TCRAP_Public/180510.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, May 10, 2018, Vol. 21, No. 092

                            Headlines


A U S T R A L I A

ADVENTURE FUND: First Creditors' Meeting Set for May 18
ALEXANDRIA LIQUOR: First Creditors' Meeting Set for May 17
FLEXI TRUST 2018-1: Fitch Assigns 'BB+sf' Rating to Class E Notes
FRESHZEST PTY: 60 Jobs in Limbo Following Administration
GLOSS ACCESSORIES: First Creditors' Meeting Set for May 17

JEYGAR INVESTMENTS: Second Creditors' Meeting Set for May 17
LENDEX GROUP: Second Creditors' Meeting Set for May 16
LIBERTY FUNDING: Moody's Assigns Ba1 Rating to Class E Notes
MATTER TECHNOLOGY: First Creditors' Meeting Set for May 17
SIGN SAINT: First Creditors' Meeting Set for May 18

VCS CIVIL: Fleet of Earthmoving & Transport Equipment Up for Sale
WARNE TRANSPORT: Second Creditors' Meeting Set for May 17


C H I N A

CENTRAL CHINA REAL: S&P Alters Outlook to Stable & Affirms B+ ICR
ZHENRO PROPERTIES: S&P Assigns 'B' Long-Term ICR, Outlook Stable
ZTE CORP: Facing Loan Default Threat Amid US Ban


H O N G  K O N G

NOBLE GROUP: Plans to Report First-Quarter Results on May 15


I N D I A

ADITYA COLD: CARE Assigns 'B' Rating to INR10cr LT Loan
ADITYA TRADERS: CARE Assigns B+ Rating to INR0.50cr LT Loan
AJIT CONSTRUCTION: CARE Assigns 'B' Rating to INR3.50cr Loan
ALLIED INDIA: CRISIL Migrates Rating to 'CRISIL B-/Stable'
ARYAN MINING: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating

AVACA PHARMA: CARE Raises Rating on INR97cr Loan to BB-
BRMSCO GARMENTS: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
CHOUHAN AUTOMOBILES: CARE Assigns B+ Rating to INR20.50cr Loan
CREVITA GRANITO: CRISIL Migrates B+ Rating to Not Cooperating
DELTA CROP: CRISIL Migrates B+ Rating to Not Cooperating Category

DURA PUF: CRISIL Reaffirms B+ Rating on INR5MM Buyer's Credit
DURGA JI: CRISIL Migrates B+ Rating to Not Cooperating Category
GANPATI RICE: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
GEETA THREADS: CRISIL Lowers Rating on INR8MM Cash Loan to B
IGAKU NEEDLES: CRISIL Reaffirms B+ Rating on INR2.2MM Loan

INDIAN PULP: Ind-Ra Corrects April 9 Rating Release
JAI JAGDAMBA: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
JAYPEE INFRATECH: Promoters Submit INR10,000cr Revival Plan
KAILA DEVI: CARE Assigns B+ Rating to INR12cr Long-Term Loan
KALOSONA HIMGHAR: CARE Assigns B+ Rating to INR6.20cr LT Loan

KUNDAN CARE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
MAGADH CONSTRUCTION: Ind-Ra Moves BB- Rating to Non-Cooperating
MAK CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR17.5MM Loan
MANGALMOYEE MAA: CARE Reaffirms B Rating on INR10.64cr LT Loan
MATRIX ROLLER: CRISIL Moves B+ Rating to Not Cooperating Category

MEDIGROWTH HOSPITAL: CRISIL Assigns B+ Rating to INR14.5MM Loan
MEWAR SPICES: CRISIL Reaffirms B+ Rating on INR5MM LT Loan
MUKTI FIRMS: CARE Assigns B Rating to INR7.59cr LT Loan
MULLAS WEDDING: CRISIL Withdraws B Rating on INR5MM LT Loan
MUNIRAJ ENTERPRISE: CARE Assigns B+ Rating to INR6.75cr Loan

NIRMAL SAGAR: CRISIL Moves B+ Rating to Not Cooperating Category
OZONE PROJECTS: CARE Lowers Rating on INR18.93cr Loan to D
PAULOSE ABRAHAM: CRISIL Lowers Rating on INR8MM Cash Loan to D
PRITHVI FERRO: CRISIL Moves D Rating to Not Cooperating Category
SHARU SPECIAL: CRISIL Moves B+ Rating to Not Cooperating Category

SHIKHAR CONSTRUCTIONS: CARE Assigns B+ Rating to INR6cr LT Loan
SHREE GANESH: Ind-Ra Assigns 'C' Long-Term Issuer Rating
SHREE JAGDAMBA: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
SHREEGOPAL GOBIND: Ind-Ra Maintains B- Rating in Non-Cooperating
SUPRIYA COTEX: CRISIL Moves D Rating to Not Cooperating Category

SURYA VIJAY: CRISIL Migrates B+ Rating to Not Cooperating Cat.
SWATI SYNTHETICS: CRISIL Migrates B+ Rating to Not Cooperating
TGR PROJECTS: CARE Assigns B+ Rating to INR32cr LT Loan
TRIGUN ENTERPRISE: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
* INDIA: Fear is Biggest Obstacle for Investors in Bankrupt Firms


I N D O N E S I A

MNC INVESTAMA: Moody's Upgrades CFR to B3, Outlook Negative
SOLUSI TUNAS: Fitch Affirms L-T Foreign and Local IDR at 'BB-'


S I N G A P O R E

EZION HOLDINGS: Expects To Post Net Loss for Q1 of 2018


                            - - - - -


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A U S T R A L I A
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ADVENTURE FUND: First Creditors' Meeting Set for May 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Adventure
Fund Global, trading as International Children's Care
(Australia), will be held at Suite 4, 141 Peats Ferry Road, in
Hornsby, NSW, on May 18, 2018, at 3:00 p.m.

Hugh Sutcliffe Martin -- hmartin@bernardimartin.com.au -- of
Bernardi Martin was appointed as administrator of Adventure Fund
on May 8, 2018.


ALEXANDRIA LIQUOR: First Creditors' Meeting Set for May 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Alexandria
Liquor Pty Limited will be held at the offices of DEM Asia Group
- Suite 4.02, Level 4, 249 Pitt Street, in Sydney, NSW, on
May 17, 2018, at 11:00 a.m.

Damien Hodgkinson -- damien.hodgkinson@demasiagroup.com -- at DEM
Asia was appointed as administrators of Alexandria Liquor on
Alexandria Liquor May 9, 2018.


FLEXI TRUST 2018-1: Fitch Assigns 'BB+sf' Rating to Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Flexi ABS Trust 2018-
1's asset-backed floating-rate notes. The issuance consists of
notes backed by small-balance unsecured consumer loans originated
by Certegy Ezi-Pay Pty Ltd (Certegy) whose ultimate parent is
FlexiGroup Limited (FlexiGroup). The ratings are:

AUD100.0 million class A1 notes (ISIN AU3FN0041950): 'F1+sf';

AUD66.5 million class A2 notes (ISIN AU3FN0041968): 'AAAsf';
Outlook Stable;

AUD66.0 million class A2-G notes (ISIN AU3FN0041976): 'AAAsf';
Outlook Stable;

AUD15.3 million class B-G notes (ISIN AU3FN0041984): 'AAsf';
Outlook Stable;

AUD17.7 million class C notes (ISIN AU3FN0041992): 'Asf'; Outlook
Stable;

AUD12.0 million class D notes (ISIN AU3FN0042008): BBBsf';
Outlook Stable;

AUD7.5 million class E notes (ISIN AU3FN0042016): BB+sf'; Outlook
Stable; and

AUD15.0 million class F notes: 'NRsf'

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Flexi ABS Trust 2018-1.

At the cut-off date at 23 April 2018, the total collateral pool
consisted of 141,527 individual consumer loan contracts totalling
AUD295.7 million. The receivables are retail point-of-sale,
interest-free consumer-finance loans used to finance a wide
variety of products. These include solar equipment (40.0%);
jewellery (16.8%); roofing, shutters and guttering (7.1%); and
other homeowner products. Homeowners make up 55.3% of borrowers,
and 49.1% are repeat Certegy customers.

KEY RATING DRIVERS

Obligor Default Risk: The portfolio consists of receivables
originated from a geographically diversified pool of Australian
retail customers across solar, jewellery, home items, other items
and fitness equipment. Fitch has assigned a weighted-average
base-case gross loss rate of 4.6%, based on the portfolio
composition. The average contract size is small at AUD2,090,
while the weighted average (WA) remaining term is 24.9 months.

Cash Flow Dynamics: The ratings on all notes are supported by
credit enhancement from the junior notes as well as by soft
credit support.

Structural Risks: A liquidity reserve, funded by proceeds from
issuance, will ensure stable cash flows for all rated notes and
trust expenses. The transaction includes a fixed-rate swap with
notional based on a fixed schedule and a derivative reserve
account, which will be established to set aside excess income, to
ensure sufficient cash flow is available to cover future swap
payments to the extent the deal is overhedged.

Counterparty Risks: The transaction includes structural
mechanisms that ensure remedial actions take place in the event
the swap provider or trust account bank fall below certain
ratings.

Servicer, Operational Risks: Certegy is a wholly owned subsidiary
of FlexiGroup Limited, a provider of retail point-of-sale
consumer finance. Certegy provides interest-free consumer loans
and cheque-guarantee products in Australia. Delinquencies greater
than 30 days on Certegy's retail portfolio have historically
tracked below 3.0%. The nominated back-up servicer is Dun &
Bradstreet, which already has access to Certegy's systems and can
step in immediately in the event of servicer termination.

Residual Value Risk: All securitised loans are structured so that
there is no exposure to residual value risk, with the borrower
liable for such risks at all times.

Fitch used custom default timing to reflect the weighted-average
life of the pool. The adjusted default timing ensures all
defaults were allocated prior to the final amortisation of the
portfolio.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and are likely to result in a
decline in credit enhancement (CE) and remaining loss-coverage
levels available to the notes. Decreased CE may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

The agency's analysis found that the ratings assigned to the
class A2 and A2-G (the A2 notes), B-G, C and D notes were
sensitive to Fitch's mild default stress in which the base-case
default rate increased by 10%. The ratings on these notes
declined by one notch from the ratings assigned to each of these
classes.

Under Fitch's medium (25% increase) default stress, the ratings
on the class A2 notes migrated further to 'AA-sf, while the
ratings of the class B-G, C, D and E notes declined to 'Asf',
'BBB+sf', 'BB+sf' and 'BBsf', respectively.

Under Fitch's severe default stress scenario, in which the base-
case default rate increased by 50%, the ratings on the class A1
and A2 notes deteriorated to 'F1sf' and 'A+sf', respectively,
while the ratings of the class B-G, C, D and E notes declined to
'A-sf', 'BBBsf', 'BBsf' and 'B+sf', respectively.


FRESHZEST PTY: 60 Jobs in Limbo Following Administration
--------------------------------------------------------
Emma Field at ABC Gippsland reports that a herb farm which
supplies and packs herbs for major supermarkets has gone into
voluntary administration.

Freshzest and affiliated company Spicezest were placed into
administration by director and owner Robert Hayes last month,
putting 60 jobs at risk and leaving more than 100 other creditors
out of pocket.

Melbourne insolvency company, Hall Chadwick has been appointed as
the administrators of the companies, and held the first creditors
meeting on April 26, ABC says.

According to ABC, Gaurav Mishra, a Senior Associate at Hall
Chadwick, said they were working with 60 employees who were
potentially owed entitlements.

ABC says Mr. Mishra provided no estimate of the entitlements that
employees were owed and did not say if these would be paid to the
employees in full.

It is understood that 23 of the 30 employees at the Pound Creek
herb farm in Gippsland, Victoria have been stood down, and have
received letters from the administrator informing them that the
company had gone into voluntary administration, ABC relates.

ABC adds that Mr. Mishra said that in addition to employees being
owed entitlements, approximately 96 unsecured creditors were also
involved with the struggling herb business, being owed a combined
AUD480,000.

An additional 16 secured creditors were also owed funds; however,
Mr. Mishra said Hall Chadwick did not have an estimate on what
this figure was, adds ABC.

Freshzest and affiliated company Spicezest have farming
operations near Lismore, in the Northern Rivers region of New
South Wales as well as Koonwarra in Victoria's South Gippsland.


GLOSS ACCESSORIES: First Creditors' Meeting Set for May 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gloss
Accessories Pty Limited will be held at the offices of Jones
Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, NSW, on May 17, 2018, at 3:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Gloss Accessories on May 7, 2018.


JEYGAR INVESTMENTS: Second Creditors' Meeting Set for May 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Jeygar
Investments Pty Ltd, trading as Good Real Estate - Gladstone, has
been set for May 17, 2018, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Suite 5A, Level 5, 34
East Street, in Rockhampton City, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2018, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Jeygar Investments on April 11, 2018.


LENDEX GROUP: Second Creditors' Meeting Set for May 16
------------------------------------------------------
A second meeting of creditors in the proceedings of LendEx Group
Limited and LendEx Services Pty Ltd has been set for May 16,
2018, at 11:00 a.m. at the offices of Ferrier Hodgson, Level 7,
145 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 15, 2018, at 4:00 p.m.

William Martin Colwell and Tim Michael of Ferrier Hodgson were
appointed as administrators of LendEx Group on March 29, 2018.


LIBERTY FUNDING: Moody's Assigns Ba1 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2018-1 Trust

AUD150.0 million Class A1a Notes, Assigned Aaa (sf)

AUD691.5 million Class A1b Notes, Assigned Aaa (sf)

EUR83.4 million Class A1c Notes, Assigned Aaa (sf)

AUD372.0 million Class A2 Notes, Assigned Aaa (sf)

AUD55.5 million Class B Notes, Assigned Aa2 (sf)

AUD28.5 million Class C Notes, Assigned A2 (sf)

AUD16.5 million Class D Notes, Assigned Baa1 (sf)

AUD19.5 million Class E Notes, Assigned Ba1 (sf)

AUD6.0 million Class F Notes, Assigned B1 (sf)

The AUD27.00 million Class G Notes are not rated by Moody's.

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

RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (4.5%) or made on an alternative or
limited documentation basis (4.2%).

This is the 25th non-conforming RMBS transaction sponsored by
Liberty Financial Pty Limited ("Liberty").

The ratings take account of, among other factors:

  - The fact that the Class A1a, Class A1b and Class A1c Notes
benefit from 35.0% credit enhancement (CE) and the Class A2 Notes
benefit from 10.2% CE, while Moody's MILAN CE assumption -
representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recession scenario - is 9.5%.
Moody's expected loss for this transaction is 1.5%. The
subordination to the Class A1 Notes strengthens the stability of
the ratings in the event the pool experience losses above Moody's
expectations.

  - A liquidity facility provided by the Commonwealth Bank of
Australia (CBA, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required limit
equal to 2.0% of the aggregate invested amount of the notes less
the redemption fund balance. The facility is subject to a floor
of AUD600,000. If the facility provider loses its P-1(cr)
counterparty risk assessment, it must within 30 days either: (1)
procure a replacement facility provider; or (2) deposit an amount
of the undrawn liquidity commitment at the time into an account
with a P-1 rated bank.

  - The guarantee fee reserve account, which is unfunded at
closing and will build up to a limit of 0.30% of the issued
notional from proceeds paid to Liberty Credit Enhancement Company
Pty Ltd as Guarantor, from the bottom of the interest waterfall
prior to interest paid to the Class G noteholders. The reserve
account will firstly be available to meet losses on the loans and
charge-offs against the notes. Secondly, it can be used to cover
any liquidity shortfalls that remain uncovered after drawing on
the liquidity facility and principal. Any reserve account balance
used can be reimbursed to its limit from future excess income.

  - The experience of Liberty in servicing residential mortgage
portfolios.

  - The interest rate mismatch, which arises when the movements
of the 30-day BBSW are not (simultaneously) passed on to the
variable rate loans. To mitigate the basis risk, the threshold
rate mechanism obligates the Servicer to set interest rates on
the mortgage loans at a minimum rate above 1mBBSW, or higher if
the trust's income is insufficient to cover the obligations of
the Trustee under the transaction documents.

  - A currency swap, which mitigates the cross-currency risk
associated with the EUR-denominated Class A1c Notes. According to
the current form of the swap documentation, swap linkage has no
present rating impact on the Class A1c Notes. This is because the
linkage between the note ratings and the rating of the provider
of any of the swaps is mitigated by an obligation to post cash
collateral and novate the swap upon downgrade below A3(cr).

The key transactional and pool features are as follows:

  - The Class A1a Notes will receive principal prior to any other
notes at all times, unless there is an event of default. Once the
Class A1a Notes are paid off, the Class A1b and Class A1c Notes
will be paid pro-rata until they are repaid in full, following
which the Class B to Class F notes receive sequential principal
payments. Upon satisfaction of all stepdown conditions -- which
include the payment date falling on or after the payment date in
April 2020 and the absence of charge off on any notes -- the
Class A1b, Class A1c, Class A2, Class B, Class C, Class D, Class
E, and Class F Notes will receive a pro-rata share of principal
payments (subject to additional conditions). The Class G Notes do
not step down and will receive principal payments only once all
other notes have been repaid.

  - The principal pay-down switches back to sequential pay across
all notes once the aggregate loan amount falls below 20.0% of the
aggregate loan amount at closing, or on or following the payment
date in April 2022.

  - The weighted average scheduled loan to value of the pool is
69.7%.

  - The portfolio is geographically well diversified due to
Liberty's wide distribution network.

  - The portfolio contains 4.5% exposure to borrowers with prior
credit impairment (default, judgement or bankruptcy). Moody's
assesses these borrowers as having a significantly higher default
probability.

  - 4.0% of loans were extended on an alternative documentation
basis and 0.2% of the loans were extended on a no documentation
basis. For the alternative documentation loans, Liberty performs
additional verification checks over and above the typical checks
for low documentation products. These checks include a
declaration of the borrower's financial position and six months
of bank statements, two quarters of Business Accounting
Statements or GST returns. Liberty's alternative documentation
loans show lower arrears when compared to traditional low
documentation loans. Given the additional verification checks and
the lower arrears, Moody's expects that these alternative
documentation loans will demonstrate a lower default frequency
than standard low documentation loans.

  - Investment and IO loans represent 30.8% and 20.8% of the
pool, respectively. Both proportions are lower than the
Australian mortgage market averages of 34.3% and 32.7%,
respectively, as of the end of December 2017. The proportion of
IO loans is lower than that for the 2017 Liberty non-conforming
transactions. Moody's assesses that investor buyers have a higher
probability of default than borrowers who live in the property
that serves as security for a particular loan. Similarly, Moody's
MILAN analysis has factored in a higher default probability for
loans with interest-only periods versus loans amortising from
loan origination and without interest-only periods.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current loss expectations could lead to
an upgrade of the ratings. Moody's current loss expectations
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A worse-than-expected collateral performance could lead to a
downgrade of the ratings. Factors that could lead to a
performance worse than Moody's expects include poor servicing,
errors on the part of transaction parties, a deterioration in the
credit quality of transaction counterparties, fraud and a lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, assuming an increase in the
Portfolio EL and MILAN CE of 50% above the initial assumptions,
the Class A2 Notes are sensitive to a one-notch rating migration.
Using these same assumptions, the rating on the Class B Notes
will drop two notches, the rating on Class C Notes will drop
three notches, and the rating on Class D Notes will drop four
notches.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


MATTER TECHNOLOGY: First Creditors' Meeting Set for May 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Matter
Technology Ltd will be held at the offices of Bentleys Corporate
Recovery Pty Ltd, Level 3, 1 Castlereagh Street, in Sydney, NSW,
on May 17, 2018, at 11:00 a.m.

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate
were appointed as administrators of Matter Technology on May 7,
2018.


SIGN SAINT: First Creditors' Meeting Set for May 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of Sign Saint
Pty Ltd will be held at the offices of McLeod & Partners, Hermes
Building, Level 1, 215 Elizabeth Street, in Brisbane, Queensland,
on May 18, 2018, at 10:00 a.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Sign Saint on May 8, 2018.


VCS CIVIL: Fleet of Earthmoving & Transport Equipment Up for Sale
-----------------------------------------------------------------
Gordon Brothers, the global advisory, restructuring and
investment firm, said on May 2 that it has been engaged by
McGrathNicol, as receivers in the matter of VCS Civil and Mining
Pty Ltd and Related Entities, to sell a fleet of earthmoving and
transport equipment. A multimillion-dollar 'Private Treaty' sale
of over 100 lots of machinery and equipment is available for sale
including dozers, wheeled loaders, articulated dump trucks,
excavators, motor graders, on-road trucks, prime movers,
trailers, and other attachments and accessories.

"This is a fantastic opportunity for those looking to purchase
earthmoving and transport assets. The equipment has numerous
applications in the construction and transport sectors, as well
as other related industries. In a used equipment market with
limited supply, this sale presents an opportunity for users to
acquire additional machines," stated Matt Aubrey, Managing
Director, Australia at Gordon Brothers.

"We will sell by negotiation, providing the opportunity for all
interested parties to inspect the assets and purchase
immediately. Interested buyers have been proactive and we've
already received several enquiries for all manner of assets.
Current market demand is strong, and we will find homes for all
the assets," stated Fenton Healy, Managing Director, Australia,
Gordon Brothers.

Founded in 2012 and headquartered in Maddington, Western
Australia, VCS provided construction and contracting services to
the civil and mining industries across Western Australia prior to
Administrators and Receivers & Managers being appointed in
February 2018.


WARNE TRANSPORT: Second Creditors' Meeting Set for May 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Warne
Transport (QLD) Pty Ltd has been set for May 17, 2018, at
11:00 a.m. at the offices of Mackay Goodwin, Level 10, 239 George
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2018, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Warne Transport on April 24, 2018.



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CENTRAL CHINA REAL: S&P Alters Outlook to Stable & Affirms B+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised the rating outlook on China-based
property developer Central China Real Estate Ltd. (CCRE) to
stable from negative.

S&P said, "We also affirmed our 'B+' long-term issuer credit
rating on CCRE and our 'B+' long-term issue rating on the
company's outstanding senior unsecured notes.

"We revised the outlook on CCRE to stable from negative because
we anticipate the company's improved debt leverage will stabilize
in 2018. By our estimates, CCRE's proportionally consolidated
leverage is likely to stay at 6.0x-6.5x in 2018, from 6.3x in
2017 and above 9x in 2016. Its leverage declined mainly due to
better-than-expected contracted sales and faster revenue
recognition. We affirmed the rating because we anticipate CCRE
will maintain stable leverage by controlling its land acquisition
appetite while continuing to ramp up sales, increase delivery,
and stabilize profitability.

"By our estimates, land premiums will decrease to around Chinese
renminbi (RMB) 12 billion-RMB15 billion in each of 2018 and 2019,
from about RMB16 billion 2017. We believe the company has a
sufficient land bank to sustain a balanced growth.

"We believe CCRE will maintain its leading position in Henan
province, following last year's expanded operating scale and new
market access in the province. With improved execution
capabilities and new staff incentive alignment measures, the
company increased total contracted sales to RMB30 billion in
2017, from RMB20 billion in 2016.

"We expect CCRE will achieve total contracted sales of RMB40
billion-RMB45 billion in 2018, supported by its increased
saleable resources of and higher contributions from jointly
controlled entities (JCEs). CCRE derived RMB8.6 billion in sales
from JCEs in 2017 and we expect the scale to continue to grow.

"Moreover, we expect margins to be stable over the next one to
two years, given the company's continued exposure in Henan
province. Although the favorable market conditions in lower tiers
cities in 2017 may not persist, given tighter overall liquidity
conditions this year, we believe such pressures could be largely
offset by faster sales growth. We expect EBITDA margin will
remain at 17%-20% in 2018 and 2019.

"However, in our view, the company's long-term growth targets are
ambitious and may result in a volatile performance. In 2017, the
new CEO and chief financial officer laid out a long-term strategy
to reach RMB100 billion in contracted sales in five years, while
also continuing to pursue "asset-light" growth. We believe the
company's long-term strategy to drastically increase its scale is
aggressive, given the industry consolidation, the industry cycle,
and the company's focus on a single Chinese province.

"CCRE's strong cash position somewhat offsets its financial risks
from high leverage.  We believe the company's growing operating
scale, improved fast-churn capability and sales execution, and
market leadership in Henan are comparable to peers with 'B+'
ratings. These factors support CCRE's positive comparable rating
analysis.

"The stable outlook reflects our view that CCRE's financial
leverage on our adjusted and proportionally consolidated basis
will stabilize in the coming 12 months while the company grows
its operating scale. We believe that CCRE will maintain its
leading position in Henan and maintain stable sales execution and
profitability in the next 12 months.

"We could lower the rating if CCRE's debt-to-EBITDA ratio on our
proportionally consolidated basis materially worsens from our
base case of about 6x. This could happen if the company's debt-
funded expansion is more aggressive than we expect, or there are
delays in project execution.

"We could raise the rating if CCRE shows a deleveraging trend,
such that its debt-to-EBITDA ratio on our proportionally
consolidated basis is sustainably below 4x."


ZHENRO PROPERTIES: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit
rating on Zhenro Properties Group Ltd., a China-based property
developer that listed on the Hong Kong stock exchange in January
this year. The outlook is stable.

The rating on Zhenro reflects the company's high leverage
stemming from its quick expansion and aggressive growth target.
The rating also reflects Zhenro's limited record of prudent
financial management and high reliance on funding from nonbank
financial institutions. The company's growing operating scale,
good geographic diversity, and satisfactory margins temper these
weaknesses. Further support for the rating comes from the
company's execution capability in building quality products that
capture upgrade demand.

S&P said, "We expect Zhenro's leverage to remain high over the
next two years with a debt-to-EBITDA ratio of 8x-10x in 2018 and
2019, compared with 8.2x in 2017. Continuously high land premium
payments and construction expenditure will likely offset benefits
from improving sales and delivery, given the company's aggressive
growth appetite. We also believe that Zhenro's land bank of 15.3
million square meters (attributable: 12.1 million) at the end of
2017 could support growth for less than three years. Therefore,
the company will need to continuously source land to support its
medium to long-term development.

"We expect Zhenro's land acquisition costs to reach Chinese
renminbi (RMB) 31 billion in 2018, close to 50%-60% of its
attributable contracted sales, and further grow by 25%-30% in
2019. At the same time, we anticipate that the company will
increasingly source projects through mergers and acquisitions and
cooperation with other large developers, such as Country Garden
Holdings Co. Ltd., China Resources Land Ltd., and CIFI Holdings
(Group) Co. Ltd. In 2017, Zhenro acquired 18 out of 41 land
parcels through jointly controlled entities, compared with only
three projects in 2016.

"In our view, Zhenro's high reliance on short-term financing from
nonbank financial institutions is a credit risk, mainly because
of the company's limited record in the capital markets. As of the
end of 2017, the company derived 55% of its borrowing (excluding
corporate bonds and perpetual securities) from trust loans, asset
management plans, and other nonbank financial institutions.
Zhenro has weaker financing flexibility than its peers, which are
generally listed companies with long repayment records in the
capital markets. Although these alternative funding routes have
less restrictions on the use of proceeds, they are generally
costly and of short duration. The weighted average maturity of
the company's borrowing is less than two years as of the end of
2017. However, we expect Zhenro to gradually improve its maturity
profile as a recently listed company, if it demonstrates a good
repayment record, sound governance, and transparent information
disclosure.

"In addition, Zhenro's revenue stream is dominated by residential
property development and its rental income is still minimal. Its
properties are significantly skewed toward the residential
market, with sale of commercial properties contributing around
20% of total property sales.

"Given Zhenro's strategy and land bank exposure, we believe
recent price restrictions on residential units in higher-tier
cities may affect the company. Under government policy, selling
prices generally cannot be higher than that of similar properties
in the same area. That could limit the company's ability to
convert its premier quality and design into a price premium, thus
affecting margins.

"We believe that Zhenro will be able to continue its good sales
execution in residential property development, targeting mainly
demand for upgrades. The company started its property development
business in Jiangxi, and later expanded into Fujian, the Beijing-
Tianjin-Hebei region (Jing-Jin-Ji), and Yangtze River Delta.
Zhenro's properties have a strong focus on design and quality,
and are generally well perceived by customers. This allows the
company to achieve better pricing and sell-through ratios than
its peers'. Its brand has also improved as the company speeds up
its scale expansion. In 2017, the China Index Academy ranked the
company 20th among the country's property developers in terms of
overall strength.

"We believe Zhenro can maintain its good project and geographical
diversity throughout its scale expansion. At the end of 2017, the
company had 91 projects in 18 cities widely spread across the
Yangtze River Delta, the mid to western China, the Bohai Economic
Rim, and Western Taiwan Straits Economic Zone. Its land bank is
also balanced, with no single city accounting for more than 15%
of the land bank. Such diversity makes slippage in a single
project or market changes in a single city more manageable. We
expect the company to selectively enter more cities following its
scale expansion, including the Greater Bay Area in southern
China.

"We expect Zhenro to further expand its operating scale over the
next two years, supported by the good quality of its land bank in
higher-tier cities. As of the end of 2017, over 80% of the
company's land bank is located in tier-one or tier-two cities
including Shanghai, Nanjing, Hefei, Suzhou, Wuhan, Xian, Tianjin,
Changsha, Zhengzhou, and Fuzhou. We believe this reach could
protect the company's cash generation because demand in these
cities is more solid, supported by good economic growth and low
inventory months. We also expect project delivery to pick up over
the next two years following strong growth in contracted sales.
The company's revenue of RMB20 billion in 2017 was only 43% of
the attributable contracted sales in the same period. We estimate
revenue will reach RMB27 billion-RMB29 billion in 2018 and RMB40
billion-RMB43 billion in 2019.

"We estimate Zhenro's margins may stabilize at low levels in 2018
under the current price restrictions. The company's gross margin
dropped to 21% in 2017, compared with 22% in 2016. We expect the
company's margins will stabilize at 20%-22% in the next two
years.
The stable outlook reflects our view that Zhenro will maintain
high growth in contracted sales and revenue in the next 12
months, without a material deterioration in its currently high
financial leverage. We also expect the company's margins to
stabilize owing to its increase in scale.

"We could lower the rating if Zhenro's debt-to-EBITDA ratio, on a
consolidated or proportionate basis, significantly deteriorates
from our base case, which may be due to weakened sales execution
or more aggressive debt-funded expansion than we anticipated.
We could also lower the rating if the company's liquidity weakens
and the weighted average maturity is less than two years.

"An upgrade is less likely in the coming 12 months due to
Zhenro's high leverage and short record of operating on a larger
scale. Nevertheless, we could raise the rating if: (1) the
company adopts a more conservative financial policy and
significantly improves its leverage; and (2) it improves its
capital structure, such that its debt-to-EBITDA ratio improves
significantly toward 5x."


ZTE CORP: Facing Loan Default Threat Amid US Ban
------------------------------------------------
Bloomberg News reports that ZTE Corp is facing further fallout
from a recent US ban on its purchases of American technology,
this time in the loan market.

At issue is the recent suspension of trading in the company's
shares, and a clause in a $450 million loan it took in 2014,
Bloomberg relates.

According to the report, the clause said that China's second-
biggest network equipment maker would face an event of default if
trading in its shares on the Hong Kong and/or the Shenzhen Stock
Exchange is suspended for more than 14 straight trading days, or
if the listing is terminated.

The company is now asking lenders to waive the clause, as the 14-
day mark approaches next week, people familiar with the matter
said, Bloomberg relays.

Bloomberg notes that trading of ZTE shares has been suspended in
Hong Kong and Shenzhen since April 17, after the US Commerce
Department imposed a seven-year ban on buying American-made chips
and components, as punishment for allegedly violating a sanctions
settlement over the sale of products to Iran and North Korea.
ZTE's dependence on US technology raises questions about how the
company will generate cash flow to service and repay debt, after
it runs down product inventories, according to S&P Global
Ratings.

"If the Chinese government gets involved, if there is any sign of
a state bailout, I think the Americans will use this as proof
that the Chinese are providing state subsidies, grooming industry
champions, and it isn't a level playing field," Bloomberg quotes
Christopher Lee, managing director of corporate ratings at S&P in
Hong Kong, as saying. "It's a very difficult situation for ZTE."
ZTE didn't immediately comment when contacted by Bloomberg.
Majority consent of the lenders is required and the deadline for
responses on the waiver is June 4, according to the people, who
aren't authorised to speak publicly and asked not to be
identified, Bloomberg says.

According to Bloomberg, the prospect of a default comes just a
week after the technology company reported a surge in its first
quarter earnings, without addressing the impact of US sanctions.

Bloomberg says the loan due in July was borrowed via ZTE HK Ltd
and guaranteed by ZTE Corp. The deal was led by Bank of China
Hong Kong, BNP Paribas, Credit Agricole CIB and Societe Generale.
Eight more lenders joined the facility in general syndication
stage, Bloomberg data show.

On May 2, the Pentagon banned Chinese-made smartphones from
military exchanges. "Huawei and ZTE devices may pose an
unacceptable risk to department's personnel, information and
mission," Bloomberg quotes Pentagon spokesman Major Dave Eastburn
said as saying in a statement. Huawei Technologies Co last month
scrapped a dollar-denominated bond sale and delayed a euro bond
offering amid possible violations of sanctions banning sales to
Iran, Bloomberg notes.

ZTE Corporation -- http://www.zte.com.cn-- is a provider of
telecommunications equipment and network solutions.



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


NOBLE GROUP: Plans to Report First-Quarter Results on May 15
-----------------------------------------------------------
Bloomberg News reports that Noble Group Ltd., the commodity
trader battling to get a debt-for-equity restructuring agreed to
secure its survival, will report first-quarter earnings next
week, after signals from its chairman that the company faced
tough conditions in the period after losing almost $5 billion in
2017.

The Singapore-listed company will report figures for the first
three months on May 15, followed by a conference call the same
day, the trader said in an exchange statement on May 7, Bloomberg
relays. Local listing rules typically allow a company 45 days to
report first-quarter performance, unless granted a waiver.

After years of crisis marked by losses, asset sales and a
default, Noble Group's battle for survival has descended into
legal fights and public sparring between the company, its
creditors and major shareholder Goldilocks Investment Co.,
according to Bloomberg.  The report says the Abu Dhabi-based
fund, which recently won a bid in the Singapore courts to have
Noble Group's annual general meeting delayed amid a dispute over
directors, has filed a lawsuit to challenge the debt-for-equity
plan, saying it's unfair. A pre-trial hearing in that case is
scheduled for later this week, Bloomberg notes.

According to Bloomberg, Noble Group Chairman Paul Brough told
shareholders last week that the company's position is "critical,"
and its ability to make money was severely restricted. The
remarks came at a special general meeting in Singapore, which was
held after the AGM was adjourned, and dealt with the disposal of
a vessel, the report states.

In recent weeks, Goldilocks has asked Noble Group for more
information on how its remaining business is faring, including in
comments to Bloomberg TV. Separately, creditors have warned that
given increasing pressure, any delay in the timetable for a debt
deal "will cause the company irreparable damage," Bloomberg adds.

                        About Noble Group

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

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

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

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



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


ADITYA COLD: CARE Assigns 'B' Rating to INR10cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aditya
Cold Storage (ACS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             10        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACS are tempered by
small scale and short track record of business, declining total
operating income, profitability margins and thin PAT margin
during review period, stretched receivable days, leverage capital
structure and weak debt coverage indicators, Partnership nature
of constitution and highly competitive and fragmented nature of
business, Risk associated with advances given to farmers. The
ratings are, however, underpinned by experience of partners for
more than two decades in Agricultural industry, locational
advantage of the plant and stable outlook of cold chain industry.
Going forward, ability of the firm to increase scale of
operations and profitability margins, improve its capital
structure and debt coverage indicators during review period are
the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record and Small Scale of operations: The firm has
short track record of 6 years. ACS was established in the year
2012. Further, the scale of operations of the entity marked by
total operating income (TOI), remained small at INR1.00 crore in
FY17 coupled with low net worth base of INR0.10 crore as on
March 31, 2017 as compared to other peers in the industry.
Declining total operating income during review period.

The total operating income of the entity decreased from
INR1.47crore in FY15 to INR1.00 crore in FY17 due to decrease in
rental charges received from group concerns. Generally the group
concern (Aditya Traders) contributes 80% of the total operating
income of Aditya Cold storage. In the year FY17, aditya traders
could not realize desirable profit margins by storing spices due
to general declining in prices of spices as a result of which
rental charges of aditya cold storage subsequent decline in total
operating income.

Declining profitability margins and thin PAT margin during review
period:  The profitability margin of the company has been
declining during review period. The PBILDT margin declined from
75.75% in FY15 to 55.20% in FY17 due to decrease in scale of
operation, however remained satisfactory. The PAT margin declined
from 2.65% in FY15 to 0.11% in FY17 due to decrease in PBILDT in
absolute terms.

Leveraged capital structure, weak debt coverage indicators and
stretched receivable days: The capital structure of the firm
though improved, still remained leveraged marked by debt equity
ratio of the firm improved from 34.13x as on March 31, 2016 to
25.27x as on March 31, 2017, due to repayment of loan. and the
overall gearing ratio also stood leveraged although improved from
58.36x as on March 31, 2016 to 25.27x as on March 31, 2017. The
firm has moderate debt coverage indicators during review period.
The Total debt/GCA of the firm deteriorated from 5.04x in FY15 to
12.24x in FY17 due to decrease in gross cash accruals. However,
the PBILDT interest coverage ratio improved from 2.56x in FY15 to
3.20x in FY17 due to decrease in interest cost.

Moderate operating cycle days: The firm has moderate operating
cycle during review period and stood at 107 days in FY17. The
firm receives the payment from its customers (group concern) with
3-4 months. The total outstanding debtors as on March 2016 and
March 2017 were INR0.33 crore and 0.24 crore respectively.

Risk associated with advances given to farmers: ACS provides
interest bearing advances for a tenure upto 6 months to the
farmers against hypothecation of stock (Spices) in its cold
storage. These advances are given to farmers to provide liquidity
for their day to day activities. These advances are funded by the
bank in the form of agricultural term loan. Upon completion of
tenure, the farmers pay the principal amount along with interest
and take back the stock. However, in case of deterioration of
quality of stock (spices), the firm is exposed to the risk of
advances extended to farmers. However, in such cases, ACT has the
right to auction the stock and recovers its dues.

Partnership nature of constitution with risk of withdrawal of
capital: The firm being a Limited Liability partnership firm is
exposed to inherent risk of capital withdrawal by partners due
its nature of constitution. Any substantial withdrawals from
capital account would impact the net worth and thereby the
gearing levels.

Highly competitive and fragmented nature of business: The company
is engaged into the business of providing cold storage facilities
on rental basis to farmers where the profitability margins
comparing to other industry will be low. Apart from that there
are numerous organized and unorganized players entering into the
market which makes the industry competitive nature.

Key Rating Strengths

Experience of Partners for more than two decades in agricultural
industry: Aditya Cold Storage was established in 2012 promoted
Mr. K. Ravi Kumar and Mr K. Anil Kumar. The partners of the firm
are having more than two decades of experience in agricultural
industry. Through their vast experience in agricultural business,
the partners will be able to establish healthy relationship with
farmers and local traders.

Location advantage of the plant: The plant location of the firm
is located in Prakasham district, which is horticultural crops
growing area and promoters having good network with farmers and
traders. There is abundant availability of inputs such as
chillies, Spices, tamarind etc. in the proposed area of the
district.

Stable outlook of cold chain industry: Growing annually at 28%,
the total value of cold chain industry in India is expected to
grow going forward driven by increased investments, modernization
of existing facilities, and establishment of new ventures via
private and government partnerships. India's cold chain industry
is still evolving, not well organized and operating below
capacity. The Indian cold chain market is highly fragmented with
more than 3,500 companies in the whole value system. Organized
players contribute only ~8%-10% of the cold chain industry
market. Cold stores are the major revenue contributors of the
Indian Cold Chain industry and are majorly used for storing
agricultural products. However, the market is gradually getting
organized and focus towards multipurpose cold storages is rising.

Andhra Pradesh based, Aditya Cold Storage (ACS) was established
in 2012 and promoted by Mr. K. Ravi Kumar and Mr K. Anil Kumar.
The firm is engaged in providing cold storage facilities i.e, for
preserving agricultural products like pulses, chillies, grains,
etc. at Vellaturu (V), Ponnalur (M), Kandukur, Prakasam Dist.,
Andhra Pradesh. The major customers of the firm include its
associate concern (Aditya Traders), farmers and local traders.
The firm stores 80% the products belongs to its associate
concerns and remaining 20% pertains to local traders and farmers
The cold storage capacity is 5000 tonnes.


ADITYA TRADERS: CARE Assigns B+ Rating to INR0.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aditya
Traders (AT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            0.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AT are tempered by
fluctuating PBILDT and thin profitability margins, leveraged
capital structure and moderate debt coverage indicators, highly
fragmented industry with intense competition from large number of
player and constitution of the entity as partnership firm with
inherent risk of withdrawal of capital. The ratings are, however,
underpinned by satisfactory track record of the entity and
experience of partners for more than a decade in Agro industry,
comfortable operating cycle days and location advantage with
presence in cluster and easy availability of spices, and healthy
demand outlook of spices.

Going forward, ability of the firm to increase profitability
margins and improve capital structure, debt coverage indicators
and complete the project without any cost and time overrun will
be the key rating sensitivities

Detailed Description of the key rating drivers

Key Rating Weaknesses

Thin profitability margins during review period: AT has
fluctuating PBILDT margins and thin PAT margins during review
period. The PBILDT margin of the firm decreased from 1.94% in
FY15 to 1.36% in FY17 mainly on account of increase in expenses
like transportation costs and other expenses. The PAT margin of
the firm has increased from 0.52% in FY15 to 0.57% in FY17 on
account of increase in PBILDT absolute terms, However the margins
remained thin during review period due to trading nature of
business operations. Leveraged capital structure and moderate
debt coverage indicators The firm has leveraged capital structure
during review period. The debt equity ratio of the firm
deteriorated from 1.95x as on March 31, 2015 to 6.98x as on
March 31, 2017, due to availment of vehicle loan coupled with
lower tangible networth.

Due to the above said factor the overall gearing ratio also stood
at 6.98x as on March 31, 2017: The firm has moderate debt
coverage indicators during review period. Total debt/GCA of the
firm deteriorated from 4.15x in FY15 to 7.58x in FY17due to
increase in total debt. The PBILDT interest coverage ratio of the
firm is improved from 1.58x in FY15 to 2.60x in FY17 due to
increase in PBILDT absolute terms.

Highly fragmented industry with intense competition from large
number of player: Indian Agro Industry is highly fragmented in
nature with several organized and unorganized players. High
dependence on agro sector, Lower productivity, Unfavorable Labor
Laws are few drawbacks of the industry from which it has to
overcome. The biggest challenge facing the Indian agro industry
is competition from the other low cost neighbouring countries
which attract more business from the international market because
of lower production costs, ease in doing business and easier
trade routes, according to an industry expert.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its
capital structure. Furthermore, partners have restricted access
to external borrowings as credit worthiness of the partners would
be key factors affecting credit decision for the lenders. The
partners has withdrawn INR1.26 crore during review period.

Key Rating Strengths

Satisfactory track record of the entity and experience of
partners for more than a decade in Agro industry: Aditya Traders
(AT) was established in 2010 and promoted by Mr. Mr. Konjeti Ravi
Kumar and Mr. Konjeti Anil Kumar are having around 20 years of
experience in trading of chilllies. Through his vast experience
in trading business, they have established healthy relationship
with key suppliers, customers, local farmers, dealers and also
with the brokers facilitating the ease in sale of products.

Growth in total operating income during review period: The total
operating income of the firm increased at Compound Annual Growth
Rate (CAGR) of 21.87% i.e., from INR74.04 crore in FY15 to
INR109.98 crore in FY17 due to increase in selling price of
chillies INR120 PerKg. During April 1, 2017 to March 31, 2018
(Provisional), the firm has achieved total operating income of
INR83crore due to decrease in price from INR120 per kg to INR50
per kg

Comfortable operating cycle days: The firm has comfortable
operating cycle during review period stood at 7 days in FY17. The
firm avails the credit period from the suppliers within 3-4
months and receives the payment from its customers with 2-3
months and average inventory period from 15 to 30 days, as the
firm maintains an average inventory of 30-40 days in warehouse.
Moreover, the spices is procured from the farmers generally
against cash payments or with a minimal credit period of 10-20
days while the firm has to provide credit period to the
wholesalers and distributors around 2-3 months.

Locational advantage with presence in cluster and easy
availability of spices: The firm is located near the species
producing region i.e., Prakasham District, Andhra Pradesh which
ensures easy raw material access and smooth supply of raw
materials at competitive prices and lower logistic expenditure.

Healthy demand outlook of spices: The global market for spices
has witnessed continued demand during the last few years and is
estimated to reach 83,468 kilo tons by 2022, at a CAGR of 2.84%
from 2016 to 2022. Increase in versatile demand across various
food and beverage segments particularly for convenience foods and
beverages is likely to drive the global spices market during
forecast period 2016 to 2022.

Based on spice function, flavor formed an essential function base
for spices enabling it to gain maximum share in the year 2016
followed by color. Spices have been majorly used for flavoring or
as a garnish since ancient times. The flavor of a spice is
derived in part from compounds (volatile oils) from various parts
of plants roots, seeds, bark and other plant parts. Based on
spice form, whole form and powdered form held a major share in
the spices market in the year 2016. Increase in demand for
convenience products there is strong potential for powder form
growth in the spices market. Crushed/chopped/flakes are emerging
as new segment especially for bakery and pizza preparations.

Andhra Pradesh based, Aditya Traders (AT) was established in 2010
and promoted by Mr. Konjeti Ravi Kumar (Managing Partner) and Mr.
Konjeti Anil Kumar (Partner) both are qualified graduates. AT is
engaged in trading of spices like chillies, stemless chillies,
dry chillies, etc. The firm procures the different varieties of
chillies like stemless chillies, dry chillies, from Karnataka,
Telangana, and Andhra Pradesh. The firm sells its products to
customers like Synthite Industries Limited, VKL Seasoning Private
Limited, Swani Spice Mills Private Limited, etc., located at
Kerala, Tamil Nadu, Kolkata and Mumbai etc.,


AJIT CONSTRUCTION: CARE Assigns 'B' Rating to INR3.50cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ajit
Construction Company (ACC), as:

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

   Short-term Bank
   Facilities            2.40       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ACC is constrained
by its very small scale of operations with fluctuating profit
margins, leveraged capital structure and weak debt coverage
indicators, Moderately working capital intensive nature of
operations with stretched liquidity position, customer
concentration risk with tender driven nature of operations. The
ratings are further constrained by presence in highly competitive
& fragmented industry and Proprietorship nature of constitution.

The ratings, however, derive strength from established track
record of operations with experienced proprietor.

The ability of ACC to Increase the scale of operations with
strengthening order book and maintaining capital structure,
maintain its capital structure and efficiently managing the
operating cycle are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Very small scale of operations with fluctuating profit margins:
Total operating income of the entity remained small during the
period of FY15 to FY17. The operating profit remained healthy in
the range of 35.82% to 57.30% during last three years.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of ACC remained highly leveraged during
last three balance sheet dates. The overall gearing slightly
improved in FY17. Furthermore, the debt coverage indicators
remained weak during FY14-FY17 with interest coverage and total
debt to GCA at 1.54x and 30.44x in FY17 respectively.

Moderately working capital intensive nature of operations with
stretched liquidity position: The operations of ACC are working
capital intensive in nature with considerable amount of funds
being blocked in Inventory. Overall, the liquidity position
remained stretched up to 1176 days in FY17. The current ratio
stood at 1.83 times as on March 31, 2017.

Customer concentration risk with tender driven nature of
operations: The entity deals with the government organizations
(i.e. MPRRDA & PMGSY) which constitute 100% of the TOI, for which
it has to participate in the tenders, wherein they quote the bid
and hence has to face the risk of successful bidding for the
same, which again comes with the risk of quoting at low price to
sustain the competition. Moreover, the tenders are mainly
dependent on the budgetary fund allocations.

Operations in highly competitive and fragmented industry: The
construction industry is fragmented in nature with a large number
of medium and small scale players present at regional level. This
coupled with the tender driven nature of construction contracts
poses huge competition and puts pressure on the profit margins of
the players. Furthermore, ACC faces competition from other
companies as well for tenders of contracts.

Proprietorship nature of constitution: Being a proprietorship
entity, ACC has inherent risk of withdrawal of capital at the
time of personal contingency. Hence, limited funding avenues
along with limited financial flexibility have resulted in small
scale of operations for the entity.

Key Rating Strengths

Established track record of operations with experienced
proprietor: ACC has been in existence for more than a decade and
is managed by Mr. Ajit singh Bagga (B.E. in Civil Engineering)
who has total experience of 34 years in the civil construction
industry. Since the establishment, the entity has successfully
executed various construction contracts of Madhya Pradesh Rural
Road Development Authority (MPRRDA).

Ajit Construction Company, a proprietorship entity established in
the year 1984 by Mr. Ajit Singh Bagga. The entity is engaged into
construction of road work. ACC undertakes tender based contracts
for its projects where it majorly caters to Madhya Pradesh Rural
Road Development Authority (MPRRDA) and PMGSY (Pradhan Mantri
Gram Sadak Yojana) scheme. The entity procures raw materials like
Cement material, ready mix concrete, steel and plumbing material,
etc. from local suppliers across Madhya Pradesh.


ALLIED INDIA: CRISIL Migrates Rating to 'CRISIL B-/Stable'
----------------------------------------------------------
Due to inadequate information and in-line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated the rating on the bank facilities of Allied India Iron
and Steels Pvt Ltd (AI) to 'CRISIL B/Stable Issuer not
cooperating' on March 29, 2017. However, the firm's management
subsequently shared information necessary for a comprehensive
review of the ratings. Consequently, CRISIL is migrating the
rating from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL
B-/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          10.5      CRISIL B-/Stable (Migrated from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating)

The rating reflects deterioration of AI's business risk profile
reflected in reduced revenue. The revenue declined to INR18.34
crore in fiscal 2017 from INR40.99 crore in the previous fiscal.
The company's performance did not pick up in fiscal 2018 on
account of subdued civil construction work in Bihar. Revenue
remained flattish in FY18. With addition to the implementation of
additional tax rates in FY17 in Bihar, in FY18, the Bihar
Government initiated large scale action against rampant illegal
sand mining which has badly hit the public and private
construction work in Bihar, thus affecting AI as the company
provides TMT bars to the construction companies. Sharp
improvement in revenue and profitability remains critical.
Moreover, with inventories piling up and debtors getting
stretched, the operations will remain working capital intensive
over the medium term. Stretch in working capital cycle has
significantly contributed for higher creditor days.

CRISIL's rating continues to reflect the working capital-
intensive nature of operations, the company's marginal market
share, and vulnerability to cyclicality in the steel industry.
These rating weaknesses are partially offset by extensive
industry experience of AI's promoter.

Key Rating Drivers & Detailed Description

Weakness

* Marginal market share and vulnerability to cyclicality in steel
industry: AI is a marginal player in the domestic secondary steel
industry, with a manufacturing capacity of 100 tonnes per day for
thermo-mechanically treated (TMT) bars. Intense competition from
several small players limits the bargaining power with suppliers
and customers.

* Working capital-intensive nature of operations: Operations are
highly working capital-intensive as marked by gross current
assets of 699 days, as on March 31, 2017, mainly driven by large
inventory of around 555 days. As the civil construction industry
has been on a downward trajectory in Bihar, it has led to
accumulation of inventory.

Strengths

* Extensive experience of the promoter: The two decade-long
experience of the promoter has helped the company maintain
profitability even during adverse industry conditions.

Outlook: Stable

CRISIL believes AI will continue to benefit from the extensive
experience of the promoter and the diverse range of products. The
outlook may be revised to 'Positive' if the company reports
substantial revenue growth and stable profitability, and improves
its working capital management, also aided by capital infused by
the promoter via equity or unsecured loans. The outlook may be
revised to 'Negative' in case of a decline in Allied India's
profitability, stretch in working capital cycle, or any major
capital expenditure, weakens the financial risk profile,
especially liquidity.

AI was set up in 2004, by Mr Mahboob Alam. The company commenced
commercial production in January 2009. It manufactures TMT bars,
at its facility in Giridih (Jharkhand).


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

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Incorporated in 1936, AMTC is operating an iron ore and manganese
ore mine located in Koira in Odisha under a deemed license. The
company is a 73:27 joint venture between Stemcor Holdings and
Kolkata-based Saraf group.


AVACA PHARMA: CARE Raises Rating on INR97cr Loan to BB-
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Avaca
Pharma Private Limited (APPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       97.00       CARE BB-; Stable Revised
   Facilities                       from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facility of Avaca
Pharma Private Limited is on account of further capital infusion
by the promoters and expected commencement of R&D facility.
Further, the ratings are constrained by the project
implementation risk with financial closure yet to take place,
highly fragmented and competitive industry and exposure to
regulatory risk. The ratings however, derive strength from
experienced and resourceful promoters and expected product
development.

The ability of the promoters to infuse the funds as per the
progress of the project, achieve financial closure and commence
the commercial operations, develop the drugs in house R&D
facility, obtain regulatory approvals and commercialize the same
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk with financial closure yet to take
place: The company is setting up a manufacturing plant located in
Krishna District, Andhra Pradesh at an aggregate project cost of
INR166.01 crore to be funded with a debt equity ratio of 1.41x
(Equity: INR69.01 cr, Debt: INR97.00 cr.). The project is yet to
achieve financial closure. Considering the very nascent stage of
the project, with no regulatory approvals and no other
permissions to set up the plant being in the place, the company
is exposed to project implementation risk.

Highly fragmented and competitive industry:  The company proposes
to export the entire products manufactured to United States of
America. The exports to regulated markets are expected to be the
primary growth driver for the Indian Pharmaceutical Industry
(IPI) on the back of patent expiries and increasing government
emphasis on generics in these markets. Growing trend in
outsourcing by global pharmaceutical companies will aid export
growth of companies focusing on bulk drug and CRAMS (Contract
Research and Manufacturing Services) segments.

Exposure to regulatory risk: The pharmaceutical industry is
highly regulated and requires various approvals, licenses,
registrations and permissions for business activities. Each
authority has its own requirement and they could delay or refuse
to grant approval, even when a product has already been approved
in another country. The approval process for a new product
registration is complex, lengthy and expensive. The time taken to
obtain approval varies by country but generally it takes from six
months to several years from the date of application.

Key Rating Strengths

Capital infusion by the promoters: The promoters of the company
have infused INR3.37 (about 4% of the committed contribution)
till March 31, 2017. Further during March 2018, the promoters
have infused additional capital and total infusion of capital
till March 31, 2018 was INR4.99 crore, which is 7.23% of the
committed contribution.

Expected commencement of operations of R&D facility: The R&D
facility of the company is expected to commence from June-2018
with a proposed portfolio of five molecules covering various
therapeutic areas. The company has entered into an agreement with
Avaca Pharma Inc which is managed by Mr. Chandu Kankanala,
President - Avaca Pharma Inc for trading of its products in
United State of America.

Experienced and resourceful promoters:  APPL is promoted by Mr.
Sharan Valluru, Mr. Chirukuri Ramana Kumar, Mr. Babu Jose
Pazhayattil and Mr. Seetha Ramaiah Kankanala. Mr. Sharan Valluru
graduated in Computer Information Systems from Arizona State
University, USA and MBA from Georgia Tech University, USA. He is
one of the investors and Director (Finance and Administration)
for APPL. Mr. Chirukuri Ramana Kumar is Post Graduate in Pharmacy
with more than 16 years of experience in the Formulations and
Industrial Operations and has experience of working for reputed
pharma companies. He is ably supported by Mr. Babu Jose
Pazhayattil, who has experience of handling several professional
assignments in reputed companies. Further, other directors of the
company, Mr.Seetha Ramaiah Kankanala and Mr. Chandu Kankanala
have overall experience of 15 years in healthcare industry. The
promoters of APPL are resourceful with adequate net worth.
Moreover, the promoters are supported by experienced and
qualified professionals constituting the management and project
team with more than two decades of experience in the
pharmaceutical sector.

Avaca Pharma Private Limited (APPL) was established as a private
limited company on October 07, 2016 and promoted by Mr. Sharan
Valluru, who is a graduate with a vast experience in business
development and Mr. Chirukuri Ramana Kumar who has more than 16
years of experience in the formulations and industrial
operations. The company is being set up primarily to engage in
manufacturing of pharmaceutical formulations. The company
proposes to commence full-fledged commercial operations from
April 2022 at manufacturing plant located in Krishna District,
Andhra Pradesh at an aggregate project cost of INR166.01 crore.
The project is proposed to be funded with a debt equity ratio of
1.41x (Equity: INR69.01 cr., Debt: INR97.00 cr.). The project
cost estimated for the first and second phase are INR147.72 Crore
and INR18.29 Crore respectively. The company is proposing to
commence its first phase of operations during October 2020 and
second phase during April 2022. The company is yet to achieve
financial closure for the term loan and is yet to obtain all the
requisite clearances/approvals.


BRMSCO GARMENTS: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Brmsco Garments
Private Limited's (BGPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR82.6 mil. (reduced from INR91.5 mil.) Term loan due on
    May 2022 upgraded with IND BB-/Stable rating;

-- INR100.0 mil. Fund-based working capital upgraded with
    IND BB-/Stable/IND A4+ rating; and

-- INR30.0 mil. Non-fund-based facilities upgraded with IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects an increase in BGPL's installed capacity
(700 metric tons (mt) from 300mt) and a substantial rise in its
revenue, driven by higher number of orders from existing
longstanding customers and an increase in demand for
polypropylene bags. However, the scale of operations remains
small. Its revenue increased 20.2% yoy to INR550.0 million in
FY18 (provisional financials). As of April 2018, it had an order
book of INR150 million to be executed by end-September 2018. Ind-
Ra expects BGPL's revenue to register stable growth in FY19,
backed by a strong order book and capacity expansion.

The ratings continue to be supported by the promoter's experience
of over a decade in the polypropylene woven sack manufacturing
business.

The ratings reflect continued weak credit metrics due to
continued small scale of operations. Net leverage (adjusted net
debt/operating EBITDAR) deteriorated to 4.1x in FY17 (FY16:
3.7x), primarily due to an increase in debt. However, EBITDA
interest coverage (operating EBITDA/gross interest expense)
improved to 2.8x in FY17 (FY16: 2.1x), driven by an increase in
operating EBITDA and a decline in gross interest expenses. EBITDA
margin improved to 13.5% in FY17 (FY16: 12.0%) on account of a
decrease in raw material cost. EBITDA margin stood at 11.9% in
9MFY18.

The ratings also reflect BGPL's tight liquidity, indicated by an
average fund-based limit utilization of 99.0% for the 12 months
ended April 2018. The net working capital cycle was elongated at
137 days in FY17 (FY16: 80 days). The deterioration in the cycle
was due to increase in inventory days (FY17: 76 days; FY16: 34
days).

RATING SENSITIVITIES

Negative: Any decline in the profitability margin or any further
elongation of the working capital cycle resulting in any
deterioration in the credit metrics and/or liquidity would be
negative for the ratings.

Positive: Any significant increase in the revenue and the
profitability margin resulting in any improvement in the credit
metrics could be positive for the ratings.

COMPANY PROFILE

Established in 2008, BGPL is managed by Mr. TK Vijayan (managing
director). It manufactures polypropylene woven sack/high-density
polyethylene and fabrics at its unit in Kochi, Kerala.


CHOUHAN AUTOMOBILES: CARE Assigns B+ Rating to INR20.50cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Chouhan Automobiles LLP (CALLP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           20.50       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of CALLP is
constrained by operations stabilization risk, limited
profitability associated with dealership business, renewable
based dealership agreement, working capital intensive nature of
operations, pricing constraints and margin pressure arising out
of competition from various auto dealers in the market and the
firm's fortune is linked with Maruti Suzuki India Limited (MSIL).
The rating, however, derives strength from experienced partners
albeit lack of experience in auto dealership business and
showroom equipped with modern advanced technology.

Going forward, the ability of the firm to achieve envisaged
revenue and profit margins and efficient management of its
working capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Operations stabilization risk: The firm has recently set up a
showroom for selling of MSIL vehicles at Durg, Chhattisgarh.
Being a new entrant in the industry, the firm faces intense
competition from other dealers of companies such as Tata Motors,
Mahindra & Mahindra, Honda, Hyundai etc. However, as MSIL has
currently one dealer for each district thus eliminating the scope
of competition from other MSIL dealers. Going forward, the
ability of the firm to attract clients by providing better credit
terms and better after sales services will be critical for the
firm.

Linkage to the fortunes of Maruti Suzuki India Limited: The firm
had already received a Letter of Intent (LOI) and also got in
principle approval from Maruti Suzuki India Limited (MSIL) for
its dealership business in Durg, Chhattisgarh. Since CALLP is
going to be an authorized dealer of Maruti Suzuki India Limited
(MSIL), it will deal exclusively with MSIL vehicles, spares parts
and accessories. Accordingly, its fortunes will be linked to the
performance of MSIL's products. As such, any shift in customer
preference and brand equity will negatively impact CALLP. Limited
profitability associated with dealership business: Automobile
dealership is a volume driven business as margins on vehicles and
spares are controlled by automobile manufacturers. Accordingly,
due to limited pricing power of the firm profitability levels and
margins of CALLP is estimated to remain on the lower side in the
future periods. Hence the firm's growth prospects depend on the
ability to increase its volume momentum and capitalize on the
spares fetching higher margin and service segment.

Renewal based dealership agreement: The dealership agreement
between MSIL and CALLP is going to have a renewal clause in a
certain interval unless it is terminated due to breach of
contract/fraud by the firm or it's going into liquidation.
Going forward, the ability of the firm to meet the expectation of
the principal i.e. MSIL and regular renewal of the dealership
agreement with the principal will be critical for the firm.

Working capital intensive nature of operations: The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding requirements. The firm
has to maintain the fixed level of inventory for display and to
guard against supply shortages. Furthermore, MSIL demands payment
in advance, resulting in higher working capital requirements.

Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: MSIL has
currently one dealer for each district thus eliminating the scope
of competition from other MSIL dealers. With the sole authorized
dealership of MSIL in Durg (Chhattisgarh) the bargaining power of
CALLP with customers is high. However, the firm is exposed to
external competition from other dealers of companies such as Tata
Motors, Mahindra & Mahindra, Honda, Hyundai etc. In order to
capture the market share, the auto dealers generally have to
offer better buying terms like providing credit period or
allowing discount on purchases. Such discount creates margin
pressure and negatively impact the earning capacity of the firm.

Key Rating Strengths

Experienced partners albeit lack of experience in auto dealership
business: The key partner, Mr. Ajay Chouhan has around two
decades of experience in construction and real estate industry.
Mr. Chouhan will looks after the day to day operations of the
firm supported by other partners who are also having long
experience in real estate and construction industry. However,
this is the first venture of the partners in auto dealership
industry.

Showroom equipped with modern advanced technology: The firm has
already set up an international level showroom "Maruti Suzuki
ARENA" which has a sporty modern look and offers friendly and
comfortable environment to the customers. Leveraging the power of
digital technology the showroom of the firm serves and delight
purchase experience, seamlessly from the digital space to
physical showrooms. The customer can explore the entire product
portfolio, through interactive product vision touch screens at
the showroom. A dedicated personalization zone with car
configurations enables customers to electronically personalize
cars by a mix and match of accessories. Digital integration is
the key differentiator of its
showroom from other players.

Bhilai (Chhattisgarh) based, Chouhan Automobiles LLP (CALLP) was
established as a partnership firm in June 2017. The firm has
already set up an international level showroom "Maruti Suzuki
ARENA" which has sporty modern looks and offers a friendly and
comfortable environment to the customers. Leveraging the power of
digital technology the showroom of the firm serves and delight
purchase experience, seamlessly from the digital space to
physical showrooms. Digital integration is the key differentiator
of its showroom from other players. The firm operates through one
sales outlets and two workshop (sales outlet at Rajnandgaon
Bypass Road, Dung, Chhattisgarh; workshop one at GE Main Road,
Raipur and the other along with the showroom) which offers spare
parts & after sales services (repair and refurbishment) for
Maruti Suzuki vehicles. The firm has commenced operations from
end of January 2018.


CREVITA GRANITO: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Crevita
Granito Private Limited (CGPL) for obtaining information through
letters and emails dated February 26, 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
   ----------       ---------    -------
   Bank Guarantee        4       CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Cash Credit          10       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Term Loan            25.5     CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 2016, CGPL has undertaken a green field project
to manufacture double charge vitrified and digital tiles at an
installed capacity of 10,000 box per day. Manufacturing facility
is in Wankaner taluka, Morbi, and commercial operations are
likely to start from April 2017.


DELTA CROP: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Delta Crop
Sciences Private Limited (DCSPL) for obtaining information
through letters and emails dated March 28, 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
   ----------       ---------      -------
   Bank Guarantee        1         CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           5         CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Working Capital       2         CRISIL B+/Stable (Issuer Not
   Demand Loan                     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 Delta Crop Sciences Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Delta Crop Sciences Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Delta Crop Sciences Private Limited (DCSPL), established in 2007
is involved in the business of production, processing and sale of
hybrid seeds. The Company has a seed processing facilities at
Yediur near Bangalore and a corporate office in Bangalore.


DURA PUF: CRISIL Reaffirms B+ Rating on INR5MM Buyer's Credit
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Dura Puf (Silvassa) Private Limited at 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Buyer's Credit       5        CRISIL B+/Stable (Reaffirmed)
   Cash Credit          1        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     4        CRISIL A4 (Reaffirmed)
   Term Loan            1        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect DPL's modest scale and working
capital intensive operations in highly competitive foam industry.
These rating weaknesses are partially offset by promoter's
extensive experience in foam industry and average financial risk
profile marked by moderate debt protection metrics but weak
capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirements: DPL's operations are
working capital intensive as indicated by high gross current
asset of 200 days as on March 31, 2017. This is primarily on
account of high debtors of about 90 days and inventory levels of
62 days.

* Modest scale of operations: DPL has modest scale of operations
as indicated by modest revenues of INR12.8 crores in fiscal 2017.
CRISIL believes that the modest scale of operations will continue
to constrain the business risk profile over the medium term.

Strengths

* Extensive experience of promoters in foam industry: DPL
benefits from the extensive experience of over 40 years in foam
industry. Over the years, the management has established
longstanding relationship with the customers and suppliers.

* Average financial risk profile: DPL's financial risk profile is
marked by moderate debt protection metrics, with above average
interest coverage ratio and moderate net cash accruals to total
debt ratio (NCATD) ratio of 4 times 0.25 times in fiscal 2017.
However, the capital structure remains weak marked by high total
outside liabilities to adjusted net worth (TOL/ANW) ratio in the
range of 4.7-9.4 times over the last 3 fiscals ended 2016. While
the same has improved to 1.2 time as on March 31, 2017, it is
expected to deteriorate again on account of debt funded capex.
The TOL/ANW is high on account of the firm's modest net worth of
INR4.4 crore against large working capital requirements.

Outlook: Stable

CRISIL believes DPL will continue to benefit over the medium term
from the promoters' experience and established relationships with
customers. The outlook may be revised to 'Positive' if the
company's scale of operations and profitability improve
substantially resulting in strengthening the financial risk
profile. The outlook may be revised to 'Negative' if low cash
accrual, because of decline in profitability or stretched working
capital cycle, or a higher than expected debt-funded capital
expenditure weakens the financial risk profile.

Incorporated in 1972, DPL is engaged in manufacturing of
polyurethane foam (PU) which finds application in mattress
manufacturing and packaging. The company is promoted by Mr.
Deepak Doshi and is based out of Mumbai.


DURGA JI: CRISIL Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Durga Ji
Flour Mills (DFM) for obtaining information through letters and
emails dated March 28, 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          7.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These 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 Durga Ji Flour Mills. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Durga Ji Flour 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
facility of Durga Ji Flour Mills to 'CRISIL B+/Stable Issuer not
cooperating'.

DFM, a proprietorship firm incorporated in 2004 by Mr Sham Sunder
Verma, manufactures and sells wheat-related products such as
atta, maida, suji, and bran under its own brand, Durga Foods. The
processing facility is based in Gurdaspur, Punjab.


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

The instrument-wise rating actions are:

-- INR20.77 mil. Term loan due on March 2021 migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING)/IND A4
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 1998, GRM operates as a rice mill. Its facility is
located in Bareta, Punjab.


GEETA THREADS: CRISIL Lowers Rating on INR8MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long-term bank
facilities of Geeta Threads Limited (GTL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           8        CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Proposed Term Loan    5        CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The downgrade reflects a belief that GTL's financial risk profile
may remain weaken over the medium term, reflected in high total
outside liabilities to tangible networth (TOL/TNW) ratio,
estimated at 5.75-6 times as on March 31, 2018 with interest
coverage ratio at below 1 time in fiscal 2018. This is attributed
by cash losses in the last couple of years due to limited ability
to pass on the volatility in raw material prices. Consequently,
despite gross current assets declining to an estimated 90-95 days
as on March 31, 2018, from 172 days as on March 31, 2016,
reliance on bank debt remains high. Thus, current ratio is weak,
estimated at 0.80-0.85 time as on March 31, 2018.

The ratings continue to reflect modest scale of operations, and
susceptibility to fluctuations in raw material prices along with
weak financial risk profile. These weaknesses are partially
offset by the experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and susceptibility to fluctuations
in raw material prices: Small scale of operations, with revenue
estimated at INR32-33 crore in fiscal 2018, amid intense
competition limits pricing power with suppliers and customers,
thereby constraining profitability. Further, fluctuations in raw
material prices led to cash loss of INR61 lakh in fiscal 2017.

* Weak financial risk profile: Gearing rose to 4.75 times as on
March 31, 2017, from 3.09 times a year before, due to net losses,
and is likely to increase further over medium term due to
depleting networth which came down to INR3.15 Cr as on 31 march
2017 from INR4.58 Cr a year before.Debt protection metrics remain
weak as reflected in Interest coverage ratio of 0.4times in FY17.

Strength

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

Outlook: Stable

CRISIL believes GTL will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if higher-than expected cash accrual and
significant improvement in capital structure and debt protection
metrics strengthens financial risk profile. The outlook may be
revised to 'Negative' if company reports lower than expected cash
accruals,  stretch in working capital cycle or large, debt-funded
capex weakens financial risk profile.

GTL, incorporated in 1992 at Barnala (Punjab), is a closely held
public limited company that's manufactures open-ended cotton yarn
of 4-23' counts used for blankets, bedsheets, curtains, and
towels. Operations are managed by Dr BS Garg.


IGAKU NEEDLES: CRISIL Reaffirms B+ Rating on INR2.2MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Igaku Needles Pvt Ltd (INPL)

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          2.2       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      .5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   2.23      CRISIL B+/Stable (Reaffirmed)

   Term Loan            2.07      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect INPL's modest scale and limited
track record of operations in the intensely competitive medical
equipment industry, and weak liquidity. These weaknesses are
partially offset by healthy operating profitability.

Analytical Approach

Unsecured loans (outstanding at INR77 lakh as on March 31, 2018)
extended to INPL by the promoters have been treated as neither
debt nor equity. That's because these loans are subordinated to
bank debt, do not bear any interest, and may remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale and limited track record of operations amid intense
competition: Sales were low, with revenue estimated at INR11.2
crore in fiscal 2018, driven by limited track record of three
years in operations. Further, intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability.

* Weak liquidity: Cash accrual, estimated at INR1.2 crore in
fiscal 2018, is barely sufficient to meet the yearly maturing
debt of INR70 lakh, thereby restricting liquidity; cash accrual
and maturing debt are likely to remain same in fiscal 2019.

Strength

* Healthy operating profitability: Despite high competition and
fluctuation in raw material prices, operating margin - at nearly
16% in fiscal 2018 - is healthy due to maintenance of quality and
high demand. The margin is expected at 15-16% over the medium
term.

Outlook: Stable

CRISIL believes INPL will continue to benefit over the medium
term from the healthy operating profitability. The outlook may be
revised to 'Positive' if increase in sales and cash accrual
strengthens liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accrual, any large, debt-funded capital
expenditure, or stretched working capital cycle weakens
liquidity.

INPL, incorporated on June 20, 2012 at Delhi, manufactures
medical needles; it started commercial operations in December
2014. Ms Jyoti Singh and Mr Chayan Anand are the promoters.


INDIAN PULP: Ind-Ra Corrects April 9 Rating Release
---------------------------------------------------
India Ratings and Research (Ind-Ra) issued a correction on the
rating release on Indian Pulp & Paper Private Limited's (IPPPL)
published on April 9, 2018, to mention non-fund-based limits and
long-term loan, along with their ratings, in the primary table as
they were missed the last time and correctly state the Long-term
rating, size and rating action of the fund-based limits in the
primary table.

An amended version is:

India Ratings and Research (Ind-Ra) has affirmed Indian Pulp &
Paper Private Limited's (IPPPL) Long-Term Issuer Rating at 'IND
D' while simultaneously migrating it to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR159.3 mil. Fund-based limits (long-term) affirmed and
     migrated to Non-Cooperating Category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR455.5 mil. Long-term loans (long-term) due on March 2022
     affirmed and migrated to Non-Cooperating Category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR85.4 mil. Non-fund-based limits (short-term) affirmed and
     migrated to Non-Cooperating Category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects IPPPL's continuing delays in debt
servicing during March 2018.

RATING SENSITIVITIES

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

COMPANY PROFILE

Kolkata-based IPPPL was incorporated in 2004 as Balaji Kagaz
Private Limited. The company acquired Indian Paper Pulp Company
Ltd in 2006 from the government of West Bengal. Subsequently, the
name was changed to its present name. The company manufactures
kraft paper and pulp.


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

The instrument-wise rating actions are:

-- INR7.57 mil. Term loan maintained in the Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR55 mil. Fund-based working capital limit maintained in the
     Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JJD is a Bulandshahar, Uttar Pradesh-based dairy-product
manufacturing unit, which was established in 2011 and started
operations in January 2012. It is managed by Mr. Ran Pal Singh.


JAYPEE INFRATECH: Promoters Submit INR10,000cr Revival Plan
-----------------------------------------------------------
The Times of India reports that Jaypee group promoter Manoj Gaur
on May 7 made a INR10,000 crore offer to pay off bank loans and
complete the stuck housing projects as part of plans to bring
Jaypee Infratech out of bankruptcy, sources said.

TOI relates that the offer, which includes paying part of
INR9,800 crore debt, giving lenders an equity stake in the
company and completing unfinished housing projects, is over 25
per cent higher than the best bid made for Jaypee Infratech at
the bankruptcy proceedings.

Sources said Gaur, who had previously sold interest in
hydroelectric and cement projects to keep the real estate-to-
hospital group alive, made a presentation before the committee of
Japyee Infratech lenders in India, according to TOI.

They said it is not clear whether the Committee of Creditors
(CoC) has accepted the offer as also if the panel would weigh it
against the rival offer made by Lakshadweep Pvt Ltd, according to
TOI.

The report relates that Lakshadweep, a joint venture between
Sudhir Valia-led Suraksha Asset Reconstruction Company and
Mumbai-based Dosti Realty, had made a INR7,350 crore bid few
weeks back.

According to the report, Gaur in his presentation offered a
combination of cash, land parcels and equity to lenders through
instruments, totalling more than Jaypee Infra's outstanding debt
of INR9,800 crore.

Jaypee group has already submitted INR650 crore in the registry
of the Supreme Court and it has been asked to deposit INR100
crore more by May 10. The amount will be used to refund home
buyers, TOI discloses.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
15, 2017, Moneycontrol said the Allahabad bench of the National
Company Law Tribunal on Aug. 9 accepted lender IDBI Bank's plea
and classified Jaypee Infratech as an insolvent company.  With
this, the board of directors of the company remains suspended.

The NCLT had appointed Anuj Jain as Interim Resolution
Professional (IRP) to manage the company's business. The IRP had
invited bids from investors interested in acquiring Jaypee
Infratech and completing the stuck real estate projects in Noida
and Greater Noida.


KAILA DEVI: CARE Assigns B+ Rating to INR12cr Long-Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kaila
Devi Healthcare Services Private Limited (KDHSPL), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KDHSPL is primarily
constrained by post-implementation risk associated with its debt-
funded green field project, Reputation risk associated with the
center in the healthcare industry and its presence in highly
competitive industry. The rating, however, draws comfort from
experienced promoters and positive outlook of Indian diagnostic
industry.

Going forward; ability of the company to achieve the envisaged
revenue and profitability while registering improvement
in the capital structure, shall be the other key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Post-implementation risk associated with its debt-funded green
field project: The company has set up the new diagnostic center
with total project cost of INR11.77 crore which was funded though
term loan of INR9.18 crore and balance from the promoters
contribution in the form share capital and unsecured loans. The
company has commenced its operations in March, 2018. The company
has a very short track record of operations as compared with
other established players. Furthermore, post project
implementation risk in the form of stabilization of the newly
commissioned facilities to achieve the envisaged scale of
business in the light of competitive nature of industry remains
crucial for the company.

The capital structure of the company is expected to remain
leveraged due to debt funded capex undertaken.

Reputation risk associated with the center in the healthcare
industry: Healthcare is a highly sensitive sector where any
mishandling of a case or negligence on part of any doctor and/or
staff of the unit can lead to distrust among the masses. Thus,
all the healthcare providers need to monitor each case diligently
and maintain standard of services in order to avoid the
occurrence of any unforeseen incident. They also need to maintain
high vigilance to avoid any malpractice at any pocket.

Highly competitive industry: The diagnostic business sector is
highly fragmented and unorganized due to the lack of regulations
and directives. It is swarmed with a gamut of small labs to
bridge the gap between the supply and demand. With presence of
various players, the same limits bargaining power which exerts
pressure on its margins Furthermore, with the increasing
competition due to mushrooming of private clinics / small
hospital in the region, the retention of the trained medical
staff seems to be an area of concern for KDHSPL. Going forward
retention of trained medical staff would be critical for BHPL to
profitably scale up its operations.

Key rating strengths

Experienced promoters: The promoter's Mr. Aditya Agarwal, Mr
Anshuman Agarwal, Ms Mini Jalan, and Ms Pooja Agarwal, has around
half a decade of experience in running diagnostic industry
through their sister concern, Karauli Healthcare Services Private
Limited. Further, they have a decade of collective experience in
trading of securities industry through their other group
concerns. Also, they are supported by a team of professionals for
managing the day to day operations.

Positive outlook of Indian diagnostic industry: With Indian
government promoting the sector through positive regulations, the
Indian diagnostics sector has been witnessing immense progress.
Advanced technologies are being used to understand disease
prognosis, thereby strengthening the sophistication level of the
participants in the sector. The segment's growth is expected to
be fuelled by the growing demand for automated diagnostics. The
service sector is largely unorganized, with the majority of
players being clustered in the suburbs and metros. However a
clear and structured format is being established in order to have
better regulations and proper definition for the market. Beside
this, in the coming years there will be likely increase in the
number of health insurance policies. Therefore, more and more
health insurance companies will coordinate with the various
diagnostic labs.

Varanasi-based Kaila Devi Healthcare Services Private Limited
(KDHSPL), was incorporated in July, 2017. The company was
incorporated with an aim to setup and operate a diagnostic center
to provide services such as automated MRI, CT scan,
Ultrasound, X-ray, Mamography etc. Ujjala Commtrade Private
Limited, Uttam Suppliers Private Limited and Action Vincom
Private Limited are group associates and engaged in trading of
securities and Karauli Healthcare Services Private Limited which
operates as a diagnostic center.


KALOSONA HIMGHAR: CARE Assigns B+ Rating to INR6.20cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kalosona Himghar Udyog Private Limited (KHUPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility             6.20        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KHUPL is
constrained by its small size of operations with moderate
profitability margins, regulated nature of business, seasonality
of business and susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, competition from local
players, working capital intensive nature of business. However,
the aforesaid constraints are partially offset by its experienced
management and long track record of operations, proximity to
potato growing area, satisfactory leverage ratios with moderate
debt protection metrics.

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

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management and long track record of operations: KHUPL
was incorporated in August 2004 and thus has long track record of
operations. Mr. Mukti Padho Kundu (aged 65 years) and Mr. Priyo
Mohan Dey (aged 60 years) both having experience of more than
three decades looks after overall management of the company. Both
directors are supported by other two directors and a team of
experienced professionals who have rich experience in the same
line of business.

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

Satisfactory leverage ratios with moderate debt protection
metrics: Capital structure of the entity remained comfortable
marked by overall gearing ratio of 0.91x as on March 31, 2017.
However, the debt coverage indicators also remained satisfactory
as marked by moderate total debt to GCA ratio of 10.11x and
satisfactory interest coverage ratio of 1.81x in FY17.

Key Rating Weaknesses

Small size of operations with moderate profitability margins:
KHUPL is a relatively small player in the cold storage business
having total operating income and PAT of INR1.88 crore and 0.10
crore in FY17. The total capital employed was also low at around
INR2.66 crore as on March 31, 2017. The PBILDT margin of the
company improved in FY17 over FY16 on account of better
management of cost of operations and the same remained
satisfactory at 33.83 % in FY17. Further, the PAT margin also
improved due to high PAT level but the same remained moderate at
5.54 % in FY17. During 11MFY18, the company has achieved total
operating income of INR1.88 crore. Small scale of operations with
low net worth base limits the credit risk profile of the company
in an adverse scenario.

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

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

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

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

Working capital intensive nature of business: As KHUPL is engaged
in the cold storage business, its operation is working capital
intensive by nature. The same is reflected by the higher working
capital requirement for the company and the average utilization
for the same remained at about 90% during the last 12 months
ended February 2018.

Kalosona Himghar Udyog Private Limited. (KHUPL), incorporated in
the year 2004, is a Arambagh (West Bengal) based company,
promoted by Mr. Priyo Mohan Dey and Mr. Mukti Podho Kundu. It is
engaged in the business of providing cold storage services to
potato growing farmers and potato traders, having an installed
storage capacity of 170,000 quintals in Hooghly district of West
Bengal. Besides providing cold storage services, KHUPL also
trades in potatoes, which accounted for around 35.00 % of the
total revenue in FY17.

Mr. Mukti Padho Kundu (aged 65 years) and Mr. Priyo Mohan Dey
(aged 60 years) both having experience of more than three decades
looks after overall management of the company. Both directors are
supported by other two directors and a team of experienced
professionals who have rich experience in the same line of
business.


KUNDAN CARE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kundan Care
Products Limited's Long-Term Issuer Rating of 'IND BB+' with a
Stable Outlook.

The instrument-wise rating action is:

-- The IND BB+ rating on the INR850 mil. Fund-based and non-
    fund-based working capital limits are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain these ratings, based on
the no objection certificates received from the lending banks.
This is consistent with the Securities and Exchange Board of
India's circular dated 31 March 2017 for credit rating agencies.

COMPANY PROFILE

Kundan Care Products manufactures and distributes cosmetic
products and is also involved in gold refining and trading.


MAGADH CONSTRUCTION: Ind-Ra Moves BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Magadh
Construction Works' 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:

-- INR10 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR80 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 20, 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 2006, Magadh Construction Works is engaged in the
construction of roads.


MAK CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR17.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of MAK Constructions (MAK).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee       0.5        CRISIL A4

   Cash Credit/        17.5        CRISIL B+/Stable
   Overdraft
   facility

The ratings reflect MAK's below average financial risk profile
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The financial risk
profile is below average, as reflected in a high gearing of 2.41
times as on 31 March, 2017 The debt protection metrics average as
reflected in an interest cover of 1.89 times for fiscal 2017.

* Large working capital requirement: The firm's operations are
working capital intensive, as reflected in a high gross current
assets (GCA) days of 365 days as on 31 March, 2017.The high GCA
is on account of high inventory days of 228 days as on 31
March,2017.

Strength

* Experience of partners: Benefits from the partners' experience
of over 30 years, their strong understanding of the local market
dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Outlook: Stable

CRISIL believes MAK will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if the firm significantly scales up operations and
improves profitability. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in revenue or
profitability or a deterioration in working capital management
resulting in a deterioration in the financial risk profile.

MAK was set up in 2001 as a partnership firm between Mr.R.T
Venkatesh Kumar,Mr.S.R.Chandra Mohan and Mrs.R.Mekhala as
partners. It undertakes infrastructure projects and focuses on
laying and maintenance of roads and bridges across Madurai, Tamil
Nadu.


MANGALMOYEE MAA: CARE Reaffirms B Rating on INR10.64cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mangalmoyee Maa Chandi Multipurpose Cold Storage Private Limited
(MMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.64      CARE B; Stable Reaffirmed

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of MMPL is continues
to remain constrained by its short track record and small scale
of operations with low profitability margins, seasonality of
business with regulated nature of business, leveraged capital
structure with weak debt coverage indicators and its presence in
highly fragmented industry leading to intense competition. The
rating however, continues to derive strength from experienced
promoters and strategic location of plant.

Ability of MMPL to increase its scale of operations along with
improvement in profitability margins and efficient management of
working capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with low
profitability margins: MMPL has started its commercial operations
since March 2018 and thus has very short operational track
record. Furthermore, the scale of operations of the company
remained small marked by total operating income of INR1.36 crore
with a net loss of INR1.03 crore in FY18. The company has
reported net loss mainly due to high capital charges owing to its
first year of operations. Further, the networth base and total
capital employed was low at INR2.89 crore and INR7.51 crore,
respectively, as on March 31, 2018 provisional. The profitability
margins of the company remained low marked by PBILDT margin of
20.70% and negative PAT margin of 75.60% in FY18 mainly due to
high capital charges owing to initial stage of operations.

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

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

Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained moderately
leveraged marked by overall gearing ratio at 1.58x as on
March 31, 2018. Interest coverage ratio was adequate at 1.02x in
FY18. Further total debt to GCA remained weak at 195.30x as on
March 31, 2018.

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

Key Rating Strengths

Experienced promoters: The promoter Mr. Tarun Kanti Ghosh,
Director, has more than two decades of experience in the cold
storage industry. He is being duly supported by the other
promoter directors Mr. Sandip Porya, Mr. Goutam Samui having
average experience of around two decades in similar line of
business. The promoters are actively involved in the strategic
planning and running the day to day operations of the company
along with a team of experienced personnel.

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

Mangalmoyee Maa Chandi Multipurpose Cold Storage Private Limited
(MMPL), was incorporated in September 2016 but started its
commercial operations from March 01, 2018, is a West Bengal based
company, promoted by Mr. Tarun Kanti Ghosh, Mr. Sandip Porya, Mr.
Goutam Samui and others. The company has undertaken project to
construct warehouse in September 2016. The overall cost of the
project was INR8.00 crore, funded by debt of INR4.00 crore and
balance through own funds. The company has completed the project
in march 2018 and commenced operations from March 2018 with
installed storage capacity of 3,84,000 packet per annum in
Paschim Medinipur district of West Bengal. MMPL caters to potato
growing farmers and potato traders on a rental basis.


MATRIX ROLLER: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Matrix
Roller Mill Private Limited (MRMPL) for obtaining information
through letters and emails dated March 28, 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          7.4       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       3.52      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Fund-
   Based Bank Limits    3.08      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

MRMPL, incorporated in 2012 in Uttar Pradesh, is engaged in flour
milling, i.e. manufacture of maida, atta, suji and bran. The
processing unit is located in Varanasi.


MEDIGROWTH HOSPITAL: CRISIL Assigns B+ Rating to INR14.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of Medigrowth Hospital Private Limited (MHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     .5       CRISIL B+/Stable
   Term Loan            14.5       CRISIL B+/Stable

The rating reflects small scale of operation due to nascent stage
of operation and intensely competitive health care industry.
These weaknesses are partially offset by extensive experience of
promoters in the healthcare industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation due to nascent stage of operation:
MHPL is expected to start its operation of the hospital from
April 2018 and hence may report modest revenues for the fiscal
2019. Occupancy level of hospital beds should remain modest due
to nascent stage of operation with a capacity of around 100 beds.

* Intensely competitive health care industry: MHPL faces high
competition from many established hospitals in the vicinity area.
These hospitals operate in niche areas and enjoy larger flow of
revenue. Scale may improve, but remain modest over the medium
term, thereby impacting the business risk profile.

Strength

* Extensive experience of promoters in the healthcare industry:
The promoters are specialists in different fields, practicing
medicine in their respective specialization. All the promoters
are members of the panel with each having over 10 years of
experience. Backed by established reputation and quality of
resident doctors, the hospital may report steady growth in
revenue over the medium term.

Outlook: Stable

CRISIL believes MHPL may continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is sustained
improvement in the company's scale of operations and
profitability, or if the promoters infuse significant equity,
thus strengthening capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected accrual,
or aggressive debt-funded expansion, or deterioration in working
capital management, leading to pressure on liquidity.

MHPL, incorporated in January 2015, runs a 100-bed hospital in
Moradabad, Uttar Pradesh. The company is promoted by Mr. Magan
Mehrotra, Ms. Leena Mehrotra, Mr. Sanjay Shah, Ms. Ila Shah, Ms.
Kajli Gupta, Mr. Nitin Agarwal, Mr. Sameer Gupta, Mr. Siddarth
Singh, Mr. Dishanter Goel, Mr. Kumar Kartikey.


MEWAR SPICES: CRISIL Reaffirms B+ Rating on INR5MM LT Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the bank facilities of Mewar Spices (MS).

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

   Long Term Loan        3        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.69     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations, average financial risk profile, and susceptibility of
its profitability to volatility of raw material prices and to the
extent of rainfall. These weaknesses are partially offset by the
extensive experience of the partners in the agricultural products
industry.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operating margin to volatility in raw
material prices: The firm manufactures spice powders and masalas,
and the prices of its key inputs, such as chilli and turmeric,
are volatile as they are seasonal commodities. Raw material
prices also depend on inflation trends and the extent of monsoon.

* Modest scale of operations: The firm's modest scale is
reflected in estimated revenue of INR27 crore in fiscal 2018. The
agricultural commodities segment is highly fragmented and
competitive, and hence, small players such as MS have low
bargaining power with suppliers and customers.

* Average financial risk profile: The financial risk profile is
constrained by small networth and high total outside liabilities
to tangible networth ratio, expected at INR1.1-1.4 crore and 5.5-
7.3 times, respectively, over the medium term. However, interest
coverage ratio is expected to be comfortable at around 2 times.

Strengths

* Extensive industry experience of the partners, and established
relationships with customers: The partners, Ms Shalini Devi, Ms
Sapna Jain, and Mr Shubham Maru, have extensive experience in the
agricultural products trading business. Their family members have
been trading in these products for over three decades and have
shops in the main mandi in Nimbahera, Rajasthan. The long track
record in the industry has enabled the partners to establish
relationships with customers and key suppliers.

Outlook: Stable

CRISIL believes MS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability improve significantly,
leading to a better-than-expected financial risk profile. The
outlook may be revised to 'Negative' if revenue or profitability
declines, or if working capital cycle is stretched, or if the
firm undertakes major, debt funded capital expenditure, leading
to deterioration in financial risk profile and liquidity.

MS was established in 2015 as a partnership firm in Nimbahera and
the commercial operations began in 2016. The firm undertakes
processing, cleaning, sorting, and grading of spices, grains, and
pulses. It has set up a warehouse with a sortex machine in
Nimbahera and has capacity of 4000 tonne per annum.


MUKTI FIRMS: CARE Assigns B Rating to INR7.59cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mukti
Firms Private Limited (MFPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility              7.59       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MFPL is constrained
by its short track record with small size of operation, regulated
nature of business, seasonality of business and susceptibility to
vagaries of nature, risk of delinquency in loans extended to
farmers, competition from local players and working capital
intensive nature of business. However, the aforesaid constraints
are partially offset by its experienced management and proximity
to potato growing area.

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

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management: Mr. Mukti Padho Kundu (aged 65 years)
having experience of more than three decades looks after overall
management of the company with the support of other director and
a team of experienced professionals who have rich experience in
the same line of business.

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

Key Rating Weaknesses

Short track record with small scale of operations: The Company
was incorporated in the year 2016, however the company has
started commercial production from March 2017 and thus has short
track record of operations. The company has reported total
operating income of INR0.18 crore with a net loss of INR0.05
crore in FY17. This apart, the company has achieved INR2.67 crore
in FY18. Furthermore, the net worth base was also low at INR2.04
crore as on March 31, 2017. The small size restricts the
financial flexibility of the company in times of stress and
deprives it from benefits of economies of scale.

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

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

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

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

Working capital intensive nature of business: As MFPL is engaged
in the cold storage business, its operation is working capital
intensive by nature. The same is reflected by the higher working
capital requirement for the company and the average utilization
for the same remained at about 90% during the last 12 months
ended March 2018.

Mukti Firms Private Limited. (MFPL), incorporated in the year
2016, is a Arambagh (West Bengal) based company, promoted by Mr.
Mukti Padho Kundu and Mr. Subrata Kundu. It is engaged in the
business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity
of 15,000 MTPA in Hooghly district of West Bengal.


MULLAS WEDDING: CRISIL Withdraws B Rating on INR5MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Mullas
Wedding Centre (MWC) 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
   ----------       ---------      -------
   Long Term Loan        5         CRISIL B/Stable (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Overdraft             3         CRISIL B/Stable (Issuer Not
                                   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 MWC. 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
MWC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of MWC to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

CRISIL has withdrawn its rating on the bank facilities of MWC 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.

Set up as a proprietorship firm by Mr. MV Thomas in 2013, MWC
operates a retail textile showroom in Mannarkkad, Kerala.


MUNIRAJ ENTERPRISE: CARE Assigns B+ Rating to INR6.75cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Muniraj Enterprise (MUE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.75       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MUE is constrained
on account of its risk associated with project implementation,
timely receipt of advances along with its constitution as a
partnership firm & its presence in cyclical and highly fragmented
real estate industry.

The ratings, however, derive strength from experienced partners
of the firm along with locational advantage available to the
firm.

The ability of MUE to successfully complete its on-going real
estate project and timely receipt of booking advance are the key
rating sensitivities.

Key Rating Weaknesses

Constitution as a partnership firm: MUE, being a partnership
firm, is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency which may put pressure
on financial flexibility of the firm.

Project implementation risk: MUE started construction activities
of Meena Bazar from May, 2015 and is expected to be completed by
end of March, 2020. Till December 31, 2017, the firm has incurred
cost of INR10.01 crore forming 60% of envisaged project cost and
thereby 40% cost is yet to be incurred. This reflects moderate
project implementation risk. Nevertheless, considering rising
construction material prices and labour shortage, there is a risk
related to the timely construction of the balance project.

Risk related to timely receipt of advances: MUE has received
booking for 51 units which formed 17% of total units for 'Meena
Bazar' and it has received booking advance of INR0.80 crore which
formed 23% of sales value of booked units against 60% of cost
incurred of 'Meena Bazar' reflecting low receipt of advances
against cost incurred and thereby high 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. 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.

Key rating strengths

Experienced Partners: MUE has been established by five partners.
The operations of the firm are managed by Mr Mirang Shah, Mr
Harish Patel, Mr Vivek Poddar and Mr Sushil Poddar and all of
them have experience of more than five years in the same line of
business through association with other entities engaged into
same line of business.

Locational advantage: 'Meena Bazar' is located at Pal, Adajan
area of Surat, which is one of the most developed commercial and
residential areas of Surat as of now. The project of MUE consists
of 215 shops and 82 offices which is smaller in size and
therefore affordable for every type of business. Further, that
area has also proximity to transportation facilities and which
will be beneficial to firm for selling of shops and offices in
time bound manner.

Surat (Gujarat) based Muniraj Enterprise (MUE) was established as
a partnership firm in 2011 by five partners i.e. Mr Harish Patel,
Mr Vivek Poddar, Mr Mirang Shah, Mr Sushil Poddar and Mr Jayendra
Patel. Later on, Mr Jayendra Patel has retired from firm and Mrs
Nayna Shah, Mrs Rita Morakhiya & Mrs Deepika Patel have joined
the firm. The firm is engaged into the real estate activities.
Currently, the firm is executing a commercial project 'Meena
Bazar' consisting of 215 shops and 82 offices at Pal area of
Surat. The construction of said project was started in May, 2015
with the total estimated cost of INR16.57 crore and the firm has
incurred 60% of total estimated cost till December 31, 2017 and
the rest will be incurred and project completed by March, 2020.
The firm has applied for RERA registration.


NIRMAL SAGAR: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nirmal
Sagar Enterprises (NSE) for obtaining information through letters
and emails dated March 28, 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           7        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Inland/Import         1        CRISIL A4 (Issuer Not
   Letter of Credit               Cooperating; Rating Migrated)

   Term Loan             1.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nirmal Sagar Enterprises.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Nirmal Sagar Enterprises 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 Nirmal Sagar Enterprises to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

NSE is a partnership firm promoted in 2009 by Ludhiana, Punjab-
based Mr. Sushant Jhamb and family. It manufactures various types
of fabrics majorly used in sportswear, shoes, horse rugs, mesh
chair, upholstery fabrics, blankets and high visibility fabrics.
The firm's manufacturing unit is in Ludhiana.


OZONE PROJECTS: CARE Lowers Rating on INR18.93cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ozone Projects Pvt. Ltd. (OPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     18.93       CARE D; ISSUER NOT COOPERATING
   Debenture Issue                 Revised from CARE B; ISSUER
                                   NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The above rating action follows ongoing delay in payment of NCD
repayment which fell due on April 30, 2018.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in NCD repayment: Company has not repaid the repayment
obligation which fell due on April 30, 2018. The company is faced
with liquidity issues due to lower sales velocity and collection.
The repayment schedule of above NCD was rescheduled (as per
amended Debenture Trust Deed dated March 20, 2018) from March 31,
2018 to April 30, 2018.

Incorporated in 2005, Ozone Projects Pvt. Ltd. (OPPL) is promoted
by the Bengaluru based Ozone group. Ozone Group is engaged in the
real estate development including Information Technology (IT)
parks, commercial space, malls, hotels, service apartments,
residential apartments and townships.


PAULOSE ABRAHAM: CRISIL Lowers Rating on INR8MM Cash Loan to D
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Paulose Abraham (PA) to
CRISIL B/Stable/CRISIL A4; Issuer not cooperating. However, the
management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL has downgraded the rating on
bank facilities of PA from CRISIL B/Stable/CRISIL A4; Issuer not
cooperating to 'CRISIL D/CRISIL D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       2.25      CRISIL D (Downgraded from
                                  'CRISIL A4' Issuer Not
                                  Cooperating)

   Cash Credit          8.00      CRISIL D (Downgraded from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating)

   Letter of Credit      .75      CRISIL D (Downgraded from
                                  'CRISIL A4' Issuer Not
                                  Cooperating)

The downgrade of rating reflects its delays in servicing of debt
obligation due to weak liquidity. Liquidity is weak due to
stretch in receivables.

The ratings also reflect PA's modest scale of operations in the
intensely competitive civil construction segment. This rating
weakness is partially offset by the extensive industry experience
of the promoter in civil construction industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: PA is a medium-sized player in the
highly competitive civil construction industry, which is
dominated by large players and small un-organised players.
Moreover, the firm's business is tender-based and hence, revenue
depends on ability to bid successfully for tenders, thereby
putting pressure on operating margins.

Strength

* Promoters' extensive experience: The firm's promoter, Mr.
Paulose Abraham, has been executing civil contracts for PWD
Kerala for about five years, and is being supported by his father
and brother, who have experience of over a decade in the same
line of business. The firm primarily undertakes water projects
pertaining to the construction of wells and pipelines to houses.

PA is a Kolenchery (Ernakulam, Kerala) based civil contractor.
The firm primarily undertakes water projects (construction of
wells and providing pipelines to houses) for public works
department (PWD) in Kerala. The day to day operations of the firm
are managed by the promoter Mr. Paulose Abraham.


PRITHVI FERRO: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Prithvi
Ferro Alloys Private Limited (PFAPL) for obtaining information
through letters and emails dated March 28, 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           30.43      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    15.42      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan             84.30      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

PFAPL was formed for setting up a greenfield integrated steel
complex comprising a ferroalloys manufacturing facility (capacity
of 13,200 tonne per annum of silica-manganese alloy) and an 18-
megawatt (MW) captive power plant. The Prithvi group was started
by Mr Bijay Kumar Garodia, Mr Ramesh Kumar Sarawagi, and Mr
Shankar Lall Ajitsaria in the 1990s. The group has presence in
several industries, including cement, tea, power, real estate,
steel, and mining.


SHARU SPECIAL: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sharu
Special Alloys Private Limited (SSAPL) for obtaining information
through letters and emails dated March 28, 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          5        CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Inland/Import        4        CRISIL A4 (Issuer Not
   Letter of Credit              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2005, SSAPL, promoted by Mr Naresh Kumar Jain and
Mr Gaurav Jain manufacture and trade in ingots, stainless steel
scrap, alloys, billets, and bars. SSAPL has an installed capacity
of 12,000 tonne per month at its manufacturing plant at Ludhiana,
Punjab.


SHIKHAR CONSTRUCTIONS: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shikhar Constructions (SC), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SC is primarily
constrained by project execution and marketability risk
associated with ongoing real estate project. 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 partners. Going forward, the ability of the
firm 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

Project execution and marketability risk associated with ongoing
real estate project: SC is developing a residential project at
Nainital, Uttarakhand with a total saleable area of 0.50 lakh
square feet (lsf). The total cost of the project is estimated at
INR14.34 crore which is proposed to be funded by promoter's
contribution of INR2.82 crore, bank loan of INR7.00 crore and
advances from customers of INR4.52 crore. The partial debt for
the same has been tied up. The project is expected to complete by
December, 2019. The firm has incurred ~65% of the total project
cost as on March 20, 2018, which was funded through promoter's
contribution, term loan and customer advances in the ratio of
30%, 53% and 17% respectively. Considering that the large
dependence on customer advances makes it necessary for
achievement of the envisaged sales and collection of customer
receipts for the timely progress of the project which it exposes
the firm towards residual project execution risk. 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. Likewise given real estate industry
scenario, marketing risk associated with sale of remaining
inventory remains as a concern for SC.

Leveraged capital structure: The capital structure of the firm
stood leveraged as on past three balance sheet dates ending
March 31, '15-'17 on account of high debt levels availed by the
firm in form of term loans and unsecured loans to fund the
project and purchase of land for future development coupled with
low net partners' capital base.

Geographical concentration in revenue profile: In past the
partners have developed approximately 13 lsf (lakh square
feet) of built up area for apartments, villas, cottages,
townships etc. in Uttarakhand. Moreover, the on-going project is
also located in Nainital; 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 SC.

Experienced partners with long track record of operations:
Shikhar Constructions is being managed by Mr. Manoj Joshi, Mr.
Hem Kumar Joshi and Mr. Kamlesh Joshi. All the partners are
graduates by qualification and have considerable experience
varied up to two and half decades in the real estate development
business through their association with this entity. Also, they
are supported by a qualified team that comprises of architects,
consultants, civil engineers, chartered accountants etc. having
requisite knowledge in their domain. Further, SC has been
operating in this business for more than two decades, which aid
in establishing healthy relationship with suppliers and image in
the regional market.

Nainital (Uttarkhand) based Shikhar Constructions (SC) was
established in 1992 as a partnership concern by Mr. Manoj
Joshi, Mr. Hem Kumar Joshi and Mr. Kamlesh Joshi sharing profits
and losses in the ratio of 60%, 20% and 20% respectively. The
firm is engaged in development of residential real estate
projects. The ongoing project is 'Nirvana at Sunny Lake' located
at Bhimtal- Sattal Road, Nainital, Uttarakhand with a total
saleable area of 0.50 lakh square feet (lsf) for construction of
16 fully furnished duplex villas.


SHREE GANESH: Ind-Ra Assigns 'C' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Ganesh
Metaliks Limited (SMPL) a Long-Term Issuer Rating of 'IND C'.

The instrument-wise rating actions are:

-- INR1,972 bil. Long-term loan due on March 2030 assigned with
     IND C rating;

-- INR350 mil. Fund-based limits assigned with IND C
     rating; and

-- INR165 mil. Non-fund-based limits assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect SGML's weak credit metrics due to large debt
size and tight liquidity position. Interest coverage (operating
EBITDA/gross interest expense) was low at 1.0x in FY17 (FY16:
1.0x), while net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 11.0x (5.94x) due to a
decline in absolute EBITDA to INR230.73 million (INR437.76
million). The company's average maximum utilization of the fund-
based limits was 100% during the 12 months ended April 2018 on
account of elongated working capital cycle of 130 days in FY17
(FY16:134 days).

The ratings also factor in SGML's modest scale of operations
attributed to high competition in the iron industry.  As per FY18
provisional financials, revenue grew 39.18% yoy to INR3,648
million on account of an increase in sales volume to 136,496
metric tons (FY17: 117,001 mt). However, profitability margins
declined to 8.80% in FY17 (FY16:15.2%) due to a decline in EBITDA
per tons, resulting from an increase in raw material prices.

However, the ratings are supported by the promoter's experience
of more than one decade in the steel industry.

RATING SENSITIVITIES

Positive: An increase in the EBITDA margin leading to an
improvement in the credit metrics and an improvement in the
working capital cycle leading to an improvement in the liquidity
position may lead to a positive rating action.

COMPANY PROFILE

Incorporate in 2003, SMPL manufactures sponge iron.


SHREE JAGDAMBA: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Shree Jagdamba Industries. The rating
reflects firm' below average financial risk profile and modest
scale of operation in highly fragmented business segment with
exposure to erratic climate and government regulation. These
weaknesses are offset by well spread reach and established
relation with customers and proximity to raw material sources.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         6.5        CRISIL B+/Stable
   Long Term Loan       .5        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation with modest operating profitability
which is highly susceptibility to volatility in cotton prices.
The scale is modest as reflected in revenues of INR32 cr for
fiscal 2016-17 on account of small capacity and high
fragmentation in business segment. Further it remains exposed to
erratic climatic conditions and adverse government regulations
which have significant impact on availability and prices of the
agro commodities.

* Below average financial risk profile: Shree has a modest net
worth of INR1.09 cr and high gearing of 4.76 times as on March
31, 2017 indicating company's high reliance on external debt.
Even its debt protection metrics remained below average as seen
in NCATD of 0.07 times and interest cover of 2.08 times in fiscal
2016-17.

Strength

* Well spread reach and established relation with customers:
Shree has developed a healthy relations with its customers and
its market is spread across Maharashtra, Gujarat, Tamil Nadu,
Rajasthan, and Punjab.

Outlook: Stable

CRISIL believes Shree will continue to benefit over the medium
term from promoters' extensive industry experience and its
customer relationship. The outlook may be revised to 'Positive'
if there is improvement in financial risk profile most likely
through infusion of capital or significantly improved accruals on
consistent basis. Conversely, the outlook may be revised to
'Negative' if lower profitability, stretched working capital or
large capex adversely impacts the financial profile, particularly
liquidity.

Established on July 2015, Shree is based in Bharatpur, Rajasthan
and managed by Mr. Purshottam Agarwal and Mr. Rahul Agarwal.
Shree manufactures cotton bales, cotton seed oil, and cotton seed
cake and trades in mustard seed and cotton seed.


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

The instrument-wise rating actions are:

-- INR150 mil. Term loan maintained in Non-Cooperating Category
     with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR85 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Shreegopal was incorporated in October 2013 by Siddharth Sarda
and Vishal Sarda. The company has set up 48,000 tons per annum
rice manufacturing unit in Kaimur, Bihar.


SUPRIYA COTEX: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Supriya
Cotex Private Limited (SCPL) for obtaining information through
letters and emails dated March 20, 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           4        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    0.25     CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan             1.75     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SCPL, set up in 2011, processes cotton bales, and has capacity of
500 bales per day at its unit in Jalna, Maharashtra. Operations
are managed by Mr Satish Patil Nagare.


SURYA VIJAY: CRISIL Migrates B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Surya
Vijay Saw Mill (SVSM) for obtaining information through letters
and emails dated March 19, 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
   ----------       ---------      -------
   Cash Credit           2         CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit     10         CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Surya Vijay Saw Mill. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Surya Vijay Saw Mill 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 Surya Vijay Saw Mill to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

SVSM was set up in 2000 as a proprietorship firm by Mr. Dayalal
M. Patel and family. It is engaged in the processing and trading
of timber.


SWATI SYNTHETICS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swati
Synthetics for obtaining information through letters and emails
dated February 26, 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
   ----------       ---------     -------
   Bank Guarantee       0.2       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          0.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            7.3       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Swati, a proprietorship concern, set up by Mr. Ramniwas Gupta in
2009, is engaged in embroidery designing on fabrics. The firm is
part of the Jay Bharat group.


TGR PROJECTS: CARE Assigns B+ Rating to INR32cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of T G R
Projects India Private Limited (TGRPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           32.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TGRPPL are tempered
by Limited track record of business with small scale of
operations coupled with cash losses in FY15 and FY16, moderate
stage of project completion with only 60% of project cost
incurred till April 2018, exposure to risk relating to JDAs,
Inherent cyclical nature of the real estate industry,
geographically concentrated revenue profile and fragmented nature
of the real estate sector albeit improving growth prospects. The
rating however derives its strength from the experience of the
promoters in the real estate sector; asset light model adopted by
the company and RERA registration for the on-going project.

Going forward, the company ability to complete the project in
timely manner and its ability to sell the units and collect
advances would be key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record of business with small scale of operations
coupled with cash losses in FY15 and FY16 The company has limited
track record of business, having initiated the business
operations in 2014. Although the promoters have an experience of
around 2 decades in the construction sector, under TGRPPL, they
have only completed one project since inception, on contract
basis for Ankshu Builders and Developers. The company reported
cash losses during FY15 due to under absorption of overheads.
During FY16, the company could not book revenue due to delay in
approvals for the ongoing project, however, it had to meet the
employee and other overhead expenses, which again led to cash
losses in FY16 as well. However, the company achieved net profit
of INR0.03 core on Total operating Income (TOI) of INR7.64 crore
at the back of receipt from sale of flats. Moderate stage of
project completion with only 60% of project cost incurred till
April 2018. Project 'Ankshu Ecstasy' is in its advance stages
with 60% of project cost incurred till April 2018. The total
project cost of ~INR106 crore is expected to be fund by term loan
(30%), customer advances (28%), unsecured loans from directors
and promoters funds (42%).

Exposure to risk relating to JDAs: While, benefits relating to
JDA agreements remain limited upfront capital commitments and
thereby lower project costs, some of its major drawbacks are
risks relating to loss of refundable deposits, payment penalties
in case of delays and disputes with Joint Development partners in
case of unfavorable unforeseen circumstances. Around 8% of the
land under construction for project Ankshu Ecstasy is under JDA.

Inherent cyclical nature of the real estate industry: The firm is
exposed to the cyclicality associated with the real estate sector
which has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability
is highly dependent on property markets.

Geographically concentrated revenue profile: TGRPPL entirely
derives its revenue from orders executed in the state of
Karnataka, particularly from Bengaluru city, which exposes the
company to geographical concentration risk.

Fragmented nature of the real estate sector albeit improving
growth prospects: The real estate sector in India is highly
fragmented with a large number of small and mid-sized players.
Certain factors such as project execution challenges, delays in
land acquisition, regulatory clearances, long working capital
cycles as a result of longer gestation periods collectively place
pressure on the firm's credit profile. Despite these impediments,
increasing growth in residential properties due to lower interest
rates, easy availability of housing finance and various
government initiatives in real estate sector are expected to
revive the industry in medium to long term.

Key Rating Strengths

Experience of the promoters in real estate sector: The company is
promoted by Mr. Gopal Reddy, Mr Aravind Reddy, Mrs. G. Aruna
Devi, Mr. Mansukhlal Patel, Mr. G. Anand and others. The afore-
mentioned directors have around 2 decades of experience in the
construction field.

Asset light model adopted by the company for the ongoing projects
The company is operating under asset light policy for its on-
going project 'Ankshu Ecstasy', i.e. development done on JDA
basis between Builder and Land Owner. The land owner shall have 6
flats out of the total of 158 to be constructed. The arrangement
not only helps in limiting upfront capital commitment but also in
lowering the project costs. This partially limits upfront
investments in land, avoiding the locking-up of funds.

Bengaluru (Karnataka) based, T G R Projects India Private Limited
(TGR) was incorporated in the year 2012 by Mr. Gopal Reddy, Mr
Aravind Reddy, Mrs. G. Aruna Devi, Mr. Mansukhlal Patel, Mr. G.
Anand and others. The company began commercial operation in 2014
and is currently engaged in the construction of residential
apartments in Bangalore. The company has executed one project (as
a contractor) since inception namely: Ankshu Wisteria, in
Kodigehalli, Bengaluru TGRPPL's on-going is named "Ankshu
Ecstasy", a residential apartment project located near KR Puram,
Bengaluru. The project with an aggregate of 158 apartments is
divided amongst two towers. The total saleable area (TSA) of the
project is 2.34 lakh square feet (lsf). The project is expected
to be completed by May 2020.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 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 2006 as a proprietorship concern by Sanjay
Jaiswal, TE is engaged in the trading of ferrous and non-ferrous
metal scrap, girders, storage tanks, angels, pipes, iron flat
bars and mild steel scraps. The company's office is located in
Ahmedabad, Gujarat.


* INDIA: Fear is Biggest Obstacle for Investors in Bankrupt Firms
-----------------------------------------------------------------
Anto Antony at Bloomberg News reports that the wait for investors
to acquire some of the $210 billion of stressed assets up for
grabs in India is likely to get longer. That's because creditors
are afraid to take decisions.

Current and former top bankers from at least four state-run
lenders are under investigation for alleged impropriety over
their lending decisions, while the Central Bureau of
Investigation has started a preliminary inquiry into an alleged
nexus between Videocon Chairman Venugopal Dhoot and the spouse of
ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to
the conglomerate, Bloomberg says.

Indecisiveness among bankers is pushing insolvent companies
toward liquidation, which erodes the value of the assets, said
Hemant Kanoria, chairman of SREI Infrastructure Finance Ltd,
Bloomberg relays.

According to Bloomberg, Prime Minister Narendra Modi's attempt to
slash bad loans and accelerate the pace of lending is being
stymied by his fight on corruption. Creditors are concerned that
the nation's investigative agencies will second-guess their
decisions to conclude bankruptcy sales, Bloomberg says. Alok
Industries Ltd. and Lanco Infratech Ltd. are among the large
stressed borrowers that are heading for liquidation after the
bids to buy these firms didn't receive required approval from the
so-called lenders' committee, Bloomberg relates citing exchange
filings.

"Despite receiving bids from willing buyers, some of the
companies are going into liquidation as there is a fear psychosis
among lenders," Kanoria, whose firm is a creditor to several
companies that have been referred to the bankruptcy court, said
in an interview at the Bloomberg office in Mumbai last week.
"Bankers want the decision off their back as they can be probed
later and they could just end up behind bars."

Meanwhile, Bloomberg says investors from Blackstone Group LP to
Oaktree Capital Group LLC wait in the sidelines. Oaktree "under
the right circumstances," may open a physical office in India at
some point, according to Jay Wintrob, chief executive officer at
the Los Angeles-based firm.

According to Bloomberg, Federal investigators are probing
allegations of impropriety against bankers including Kishor
Kharat -- the chief executive officer of Indian Bank, Melwyn Rego
-- CEO of Syndicate Bank, M S Raghavan -- former chairman of IDBI
Bank and Arun Kaul -- former head of UCO Bank, regarding loan-
approvals they were part of in their current or former roles.

Bankers are dithering about taking some decisions as they fear
that if the decision goes wrong, even five-to-seven years down
the line, it could be subject to probes the way some of their
peers are undergoing now, Rajnish Kumar, chairman of State Bank
of India, the country's largest lender, said in an interview to
Bloomberg TV in Manila. "But on the other side, while taking
decisions, people will be more careful and would take effort to
properly document their rationale."

Bankers would prefer liquidation if they believe they won't be
able to recover at least a quarter of their dues, Kumar said.
Even under a wind down, investors can bid for the companies and
some of them might be revived too, Uday Kotak, managing director
of Kotak Mahindra Bank Ltd., told reporters last week, Bloomberg
relays.

However, each of these liquidations is destroying valuable
assets, wrecking supply chains, and razing eco-systems, which
will take money and time to recreate, said Kanoria, whose finance
company has assets worth INR467 billion ($7 billion) under
management, Bloomberg reports.

"Steps have to be taken to make sure that this environment of
doubt and fear is put to an end and decision-making is
encouraged," Bloomberg quotes Kanoria as saying.



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


MNC INVESTAMA: Moody's Upgrades CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating (CFR) of MNC Investama Tbk. (P.T.) (BHIT) to B3 from Caa3.
At the same time, Moody's has assigned a definitive Caa1 rating
to BHIT's USD231 million 9% senior secured notes due 11 May 2021.

The outlook is negative.

The rating action follows the completion of the exchange offer
launched on April 17, 2018 -- with respect to the USD365 million
5.875% senior secured notes of Ottawa Holdings Pte. Ltd (Ottawa),
a wholly owned BHIT subsidiary -- of up to USD250 million for new
senior secured notes due 2021 and a cash tender payment.

The company announced that USD186 million of notes had been
exchanged, or around 74% of the USD250 million offered.
Bondholders holding around USD64 million have not consented to
the exchange.

In conjunction with the exchange completion, BHIT and the holder
of an aggregate USD115 million of the existing 2018 senior
secured notes have agreed initially on a conversion into
subordinated debt, which will remain deeply subordinated and be
non-interest bearing.

BHIT will then issue new shares to the converting holder on or
before Sept. 30, 2018.

As a result, in aggregate, the company will issue USD231 million
senior secured notes which - together with the USD115 million
subordinated debt and cash - will be used to redeem the maturing
$365 million senior secured notes issued by Ottawa.

Moody's has assessed the transaction as comprising a distressed
exchange and a default due to the extension of the maturity date
beyond its initial terms as well as the conversion of a portion
of the notes into subordinated debt and ultimately equity.
Moody's definition of default is intended to capture events
whereby issuers fail to meet the debt service obligations
outlined in their original debt agreements.

RATINGS RATIONALE

"The upgrade of BHIT's rating to B3 reflects the successful
completion of the exchange transaction such that the 2018 notes
will be fully repaid and reflects the improved debt maturity
profile of the company on a standalone basis," says Annalisa
DiChiara, a Moody's Vice President and Senior Credit Officer.

However, although, the transaction extends BHIT's debt maturity
profile to 2021 on a standalone basis, its liquidity position
will remain fragile, reflecting its reliance on dividends from
subsidiaries - primarily PT Media Nusantara Citra Tbk (MNCN) - to
satisfy its cash obligations, including interest expenses on the
proposed notes and operating costs.

MNCN is Indonesia's leading free-to-air broadcast company and
contributes around 52% and 75% of the BHIT's consolidated
revenues and EBITDA, respectively. MNCN's defensible market
position and stable cash flow provide an anchor for BHIT's credit
profile as it is also the primary source of dividend income for
BHIT.

"That said, concerns around BHIT's capital structure -- including
its high leverage and ability to meet its debt service
obligations -- remain. We expect liquidity at the holding company
level to remain weak, with little cash buildup because we expect
dividends received from subsidiaries to just meet interest
expense over the next 12-24 months," adds DiChiara, also Moody's
lead analyst for BHIT.

However, the company will fund a debt service reserve account -
equal to one semi-annual interest payment - from the proceeds of
the 2021 notes.

In addition, BHIT's subsidiaries have large amortization payments
or debt maturities, or both, over the next one to two years
raising refinancing risks and pressuring cash flow generation
which may ultimately their ability to upstream dividends to BHIT.

As a result, BHIT will rely on inorganic measures, namely planned
asset sales and the monetization of stakes in subsidiaries, to
support its standalone liquidity, and provide cash to ultimately
repay the new notes in 2021.

BHIT's organizational and legal structure is also complex and
raises concerns regarding transparency with respect to
shareholder intentions and corporate governance, which is also
taken into account in the rating.

The Caa1 rating on the senior secured notes reflects the
company's complex organizational and legal structure, and thus
factors in structural subordination. As a holding company, BHIT
is entirely reliant on dividends. The claims of BHIT's creditors
on the assets and cash flows of its operating units are
subordinate to those of the direct creditors of the operating
units, as the majority of the group's debt is incurred at the
operating unit level with dividends being up streamed from key
operating assets for servicing its obligations.

The outlook is negative, reflecting the BHIT's weak liquidity
position, given its holding company position and reliance on
dividends. It also considers BHIT's high leverage -- as measured
by debt/EBITDA on a consolidated basis -- of over 5x .

Moreover, amortization payment requirements and refinancing risks
at subsidiaries level may ultimately limit their ability or
willingness to upstream dividends to BHIT, further impairing its
already weak interest coverage and liquidity position.

To that end, should the coverage of cash dividends received from
its operating companies to interest expenses at the holding
company level fall below 1.0x, the ratings will be downgraded.

An inability to execute the planned asset sale within 12 months
would result in a rating downgrade. Finally, if the subsidiaries
are unable to address debt maturities in a timely manner --
including Sky Vision's bank loan maturing in November 2019 - will
also result in a rating downgrade.

Given the negative outlook, an upgrade is unlikely. However the
ratings outlook could return to stable if the company executed on
asset sales such that liquidity at the holding company improves
materially. In addition, Moody's would look for BHIT to sustain
dividends/interest coverage of at least 2.0x on a standalone
basis as well as establish a track record of executing its
refinancing requirements at the operating company level on a
timely basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Jakarta, MNC Investama Tbk. (P.T.) (BHIT) is a
listed investment holding company with core holdings in operating
companies primarily in the Indonesian media and financial
services sectors.

Through its 52.85% stake in PT Global Mediacom Tbk (BMTR), BHIT
has a 62.84% stake in PT Media Nusantara Citra Tbk (MNCN),
Indonesia's leading free-to-air broadcast company, and a 92.41%
stake in PT MNC Sky Vision Tbk, Indonesia's leading pay-TV
operator. BHIT also owns a 69.88% stake in PT MNC Kapital
Indonesia Tbk (MKAP), a leading financial services company in
Indonesia


SOLUSI TUNAS: Fitch Affirms L-T Foreign and Local IDR at 'BB-'
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based tower operator PT
Solusi Tunas Pratama Tbk's (STP) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) and senior unsecured rating
at 'BB-'. Fitch Ratings Indonesia has also affirmed the National
Long-Term Rating at 'A+(idn)'. The Outlook on the issuer ratings
is Stable. The agency has simultaneously withdrawn all ratings as
STP has redeemed its US dollar bond and the entity is no longer
issuing public debt.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

STP's ratings reflect the cash flow stability and visibility of
the tower business, which are supported by long-term, high-margin
lease contracts with Indonesian mobile operators, on a build-to-
suit basis. Fitch believes the favorable business profile of the
tower business supports a higher leverage tolerance than for most
corporate credits. The ratings also recognise STP's smaller scale
relative to its domestic peers, Indonesian's top-two independent
tower companies PT Profesional Telekomunikasi Indonesia
(Protelindo, BBB-/AAA(idn)/Stable) and PT Tower Bersama
Infrastructure Tbk (TBI, BB-/AA-(idn)/Stable).

KEY RATING DRIVERS

Size, Leverage Drive Ratings: The IDRs on Indonesia's third-
largest independent tower company continue to reflect its small
scale with less than 7,000 towers and modest growth, relative to
Protelindo and TBI. STP's net leverage on a hedged basis of under
5.0x is much higher than Protelindo's 2.0x, but lower than TBI's
6.0x.

Credit Profile Intact: Fitch expects STP's credit profile to
remain stable, supported by long-term cash flow visibility and
moderate counterparty risk, as investment-grade telcos accounted
for 68% of its revenue in 2017. Lease rental collections have
been timely from STP's tenants, except for receivables from
internet service provider PT Internux. Receivables from Internux
declined to IDR230 billion at end-2017 (end-2016: IDR321
billion), following some lease repayments during the year. Both
parties are still negotiating for an amicable settlement of the
outstanding receivables.

Even in the event of a possible discontinuation of lease payments
and no recovery of receivables from Internux, Fitch expects FFO
adjusted net leverage to be around 4.5x in 2018-2019 (2017:
4.1x), below the 5.5x threshold at which Fitch is likely to take
negative rating action.

Revenue Visibility: STP's stable cash flow generation is
supported by long-term, non-cancellable tower lease contracts.
Total revenue locked-in was around IDR9.4 trillion at end-2017
and the average remaining contract life was around five years. A
majority of STP's tower lease renewals will take place after
2019, when average monthly tower leases may come under pressure.
However, STP's lower average monthly rentals compared with those
of Protelindo and TBI suggest future tower rental reductions may
be limited.

Organic Expansion: STP is more likely to focus on organic growth
through tenancy addition, and its non-tower, fibre-related
assets, given the strategy to monetise its existing fibre-optic
backbone through long-term lease contracts. STP has over 2,800km
of fibre optic cable network, which can be tapped to provide
wholesale fibre connections to broadband and pay TV operators to
meet Indonesia's rising demand for data bandwidth. Still, Fitch
expects the tower business to contribute a majority of STP's
revenue (2017: 90%), and the non-tower and fibre-related business
to make up less than 15% of revenue (2017: 10%) in the next two
years.

Low Acquisition Risk: Fitch does not expect STP to undertake
large debt-funded acquisitions given the low headroom on its
incurrence covenant (net debt/last quarter annualised EBITDA of
5.0x) in its credit facilities. As such, any acquisitions are
likely to be small, equity-funded or transacted through share
swaps.

Hedging In Place: STP's US dollar debt exposure has reduced
substantially to 53%, from 87% at end-2016, following the
refinancing of its US dollar borrowings with rupiah debt. STP
fully hedged the principal through currency swaps, mitigating its
exposure to rupiah depreciation. The US dollar interest payments
are also fully hedged, in addition to STP's USD3 million of
annual tower revenue from PT Hutchison Indonesia Tbk, which
provides a natural hedge.

DERIVATION SUMMARY

STP's ratings reflect the stability and visibility of the tower
company's cash flows, and moderate counterparty risk, with
investment-grade telcos accounting for 68% of its 2017 revenue.
Tower revenues are supported by long-term lease contracts with
Indonesian mobile operators, which Fitch believes justify the
higher leverage metrics than for most corporate credits. STP's
closest peers are largest and second-largest independent tower
companies, Protelindo and TBI, respectively. Protelindo's ratings
reflect its conservative financial policy and leading market
position, which mitigates its counterparty risk to tenants with
weaker credit profiles. Protelindo derives close to half of its
revenue from investment-grade telecom operators.

STP's 'A+(idn)' National Long-Term Rating IDR is a notch below
TBI's 'AA-(idn)' as it operates on a smaller scale, and expands
at a modest pace compared with its closest peer TBI. TBI also has
a better tenancy mix as investment-grade telcos accounted for 83%
of its revenue. However, this is offset by STP's lower net
leverage of around 4.5x, against TBI's 6.0x. Meanwhile, STP is
also well-positioned against Indonesian-based integrated fabric
and garment producer, PT Sri Rejeki Isman Tbk (Sritex, BB-
/A+(idn)/Stable). Sritex's ratings are also constrained by its
relatively small operating scale compared with its international
peers in the competitive and fragmented textile sector. However,
Sritex's weaker business profile, which is characterised by
intense competition in the export and domestic textile markets,
exposure to inventory risk, greater margin fluctuation, and
acquisition risk, counterbalance its lower net leverage of less
than 3.0x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Revenue to grow in the low to mid-single digits in 2018
    and 2019 (2017: 4.8%).

  - Yearly addition of 200 towers and around 450-500 tenancies.

  - Steady growth in non-tower and fibre-related business of
    around 15%, driven by increasing demand for data bandwidth.
    Still, Fitch expects revenue contributions from this segment
    to remain small at under 15% through the next two years.

  - Discontinuation of lease payments and no recovery of
    receivables from Internux.

  - Operating EBITDA margin of 83%-85% in 2018-2019 (2017:
    86.2%), reflecting tower rental pressure when renewal falls
    due as well as the incremental revenue contributions from
    lower-margin non-tower, fibre-related business.

  - Capex of around IDR700 billion each year, or 35%-40% of
    capex/revenue ratio in 2018-2019 (2017: IDR713 billion,
    37.4%).

  - Average interest cost of around 10%-11% (2017: 13%).

  - No dividend payments or acquisitions.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Reliant on Refinancing: STP had IDR280 billion in unrestricted
cash as at end-December 2017. Liquidity is strengthened by its
long-dated debt profile, and IDR500 billion of unutilised banking
lines (maturing in 2023). Combined, these should be sufficient to
meet the IDR361 billion of short-term maturities due over the
next 24 months. Following the refinancing of its bank loans and
USD300 million of unsecured notes, a majority of STP's debt will
now fall due after 2021, mainly consisting of a balloon payment
in 2023. The company took on a new five-year syndicated loan
facility in February 2018, comprising a USD297 million term loan,
a IDR3 trillion term loan and a IDR800 billion revolving credit
facility.



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


EZION HOLDINGS: Expects To Post Net Loss for Q1 of 2018
-------------------------------------------------------
The Strait Times reports that Ezion Holdings expects to post a
net loss for the first quarter of 2018 due to "delays in re-
deployment of some of the group's assets" while a refinancing
exercise was being finalised.

The report relates that the liftboat and offshore assets operator
said that while revenue and profitability will be "adversely
affected", the group will nevertheless be operationally cashflow
positive for the three months ended March 31.

The company will provide more details when it annnounces its
results on May 11, the Strait Times says.

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.




                             *********

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
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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
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