TCRAP_Public/180528.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

            Monday, May 28, 2018, Vol. 21, No. 104

                            Headlines


A U S T R A L I A

AUSWIDE AUTO: Director Disqualified From Managing Companies
FASHIONOID PTY: Second Creditors' Meeting Set for June 6
GEOAXIOM PTY: Second Creditors' Meeting Set for June 4
METAL TRADES: Second Creditors' Meeting Set for May 31
PROJECT PLAN: Second Creditors' Meeting Set for June 6

QUINTIS LTD: Litigation Capital to Fund Shareholder Class Action


C H I N A

CFEC CHINA: CITIC Pays Debts of Company's Czech Unit


I N D I A

ADVANCE COOLERS: Ind-Ra Moves B Issuer Rating to Non-Cooperating
AMBRISH KUMAR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
AMTEX SOFTWARE: CRISIL Reaffirms B- Rating on INR22MM Term Loan
BAPASHREE AGRO: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
BATLIBOI ENVIRO: Ind-Ra Maintains B- LT Rating in Non-Cooperating

BEKO DIMON: ICRA Lowers Rating on INR2cr LT Loan to D
BHARUCH JILLA: CRISIL Moves D Rating to Not Cooperating Category
CLASSIC HYUNDAI: CRISIL Lowers Rating on INR10MM Cash Loan
CRYSTAL CARS: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
DAULAT FLOUR: Ind-Ra Keeps B Rating on Non-Cooperating Category

GALAXY MACHINERY: CRISIL Reaffirms B Rating on INR7.3MM Loan
GIRRAJ JI: Ind-Ra Keeps BB+ Rating on Non-Cooperating Category
GLOBAL FOODS: CRISIL Hikes Rating on INR30MM Loan From D
GURU KIRPA: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
HAPPYHOMESS CONSULTANCY: CRISIL Assigns B Rating to INR9MM Loan

HERCULES HOSPITAL: Ind-Ra Migrates B LT Rating to Non-Cooperating
HOTEL BABYLON: CRISIL Reaffirms B+ Rating on INR29MM LT Loan
IN-STYLE EMBROIDERIES: Ind-Ra Keeps BB- Rating in Non-Cooperating
INDICO MOTORS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
JALAN JEE: CRISIL Lowers Rating on INR9MM Cash Loan to C

KAMAKHYA TRANSFORM: Ind-Ra Maintains BB Rating in Non-Cooperating
KARUN RICE: ICRA B Rating Remains in Not Cooperating Category
KARNIMATA COLD: ICRA Maintains B Rating in Not Cooperating
KPT SPINNING: CRISIL Lowers Rating on INR3.5MM Cash Loan to D
KUNA IMPEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

L. MADANLAL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
M/S MANMADE: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
MAHADEV MOTORS: CRISIL Cuts Rating on INR11MM Loan to B+
MANNEY ENGINEERS: Ind-Ra Maintains B+ Rating in Non-Cooperating
MANTHAN SOFTWARE: CRISIL Migrates B+ Rating to Not Cooperating

MATRIX BIZCOM: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
MATRIX ROLLER: Ind-Ra Retains B Issuer Rating in Non-Cooperating
MEALITE FOODS: CRISIL Lowers Rating on INR5.5MM Cash Loan to D
MITTAL OCEAN: ICRA Moves B+ Rating to Not Cooperating Category
MITTAL TIMBER: ICRA Moves B+ Rating to Not Cooperating Category

NEW HARYANA: Ind-Ra Keeps B+ Rating in Non-Cooperating Category
PALLICKAL AGRO: CRISIL Moves B+ Rating to Not Cooperating Cat.
POWER & INSTRUMENT: Ind-Ra Migrates BB- Rating to Non-Cooperating
PRAYAGRAJ POWER: ICRA Reaffirms D Rating on INR11,493cr Loan
RACHITECH ENGINEERING: CRISIL Reaffirms B+ Rating on INR5.5M Loan

RADHIKA JEWELLERS: Ind-Ra Migrates B+ Rating to Non-Cooperating
REDCO HOTELS: CRISIL Moves B+ Rating to Not Cooperating Category
RISHAB GUM: CRISIL Withdraws B Rating on INR4MM Cash Loan
S. S. WAREHOUSING: CRISIL Assigns B+ Rating to INR6MM Term Loan
SAMPURN AGRI: Ind-Ra Maintains B Issuer Rating in Non-Cooperating

SANJAY DIESELS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
SANKALP ENGINEERING: ICRA Keeps D Rating in Not Cooperating
SAUMIL IMPEX: CRISIL Reaffirms B Rating on INR17.76MM Term Loan
SHAH LAXMI: ICRA Withdraws B+ Rating on INR3.5cr LT Loan
SHRI GANESH: ICRA Moves D Rating to Not Cooperating Category

SRI RAMA EDUCATIONAL: CRISIL Assigns B+ Rating to INR33.23MM Loan
SRINIVASA AGRO: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
SUDESH COTTON: CRISIL Migrates B+ Rating to Not Cooperating Cat.
SUNGRO SEEDS: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
SUNSHAKTI OIL: CRISIL Moves B Rating to Not Cooperating Category

SUYASH MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR6MM Loan
WANDERLAND REAL: ICRA Assigns B+ Issuer Rating
WORLDSTAR FABRICS: CRISIL Lowers Rating on INR25MM Cash Loan


J A P A N

TOSHIBA CORP: Times Square TV Coming Down in Cost-Cutting Measure


S I N G A P O R E

CFG PERU: Trustee Allowed to Conduct Rule 2004 Discovery on HSBC
FIRST SHIP: Gets US$18M Loan Offer to Refinance Chemical Tankers
HYFLUX LTD: SIAS to Organize Meetings in Due Course


                            - - - - -


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


AUSWIDE AUTO: Director Disqualified From Managing Companies
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
disqualified Sydney restaurateur Frank Anthony Criniti of Castle
Hill, NSW, from managing companies for the maximum period of five
years as a result of his involvement in seven failed companies.

Mr. Criniti's disqualification follows the appointment of
liquidators to seven companies he managed or acted as a de facto
director:

  -- Ozdime Pty Ltd ACN 141 976 909;
  -- Auswide Auto Wholesalers Pty Ltd ACN 141 149 313;
  -- Freddaisy Pty Ltd ACN 143 196 025;
  -- Global Hospitality Pty Ltd ACN 164 839 329;
  -- Rackforce Pty Ltd ACN 149 141 471;
  -- Diamondwish Pty Ltd ACN 152 124 377; and
  -- Frank Masons Pty Ltd ACN 146 034 808.

ASIC found that Mr. Criniti had:

   * improperly used his corporate position to gain an advantage
     for himself and others;

   * provided false information to authorities;

   * failed to prevent some of the companies from trading while
     potentially insolvent;

   * failed to pay tax and ensure that proper financial records
     were kept;

   * failed to exercise his duties as a director with due care
     and diligence;

   * failed to comprehensively monitor company operations and
     financial position; and

   * acted as a de facto director, assuming responsibility for
     the management of companies while not appointed as a
     director.

ASIC relied on supplementary reports that were lodged by
liquidators Ozem Kassem & Jason Tang of Cor Cordis for Auswide
Auto Wholesalers Pty Ltd and Freddaisy Pty Ltd and by Steven
Gladman of Hall Chadwick for Global Hospitality Pty Ltd.  ASIC
assisted these liquidators in preparing the supplementary reports
with funding from the Assetless Administration Fund (AAF).

The total amount owed by the companies to creditors was more than
AUD3.5 million.

Mr. Criniti's disqualification extends to May 20, 2023.

Mr. Criniti has been given permission to manage the following
companies until July 30, 2018 for a limited purpose:

   -- Criniti's Pantry (Castle Hill) Pty Ltd ACN 148 094 937;
   -- Criniti's (Darling Harbour) Pty Ltd ACN 135 320 697;
   -- Criniti's (Woolloomooloo) Pty Ltd ACN 151 744 133;
   -- Jade' N Belle Pty Ltd ACN 142 501 522;
   -- Criniti's Woodfire Pizza Pty Ltd ACN 135 866 385; and
   -- Givana Prestige Pty Ltd ACN 147 605 927

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within
a seven-year period, the person was an officer of two or more
companies, and those companies were wound up and a liquidator
provides a report to ASIC about the company's inability to pay its
debts.

ASIC also maintains a 'Banned and Disqualified Persons' register
that provides information about people who have been disqualified
from:

   - involvement in the management of a corporation,
   - auditing self-managed superannuation funds (SMSFs), or
   -- practising in the financial services of credit industry.

ASIC's Small Business Strategy, released in August 2017, includes
protecting creditors, employees and small business from directors
that mismanage companies. This outcome is an example of ASIC
taking such action.


FASHIONOID PTY: Second Creditors' Meeting Set for June 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Fashionoid
Pty. Ltd., trading as METALICUS, has been set for June 6, 2018, at
10:30 a.m. at the offices of PKF Melbourne, Level 13, 440 Collins
Street, in Melbourne.

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 5, 2018, at 4:00 p.m.

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


GEOAXIOM PTY: Second Creditors' Meeting Set for June 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Geoaxiom Pty
Ltd has been set for June 4, 2018, at 11:00 a.m. at the offices of
SMB, Level 18, 324 Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 3, 2018, at 4:00 p.m.

Alice Ruhe and Ken Sellers of SMB were appointed as administrators
of Geoaxiom Pty on April 30, 2018.


METAL TRADES: Second Creditors' Meeting Set for May 31
------------------------------------------------------
A second meeting of creditors in the proceedings of Metal Trades
Group Pty Ltd has been set for May 31, 2018, at 11:00 a.m. at
Level 1, 164 Brisbane Street, in Ipswich, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2018, at 4:00 p.m.

John Maxwell Morgan and Geoffrey Davis of BCR Advisory were
appointed as administrators of Metal Trades on April 27, 2018.


PROJECT PLAN: Second Creditors' Meeting Set for June 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Project Plan
Pty Ltd has been set for June 6, 2018, at 10:00 a.m. at Level 1,
14 Watt Street, in Newcastle, 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 5, 2018, at 4:00 p.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Project Plan on May 2, 2018.


QUINTIS LTD: Litigation Capital to Fund Shareholder Class Action
----------------------------------------------------------------
Litigation Capital Management will fund a class action that
commenced on May 25 in Sydney in the Federal Court of Australia,
on behalf of shareholders in Quintis Limited. Piper Alderman are
the lawyers for the class members and LCM is funding the class
action, now on an unconditional basis.

As previously announced to the market on May 19, 2017, LCM had
proposed to fund on a conditional basis, claims of certain current
and former Quintis shareholders in a class action against Quintis.
The class action that commenced today differs significantly from
this earlier proposed funding of a claim, which LCM was
investigating with Piper Alderman and also from the two other
class actions against Quintis which commenced in the intervening
period.

The action is based on the accounting treatment used in the 2015
and 2016 Financial Reports. This class action is against both
Quintis and their auditors Ernst & Young ("EY"). The claim alleges
that by signing off on the 2015 and 2016 Financial Reports, EY
engaged in conduct that was misleading or deceptive, and was
negligent.

The case alleges that in both 2015 and 2016, the Financial Reports
issued by Quintis did not give a true and fair view of the
financial position and performance of Quintis. Rather, those
Financial Reports significantly over-stated the value of Quintis'
assets and the amount of Quintis' profits in those years.

Mr. Patrick Moloney of LCM said: "We and Piper Alderman have spent
a significant amount of time preparing this action which we
believe gets to the heart of the collapse of Quintis and which
represents the best opportunity for shareholders to recoup their
losses. The claim is based on significant accounting errors which
should have been identified by EY in their role as auditors".

Shareholders in Quintis can find out more about this class action
at the following website: pipald.info/QIN

                        About Quintis

Quintis is Australia's largest sandalwood forestry management
company and manages 17 separate managed investment schemes.

Quintis employs approximately 500 staff at various locations
throughout Australia. Quintis manages nearly 13,000 hectares of
sandalwood plantations in northern Australia and owns a
distillery and pharmaceutical company to process the sandalwood
for the cosmetics, well-being and pharmaceutical industries. The
company was formed in 1997 and listed in 2007.

KordaMentha Restructuring partners Richard Tucker, Scott Langdon,
and John Bumbak were appointed as Voluntary Administrators of the
Quintis Group on January 20, 2018 after Asia Pacific Investments
DAC exercised an option requiring Quintis to acquire 400 hectares
of plantations at a pre-determined price of AUD37 million, with
settlement required totake place on Feb. 2, 2018.  Quintis did not
have the financial resources to pay the put option.

As a result of the appointment of Administrators, on Jan. 23,
2018, the secured bondholders appointed Jason Preston, Shaun
Fraser and Robert Brauer of McGrathNicol as Receivers and
Managers.



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


CFEC CHINA: CITIC Pays Debts of Company's Czech Unit
----------------------------------------------------
Robert Muller and Jan Lopatka at Reuters report that Czech
financial firm J&T said on May 25 it had struck a deal with
Chinese state conglomerate CITIC Group to settle debts owed by
CEFC China Energy Company Limited, ending a dispute.

Reuters says privately-held CEFC has spearheaded a Chinese
acquisition drive in the Czech Republic, championed by Czech
President Milos Zeman, which includes a range of assets including
engineering, brewing and real estate as well as a soccer club and
an airline.

But the Czech-based CEFC business has been hit by problems at once
rapidly expanding parent group CEFC China Energy, which started
unravelling under a pile of debt, Reuters relates. Its troubles
were aggravated when it was revealed in March that founder
Chairman Ye Jianming was being investigated in China, the report
notes.

According to Reuters, CEFC's biggest deal, to buy a $9.1 billion
stake in Russian oil major Rosneft, has since fallen through and
one CEFC business defaulted on bonds earlier last week. A plan to
take half of one of J&T's main businesses, banking group J&T
Financial Group (JTFG), was also abandoned, the report states.

The Czech part of CEFC has for weeks said CITIC, a Chinese state-
owned conglomerate, would take a stake in the business and help
pay back EUR450 million in debt owed to J&T.

But as the talks dragged on, J&T Private Investments (JTPI) took
over shareholder rights in CEFC Europe and put in place its own
crisis management team last week, Reuters says.

Reuters notes that the deal ended the disputes and a spokeswoman
for JTFG said that by Friday afternoon [May 25], CITIC had paid
all receivables the J&T entities had from CEFC entities. A source
close to the involved parties said around 12 billion crowns
(US$543 million) had been paid.

"After constructive negotiations, J&T Private Investments and J&T
Finance Group SE on the one side, and Rainbow Wisdom led by the
Chinese Corporation CITIC Group on the other, have agreed on a
strategic cooperation," J&T said.

The agreement sets out a longer-term partnership with CITIC under
which CITIC's Rainbow Wisdom will take over a 9.9 percent stake in
JTFG, and EUR200 million worth of perpetual unsecured JTFG debt
now held by two China-based CEFC entities, the statement said,
Reuters relays.

A spokesman for CITIC confirmed the deal but gave no details on
its arrangements with CEFC, in which it is taking a stake.

"The agreement between J&T and CITIC represents a step forward for
us to develop businesses in Czech and other European markets,"
Reuters quotes CITIC Group spokesman Liu Guang as saying in an
email.

CEFC China Energy Company Limited engages primarily in energy and
financial services businesses. It invests and develops upstream
and downstream of oil and gas fields, and petrochemicals in the
Middle East, Central Asia, and Africa. The company establishes
logistics chains, overseas storage, and transshipment terminals.
It also invests in securities, trusts, futures, banking, financial
assets transactions, leasing, factoring, direct risk management,
and online insurance.



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


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital migrated to non-
    cooperating category with IND B (ISSUER NOT CO-OPERATING)
    /IND A4 (ISSUER NOT CO-OPERATING) rating;

-- INR17.5 mil. Non-fund-based working capital migrated to non-
    cooperating category with IND A4 (ISSUER NOT CO-OPERATING)
    rating;

-- INR20 mil. Proposed long-term loan migrated to non-
    cooperating category with Provisional IND B (ISSUER NOT CO-
    OPERATING) rating;

-- INR20 mil. Proposed fund-based facilities migrated to non-
     cooperating category with Provisional IND B (ISSUER NOT CO-
     OPERATING) /Provisional IND A4 (ISSUER NOT CO-OPERATING)
     rating; and

-- INR12.5 mil. Proposed non-fund-based facilities migrated to
     non-cooperating category with Provisional IND A4 (ISSUER NOT
     CO-OPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M/s Advance Coolers manufactures air coolers and fans at its
facility in Thane, Mumbai (Maharashtra).


AMBRISH KUMAR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ambrish Kumar
Tripathi'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:

-- INR10 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR45.5 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Ambrish Kumar Tripathi is engaged in the construction work of dams
and canals for Madhya Pradesh Water Resources Department.


AMTEX SOFTWARE: CRISIL Reaffirms B- Rating on INR22MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Amtex Software Solutions Private Limited (ASSPL) at 'CRISIL B-
/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           3        CRISIL B-/Stable (Reaffirmed)

   Foreign Currency
   Term Loan            22        CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in a
competitive industry and exposure to risks related to geographical
and customer concentration. These weaknesses are partially offset
by the experience of the promoter in the information technology
(IT) services sector.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and exposure to competition: Intense
competition may continue to restrict the scalability of operations
and limit the pricing power with suppliers and customers, thereby
constraining profitability. Revenue is estimated at INR38 crore in
fiscal 2018.

* Exposure to customer and geographical concentration risks: ASSPL
derives 70% of its revenue from sales to Information Builders, USA
and the balance from its group company, Amtex Solutions Inc, USA.
This leads to a highly concentrated revenue profile. Further,
economic downturn or political factors in USA may also directly
impact the business.

Strengths:

* Experience of promoter: The promoter, Mr Sainath Pokola, has
been in the IT services industry for over a decade. He ventured
into the industry through Amtex Systems Inc. in 1997. Benefits
from the promoter's experience, his strong understanding of the
market dynamics, and healthy relations with customers should
continue to support the business.

Outlook: Stable

CRISIL believes ASSPL will continue to benefit from the promoters'
extensive experience in the IT services sector. The outlook may be
revised to 'Positive' if timely completion of projects within
budgeted costs, and significant ramp-up in scale of operations
lead to better financial risk profile. Conversely, the outlook may
be revised to 'Negative' if significant time or cost overruns in
projects, or low cash accruals weaken financial metrics.

Set up in 2000 in Chennai as Amtex Infotech Pvt Ltd, the company
was given the current name in 2012. ASSPL provides a range of IT
services, including software development and testing, data mining
and business intelligence, and business process outsourcing.


BAPASHREE AGRO: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bapashree Agro
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 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:

-- INR97.5 mil. Proposed fund-based facilities maintained in
    non-cooperating category with Provisional IND B+ (ISSUER NOT
    COOPERATING) /Provisional IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 23, 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 2009, Bapashree Agro is primarily engaged in the
processing, milling and trading of rice and wheat.


BATLIBOI ENVIRO: Ind-Ra Maintains B- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Batliboi
Environmental Engineering 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 the rating. The
rating will continue to appear as 'IND B- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR6.5 mil. Cash credit maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR2.5 mil. Non-fund based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1959, Batliboi Environmental Engineering is
involved in the design, selection, engineering, fabrication,
supply, installation, and commissioning of air and water pollution
control equipment.


BEKO DIMON: ICRA Lowers Rating on INR2cr LT Loan to D
-----------------------------------------------------
ICRA Ratings said the ratings for the bank facilities of Beko
Dimon Fishing Co has been downgraded to [ICRA] D due to default in
servicing debt obligation and the ratings will continue to remain
in 'Issuer Not Cooperating' category and is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on feedback received
from banker that, Beko Dimon Fishing Co has defaulted in repaying
debt obligation. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-            2.00       Ratings downgraded to [ICRA]D
   Unallocated                      ISSUER NOT COOPERATING from
                                    [ICRA]BB- (stable); Ratings
                                    continue to remain in 'ISSUER
                                    NOT COOPERATING' category

   Short term-Fund       2.50       Ratings downgraded to [ICRA]D
   based facility                   ISSUER NOT COOPERATING from
                                    [ICRA]A4; Ratings continue to
                                    remain in 'ISSUER NOT
                                    COOPERATING' category

Rationale

The rating downgrade follows the delays in debt servicing by Beko
to the lender(s), as confirmed by them to ICRA.

Beko Dimon Fishing Company was established in the year 2003. It is
registered as a 100% Export Oriented Unit (EOU). The firm is into
manufacturing of fishing hooks, snoods, lines, swivels,
monofilament lines and rubber tubing for the long line fishing
industry and for other commercial and non-commercial fishing
purposes. The firm has its manufacturing facility in Nilgiris with
a built up area of approximately 1830 sq m. in 1.0 acre of land.
It has a capacity to manufacture 20,000 to 25,000 hooks per day
which would increase to about 200,000 hooks per day with the
installation of the new machinery.


BHARUCH JILLA: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Bharuch Jilla
Kaival Kelavani Mandal (BJKKM) for obtaining information through
letters and emails dated March 27, 2018 and April 3, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            8.74      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 Bharuch Jilla Kaival Kelavani
Mandal. Which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Bharuch Jilla Kaival Kelavani Mandal 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 Bharuch Jilla Kaival Kelavani Mandal to 'CRISIL D
Issuer not cooperating'.

BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named ' 'My Shannen School' and is promoted by
Mr. Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr.
Dharmesh Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr.
Mahendrabhai Maganbhai Patel, Mrs. Lataben Naginbhai Patel and
Mrs. Ushabahen Patel with the capacity of approximately 3138
students in both English and Gujarati Medium in the general and
science stream from K.G. to Std. 12.


CLASSIC HYUNDAI: CRISIL Lowers Rating on INR10MM Cash Loan
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Classic Hyundai (CH) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          10       CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade reflects the firm's average business risk profile
due to stagnant revenue and decline in operating margin. In fiscal
2017, revenue fell to INR83 crore and operating margin to 2.5%
from INR88 crore and 3%, respectively, in fiscal 2016. In fiscal
2018, operating margin is estimated at a similar level and revenue
at INR85-86 crore. Financial risk profile has weakened due to
large capital withdrawal leading to modest networth and high
gearing of negative 21 times and total outside liability to
tangible networth (TOLTNW) ratio of negative 26 times as on
March 31, 2018. Debt protection metrics remain weak, with interest
coverage and net cash accrual to total debt ratio at 1 time and
negative 11 times, respectively, in fiscal 2018.

The ratings also reflect the firm's below-average financial risk
profile and modest scale of operations. These weaknesses are
partially offset by its promoters' experience in the automotive
dealership business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Scale
remains modest, reflected in estimated revenue of INR85-86 crore
in fiscal 2018, in the intensely competitive passenger vehicles
segment.

* Below-average financial risk profile: TOLTNW ratio is estimated
to remain high at negative 20.0 times as on March 31, 2018. Low
operating profitability and large debt are likely to weaken debt
protection metrics, with interest coverage and net cash accrual to
total debt ratios is estimated at 1.1 times and negative 2%,
respectively, in fiscal 2018.

Strength:

* Experience of promoters: Benefits from the promoters' experience
of two decades in the automobile dealership business should
continue to support the business.

Outlook: Stable

CRISIL believes CH's will continue to benefit from its established
market presence. The outlook may be revised to 'Positive' if
sizeable cash accrual leads to better financial risk profile and
efficient working capital management. The outlook may be revised
to 'Negative' if financial risk profile weakens because of lower
cash accrual or stretched working capital cycle.

Set up in 2011, CH is an authorised dealer for Hyundai Motor India
Ltd in Malappuram, Kerala. The partnership firm was promoted by
Mr. C P Abdulla and his friends Mr. Abdul Azeez, Mr Zakir Hussain,
and Mr Ahmad Hassan.


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

The instrument-wise rating actions are:

-- INR40 mil. Term loan due on May 2026 migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR73 mil. Fund-based working capital migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015, CCPL has set up a Honda Motor Company
Limited showroom and service centers in Kottayam, Kerala. The
company is engaged in the trading of Honda cars and spares, and
service and exchange.


DAULAT FLOUR: Ind-Ra Keeps B Rating on Non-Cooperating Category
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Daulat Flour
Mill'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 actions are:

-- INR30 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating;

-- INR27 mil. Term loan maintained in Non-Cooperating Category
     with IND B (ISSUER NOT COOPERATING) rating; and

-- INR13 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND B (ISSUER NOT COOPERATING) /Provisional IND A4 (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Daulat Flour Mill operates a 30,000 metric ton per annum flour
mill in Bulandshahr (Uttar Pradesh).


GALAXY MACHINERY: CRISIL Reaffirms B Rating on INR7.3MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Galaxy
Machinery Pvt Ltd (GMPL) at 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        1        CRISIL A4 (Reaffirmed)

   Cash Credit           7        CRISIL B/Stable (Reaffirmed)

   Letter of Credit      3        CRISIL A4 (Reaffirmed)

   Long Term Loan        1.7      CRISIL B/Stable (Reaffirmed)

   Proposed Working
   Capital Facility      7.3      CRISIL B/Stable (Reaffirmed)

The ratings reflect the below-average financial risk profile and
susceptibility to volatile raw material prices and intense
competition in the computer numeric control (CNC) machines
manufacturing segment. These weaknesses are partially offset by
extensive experience of GMPL's promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
marked by a negative net worth. Debt protection metrics are
moderate, with net cash accrual to total debt and interest
coverage ratios of 0.09 time and 1.7 times, respectively, for
fiscal 2018.

* Working capital-intensive operations: Gross current assets stood
at 206 days as on March 31, 2018, due to sizeable inventory of 149
days. Receivable's outstanding for over six months rose to INR3.4
crore, from INR2.8 crore in the previous fiscal, due to a delay in
payment by the client, Warm Gear Pvt Ltd.

Strength

* Extensive experience of the promoters: The three decade-long
experience of the promoters, and the collaboration with Italy-
based Biglia SpA have helped the company set up a strong sales and
services network, across eight cities, including Bengaluru, Delhi,
and Chennai.

Outlook: Stable

CRISIL believes the financial risk profile will remain weak due to
the small networth and large working capital requirement. The
outlook may be revised to 'Positive' if any long-term fund
infusion by promoters or sustained improvement in working capital
management strengthens liquidity. The outlook may be revised to
'Negative' if an unprecedented stretch in working capital cycle or
low cash accrual further weakens financial risk profile.

Incorporated in 1991 by promoters, Mr. S Elango and Mr. R
Selvaraj, GMPL manufactures CNC machines.


GIRRAJ JI: Ind-Ra Keeps BB+ Rating on Non-Cooperating Category
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Girraj Ji Stone
Crushers 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 the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR13.70 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR58.70 mil. Non-fund-based working capital limit maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Girraj Ji Stone Crushers is an 'A' class contractor engaged in the
tender-based business of ballast supply, linking of railway tracks
and construction of railway under bridges and railway over bridges
as well as other construction work in various parts of India.


GLOBAL FOODS: CRISIL Hikes Rating on INR30MM Loan From D
--------------------------------------------------------
CRISIL has revised its rating on the short term bank facility of
Global Foods from 'CRISIL A4' to 'CRISIL D' and simultaneously
upgraded to 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Packing Credit        30       CRISIL A4 (Revised from
                                  'CRISIL A4' to 'CRISIL D'
                                  and simultaneously upgraded
                                  to 'CRISIL A4')

The rating downgrade takes into account the instance of
irregularity of more than 30 days in its working capital facility
during the period Oct-Nov 2017. The simultaneous rating upgrade
reflects sufficient track record of timely debt servicing
maintained by the firm since then.

The rating continues to reflect the firm's below-average financial
risk profile because of modest net worth and high gearing, and its
large working capital requirement. These weaknesses are partially
offset by its promoter's extensive experience and its established
market position in processing and exporting cashew kernels.

Key Rating Drivers & Detailed Description

Strengths

* Below average financial risk profile: The firm's financial risk
profile is below-average with modest net worth of around INR7.8
crore as on March 31 2018, high gearing of 3.3 times and average
debt protection metrics with interest coverage of around 1.8 times
and NCATD of 3% for fiscal 2018. With modest accretion to reserves
and modest cash accruals, net worth and debt protection metrics
are expected to remain at similar levels over the medium term.

* Large working capital requirement: Global Foods's operations are
working capital intensive, as indicated by GCA days of 193 days as
on March 31 2018. High GCA days is on account of large receivables
and inventory of around 160 days and 36 days respectively as on
March 31 2018. As a result of high GCA days, working capital
limits remain highly utilized.

Weaknesses

* Promoters' extensive experience in cashew processing business:
Business profile is expected to benefit from promoters' experience
of over three decades, the firm's integrated operations and
established track record over the medium term.

Global Foods, founded as a partnership firm by Mr. Abhijit Mohan
and Mr. Mohan Chandra Nair in February 2013, processes and exports
cashew kernels.


GURU KIRPA: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Guru Kirpa Tex
Fab'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 with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR25 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 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a partnership concern, Guru Kirpa Tex Fab
manufactures non-woven fabrics.


HAPPYHOMESS CONSULTANCY: CRISIL Assigns B Rating to INR9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long term bank facility of Happyhomess Consultancy Private Limited
(HCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility        9       CRISIL B/Stable (Assigned)

The rating reflects HCPL's modest scale of operations in
competitive real estate consulting segment and weak financial risk
profile marked by modest net worth and weak gearing. These rating
weaknesses are partially offset by extensive experience of
promoters and efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Net worth was modest at negative
INR0.10 Cr with negative gearing of 7.10 times as on 31 March
2017. Debt protection metrics; interest coverage and NCA/TD were
8.82 times and 10 percent respectively in 2016-17.

* Modest Scale of operation in competitive real estate consulting
segment: Modest scale of operation marked by revenues of INR3.2 Cr
in 2016-17.  HCPL is also exposed to high degree of competition
from large number of unorganized players in an intensely
competitive real estate consulting segment.

Strength

* Extensive industry experience of the promoters: The company is
promoted by Mr. A.Chalapathy, Mrs.Sreelatha and M.Obul Reddy. The
promoters have experience of four decades in real estate
consulting segment. CRISIL believes HCPL will continue to benefit
over the medium term from its promoters extensive experience.

* Efficient working capital management: Efficient working capital
management marked by GCA days of 39 days as on 31 March 2017 on
account of marginal debtors days. Debtor days were in the range of
5-16 days over the last 2 years ended 31 March 2017.

Outlook: Stable

CRISIL believes HCPL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial improvement in
revenue and profitability margins, and a sustained efficient
working capital management resulting in improved business and
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins, or
significant deterioration in its capital structure caused most
likely by a large, debt-funded capital expenditure or a stretch in
its working capital cycle.

HCPL, incorporated in Dec 2015, is engaged in real estate
consultancy and marketing services. The company has its head
office in Visakhapatnam. The company has close to 200 employees
across four cities across India (Visakhapatnam, Hyderabad,
Gajuwaka and Bengaluru).


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

The instrument-wise rating actions are:

-- INR15 mil. Term loan due on March 2022 migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR110 mil. Fund-based facilities - cash credit migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2003, HHPL is part of the Hercules Group. The
company is setting up an automobile dealership showroom of NEXA in
the Alleppey district of Kerala.


HOTEL BABYLON: CRISIL Reaffirms B+ Rating on INR29MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank loan facility of Hotel Babylon Capital Private Limited
(HBCPL). The rating reflects exposure to moderate project risk and
to intense competition in the hotel industry, and a modest
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the promoters and their
continued funding support.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan        29       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Moderate project risk: As the hotel is under construction, the
company is exposed to moderate implementation and funding risks.
It has been sanctioned a term loan of INR29 crore, but is highly
dependent on customer advances from sale of office space.
Furthermore, the implementation schedule has been extended by
around six months due to internal changes in the plan. Although
the hotel is expected to start functioning shortly, stabilisation
and ramp-up of operations will remain rating sensitivity factors.

* Exposure to intense competition: Concentration of revenue in a
single hotel constrains access to a wider customer base, and
renders the company susceptible to the dynamics of operating in a
single market. It is also more vulnerable to competition from
bigger players in the hospitality industry.

* Below-average financial risk profile: A modest networth and
debt-funding for the project continue to constrain the financial
risk profile. The networth and gearing are estimated at INR6.7
crore and 2.9 times, respectively, as on March 31, 2018.

Strength
* Extensive industry experience of the promoters: The promoters
have two decades of experience in running hotels under the Babylon
group. The group operates a 4-star hotel, Hotel Babylon
International (Raipur) with 80 rooms (operational since 2001) and
another 3-star hotel, Hotel Babylon Inn (Raipur) with 72 rooms
(since 2009).

Outlook: Stable

CRISIL believes HBCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the hotel is implemented as per schedule, and
there is higher-than-expected occupancy, leading to better revenue
and cash accrual during the initial phase. The outlook may be
revised to 'Negative' in case of further delay in commissioning
the hotel, and/or lower-than-expected ramp-up in sales post
commercialisation, exerting pressure on the financial risk
profile, especially liquidity.

HBCPL, incorporated in 2012, is promoted by Mr Paramjeet Singh
Khanuja and his wife, Mrs Jugesh Kaur. The company is setting up a
3-star hotel in Raipur, Chhattisgarh.

The company is presently under project phase and expected to
commence operations by July 2018.


IN-STYLE EMBROIDERIES: Ind-Ra Keeps BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained In-Style
Embroideries 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:

-- INR12.50 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR52.50 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR5.00 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND BB- (ISSUER NOT COOPERATING) /Provisional IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR15.00 mil. Proposed term loan maintained in Non-
    Cooperating Category with Provisional IND BB- (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

In-Style Embroideries was incorporated in 1997 and is engaged in
embroideries job work.


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

The instrument-wise rating actions are:

-- INR220 mil. Fund-based limits migrated to Non Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating;

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

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

-- INR50 mil. Proposed non-fund-based limits migrated to Non-
     Cooperating Category with Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Founded in 1989 by Mr. Sanjay Dubey, IMPL is engaged in the
manufacturing of bodies of heavy commercial vehicles, such as
tippers, trailers and tip trailers.


JALAN JEE: CRISIL Lowers Rating on INR9MM Cash Loan to C
--------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facility of
Jalan Jee Polytex Limited (JPL) to 'CRISIL C'' from 'CRISIL B-
/Stable' while reaffirming the short-term rating at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           9        CRISIL C (Downgraded from
                                  'CRISIL B-/Stable')

   Letter of Credit      1        CRISIL A4 (Reaffirmed)

The downgrade reflects stressed liquidity due to inadequate cash
accrual to meet long-term debt repayment. Furthermore, performance
remains weak with a modest turnover of INR50 crore and operating
margin of around 2% in fiscal 2018. Also, operations remain highly
working capital intensive, resulting in high bank utilisation at
more than 95% over the 12 months through March 2018.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the highly competitive textile
industry: Revenue was modest, estimated at INR50 crore in fiscal
2018, in an intensely competitive industry.

* Susceptibility to volatility in raw material prices: The
operating margin is vulnerable to any adverse movement in prices
of polyester and acrylic fibre, which are influenced by volatility
in crude oil prices.

* Below-average financial risk profile: The debt protection
metrics were subdued, with net cash accrual to total debt and
interest coverage ratios at 0.01 time and 1.8 times, respectively,
in fiscal 2017.

Strength

* Industry experience of the promoters: The promoters have an
experience of X years in the textile industry. They have thus been
able to establish a strong relationship with customers and
suppliers.

Incorporated in 2001, JPL is promoted by Mr. Vinod Jalan and his
wife, Mrs. Kavita Jalan. The company manufactures polyester yarn
and knitted fabrics, and trades in grey fabric. Its facility in
Gorakhpur, Uttar Pradesh, has a capacity of 35,000 tonne per annum
for manufacturing textured yarn, with 22 machines for texturizing
and 16 for TFO (two for one yarn).


KAMAKHYA TRANSFORM: Ind-Ra Maintains BB Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamakhya
Transformers' 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:

-- INR16 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR23 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR13.5 mil. Proposed non-fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kamakhya Transformers was incorporated in 2009 in Guwahati (Assam)
and manufactures and repairs distribution transformers.


KARUN RICE: ICRA B Rating Remains in Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings said the rating for the INR7.00-crore bank facility
of M/s Karun Rice & General Mills (KRGM) continues to be in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable) ISSUER NOT COOPERATING. ICRA has been seeking
information from the entity to monitor its performance. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. The current rating action has been taken by ICRA
based on the best available/dated/limited information on the
issuer's performance. Accordingly, lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as it may not adequately reflect the
credit risk profile of the entity.

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-Term Fund        6.50       [ICRA]B (Stable) ISSUER NOT
   Based/CC                         COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

Incorporated in the year 1996, KRGM is a partnership firm engaged
in milling, processing and sorting of rice. The firm has its plant
at Cheeka (Haryana) with a milling capacity of 3.25 tonnes per
hour and sorting capacity of 2 tonnes per hour. The company deals
in both basmati and non-basmati rice, however majority (more than
75%) of the company's revenue is generated from sale of basmati
rice. The entity is also engaged in the trading of basmati and
non-basmati rice. It primarily procures paddy/rice from Haryana,
Punjab and U.P.


KARNIMATA COLD: ICRA Maintains B Rating in Not Cooperating
----------------------------------------------------------
ICRA Ratings said the ratings for the INR12.00 crore bank
facilities of Karnimata Cold Storage Limited (Erstwhile Karnimata
Cold Storage Private Limited) continue to remain under 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".


                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based-Term       4.58       [ICRA]B (Stable) ISSUER NOT
   Loan                             COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based-Cash       6.22       [ICRA]B (Stable) ISSUER NOT
   Credit                           COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based-Working    1.00       [ICRA]B (Stable) ISSUER NOT
   Capital Loan                     COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Non Fund Based-       0.20       [ICRA]A4 ISSUER NOT
   Bank Guarantee                   COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Karnimata Cold Storage Limited (Erstwhile Karnimata Cold Storage
Private Limited) (KCSL) had set up its cold storage unit at West
Medinipur, West Bengal in 2012, to carry out the business of
storage and preservation of potatoes. KCSL has a storage capacity
of 25,814 metric tonnes (MT) at present.


KPT SPINNING: CRISIL Lowers Rating on INR3.5MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of KPT
Spinning Mills Private Limited (KPT) to 'CRISIL D' from 'CRISIL
B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.5       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Long Term Loan       2.5       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

Rating downgrade reflects delays in the repayment of term over the
past three months, through May 2018.

The rating continues to reflect its modest scale- and working
capital intensive nature- of operations in the intensely
fragmented textile industry. The rating also reflects exposure to
fluctuation in raw material prices and its below-average financial
risk profile, marked by a high gearing, average debt protection
metrics and net worth. These rating weaknesses are partially
offset by the benefits it derives from the extensive industry
experience of promoters in the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Delays in the repayment of term loan: KPT has been delaying its
repayment of term loan over the past three months, through May
2018. Delays have been on account of temporarily liquidity
stretch.

* Modest scale of operations: KPT has modest scale of operations
as reflected by its revenues of around INR14 crores during 2016-17
(refers to the financial year April 1 to March 31). KPT's scale of
operation has remained subdued on account of increasing
competition from other new players in the market. Scale of
operations is expected to increase, though should remain modest
over the medium term.

* Large working capital management: KPT has large working capital
management as reflected in its gross current asset (GCA) days of
111 days as on March, 2017 due to high debtor and inventory days.
Operations are expected to remain working capital intensive over
the medium term.

* Below-average financial risk profile: KPT's financial risk
profile is marked by high gearing, modest networth and average
debt protection metrics. KPT has gearing of 1.8 times and networth
of INR3.7 crores as on March, 2017. The debt protection metrics
are average with negative Net cash accruals to total debt (NCATD)
and interest coverage ratio at 0.01 times and 2.3 times,
respectively for 2016-17. Debt protection metrics is estimated to
have remained average in Fiscal 2018.

* Profitability is susceptible to volatility in raw material
prices and too fluctuation in forex rates: KPT is a relatively
smaller player in the fragmented market, leading to low bargaining
power with suppliers and customers. Raw material prices form 60-70
percent of the cost structure. Any significant increase in raw
material prices will affect the profitability due to intense
competition.

Strengths

* Promoter's extensive experience: KPT's partners have a long
standing experience in the textile industry. The promoter has been
in the business for more than one decade. The company is promoted
by Mr K P Thangamuthu and Mr Vetrivel.

KPT was promoted by Mr K P Thangamuthu and Mr Vetrivel in 2010 and
began commercial production in 2011-2012. The company is engaged
in the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.


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

The instrument-wise rating actions are:

-- INR57.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR6.18 mil. Term loans due on April 30, 2020 migrated to
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR55.0 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

Incorporated in December 1998, KIPL is engaged in the trading of
industrial automation, and electrical and lighting products. The
company's head office is in Ahmedabad, Gujarat.


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

The instrument-wise rating actions are:

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

-- INR10 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
June 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

L.Madanlal was formed in 1953 as a partnership firm in the name of
Lachhminarain Madanlal.


M/S MANMADE: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Manmade'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
BB- (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital 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
February 4, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2002, M/s Manmade is a partnership firm that is engaged
in the manufacture and export of medium-to-high hand-knotted/-
woven/-tufted woolen/viscose/silk carpets and rugs. The firm has
two partners Mr. Deepak Khanna and his wife Mrs. Aarti Khanna.


MAHADEV MOTORS: CRISIL Cuts Rating on INR11MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mahadev Motors Private Limited (MMPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Channel Financing       4.05      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Drop Line Overdraft     2.70      CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Inventory Funding      11.00      CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Term Loan               1.25      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects a worsening financial risk profile,
particularly liquidity. Utilisation of bank limit was 98% for the
12 months through November 2017. Accrual generated is likely to be
insufficient to cover maturing repayments in fiscal 2018. TOL/TNW
is estimated to be high at 17 times as on March 31, 2018, and
should continue this trend if there is no equity infusion.
Interest coverage ratio was weak at 1.3 times in fiscal 2018.
Business risk profile also weakened in fiscal 2018, despite higher
demand for automobiles. Improvement in business risk profile and
financial risk profile will remain key rating sensitivity factor
over the medium term.

The rating continues to reflect MMPL's modest financial risk
profile, small scale of operations, and geographic concentration
risk in revenue. These weaknesses are partially offset by the
promoter's established relationship with the principal, Hyundai
Motors India Ltd (HMIL; rated CRISIL A1+).

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile, and stretched liquidity:
Financial risk profile is estimated to remain modest in fiscal
2018, due to high total outside liabilities to tangible networth,
and weak interest coverage ratio. Because of low accrual,
utilisation of bank lines was high at 98% for the 12 months
through November 2017.

* Geographic concentration risk in revenue, and exposure to
intense competition: Intense competition in the auto dealership
industry constrains scalability: revenue was modest at nearly
INR70 crore in fiscal 2018. Furthermore, presence in just one
location makes the company vulnerable to demand and competition in
the area.

Strength:

* Established relationship with the principal: Dealership for
HMIL's vehicles began in November 2013, and the promoter has been
able to establish a healthy relationship with the principal over
the years.

Outlook: Stable

CRISIL believes MMPL will benefit over the medium term from its
association with HMIL, and the sound demand for the latter's cars
in the domestic market. The outlook may be revised to 'Positive'
if significant increase in revenue or profitability, or
substantial equity infusion strengthens financial risk profile.
The outlook may be revised to 'Negative' if low cash accrual or
stretch in working capital cycle weakens financial risk profile,
particularly liquidity.

Promoted by Mr. Pradeep Garg, MMPL is a dealer for HMIL's vehicles
in Faridabad, Haryana. It has a showroom and a service centre.


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

The instrument-wise rating action is:

-- INR53.5 mil. Long-term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 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 2008, Manney Engineers is engaged in the
galvanization of telecom and transmission towers.


MANTHAN SOFTWARE: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Manthan Software
Services Private Limited (Manthan) 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
   ----------       ---------     -------
   Cash Credit/         20        CRISIL B+/Stable (Issuer Not
   Overdraft                      Cooperating; Rating Migrated)
   facility

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Manthan Software Services
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Manthan Software Services
Private Limited is consistent with 'Scenario 4' outlined in the
'Framework for Assessing Consistency of Information'.

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

Established in 2003, Manthan, promoted by Mr Atul Jalan and based
in Bengaluru, is engaged in software product development and
services. The company provides data analytics software products
and services primarily for retail and CPG industry.


MATRIX BIZCOM: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Matrix Bizcom
Services Private Limited's 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 action is:

-- INR250 mil. Fund-based working capital limits (Long-
    term/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 Matrix, 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

Incorporated in September 2015, Matrix is engaged in the business
of television and digital content.


MATRIX ROLLER: Ind-Ra Retains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Matrix Roller
Mill Private Limited's (MARF) 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. Long-term loan due on October 2020 migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating;

-- INR71 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating;

-- INR29 mil. Proposed fund-based working capital limit migrated
    to Non-Cooperating Category with Provisional IND B (ISSUER
    NOT COOPERATING) /Provisional IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR16 mil. Proposed long-term loan migrated to Non-
    Cooperating Category with Provisional IND B (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 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 2012 in Uttar Pradesh, MARF is a private limited
company engaged in flour milling.  It has a total installed
processing capacity of 90,000 metric tons per annum.


MEALITE FOODS: CRISIL Lowers Rating on INR5.5MM Cash Loan to D
--------------------------------------------------------------
CRISIL has been consistently following up with Mealite Foods
Private Limited (MFPL) for obtaining information through letters
and emails dated November 24, 2016, January 17, 2016 and March 16,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          5.5       CRISIL D (Issuer Not
                                  Cooperating: Downgraded
                                  from 'CRISIL B/Stable
                                  Issuer Not Cooperating')

   Term Loan            3.1       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 MFPL. 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
MFPL 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 MFPL
to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL B/Stable/Issuer
Not Cooperating'.

The downgrade reflects delays in repayment of debt obligations,
because of its stretched liquidity position.

Incorporated in 2013, MFPL manufactures corn flakes, ready to eat
packaged snacks such as namkeens, baked snacks, fried snacks and
other related products. It has recently started its commercial
operations in July 2015 and its manufacturing facilities is
located at Rajkot-Gujarat.


MITTAL OCEAN: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the ratings for the bank facilities of
Mittal Ocean Trade Pvt. Ltd. (MOTPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limits     2.50      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Non-fund Based        8.50      [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

Incorporated in 1999, MOTPL is promoted by Mr. Rajiv Mittal and
Mr. Vijay Mittal. Mittal Timber Store (MTS), another group
company, and MOTPL are involved in timber trading and procure
timber mainly from Singapore, Hong Kong and New Zealand and also
from the domestic market. The group's factory, located at
Gandhidham (Gujarat), cleans and saws logs to make clean squared
timber blocks.


MITTAL TIMBER: ICRA Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings has moved the ratings for the bank facilities of
Mittal Timber Store (MTS) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]B+(Stable)/A4 ISSUER
NOT COOPERATING.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund-based Limits       2.00      [ICRA]B+ (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Non-fund Based Limits   9.00      [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

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

Incorporated in 1975, MTS is promoted by Mr. Krishna Kumar Mittal.
MTS and, another group company Mittal Ocean Trade Pvt. Ltd (MOTPL)
are involved in timber trading and procure timber mainly from
Singapore, Hong Kong and New Zealand and also from the domestic
market. The group's factory, located at Gandhidham (Gujarat),
cleans and saws logs to make clean squared timber blocks.


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

The instrument-wise rating action is:

-- INR95 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

New Haryana Overseas is engaged in a rice shelling and milling
business, Ambala, Punjab.


PALLICKAL AGRO: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has been consistently following up with Pallickal Agro
Mills (PAM) for obtaining information through letters and emails
dated March 28, 2018, April 10, 2018 and April 16, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        3        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           6        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    0.25     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Standby Line of       0.75     CRISIL B+/Stable (Issuer Not
   Credit                         Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pallickal Agro Mills. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Pallickal Agro Mills is consistent with 'Scenario 4' outlined in
the 'Framework for Assessing Consistency of Information'.

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

Established in 1999 as a partnership firm by Mr P E Martin and
Viji Martin, PAM processes paddy into non-basmati raw and
parboiled rice. The firm has its manufacturing facility at Mattoor
in the Kalady district of Kerala.


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

The instrument-wise rating actions are:

-- INR140 mil. Fund-based limits migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR160 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating; and

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

*Includes fund-based sublimit

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 10, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, Power & Instrumentation (Gujarat) provides
engineering, procurement and construction solutions for the
electrical requirements of state-owned companies.


PRAYAGRAJ POWER: ICRA Reaffirms D Rating on INR11,493cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]D for
the INR12,405-crore bank limits of Prayagraj Power Generation
Company Limited. ICRA has also reaffirmed the short-term rating at
[ICRA]D for the INR100-crore non-fund based working capital limits
of PPGCL.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Term loans          11,493        [ICRA]D; reaffirmed

   Cash credit            700        [ICRA]D; reaffirmed

   Non-fund-based
   limits (derivates)     212        [ICRA]D; reaffirmed

   Non-fund-based
   limits
   (working capital)      100        [ICRA]D; reaffirmed

Rationale

The ratings reaffirmation takes into account the continued delays
in servicing of interest and principal obligations by PPGCL, which
operates a 1,980-MW coal-based thermal power plant in Bara tehsil
in the Allahabad district of Uttar Pradesh.

The ratings continue to factor in the delay in project execution
by PPGCL that has resulted in significant cost overrun. The
project cost has increased from INR5.44 crore per MW initially to
INR7.85 crore per MW due to price variations in boiler-turbine-
generator (BTG) contract because of adverse exchange rate
fluctuations and increase in interest during construction, civil
costs and preliminary expenses. This increase in fixed cost is
unlikely to be fully recovered through tariffs as the power
purchase agreement (PPA) signed is based on competitive bidding
with capacity charges and station heat rate as bidding parameters.
Also, PPGCL has quoted non-escalable capacity charge in the bid,
which has resulted in lower-than-expected project returns, thereby
limiting the debt servicing capability of the company.

Further, the project remains exposed to high counterparty credit
risk arising out of the poor financial health of Uttar Pradesh-
based distribution utilities. Nevertheless, payment security
mechanisms in the form of letter of credit, escrow mechanism and
third-party sale built in the PPA provide some comfort. However,
ICRA takes note of the commencement of generation of all three
units with the last 660-MW unit commencing operations from May 26,
2017. Despite commissioning of operations, the operational
parameters for the plant remain weak as reflected by high
auxiliary consumption and high station heat rate as the plant is
operating at low PLFs on account of low working capital limits
available to the company.

ICRA further takes note of the change in PPGCL's shareholding
pattern as lenders have invoked the shares held by the entities of
the Jaiprakash Group pledged in their favour. Consequently, SBI
Capital Trustee (on behalf of the lenders) holds ~89.5% shares,
whereas the remaining shares are held by the entities of the
Jaiprakash Group. Previously, the joint lenders forum (JLF) had
considered restructuring the debt in accordance with S4A scheme of
RBI. However, this restructuring plan did not go through. Going
forward, a new resolution plan for the outstanding debt will have
to be prepared.

Key rating drivers

Credit strengths

Successful commissioning of all three units: PPGCL is operating a
1,980-MW thermal power plant located in Tehsil Bara, Allahabad. At
present, all three units of the plant have commenced generation
with the first unit becoming operational in February 2016, the
second unit becoming operational in September 2016 and the last
unit becoming operational in May 2017.

Long-term PPA for 90% capacity: PPGCL has a 25-year PPA with UPPCL
for 90% its installed capacity of 1,980 MW. The long-term PPA
provides revenue visibility for the company. The capacity charge
applicable for this project was bid by the Jaiprakash Group and
varies each year, whereas the variable charges are a pass-through.
PPGCL also has a fuel supply agreement (FSA) in place with
Northern Coalfields Ltd. (NCL) for supply of 6.95-MTPA C/E grade
coal.

Credit challenges

Delay in debt servicing: The company continues to delay its debt
obligations with payments to lenders remaining unpaid since
February 2017 except LIC which has been unpaid since January 2016.

Substantial time and cost overruns: The project has witnessed
significant time and cost overruns on account of delay in
project execution. The overall cost of the project has increased
from INR10,780 crore to INR15,537 crore with major
increase in IDC component and cost of equipment.

Weak counterparty credit profile: A major portion of PPGCL's
generation is purchased by UPPCL, which has a weak
credit profile. Any delays by UPPCL in making payments can
adversely impact the cash flow position of the company.

Weak operational performance of asset: The operational performance
of the asset continues to be weak as reflected by higher station
heat rate and higher auxiliary consumption. This is on account of
low working capital limits available with the company due to which
it is unable to buy the requisite amount of coal and hence the PAF
is below the normative level. Consequently, the company is booking
lower fixed charges than the normative level with the quantum of
debt in the SPV already on the higher side, PPGCL's own cash flows
seem to be inadequate to service external obligations.

PPGCL is operating a 1,980-MW (3, 660 MW units) coal-based thermal
power plant at Bara tehsil in Allahabad. The project was awarded
via competitive bidding to the Jaiprakash Group by the Government
of Uttar Pradesh (GoUP). However, PPGCL had quoted significant
portion of capacity charge as non-escalable component in bid and
the project cost was increased to INR15,537 crore from INR10,780.5
crore, resulting in significant under-recoveries for the project.

The shareholding pattern of PPGCL has changed as lenders have
invoked the shares held by the entities of the Jaiprakash Group
pledged in their favour. Consequently, SBI Capital Trustee (on
behalf of the lenders) holds about 89.5% shares, whereas the
remaining shares are held by entities of the Jaiprakash Group.


RACHITECH ENGINEERING: CRISIL Reaffirms B+ Rating on INR5.5M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Rachitech
Engineering Private Limited (REPL) at 'CRISIL B+/Stable/CRISIL
A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      2.0        CRISIL A4 (Reaffirmed)
   Cash Credit         5.5        CRISIL B+/Stable (Reaffirmed)

Scale of operations is small because of intense competition due to
limited product diversity and fluctuating demand. Turnover
declined in fiscal 2017 because of fewer orders from key customer.
The operating income for fiscal 2018 is estimated at around INR
13.0 crore. Though, for medium term, company has order book of INR
10.5 crore. Besides, operating profitability, though high, has
remained volatile on account of fluctuation in the prices of steel
(key raw material). Margin is likely to be 8.2-8.5% over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations: Intense competition from large
players has restricted scale, with estimated turnover of INR13.31
crore in fiscal 2018. This limits bargaining power and hence
profitability of small players such as REPL.

* Working capital-intensive operations: Gross current assets were
over 300 days as on March 31, 2018, led by sizeable inventory of
220 days due to delay in approval of orders executed for Isgect
Heavy Engineering Ltd (IHEL), which accepts products after
inspection. Working capital requirement will remain significant
and prone to variations, given the competitive nature of business.

* Vulnerability to fluctuations in raw material and foreign
exchange (forex) rates: Profitability remains exposed to any sharp
movement in raw material prices, compounded by incapability to
pass on rise in input rates to customers. Moreover, the company
exports almost half of its total revenue to South Africa, Uganda,
and Nepal without any definite hedging policy, which further
exposes margin to any sharp change in forex rates.

Strengths:

* Extensive experience of promoters and established client
relationship: Presence of over four decades in the engineering
capital goods industry has enabled the promoter to understand
market dynamics and establish strong relationship with key
customers, such as IHEL, Fives Call-KCP Ltd, and Sugar Corporation
of Uganda Ltd. Hence, capacity utilisation has been over 60% in
the five years through 2018.

* Above-average financial risk profile: Higher operating margin
led to robust debt protection metrics, reflected in interest
coverage and net cash accrual to total debt ratios of 1.7 times
and 0.08 time, respectively, for fiscal 2018. Total outside
liabilities to tangible networth ratio was 2.51 times as on
March 31, 2018, and will remain at a similar level over the medium
term in the absence of any debt-funded capital expenditure
(capex).

Outlook: Stable

CRISIL believes REPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports substantial growth in revenue,
profitability, and net cash accrual; and demonstrates better
working capital management. The outlook may be revised to
'Negative' if decline in revenue and profitability, any large
debt-funded capex, or stretch in working capital cycle weakens
financial risk profile, especially liquidity.

Incorporated in 1989 and promoted by Mr. Rajendra Lavasa, REPL
manufactures and exports heavy engineering equipment, including
process-specific machinery, boiler components, and electrically
operated cranes; which are used in the sugar, cement, power, and
construction industries. Operations are managed by Mr Lavasa and
his son, Mr Rachit Lavasa.


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

The instrument-wise rating action is:

-- INR65 mil. Fund-based limit migrated to Non Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 18, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1991, RJ is engaged in trading of gold, silver and
diamond jewelry. The firm has a 1,200 square meter retail showroom
in Vadodara. RJ is managed by Mr. Patadia and family.


REDCO HOTELS: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Redco Hotels
Private Limited (RHPL) for obtaining information through letters
and emails dated April 18, 2018 and April 23, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Rupee Term Loan      45        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 Redco Hotels Private Limited.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Redco Hotels Private Limited is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' rating category or lower'.

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

RHPL was incorporated in 2008 by Mr Afzal Ladak, his son, Mr
Shakeel Ladak and son-in-law, Mr Iqbal Makani. The company has
completed the construction of a four-star hotel at Chakan in Pune
(Maharashtra) in March 2013. RHPL began commercial operations from
September 2013. The company has tied-up with Marriott
International to manage operations of the Courtyard by Marriott.


RISHAB GUM: CRISIL Withdraws B Rating on INR4MM Cash Loan
---------------------------------------------------------
CRISIL has been consistently following up with Rishab Gum And
Chemicals (RGC) for obtaining information through letters and
emails dated March 22, 2018 and March 27, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           4        CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

   Foreign Bill          0.5      CRISIL B/Stable (Issuer Not
   Purchase                       Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

   Packing Credit        3.0      CRISIL A4 (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL A4'; Rating Withdrawn)

   Proposed Long Term    0.52     CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

   Term Loan             0.48     CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RGC. 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 RGC
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 migrated the ratings on the bank facilities of RGC to 'CRISIL
B/Stable/CRISIL A4' Issuer not cooperating' from 'CRISIL
B/Stable/CRISIL A4'.

CRISIL has withdrawn its rating on the bank facilities of RGC on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Rishab Gum and Chemicals (RGC) is a partnership concern, which is
engaged in the processing of cassia seeds and production of gum
powder and sale of guar gum splits, churi and korma. The firm was
established in 2012 and commenced production in 2013.The
registered office of the firm is in Barmer, Rajasthan.


S. S. WAREHOUSING: CRISIL Assigns B+ Rating to INR6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of S. S. Warehousing (SSW).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             6        CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest financial risk profile
because of limited accretion to reserves and limited capital
infusion and geographical and customer concentration in revenue.
These weaknesses are partially offset by moderate debt service
coverage ratio (DSCR) and promoters' extensive experience and
funding support.

Analytical Approach

Unsecured loans of INR0.71 crore from promoters have been treated
as neither debt nor equity as these are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographical and customer concentration in revenue: The firm has
a godown in Punjab and generates entire leasing revenue from a
single customer. This results in geographic and customer
concentration in revenue.

* Modest financial risk profile: Modest networth of INR1.3 crore
as on March 31, 2017, restricts financial flexibility.

Strengths

* Moderate DSCR: The DSCR is likely to remain at 1.1 times over
the repayment tenure.

* Promoters' extensive experience and funding support:
Longstanding presence of promoters in Punjab's agriculture and
related sectors will continue to support business in case of
exigency.

Outlook: Stable

CRISIL believes SSW will continue to benefit from promoters'
experience and funding support. The outlook may be revised to
'Positive' if sustained ramp up in lease rentals strengthens
financial risk profile. The outlook may be revised to 'Negative'
if financial risk profile, particularly liquidity, weakens further
because of unexpected termination of lease agreement or
significant delay in receiving rent.

Set up in 2010 in Sirhind, Punjab, as a partnership firm by Mr
Gagandeep Singh, Mr Sukhjit Singh, Ms Jatinder Kaur, and Ms
Khuspreet Kaur, SSW has constructed a godown on an 8-acre land
leased to the Punjab State Government.


SAMPURN AGRI: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sampurn Agri
Ventures Pvt. Ltd.'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 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit maintained in non-cooperating
     category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR80 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 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sampurn Agri Ventures generates biogas from agriculture waste.


SANJAY DIESELS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sanjay Diesels'
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:

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

-- INR80 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 4, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sanjay Diesels manufactures silent diesel power generating sets
and electrical control panels in India and also assembles diesel
generator sets and provides turnkey projects for power plant
installations.


SANKALP ENGINEERING: ICRA Keeps D Rating in Not Cooperating
-----------------------------------------------------------
ICRA Ratings said the rating for the INR84.09 crore bank
facilities of Sankalp Engineering and Services Private Limited
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        45.00     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Fund based-
   Term Loan          39.09     [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with Sankalp Engineering and Services Private
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Incorporated in 1996, Sankalp Engineering and Services Private
Limited manufactures couplings under the tubular division and
forged components under the non-tubular division. These products
find their applications in diverse industries such as oil and gas,
automobile and general engineering. The company is a subsidiary of
Innoventive Industries Limited, which acquired 51% of Sankalp
Engineering and Services Private Limited's equity in the year
2008.


SAUMIL IMPEX: CRISIL Reaffirms B Rating on INR17.76MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities Saumil Impex Private Limited (KSI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.25      CRISIL B/Stable (Reaffirmed)

   Foreign Exchange
   Forward               0.75      CRISIL A4 (Reaffirmed)

   Funded Interest
   Term Loan             1.54      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan            17.76      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   10.64      CRISIL B/Stable (Reaffirmed)

   Letter of Credit     34.56      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile because of large long-term debt, and susceptibility of
profitability to volatile scrap prices. These weaknesses are
partially offset by the extensive experience of the promoters in
the ship-breaking industry and the company's comfortable
liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth remains modest at INR5.92
crore as on March 31, 2018. With projected operating margin of 7%,
networth is expected at INR6-7 crore over the medium term.
Networth has declined significantly from INR11.10 crore as on
March 31, 2015, due to significant losses in fiscals 2015 and
2016. Capital structure is weak, indicated by high gearing of 3.81
times as on March 31, 2018. Usually ship-breakers have only short-
term debt in the form of cash credit. However, restructuring of
devolved letter of credit led to considerable working capital term
loan of INR19.00 crore for SIPL in a business where cash flow is
inconsistent. As a result, SIPL has high gearing of above 3 times
which is rarely seen in the industry. Therefore, financial risk
profile of SIPL remains constrained.

* Susceptibility of profitability to volatility in scarp prices:
SIPL's revenue comes from sale of scrap in the domestic market.
Scrap price is a function of commodity prices, which are traded
globally on exchanges. Therefore, profitability is susceptible to
volatility in scrap prices.

Strengths

* Extensive experience of the promoters: The promoters' experience
of 20 years in the ship-breaking industry will support the
business as they will be able to time purchase of ship depending
on the prevailing market conditions.

* Comfortable liquidity: SIPL has fixed deposits of INR3.50 crore
against LC obligation of INR7.59 crore due in July 2018. With
inventory of INR5.00 crore expected to be sold by June 2018, SIPL
should have sufficient funds to meet the LC obligation.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from its promoters'
experience in the ship-breaking industry. The outlook may be
revised to 'Positive' if higher-than-expected revenue and
profitability leads to improved financial risk profile. The
outlook may be revised to 'Negative' if substantially low
profitability weakens the financial risk profile.

SIPL, incorporated in 1991 by Mr Kishore Parikh, is engaged in
ship-breaking. It is based in Alang (Gujarat). The company buys
old ships and breaks them into steel plates, which it supplies to
rolling mills in Gujarat.


SHAH LAXMI: ICRA Withdraws B+ Rating on INR3.5cr LT Loan
--------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B+ with a
Stable outlook and the short-term rating of [ICRA]A4 assigned to
the INR9.95-crore1bank facilities of Shah Laxmi Narayan Satish
Chandra Exim Private Limited  in accordance with ICRA's policy on
withdrawal and suspension. ICRA had earlier moved the ratings to
the 'ISSUER NOT COOPERATING' category due to non-submission of
monthly 'No Default Statement' ("NDS") by the entity.

                        Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term-Fund
   Based/CC              3.50       [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Withdrawn

   Long Term/Short
   Term-Non Fund
   Based                 6.45       [ICRA]B+(Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request of the company on receipt
of the No Objection Certificate provided by the banker.

Outlook: Not Applicable

SLSEPL was incorporated in June 2013 and commenced its business
operations in January 2014. The company was formed as a part of
the Shah Laxmi Group's efforts to corporatise its business
operations. Accordingly, the Group has gradually shifted all its
business operations to SLSEPL from Shah Laxminarayan Satishchandra
(a proprietorship firm), which was set up in 1963 by the Late. Mr.
Laxmi Narayan at Jodhpur. Over the years, the Group has been
trading in various mercantile products. At present, the business
is handled by Mr. Satish Chandra (son of Laxmi Narayan) and his
sons Mr. Hemant and Sharad. The company has its registered office
at Jodhpur with its branch in Mumbai.


SHRI GANESH: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Ratings has moved the rating for the INR6.00 crore fund-based
and non-fund based bank limits of Shri Ganesh Fire Equipments (P)
Limited to the 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       3.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short Term-          3.00      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating moved to the 'Issuer Not
                                  Cooperating' category

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

Analytical approach

SGFL, an ISO 9001:2008 certified company, manufactures fire
fighting vehicles such as water tenders, foam tenders, dry
chemical powder tenders, crash fire tenders, and trailer fire
pumps and special purpose vehicles such as water cannon 1 100 lakh
vehicles for riot control operations. SGFL has three manufacturing
facilities, of which two are located in Delhi and one is in
Vaishali, Bihar.


SRI RAMA EDUCATIONAL: CRISIL Assigns B+ Rating to INR33.23MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Sri Rama Educational Trust (SRET).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Fund-
   Based Bank Limits      2.77      CRISIL B+/Stable (Assigned)

   Long Term Loan        33.23      CRISIL B+/Stable (Assigned)

   Bank Guarantee         1.00      CRISIL A4 (Assigned)

   Cash Credit            5.00      CRISIL B+/Stable (Assigned)

The ratings reflect the company's modest scale of operations, high
degree of geographical concentration in its revenue profile, its
small net-worth limiting its financial flexibility, and its
susceptibility to intense competition and adverse regulatory
changes, if any, in the education sector. These ratings weakness
are partially offset by extensive industry experience of its
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, high degree of geographical
concentration in its revenue profile, its small net-worth limiting
its financial flexibility: The Trust has modest scale at INR49.39
Cr as on March 31, 2017 and has complete revenues derived from AP
along with small net worth of INR6 Cr as on March 31, 2017
limiting the financial flexibility

* Susceptibility to intense competition and adverse regulatory
changes, if any, in the education sector:
Education sector has huge number of players subjecting the trust
to intense competition and is exposed to regulatory changes that
can have impact on the operations of trust.

Strengths

* Extensive industry experience of its promoters: The promoter Mr.
Allury Murthy Raju is an industrialist and a politician. He is
closely associated with All India Congress committee (AICC). His
brother Mr. Sri Alluri Satyanarayana Raju (one of the trustees in
SRET) had served as general secretary in AICC in the past. Both
the promoters have extensive experience in education sector.

Outlook: Stable

SRET will maintain its established position in the education
sector, given the track record and quality infrastructure. The
outlook may be revised to 'Positive' in case of significant
improvement in the topline while maintaining operating margin,
resulting in higher cash accrual, or sizeable equity infusion
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if larger-than-expected,
debt-funded capital expenditure weakens the financial risk
profile, or if occupancy rates decline, or the ongoing capex gets
delayed, resulting in weak liquidity.

Established in 2000, SRET runs a medical college at Vizianagaram
(Andhra Pradesh) in the name of Maharaja Institute of Medical
Sciences and also runs a general hospital. At present, the medical
college offers undergraduate courses including Bachelor of
Medicine Bachelor of Surgery (MBBS), Bachelor of Homoeopathic
Medicine and Surgery (BHMS), clinical and non-clinical post
graduate courses and para medical courses

SRET has recorded net losses of INR2.18 Crore on Operating income
of INR49.39 Cr for FY17 vis-a-vis PAT of INR1.84 Cr on Operating
Income of INR50.70 Cr for FY16.


SRINIVASA AGRO: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Srinivasa Agro
Products' (SAP) Long-Term Issuer Rating to 'IND B+' from 'IND BB-
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital facilities downgraded
     with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a substantial decline in SAP's revenue to
INR573 million in FY18 (provisional) from INR764 million in FY17,
due to lower receipt of orders.

However, during FY17, revenue grew to INR764 million (FY16: INR657
million) on account of higher production and increased orders from
customers. Consequently, EBITDA margin improved to 3.6% in FY17
(FY16: 3.5%), interest coverage (operating EBITDA/gross interest
expense) to 1.4x (1.5x) and net leverage (total adjusted net
debt/operating EBITDAR) to 5.4x (7.0x). Despite this, the scale of
operations remained small and credit metrics continued to be
modest.

The ratings, however, remain supported by SAP's comfortable
liquidity position as indicated by 62.22% average use of its fund-
based facilities over the 12 months ended March 2018 and SAP's
promoters' two-decade-long experience in processing of cotton oil.

RATING SENSITIVITIES

Positive: A substantial growth in the top line and stable
operating profitability, leading to a sustained improvement in the
credit metrics, will lead to a positive rating action.

Negative: Any further decline in operating profitability,
resulting in a sustained deterioration in the credit metrics and a
stretch in the liquidity position, will lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 1991, SAP is engaged in delintering and processing
of cotton seed. The company's manufacturing facility, located at
Guntur, Andhra Pradesh, has an installed capacity of 400 metric
tons per day.


SUDESH COTTON: CRISIL Migrates B+ Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Sudesh Cotton
Ginning and Pressing Factory (SCGPF) for obtaining information
through letters and emails dated February 27, 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           3        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Warehouse Receipts    6        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 Sudesh Cotton Ginning and
Pressing Factory. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Sudesh Cotton Ginning and
Pressing Factory 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 Sudesh Cotton Ginning and Pressing Factory to
'CRISIL B+/Stable Issuer not cooperating'.

SCGPF, based in Rajasthan, is a partnership firm established in
1997. It is engaged in ginning and pressing of cotton. The firm
also trades in various other commodities such as binola oil and
cake, mustard seeds, guar, moong dal, barley, and wheat. It is
owned by Mr. Dharam Pal and Mrs. Sudesh Rani.


SUNGRO SEEDS: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sungro Seeds
Private Limited's (SSPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR131.25 mil. (reduced from INR250 mil.) Term loan due on
     April 28, 2021 upgraded with IND BB+/Stable rating;

-- INR250 mil. (reduced from INR335 mil.) Fund-based working
     capital limit upgraded with IND BB+/Stable rating;

-- INR10 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and

-- INR85 mil. Proposed fund-based working capital limit*
    assigned with Provisional IND BB+/Stable rating.

*The above ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SSPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects a sustained improvement in SSPLP's credit
metrics in FY17, with interest coverage (operating EBITDA/gross
interest expense) improving to 2.3x (FY16: 1.5x, FY15: 1.0x) and
net leverage (total adjusted net debt/operating EBITDAR) to 6.7x
(8.8x, 10.6x). The improvement in the credit metrics was on
account of a reduction in total debt. Ind-Ra expects the credit
metrics to have improved further in FY18 on account of the
reduction in total debt.

Revenue grew to INR1,278 million in FY17 (FY16: INR1,185 million)
owing to an increase in sales. However, EBITDA margins were almost
stable at 18.0% in FY17 (FY16: 17.9%).

The ratings are, however, constrained by SSPLP's elongated net
cash conversion cycle (FY17: 378 days, FY16: 410 days) due to high
inventory holding period (411 days, 537 days). The high inventory
levels insulate the company from scarcity of raw materials in case
of adverse climatic conditions. Despite the long net cash
conversion cycle, the company had a comfortable liquidity position
because the company used unsecured loans to fund its working
capital requirements. Its average use of the working capital
limits was 20.7% during the 12 months ended April 2018.

However, the ratings are supported by the promoters' more than two
and a half decades of experience in the production of seeds.

RATING SENSITIVITIES

Negative: Any decline in revenue or EBITDA margins leading to
deterioration in the credit metrics will be negative for the
ratings.

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

COMPANY PROFILE

Established in 1991, SSPL is involved in the research and
development, and production of seeds. The company is a part of the
Barwale group, which owns Maharashtra Hybrid Seeds Company Limited
('IND A-'/Stable) one of the largest seed producing company in
India). SSPL produces both hybrid and open pollinated seeds. SSL
has an established presence in the industry across multiple states
in India.


SUNSHAKTI OIL: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sunshakti Oil
Refinery Private Limited (SORPL) for obtaining information through
letters and emails dated March 6, 2018, April 6, 2018 and
April 12, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

   Letter of Credit      3        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long         0.9      CRISIL B/Stable (Issuer Not
   Term Bank Loan                 Cooperating; Rating Migrated)
   Facility

   Rupee Term Loan       1.1      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 Sunshakti Oil Refinery Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Sunshakti Oil Refinery 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 Sunshakti Oil Refinery Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

SORPL, incorporated in 2011, refines oil. The company is promoted
by Mumbai-based Gala family and operations are managed by Mr
Vishal Gala. Its manufacturing unit is at Vada in Tilgaon.


SUYASH MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Suyash Motors (Unit
of Patton Logistic Services Private Limited) (SM) 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          2.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Electronic Dealer    7.0       CRISIL B+/Stable (Issuer Not
   Financing Scheme               Cooperating; Rating Migrated)
   (e-DFS)

   Term Loan            1.45      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 Suyash Motors (Unit of Patton
Logistic Services Private Limited). Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Suyash Motors
(Unit of Patton Logistic Services Private Limited) is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Suyash Motors (Unit of Patton Logistic Services
Private Limited) to 'CRISIL B+/Stable Issuer not cooperating'.

SM is a unit of PLSL, which was set up in 2005; SM began operating
under PLSL in 2012. SM is an authorised dealer of TML's passenger
vehicles and operates through a showroom and workshop in Varanasi
and two sub outlets in Chandauli and Babatpur (all in Uttar
Pradesh). The operations are managed by Mr Sachin Talwar.


VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR6MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings of 'CRISIL B+/Stable/CRISIL A4'
on the bank facilities of Vijayasree Foods (VF). The ratings
continue to reflect VF's modest scale of operations,
susceptibility to changes in paddy prices and government
regulations, and working capital intensive nature of operation.
These rating weaknesses are partially offset by the partners'
extensive experience in the rice milling industry.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        2        CRISIL A4 (Reaffirmed)
   Cash Credit           6        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and a modest net worth: Operations
remain modest marked by revenue of 20.89 Cr in 2016-17 due to
intense competition in the rice mill industry. Net worth as on
March 31, 2018 is estimated at INR4.7 crores.

* Susceptibility paddy prices and regulations: Profitability is
susceptible to volatile paddy prices and changes in government
regulations. Operating margin has been volatile in the range of
2.08%-4.72% over the last there years ended 2016-17.

* Working capital intensive nature of operation: Working capital
intensive nature of operation marked by Gross current asset (GCA)
of 169 days owing to inventory of 96 days and debtors of 65 days
as on March 31, 2017.

Strengths

* Extensive experience of the partners: Benefits from the
partners' extensive experience and established customer
relationships should continue to support the business.

Outlook: Stable

CRISIL believes VF will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability improve
substantially and sustainably, or if sizeable equity infusion
considerably strengthens net worth. Conversely, the outlook may be
revised to 'Negative' if a steep decline in profitability,
significant deterioration in capital structure (caused most likely
by a large debt-funded capital expenditure) or stretch in working
capital cycle weakens financial metrics.

VF is a partnership firm set up by Mr. MKV Rami Reddy and Mr. MLGK
Avathar Reddy, and their families in 2011. It mills and processes
paddy into rice, and generates by-products such as broken rice,
bran, and husk. The firm is based in Tenali District, Andhra
Pradesh.


WANDERLAND REAL: ICRA Assigns B+ Issuer Rating
----------------------------------------------
ICRA Ratings has assigned an issuer rating of [ICRA]B+ to
Wanderland Real Estates Pvt. Ltd.  The outlook on the long-term
rating is 'Stable'.

Rationale

The assigned rating favourably factors in the extensive experience
of the promoter - Kalani Group - in real estate development in
Indore - the Group has already developed 33 lakh sqft area. The
rating further takes into account the project's attractive
location and diversified offering (integrated township). The
rating favorably considers the low regulatory risk as all the
approvals for project construction are in place and the low
project execution risk as 80% of the total construction cost has
already been incurred as on December 31, 2017. The rating also
factors in the healthy customer built-up 94% of the sales value
was collected as on December 31, 2017.

The rating, however, is constrained by the funding risk as the
company is yet to tie-up funding for the INR206-crore pending
project cost. With INR23 crore committed cash flows as on December
31, 2017 and no undrawn debt lines, the funding of the project's
pending cost is highly dependent on incremental sales or external
support in the form of debt or promoter's contribution. The rating
reflects the exposure to sales risk i.e. price risk and demand
risk as the company is yet to sell ~14.9 lakh sqft of saleable
area. The rating is also restricted by the low profitability of
the project. In FY2017, WRPL reported an operating margin and a
net margin of 1.1% and 0.6%, respectively.

Outlook: Stable

ICRA believes that the promoter's extensive experience will help
Wanderland Real Estates Pvt. Ltd. to bridge the funding gap. The
outlook may be revised to 'Positive' if the construction progress
is as per the timeline and sales velocity is robust, with good
realizations. The outlook may be revised to 'Negative' if
incremental sales are low, leading to funding gap and delay in the
project execution.

Key rating drivers

Credit strengths

Strong Parentage: WRPL is a SPV of Kalani Group, which has
diversified interests in real estate development, wind energy
generation and trade /manufacture of construction inputs, etc. The
Group has an established track record in real estate development
in Indore, Madhya Pradesh. The Group has, in the past, completed
various residential projects in Indore and has successfully built
and sold around 33 lakh sq. ft. area.

Attractive project location: The project is located on Car-rau
road, Indore, which is 8 km away from centre of Indore and 15 km
away from Indore Airport. The construction of the Economic
Corridor project - a part of the larger Delhi-Mumbai Industrial
Corridor (DMIC) - in close vicinity of the township would
accelerate social infrastructure development in the area.
Moreover, the project being an integrated township provides entire
supporting infrastructure in terms of schools, health care
facilities, gym, shopping malls-cum-multiplex, theme gardens etc.

Low project execution risk: The company has incurred 80% of the
total estimated construction cost of INR301 crore. With only INR60
crore construction cost yet to be incurred, the exposure to
project execution risk remains low.

Healthy collection efficiency: Out of the total sales of INR363
crore as on December 31, 2017, the company has collected INR340
crore. Overall, the collection efficiency remains healthy at 94%.

Credit challenges

Exposure to funding risk: The company had committed receivables of
~INR23 crore as on December 31, 2017. With INR206 crore cost yet
to be incurred, the funding of the project is dependent on
incremental sales as well as external debt or promoter's support.

Exposure to sales risk: As on December 31, 2017, the company had
sold 64% of the total saleable area of 40.8 lakh sqft. With ~15
lakh sqft of area yet to be sold, the project remains exposed to
sales risk, i.e. price risk as well as demand risk, given the
demand slow down witnessed by the real estate sector.

Low profitability: The average realisation from the sold area as
on December 31, 2017 stood at INR1,401 per sqft as against the
unit project cost of INR1,460 per sqft, reflecting negative
profitability of the project. The reported operating margin stood
at 1.6% in FY2016 and 1.1% in FY2017.

Incorporated in 2006, Wanderland Real Estates Pvt. Ltd. is a part
of the Kalani Group. At present, it is developing an integrated
township named 'Treasure Fantasy' at Car-Rau road in Rangwasa,
Indore. Spread over 190 acres of land, the project comprises
plots, commercial and residential buildings (villas and flats),
with total saleable area of about 41 lakh sqft. The construction
work started in April 2010 and is expected to be completed by
March 2022. As of now, the company has completed the construction
of plots and row houses, eight out of 14 residential buildings
have been completed and the remaining six buildings are under
construction. The commercial space has been already developed.


WORLDSTAR FABRICS: CRISIL Lowers Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Worldstar Fabrics LLP (WF; part of Oneworld group)
to 'CRISIL D' from 'CRISIL BB+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           25       CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of WF, Oneworld Creations Private Limited
(OCPL), Oneworld Industries Private Limited (OIPL), Oneworld
Retail Private Limited (ORPL), Ultimo Fabrics Private Limited
(UFPL), Oneworld Sourcing (OS), Tissori India Fabrics Pvt Ltd
(TIPL), Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading
LLP (WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF).
This is because all these entities, together referred to as the
Oneworld group, are in the same line of business and under a
common management, and have operational synergies.

Key Rating Drivers & Detailed Description

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

Weakness

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr. Urvil Jani and Mr. Manoj Khushalani,
the Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.



=========
J A P A N
=========


TOSHIBA CORP: Times Square TV Coming Down in Cost-Cutting Measure
-----------------------------------------------------------------
The Japan Times reports that Toshiba Corp.'s giant TV screen is
being removed from a building overlooking New York's Times Square.
The move confirms tough times for the scandal-hit electronics
giant, the report notes.

The report relates that the familiar screen, which features
prominently in New York's globally televised New Year's
countdowns, is coming down after spending 10-1/2 years as a Times
Square landmark.

In December 2007, the major electronics and machinery maker
installed the light-emitting diode screen to improve its brand
recognition outside Japan, the Japan Times recalls.

Along with its corporate logo, the screen advertised Toshiba
products and played Japanese tourism videos.

In November last year, after incurring massive losses from its
purchase of U.S. nuclear business Westinghouse that nearly
resulted in its delisting, Toshiba decided to remove the screen as
a cost-cutting measure, the report says.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2018, Moody's Japan K.K. has placed Toshiba Corporation's
Caa1 corporate family rating and senior unsecured debt rating, as
well as its Ca subordinated debt rating on review for upgrade.
At the same time, Moody's has affirmed Toshiba's commercial paper
rating of Not Prime.

The rating review follows Toshiba's announcement that it has
received all regulatory approvals and satisfied all conditions for
the JPY2 trillion sale of Toshiba Memory Corporation (TMC).



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


CFG PERU: Trustee Allowed to Conduct Rule 2004 Discovery on HSBC
----------------------------------------------------------------
William Brandt, the Court-appointed chapter 11 trustee of CFG
Peru, filed a motion for an order authorizing issuance of
subpoenas to Hongkong Shanghai Banking Corporation Limited
directing production of documents and examination of witnesses and
granting related relief. The HSBC-HK opposed the motion. Upon
analysis of the arguments presented, Bankruptcy Judge James L.
Garrity, Jr. overrules the objection and grants the motion.

In support of his motion, the Trustee contends that "over the last
two years, HSBC-HK has spearheaded an aggressive campaign to
obtain repayment of its loans . . . even at the risk of disrupting
the operations of the CF Group and to the possible detriment of
CFG Peru and its other creditors and stakeholders." He complains
that in addition to demanding and receiving repayment of
approximately $102 million of its loans in December 2014, applying
ex parte for the appointment of the JPLs in Hong Kong and the
Cayman Islands, and foisting the Deed of Undertaking on the
Debtors, HSBC-HK may have interfered with the operation of the
Peruvian Business by communicating directly with the CF Group's
suppliers, customers, working capital providers, and employees. He
also says that HSBC-HK, for its own benefit, attempted to acquire
the claims of certain creditors of CFGI and Copeinca in order to
interfere with the insolvency proceedings then pending against
them in Peru.

In substance, the Trustee contends that this is a textbook case
for granting Rule 2004 discovery. He explains that to date, his
understanding of HSBC-HK's actions in regard to the Debtors and
the Peruvian OpCos has been based solely on publicly available
information. He maintains that if he is permitted to take Rule
2004 discovery of HSBC-HK, he will be able to gain a thorough
understanding of HSBC-HK's conduct, including the extent, if any,
to which HSBC-HK interfered with the CF Group's relationships with
its lenders, suppliers, and trade counterparties, constrained the
CF Group's liquidity, and negatively impacted the CF Group's
ability to resume normal operations.

HSBC-HK maintains that, as a "threshold matter," the Trustee
should be denied discovery since HSBC-HK has no relationship,
contractual or otherwise, with CFG Peru, that it is not, and never
has been, a creditor of CFG Peru, and that it did not file a claim
against CFG Peru. The Court finds no merit to that contention.
Although the Trustee was appointed only in CFG Peru's chapter 11
case, he filed the Motion in the jointly-administered cases,
including those of CFIL, CFGL, Smart Group and N.S. Hong, and can
investigate the claims of competing creditors, like HSBC-HK, in
those cases. Moreover, and in any event, the scope of Rule 2004
extends beyond the creditors of a debtor. Indeed, "[b]ecause the
purpose of the Rule 2004 investigation is to aid in the discovery
of assets, any third party who can be shown to have a relationship
with the debtor can be made subject to a Rule 2004 investigation."

Further, HSBC-HK argues that the Court should deny the motion
because the Trustee's pursuit of Rule 2004 discovery at this time
is at odds with the Court's mandate that he focus his efforts on
maximizing the value of the Peruvian Business for the benefit of
all creditors. It also argues that, in any event, the requested
discovery is premature since if the Trustee is successful in
maximizing the value of the Debtors' interests in the Peruvian
OpCos, he may realize enough value to satisfy estate creditors in
full and need not pursue litigation against HSBC-HK or any other
party. Id. To be sure, part of the Court's rationale in appointing
the Trustee for CFG Peru was that he would be "in the best
position to evaluate the optimal way to maximize the value of the
Peruvian Business and to determine how to realize that value for
the benefit of the Debtors' estates and creditors." Trustee
Decision at 47-48.

The Trustee has fully embraced that challenge and is actively
pursuing that goal. In seeking the discovery, the Trustee is
acting in furtherance of his obligation to investigate CFG Peru's
assets and financial condition. In appointing the Trustee the
Court did not in any way limit the Trustee's exercise of his
statutory duties. Moreover, there is nothing inconsistent with the
Trustee's request to conduct Rule 2004 discovery and this Court's
mandate that he maximize the value of the Peruvian Business since
the value of claims asserted against the Peruvian OpCos may impact
the Trustee's assessment of how best to realize that goal. Nor is
there good reason to stay discovery until after the Trustee has
resolved the many issues related to the operations of the Peruvian
Business and how to best maximize the value of that business for
the benefit of CFG Peru's estate and its creditors.

HSBC-HK also contends that the motion must be denied because the
discovery "topics" listed in the motion that the Trustee intends
to focus on are objectionable because: (1) they are vague and/or
overbroad; (2) they seek information from HSBC-HK that could and
should be more easily obtained directly from the Debtors; (3) they
seek information that is in the possession of other parties,
including parties such as the JPLs for whom HSBC-HK does not act
or speak; (4) they seek information that is likely to be
privileged or subject to restrictions on disclosure from the laws
of other jurisdictions; (5) the Trustee has not demonstrated the
necessity of any of the information he requests; (6) the costs of
compliance would far outweigh the benefit to the Trustee's
mandate; and (7) certain topics have no conceivable relevance
whatsoever to these proceedings.

The Court disagrees. The topics listed in the Motion are neither
vague nor overbroad and while some of the information that the
Trustee is seeking may be obtained directly from the Debtors, that
does not bar the discovery request.

The Trustee, therefore, is authorized to conduct Rule 2004
discovery of HSBC-HK with respect to the matters set forth in the
motion.

The bankruptcy case is in re:  CFG PERU INVESTMENTS PTE. LTD.
(SINGAPORE), Chapter 11, Debtor, 16-11914 (JLG)(Bankr. S.D.N.Y.).

A full-text copy of the Court's Memorandum Decision and Order
dated April 26, 2018 is available at https://bit.ly/2GzKFiP from
Leagle.com.

CFG Peru Investments Pte. Limited, Debtor, represented by Matthew
Scott Barr -- matt.barr@weil.com -- Weil, Gotshal & Manges LLP.

William J. Brandt, Jr., Trustee, represented by Christopher R.
Donoho, III -- chris.donoho@hoganlovells.com -- Hogan Lovells LLP,
Jay M. Goffman -- jay.goffman@skadden.com -- Skadden, Arps, Slate,
Meagher & Flom LLP, Jordan Harap -- jordanharap@quinnemanuel.com -
- Quinn Emanuel Urquhart & Sullivan, Lisa Laukitis --
lisa.laukitis@skadden.com -- Skadden, Arps, Slate, Meagher & Flom
LLP & James C. Tecce -- jamestecce@quinnemanuel.com -- Quinn
Emanuel Urquhart & Sullivan, LLP.

William A. Brandt Jr., Trustee, represented by Lisa Laukitis,
Skadden, Arps, Slate, Meagher & Flom LLP & James C. Tecce, Quinn
Emanuel Urquhart & Sullivan, LLP.

United States Trustee, U.S. Trustee, represented by Susan D.
Golden, Office of United States Trustee & Richard C. Morrissey,
Office of the U.S. Trustee.

     About CFG Peru Investments Pte. Limited (Singapore)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition
was signed by Ng Puay Yee, chief executive officer. The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaced Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP as conflict
counsel; Goldin Associates, LLC, as financial advisor; and RSR
Consulting LLC as restructuring consultant.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors.  Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells
US LLP serves as special counsel; and Quinn Emanuel Urquhart &
Sullivan, LLP, serves as special litigation counsel; and Epiq
Bankruptcy Solutions, LLC, as notice and claims agent.


FIRST SHIP: Gets US$18M Loan Offer to Refinance Chemical Tankers
----------------------------------------------------------------
Rachel Mui at The Strait Times reports that First Ship Lease Trust
said on May 22 it has secured a loan offer to refinance its
remaining two chemical tankers and completed a US$7.25 million
bond issue.

In a filing to the Singapore Exchange, FSL Trust Mangement said it
had on May 17 accepted a bank offer for a senior secured
amortising term loan of up to US$18 million to refinance its
tankers, FSL New York and FSL London, the Strait Times relates.

The offer is subject to, among other things, entry by the parties
into definitive transaction documentation, the report says.

According to the report, the trustee-manager also said that its
issue of redeemable 7 per cent convertible bonds to raise US$7.25
million was completed on May 21.

Among other things, the deal was conditional upon approval from
SGX for the listing and quotation of up to 127.5 million new units
on SGX's mainboard.

The Strait Times notes that FSL Trust Mangement has made an
application to list the new units to be allotted and issued upon
the conversion of the bonds, and the parties have agreed to waive
the foregoing condition, provided it is satisfied within 10
business days of May 21.

The trustee-manager also noted that the Singapore High Court has
granted an extension of time to June 29, 2018, for the company to
convene a meeting to consider a proposed scheme of arrangement to
facilitate the extension of a syndicated loan facility due on
Dec. 20, 2017, the report adds.

"The trust remains in a substantial net equity position and the
business and operations of the trust will continue in the normal
course," FSL Trust Management said.

First Ship Lease Trust is a shipowner and a provider of leasing
services on a long-term bareboat charter basis to the
international shipping industry. The Trust has a diversified
portfolio of modern and high-quality vessels, comprising of
containerships, product tankers, chemical tankers and crude oil
tankers.


HYFLUX LTD: SIAS to Organize Meetings in Due Course
---------------------------------------------------
The Business Times reports that Hyflux has agreed to meet with its
stakeholders at townhall meetings to be organised by investor
advocacy group, the Securities Investors Association (Singapore)
(SIAS).

These meetings with shareholders, noteholders, perpetual
securities holders and preference shareholders will be organised
in due course, SIAS said in a press statement, BT relays.

At a meeting with SIAS president David Gerald held on May 23,
Hyflux's CEO Olivia Lum also extended the reassurance that the
firm will actively engage SIAS in its efforts to reorganise its
business and address its debt woes, according to the report.

BT adds that SIAS also called on retail investors to extend Hyflux
room to reorganise its business.

"The company is doing its best, given the circumstances, to
maintain value (for their retail investors) but they do need time
to achieve this outcome," the advocacy group, as cited by BT,
said.

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.




                             *********

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

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

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


                            *********


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

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

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

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

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



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