its credit metrics, with EBIT/interest
coverage above 2x and revenue/adjusted debt above 50%-55% on a
sustained basis.

On the other hand, downward ratings pressure could increase, if
Tahoe cannot improve its cash collection and liquidity position,
such that cash to short-term debt fails to trend above 1x, or the
company fails to improve its credit metrics.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in
2010. The company began its first residential property project in
Fuzhou in Fujian Province in 1996. Its operations are mainly
focused on home property developments. It is also engaged in
commercial property developments.

At December 31, 2017, the company's land bank totaled around 14
million square meters by saleable gross floor area.


URUMQI GAOXIN: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Urumqi Gaoxin Investment
and Development Group Co., Ltd.'s (UGID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The
Outlook is Stable.

Fitch has also assigned a final rating of 'BB+' to UGID's
issuance of an additional USD73 million of its USD200 million
5.2% senior unsecured notes due 2020.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
rating is in line with the expected rating assigned on January 8,
2018.

The notes are consolidated and have the same terms and conditions
as the notes issued in December 2017. The additional notes do not
affect Fitch's rating on UGID. The offshore notes constitute
UGID's unsecured and unsubordinated obligations, ranking pari
passu with all its other present and future obligations.

KEY RATING DRIVERS

Government Links: UGID's ratings are credit-linked to, but not
equalised, with Fitch's internal assessment of the district
government of the Urumqi High-tech Industrial Development Zone
(New City) in China. The link is reflected in the company's 'Very
Strong' status, ownership and control, 'Strong' support track
record and expectations, 'Moderate' socio-political impact of
default and 'Very Strong' financial implications of default.
These factors mean there is a high likelihood UGID would get
extraordinary support from regional authorities, if needed. UGID
is classified as a government-related entity (GRE) under Fitch's
criteria.

New City's Strong Creditworthiness: New City is a district-level
local regional government in Urumqi, the capital of Xinjiang
Uyghur Autonomous Region in northwest China. The administration
of New City covers the high-tech development zone. The district
contributed on average one-third of the gross regional product of
Urumqi municipality and about 10% of the region's economy. New
City is one of the most important economic engines in Urumqi and
takes the lead in reshaping the economic structure of the less-
developed western region of China.

Status, Ownership, Control 'Very Strong': UGID is 100% directly
owned and supervised by the Urumqi High-tech Industrial
Development Zone State-owned Assets Supervision and
Administration Commission (New City SASAC). Company directors and
senior management are mainly appointed or nominated by the
municipal government and UGID's major decisions, financial plans
and debt need the government's approval.

Support Track Record, Expectations 'Strong': UGID has received
capital injections and stable operating subsidies from the New
City government. Subsidies were more than 30% of operating
revenue in 2012 and 2013 but subsequently dropped to around 10%
in 2016 due to its flourishing operating revenue, driven by
government infrastructure projects. Capital injection amounted to
around 33% of UGID's total assets as at end-2016, including a
debt swap. Part of UGID's debt was taken over by the government
as direct debt. However, Fitch expects its capital market
borrowings to rise amid tighter regulations over local government
debt.

'Moderate' Socio-Political Implications of Default: UGID is
tasked with leading New City's infrastructure development to
attract businesses and corporations to the development zone. It
has no other private or public competitor in New City that could
take over its responsibility in the immediate term. UGID also
provides financial services to the enterprises in the zone,
namely micro-loan and guarantee services. Its long-term strategy
is highly compatible with the aims of the high-tech zone and the
New City government. UGID is essential to the success of the
local economy.

Default Financial Implications 'Very Strong': UGID is the New
City government's most important financing platform for providing
public services to the district and the enterprises that operate
in the high-tech zone. Around 80% of its operating revenue in
2016 was sourced from the New City government, according to UGID.
The company is well-known among onshore and offshore investors
and a default would have a significant impact on the funding
availability of its parent and other GREs from neighbouring
regions.

RATING SENSITIVITIES

A stronger or more explicit support commitment from the New City
government may trigger a positive rating action on UGID. An
upgrade of Fitch's internal credit view on the New City
government may lead to positive rating action on UGID.

A significant weakening of UGID's strategic importance to New
City, dilution of its shareholding, a decreasing share of revenue
from the government, and/or significantly reduced government
support, may result in a downgrade; likewise, a downgrade could
also stem from weaker fiscal performance or increased
indebtedness at the parent, leading to a deterioration in Fitch's
internal assessment of New City's creditworthiness.

Any rating action on UGID's IDRs would result in similar action
on the ratings of the US dollar notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by local and regional
governments to GREs such as UGID, which may have a practical
impact on the entities' ability to service their debts. Fitch
interprets such initiatives as the central government's efforts
to disentangle GREs from public-sector balance sheets, address
indiscriminate GRE debt growth and encourage greater market
discipline.

Depending on the degree of certainty and the extent of the
prohibitions, the agency will take rating action that could
result in a widening of the notching or the adoption of a bottom-
up ratings approach, possibly even to the extent of the removal
of all support expectations.

The full list of rating actions is as follows:

Urumqi Gaoxin Investment and Development Group Co., Ltd.

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable

USD200 million 5.2% senior unsecured notes due 2020 affirmed at
'BB+'

USD73 million 5.2% senior unsecured notes due 2020 assigned final
'BB+'


YUZHOU PROPERTIES: Fitch Assigns 'BB-' Rating to USD200M Notes
--------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) USD200 million 7.90% US dollar senior
unsecured notes due 2021 a final 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The company's management
says it plans to use most of the net proceeds from the issue to
refinance existing indebtedness. The final rating is in line with
the expected rating assigned on May 2, 2018 and follows the
receipt of documents conforming to information already received.

The Chinese homebuilder's ratings are supported by its strong
contracted sales growth, regional diversification and favourable
margin compared with its peers. Yuzhou's active land acquisition
approach will support higher contracted sales in the medium term,
though it drove leverage, defined by net debt to adjusted
inventory, up to 42% by end-2017. Fitch believes leverage of 40%-
45% will be reasonable as the company's operating scale will be
larger. Fitch's assessment of Yuzhou's ratings will depend on
whether it can manage its contracted sales growth without
significantly impairing its leverage and margins.

KEY RATING DRIVERS

Land Purchases Underpin Expansion: Fitch believes Yuzhou's recent
land acquisitions will enhance its geographical diversification
as they include properties in three cities where it does not yet
operate, Beijing, Foshan and Shenyang.

The company, which is strongly positioned in the West Strait
Economic Zone and the Yangtze River Delta, will be able to
gradually expand into northern China as some properties acquired
are in Tianjin and Shenyang. Contracted sales in the West Strait
Economic Zone and the Yangtze River Delta accounted for 35% and
60% of total contracted sales in 2017, respectively. Fitch
expects the company's operating scale to continue increasing in
these two regions. Yuzhou's total contracted sales increased
73.7% to CNY40.3 billion in 2017.

Higher Leverage: Yuzhou's leverage increased to 42% by the end of
2017 (end-2016: 37.5%), as Yuzhou used 50%-60% of its annual
presales proceeds to acquire land to maintain growth in
contracted sales beyond 2017. Fitch believes a rise in leverage
to 42% at end-2017 is still reasonable because of the good
quality of its recent land purchases and the increase in
contracted sales. Yuzhou's attributable land acquisition cost of
CNY15 billion was 37.2% of its total contracted sales in 2017 and
more than 70% of it was paid in 2017.

Margin Remains Robust: Yuzhou's land acquisition prices will be
lowered by the very low average land cost for the recent
acquisition of seven projects in China from Coastal Greenland
Limited. Fitch expects Yuzhou's gross profit margin to remain at
30%-35% and EBITDA margin at 25%-30% (before capitalised
interest), which is high relative to peers rated in the 'BB'
category. Most of the sites purchased in 2016 and 2017 are in
good locations in major cities in the Yangtze River Delta and the
West Strait Economic Zone, where the company has a record of
achieving increases in selling prices.

DERIVATION SUMMARY

Yuzhou's business profile and scale are trending towards those of
'BB' rated peers. A faster churn rate may be achieved with a
slightly lower margin. Yuzhou's recent expansion into the Yangtze
River Delta will increase its leverage, but Fitch believes higher
leverage that remains below 45% in the next 12 months will be
reasonable as it has acquired good quality sites and achieved a
much larger operating scale.

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is the closest peer to
Yuzhou as both of them are focussed on the Yangtze River Delta,
while Yuzhou is also strongly positioned in the West Strait
Economic Zone, and less exposed in the Bohai Rim. CIFI has lower
leverage and higher sales efficiency than Yuzhou, while its
EBITDA margin is lower than Yuzhou. As Yuzhou is striving to
balance its margin and sales efficiency, Fitch expects its margin
to trend down but sales efficiency to improve.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY30 billion-50 billion
    a year in 2018-2020 (CNY30 billion in 2017)

  - Contracted average selling price to rise 10% a year in 2018-
    2020 (33% in 2017)

  - Gross profit margin (before capitalised interest) of 30%-35%
    in 2018-2020 (35% in 2017)

  - Land acquisition costs to account for 50%-60% of total
    contract sales each year in 2018-2020 (37% in 2017)

RATING SENSITIVITIES

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

  - Attributable contracted sales sustained above CNY30 billion
    (2017: CNY30 billion)

  - Net debt/adjusted inventory sustained below 40% (2017: 42%)

  - Attributable contracted sales / gross debt sustained above
    1.2x (2017: 1.1x)

  - EBITDA margin (before capitalised interest) sustained above
    25% (2017: 34%)

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

  - Net debt/adjusted inventory sustained above 45%

  - Attributable contracted sales/gross debt sustained below 1.0x

  - EBITDA margin (before capitalised interest) sustained below
    20%

LIQUIDITY

Liquidity: The company had unrestricted cash of CNY15.6 billion
at end-2017. The company has diversified funding channels to
ensure the sustainability of its liquidity to meet its short-term
debt of CNY16.7 billion and support its planned expansion.
Besides bank loans, it has established channels for both onshore
and offshore bond issuance, as well as equity placement.


ZHENRO PROPERTIES: Fitch Publishes 'B' IDR, Outlook Positive
------------------------------------------------------------
Fitch Ratings has published China-based homebuilder Zhenro
Properties Group Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'B' with a Positive Outlook.

Zhenro's ratings are supported by its high-quality land bank that
is focused on Tier 1 and 2 cities spread across four regions in
China. The diversification drives the company's contracted sales
growth, sales churn and high margins. Its annual contracted sales
and EBITDA margin are comparable with those of 'BB-' rated peers.
However, Zhenro's leverage (as defined by net debt/adjusted
inventory) of above 60% is high compared with those of 'B' rating
category peers.

The Positive Outlook reflects Fitch's expectation that Zhenro
will de-leverage in 2018 after it repays borrowings using the
proceeds from its IPO. At the same time, Fitch expects the
company to keep to a prudent financial policy for acquiring land,
which will allow its leverage to fall to around 55% in 2018,
while maintaining its contracted sales scale and a high-quality
land bank.

KEY RATING DRIVERS

High-Quality Land Bank: Zhenro's land bank is focused on Tier 1
and 2 cities, and is well-diversified across the eastern,
northern, southeast and central regions in China. This allowed
Zhenro to achieve strong contracted sales growth in 2017 and
2016. The company expanded its land bank to five new cities -
Hefei, Zhengzhou, Jinan, Jiaxing and Xuzhou - in 2017, mainly
through bidding and the formation of JVs with other developers.

Satisfactory Margins: Zhenro's gross profit margin (after adding
back capitalised interest) was 34%-35% in 2015-2017, and is
likely to remain above 30% for 2018. The average cost of land
acquired in 2017 was CNY4,557 per sq m, about 25% of its
contracted average-selling-price (ASP) in 2017, which appears
reasonable. EBITDA margin (after adding back capitalised
interest) improved slightly to 29% in 2017 from 28% in 2016, due
to higher recognised ASP.

High Leverage: Zhenro's leverage, as defined by net debt/adjusted
inventory, may decrease to 50%-55% over the next two years from
66.5% in 2016, because the company repaid some of its debts using
its IPO proceeds of CNY3.5 billion. Fitch believes the company
will need to use 40%-50% of its attributable contracted sales
each year to acquire new land to sustain its contracted sales
scale. Its attributable land acquisition costs amounted to about
CNY21 billion in 2017, representing about 46% of its contracted
sales in 2017 (excluding JVs).

Small Land Bank: Zhenro's total land bank of 15 million sq m
(about 12 million excluding JVs) at end-2017 is sufficient for
three to four years of development activity, based on its current
contracted sales scale of about 3 million sq m per year. Its
small land bank relative to its development activity, which is
likely to drive the company to replenish its land bank at market
prices, limits its ability to deleverage substantially to below
50%.

Insignificant Investment Property Contribution: Zhenro's
investment property portfolio is small and generated rental
revenue and property management income of CNY110 million in 2017.
The rental revenue should increase in 2018 as Zhenro has a
pipeline of new investment properties due to open in 2018. These
new investment properties are shopping malls of its residential
development projects. The occupancy rates of the existing malls
are 95%-100%. The recurring EBITDA interest coverage will remain
low at below 0.1x for 2018-2020.

DERIVATION SUMMARY

Zhenro's contracted sales scale and land bank diversification is
comparable with those of 'BB-' peers, while its high leverage and
small land bank constrains its ratings to the 'B' category.
Zhenro's high-quality land bank drives its contracted sales scale
and high margins. Its contracted sales of over CNY40 billion per
year (excluding JVs) and EBITDA margin of above 25% (after adding
back capitalised interest) are comparable with those of 'BB-'
peers, such as KWG Property Holding Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable). However, Zhenro's
leverage of above 60% as at end-2017 is high compared with those
of 'B' category peers. Fitch expects Zhenro to deleverage in 2018
as it repays borrowings using proceeds from its IPO.

KEY ASSUMPTIONS

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

  - Total contracted sales at CNY90 billion-120 billion a year
    in 2018-2020 (CNY70 billion in 2017)

  - Annual land premium equivalent to about 40%-50% of
    attributable contracted sales (46% in 2017)

  - EBITDA margin (after adding back capitalised interest) of
    25%-30% in 2018-2020 (29% in 2017)

  - Average occupancy rate for investment properties to remain
    near 100%

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 55%
    (66.5% in 2017).

  - Sales churn (contracted sales/total debt) sustained above
    1.0x (1.0x in 2017).

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

  - Failure to maintain the above positive rating sensitivities
    will lead to the Positive Outlook reverting to Stable.

LIQUIDITY

Sufficient Liquidity: Zhenro had unrestricted cash of CNY14.5
billion, IPO proceeds of CNY3.5 billion in January 2018 and
unused bank credit facilities of CNY12 billion at end-2017,
enough to cover the short-term borrowings of CNY23 billion.
Zhenro also issued asset-back securities with a principal amount
of CNY2.4 billion in April 2018. The company's average borrowing
cost declined to 7.3% in 2017 from 8.5% in 2016.


ZHENRO PROPERTIES: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to Zhenro Properties Group Limited.

The rating outlook is stable.

RATINGS RATIONALE

"Zhenro's B2 CFR reflects the company's quality and
geographically diversified land reserve, large scale and strong
sales execution," says Cedric Lai, a Moody's Assistant Vice
President and Analyst.

On its diversified land reserve, Moody's points out that at
December 31, 2017, Zhenro had 91 projects in 18 cities, without a
single city representing more than 20% of its total reserve.
Zhenro therefore has room to adjust its sales mix, based on the
demand and regulatory conditions in each city in which it
operates.

Zhenro's land reserve includes plots in Tier 1 and Tier 2 cities
such as Nanjing, Shanghai, Tianjin, Suzhou, Wuhan, Fuzhou, etc
which together accounted for more than 70% of its total land
reserve at the end of 2017, in terms of gross floor area.

The company has the ability to generate strong contracted sales
growth, as seen by the fact that its annual contracted sales grew
rapidly in the last three years. Specifically, Zhenro's total
contracted sales measured RMB70.2 billion in 2017, up a
significant 78.5% year-on-year.

Moody's expects that Zhenro's total contracted sales will
continue to grow at an annual rate of 15%-20% for 2018 to around
RMB80-RMB85 billion. Such a scale is larger than for most single
B-rated Chinese property developers.

"Zhenro's B2 CFR is constrained by its weak financial metrics, as
a result of its debt-funded rapid growth, weak liquidity position
and limited access to funding," adds Lai.

Over the next 12-18 months, Moody's expects Zhenro's debt
leverage - as measured by revenue/adjusted debt - to improve
slightly to 50% from 44% in 2017. Its adjusted EBIT/interest
should register 2.0x from 1.8x over the same period.

Moody's believes that the company will continue replenishing its
land reserve. Moody's assumption is based on the fact that
Moody's estimates that Zhenro's land reserve at the end of 2017 -
as measured by gross floor area - was equivalent to around three
years of development; a level which was low when compared to
Moody's-rated Chinese developers.

Zhenro's B2 CFR is also constrained by its narrow access to
funding and limited track record, especially in the debt capital
markets. Zhenro relies heavily on trust loans and asset
management borrowings, which made up around 45% of its total
reported debt at Dec. 31, 2017.

Moody's points out that the company successfully listed on the
Hong Kong Stock Exchange in January 2018. The listing can help
broaden its funding channels in the offshore market and enhance
its corporate transparency.

The B2 CFR also factors in the company's weak liquidity position,
with its cash to short-term debt at 86% at the end of 2017. Its
weak liquidity position is due to a combination of its lower-
than-industry average cash collection rate on its property
contracted sales and high spending on land acquisitions. On the
other hand, its liquidity position has improved through its
initial public offering, which generated cash proceeds of RMB3.4
billion.

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward rating pressure could emerge, if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong
contracted sales growth.

Credit metrics indicative of upward rating pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash to short-term debt above 1.25x on a sustained
basis.

The rating could be downgraded if: (1) Zhenro fails to deleverage
or its EBIT/interest coverage falls below 1.25x-1.50x, due to
aggressive land acquisitions; (2) its contracted sales or
revenues fall short of Moody's expectations; or (3) its liquidity
position weakens or its cash to short-term debt falls below 0.8x
on a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At the end of 2017, Zhenro had 91 projects in 18
cities. Its key operating cities include Shanghai, Nanjing,
Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owns
58.58% of Zhenro Properties. Mr. Ou Guowei and Mr. Ou Guoqiang -
the sons of Mr. Ou Zongrong - together own 10.55% of the company.


* CHINA: Record Maturities See More Firms Missing Debt Payments
---------------------------------------------------------------
Bloomberg News reports that Chinese companies are facing a surge
in distressed events as more companies struggle with debt
payments amid record bond maturities.

Chemical producer DunAn Holding Group Co. said the financial
office of Zhejiang province held a creditor meeting on May 2
after the company told the local government it has a capital
shortage, Bloomberg relates citing a statement on the Chinamoney
website on May 7. Two other companies missed bond payment in the
past two weeks, according to filings to the exchanges.

Bloomberg notes that Chinese President Xi Jinping has been
bolstering efforts to slash excessive borrowings in the financial
system, with traders predicting bond defaults will increase as
the nation pushes on with deleveraging. BlackRock Inc. said last
week China's weaker companies face the prospect of even higher
borrowing costs in the bond market as defaults spread, Bloomberg
relays.

"We expect risk events to increase in China's credit market this
year because the refinancing pressure is rising and profitability
is coming down," Meng Xiangjuan, an analyst at SWS Research Co.
in Shanghai, wrote in a note on May 8, Bloomberg relays.
"Investors should avoid lower rated credits and pay more
attention to the changes in the operating environment of the
issuers."

At least six publicly issued bonds have defaulted this year,
following eight in the same period of last year, according to
data compiled by Bloomberg.



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


ANIKEDHYA INFRAPROJECTS: CARE Rates INR13.41cr LT Loan 'B+'
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Anikedhya Infraprojects Private Limited (AIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            13.41      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AIPL are
constrained on account of its high project implementation risk,
risk related to timely receipt of advances coupled with presence
in a cyclical and highly fragmented real estate industry. The
ratings, however, derives comfort from experienced promoters and
location advantage. The ability of AIPL to complete its on-going
project and sale of its units at envisaged prices along with
timely realization of sales proceeds remains the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

High project implementation risk: AIPL started construction
activities of Anikedhya Capitol from April 2017 and is expected
to be completed by end of April 2020. Till April 6, 2018, the
company has incurred the cost of INR11.10crore forming 34.63% of
envisaged project cost and thereby 65.37% cost is to be incurred
which will be completed by April, 2020. This reflects high
project implementation risk as majority cost is yet to be
incurred.

Risk related to timely receipt of advances: AIPL has received
booking for 17 units formed 19.32% of total units for Anikedhya
Capitol and received the booking advance of INR2.54crore which
forms 30.97% of sales value of booked units against 34.63% of
cost incurred of Anikedhya Capitol reflecting moderate receipt of
advances against cost incurred and thereby risk associated with
timely receipt of remaining booking advances remains crucial.

Presence in a cyclical and highly fragmented real estate
industry: The life cycle of a real estate project is long and the
state of the economy at every point in time, right from land
acquisition to construction to actual delivery, has an impact on
the project. This capital intensive sector is extremely
vulnerable to the economic cycles. Currently, slowdown in sales
and increased input costs has increased liquidity concerns for
highly leveraged players. Further, the real estate sector in
India is highly fragmented with many regional players, who have
significant presence in their respective local markets which in
turn leads to intense competition within the industry.

Key Rating Strengths

Experienced Promoters: AIPL has been promoted by Mr. Nilesh K.
Jain and Mrs. Yamini N. Jain as a private limited company and
both the promoters has experience of around four years in real
estate industry.

Location Advantage: The on-going project of AIPL is located in
Chankheda area of Ahmedabad on 300 ft. wide Visat- Gandhinagar
Highway, which is the most developing highway connecting
Ahmedabad- Gandhinagar surrounded by elegant corporate buildings.
Thus, surrounded with the corporates AIPL is more likely to
ensure quick booking of its unsold units as it is with immediate
proximity to metro rail, BRTS bus stand and residential area.

Ahmedabad (Gujarat) based, AIPL was incorporated as a private
limited company in March, 2017 by Mr. Nilesh K. Jain and
Mrs. Yamini N. Jain. AIPL is currently executing a commercial
project named 'Anikedhya Capitol'(RERA Registration No.
PR/GJ/AHMEDABAD/AHMEDABAD CITY/AUDA/CAA02041/160318) with 88
units at Chandkheda, Ahmedabad consisting total area under
development of 56608 square feets. The implementation of
Anikedhya Capitol commenced from April 2017 and till April     6,
2018, AIPL has incurred the total cost of INR 11.10crore
(34.63%of total project cost) and rest will be incurred by the
end of April, 2020.


ANIR TECHPARK: CRISIL Withdraws B- Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Anir Techpark
Private Limited (ATPL) for obtaining information through letters
and emails dated April 5, 2018 and April 12, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      150       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ATPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
ATPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facility of ATPL to
'CRISIL B-/Stable Issuer Not Cooperating' from 'CRISIL B-
/Stable'.

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

ATPL, incorporated in 2004, is engaged in real estate
development. The company has on a joint development basis with
TVH group developed a commercial building, Agnitio Park, with a
built-up area of about 6 lakh sq ft with 12 floors.


ASP ENTERPRISES: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of ASP
Enterprises (ASP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Assigned

Detailed Rational and key rating drivers

The rating assigned to the bank facility of ASP is primarily
constrained by small and fluctuating scale of operations with low
partners' capital base, weak profitability margins, leveraged
capital structure and weak coverage indicators. The rating is
further susceptible to volatility in the prices of raw materials,
susceptible to cyclicality of steel industry and intense
competition in the industry due to low entry barriers. The
rating, however, draws comfort from experienced promoters and
moderate operating cycle. Going forward; ability of ASP to
increase its scale of operations while registering improvement in
its profitability margins and capital structure along with
effective management of the working capital requirement shall be
the key rating sensitivities.

Key description and key rating drivers

Key rating weakness

Small and fluctuating scale of operations with low partners'
capital: The scale of operations has remained small marked by
total operating income (TOI) and gross cash accruals of INR59.10
crore and INR0.46 crore respectively during FY17 (period refers
to April 1 to March 31). Furthermore, TOI stood fluctuating for
the past three financial years (FY15-FY17); TOI has grown in FY16
over previous year; thereafter registered declined in FY17 mainly
on account of lower quantity sold. Further, the partners' capital
base stood low at 2.72 crore. The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits. The firm has achieved TOI of INR55.00 crore
during 11MFY18 (refers to the period April 1 to February 28,
based on provisional results).

Weak profitability margins, leveraged capital structure and weak
coverage indicator: Profitability margins of the firm stood low
and range bound at ~2%-3% for past three financial years i.e.
FY15-FY17 mainly on account of competitive nature of industry
with low value addition. Moreover, high interest and finance
expense restricted the net profitability of the firm. PAT margin
stood at below 0.30% during the said period.

The company has debt mainly in form of working capital limits and
unsecured borrowings. The capital structure of the company stood
leveraged marked by debt equity and overall gearing of 2.02x and
4.20x as on March 31, 2017 due to low capital base coupled with
high dependence on external borrowings to fund the working
capital requirements. The average utilization of working capital
limits remained almost fully utilized for 12 months period ended
February, 2018. Further, owing to high financial expenses due to
high debt levels against low profitability levels, the debt
service coverage indicators remained weak marked by interest
coverage and total debt to GCA of 1.41x and 24.82x for FY17.

Susceptible to volatility in the prices of raw materials: Raw
material constitutes major component of the total cost of
production (i.e. more than 90% in FY17). Furthermore, the company
has no long-term contract with any raw material suppliers and the
company sources the material on need basis as per the price
prevailing in the market. The same exposes the company to the raw
material price volatility risk due to the volatility experienced
in the prices of steel components etc. which ultimately impacts
the profitability margins.

Susceptible to cyclicality of steel industry: Prospects of steel
industry are strongly co-related to economic cycles. Demand for
steel products is sensitive to trends of particular industries
such as automotive, construction, infrastructure, pipes and
consumer durables, which are the key consumers of steel products.
These key user industries in turn depend on various macroeconomic
factors, such as consumer confidence, employment rates, interest
rates and inflation rates, etc. in the economies in which they
sell their products. When downturns occur in these economies or
sectors, steel industry may witness decline in demand, which may
lead to decrease in steel prices putting pressure on the entire
value chain.

Intense competition in the industry due to low entry barriers:
ASP operates in a highly competitive industry marked by the
presence of a large number of players in the unorganized sector.
This is due to low technological inputs and easy availability of
standardized machinery for the production. Further, with presence
of various players, the same limits bargaining power which exerts
pressure on its margins.

Key rating strengths

Experienced Promoters: ASP Enterprises is being directed by Mr.
Amit Kumar and Mr. Deepak Goyal. Mr. Amit Kumar looks after the
overall operations of the company. He is a graduate by
qualification and has an experience of around three decades in
steel industry through his association with ASP and Shiv
Chemicals Company (established in 1988). Mr. Deepak Goyal, a
graduate by qualification, looks after the day-to-day activities
of the business and has an experience of more than a decade in
this industry through his association with this entity.

Moderate operating cycle: The operating cycle of the firm stood
moderate at 60 days for FY17. The firm maintains sufficient
inventory of raw material for the smooth manufacturing process.
Also, the company maintains finished goods inventory to meet
immediate demand of its customer. All these resulted into average
inventory period of 56 days for FY17. The company extends credit
period of around 2-3 months to its customers due to competitive
nature of industry and receives almost similar period from its
suppliers due to established relationship.

Bhiwadi, Rajasthan based ASP Enterprises (ASP) was established in
2007 as a partnership concern. The current partners are by Mr.
Amit Kumar, Mrs. Sangeeta Garg, and Ms. Pinki Garg sharing
profits and losses in the ratio 1-2-2 respectively. ASP is
engaged in manufacturing of stainless steel sheets. The company
has two manufacturing facilities located in RIICO Indl area,
Bhiwadi, Rajasthan with total installed capacity of 600 MT per
month as on January 31, 2018. The company sells its products in
the domestic market mainly to manufacturing companies based in
Delhi, Uttar Pradesh and Himachal Pradesh. The main raw material
is stainless steel bars which it procure from domestic players of
stainless steel manufacturing companies located in Kolkata, Uttar
Pradesh, Rajasthan and Himachal Pradesh region.


AZAD ISPAT: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long-term rating for the INR12.00 crore long-
term bank facilities of Azad Ispat India Private Limited
to the 'Issuer Not Cooperating' category. The long-term rating is
now denoted as "[ICRA]B+(Stable)ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-Cash     12.00      [ICRA]B+(Stable);ISSUER NOT
   Credit                        COOPERATING*; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

*Issuer did not co-operate; based on best available information.

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 February 2008, Azad Ispat India Private Limited,
an ISO 9001:2008 certified company, manufactures Thermo
Mechanically Treated (TMT) bars, with a capacity to produce 31360
tonnes per annum (TPA). The company sells its product to the
dealers who further supply to the housing segment of the
construction industry, under the brand name "AZAD TMT". It
manufactures TMT bars of Fe 500 grade. It also has facilities to
produce mild steel (MS) ingots (14400 TPA) and billets which are
used for captive consumption. Its manufacturing facility is
located in Hindupur (Andhra Pradesh).

The major raw materials consumed by AIIPL for the production of
ingot are sponge iron and scrap. The company procures sponge iron
as well as scrap from the manufacturers based out of Bangalore
and Bellary in Karnataka. All the sales are made in the domestic
market.


BARANI FERROCAST: ICRA Retains B- Rating in Not Cooperating
-----------------------------------------------------------
ICRA Ratings said the ratings for the bank facilities of Barani
Ferrocast Private Limited continue to be in 'Issuer Not
Cooperating' category and is denoted as "[ICRA]B-(Stable) 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/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.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-fund       3.65       [ICRA]B-(Stable); ISSUER NOT
   based (Cash                     COOPERATING*; Rating continues
   Credit)                         to remain in the 'Issuer Not
                                   Cooperating' category

   Long term-Term       5.72       [ICRA]B-(Stable); ISSUER NOT
   Loans                           COOPERATING*; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long term-           4.63       [ICRA]B-(Stable); ISSUER NOT
   Unallocated                     COOPERATING*; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

*Issuer did not co-operate; based on best available information.

BFPL is involved in the business of manufacturing ferrous
castings using green sand molding and no bake molding process,
based on the customer requirements. The company was incorporated
in FY2011 and started commercial operations from FY2014. The
company is led by Mr. T K Karuppannasamy and Mr. K Devaraj whose
experience in the metal industry spans over two decades. The
company has a production shop floor area of 2020 sq. mt. and
services floor area of 210 sq. mt. to carry out the molding
process. The company focuses on manufacturing intricate
engineering parts that caters to various sectors like
automobiles, power, general machinery etc.


BHAVANI RICE: CARE Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bhavani Rice Mill (BRM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BRM is primary
constrained on account of its moderate scale of operations along
with thin profitability, leveraged capital structure with weak
debt coverage indicators and modest liquidity position with
working capital intensive nature of operation in FY17 (refers to
a period of April 1 to March 31). The rating also remained
constrained on account of its partnership nature of constitution
and susceptibility of margins to paddy price fluctuations along
with presence in highly fragmented, competitive and seasonal agro
industry.

The rating, however, derives strength from vast experience of
promoter in rice milling and location advantage in form of
presence in paddy-growing region of Gujarat.

The ability of BRM to increase its scale of operations, improve
its profitability and capital structure along with managing
working capital efficiently are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operation along with thin profitability: The
scale of operation of BRM stood moderate marked by total
operating income (TOI) of INR32.73 crore during FY17 as against
INR27.84 crore during FY16. Profitability of BRM stood thin
marked by below unity PAT margin owing to its low value addition
nature of business.

Leveraged capital structure with weak debt coverage indicators:
Owing to high debt level and low networth base, the capital
structure of BRM stood leveraged as marked by overall gearing
ratio of 7.52 times as on March 31, 2017. As a consequence of low
profitability and high debt level, the debt coverage indicators
also stood weak marked by high ratio of total debt to GCA at
40.34 times as on March 31, 2017.

Moderate liquidity coupled with working capital intensive nature
of operation: Liquidity position remained moderate marked by
current ratio of 1.50 times as on March 31, 2017. The operations
are working capital intensive marked by high utilization of
working capital bank borrowing for past one year ended March ,
2018 at 90%.

Presence in highly fragmented, competitive and seasonal agro
industry: Prices of raw material i.e. paddy are highly volatile
in nature and depend upon factors like, area under production,
yield for the year, international demand supply scenario, export
quota decided by government and inventory carry forward of last
year. PRPM operates in agro industry characterized by low entry
barriers, high fragmentation and the presence of a large number
of players in the organized and unorganized sector puts pressure
on the profitability margins. Further, agro based industries have
seasonality associated with availability of raw materials due to
different harvesting periods. Further, the supply of key raw
materials is primarily dependent upon monsoon during a particular
year as well as overall climatic conditions.

Partnership nature of constitution: Being a proprietorship firm,
BRM is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency, and firm being
dissolved upon the death/retirement/insolvency of partner.

Key Rating Strengths

Experienced proprietor with established track record of
operation: BRM was promoted in 1975 by Mr. Bhailalbhai Patel who
holds an experience of more than four decades in paddy processing
industry through his association with BRM. Further BRM has an
established track record of in paddy processing business managed
by his two sons namely Mr. Rajendrakumar B Patel and Mr.
Mukeshkumar B Patel since 1988.

Location advantage

The manufacturing facility of BRM is located in Bavla (Gujarat)
which provides easy access to paddy grown nearby area (local
famers) along with its linkages to large and medium enterprises
in agriculture marketing yards of Ahmedabad.

Balva (Gujarat) based Bhavani Rice Mill (BRM) was established in
1975 as a proprietorship firm by Mr. Bhailalbhai Patel and later
converted into partnership firm. BRM is engaged in the milling
and processing of non-basmati rice. BRM is operating from its
sole manufacturing plant located in Bavla (Gujarat) having
installed paddy processing capacity of 100 Metric Tonnes per day
as on March 31, 2017.


CBSI INDIA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CBSI India
Private Limited's (CBSI) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR75 mil. Fund-based working capital affirmed with IND
     BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CBSI's continued modest scale of
operations due to intense competition in the staffing industry,
though revenue increased to INR526 million in FY17 from INR482
million in FY16 on account of an increase in contract staffing
service orders. CBSI booked INR384 million in revenue for 9MFY18.

The ratings also reflect CBSI's modest liquidity, indicated by
average fund-based limit utilization of 91.7% for the 12 months
ended April 2018.

The ratings continue to benefit from CBSI's comfortable credit
metrics. Its gross interest coverage (operating EBITDA/gross
interest expense) was 4.1x in FY17 (FY16: 33.7x). The
deterioration in the coverage was primarily due to an increase in
interest expenses. CBSI's net leverage (total adjusted net
debt/operating EBITDAR) was 2.2x in FY17 (FY16: 2.7x). The
improvement in the leverage was primarily driven by a decrease in
the debt. EBITDA margin fell to 6.9% in FY17 from 7.9% in FY16
owing to an increase in consultancy charge (28.5% of FY17
revenue; 24.6% of FY16 revenue) due to an increased dependence on
placement consultancies for contract staffing.

The ratings also continue to be supported by the promoters'
combined experience of over a decade in the service industry.

RATING SENSITIVITIES

Negative: Any significant decline in the profitability leading to
any deterioration in the credit metrics could result in a
negative rating action.

Positive: Any significant rise in the revenue and the
profitability leading to any improvement in the credit metrics
could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2013, Bengaluru-based CBSI is a manpower supplier
for backend processes of IT companies in India. Its major
customers include IBM India Private Limited, Wipro Limited, Mind
tree Ltd, Cognizant Technology Solution India Private Limited and
Cap Gemini India Private Limited.


DHANDU MARIAMMAN: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA Ratings said the ratings for the bank facilities of Dhandu
Mariamman Steels continue to be in 'Issuer Not Cooperating'
category and is now denoted as "[ICRA]B(Stable) 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
noncooperative.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-fund      5.50       [ICRA]B (Stable); ISSUER NOT
   Based (Cash                    COOPERATING*; Rating continues
   Credit)                        to remain in the 'Issuer Not
                                  Cooperating' category

   Unallocated         0.50       [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING*; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

*Issuer did not co-operate; based on best available information.

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.

Dhandumariamman Steels is a trader in ferrous and non ferrous
scrap which is widely used in foundries; the firm supplies
metal scrap to some of the leading foundries located in and
around Coimbatore, Tamilnadu. The firm mainly deals in trading of
cast iron scrap that is suited for foundries catering to
manufacturing of pumps, automotive parts and general machineries.
The firm commenced operations in the year 2007 and is managed by
M. P. Mohanraj who is the sole proprietor.


DHANRAJ RICE: CARE Assigns B+ Rating to INR11.90cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Dhanraj Rice Industries (DRI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            11.90      CARE B+; Stable Assigned

The rating assigned to the bank facilities of DRI are constrained
on account of its implementation and stabilization risk
associated with the highly leveraged project, constitution as a
partnership firm, susceptibility of fluctuation in raw material
prices and highly regulated industry, fragmented nature of
industry and low entry barriers.

The ratings, however, derives comfort from vast experience of
promoters in agro processing industry, support from associate
concern and close proximity to raw material sources and
favourable industry scenario.

DRI's ability to stabilize its business operations by commencing
commercial production within specified timeline and cost
parameters and establishing customer base would be key rating
sensitivity. Further, achieving envisaged level of sales and
profitability in volatile raw material pricing scenario and
highly competitive industry would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with the highly
leveraged project: DRI is implementing a green field project of
milling and processing of wheat and rice with estimated total
cost of INR9.13crore reflecting project gearing of 2.04 times.

Constitution as a partnership firm: DRI being a partnership firm
is exposed to inherent risk of partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners.

Susceptibility to fluctuation in raw material prices and highly
regulated industry: DRI is primarily engaged in the processing
and milling of various agro based products like various types of
rice, wheat. This product being an agricultural output and staple
food, its price is subject to intervention by the government. In
the past, the prices of rice have remained volatile mainly on
account of the government policies in respect of Minimum Support
Price (MSP) & controls on its exports. The prices are also
sensitive to seasonality in grain production, which is highly
dependent on monsoon. Any volatility in the grains like paddy and
wheat prices will have an adverse impact on the performance of
the rice and wheat mill. Given the market determined prices for
finished product vis-…-vis fixed acquisition cost for raw
material, the profitability margins are highly vulnerable.

Fragmented nature of industry and low entry barriers: DRI
operates in lower segment of the value chain and faces stiff
competition from other players in the area. The commodity nature
of the product makes the industry highly fragmented with more
than two-third of the total number of players being in
unorganized sector with very less product differentiation. Due to
the fragmented nature and low entry barriers in the industry, the
agro processing commodity mill units have limited flexibility
over pricing their products which also results in low profit
margins.

Key Rating Strengths

Vast Experience of Promoter: DRI has been promoted and managed by
Mr. Manahardan H. Gadhavi and Mr. Parikshit S. Gadhavi and both
the partners have vast experience in agro processing industry.

Support from associate concern: DRI would derive benefit from the
existing marketing network of is an associate concerns i.e.
Mirambika Agro Industries which has established track record in
agro processing industry. Promoters had setup this unit to expand
its product profile to milling of rice and wheat. DRI will
utilize their marketing and dealer network which is present all
over Ahmedabad and Rajkot and will be later replaced by its own
setup of dealer and marketing network.

Close Proximity to raw material sources and favourable industry
scenario: The manufacturing facility of DRI is located in Bavla
district of Gujarat, which is the most convenient place of food
grains trading. The location also provides proximity to sources
of raw material access and smooth supply of raw materials at
competitive prices and lower logistic expenditure. Further, rice
and wheat being a staple food grain with India's position as one
of the largest producer and consumer, demand prospects for the
industry is expected to remain good in near to medium term.

Ahmedabad (Gujarat) based DRI is a limited liability partnership
firm established in May, 2017 by Mr. Manahardan H. Gadhavi and
Mr. Parikshit S. Gadhavi to setup green field project of milling
and processing of wheat and rice with proposed installed capacity
of 5 tonnes per hour per day each for wheat and rice and its
plant is located at Bavla, Ahmedabad. The commercial operations
are expected to start from first week of April, 2018. It has an
associate concerns named Mirambika Agro Industries which is
engaged in milling and processing of wheat and rice and Kishan
Biofuels which is engaged in processing of bio-degradable waste.


DIGANTA MUDRANA: CARE Assigns B Rating to INR3.33cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Diganta Mudrana Limited (DML), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            3.33       CARE B; Stable Assigned

   Short-term Bank
   Facilities            4.17       CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of DML are tempered by
small scale of operations with fluctuating total operating income
during the review period, weak financial risk profile marked by
cash losses in FY17, leverage capital structure and weak debt
coverage indicators, working capital intensive nature of
business, highly fragmented and competitive nature of industry
marked by the presence of several other players in the market and
susceptibility of its profit margins to fluctuation in raw
material prices. The rating, however, derives strength from long
track record of the company and experienced management in
printing and publishing industry and stable outlook for printing
industry.

Going forward, ability of the company to increase its scale of
operations, turnaround from loss to profit and improve
profitability margins in competitive environment and to manage
working capital requirements efficiently and improve the capital
structure and debt coverage indicators would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
during the review period: The company has a track record of
around thirty years however the total operating income (TOI) of
the company remained low at INR9.23 crore in FY17 with low net
worth base of INR1.63 crore as on March 31, 2017 as compared to
other peers in the industry. The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits.

The total operating income (TOI) has decreased from INR10.74
crore in FY15 to INR7.99 crore in FY16, due to decrease in orders
from existing customers . However the total operating income
(TOI) has increased to INR9.23 crore in FY17 due to repeated
orders from its major customer Karnataka Text Book Society.

Weak financial risk profile marked by cash losses in FY17,
leverage capital structure and weak debt coverage indicators: The
capital structure of the company deteriorated and remained
leveraged during the review period. The debt equity and the
overall gearing ratio of the company deteriorated from 1.09x and
2.27x respectively as on March 31, 2015 to 1.53x and 3.25x as on
March 31, 2017 due to decrease in net worth at the back of carry
forward of accumulated losses. The debt coverage indicators
marked by interest coverage and TD/GCA remained weak during the
review period. The company has incurred net losses for the last
three years ended FY17 and cash loss of INR1.24 core in FY 17 due
to presence of opening stock at high cost and due to heavy
business competition.

Working capital intensive nature of operations: The company
operates in working capital intensive nature of operations. The
average working capital cycle days of the firm improved and stood
72 days during FY17 as compared to 161 days in FY16. This is
mainly due to decrease in average collection period and average
inventory period. As per the company's policy, it does not give
any credit to newspapers but extends credit of 30 days for job
works (printing of calendars, diaries etc). Apart from newspaper
printing and job works, the company also handles printing of
textbooks for Karnataka Text Book Society, Government of
Karnataka undertaking, for which the company has to extend the
high credit period usually between 90-120 days. Furthermore, the
firm makes the payment to its suppliers within 60 days from the
date of invoice. To meet the above working capital gap the
company is dependent on working capital bank borrowings. The
average working capital utilization of the firm remained high
during the period ending on March 31, 2018 and stood at 100%.

Highly fragmented and competitive nature of industry marked by
the presence of several other players in the market: The company
is engaged in printing of newspapers, text books, brouchers,
posters, souvenirs, business stationery like calendars and
dairies, booklets etc. The paper printing industry is highly
fragmented with presence of several players in the market. With
low entry barriers and many small scale players in the market,
the company's business is largely affected by the unorganized and
small scale players in the market. Such competitive and
fragmented market impacts in lower margins due to competitive
prices of peers in the market.

Susceptibility of its profit margins to fluctuation in raw
material prices (paper): The company's major raw materials being
paper constitutes for around 80% of total purchases and rest
being printing material. Price of paper is seen increasing year-
on-year and is driven by the increasing quantities demanded.
Hence any
adverse fluctuation in the prices and availability of the paper
can affect the profitability margins of the firm, which already
remain low due to the high cost of raw materials.

Key Rating Strengths

Long track record and experienced management in printing and
publishing industry: The company has experienced management.
Dr.P.Vaman Shenoy (Managing Director) is a graduate (M.B.B.S) by
qualification and has 5 years of experience in printing and
publishing industry. Mr.P.Vinod Shenoy (Director) is a qualified
graduate and has 20 years of experience in printing and
publishing industry. Mr.T.Shambu Shetty (Director) is a graduate
by qualification and has 10 years of experience in printing and
publishing industry. Due to long experience of the directors,
they were able to establish long term relationship with clientele
which will help to developing their business in near future.

Stable outlook of printing industry: Printing and Label Industry
is growing all over the world and so it does in India. On a
global perspective the market is about to hit $980 billion in
2018. India's is thereby ranked as the second largest printing
market and looks back on an overall growth rate of 12 to 14 per
cent per year since 1990, nowadays with an annual turnover of
more than $11 billion. So it remains one of the biggest and
fastest growing sectors within the country with its allied
industries like Printing Machinery Manufactures, Packaging
industries, Paper manufacturing, Ink manufacturing, manufactures
of raw material and consumables. Concerning exports, mostly IT-
related pre-press services are shifted to the English speaking
world and then again large U.S. printing and publishing firms are
settled in India. Fortunately even the threat of TV and Internet
towards the global printing industry did not keep the Indian
sector from growing.

Karnataka based, Diganta Mudrana Limited (DML) was incorporated
as a Private Limited Company on August 29, 1988, by Mr. Vasudeva
Kamath, Dr. Madhava Bhandary and Mr. Aravinda G. Bijoor for
setting up a printing unit with an installed capacity of 1,00,000
impressions per hour. The constitution of the company was changed
to Public Limited Company on July 20, 1992. The main objective of
the company is to carry on the business of printing newspapers,
text books, brouchers, posters, souvenirs, business stationery
like calendars and dairies, booklets etc. The company has its
servicing facility located at Mangalore and Shimoga, Karnataka.
The newspapers that company prints at its facilities include
Hosadigantha, Jayakirana, Namma Kudla, Kundapura Mithra, Praja
Sangathi and Athithi which are Kannada daily newspapers whose
agreement is renewed every year.

DML also prints text books for Karnataka Text Book Society (KTBS)
which is an Government of Karnataka undertaking. The company also
undertakes lamination, plate making and binding works and prints
book works for various publications. Every year, the company bids
for the contract to print text books and is confident that KTBS
would remain their customer going forward as well. The major raw
materials of the company include paper, printing ink, packing
materials, binding materials and other printing materials which
are procured from domestic suppliers.


DOON TOWERS: CARE Assigns B Rating to INR6.34cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Doon
Towers (DT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           6.34        CARE B; Stable Assigned

   Short-term Bank
   Facilities           1.80        CARE A4 Assigned

   Long-term/Short-     0.86        CARE B; Stable/CARE A4
   Term Bank                        Assigned
   Facilities

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of DT are constrained
by its small and scale of operations, weak financial risk profile
as characterized by net losses, leveraged capital structure and
weak coverage indicators. The ratings are further constrained by
DT's presence in a cyclical and competitive industry coupled with
the seasonality associated with hotel industry. The aforesaid
ratings draw comfort from the experienced and resourceful
promoters and comfortable operating cycle.

Going forward, ability of the firm to increase its scale of
operations while improving profitability margins and capital
structure and achievability of envisaged average room rent and
occupancy level shall be its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The scale of operations of the firm
remained small marked by total operating income of INR4.29 crore
and negative gross cash accruals of INR0.06 crore for FY17
(refers to the period April 01 to March 31). The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Further, the firm has achieved
total operating income of INR3.00 crore during 9MFY18 (refers to
the period April 1 to December 31, based on provisional results).

Weak financial risk profile: The PBIDLT margin of company stood
moderate at above 15.50% for the past two financial years FY16-
FY17. However the company suffered net losses for the past two
financial years (i.e FY16-FY17); owing to high interest cost and
depreciation expense.

The capital structure of DT stood leveraged on account of debt
funded capital expenditure done in recent past to fund the
expansion and renovation of hotel. As on march 31, 2017, overall
gearing ratio stood at 1.96x. The debt coverage indicators stood
weak owing to high interest expense coupled with high debt levels
due to above mentioned reasons.

Cyclical and competitive nature of hospitality industry: The
Indian hotel and hospitality industry is highly fragmented in
nature with the presence of a large number of organized and
unorganized players spread across various regions. Due to the
competitive nature of hotel industry and presence of numerous
players will limit the pricing flexibility of the firm.
Furthermore, increased competition has also kept the ARRs
and occupancy rates under pressure and the same are likely to be
affected further by a glut of hotel rooms expected to be added in
the medium term across India, with a substantial addition in the
premium hotel segment.

Seasonality associated with hotel industry: The demand for hotel
room changes direction in direct relation to the economy, as both
business and pleasure travel are easy expenditures to eliminate
in declining economy. Although in any local market, the hotel
business is likely to have its own dynamics. The hotel business
is seasonal in nature, with April-June being the peak period.
This is primarily due to the increased leisure tourism during
this season. July-September is a lean period for the hotel
business in Dehradun due to the monsoon.

Key Rating Strengths

Experienced promoters: The firm is mainly being managed by Mr.
Jaswant Singh Rawat and his wife Mrs Hemal Rawat. Both of them
have an experience of around two decades in the hotel industry
through their association with DT and other family businesses.
They are supported by Mr. Tarun Singh Rawat and Ms. Prachi Rawat.
Both of them have an experience of around half a decade in this
industry through their association with DT.

Comfortable operating cycle: DT has had a negative operating
cycle for the past three financial years (FY15-FY17). The firm
maintains inventory in the form of food, beverages, liquor etc.
for around a week for meeting the immediate needs of its guest
leading to average inventory holding of 8 days for FY17. The
average payable period received by the firm stood at around 1-2
months on account of long standing relationship of promoters
group in hotel industry which aided the firm in maintaining
comfortable credit period with its suppliers. The average
creditor's days stood at 42 days for FY17. However, the firm
offers its services mainly on cash basis. The working capital
limits remained around 90% utilized for the past 12 months,
period ended February 28, 2018.

Dehradun based, Doon Towers (DT) was established in 2014 as a
partnership firm and is currently by the partners in the
firm. The firm operates a hotel under the brand-name of 'JSR
Continental' which has 42 rooms and suites. The services
from hotel include 4 banquet halls, 24-hour caf‚, multi-cuisine
restaurant, gym and swimming pool.


GANESHA MOTORS: CRISIL Migrate C Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Ganesha Motors
Private Limited (GMPL) for obtaining information through letters
and emails dated January 29, 2018, March 5, 2018, April 13, 2018
and April 18, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit         3.13        CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Fund-      2.77        CRISIL C (Issuer Not
   Based Bank Limits               Cooperating; Rating Migrated)

   Term Loan           0.60        CRISIL C (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 Ganesha Motors Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Ganesha Motors Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ganesha Motors Private Limited to 'CRISIL C Issuer
not cooperating'.

Incorporated in June 2013, GMPL is an authorised dealer of
passenger vehicles and spare parts of FCA India Automobiles Pvt
Ltd (Fiat India). GMPL is promoted by Mr Mohan Singh Guleria and
managed by Mr Guleria and his wife, Mrs Rita Guleria.The company
currently operates two showrooms'one in Mandi and the other in
Hamirpur (both in Himachal Pradesh), equipped with sales, service
and spares (3S) facilities.


GEMINI PACK: CARE Assigns B Rating to INR10cr Long Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gemini
Pack Tech Private Limited (GPT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of GPT is primarily
constrained by the project execution risk associated with ongoing
residential real estate project along with low booking status &
marketability risks associated with the unsold area. The rating
is further constrained by the leveraged capital structure,
geographical concentration in the revenue profile with exposure
to local demand-supply dynamics and inherent cyclical nature of
the industry. The rating, however, derives strength from the
experience of the promoters.

Going forward, the ability of the company to execute the projects
within the cost & time estimates, achieve the envisaged sales at
the projected sales price and timely receive the balance customer
advances shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing residential real estate project: GPT is developing a
residential apartment project "Serene Green" in Dehradun. The
entire cost of project is of INR 21.25 crore. The company is yet
to incur 41% of the project cost to be funded through customer
advances and external debt.  Though the management has completed
a number of real estate projects in the past, however, timely
completion of the project without any cost overrun remains to be
seen.

Low booking status and marketing risk associated with on-going
project: Out of the total area of 0.91 Lakh Square feet (lsf) to
be developed under the project, 0.25 lsf have been sold for
consideration of INR8.61 crore. As on February 28, 2018, the
company has received INR3.50 crore. This reflects low booking
status and therefore the risk of marketing and selling of the
space still exists as per the current booking status of the
project. Furthermore, with low booking status and below average
advances received so far; the effective execution of project and
timely collection of advances will remain critical determinant
for the credit profile of the company. Likewise, marketing risk
associated with sale of remaining inventory remains as a concern
for GPT.

Leveraged capital structure: As on March 31, 2017; the capital
structure of the company stood leveraged marked by overall
gearing levels of 2x mainly on account of high debt levels
availed by the company in form of term loans and unsecured loans
to fund the project and purchase of land for future development.

Geographical concentration in revenue profile: Currently, GPT has
a single on-going project in Dehradun, thus exposing it to
geographical concentration in the revenue profile. Also, it
exposes to any local demand fluctuation and any adverse changes
in local laws and competition in the local area.

Intense market competition with cyclical and seasonality
associated with real estate industry: The Indian real estate
industry is highly competitive in nature with the presence of a
large number of organized and unorganized players spread across
various regions. The real estate sector has direct linkage with
the general macroeconomic scenario, interest rates and level of
disposable income available with individuals, thus making the
sector highly cyclical. Going forward, a lower interest rate
scenario should encourage the consumers from borrowing, to
finance the real estate purchases, which augurs well for the
companies like GPT.

Key Rating Strengths

Experienced promoters: GPT is being managed by Mr. Devendra Kumar
and Mr. Jitendra Singh. Both the directors have more than 3
decades of experience in the real estate development through
their association with sister concerns i.e. A TO Z Developers
Limited and A to Z Builders & Developers.

Dehradun, Uttrakhand based Gemini Pack Tech Private Limited was
(GPT) incorporated on March, 1987. The company is presently being
managed by Mr Devender Kumar and Mr Jitender Singh. The company
is engaged in real estate development. Currently, GPT is
developing 'Serene Green' residential project located in
Dehradun, Uttarakhand with 0.91 lsf of saleable area.


HEMRAJ DEVKARANDAS: ICRA Withdraws D Rating on INR8.50cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term and short-term rating of [ICRA]D
Issuer Not Cooperating outstanding for the INR15.00 crore2 fund-
based and non-fund-based limits of Hemraj Devkarandas Metals and
Minerals Limited.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-Cash     8.50      [ICRA]D ISSUER NOT COOPERATING;
   Credit                        Withdrawn

   Fund based-         0.20      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Withdrawn
   Limits

   Non-fund based-     6.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Withdrawn

   Non-fund based-     0.30      [ICRA]D ISSUER NOT COOPERATING;
   Forward Contract              Withdrawn
   Limit

Rationale

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

Hemraj Devkarandas Metals and Minerals Limited incorporated as
private limited company in October 2012, was converted into
Limited corporate entity in FY2016. The company is engaged in
trading of flat steel products namely CR sheets and plates, HR
sheets and plates, re-bars, angles, T-Angles, channels, MS
plates, etc. Though the company commenced operations in FY2014,
the promoters have experience of over a decade in steel trading.
The products are used in various industrial sectors like
construction, automobile, engineering, etc.


INDERA ETHNIC: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long-term/short-term rating for the bank
facilities of Indera Ethnic & Designs Private Limited (IEDPL)
to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based
   Limit-Cash
   Credit            4.97       [ICRA]D ISSUER NOT COOPERATING*;
                                Rating moved to 'Issuer Not
                                Cooperating' category

   Fund Based
   Limit-Term
   Loan              0.42       [ICRA]D ISSUER NOT COOPERATING*;
                                Rating moved to 'Issuer Not
                                Cooperating' category

   Untied Limit      0.35       [ICRA]D ISSUER NOT COOPERATING*;
                                Rating moved to 'Issuer Not
                                Cooperating' category

*Issuer did not co-operate; based on best available information

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 2005, Indera Ethnic & Designs Private Limited
(IEDPL) is engaged in the apparel retailing business in Rourkela,
Odisha. The company's promoters have an experience of around two
decades in the apparel retailing business.

The company runs three showrooms under the name 'Inderas
Lifestyle', offering outfits for men, women and kids along
with other accessories. It deals in both, branded and non-branded
ready-made apparels and also provides tailoring services.


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

The instrument-wise rating actions are:

-- INR105 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR1.64 mil. Term loan due on March 2018 migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, JPPL manufactures Bengali cotton sarees for
the West Bengal market. It has a facility in Ahmedabad, Gujarat.


KAMALA GINNING: ICRA Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Kamala Ginning and Oil Industries Private Limited (KGOIPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable); 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/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.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term-Fund       30.00       [ICRA]B(Stable); ISSUER NOT
   based limits                     COOPERATING*; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Long term-            2.00       [ICRA]B(Stable); ISSUER NOT
   Unallocated                      COOPERATING*; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

*Issuer did not co-operate; based on best available information.

Kamala Ginning and Oil Industries Private Limited (KGOIPL),
located at Bhainsa in Adilabad district of Telangana, was
incorporated as a private limited company in April 2012.Earlier
it was operating as a partnership firm namely Kamala Ginning and
Oil Industries since 1983.The company is primarily engaged in
ginning and oil extraction. KGOIPL's manufacturing facility
includes 60 gins, 12 expellers and 1 press.


L D SUITING: CARE Assigns B+ Rating to INR9.60cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of L D
Suiting Private Limited (LDSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.60       CARE B+; Stable Assigned

   Long-term/short-
   term Bank
   Facilities            4.00       CARE B+; Stable/ CARE A4
                                      Assigned

   Short-term Bank
   Facilities            0.10       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LDSPL is primarily
constrained on account of its modest scale of operations in
highly competitive and fragmented textile industry with project
implementation risk associated with debt funded project. The
rating, further, constrained on account of its vulnerability of
margins to fluctuation in raw material prices, thin profitability
margins, moderate solvency position and liquidity position. The
rating, however, favorably takes into account its long track
record of operations coupled with experienced management in the
textile industry. The rating, further, derives strength from
location advantage by virtue of being situated in textile cluster
of Bhilwara and available moratorium period for term loan.

The ability of LDSPL to increase its scale of operations with
addition of new customers along with better management of working
capital, improvement in solvency position and timely completion
of debt funded project without cost overrun would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations coupled with thin profitability
margins: The scale of operation of the company stood relatively
modest marked by Total Operating Income (TOI) of INR18.40 crore.
Hence, modest scale of operation and the low net worth base make
its operations highly susceptible to any business shock, thereby
limiting its ability to absorb losses or financial exigencies.
However, profitability margins of the company stood thin marked
by PBILDT and PAT margin of 4.55% and 0.41% respectively in FY17.

Financial risk profile marked by moderate solvency position and
liquidity position: Solvency position of LDSPL remained moderate
marked by below unity overall gearing of 0.95 and total debt to
GCA of 15.57 times as on March 31, 2017. Further, the liquidity
position of the company stood moderately stressed marked by 85-
90% utilization of working capital bank borrowing times as on
December 31, 2017. Due to higher inventory holding, the current
ratio stood at and quick ratio stood at 2.25 times and 1.05 times
respectively as on March 31, 2017.

Highly fragmented and competitive industry with vulnerability of
margins to fluctuation in raw material prices: The Indian textile
industry is highly fragmented in nature. The industry is
characterized by a large number of small players due to the low
entry barriers in the industry. Cotton grey fabric is the main
raw material used by LDSPL to manufacture home furnishing items.
The price of key raw material has been volatile in nature and
LDSPL is exposed to the raw material price fluctuation risk due
to high inventory holding period of two to three months.

Project implementation risk with debt funded project: Further, in
September 2017, the company took a project for manufacturing of
grey fabrics and hence, imported 22 new air-jets looms for total
cost of INR13.50 crore funded through new term loan of INR9.60
crore, promoter's capital of INR0.99 crore and remaining through
unsecured loans and internal accruals. The company has completed
its project in February, 2018; however envisaged to start its
operations from March 2018. Further, the installed capacity of
the company will be 2.50 lakh meter per month.

Key Rating Strengths

Long track record of operations coupled with experienced
management: The company was incorporated in 1994, hence, has a
track record of more than two decades in the textile industry.
Mr. Ram Chand Dadlani, Director, has more than three decade of
experience in the industry and looks after overall affairs of
the company. He is assisted by Ms. Poonam Dadlani, Director, who
is Chartered Accountant by qualification and looks
after finance and accounts function of the company. With
experienced promoters and long track record of operation, the
company has established strong relationship with local supplier
and customer.

Location advantage by virtue of being situated in textile cluster
of Bhilwara: The main raw material of the company is polyester
and cotton yarn. The company is located at Bhilwara which is one
of the largest textile clusters in India and majority of these
industries are engaged in the manufacturing of synthetic yarn
accounting for nearly 40% of India's total synthetic yarn
production and nearly 50% of India's total polyester fabrics and
suiting production.

Available moratorium period along with ballooning repayment
structure of term loan: The company has received the moratorium
period of 1 years and 4 months (repayment will start from January
2019) from the date of sanctioned i.e. September 2017 whereas it
has envisaged completion time of the project till March 2018.
Hence, LDSPL has received sufficient moratorium period. Further
the repayment of term loan will end in December 2026 and these
are also ballooning in nature hence, have enough time to generate
cash accruals to service its debt obligations.

Bhilawara based L D Suitings Private Limited (LDSPL) was
incorporated in May 1994 by Mr. Ram Chand Dadlani and Mr.
Kishan Chand Dadlani to set up a unit for manufacturing of grey
fabrics located in Bhilwara having installed capacity of 2.50
lakh meter per month. LDSPL is mainly engaged in the business of
manufacturing of synthetic grey fabrics from polyester viscose
yarn and gets the processed work done on grey fabrics from other
processors on job work basis. Also, the company in engaged in the
trading of grey and finished fabrics.


MAHAAJAY SPINNERS: CARE Assigns B Rating to INR3.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahaajay Spinners India Private Limited (MSIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            3.50       CARE B; Stable Assigned

   Short Term
   Facilities            4.00       CARE A4 Assigned

   Short Term
   Facilities            2.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Mahaajay Spinners
India Private Limited (MSIPL) is tempered by small scale of
operations with fluctuating total operating income for the period
under review, financial risk marked by net loss as well as cash
loss for the period under review resulting in deteriorating
capital structure and weak debt coverage indicators working
capital intensive nature of operations due to elongated average
inventory period and working capital cycle and highly competitive
and fragmented industry.  However, the rating derives comfort
from long track record and experienced promoters in the textile
industry and healthy demand outlook for the textile industry.

Going forward, ability of the company to increase scale of
operations and improves profitability margin amidst competitive
environment and capital structure along with effective management
of the working capital borrowings are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
(TOI) for the period under review: Despite of being in business
for more than a decade, MSIPL scale of operations remained small
marked by total operating income of INR 15.29 crore in FY17 and
net worth base of INR 3.53 crore as on March 31, 2017. The small
scale of operations limits the financial flexibility in times of
stress and deprives it's from scale benefits. The total operating
income of MRIPL has been fluctuating during the review period and
declined from INR 18.57 crore in FY16 to INR 15.29 crore in FY17
due to high competition from the peers in the industry along with
decline in export orders. MSIPL has registered the operating
income of INR 18.00 crore for FY18 (provisional).

Financial risk marked by net loss as well as cash loss for the
period under review resulting in deteriorating capital structure
with weak debt coverage ratios: Despite of fluctuating total
operating income during review period, the PBILDT margins of the
company improved year-on-year from 2.47% in FY15 to 4.72% in FY17
due to increasing sales realization resulting in absorption of
fixed overheads.

The company has been registering net loss and cash loss for the
period under review due to low operating profit resulting
in under absorption of finance cost and the depreciation
provisions on the fixed assets. On account of low operating
profit along with high debt levels and financial expenses, the
debt coverage indicators of the MSIPL have been weak during
review period. The total debt to GCA ratio deteriorated and stood
at -28.42x in FY17 and the interest coverage stood weak at 0.70x
in FY17.

The overall gearing ratio has been deteriorating year-on-year
from 1.60x as on March 31, 2015 to 2.23x as on March 31, 2017 due
to decline in the tangible net worth of the company on account
net loss incurred during review period along with increasing
working capital utilization to manage the business operations.
However, the debt to equity ratio has been improving from 0.14x
as on March 31, 2015 to 0.09x as on March 31, 2017 on account of
repayment of long term debt installments. Apart from working
capital outstanding balance of INR7.58 crore as on March 31,
2017, MSIPL has outstanding vehicle loan of INR 0.10 crore and
the unsecured loan taken from related parties and directors of
INR 0.21 crore as on March 31, 2017.

Working capital intensive nature of operations due to elongated
average inventory period: Textile Industry is categorized by
working capital intensive nature of operations mainly on account
of high inventory holding for about 3-4 months to support
production requirements along with stock of finished goods to
cater customers' requirements. MSIPL has elongated working
capital cycle of 217 days in FY17 as compared to 179 days in FY16
due to slow movement of inventory which stood at 254 days in
FY17. The company receives payment within 30 days from their
customers. The company avails credit period up to 90 days from
their suppliers. The average utilizations of working capital
stood at 98% for the last 12 months ending March 2018.

Highly competitive and fragmented industry: The textile business
requires limited quantum of investment in machinery, however, has
high working capital needs. The industry is highly fragmented
with large number of players operating in the organized and
unorganized segments.

Key Rating Strengths

Long track record and experienced promoters in textile industry
The company has long operational track record of over one decade.
Mr Bharath Kumar M, the Managing Director along with the other
directors, holds industry experience of more than a decade. Due
to long presence in the market, the promoters have good relations
with the suppliers and customers.

Healthy demand outlook for the textile industry: India's textile
sector is one of the oldest industries in Indian economy dating
back several centuries. Textile industry is one of the largest
contributors to India's exports with approx. 13% of total
exports. Home textiles, a major segment of the overall textile
industry, offers a wide range of categories such as furnishing
fabrics, curtains, carpets, table covers, kitchen accessories,
made-ups, bedspreads, bath linen, and other home furnishings.
Home textile market is expected to reach market size of US $
5603.9 million by 2020. The demand is propelled by phenomenal
growth of Indian retailing, increase in purchasing power of
Indian people and growing consumerism, the lifestyle of Indian
middle class is transforming. There is growing demand for fashion
apparels and home textiles.

Mahaajay Spinners India Private Limited (MSIPL) was incorporated
in 2005, as private limited company based out of Salem
(Tamilnadu). The board of directors of the company consists of Mr
Bharath Kumar M (Managing Director), Mr Maha Ajay Prasath and Mr
Hariharan. It is an ISO 9001: 2015 quality certified company.
MSIPL is engaged in manufacturing of various types of home
furnishing textile like bed, table, kitchen, bath linens, besides
others. The company also undertakes manufacturing of its products
on job-work basis as per the customer requirement. MSIPL has
employed around 190 employees in its manufacturing unit. The
operations of the company are extended geographically to
countries like South Africa, Belgium, Germany, UK, US etc. that
covers approx. 97.84% of revenue in FY17 and the balance from
domestic sales. The day-to-day operations of the company are
managed by Mr Bharath Kumar M.


MAHANADI EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahanadi
Education Society's (MES) bank facilities' ratings in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR74.5 mil. Term loan due on September 2019 migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Working capital facility migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
May 2, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1994, MES is registered with the Registrar of Firms
and Societies, Government of Madhya Pradesh. The society manages
and operates Raipur Institute of Technology (1995), Kaanger
Valley Academy (2005), RIT College of Nursing (2008), RIT College
of Management (2009), RIT College of Hotel Management (2016) and
RIT College of Education (2013). These institutes provide
undergraduate and post graduate courses in the domains of
engineering, education, commerce and hotel management. The
society also operates a senior secondary school, Kaanger valley
academy.


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING)/IND A4
    (ISSUER NOT COOPERATING) rating;

-- INR12.5 mil. Non-fund-based limit maintained in Non-
     Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR30.5 mil. Proposed fund-based limit maintained in Non-
     Cooperating Category with Provisional IND B+ (ISSUER NOT
     COOPERATING) /Provisional IND A4 (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

MSIPL was set up in 2000 and is promoted by Mr. Rajiv Ramachandra
Gite and his family. The company supplies desktops, notebooks,
laptops, printers and workstations, and provides hardware
maintenance services, including standby equipment, onsite
resources, preventive maintenance, helpdesk, asset and network
management, software distribution, data backup, onsite technical
resources, repairs and information technology solutions, to
clients.


MITTAL RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
-------------------------------------------------------------
CRISIL has been consistently following up with Mittal Rice and
General Mills (MRGM) for obtaining information through letters
and emails dated January 22, 2018, March 31, 2018, April 11, 2018
and April 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Proposed Long Term    0.1      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 Mittal Rice and General Mills.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Mittal Rice and General Mills 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 Mittal Rice and General Mills to 'CRISIL B/Stable
Issuer not cooperating'.

MRGM mills and sorts basmati rice, at its manufacturing facility,
at Cheeka, Haryana; the facility has total manufacturing capacity
of 3 million tonnes per annum.


MM AUTO: ICRA Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------
ICRA has downgraded the ratings for the INR29.54 crore bank
facilities of MM Auto Industries Limited to [ICRA]B/[ICRA]A4 from
[ICRA]BB+/[ICRA]A4+. ICRA has also moved the ratings to the
'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-
   Term Loan            4.95       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Fund based-         13.50       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Long-term-           8.59       [ICRA]B (Stable) ISSUER NOT
   Unallocated limits              COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Short-term-         2.50        [ICRA]A4 ISSUER NOT
   Nonfund based                   COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and 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/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.

Rationale

The rating downgrade follows the significant deterioration in the
financial profile of the company, according the publicly
available information.

Incorporated in 1991 by Mr. Manoj Singhal, MMAIL manufactures
metallic coil springs for two wheelers. The company has two
manufacturing plants, one at Manesar in Haryana and the other at
Haridwar, in Uttarakhand. It primarily supplies coil springs for
Hero Motocorp's and Honda Motorcycles and Scooter's suspension
systems through Munjal Showa Limited (MSL) and Showa India
Limited. Coil springs for engines are directly supplied to HMCL;
additionally, it also supplies coil springs to a few other
customers.


MOHAN RAO: ICRA Reaffirms B Rating on INR10cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B to the
Rs.10.00 crore fund-based bank limits and Rs.2.00 crore
unallocated limits of Mohan Rao And Company(MRC). The outlook on
long term rating is Stable.


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

   Unallocated
   limits                2.00        [ICRA]B (Stable); Reaffirmed

Rationale

The rating takes into account the small scale of operations of
the firm in the highly fragmented cotton industry, commoditized
nature of the product, and high competition from organised and
unorganised players leading to low pricing power. The rating also
factors in the weak financial profile as reflected by thin
margins, high gearing of 6.1 times as on March 31, 2018 and weak
coverage indicators. The rating considers high working capital
intensity of the firm due to high inventory and debtor days as on
March 31, 2018. Given the high inventory, MRC is exposed to
inventory holding risks, wherein, any adverse movement in lint
prices would impact margins. MRC is also exposed to risks
associated with partnership firms.

The rating, however, favorably factors in the significant
experience of the promoters in the cotton trading and ginning
business and their established relationship with suppliers and
customers. The proximity of MRC's ginning unit to cotton growing
areas of Adilabad district in the state of Telangana provides
easy access to raw material resulting in lower transportation
costs.

Outlook: Stable

ICRA believes MRC will continue to benefit from extensive
experience of its promoters. The rating may be revised to
'Positive' if the scale of operations and profitability improve
or if there is sustained improvement in the capital structure.
The rating might be revised 'Negative' if any significant debt-
funded capital expenditure, lower-than-expected cash accruals, or
stretched working capital cycle weakens the capital structure and
liquidity position.

Key rating drivers

Credit strengths

Experience of promoters in the cotton industry: The promoters
have over three decades of experience in the cotton industry, and
maintain healthy relationships with farmers, traders and
customers resulting in repeat orders from clients.

Proximity to cotton growing areas: The company's plant is located
near major cotton-growing areas of Telangana, resulting in easy
availability of raw material and savings in transportation costs.

Credit weaknesses

Small scale of operations: The scale of operations of the firm
has been small with revenues of INR60.1 crore in FY2018, limiting
its financial flexibility. MRC's revenues witnessed healthy
growth of 288% in FY2018, albeit on a small base and after 37%
revenue de-growth in FY2017, on account of improved demand
resulting in higher sales volumes. In FY2017, MRC's revenues were
impacted by unfavorable market prices, leading to MRC limiting
its sales.

Weak financial profile of the firm: The firm's financial profile
is weak, characterised by thin margins with operating margin of
1.8% in FY2018, high gearing of 6.1 times as on March 31, 2018
and stretched coverage indicators with an interest coverage ratio
of 1.1 times and NCA/total debt ratio of 1% in FY2018.

Low pricing power in the highly-fragmented ginning industry: The
ginning industry is highly fragmented with presence of a large
number of small and medium-sized units, which results in stiff
competition. High competition and commoditised nature of the
product result in lower pricing power. The company's
profitability is also exposed to fluctuations in cotton prices,
given the seasonality in cotton availability.

High working-capital intensity resulting from high inventory and
debtors: The working-capital intensity of the company is high at
26% as on March 31, 2018 resulting from high inventory and
debtors. The company stocked high inventory of finished goods as
on March 31,2018 in anticipation of better prices going forward,
exposing the firm's profitability to price fluctuations.

Risks inherent to the partnership nature of the firm: MRC is
exposed to the risks associated with partnership firms including
capital-withdrawal risks that could adversely impact the capital
structure.

Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms.Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle. The firm operates
with 53 double roller gins and one pressing unit located in
Bhainsa, Telangana. The firm's operations have been managed by
its partners Mr.Mohan Rao Patel, Mr.Gopal Rao Bhosle, Mr.Abhinav
Bhosle and Ms. Anasuya Bai Patel.

According to provisional financials, MRC has reported an
operating income of INR60.1 crore and net profit of INR0.2 crore
in FY2018 as against an operating income of INR24.5 crore and net
profit of INR0.05 crore in FY2017.


MORAJ BUILDING: ICRA Moves B+/A4 Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the INR11.00 crore bank facilities
of Moraj Building Concepts Pvt. Ltd. Moraj Building Concepts Pvt.
Ltd. to '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         11.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Limits-Term                     ISSUER NOT COOPERATING*;
   Loans                           Ratings Moved to 'Issuer Not
                                   Cooperating' category

*Issuer did not co-operate; based on best available information.

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.

Established in 1994, Moraj Building Concepts Pvt. Ltd. (MBCPL) is
a part of the Moraj Group of Companies, involved in the real
estate development of residential and commercial projects. The
group consists of several companies - Moraj Infratech Private
Limited, Moraj Buildicon Private Limited, Moraj Construction
Private Limited, Moraj Group Hospitality Inc., Nandu Builders and
Promoters Private Limited, Priyaa Gurnani Interior Private
Limited and a few more with a longstanding history in the real
estate sector. MBCPL has also executed several residential and
commercial projects in Navi Mumbai and Nagpur. Mr. Mohan Gurnani
is the key management personnel of the firm.


MOTI RAM: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' ratings on the bank
facilities of Moti Ram Sunil Kumar (MRSK).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.8       CRISIL B/Stable (Reaffirmed)

   Term Loan              0.7       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, weak financial risk profile because of high total
outside liabilities to adjusted net worth (TOLANW), and large
working capital requirement. These weaknesses are partially
offset by proprietor's experience and steady funding support.

Analytical Approach

Unsecured loan of INR1 crore (as on March 31, 2017) from the
proprietor has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: MRSK has a modest scale of
operations as reflected in its revenue of INR33 crores in fiscal
2017 and is expected to report revenue of around INR42 crore in
fiscal 2018. The industry is marked by high fragmentation among
many unorganised players which restricts the firm's bargaining
power with suppliers and customers, in terms of both pricing and
negotiating better credit terms, as compared with some of the
larger players.

* Working capital-intensive operations: Operations of the firm
are working capital intensive as reflected in its Gross current
assets (GCA) of 102 days as on March 31, 2017, due to maintenance
of large inventory as paddy, key raw material, is available only
during crop harvesting season (October-February) and has to be
stored for the entire year's requirement. Also, the firm offers
credit of 30-60 days to customers, against which it gets minimal
credit from farmers. Hence, dependence on bank borrowings has
remained high.

* Weak financial risk profile: Net worth was small at INR1.37
crore and total outside liabilities to adjusted net worth ratio
high at 7.09 times, as on March 31, 2017. Also, debt protection
metrics were subdued, with interest coverage and net cash accrual
to adjusted debt ratios of 1.6 times and 0.04 time, respectively,
for fiscal 2017. Metrics are likely to remain muted over the
medium term.

Strengths

* Experience and funding support of proprietor: Presence of
almost a decade in the rice milling segment has enabled the
proprietor to maintain longstanding relationship with customers
and suppliers. Also, proprietor extended additional unsecured
loan of around INR84 lakhs and infused equity of INR85 lakh
fiscal 2017. Funding support is expected to continue over the
medium term.

Outlook: Stable

CRISIL believes that MRSK will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in leverage; most likely due to increase in scale of
operations and operating profitability or due to capital
infusion. The outlook may be revised to 'Negative' in case of
deterioration in working capital cycle or large, debt-funded
capital expenditure.

Established in 2006 as a proprietorship firm by Mr Sunil Kumar,
MRSK processes paddy at its unit in Karnal, Haryana, which has
total installed capacity of about 30,000 tonne per annum.


NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA Ratings said the ratings for the bank facilities of Nectar
Crafts continue to be in 'Issuer Not Cooperating' category and is
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.

                   Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term-         1.60        [ICRA]B+ (Stable); ISSUER NOT
   Term Loans                     COOPERATING*; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long-term-         7.00        [ICRA]B+ (Stable); ISSUER NOT
   Fund Based                     COOPERATING*; Rating continues
   Facilities                     to remain in the 'Issuer Not
                                  Cooperating' category

   Long-Term-         0.40        [ICRA]A4; ISSUER NOT
   Unallocated                    COOPERATING*; Rating continues
   Facilities                     to remain in the 'Issuer Not
                                  Cooperating' category

   Short-term-        1.00        [ICRA]A4; ISSUER NOT
   Non Fund Based                 COOPERATING*; Rating continues
   Facilities                     to remain in the 'Issuer Not
                                  Cooperating' category

*Issuer did not co-operate; based on best available information.

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.

Established in 2005 as a partnership firm, Nectar Crafts is
primarily engaged in manufacturing of various knitted fabrics,
specializing in Velour, Terry, Polar Fleece and processing &
finishing of knitted fabrics. The firm is also into
manufacturing and export of garments, albeit on a small scale.
The firm has its facilities located in Tirupur (Tamil Nadu).


NELSUN PAPER: CRISIL Migrates B- Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Nelsun Paper Mill
Limited (KGS) for obtaining information through letters and
emails dated March 16, 2018, April 12, 2018 and April 18, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Drop Line            15.5      CRISIL B-/Stable (Issuer Not
   Overdraft                      Cooperating; Rating Migrated)
   Facility

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

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

Incorporated in 1995, Chennai-based, KGS manufactures kraft paper
for use in the packaging industry. The company currently has a
manufacturing unit in Trichy (Tamil Nadu), with installed
capacity to manufacture 60 tonnes per day in the 12-20 burst
factor range. The company is promoted and managed by the managing
director, Mr KPK Kumaran and his wife, Ms Anitha Kumaran.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Term loan maintained in Non-Cooperating Category
     with IND BB (ISSUER NOT COOPERATING) rating;

-- INR160 mil. Non-fund-based limits maintained in Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2004, NMIL manufactures heavy steel fabrications
and constructs pre-engineered steel structural buildings. It
provides turnkey solutions with regard to infrastructure and land
bank development. NMIL is equipped with technically advanced,
latest machinery and equipment.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, Panda Infra Project is a closely held
limited company engaged in civil construction.


PRIME LEATHERS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Prime Leathers
(PL) for obtaining information through letters and emails dated
January 22, 2018, March 31, 2018, April 11, 2018 and April 16,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Proposed Short Term   4        CRISIL A4 (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 Prime Leathers. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Prime Leathers 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 Prime Leathers to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

Set up in 1998 as a partnership firm, PL processes semi-finished
leather into high-end premium leather. The firm has its
processing unit in Jalandhar (Punjab); it mainly caters to the
leather garments, accessories, and footwear industry.


RUCHI SOYA: Patanjali Puts In More Than INR40 Billion Bid
---------------------------------------------------------
Business Standard reports that FMCG firm Patanjali Ayurveda has
put in bid of over INR40 billion to acquire bankruptcy-hit edible
oil firm Ruchi Soya, according to sources.

Among other suitors that have put in bids to acquire debt-ridden
Ruchi Soya are Adani Wilmar, Emami Agrotech and Godrej Agrovet
besides Patanjali, the report says.

Baba Ramdev-led Patanjali Ayurveda already has a tie-up with
Ruchi Soya for edible oil refining and packaging.

"Patanjali has bid over INR40 billion for Ruchi Soya," the report
quotes a source as saying.

Last week, a Patanjali spokesperson had said that the company has
bid for Ruchi Soya as it aims to be a major player in edible oil
segment, particularly soybean oil. It also wants to work for
farmers' benefit, Business Standard recalls.

Godrej Agrovet and Emami Agrotech, too, had confirmed that they
have put in bids for Ruchi Soya but did not disclose the value,
according to the news agency.

Sources had said that Adani Wilmar, which sells cooking oil under
Fortune brand, also has put in a bid, the report adds.

                          About Ruchi Soya

Ruchi Soya Industries Ltd. engages in crushing of oil seeds
and extraction/refining of edible oil along with manufacturing of
related products like vanaspati and textured proteins. It is also
engaged in import/export as well as domestic trading of various
agri-commodities. It is the flagship entity of the Indore, Madhya
Pradesh based Ruchi Group, which has business interests spread
across various sectors including edible oil, agri-commodity
trading, liquid and dry storage warehousing for agri-products and
real estate. RSIL has manufacturing presence at 20 locations
across India.

Ruchi Soya, which is facing insolvency proceedings, has a total
debt of about INR120 billion, PTI discloses.

In December 2017, Ruchi Soya Industries Ltd entered into the
Corporate Insolvency Resolution Process (CIRP) and Shailendra
Ajmera was appointed to act as Interim resolution Professional
(IRP).

The appointment was made by the National Company Law Tribunal
(NCLT) on the application of the creditors Standard Chartered
Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.


SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D on the INR25.00-crore
Non-Convertible Debenture programme, INR100.00-crore subordinated
debt programme and INR130.11-crore bank lines of Share Microfin
Limited (SML).

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-Convertible
   Debenture            25.00       [ICRA]D; Reaffirmed

   Subordinated Debt   100.00       [ICRA]D; Reaffirmed

   Bank lines          130.11       [ICRA]D; Reaffirmed

Rationale

The reaffirmation in ratings of SML factors in continued delays
in debt servicing owing to stretched liquidity position of the
company. ICRA notes that SML has successfully implemented the
Demerger Scheme of Arrangement approved by the Hon'ble High Court
of Andhra Pradesh (A.P.) & Telangana on April 18, 2017 leading to
the AP business of Asmitha Microfin and Share Microfin to be
merged into Asmitha Microfin and the Non-AP business of these two
entities into Share Microfin Limited. The scheme is applicable
retrospectively from April 01, 2015. Consequently, SML had a
positive net-worth of INR185.11 crore as on March 31, 2017. ICRA
further notes that SML is in the process of raising funds for
repaying the old dues which will be paid after balance
confirmation from all its lenders.

Key rating drivers

Credit strengths

* Long track record of operations geographically diversified in
18 states across India

Credit challenges

* Delays in debt servicing; ability to repay old debt and raise
fresh funding will be critical for sustenance of operations

* Marginal borrower profile and the political and operational
risks associated with microlending

Share Microfin Limited was founded by Mr. Udaia Kumar in the year
1999-2000 as public limited company. It became a registered Non-
Banking Finance Company (NBFC) in 2000 and was the first
Microfinance Institution (MFI) to obtain a NBFC (Non-Deposit
taking) license. SML is engaged in micro finance lending
activities.

During FY2017, the company reported a profit after tax (PAT) of
INR4.48 crore on managed asset base of INR821.56 crore compared
to a loss of INR17.48 crore during FY2016 on managed asset base
of INR1,580.40 crore.


SHRI PRASANNA: ICRA Assigns B+ Rating to INR9.25cr LT Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ for the
INR10.00-crore fund-based facilities of Shri Prasanna Anjaneya
Agrotech (Prasanna Anjaneya). The outlook on the long-term rating
is Stable.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term-
   Fund-based
   Cash Credit           9.25        [ICRA]B+ (Stable); Assigned

   Long-term-
   Fund-based-
   Term Loan             0.75        [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by the financial profile of
the firm characterized by moderate scale of operations, thin
margins, low net worth, high gearing and moderate coverage
indicators. The rating also takes into account the high
competition in the industry with existence of large number of
rice mills, coupled with limited value-additive nature of the
business, constraining the pricing flexibility of the firm. The
rating factors in the susceptibility of revenues and
profitability to agro-climatic risks as the availability of paddy
can be affected by adverse weather conditions. The firm is also
exposed to the inherent risks associated with the partnership
nature of the firm, wherein any significant withdrawals from the
capital account can adversely impact the firm's net worth and
capital structure.

The rating, however, derives comfort from the extensive
experience of the partners in rice milling industry, and its
established relationship with suppliers and customers. The rating
also factors in the proximity of the firm to paddy growing areas
in Raichur facilitating easy procurement of raw materials. Going
forward, the firm's ability to scale up its operations and
sustain its improvement in profitability and debt coverage
indicators will be the key rating sensitivities.

Outlook: Stable

ICRA believes Prasanna Anjaneya will continue to benefit from the
long experience of the partners in the business and
the stable demand outlook of the industry as rice is a staple
food grain. The outlook may be revised to 'Positive' if the
scale of operations and profitability improves or if there is
sustained improvement in the capital structure. Conversely,
the outlook may be revised to 'Negative' if there is any
significant increase in debt-levels weakening the capital
structure and coverage indicators.

Key rating drivers

Credit strengths

Long experience of the partners in the rice-milling industry: The
partners were earlier engaged in operations of Shri Panchamukhi
Industries, established in 2007, also involved in the rice
milling and trading. From FY2017, the rice milling operations
were shifted to the new firm Prasanna Anjaneya. The experience of
the partners helps the firm in managing the business risks
effectively and the new firm benefits from the established
relationship that the partners enjoy with the suppliers and
customers.

Presence of the firm in a major paddy-growing area results in
easy availability of the raw-material: The firm's plant is
located in Raichur, which is surrounded by paddy-cultivation
areas, resulting in easy procurement of paddy with low
transportation cost. All the paddy requirements are met locally
through direct purchases from farmers.

Favourable demand prospects of rice: Demand prospects of the
industry are expected to remain good as rice is a staple
food grain in the country and India is the world's second-largest
consumer of rice.

Credit challenges

Moderate financial profile of the firm: The firm's financial
profile is characterised by moderate scale of operations with
an operating income of INR52.67 crore in FY2018, leveraged
capital structure with a gearing of 2.57 times and Total
Debt/OPBITDA of 5.37 times as on March 31, 2018. The coverage
indicators also remain moderate with an interest coverage ratio
of 2.24 times and NCA/total debt ratio of 7.53% for FY2018.

Intense competition in the industry keeps margins under check:
Rice-milling industry is highly competitive with presence of a
large number of organised and unorganised players. Intense
competition coupled with limited valueadditive nature of the
business limits the pricing flexibility and margins.

Susceptibility to agro-climatic risks: The rice-milling industry
is susceptible to agro-climatic risks as adverse weather
conditions can affect the availability of the paddy. The margins
of the firm are also exposed to price fluctuations of paddy.

Risks inherent to the partnership nature of the firm: The firm is
exposed to risks associated with partnership firms including the
risk of capital-withdrawal which might adversely impact the
capital structure.

Incorporated in 2016, Shri Prasanna Anjaneya Agrotech is a
partnership firm managed by Mr. M R Suresh and Mr. M R Srikanth.
The firm started its operations by taking over the business of
Panchamukhi Industries, involved in milling and trading of rice,
broken rice, bran and husk. The firm's manufacturing facility is
located in Manvi, Raichur in Karnataka with an aggregate
installed capacity of 5 tons per hour. The firm procures majority
of its raw material requirements from farmers located in Raichur
and its neighbouring districts in Karnataka. It sells Sona Masuri
rice in bulk quantities under the brand name M R Gold and has
presence mainly in Karnataka and Maharashtra. The firm is part of
the MRV group which also owns other entities in similar business.

In FY2018, the firm reported a net profit of INR0.89 crore on an
OI of INR52.67 crore compared to a net profit of INR0.25 crore on
an OI of INR13.87 crore in the previous year.


SKY ALLOYS: CARE Reaffirms D Rating on INR95.94cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sky Alloys & Power Pvt. Ltd. (SAPP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            95.94      CARE D Reaffirmed

   Short-term Bank
   Facilities            10.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SAPP takes into
account the on-going delays in debt servicing arising out of
stretched liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
debt servicing on account of stretched liquidity position from
FY15 onwards in view of under-utilization of existing capacities.
Small scale of operations: SAPPL is a relatively small sized
player in the iron and steel industry with installed capacity of
sponge iron of 60,000 MTPA, ingot of 48,000 MTPA, 2x6 MVA ferro-
alloy furnaces and power plant of 16 MW. Thus, it suffers from
lack of economies of scale in an industry marked by presence of
large organized players. Furthermore, the small size restricts
the financial flexibility of the company in times of stress.

Financial risk profile: SAPPL's total operating income remained
stable at around INR130 cr in both FY15 & FY16 whereas it
witnessed an y-o-y increase of 25.36% in FY17 to INR161.74cr. The
company reported operating profit of INR0.36 cr in FY17 vis-…-vis
operating losses in earlier years. The company has been incurring
cash losses since last three years. The company has been
servicing debt obligation with a delay mainly out of equity
infusion from the promoters and unsecured loans. The entity
remains highly leveraged with an overall gearing of 23.16x as on
March 31, 2017 (25.94x as on March 31, 2016).

Key Rating Strengths

Experienced Promoters: Shri Ravi Singhal has more than a decade's
experience in steel manufacturing business. Besides, he is also
involved in other business activities such as transportation and
trading of iron-ore. Other directors of the company also have
rich experience in related business activities.

Sky Alloys and Power Private Limited (SAPPL), incorporated in
2009, had set up a 60,000 MTPA sponge iron, 48,000 MTPA
ingot and 16 MW captive power plant [of which 4 MW is based on
Waste Heat Recovery Boiler (WHRB)] in Raigarh, Chhattisgarh. The
sponge iron unit along with 4 MW WHRB commenced operation from
Apr 2013, ingot facility got commissioned in Jun 2013 and 12 MW
coal-based power plant from Oct 2013. The company also set up a
2x6 MVA ferro alloy furnaces (with an annual capacity of 19,000
MTPA of silico manganese & 25,000 MTPA of ferro manganese) by
October, 2014.

The company is promoted by Shri Ravi Singhal along with his
friends and family members-Shri Sankar Hari Aggarwal, Shri
Sandeep Aggarwal, Shri Vinay Aggarwal, Shri Sumeet Kukerja and
Shri Arun Singhal. Shri Ravi Singhal has an experience of
more than a decade in steel manufacturing.


SPACETECH EQUIPMENT: CARE Reaffirms B Rating on INR3.25cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Spacetech Equipment And Structurals Private Limited (SESPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            3.25       CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities            7.00       CARE A4 Reaffirmed

   Long term/Short
   Term Bank
   Facilities            4.75       CARE B; Stable/ CARE A4
                                    Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SESPL is
constrained on account of growing albeit small scale of
operations, moderate operating margin and low net profit margin ,
highly leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operation. The
ratings are also constrained on account of its presence in highly
competitive industry, volatility in raw material prices and
foreign exchange fluctuation risk. The ratings however, derive
strength from long track record of operation and experienced
promoters in the industry and healthy order book position.

The ability of SESPL to increase its scale of operations and
improvement in profitability margins and capital structure along
with efficient management of working capital cycle are the key
rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Highly leveraged capital structure and weak debt coverage
indicators: The capital structure of the company stood leverage
marked by overall gearing ratio of 4.20x as on March 31,2017 vis-
…-vis 4.19x as on March 31,2016.in FY17 on account of higher
reliance on external borrowing and infusion of unsecured loans to
fund its business operation. Debt coverage indicator of the
company remained weak in FY17 marked by total debt to GCA of
32.95 times & interest coverage of 1.33x (vis-a-vis 27.40x and
1.52x respectively in FY16).

Working capital intensive nature of operations: The operations of
SESPL are working capital intensive in nature on account of funds
are being blocked in inventory and receivables as production
takes around 5-6 months to manufacture. Though there is a
deterioration in working capital cycle to 234 days in FY17 from
228 days in FY16 (due to increase in inventory period), it
continues to remain elongated. SESPL has to maintain adequate
level of raw inventory gauging the demand sentiment and to
fulfill the regular demand flow.

Small scale of operations and thin profit margins: The company is
benefited by experience management which generates sizable
business from existing as well as new clients. SESPL have posted
total operating income of INR11.70 crore in FY17 as against
INR12.50 crore in FY16 due to non-execution of orders during FY17
which got spilled over to next financial year.

The relatively small scale limits its financial flexibility and
its capability to scale up the operations in future. Furthermore,
SESPL is operating on very thin profit margins. PBILDT margins
for SESPL stood at 7.94% and 12.55% respectively for FY16 &FY17
respectively. This is mainly due to volatile nature of prices of
it raw material which has an adverse impact on its profit
margins.

Volatile raw material prices & foreign exchange fluctuation risk:
SESPL is exposed to volatility in input (MS Sheets & plates,
welding Rod, Grinding wheel, SS Sheet etc.) prices in the absence
of any long-term contract with suppliers and especially on the
back of its high inventory holding (average inventory of around 4
months), it is exposed to the risk of raw material price
fluctuation as it is not able to pass on the rise in raw material
prices. Moreover, SESPL procures the raw materials in batches
which further expose the company to volatility in prices. SESPL
exports around 40% thereby exposing it to forex risk. Further,
SESPL has does not follow hedging policy, thus affecting its
profitability.

Present in competitive nature of industry: SESPL is engaged into
steel manufacturing industry which is highly fragmented with a
high level of competition from both the organized and largely
unorganized sector, along with the susceptibility of margins to
volatile raw material prices.

Key rating Strengths

Experienced and resourceful promoters and their financial
support: Promoters have an average experience of more than three
in the field of Design, Engineering, Fabrication & Project
Engineering & Project management, for the hard Core Industries
like Petroleum, Petrochemical, Fertilizers, Cement, Steel,
Ceramics etc. in India and Abroad. Extensive experience of
promoters have help SESPL to generate more revenue and developed
strong business relations with reputed customers. Furthers to
support growing scale of operations directors have infused owns
capital continuously in form of unsecured loan.

Long track record and reputed clientele base: SESPL is in
existence for more than three decades and carry out its activity
in manufacturing & supply of critical capital equipment's
required for core industries such as Petroleum, Fertilizers,
Chemical, Cement, Steel, Ceramics etc. in India and abroad. Over
the years the promoters have developed strong business relations
with reputed customers.

Incorporated in the March 1992 by group of "Technocrats",
Spacetech Equipment And Structural Private Limited (SESPL) is
engaged into manufacturing and supply of a broad array of
Equipment and Structures viz. Pressure Vessel, Air receiver, Gas
Holder Erection & Installation, Process Equipment, Fertilizers &
Chemicals Storage and Installation, Process Columns & Tower etc.
All this critical capital equipment range is used in core
industries such as petroleum, fertilizers, chemical, cement,
steel, and ceramics etc. SESPL is specialized for undertaking
turnkey projects for chemical & process industries. Having a
plant is located at Ambernath spread over 1700 sq.ft. SESPL
procures raw material like MS Sheets & plates, welding Rod,
Grinding wheel, SS Sheet etc. from domestic players (viz. Mukesh
Traders, Jindal Steel & Power Ltd, Sangeeta Metal Corporation
etc.) and its generate revenue from 60% of revenue from domestic
market and 40% of revenue from overseas market. Its exports its
products to overseas countries like Bangladesh, Nigeria, Iran,
Oman & Srilanka. SESPL has an order book of INR 300 crore as it
has received order (for plant set up) from one of the company
from Bangladesh which is to be executed in next three years out
of which INR 40 crore has been booked during FY18.


SRI SHRIDEVI: CRISIL Migrates D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has been consistently following up with Sri Shridevi
Charitable Trust (SSCT) for obtaining information through letters
and emails dated January 31, 2018, April 13, 2018 and April 18,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             70       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Shridevi Charitable Trust.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Sri Shridevi Charitable Trust is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Sri Shridevi Charitable Trust to 'CRISIL D Issuer not
cooperating'.

SSCT (previously known as Sri Shridevi Charitable Trust (R.)),
established in 1992, provides education from primary school to
graduation in engineering; it also has a medical college which
became operational in 2013-14 (refers to financial year, April 1
to March 31). The trust's operations are managed by its managing
trustee, Dr. M R Hulinaykar.


TIRUPATI TRADING: CARE Assigns B+ Rating to INR8cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Tirupati Trading Corporation (TTC), 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 TTC is primarily
constrained by its small and fluctuating scale of operations
coupled with low net worth base, low profitability margins,
leveraged capital structure and weak debt coverage indicators.
Further, the rating is also constrained by risk associated with
constitution of the entity being a partnership firm and highly
fragmented nature of industry characterized by intense
competition. The rating, however, draws comfort from experienced
promoters and moderate operating cycle.

Going forward; ability of TTC to profitably increase its scale of
operations while improvement in its capital structure along
with effective management of its working capital requirements
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations coupled with low net
worth base: TTC's scale of operations stood small as evident from
total operating income and gross cash accruals of INR53.72 crore
and INR0.20 crore, respectively in FY17 (refers to the period
April 1 to March 31). Moreover, TTC's scale of operations
remained fluctuating for the period FY15- FY17 (refers to the
period April 1 to March 31). TOI registers a decline in FY16 over
FY15 and thereafter registered significant increase in FY17 on
account of higher quantity sold to existing and newly added
customers. Furthermore, the net worth base also stood small at
INR2.76 crore as on March 31, 2017. The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it of scale benefits. During 10MFY18 (refers to the
period April 1 to January 31; based on provisional results), the
firm has achieved the total operating income of ~Rs.50.95 crore.

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
remained low during the past three financial years (FY15-FY17) on
account of trading nature of the business and highly fragmented
nature of industry characterized by intense competition. This
apart, high interest burden on its working capital borrowings
also restricts the net profitability of the firm. The firm has
debt mainly in the form of unsecured loans and working capital
borrowings. The capital structure of the firm stood leveraged on
past three balance sheet dates ending March 31, '15-'17 on
account of low net worth base coupled with high dependence on
external borrowings to meet the working capital requirements of
the business. Overall gearing stood at 3.28x as on March 31, 2017
as against 2.60x as on March 31, 2016 mainly on account of higher
utilization of working capital borrowings as on balance sheet
date coupled with increase in unsecured loans.

Further, owing to high debt levels against low profitability
position, debt service coverage indicators as marked by interest
coverage and total debt to GCA stood weak at 1.28x and 46.14x
respectively during FY17.

Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the
firm operates is highly fragmented and competitive marked by the
presence of numerous players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced promoters: TTC's is a family runs business and its
operations are currently being managed by Mr. Vivek Bansal and
Mrs. Parul Bansal. Mr. Vivek Bansal is a graduate and has
accumulated experience of nearly three decades in agro industry.
Prior to TTC and VTC, he was associated in individual capacity in
the same line of business. He is ably supported by Mrs. Parul
Bansal, who is a post graduate and holds experience of nearly one
and half decade in this business through her association with
this entity. TTC has been operating in this business for nearly
one and half decade, which aid in establishing a healthy
relationship with both customers and suppliers.

Moderate operating cycle: The firm maintains adequate inventory
of traded goods to cater the demand of its customers. Further,
being present in a highly competitive industry and having low
bargaining power with its customers, the firm normally extends
credit period of around one month to its customers. However, the
firm procures the traded products from its suppliers with maximum
credit period stood at around a week. The average utilization
remained around 65% utilized during the past 12 months ended
January, 2018.

Delhi based Tirupati Trading Corporation (TTC) was established in
October, 2004 as a partnership firm and is currently managed by
Mr. Vivek Bansal and Mrs. Parul Bansal sharing profit and losses
equally. The firm is engaged in the wholesale trading of food
grains like rice, pulses, maize, etc. to exporting companies
directly and through commission agents. The firm procures the
traded products from millers based in Punjab, Haryana and Uttar
Pradesh. The firm has one associate concern namely; "Vivek
Trading Company (VTC)" (established in 2001) engaged in the same
line of business.


UNICON ENGINEERS: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA Ratings said the ratings for the bank facilities of Unicon
Engineers continue to be in 'Issuer Not Cooperating' category and
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/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.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       7.20       [ICRA]B+ (stable); Ratings
   Based (CC)                      continue to remain in
                                   'ISSUER NOT COOPERATING'
                                   Category

   Short term-Non       5.50       [ICRA]A4; Ratings continue
   Fund Based                      to remain in 'ISSUER NOT
                                   COOPERATING' category

   Long term/           6.30       [ICRA]B+ (Stable)/[ICRA] A4;
   Short term-                     Ratings continue to remain in
   Unallocated                     'ISSUER NOT COOPERATING'
                                   Category

M/s Unicon Engineers was established as partnership firm in 1991
and is engaged in manufacturing and commissioning of pollution
control equipment. Unicon undertakes design, engineering,
fabrication, supply, erection and commissioning of pollution
control equipment such as electrostatic precipitator (ESP), wet
scrubber, cyclones and multi-cyclones, ammonia flue gas injection
system, bag filter, etc. The firm primarily caters to power,
cement and sugar industries in India and also undertakes
international orders. The day to day activities of the firm are
managed by its partners, Mr. P. Ponram and Mr. M. Palanikani. The
firm has a manufacturing facility in Coimbatore, Tamil Nadu with
an in house design and engineering department and has experience
of more than two decades in the field of pollution control
equipment andmaterial handling systems.


VIDEOCON GROUP: SBI-led lenders File Insolvency Bid vs. Units
-------------------------------------------------------------
Lenders led by State Bank of India have filed insolvency
petitions at the National Company Law Tribunal (NCLT) against
more than a dozen Videocon group companies that cumulatively owe
about INR13,000 crore, a move that's aimed at seeking a
comprehensive resolution plan.

The debts have been grouped into four clusters to help streamline
the process, three people with the direct knowledge of the matter
told ET.

"Petitions have been filed by different banks but these are not
yet admitted," ET quotes a senior banker as saying. The banks
involved in the matter have appointed four interim resolution
professionals (IRPs) - Divyesh Desai of Singhi Advisors, Mahender
Khandelwal of PwC India, Dhushyant Dave, a cost accountant, and
Avil Menezes, a chartered accountant.

Each of the first three has been given charge of a cluster
comprising three subsidiary companies. Menezes' cluster has four
companies, the report says.

"All those appointments are subject to NCLT approval although the
court is likely to appoint them going by their track records,"
said one of the persons cited above.

ET says the subsidiaries include Century Appliances, Value
Industries, Trend Electronics, Sky Appliances and PE Electronics.
These step-down subsidiaries of Videocon Industries are engaged
in activities such as manufacturing, sale and distribution of
consumer goods.

ET had reported on January 18 that lenders led by SBI are likely
to take Videocon group subsidiaries to bankruptcy court.

They will also explore ways of asserting their rights over the
assets of overseas units, which include interests in oil and gas,
which are outside the purview of the bankruptcy court, bankers,
as cited by ET, said. In January, the country's largest lender
SBI had filed separate insolvency proceedings against two
flagship group companies -- Videocon Industries and Videocon
Telecommunications, the report notes.

They were both part of the second list of 28 large corporate
defaulters issued by the Reserve Bank of India in August last
year. The Venugopal Dhoot-controlled group subsequently alleged
that SBI made several changes to the original petition in the
guise of minor alterations, implying that the original plea was
defective and hence needed to be rejected, Mint reported in
March, recalls ET.

Videocon Industries moved the Bombay High Court in February,
asking for a stay on bankruptcy proceedings initiated by SBI at
the NCLT, ET says.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2012, VD manufactures and processes cut and
polished diamonds.


WONDER SIGNS: ICRA Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Wonder Signs to 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      (2.00)     [ICRA]B (Stable); ISSUER NOT
   Credit (Sublimit                COOPERATING*; Rating moved to
   Of FLC)                         the 'Issuer Not Cooperating'
                                   Category

   Non-fund Based-
   FLC/BG                7.00      [ICRA]A4; ISSUER NOT
                                   COOPERATING*; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

*Issuer did not co-operate; based on best available information.

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.

Established in 2012, Wonder Signs is a proprietorship firm
promoted by Mr. Ashwin Agarwal, who has an experience of around
15 years in the sign and graphics industry. The firm is an
authorised distributor of LG Hausys for advertising materials in
western India. The firm also distributes advertising materials
for NC LED, Ilshin Tarpaulin, Union Elecom Co. Ltd. and SFC Ltd.
in India.



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


MNC INVESTAMA: S&P Lowers ICR to 'D' on Debt Exchange Offer
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on PT MNC
Investama Tbk. to 'D' from 'CC'. At the same time, S&P lowered
its issue rating on the company's guaranteed US$365 million
5.875% senior secured notes to 'D' from 'CC'.

The downgrade follows MNC Investama's announcement that it has
formalized the exchange offer for the US$365 million 5.875%
senior secured notes due May 16, 2018. The company has exchanged
approximately US$186 million of the debt for new senior unsecured
notes and cash. Separately, US$115 million of the existing notes
have been converted into subordinated debt. S&P views the
exchange as distressed, tantamount to a default because the
subordinated debt and maturity extension constitute less than the
promise on the original notes.

Some noteholders did not consent to the exchange, leaving
approximately US$64 million of the existing senior secured notes
outstanding.

Based on S&P's view of ongoing long-term risks associated with
servicing the anticipated capital structure, it expects to raise
the issuer credit rating to 'B-' and assign a 'B-' issue rating
to the new US$231 million 9% secured notes due 2021.



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


EDEN INC: Says Going-concern Issue Will Be Addressed
----------------------------------------------------
The Sun Daily reports that Eden Inc Bhd's external auditor Messrs
Ernst & Young has issued a statement on material uncertainty
related to going concern in respect of the company's financial
statements for the year ended Dec. 31, 2017 after its current
liabilities were found to have exceeded its current assets.

Eden, which reported a net loss of MYR18.56 million, saw current
liabilities exceed current assets by MYR62.76 million and
MYR97.19 million at group and company level, respectively, as at
end-December 2017, the Sun Daily discloses. In addition, the
group and the company reported operating cash outflows of
MYR10.99 million and MYR78,213, respectively.

As at Dec. 31, 2017, the group's loans and borrowings and trade
and other payables stood at MYR92.73 million and MYR53.87
million, respectively, relates the Sun Daily.

Eden, however, said with the expected full recommissioning of its
power plants, recovery of amount due from Zil Enterprise Sdn Bhd,
proposed issuance of redeemable convertible notes and planned
disposals of land, it will be able to continually repay its
outstanding borrowings/loans and creditors, according to the
report.

"This will reduce the current liabilities of the company. The
group's cash flow position and liquidity is expected to improve
and the going concern issue of the group will be addressed," it
added.

Eden Inc Bhd -- http://www.edenzil.com/-- an investment holding
company, operates as an independent power producer primarily in
Malaysia. It operates through three segments: Energy Components;
Food, Beverage and Tourism; and Manufacturing.



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


PARKSON RETAIL: Posts S$7.8MM Net Loss in Q3 Ended March 31
-----------------------------------------------------------
Rachel Mui at The Strait Times reports that Parkson Retail Asia
posted a third-quarter net loss of SGD7.8 million, narrowing its
net loss by 14 per cent from SGD9.1 million a year ago.

This translated to a loss per share of 1.16 Singapore cents,
versus a loss of 1.35 Singapore cents last year.

No dividend was declared for the current financial period,
unchanged from the preceding year, the report says.

The Strait Times relate that revenue for the quarter rose 5.9 per
cent to SGD104.5 million, though expenses also ticked up by 3.7
per cent to SGD113.6 million for Q3 FY2018. The increase in
expenses was mainly due to changes in merchandise inventories and
consumables, as well as higher staff costs and annual salary
adjustments, the report states.

As at March 31 this year, the group has net current liabilities
of SGD80.3 million, as a result of the firm's investments in new
stores and new ventures, The Strait Times discloses.

According to The Strait Times, the group's operations in Malaysia
was the most profitable segment, with same store sales growth of
4.5 per cent recorded for Q3 FY2018, amid stronger Chinese New
Year festive sales.

While the group added three new stores to its department store
network for the nine months ended March 31, it has also taken
steps to retire six underperforming stores against the backdrop
of competitive operating environments, the report adds.

Looking ahead, the group's performance in the final quarter
especially for Malaysia and Indonesia operations is expected to
benefit from the Hari Raya and Lebaran festive shopping in June
2018, Parkson Retail Asia said, the report relays.

Nonetheless, "in view of the headwinds encountered in each
operating country, the group is expected to end FY2018 with
reduced losses as compared with FY2017".

"We will continue to drive top-line growth proactively, whilst
exercising prudence on operating costs and new investments," the
group, as cited by The Strait Times, added.

Parkson Retail Asia Limited, an investment holding company,
operates department stores primarily in Malaysia, Vietnam,
Indonesia, and Myanmar. Its stores offer products under various
categories, such as fashion and apparel; cosmetics and
accessories; household, electrical goods, and others; and
groceries and perishables to consumers. The company is also
involved in the operation of supermarkets; and merchandising
activities. It operates approximately 70 department stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 7, 2018, Moody's Investors Service has changed to stable
from negative the outlook on Parkson Retail Group Limited's B3
corporate family and senior unsecured ratings.  At the same time,
Moody's has affirmed all ratings.


RHODIUM RESOURCES: Fitch Withdraws 'B-(EXP)' Expected Bond Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'B-(EXP)' expected rating and the
associated 'RR4' recovery rating assigned to Singapore-based
Rhodium Resources Pte. Ltd.'s (B-/Stable) proposed US dollar
senior notes.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as Rhodium's proposed
debt issuance is no longer expected to convert to final ratings,
as the company does not intend to proceed with the notes issue
within the previously envisaged timeline. The expected rating on
the proposed notes was assigned on 26 January 2018.

RATING SENSITIVITIES

Not applicable



====================
S O U T H  K O R E A
====================


LEO MOTORS: L&L CPAs Quits as Accountants
-----------------------------------------
Leo Motors, Inc., was notified by L&L CPAs, PA of its
resignation, effective May 1, 2018, as the Company's independent
registered public accounting firm.  L&L served as the auditors of
the Company's financial statements for the period from July 25,
2017 through the effective date of resignation.

L&L did not provide any reports on the Company's consolidated
financial statements for the Company's fiscal years ended
Dec. 31, 2017 and 2016.

The Company said that during the period from July 25, 2017, the
date of L&L's appointment, through the effective date of L&L's
resignation, there were no disagreements with L&L on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.

                       About Leo Motors

Leo Motors, Inc. -- http://www.leomotors.com/-- is a Nevada
Corporation incorporated on Sept. 8, 2004.  The Company
established a wholly-owned operating subsidiary in Korea named
Leo Motors Co. Ltd. on July 1, 2006.  Through Leozone, the
Company is engaged in the research and development of multiple
products, prototypes, and conceptualizations based on
proprietary, patented and patent pending electric power
generation, drive train and storage technologies.  Leozone
operates through four unincorporated divisions: new product
research & development, post R&D development such as product
testing, production, and sales.

Significant losses from operations have been incurred by the
Company since inception and there is an accumulated deficit of
$(29,776,217) as of Dec. 31, 2016.  The Company said continuation
as a going concern is dependent upon attaining capital to achieve
profitable operations while maintaining current fixed expense
levels.

DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.

The auditors said the Company has suffered recurring losses from
operations and negative cash flows from operations the past two
years.  These factors raise substantial doubt about its ability
to continue as a going concern.

Leo Motors reported a net loss of US$6.41 million in 2016, a net
loss of US$4.49 million in 2015, and a net loss of US$4.48
million in 2014.  As of Sept. 30, 2017, Leo Motors had US$4.25
million in total assets, US$9.91 million in total liabilities and
a total deficit of US$5.65 million.



                             *********

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.



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