TCRAP_Public/180516.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, May 16, 2018, Vol. 21, No. 096


                            Headlines


A U S T R A L I A

AUSSIE FARMERS: Sale of IP to YourGrocer Completed
BORONIA CONCRETERS: First Creditors' Meeting Set for May 24
FASTRACK DEALER: First Creditors' Meeting Set for May 23
JIN LIAN: First Creditors' Meeting Set for May 23
LINC ENERGY: Fined AUD4.5MM for Serious Environmental Harm

RESIMAC 2018-1: S&P Assigns Prelim BB(sf) Rating to Class D Notes
TRANQUILITY DEVELOPMENTS: 2nd Creditors' Meeting Set for May 23
ZP COMMS: Second Creditors' Meeting Scheduled for May 22


C H I N A

FUGUINIAO CO: Struggling to Pay Debt Obligations
FUTURE LAND: Fitch Rates Proposed USD Sr. Notes 'BB(EXP)'
GUANGDONG HELENBERG: Fitch Publishes 'B+' IDR, Outlook Stable
LOGAN PROPERTY: Fitch Affirms 'BB-' IDR, Outlook Negative
TIANJIN REAL ESTATE: May Default on CNY550MM Trust

* CHINA: Private Firms Default on US$2 Billion Bond Repayments


I N D I A

A. GEERI: CRISIL Reaffirms 'B' Rating on INR44MM Cash Loan
AMAR ORGANICS: CRISIL Migrates B Rating to Not Cooperating Cat.
A. R. AUTO: CRISIL Assigns B+ Rating to INR6.38MM Term Loan
B V PRABHUJEE: CRISIL Assigns 'D' Rating to INR4.55MM LT Loan
BS BUILDERS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating

CHAMPION ROLLING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
CUBATIC PROJECTS: CRISIL Assigns 'B' Rating to INR18MM Cash Loan
DECCAN FERRO: CRISIL Moves B Rating to Not Cooperating Category
DECCAN ISPAT: ICRA Lowers Rating on INR7cr ST Loan to D
ELECTROSTEEL STEELS: Vedanta Wins CCI Approval to Buy Firm

EMPLOYEES WELFARE: CRISIL Lowers Rating on INR14.25MM Loan to D
ENKEBEE INFRA: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
FLAVOUR GRANITO: CRISIL Migrates B+ Rating to Not Cooperating
GAYATRI DYE: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
GENERAL TRADERS: CRISIL Assigns B+ Rating to INR4.0MM Cash Loan

GOYAL FARM: CRISIL Assigns B+ Rating to INR8.8MM LT Loan
HANS RUBBER: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
HIMALYA INTERNATIONAL: ICRA Cuts Rating on INR136.11cr Loan to D
HOTEL ATITHI: CRISIL Assigns B+ Rating to INR12MM Loan
INDIAN PEROXIDE: CRISIL Reaffirms B+ Rating on INR62MM Loan

JAIPRAKASH INFRA: Lakshadweep Looks to Improve Bid
JANGIPUR MUNICIPALITY: ICRA Assigns B+ LT Issuer Rating
KATARIA ECOTECH: CRISIL Assigns B+ Rating to INR14.83MM Term Loan
KOPPAL SOLAR: CRISIL Migrates B+ Rating to Not Cooperating
MAA VAISHNO: CRISIL Assigns B+ Rating to INR11.2MM Cash Loan

MADHYA BHARAT: CRISIL Lowers Rating on INR20MM Cash Loan to D
MANSHA BUILDERS: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating
MAXWORTH PLYWOODS: ICRA Lowers Rating on INR3cr LT Loan to D
MOHAMAD ISRAIL: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
NAHAR LOGISTICS: CRISIL Assigns B+ Rating to INR11MM Term Loan

NATURAL TECHNOFAB: CRISIL Moves B Rating to Not Cooperating Cat.
NGD JEWELS: CRISIL Reaffirms B Rating on INR6.95MM Cash Loan
P.C.S. TRADES: ICRA Withdraws B- Rating on INR6cr Fund Based Loan
PREETI BUILDCON: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
RASHMI MOTOR: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable

REGAL TRANSCORE: CRISIL Reaffirms B+ Rating on INR8.75MM Loan
REWINDER TECHNO: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating
SAMARTHA LEISURES: CRISIL Ups Rating on INR3.29MM Loan to B+
SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR45MM Loan to D
SHREE BALAJI: CRISIL Moves 'B' Rating to Not Cooperating Category

SHREE DWARKADHISH: Ind-Ra Migrates 'D' Rating to Non-Cooperating
SHRI HARIDARSHAN: ICRA Lowers Rating on INR10.50cr Loan to D
SIDDHI FERROUS: ICRA Withdraws B+ Rating on INR9.50cr LT Loan
SIMPLON CERAMIC: CRISIL Migrates B Rating to Not Cooperating
SOLVEX PRIVATE: Ind-Ra Moves 'BB+' LT Rating to Non-Cooperating

SRI LAXMI: CRISIL Migrates B+ Rating to Not Cooperating Category
SRI PRASANNA: CRISIL Lowers Rating on INR7.5MM Cash Loan to D
TRISHUL TREAD: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
VALLI MURUGAN: CRISIL Lowers Rating on INR3.5MM Term Loan to D
VASUDHA AGRO: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

VITTHAL TEXTILES: CRISIL Migrates B+ Rating to Not Cooperating
YASHMUN ENGINEERS: CRISIL Reaffirms B+ Rating on INR4MM Loan
Z. F. FILAMENTS: CRISIL Migrates Rating to B-


N E W  Z E A L A N D

ORANGE-H GROUP: Placed Into Receivership; Owes NZ$30 Million


V I E T N A M

VIETNAM: Fitch Upgrades Long-Term FC IDR to BB, Outlook Stable


                            - - - - -


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


AUSSIE FARMERS: Sale of IP to YourGrocer Completed
--------------------------------------------------
Following a competitive sale process in which KordaMentha
Restructuring received approaches from more than 60 interested
parties, KordaMentha announced the completion of the sale of
Aussie Farmers Direct's intellectual property to YourGrocer. All
customers were notified of the sale of the assets on May 14, 2018
via email.

Craig Shepard stated: "We are pleased that YourGrocer intends to
continue providing products such as its fruit and vegetables to
existing Aussie Farmers Direct customers."

YourGrocer is a Melbourne-based online grocer which sources
supplies from 65 independent food retailers including green
grocers, butchers and the Melbourne markets with the aim of
creating a fairer food system. YourGrocer intends to use the
acquired assets to provide similar goods and services to those
received from Aussie Farmers Direct, particularly fresh fruit,
vegetables and meat.

Franchisees who are interested in delivering with YourGrocer
should arrange contact with YourGrocer via email at
afd@yourgrocer.com.au.

Aussie Farmers Direct was an online grocery delivery company. The
company had 160 employees in Victoria, 59 in NSW and about 13 in
Queensland, South Australia and Western Australia. There were 35
franchisees in Victoria, 30 in NSW, nine in South Australia,
eight in both Queensland and Western Australia and three in the
ACT.

Aussie Farmers Direct is the trading name of Stay in Bed Milk &
Bread Pty Ltd. That company lists its shareholder as Aussie
Farmers Holding Company.

Leanne Kylie Chesser and Craig Peter Shepard of KordaMentha
were appointed as administrators of Aussie Farmers Direct on
March 5, 2018.


BORONIA CONCRETERS: First Creditors' Meeting Set for May 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Boronia
Concreters Pty Ltd will be held at Collins Square Business
Centre, Level 6, Tower 2, 727 Collins Street, in Docklands,
Victoria, on May 24, 2018, at 10:00 a.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Boronia Concreters on May 14,
2018.


FASTRACK DEALER: First Creditors' Meeting Set for May 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fastrack
Dealer Net Pty Ltd will be held at the offices of SV Partners,
22 Market Street, in Brisbane, Queensland, on May 23, 2018, at
11:00 a.m.

Terry Grant Van der Velde of SV Partners was appointed as
administrators of Fastrack Dealer on May 11, 2018.


JIN LIAN: First Creditors' Meeting Set for May 23
-------------------------------------------------
A first meeting of the creditors in the proceedings of Jin Lian
Group Proprietary Limited will be held at Sofitel Sydney
Wentworth, Adelaide Room, 61-101 Phillip Street, in Sydney, NSW,
on May 23, 2018, at 11:00 a.m.

Brian Silvia and Peter Krejci of BRI Ferrier were appointed as
administrators of Jin Lian on May 11, 2018.


LINC ENERGY: Fined AUD4.5MM for Serious Environmental Harm
----------------------------------------------------------
Ellie Sibson at ABC News reports that Linc Energy has been fined
a record $4.5 million for causing serious environmental harm at
its underground coal gasification plant on Queensland's western
Darling Downs.

Linc Energy was found guilty by a District Court jury in Brisbane
last month after a 10-week trial.

According to the report, the company was charged with five counts
of willfully and unlawfully causing serious environmental harm
between 2007 and 2013 at Hopeland near Chinchilla.

Linc Energy mismanaged the underground burning of coal seams,
which caused rock to fracture and allowed the escape of toxic
gases which contaminated the air, soil and water on site, the
report says.

ABC News relates the the court heard the highest fine imposed
upon a company so far in Queensland for similar offending was
$500,000.

Linc Energy did not defend itself during the trial because it is
now in liquidation, ABC News notes.

ABC News says five executive directors have been charged with
failing to ensure compliance of the company and are due to face a
committal hearing in the Brisbane Magistrates Court in July.

Prosecutor Ralph Devlin told the court the company knew it was
causing damage but pressed ahead with operations, and described
its offending as "serious," ABC News relays.

"The defendant acted in devious and cavalier way . . . its
motivation was commercial gain," the report quotes Mr. Devlin as
saying. "It pursued commercial interests over environmental
safeguards."

The court heard there would be monitoring and remediation of the
site for decades to come, and it will take potentially between 10
to 20 years for groundwater to recover, the report states.

According to ABC News, Judge Michael Shanahan said despite the
fact the company was now in liquidation, there was good reason to
impose financial penalties.

"I am unsure of any of its assets or liabilities and capacity to
pay fines," the report quotes Judge Shanahan as saying. "Linc was
well aware of the damage being done . . . and attempted to hide
it from the regulator."

Judge Shanahan said the offending was carried out over seven
years and was "persistent and in clear breach" of its
obligations, adds ABC News adds.

                        About Linc Energy

Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.
Linc Energy de-listed from the Australian Stock Exchange and
transferred to Singapore in 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.  On May 23, Messrs. Sparks,
Stephen and Ford were appointed liquidators of the company.


RESIMAC 2018-1: S&P Assigns Prelim BB(sf) Rating to Class D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2018-1. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2018-1 is a securitization of
prime residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including that this is a closed portfolio, which
    means no further loans will be assigned to the trust after
    the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination for the rated notes and lenders' mortgage
    insurance to 35.6% of the portfolio, which covers 100% of the
    face value of these loans, accrued interest, and reasonable
    costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.75% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of AUD250,000, funded by
    RESIMAC Ltd. before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1 notes to
    be provided by National Australia Bank Ltd.

-- The management of interest-rate risk. Interest-rate risk
    between any fixed-rate mortgage loans and the floating-rate
    obligations on the notes are appropriately hedged via
    interest-rate swaps to be provided by National Australia Bank
    Ltd. and Westpac Banking Corp. In addition, National
    Australia Bank Ltd.  will provide a liability swap to hedge
    the fixed interest rate payable semiannually on the class A3a
    notes and the variable rate received on the underlying
    mortgages.

  PRELIMINARY RATINGS ASSIGNED

  Class      Rating       Amount (mil.)
  A1         AAA (sf)     US$210.00
  A2         AAA (sf)      AUD288.75
  A3a        AAA (sf)       AUD50.00
  A3b        AAA (sf)       AUD62.50
  AB         AAA (sf)       AUD47.25
  B          AA (sf)        AUD11.25
  C          A (sf)          AUD7.50
  D          BB (sf)         AUD6.00
  E          NR              AUD3.00
  NR--Not rated.


TRANQUILITY DEVELOPMENTS: 2nd Creditors' Meeting Set for May 23
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Tranquility
Developments (QLD) Pty Ltd has been set for May 23, 2018, at
11:00 a.m. at the offices of Hayes Advisory, Level 16, 55
Clarence Street, in Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 22, 2018, at 5:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Tranquility Developments on April 17, 2018.


ZP COMMS: Second Creditors' Meeting Scheduled for May 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of ZP Comms Pty
Ltd has been set for May 22, 2018, at 11:30 a.m. at the offices
of Hall Chadwick, Level 40, 2 Park Street, in Sydney, New South
Wales.

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 21, 2018, at 4:00 p.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of ZP Comms on April 16, 2018.


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


FUGUINIAO CO: Struggling to Pay Debt Obligations
------------------------------------------------
South China Morning Post reports that Fuguiniao Co., Ltd. has
struggled to meet its debt obligations.

SCMP relates that the Fujian-based firm, which is listed on the
Hong Kong stock market, has already this year missed two bond
repayments as a result of its balance sheet being stretched too
thin following an aggressive expansion into financial services.

Fuguiniao has recorded a double-digit net loss for each of the
past three years, and as of the end of last month was
CNY2.6 billion-CNY2.1 billion in bonds and CNY512 million worth
of bank loans - in debt, SCMP discloses citing publicly available
figures.

Fuguiniao Co., Ltd. manufactures and sells shoe products. The
Company produces casual shoes, formal shoes, leather shoes, and
other products. Fuguiniao also produces apparels, textiles, and
other products.


FUTURE LAND: Fitch Rates Proposed USD Sr. Notes 'BB(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Future Land Holdings Co., Ltd.'s (FLH,
BB/Stable) proposed US dollar senior notes to be issued by FLH's
indirect wholly owned subsidiary, New Metro Global Limited, an
expected rating of 'BB(EXP)'.

The proposed notes, which will be unconditionally and irrevocably
guaranteed by FLH, are rated at the same level as FLH's senior
unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating on the proposed
notes is subject to the receipt of final documentation conforming
to information already received. FLH intends to use the net
proceeds from the note issue for onshore real-estate project
development and refinancing debt.

FLH is a subsidiary of Future Land Development Holdings Limited
(FLDH, BB/Stable). Fitch uses a consolidated approach to rate
FLH, based on its Parent and Subsidiary Rating Linkage criteria.
The strong strategic and operational ties between the two
entities are reflected by FLH representing FLDH's entire exposure
to the China homebuilding business.

KEY RATING DRIVERS

Focus on Yangtze River Delta: The group's strategy to focus
resources around Shanghai and the Yangtze River Delta, a wealthy
region in eastern China, helped expand its scale and drive strong
sales turnover, as measured by contracted sales/gross debt, to
1.9x in 2017 with an average of 1.7x since 2014. This
demonstrates the group's ability to rapidly generate sales from
new land acquisitions. The fast-churn strategy has enabled FLH to
tap the strong demand in the Yangtze River Delta to achieve
higher contracted sales growth than peers.

The group recorded exceptionally strong presales in 2017, driven
by robust demand and higher average selling prices (ASP) in the
Yangtze River Delta, which accounted for about 80% of contracted
sales. Consolidated gross floor area (GFA) sold in 2017 increased
by 59% to 7.5 million square metres (sq m) and the ASP increased
by 24% yoy to CNY12,527/sq m. Fitch expects the group to achieve
annual consolidated contracted sales of CNY130 billion-160
billion in 2018-2019.

Lower Leverage: Group leverage dropped to 40% at end-2017, from
45% at end-2016, following prudent land acquisitions. Full-year
attributable cash outflow from land premiums reached CNY53
billion, representing 56% of consolidated presales of CNY95
billion (excluding presales from joint ventures). The group has
been sourcing joint-venture partners to share land acquisition
costs.

Improving Land Bank Quality: FLH had land bank of about 50
million sq m (excluding joint ventures) at end-2017, sufficient
for four to five years of development activity. The group has
diversified its land bank by reducing the proportion of land in
the Yangtze River Delta to around 56% and expanding into the
Pearl River Delta region in southern China, central and western
China as well as the Bohai Economic Rim in northern China.

Margin Expansion: The group's EBITDA margin (after adding back
capitalised interest to cost of goods sold) improved to 27.8% in
2017, from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the
next two years, as the ASP for contracted sales increases and the
company's scale expands.

Rising Recurring Income: The group aims to double its rental
revenue to CNY2 billion in 2018 from the operation of shopping
malls (Wuyue Plaza), which are mainly located in Tier 2 and 3
cities. Fitch estimates the group's ratio of recurring
EBITDA/interest expense will remain insignificant at 0.2x in
2018-2019, as the revenue contribution of investment properties
will remain small relative to development properties and have a
limited effect on its rating.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLH, based on Fitch's
Parent and Subsidiary Rating Linkage criteria, as the company was
67.81%-owned by FLDH as at end-2017. The strong strategic and
operational ties between the two entities are reflected by FLH
representing FLDH's entire exposure to the China homebuilding
business, while FLDH raises offshore capital to fund the group's
business expansion. The two entities share the same chairman.

The group improved its leverage to below 40%, as defined by net
debt/adjusted inventory, through prudent land bank acquisitions
in 2017 to fall in line with 'BB' peers. Its quick-sales churn
strategy and geographically well-diversified land bank
contributed to its faster expansion in contracted sales than most
'BB' peers. Its recognised EBITDA margin (excluding capitalised
interest) improved to above 25% in 2017, from 18% in 2016, as its
land cost accounted for only 29% of revenue in 2017. The margin
improvement is likely to be sustained, as the average cost of its
land bank accounted for only 23% of contracted ASP in 2017.

The group has a larger contracted sales scale and faster sales
churn than most of its 'BB' peers, and its leverage is comparable
with peers. The group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. The group has larger contracted
sales scale and faster sales churn than CIFI, while the two
entities' margins are comparable. CIFI has maintained a high
EBITDA margin and lower leverage for a longer period than the
group, and has been disciplined in maintaining stable leverage.

The group has a larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Property Group Limited (BB-/Stable), KWG
Property Holding Limited (BB-/Stable) and Logan Property Holdings
Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 40% in 2018, 20% in 2019 and
20% in 2020 (97% in 2017)

  - EBITDA margins (after adding back capitalised interest) to be
maintained at about 25% in 2018-2020

  - Total land premium to represent 40%-50% of contracted sales
in 2018-2020

  - FLDH to maintain a controlling shareholding in FLH and the
operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

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

  - Consolidated net debt/adjusted inventory sustained below 35%
while maintaining the EBITDA margin at 20% or above

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

  - Contracted sales/total debt below 1.5x for a sustained period

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

  - EBITDA margin below 18% for a sustained period

All ratios mentioned above are based on the parent's consolidated
financial data.

LIQUIDITY

Sufficient Liquidity: The group had an unrestricted cash balance
of CNY20.5 billion and unutilised credit facilities of CNY54.6
billion to cover short-term borrowings of CNY15.3 billion as at
end-2017.


GUANGDONG HELENBERG: Fitch Publishes 'B+' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has published China-based homebuilder Guangdong
Helenbergh Estate Group Co., Ltd's Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B+'; The Outlook is Stable. Fitch
has also assigned the homebuilder a senior unsecured rating of
'B+' with Recovery Rating of 'RR4'.

Helenbergh's ratings are supported by its geographically
diversified land bank across five regions in China, which
mitigates its land bank's weaker quality as more than 90% of the
land area is in lower-Tier 2 and Tier 3 cities. Its contracted
sales of over CNY25 billion a year compares favourably with most
'B' rated peers with CNY10 billion-15 billion in sales, but is
small compared to 'BB-' rated peers, which mostly have over CNY30
billion in contracted sales, Helenbergh's leverage (defined as
net debt/adjusted inventory) of 40%-45%, and EBITDA margin
(excluding capitalised interest in cost of goods sold) of about
20% reflect a healthy financial profile to support its 'B+'
ratings.

KEY RATING DRIVERS

Locations Mitigate Lower Land Quality: Helenbergh had about 15
million sq m of land at end-2017, which was spread equally over
Guangdong province and four other regions. Helenbergh is
diversifying its footprint by adding land in Tier 3 cities in
northern China, such as Baoding and Langfang. Its geographical
diversification mitigates the company's higher exposure to lower-
tier cities, which is evident from its contracted average selling
price (ASP) of below CNY10,000/sq m in 2017, compared with
CNY14,000-17,000 for most rated homebuilders. Fitch expects
Helenbergh's contracted sales to exceed CNY40 billion in 2018,
with Guangdong accounting for 40%-50% of total sales, followed by
western China and eastern China.

Low Land Cost: Helenbergh has enough land for five years of
development activity. The company obtains land mainly through
acquisitions, public auctions and redevelopment of old city
districts. About half of its land bank acquired during 2014-2016
and a majority of its land bank acquired during 2017 came from
acquisitions, which allowed the company to obtain land at lower
costs than bidding in public auctions. The company also
redevelops old districts in cities, which allow the company to
obtain land in good locations and at reasonable costs. It has
agreed to take part in two redevelopment projects in Langfang and
Baoding.

Reasonable Profitability and Quick Churn: Despite the low ASP,
Helenbergh's EBITDA margin was 24% in 2017 (after adding back
capitalised interest and excluding evaluation gains), thanks to
its low cost land bank. Fitch expects the average cost of land
(including projects under planning) to account for about 20% of
residential ASP, which is reasonable and allows the company to
achieve an average EBITDA margin of 20%-25%. Fitch expects sales
churn, indicated by the ratio of contracted sales to total debt,
to remain above 1.2x, as the company's products are positioned in
the peripheries of Tier 1 and 2 cities, where demand is strong.

Sufficient Land Bank Allows Deleveraging: Helenbergh's leverage
of 40%-45% is in line with that of peers rated 'B+', which can be
explained by its prudent land acquisition strategy and its bigger
accounts payables-to-inventory ratio. Its land bank life of about
five years will allow the company to deleverage gradually as it
only needs to use about 30% of its contracted sales proceeds to
replenish its land bank to sustain its contracted sales growth.

DERIVATION SUMMARY

Helenbergh's land bank quality is weaker than that of its 'B+'
rated peers, given its focus on Tier 2 and 3 cities with lower
contracted ASP than its peers. However, this is mitigated by the
sufficient regional diversification of its land bank, which spans
key regions in China, with about 30 projects under development.
Its sales churn of 1.25x at end-2017 is fast relative to 'B'
category peers. Its EBITDA margin is similar to that of peers as
its land cost is low relative to its ASP while its leverage is
comparable to similar sized peers rated 'B+'.

Helenbergh's leverage is higher than that of China Aoyuan
Property Group Limited (BB-/Stable), which has similar contracted
sales scale and churn. Most peers rated 'BB-' have higher EBITDA
margin of 25%-30%, including KWG Property Holding Limited (BB-
/Stable), which has EBITDA margin of over 30% due to its high-
quality land bank.

KEY ASSUMPTIONS

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

  - Consolidated contracted sales of CNY40 billion-60 billion a
year in 2018-2020 (CNY25.7 billion in 2017)

  - Contracted ASP at CNY9,000-11,000/sq m in 2018-2020
(CNY9,772.3 in 2017)

  - Annual land premium accounting for about 30%-40% of
attributable contracted sales (30% in 2017)

  - EBITDA margin (before capitalised interest and after business
tax) of 20%-25% in 2018-2020 (23.6% in 2017)

Recovery rating assumptions:

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

  - 10% administrative claims

  - The liquidation estimate reflects Fitch's view of the value
of inventory and other assets that can be realised and
distributed to creditors

  - Helenbergh has excess cash, which is derived after deducting
three months of contracted sales from available cash; a 60%
advance rate is used for the excess cash as it is assumed to be
invested for land banking

  - Fitch applied a haircut of 30% on its receivables, 30% on
adjusted inventory, and 40% on its investment properties

  - Based on Fitch's calculation of the adjusted liquidation
value after administrative claims, it estimates the recovery rate
of the offshore senior unsecured debt to be 100%. Fitch has rated
the senior unsecured rating with a Recovery Rating of 'RR4', as
China falls into Group D of creditor friendliness and instruments
ratings of issuers with assets in this group are subject to a
soft cap at the level of the issuer's IDR under Fitch's Country-
Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Contracted sales/ total debt sustained at 1.3x or above.

  - Attributable contracted sales sustained at CNY30 billion or
more.

  - EBITDA margin (excluding capitalised interest) sustained at
20% or above.

  - Leverage (net debt/adjusted inventory) sustained below 40%.

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

  - Attributable contracted sales sustained below CNY15 billion.

  - EBITDA margin (excluding capitalised interest) sustained
below 15%.

  - Net debt/adjusted inventory sustained above 50%.

LIQUIDITY

Sufficient Liquidity: At end-2017, Helenbergh had cash of CNY10
billion, which is sufficient to cover its short-term debt of
CNY8.8 billion. The company plans to issue domestic bonds and
offshore bonds to refinance its borrowings due in 2018.


LOGAN PROPERTY: Fitch Affirms 'BB-' IDR, Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed China-based Logan Property Holdings
Company Limited's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB-'. The Outlook is Stable.

Fitch has also assigned Logan's USD300 million 6.875% senior
unsecured notes due 2021 and SGD200 million 6.125% senior
unsecured notes due 2021 final ratings of 'BB-'. The final
ratings are in line with the expected ratings assigned to the US
dollar bonds on April 2018 and the Singapore dollar bonds on
April 9, 2017 and are assigned following the receipt of documents
conforming to information already received. The bonds are rated
at the same level as Logan's senior unsecured debt rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

Logan's ratings are constrained by its high leverage, which
offsets the benefits to its ratings from its increasing scale and
improving margin. Leverage, measured by net debt/adjusted
inventory with proportionate consolidation of joint ventures (JV)
and associates, rose to 48% at end-2017 from 37% a year earlier,
driven by heavy land acquisitions and Fitch's adjustments to
investment property value. The land purchases boosted the
company's land bank to 27.4 million sq m by end-2017, about 7.4x
its projected contracted sales of 3.7 million sq m in gross floor
area in 2018, which provide room for Logan to lower leverage by
reducing land acquisitions. Management's commitment to
maintaining a less-aggressive financial profile would be a key
factor that Fitch would consider before taking positive rating
action.

KEY RATING DRIVERS

Larger Scale, Higher Selling Prices: Logan's contracted sales
rose by 51% to CNY43 billion in 2017, following a 43% increase in
its contracted selling price to CNY17,898 per sq m. The average
selling price (ASP) of its projects in Shenzhen jumped by 112% to
CNY44,733 per sq m in 2017 due to the launch of new prime
residential and commercial mixed-use developments, including
Logan Carat Complex (CNY60,000 per sq m) and The Masterpiece
(CNY30,000 per sq m). ASPs in cities in Guangdong, Nanning and
other regions rose by 30%-41%, driven by new project launches and
better sell-through rates.

Contracted floor space sold rose by 6% to 2.4 million sq m. Fitch
expects Logan's annual contracted sales to increase further to
CNY67 billion-94 billion in 2018-2019.

Wider Margin: Logan's EBITDA margin expanded to 33% in 2017, from
30% in 2016. Fitch expects the company's profitability to remain
high in the next two to three years, supported by the start of
earnings recognition from its high-margin Shenzhen and Huizhou
projects that were presold in 2016-2017 and the higher contracted
sales ASP in 2017. Its EBITDA margin is likely to be maintained
at above 30% in 2018-2019.

Concentration Risks Reduced: Fitch believes Logan's well-located
land bank and expansion into new cities, including Hong Kong and
Singapore in 2017, mitigate its concentration risks over the next
year or two. Logan's contracted sales are highly concentrated in
Guangdong province, with Shenzhen/Huizhou accounting for around
40% of 2017 contracted sales. This leaves Logan's sales dependent
on the local economy and policy changes, compared with developers
with more geographically diversified operations. Fitch expects
Shenzhen to continue to account for 30%-40% of Logan's total
attributable contracted sales in 2018.

High Leverage Pressures Rating: Logan's leverage increased to 48%
at end-2017 from 29% at end-2015, after it acquired well-located
sites in Shenzhen during 2015-2016 to reposition its land bank.
The company spent CNY25 billion, or 58% of its contracted sales,
on replenishing its land bank in 2017. Logan's land
acquisitions/contracted sales ratio was 42% in 2016 and 55% in
2015. Fitch expects the company to spend 35%-45% of consolidated
contracted sales on land replenishment in 2018-2019 and to
maintain a land bank sufficient for development in the next five
to six years, which would keep its leverage high at 45%-50% in
next 18-24 months.

Adjustment to Investment Property Value: Fitch has adjusted the
value of Logan's investment properties in the leverage
calculations, taking into consideration the possible value that
may be realised should these assets be disposed. Fitch's adjusted
investment property value of CNY10.5 billion at end-2017 is based
on the income capitalisation approach at 4% capitalisation rate,
a rate comparable with that of other Chinese homebuilders that
have investment properties in top-tier cities, including the
3.5%-4.0% of China Jinmao Holdings Group Limited (BBB-/Stable)
and LVGEM (China) Real Estate Investment Company Limited
(B/Stable). If book value of CNY15.6 billion is used, Logan's
leverage would have been 44% at end-2017.

DERIVATION SUMMARY

Logan's contracted sales are higher than those of other 'BB-'
rated Chinese developers, which have contracted sales of CNY28
billion-40 billion, including KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable), and is comparable
to higher-rated CIFI Holdings (Group) Co., Ltd's (BB/Stable)
CNY46 billion. Future Land Development Holdings Limited
(BB/Stable), has contracted sales of CNY95 billion.

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders, such as KWG and Yuzhou. Logan's leverage increased
to 48% at end-2017, which is comparable to the 38%-42% of other
'BB-' rated Chinese developers, such as KWG, Yuzhou and Times
China Holdings Limited (BB-/Stable).

No Country Ceiling or parent and subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

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

  - contracted sales of CNY67 billion in 2018, and CNY94 billion
in 2019 (2017: CNY43 billion)

  - EBITDA margin, capitalised interest excluded from cost of
sales, of 31% in 2018-2019 (2017: 33%)

  - 35%-45% of contracted sales proceeds to be spent on land
acquisitions in 2018-2019, to maintain a land bank sufficient for
five to six years of development (2017: 58%)

RATING SENSITIVITIES

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

  - no substantial decline in contracted sales

  - leverage, as measured by net debt/adjusted inventory that
proportionately consolidates JVs and associates, sustained below
40%

  - EBITDA margin sustained above 30%

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

  - leverage sustained above 50%

  - EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had total cash on hand of CNY22.4
billion, including CNY2.5 billion of restricted cash and pledged
deposits, at end-2017, sufficient to cover debt of CNY15.6
billion maturing in one year, which consisted of bank and other
loans of CNY5.6 billion, senior notes due 2018 of CNY3.0 billion
and onshore corporate bonds of CNY7.0 billion. The company has
since refinanced the senior notes with USD450 million of 5.25%
notes due 2023.

FULL LIST OF RATING ACTIONS

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

Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'

Ratings on outstanding senior unsecured notes affirmed at 'BB-'
USD300 million 6.875% senior unsecured notes due 2021 assigned
'BB-' final rating

SGD200 million 6.125% senior unsecured notes due 2021 assigned
'BB-' final rating

Rating on subordinated capital securities affirmed at 'B'


TIANJIN REAL ESTATE: May Default on CNY550MM Trust
--------------------------------------------------
South China Morning Post reports that Tianjin Real Estate Group,
a developer backed by the Tianjin government, could default on a
550 million yuan (US$86.7 million) trust product, in a sign that
Beijing's deleveraging campaign is affecting state-owned
enterprises as well.

According to SCMP, Tianjin Real Estate, which is controlled by
the local state asset supervision and administration commission,
was due to pay back part of a trust product for principal and
interest worth more than CNY200 million on May 18. But the
company did not submit a plan for repayment by May 10, which
prompted the trust product manager, China Citic Trust, to issue a
notice on May 11 warning investors about default risks, the
report says.

Investors sold corporate bonds under Tianjin Real Estate
afterwards, sending bond yields up to 34.8 per cent on Friday
afternoon [May 11], SCMP relates.  China Citic Trust, however,
posted another announcement in a few hours, saying Tianjin Real
Estate had made assurances about the repayment but did not
elaborate, SCMP notes.

The trust product has raised more than CNY550 million, the report
relates. Tianjin Real Estate is indebted to dozens of financial
institutions, with an outstanding loan of more than 108.2 billion
yuan, SCMP discloses citing China Business News.

"China has already allowed some state-owned enterprises to
default in the past few years, as the central government seeks to
establish market discipline and break 'implicit guarantees' that
distort prices," SCMP quotes Iris Pang, Greater China economist
at ING in Hong Kong, as saying.  "But the Tianjin government
still has motivation to step in and help with the funding of the
firm, if its default downgrades the credit profile of the
municipal government," she added.

More than a dozen private companies have defaulted so far this
year, the report notes. Alternative financing channels have
narrowed as China moves to cut debt and build a culture of more
disciplined bank lending, making it increasingly difficult for
some companies that depend on this sector for liquidity and
refinancing to source credit. Investors will have to brace for
more jitters in the credit market, said analysts, SCMP relays.

More than 10 companies, mostly privately owned and from a variety
of industries, have defaulted on 15 bonds worth more than
CNY12.8 billion, SCMP discloses citing figures from China Central
Depository and Clearing Company, which manages and promotes the
sector.

"Default rates are rising [in China] because weaker companies are
having trouble refinancing amid stricter financial regulation,"
S&P Global Ratings said in a report released on May 14.

"The Chinese government's financial deleveraging campaign has led
banks to unwind off-balance-sheet funding that some companies
have relied on to finance aggressive business expansion in the
past several years," the report quotes Christopher Lee, an S&P
analyst, as saying.

In April, the Chinese central bank lowered banks' required
reserve ratio to release liquidity into the financial system, but
analysts from S&P said they expect administrative tightening to
continue, SCMP notes.


* CHINA: Private Firms Default on US$2 Billion Bond Repayments
--------------------------------------------------------------
South China Morning Post reports that China's private sector
firms are facing a debt crisis amid falling profits and rising
financing costs, with the value of bond defaults in the sector
rising by more than a third in the first four months of the year,
according to industry watchers.

More than 10 companies, several of them listed, from a variety of
industries have defaulted on 15 bonds worth more than CNY12.8
billion (US$2 billion), SCMP discloses citing figures from China
Central Depository and Clearing Company, which manages and
promotes the sector.

SCMP says the spike in defaults has unsettled regulators that
have been keen to prevent systemic risks as they seek to reduce
national debt levels.

"No matter what industry they are in, what these companies have
in common is that they are finding it much harder than state-
owned enterprises to get financing," Qin Han, chief fixed income
analyst at Guotai Junan Securities, wrote in a note, SCMP relays.

"Deteriorating business could lead banks to withdraw loans and
cause a cash shortage. Eventually, it will lead to more defaults.
State-owned enterprises [in contrast] can rely on other sources
of borrowing to sustain them, even if their businesses are
feeling the strain," he said.

China reported its first bond default as recently as 2014, the
report notes. Last year, there were 44 worth CNY38.4 billion,
down slightly from CNY39.8 billion in 2016 but more than three
times the value in 2015, according to figures from China Central
Depository and Clearing Company, SCMP relays.



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


A. GEERI: CRISIL Reaffirms 'B' Rating on INR44MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank facilities of
A. Geeri Pai Gold and Diamonds (AGP) at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           44.0        CRISIL B/Stable (Reaffirmed)

   Long Term Loan        13.4        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Demand Loan            0.5        CRISIL B/Stable (Reaffirmed)

The ratings reflect below-average financial risk profile, marked
by aggressive capital structure and weak debt protection metrics,
modest scale of operations in an intensely competitive industry,
and large working capital requirements. The weaknesses are
partially offset by the extensive experience of the promoters.

Analytical Approach

Unsecured loans to the tune of INR3.87 crore have been treated as
neither debt nor equity as the loans do not bear any interest and
are subordinated to bank debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in an intensely competitive
industry: Scale of operations is modest as reflected in revenues
of INR85.76 crore in fiscal 2017. The retail jewellery industry
in India is intensely competitive and highly fragmented. The
presence of a large number of small and big players in the retail
jewellery market leads to profitability pressures.

* Large working capital requirements: Working capital
requirements are large as reflected in gross current assets (GCA)
of 262 days as on March 31, 2017, driven by high inventory
requirements.  Working capital requirements will continue to
remain high over the medium term.

* Below average financial risk profile: As on March 31, 2017,
networth was modest at INR4.72 crores and capital structure
aggressive marked by total outside liabilities to total net worth
(TOLTNW) of 15.87 times. The debt protection metrics is weak as
reflected in its interest coverage of 0.57 times and negative
cash accruals for fiscal 2017. With large incremental working
capital, financial profile is expected to remain at similar
levels.

Strengths:

* Extensive industry experience of promoters:  Benefits from the
four decade-long experience of the promoter family, and the
strong market presence in Kerala, will continue to support the
business profile.

Outlook: Stable

CRISIL believes that AGP would continue to benefit over the
medium term from the extensive industry experience of the
promoters. The outlook may be revised to 'Positive', if sustained
increase in revenues and profitability, leads to better financial
risk profile. Conversely, the outlook may be revised to
'Negative', if decline in revenue and profitability, large debt
funded capital expenditure, or higher capital withdrawal by the
partners, weakens financial risk profile.

Setup in 2007, AGP retails jewellery through two showrooms in
Kochi, Kerala. The firm is promoted and managed by Mr.
Sachithananda S Pai, his wife Mrs. Sheela S Pai and his sons, Mr.
Ramesh S Pai and Mr. Vishnu Narayan S Pai.


AMAR ORGANICS: CRISIL Migrates B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL has been consistently following up with Amar Organics (AO)
for obtaining information through letters and emails dated
March 21, 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            2.75      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       5.0       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       1.0       CRISIL A4 (Issuer Not
   Bill Discounting                 Cooperating; Rating Migrated)

   Proposed Long Term     5.25      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 Amar Organics, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Amar
Organics 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 Amar Organics to CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

AO was set up in 1976 by Mr Rajagopal Gowra and his family
members. The Hyderabad-based firm primarily trades in zinc and
copper, in addition to chemicals, polymers, and low-density
polyethylene granules.


A. R. AUTO: CRISIL Assigns B+ Rating to INR6.38MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of A. R. Auto (ARA).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Term Loan             6.38         CRISIL B+/Stable
   Bank Guarantee         .35         CRISIL A4
   Cash Credit           2.00         CRISIL B+/Stable

The ratings reflect ARA's exposure to project implementation risk
and fluctuations in raw material prices. These weaknesses are
partially offset by the extensive experience of the partners in
manufacturing automobile components.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risk: As operations are
expected to commence in June 2018, timely project completion and
stabilisation of operations without any cost overrun will remain
a key rating sensitivity factor.

* Exposure to volatility in raw material prices: Raw materials
such as cast iron scrap, pig iron account for 40-50% of the total
cost of sales. As the prices of raw materials are linked to
global commodity prices and economic conditions, operating margin
is susceptible to movement in raw material prices.

Strength

* Extensive experience of the partners: Benefits from the
partners' decade-long experience in the industry and established
relations with customers should support the business.

Outlook: Stable

CRISIL believes that ARA will benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' in case of timely stabilization of operations and
healthy ramp-up in sales. The outlook may be revised to
'Negative' in case of delay in commencement in operations or
lower-than-expected revenue and profitability.

Incorporated in 2017, A. R. Auto is a Gujarat based entity which
is setting up a plant to manufacture automobile components. It is
promoted by Mr. Vasubhai, Mr. Manojbhai and family. Its
manufacturing plant is located in Gondal.

Operations of A. R. Auto are expected to commence in June 2018.


B V PRABHUJEE: CRISIL Assigns 'D' Rating to INR4.55MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of B V Prabhujee (BVP).

                          Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Proposed Long Term
   Bank Loan Facility       4.55         CRISIL D
   Long Term Loan           1.05         CRISIL D
   Bank Guarantee           1.50         CRISIL D
   Cash Credit              2.90         CRISIL D

The rating reflects over draws in the cash credit limit for more
than 30 days.

Rating also factors in modest scale of operations and moderate
operating margins in the intensely competitive industry and
modest financial risk profile constrained by modest net worth and
stretched liquidity. These ratings weaknesses are partially
offset by Extensive experience of the promoters in the
construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Overdraws in cash credit limit for more than 30 days: BVP has
over drawn its cash credit limit for more than 30 days, same is
on account of stretched liquidity due to stuck debtors.

* Modest scale of operations and moderate operating margin: Scale
of operations remains modest as reflected in revenues of INR6.1
crore in Fiscal 2017. The modest scale limits the company's
ability to avail benefits associated with economies of scale that
players with larger operations are able to leverage upon. Modest
scale of operations and intense competition result in moderate
operating margins of around 12%-15% over the past three years,
through Fiscal 2017. Scale of operations is expected to increase
however the same is expected to remain modest over the medium
term.

* Modest financial risk profile: Financial risk profile is modest
constrained by modest net worth of INR4.6 crore as on March 31
2017. Financial risk profile is supported by moderate interest
coverage ratio of around 2.24 times for the Fiscal 2017.

Strength

* Extensive experience of promoters: 25 years long experience of
the promoters has helped the company establish healthy
relationships with customers and suppliers ensuring uninterrupted
supply of raw materials and repeat orders, which results in
smooth operations.

Incorporated in 1995 and based out of Vizianagram, Andhra
Pradesh, PVB is promoted by Mr. P V Prabhujee. The company is
engaged in undertaking road and building construction projects in
A.P.


BS BUILDERS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.S. Builders'
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 these ratings. The rating will continue to appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) /IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

B.S. Builders executes civil construction works in Sangrur
(Punjab).


CHAMPION ROLLING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Champion Rolling
Mill Private Limited's (CRMPL) 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:

-- INR23.4 mil. Long-term loans due on April 30, 2019 migrated
    to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR200 mil. Fund-based limits (cash credit) migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR140 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 18, 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 2004, CRMPL has been manufacturing mild steel
beams, mild steel channels and mild steel angles since December
2008. It has an annual production capacity of 90,000 metric tons
and uses about 50% of its capacity internally. Its manufacturing
facility is located near Wada, Thane, Maharashtra.


CUBATIC PROJECTS: CRISIL Assigns 'B' Rating to INR18MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank loan facilities of Cubatic Projects Private Limited (CBPL)

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit             18         CRISIL B/Stable

CRISIL's rating on bank facilities of CBPL reflects
susceptibility to risks related to the completion and sale
ability of its ongoing real estate residential projects in
Rajahmundry and to cyclicality in the real estate industry. These
weaknesses are partially offset by extensive industry experience
of the promoters in the residential real estate development
business and the strategic location of the project.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to risks related to completion and sale ability
ongoing real estate residential project: CBPL remains exposed to
project implementation risks for its new project Arte,
Rajahmundry as the project is still in early stage of
construction. The company has completed around 40% in phase-1
till Mar-2018 and yet to commence phase-2 and phase-3.
Construction progress as per the schedule will remain critical
for maintaining regular cash flow and debt servicing.

* Exposure to risks relating to cyclicality in the industry: The
real estate sector in India is cyclical marked by volatile
prices, opaque transactions, and a highly fragmented market
structure. The execution of projects is affected by multiple
property laws and non-standardized government regulations across
states. The risk is compounded by aggressive timelines for
completion with shortage of manpower (project engineers and
skilled labor). With the increase in supply, and attractive
prices offered by various builders and constant regulatory
changes, the profitability of various real estate players is
expected to come under strain over the medium term.

Strengths:

* Extensive industry experience of the promoters in the
residential real estate development business: The Company is
promoted by Mr. T.S. Babu, Mr. Srinivasa Rao and Mr. Sathi Konda
Reddy. Mr. T.S. Babu, Founder of Cubatic Group is a technocrat
with rich experience in the fields of Real estate &
Infrastructure. A civil engineer by profession, he has passed BE
with distinction from the university of Bangalore. Mr. Babu, with
his extensive knowledge in the fields of Real Estate,
Infrastructure, Construction and Marketing, and strong ability to
deliver projects on time. He has been the motivation and the
driving force for Cubatic group to deliver better spaces.

* Strategic location of the project: Current project is located
in Rajahmundry, Andhra Pradesh. The site is situated in a mix of
residential and commercial areas and hence the design has
influence of the surroundings. CRISIL believes that strategic
location of the project will assuage the risk associated with
salability of the project up to some extent.

Outlook: Stable

CRISIL believes CBPL will benefit over the medium term from the
promoters' extensive experience in the residential real estate
development segment and strategic location of the new project.
The outlook may be revised to 'Positive' if the company completes
its projects earlier than expected leading to substantial cash
flow. Conversely, the outlook may be revised to 'Negative' if
there is any delay in project completion, in the receipt of
advances from customers, or if CBPL undertakes a large, debt-
funded project.

Incorporated in May 2013 by Mr. T.S. Babu, Mr. Srinivasa Rao and
Mr. Sathi Konda Reddy, CBPL is involved in developing residential
real estate project and runs commercial operations. The company
is based out of Madhapur, Hyderabad.


DECCAN FERRO: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with Deccan Ferro
Alloys Private Limited (DFAPL) for obtaining information through
letters and emails dated February 21, 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
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            15       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       28       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

DFAPL was set up in 2006 by Mr P S R Raju and his family, who
have an experience of 26 years in the same line of business. The
company manufactures bulk ferroalloys such as ferromanganese and
silico manganese.


DECCAN ISPAT: ICRA Lowers Rating on INR7cr ST Loan to D
-------------------------------------------------------
ICRA has downgraded the short term ratings assigned for the
INR10.00 crore bank facilities of Deccan Ispat Limited to [ICRA]D
from [ICRA]A4. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short term Non-       7.00      Downgraded to [ICRA]D ISSUER
   Fund based limits               NOT COOPERATING from [ICRA]A4;
                                   Ratings continue to be in
                                   'Issuer not cooperating'
                                   category

   Short term-           3.00      Downgraded to [ICRA]D ISSUER
   Unlocated limits                NOT COOPERATING from [ICRA]A4;
                                   Ratings continue to be in
                                   'Issuer not cooperating'
                                   Category

The rating downgrade takes into account delays in debt servicing
by the DIL to the lender(s), as confirmed by them to ICRA As part
of its process and in accordance with its rating agreement with
Deccan Ispat Limited, 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. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Rationale
The rating downgrade takes into account delays in debt servicing
by the DIL to the lender(s), as confirmed by them to ICRA.

Incorporated in 2005, Deccan Ispat Limited is engaged in trading
of timber logs, veneers and plywood. The directors of the
company are Mr. Rajiv Agrawal & Mr. Anshu Agrawal who have
extensive experience of two decades in manufacturing plywood,
block board and trading of timber.


ELECTROSTEEL STEELS: Vedanta Wins CCI Approval to Buy Firm
----------------------------------------------------------
Business Standard reports that Vedanta on May 14 said it had
received the go-ahead from the Competition Commission of India
(CCI) to acquire Electrosteel Steels.

"Vedanta (the company) has received the approval from the CCI for
the application made by it for the acquisition of Electrosteel
Steels," Business Standard quotes Vedanta Resources' Indian unit
as saying in a filing to the BSE.

In a tweet, the CCI said it found "no Appreciable Adverse Effect
on Competition (AAEC) in respect of proposed acquisition of
Electrosteel Steels by Vedanta," Business Standard relays.

The National Company Law Tribunal (NCLT) had last month approved
the resolution plan submitted by Vedanta for Electrosteel Steels,
making it the first among 12 large stressed accounts identified
by the Reserve Bank of India (RBI) last year to undergo
resolution under the Insolvency and Bankruptcy Code (IBC),
Business Standard notes.

Electrosteel Steels Limited operates in the steel manufacturing
industry in India. Its products include pig iron, billets, TMT
bars, wire rods, and ductile iron pipes. The company was
incorporated in 2006 and is headquartered in Kolkata, India.

As previously reported by The Troubled Company Reporter - Asia
Pacific, The Economic Times cited that Electrosteel Steels is
saddled with a debt burden of INR10,274 crore, an amount it owes
to a consortium of banks led by the State Bank of India (SBI).
The Company has been facing insolvency proceedings after it was
admitted in the National Company Law Tribunal (NCLT), India's
designated court for bankruptcy cases, in July 2017.


EMPLOYEES WELFARE: CRISIL Lowers Rating on INR14.25MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility
of Employees Welfare Fund (EWF) to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects EWF's delays in servicing debt
because of weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           14.25      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')


   Proposed Long Term     9.00      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing: The delay in repayment was primarily
on account of weak liquidity.

* Weak capitalisation: Capitalisation is weak as reflected in its
networth of INR1.4 crore and high gearing of 36 times as on
March 31, 2018. EWF is a society registered under the Societies
Act and is not a co-operative society. Hence, the regulation does
not permit accepting contribution from members towards share
capital. In addition, the society is largely dependent on its
internal accrual; however, being a non-profit organisation, its
internal accrual is low and often distributable within the
members itself.

* Weak Earnings: EWF being a non-profit organization has
negligible profitability. Absolute net surplus was only INR0.7
crore for fiscal 2018 as against INR0.5 crore for fiscal 2017.
The society maintains low spreads as it intends to pass on the
benefit of low yields to its own members.

* Lack of diversity in resource profile: As the society's loan
growth is limited to and dependent on the availability of bank
funding. EWF is solely dependent on bank funding to meet its
lending requirement.

Strength

* Healthy asset quality: The society has healthy asset quality,
supported by minimal delinquencies, because loan repayments are
deducted from the salary of borrowers and remitted to EWF
directly by HAL. Furthermore, in case of non-recovery, the amount
due is recovered from surety. EWF has an undertaking from HAL to
deduct the repayment dues monthly from the salary of the
employee.

EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka)
division of HAL. The objective of EWF is to provide financial
assistance for the welfare of its members by way of loans for
education and medical treatment, and carry out other activities
related to the welfare of the employees and their families. Loan
dues are deducted by the employer, HAL from the salary of the
members and remitted to EWF. For fiscal 2018, EWF earned a net
surplus of INR0.7 crore on a net total income of INR7.3 crore
compared to a net surplus of INR0.5 crore on a total income of
INR3.9 crore, respectively, for the previous fiscal.


ENKEBEE INFRA: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Enkebee
Infra's (EI) 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 these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit maintained at
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limit maintained at
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kolkata-based EI executes civil and structural projects.  The
firm is managed by Niladri Kumar Basu, Dr. Sulagna Basu and
Debjani Basu.


FLAVOUR GRANITO: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Flavour Granito
LLP (FGL) for obtaining information through letters and emails
dated March 26, 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
   ----------         ---------    -------
   Bank Guarantee         3.2      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           10.0      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

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

Detailed Rationale

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

FGL was set up in May 2016, by promoters, Mr Anil Detroja, Mr
Tejas Rupala, Mr Dharmendra Rupala and their family members. The
firm, which has capacity of 87000 MT per annum, is expected to
start manufacturing vitrified tiles from January 2017.


GAYATRI DYE: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gayatri Dye
Chem's (GDC) 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:

-- INR11.55 mil. Term loan due on April 2021 migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50.00 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND B+ (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

GDC manufactures a wide range of reactive dyes for industrial
application. The company is based in Ahmedabad, Gujarat, and has
an installed capacity of 1,680,000kg per annum.


GENERAL TRADERS: CRISIL Assigns B+ Rating to INR4.0MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of General Traders (GT).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Cash
   Credit Limit           .92        CRISIL B+/Stable

   Cash Credit           4.00        CRISIL B+/Stable

   Inland/Import
   Letter of Credit      1.08        CRISIL A4

The rating reflects GT's modest scale of operations in the highly
competitive glass products manufacturing industry, large working
capital requirement, and average financial risk profile. These
weaknesses are partially offset by the experience of the
partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and intense competition: Competition
continues to intensify in the glass manufacturing industry due to
low entry barriers.  Intense competition may continue to restrict
the scalability of operations and limit the pricing power with
suppliers and customers, thereby constraining profitability.
Revenue is estimated at INR15 crore in fiscal 2018.

* Large working capital requirement: Gross current assets are
large at 184 days as on March 31, 2018, driven by moderate
inventory and stretched debtors of 60 days and 120 days,
respectively. Working capital requirement may remain large over
the medium term.

* Average financial risk profile: Gearing is high at 5.43 times
as on March 31, 2018, due to small networth of INR1 crore. Net
cash accrual to total debt and interest coverage ratios were 0.12
time and 2.1 times, respectively, in fiscal 2018.

Strength

* Experience of partners: Benefits from the partners' experience
of around 35 years, their strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes GT will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if revenue and profitability significantly improve
with steady capital structure. Conversely, the outlook may be
revised to 'Negative' if financial risk profile and liquidity
weaken due to steep decline in profitability or revenue, stretch
in working capital cycle, or any large, debt-funded capital
expenditure.

GT was set up in 1980 at Firozabad (Uttar Pradesh) as a
partnership between Mr Sanjay Agarwal and family. It manufactures
glass products such as glass tumblers, glass bowls, and various
handicraft items, with the production capacity of 30-35 tonne per
day.


GOYAL FARM: CRISIL Assigns B+ Rating to INR8.8MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Goyal Farm Fresh (GFF).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         8.8       CRISIL B+/Stable (Assigned)

The rating reflects GFF's yet-to-start operations, and project-
related risks. These weaknesses are partially offset by the
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Yet-to-start operations: The commercial unit is under
construction and operations are expected to commence partially
from July-Aug 2018 and remaining from December 2018. As a result
of the yet-to-start operations, business risk profile will
continue to remain constrained.

* Project-related risks: As the project is under construction,
the firm remains exposed to risks related to timeliness in
project completion, and demand thereafter.

Strength

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

Outlook: Stable

CRISIL believes GFF will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if timely stabilisation of project leads to higher
than expected revenue and profitability in the initial years,
aiding substantial cash accrual, and strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
delayed execution of the project leads to lower-than-expected
cash accrual, or stretched working capital cycle weakens
financial risk profile and liquidity.

GFF was set up in 2016 at Mohali (Punjab) as a partnership
between Mr Sahil Goyal and family. The firm has set up a frozen
foods and vegetables manufacturing unit along with controlled
atmosphere cold storage. Operations are expected to commence in
fiscal 2019.


HANS RUBBER: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hans Rubber &
Sports Private Limited's (HRSPL) 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 these ratings. The rating
will continue to appear as 'IND B (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating action is:

-- INR58 mil. Term loan maintained in Non-Cooperating Category
     with INDB(ISSUER NOT COOPERATING) rating;

-- INR50 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

HRSPL was incorporated in 1983 and later in 1987 it took over the
proprietorship unit Hans Rubber Industries, which was established
in 1975. It manufactures sports goods and equipment.


HIMALYA INTERNATIONAL: ICRA Cuts Rating on INR136.11cr Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]C- ISSUER NOT COOPERATING for the bank
facilities of Himalya International Limited. ICRA has also
revised the short-term rating of the company to [ICRA]D ISSUER
NOT COOPERATING from [ICRA]A4 ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term loan         136.11     [ICRA]D ISSUER NOT COOPERATING;
   Facilities                   downgraded from [ICRA]C- and
                                continues to remain in the
                                'Issuer Not Cooperating' category

   Long term fund     61.64     [ICRA]D ISSUER NOT COOPERATING;
   based facilities             downgraded from[ICRA]C- and
                                continues to remain in the
                                'Issuer Not Cooperating' category

   Long term non-      7.00     [ICRA]D ISSUER NOT COOPERATING;
   fund based                   downgraded from[ICRA]C- and
   facilities                   continues to remain in the
                                'Issuer Not Cooperating' category

   Short term non-     1.25     [ICRA]D ISSUER NOT COOPERATING;
   fund based                   downgraded from [ICRA]A4 and
   facilities                   continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by HIL
to the lender, as informed by the management of the company to
ICRA. Previously, in October 2017 the rating was moved to ISSUER
NOT COOPERATING CATEGORY on non-cooperation of the company in
submission of monthly No-Default Statement (NDS). As part of its
process and in accordance with its rating agreement with HIL,
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. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/ HO/ MIRSD/ MIRSD4/ CIR/ P/ 2017/ 71, dated June 30,
2017, ICRA's Rating Committee has taken a rating view based on
the best available information.

Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready
to eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast
Sticks, Bites, Veg Patty, Samosa). HIL has its manufacturing
facility in Sirmaur (Himachal Pradesh) and Mehsana (Gujarat).


HOTEL ATITHI: CRISIL Assigns B+ Rating to INR12MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term facilities of Hotel Atithi (HA).

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Loan Against Property       12        CRISIL B+/Stable

The rating reflects the company's modest scale of operations,
weak financial risk profile and geographic concentration in
revenue profile. These weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Despite being in business for more
than a decade, scale of operations is modest with revenue INR4.45
crore in fiscal 2017. Revenue is estimated to have augmented to
INR7 crore in fiscal 2018 due to increase in the number of rooms
from 40 to 64.

* Weak financial risk profile: Financial risk profile is marked
by small networth of INR4.5 crore and high gearing of 3.12 times
as on March 31, 2018 due to long term loan availed towards
capacity expansion. However, debt protection measures have
remained average with interest coverage and net cash accrual to
total debt of 14.5 and 0.04 times, respectively, in fiscal 2018.

* Geographic concentration in revenue profile: The company is
operating only one hotel-Hotel Atithi-and the same is located in
Guwahati, Assam and hence revenue generation is restricted due to
location constraint.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' over two decades of experience in the construction
industry should support the business.

Outlook: Stable

CRISIL believes that HA will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely project implementation without any
significant cost overrun, and higher-than-expected occupancy
levels improve liquidity. The outlook may be revised to
'Negative' if any significant time or cost overruns in
commissioning of the project, or weak cash accrual as a result of
low occupancy or room tariffs, or if any large debt-funded
capital expenditure weakens financial risk profile.

Incorporated in 2008, Royal Mission Construction Private Limited
(RMC), promoted by Mr Mandira Sharma and Mr Yuvraj Sharma, is
engaged in the operation of HA. The hotel has restaurants, bars,
coffee shop, banquet halls and conference rooms spread over an
area of 5000 sq ft. The hotel is located is just 20 km away from
the Guwhati airport and a few minutes away from the central bus
terminus and railway station, near to the main market,
international food joints, movie theatres and shopping hubs.


INDIAN PEROXIDE: CRISIL Reaffirms B+ Rating on INR62MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Indian Peroxide Limited (IPL).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Long Term Loan        62        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect IPL's weak financial risk
profile, and exposure to project-related risks. These weaknesses
are partially offset by the experience of the promoters and
support extended by Nuberg Engineering Ltd (rated 'CRISL
BBB/Stable/CRISIL A3+').

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Capital structure is expected to
remain weak during the initial phase of operations as the project
is being funded in a debt equity mix of 2:1, which will result in
a high total outside liabilities to tangible networth ratio over
the medium term.

* Exposure related to project risk: Although the project has been
completed, testing is under process and the company may face
hurdles during testing. Commercial production is expected to
start in June 2018 and timely stabilisation of operations would
remain a key rating sensitivity factor.

Strength

* Experience of promoters: Benefits from the promoters'
experience over three decades and support from the group company,
Nuberg Engineering Ltd should continue to support the business.

Outlook: Stable

CRISIL believes IPL will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if timely commencement of commercial production and
stabilisation of operations, leading to better-than-expected-cash
accrual, strengthen financial risk profile. Conversely, the
outlook may be revised to 'Negative' if any delay in
stabilisation of operations or lower-than-expected cash accrual
weakens financial risk profile.

IPL, incorporated in 2007, is setting up a hydrogen peroxide
manufacturing plant in Dahej, Gujarat. Mr Anil Kumar Tyagi, Mr
Vinod Kumar Gupta, Ms Shashi Gupta, Ms Sugandha Gupta, and Mr
Amit Tyagi are the promoters. The commercial operations are
expected to start in June 2018.


JAIPRAKASH INFRA: Lakshadweep Looks to Improve Bid
--------------------------------------------------
Financial Express reports that Lakshadweep, a joint venture
between Sudhir Valia-led Suraksha ARC and Dosti Realty, will look
at "improving" its bid for Jaiprakash Infrastructure (JIL) if an
opportunity is afforded to it, sources close to the development
said. The firm has already conveyed its intent to the resolution
professional and the lenders to the troubled real estate company,
the sources told FE.

FE relates that Lakshadweep's bid, which had emerged as the
highest, was rejected by the committee of creditors (CoC) to JIL
last week saying it was "too low", triggering speculations that
the firm was on its way to liquidation.

While the CoC might wait for the Supreme Court's direction before
entertaining a renewed bid by Lakshadweep or exercising any other
option including recommending liquidation, the apex court is
scheduled to hear the matter on May 16, FE notes. Earlier, the SC
had allowed JIL's parent Jaiprakash Associates (JAL) to make an
offer "as per the law" and, subsequently, it indeed made a last-
ditch effort to retain the troubled builder. However, the CoC
refused to consider the JAL offer, invoking Section 29 (A) of the
Insolvency and Bankruptcy Code (IBC) that prohibits a defaulting
promoter to bid, the report says.

Though it was not immediately known as to how much Lakshadweep
would hike its earlier offer, a source said the new offer would
be bound by two considerations: It must make "commercial sense"
for the JV company and at the same time meet the "requirements"
of the lenders, FE relays.

FE relates that Lakshadweep had earlier offered to bring in
INR3,510 crore upfront for the 25,000-apartment residential
project of the Jaypee Group along the Noida Expressway. It also
proposed that an additional INR4,000 crore due to the banks shall
be collected from the sale of land parcels of the Jaypee Group.
JIL's liquidation value was at around INR14,000 crore, according
to lenders.

As reported by FE earlier, in a resolution plan submitted for
JIL, parent JAL had promised zero haircut for banks and flats to
harried home-buyers (there are some 32,000 of them).

The 270-day maximum corporate insolvency resolution period (CIRP)
for JIL, which was admitted on IDBI Bank's plea by the Allahabad
bench of the National Company Law Tribunal (NCLT) on August 10
last year, ended on May 12, FE notes. As per the IBC, if the RP
or the CoC fails to bring any resolution plan, the company goes
for liquidation. Home-buyers, however, are understood to be
opposed to liquidation of JIL.

FE meanwhile reports that JAL, which has been asked by the
Supreme Court to deposit INR2,000 crore for safeguarding the
interest of home-buyers, has so far deposited only INR750 crore
with the court's registry.


JANGIPUR MUNICIPALITY: ICRA Assigns B+ LT Issuer Rating
-------------------------------------------------------
ICRA has assigned a long-term issuer rating of [ICRA]B+ to the
Jangipur Municipality. The outlook on the long-term rating is
Stable.

Rationale

The assigned rating takes into account the JM's low own revenue
base, given the weak economic profile of Jangipur city, limited
coverage of taxable services and poor collection of arrears as
well as current property tax demand. ICRA notes that the JM's
arrear property tax collection efficiency of around 8% over the
last five years is less than satisfactory, which is mainly
attributed to long pending dues from various government
departments/institutions. ICRA also notes that the JM does not
collect any user charges for water supply from residential users,
at present, like other urban local bodies (ULBs) in the state,
which impacts its financial position to an extent. Low own
revenue level coupled with steep increase in the operation and
maintenance (O&M) expenses led to revenue deficit in FY2016.
However, the revenue balance turned positive in FY2017, aided by
an increase in government grants as well as moderation in the O&M
expenses. The rating also factors in the municipality's less-
than-satisfactory service levels and coverage of key functions as
well as inadequacy of staff in key departments. While arriving at
the rating, ICRA has also taken into account JM's lack of
experience in executing relatively complex and large projects,
which may remain critical to the successful execution of such
projects within the budgeted costs and estimated timeframe, going
forward. Nevertheless, ICRA believes that the JM will derive
support from the state government for funding the projects and
for capacity building of the municipal staff, which would
partially mitigate project-execution risk.

The rating also takes into consideration the JM's importance as a
provider of urban infrastructure and basic services to Jangipur
city and support from the state government in the form of various
grants. The JM receives a significant amount of revenue and
capital support from the Government of West Bengal (GoWB),
particularly for the payment of discretionary expenses like
employees' salaries, pensions and electricity bills, which
constitute a major chunk of a ULB's revenue expenditure.
Going forward, the JM's ability to improve its own revenue base
by exploiting various tax and non-tax avenues available to it
under the West Bengal Municipal Act, 1993, increase in property
tax collection efficiency and change in the overall economic
profile of Jangipur city would remain critical for the financial
position of the municipality.

Outlook: Stable

ICRA believes that the JM will continue to benefit from the
support it derives from the state government in the form of
various grants. The outlook may be revised to Positive if there
is a substantial growth in the municipality's own revenue,
thereby strengthening its revenue balance position. The outlook
may be revised to Negative if there is de-growth in the
municipality's own revenue and an increase in its revenue
expenditure, adversely impacting the JM's financial profile.

Key rating drivers

Credit strengths

Importance of the ULB as a provider of urban infrastructure and
basic services: The municipality is responsible for the provision
of civic services and basic amenities to Jangipur city. Key
services rendered by the municipality are urban planning,
construction and maintenance of roads and drains, water supply,
solid waste management (SWM), street lights and amenities such as
markets, community halls, playgrounds, parks/ gardens, schools,
hospital/ health centres, etc.

Support from the state government in the form of various grants:
The ULB receives significant support from the GoWB in the form of
revenue grants, particularly for the payment of discretionary
expenses like salaries and pensions of employees and electricity
bills. Additionally, it received grants from the Central/ state
governments for urban infrastructure projects under various
schemes.

Credit challenges

Relatively small size of own revenue base: The JM's own sources
of revenues have remained significantly low in the past, leading
to high dependence on the GoWB for the transfer of funds for
critical revenue payments. Further, the JM's track record of
finding new sources of revenues by imposing user charges and
revising key tax rates is poor.

Revenue deficit position in the recent past: The municipality's
revenue balance was negative in FY2016 due to a steep increase in
the operation and maintenance (O&M) expenses. Nevertheless, a
moderation in the O&M expenses and an increase in the level of
government grants during FY2017 resulted in revenue surplus.

Weak coverage and low collection efficiency of key revenue
sources: The JM's property tax base and its collection efficiency
has remained low in recent years due to the weak economic profile
of Jangipur city. Moreover, the JM does not collect water tax,
keeping the overall tax revenue at a low level. Non-tax revenues
also remained historically low.

Less-than-satisfactory service levels and coverage of key
functions: The municipality's service standards in solid waste
management, water supply, roads and drainage have been observed
to be less than satisfactory, which entails investment in these
areas to improve the existing service standards to the desired
levels.

Inadequate staff in key departments: The JM has a significant
number of vacant positions, especially in critical functions like
health and sanitation, water supply and sewerage, revenue and
administration, which impacts the overall performance of the
municipality.

Lack of track record in executing large projects: ICRA notes that
the JM is required to undertake large projects to cover the gaps
in existing service levels. Given the ULB's lack of track record
in executing large and complex projects, its ability to execute
these projects within the budgeted costs and estimated timeframe
will remain critical.

Established in 1869 as an ULB, Jangipur Municipality (JM)
provides urban infrastructure services to Jangipur city. The city
is located in Murshidabad district of West Bengal, at a distance
of around 244 km from Kolkata. According to Census 2011, the JM,
covering an area of 8.2 sq. km., serves a total population of
0.88 lakh. The JM is governed by the West Bengal Municipal Act,
1993. The JM's Council comprises 21 Ward Councillors and is
headed by a Chairman, who is elected by the Ward Councillors. The
executive powers of the Council are vested with the Chairman-in-
Council (CIC). The Executive Officer, appointed by the state
government, along with various department heads support the CIC
in managing the ULB's functions. The key services extended by the
ULB are construction and maintenance of roads and drains, water
supply, solid waste management (SWM), street lights and amenities
such as markets, community halls, playgrounds, parks/ gardens,
schools, hospital/ health centres, etc.

In FY2017, the JM generated a revenue surplus of INR3.71 crore2
on a total revenue income of INR10.45 crore compared to a revenue
deficit of INR0.43 crore on a total revenue income of INR8.29
crore in FY2016.


KATARIA ECOTECH: CRISIL Assigns B+ Rating to INR14.83MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Kataria Ecotech Private Limited (KEPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             14.83       CRISIL B+/Stable
   Cash Credit            1          CRISIL B+/Stable
   Proposed Term Loan     0.17       CRISIL B+/Stable

The rating reflects modest scale of firm's operations in the
intensely competitive construction materials industry, and the
below-average financial risk profile marked by modest net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the support from promoters, who also own and
manage Kataria Carriers KC (CRISIL BBB-/Stable/CRISIL A3).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive
construction materials industry: KEPL's manufacturing facility
was set up in fiscal 2016, and the company is in the process of
establishing itself in the construction material industry. The
company's modest scale limits the bargaining power with customers
and suppliers. Nevertheless, CRISIL has taken note of the
company's increasing sales with growth in operating income (OI)
of about 60-70% expected in fiscal 2018 over the previous year.

* Below-average financial risk profile: KEPL has a leveraged
capital structure, with Total outside liabilities to tangible
networth (TOL/TNW) estimated at about 6.3x as on March 31, 2018 '
owing to high debt of about INR 17.5 crore (mainly on account of
sizable capital investments) and modest networth of about INR3
crore. The company has moderate liquidity, reflected in average
utilization of about 40-50% of its INR 1 crore cash credit
facility. However, liquidity is constrained by high working
capital intensity due to a long receivables cycle and sizable
repayment obligations of about INR 1.4 crore for fiscal 2019, as
against expected accruals of about INR 1.5-1.6 crore. The
company's interest cover stood is estimated at about 1.6x for
fiscal 2018, which is moderate for its rating category.

Strengths

* Support from promoters: KEPL's promoters, Mr. Mahendra Kataria
and Mr. Manish Kataria set up Kataria Carriers in 1995. The
company will benefit from funding support and entrepreneurial
experience of its promoters, although the promoters have recently
entered the construction material manufacturing industry.

Outlook: Stable

CRISIL believes that KEPL will continue to benefit in the medium
term from the entrepreneurial experience and funding support of
the promoter. The rating may be revised to upwards if the firm
reports a better than expected increase in cash accruals leading
to a significantly improved financial risk profile. Conversely,
the rating may be revised downwards in case of material decline
in cash accruals, deterioration in working capital cycle or any
large debt funded capex plans.

KEPL was set up in July 2013 by Mr. Mahendra Kataria, Mr. Manish
Kataria and Mr. Rishabh Jain, who also own and manage KC. KEPL is
engaged in manufacturing of fly-ash based Autoclaved Aerated
Concrete (AAC) bricks. Its manufacturing facility is based out of
Kanpur, Uttar Pradesh.


KOPPAL SOLAR: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------

CRISIL has been consistently following up with Koppal Solar Power
Projects Private Limited (KSPP) for obtaining information through
letters and emails dated February 19, 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               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 Koppal Solar Power Projects
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Koppal Solar Power Projects
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 Koppal Solar Power Projects Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in June 2016, KSPP is based in Koppal, Karnataka.
The company is in the process of setting up a 2-megawatt solar
photovoltaic power plant at Sultanpura village, Koppal district.
The project is expected to be commissioned by January 2017. The
company has entered into a 25-year PPA with GESCOM at a price of
INR8.4 per unit.


MAA VAISHNO: CRISIL Assigns B+ Rating to INR11.2MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of the rating on the bank
facilities of Maa Vaishno Edibles Pvt. Ltd. (MVEPL) and has
assigned its 'CRISIL B+/Stable' rating to the bank facilities.
CRISIL had suspended the rating on July 30, 2016, as the company
had not provided the necessary information required for a rating
review. MVEPL has now shared the requisite information enabling
CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            11.2       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: MVEPL's gearing was high at
3.58 time as on March 31, 2017, since the company contracted
additional debt of INR66 lakh to purchase machinery for the
milling plant. Moreover, the net worth was small at INR1.9 crore
on the same date, due to low accretion to reserves in the past.
Debt protection metrics were also weak with adjusted interest
coverage at 2.23 time and net cash accrual to debt ratio at 0.09
time

* Modest scale of operations: The company has modest scale of
operations as reflected in expected sales of around INR30 crore
in fiscal 2018, despite improvement from around INR20 crore in
fiscal 2015. The scale of operations is likely to remain limited
over the medium term in the absence of any plans to add capacity.

* Susceptibility of operating margin to any adverse impact in
government regulations and volatility in raw material prices:
Agricultural commodity exports, including rice, which is a staple
diet in the country, are highly regulated. Over the past few
years, Government of India has made numerous changes to its
policies on basmati and non-basmati rice exports, and MVEPL
remains exposed to unforeseen changes in policies. Moreover, the
company has to procure paddy required for the whole year during
the crop season itself, exposing it to decline in prices
subsequent to procurement.

Strengths

* Promoters' experience in the rice industry: MVEPL's promoters
have been in the rice industry for about 15 years. It has helped
them establish a robust procurement network as well as healthy
relationships with clients.

* Funding support from promoters: Apart from the working capital
limit availed from bank, the promoters have extended interest
free unsecured loans to the company to aid liquidity, which
increased to INR66 lakh as on March 31, 2017 from INR29 lakh as
on March 31, 2016.

Outlook: Stable

CRISIL believes that MVEPL will continue to benefit over the
medium term from the promoter's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's financial risk profile
on account of better than expected accruals or equity infusion
from the promoters. Conversely, the outlook may be revised to
'Negative' if MVEPL undertakes aggressive, debt-funded capex; or
reports lower than expected revenue and profitability, or stretch
in working capital cycle, thereby weakening its financial risk
profile.

MVEPL was incorporated in fiscal 2013 by Mr. Vishwanath Gupta,
and is primarily engaged in milling of non-basmati rice. It has
an installed capacity of 8 tons/ hour and is located in Bhagaura
district of Gorakhpur (Uttar Pradesh). The sells rice under the
brand name of 'Siddhibhog'. It also exports to Nepal, and has
started exporting to Bangladesh in the current year.


MADHYA BHARAT: CRISIL Lowers Rating on INR20MM Cash Loan to D
-------------------------------------------------------------
CRISIL has been consistently following up with Madhya Bharat
Phosphate Private Limited (MBPL) for obtaining information
through letters dated September 20, 2017, and October 10, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         0.9        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+ Issuer
                                     Not Cooperating')

   Cash Credit           20.0        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable
                                     Issuer Not Cooperating')

   Letter of Credit       8.0        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+ Issuer
                                     Not Cooperating')

   Proposed Long Term     16.1       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable
                                     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

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of MBPPL (MBPPL; part of
Madhya Bharat group) to 'CRISIL BB+/Stable/CRISIL A4+/Issuer Not
Cooperating'. However, the management subsequently started
sharing the requisite information, necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
downgraded the ratings on bank facilities of MBPPL from 'CRISIL
BB+/Stable/CRISIL A4+/Issuer not cooperating' to 'CRISIL D/CRISIL
D/Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBPL and AP India Biotech Pvt Ltd
(API). This is because the two companies together referred to as
the MB group, have strong business linkages as they are engaged
in the same line of businesses; API has been supplying raw
material (rock phosphate) to MBPL since July 2012. Furthermore,
MBPL has a shareholding of 99.99 per cent in API and has provided
loans and advances of INR5.2 crore to the company to support its
working capital requirements.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of debt obligations: Due to sluggish
business environment leading to decline in scale and stretch in
working capital cycle has resulted in delay is servicing of debt
obligations.

Strengths

* Promoters' extensive industry experience: Promoters' extensive
industry experience and funding support and established
relationship with its key customer, Shri Ram Fertilizers
Chemicals Ltd (Shriram).

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).

API Biotech Pvt Ltd is the raw material supplier for MBPPL.


MANSHA BUILDERS: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mansha
Builders & Contractors' 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 these ratings. The rating
will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund based limit maintained in non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established 2009, the company executed engineering, procurement
and construction work, mainly related to road construction.


MAXWORTH PLYWOODS: ICRA Lowers Rating on INR3cr LT Loan to D
------------------------------------------------------------
ICRA has downgraded the long-term and short-term ratings assigned
for the INR6.00 crore bank facilities of Maxworth Plywoods
Private Limited to [ICRA]D from [ICRA]B+ (Stable)/A4.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Fund        3.00       Downgraded to [ICRA]D ISSUER
   based limits                     NOT COOPERATING from [ICRA]B+
                                    (Stable); Ratings continue to
                                    be in 'Issuer not
                                    cooperating' category

   Long/Short term-      3.00       Downgraded to [ICRA]D
   Unlocated limits                 ISSUER NOT COOPERATING from
                                    [ICRA]B+ (Stable)/A4; Ratings
                                    continue to be in 'Issuer not
                                    cooperating' category

The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".
The rating downgrade takes into account delays in debt servicing
by the MPPL to the lender(s), as confirmed by them to ICRA. As
part of its process and in accordance with its rating agreement
with Maxworth Plywoods Private Limited, 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. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Rationale

The rating downgrade takes into account delays in debt servicing
by the MPPL to the lender(s), as confirmed by them to ICRA.

Maxworth Plywoods Private Limited was incorporated in the year
1995 in Visakhapatnam by Mr. Rajiv Agarwal and Ms. Nidhi Agarwal.
The company is engaged in manufacturing of plywood, block boards,
flush doors and is also engaged in trading of veneers, timber and
resins & chemicals.


MOHAMAD ISRAIL: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mohamad Israil
Cold Storage Private Limited's (MICSPL) 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:

-- INR23.9 mil. Fund-based working capital limit migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR50.18 mil. Long-term loans due on March 2028 migrated to
    Non-Cooperating Category with IND B (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 2003, MICSPL operates a cold storage and has a
related capacity of 15,430 metric tons in Ara, Bihar. It mainly
stores agricultural and horticultural products.


NAHAR LOGISTICS: CRISIL Assigns B+ Rating to INR11MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Nahar Logistics Park Private Limited
(NLPPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               11        CRISIL B+/Stable

   Proposed Long Term       1.2      CRISIL B+/Stable
   Bank Loan Facility

   Proposed Overdraft
   Facility                 0.8      CRISIL B+/Stable

The rating reflects NLPPL's moderate project risk related to the
development of office space, and stretched liquidity position of
the company with DSCR of about 1.1-1.2 times, since accruals are
used to fund the capital expenditure requirements. The company
also has geographic concentration and its smaller scale of
operations impacts its bargaining power with its customers. These
weaknesses are partially offset by the experience of the
promoters in the transport and logistics industry along with long
term agreements with customers such as Amazon, Flipkart, Mahindra
& Mahindra, ProConnect, Haier and Daikin.

Analytical Approach

CRISIL has treated the unsecured loans from promoters and related
parties of INR109 lakhs as neither debt nor equity. This is
because it is subordinated to all forms of external borrowings
and interest will be ploughed back if it is higher than bank
rate.

Key Rating Drivers & Detailed Description

Weakness

* Moderate project risk: The promoters plans to build commercial
office space on the remaining land near the warehouses over next
18-24 months. The project cost is estimated at INR4 crore of
which 60% will be funded by debt and rest internal
accruals/equity infusion. The project has moderate risk of
construction as well as demand owing to limited experience of
promoters in office leasing space.

* Stretched liquidity position: Liquidity remains stretched as
reflected in the company's limited cash balance of about INR 1
lakh as on March 31, 2018. Further, it relies on internal
accruals to meet its ongoing capital expenditure. Also, there is
no working capital facility to provide cushion for delays in
payments by customers. The company had also availed of a clean
overdraft facility of INR90 lakhs in November 2017 to fund
infrastructure development on its land around the warehouses,
which was subsequently paid by March 2018. CRISIL expects the
liquidity position to remain stretched in the near term, owing to
the expansionary phase of the company. Any large capital
expenditure as well as withdrawal or infusion of equity will be
the key rating monitorables.

* Small scale of operations: Scale of operation has been moderate
with turnover of INR 1.9 crore in fiscal 2017 and INR4.7 crore in
fiscal 2018, amid intense competition and low product
differentiation that limits pricing power with customers. This is
further constrained by geographical concentration as all of its
warehouses are located around Ludhiana. CRISIL expects the scale
of operations to improve over the medium term as the company has
diversified its customer profile and even plans to enter the
commercial office leasing space in the medium term.

Strengths

* Promoters experience in transport and logistics industry: The
promoters' experience of more than 50 years in transport and
logistics industry has helped develop deep understanding of the
local market dynamics and health relations with customers
assuring regular cash flows.

* Quality of customers: Revenue of the company is primarily
rentals availed of by leasing the warehouses. The primary three
customers or lessee are Amazon, Flipkart and Mahindra & Mahindra,
which account for around 70% of total revenue. Payment from these
customers are received in advance before the 15th day of each
month, thereby reducing risk of delay in receipts. Further, two
of these companies, Amazon and Flipkart, have developed
infrastructure in the company's warehouse (collectively of around
INR8-10 crore), reducing the probability of these companies
switching to any other warehouse. Exit of any tenant, primarily
Amazon and Flipkart will be key rating monitorable.

* Moderate financial risk profile: NLPPL's profitability has been
moderate with EBITDA margin of around 90-95%, resulting in a net
cash accrual of INR1 crore in fiscal 2017 and INR2 crore in
fiscal 2018 (provisional). CRISIL expects net cash accruals to
increase to INR3 crore in the near term which is sufficient
enough to meet the repayment obligations of the company. Debt
Service Coverage Ratio is expected to remain moderate within the
range of 1.1 ' 1.3 times over the next two fiscals.

Outlook: Stable

CRISIL believes NLPPL will benefit from the long term customer
agreements resulting in stable revenue generation of the company.
Outlook may be revised to 'Positive' in case the scale of
operations increase substantially with stable profitability and
improving DSCR. Conversely, the outlook may be revised to
'Negative' due to lower than expected sales reflecting the exit
of one or more customers leading to lower cash accruals or large
than expected capital expenditure adversely impacting financial
risk profile.

NLPPL was incorporated in 2015 and held by four shareholders -
Mr. Jagdial Singh, Mr. Sanjay Sehgal, Mr. Jasdeep Singh Sohi and
Mr. Digvijay Singh. The company constructs and leases warehouse
spaces on the outskirts of Ludhiana providing good connectivity
to Delhi, Chandigarh and Amritsar. At present it has three
warehouses which are 100% leased out to Amazon, Flipkart,
Mahindra & Mahindra, ProConnect, Haier and Daikin.


NATURAL TECHNOFAB: CRISIL Moves B Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Natural Technofab
(NTF) for obtaining information through letters and emails dated
March 26, 2018, April 13, 2018 and April 18, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.75      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)


   Long Term Bank
   Facility               4.73      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .52      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 Natural Technofab, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Natural Technofab 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 Natural Technofab to CRISIL B/Stable Issuer not
cooperating'.

Established in 2016 as a partnership firm by Mr. Jagdish Panara
and Mr. Hitesh Gandhi, NTF is setting up a plant in Gujarat to
manufacture polythene woven sacks bags with capacity of 4320
tonne per annum. Production is expected to start from March 2017.


NGD JEWELS: CRISIL Reaffirms B Rating on INR6.95MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of NgD Jewels (NGD) at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            6.95       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .45       CRISIL B/Stable (Reaffirmed)

   Term Loan               .60       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect working capital-intensive, and a
small scale of, operations in the competitive retail jewellery
segment. The ratings also factor in a below-average financial
risk profile due to below-average debt protection metrics and an
aggressive capital structure. These weaknesses are partially
offset by the extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the competitive retail jewellery
segment: Revenue was INR15.4 crore in fiscal 2017, and is
expected to remain modest due to high fragmentation and intense
competition in the jewellery industry.

* Below-average financial risk profile: Gearing was high at 2.54
times and networth small at INR2.9 crore, as on March 31, 2017.
The debt protection metrics are below-average: interest coverage
ratio was 1.87 times in fiscal 2017. The financial risk profile
will remain below-average over the medium term because of
continued high reliance on working capital debt.

* Working capital-intensive operations: Gross current assets were
high at 215 days during fiscal 2017, because of large inventory,
and will remain high over the medium term.

Strength

* Extensive industry experience of the proprietor: The proprietor
has extensive experience in the gold jewellery industry; the
experience has helped to gain an insight into customers' buying
patterns and identify trends in jewellery designs. This should
enable the firm to maintain its business risk profile over the
medium term.

Outlook: Stable

CRISIL believes NGD will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant and sustainable improvement
in cash accrual driven by increasing revenue and stable
profitability, or substantial infusion of capital, leading a
better financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile, especially liquidity,
weakens, most likely due to lower cash accrual, stretched working
capital requirement, or capital withdrawal.

NGD was set up in the 1989 as a proprietorship firm, Neettukattil
Gold Park, by Mr Ali Neettukattil; it was renamed in 2013. The
firm retails jewellery at its showroom at Valanchery, Kerala; it
offers a wide range of gold, silver, diamond, and platinum
jewellery.


P.C.S. TRADES: ICRA Withdraws B- Rating on INR6cr Fund Based Loan
-----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- ISSUER NOT
COOPERATING with a stable outlook assigned to the INR6.00-crore
fund based facility of P.C.S. Trades.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based facility      6.00      [ICRA]B-(Stable) ISSUER NOT
                                      COOPERATING; withdrawn

Rationale

The long-term rating assigned to PCS has been withdrawn at the
request of the company, based on the no-objection certificate
provided by its lender.

P.C.S. Trades is a sole proprietorship firm, established by Mr.
PCS Govindarajaperumal in the year 2001. The firm is located in
Virudhunagar, a very busy agricultural marketing center in the
state of the Tamil Nadu. P.C.S. Trades is involved in the trading
of agricultural commodities like dun peas, green peas, orid dhal,
chick peas, green moong etc. Majority of the supplies of the firm
are imported from Canada, Australia, Russia, Ukraine and Burma
and are sold marjorly in Tamil Nadu, Kerala, Karnataka and Andhra
Pradesh. Mr. Sundararajan, father of Mr. Govindarajaperumal, runs
a firm that is solely involved in the trading of coriander.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR24 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, PBPL is engaged in the business of civil
construction works. Its head office is in Delhi.


RASHMI MOTOR: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Rashmi
Motor's (Rashmi) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR308 mil. (increased from INR168 mil.) Fund-based limits
    affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects the firm's partnership nature of
business, low profitability margin, and modest scale of
operations and credit metrics inherent to the dealership
business. Revenue grew to INR2,483 million in FY17 (FY16:
INR1,516 million) attributed to a rise in sales volumes. It
achieved revenue of INR2,788 million from sale of vehicles in
FY18. EBITDA margin improved to 2.1% in FY17 (FY16: 1.7%) owing
to a rise in other operating revenue, which included discounts
and incentives from Ashok Leyland, and income from services.

Consequently, gross interest coverage (operating EBITDAR/gross
interest expense + rent) improved to 2.7x in FY17 (FY16: 1.6x)
and net financial leverage (total adjusted debt/operating
EBITDAR) to 3.4x (5.0x). However, Ind-Ra expects the credit
metrics to deteriorate in the coming years due to a substantial
increase in the fund-based limits to meet its working capital
requirement.

The ratings are also constrained by high geographical
concentration risk as the firm operates in eastern and coastal
Odisha.

However, the ratings continue to benefit from Rashmi's
comfortable liquidity position as reflected by 85.44% average
utilization of the fund-based limits during the 12 months ended
April 2018.

RATING SENSITIVITIES

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

Negative: A negative rating action could result from a
substantial deterioration in the credit metrics or liquidity
position.

COMPANY PROFILE

Incorporated in 1995, Rashmi is an authorized dealer of Ashok
Leyland. It is managed by Rajat Kumar Baliarsinha, and his wife
Babita Baliarsinha.


REGAL TRANSCORE: CRISIL Reaffirms B+ Rating on INR8.75MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Regal
Transcore Laminations Private Limited (RGTLPL; part of Udasee
Group [UG]) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       4         CRISIL A4 (Reaffirmed)
   Cash Credit            8.75      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      16.00      CRISIL A4 (Reaffirmed)

The ratings continue to reflect UG's modest financial risk
profile and working-capital-intensive operations. These
weaknesses are partially offset by the promoters' extensive
experience, and diverse revenue profile.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RGTLPL and Udasee Stampings Pvt Ltd
(USPL). The companies-together referred to as UG here-have common
promoters and management, and strong operational linkages;
furthermore, they are in the same business.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile: Networth and gearing were
INR8.70 crore and 3.42 times, respectively, as on March 31, 2017,
and are estimated at INR9.5 crore and 2.83 times as on March 31,
2018. Interest coverage and net cash accrual to adjusted debt
ratios were around 1.3 times and 0.03 time, respectively, in
fiscal 2017, and should be around 1.4 times and 0.04 time in
fiscal 2018.

* Working-capital-intensive operations: Gross current assets were
231 days as on March 31, 2017, mainly led by sizeable receivables
and moderate inventory of 162 and 41 days, respectively. Gross
current assets are estimated at 231 days as on March 31, 2018.

Strengths:

* Extensive experience of the promoters in the industry: Benefits
from the promoters' experience of three decades, established
relationships with customers and suppliers, and strong grasp of
local market dynamics should continue to support business risk
profile.

* Diverse revenue profile: Clientele is spread across Uttar
Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, and Gujarat;
therefore, risks related to customer and geographic concentration
is low.

Outlook: Stable

CRISIL believes UG will continue to benefit from its established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if a sizeable equity infusion, substantial
cash accrual, or significant improvement in working capital
management strengthens financial risk profile. The outlook may be
revised to 'Negative' if a stretch in working capital cycle,
large capital expenditure, or decline in operating margin weakens
liquidity.

RGTLPL was established as a proprietary (Regal Laminator) in
1988, and was reconstituted as a private limited company with the
current name in 1998. USPL was incorporated in 1993. The two
companies are promoted by Udasi family, and the manufacturing
plants are in Jaipur.

UG manufactures electrical laminations for transformers, and
primarily caters to transformer manufacturers, which supply to
state electricity boards.


REWINDER TECHNO: Ind-Ra Maintains 'BB-' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rewinder
Techno Electricals' (RWE) 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 these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

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

-- INR20 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1974, RTE provides navigational aids to aircraft
during landing under the Runway Lighting Project to facilitate
safe landing during night or in bad weather. The company is also
constructing a technical building and radar towers for the Indian
Air Force.


SAMARTHA LEISURES: CRISIL Ups Rating on INR3.29MM Loan to B+
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Samartha Leisures and
Restaurants Private Limited (SLRPL) to 'CRISIL B/Stable Issuer
not cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SLRPL from 'CRISIL
B/Stable Issuer not cooperating' to 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            3.29       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable Issuer
                                     Not Cooperating')

   Long Term Loan         3.01       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable Issuer
                                     Not Cooperating')

The upgrade reflects CRISIL belief that liquidity of the company
is expected to see an improvement backed by increasing cash
generation. Steady growth in turn-over backed by strong operating
margins of well over 40 per cent will help the company to
register increase in its cash accruals over the medium term.
Increasing cash accruals of just above INR1. cr will sufficiently
cover yearly fixed debt obligations of INR70 lacs per annum.
CRISIL also believes that the liquidity will remain supported by
adequate cushion in the working capital bank lines. SLRPL's
average financial risk profile, marked by low networth, high
gearing and moderate debt protection metrics, and small scale of
operations in the intensely competitive hospitality industry.
These rating weaknesses are partially offset by the promoters'
extensive experience in the hotel industry.

Key Rating Drivers & Detailed Description

Weakness

* Moderate financial risk profile: The financial risk profile is
driven by estimated small networth of INR2 cr as on march 31,
2018 and high gearing of 3.47 times as on March 31, 2018. The
company had weak interest coverage and NCATD ratio of 2.47 times
and 0.14 times, respectively in fiscal 2018.

* Modest scale of operations: High geographical concentration-as
SLRPL owns only one hotel with limited capacity of 35 rooms
having average tariff rates of RINR2500-INR4300 and low occupancy
level of 40% - eads to small revenues. Limited capacity with
revenue concentration risk is expected to constrain the scale of
operations over the medium term.

Strength

* Extensive experience of promoters in the hotel industry: The
promoter family ventured into the hotel industry in 2002 through
a partnership firm, Hotel Aditya Palace-15 rooms, in Bhusaval.
Crisil benefits from the experience of the promoters are expected
to support the business risk profile over the medium term.
Outlook: Stable

CRISIL believes SLRPL will benefit over the medium term from the
promoters' extensive experience in the hotel industry. The
outlook may be revised to 'Positive' if significant ramp-up in
occupancy rate leads to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' if the cash accruals
decline, driven by inflationary pressure on cost or large debt-
funded capital expenditure, constraining financial risk profile,
particularly liquidity.

SLRPL was incorporated in 2010 by Mr Vinayak Phalak and Ms Rohini
Phalak. The company operates a hotel, Tanarika Resort, at
Bhusaval in Jalgaon (Maharashtra). The hotel commenced operations
in October 2012. It is equipped with 2 suites, 33 business class
rooms, 2 banquet halls, a bar, a multi-cuisine restaurant, a
conference hall, a lawn, and a swimming pool.

For 2017-18, SLRPL reported estimated profit after tax (PAT) of
INR 0.10 cr on net sales of INR2.9 cr; the company reported a PAT
of INR0.20 cr on net sales of INR3.1 cr for 2015-16.


SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR45MM Loan to D
-------------------------------------------------------------
CRISIL has been consistently following up with Sanjivani
Paranteral Limited (SPL) for obtaining information through
letters and emails dated June 29, 2017 and September 1, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Bank Guarantee         6.5         CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4/Issuer Not
                                      Cooperating')

   Cash Credit           45.0         CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B/Stable/
                                      Issuer Not Cooperating')

   Export Bill            1.0         CRISIL D (Issuer Not
   Purchase-                          Cooperating; Downgraded
   Discounting                        from 'CRISIL A4/Issuer Not
                                      Cooperating')

   Proposed Long          8.8         CRISIL D (Issuer Not
   Term Bank Loan                     Cooperating; Downgraded
   Facility                           from 'CRISIL B/Stable/
                                      Issuer Not Cooperating')

   Term Loan              4.2         CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B/Stable/
                                      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 SPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information' which is usually mapped
to CRISIL B' category or lower. Based on the last available
information,

CRISIL has downgraded its ratings on the bank loan facilities of
SPL from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' to
'CRISIL D/CRISIL D Issuer Not Cooperating'. The downgrade
reflects the delays in repayment of term loan for past more than
3 months, caused primarily by weak liquidity position.

Incorporated in 1994, SPL manufactures mainly injectibles in the
antibiotics segment and also owns branded capsules, tablets, and
formulations. The company is promoted by Mr. Ashwin Khemka.


SHREE BALAJI: CRISIL Moves 'B' Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Shree Balaji
Cotgin Private Limited (SBCPL) 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           2.75       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    1.23       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Migrated)

   Term Loan              2.02      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 Shree Balaji Cotgin Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shree Balaji Cotgin 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 Shree Balaji Cotgin 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.

SBCPL, incorporated in 2014, is managed by Mr Ravikumar Garg and
Mr Gokulsing Dhobal. The company gins and presses cotton to make
bales. It has a manufacturing capacity of 1000 quintal of cotton
per day. Its registered office is in Mantha, Maharashtra.


SHREE DWARKADHISH: Ind-Ra Migrates 'D' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree
Dwarkadhish Udyog Private Limited's Long-Term Issuer Rating to
'IND D' from 'IND BB-' while simultaneously migrating it to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. The rating is based on publicly available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits downgraded and
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by SDUPL due to a
tight liquidity position.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2012 by Ranchi-based Sarwagi family, Shree
Dwarkadhish Udyog is involved in the trading of construction
materials.


SHRI HARIDARSHAN: ICRA Lowers Rating on INR10.50cr Loan to D
------------------------------------------------------------
ICRA has downgraded ratings for the INR12.50 crore of bank
facilities of Shri Haridarshan Jewellers to [ICRA]D from
[ICRA]BB-(Stable)/[ICRA]A4. ICRA has also moved the ratings to
the 'Issuer Not Cooperating' category'. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         10.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Revised from [ICRA]BB-(Stable)
                                  and moved to 'Issuer Not
                                  Cooperating' category

   Short Term           2.00      [ICRA]D ISSUER NOT COOPERATING;
   fund-based                     Revised from [ICRA]A4 and moved
                                  to 'Issuer Not Cooperating'
                                  category

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

Rationale

The rating downgrade follows the delays in debt servicing by Shri
Haridarshan Jewellers to the lender, as confirmed by them to
ICRA.

Shri Haridarshan Jewellers (SHJ) was established in 1990 by Mr.
Kaushik Patadia. The firm is engaged in manufacturing and
wholesale of gold jewellery with operations based in Ahmedabad.
The firm currently operates out of its wholesale unit based in
C.G. Road. SHJ also owns three workshops situated in Manekchowk
which employs about 100 artisans who manufacture gold jewellery
for SHJ on job work basis.


SIDDHI FERROUS: ICRA Withdraws B+ Rating on INR9.50cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with stable
outlook and the short-term rating of [ICRA]A4 outstanding on the
INR17.00 crore bank limits of Siddhi Ferrous LLP (SFL).

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     9.50       [ICRA]B+ (Stable); Withdrawn
   Based (Cash
   Credit)

   Long Term-Term
   Loan               0.70       [ICRA]B+ (Stable); Withdrawn

   Short Term-Non-
   Fund Based         4.00       [ICRA]A4; Withdrawn

   Long Term/Short    2.80       [ICRA]B+ (Stable)/[ICRA]A4;
   Term-Unallocated               Withdrawn

Rationale

The ratings have been withdrawn in accordance with ICRA's policy
on withdrawal and suspension, at the request received from the
company and based on no-objection certificate provided by its
lenders.

SFL was formed in the year 2003 as a partnership firm. It was
converted to Limited Liability Partnership (LLP) in the year
2010. The firm is engaged in the mass production of ductile
ferrous castings. SFL manufactures (i) SGCI inserts which are
used for interlocking the railway tracks onto the concrete
sleeper and (ii) automotive parts such as brackets etc. for auto
OEMs. The manufacturing plant is located at Silvassa at union
territory of Dadra & Nagar Haveli.


SIMPLON CERAMIC: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Simplon Ceramic
Private Limited (SCPL) for obtaining information through letters
and emails dated March 26, 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
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit             2       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      1.5     CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan               7       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 Simplon Ceramic Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Simplon Ceramic Private Limitedis
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 Simplon Ceramic Private Limited to CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in February 2015 and promoted by Mr. Ashvin
Bhoraniya and others, SCPL has set up a facility to manufacture
digital wall tiles.


SOLVEX PRIVATE: Ind-Ra Moves 'BB+' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated MS Solvex
Private Limited's (MSSPL) 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
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR140 mil. Term loan due on March 31, 2022 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 8, 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 2012, MSSPL is promoted by Mr. Sanjay
Kumar Chopra, Mr. Manish Chopra, Mr. Ankit Agrawal and Mr. Naveen
Agrawal. The company is engaged in the manufacturing of de-oiled
soya cakes and refined soya bean oil. It has a solvent extraction
plant with 400 tons per day (tpd) capacity, a 100tpd refining
unit and a 4tpd lecithin powder plant in Village Jamunia Khurd,
Neemuch (Madhya Pradesh). MSSPL sells its products under the MS
Gold and Neh Lite brands.


SRI LAXMI: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sri Laxmi
Constructions (SLC) for obtaining information through letters and
emails dated February 19, 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
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Overdraft               4        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     10        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 Sri Laxmi Constructions, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sri Laxmi Constructions 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 Sri Laxmi Constructions to CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

Established in 2009-10 as a partnership firm, Sri Laxmi
Construction (SLC) is engaged in civil construction activities
primarily in Roads & over-bridges segment. Based in Hyderabad
(Telangana), the firm is promoted and managed by Mr.C Vijay
Reddy.


SRI PRASANNA: CRISIL Lowers Rating on INR7.5MM Cash Loan to D
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Prasanna
Metals and Alloys (SPMA) for obtaining information through
letters and emails dated July 17, 2017 and August 14, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable
                                     Issuer Not Cooperating')

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4 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 SPMA. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SPMA is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower.

Based on the last available information, CRISIL has downgraded
its ratings on the bank loan facilities of SPMA from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL D/CRISIL D
Issuer Not Cooperating'. The downgrade reflects the delays in
repayment of loan for past more than 30 days, caused primarily by
weak liquidity position.

SPMA, set up in 2004, is involved in fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by three partners - N Muruganandam, R Manivannan and PS
Veeramani.


TRISHUL TREAD: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Trishul Tread
Private Limited's (TTPL) 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:

-- INR170 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional 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

TTPL was set up in 1998 in Bhubaneswar, Odisha as a private
limited company by Mr. Kabir Taneja.

The company operates in broader segments of heavy earth moving
machines, construction machinery ranging from excavators,
loaders, backhoe loaders, compactor, cranes and other multi-
utility machines.


VALLI MURUGAN: CRISIL Lowers Rating on INR3.5MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Valli
Murugan Tile Works & Chamber Bricks (VMTCB) to 'CRISIL D' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            2.5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      .5        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              3.5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delay by VMTCB in servicing
its debt, on account of weak liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: VMTCB's financial risk profile is
subdued following high external debt and weak liquidity arising
due to low cash accrual generation

Strength

* Extensive experience of promoter: The promoter Mr. S. Palani
Nadar have been in the construction materials industry for more
than four decades, which is expected to support business risk
profile over the medium term.

Established in 2002, VMTCB is engaged in the manufacture of clay
bricks. The firm's operations are based in Surandai, Tamilnadu.
The day-to-day operations of the firm are managed by Mr. S Palani
Nadar.


VASUDHA AGRO: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vasudha Agro
Food Products Private Limited's (VAFPPL) 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:

-- INR35.0 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating; and

-- INR46.5 mil. Proposed long-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 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VAFPPL was incorporated in 2015 for setting up a food processing
plant in Hajipur city, Bihar (around 21km from Patna) to produce
grit and flour from maize and rice as main products, and maize
germs and maize fiber as by-products. The plant was expected to
be operational from October 2017.


VITTHAL TEXTILES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Vitthal Textiles
Private Limited (VTPL) for obtaining information through letters
and emails dated February 28, 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
   ----------         ---------     -------
   Bank Guarantee         .04       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit           7.20       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    2.88       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan             0.38       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 Vitthal Textiles Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Vitthal Textiles 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 Vitthal Textiles Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

VTPL was set up in 2005 by Mr Ashish Gujarathi, Mr Prasant
Gujarathi, and Mr Shah Govardhandas Bhikharidas (Hindu Undivided
Family). The company manufactures wide-width grey cloth, used to
manufacture bed sheets and curtains. Its manufacturing facility
is in Shirpur, Maharashtra.


YASHMUN ENGINEERS: CRISIL Reaffirms B+ Rating on INR4MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Yashmun Engineers Limited (YEL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        2.25       CRISIL A4 (Reaffirmed)

   Cash Credit           4.00       CRISIL B+/Stable (Reaffirmed)

   Overdraft             1.00       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.75      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect YEL's modest scale of operations,
large working capital requirement, and exposure to risk of
customer concentration in revenue profile. These weaknesses are
partially offset by the experience of the promoters in the power
services industry and healthy capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with
revenue estimated at INR20.5 crore in fiscal 2018, amid intense
competition limits pricing power with suppliers and customers,
thereby constraining profitability. Operating losses of INR1.90
crore and INR2.40 crore were reported in fiscals 2016 and 2017,
respectively, due to no minimum offtake. However, operating
profit estimated at about INR1 crore is recorded in fiscal 2018.

* Large working capital requirement: Gross current assets are
estimated at 166 days as on March 31, 2018, due to sizeable
debtors of 140 days.

* Customer concentration in revenue profile: Deriving 60-65% of
the revenue from Tata Power Co Ltd (TPC), exposes YEL to risks of
customer concentration. This increases the susceptibility of the
revenue and earnings profile to orders received from TPC. Any
material shift in order flow from TPC is likely to significantly
influence YEL's performance.

Strengths

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

* Healthy capital structure: Total outside liabilities to
adjusted networth ratio is estimated at 0.9 time as on March 31,
2018, driven by low debt levels.

Outlook: Stable

CRISIL believes YEL will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if significant and sustained improvement in revenue
and profitability or prudent working capital management
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if considerable decline in revenue or
profit margins, stretch in working capital cycle, or any large,
debt-funded capital expenditure weakens financial risk profile.

YEL, established in 1947, is an associate company of TPC; it
provides billing, meter switching and maintenance services for
TPC in Mumbai. YEL also undertakes hot line washing and rewinding
of motors and generators. Mr K P Battiwala and family are the
promoters.


Z. F. FILAMENTS: CRISIL Migrates Rating to B-
---------------------------------------------
Due to inadequate information and in line with the guidelines of
Securities and Exchange Board of India, CRISIL had migrated the
ratings on the bank facilities of Z. F. Filaments Private Limited
(ZFF) to 'CRISIL B-/Stable; Issuer not cooperating' on Nov. 28,
2017. However, the firm's management subsequently shared
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings to 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.64       CRISIL B-/Stable (Migrated
                                    from 'CRISIL B-/Stable Issuer
                                     Not Cooperating')

   Long Term Loan        2.04       CRISIL B-/Stable (Migrated
                                    from 'CRISIL B-/Stable Issuer
                                    Not Cooperating')

   Proposed Long Term    1.32       CRISIL B-/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B-/Stable Issuer
                                    Not Cooperating')

The rating reflects its promoter's extensive experience in the
textile industry. These strengths are partially offset by firm's
modest scale of operations, and below-average financial risk
profile because of modest networth, high gearing, and subdued
debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The financial risk
profile is driven by estimated small networth and high gearing of
11 times as on March 31, 2018. The company had weak interest
coverage and NCATD ratio of 1.8 times and 0.09 times,
respectively in fiscal 2018.

* Modest scale of operation: Sales were INR15.5 crore in fiscal
2018. The small scale of operations will restrict pricing
flexibility and lessen bargaining power with suppliers and
customers. This also limits the benefits and economies associated
with a larger scale.

Strength:

* Extensive experience of promoters in textile industry: The
promoter has experience of more than two decades in textile
industry. The promoter's vast experience has helped the firm to
gain an understanding of the textile industry and local market.
CRISIL believes that the firm will continue to benefit from the
promoter's experience in textile industry.

Outlook: Stable

CRISIL believes ZFF will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected revenue or
profitability leading to substantial cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual or significant incremental working capital
requirement, leading to deterioration in liquidity.

ZFF, set up in 2002 by Mr. Ashfaq Ansari, manufactures grey
fabric. It is based in Dhule, Maharashtra, and has capacity of
450,000 metre per month.

For 2016-17, TDM reported a profit after tax (PAT) of INR 0.20 cr
on net sales of INR10.9 cr; the company reported a PAT of INR0.40
cr on net sales of INR4.9 cr for 2015-16.



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


ORANGE-H GROUP: Placed Into Receivership; Owes NZ$30 Million
------------------------------------------------------------
Rebecca Howard at The New Zealand Herald reports that Orange-H
Group, the McConnell entity set up to run down the residual
Hawkins assets after the sale to Downer Group, has been tipped
into receivership by its shareholder and creditor just 10 days
after being ordered to pay $13.4 million over a leaky school.

In April last year, ASX-listed engineering consultancy Downer EDI
acquired Hawkins' construction, infrastructure and project
management businesses from the McConnell Family for A$55.4
million ($59.9 million).

Orange-H Group, which remains part of McConnell Ltd, retained a
number of legacy and ongoing projects. At the time of the
acquisition, Hawkins had negative working capital.

Orange-H now owes creditors approximately $30m but has claims
outstanding with customers of more than $20m, cash-backed bonds
of $14m and further retentions owing, spokesman David McConnell
said in a statement.

"The board and management have worked very hard and been in close
negotiation with Orange-H Group's leading creditors but the
process to secure final payments from the various customers has
been complex and has taken a lot longer than anticipated and
created a cash flow timing issue," the report quotes Mr.
McConnell as saying.  "We were also concerned that a number of
parties were commencing legal action and we were mindful of our
responsibility to exercise our fiduciary duties".

According to the report, Mr. McConnell said there is "significant
value" in the group, with all but two of the legacy projects now
completed and only minor work still outstanding on one of these.
"The board's focus is now to leave the company in the best
possible position for the receivers to achieve substantial
recoveries," he said.

Receivers Andrew Grenfell and Conor McElhinney of McGrath Nicol
have been appointed, the report discloses.

Earlier this month, H Construction North Island, which also used
to be part of the Hawkins construction business and is a
subsidiary of Orange-H, was ordered to pay $13.4 million towards
repairing nine leaky buildings at Botany Downs Secondary School
in east Auckland, the Herald recalls.

In the High Court in Auckland, Justice Mathew Downs ruled against
the company, which built a series of interlinking two-storey
buildings with interconnecting roofs between 2003 and 2009,
agreeing "the roofs leak because they suffer a host of
construction defects, including missing fixings and poorly formed
penetrations" and that the ex-Hawkins unit was liable to pay the
cost plus GST of remedying five of the six defects, and one
component of the sixth defect.



=============
V I E T N A M
=============


VIETNAM: Fitch Upgrades Long-Term FC IDR to BB, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The upgrade of the IDRs reflects the following key rating
drivers:

Vietnam's track record of policy-making focused on strong
macroeconomic performance has been improving. GDP growth
accelerated to 6.8% in 2017 from 6.2% in 2016 supported by the
export-oriented manufacturing sector and continued growth in
services. Vietnam's five-year average real GDP growth at end-2017
was 6.2%, far above the 'BB' median of 3.4%. Fitch expects growth
of 6.7% in 2018 in line with the growth target set by the
National Assembly, supported by strong inflows of foreign direct
investment (FDI), continued expansion in manufacturing and an
increase in private consumption expenditure. FDI inflows remained
strong in 2017, especially into the manufacturing sector, with
registered FDI increasing by around 40% from the previous year to
USD21.3 billion. As such, Vietnam would remain among the fastest-
growing economies in the Asia-Pacific region, and fastest among
'BB' rated peers.

Vietnam's external buffers have improved, with its foreign-
exchange reserves in 2017 rising to USD49 billion (around 2.5
months of external current payments, CXP), from USD37 billion at
end-2016, supported by large capital inflows and a current
account surplus. The improvement was facilitated by the
authorities' adoption of a flexible exchange-rate mechanism in
January 2016. Although the new exchange-rate mechanism could be
tested in a stronger dollar environment, the rise in foreign-
exchange reserves provides a cushion against external shocks.
Fitch projects foreign-exchange reserves to rise to around USD66
billion by end-2018, equivalent to a reserve coverage of 3.1
months of CXP.

Strong capital inflows and unsterilised reserve accumulation have
led to a build-up in liquidity in the banking system. As
evidence, five-year domestic government bond yields have declined
by about 150bp since the end of 2017 to around 2.6% at present.
The abundant liquidity could exacerbate volatility in Vietnam's
financial markets, especially against the backdrop of tighter
global monetary conditions and rapid domestic credit growth.

The authorities have maintained their commitment to containing
debt levels and reforming state-owned enterprises. Gross general
government debt (GGGD), as calculated by Fitch, declined to 52.4%
of GDP in 2017 from 53.4% in 2016, based on preliminary official
estimates, while outstanding government guarantees fell to 9% of
GDP by end-2017 from 10.3% at end-2016. As a result, Vietnam's
public debt (general government debt including guarantees)
declined to 61.4% of GDP by end-2017 down from 63.6% at end-2016,
and remained below the authorities' debt ceiling of 65% of GDP.
The decline in public debt was facilitated by inflows from
privatisation proceeds (or "equitization receipts"), close to the
target for the year. The privatisation (" or equitization")
programme for 2016-20 aims to raise revenues of VND250 trillion.

According to Fitch debt and deficit calculations, which are more
closely aligned with the Government Finance Statistics (GFS)
standard of accounting, general government debt is likely to fall
further and to decline to under 50% of GDP by 2019, aided by
proceeds under the privatisation (or "equitization") programme.
The authorities remain committed to bringing down the deficit and
debt levels under their 2016-2020 budget plan. Fitch expects the
budget deficit in 2018 (according to Fitch's adjusted deficit,
which is closer to GFS criteria) to narrow to around 4.6% of GDP
from around 4.7% in 2017.

The 'BB' IDR also reflects the following key rating drivers:

Vietnam's banking sector remains structurally weak and weighs
heavily on the sovereign rating. Fitch believes banking system
non-performing loans remain under-reported and true asset quality
is likely to be weaker than stated, and the agency expects it
will be more adequately addressed over the longer term.

Fitch believes that recapitalisation needs of the banking sector
remain a risk for the sovereign. In addition, structural systemic
weaknesses remain, as evident from thin capital buffers and weak
profitability. Further, while improving economic performance is
likely to support lower NPL formation, a sustained rapid credit
growth poses a risk to financial stability in the medium term.
Overall credit growth at end-2017 was around 18%, in line with
authorities' target. The official credit growth target for 2018
is currently 17%.

Despite lower government debt levels, the risk of contingent
liabilities arising from legacy issues at large state-owned
enterprises still remains a weakness for Vietnam's broader public
finances given the still-large role of the state in the economy.
Although the number of wholly owned state-owned enterprises
(SOEs) has been declining under the privatisation programme, it
was still significant at 505 at end-2017. Government guarantees
for state-owned entities and potential banking sector
recapitalisation costs continue to weigh on Vietnam's public
finances.

External debt sustainability metrics remain favourable. A high
share of concessional debt in total external debt is a strength
of Vietnam's external finances. External debt service as a
percentage of current external receipts (CXR) was 4.7% as against
12.1% of the 'BB' median. However, given the rise in per capita
income levels, Vietnam graduated from eligibility for
concessional financing under the World Bank's International
Development Association in 2017.The sovereign has been increasing
its share of domestic debt financing to prepare for the reduced
access to concessionary financing, which would increase funding
costs.

Vietnam's liquidity ratio of 214% is far stronger than the 'BB'
median of 164.8%, reflecting the concessional element of its
external debt. This helps to offset its low foreign-exchange
reserve cover of CXP relative to the 'BB' median.

Vietnam's per capita income and human development indicators
remain weaker than the peer median. Per capita income was
USD2,335 at end-2017 as against the 'BB' median of USD5,884.
Further, it fell in the 39th percentile on the UN Human
Development Index as against the 58th percentile for the 'BB'
median. Vietnam's ranking on the World Bank's worldwide
governance indicators improved further, on political stability
and rule of law. However, the country's ranking on the composite
governance metric is at the 41st percentile, still below the 'BB'
median of 48th percentile. On the Ease of Doing Business Index,
however, Vietnam ranks in the 65th percentile, above the 'BB'
median of the 57th percentile.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:

  - Structural Factors: -1 notch to reflect risks to macro
stability, including rapid credit growth and unresolved legacy
issues in the banking sector.

  - Public Finances: -1 notch to reflect relatively high
contingent liability risks stemming from government guarantees
for state-owned enterprises and potential banking sector
recapitalization costs.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch's criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are balanced.

The main factors that, individually or collectively, could
trigger positive rating action are:

  - Sustainable resolution of the structural weaknesses in the
banking sector.

  - Commitment to policy-making that entrenches macroeconomic
stability, including inflation stability and a further build-up
of external buffers.

  - Broader improvement in public finances through a sustained
decline in general government debt or contingent liabilities.

The main factors that, individually or collectively, could
trigger negative rating action are:

  - A shift in the macroeconomic policy mix that results in
macroeconomic instability, increased overheating risks, higher
inflation and rise in external imbalances.

  - Depletion of foreign-exchange reserves on a scale sufficient
to destabilise the economy or deter foreign investment.

  - Crystallisation of contingent liabilities on the sovereign's
balance sheet, which add to the government debt burden.

KEY ASSUMPTIONS

  - Global economic assumptions are consistent with Fitch's
latest Global Economic Outlook.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR upgraded to 'BB' from 'BB-';
Outlook Stable

Long-Term Local-Currency IDR upgraded to 'BB' from 'BB-'; Outlook
Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling upgraded to 'BB' from 'BB-'

Issue ratings on long-term senior unsecured foreign-currency
bonds upgraded to 'BB' from 'BB-'

Issue ratings on long-term senior unsecured local-currency bonds
upgraded to 'BB' from 'BB-'


                             *********

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 ***