/raid1/www/Hosts/bankrupt/TCRAP_Public/180511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 11, 2018, Vol. 21, No. 093

                            Headlines


A U S T R A L I A

ADAPT COMMUNICATIONS: First Creditors' Meeting Set for May 18
ALBERT AND NANCY: First Creditors' Meeting Set for May 21
C.K. CHUNG: First Creditors' Meeting Set for May 21
CESSNOCK GOLF: Second Creditors' Meeting Slated for May 21
CHUN KAU: First Creditors' Meeting Scheduled for May 21

CHUNG SOUTHPORT: First Creditors' Meeting Set for May 21
FLEXI TRUST 2018-1: Moody's Assigns Ba1 Rating to Class E Notes
GLASSHAT PTY: Second Creditors' Meeting Set for May 17
MESOBLAST LIMITED: Ends First Quarter With $59.5-Mil. in Cash
METALICUS: Fashion Brand Enters Voluntary Administration

N & A CHUNG: First Creditors' Meeting Slated for May 21
ONSITE RENTAL: Moody's Affirms Caa1 CFR; Alters Outlook to Stable


C H I N A

ANBANG GROUP: Ex-Chair Gets 18-Year Jail Term Fraud, Embezzlement
CHINA LOGISTICS: Fitch Revises Outlook to Neg. & Affirms at 'B'
HYDOO INTERNATIONAL: Fitch Rates USD130MM Notes Final 'B-'
ZTE CORP: Ceases Major Operations Due to US Export Ban
* CHINA: Credit Spreads Near 2-Year Highs on Default Worries


H O N G  K O N G

NOBLE GROUP: Appoints Provenance as Independent Adviser


I N D I A

A.K.G. MEMORIAL: CRISIL Assigns B Rating to INR7.0MM Term Loan
AGARWAL LIFE: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
ALTECH INFRASTRUCTURE: ICRA Retains B+ Rating in Not Cooperating
AMBICA TIMBERTRADE: ICRA Moves D Rating to Not Cooperating
AMRITESH AGRO: CRISIL Migrates B+ Rating to Not Cooperating Cat.

AMUL FEED: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
SUNRISE MARKETING: CRISIL Lowers Rating on INR1.2MM Loan to B-
ATLANTIS PRODUCTS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
AVADH COTEX: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
AVALON TECHNOLOGY: Ind-Ra Migrates BB+ Rating to Non-Cooperating

AVANI TEXTILES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
BANKA WOVEN: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
BHUSHAN POWER: NCLAT Allows Liberty House Bid
BONZA VITRIFIED: ICRA Reaffirms B Rating & Removed from Not Coop.
CADCHEM LABORATORIES: CRISIL Moves B+ Rating to Not Cooperating

CHEMCOAT INDIA: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
DHARMARATHINA TEXTILES: ICRA Hikes LT Long Rating to B+
FORTIS HEALTHCARE: ICRA Lowers Rating on INR490cr NCD to B+
GHAZIABAD FORGINGS: CRISIL Reaffirms B+ Rating on INR5.75MM Loan
GONDA NAGAR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

GURU NANAK: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
IDEAS ENGINEERS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
J.I. ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
JP MOTOR: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
JOSEPH LESLIE: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating

KHAYA SOLAR: ICRA Lowers Rating on INR54.20cr Term Loan to D
KINJAL COTTON: CRISIL Migrates B Rating to Not Cooperating Cat.
KISSAN INDUSTRIES: CRISIL Moves B Rating to Not Cooperating Cat.
LEVIN ELECTRICALS: CRISIL Moves B+ Rating to Not Cooperating Cat.
LORIANS CERAMIC: CRISIL Assigns B+ Rating to INR13MM Term Loan

MAHARAJA RESOURCES: CRISIL Moves B Rating to Not Cooperating
MEHER SEEDS: CRISIL Moves B+ Rating to Not Cooperating Category
MIRZAPUR NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
MUKTSAR COTTON: CRISIL Migrates B+ Rating to Not Cooperating Cat.
MURLIDHAR COTTON: CRISIL Moves B+ Rating to Not Cooperating Cat.

NAV BHARAT: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
PATEL COTTON: ICRA Retains B+ Rating in Not Cooperating Category
RAJYALAKSHMI HEALTHCARE: Ind-Ra Assigns BB+ Rating
REGENERATIVE MEDICAL: Ind-Ra Lowers LT Issuer Rating to 'B+'
RIDHI AUTO: CRISIL Migrates B+ Rating to Not Cooperating Category

SAVI LEATHERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
SHARDA TIMBERS: ICRA Moves D Rating to Not Cooperating Category
SHIV KRUPA: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
SHRI VASUDEVA: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
SOUBHAGYA PROCESSOR: Ind-Ra Migrates B Rating to Non-Cooperating

SPEEDCRAFTS LIMITED: CRISIL Raises Rating on INR30.12MM Loan to B
SREE SAI: CRISIL Assigns B+ Rating to INR0.5MM Secured Loan
SRB INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
SRI VAISHNAVI: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
SRS LIMITED: CRISIL Moves FD Rating to Not Cooperating Category

SUPERLITE AAC: CRISIL Migrates B Rating to Not Cooperating Cat.
SURESH GOPINATH: CRISIL Reaffirms B+ Rating on INR10MM Loan
SURI SHOES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SWAMI YOGANAND: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
TAPASYA SHIKSHA: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating

THE ACADEMY OF ENG'G: Ind-Ra Moves BB+ Rating to Non-Cooperating
UTM ENGINEERING: CRISIL Lowers Rating on INR1.5MM Loan to C
VEGGIECRAFT FOOD: CRISIL Moves B Rating to Not Cooperating Cat.
VINIL TRADING: CRISIL Migrates B Rating to Not Cooperating Cat.
VRA COTTON: CRISIL Lowers Rating on INR2MM Cash Loan to B+


I N D O N E S I A

SOLUSI TUNAS: S&P Withdraws 'B+' Long-Term Issuer Credit Rating


M A L A Y S I A

TH HEAVY: Regularisation Plan on Track Despite Disclaimer Opinion

N E W  Z E A L A N D

ARENA CAPITAL: Director Admits Role in NZ$8.3 Million Fraud


S O U T H  K O R E A

GM KOREA: Government, GM Agree to Inject KRW7.7 Trillion


                            - - - - -


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


ADAPT COMMUNICATIONS: First Creditors' Meeting Set for May 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Adapt
Communications Pty Ltd will be held at the offices of Mackay
Goodwin, Level 10, 239 George Street, in Brisbane, Queensland, on
May 18, 2018, at 11:00 a.m.

Thyge Trafford Jones of Mackay Goodwin was appointed as
administrator of Adapt Communications on May 8, 2018.


ALBERT AND NANCY: First Creditors' Meeting Set for May 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Albert and
Nancy Pty Limited will be held at the offices of PPB Advisory,
Level 8, 50 Cavill Avenue, in Surfers Paradise, Queensland, on
May 21, 2018, at 12:15 p.m.

Kenneth Michael Whittingham and David Webb of PPB Advisory were
appointed as administrators of Albert and Nancy on May 10, 2018.


C.K. CHUNG: First Creditors' Meeting Set for May 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of C.K. Chung
Pty Limited will be held at the offices of PPB Advisory, Level 8,
50 Cavill Avenue, in Surfers Paradise, Queensland, on May 21,
2018, at 12:00 p.m.

Kenneth Michael Whittingham and David Webb of PPB Advisory were
appointed as administrators of C.K. Chung on May 10, 2018.


CESSNOCK GOLF: Second Creditors' Meeting Slated for May 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cessnock Golf
Club Ltd has been set for May 21, 2018, at 9:30 a.m. at Cessnock
Golf Club, 26 Birkdale Boulevard, in Cessnock, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 18, 2018, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of Cessnock
Golf on April 14, 2018.


CHUN KAU: First Creditors' Meeting Scheduled for May 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chun Kau
Pty Limited will be held at the offices of PPB Advisory, Level 8,
50 Cavill Avenue, in Surfers Paradise, Queensland, on May 21,
2018, at 11:45 a.m.

Kenneth Michael Whittingham and David Webb of PPB Advisory were
appointed as administrators of Chun Kau on May 10, 2018.


CHUNG SOUTHPORT: First Creditors' Meeting Set for May 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Chung
Southport Pty Limited will be held at the offices of PPB
Advisory, Level 8, 50 Cavill Avenue, in Surfers Paradise,
Queensland, on May 21, 2018, at 11:15 a.m.

Kenneth Michael Whittingham and David Webb of PPB Advisory were
appointed as administrators of Chung Southport on May 10, 2018.


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

Issuer: Flexi ABS Trust 2018-1

AUD 100.00 million Class A1 Notes, Assigned P-1 (sf)

AUD 66.50 million Class A2 Notes, Assigned Aaa (sf)

AUD 66.00 million Class A2-G Notes, Assigned Aaa (sf)

AUD 15.30 million Class B-G Notes, Assigned Aa2 (sf)

AUD 17.70 million Class C Notes, Assigned A2 (sf)

AUD 12.00 million Class D Notes, Assigned Baa2 (sf)

AUD 7.50 million Class E Notes, Assigned Ba1 (sf)

The AUD 15.00 million Class F Notes are not rated by Moody's.

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

RATINGS RATIONALE

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

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

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

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

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

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

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

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

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

MAIN MODEL ASSUMPTIONS

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

Methodology Underlying the Rating Action

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

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

Up

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

Down

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

Moody's Parameter Sensitivities

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


GLASSHAT PTY: Second Creditors' Meeting Set for May 17
------------------------------------------------------
A second meeting of creditors in the proceedings of Glasshat Pty
Ltd has been set for May 17, 2018, at 5:30 p.m. at the offices of
PPB Advisory Sydney, Level 7, 8-12 Chifley Square, in Sydney,
NSW.

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

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

Daniel Austin Walley and Philip Patrick Carter of PPB Advisory
were appointed as administrators of Glasshat Pty on April 12,
2018.


MESOBLAST LIMITED: Ends First Quarter With $59.5-Mil. in Cash
-------------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange
Commission its Quarterly report for entities subject to Listing
Rule 4.7B for the quarter ended March 31, 2018.

At the beginning of the quarter, Mesoblast had US$47.38 million
in cash and cash equivalents. Net cash used in operating
activities was US$19.60 million. Net cash used in investing
activities was US$37,000. Net cash from financing activities was
US$31.69 million. As a result, Mesoblast had US$59.53 million in
cash and cash equivalents at the end of the quarter.

Mesoblast cash and cash equivalents will be augmented by its
royalty income earned on sales of TEMCELL HS Inj. in Japan; as
well as interest income receipts and it is expected R&D tax
incentive income will be received from the Australian Government.

Mesoblast is in advanced negotiations with selected
pharmaceutical companies with respect to potential partnering of
certain Tier 1 product candidates. If Mesoblast enters into a
binding transaction in the next quarter, it expects that one
effect of the transaction is that its cash reserves are likely to
increase. Mesoblast does not make any representation or give any
assurance that such a binding transaction will be concluded.

In March 2018, Mesoblast established a four year loan facility
with Hercules Capital for up to US$75 million over the next four
years with US$35.0 million drawn at closing. An additional
US$15.0 million may be drawn on or before Q4 CY2018, and a
further US$25.0 million may be drawn on or before Q3 CY2019, in
each case as certain milestones are met.

Mesoblast established an equity facility in 2016 with Kentgrove
Capital for up to A$120 million/US$90 million over the next 15
months to be used at its discretion to provide additional funds
as required.

A full-text copy of the Quarterly Report is available at:

                       https://goo.gl/Dsryxq

                          About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) --
http://www.mesoblast.com/-- is a global developer of innovative
cell-based medicines. The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates. Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular conditions, orthopedic disorders,
immunologic and inflammatory disorders and oncologic/hematologic
conditions. The Company is headquartered in Melbourne, Australia.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015. As of Dec. 31, 2017, Mesoblast had
US$664.81 million in total assets, US$89.20 million in total
liabilities and US$575.60 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


METALICUS: Fashion Brand Enters Voluntary Administration
--------------------------------------------------------
Eloise Keating at SmartCompany reports that Australian fashion
brand Metalicus has entered voluntary administration and will
start a major sale across all of its outlets.

In an email to customers on May 9, the company acknowledged the
"difficult period for our staff and customers", as it explained
plans to launch a sale event at all of its flagship stores, Myer
concession outlets and online, starting today, May 11,
SmartCompany relates.

"Metalicus has long been recognised as an iconic Australian
fashion brand and we would like to take this opportunity to thank
our customers for their ongoing loyalty and support over the
years," the company said, SmartCompany relays.

Metalicus said the sale event will involve "significant savings
on all pieces". "We hope that you will take advantage of the
opportunity to enjoy some great savings across our entire range,"
it told customers.

Petr Vrsecky, Stirling L. Horne and Jason G. Stone of PKF
Melbourne were appointed as administrators of Fashionoid Pty,
trading as Metalicus, on May 2, 2018.

A first meeting of the creditors in the proceedings of Fashionoid
will be held at the offices of PKF Melbourne, Level 13, 440
Collins Street, in Melbourne, on May 14, 2018, at 2:00 p.m.

Metalicus was founded in 1992 and previously formed part of PAS
Group, which is home to a range of other clothing brands,
including Yarra Trail, Black Pepper and Review.  PAS Group sold
Metalicus to General Pants Group in mid-2016, saying at the time
that it wanted to focus on its core group of brands.



N & A CHUNG: First Creditors' Meeting Slated for May 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of N & A
Chung Pty Limited will be held at the offices of PPB Advisory,
Level 8, 50 Cavill Avenue, in Surfers Paradise, Queensland, on
May 21, 2018, at 11:00 a.m.

Kenneth Michael Whittingham and David Webb of PPB Advisory were
appointed as administrators of N & A Chung on May 10, 2018.



ONSITE RENTAL: Moody's Affirms Caa1 CFR; Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Onsite Rental Limited's
Caa1 corporate family rating and changed the outlook to stable
from negative. Moody's will withdraw the rating of Onsite Rental
on the next business day.

RATINGS RATIONALE

The change of outlook on Onsite Rental's rating to stable from
negative, and the concurrent affirmation of the rating, reflect
the improved operating environment in the Australian equipment
rental sector, as well as the corporate restructuring of the
Onsite group, which has seen leverage improve. Moody's expects
that adjusted debt / EBITDA for the group will remain below 5.5x,
the maximum tolerance for the rating.

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

BACKGROUND

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Onsite Rental Group Pty Ltd is an Australian equipment rental
company. It rents out equipment mainly for access, site
accommodation, power -- including generators, pumps, air and
lighting equipment -- earthmoving and compaction, as well as
industrial tools.

The company operates in the general industrial equipment market,
with large corporate clients that include market leaders in the
liquefied natural gas (LNG), commodities, and construction and
maintenance industries.



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


ANBANG GROUP: Ex-Chair Gets 18-Year Jail Term Fraud, Embezzlement
-----------------------------------------------------------------
South China Morning Post reports that Wu Xiaohui, the former
chairman of beleaguered insurance giant Anbang Group, has been
sentenced to 18 years behind bars for fraud and embezzlement
worth more than US$12 billion.

He will also have assets worth CNY10.5 billion (US$1.65 billion)
confiscated, Xinhua reported on May 10, SCMP relates.

Wu, who used to steer one of China's most aggressive asset
buyers, was put on trial in the No.1 Intermediate People's Court
in Shanghai in late March, charged with illegal fundraising,
fraud worth CNY65.2 billion (US$10.24 billion) and embezzling
CNY10 billion from Anbang's insurance premium income, according
to the report.

Anbang, founded in 2004, has grown from a seller of car insurance
into one of China's largest insurance providers, holding nearly
CNY2 trillion in assets.  SCMP notes that the Beijing-based
insurer was known for its aggressive global buying spree, which
included the acquisition of the New York's Waldorf Astoria hotel
in 2014 for almost US$2 billion.

The report relates that prosecutors in the case said Mr. Wu had
severely harmed "the safety of investors' capital" and "crushed
national financial security".

The top banking and insurance regulator said in April that it
will inject CNY60.8 billion into the beleaguered insurer to
ensure its solvency, SCMP relays.

The Chinese government seized control of the company in February,
the report notes.

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

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

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


CHINA LOGISTICS: Fitch Revises Outlook to Neg. & Affirms at 'B'
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on warehouse developer
China Logistics Property Holdings Co., Ltd's (CNLP) Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Negative from
Stable and affirmed the rating at 'B'. Fitch has also affirmed
CNLP's senior unsecured rating at 'B' with a Recovery Rating of
'RR4'.

The Negative Outlook reflects Fitch's estimate that CNLP's
recurring EBITDA interest cover will remain below 0.7x in 2018
and below 1x in 2019, mainly due to slower project completion and
ramp-up than its previous expectation. However, the recently
announced HKD900 million equity placement and the company's
effort in exploring asset-light businesses may help alleviate
CNLP's interest burden. Fitch may take further negative action if
CNLP's recurring EBITDA interest cover fails to improve to 0.7x
in 2018.

KEY RATING DRIVERS

Low Interest Coverage: CNLP's recurring EBITDA interest coverage
was 0.52x in 2017, in line with Fitch's expectation as the
company's interest expense increased when its pre-IPO equity-like
hybrid instruments were replaced with traditional debt funding in
2017. However, CNLP's revenue and EBITDA generation were much
lower than Fitch's expectation, which also dragged down CNLP's
EBITDA margin improvement. CNLP's 2017 EBITDA of CNY173 million
was 20% lower than Fitch's expectation. Fitch thinks that
sustained low interest coverage below 1x is not commensurate with
a 'B' rated financial profile. Fitch will take negative rating
action if CNLP's interest cover fails to improve quickly in 2018-
2019.

Slow Completion and Ramp-up: Fitch estimates that a majority of
the newly completed projects in 2016 reached more than 80%
occupancy rate only in Q417, indicating nine to 12 months of
ramp-up, slower than the previous expectation of six to nine
months. Project completion also took longer than in previous
periods as most of the new projects were double-storey warehouses
rather than the single-storey warehouses before 2016. CNLP
completed three new projects with 300,000 sq m of gross floor
area (GFA) in 2017. Fitch expects CNLP to complete more than
700,000 sq m in 2018.

Weak Liquidity: CNLP had about CNY1.8 billion in cash equivalents
as of end-2017 compared with CNY1.2 billion of short-term debt.
CNLP also had CNY125 million in undrawn facilities as of end-
2017. However, CNLP's unpledged investment properties are around
CNY2.7 billion by the company's valuation compared with USD100
million in offshore loans and USD400 million in senior unsecured
notes at end-April 2018, which translates into a less than 1.0x
unsecured debt coverage by unencumbered assets.

Fitch expects CNLP's liquidity to continue to be tight before it
is able to generate sufficient cash through operations to repay
interest. Fitch expects CNLP to continue to rely on capital
market debt, further equity placements, or asset disposals to
fund its short-term debt, as well as its capex over the next
three years.

Diversified Funding Credit Positive: CNLP announced a new share
issuance on 29 April 2018 to JD.com for a total consideration of
around HKD900 million - the company's first equity financing
since its IPO in 2016. At the same time, CNLP is also exploring
asset-light businesses to complement its capital-intensive rental
generation business. Fitch thinks that CNLP's broadened funding
platform will help reduce the company's reliance on debt to fund
its future capex.

Low Leverage: CNLP's loan-to-value ratio, or net debt to
investment property assets, was still low at 33% at end-2017,
compared with 26% at end-2016. However, Fitch expects its
leverage headroom to be small as CNLP's unsecured
assets/unsecured debt coverage was low at 0.8x at-end 2017 due to
the issuance of USD300 million in offshore senior unsecured notes
in 2017. However, CNLP still had CNY2.7 billion in unpledged
investment property at end-2017.

DERIVATION SUMMARY

CNLP's rating is constrained by its financial profile, although
the company's quality high-end warehouses and robust industry
demand support a business profile that is in line with the
'B+'/'BB-' category. The sustained weakness in recurring EBITDA
interest coverage of only 0.5x at-end 2017 means CNLP will rely
on debt to finance its capital expenditure. CNLP's recurring
EBITDA interest coverage is weaker than Nanjing Jinsheng
International Household Market Operating and Management Co.,
Ltd.'s (B+/Stable) 1.1x and PT Agung Podomoro Land Tbk's
(B+/Stable) 1.6x (which includes associate dividends).

KEY ASSUMPTIONS

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

  - Occupancy rate of completed and stabilised projects above 80%
    at end-2017, with rental growth of 2%-7% in 2018-2019.

  - Total completed warehouse area of 3.1 million sq m and 3.6
    million sq m in 2018 and 2019, respectively.

  - EBITDA margin to stay below 50% in 2018-2019.

RATING SENSITIVITIES

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

  - Recurring EBITDA/interest coverage not likely to improve to
    0.7x in 2018 and 1x in 2019.

  - Unencumbered investment property/unsecured debt sustained
    below 1x

  - Inability to secure funding for expansion or deterioration in
    liquidity

Developments That May, Individually or Collectively, Lead to the
Outlook Reverting to Stable

  - Stable occupancy rate for completed and stabilised assets
    above 80%

  - Recurring EBITDA/interest coverage reaches 0.7x in 2018 and
    1x in 2019.

  - Unencumbered investment property/unsecured debt sustained
    above 1x.

FULL LIST OF RATING ACTIONS

China Logistics Property Holdings Co., Ltd

Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook Revised
to Negative from Stable

Senior unsecured rating affirmed at 'B' with Recovery Rating of
'RR4'

USD300 million 8% senior unsecured notes due 2020 affirmed at 'B'
with Recovery Rating of 'RR4'


HYDOO INTERNATIONAL: Fitch Rates USD130MM Notes Final 'B-'
----------------------------------------------------------
Fitch Ratings has assigned Hydoo International Holding Limited's
(B-/Stable) USD130 million 12% senior unsecured notes due 2020 a
final rating of 'B-' with a Recovery Rating of 'RR4'. The notes
are being offered in exchange for its USD160 million notes due
December 2018, and as new issuance. Hydoo intends to use net
proceeds from any new note issuance primarily for refinancing
existing debt. Hydoo's notes are rated at the same level as its
senior unsecured rating because they constitute its direct,
unsubordinated and senior unsecured obligations under the
guarantee. The final rating is in line with the expected rating
assigned on April 24, 2018.

The ratings are supported by Hydoo's low leverage of
approximately 8% as of end-2017, which had declined further from
24% in 2016 on asset disposals during 2017 together with
controlled construction and pace of land acquisition. Hydoo's
ratings are constrained by its small business scale, low non-
development income and sluggish trade-centre demand.

Hydoo's liquidity position will be sufficient after completion of
the current exchange offer and new issue. Hydoo had an
unrestricted cash balance of CNY1 billion and restricted cash
balance of CNY858 million (CNY325 million was pledged for bank
loans) as of end-2017, against short-term debt of CNY2.25 billion
(before the exchange offer).

KEY RATING DRIVERS

Trade Centre Performance Stabilising: Hydoo is focused on trade-
centre development, where demand has been weak due to SMEs
scaling down new investments, falling relocation demand, local
government delays in completing transport networks, and lower
investor appetite for commercial properties. However, there are
signs that demand is picking up, with local governments
relocating distributors located in city centres to rural areas to
free up land for higher economic value-added purposes, such as
residential and commercial uses, following the run-up in property
prices in the previous few years.

Hydoo's average selling price (ASP) rebounded by 16% yoy in 2017
to CNY5,833 per square metre (sqm) and contracted sales improved
by 8% yoy to CNY2,719 million, due mainly to the higher ASP,
after being on a decline from 2014-2016. Fitch expects 2018
contracted sales to rise to over CNY3,000 million and gross floor
area sold to increase by over 20% yoy.

EBITDA Margin Weaker than Expected: Fitch expects Hydoo's 2018
EBITDA margin to normalise back to the low-to mid-20 percentage
level, after dropping to 8% in 2017 (2016: 27%). Hydoo's
management says the margin drop was due to a delay in recognising
revenue from its Liuzhou Trade Center project, which commenced
sales in 2H17 and contributed over CNY1 billion in contracted
sales, while recognising associated selling, general and
administrative expenses.

Improving Leverage: Fitch expects Hydoo's leverage to remain
below 10%, assuming disciplined capex plans for 2018-2019.
Leverage, as measured by net debt/adjusted inventory, improved
substantially to 8% at end-2017, from 24% in the previous year,
as the company disposed of CNY890 million of assets and cut its
construction and land acquisition pace. Hydoo's large post-
disposal land bank of 9.5 million (sqm) as at end-2017 is still
sufficient for over 15 years of development, providing
flexibility to cut further land purchases, if necessary, to lower
leverage.

Low Non-Development Income: Hydoo's rating is constrained by its
trade-centre development focus and lack of significant non-
development income. Income from property management services and
rentals contributed only around 4% of total revenue in 2017. The
lack of diversification weakens cash flow quality and raises
operational risk during industry downturns. Continued trade-
centre demand weakness may lead Hydoo to cut ASPs and narrow its
margin to speed up sales, which may substantially lower
operational cash flow generation. Recurring EBITDA/gross interest
paid is likely to remain at the 0.1x level.

Higher-Risk Lower-Tier Cities: Hydoo's trade centres are mainly
located across 10-12 tier three- and four-cities to tap
relocation and urbanisation demand. Fitch believes sales are more
volatile in these cities than in more developed ones and demand
may reach saturation faster due to the economies' smaller
populations and GDP. Sales for the subsequent phases of Hydoo's
large-scale integrated trade-centre projects (400,000sqm or
larger) hinge on continued urbanisation, but lower-tier cities
will face intense competition for financial and human resources
from other developing cities.

DERIVATION SUMMARY

Fitch has compared Hydoo with other trade-centre developers, such
as China South City Holdings Limited (CSC, B/Stable) and Wuzhou
International Holdings Limited (CCC), and believe it is
appropriately placed in between - as Hydoo is worse than CSC in
terms of scale, margin and non-development income, but better
than Wuzhou in terms of leverage, margin and asset churn.

Companies in China's homebuilding sector are unlikely to be rated
above 'BBB+' due to operating environment risks, which include
regulatory curbs, such as home-purchase restrictions, and price
ceilings in land auctions.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
  - Contracted sales of over CNY3 billion per annum in 2018-2019

  - EBITDA margin of around 20%-25% over 2018-2019

Recovery rating assumptions:

  - Hydoo would be liquidated in a bankruptcy because it is an
    asset-trading company

  - 10% administrative claim

  - Value of inventory and other assets realised in a
    reorganisation and distributed to creditors

  - A haircut of 50% on adjusted inventory and property, plant
    and equipment, as it has a thinner margin than its peers and
    its rental yield is below 3%

  - A 25% haircut to accounts receivables

Based on Fitch's calculation of the adjusted liquidation value
after administrative claims, the recovery analysis suggests a
Recovery Rating of 'RR1', which reflects its expectation of
average recovery prospects in the 90%-100% range in a distressed
scenario. However, Hydoo's Recovery Rating is capped at 'RR4',
reflecting the average recoverability for offshore creditors in
China.

RATING SENSITIVITIES

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

Positive rating action will not be considered unless Hydoo can
boost its scale substantially by expanding its geographical
coverage beyond lower-tier cities and sustains sales in
subsequent phases of its existing projects, while at the same
time not compromising financial metrics.

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

  - Deterioration in refinancing prospects that has a significant
    adverse effect on the liquidity profile

  - Sustained decline in trade-centre contracted sales

  - Net debt/adjusted inventory sustained above 40% (2016: 24%)

LIQUIDITY

Notes Refinancing Completed: Management has completed the
refinancing of its USD160 million bonds due 2018 with an exchange
offer and new notes issuance of USD130 million. Hydoo had an
unrestricted cash balance of CNY1 billion and a restricted cash
balance of CNY858 million (CNY325 million was pledged for bank
loans) as of end-2017, against short-term debt of CNY2.25
billion, of which 53% was in bank loans. Furthermore, Hydoo has
available bank credit facilities of over CNY2 billion.


ZTE CORP: Ceases Major Operations Due to US Export Ban
------------------------------------------------------
Bloomberg News reports that ZTE Corp. has suspended all major
activities after the U.S. crippled its ability to buy crucial
American technology, signaling the potential collapse of one of
the world's largest makers of phones and networking gear.

According to Bloomberg, China's No. 2 telecom equipment maker
said it remains intent on resolving a seven-year blockade
Washington imposed as punishment for violating the terms of a
2017 sanctions settlement, then lying about it. That however cut
off access to the components it needs to build most of its
products, from Qualcomm Inc.'s semiconductors to optical chips
from Lumentum Holdings Inc.

Bloomberg says ZTE essentially ran out of inventory in the month
since the ban's imposition and then had no way to replenish it.
As of May 10, its website and flagship smartphone store on
Alibaba's Tmall online marketplace had suspended sales. Carriers,
including Australia's Telstra Corp., stopped offering its
devices. And ZTE's larger telecom gear-making operation probably
ran afoul of the same component shortages, said Huang Leping, an
analyst with CICC, Bloomberg relays.

"There is nothing ZTE can do now," the report quotes Mr. Huang as
saying. "Its manufacturing and sales are paralyzed, but R&D is
still going on."

Bloomberg notes that the blow came just as ZTE was preparing to
lead the country's charge into the era of fifth-generation
wireless technology, along with local rival Huawei Technologies
Co. Major wireless carriers around the world are preparing to
spend billions rolling out 5G networks, which enable new
technologies from faster internet access to augmented reality.
ZTE, which once harbored ambitions of vying with Apple Inc. in
phones, has called the punishment "unacceptable" and threatened
to take legal action, according to Bloomberg.

ZTE, whose shares have been suspended since the imposition of the
ban, said in its statement it has sufficient cash and will adhere
to its commercial obligations, Bloomberg relates.

"As a result of the denial order, the major operating activities
of the company have ceased," ZTE, as cited by Bloomberg, said in
a filing to the exchange. "The company and related parties are
actively communicating with the relevant U.S. government
departments in order to facilitate the modification or reversal
of the denial order by the U.S. government and forge a positive
outcome in the development of the matters."

ZTE's best hope may be for intervention from Beijing -- but that
is a long shot given rising tensions between the U.S. and China,
Bloomberg states. President Donald Trump has threatened tariffs
on $150 billion of Chinese imports for alleged violations of
intellectual property rights, while Beijing has vowed to
retaliate on everything from American soybeans to planes.

ZTE's larger rival, Huawei, also faces heightened U.S.
opposition, Bloomberg notes. The justice department is said to be
investigating its own compliance with American sanctions banning
sales to Iran. The Pentagon has banned ZTE and Huawei phones for
sale, and the Federal Communications Commission voted in April to
ban federal funds from being used to buy gear from companies
deemed a national security risk, Bloomberg says.

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


* CHINA: Credit Spreads Near 2-Year Highs on Default Worries
------------------------------------------------------------
The Financial Times reports that China credit spreads hit their
widest level in nearly two years this week following new
regulations that undermined long-held assumptions about implicit
guarantees on debt linked to local governments.

According to the FT, Chinese localities have long used arm's
length local government financing vehicles (LGFVs) to skirt
restrictions on direct fiscal borrowing and to finance
infrastructure, contributing to a surge in economy-wide debt
since 2008. LGFVs are among the biggest borrowers in the local
bond market.

The spread between yields on 5-year Chinese government bonds and
5-year medium-term notes rated double A minus reached 3.6
percentage points on May 7 and remained at that level on May 8,
the FT discloses citing data from the National Interbank Funding
Center.  Six months ago the spread was only 2.51 points. Double A
minus is equivalent to junk rating in China's domestic bond
market, the FT notes.

A missed debt repayment by an LGFV to a non-bank lender late last
month has also spooked investors by raising the possibility
Beijing was willing to tolerate defaults on LGFV debt, the FT
states.

Tianjin Municipal Development, a financing platform owned by the
megacity of Tianjin, failed to repay half of a Rmb500 million
($79 million) trust loan that matured on April 27, according to
China Chengxin, a Chinese credit rating agency, the FT relays.
The company said it would repay the outstanding Rmb250 million on
June 29, the FT says.

In a similar incident in January, an LGFV owned by the Yunnan
province, in China's south-west, missed deadlines to repay
Rmb1 billion in trust loans, though the loan was repaid the
following month, the report notes.

An LGFV has never defaulted on a publicly traded bond in China's
domestic market, but the trust loan defaults are viewed as a
possible harbinger of other credit events as China tightens
regulation of local borrowing as part of a campaign against
financial risk, according to the FT.



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


NOBLE GROUP: Appoints Provenance as Independent Adviser
-------------------------------------------------------
Kenneth Lim at The Business Times reports that Noble Group has
appointed Provenance Capital as an independent financial adviser
to give an opinion on its proposed restructuring plan for
shareholders, the commodity trader announced on May 10.

According to the report, the scope of the adviser's work will
include looking at whether the outcome of the restructuring,
including the resultant allocation of shares in a restructured
Noble, is fair and reasonable, and whether it may be prejudicial
to the interest of shareholders.

The Business Times relates that the appointment brings Noble into
compliance with a March 8 notice by the Singapore Exchange (SGX)
requiring the company to appoint an independent financial adviser
with relevant expertise and which was acceptable to the exchange
to review the restructuring proposal.

Noble needs its shareholders to approve of any restructuring plan
with creditors in order to avert an insolvency scenario, the
report notes. The current version of the proposal, which will
dilute existing shareholders to a 15 per cent stake of the post-
restructuring business, is being challenged by Noble substantial
shareholder Goldilocks Investment Co, which holds an 8.1 per cent
stake, the report says.

                        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
=========


A.K.G. MEMORIAL: CRISIL Assigns B Rating to INR7.0MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of A.K.G. Memorial Printing and Publishing
Company Private Limited (AKG).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility      .5        CRISIL B/Stable

   Term Loan              7.0        CRISIL B/Stable

The rating reflects CRISIL's belief that AKG's financial risk
profile could remain weak in the medium term marked by a highly
geared capital structure and high interest outlay. Term debt
repayment is expected to be serviced out of funding from
promoters and/or group entities, with the said fund support being
a key monitorable in the medium term. The rating also factors in
the limited scale of operations of the company. These weaknesses
are partially offset by the benefits accruing to the company on
account of its long-standing association with 'Deshabhimani'
newspaper.

Analytical Approach

CRISIL has treated unsecured loans, worth INR0.88 crore as at
March 31, 2017, as neither debt not equity, as the same are
subordinated to all external debt and are expected to remain in
the business for atleast the next three fiscals.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: AKG contracted term debt of INR7
crore in January 2018 in order to fund the replacement of its
machinery. The fresh debt, along with its small networth has
resulted in a highly geared capital structure. The operating
profitability of the company is expected to be insufficient to
service the interest outlay on the aforesaid debt in fiscal 2019
and 2020. Fund support from promoters and group entities is
expected so as to facilitate timely repayments.

* Limited scale of operations: AKG's scale of operations remains
modest, as indicated by estimated revenue of under INR2 crore in
fiscal 2018. This is mainly on account of the limited geography
to which the company caters to. The Deshabhimani group, which
consists of five entities apart from AKG, operates nine printing
centres in Kerala, with AKG managing one such centre. The overall
business prospects of AKG continue to be curtailed due to the
same.

Strength:

* Long-standing association with 'Deshabhimani' newspaper: AKG
supplies its entire supply to Deshabhimani Publications, which
manages the circulation of the newspaper all over Kerala. Steady
readership of Deshabhimani newspaper and assured offtake by its
group entity support the operations of AKG.

Outlook: Stable

CRISIL believes that AKG will benefit in the medium term from its
association with 'Deshabhimani' newspaper. The outlook may be
revised to 'Stable' if there is a marked improvement in the
capital structure of the company, most likely due to infusion of
equity resulting in improved repayment ability. Conversely, the
outlook may be revised to 'Negative' if the expected fund support
from promoters and group entities fails to materialize, leading
to further weakening of the financial risk profile of the firm.

AKG operates a printing press in Kannur (Kerala) for publication
of 'Deshabhimani' newspaper, the third most widely read newspaper
daily in Kerala and the official mouthpiece of the CPI(M) party.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital facilities migrated to
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based working capital facilities migrated
     to Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 13, 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 2010, Agarwal Life manufactures active
pharmaceutical ingredients at its site in Boiser, Maharashtra.
Moreover, it is engaged in the trading of lube additives.


ALTECH INFRASTRUCTURE: ICRA Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of
Altech Infrastructure Pvt. Ltd. (AIPL) continue to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term: Fund      7.37        [ICRA]B+(Stable) ISSUER NOT
   Based                            COOPERATING* Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Long Term:           0.23        [ICRA]B+(Stable) ISSUER NOT
   Unallocated                      COOPERATING* Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category


   Short Term: Non-     3.40        [ICRA]A4 ISSUER NOT
   Fund Based                       COOPERATING*; Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

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

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

AIPL was incorporated in the year 2006 and is engaged in the
manufacturing of Deaerators, Pressure Vessels, Heat Exchangers,
Condensers, Evaporators and other stainless-steel tanks which
find application in many industries like, Chemical, Fertilizer,
Breweries, Petro Chem., Paper, Plywood, Power, and others. The
company has its manufacturing facility in Bhiwadi, Rajasthan. The
promoters of the company are well experienced in the line of
business and have other group companies along same line of
business.


AMBICA TIMBERTRADE: ICRA Moves D Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Ambica
Timbertrade Pvt. Ltd. (ATPL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based Limits    5.00     [ICRA]D ISSUER NOT COOPERATING*;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

   Non-fund Based      30.00     [ICRA]D ISSUER NOT COOPERATING*;
   Limits                        Rating moved to the 'Issuer Not
                                 Cooperating' category


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

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


AMRITESH AGRO: CRISIL Migrates B+ Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Amritesh Agro
Products Private Limited (AAPPL) 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          6.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       6.0       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 Amritesh Agro Products Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Amritesh Agro Products Private Limited
is consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB rating
category or lower'.

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

AAPPL, incorporated in 2014, is setting up 9 tonne per hour (tph)
dal mill, with a besan processing unit, at Chandramandih, Jamui
district of Bihar. Daily operations are managed by the promoter
directors, Mr Amritesh Singh, Mrs Priti Singh and Mr Anil Prasad
Singh.


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

The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)
     rating; and

-- INR19.67 mil. Long-term loans due on September 2020 migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 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 December 2003, Amul Feed has a hatchery unit and
manufactures poultry feed at its installed capacity of 43,200MTPA
in Ranipur, Patna.


SUNRISE MARKETING: CRISIL Lowers Rating on INR1.2MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank
facilities of Sunrise Marketing Agents (SMA) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable' while reaffirming its short term
bank facilities at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           1        CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit      3.5      CRISIL A4 (Reaffirmed)

   Overdraft             3        CRISIL A4 (Reaffirmed)

   Term Loan             1.2      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The rating downgrade reflects a weak financial risk profile,
especially liquidity. Net cash accrual is expected to be low and
insufficient for repayment of debt, in fiscal 2019. Bank limit
utilisation is expected to be high, at an average above 90% over
the medium term. The financial risk profile continued to
deteriorate due to continued withdrawal in excess of the profit
after tax (PAT). The total outside liabilities to tangible net
worth (TOLTNW) ratio was high and the net worth small as on
March 31, 2017.

The ratings reflect a below-average financial risk profile, a
modest scale of operations, and low profitability due to the
trading nature of business. These weaknesses are partially offset
by the extensive experience of the promoters in trading in
polyvinyl chloride (PVC) resin and PVC plumbing fittings, and an
established relationship with customers and suppliers.
Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The financial risk
profile is weak due to a high TOLTNW ratio of 14.47 times and low
net worth of INR44 lakh as on March 31, 2017. The TOLTNW ratio is
expected to remain high over the medium term on account of a
modest net worth with low accretion to reserves and continued
high reliance on debt to fund incremental working capital
requirement. SMA's had weak debt protection metrics with net cash
accrual to total debt (NCATD) and interest coverage ratios of
0.03 and 1.04 times, respectively, for 2016-17.

* Modest scale of operations and low profitability due to the
trading nature of the business: The scale of operations is modest
as indicated by its revenue of INR 58.46 cr. during 2016-17
(refers to financial year, April 1 to March 31). The trading
nature of the business, results in low value addition, and
consequently, a low operating margin. The margin has been at 2-3%
in the past and is expected at around 2% over the medium term.

Strength

* Extensive industry experience of the promoters, and established
relationship with customers and suppliers: The promoters, Mr K
Dinesh Kamath and his family, have been trading in PVC resin and
PVC plumbing fittings for more than a decade. This has helped the
firm to establish a strong relationship of around 10 years with
its major suppliers, which include Finolex Industries Ltd
(Finolex; rated 'CRISIL AA/Stable/CRISIL A1+'), Astral and
Suparna plastics.

Outlook: Stable

CRISIL believes SMA will continue to benefit from the extensive
industry experience of its promoters and established relationship
with suppliers. The outlook may be revised to 'Positive' in case
of an increase in revenue or profitability, leading to sizeable
cash accrual, or considerable infusion of long-term funds,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile weakens
because of a stretched working capital cycle, or a decline in top
line or profitability.

SMA, set up in 1999, is promoted by Mr K Dinesh Kamath and his
son, Mr K Rajendra Kamath. The promoters have been trading in PVC
pipes for more than a decade. The firm trades in PVC plumbing
fittings and PVC resin. It is an exclusive distributor for the
range of plumbing fittings manufactured by Finolex, Astral Pipes,
and Suparna Plastics in Uttara Kannada, Udupi, and Dakshina
Kannada, all in Karnataka. It is the sole authorised distributor
for PVC resin of Finolex in the state.


ATLANTIS PRODUCTS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Atlantis
Products Private Limited (APPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR230 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating; and

-- INR10 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect APPL's medium scale of operations and weak
credit metrics. In FY17, APPL's revenue was INR1,175 million
(FY16:INR1,020 million and operating EBITDA margin was 3.6%
(2.8%). The rise in the revenue and the margin was driven by a
change in the production pattern from small bags to large bags,
which involve high margins.

Meanwhile, its gross interest coverage (operating EBITDA/gross
interest expense) was 1.6x in FY17 (FY16: 1.0x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 8.2x
(FY16: 11.5x). The improvement in the credit metrics was
primarily driven by a significant rise in EBITDA and reduced
dependency on external borrowings to meet working capital
requirements.

The ratings, however, are supported by APPL's comfortable
liquidity, indicated by an average working capital limit
utilization of over 50.02% for the 12 months ended March 2018.

Moreover, the ratings benefit from the promoters' experience of
around a decade in the packaging business that have led to long-
standing relationships with top customers such as UltraTech
Cement Ltd., Triveni Engineering & Industries Limited, Gujarat
Sidhee Cement Limited and Shree Renuka Sugars Limited ('IND D').

RATING SENSITIVITIES

Negative: A decline in the operating EBITDA margin leading to
deterioration in the credit metrics on a sustained basis would be
negative for the ratings.

Positive: Significant revenue growth, with a rise in the
operating EBITDA margin leading to an improvement in the credit
metrics, on a sustained basis would be positive for the ratings.

COMPANY PROFILE

APPL, a Rajiv Group company, is a manufacturer and exporter of
woven sack. It caters to various segments such as cement, food
grains, fertilizer and tarpaulin fabric.


AVADH COTEX: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR15.00-crore cash credit facility of Avadh Cotex Private
Limited. ICRA has also reaffirmed the long-term rating of
[ICRA]B+ and the short-term rating of [ICRA]A4 to the INR1.95-
crore unallocated limits of ACPL. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Fund-
   Based-Cash
   Credit               15.00       [ICRA]B+ (Stable); Reaffirmed

   Short-term Fund-
   Based-SLC             1.50       [ICRA]B+ (Stable); Reaffirmed

   Long-term/Short-
   Term-Unallocated
   Limits                0.45       [ICRA]B+ (Stable); Reaffirmed

Rationale

The ratings reaffirmation continues to factor in the weak
financial risk profile of ACPL, characterised by low
profitability, leveraged capital structure and weak debt coverage
indicators. ICRA also takes into account the commoditised nature
of the company's products and vulnerability of its profitability
to adverse movements in cotton prices, which are subject to
seasonality and crop harvest. The company's operations are also
exposed to regulations governing the industry such as
restrictions on cotton exports and Minimum Support Price (MSP).
Furthermore, the ratings are constrained by the highly fragmented
nature of the industry, due to a large number of ginners that
coupled with low entry barriers, leads to stiff competition,
pressurising pricing and margins.

The ratings, however, continue to derive comfort from the long
experience of the promoters in the cotton ginning industry and
the proximity of its manufacturing unit to raw material sources,
easing procurement.

Outlook: Stable

ICRA believes ACPL will continue to benefit from the extensive
experience of its promoters and the stable outlook on cotton
prices. The outlook may be revised to Positive if substantial
growth in revenue and profitability, reduction in debt levels and
infusion of equity, strengthens the financial risk profile. The
outlook may be revised to Negative if cash accrual is lower than
expected, or if any major debt-funded capital expenditure, or
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Experience of the promoters in cotton ginning industry: The key
promoters, Mr. Bharatbhai J. Bhalala (Director) and Mr.
Sanjaybhai J. Bhalala (Director), have experience of more than a
decade in the cotton ginning business.

Favourable location of the plant: The unit of the firm has a
location advantage by virtue of its presence in the cotton
producing belt of India, i.e., Gujarat, which helps in lower
transportation cost and easy access to quality raw material.

Credit challenges

Weak financial risk profile: The profit margins of the firm
remained thin with an operating margin of 1.10% and net margin of
0.08% in FY2017 due to limited value addition to the products
sold. The capital structure stood leveraged with gearing of 3.43
times as on March 31, 2017, owing to high debt levels and a
relatively lower net worth base. The debt coverage indicators
also stood weak with interest coverage of 1.18 times and Total
Debt/OPBDITA of 11.94 times in FY2017. For FY2018 (provisional
figures), the gearing for the company stood at 3.00 times, Total
Debt/OPBDITA at 10.91 times, interest coverage at 1.41 times and
DSCR at 1.51 times.

Vulnerability of profitability to any fluctuation in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend upon various factors
like seasonality, climatic conditions, international demand and
supply situation, export policy, etc. Further, it is also exposed
to regulatory risks with regard to the MSP set up by the
Government.

Intense competition and fragmented industry: The firm faces stiff
competition from other small and unorganised players in the
industry, which limits its bargaining power with customers and
suppliers, and hence, exerts pressure on its margins.

Established in 2006, Avadh Cotex Private Limited is a private
limited company managed by Mr. Bharatbhai Bhalala and Mr.
Sanjaybhai Bhalala. The company is engaged in ginning and
pressing of raw cotton to produce cotton bales and cottonseeds.
The plant is equipped with 26 ginning machines and 1 pressing
machine with processing capacity of 2300 kg of raw cotton per day
per machine (assuming 12 hours shift). The key promoters, Mr.
Bharatbhai Bhalala and Mr. Sanjaybhai Bhalala, have extensive
experience in the cotton ginning business.


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

The instrument-wise rating actions are:

-- INR163 mil. Long-term loan due on February 2022 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 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 1999, Avalon Technology and Services manufactures
electronic hardware and other related engineering products.


AVANI TEXTILES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Avani Textiles
Limited's (ATL) 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 BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR730 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR176.8 mil. Term loan due on January 2019 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ATL is a public limited company that was incorporated on
August 22, 2006. The company's registered office is at Bhindran,
Patiala road, Sangrur. It manufactures cotton yarn and has four
operational units for ginning and spinning. The company was set
up under a megaproject unit under the industrial policy of the
government of Punjab.


BANKA WOVEN: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Banka Woven
Sacks Private Limited's (BWSPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable.

The instruments-wise rating actions are:

-- INR5.168 mil. (reduced from INR13.28 mil.) Term loans due on
     April 2019-August 2022 downgraded with IND B+/Stable rating;
     and

-- INR52.5 mil. Fund-based limit downgraded with IND B+/Stable
     rating.

KEY RATING DRIVERS

The downgrade reflects a substantial deterioration in BWSPL's
credit metrics to a weak level in FY17 from a modest level in
FY16, driven by a significant fall in the EBITDA margin to 2.4%
from 7.8% during the period. The fall in the margin was due to
volatility in the prices of raw material (crude). Interest
coverage (operating EBITDAR/gross interest expense) was 0.8x in
FY17 (FY16: 2.1x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 14.2x during the period (4.8x).

The ratings factor in revenue growth to INR290 million in FY17
from INR271 million in FY16; however, the scale of operations
remains modest. Revenue growth was driven by a rise in sale
volume According to provisional financials for FY18, the
company's revenue was INR290 million and EBITDA margin was 4.9%.

The ratings, however, are supported by a comfortable liquidity,
indicated by an average fund-based limit utilization of 88.0% for
12 months ended March 2018.

RATING SENSITIVITIES

Negative: A fall in the EBITDA margin leading to deterioration in
the credit metrics on a sustained basis could be negative for
ratings.

Positive:  A rise in the EBITDA leading to an improvement in
credit metrics on a sustained basis could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2008, BWSPL manufactures high-density
polyethylene fabrics at its production unit in Gujarat.


BHUSHAN POWER: NCLAT Allows Liberty House Bid
---------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has allowed debt-laden Bhushan Power & Steel
Ltd.'s committee of creditors to consider a bid submitted by
Liberty House U.K, according to a Bloomberg report.

This comes after Tata Steel Ltd. moved the NCLAT the day before
challenging the NCLT ruling allowing creditors to do the same,
the report says.

Last month, the NCLT had asked the lenders of the insolvent
company to consider the U.K.-based Liberty House's bid at the
next meeting of the CoC, citing that bids can only be rejected on
substantive grounds, and not because of delays. BloombergQuint
notes that the tribunal had also then extended the deadline for
finalising resolution plan to June 23.

Previously, Liberty House had challenged the CoC's decision to
reject its over INR26,000 crore bid for acquiring stressed assets
of the Delhi-based steelmaker on grounds of late submission,
BloombergQuint recalls. The metals company argued that it had
submitted its bid a day before the CoC opened the contesting
bids, making a case for its bid to be considered.

Prior to that, Tata Steel had emerged as the highest bidder in
the beleaguered company's resolution process, offering INR24,500
crore before the February 8 deadline, BloombergQuint relates. The
steel major's bid topped INR13,000 crore offered by JSW Steel
Ltd.

                        About Bhushan Power

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

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

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


BONZA VITRIFIED: ICRA Reaffirms B Rating & Removed from Not Coop.
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR10.0-crore cash credit facility and INR25.0-crore term loan
facility of Bonza Vitrified Pvt. Ltd. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR4.0-crore bank
guarantee facility of the company. The outlook on the long-term
rating is Stable. The issuer is removed from the 'NDS non
cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-Cash      10.00       [ICRA]B (Stable); reaffirmed,
   Credit                           removed from NDS non-
                                    cooperating category

   Fund based-Term      25.00       [ICRA]B (Stable); reaffirmed,
   Loan                             removed from NDS non-
                                    cooperating category

   Non-fund based-       4.00       [ICRA]A4; reaffirmed,
   Bank Guarantee                   removed from NDS non-
                                    cooperating category

Rationale

The ratings reaffirmation continues to remain constrained by the
limited operational track record of BVPL, small scale of
operations with less than optimum capacity utilisation and weak
financial profile characterised by losses at the net level due to
high depreciation and interest charges. Further, the ratings are
constrained by the company's leveraged capital structure and
modest coverage indicators, given the debt-funded nature of the
project and the impending debt repayment, along with high
reliance on creditor funding to meet the working capital
requirement. The ratings also remain restrained by the highly
fragmented nature of the tiles industry, resulting in intense
competition and the cyclical nature of the real estate industry,
which is the key consuming sector. ICRA also notes the exposure
of BVPL's profitability to volatility in raw material and fuel
prices as well as to adverse foreign exchange fluctuations.

The ratings, however, favorably factor in the extensive
experience of the promoters in the ceramic industry through their
association with Group concerns involved in a similar line of
business and the location-specific advantage by virtue of its
presence in Morbi (Gujarat) in terms of proximity to raw
materials sources and the availability of skilled labourers along
with other resources.

Outlook: Stable

ICRA believes BVPL will continue to benefit from the extensive
experience of its promoters and the operational and marketing
support from the associate concerns involved in a similar line of
business. The outlook may be revised to 'Positive' if there is
substantial growth in revenue and profitability supported by
stabilisation of operations with optimum capacity utilisation and
better working capital management, strengthening the financial
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected in the midst of high repayment
obligation or if there is stretch in the working capital cycle,
weakening liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the ceramic industry with
marketing and operational support from associate concerns: BVPL's
promoters have extensive experience in the ceramic industry
through its associate concerns Big Tiles (rated at
[ICRA]B+(Stable)/A4; February 2018) and Racy Sanitary Wares
(rated at [ICRA]B+(Stable)/A4; April 2018).BVPL also benefits
from the established brand and distribution network of the Group
concerns, which supports its existing dealer network within India
and abroad and has helped the company in securing favourable
credit terms.

Location-specific advantage resulting in easy access to raw
material and other resources: BVPL's manufacturing facility is
located in the ceramic tiles manufacturing hub of Morbi
(Gujarat), which provides easy access to quality raw materials
like body clay, feldspar and glazed frit from Gujarat and
Rajasthan. Further, skilled labourers are easily available in the
Morbi region resulting in optimum utilisation. The vicinity to
major ports (such as Kandla and Mundra) also lowers down the
transportation costs and therefore helps the exporters of glazed
vitrified tiles from the region.

Credit challenges

Limited track record of operations resulting in moderate scale of
operations and losses at the net level: The company has limited
track record of operations with FY2018 being its first year of
operation. Though BVPL has achieved moderate OI in the first
eight months of its operations, the operating margin remained low
due to the high raw material costs and aggressive pricing policy.
Furthermore, the company booked losses at the net level due to
finance costs and high depreciation on the new plant.

Financial profile characterised by leveraged capital structure,
modest coverage indicators and high reliance on creditor funding:
The total debt of the company consists of bank term loan, working
capital borrowings and interest-free unsecured loans. Due to the
high dependence on external borrowings amidst a modest net worth
position, the capital structure remains leveraged as indicated by
a high gearing of 1.9 times. Further, the working capital needs
are partially met out of creditor funding resulting in high
TOL/TNW of 2.7 times as on November 30, 2017. Further, due to its
low operating profitability, the coverage indicators remain
moderate with interest coverage ratio of 1.3 times and TD /
OPBDITA of 7.9 times as on November 30, 2017.

Vulnerability of profitability to adverse fluctuation in foreign
currency exchange rate as well raw material and fuel prices: The
company caters to the domestic as well as export markets with
exports forming 38% of its revenues in 8M FY2018. Given the
absence of any formal hedging policy, BVPL's profitability
remains exposed to any adverse fluctuation in the foreign
currency exchange rates. Further, raw material and fuel are the
two major components determining the cost competitiveness in the
vitrified tile industry. The company being at entry level in the
industry can, however, exercise little control over the prices of
key inputs such as natural gas/coal and raw materials, and thus
the profit margins are likely to remain exposed to the movement
in raw material and gas/coal prices and its ability to pass on
any upward movements to its customers.

Margins subject to pressure from the intense competition and
cyclicality in the real estate industry: The tile manufacturing
industry remains highly fragmented with stiff competition from
the organised and unorganised segments, apart from imports. The
large number of players in the unorganised segment, with most of
them located in Gujarat and operating on low-cost structures,
creates a pressure on the prices. Further, the real estate
industry drives the consumption of vitrified tiles, and hence
BVPL's profitability and cash flows are expected to remain
vulnerable to cyclicality in the real estate industry.

BVPL was incorporated in January 2016 as a private limited
company to manufacture glazed vitrified tiles with its plant
situated at Morbi (district: Rajkot, Gujarat), with an installed
capacity of 87,700 MT per annum. The company started commercial
production from April 2017. The promoters have extensive
experience in the ceramic industry vide their association with
entities like Big Tile ([ICRA]B+(Stable)/A4; February 2018) and
Racy Sanitary Wares ([ICRA]B+(Stable)/A4; April 2018) which have
been in operation since 2010 and 2014, respectively. It
manufactures four different sizes of glazed vitrified tiles i.e.
600mmx600mm, 1000mmx1000mm, 800mmx800mm and 800mmx1200mm used for
residential as well as industrial purpose.

In FY2017, on audited basis, the company reported a net loss of
INR0.1 crore on an OI of INR0.1 crore.


CADCHEM LABORATORIES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Cadchem
Laboratories Limited (CLL) for obtaining information through
letters and emails dated January 29, 2018, March 5, 2018,
April 13, 2018 and April 18, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          7.25      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       4.3       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Non-Fund Based       3.25      CRISIL A4 (Issuer Not
   Limit                          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 Cadchem Laboratories Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Cadchem Laboratories Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

Incorporated in 1985 as Chandigarh Drugs Pvt Ltd, CLL began
commercial production in 1988 and got its current name in 1995.
It manufactures APIs for use in pain killers and blood thinning
agents. The company's facility is in Chandigarh. Operations are
managed by Mr Navneet Gupta.


CHEMCOAT INDIA: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Chemcoat India
Enterprise Private Limited's (CIEPL) 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:

-- INR1 mil. Fund-based working capital facility migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR49 mil. Non-fund-based working capital facility migrated
    to Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, CIEPL is engaged in the trading of
industrial-based chemicals, which are used in the paint industry,
and specialty products. Of the total purchase, 60% and 40%
represent local suppliers and imports, respectively.


DHARMARATHINA TEXTILES: ICRA Hikes LT Long Rating to B+
-------------------------------------------------------
ICRA has revised the long-term rating to to [ICRA]B+ from [ICRA]D
for the INR15.50 crore fund based facilities of Dharmarathina
Textiles Private Limited. The outlook of the long-term rating is
stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term: Fund       15.50      [ICRA]B+(Stable); Revised
   Based facilities                 from [ICRA]D

Rationale

The rating revision reflects the regularization of debt servicing
by the company in the recent months. The ratings favourably
factors in the robust revenue growth over the last two years-
FY2017 and FY2018 aided by increased support from yarn trading
and healthy yarn orders from repeat customers. ICRA, further,
takes into account the established track record of the company,
and the considerable experience of DTPL's promoters, spanning
over a decade, in the cotton yarn manufacturing industry.

The ratings, however, is constrained by the decline in
profitability in FY2017 and FY2018 and DTPL's presence in a
fragmented industry, which results in intense competition
restricting its pricing flexibility. The ratings are further
constrained by the increased working capital intensity, which has
lead to high reliance on working capital borrowings and leveraged
capital, and stretched debt protection metrics. Further, the
company's revenues and margins remain susceptable to volatility
in cotton yarn and cotton prices.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that Dharmarathina
Textiles Private Limited will benefit from the extensive
experience of its promoters in textile industry. The outlook may
be revised to 'Positive' if considerable growth in revenue and
profitability, and better accruals, strengthen the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the profitability declines or there is further weakening in the
capital structure caused by increased working capital
requirements or any large debt-funded capital expenditure.

Key rating drivers

Credit Strengths

Established track record of the company: DTPL is an established
player in the yarn manufacturing industry with over 10 years of
experience and the significant experience of the promoters in the
textile industry supports the operations to a large extent.
Robust revenue at a CAGR of ~25% for the period FY2014 to FY2018:
The company reported a healthy CAGR of ~25% for the period
FY2014- FY2018 on the back healthy order flows and increased
trading revenue. In FY2017, the company registered trading income
of INR21.6 crore as against INR16.2 crore in FY2016.

Credit Weaknesses

Decline in operating profitability in FY2017: The operating
profitability reduced from 16.5% in FY2016 to 10.0% in FY2017 due
to a increase in trading revenues charecterised by low value-
addition, and decline in yarn contribution.

Leveraged capital structure and modest debt protectin metrics:
The working capital intensity of the company increased
considerably, due to high year-end inventory holdings, as
reflected by the NWC/OI of 30.4% in FY2017 as against 19.7% in
FY2016. Increase in working capital borrowings to fund the high
working capital requirements resulted in increased debt levels in
FY2017. The high debt outstanding coupled with lower accruals
resulted in a leveraged capital structure with gearing increasing
to 3.6 times as on March 31, 2017 compared to 2.8 times as on
March 31, 2016. DTPL's coverage indicators and debt protection
metrics also remained stretched.

Susceptibility of margins to fluctuation in prices of major raw
materials: The profitability is also susceptible to fluctuations
in raw material prices and with raw material consumption
contributing between 50-70% to the total cost of manufacturing in
the last three years, any price fluctuations are likely to impact
the profit margins.

Intense competition: DTPL faces intense competition in the
domestic yarn processing industry. The profitability remains
susceptible to the intense competition prevailing in the market,
given the fragmented nature of the industry.

Dharmarathina Textile Private Limited was established in the year
2005 as a private limited company and is engaged in the business
of manufacturing of cotton yarn. The company manufactures medium
counts to finer counts yarn and mainly caters to domestic market.
The company's manufacturing facility is located in Aruppukkottai
(Tamilnadu) and operates with an installed capacity of 21,600
spindles. Mr. Raj Naveen is the director of the company and looks
after entire operations.


FORTIS HEALTHCARE: ICRA Lowers Rating on INR490cr NCD to B+
-----------------------------------------------------------
ICRA has downgraded the long-term rating for the INR490.00-crore
non-convertible debenture programme of Fortis Healthcare Holdings
Private Limited (FHHPL) from [ICRA]BB ISSUER NOT COOPERATING to
[ICRA]B+ ISSUER NOT COOPERATING. The long-term rating continues
to be on negative outlook. ICRA has reaffirmed the short-term
rating for the INR500-crore commercial paper programme of FHHPL
at [ICRA]A4 (pronounced ICRA A four) ISSUER NOT COOPERATING. The
ratings continue to remain in 'Issuer Not Cooperating' Category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      490.00     [ICRA]B+(Negative) ISSUER NOT
   Debentures                      COOPERATING; Rating downgraded
                                   from [ICRA]BB(Negative) and
                                   continues to remain in 'Issuer
                                   Not Cooperating' category

   Commercial Paper    500.00      [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating reaffirmed
                                   and continues to remain in
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The revision in FHHPL's ratings factors in delays in deleveraging
process due to promoter group's stretched liquidity position and
the court judgement allowing Daiichi to recover damages of
INR3500 crore, which were awarded to it by the International
Court of Arbitration of the International Chamber of Commerce
(Singapore). The rating action also takes into account the
revision of ratings of FHHPL's key subsidiary, Fortis Healthcare
Limited (FHL), from [ICRA]BBB-@/[ICRA]A3@ to [ICRA]C/[ICRA]C in
April 2018 due to delay in servicing of its debt obligations.
With the invocation of pledged shares, the promoter holding in
FHL has declined to 0.9% but FHHPL is still classified as part of
FHL's promoter group. The ratings continue to be constrained by
high exposure of promoter holding companies to refinancing risk
and monetisation of assets due to the absence of meaningful
income from its investments/ subsidiaries. FHHPL, RHC Holding
Private Limited (RHC) and Oscar Investments Limited (Oscar) are
promoter holding companies of Mr. Malvinder Singh and Mr.
Shivinder Singh. The holding companies for the group have
invested (in the form of debt / equity) in the group companies
including Fortis Healthcare Limited (FHL), Religare Enterprise
Limited (REL), Ligare Aviation Limited, Religare Wellness
Limited, Dion Global Solutions Limited, SRL Limited, and
Healthfore Technologies Limited. Besides, RHC has also made
investments in real estate and extended loans to non-group
companies.

Ratings also continue to be constrained by ongoing legal process
against Daiichi Sankyo Company Limited (Daiichi); the legal
process has led to delay in conclusion of many transactions that
the group has entered or plans to enter into, which has exposed
the company to consistently elevated debt levels as well as to
refinancing risk.

The ratings, however, derive comfort from court's order allowing
the sale of pledged shares of FHL, which has led to reduction in
FHHPL's leverage.

Going forward, movement in overall indebtedness of holding
entities of the group, liquidation of investments, and timely
refinancing of loans will be the key rating sensitivities.
Further, impact of the payment of damages to Daiichi Sankyo Co.
Ltd. will be a key rating monitorable.

Outlook: Negative

ICRA expects the liquidity pressure to persist as the
deleveraging by promoter companies is likely to take longer than
expected.

Due to the damages required to be paid to Daiichi and the
encumbrance of majority of the assets of the promoter group, the
financial flexibility to bring down the debt over short-term is
severely restricted. Ratings may be downgraded in case asset
monetization and deleveraging gets delayed further. On the other
hand, outlook may be changed to stable if there is meaningful
reduction in debt.

Key rating drivers

Credit strengths

Reduction in consolidated leverage of the holding companies:
Consolidated leverage of the holding companies (RHC, FHHPL and
Oscar) has reduced on the back of sale of promoter's stake in FHL
Court's permission to sell the encumbered assets enabled
deleveraging: The Honourable Supreme Court of India has allowed
lenders to sell the assets that were encumbered before its order
in August 2017, allowing the lenders to recover their dues and
reduce the debt of promoter group companies.

Credit weaknesses

Court order directing payment of damages to Daiichi to
substantially impair credit risk profile: Honourable High Court
of Delhi has upheld the arbitration reward of Singapore tribunal
directing the promoter group to pay INR3500 damages to Daiichi.
The enforcement of the court order will significantly strain
group's credit risk profile.

Exposure to refinancing risk: The promoter companies have earned
negligible dividend income earned from subsidiaries over the last
five years and in absence of any stable revenue source, the
promoter group is dependent on refinancing. Further, significant
long term investments have been made by FHHPL and RHC while the
debt is largely short-term, creating asset-liability mismatch.

Majority of the assets are already encumbered: Majority of the
assets of the group are already encumbered, restricting the
financial flexibility.

Fortis Healthcare Holdings Private Limited (FHHPL) is a
holding/investment company, controlled by promoters of Religare
Enterprises and Fortis Healthcare Limited, Mr Malvinder Mohan
Singh and Shivinder Mohan Singh. FHHPL holds ~0.9% of total
shares in Fortis Healthcare Limited (down from ~62% in December
2016). FHHPL, is in turn held by RHC Holding Private Limited
(RHC) and Oscar Investments Limited (Oscar), both of which are
promoter holding companies.


GHAZIABAD FORGINGS: CRISIL Reaffirms B+ Rating on INR5.75MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Ghaziabad Forgings (P) Ltd (GFPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          5.75      CRISIL B+/Stable (Reaffirmed)

The ratings reflect the extensive experience of GFPL's promoters
in the steel forgings and heavy machinery parts industry, and its
above-average financial risk profile. These strengths are
partially offset by the company's small scale of-and working
capital-intensive operations and exposure to intense competition.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Operations are likely to
remain working capital intensive over the medium term'gross
current assets have increased significantly to over 350 days as
on March 31, 2018. Inventory is stocked up at a cheaper price for
fulfilling future orders as the company supplies customised
products.

* Modest scale of operations: Despite being in the industry for
nearly three decades, scale of operations remains small with
gross revenue of INR15 crore in fiscal 2018.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than three decades and established
relationship with suppliers and customers should support the
business.

* Moderate total outside liabilities to adjusted networth
(TOLANW): TOLANW is estimated to have moderated to 1.9 times as
on March 31, 2018 driven by high working capital requirement.
This trend is expected to continue.

Outlook: Stable

CRISIL believes GFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if revenue and profitability increase and working
capital management is prudent. The outlook may be revised to
'Negative' if low cash accrual or any large debt-funded capital
expenditure or increase in working capital requirement weakens
financial risk profile, particularly liquidity.

GFPL, incorporated in 1978, is promoted by the Delhi-based M P
Goel, Mr Sanjay Goel, and Mr Saurabh Chatwal and their families.
The company manufactures steel forgings and heavy machinery
parts.


GONDA NAGAR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gonda Nagar
Palika Parishad's (GNPP) Long-Term Issuer Rating of 'IND BB-'.
The Outlook was Stable.

PROFILE

Gonda is a city and municipal board of the Gonda district. It is
situated 125km northeast of Lucknow, Uttar Pradesh. Gonda is
divided into four tehsils: Gonda, Colonelganj, Tarabganj and
Mankapur. It is known for its agriculture and folk culture. It
has several sugar mills, rice mills and other small industries.
The Swachh Survekshan survey 2017 ranked Gonda at 434 as the
least clean city.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) programme and no
specific debt was issued against the rating.


GURU NANAK: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Guru Nanak
International Private Limited's (GNIPL) 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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR115 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Proposed fund-based working capital limits
    migrated to Non-Cooperating Category with Provisional IND BB-
    (ISSUER NOT COOPERATING) /Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 1, 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 2012, GNIPL was promoted by Mr. Tarsem Lal Batra,
Mr. Anuj Batra, Mr. Atul Batra and Ms. Sakshi Batra. GNIPL sells
women's apparels (bridal wear) at its showroom in Rajouri Garden,
Delhi. The company sells its products under the Frontier Bazar
brand. It also exports its products to wholesalers in the US,
Canada and the UK.


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

The instrument-wise rating actions are:

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

-- INR75 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR55 mil. Proposed non-fund-based working capital limits
    migrated to Non-Cooperating Category with Provisional
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2008 as a partnership firm, Ideas operates as an
engineering, procurement and construction electrical and turnkey
project contractor. It provides services to corporate, government
and semi-government sectors, and Pan India Corporation Limited.


J.I. ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
J.I. Enterprises (JIE) continue to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term: Fund
   Based                 6.44       [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING* Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Long Term:
   Unallocated          2.56        [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING* Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

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

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

The firm was established in 2003 as a proprietorship concern by
Mr. Rajeev Kumar. JIE is engaged in the business of processing
and trading of rice in domestic market as well as indirect sales
to countries in Middle East, Saudi Arabia, Dubai and Kuwait.
Initially the firm was carrying out rice milling operations from
leased plant. However, in the year 2010 firm purchased its own
rice milling plant, thus increasing its scale of operations.
Company is having its manufacturing unit at Nadana Road, Taraori,
Karnal with an installed milling capacity of 2 tons per hour of
paddy and sorting capacity of 4 tons per hour.


JP MOTOR: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JP Motor Private
Limited's (JPMPL) 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 BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR91 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR9 mil. Term loan due on August 2022 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 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 by Mr. Manoj Agarwal, JPMPL is an authorized
dealer of two-wheelers manufactured by Honda Motorcycle & Scooter
India Pvt. Ltd. in Lucknow, Uttar Pradesh. JPMPL has two
showrooms in Lucknow. JPMPL has a network of six sub-dealers.


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

The instrument-wise rating actions are:

-- INR97 mil. Fund-based limits migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR68.7 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 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Joseph Leslie Dynamiks Manufacturing manufactures and trades
equipment used in gas detection, fire safety and disaster
management.


KHAYA SOLAR: ICRA Lowers Rating on INR54.20cr Term Loan to D
------------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B- to [ICRA]D
for the INR54.20 crore bank debt facilities of Khaya Solar
Projects Private Limited (KSPL).

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-Term      54.20        [ICRA]D; Downgraded from
   Loan                              [ICRA]B-(Stable)

Rationale

The rating action takes note of the fact that there have been
delays in servicing the interest portion of the term loan for the
month of April 2018 due to constrained liquidity position of the
company. While the interest was paid subsequently after the
payments were realised from the counterparty, it was not paid on
the due date due to insufficient liquidity in the company.
Going forward, the ability of the company to service its debt
obligations in a timely manner will remain the key rating
sensitivity.

Key rating drivers

Credit strengths

Long operational track record of the plant lends comfort: Over
the last six years the generation track record of the project has
been satisfactory. The PLFs have remained strong for all the
completed financial years (except in FY2013 as there was
transmission connectivity constraint for first few months of the
year).

High tariff and a strong counterparty ensure profitability and
mitigate off-take risk: The company has tied up a Power Purchase
Agreement (PPA) with NTPC Vidyut Vyapar Nigam Ltd (NVVN) at an
attractive tariff of INR11.50/unit for a period of 25 years which
assures project viability. Presence of NVVN mitigates
counterparty related concerns as demonstrated by regular payments
in the past. It may, however, be noted that despite the 1:1
bundling of expensive solar power with cheaper unallocated
thermal power by NVVN, tariff remains uncompetitive vis-a-vis
other conventional power sources and also vis-a-vis the more
recent renewable installations.

Credit challenges

Delay in debt servicing: Irregularities in debt servicing with
delay in the interest payment owing to injudicious working
capital management.

Weak financial profile of the group remains a major rating
overhang: The Lanco group is in financial distress. The weak
liquidity profile of the group remains a key credit challenge.

Seasonality and variance in solar irradiance can impact cash
flows: Given that revenues are linked to actual generation, any
variance in insolation levels would directly affect the revenues
of the company. However the same is mitigated to some extent as
the company had conducted site specific solar resource
assessment. More than five year of plant track record also lends
comfort.

KSPL is a special purpose vehicle (SPV), promoted by Lanco Solar
Energy Private Limited (LSEPL, subsidiary of Lanco Infratech
Limited) and Lanco Infratech Limited for setting up 5 MW solar
power plant in the state of Rajasthan. The project has been set
up under Jawaharlal Nehru National Solar (JNNSM) Policy with NVVN
being the designated nodal agency to implement the policy
framework. The SPV has entered into a 25 year PPA with NVVN. The
tariff is INR11.50 per unit for entire term of the agreement of
25 years. The total project cost was INR82.2 crores which was
funded in a debt- equity Ratio of 2:1.


KINJAL COTTON: CRISIL Migrates B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Kinjal Cotton
Private Limited (KCPL) for obtaining information through letters
and emails dated January 31, 2018, April 13, 2018 and April 18,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          7.5       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            2.0       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 Kinjal Cotton Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Kinjal Cotton 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 Kinjal Cotton Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

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

Incorporated in 2008, KCPL is promoted by Mr Vishnubhai Patel and
his family members. The company gins and presses raw cotton and
extracts oil from cotton seeds at its unit at Sillod in
Aurangabad, Maharashtra.


KISSAN INDUSTRIES: CRISIL Moves B Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Kissan Industries
(KI; part of the Kissan group) for obtaining information through
letters and emails dated February 27, 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          7.28       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 Kissan Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Kissan Industries is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Kissan Solvex Pvt Ltd (KSPL).
This is because the two entities, together referred to as the
Kissan group, have common promoters and management, and
considerable operational and business linkages with each other.

The Kissan group, promoted by Mr Indrajeet Singh of Jalalabad
(Punjab), manufactures rice, rice bran oil, and de-oiled cakes.

KI was set up in 1996 as a partnership firm by Mr Singh and his
mother, Mrs. Manjeet Kaur. It had been earlier operating under
the name Kissan Rice Mill from 1975. The firm processes rice from
paddy. Its facility in Jalalabad has an installed milling
capacity of 2 tonne per hour. The firm processes 1121 variety of
basmati rice, which the bulk of revenue. It also processes non-
basmati rice.


LEVIN ELECTRICALS: CRISIL Moves B+ Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL has been consistently following up with Levin Electricals
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        3        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Overdraft             3        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Overdraft    2        CRISIL B+/Stable (Issuer Not
   Facility                       Cooperating; Rating Migrated)

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

Detailed Rationale

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

Incorporated in 2000, Levin Electricals is a Bantwal (Dakshina
Kannada district, Karnataka) based proprietorship firm, which is
involved in manufacture of electrical poles and equipment for
electrical transmission line. The propriotor is Mr.Pius
Rodrigues.


LORIANS CERAMIC: CRISIL Assigns B+ Rating to INR13MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Lorians Ceramic LLP.

                     Amount
   Facilities       (INR Mln)       Ratings
   ----------       ---------       -------
   Term Loan            13          CRISIL B+/Stable
   Bank Guarantee        2.44       CRISIL A4
   Cash Credit           5          CRISIL B+/Stable

The ratings is constrained by Lorians' exposure to project
implementation risk, susceptibility of operating profit margin to
volatile raw material prices coupled with fragmented and
competitive ceramic industry. These weaknesses are partially
offset by extensive experience of the firm's partners in ceramic
industry and strategic location of plant.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project implementation risk: Lorians is currently
setting up a ceramic tiles unit which is expected to commence
commercial operations from May 2018 onwards. Completion of the
project within envisaged timelines and cost along with timely
stabilisation of operations shall continue to be a key rating
driver over the medium term.

* Susceptibility of operating margin to volatile raw material
prices coupled with fragmented and competitive ceramic industry:
The operating margin of the firm remains susceptible to
fluctuation in raw material prices. Furthermore the firm face
intense competition in view of fragmented nature of ceramic tiles
industry. Any adverse movement in the prices of raw materials
without a corresponding movement in finished goods prices will
impact the operating profit margin of the firm.

Strengths

* Partners' extensive experience in ceramic industry: Lorians'
business risk profile is supported by an extensive experience of
the partners in the ceramic industry. The partners have over a
decade of experience and is associated with other ceramic
companies like Laffans Granito Private Limited (CRISIL
B+/Stable/CRISIL A4), Levita Granito LLP (CRISIL BB-
/Stable/CRISIL A4+).

* Strategic location of plant: Lorians' is setting up its
manufacturing facility at Morbi in Gujarat, which is a tile
manufacturing hub. The location provides the benefit to the firm
with easy access to raw materials and other raw materials thereby
enabling the firm to ensure healthy operating efficiency.

Outlook: Stable

CRISIL believes that Lorians'business risk profile will be
supported by extensive experience of the partners in the ceramic
industry.

Upside Scenario

* Implementation of the project as per the envisaged timeline and
cost along with generation of adequate cash accruals supported by
stabilization of its operations.

* Healthy financial risk profile marked by comfortable capital
structure along with prudent working capital management.

Downside Scenario

* Delay in implementation of the project leading to cost overrun
or delay in stabilization of operations leading to less than
expected generation of cash accruals.

* Deterioration in the financial risk profile on account of
higher than expected debt funded capital expenditure or stretch
in working capital cycle leading to deterioration in the
liquidity profile.

Established in 2017, Lorians' is setting up ceramic wall tiles
unit in Morbi, Gujarat with an installed capacity of 54000 MT.
The unit is expected to commence commercial operations from May
2018.


MAHARAJA RESOURCES: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Maharaja Resources
Private Limited (MRPL) 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          2.7       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            7.0       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 Maharaja Resources Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Maharaja Resources Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Set up in 2010, the Jalpur (Orissa) based MRPL promoted by Mr.
Sambhu Kalyan Das, manufactures primarily SS Pipes/Bars/Tubes and
Railings.


MEHER SEEDS: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with Meher Seeds
Corporation (MRGM) 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          4.9       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term   2.35      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 1986, based out Aurangabad (Maharashtra). MSC is
a partnership firm engaged in trading of agricultural commodities
such as seeds, pesticides, and fertilisers. The firm is presently
managed by Mr Jagannath Kale.


MIRZAPUR NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mirzapur Nagar
Palika Parishad's (MNPP) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable.

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT) programme and no specific debt
was issued against the rating.

COMPANY PROFILE

Mirzapur city lies in the center of north India, nearly 650km
from both Delhi and Kolkata, almost 89km from Allahabad and 57km
from Varanasi. Located in the state of Uttar Pradesh, Mirzapur is
known for its famous carpets and brassware industries. Mirzapur
is well connected with most of the major Indian cities through
railways. The city is surrounded by several hills and is the
headquarters of Mirzapur District. About 32km from Mirzapur is
the famous fortress of Chunar.


MUKTSAR COTTON: CRISIL Migrates B+ Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL has been consistently following up with Muktsar Cotton
Private Limited (MCPL) 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           10       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 Muktsar Cotton Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Muktsar Cotton Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB rating
category or lower'.

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

Incorporated in 1996 and promoted by Mr. Supneet Grover, MCPL is
based in Muktsar, Punjab, and gins cotton.


MURLIDHAR COTTON: CRISIL Moves B+ Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Murlidhar Cotton
(MC) for obtaining information through letters and emails dated
February 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)

   Term Loan             2        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 Murlidhar Cotton. This
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Murlidhar Cotton is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

Set up in 2015, MC, a partnership between the Gami and Dalsaniya
families of Dhrangda, Jamnagar (Gujarat), gins and presses
cotton. The commercial operations of its cotton ginning and
pressing unit started from October 2015.


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

The instrument-wise rating actions are:

-- INR82.5 mil. Term loan (Long-term) due on October 2020
    maintained in Non-Cooperating Category with IND D (ISSUER
    NOT COOPERATING) rating;

-- INR46 mil. Fund-based working capital limit (Long-term/Short-
    term) maintained in Non-Cooperating Category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limit (Short-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on

February 3, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NBBPL was established by Mool Chand Luhadia in 1974 as Nav Bharat
Construction Company. In 1996, it was converted into a private
limited company and was renamed as NBBPL. The company operates
civil construction business and has a 1.25MW wind turbine
generator plant in Jaisalmer and a 1MW solar photovoltaic power
plant in Bhadasar Dhiknada village, Rajasthan.


PATEL COTTON: ICRA Retains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the long-term rating for the bank facility of Patel
Cotton Industries-Veraval continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash      10.00      [ICRA]B+ (Stable) ISSUER NOT
   Credit                          COOPERATING*; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

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

Established in 1997 as a partnership firm, Patel Cotton
Industries (PCI) is involved in the business of cotton ginning
and pressing to produce cotton bales and cottonseeds. Its
manufacturing facility is located at Veraval in Gujarat. The firm
is equipped with 48 ginning machines and 2 automatic pressing
machines, with an installed capacity of producing ~300 bales per
day or 51 MTPD. The promoters of the firm have over 25 years of
experience in the cotton ginning business.


RAJYALAKSHMI HEALTHCARE: Ind-Ra Assigns BB+ Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajyalakshmi
Healthcare Private Limited (RHPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR500 mil. Term loans due on February 2029 assigned with IND
     BB+/Stable rating.

KEY RATING DRIVERS

Strong Linkages with Parent: The ratings reflect RHPL's strong
strategic and financial linkages with Sarvejana Healthcare
Private Limited (SHPL: 'IND BBB-'/Stable), which holds 100% stake
in the company. SHPL has extended unconditional and irrevocable
corporate guarantees for the entire debt of RHPL. The parent also
provided tangible support in the form of unsecured loans
amounting to INR192.15 million during 9MFY18. The hospitals under
RHPL, Kukatapally and Gachibowli, are supplementary to SHPL's
operations, providing access to additional geographies. All the
hospitals operate under the brand name Sunshine Hospitals.

Short Operational Track Record: RHPL commenced operations at its
Kukatapally hospital in December 2016 and reported revenue of
INR24.2 million in FY17. FY18 will be the first full year of
operations. During FY18, the company continued to incur capex at
its Gachobowli hospital, which commenced operations in March
2018. The nascent stage of operations and ongoing capex led to
EBITDA losses in FY17.

RATING SENSITIVITIES

Positive: Stabilization of operations leading to an improvement
in operating performance and/or strengthening of linkages with
SHPL will be positive for the ratings.

Negative: Any delay in stabilization of operations and/or any
weakening of linkages with SHPL will be negative for the ratings.

COMPANY PROFILE

RHPL operates a 20-bed hospital in Kukatapally and a 220-bed
hospital in Gachibowli. The company is promoted by renowned
orthopedic surgeon Dr. Gurava Reddy.


REGENERATIVE MEDICAL: Ind-Ra Lowers LT Issuer Rating to 'B+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Regenerative
Medical Services Private Limited's (RMSPL) Long-Term Issuer
Rating to 'IND B+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR22.033 mil. (reduced from INR43.68 mil.) Term loan due on
     January 2021 downgraded with IND B+/Stable rating; and

-- INR30 mil. (increased from INR25 mil.) Fund-based working
     capital limit downgraded with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects non-achievement of revenue and
profitability margins from the regrow business in line with
management's expectations. As per FY18 unaudited key financials,
the company booked revenue of INR211 million (FY17: INR270
million) lower than Ind-Ra's expectation of INR590 million. It
further reported EBITDA losses of INR29 million in FY18 (FY17:
INR45 million) owing to lower revenue generation and higher
operating expenses. However, Ind-Ra expects revenue and EBITDA
margins to improve in FY19 as the company plans to expand its
reach to additional hospitals and focus on reducing its operating
expenses.

The ratings also factor in the company's modest liquidity
position as reflected by 90.9% average use of its fund-based
facilities over the 12 months ended April 2018.

However, the ratings remain supported by the founders' more than
two decades of experience in the stem cell banking and
regenerative cell therapy business.

RATING SENSITIVITIES

Negative: Sustained EBITDA losses leading to deterioration in the
credit metrics will be negative for the ratings.

Positive: A sustained improvement in the revenue and EBITDA
margins leading to an improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

RMSPL was set up in 1989 as Satyan Interchem Pvt. Ltd., and was
engaged in the indenting business. In 2009, Satyan Interchem was
renamed to RMSPL. It provides stem cell banking and Regrow cell
therapy.


RIDHI AUTO: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Ridhi Auto
Industries Private Limited (RAIPL) for obtaining information
through letters and emails dated April 10, 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          4.5        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term   4.0        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              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 Ridhi Auto Industries Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Ridhi Auto Industries 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 Ridhi Auto Industries Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in 2011, RAIPL manufactures engineering components
such as sprockets, automotive gears, industrial automotive gears,
rollers, shafts, and hydraulic pipes. The company is promoted by
the Haryana-based Jain family.


SAVI LEATHERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Savi Leathers'
(SAVI) 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 BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits migrated
    to Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR55 mil. Proposed term loan Migrated to Non-Cooperating
    Category with Provisional IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR80 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 31, 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 2009, SAVI manufactures and exports leather
garments and accessories. It is a government-recognized export-
oriented unit and has clients in Italy, Germany, Denmark, France,
Spain, the Netherlands, the UK and the US. It has its own
research and development department.


SHARDA TIMBERS: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Sharda
Timbers to the 'Issuer Not Cooperating' category. The rating is
now denoted as [ICRA]D ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based Limits    5.85     [ICRA]D ISSUER NOT COOPERATING*;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

   Non-fund Based
   Limits              19.15     [ICRA]D ISSUER NOT COOPERATING*;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category


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

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

Sharda Timbers is a proprietorship firm owned by Mr Raj Kumar
Bansal and was established in 1995. The firm imports timber
mainly from Malaysia, Singapore and New Zealand. The firm's
factory at Gandhidham, Gujarat is engaged in cleaning and sawing
of logs to make clean squared timber blocks.


SHIV KRUPA: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Krupa Enterprises (SKE).

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Short Term
   Bank Loan Facility      0.5         CRISIL A4

   Proposed Cash Credit
   Limit                   3.0         CRISIL B+/Stable

   Bank Guarantee          5.0         CRISIL A4

   Cash Credit             4.5         CRISIL B+/Stable

The ratings continue to reflect the firm's modest scale of and
working capital-intensive operations in the highly fragmented
engineering, procurement, and construction (EPC) segment. These
weaknesses are partially offset by the extensive experience of
its promoters and average financial risk profile because of
moderate capital structure and debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With estimated revenue of INR27
crore in fiscal 2018, scale remains small. The revenues are
expected to increase however, will remain modest over the medium
term.

* Large working capital requirement: Receivables are stretched;
working capital requirement is majorly funded through credit from
suppliers and internal accrual.

Strengths

* Extensive experience of promoters: Presence of over 20 years in
the EPC segment has enabled the promoters to receive repeat
orders.

* Average financial risk profile: Gearing was healthy at sub-1
time as on March, 2018 and debt protection metrics were moderate
as reflected in interest coverage and net cash accrual to total
debt ratios of 2.8 times and 0.18 time, respectively, for fiscal
2018.

Outlook: Stable

CRISIL believes SKE will continue to benefit from promoters'
extensive experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability while improving
working capital cycle results in higher-than-expected cash
accrual. The outlook may be revised to 'Negative' if financial
risk profile, particularly capital structure and liquidity,
weakens considerably due to lower-than expected sales or
profitability and hence, modest cash accrual; or if stretch in
working capital cycle weakens liquidity.

Set up in 1999 in Nagpur as a partnership firm, SKE is engaged in
erection and commission of electricity distribution systems such
as line installation and transformer set-up. Operations are
managed by Mr Prakash Macchirke and Mr Nitin.


SHRI VASUDEVA: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shri Vasudeva
Weaving Mills Private Limited's (Vasudeva) Long-Term Issuer
Rating of 'IND B+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND B+ rating on the INR136.7 mil. Long-term loan is
     withdrawn;

-- The IND B+ rating on the INR130 mil. Fund-based working
     capital facilities is withdrawn; and

-- The IND B+ rating on the INR3.3 mil. Non-fund-based working
     capital facilities is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
Vasudeva.

COMPANY PROFILE

Vasudeva was incorporated in 2012 and started operations in
February 2015. It is engaged in weaving, knitting, manufacturing
and dealing of cloth and fabrics.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating;

-- INR42 mil. Term loan due on December 2021 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR13 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Soubhagya Processor is engaged in the processing of textiles
(i.e. dyeing and printing) in Bulandshahr, Uttar Pradesh.


SPEEDCRAFTS LIMITED: CRISIL Raises Rating on INR30.12MM Loan to B
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Speedcrafts Limited to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        5        CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          24        CRISIL B/Stable (Upgraded from
                                  'CRISIL D')

   Letter of Credit      3.5      CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Proposed Long Term   30.12     CRISIL B/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')

The upgrade reflects timely servicing of debt by the company. The
rating also reflects extensive experience of the promoters in the
industry ensuring repeat orders from its customers. These
strengths are partially offset by high working capital intensive
nature of operations and tender based nature of operations.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Speedcraft's business is
highly working capital intensive as reflected in GCA days of 524
days as on March 31, 2017 on account of high inventory levels of
around 325 days and receivables cycle of 186 days during the same
period.

* Tender-based operations: The track maintenance industry in
India consists of a single major customer, the Indian Railways,
and limited number of authorised suppliers. Lack of alternate
demand and delay in commissioning of new orders restricts
Speedcraft's scale of operations. On account of customer
concentration and tender-based nature of operations, the
Speedcraft has limited visibility on order book.

Strengths

* Stable market position in the road construction and track
maintenance industry: Speedcraft also has a stable market
position in the road construction and railway maintenance
equipment industry. In the track maintenance equipment segment,
the Speedcraft has an edge over its competition which provides it
with a first-mover advantage and cost advantage over other large
players; this has helped the company maintain a sizeable market
share.

Outlook: Stable

CRISIL believes that Speedcraft will continue to benefit over the
medium term form longstanding experience of the promoters. The
outlook can be revised to positive if there is significant
increase in scale of operation along with stable profitability or
if the working capital management improves. The outlook may be
revised to negative if the working capital management
deteriorates leading to poor liquidity.

Speedcraft, set up in 1971, manufactures road construction
equipment. In 1975, it ventured into manufacturing of road-
rollers, and subsequently diversified its product profile by
adding drum mix plant, pot-hole repairing machines, and hot-mix
rolling plants. The company has its manufacturing facility in
Patna and Haridwar.


SREE SAI: CRISIL Assigns B+ Rating to INR0.5MM Secured Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Sree Sai Ram Enterprises (SSRE) and has assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. The
ratings had been suspended by CRISIL on September 9, 2016, as the
company had not provided the information necessary for a rating
view. It has now shared the requisite information, enabling
CRISIL to assign a rating to its bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      15.5       CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Secured Overdraft     .5       CRISIL B+/Stable (Assigned;
   Facility                       Suspension Revoked)

The ratings reflect the exposure to risks related to tender-based
contracts and fragmentation in civil construction industry,
customer and geographic concentration Risks. These weaknesses are
partially offset by extensive experience of the firm's promoters
in the civil construction industry, moderate orders providing
medium-term revenue visibility and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to tender-based contracts, and
fragmentation, in civil construction industry: As SSRE derives
almost all revenue through tender-based contracts; the revenue is
dependent on the firm's ability to bid successfully for tenders.
The margins come under pressure because of the competitive
pricing in the industry.

* Customer and geographic concentration Risks: SSRE has been
mainly executing works in the Karimnagar district of Telangana.
This makes firm's revenue growth to be dependent more on regional
impetus on infrastructure development. Any slowdown in
infrastructural activities may impact the revenue growth of the
firm, thereby exposing the firm to severe revenue concentration
risks.

Strengths

* Promoters' extensive industry experience and healthy orders
providing medium-term revenue visibility: SSRE will benefit from
its promoters' experience of more than 20 years in the civil
construction industry. The firm also has healthy orders of
INR120.0 crore to be executed in 15 months, providing revenue
visibility.

* Moderate financial risk profile: Networth was INR8.42 crore
against total debt of INR12.63 crore resulting in gearing of 1.50
time as on March 31, 2017. Interest coverage ratio was 5.54 times
and net cash accrual to adjusted debt ratio was 0.39 times in
fiscal 2017. Financial risk profile should remain moderate over
the medium term backed by healthy debt protection metrics,
moderate gearing and networth.

Outlook: Stable

CRISIL believes that SSRE will continue to benefit from the
extensive experience of the promoters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the firm reports higher-than-expected revenue and
profitability, coupled with improvement in working capital cycle,
thereby enhancing its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SSRE's financial risk
profile weakens due to reduced revenue and margins, or if the
firm undertakes a large debt-funded capital expenditure
programme, or in case of delays in the receipt of bills from its
principal contractors.

Established in 1996 and based in Hyderabad (Telangana), SSRE is
engaged in civil construction. The firm is promoted by Mr. B.
Sugnakar Rao.


SRB INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with SRB International
Private Limited (SRBL) 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)

   Letter of Credit      .5       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Fund-       4.5       CRISIL B+/Stable (Issuer Not
   Based Bank Limits              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 SRB International Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on SRB International 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 SRB International Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 2011, SRBL is engaged in the import and domestic
sale of mining equipment and export of granite, marbles, medical
devices and pet bowls. Mr Bharat Gandhi and his wife, Mrs Puja
Gandhi manage operations.


SRI VAISHNAVI: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Vaishnavi
Spintex (India) Private Limited's (SVSIPL) Long-Term Issuer
rating at 'IND BB-'. The Outlook is Stable. The instrument-wise
rating actions are as follows:

-- INR130 mil. Fund-based working capital facility affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital facility affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SVSIPL's stable-though-modest credit
profile of the company. According to the 10MFY18 provisional
financials, the interest coverage (EBITDA/interest) was 1.6x
(FY17: 1.8x, FY16: 1.6x) and adjusted net leverage (net
debt/annualized EBITDA) was 5x (5.7x, 5.8x). The improvement in
net leverage is primarily attributed to higher operating margins
of 11.6% in 10MFY18 (FY17: 10.2%, FY16: 10.3%), which was on
account of benign cotton prices.

The ratings are constrained by the company's tight liquidity
position; with the fund-based working capital facilities being
nearly fully utilized in the 12 months ended February 2018.
Further, in lieu of significant repayments due in FY19, timely
capital infusions will be critical to ease the liquidity pressure
on the company. In 10MFY18, the promoters infused capital of
INR20.5 million into SVSIPL in the form of share application
money.

The ratings are also constrained by SVSIPL's small scale of
operations; the company generated revenue of INR395 million in
10MFY18 (FY17: INR440 million).

The ratings, however, are supported by the company's relevant
operational track record of over five years.

RATING SENSITIVITIES

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

Positive: A significant improvement in the operating
profitability and/or liquidity profile leading to an improvement
in the credit metrics, on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2010 and commenced commercial operations in 2012,
SVSIPL manufactures carded cotton yarn primarily in the 30s to
40s count range. It has an installed capacity of 17,280 spindles
in Kolanapalli village, Andhra Pradesh.


SRS LIMITED: CRISIL Moves FD Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with SRS Limited (SRS)
for obtaining information through a letter dated April 11th,
2018. However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Fixed Deposits     125.00       FD (Issuer Not Cooperating)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes information available on SRS is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last
available information, CRISIL has migrated the ratings at 'FD
Issuer Not Cooperating'.

Incorporated as SRS Commercial Company Ltd in 2000, SRS got its
current name in 2009. It operates in four business verticals:
gems and jewellery (SRS Jewells brand), cinema exhibition
(multiplexes under SRS Cinema), retail value chains (under SRS
Value Bazaar and SRS Fashion Wear), and food and beverages (under
SRS 7 Dayz, Asian Amigo, Punjabi Haandi, and Desi Cafe). The
company has been listed on the Bombay Stock Exchange and National
Stock Exchange since September 2011. It is managed by Dr Anil
Jindal, a first-generation entrepreneur.


SUPERLITE AAC: CRISIL Migrates B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Superlite AAC
Blocks Industry (SABI) 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          5.9        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan       8          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 Superlite AAC Blocks Industry,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Superlite AAC Blocks Industry 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 Superlite AAC Blocks Industry to CRISIL B/Stable
Issuer not cooperating'.

SABI, incorporated in 2014, manufactures AAC bricks and blocks.
The manufacturing unit at Assam, started commercial operations in
April 2016.  Operations are managed by partners, Mr Surendra
Kumar Mittal, Mr Raj Kamal Sarawgi and Mr Mukul Lamare.


SURESH GOPINATH: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Suresh Gopinath (SG).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       5         CRISIL A4 (Reaffirmed)
   Overdraft           10         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations in
highly fragmented civil construction industry, working capital
intensive nature of operations and subdued debt protection
metrics. These rating weaknesses are partially offset by
extensive experience of promoters in civil construction industry
and its moderate capital structure.

Analytical Approach

Unsecured loans from promoters of INR0.64 crore are treated as
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The scale of operations is modest,
reflected in expected turnover of around INR16 crores in fiscal
2018 (Rs.24 crores in fiscal 2017). The civil construction
industry is fragmented, resulting in intense competition. Revenue
depends on the ability to successfully bid for tenders, as a
large proportion of the business is tender-based. Any slowdown in
spending by clients or any execution hurdle delaying
implementation of projects will adversely impact growth
prospects.

* Large working capital requirements: Working capital requirement
is large, marked by expected gross current assets of more than
250 days as on March 31, 2018, due to long collection period and
multiple deposits required to be kept with customers in the form
of earnest money and retention money. The operations are expected
to be working capital intensive over the medium term.

* Subdued debt protection metrics: Interest coverage and net cash
accruals to total debt (NCATD) are expected to be subdued at
around 1.5 times and 0.07 times respectively for fiscal 2018.
This is on account of increase in debt with incremental working
capital requirements and low cash accruals. It is expected to
remain at similar levels for medium term.

Strength

* Promoters' extensive industry experience: Promoter's extensive
industry experience of more than 2 decades in civil construction
industry, has helped establish strong relationship with customers
and suppliers.

* Moderate capital structure: The gearing and total outside
liabilities to adjusted tangible networth ((TOLTNW) are expected
to be around 1.44 times and 1.46 times respectively as on
March 31, 2018.

Outlook: Stable

CRISIL believes that SG will continue to benefit over the medium
term from its proprietors' extensive industry experience. The
outlook may be revised to 'Positive' if sustained improvement in
revenues while maintaining profitability, leading to higher cash
accruals and better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates, due to further decline in revenue and margins, or
large debt-funded capital expenditure, or stretch in working
capital cycle.

Set up in 1993, by Mr. Suresh Gopinath, SG is engaged in civil
construction works in Kerala, for various government entities.


SURI SHOES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Suri Shoes
Private Limited's (SSPL) 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 BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR245.00 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR50.50 mil. Non-fund-based working capital limits migrated
     to Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

SSPL was incorporated as a partnership firm in 1988 by Mr. Rakesh
Suri, Mr. Ranjan Suri and Ms. Amita Suri under the name Suri
Industries. In 1991, the company was reconstituted as a private
limited company.

SSPL manufactures and exports leather shoes and uppers for men,
women and kids. The company has two manufacturing units in Kanpur
(Uttar Pradesh), with an installed capacity to manufacture 1
million leather shoes and 0.2 million shoe uppers per annum. It
exports products to the UK, Australia, New Zealand, Germany and
others.


SWAMI YOGANAND: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swami Yoganand
Charitable Trust's bank facilities 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 ratings. The ratings will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

Detailed rating actions are:

-- INR49.5 mil. Term loan (long-term) maintained to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR30 mil. Working capital facility (long-term) maintained to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

The trust was established in 2002. It runs two boarding schools
under the name Vatsalya International School in Anand, Gujarat.


TAPASYA SHIKSHA: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Tapasya
Shiksha Samiti's bank facility 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 ratings. The ratings will continue to appear as
'Provisional IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

A detailed rating action is:

-- INR60 mil. Proposed term loan maintained to non-cooperating
    category with Provisional IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 3
June 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Tapasya Shiksha Samiti, registered under the Madhya Pradesh
Registration Act 1973 in 2000, runs five institutes under the
name Radharaman Group of Institutes on a campus spread over 100
acres of land at Ratibad in Bhopal, Madhya Pradesh.


THE ACADEMY OF ENG'G: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated The Academy of
Engineering and Management Trust's (AEMT) bank facilities 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 ratings. The ratings will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR108.25 mil. Bank loans migrated to Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR250.00 mil. Fund-based working capital migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 4, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

AEMT was established in 1999 under the Indian Trust Act, 1882.
The trust manages an engineering and management college, eight
CBSE schools and a state board school. It offers K-12 education,
engineering, management and computer application courses. It is a
part of Techno India group, which manages several
trusts/societies/partnership firms and private limited companies.


UTM ENGINEERING: CRISIL Lowers Rating on INR1.5MM Loan to C
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of UTM Engineering Private Limited (UTM) to 'CRISIL C' from
'CRISIL B/Stable', and reaffirmed the 'CRISIL A4' rating on the
short-term facility.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee       6.5        CRISIL A4 (Reaffirmed)

   Cash Credit          1.5        CRISIL C (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instance of delay by the company in
servicing term loan from SREI Equipments Finance Ltd (not rated
by CRISIL).

Key Rating Drivers & Detailed Description

* Delay in servicing debt (not rated by CRISIL): The company
recently delayed servicing of term loan from SREI Equipments
Finance Ltd (not rated by CRISIL) because of weak liquidity.

Weakness

* Modest scale of operations: The modest scale is reflected in
operating income of INR27.09 crore in fiscal 2017. However, in
fiscal 2018, operating income is estimated to have improved to
INR38-40 crore.

Strength

* Experience of the promoters in the mining and tunnel
construction industry: The promoters' experience of a decade in
the construction and mining industry, has enabled the company to
bag orders.

UTM was established by Mr Krupa Sindhu Mandal and Mr Rajesh Singh
at Gurgaon in 2014. The company undertakes tunnel construction
and mining activities for government and private companies.
Operations commenced in April 2015.


VEGGIECRAFT FOOD: CRISIL Moves B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Veggiecraft Food
Private Limited (VFPL) for obtaining information through letters
and emails dated February 27, 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           1         CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

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

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

VFPL, promoted by Mr Chander Prakash Chabra, Ms Karuna Rawat, Mr
Param Dhanot, and Mr Kunal Malik in 2014, harvests, processes,
stores, packs, and cans mushrooms, and has a dairy plant in
Mathura, Uttar Pradesh.


VINIL TRADING: CRISIL Migrates B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Vinil Trading
Private Limited (VTPL) for obtaining information through letters
and emails dated February 8, 2018, April 13, 2018 and April 18,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Term Loan             18      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 Vinil Trading Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information
available on Vinil Trading Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

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

Incorporated in August 2011, VTPL is a fully owned subsidiary of
Keynote Enterprises Pvt Ltd, which is promoted by Mr Rashesh
Purohit and his wife, Ms Sonal Purohit. It leases old content for
television (TV), primarily TV series, movies, and music from
content owners, and sells it to other broadcasters and content
aggregators. It also trades in content.


VRA COTTON: CRISIL Lowers Rating on INR2MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of VRA
Cotton Mills Pvt Ltd (VRA) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           2        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Export Packing       45        CRISIL A4 (Downgraded from
   Credit                         'CRISIL A4+')

The downgrade reflects weakening of business and financial risk
profiles. Profitability is expected to remain under pressure due
to volatile raw material prices and lower sales from the export
segment. As a result of losses incurred in fiscal 2017, net
margin is estimated to have been less than 0.5% in fiscal 2018.
Total outside liabilities to adjusted networth (TOLANW) ratio
weakened to 3.6 times as on March 31, 2017, from 1.4 times in the
previous year because of increase in debt level following stretch
in working capital cycle (gross current assets [GCAs] were 221
days as on March 31, 2018, against below 100 days in the previous
two years). The TOLANW ratio is expected to remain high in fiscal
18 and over the medium term due to modest profitability and
higher dependence on bank debt. Furthermore, liquidity was
affected by low cash accrual, which is likely to be in the lower-
than-anticipated INR0.25-0.33 crore range over the medium term.

The ratings reflect VRA's limited revenue diversity due to high
geographical concentration, susceptibility to changes in
government regulations, and average financial risk profile
because of leveraged capital structure and weak debt protection
metrics. These weaknesses are partially offset by promoters'
extensive experience in the cotton trading industry and
established relationship with suppliers and customers.

Key Rating Drivers & Detailed Description

Weakness

* Limited revenue diversity due to high geographical
concentration, and susceptibility to changes in government
regulations: More than 90% of revenue comes from cotton bales.
Furthermore, export accounts for half of total income, which is
also susceptible to changes in government policy on cotton.
Moreover, the company remains highly exposed to volatility in raw
material and foreign exchange (forex) rates, which led to losses
in fiscal 2017 and affected profitability in fiscal 2018. Despite
hedging forex exposure, margin will remain vulnerable to any
sharp change in raw material and forex rates.

* Stretch in working capital cycle: Lower export sales and
stretched payment terms led to high GCAs of 221 days as on
March 31, 2018. Working capital requirement will remain large
over the medium term.

* Modest financial risk profile: The TOLANW ratio weakened to 3.6
times as on March 31, 2017, from 1.4 times in the previous year
due to increase in debt level. Ratio is expected to remain high
in fiscal 18 and over the medium term due to modest profitability
and higher dependence on bank debt. Debt protection metrics may
also remain subdued due to low profitability.

Strengths

* Promoters' extensive experience: Presence of more than 13 years
in trading and exporting cotton has enabled the promoters to
establish strong relationship with suppliers and customers and
gain insight into market dynamics.

Outlook: Stable

CRISIL believes VRA will continue to benefit over the medium term
from promoters' extensive experience and sound risk management
practices. The outlook may be revised to 'Positive' if a
significant and sustained increase in revenue and profitability
leads to better-than-expected cash accrual, while risk management
practices stay healthy. The outlook may be revised to 'Negative'
if financial risk profile deteriorates because of lower-than-
expected cash accrual, weakening of risk management practices, or
large, debt-funded capital expenditure. Any adverse impact of
changes in government policies may also result in a 'Negative'
outlook.

Incorporated in 1999 and promoted by Mr Vinod Ahuja and his
family, VRA is headquartered in Abohar, Punjab, and primarily
trades in cotton bales. It also operates a ginning unit.



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


SOLUSI TUNAS: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit
rating on PT Solusi Tunas Pratama Tbk., an Indonesia-based
telecom tower operator, at the company's request. At the time of
withdrawal, the outlook on the issuer credit rating was stable.
At the same time, S&P withdrew its 'B+' long-term issue rating on
the senior unsecured notes that the company guaranteed and had
fully repaid in March 2018. The notes were issued by Pratama
Agung Pte. Ltd., STP's wholly owned subsidiary.



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


TH HEAVY: Regularisation Plan on Track Despite Disclaimer Opinion
-----------------------------------------------------------------
The Malaysian Reserve reports that TH Heavy Engineering Bhd
(THHE) is on track with its regularisation plan, despite its
auditor's earlier doubts over the group's ability to generate
adequate cashflow as part of efforts to lift itself out of its
Practice Note 17 (PN17) status.

According to the report, THHE CEO Suhaimi Badrul Jamil said in a
statement on May 4 that two key components of the regularisation
plan are expected to be implemented in the near future, namely
the schemes of arrangement and proposed JX Nippon Oil & Gas (O&G)
Exploration (M) Ltd contract novation to Yinson Energy Sdn Bhd.

On April 27 this year, THHE's independent auditor Messrs Deloitte
PLT expressed a disclaimer of opinion in its audited financial
statements for the fiscal year ended Dec. 31, 2017, the report
says.

In the disclaimer, the auditor said it was unable to ascertain
the company's ability to achieve sustainable and viable
operations to generate adequate cashflows, and to formulate and
implement its regularisation plan in a timely manner, the
Malaysian Reserve relates.

This specifically relates to the group's ability to realise its
assets and settle their liabilities in the normal course of
business.

Suhaimi conceded that the company's accounts were prepared based
on this assumption, the report states.

At the end of 2017, THHE's current liabilities exceeded its
current assets by MYR925.01 million due to accumulated losses,
coupled with the suspension of conversion works on a floating,
production, storage and offloading vessel in 2016, the Malaysian
Reserve discloses.

The Malaysian Reserve relates that Suhaimi said for 2018, the
company and its three subsidiaries THHE Fabricators Sdn Bhd, THHE
Offshore Services Sdn Bhd and O&G Works Sdn Bhd have each
formulated a scheme of arrangement with their respective scheme
creditors.

The creditors approved the schemes on Dec 15 last year before
they were approved by the High Court of Malaya on Feb 6 this
year.

The Malaysian Reserve meanwhile reports that at the group's EGM
convened on Feb. 15 this year, shareholders also approved THHE's
proposed novation -- a key part of the company's regularisation
plan as the proceeds from novation will be largely utilised to
repay the scheme creditors.

THHE said the group is now in the final stages of completing the
proposed exercises, the report relays.

"Upon completion of the scheme of arrangement, the proposed
novation, as well as other components of the proposed
regularisation plan, our gearing level will be significantly
reduced and we hope to address all the major audit qualifications
issues," the company's statement, as cited by The Malaysian
Reserve, read.

                           About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel
structures and the provision of other related offshore oil and
gas engineering services in Malaysia. The Company operates
through three segments: Construction services, Offshore crane
works and Others. The Construction services segment includes
engineering, procurement, construction, installation and
commissioning (EPCIC) capabilities. Its EPCIC activities include
fabrication, construction and maintenance of offshore structures;
construction and maintenance of onshore plants; offshore and
onshore crane manufacturing and servicing; marine operations and
support services; hook-up and commissioning (HUC), and engineered
packages. The Others segment includes management services and
transportation services. Its subsidiary, O&G Works Sdn. Bhd.,
produces a range of marine and offshore pedestal cranes.

TH Heavy slipped into Practice Note 17 (PN17) status in
April 2017 after the company's independent auditors expressed a
disclaimer opinion on its accounts for the financial year ended
Dec. 31, 2016.

The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.



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


ARENA CAPITAL: Director Admits Role in NZ$8.3 Million Fraud
-----------------------------------------------------------
Stuff.co.nz reports that Jimmie McNicholl, former director Arena
Capital, appeared in the Christchurch District Court on May 10 to
admit his part in the scam in which about 900 people invested
NZ$8.3 million in a fake foreign exchange scheme in 2014 and
2015, according to Stuff.

The scheme was run from Auckland by Mr. McNicholl and his
fraudster mate Lance Jack Ryan (aka Lance Jared Thompson) through
their company Arena Capital trading as BlackfortFX, Stuff
discloses.

According to Stuff, Mr. McNicholl on May 10 pleaded guilty to a
charge of obtaining registration as a Financial Service Provider
(FSP) by deception. Investors said they felt their investment was
safe because BlackfortFX was registered on the Financial Service
Providers' Register, the report relates.

Mr. McNicholl signed a letter seeking FSP registration, saying
Mr. Ryan was no longer involved after the Financial Market
Authority became concerned about Mr. Ryan's fraud background,
Stuff relays.

Mr. Ryan earlier admitted charges of theft by a person in a
special relationship, forgery, altering a document, and false
accounting.

Both men will be sentenced on June 20, Stuff notes.

The scheme started in May 2014 until it was closed a year later
by the Financial Markets Authority, Stuff discloses. By then the
900 investors recruited all over the South Island had ploughed
NZ$8.3 million into the scheme.

Stuff says investors initially saw their investments double, even
triple. They withdrew money without problem because the operators
were using the money provided by new investors to pay the
"profits" on the earlier investments. The Serious Fraud Office
would call it a Ponzi arrangement.

It was entirely fictitious. No foreign exchange was traded. No
traders or foreign offices existed. Transactions had occurred but
they were mainly Messrs. McNicholl and Ryan buying cars, property
and luxury items, Stuff discloses.

Mr. McNicholl used at least NZ$767,838 of Arena's funds for his
own benefit. He put a NZ$350,000 deposit on a NZ$3.5 million
property in Christchurch and bought a NZ$111,000 car.

About NZ$1.4 million was taken by Ryan, who paid money into a
family trust and bought a NZ$1 million property in Auckland.

According to Stuff, Mr. McNicholl was remanded for a pre-sentence
report that will cover his suitability for a home detention
sentence, though he was told that was not an indication of the
likely sentence.

Accountancy firm KordaMetha has been sorting out the mess since
being appointed receivers and liquidators of Arena Capital. It
has sold assets and clawed back NZ$843,000 of the NZ$2.48
million, 96 investors received in addition to the money they put
in.

It has so far paid back 39 cents to each investor and creditor,
Stuff notes.



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


GM KOREA: Government, GM Agree to Inject KRW7.7 Trillion
--------------------------------------------------------
Yonhap News Agency reports that the South Korean government and
General Motors Co. reached an agreement on May 10 to spend
KRW7.7 trillion (US$7.16 billion) on keeping the troubled South
Korean unit of the U.S. carmaker afloat.

Yonhap relates that the agreement reached between Seoul's finance
minister and GM International President Barry Engle also calls
for the Detroit-based automaker to convert $2.8 billion worth of
debt into investment.

The state-run Korea Development Bank will provide some $750
million in funds, Yonhap says.

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                 *** End of Transmission ***