TCRAP_Public/180525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 25, 2018, Vol. 21, No. 103

                            Headlines


A U S T R A L I A

EMECO HOLDINGS: Fitch Hikes LT Issuer Default Rating to 'B'
ERH TRANSPORT: Ex-Director Charged With Breaching Duties
ICON BREWING: First Creditors' Meeting Set for May 31
INTERNATIONAL BUSINESS: First Creditors' Meeting Set for May 31
NUFARM LTD: S&P Assigns BB- Rating to New US$475MM Unsec. Notes

PEPPER I-PRIME 2018-1: S&P Gives (P)B Rating to Class F Notes
SMEG ENTERPRISES: Second Creditors' Meeting Set for June 4
TOYS "R" US AUSTRALIA: First Creditors' Meeting Set for May 31


C H I N A

ANBANG INSURANCE: Sells Majority Stake in Century Securities
BIOSTAR PHARMACEUTICALS: Needs More Time to Complete Form 10-Q
CBAK ENERGY: Delays Filing of First Quarter Form 10-Q
YINGLI GREEN: Unit Ordered to Repay Remaining Medium-Term Notes
ZHONGRONG XINDA: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB-


H O N G  K O N G

SWING MEDIA: Court Appoints PwC as Liquidators


I N D I A

ALLAHABAD BYPASS: ICRA Withdraws D Rating on INR78.5cr LT Loan
ASHA STONE: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
BVS DISTILLERIES: Ind-Ra Maintains B- Rating in Non-Cooperating
CHEER SAGAR: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
DATTA MEGHE: CRISIL Migrates B Rating to Not Cooperating Category

DMK PARTICLEBOARD: ICRA Assigns B+ Rating to INR7.10cr Loan
FOREMOST INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
FORTIS HEALTHCARE: ICRA Puts B+ Rating on Review
GANESH YADAV: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
GUPTA & SONS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

GWASF QUALITY: ICRA Reaffirms B Rating on INR6.40cr Loan
HANUMANT SUGARS: ICRA Withdraws B+ Rating on INR19.74cr Loan
HILL-BROW: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
HINDUSTAN CONSTRUCTION: CRISIL Moves B Rating to Not Cooperating
IDBI BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable

KBS INDUSTRIES: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
KEW INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Category
KOPPAL SOLAR: CRISIL Lowers Rating on INR10MM Term Loan to D
KRS PHARMA: CRISIL Migrates B- Rating to Not Cooperating Category
LAGGAR INDUSTRIES: CRISIL Moves D Rating to Not Cooperating

LAXMI RICE: CRISIL Lowers Rating on INR12.5MM Cash Loan to B
M V SHIPTRADE: ICRA Removes B+ Rating From Issuer Not Cooperating
MADHYA BHARAT: CRISIL Moves D Rating to Not Cooperating Category
NEPTUNE SUPER: CRISIL Moves B Rating to Not Cooperating Category
NIKUNJ EXPORTS: CRISIL Moves B+ Rating to Not Cooperating

OSM PROJECTS: CRISIL Migrates B+ D Rating to Not Cooperating
P.A.S. PETRO: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
PARAS FOODS: CRISIL Migrates D Rating to Not Cooperating Category
PATIALA COTSPIN: Ind-Ra Maintains BB+ Rating in Non-Cooperating
PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR10MM Loan

RADHADAMODAR MULTIPURPOSE: CRISIL Reaffirms B+ Cash Credit Rating
RAJASTHAN FASTENERS: CRISIL Moves D Rating to Not Cooperating
RENEWSYS INDIA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
RISHIKA COTTONS: CRISIL Migrates B+ Rating to Not Cooperating
ROMEGA FOAM: CRISIL Cuts Rating on INR6.5MM Cash Loan to D

SAMBHAV SHELTERS: ICRA Assigns B+ Rating to INR30cr LT Loan
SHIVA STRUCTURES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
SHREE VENKATESHWARA: CRISIL Moves B Rating to Not Cooperating
SHREEDHAR MILK: ICRA Maintains D Rating in Not Cooperating Cat.
SHREYANS OILS: Ind-Ra Retains B Issuer Rating in Non-Cooperating

SHRIRAM PROPERTIES: CRISIL Moves C Rating to Not Cooperating
SORT INDIA: ICRA Puts 'D' Rating Under Review
SOUTHERN AUTO: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SRI CHAITANYA: CRISIL Migrates B+ Rating to Not Cooperating
SRI SUNFLOWER: CRISIL Moves D Rating to Not Cooperating Category

SUNIL HITECH: ICRA Lowers Rating on INR300cr Term Loan to B
SYNERGY AGRI: CRISIL Assigns B- Rating to INR2.75MM LT Loan
TEE VENTURES: ICRA Reaffirms B Rating on INR8cr LT Loan
TRENT CHEMICAL: Ind-Ra Lowers Long-Term Issuer Rating to BB+
UDDYAM CEMENT: CRISIL Reaffirms 'B' Rating on INR14MM LT Loan

V.R.N. ENTERPRISES: CRISIL Moves D Rating to Not Cooperating
VM STAR: Ind-Ra Maintains B+ LT Issuer Rating in Non-Cooperating
YADAV TRACTOR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Unable to Repay Debt of Almost $7-Bil.


N E W  Z E A L A N D

FLETCHER BUILDING: Cuts Deal With Bankers Amid Covenant Breaches
MAORI TELEVISION: Job Losses Expected Amid Financial Challenges


S O U T H  K O R E A

* SOUTH KOREA: Credit Union Delinquency Ratio Rises at End March


S R I  L A N K A

KOTAGALA PLANTATIONS: Fitch Affirms CC(lka) National LT Rating


V I E T N A M

VIETNAM BANK: Fitch Hikes IDR to BB- & Alters Outlook to Stable


                            - - - - -


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


EMECO HOLDINGS: Fitch Hikes LT Issuer Default Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has upgraded Australia-based Emeco Holdings
Limited's Long-Term Issuer Default Rating to 'B', from 'B-',
reflecting Fitch's view that the company is well positioned to
capitalise on its increased fleet size and rising rental yield
following a series of acquisitions. The Outlook is Stable.

Fitch expects the company's business and financial profile to
further improve following the April 30, 2018 announcement of its
planned AUD80 million (excluding transaction costs and subject to
completion adjustments) equity-funded acquisition of Matilda
Equipment. The acquisition will be funded by a fully underwritten
AUD90 million pro rata accelerated non-renounceable entitlement
offer and is targeted for completion in early July 2018. Emeco
announced on May 22, 2018 that it has completed both the
institutional and retail entitlement offers and has raised
approximately AUD90 million. The acquisition provides Emeco with
access to Matilda's fleet, bypassing growth capex and freeing
cash for continued debt reduction.

KEY RATING DRIVERS

Improving Financial Performance: Fitch believes Emeco is well-
positioned to benefit from current mining-sector conditions,
which are showing increased exploration and production activity,
as well as tight rental-market supply. Emeco reported Fitch-
adjusted revenue of AUD171 million in 1H18 (1H17: AUD74 million)
and EBITDA of AUD61 million (1H17: AUD28 million), following a
recovery in its operating utilisation to 61% during the third
quarter of the financial year ending June 2018 (FY18), from 56%
in 3QFY17, and a higher rental yield, which should continue
rising over the next 12 to 18 months.

Fitch expects the company's financial performance to continue
improving over the next 12-18 months owing to its larger
available rental fleet and increased contribution from its
previous mergers and acquisitions - Andy's Earthmovers (Asia
Pacific) Pty Ltd, Orionstone Holdings Pty Ltd and Force Equipment
Pty Ltd - and planned Matilda acquisition.

Acquisitions to Strengthen Balance Sheet: A series of equity-
funded acquisitions, including the planned Matilda acquisition,
will lower Emeco's growth capex and contribute incremental
earnings to repay debt under its mandatory cash-sweep provision.
The Matilda acquisition, if completed, will bring an additional
83 machines with low operating hours. Matilda generated revenue
of around AUD8.5 million and EBITDA of AUD6.0 million between
January and March 2018.

Commitment to Deleverage: The company aims to cut leverage, as
measured by Emeco-defined net debt/operating EBITDA, to below
1.5x by 2020 (end-2017: 2.1x on a pro forma basis for the Matilda
acquisition). Fitch believes Emeco's publicly announced
commitment to deleverage and its improving financial performance
increase the probability of it meeting its target and refinancing
its senior secured notes on better terms in 2020. The company's
enhanced fleet size provides another layer of protection to
senior lenders and could become an additional source of cash flow
to support its deleveraging.

Fitch expects Emeco's leverage, as measured by FFO adjusted net
leverage, to improve to around 2.0x by 2020, due to its larger
fleet size, rising operating utilisation, incremental earnings
and capex savings following its mergers and acquisitions.

Exposure to Cyclical Sector: Fitch believes Emeco is susceptible
to commodity-price changes and the need for large capex to expand
during the commodity-price up-cycle. The capital-intensive nature
of the equipment-rental business prohibits Emeco from
deleveraging during the up-cycle without equity injections. Its
weak bargaining power with customers also makes its cash flow
less visible during industry downturns. However, Emeco is
currently well-positioned within its sector and the trajectory of
its leverage profile counterbalances its cyclical sector
exposure.

DERIVATION SUMMARY

Emeco's rating reflects its improving cash flow profile and
Fitch's expectation of its deleveraging over the next three
years. This compares with peer, Anton Oilfield Services Group (B-
/Stable), whose rating takes into account its weak liquidity
position and financial leverage metrics. These factors explain
the one-notch differential between the two entities.

Emeco's rating compares with peer, PT Bukit Makmur Mandiri Utama
(BB-/Stable), which has better revenue visibility stemming from
its long-term contracts with miners. In addition, Bukit's revenue
is protected from the long transition time of around three years
that is required to switch mining contractors, which acts as a
high switching cost for miners. Bukit's larger scale and superior
earning visibility result in a two-notch differential with Emeco.

KEY ASSUMPTIONS

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

  - Increased operating utilisation rate over the next three
    years

  - Net capex at around 20% of revenue per annum

  - Matilda acquisition completed by early July 2018

RATING SENSITIVITIES

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

  - Fitch does not expect positive rating action in the near-term
    due to Emeco's small scale and exposure to cyclical commodity
    prices.

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

  - Deterioration of operating performance, including shrinkage
    of the operating utilisation rate and loss of major
    contracts.

  - FFO adjusted net leverage exceeding 4.0x on a sustained
    period, which can be driven from reverse in commodities cycle
    which results in material fall in commodities prices.

LIQUIDITY

Adequate Liquidity: Emeco's next significant debt maturity is in
March 2022, consisting of USD356 million of 9.25% senior secured
notes issued by its wholly owned subsidiary, Emeco Pty Ltd. The
company had a committed undrawn revolving facility of AUD35
million and cash in hand of AUD56 million as at end-2017. Fitch
expects Emeco to generate positive free cash flow over the next
four years and to deleverage under its mandatory cash-sweep
provision.


ERH TRANSPORT: Ex-Director Charged With Breaching Duties
--------------------------------------------------------
Edward Harold Pye of Fairney View, Queensland has appeared in the
Ipswich Magistrates' Court charged with two counts breaching his
duties while a director of ERH Transport Services Pty Ltd (ERH).

Following an investigation, the Australian Securities and
Investments Commission alleges that in 2014, on two separate
occasions, Mr. Pye dishonestly used his position to transfer
AUD25,000 and AUD550,000 of ERH Transport Services Pty Ltd funds
to himself and another person.

At the time of the alleged conduct, Mr. Pye was the sole director
of ERH Transport Services Pty Ltd.

The matter was in Court on May 17, 2018. Mr. Pye did not enter a
plea. It was adjourned for further mention hearing at the Ipswich
Magistrates Court on June 28, 2018.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mr. Pye has been charged with two counts of dishonest use of
position with the intention of directly or indirectly gaining an
advantage for himself or someone else under section 184 of the
Corporations Act.

Mr. Adam Ward and Mr. Michael Griffin of Worrells Solvency &
Forensic Accountants were appointed as joint and several
liquidators of ERH Transport Services Pty Ltd on July 30, 2014.

ASIC was assisted in its investigation following a receipt of a
supplementary report that was lodged by Mr. Ward who alleged
misappropriation of ERH Transport Services Pty Ltd funds.


ICON BREWING: First Creditors' Meeting Set for May 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Icon
Brewing Company Pty Ltd will be held at the offices of Cor
Cordis, Level 29, 360 Collins Street, in Melbourne, Victoria, on
May 31, 2018, at 11:30 a.m.

Bruno Anthony Secatore and Barry Wight of Cor Cordis were
appointed as administrators of Icon Brewing on May 21, 2018.


INTERNATIONAL BUSINESS: First Creditors' Meeting Set for May 31
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- International Business Corporation Pty Ltd;
   -- MG Sydney Pty Ltd; and
   -- Germani Sydney Pty. Ltd.

will be held at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, 9 Castlereagh Street, in Sydney,
NSW, on May 31, 2018, at 11:30 a.m.

Simon Cathro of Worrells Solvency was appointed as administrator
of International Business Corporation on May 21, 2018.


NUFARM LTD: S&P Assigns BB- Rating to New US$475MM Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings said it assigned its long-term issue credit
ratings of 'BB-' to Nufarm Ltd.'s US$475 million senior unsecured
notes due 2026. The issuance comprises tranche A for an amount of
US$266 million and tranche B for US$209 million. The notes have a
fixed rate coupon of 5.75%. At the same time, S&P has withdrawn
the 'B+' rating on the US$325 million senior unsecured notes upon
repayment.

S&P said, "We have assigned an issue rating of 'BB-' based on a
recovery rating of '5' to the proposed senior unsecured notes,
indicating modest recovery prospects under our hypothetical
default scenario. In our view, unsecured creditors will benefit
from the incremental value derived from the enlarged business,
following completion of its acquisition of several European
product portfolios."

Nufarm Australia Ltd. is the issuer of the tranche A notes and
Nufarm Americas Inc. is the issuer of the tranche B notes. Nufarm
Australia Ltd. and Nufarm Americas Inc. are financing
subsidiaries of Nufarm Ltd., the guarantor of the senior
unsecured notes.

The 'BB' issuer credit rating on Nufarm is unaffected by the
proposed note issuance. The rating on Nufarm continues to reflect
its solid position in select global crop-protection markets and
its geographically diverse operations. Tempering these strengths
are the company's small scale and narrow product focus of
predominantly crop-protection products compared with its major
global competitors. Nufarm's more-focused operating strategy and
management's restructuring initiatives in recent years have
strengthened its financial position and improved its earnings
profile.


PEPPER I-PRIME 2018-1: S&P Gives (P)B Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper I-
Prime 2018-1 Trust. Pepper I-Prime 2018-1 Trust is a
securitization of prime residential mortgages originated by
Pepper HomeLoans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies. The credit
    support for the rated notes comprises note subordination.

-- The underwriting standard and centralized approval process of
    the seller, Pepper Homeloans.

-- The availability of a yield-enhancement reserve, amortization
    reserve, and overcollateralization amount, which will all be
    funded by excess spread to cover potential yield shortfalls
    and loss reimbursements and to repay principal on the notes
    at various stages of the transaction's term.

-- The extraordinary expense reserve of AUD150,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- S&P said, "Our expectation that the various mechanisms to
    support liquidity within the transaction, including a
    liquidity facility equal to 2.2% of the outstanding balance
    of the notes, and principal draws, are sufficient under our
    stress assumptions to ensure timely payment of interest.

  PRELIMINARY RATINGS ASSIGNED
  Class       Rating         Amount (mil.)
  A1-S        AAA (sf)       120.0
  A1-L        AAA (sf)       200.0
  A2          AAA (sf)        48.0
  B           AA (sf)         10.6
  C           A (sf)           8.0
  D           BBB (sf)         5.4
  E           BB (sf)          3.6
  F           B (sf)           2.2
  G           NR               2.2

  NR--Not rated.


SMEG ENTERPRISES: Second Creditors' Meeting Set for June 4
----------------------------------------------------------
A second meeting of creditors in the proceedings of SMEG
Enterprises Pty Ltd has been set for June 4, 2018, at 11:30 a.m.
at the offices of Mackay Goodwin, Level 2, 10 Bridge 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 June 1, 2018, at 4:00 p.m.

Grahame Robert Ward of Mackay Goodwin was appointed as
administrator of SMEG Enterprises on May 3, 2018.


TOYS "R" US AUSTRALIA: First Creditors' Meeting Set for May 31
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Toys "R"
Us (Australia) Pty. Ltd. and Babies "R" Us (Australia) Pty. Ltd.
will be held at Wesley Conference Centre, 220 Pitt St, in Sydney,
NSW, on May 31, 2018, at 11:00 a.m.

Jason Preston, Keith Crawford, and Barry Kogan of McGrathNicol
were appointed as administrators of Toys "R" Us (Australia) on
May 21, 2018.



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


ANBANG INSURANCE: Sells Majority Stake in Century Securities
------------------------------------------------------------
The South China Morning Post reports that Anbang Insurance is
selling its majority stake in a domestic securities firm for
what's expected to be at least CNY3.6 billion (US$564.67
million), in what will be its first major divestment after the
company was taken over by the authorities following the dramatic
downfall of its former chairman Wu Xiaohui.

Century Securities, a Shenzhen-based, mid-sized securities
company, lost CNY56 million in the first four months of this
year. Anbang owns 91.65 per cent, SCMP relates citing a filing
posted on China Beijing Equity Exchange on May 22.

Last year, it made CNY2 million in annual profit, owned CNY6.7
billion of assets, but had total debts worth CNY5.3 billion,
documents show, SCMP relays.

According to SCMP, the ownership of Century Securities has hung
in abeyance, or undetermined ownership, since 2013, when its two
biggest shareholders sold their stake to Anbang Group, for
CNY1.7 billion (reported at the time by Securities Times).

But the deal has never been ratified by China's securities
regulator, making Anbang unable to register as a formal
shareholder, the filing, as cited by SCMP, said.

SCMP relates that the filing, however, recognises the deal
between Anbang and the former shareholders, while adding an
official decision to dispose of the stake has now been made since
the insurance giant was taken over by a "working group", headed
by China's banking and insurance authorities.

"From the beginning of the takeover, all the functions of
Anbang's shareholder meeting, board of directors, and board of
supervisors has ceased [to exist] and their powers transferred to
the working group, the filing said.

According to SCMP, the stake sale in Century also marks the first
major divestment by Anbang, after the company expanded from a
small property insurer to a global acquirer which snatched top
landmarks, including the Waldorf Astoria Hotel in New York.

"The troubling financial issue with Anbang was always the
mismatch between its short-term structured products and longer-
term investment projects," the report quotes Brock Silvers,
managing director of Kaiyuan Capital, a Shanghai-based investment
advisory firm, as saying.  "With Beijing and [Anbang] retail
investors all waiting for repayment, look out for Anbang to
methodically sell assets, especially overseas assets, wherever it
can reasonably do so," he added.

                      About Anbang Insurance

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

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

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


BIOSTAR PHARMACEUTICALS: Needs More Time to Complete Form 10-Q
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc. was unable to complete its
Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2018, within the prescribed time period without
unreasonable effort and expense. The Company said additional time
is needed for it to compile and analyze supporting documentation
in order to complete the Quarterly Report and to permit the
Company's independent accountants to complete their review of the
unaudited financial statements included in the Quarterly Report.

                   About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015. As of Sept. 30, 2017, the Company
had $41.42 million in total assets, $5.27 million in total
liabilities, all current, and $36.14 million in total
stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulted a net loss for the year ended Dec. 31,
2016. Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission. In addition, the Company already violated its
financial covenants included in its short-term bank loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


CBAK ENERGY: Delays Filing of First Quarter Form 10-Q
------------------------------------------------------
CBAK Energy Technology, Inc. notified the Securities and Exchange
Commission via a Form 12b-25 that it will be delayed in filing
its Quarterly Report on Form 10-Q for the period ended March 31,
2018.

The Company has not finalized its financial statements for the
quarter ended March 31, 2018, and as a result, the Company is
unable to file its Form 10-Q within the prescribed time period
without unreasonable effort or expense. CBAK Energy anticipates
that it will file the Form 10-Q within the five-day grace period
provided by Exchange Act Rule 12b-25.

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31 2017 compared to a net loss of US$12.65 million for
the year ended Sept. 30, 2016. The Company reported a net loss of
US$2.19 million for the three months ended Dec. 31, 2016. As of
Dec. 31, 2017, CBAK Energy had US$153.13 million in total assets,
US$150.93 million in total liabilities and US$2.19 million in
total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2017 stating that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.


YINGLI GREEN: Unit Ordered to Repay Remaining Medium-Term Notes
---------------------------------------------------------------
Yingli Green Energy Holding Company Limited announced that a PRC
court has ruled that Baoding Tianwei Yingli New Energy Company
Limited, a subsidiary of the Company, should repay the remaining
principal and overdue penalty of the medium-term notes due
Oct. 13, 2015 and the principal, interest, and overdue penalty of
the medium-term notes due May 12, 2016 issued by Tianwei Yingli
to one of the holders of those MTNS, who filed lawsuits against
Tianwei Yingli to recover those amounts as described in the
Company's announcement dated on Sept. 1, 2017. The principal
amount of the MTNs held by the Note Holder as recognized by the
court was RMB65.7 million, representing approximately 3.7% of the
total amount of the 2011 MTNs and 2010 MTNs that are still
outstanding. The overdue penalties recognized by the court would
be calculated at a daily penalty interest rate of 0.021% and will
continue to accrue before actual payment thereof. Tianwei Yingli
plans to appeal the judgment while continuing to seek a mutually
beneficial solution with the Note Holder out of court.

                   About Yingli Green Energy

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

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

Yingli Green reported a net loss attributable to the Company of
RMB3.31 billion for the year ended Dec. 31, 2017, compared to a
net loss attributable to the Company of RMB2.09 billion for the
year ended Dec. 31, 2016. As of Dec. 31, 2017, Yingli Green had
RMB10.34 billion in total assets, RMB20.83 billion in total
liabilities and a total shareholders' deficit of RMB10.49
billion.

The report from the Company's independent accounting firm
PricewaterhouseCoopers Zhong Tian LLP on the consolidated
financial statements for the year ended Dec. 31, 2017, includes
an explanatory paragraph stating that facts and circumstances
including accumulated and recurring losses from operations,
negative working capital, cash outflows from operating
activities, and uncertainties regarding the repayment of
financing obligations raise substantial doubt about the Company's
ability to continue as a going concern.


ZHONGRONG XINDA: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB-
-------------------------------------------------------------
Fitch has downgraded Zhongrong Xinda Group Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'.
Fitch has also downgraded the company's senior unsecured rating
and the rating on its USD500 million 7.25% senior notes due 2020,
issued by Zhongrong International Resources Co., Ltd, to 'BB-'
from 'BB'. The Outlook is Negative.

The one-notch downgrade reflects the higher-than-Fitch-expected
rise in Zhongrong Xinda's leverage in 2017, which resulted from
the company's acquisition of a certain financial investment as
well as elevated working capital outflow and capex. Leverage
improved in 1Q18 after Zhongrong Xinda repaid CNY8.6 billion in
short-term borrowing. However, Fitch expects net leverage to
remain above 6.0x unless management completes its in planned
disposal of certain financial assets and long-term equity
investments.

KEY RATING DRIVERS

Financial Investment Increases Leverage: Zhongrong Xinda's FFO
adjusted net leverage, including adjusted financial assets and
readily marketable inventories, reached 7.8x in 2017 - which was
higher than Fitch had expected - from 5.1x in the previous year.
Total debt reached CNY40.6 billion due to the company's unplanned
acquisition of a certain financial investment. The company's
working capital outflow and capex also exceeded Fitch's
expectations, lifting total adjusted debt to CNY47.0 billion,
from CNY33.2 billion.

Leverage Improves in 1Q18: The company started cutting debt in
1Q18, with total debt declining to CNY35.9 billion. Working
capital also improved, as note receivables declined by CNY1.8
billion, helping fund the company's deleveraging. Management has
indicated its desire to further deleverage via assets disposals.

Coking Business Intact: Zhongrong Xinda's 2017 EBITDA increased
by 13.0% yoy, to CNY4.6 billion, and gross profit rose by 16.0%,
to CNY4.9 billion, as its coking business gross profit swelled by
71.0% to more-than-offset its weaker-than-Fitch-expected logistic
business. The favourable pricing environment for coking coal
helped the segment's gross profit margin expand by 60bp to 16.1%.

Capex to Moderate: Zhongrong Xinda's capex of CNY3.0 billion in
2017 was above Fitch's expectations, as the company spend CNY1.2
billion on prepayments for engineering and construction work
related to its Peru-based iron ore mine. Zhongrong Xinda's
management expects capex to moderate to CNY1.0 billion-1.5
billion per annum, with investments in building new liquefied
natural gas stations as well as its coking business and
environmental upgrades. Fitch does not expect the company to
spend additional capex on its Peru iron mine in 2018.

Deleveraging Possible by Disposals: Fitch forecasts 2018 FFO
adjusted net leverage to decline to only 6.3x without disposals
of financial assets or long-term equity investments. Fitch
estimates that disposals of around CNY5 billion of Zhongrong
Xinda CNY27 billion of financial assets and long-term equity
investments as at end-1Q18, if accompanied with equivalent debt
reduction, would bring leverage below the negative rating
guideline of 4.5x. The company's management says it is already in
discussions to dispose certain financial investments of about
CNY2 billion. Fitch has not factored in these disposals due to
timing uncertainty.

DERIVATION SUMMARY

Zhongrong Xinda's ratings are supported by its leading market
position in coke processing and trading and logistics, its large
operating scale and healthy business profile. The ratings are
constrained by the company's high leverage and low margins. Its
leverage and profitability are comparable with 'BB-' rated China
Grand Automotive Services Co., Ltd (BB-/Stable). Zhongrong Xinda
has lower margins and FFO fixed charged coverage than Grupo KUO,
S.A.B. de C.V. (BB/Stable) and Harsco Corporation (BB/Stable).
Zhongrong Xinda's profitability and leverage - as measured by FFO
adjusted net leverage, including adjusted financial assets and
readily marketable inventories - is weaker than that of Tunghsu
Group Co., Ltd. (B+/Stable), but Zhongrong Xinda has a higher
coverage ratio.

KEY ASSUMPTIONS

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

  - 2018-2020 CAGR of 7% in sales

  - EBITDA margin of 6% between 2018-2020

  - Capex of CNY1.65 billion per annum between 2016-2019

  - Fitch has not factored in capex or contributions from the
    Peru iron ore mine as management is exploring options for a
    clear development plan

RATING SENSITIVITIES

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

  - The disposal of certain financial assets and long-term equity
    investments and a commitment to maintain FFO adjusted net
    leverage, including adjusted financial assets and readily
    marketable inventories, below 4.5x

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

  - Failure to cut FFO adjusted net leverage, including adjusted
    financial assets and readily marketable inventories, to below
    4.5x through the disposal of certain financial assets and
    long-term equity investments

  - EBITDA margin declining to less than 5% for a sustained
    period (2017: 6.2%)

LIQUIDITY

Limited Liquidity: Zhongrong Xinda's liquidity improved in 1Q18
after it repaid CNY8.6 billion in short-term borrowing. However,
the company still has CNY9.4 billion in short-term borrowing and
CNY4.7 billion in puttable bonds. This compares with CNY6.7
billion in cash and CNY4.6 billion in available credit
facilities. In addition, Fitch forecasts free cash flow of CNY3.0
billion in 2018.



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


SWING MEDIA: Court Appoints PwC as Liquidators
----------------------------------------------
The Strait Times reports that Swing Media Technology Group said
on May 24 that liquidators from PwC had been appointed to
facilitate the winding-up of the company in February.

The Hong Kong Court has also appointed the same liquidators to
two group subsidiaries incorporated in Hong Kong, namely Swing
Media Industrial Limited and Swing Technology Limited, the report
says.

Hong Kong-based Swing Media Technology Group Limited is a
manufacturer of data storage products. The Company manufactures
video cassette housing products, compact discs (CDs), digital
versatile discs (DVDs), compact disk recordables (CD-Rs) and
business card CDs.



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


ALLAHABAD BYPASS: ICRA Withdraws D Rating on INR78.5cr LT Loan
--------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]D
assigned earlier to the INR127.1-crore long-term bank facilities
of Allahabad Bypass Pathways Private Limited (ABPPL).

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term Fund-
   based Limits          78.50       [ICRA]D; withdrawn

   Long-term Non-
   fund Based Limits     48.60       [ICRA]D; withdrawn

Rationale:

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and at the request of the company based
on the no-objection certificate provided by its banker.

ABPPL is a SPV incorporated in July 2013 by Prakash Asphaltings &
Toll Highways Limited (PATH) for undertaking an Operations and
Maintenance (OMT) based toll road project on Allahabad Bypass,
National Highway from 158.00 km to 242.71 km. The shareholding in
the SPV is 100% held by PATH which is involved in the
construction and maintenance of various infrastructure projects
as a Developer, Contractor and on Joint Venture basis.


ASHA STONE: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Asha Stone
Crusher's 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:

-- INR30 mil. Fund-based limit Maintained in non-cooperating
     category IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR20 mil. Term loan maintained in non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Asha Stone Crusher is engaged in crushing and screening of sand,
grit and stone.


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

The instrument-wise rating action is:

-- INR290 mil. Term loan maintained in Non-Cooperating Category
     with IND B- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 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 2011, BVSDPL manufactures Indian-made foreign
liquor.


CHEER SAGAR: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Cheer Sagar
Exports' 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 action is:

-- INR96 mil. Fund-based limit maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 20, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Cheer Sagar Exports manufactures and exports garments and home
textiles.


DATTA MEGHE: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Datta Meghe
Institute of Medical Sciences (DMIMS) for obtaining information
through letters and emails dated February 9, 2018 and March 31,
2018, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          16      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit              7      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Loan Against Property    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 Datta Meghe Institute of
Medical Sciences. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Datta Meghe Institute of
Medical Sciences 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 Datta Meghe Institute of Medical Sciences to
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

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

Established in 1988, DMIMS is a public trust registered under the
Bombay Public Trust Act, 1950. It offers medical, engineering,
and nursing courses at its nine institutes in Sawangi, and
operates a teaching hospital.


DMK PARTICLEBOARD: ICRA Assigns B+ Rating to INR7.10cr Loan
-----------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR9.10-crore fund-based limits of DMK Particleboard LLP. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR0.65-
crore non-fund based limits of DMK. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.00       [ICRA]B+ (Stable); assigned
   Term Loan             7.10       [ICRA]B+ (Stable); assigned
   Bank Guarantee        0.65       [ICRA]A4; assigned

Rationale

The assigned ratings positively factor in the reasonable
experience of the partners in the laminates industry and the
locational advantage enjoyed by it in terms of lower logistics
costs and easy access to quality raw material due to its
proximity to Gandhidham (Gujarat), which has been declared as a
timber zone by the Government.

The ratings, however, are constrained by DMK's small scale and
nascent stage of operations along with the risks associated with
stabilisation of recently commenced operations as per the
expected operating parameters. The ratings are further
constrained by its weak financial risk profile as marked by loss
before depreciation and tax in the first year of operations,
leveraged capital structure, weak debt protection metrics and
high working capital intensity. ICRA also considers the
vulnerability of the firm's revenues and profitability to any
fluctuations in wood waste and resin prices, which are the key
raw materials, its exposure to competition in a fragmented
industry caused by numerous small and unorganised players,
cyclicality in the real estate industry and availability of
substitutes like medium density fibreboard and plywood.

Outlook: Stable

ICRA believes the firm will continue to benefit from the
experience of its partners in the laminates industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability, improvement in the net worth base and better
working capital management, strengthens the financial risk
profile. The outlook may be revised to Negative if cash accrual
is lower than expected, or if any substantial withdrawal from
partner's capital account, or stretch in the working capital
cycle, weakens liquidity.

Key rating drivers

Credit strengths

Reasonable experience of partners in the laminates industry: DMK
was established in 2016 by Mr. Milan Ughareja with his family and
friends to manufacture wooden particleboards. Mr. Milan Ughareja
has reasonable experience in the laminates industry by virtue of
his earlier association with another entity engaged in a related
business sector.

Locational advantage: The firm is benefitted in terms of lower
transportation costs and easy access to quality raw material due
to its proximity to Gandhidham (Gujarat), which has been declared
as a timber zone by the Government.

Credit challenges

Small scale and nascent stage of operations: The firm commenced
its commercial operations from April 2017, hence its nascent
stage of operations exposes the firm to stabilisation risk. In
addition, the scale remained small in the first year of
operations with the firm reporting revenues of INR5.09 crore in
FY2018.

Weak financial risk profile: As per provisional financials, DMK
reported loss before depreciation and tax of INR0.13 crore in 11M
FY2018 due to initial stage of operations and high interest
burden. A high debt level to fund the initial capex for setting
up the unit and high working capital requirements and a
relatively lower net worth base resulted in a leveraged capital
structure with a gearing of 2.10 times, total debt/OPBDITA of
13.37 times and TOL/TNW of 2.81 times as on February 28, 2018.
The debt coverage indicators also stood weak with interest
coverage ratio of 0.82 time in 11M FY2018.

Vulnerability of profitability and revenues: The major raw
materials required by the firm are wood waste and resin, and
hence its profitability remains exposed to any fluctuation in
prices of its key raw materials. The firm's revenues and
profitability are also exposed to cyclicality in the real estate
industry and availability of better substitutes like medium
density fibreboard and plywood.

Industry competition: The firm faces competition from other small
and unorganised players in the particleboard industry, which
limits its pricing flexibility and bargaining power with the
customers, pressurising its revenues and margins.

Established in February 2016, DMK Particleboard LLP manufactures
plain wooden particleboards and pre-laminated particleboards in
the dimension of 8' X 4' with thickness of 17 mm, which are used
in furniture. Its commercial operations commenced from April
2017. DMK's manufacturing facility is in Morbi (Gujarat), with an
annual installed capacity of 6,00,000 sheets.

In 11M FY2018, the firm reported a loss before depreciation and
tax of INR0.13 crore on an operating income (OI) of INR4.05
crore.


FOREMOST INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Foremost
International Private Limited (FIPL) for obtaining information
through letters and emails dated February 20, 2018 and March 31,
2018, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Bill
   Discounting             9       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Letter
   of Credit               2.65    CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan          1.10    CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit          9.00    CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Foremost International Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr.
Varun Moudgil and Ms Shailja Khanna, has its manufacturing plant
in Gurgaon (Haryana).


FORTIS HEALTHCARE: ICRA Puts B+ Rating on Review
------------------------------------------------
ICRA Ratings has placed the rating of Fortis Healthcare Holdings
Private Limited under review due to non receipt of information
from the rated entity and Debenture Trustee ["DT"] regarding
timely servicing of debt, and non availability of debt servicing
disclosure(s) on recognized stock exchange as mandated under
Securities Exchange Board of India (Listing Obligation and
Disclosure Requirements) Regulations, 2015.

ICRA in accordance with SEBI Circular on 'Monitoring and Review
of Ratings by Credit Rating Agencies (CRAs'), dated June 30, 2017
has sought confirmation from Fortis Healthcare Holdings Private
Limited on debt servicing for the instruments, however has not
received any response as yet:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Non-convertible      12.50        [ICRA]B+ (negative); ISSUER
   Debentures                        NOT COOPERATING

   Non-convertible     150.00        [ICRA]A4; ISSUER NOT
   Debentures                        COOPERATING

ICRA is monitoring the rating for material developments and would
come out with a rating action if required and disclose the same
via Press release on its website.


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

The instrument-wise rating action is:

-- INR150 mil. Non-fund-based limit migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 19, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ganesh Yadav is a proprietorship firm that is engaged in civil
construction works such as roads, bridges, highways and flyovers
for the government of Jharkhand.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits migrated to Non Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR20 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
May 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GSMPL was incorporated in 1973 in the Gwalior district of Madhya
Pradesh by Mr. Sunil Gupta. The company has a two-wheeler
dealership of Baja Auto Ltd.


GWASF QUALITY: ICRA Reaffirms B Rating on INR6.40cr Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B for
the INR6.40-crore fund-based facilities, INR1.10-crore term loan
(revised from INR2.08 crore), and the INR2.00-crore (revised from
INR1.02 crore) unallocated limits of GWASF Quality Castings
Private Limited (GWASF). The outlook on the long-term rating is
'Stable'.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-PCFC/
   FBD/OD                6.40       [ICRA]B (Stable); reaffirmed

   Fund-based-Term
   Loan                  1.10       [ICRA]B (Stable); reaffirmed

   Unallocated Limits    2.00       [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation considers extensive experience of the
promoters of over three decades and the established track record
of the company in the steel-casting industry. The rating
continues to derive comfort from the company's established
relationship with reputed customers and the preferred supplier
agreement with Flowserve Corporation, which allows assured annual
off-take and subsequently supports business prospects.

The rating also considers the improvement in margins in FY2018,
with reduced input costs and better absorption of overheads. The
healthy order book of INR8.8 crore as on March 31, 2018, to be
dispatched over next 5-6 months, provide revenue visibility in
the near term. The rating, however, continues to remain
constrained by the company's modest scale of operations,
restricting operational and financial flexibility. Additionally,
reduction in order inflow from the US and European customers
following weak demand from the end-user industries has impacted
the revenues over the past three fiscals. High working capital
requirements due to elongated debtor levels result in dependency
on external borrowings, leading to moderate gearing of 1.2 times
as on March 31, 2018 and moderate coverage indicators.

Further, the rating factors in the company's high customer
concentration and intensely competitive nature of the industry,
which limit bargaining power as well as its pricing flexibility.
The rating also notes the vulnerability of the company's
profitability to raw material price fluctuations. Going forward,
GWASF's ability to achieve healthy revenue growth and improve
profitability, while effectively managing working-capital
requirements, will be the key rating factors.

Outlook: Stable

The 'Stable' outlook reflects ICRA's expectation that GWASF will
continue to benefit from the extensive experience of its
promoters in the steel-casting industry. The outlook may be
revised to 'Positive' if the company is able to demonstrate
substantial growth in revenues and profitability, resulting in
healthy cash accruals or if any improvement in the capital
structure strengthens the overall financial profile. The outlook
may be revised to 'Negative' if the company reports lower-than-
expected accruals, or if any major capital expenditure or any
stretch in working-capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the casting industry:
Established in 1988, GWASF's promoters have over three decades of
experience in the steel-casting industry. The company's
manufacturing unit is in Mangalore, Karnataka with an installed
capacity to produce 720 MT castings per annum. The company mainly
caters to the requirements of the valve and pump manufacturers,
which in turn supply to the oil & gas and the chemical
industries.

Established relationship with key customers: Over the years, the
company has established healthy relationship with reputed
international customers like Flowserve Corporation, ITT Inc. and
ARI Armaturen GmbH & Co. and domestic customers like Weir
Minerals (India) Private Limited, Pacmac Engineers Private
Limited etc. resulting in repeat orders. However, the customer
concentration remained high with the top-five customers
accounting for ~90% of the total revenues in FY2018.

Preferred vendor status and yearly off-take arrangement with
Flowserve Corporation: GWASF is the preferred vendor for
Flowserve Corporation, US, one of the leading manufacturers and
suppliers of pumps, valves, seals and components to the process
industries (power, oil, gas, chemical etc.). GWASF has a three-
year preferred supplier agreement with Flowserve Corporation. As
per the terms, the agreement is automatically extended for a
three-year period provided both parties meet obligations under
the agreement.

Credit challenges

Modest scale of operations: GWASF's scale of operations continued
to remain modest with an operating income of INR13.9 crore in
FY2018, which declined from INR14.2 crore in FY2017. Revenues
were impacted over the past three fiscals due to reduced order
inflow from the US and European customers following weak demand
from the end-user industries. The moderate scale of operations
restricts operational and financial flexibility to a major
extent.

Moderate financial risk profile with high working capital
intensity: The capital structure of the company remained moderate
with a gearing of 1.2 times as on March 31, 2018 (though improved
from 1.4 times as on March 31, 2017) and moderate coverage
indicators. The working capital intensity of the company has
remained historically high primarily due to high inventory
holding and receivables. The same stood at ~57% in FY2018
compared to ~46% in FY2017.

Margins exposed to raw-material price fluctuations and forex
risks: With high inventory holding requirements due to longer
execution period, GWASF's profitability remains vulnerable to
fluctuation in raw-material prices. However, its ability to pass
on the raw-material price fluctuations mitigates the risk to some
extent. With ~75% of its revenues derived through exports, the
profitability is also exposed to foreign exchange fluctuation
risks. However, the major borrowings (PCFC limits and term loan)
of GWASF are foreign currency denominated, which provides partial
natural hedge for the receivables.

Highly fragmented nature of the industry limits pricing
flexibility: Intense competition and fragmented nature of the
industry amid presence of many small and medium-sized players in
and around the region where the company operates limit its
overall pricing flexibility and in turn, keeps the margins under
check.

Established in 1988, GWASF Quality Castings Private Limited
manufactures steel and ferrous alloy casting for valves, pumps
and precision machined castings. It is promoted by Mr. Gautham
Krishnan, who has over three decades of experience in the
castings industry. The company's manufacturing facility is
located in Mangalore with an installed capacity of 720 MT per
annum. The company started exporting its products to the US and
Europe in 1995.

In FY2018, on a provisional basis, the company reported a net
profit of INR0.3 crore on an operating income of INR13.9 crore
compared to a net loss of INR0.5 crore on an operating income of
INR14.2 crore in the previous year.


HANUMANT SUGARS: ICRA Withdraws B+ Rating on INR19.74cr Loan
------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B+
(Stable) for the INR20.00-crore fund based and proposed limits of
Hanumant Sugars Private Limited (HSPL).

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based Limits      19.74       [ICRA]B+(Stable); withdrawn
   Unallocated
   (Proposed Limits)       0.26       [ICRA]B+(Stable); withdrawn

Rationale

The ratings assigned to HSPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.

Outlook: Not applicable

Hanumant Sugars Pvt. Ltd. (HSPL) is a group company of the
Maheshwari Group, which has diverse operations that include
sugar, rice milling and trading of agricultural commodities etc.
The sugar mill is located in Village Dhanora (Betul) M.P with an
installed capacity of 1500 TCD. The commissioning of the sugar
unit started on December 15, 2016 after successful trial runs.
Further the company has a 2.50-MW co-generation plant.


HILL-BROW: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hill-Brow
Metallics & Construction Private Limited's 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:

-- INR80 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR150 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 22, 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 2004, Hill-Brow Metallics & Construction is
engaged in the civil construction of roads and bridges.


HINDUSTAN CONSTRUCTION: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Hindustan
Construction - Raebareli (HC) for obtaining information through
letters and emails dated February 9, 2018 and March 31, 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             6       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              0.47     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 Hindustan Construction-
Raebareli. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Hindustan Construction - Raebareli 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 Hindustan Construction - Raebareli to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

HC was established as a proprietorship firm in 2005 by Mr.
Pushpendra Singh. It is an A class approved government contractor
working for the PWD, AA class approved contractor for the
Irrigation Department, and a contractor for Power Corporation of
India to undertake projects related to construction of roads,
buildings, drainage, and other works. The registered office is at
Raebareli.


IDBI BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed IDBI Bank Ltd.'s Long-Term Issuer
Default Rating (IDR) at 'BB+', and has maintained the Viability
Rating (VR) of 'ccc' on Rating Watch Evolving. The Outlook on the
IDR is Stable.

IDBI Bank's Support Rating Floor of 'BB+' is several notches
higher than its VR, and remains the primary driver for its IDR.
Ongoing challenges have gradually eroded its systemic importance,
although Fitch expects the majority state ownership to remain in
place and that the authorities are willing to provide support
commensurate with its size and systemic role (FY17: around a 2.5%
share in each of banking system assets and deposits).

The VR reflects Fitch's belief that core capital levels should
improve slightly following the significant capital injection by
government in 4Q18. While Fitch expects core capital to remain
vulnerable to significant financial losses and haircuts on NPLs,
the risk of breaching the minimum AT1 trigger point of a 5.5%
common equity Tier 1 (CET1) ratio has diminished since the
financial year ending March 31, 2017 (FY17). The outlook for
asset quality and earnings remains very weak, and Fitch expects
significant pressure on both fronts in the next few quarters.

KEY RATING DRIVERS

IDR, SUPPORT RATING AND SUPPORT RATING FLOOR

IDBI Bank's Long-Term IDR is at the same level as its Support
Rating Floor. The ratings are driven by its Support Rating of
'3', which reflects Fitch's expectation of a moderate probability
of extraordinary state support due to the bank's waning market
position and systemic importance.

IDBI Bank's competitive position has eroded as it deals with its
balance-sheet challenges. The government's large USD1.9 billion
capital injection in FY18 (of which USD1.6 billion came in 4Q18)
reiterates Fitch's assessment that the bank's moderate size,
significant deposit base and majority state ownership (around
81%) is likely to keep the probability of government support
moderate, and not as high as for the larger and financially
stronger state banks.

The Stable Outlook mirrors the Outlook on India's rating (BBB-
/Stable), reflecting Fitch's view of no significant change in the
sovereign's ability to support banks during extraordinary stress.

VIABILITY RATING

The VR at 'ccc' continues to reflect high fundamental credit
risk, although Fitch believes that the risk of the bank breaching
the minimum core regulatory capital ratio is somewhat lower as
internal efforts on capital conservation/generation coupled with
the significant capital injection should result in the CET1 ratio
settling slightly higher (from 6.6% at 9M18). However, Fitch
believes that core capital will be vulnerable to the increase in
NPLs and losses expected for FY18, thus implying that the bank
would have to continue delivering on internal capital generation,
alongside government support. Fitch expects the CET1 ratio to
have remained within the buffer zone (i.e. capital conservation
buffer) and unable to meet the full CET1+CCB requirement of 7.4%
at FY18. The bank had raised close to INR25 billion in asset
sales up until 9M18, achieving only 50% of the targeted INR50
billion it had planned for FY18.

IDBI Bank's gross NPL ratio was close to 25% (at 9M18), and is
the weakest among state-owned banks. Fitch expects it to rise
further in 4Q18. The bank has a large portfolio of loans under
various restructuring buckets, a significant portion of which is
at risk of being reclassified as NPLs. This follows the recent
regulatory NPL recognition norms announced in February 2018,
requiring banks to classify stressed assets pending restructuring
as NPL. There is a chance that NPL ratios may be lower in FY19 if
resolution of some of the large NPL accounts goes through as
planned, but provisioning pressure on account of NPL ageing and
haircuts is likely to persist in the near term, given a modest
specific loan-loss cover of 41% (9M18). The bank has a
significant share of NPLs under various stages of resolution.

Fitch believes that there is a high possibility that the bank
might report a large loss for FY18, similar to FY17. Losses in
9M18 were at nearly half that of FY17, and are likely to ensue
through FY19 - although it should come down gradually as
incremental slippages witness a slowdown. It should lead to some
decline in credit costs (9M18: 5.4% of loans) in FY19 but remain
high enough to exceed pre-provision income (9M18: 2.5% of loans),
since the growth outlook remains poor for the bank.

On the positive side, funding has been relatively stable
notwithstanding the above issues, while an improving share of
low-cost deposits is supportive of both net interest margin (NIM)
and credit. Fitch believes that stability in deposits stems
mainly from the majority state ownership which results in a
relatively high degree of investor confidence.

SENIOR DEBT

IDBI Bank's senior debt rating is at the same level as its IDR,
as the debt represents its unsecured and unsubordinated
obligations.

RATING SENSITIVITIES

IDR, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT

The Support Ratings and Support Rating Floors are determined by
the agency's assessment of the government's propensity and
ability to support the bank, based on its size and systemic
importance. A change in the government's ability to provide
extraordinary support due to a change in sovereign ratings or a
change in the government's propensity to extend timely support
may affect the Support Rating and Support Rating Floor.

The IDR is driven by IDBI Bank's Support Rating Floor, and may be
downgraded if factors underpinning the Support Rating Floor
weaken. A downgrade in India's sovereign rating may result in a
downgrade of the bank's IDR. Likewise, a change in the sovereign
Outlook may lead to a revision of the Outlook on the bank's IDR.

Any changes in the banks' IDRs would result in equivalent changes
in its senior debt ratings.

VIABILITY RATING

The VR continues to be sensitive to IDBI Bank's ability to
address its capital position in a sustainable way through various
internal and external means. Continued capital generation,
coupled with government support (in its capacity as its largest
shareholder), would be viewed as positive for IDBI Bank's
standalone creditworthiness. However, any sharper-than-expected
deterioration in asset quality which reduces core capitalisation
to unsustainable levels is likely to have a negative rating
impact. In such a scenario, Fitch will continue to focus on the
bank's ability to raise a significant portion of its capital
needs - independent of the government - to form a view of the
bank's standalone creditworthiness.

The rating actions are as follows:

IDBI Bank:

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

  - Short-Term IDR affirmed at 'B'

  - Viability Rating 'ccc' remains on Rating Watch Evolving

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - USD5 billion medium-term note programme affirmed at 'BB+'

  - USD1.5 billion senior unsecured notes affirmed at 'BB+'


KBS INDUSTRIES: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained KBS Industries
Private Limited's 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:

-- INR100 mil. Fund-based limit maintained in non-cooperating
     category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR9.9 mil. Term loan maintained in non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 26, 2015. 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 by Arjun Khetrapal and Somya
Khetrapal, KBS Industries manufactures copper wire rods.


KEW INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with KEW Industries
Limited (KEW) for obtaining information through letters and
emails dated February 9, 2018 and March 31, 2018, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           14.95     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              1.05     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KEW Industries Limited. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
KEW Industries 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 KEW Industries Limited to 'CRISIL D Issuer not
cooperating'.

Kew was formed as a proprietary firm, Kew Engineering Works, in
1963 by Mr. Gurbachan Juneja. This was reconstituted as a
partnership firm in 1995, and subsequently as a limited company
with the present name in 1996.


KOPPAL SOLAR: CRISIL Lowers Rating on INR10MM Term Loan to D
------------------------------------------------------------
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 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 KSPP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSPP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.Based on the last available information,
CRISIL has downgraded the ratings to 'CRISIL D Issuer Not
Cooperating' as the company has been delaying on its debt
repayments.

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.


KRS PHARMA: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with KRS
Pharmaceuticals Private Limited (KPPL) for obtaining information
through letters and emails dated February 9, 2018 and March 31,
2018, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            1.72     CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      .28     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              7.61     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 KRS Pharmaceuticals Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on KRS Pharmaceuticals 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 KRS Pharmaceuticals Private Limited to 'CRISIL B-
/Stable Issuer not cooperating'.

Set up in 2004 by Mr. B Narendra and Mr. B L Swamy, KPPL
manufactures bulk drugs and intermediates at its plant in
Hyderabad and Visakhapatnam.


LAGGAR INDUSTRIES: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Laggar Industries
Limited (LIL) for obtaining information through letters and
emails dated February 9, 2018 and March 31, 2018, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            14       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Laggar Industries Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Laggar Industries 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 Laggar Industries Limited to 'CRISIL D Issuer not
cooperating'.

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

LIL was incorporated by Mr. Sandeep Sobti in 1990. The company
manufactures and trades in bullet-proof steel which is used
primarily in bullet-proof jackets and in armored vehicles. The
company has a rolling mill with installed capacity of 30,000
tonne per annum in Jalandhar, Punjab.


LAXMI RICE: CRISIL Lowers Rating on INR12.5MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Laxmi Rice Mills (LRM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            12.5     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan               1.0     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')


The downgrade reflects deterioration in financial risk profile,
especially weakened liquidity, owing to stretched working capital
cycle (gross current assets as on March 31, 2018, estimated at
350 days) and hence, higher dependence on external debt and
payables. Total outside liabilities to adjusted networth (TOLANW)
ratio is estimated to be substantially high at 16.0 times as on
March 31, 2018. The TOLANW ratio is expected to remain weak over
the medium term with continued dependence on external debt.

Business risk profile is subdued, reflected in volatile operating
margin following fluctuations in paddy prices. Though estimated
sales for fiscal 2018 improved 15% to INR70 crore due to increase
in price realisation, however volumetrically same is lower than
the previous year. Business risk profile is expected to remain
moderate over the medium term due to highly fragmented industry
and volatility in paddy price.

The rating reflects LRM's modest scale and working capital-
intensive operations in the intensely competitive basmati rice
industry, and below-average financial risk profile because of
high TOLANW ratio and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience and
funding support of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition in the rice
milling business restricts scale of operations (revenue of
INR69.37 crore in fiscal 2018) and bargaining power with
suppliers and customers (operating margin of 7% in fiscal 2018).

* Working capital-intensive operations: Gross current assets are
estimated at 350 days as on March 31, 2018, due to sizeable
inventory.

* Below-average financial risk profile: Modest profitability and
scale of operations, and sizeable working capital debt continue
to constrain financial risk profile. Hence, TOLANW ratio is
estimated to be high at 16.0 times as on March 31, 2018. Also,
debt protection metrics were weak, with interest coverage ratio
of 1.2 times for fiscal 2018.

Strength

* Extensive experience of promoters: Industry presence of around
three decades has enabled the promoters to establish healthy
relationship with customers and local suppliers, and understand
local market dynamics.

Outlook: Stable

CRISIL believes LRM will continue to benefit from the extensive
experience of its promoters and their funding support. The
outlook may be revised to 'Positive' if substantial growth in
revenue and cash accrual, capital infusion by promoters, and
efficient working capital management strengthen financial risk
profile. The outlook may be revised to 'Negative' if lower-than-
expected cash accrual, or large working capital requirement or
capital expenditure further weakens liquidity.

Set up as a partnership firm in 1995 by Mr. Darshan Lal Garg and
Ms Anita Rani, LRM mills and processes basmati and non-basmati
rice and caters to large export houses. Production facilities at
Muktsar Sahib, Punjab, have milling capacity of 8 tonne per hour
(tph) and sorting capacity of 6 tph, utilised at 80-85%.


M V SHIPTRADE: ICRA Removes B+ Rating From Issuer Not Cooperating
-----------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B+/(Stable)
/A4 from the 'ISSUER NOT COOPERATING' category as M V Shiptrade
Private Limited has now submitted its 'No Default Statement'
("NDS"), which validates that the company is regular in meeting
its debt servicing obligations. The company's rating was moved to
the 'ISSUER NOT COOPERATING' category in November 2017.

The current rating derives comfort from the following key rating
considerations.

Credit Strengths

* Vast experience of twenty five years and the standing of the
promoters in the ship breaking business

* Diversified customer base

Credit Challenges

* Financial risk profile characterised by significant decline in
revenues in FY2015 and FY2016, weak profitability and debt
coverage indicators

* Vulnerability to cyclicality of the steel industry exposes the
company to erosion in the value of inventory; exposure to ship
availability risk at the competitive rates

* Revenues and margins susceptible to adverse fluctuations in
foreign exchange rates

* Industry characterised by severe competition with dominant
presence of unorganized sector; inherent low value-addition in
the ship breaking business has resulted in low margins for the
company

* Exposure to environmental and regulatory risks


MADHYA BHARAT: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Madhya Bharat Phosphate
Private Limited (MBPPL) to CRISIL D/CRISIL D 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 MBPPL from 'CRISIL
D/CRISIL D Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       .9      CRISIL D (Migrated from 'CRISIL D
                                Issuer Not Cooperating')

   Cash Credit        20.0      CRISIL D (Migrated from 'CRISIL D
                                Issuer Not Cooperating')

   Letter of Credit    8.0      CRISIL D (Migrated from 'CRISIL D
                                Issuer Not Cooperating')

   Proposed Long      16.1      CRISIL D (Migrated from 'CRISIL D
   Term Bank Loan               Issuer Not Cooperating')
   Facility

The ratings reflect on the delay in servicing of debt obligations
by the company. These weaknesses are partially offset by the
extensive experience of the company's promoters in the industry.

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 INR52 million 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
fertilizers. 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.


NEPTUNE SUPER: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Neptune Super
Speciality Hospitals Private Limited (NSSHPL) for obtaining
information through letters and emails dated February 9, 2018 and
March 31, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     1        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed 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 Neptune Super Speciality
Hospitals Private Limited. Which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Neptune Super Speciality
Hospitals 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 Neptune Super Speciality Hospitals Private Limited
to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2016 and promoted by Mr. Avinash Datar and his
wife, Ms. Sangeeta Datar, NSSHPL is set up to take over AVH in
Nashik.


NIKUNJ EXPORTS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Nikunj Exports
(Nikunj) for obtaining information through letters and emails
dated February 9, 2018 and March 31, 2018, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Long Term Loan         4.6      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)
   Proposed Fund-
   Based Bank Limits      1.9      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 Nikunj Exports. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Nikunj Exports 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 Nikunj Exports to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2015, Nikunj is a 100 per cent export-oriented unit
involved in the processing and export of granite slabs. The firm
commenced commercial operations in March 2015. It is promoted by
Mr. Vasudev Poddar, who has been associated with the granite
industry for more than 25 years.


OSM PROJECTS: CRISIL Migrates B+ D Rating to Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of OSM Projects Pvt Ltd
(OSMPL) to CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of the rating. Consequently, CRISIL is migrating the
rating on bank facilities of OSMPL from 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           9.9      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

   Letter Of Guarantee   8.0      CRISIL A4 (Migrated from
                                  'CRISIL A4' Issuer Not
                                  Cooperating)

   Term Loan             0.1      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The ratings reflect OSMPL's working capital-intensive operations;
exposure to risks related to cyclicality in end-user industries
and volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of the company's
promoters in the engineering equipment set up industry and an
established customer base with diversified end-user industries.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: The operations are
working capital intensive as reflected by gross current assets of
182 days as on March 31, 2018. The operations are driven by high
receivables of 143 days and inventory of 27 days as on March 31,
2018, though same is supported by creditors of 123 days.
Receivables has increased from 128 days in fiscal 2017 because of
retention money and delay in payment realization from few
customers. Further company is required to keep 10 percent of
contract value as a performance guarantee. Crisil believes that
in medium term also operations will remain working capital
intensive.

* Exposure to volatility in raw material prices: Intense
competition and volatility in raw material prices has kept
operating margin at 5-7% in the three years through fiscal 2018.
OSMPL operates in the bulk material handling equipment, coal
handling, operation and maintenance system where competition is
intense due to the presence of a large number of players
executing small projects. Due to the low entry barriers, OSMPL
will continue to face increasing competition, which may exert
pressure on operating margin.

* Moderate financial risk profile: Financial risk profile remains
healthy with networth of INR12.17 crore as on March 31, 2018 and
total outside liabilities/total networth continuing to be more
than 2.3 times. Debt protection matrices remain comfortable with
interest cover of more than 2 times and net cash accrual to total
debt of 0.16 time in fiscal 2018.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of near two decades and established
relations with customers in industries such as power, cement,
sugar and paper, and suppliers should support the business.

Outlook: Stable

CRISIL believes OSMPL will continue to benefit from its
established industry track record and strong customer profile.
The outlook may be revised to 'Positive' if improvement in
profitability and working capital cycle strengthen financial risk
profile. The outlook may be revised to 'Negative' if decline in
profitability, any large, debt-funded capital expenditure, or
increase in working capital requirement weakens financial risk
profile.

Established in 2000 as a proprietorship firm by Mr. Surender
Sharma, OSMPL was reconstituted as a private limited company in
2004. The company mainly executes turnkey projects in ash
handling, material handling, and coal handling systems, and
provides operation and maintenance service for power, sugar,
cement, paper, and other process industries. Its manufacturing
facilities are in Kot, Uttar Pradesh, and Sikri, at Faridabad,
Haryana.


P.A.S. PETRO: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
P.A.S. Petro Product (PAS) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            4.5      CRISIL B+/Stable (Reaffirmed)

   Foreign Letter
   of Credit              8.0      CRISIL A4 (Reaffirmed)

   Foreign Letter
   of Credit              4.0      CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded its long term rating as on 7th May 2018 to
'CRISIL B+/Stable' from 'CRISIL B/Stable', while reaffirming its
short term rating at 'CRISIL A4'. The upgrade of rating reflected
its expected improvement in business risk profile in fiscal 2018,
revenue is expected of around INR50 to INR52 crores with margin
of around 2.5% to 3.0%. Net cash accrual is also expected to
improve to INR0.8 crore to INR1.0 crore in the said period.
Working capital is expected to be better managed in fiscal 2018
with estimated gross current asset of around 115 days to 125 days
supported by better management of inventory and debtor days.
Financial risk profile is expected to be remain moderate in
fiscal 2018 with estimated networth of around INR5.8 crores to
INR6.0 crores and expected gearing of around less than 1 time.

The ratings continue to reflect PAS's modest scale of operations
in the highly fragmented chemical trading industry and its
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of the promoters and
their established relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive and
highly fragmented chemical trading industry: PAS's scale of
operations remains small, despite being in the industry for over
a decade, because of low value addition and commodity nature of
products, and intense competition in the industry.

* Working capital intensive operations: PAS has high working
capital requirements, as reflected in gross current assets (GCA)
of 150 to 250 days over the three years ended March 31, 2017.
This is mainly on account of high level of inventory which the
firm has to maintain of around 5-6 months. However around 50% of
the inventory is order backed.

Strength

* Promoters' extensive industry experience and established
relationships with suppliers and customers: The firm is based in
Chennai and is promoted by Mr. S Senthil Kumar and his family
members. The promoter family has been trading chemicals since
1952, and set up PAS in 1992 to trade on a large scale. Over the
years, the promoters have developed strong relationships with
suppliers and customers.

Outlook: Stable

CRISIL believes PAS will continue to benefit from the extensive
experience of its promoters and its established relationships
with customers and suppliers. The outlook may be revised to
'Positive' if revenue and profitability improve on a sustainable
basis, resulting in a better financial risk profile. The outlook
may be revised to 'Negative' if there is considerable decline in
revenue or profitability or deterioration in working capital
management resulting in stretched liquidity, or if the firm
undertakes large, debt funded capital expenditure, affecting its
financial risk profile.

Established in 1992 and based in Chennai, PAS trades in soda ash
and sodium sulphate.


PARAS FOODS: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Paras Foods (PF)
for obtaining information through letters and emails dated
April 12, 2018 and April 18, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan               4       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Paras Foods. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Paras
Foods 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 Paras Foods to 'CRISIL D Issuer not cooperating'.

Established in 2003 as a partnership between Mr. Ujwal Pagariya,
Mr. Ulhas Pagaria, and Mr. Umesh Pagaria, PF, based in Nagpur
(Maharashtra) is a wholesale trader of agricultural products.


PATIALA COTSPIN: Ind-Ra Maintains BB+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patiala
Cotspin Limited's 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:

-- INR70 mil. Fund-based limits maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR14.2 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR232.31 mil. Term loan maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR45 mil. Proposed term loan maintained in non-cooperating
     category with Provisional IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR10 mil. Proposed fund-based limits maintained in non-
     cooperating category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) /Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 9, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, PCL manufactures yarn.


PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Prakash Industrial Infrastructure Private Limited
(PIIPL) at 'CRISIL B/Stable'. The rating on the INR29.5 crore
bank facilities has been withdrawn at the client's request and on
receipt of a no-dues certificate from the bankers as the loans
have been fully repaid. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         8.5      CRISIL A4 (Withdrawn)

   Cash Credit           10.0      CRISIL B/Stable (Reaffirmed)

   Drop Line
   Overdraft Facility    10.0      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect sector and geographical
concentration in revenue profile and small scale of
operations.The above mentioned weaknesses are partially offset by
the strong experience of the promoters in the civil construction
segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Sector and geographical concentration in revenue profile:
Majority of revenue comes from construction of buildings in
Maharashtra. The company has limited experience in other
infrastructure activities such as dams, irrigation projects,
roads, and bridges.

* Small scale of operations: With revenue of INR38.5 crore for
fiscal 2017, scale remains modest. Modest scale of operations
precludes benefits arising from economies of scale. Further,
intense competition results in competitive pricing.

Strength

* Experience of management: The company's promoter, Mr. Dinesh
Agrawal, has over 25 years of experience in the civil
construction segment, resulting in strong client referrals and
track record of timely completion of projects. He is assisted by
a team of experienced civil construction professionals.

Outlook: Stable

CRISIL believes PIIPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' in case of ramp-up and
diversification of operations, while maintaining operating
margin, and if liquidity improves. The outlook may be revised to
'Negative' if large, debt-funded capital expenditure or stretch
in working capital cycle weakens financial risk profile.

Set up in 1975 as a partnership firm, Prakash Constructions, and
reconstituted as a private limited company in 2006, PIIPL is
promoted by Mr. Dinesh Agrawal and undertakes civil construction,
primarily for industrial projects, in the private sector.


RADHADAMODAR MULTIPURPOSE: CRISIL Reaffirms B+ Cash Credit Rating
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Radhadamodar Multipurpose Coldstorage
Private Limited (RMCSPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6.75     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan              1.2      CRISIL B+/Stable (Reaffirmed)

The rating reflects the company's susceptibility to regulatory
changes and to intense competition in the cold storage business
in West Bengal, vulnerability to delays in payments by farmers
because of adverse market conditions, and its modest networth and
high gearing. These weaknesses are partially offset by the
promoters' extensive experience in the cold storage industry and
above-average debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptible to regulatory changes and intense competition in
the cold-storage industry in West Bengal: The potato cold storage
industry in West Bengal is regulated by the West Bengal Cold
Storage Association. Rent as well as marketing, drying, and
insurance changes are fixed by the association. Fixed rental
limits RMCSPL's ability to generate profits based on its
strengths and geographic advantages. Furthermore, the cold
storage segment is fragmented. Hence, players have limited
bargaining power and offer discounts to ensure healthy
utilisation of their storage capacity.

* Vulnerability to delays in payments by farmers because of
adverse market conditions: RMCSPL provides loans to farmers
against the stored products. In the event of adverse market
trends, farmers do not find it profitable to pay the rental and
interest charges along with loan obligation, and hence, do not
retrieve potatoes from cold storages. Thus, the company is
vulnerable to delays in payments by farmers.

* Modest networth and high gearing: Networth was INR4.11 crore as
on March 31, 2017. On account of muted accretion to reserves, the
networth is expected to be around INR4.7 Cr as on 31st March,
2018. Gearing was high at 1.03-3 times over the four fiscals
through 2017. The gearing is expected to improve over the medium
term with gradual repayment of term loan.

Strengths

* Promoters' extensive industry experience: RMCSPL is promoted by
the West Bengal-based Pal family, and its promoters have been in
the business for around a decade. Their longstanding associations
with farmers and traders have enabled the company to ensure
healthy utilisation of its storage capacity for potatoes.

* Comfortable debt protection metrics: High operating profit has
led to comfortable debt protection metrics, with interest
coverage at 3.20 times and net cash accrual to total debt ratio
at 0.25 time for fiscal 2017 and estimated to be at around 4
times and 0.43 time for fiscal 2018. The interest coverage should
remain comfortable over the medium term in the absence of
significant, debt funded capital expenditure (capex) plan or
incremental working capital limit.

Outlook: Stable

CRISIL believes RMCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage
business. The outlook may be revised to 'Positive' if cash
accrual increases and working capital management improves. The
outlook may be revised to 'Negative' if delays in repayment by
farmers, considerably low cash accrual, or significant debt-
funded capex, leads to deterioration in the financial risk
profile and liquidity.

Incorporated in 2011, RMCSPL provides cold storage facility to
potato farmers and traders in Hooghly (West Bengal). Mr. Goutam
Kumar Pal, Mr. Dilip Kumar Pal, Mr. Anath Bandhu Pal, and Mr.
Sutapa Pal are directors of the company. Operations are primarily
managed by Mr. Dilip Kumar Pal and Mr. Goutam Kumar Pal.


RAJASTHAN FASTENERS: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Rajasthan
Fasteners Private Limited (RFPL) for obtaining information
through letters and emails dated February 9, 2018 and March 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         .25      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           2.00      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Bill          3.00      CRISIL D (Issuer Not
   Purchase                        Cooperating; Rating Migrated)

   Foreign Letter
   of Credit              .30      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit        8.00      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajasthan Fasteners Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Rajasthan Fasteners 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 Rajasthan Fasteners Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

RFPL, incorporated on 1998 and based in Jaipur, manufactures
slotted dowell spring pins, disc springs, spiral coiled springs,
and other products used in motor vehicles and their engines. The
company's directors are Mr. Neelmani Jain, Mr. Prasann Mal Lodha,
and Mr. Binod Kumar Jain.


RENEWSYS INDIA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Renewsys India
Private Limited's (RIPL) Long-Term Issuer Rating of 'IND BB+'.
The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR280 mil. Long-term loan due on
     August 2022 are withdrawn;

-- The IND BB+ rating on the INR100 mil. Fund-based facilities
     are withdrawn; and

-- The IND BB+ rating on the INR150 mil. Non-fund-based
     facilities are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

RIPL was established in 2014. The company manufactures different
solar panel components such as EVA sheet, back sheets, solar
module, cells, etc.


RISHIKA COTTONS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Rishika Cottons
Private Limited (RCPL) for obtaining information through letters
and emails dated February 9, 2018 and March 31, 2018, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             15      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 Rishika Cottons Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Rishika Cottons 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 Rishika Cottons Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in 2008 in Hyderabad and promoted by Mr. Ajay
Agarwal and his brother, Mr. Vijay Agarwal, RCPL manufactures
cotton sarees and dress materials.


ROMEGA FOAM: CRISIL Cuts Rating on INR6.5MM Cash Loan to D
----------------------------------------------------------
CRISIL has been consistently following up with Romega Foam
Private Limited (RFPL) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6.5      CRISIL D (Issuer Not
                                   Cooperating: Downgraded
                                   from 'CRISIL B/Stable Issuer
                                   Not Cooperating')

   Letter of Credit       2.5      CRISIL D (Issuer Not
                                   Cooperating: Downgraded
                                   from 'CRISIL A4 Issuer Not
                                   Cooperating')

   Long Term Loan         1.0      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 RFPL. 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
RFPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower.'

CRISIL has downgraded its ratings on the bank facilities of RFPL
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

The downgrade reflects delays by the company in servicing debt.
CRISIL had discussion with the bank, which has confirmed the
delay in repayment.

RFPL, incorporated in 1994 by Mr. Ninan Verghese and Ms. Sheeba
Ninan, manufactures polyurethane foam, convoluted sheets,
polyurethane foam rolls, bonded foam, contour sheets, antistatic
foam etc. in its manufacturing facilities in Puducherry (Tamil
Nadu). All the products manufactured are customised for
customers.


SAMBHAV SHELTERS: ICRA Assigns B+ Rating to INR30cr LT Loan
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR30.00-crore fund-based working capital facility of Sambhav
Shelters. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-Term-Fund-
   based/ CC             30.00      [ICRA]B+ (Stable) assigned

Rationale

The assigned rating is constrained by the significant market
risks faced by the firm since just about ~38% of the total area
has been sold till March 31, 2018. The rating is also constrained
by moderate execution risk as only 61% of the total project cost
has been incurred till date. Furthermore, the rating takes into
consideration the moderate funding risk with advances from
customers forming a considerable portion of the total funding.
ICRA also notes the risk of capital withdrawal inherent in the
partnership firm.

However, the assigned rating favorably factors in the extensive
experience of the promoters spanning over 20 years in the real
estate industry. ICRA also notes the favorable location of the
project with good connectivity and adequate social and physical
infrastructure.

Outlook: Stable

ICRA expects Sambhav Shelters to receive significant cash flows
once the project nears completion and customers get possession of
units. The outlook may be revised to Positive if the company is
able to complete the project within the stipulated time without
any cost over-runs and healthy bookings are witnessed in it.
However, the outlook may be revised to Negative, if cash flows
are affected by significant slowdown in sales for the remaining
units.

Key rating drivers

Credit strengths

Favourable location of the project with good connectivity and
presence of social and physical infrastructure: The project is
located at Kalbadevi in South Mumbai and enjoys good social
infrastructure with various reputed hospitals and education
institutes in the vicinity. Furthermore, the project draws from
its advantage of being near various retail and entertainment
centres. The project also enjoys good connectivity with mass
transit terminals as well as the airport.

Experienced promoters with more than 20 years of experience in
the real estate industry: The firm is a part of the Vibrant
Group, which has been in the construction and real estate sector
for more than two decades. The Group has developed nearly 9 lakh
sq. ft. of real estate projects till date.

Credit challenges

Significant market risk as only ~38% of the total area has been
booked since the project launch: The project was launched in
April 2014, and ever since, only 38.41% of sales were achieved
till March 31, 2018. Thus, the sales velocity has been very low
at 368 sq. ft. per month, which poses significant market risk.

Moderate execution risk: The project faces moderate execution
risk with significant construction work still pending. The total
cost of the project is estimated to be INR117.90 crore, out of
which only INR72.02 crore has been incurred as of March 31, 2018.

Moderate funding risk: Only ~61% of the total budgeted funding
has been brought in as of March 31, 2018, along with advances
from customers, which remain contingent upon timely sales and
collection of receivables. Customer advances contributed ~48% to
the budgeted funding, which is a considerable share, thus
exposing the project to moderate funding risk.

Risk of capital withdrawal inherent in the partnership firm:
Given Sambhav Shelter's constitution as a partnership firm, it is
exposed to discrete risks including the possibility of withdrawal
of capital by the partners and the risk of dissolution of the
firm upon the death, retirement or insolvency of the partners.

Sambhav Shelters is a partnership firm established in 2006. It is
a part of the Vibrant Group, which has been in the real estate
industry over the last two decades. The firm is involved in the
construction of the residential project, 'Bayvue', which is
located at Chira Bazaar in Kalbadevi, Mumbai. It is a
redevelopment project consisting of a single tower with two
wings, East and West. The total area of the project is 46,025 sq.
ft., comprising 62 apartment units.

In FY2017, the firm reported a net profit of INR0.07 crore on an
operating income of INR0.01 crore.


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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR15.09 mil. Term loans due on June 2017 migrated to Non-
     Cooperating Category with IND BB(ISSUER NOT COOPERATING)
     rating; and

-- INR180 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 11, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aurangabad-based SSPL undertakes civil construction works such as
irrigation projects, dams, canals, minor irrigation tank, site
excavation, site development, pipeline project, roads, building
constructions, industrial sheds, tunnel, barrages, roads and
other allied works. The company is registered as a Class 1A
contractor with Maharashtra's Public Work Department and an
approved contractor for various government and civil bodies.


SHREE VENKATESHWARA: CRISIL Moves B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Shree
Venkateshwara Infrastructure Private Limited (SVIPL) for
obtaining information through letters and emails dated
February 14, 2018 and March 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

   Overdraft              3.5      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      .5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Venkateshwara
Infrastructure 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 Venkateshwara
Infrastructure 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 Shree Venkateshwara Infrastructure Private Limited
to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in February 2003 in Navi Mumbai and promoted by Mr.
R Mani Raju, SVIPL constructs roads, drains, and small bridges,
and undertakes other civil contract work for The City and
Industrial Development Corporation of Maharashtra Ltd (CIDCO) and
Navi Mumbai Municipal Corporation (NMMC). The company is a 'Class
1A' contractor for these clients and is eligible to bid directly
for large contracts without a cap on contract value.


SHREEDHAR MILK: ICRA Maintains D Rating in Not Cooperating Cat.
---------------------------------------------------------------
ICRA Ratings said the rating for the INR20.00 crore Non-
Convertible Debenture programme of Shreedhar Milk Foods Limited
(SMFL) continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] D ISSUER NOT
COOPERATING". The rating takes into account continued delays in
debt servicing by the entity.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Non-Convertible      20.00        [ICRA]D ISSUER NOT
   Debentures (NCD)                  COOPERATING; Rating
                                     continues to remain
                                     in the 'Issuer Not
                                     Cooperating' category

SMFL had the interest payment on its listed INR20.0 crore NCD
programme (ISIN: INE545V08017) falling due on May 13, 2018. There
has been no receipt of information from the rated entity and
Debenture Trustee ["DT"] regarding timely servicing of debt, and
non-availability of debt servicing disclosure(s) on recognized
stock exchange as mandated under Securities Exchange Board of
India (Listing Obligation and Disclosure Requirements)
Regulations, 2015.

ICRA in accordance with SEBI Circular on 'Monitoring and Review
of Ratings by Credit Rating Agencies (CRAs'), dated June 30, 2017
has sought confirmation from Shreedhar Milk Foods Limited on debt
servicing for the instruments detailed below, however no response
has been received as yet:

As part of its process and in accordance with its rating
agreement with Shreedhar Milk Foods 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.

Key rating drivers

Credit strengths

Healthy scale-up in operations during recent years: SMFL's
revenues have grown at a CAGR of 39% over FY2012-FY2017
aided by capacity expansion, introduction of new products and
higher realizations Experienced promoters and professional
management: Promoter have good experience in the dairy industry,
and the company has also inducted professional management to
pursue plans of scaling-up direct marketing business

Credit challenges

Delay in debt servicing owing to liquidity pressures: SMFL has
delayed on timely servicing of its term loans and nonconvertible
debenture programme, and cash credit facilities have been over-
utilised, highlighting liquidity pressures Credit metrics
expected to remain weak due to ongoing debt-funded capital
expenditure requirements: SMFL has been undertaking debt-funded
capital expenditure, which coupled with increased working capital
debt on its books due to scale-up in operations, has resulted in
high gearing levels and weak coverage indicators for the company.

Weak profit margins due to B2B exposure: SMFL's business profile
is primarily 'B2B' which limits its bargaining power and ability
to improve margins High product concentration risks: Revenue-mix
characterised by high product concentration risks such as skimmed
milk powder (SMP) and ghee, both of which exhibit high price
volatility and face high competition.

Incorporated in 2005, Shreedhar Milk Foods Limited (SMFL) is a
medium-sized dairy processing company engaged in processing
liquid milk and manufacturing various milk-based products such as
skimmed milk powder (SMP), pure ghee, white butter, cottage
cheese, curd and sweets. The company's processing facility is
located at Joya in Uttar Pradesh, with a processing capacity of
14.30 lakh litres per day (LLPD). With a product-mix concentrated
in favour of SMP, pure ghee and related derivatives, SMFL largely
caters to the bulk/institutional segment under its brand,
'Shreedhar', through its network of C&F agents. A small
proportion of the company's business is also generated from
contract manufacturing operations for players like Mother Dairy
and COMFED. While a majority of SMFL's business comes from the
bulk segment, it is currently in the midst of expanding its
direct marketing business, especially for poly-pack milk. To
achieve this, it has recently started procuring milk directly
from villages by setting up Village Level Collection Centres
(VLCCs) and Milk Chilling Centres (MCCs).


SHREYANS OILS: Ind-Ra Retains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shreyans Oils
Limited's 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:

-- INR60 mil. Fund-based limit maintained in non-cooperating
     category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating;

-- INR45 mil. Proposed fund-based limit maintained in non-
     cooperating category with Provisional IND B(ISSUER NOT
     COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
     rating; and

-- INR45 mil. Proposed term loan maintained in non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 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 1992, Shreyans Oils manufactures crude rice bran
oil and de-oiled rice bran.


SHRIRAM PROPERTIES: CRISIL Moves C Rating to Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Shriram Properties
and Infrastructure Private Limited (SPIPL) for obtaining
information through letters and emails dated February 9, 2018 and
March 31, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          30      CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shriram Properties and
Infrastructure Private Limited. Which restricts CRISIL's ability
to take a forward looking view on the entity's credit quality.
CRISIL believes information available on Shriram Properties and
Infrastructure 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 Shriram Properties and Infrastructure Private
Limited to 'CRISIL C Issuer not cooperating'.

SPIPL, incorporated in 2006, is a special purpose vehicle that
was formed as a joint venture between SPPL and SUN-Apollo. SPIPL
has developed an IT park at the special economic zone at
Perungalathur in Chennai (Tamil Nadu). The company has developed
total area of 1.6 million square feet in the business park, which
has been fully occupied.


SORT INDIA: ICRA Puts 'D' Rating Under Review
---------------------------------------------
ICRA Ratings has placed the rating of Sort India Enviro Solutions
Limited under review due to non receipt of information from the
rated entity and Debenture Trustee ["DT"] regarding timely
servicing of debt, and non-availability of debt servicing
disclosure(s) on recognized stock exchange as mandated under
Securities Exchange Board of India(Listing Obligation and
Disclosure Requirements) Regulations 2015.

ICRA in accordance with SEBI Circular on 'Monitoring and Review
of Ratings by Credit Rating Agencies (CRAs'), dated June 30, 2017
has sought confirmation from Sort India Enviro Solutions Limited
on debt servicing for the instruments detailed below, however has
not received any response as yet:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-convertible
   Debentures            8.00      [ICRA]D ISSUER NOT COOPERATING

ICRA is monitoring the rating for material developments and would
come out with a rating action if required and disclose the same
via Press release on its website.


SOUTHERN AUTO: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Southern Auto
Products' (SAP) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Investors and
other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:

-- INR48.44 mil. Term loan (Long-term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR103 mil. Fund-based working capital limit (Long-
    term/Short-term) downgraded with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR60 mil. Non-fund-based limit (Short-term) downgraded 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 SAP, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Bangalore-based, SAP was established as a partnership firm in
1987 by Mr. Deepak Malik, Mr. H P Malik and Ms. Madhu Malik. It
processes glass to make laminated, toughened and insulated glass
for architectural use.


SRI CHAITANYA: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Chaitanya Rice Mill - East Godavari (SCRM) for obtaining
information through letters and emails dated February 09, 2018
and March 31, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             16      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 Sri Chaitanya Rice Mill - East
Godavari. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Sri Chaitanya Rice Mill - East Godavari
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 Sri Chaitanya Rice Mill - East Godavari to 'CRISIL
B+/Stable Issuer not cooperating'.

Set up in 2004 as a partnership firm by Mr. Ramesh Reddy and his
family members, SCRM and processes paddy into rice, and generates
by-products such as broken rice, bran, and husk. Its milling unit
is in East Godavari District (Andhra Pradesh).


SRI SUNFLOWER: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Sunflower Educational Society (SSES) for obtaining information
through letters and emails dated February 9, 2018 and March 31,
2018, among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          12      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

CRISIL has been consistently following up with Sri Sunflower
Educational Society (SSES) for obtaining information through
letters and emails dated February 9, 2018 and March 31, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

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.

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his
family members. It operates an engineering college in Krishna
(Andhra Pradesh).


SUNIL HITECH: ICRA Lowers Rating on INR300cr Term Loan to B
-----------------------------------------------------------
ICRA Ratings has downgraded its rating on the proposed facilities
of Bodhre Dhule Highway Private Limited (BDHPL):

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan    300.00     Provisional [ICRA]B
                                    (Negative); Downgraded
                                    from Provisional
                                    [ICRA]BB (Negative)

   Proposed Non-fund     108.00     Provisional [ICRA]B
   based limits                     (Negative); Downgraded
                                    from Provisional
                                    [ICRA]BB (Negative)

Material Event

Considerable weakening in the credit profile of Sunil Hitech
Engineers Limited (SHEL), the sponsor of Bodhre Dhule Highway
Private Limited (BDHPL). The stretched liquidity position of SHEL
has led to delays in meeting SHEL's debt servicing obligations.

Impact of the Material Event

BDHPL's rating has been downgraded to Provisional [ICRA]B
(Negative) from Provisional [ICRA]BB (Negative) owing to
heightened funding risk for the project following the further
deterioration of the credit profile of sponsor.

Rationale

The current adverse development at SHEL may impact its ability to
tie-up project debt and infuse equity in a timely manner. Also,
any significant delay in fulfilling the conditions precedent,
which among other things, includes debt tie-up and equity
infusion, may lead to the termination of the Concession Agreement
(CA). The ratings are further constrained by the tight liquidity
position of SHEL, which could also have an adverse impact on its
performance as EPC contractor for BDHPL thereby resulting in time
and cost over-runs.

The rating, however, favorably takes into account the hybrid
annuity-based nature of the project being undertaken by the
company with 40% of the project cost being funded through payment
from the project authority. The rating also considers the stable
revenue stream post-commissioning with 60% of the remaining
project cost being paid out as annuity (adjusted for inflation)
over the term of the concession. The company will also be
reimbursed the operation and maintenance (O&M) expenditure on an
inflation-adjusted basis to be paid along with the regular semi-
annual annuities.

Outlook: Negative

ICRA believes the deterioration in the credit profile of the
sponsor could have a bearing on its ability to infuse equity and
tie-up project debt. The outlook may be revised to 'Stable' if
BDHPL is able to achieve financial closure along with timely
equity infusion from SHEL.

Key rating drivers

Credit strengths

Benefits of executing project under Hybrid-Annuity Model (HAM):
For road projects awarded under HAM, 40% of the project cost will
be funded by NHAI grant payments based on milestone completion.

During the operational period, 60% of the project cost would be
received in the form of semi-annual annuity, along with interest
on outstanding annuities, from NHAI wherein the risk of any
disruption in the annuity payments is low given the strong
counter-party. The grant to be received from the authority during
the construction period will be adjusted for inflation thus,
mitigating the inflation risk during construction stage. The
concessionaire will also be reimbursed the operation and
maintenance (O&M) expenditure on an inflation-adjusted basis to
be paid along with the regular semi-annual annuities.

Credit challenges

Weakening credit profile of sponsor: Given the deterioration in
the credit profile of sponsor, its ability to bring-in equity and
achieve financial closure may get impacted. Timely funding of the
project would remain critical as failure to achieve the same may
lead to termination of the CA.

High project implementation risk: The project remains exposed to
implementation risk given the construction is yet to commence
pending receipt of appointed date. While the project has ~93%
right of way available and company has started mobilising
resources onsite, the current liquidity stress of sponsor may
have an adverse impact of its ability to execute the project as
an EPC contractor.

Exposed to interest rate risk: The projects cash flows and
profitability remains exposed to interest rate risk given the
floating nature of the interest rate.

BDHPL is a special purpose vehicle (SPV) sponsored by Sunil
Hitech Engineers Limited and incorporated on March 17, 2017 to
implement construction of four/six laning of Bodhre (km 390.000)
to Dhule (km 452.800) section of NH-211 (new NH No. 52) in
Maharashtra under phase NHDP-IV through the Hybrid Annuity Model.
The concession agreement between BDHPL and NHAI was signed on
July 18, 2017. The bid project cost is INR982 crore with
construction period of 910 days and operation period of 15 years
after achieving commercial operation date. The annuity and
interest on outstanding annuities will be received on a semi-
annual basis along with the O&M receipts, with first year O&M
receipt of INR3 crore to be adjusted for inflation from bid date.


SYNERGY AGRI: CRISIL Assigns B- Rating to INR2.75MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term bank facility Synergy Agri Products Private Limited
(SAPPL) and has assigned its 'CRISIL B-/Stable' rating to the
facility. CRISIL had suspended the rating on May 29, 2013, as the
company had not provided the information required for a rating
review. SAPPL has now shared the requisite information enabling
CRISIL to assign a rating to its facility.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            2.25     CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     2.75     CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

    Term Loan             7        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects the company's modest scale of operations,
susceptibility of operating margin to adverse government
regulations and raw material price volatility and intensive
working capital requirement and weak financial risk profile.
These rating weakness are partially offset by extensive
experience of the promoters in the plant and tissue cultivation
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: SAPPL's scale of operations is
modest, as reflected in its revenues of INR5.10 crores in fiscal
2017 and is estimated to remain at similar levels in fiscal 2018
(at around INR5.2 crores) in spite of being in operations for
more than a decade. CRISIL believes that SFPL will remain a small
player and will be able to scale up operations only gradually.

* Susceptibility of operating margins to adverse government
regulations and raw material price volatility: The rice
industry's profitability margins are highly correlated with
fluctuations in raw material prices. Raw material costs accounted
for around 10 per cent of SAPPL's operating income in fiscal
2017. Also the adverse government regulations results in
volatility in operating margins.

* Intensive working capital requirements: SAPPL's business is
moderately working-capital-intensive, as reflected in its gross
current asset (GCA) days of 415 days as on March 31, 2017 and at
around 400 days in fiscal 2018; The high GCA days are driven by
the company's' large inventory of around 404 days and receivables
of 132 days.

* Weak Financial Risk Profile: Financial risk profile of the
company is marked by small networth of INR6.71 crores, high
gearing of 1.70 times as on March 31, 2017. Debt protection
metrics remained average with interest coverage and net cash
accrual to total debt (NCATD) of 1.49 times and 0.06 times
respectively in fiscal 2017.

Strengths:

* Promoters' extensive industry experience in the industry: SFPL
was promoted by Mr. Francis Anthony and Mr. Cecil Anthony. They
are the directors of the company having more than two decades of
experience in the growing of plants and tissue culture
activities. Promoter's extensive business experience would
continue to support the business operations of the company. The
promoters' long track record in the industry has enabled them to
establish relationships with customers. CRISIL believes that the
company shall continue to be benefited from the promoter's
extensive business and industry experience.

Outlook: Stable

CRISIL believes that SAPPL will benefit over the medium term from
the extensive industry experience of its promoter. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile or in case of significant infusion of
capital into the firm to meet its working capital requirements.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt-funded expansions, or if its revenues
and profitability declines substantially or if the partners draws
capital from the firm leading to deterioration in its financial
risk profile.

SAPPL, based in Durgapur, is engaged in propagation and growing
of plants and tissue culture activities. SAPPL was started on 3rd
March, 2004 as 'Synergy Bio-technologies Limited' and was
subsequently renamed.


TEE VENTURES: ICRA Reaffirms B Rating on INR8cr LT Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B
assigned to the INR8.00-crore long-term fund-based limits of Tee
Ventures (India) Private Limited. ICRA has also reaffirmed the
long-term rating at [ICRA]B and short-term rating at [ICRA]A4
(pronounced ICRA A four) to the INR3.50-crore unallocated limits
of the company. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund
   Based TL              8.00       [ICRA]B (Stable) reaffirmed

   Long term/Short
   Term-Unallocated      3.50       [ICRA]B (Stable)/[ICRA]A4
                                    Reaffirmed

Rationale

The assigned ratings take into account the limited experience of
TVIPL's promoters in the golf ball manufacturing sector. The
company has, however, recruited technically qualified
professionals with vast experience in the industry, which
provides some comfort. The ratings are also constrained by high
levels of market risk associated with the business, coupled with
possible stress on the debt servicing ability in case cash flows
are lower-than-anticipated. Furthermore, ICRA also notes that
since TVIPL is a new player in the industry, it faces competition
from established international golf ball manufacturers, which
limits its pricing flexibility. The ratings also take into
consideration the exposure of the firm's profitability margins to
fluctuations in foreign exchange rates since majority of its
sales would be in the form of exports.

The assigned ratings, however, favorably factor in the advantages
derived from the location of the manufacturing unit with
proximity to various ports, assuring uninterrupted supply of raw
materials that are to be largely imported, along with savings in
freight cost and reduced lead time. The ratings also take into
account the low execution risk associated with the project, given
that 100% of the project cost has been incurred as on January 31,
2018.

Outlook: Stable

Given the stiff competition that the company faces from global
players, its capacity utilisations are expected to initially
remain low and scale up gradually. The outlook may be revised to
'Positive', if the company registers substantial revenues, aided
by high capacity utilisations while maintaining the immunity of
its margins to fluctuations in raw material prices and foreign
exchange rates. The outlook may be revised to 'Negative' if the
company is not able to generate adequate cash flows for debt
servicing, given the uncertainty related to off-take levels.

Key Rating Drivers

Credit strengths

* Advantages of the proposed unit on account of proximity to
ports and other benefits available after commencement: The
manufacturing unit of TVIPL is located in Sayakha GIDC (Gujarat)
in proximity to the ports at Dahej (40 km) and Hazira (120 km).
Since the company will largely be importing its raw material and
exporting its finished products, proximity to these ports will
provide logistics convenience.

* Execution risk remains low with ~100% of the project cost
incurred as on March 31, 2018: The entire project cost of
INR30.39 crore has been incurred as on January 31, 2018 and the
company has already started its commercial operations from March
2018. Hence the execution risk remains low.

Credit challenges

* Limited experience of the promoters in golf ball manufacturing;
however, recruitment of experienced professionals provides
comfort: Though the promoters are professionally qualified, their
experience in the golf ball-manufacturing industry remains
limited. The company has, however, recruited technically
qualified professionals with vast experience in the industry,
which provides some comfort.

* High levels of market risk associated with the business;
uncertainty related to off-take levels: The firm is yet to
achieve full-fledged commercial operations while the term loan
repayment has already commenced from October 2017, thus exposing
the company to re-financing risk in case cash flows are lower
than anticipated. In such a case, the promoters' ability to bring
in unsecured loans for debt servicing will be critical.

* Competitive pressure continues to remain high, given the
presence of large players in the industry internationally: Though
TVIPL is currently the only golf ball manufacturing company in
India, it faces competition from the established manufacturers
located in other countries. Since the company is a relatively new
entrant in the industry, its pricing flexibility in the first few
years will be limited.  * Vulnerability of profitability to any
adverse fluctuations in foreign exchange rates: Since the firm is
targeting international customers, majority of its revenues would
be in the form of exports and hence it would have a high exposure
to fluctuations in foreign currency exchange rates. However, a
natural hedge from imports mitigates the risk to an extent.

Tee Ventures (India) Private Limited (TVIPL) was incorporated in
March 2011 for manufacturing golf balls. The company has
completed establishing its manufacturing unit at Sayakha GIDC in
Gujarat. The 15,000 sq. m. manufacturing unit has an installed
production capacity of 4.32 million packs of a dozen golf balls
p.a. translating into 12,000 golf balls per day.

The firm did not report any revenues and profits for FY2016 and
FY2017 as the commercial production has commenced from March
2018.


TRENT CHEMICAL: Ind-Ra Lowers Long-Term Issuer Rating to BB+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Trent Chemical
Industries' (TCI) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-'. The Outlook is Stable.

instrument-wise rating action is:

-- INR75 mil. Fund-based working capital limits downgraded with
     IND BB+/Stable rating;

-- INR410 mil. Term loans due on June 2021 downgraded with IND
     BB+/Stable rating; and

-- INR55 mil. Non-fund-based working capital limits downgraded
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects TCI's weaker-than-expected operating
performance in FY18, according to the provisional financials. The
company achieved revenue of INR766 million in FY18 (FY17:
INR331million) and incurred EBITDA losses for both the years.
This was on account of a slower-than-expected ramp-up in capacity
utilization and higher raw material costs. According to the
management, the company failed to ramp the capacities in 1HFY18
due to lack of adequate manpower. The capacity utilization was
65%-70%, at which fixed cost could not be absorbed. Additionally,
the raw material (naphthalene) cost was 2%-3% higher than
projected, which led to EBITDA losses of INR87 million in FY18
(FY17: negative INR26 million). Due to the losses, associate
concerns and promoters had infused funds of close to INR120
million in FY18 to ensure timely debt repayment.

Starting January 2018, the production levels have picked up with
the hiring of new production head, while the raw material prices
have slightly lowered. Consequently, TCI is likely to turn
profitable in FY19; however, the credit profile will remain
modest.

The ratings continue to reflect TCI's strong strategic and
operational linkages with group entities Meghmani Dyes and
Intermediates LLP, Meghmani Industries Ltd and Tapasheel
Enterprises (together referred to as Meghmani group entities).
TCI has been set up to fulfill the group entities' 100%
requirements of H acid and di-amino stilbene disulfonic acid. In
the absence of TCI, the group entities would face a significant
risk associated with the supply and pricing of these products.

The ratings factor in the strong credit profiles of the group
entities, which are among the bigger dyes and pigment
manufactures in India, which lowers counterparty risks, and their
ability to provide timely support for debt servicing. The ratings
also factor in more than four decades of experience of the
promoters in the chemical industry.

RATING SENSITIVITIES

Positive: A significant and sustained improvement in the EBITDA
margins and credit profile will be positive for the ratings.

Negative: Any further deterioration in the EBITDA margins and/or
absence of timely support from the associate concerns could be
negative for the ratings.

COMPANY PROFILE

TCI was established in September 2014 to manufacture H acid and
di-amino stilbene disulfonic acid, which are used as raw
materials for manufacturing dyes and pigments. The company now
also manufactures di-nitro salicylic acid which is a feedstock
for manufacturing di-amino stilbene disulfonic acid. The firm was
formed as the backward integration of Meghmani group wherein 70%-
75% of production is sold to the three group entities. Meghmani
group has been selling dyes and pigments under the brand names
Reactobond and Mega white across the world for over three
decades.


UDDYAM CEMENT: CRISIL Reaffirms 'B' Rating on INR14MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Uddyam Cement Private Limited
(UCPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     14     CRISIL B/Stable (Reaffirmed)

The rating factors in demand and implementation risks related to
the project, and weak financial risk profile. These weakness are
partially offset by the promoters' extensive experience in the
cement trading industry, and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Demand and implementation risks: Operations were expected to
commence in August 2017, but are now likely to begin in June
2018. Furthermore, demand risks, owing to intense competition,
persist. Any further delay in commencement of operations, and
lower-than-expected offtake may pressurise liquidity.

* Weak financial risk profile: Networth was low at INR84 lakh as
on March 31, 2018. Gearing was high at 20.27 times, due to the
large debt contracted for the project. Debt protection metrics
may remain weak because of high gearing and low cash accrual.

Strengths

* Extensive experience of the promoters: Benefits from the two-
decade-long experience of the promoters, their keen grasp over
industry dynamics, and healthy relationships with clients and
suppliers should support business risk profile. Moreover, the
company will primarily manufacture cement, which is used
extensively in construction, industrial application, and real
estate sectors.

* Funding support: Unsecured loans (Rs 2.15 crore as on March 31,
2018) extended by the promoters and family are interest-free in
nature, and should provide financial flexibility.

Outlook: Stable

CRISIL believes UCPL will benefit from the promoters' extensive
experience and funding support. The outlook may be revised to
'Positive' if improvement in liquidity, on the back of higher-
than-expected revenue and profitability, strengthens cash
accrual. The outlook may be revised to 'Negative' if further
delay in commencement of operations, or significantly lower-than-
expected revenue or margin weakens financial risk profile,
particularly liquidity.

Incorporated in 2013 by Mr. Manoj Yadav, Mr. Alok Agrawal, and
Mr. Alok Srivastava, UCPL is setting up a clinker-grinding unit
to manufacture Portland Pozolana Cement (PPC). The facility will
be in Chunar, Mirzapur (Uttar Pradesh), and will have an
installed capacity of 216,000 metric tonne per annum.


V.R.N. ENTERPRISES: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with V.R.N.
Enterprises Private Limited (VRN) for obtaining information
through letters and emails dated February 9, 2018 and March 31,
2018, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             20      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of V.R.N. Enterprises Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on V.R.N. Enterprises 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 V.R.N. Enterprises Private Limited to 'CRISIL D
Issuer not cooperating'.

Set up in 2010, in Bengaluru Mr. Hemanth Kumar and Mr. Lalith
Kumar, V.R.N trades in silk yarn and fabric.


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

The instrument-wise rating action is:

-- INR150 mil. Foreign documentary bill purchase maintained in
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 3, 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 1993, V.M. Star is engaged in the trading of
diamonds.


YADAV TRACTOR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yadav Tractor
Company's 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:

-- INR24.3 mil. Cash credit maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) /IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR30 mil. Letter of guarantee maintained in non-cooperating
    category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 10, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Yadav Tractor Company is engaged in the sales, services and
spares of Mahindra tractors.



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


1MALAYSIA DEVELOPMENT: Unable to Repay Debt of Almost $7-Bil.
-------------------------------------------------------------
Anuradha Raghu and Yudith Ho at Bloomberg News report that
troubles at Malaysia's state investment company 1MDB Development
deepened as its officials told the government the fund is
insolvent and unable to repay debts that could amount to almost
$7 billion over the next five years.

1MDB's directors said they had questioned $2.5 billion worth of
purported investments held overseas and the company's management
failed to supply proof of such holdings over the past two years,
Bloomberg relates citing a finance ministry statement on May 23.
Its former chief financial officer told the government in March
the company wouldn't be able to service interest payments due in
April and May, Finance Minister Lim Guan Eng said.

Malaysia, under newly-elected Prime Minister Mahathir Mohamad, is
trying to uncover the extent of alleged embezzlement or money
laundering at 1MDB, set up by former premier Najib Razak in 2009
to attract foreign investment, Bloomberg notes. There are global
criminal and regulatory probes as investigators attempt to trace
if money flowed out through a complex web of opaque transactions
and fraudulent shell companies to finance what the U.S. said were
spending sprees by corrupt officials and their associates.

"I have instructed that the Ministry of Finance take steps to
appoint PwC to conduct a special position audit and review of
1MDB so that Malaysians would know the true financial state of
affairs in 1MDB," Bloomberg quotes Mr. Lim as saying. "We would
then be able to determine the cost of the shenanigans to the
taxpayers."

In April 2016, a Malaysian parliamentary committee identified at
least $4.2 billion in irregular transactions in 1MDB, Bloomberg
recalls. The U.S. alleges a small coterie of Malaysians may have
diverted more than $4.5 billion from the fund into personal
accounts disguised to look like legitimate businesses, and kicked
back some of those funds to officials. Singapore has punished
banks over lapses related to 1MDB, seized hundreds of millions of
assets and jailed bankers over the scandal.

The company has consistently denied any wrongdoing and repeatedly
said all its funds are fully accounted for, Bloomberg notes.

1MDB President Arul Kanda had previously said there is MYR31
billion (US$7.8 billion) of mostly long-term debt outstanding,
down from a peak of MYR50 billion, while data compiled by
Bloomberg shows MYR26.8 billion of bonds and interest payments
are due by 2023.

According to Bloomberg, Abu Dhabi's International Petroleum
Investment Co. guaranteed two separate dollar-denominated bonds
for 1MDB in 2012 in deals arranged by Goldman Sachs Group Inc.
that raised $3.5 billion. Bloomberg says the bonds due in 2022
were the subject of a dispute in recent years on who's liable to
make interest payments on the debt. The ownership on one of the
issues isn't known because it was a private placement, while data
compiled by Bloomberg shows there is no single investor that
holds more than 5.1 percent of the bonds on the other set.

In a settlement agreement with IPIC last year, 1MDB assumed the
coupon and principal obligations for the bonds, and the company
said it would meet the payments by cashing out on investment fund
units that it owned, Bloomberg relays.

Those are the same investments that 1MDB director Kamal Mohd Ali
called "a scam," according to the finance ministry statement
cited by Bloomberg.

The revelations come after the finance minister said on May 22
that Malaysia's government debt has been inflated by 1MDB's
borrowing and exceeds MYR1 trillion, according to Bloomberg.
That was higher than previously disclosed by Najib's
administration as it was masked by the way the accounts were
reported, he said.

                        About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


FLETCHER BUILDING: Cuts Deal With Bankers Amid Covenant Breaches
----------------------------------------------------------------
Gyles Beckford at Radio New Zealand reports that Fletcher
Building has cut a new deal with its bankers, which will see it
pay more for its lending and put the proceeds of asset sales
immediately to paying back debt.

According to the report, the agreement follows the company's
breach of its lending arrangements caused by the big losses of
its building and interiors business.

This resulted in the gap between its income and its borrowing
blowing out, and forced the company to raise new money through a
share issue, sell assets, and renegotiate its banking
arrangements, Radio NZ says.

Radio NZ relates that among the terms of the new deal was a
1.25 percent rise in its interest rate for the next year, and
using the proceeds of the sale of its Formica and roofing tiles
businesses to repay debt.

The report says Fletchers was also reducing its bank borrowing by
about a quarter to NZ$925 million. Its overall gross borrowings
will be NZ$1.79 billion with available total debt of NZ$2.7
billion.

Radio NZ meanwhile reports that Fletcher Building's small retail
shareholders have taken up less than two-thirds of the new shares
they were entitled to in the recent offer.

The company raised more than NZ$500 million from a share sale to
big investment funds, and was looking to raise about NZ$230
million from its existing small shareholders, the report
discloses.

However, the company has raised only NZ$132 million, so the 20
million shares not taken up will be offered for sale to big
investors at $4.80, Radio NZ notes.

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The company's segments
include Building Products, Steel, Distribution, Infrastructure,
and Laminates & Panels.  On July 2, 2007, the company acquired
Formica Corporation.  On August 3, 2007, the company acquired
Fair Dinkum Homes and Sheds.  On October 5, 2007, the company
acquired Cameron Quarries.  On February 1, 2008, the company
acquired DVS Limited.  On May 1, 2008, the company acquired
Morinda Australia Pty Limited (trading as Garage World and Shed
Boss).

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.


MAORI TELEVISION: Job Losses Expected Amid Financial Challenges
---------------------------------------------------------------
Radio New Zealand reports that job losses may be on the way for
Maori Television, Minister of Maori Development Nanaia Mahuta has
indicated.

Radio NZ relates that Ms. Mahuta said she received a letter from
Maori TV's outgoing board chair Georgina te Heuheu about the
financial challenges facing the network.

Speaking at Parliament on May 22, Ms Mahuta said she did not know
how many jobs could go -- with the details to be decided by the
board, Radio NZ relays.

"That's a level of operation detail which I don't have
information on and it would be entirely inappropriate for me to
comment.

"There are other pressures impacting on the decisions that the
board needs to make about its sustainability, declining
viewership (and) some of the challenges around the current
operational status."

According to the report, new board chair Jamie Tuuta said at a
select committee this month it was paramount Maori TV received
appropriate funding to ensure it continued to be successful.

The state-funded broadcaster has not had a production funding
increase from Maori broadcasting agency Te Mangai Paho since
2004, the report says.

Radio NZ relates that Ms Mahuta said the board was working on a
strategy to move towards a sustainable television service.

"At the heart of that is reo revitilisation and making sure Maori
TV is a part of the new broadcasting delivery of a range of
services that we know they need to be," Ms Mahuta, as cited by
Radio NZ, said.



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


* SOUTH KOREA: Credit Union Delinquency Ratio Rises at End March
----------------------------------------------------------------
Yonhap News Agency reports that credit unions, or member-owned
financial cooperatives, saw their average delinquency ratio rise
slightly at the end of March, government data showed May 24.

The average delinquency ratio at credit unions, including
Nonghyup and Suhyup banks, rose 0.21 percentage point from three
months ago to 1.39 percent, Yonhap discloses citing data from the
Financial Supervisory Service.

The FSS said the slight rise in delinquency came after credit
unions cleaned up their ailing assets toward the end of last
year, Yonhap relays.

Compared with a year earlier, the average delinquency ratio at
credit unions fell 0.04 percentage point, it said.

Financial authorities now require second-tier banks to set aside
more loan-loss provisions in order to curb high-risk home
lending, Yonhap notes.

Yonhap adds that the tougher rule was applied to home loans by
savings banks, Nonghyup and Suhyup banks, and other mutual
savings banks that can charge more than 20 percent interest per
annum.



================
S R I  L A N K A
================


KOTAGALA PLANTATIONS: Fitch Affirms CC(lka) National LT Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based Kotagala Plantations
PLC's National Long-Term Rating at 'CC(lka)'. Fitch has also
affirmed the National Rating on Kotagala's outstanding senior
secured debentures at 'CC(lka)'.

The affirmation reflects the company's continued weak liquidity
profile despite improved revenue and EBITDA, asset disposals and
restructuring of bank facilities over the previous 12 months.
Kotagala had LKR27 million of unrestricted cash and no unutilised
credit facilities as at end-March 2018 (FY18) to meet LKR671
million of short-term debt falling due in the next 12 months.
There is a significant risk that Kotagala may not be able to meet
its obligations as they fall due through internally generated
cash flow.

KEY RATING DRIVERS

Continued Weak Liquidity: Fitch expects the company to continue
facing high liquidity pressure in the next 12-18 months due to
substantial debt maturities falling due starting 26 May 2018,
when the first LKR250 million principal repayment of its LKR1
billion secured debenture falls due. The company holds little
cash, does not have access to unutilised committed credit lines
and is greatly constrained from generating positive free cash
flow over the medium term due to losses from its rubber
plantations and high debt-servicing costs. The company's efforts
in FY18 to lower debt via asset disposals and debt restructuring
have not led to a sustained improvement in its liquidity profile.

Kotagala plans to meet its upcoming repayment by using the LKR100
million proceeds from the partial sale of its stake in Union
Commodities (Private) Limited (Unicom) in March 2018, LKR55
million from the sale of old rubber trees as timber and its
remaining cash reserves. It also aims to raise high-cost credit
facilities from customers and has the option of using the
debenture's sinking-fund balance of LKR161 million at end-March
2018 to meet any shortfall, if needed. Even if Kotagala makes the
upcoming repayment, there is little visibility as to how it will
meet its remaining debt obligations - including the second
principal repayment due May 2019 - unless it operating
performance improves significantly or upon third-party support or
restructuring.

High Refinancing Risk: Fitch believes Kotagala has high re-
financing risk, as lenders are likely to be cautious given the
plantation sector's volatility and the company's weak financial
profile. Kotagala's ability to raise funds through asset
disposals is also limited following the divestment of its only
profitable subsidiary, Unicom. Furthermore, the company was
unsuccessful in raising fresh equity through its rights issue in
December 2017 beyond what its parent, Consolidated Tea
Plantations Limited (CTPL), injected as part of its share. This
means Kotagala will likely have to resort to expensive sources to
refinance its debt, such as customer advance payments, which
could further exacerbate its credit profile.

Leverage to Remain High: Kotagala's leverage is likely to remain
high in the medium term, as Fitch expects moderating commodity
prices and continued operating cost increases to adversely affect
its EBITDA generation. Kotagala's adjusted net leverage/EBITDAR
ratio improved to 9.3x as at end-2017, from 16.5x in FY17 (FY16:
125.3x), mainly from higher global tea prices, which Fitch does
not expect to be sustained.

Volatile EBITDAR: Fitch expects tea and rubber sector
profitability to be affected in the medium term by volatile end-
market demand, lower labour productivity and cost pressure from
periodic wage increases. Kotagala's tea segment has seen a strong
rebound over the past nine months, helped by rising global
prices. However, prices are likely to moderate over the medium-
term with easing supply-side pressure. Fitch does not expect a
reversal in rubber-sector operating losses in the next few years
owing to lacklustre global prices and high fixed costs.

Fitch estimates Kotagala's annual EBITDAR to fall to around
LKR250 million in the medium term (FY17: LKR316 million), while
annual interest payments are likely to remain above LKR400
million (FY17: LKR746 million prior to the sale of Unicom and
repayment of associated debt).

DERIVATION SUMMARY

The rating reflects Kotagala's poor liquidity, excessive leverage
and limited medium-term business prospects due to inherent
weaknesses in its tea and rubber plantation businesses. These
factors result in Kotagala being rated multiple notches below its
closest rated peer, Sierra Cables PLC (BB+(lka)/Stable).

Kotagala has moderate linkages with its immediate parent, CTPL,
as defined in Fitch's Parent and Subsidiary Rating Linkage
criteria. However, Fitch believes CTPL's own financial
limitations may prevent it from extending timely support to
Kotagala. Therefore, Fitch rates Kotagala on a standalone basis.

KEY ASSUMPTIONS

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

  - Average tea price of USD3.9/kg (FY17: 3.6/kg) and average
    rubber price of USD2.0/kg (FY17: 1.9/kg) in FY19 and FY20

  - Annual EBITDAR to average around LKR300 million in FY19 and
    LKR230 million in FY20

  - Capex to average 4% of revenue from FY19-FY21 due to the
    replanting of tea and rubber

  - No dividend outflows from FY19-FY21

RATING SENSITIVITIES

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

  - Significant improvement in the company's liquidity profile.

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

  - The company entering into a temporary negotiated waiver or
    standstill agreement following a payment default on a large
    financial obligation.

LIQUIDITY

High Liquidity Risk: Kotagala had LKR27 million of unrestricted
cash at end-March 2018 to meet LKR671 million of contracted debt
maturities due in FY19. The company does not have unutilised
committed credit lines at its disposal. Fitch expects Kotagala to
post negative free cash flow of around LKR130 million in FY19 due
to replanting capex to maintain production. Fitch expects
Kotagala's annual interest payments to exceed annual EBITDA
generation over the medium term.



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


VIETNAM BANK: Fitch Hikes IDR to BB- & Alters Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) and revised the Support Rating Floors of three state-owned
Vietnamese banks - Vietnam Joint Stock Commercial Bank for
Industry and Trade (Vietinbank), Joint Stock Commercial Bank for
Foreign Trade of Vietnam (Vietcombank) and Vietnam Bank for
Agriculture and Rural Development (Agribank) - to 'BB-' from
'B+'.

At the same time, Fitch has revised the Support Rating Floors of
Military Joint Stock Commercial Bank (Military Bank) and Asia
Commercial Joint Stock Bank (ACB) to 'B-' from 'NF'.

The rating actions follow Fitch's upgrade of Vietnam's sovereign
rating to 'BB' from 'BB-' on 14 May 2018. The Outlooks on the
state-owned banks have been revised to Stable from Positive to
mirror a similar revision to the sovereign's Outlook.

The Viability Ratings of Vietinbank, Vietcombank, Military Bank,
and ACB were not part of this review.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF VIETINBANK,
VIETCOMBANK AND AGRIBANK

The upgrades of the IDRs on Vietinbank, Vietcombank, and Agribank
are driven by the upward revisions of their Support Rating
Floors. The revisions reflect the improving sovereign profile,
characterised by Vietnam's improving macroeconomic performance,
declining debt levels and rising external buffers that should
enhance the state's ability to provide extraordinary support to
the banks, if needed. The Support Ratings for the three state-
owned banks have been upgraded to '3' from '4' for the same
reason.

Fitch expects government support will be forthcoming, if needed,
given the banks' high systemic importance and the government's
controlling stakes. They are among the top four Vietnamese banks
by assets and have large domestic franchises.

The IDRs and Support Rating Floors are one notch below the
sovereign's as Fitch believes the large size of the banking
industry relative to GDP and the government's still-limited
resources, albeit improving, may hamper the timeliness of
support.

SUPPORT RATINGS AND SUPPORT RATING FLOORS OF MILITARY BANK AND
ACB

The Support Rating Floor revisions on Military Bank and ACB
similarly reflect the sovereign's improving ability to provide
extraordinary support. However, the banks' Support Ratings have
been left unchanged at '5'.

The rating actions on these privately owned banks indicate that
state support may be possible but cannot be relied upon. The
banks' franchises are smaller with market shares of around 3% of
system assets, compared with the 9%-12% for the state-owned
banks.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Support Ratings and Support Rating Floors of all five rated
Vietnamese banks are sensitive to perceived changes in the
state's ability and propensity to provide extraordinary support.

In the case of Vietinbank, Vietcombank, and Agribank, subsequent
movement in the sovereign ratings would likely affect their
support-driven IDRs.

The IDRs of Military Bank and ACB are sensitive to changes in
their Viability Ratings, which were not reviewed on this
occasion.

The rating actions are as follows:

Agribank

Long-Term IDR upgraded to 'BB-' from 'B+'; Outlook revised to
Stable from Positive
Short-Term IDR affirmed at 'B'
Support Rating Floor revised to 'BB-' from 'B+'
Support Rating upgraded to '3' from '4'

Vietinbank

Long-Term IDR upgraded to 'BB-' from 'B+'; Outlook revised to
Stable from Positive
Short-Term IDR affirmed at 'B'
Support Rating Floor revised to 'BB-' from 'B+'
Support Rating upgraded to '3' from '4'

Vietcombank

Long-Term IDR upgraded to 'BB-' from 'B+'; Outlook revised to
Stable from Positive
Short-Term IDR affirmed at 'B'
Support Rating Floor revised to 'BB-' from 'B+'
Support Rating revised to '3' from '4'

Military Bank

Support Rating Floor revised to 'B-' from 'NF'
Support Rating affirmed at '5'

ACB

Support Rating Floor revised to 'B-' from 'NF'
Support Rating affirmed at '5'



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
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                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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