TCRAP_Public/180530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, May 30, 2018, Vol. 21, No. 106

                            Headlines


A U S T R A L I A

EXCEDO CONTRACTING: Second Creditors' Meeting Set for June 5
INGAN PTY: First Creditors' Meeting Set for June 6
MATCHBYTE CONSULTANTS: Directors Hope to Revive Firm Thru DOCA
MODCON CARPENTRY: Second Creditors' Meeting Set for June 6
RETAIL FOOD: Appoints Richard Hinson as New CEO


C H I N A

ANBANG INSURANCE: Says It Has No Plans to Sell Assets
CBAK ENERGY: Incurs US$2.56 Million Net Loss in First Quarter
CEFC CHINA: CITIC Unit Takes Board Chairmanship in CEFC Europe
CHINA COMMERCIAL: Posts US$386,000 Net Loss in First Quarter
FUSHUN SPECIAL: Faces Risk of Delisting Over Restatements


I N D I A

ANAND MOTOR: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
ANJANEYA JEWELLERY: CRISIL Reaffirms B Rating on INR20MM Loan
APLAB LIMITED: ICRA Retains D Rating in Not Cooperating Category
ARKA CARBON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
ASIAN LAKTO: ICRA Reaffirms B+ Rating on INR13cr LT Loan

BAREILLY PLY: CRISIL Assigns B+ Rating to INR5.5MM Term Loan
BHOLA NATH: CRISIL Migrates B Rating to Not Cooperating Category
BHUVAN WHEELS: CRISIL Migrates B- Rating to Not Cooperating
BINANI CEMENT: Lenders Vote in Favor of Ultratech's Offer
BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR4MM Loan

BSL ENGINEERING: CRISIL Reaffirms B Rating on INR1MM Cash Loan
D C METALS: ICRA Maintains D Rating in Not Cooperating Category
DURGA KRISHNA: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
EAST COAST DISTRIBUTORS: CRISIL Ups INR18MM Loan Rating to B+
FORTIS HEALTHCARE: ICRA Cuts Rating on INR500cr Loan to D

GOEL FOOD: CRISIL Migrates B+ Rating to Not Cooperating Category
GOKUL STEELS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
GOLDSTAR METAL: ICRA Retains D Rating in Not Cooperating Category
HARI KRIPA: ICRA Maintains B Rating in Not Cooperating Category
ISHANIKA HOTELS: CRISIL Moves B Rating to Not Cooperating

IVANTA CERAMICS: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
JAGSUN AGRO: CRISIL Migrates B Rating to Not Cooperating Category
JAI BHARAT: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
JALNA SIDDHIVINAYAK: Ind-Ra Assigns BB- LT Rating, Outlook Stable
JEET HOME: CRISIL Moves D Rating to Non-Cooperating Category

KAMAL KRISHNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
MAA KALI: ICRA Maintains B+ Rating in Not Cooperating Category
MAGADH PRECISION: ICRA Moves D Rating to Not Cooperating Category
MAISON DE COUTURE: CARE Lowers Rating on INR28.82cr Loan to D
MPOWER INFRATECH: Ind-Ra Maintains BB+ Rating in Non-Cooperating

NURNEHER AGRO: CARE Assigns B+ Rating to INR6.83cr LT Loan
PALAK FERRO: ICRA Maintains D Rating in Not Cooperating Category
QUAD LIFESCIENCES: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
RIDHI SIDHI: CARE Lowers Rating on INR7.62cr LT Loan to D
RUCHI SOYA: Lenders to Meet Today to Discuss Bids

S.R. PRECISION: CARE Lowers Rating on INR4.68cr Loan to D
SAHARANPUR INSTITUTE: ICRA Reaffirms B- Rating on INR15cr Loan
SARA TEXTILES: CRISIL Moves B+ Rating to Non-Cooperating Category
SBL CONSTRUCTION: Ind-Ra Keeps 'D' Rating in Non-Cooperating Cat.
SEAM INDUSTRIES: CARE Cuts Rating on INR38.37cr LT Loan to D

SEANTO MINERALS: ICRA Maintains D Rating in Non-Cooperating Cat.
SHIV SHAKTI: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
SHREE GANPATLAL: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
SHRI KK: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
SOUTH EAST UP POWER: Ind-Ra Affirms 'D' on INR37,132BB Loans

SREE DHANNVIJAY: CRISIL Moves B+ Rating to Not Cooperating
SRI KUMARSWAMY: CRISIL Reaffirms D Rating on INR44MM LT Loan
SUBHASH POULTRY: CARE Assigns B+ Rating to INR6cr LT Loan
SUDEEP EXIM: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
SUDHAMSU EXIM: ICRA Lowers Rating on INR15cr Loan to D

TRUE WELL: ICRA Withdraws 'B' Rating on INR9cr Cash Loan
VBS TEXTILES: CARE Reaffirms B+ Rating on INR44cr LT Loan
YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR17MM Loan
ZEPHYR FABRIC: CARE Lowers Rating on INR25cr LT Loan to D


M A L A Y S I A

PERISAI PETROLEUM: Third Quarter Net Loss Widens to MYR244.52MM


N E W  Z E A L A N D

ORION HEALTH: Axes 177 Jobs; Reports NZ$40MM Annual Loss
PLEASANT POINT: Inland Revenue Applies For Hotel's Liquidation


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A U S T R A L I A
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EXCEDO CONTRACTING: Second Creditors' Meeting Set for June 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Excedo
Contracting Pty Ltd has been set for June 5, 2018, at 10:00 a.m.
at Level 9, 40 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2018, at 4:00 p.m.

Rob Brauer and Rob Kirman of McGrathnicol were appointed as
administrators of Excedo Contracting on Feb. 28, 2018.


INGAN PTY: First Creditors' Meeting Set for June 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of Ingan Pty
Ltd will be held at the offices of Amos Insolvency, 25/ 185 Airds
Road, in Leumeah, NSW, on June 6, 2018, at 11:00 a.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Ingan Pty on May 25, 2018.


MATCHBYTE CONSULTANTS: Directors Hope to Revive Firm Thru DOCA
--------------------------------------------------------------
CRN Australia reports that the directors of failed Australian
travel software vendor Matchbyte Consultants are hoping to revive
the company after the loss of key customers pushed it over the
edge.

Matchbyte had been served with a winding-up notice by the
Australian Taxation Office on April 13, after which the directors
voluntarily called in administrators Deloitte's restructuring
services team, with Robert Woods and Glen Kanevsky appointed
voluntary administrators on April 26, CRN says.

"The business has continued to trade normally, and there have been
no employee impacts," CRN quotes a Deloitte spokesperson as
saying.

CRN notes that the software company blamed the decision on a
downturn in orders from major client Scoot following its merger
with Tigerair in 2017.

Matchbyte owes AUD2.6 million to unsecured creditors, including
nearly AUD1 million to the ATO and AUD433,000 to UK-based software
development house JS Factory, CRN discloses.

According to CRN, the company's directors, Dzulkiflee Taib and
Ihtasham Waheed, have now proposed a deed of company arrangement
to pull Matchbyte out of administration, repay creditors and
continue trading.

CRN says creditors had the opportunity to vote on the DOCA at a
meeting held on May 28.

Deloitte recommended creditors accept the deed, which would offer
7-8 cents in the dollar for unsecured creditors, as opposed to a
liquidation, which would leave unsecured creditors with nothing,
the report relates.

Matchbyte Consultants developed a range of software for the
airline industry, including content management system Joom Air, e-
commerce engine White Knight, advanced behavior recognition
algorithm Aegis Air, advanced passenger notification module Hermes
Air and reporting solution Rev Air.


MODCON CARPENTRY: Second Creditors' Meeting Set for June 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Modcon
Carpentry Pty Ltd has been set for June 6, 2018, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 1,
160 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 June 5, 2018, at 4:00 p.m.

Adam Francis Ward of Worrells Solvency was appointed as
administrator of Modcon Carpentry on May 14, 2018.


RETAIL FOOD: Appoints Richard Hinson as New CEO
-----------------------------------------------
The Board of Retail Food Group Limited on May 29 announced the
promotion of Richard Hinson to Group Chief Executive Officer,
effective immediately.

Mr. Hinson commenced with RFG as Chief Executive - Australia in
January 2018 to lead implementation of the Company's strategic
business review, to simplify the Group's operating model, and to
improve the sustainability and performance of RFG's franchise
network. In that role, Mr. Hinson has been responsible for the
Group's domestic franchising network, working with franchisees to
strengthen and improve their businesses.

The senior executive team leading RFG is composed of:

Richard Hinson, Group CEO;

Darren Dench, Chief Executive - Di Bella Coffee; and

Peter McGettigan, Chief Financial Officer.

Managing Director Andre Nell will leave the Group on May 29, 2018.

These management changes demonstrate the Board's commitment to
closer integration between head office, support structures and
RFG's franchise network.

Richard Hinson and Darren Dench are focused on improving
performance of RFG's core domestic franchising and global coffee
businesses, and their leadership has made a significant positive
impact on the business in challenging retail trading conditions.

Since February 2018, the Group has delivered franchisees
reductions in cost of goods, renewal and new store fees, and
worked with franchisees to pilot innovative new store concepts.
The senior executive team has been committed to working closely
with franchisees on a range of performance improvement
initiatives, including new product range and quality, supply chain
improvements, a group customer loyalty program, and other
promotional activities.

Mr Hinson said, "Our core business is fundamentally sound and we
are working hard to improve franchisee relationships and
profitability. We are revitalising the network to focus on our
customers first; improving performance, driving innovation and
improving communication and transparency with our franchisees.
This is a 12-18 month turnaround of the RFG business.

"Trading conditions in food retailing continue to be tough. The
actions we are taking in collaboration with franchisees are
starting to see a positive response."

RFG Chairman, Colin Archer said, "Richard is gaining the
confidence of our franchisees and has restored some momentum to
the business by delivering immediate benefits and focusing on
longer term strategic plans for each Brand System.

"Our core Brand Systems are in good hands under the leadership of
Richard, Darren and Peter, and we are seeing early signs of
improving performance," Mr. Archer said.

"On behalf of the Board, I would like to thank Andre for his
dedicated service to Retail Food Group in a range of senior
executive roles since 2007, and wish him well for his future
endeavors."

Richard Hinson has almost 30 years' experience in the retail food
sector and has held national executive positions at Wrigley
Pacific and Metcash Supermarket and Convenience. He has extensive
experience in supply chain, integrated business processes, sales
and marketing, and customer service.

Darren Dench joined RFG in early 2017 and moved into the new
position of Global Head of Coffee in December 2017. Darren has
previously held senior positions with Colgate, Mars, Ferrero and
Lavazza. He has more than 25 years' sales, marketing and general
management experience across more than 60 countries, and has a
deep understanding of the key drivers for creating a successful
international coffee business.

As reported in the Troubled Company Reporter-Asia Pacific on
March 6, 2018, news.com.au said Retail Food Group shares hit their
lowest mark since 2008 on their return to trade following a
suspension during which the owner of the Donut King and Gloria
Jean's chains announced the closure of up to 200 stores. Shares in
the embattled firm plummeted nearly 50 per cent to AUD1.03 in
early trade on March 5 -- their lowest mark since December 2008
-- before rebounding slightly.  Shares in the franchise owner,
which also operates Brumby's Bakeries and Pizza Capers, were
suspended on Feb. 28 for failing to release its first-half results
on time, according to the news.com.au.

When the accounts were released on March 2, RFG revealed a first-
half loss of AUD87.8 million due to AUD138 million in writedowns
and provisions.  It also suspended its dividend and said it would
shut up to 200 stores by mid-2019, news.com.au added.

Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/--
together with its subsidiaries, owns, develops, and manages multi-
brand retail food franchise in Australia. The company engages in
the ownership of intellectual property; development and management
of coffee roasting facilities; and the wholesale supply of coffee
and allied products. It is also involved in the development and
management of the procurement, warehousing, manufacturing, and
distribution business of various brands. The company operates a
network of approximately 2,500 outlets across 12 brand systems
spanning 83 territories.



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C H I N A
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ANBANG INSURANCE: Says It Has No Plans to Sell Assets
-----------------------------------------------------
The Financial Times reports that Anbang Insurance, the
conglomerate that was taken over and bailed out by the Chinese
government earlier this year, said in a statement that it has no
plans to sell off its assets. The statement came after the FT
reported that banks had been appointed to assist in unwinding the
company's investments.

"The review of Anbang's overseas assets is a complex and
comprehensive exercise," the company said on its website, the FT
relays. "We currently do not have any plans to sell off overseas
assets, nor do we have a specific timetable for optimizing these
assets."

Anbang's founder and chairman Wu Xiaohui was detained last year
and recently sentenced to 18 years in prison, the FT recalls.

The FT reported on May 28 that Chinese regulators have appointed
CICC and UBS as advisers to help develop a process to unwind
Anbang's collection of global investments, which includes banks
and insurance companies in places such as Belgium, the Netherlands
and Korea, as well as the Waldorf Astoria hotel in New York.

Before Mr. Wu's arrest, Anbang controlled 58 companies directly or
indirectly with CNY2 trillion (US$318 billion) in assets,
according to estimates from UBS, according to the FT. The assets
have been divided into two groups, real estate holdings and its
financial holdings, as regulators assess the best way to deal with
the investments.

The FT relates that Anbang said in the statement: "The Interim
Management Working Group of Anbang Insurance Group is in the
process of conducting a review of all of its assets; and working
with third-party advisory firms is a necessary step in this
process."

In April, the company received a CNY61 billion (US$9.7 billion)
bailout from an industry rescue fund as it searched for new
investors in the company, the FT notes.

The FT adds that the statement from Anbang noted that the
"selection of new strategic shareholders for Anbang has commenced
and is running smoothly. Currently, Anbang has sufficient cash
flow to fulfill its commitments to all customers and ensure that
the legitimate rights of policyholders are effectively protected."

                       About Anbang Insurance

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

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

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


CBAK ENERGY: Incurs US$2.56 Million Net Loss in First Quarter
-------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of US$2.56 million on US$3.31 million of net revenues for
the three months ended March 31, 2018, compared to a net loss of
US$2.06 million on US$3.71 million of net revenues for the three
months ended March 31, 2017.

As of March 31, 2018, CBAK Energy had US$148.80 million in total
assets, US$148.95 million in total liabilities, and a total
shareholders' deficit of US$152,826.

Net cash provided by operating activities was US$2.4 million in
the three months ended March 31, 2018, as compared with net cash
used in operating activities of US$4.3 million in the same period
in 2017.  The net cash provided by operating activities was mainly
attributable to a decrease of US$15.2 million for trade accounts
and other receivables, partially offset by an increase in cash
outflows for net loss of US$2.6 million in the three months ended
March 31, 2018, an increase of US$1.4 million on inventories,
settlement of trade accounts and bills payable of US$7.8 million,
and US$1.8 million on settlement of trade payables to former
subsidiaries.

Net cash used in investing activities was US$4.5 million for the
three months ended March 31, 2018, as compared to US$1.2 million
in the same period of 2017.  The net cash used in investing
activities comprised the purchases of property, plant and
equipment and construction in progress.

Net cash provided by financing activities was US$2.6 million in
the three months ended March 31, 2018, compared to US$5.4 million
during the same period in 2017.  The Company borrowed US$2.6
million from related parties in the three months ended March 31,
2018.

                 Liquidity and Capital Resources

The Company has financed its liquidity requirements from short-
term bank loans, other short-term loans and bills payable under
bank credit agreements, advances from its related and unrelated
parties, investors and issuance of capital stock.

CBAK Energy incurred a net loss for the three months ended
March 31, 2018.  As of March 31, 2018, the Company had cash and
cash equivalents of US$1.3 million.  The Company's total current
assets were US$75.0 million and its total current liabilities were
US$113.7 million, resulting in a net working capital deficiency of
US$38.7 million.  The Company said these factors raise substantial
doubts about its ability to continue as a going concern.

The Company has obtained US$5.5 million and US$9.6 million through
equity financing in calendar years 2016 and 2017, respectively,
and the Company also has obtained banking facilities from various
local banks in China.  As of March 31, 2018, the Company had
unutilized committed banking facilities of US$6.2 million.

"We are currently expanding our product lines and manufacturing
capacity in our Dalian plant, which require more funding to
finance the expansion," the Company stated in the Quarterly
Report.  "We may also require additional cash due to changing
business conditions or other future developments, including any
investments or acquisitions we may decide to pursue.  We plan to
renew these loans upon maturity, if required, and plan to raise
additional funds through bank borrowings and equity financing in
the future to meet our daily cash demands, if required.  However,
there can be no assurance that we will be successful in obtaining
this financing.  If our existing cash and bank borrowing are
insufficient to meet our requirements, we may seek to sell equity
securities, debt securities or borrow from lending institutions.
We can make no assurance that financing will be available in the
amounts we need or on terms acceptable to us, if at all.  The sale
of equity securities, including convertible debt securities, would
dilute the interests of our current shareholders.  The incurrence
of debt would divert cash for working capital and capital
expenditures to service debt obligations and could result in
operating and financial covenants that restrict our operations and
our ability to pay dividends to our shareholders.  If we are
unable to obtain additional equity or debt financing as required,
our business operations and prospects may suffer.

"In the meanwhile, due to the growing environmental pollution
problem, the Chinese government is currently providing vigorous
support to the new energy facilities and vehicle.  It is expected
that we will be able to secure more potential orders from the new
energy market, especially from the electric car market.  We
believe with that the booming future market demand in high power
lithium ion products, we can continue as a going concern and
return to profitability."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/suJhDr

                       About CBAK Energy

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

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

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


CEFC CHINA: CITIC Unit Takes Board Chairmanship in CEFC Europe
--------------------------------------------------------------
Reuters reports that a unit of China's state-owned CITIC Group has
taken over the chairmanship position at CEFC Europe, a Czech-based
part of the troubled Chinese conglomerate CEFC China Energy, CEFC
Europe said on May 28.

Reuters relates that the firm said Ren Xia of Rainbow Wisdom, a
unit of CITIC, had been appointed to the board and elected as
chairwoman.

The move showed CITIC was going ahead with a plan to take at least
partial control over the CEFC assets, Reuters says.

Reuters notes that on May 25, CITIC paid around CZK12 billion
($542.57 million) in debt on behalf of the CEFC group to Czech
banking and private equity group J&T.

CEFC Europe had said earlier CITIC would take 49 percent interest
in the Czech assets, the report adds.

The board replacement means that a crisis management put in by
creditors J&T was leaving the firm, Reuters notes.

Bloomberg News, citing Xinhua News Agency's May 19 report, said
J&T Private Investments has decided to take control of the
management of the CEFC Europe because of the failure of the parent
company to repay debt on time. CEFC Europe is a Czech-based
European branch of the Chinese conglomerate CEFC China Energy.

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.


CHINA COMMERCIAL: Posts US$386,000 Net Loss in First Quarter
------------------------------------------------------------
China Commercial Credit, Inc., filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of US$385,898 on US$100,772 of total interest and fee
income for the three months ended March 31, 2018, compared to a
net loss of US$1.22 million on US$106,776 of total interest and
fee income for the three months ended March 31, 2017.

As of March 31, 2018, China Commercial had US$7.31 million in
total assets, US$11.76 million in total liabilities, and a total
shareholders' deficit of US$4.45 million.

Net cash provided by investing activities for the three months
ended March 31, 2018 was US$332,966 as compared to net cash
provided by investing activities of US$674,977 for the three
months ended March 31, 2017.  The cash provided by investing
activities for the three months ended March 31, 2018 was the net
effect of disbursement of loans to third party customers of
US$1,635,683 against collection of US$1,402,912 from third party
loan customers and US$172,544 from third party financial guarantee
services, respectively, and collection of short-term investments
from a financial institution of US$393,193.

During the three months ended March 31, 2018 and 2017, the Company
did not incur any significant financing activities.

The Company had an accumulated deficit of US$81,920,294 as of
March 31, 2018.  In addition, the Company had a negative net asset
of US$4,450,241 as of March 31, 2018.  As of March 31, 2018, the
Company had cash of US$2,265,145 and total liabilities other than
accrual for financial guarantee services of US$1,875,894.  Caused
by the limited funds, the management assessed that the Company was
not able to keep the size of lending business within one year from
the financial statement issuance date.  The Company is actively
seeking other strategic partners with experience in lending
business.

During the three months ended March 31, 2018, the Company incurred
operating loss of US$385,898.  Affected by the reduction of
lending business and guarantee business and increased loss loans,
management was of the opinion that recurring operating losses
would continue, within one year from the financial statement
issuance date.

"The Company continues to use its best efforts to improve
collection of loans receivable and interest receivable.
Management engaged a PRC law firms to represent the Company in the
legal proceedings against the borrowers and their counter
guarantors," the Company stated in the Quarterly Report.

During the three months ended March 31, 2018, the Company incurred
negative operating cash flow of US$608,646.  Affected by
significant balance of charged-off interest receivable, the
management assessed the Company would continue to have negative
operating cash flow within one year from the financial statements
issuance date.

The Company said it has been actively seeking strategic investors
with experience in lending business as well as financial
investors.

Management also invested in the Company during the year ended Dec.
31, 2017 and plans continue to invest in the Company during the
year ended Dec. 31, 2018, if necessary.

The Company plans to continue to seek financial as well as
strategic investors for additional financing.

On April 11, 2018, the Company closed a private placement to two
individual investors in China for a gross proceeds of US$500,000
at a per share price of US$0.77.  The net proceeds of the sale of
the shares shall be used by the Company for working capital and
general corporate purpose.

              Plan to Acquire New Business or Assets

China Commercial stated: "Although we have continued to use our
best efforts to improve our collection of loan receivable and
interest receivable by engaging local law firms in China, it has
been very difficult for us to collect from the borrowers.  As
such, the Company has been actively seeking strategic acquisition
of business or assets to improve our liquidity.  Since the
termination of the Exchange Agreement with Sorghum in last
December, we have evaluated a few potential acquisition targets.
As of now, the Company plans to acquire certain second-hand luxury
cars dealership business assets or other appropriate business
deemed to be appropriate by the board of directors.  As of the
date of this Quarterly Report, the Company has not entered into
any letter of intent or definitive agreement for such acquisition
and there can be no assurance that we will be able to locate any
target or negotiate definitive agreements."

On April 28, 2018, the Company entered into certain securities
purchase agreements with certain "non-U.S. Persons" as defined in
Regulation S of the Securities Act of 1933, as amended pursuant to
which the Company agreed to sell 1,336,314 shares of its common
stock, par value $0.001 per share, at a per share purchase price
of $0.78.  The net proceeds to the Company from the Initial SPAs
Offering will be approximately $1,042,324.  The Initial SPAs are
part of the subscription the Company received in a private
placement offering of its Common Stock at a per share purchase
price of $0.78 up to an aggregate gross proceeds of three million
dollars ($3,000,000) to "non-U.S. Persons" as defined in
Regulation S.  The Offering will be on a rolling basis until June
30, 2018 unless the Company extends for an additional 30 days at
its sole discretion.  The net proceeds of the Offering will be
used by the Company in connection with the Company's planned
operation of certain used luxurious car leasing or other related
business as approved by the board of directors of the Company.  On
May 10, 2018, the Company issued the 1,336,314 shares of Common
Stock to the Purchasers since all the closing conditions of the
Initial SPAs have been satisfied when the Company obtained
required license to carry out the used luscious car leasing
business.

"Though management had plans to mitigate the conditions or events
that raise substantial doubt, there is substantial doubt about the
Company's ability to continue as a going concern within one year
from the financial statements issuance date, as there is no
assurance that the liquidity plan will be successfully
implemented. Failure to successfully implement the plan will have
a material adverse effect on the Company's business, results of
operations and financial position, and may materially adversely
affect its ability to continue as a going concern."

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/9G5hBx

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of Dec. 31, 2017, China
Commercial had US$7.16 million in total assets, US$12.43 million
in total liabilities and a total shareholders' deficit of US$5.27
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


FUSHUN SPECIAL: Faces Risk of Delisting Over Restatements
---------------------------------------------------------
Han Wei at Caixin reports that Fushun Special Steel Co. Ltd, the
Shanghai-listed arm of embattled Dongbei Special Steel, warned
investors it faces the risk of delisting if it misses a June 30
deadline for restating financial reports to correct falsified
inventory data.

Caixin relates that the company "is actively drafting" financial
reports for 2017 and the first quarter of 2018. But "there is risk
that the work can't be completed by the deadline and the company
may be forced to delist" from the Shanghai Stock Exchange, the
company said in a filing May 28, Caixin relays.

Fushun Special Steel Co., Ltd. manufactures and markets a variety
of steel products including bearing steel, gear steel, die steel,
stainless steel, and alloy steel. The Company also provides
processing and technology services.



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


ANAND MOTOR: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anand Motor
Agencies 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:

-- INR198 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 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 25, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Anand Motor Agencies was incorporated in 1987 and is engaged in
the trading of four-wheelers and holds a 3S authorized dealership
of Maruti Suzuki India Limited.


ANJANEYA JEWELLERY: CRISIL Reaffirms B Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Anjaneya Jewellery (AI) at 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           20       CRISIL B/Stable (Reaffirmed)

The rating reflects AJ's below average financial risk profile,
because of high gearing, below average debt protection metrics and
stretched liquidity, albeit supported by moderate net worth,
geographical concentration in revenue profile and exposure to
intense competition in the jewellery retail business. These
weaknesses are partially offset by the extensive experience of its
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
below average because of high gearing and below average debt
protection metrics. Gearing has remained high, above three times,
over the past four years and, though expected to improve with
repayment of term loan, should remain high over the medium term.
Debt protection metrics is characterized by low interest coverage
ratio (Around 1.5-1.6 times estimated for the Fiscal 2018) and net
cash accruals total debt ratio. Moreover liquidity is stretched as
reflected in insufficient accruals vis-a-vis maturing debt
obligations. Net cash accruals are estimated to be around 2.8-2.9
crore against repayment obligation of around 5.8 crore for the
Fiscal 2018.

* Geographical concentration in revenue profile: During fiscal
2018, the firm is estimated to have registered revenue amounting
to Rs.185 crore. The firm has a single showroom in Vijayawada
bringing in 100% of the revenue, leading to high geographical
concentration of revenue and also exposes the business risk
profile to volatility in demand due to localized factors.

* Exposure to intense competition: The domestic market for
manufacturing and retailing of gold jewelry in India is
characterized by a fragmented industry and intense competition
among players, leading to pressure on profitability. The firm
faces intense competition from regional, and branded players such
as Joyalukkas India Ltd and Kalyan Jewellers, which have pan India
presence and enjoy better economies of scale, apart from other
regional players.

Strength

* Proprietor's extensive experience in the jewellery business:
Mr. Venkat Rao has rich experience in gold retailing from over 2
decades. Over the years, he has developed strong insight into
consumer buying patterns and identify trends in the jewelry
designs. Looking at the strong demand for gold jewelry and in
order expand in large scale the retail showroom in Labbipet was
opened in 2005. Over the years they have significantly ramped up
the operations of the showroom. Currently, AJ is one of the
reputed gold showrooms in Vijayawada. The long and established
presence also instils an element of trust among the consumers,
which is an important factor influencing jewelry buying decision.
Over the years the proprietor has developed strong relationships
with major customers and suppliers.

Outlook: Stable

CRISIL believes that AJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the profitability margin, or if there is
better-than-expected improvement in its capital structure on the
back of sizeable capital additions from the Properietor, improving
the liquidity profile. The outlook may be revised to 'Negative' if
there is a steep decline in the profitability margin, or
significant deterioration in the capital structure, due to large
debt-funded capex, a stretch in its working capital cycle or
withdrawl from the capital account.

Set up in 2005 as a sole proprietorship firm by Mr. Venkat Rao, AJ
retails plain and diamond-studded gold jewelry at its showroom in
Vijayawada, Andhra Pradesh.


APLAB LIMITED: ICRA Retains D Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the rating for the INR73.00 crore bank
facilities of APLAB 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-
   Cash Credit       12.80      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Fund based-       13.20      [ICRA]D; ISSUER NOT COOPERATING;
   Working Capital              Rating continues to remain in the
   Demand Loan                  'Issuer Not Cooperating' category

   Fund based-Bill   11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Discounting                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Non-fund based-   14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Letter of                    Rating continues to remain in the
   Credit                       'Issuer Not Cooperating' category

   Non-fund based-   22.00      [ICRA]D; ISSUER NOT COOPERATING;
   Bank Guarantee               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 APLAB 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.

APLAB Limited was incorporated in the year 1962 by Mr. P.S Deodhar
and has started as a manufacturer for Test & Measurement
instruments. Originally it was called as 'Applied Electronics
Limited' which later on went on to be called as 'Applied
Electronics Lab' before the name was finally changed to 'APLAB
Limited'. The company's primary business activity involves
manufacturing electrical/electronic equipment and devices. In the
year 2000, Zee Entertainment Enterprises Limited acquired 26%
stake in the company.

The company has multiple product divisions namely Test and
Measurement Instruments (T&M), Power Conversion & Controls (PCC),
Power Supply Equipment (PE) or UPS systems, Banking and Retail
Automation (BA) and Cable Fault Locating Instruments (CFS).
Recently; the company has also diversified into Solar Power
Equipment business.


ARKA CARBON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arka Carbon
Fuels Pvt. Ltd.'s (ACFPL) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING).'
The issuer did not participate in the rating 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 the
rating.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital facilities (Long-
    /Short-term) downgraded with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR1,000 bil. Non-fund-based working capital facilities
    (Long-/Short-term) downgraded with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR200 mil. Proposed bank facilities (Long-/Short-term)
    downgraded Provisional IND D(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following a confirmation from
ACFPL's lenders that the company has been categorized as a non-
performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

ACFPL, part of the Swastik Group, is engaged in the business of
coal importing and trading.


ASIAN LAKTO: ICRA Reaffirms B+ Rating on INR13cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR13 crore fund-
based facilities of Asian Lakto Industries Limited (ALIL) at
[ICRA]B+. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-Fund-
   based limits          13.00     [ICRA]B+ (Stable); reaffirmed

Rationale:

ICRA's rating reaffirmation takes into account year-on-year ~15%
decline in topline in FY2018which is likely to adversely impact
the profitability though overall the credit profile remains
comparable to its rating category. The liquidity of the company
remains slightly stretched as reflected in almost full utilisation
of the working capital limits and availment of ad-hoc facilities.
The rating continues to be constrained on account of ALIL's low
profit margins on account of the intense competition in the
industry, the seasonal nature of the business and the company's
relatively modest scale of operations. However, the rating
continues to draw comfort from the extensive experience of the
promoters in the beverage industry, ALIL's long track record of
operations, its wide distribution network and established
relationships with corporate clients.

Going forward, the ability of the company to improve its margins,
scale up its operations and strengthen its coverage indicators
will be the key rating sensitivities.

Outlook: Stable

ICRA believes that ALIL will continue to benefit due to its
established dealership network and extensive experience of its
promoters. The outlook may be revised to Positive if there is
substantial growth in revenue and profitability, and better
working-capital management, strengthening the financial risk
profile. The outlook may be revised to Negative if cash accruals
are lower than expected or a significant stretch in working-
capital cycle further weakens liquidity.

Key rating drivers:

Credit strengths

* Extensive experience of the promoters: The promoters of the
company has more than four decades of experience in the beverage
industry

* Established relationship with customers: ALIL has a distribution
network and established relationships with its customers.

Credit challenges

* Moderate scale of operations: The company's scale of operations
is moderate with presence mainly in the northern states of Punjab,
Haryana, Himachal Pradesh and Jammu & Kashmir.

* Fragmented industry and intense competition: ALIL operates in a
fragmented industry comprising many small players in the
unorganised segment, leading to intense competition and low
margins.

* Modest financial profile: ALIL's financial profile is
characterised by low profitability and weak coverage indicators
* Stretched liquidity: ALIL's liquidity is stretched, as reflected
in almost full utilisation of working capital limits and availment
of ad-hoc limits.

Incorporated in 1994 by Mr. Radhe Shyam Poddar, Mr. Gopal Poddar
and Mr. Neeraj Poddar, ALIL was originally engaged in the
processing of flavoured milk. In 2007, the company diversified its
business and started processing fruit juices. In 2010, ALIL exited
the flavoured milk business owing to continued losses. ALIL has an
established distribution network across the states of Haryana,
Punjab and Himachal Pradesh and sells its fruit juices through
various distributors and retail chains under the brand name, 'Mr.
Fresh', in various flavours of mango, apple, lichi, guava, mixed
fruit, etc.

The company reported a net profit of INR1.5 crore on an operating
income (OI) of INR82.9 crore in FY2017 as against a net profit of
INR1.3 crore on an OI of INR76.2 crore in FY2016. As per
provisional financials, the company has reported an OI of INR70.5
crore in FY2018.


BAREILLY PLY: CRISIL Assigns B+ Rating to INR5.5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to bank facilities of Bareilly Ply Boards Private Limited
(BPBPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           5.5        CRISIL B+/Stable (Assigned)
   Cash Credit         2          CRISIL B+/Stable (Assigned)
   Letter of Credit    1          CRISIL A4 (Assigned)

The ratings reflect the small scale of operations, exposure to
project implementation risk and the large working capital
requirement. These weaknesses are partially offset by extensive
experience of the promoters, their funding support and moderate
financial risk profile.

Analytical Approach

Unsecured loans of INR5.10 crore, extended by the promoters as on
March 31, 2018, have been considered as neither debt nor equity.
That's because the loans bear an interest rate that is lower than
the market rate, and are expected to be retained in business in
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations: Scale of operations remains small,
with revenue estimated at INR14.5 crore in fiscal 2018 (Rs 5.8
crore in fiscal 2017).

* Large working capital requirement: Gross current assets are
estimated at 296 days as on March 31, 2018, driven by large
receivables and inventory.

* Project implementation risk: The project, estimated at INR10
crore funded through bank lines of INR5.5 crore and rest through
unsecured loans and capital from promoters, being undertaken to
enhance the existing capacity is expected likely to be operational
by third quarter of fiscal 2019, but remains vulnerable to risks
related to completion and stabilisation.

Strengths

* Extensive experience of the promoters, and their funding
support: The two decade-long experience of the promoters has
helped the company establish its market position while need-based
funding support extended by them should ensure comfortable
liquidity.

* Moderate financial risk profile: Networth and gearing are
estimated at INR2.1 crore and 1.50 time, respectively, as on
March 31, 2018. Debt protection metrics are robust, reflected in
interest coverage and net cash accrual to total debt ratios of 5.5
times and 0.43 time, respectively, for fiscal 2018. The same is
expected to deteriorate over medium term owing to incremental
debt, however, will remain moderate.

Outlook: Stable

CRISIL believes BPBPL will continue to benefit from the extensive
experience of its promoters, and their funding support. The
outlook may be revised to 'Positive' if substantial growth in
revenue, profitability, and cash accrual, along with prudent
working capital management, strengthens the business and financial
risk profiles. The outlook may be revised to 'Negative' in case of
a dip in revenue leading to low cash accrual, or if a stretched
working capital cycle, or any large capital expenditure, weakens
financial risk profile and liquidity.

BPBPL was set up by promoters, Mr Ravikant Nemani and Ms Ruchi
Nemani in 1996. The company manufactures plywood and doors, and
sells its products under the brands, Wudlay, Modiguard, Super
Diana and Anubhuti, across six major states in India.


BHOLA NATH: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhola Nath
Rakesh Kumar (BNRK; part of the Harshna group) for obtaining
information through letters and emails dated March 28, 2018, April
19, 2018, May 4, 2018 and May 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          6.02      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

The Harshna group was established in 1993 by Mr Rakesh Bhola Nath
Kohli and Mr Naresh Bhola Nath Kohli, with the establishment of
BNRK and BNNK. Both the firms are commission agents for trading in
apples in Delhi's Azadpur mandi. In 1999, the group decided to
establish its own cold storage facility in Sonipat (Haryana), for
which it set up HICS in the same year. HICS currently has a multi-
product cold-storage facility, with capacity of 11,500 tonne,
along with ripening chambers. In 2004, the group set up HF, which
supplies fruits to retail stores.


BHUVAN WHEELS: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Bhuvan Wheels
Private Limited (BWPL) for obtaining information through letters
and emails dated April 20, 2018, May 08, 2018 and May 14, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

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 Bhuvan Wheels Private Limited,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Bhuvan Wheels Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

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

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

BWPL was incorporated in 2013, promoted by Mr Subhash Zambad and
his family. It is an authorised dealer of Hyundai passenger cars
in Aurangabad. The company currently operates one showroom and a
workshop each, in Aurangabad and Jalna.


BINANI CEMENT: Lenders Vote in Favor of Ultratech's Offer
---------------------------------------------------------
The Times of India reports that Binani Cement's committee of
creditors (CoC) on May 28 accepted the resolution bid by UltraTech
with an overwhelming majority (99% voting) after an almost six-
hour meeting.

Sources close to the development said the CoC would now submit
UltraTech's plan to the National Company Law Tribunal (NCLT) for
approval, TOI relates.

According to the report, a senior banker, who is among the
lenders, said the latest decision of the CoC is subject to court's
approval. He said that although UltraTech's bid (INR7,600 crore
plus working capital loans) was higher than that of Dalmia's offer
(INR6,590 crore), lenders would get their full dues in both cases.

Bankers are not considering this deal as money in the bank yet
because of the pending Supreme Court decision, TOI notes.

TOI says the lenders argued that the UltraTech offer will lead to
no haircut for both secured as well as unsecured creditors. The
NCLT had directed the lenders to consider the revised UltraTech
bid and also give a chance to Dalmia Bharat group to match it. If
the Dalmia group matches the bid, there will be a proposal for an
open auction between the two bidders by the NCLT.

However, the Supreme Court fixed a hearing on the Binani Cement
insolvency resolution on June 4, following an appeal by Dalmia
group's Rajputana Properties, the report says. The lead lenders of
Binani Cement include Bank of Baroda, Edelweiss, Canara Bank, Bank
of India, IFCI, Central Bank of India and IDBI, along with others.

According to TOI, the National Company Law Appellate Tribunal
(NCLAT) last week had refused to stay the CoC's deadline of
May 23, 2018, for Dalmia group's cement company to match
UltraTech's revised offer for Binani Cement. This paved the way
for the CoC to conduct the meeting according to a direction of the
NCLT's Kolkata bench.  TOI relates that the revised bid of
UltraTech was of INR7,965 crore, while Dalmia's bid was INR6,590
crore. The Dalmia group refused to match the UltraTech bid last
week, saying that this is in violation of the Insolvency and
Bankruptcy Code (IBC).

Earlier, the Supreme Court had rejected Dalmia's plea challenging
the NCLT order, directing the CoC to consider the revised offer of
UltraTech for Binani Cement and had also directed the NCLAT to
hear the company's plea without adjournment from May 22, 2018, TOI
relates. The resolution professional had cancelled the CoC meeting
scheduled on May 10 in view of objections raised by Rajputana
Properties, related to eligibility of UltraTech Cement under
section 29A of the IBC, 2016, to be a resolution applicant for
Binani Cement.

                        About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

On July 25, 207, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.

The company owes around INR6,500 crore to its lenders, according
to LiveMint.


BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR4MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
rating on the long-term facilities of Brightway Contractors and
Developers (BCD).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      5.5        CRISIL A4 (Reaffirmed)
   Cash Credit         4.0        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect BCD's modest scale and working
capital intensive operations, geographical concentration in
revenue and average financial risk profile. These weaknesses are
partially offset by the extensive experience of its partners.

Analytical Approach

Unsecured loans of INR60 lakh as on March 31, 2017 from the
partners, have been treated as debt for analytical purpose.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue declined to an estimated
INR9 crore in fiscal 2018 from INR17.17 crore in fiscal 2017 on
account of execution of fewer orders. With projects worth INR14
crore to be executed by fiscal 2019, revenue visibility is
moderate.

* Working capital intensive operations: Gross current assets were
at 149 days as on March 31, 2017 driven high inventory days of 65
days, which is primarily work-in-progress. The same is partially
offset by credit received, creditor days were at 96 days.

* Financial risk profile: Networth was modest at INR2.59 crore as
on March 31, 2018 due to moderate accretion to reserve and
profitability. Total outside liabilities to adjusted networth
ratio, moderately high at 2.93 times, is expected to improve over
the medium term with no major debt funded capital expenditure plan
and equity infusion during fiscal 2018.

* Geographical concentration: Operations are concentrated in
Batala, Punjab, rendering the firm dependent on local tenders and
vulnerable to changes in state government policies.

Strength

* Extensive experience of the partners: The promoters' experience
of two decades in the construction industry has helped BCD bag
orders. Before starting construction activities in BCD in 2007,
they manufactured bricks and other allied products that were
supplied to government departments.

Outlook: Stable

CRISIL believes BCD will continue to benefit from the extensive
experience of its partners. Its financial risk profile, however,
may remain average because of small networth and large debt. The
outlook may be revised to 'Positive' if capital infusion improves
revenue and capital structure, and profitability is stable. The
outlook may be revised to 'Negative' if stretch in working capital
cycle or any large, debt-funded capital expenditure; or capital
withdrawal weakens financial risk profile.

Set up in 2007, BCD is a partnership firm of Mr Ankur Sarin, Mr
Sanjeev Kumar, and Mr Kawaljit Singh. Mr Sarin exited the firm in
fiscal 2009. The firm constructs buildings, roads, and bridges for
government departments, and undertakes stone setting and stone
crushing.


BSL ENGINEERING: CRISIL Reaffirms B Rating on INR1MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of BSL Engineering Services Limited
(BESL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        5        CRISIL A4 (Reaffirmed)
   Cash Credit           1        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      1        CRISIL A4 (Reaffirmed)

The ratings continue to reflect BESL's modest scale and working
capital intensive operations and average financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters and their established relationship with
customers.

Analytical Approach

Unsecured loans of INR4.59 crore as on March 31, 2017 from
promoters have been treated as debt for analytical purpose.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With estimated operating income of
INR20.5 crore as on March 31, 2018, scale of operations is modest.
Outstanding orders of INR15 crore to be executed over the next 6
months offer moderate revenue visibility.

* Working capital intensive operations: Operations are expected to
remain working capital intensive over the medium term-gross
currents assets were at 205 days as on March 31, 2017 driven by
high debtor days of 128 days on account of retention money held by
clients and late payments from the government authorities such as
national Thermal Power Corporation (NTPC) and Bharat heavy
Electricals Ltd.

* Financial risk profile: Networth was modest at INR3.51 crore as
on March 31, 2017 due to moderate accretion to reserve and
profitability. Total outside liabilities to adjusted networth was
high at 4.48 times. However the same is expected to improve over
the medium term with no major debt funded capex plan and infusion
of equity.

Strength

* Extensive experience of the promoters and established relations
with customers: The promoters have been in the industry for about
three decades through other group companies. The extensive
promoter experience has resulted in repetitive orders from key
customers such as National Thermal Power Corporation and Power
Machine India Limited.

Outlook: Stable

CRISIL believes BEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if working capital management is prudent and increase
in sales and profitability lead to higher cash accrual or if fund
infusion is substantial. The outlook may be revised to 'Negative'
if stretch in working capital cycle or delayed payment by debtors
weakens financial risk profile.

Incorporated in 2009, BEPL is promoted by Mr Hansraj Shiv and is
now managed by his son, Mr Neerav Hans. It specialises in
engineering, procurement, and construction services and
fabrication of steel structures, high-pressure pipes, low pressure
pipes, and supply of power equipment. The company has well laid
out workshops in India at Roorkee and Haridwar in Uttarakhand, and
Nasik in Maharashtra, and overseas (UAE and Ukraine).


D C METALS: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings said the rating for the INR30.00 crore bank
facilities of D C Metals 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-       30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  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 D C Metals, 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.

Established in 1984, M/s. D C Metals is a partnership firm engaged
in the trading of aluminium products namely ingots, wire rods,
cast strips, cold rolled/hot rolled products etc. The firm is
promoted by Mr. Kesarimal Bhansali, who has an industry experience
of over 40 years. The customer base of the firm mainly comprises
end users making value added products such as automobile parts,
aluminium conductors, utensils, sheets etc.


DURGA KRISHNA: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Durga Krishna
Store Private Limited's (DKSPL) 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:

-- INR30 mil. Proposed fund-based limit maintained in non-
     cooperating category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) rating;

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

-- INR75 mil. Non-fund-based limit maintained in non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 2, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

DKSPL is an area Class 1 (A) registered contractor company
incorporated under the Indian Companies Act, 1956. Its head office
is located in Cachar, Assam.


EAST COAST DISTRIBUTORS: CRISIL Ups INR18MM Loan Rating to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of East Coast Distributors Private Limited (ECDPL) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          18        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Proposed Long Term    4        CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

The upgrade reflects improvement in ECDPL's liquidity and business
risk profile, aided by healthy revenue and profitability.
Profitability improved to 9.3% in fiscal 2018 from 2.4% in fiscal
2017, driven by better fixed-cost absorption and measures taken to
improve operating efficiency. Revenue, which improved by 43% in
fiscal 2018, to INR58.5 crore is expected to further increase by
20-25% in fiscal 2019.

The rating also continues to reflect below-average financial risk
profile and large working capital requirement. These weaknesses
are partially offset by the experience of the promoters and their
funding support.

Analytical Approach

Out of the total unsecured loans (outstanding at INR27.64 crore as
on March 31, 2018) extended to ECDPL by the promoters, INR15 crore
has been treated as neither debt nor equity. That's because these
are expected to remain in the business over the medium term; the
remaining has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was modest at
INR9.77 crore as on March 31, 2018, with high total outside
liabilities to adjusted networth ratio of 4.09 times.  However,
interest coverage ratio was moderate at 2.59 times in fiscal 2018.

* Large working capital requirement: Gross current assets were
sizeable at 244 days as on March 31, 2018, led by receivables and
inventory of 99 days and 150 days, respectively.

Strengths

* Experience of promoters and their funding support: Benefits from
the promoters' experience of a decade, their strong understanding
of the local market dynamics, and healthy relations with customers
and suppliers should continue to support the business. The
promoters are also expected to continue extending timely, need-
based unsecured loans to aid financial flexibility.

Outlook: Stable

CRISIL believes ECDPL will continue to benefit from its promoters'
extensive industry experience and funding support. The outlook may
be revised to 'Positive' in case of substantial and sustained
increase in the company's profitability and revenue, leading to
large cash accrual. The outlook may be revised to 'Negative' if
the company takes longer than expected to improve its
profitability, or if its financial risk profile deteriorates
because of a stretch in its working capital cycle or decline in
funding support from promoters.

ECDPL was incorporated in 1999 at by Mr Shyam Sunder Agarwal and
his brother, Mr Suresh Kumar Agarwal. The Mumbai- based company
trades in houseware and tableware, such as gift articles, glass
and crystal ware, and crockery, under the brand, Roxx. The company
is a part of the RB Agarwala group, which has interests in the
paper, yarn, castings, real estate, and houseware industries.
ECDPL is managed by the promoters and Mr Shyam Sunder Agarwal's
son, Mr Abhinav Agarwal.


FORTIS HEALTHCARE: ICRA Cuts Rating on INR500cr Loan to D
---------------------------------------------------------
ICRA Ratings has downgraded the long-term rating for INR490 crore
non-convertible debenture programme of Fortis Healthcare Holdings
Private Limited (FHHPL) from [ICRA]B+ with a negative outlook to
[ICRA]D. Further, the short-term rating for INR500 crore
commercial paper/short-term debt programme of FHHPL has been
downgraded from [ICRA]A4 to [ICRA]D. Ratings continue to be in
ISSUER NOT COOPERATING category and have been removed from 'under
review' category.

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

   Commercial Paper/   500.00    [ICRA]D ISSUER NOT COOPERATING;
   Short-Term Debt               Rating downgraded from [ICRA]A4;
                                 rating continues to remain in
                                 'Issuer Not Cooperating'
                                 category and is removed from
                                 'under review' category

Rationale

The rating action follows delays in making coupon payment on NCDs,
as disclosed in the cure notice issued by the debenture trustee
(DT) to FHHPL. The ratings were earlier placed under review due to
non-confirmation of the payment on NCDs and with the receipt of
this letter from DT, the ratings are removed from 'under review'
category. The ratings continue to be constrained by significant
slippages in deleveraging process, high exposure of promoter
holding companies to refinancing risk and significant dependence
on monetisation of assets due to the absence of meaningful income
from its subsidiaries/investments.

Going forward, curing of the delays, movement in overall
indebtedness of holding entities of the group and the performance
of residual investments (if any) will be the key rating
sensitivities.

Credit strengths

Court's permission to sell the encumbered assets enabled
deleveraging: The Honourable Supreme Court of India has allowed
lenders to sell the assets that were encumbered before its order
in August 2017, allowing the lenders to recover their dues and
reduce the debt of promoter group companies.

Credit weaknesses

Delay in debt servicing: As per the cure notice received from the
DT, the company has failed to make payments on NCDs. The payment
was due on May 13, 2018 and the cure notice has been issued by DT
on May 21, 2018. Court order directing payment of damages to
Daiichi to substantially impair credit risk profile - Honourable
High Court of Delhi has upheld the arbitration reward of Singapore
tribunal directing the promoter group to pay INR3500 damages to
Daiichi.  The enforcement of the court order will significantly
strain group's credit risk profile.

Exposure to refinancing risk due to negligible income from
subsidiaries/investments: The promoter companies have earned
negligible dividend income earned from subsidiaries over the last
five years and in absence of any stable revenue source, the
promoter group is dependent on refinancing.

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

Fortis Healthcare Holdings Private Limited (FHHPL) is a
holding/investment company, controlled by promoters of Religare
Enterprises and Fortis Healthcare Limited, Mr Malvinder Mohan
Singh and Mr. Shivinder Mohan Singh. FHHPL holds ~0.77% of total
shares in Fortis Healthcare Limited in March 2018 (down from ~68%
in December 2016). FHHPL, is in turn held by RHC Holding Private
Limited (RHC) and Oscar Investments Limited (Oscar), both of which
are promoter holding companies.


GOEL FOOD: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratinsg has been consistently following up with Goel Food
Product (GFP) for obtaining information through letters and emails
dated April 24, 2018, May 10, 2018 and May 15, 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)

   Proposed Long Term
   Bank Loan Facility     1       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan              4      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 Goel Food Product, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Goel Food Product 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 Goel Food Product to CRISIL B+/Stable Issuer not
cooperating'.

GFP was set up in 2014 as a partnership firm by Mr. Tarsem Kumar
Goel, Ms. Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani. The
firm is engaged in milling and sorting of basmati rice. GFP is
based in Kaithal (Haryana), and its plant has a milling capacity
of 3 tonnes per hour.


GOKUL STEELS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Gokul Steels
Private Limited's (GSPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR65 mil. (increased from INR42.4 mil.) Fund-based working
     capital limits upgraded with IND BB-/Stable rating; and

-- INR39.2 mil.(reduced from INR64.5 mil.) Term loan due on July
     2020 upgraded with IND BB-/Stable rating.

KEY RATING DRIVERS

The upgrade reflects GSPL's improved liquidity. The company's use
of the working capital limits reduced to 78% during the 12 months
ended April 2018 from 97%, attributed to better working capital
management.

The upgrade also reflects the company's improved credit metrics
and scale of operations in FY17. Interest coverage increased to
2.2x in FY17 (FY16: 2x) and net financial leverage reduced to 3.4x
(3.9x) due to a decline in interest costs on account of a decline
in the year end debt. Revenue improved to INR418 million in FY17
(FY16: INR377.05 million) and further to INR561 million according
to FY18 provisional financials due to a larger number of orders
executed.

However, the scale of operations remains small and credit metrics
modest. The latter is affected by the company's thin and volatile
operating margins which have fluctuated in the range of 5%-7%
since FY15 due to volatile raw material costs. Also, the company
has a short operating record, as it started its operations in May
2014.

RATING SENSITIVITIES

Negative:  Any sustained deterioration in scale of operations will
be negative for the ratings.

Positive: A sustained improvement in the scale of operations along
with the credit metrics will be positive for the ratings.

COMPANY PROFILE

Founded in May 2014 by Mr. Vivek Kasera, GSPL manufactures angles,
flats, bars, rounds and other structural steel items.

The company has a steel structural rolling mill with a production
capacity of 28,000 metric tons per annum in Fatwa, Bihar.


GOLDSTAR METAL: ICRA Retains D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings said the rating for the INR10.00 crore bank
facilities of Goldstar Metal Solutions 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-       (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Fund based-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Packing Credit                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 Goldstar Metal Solutions 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 2005, Goldstar Metal Solutions Pvt. Ltd. is
promoted by Mr. Prem Prakash Saraogi. The firm was earlier
involved in trading of iron ore in domestic and international
markets from three mines located in Satheli village in Sinddhudurg
district of Maharashtra. However, in December 2013, Samruddha
Resources Limited (SRL) acquired the iron ore trading business of
GMSPL. SRL paid sales consideration of INR5.01 crore via slump
sale and acquired excess of liabilities over assets to the tune of
INR29.73 crore. Currently, the company is involved in trading of
TMT bars.


HARI KRIPA: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings said the ratings for the INR34 crore bank facilities
of Hari Kripa Business Ventures Private Limited continues 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
   ----------      -----------    -------
   Long Term-Fund      11.00      [ICRA]B(Stable) ISSUER NOT
   Based/TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund      20.00      [ICRA]B(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term/Long      3.00      [ICRA]B(Stable)/[ICRA]A4 ISSUER
   Term-Non-Fund                  NOT COOPERATING; Rating
   Based                          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 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.

Hari Kripa Business Venture Private Limited (HKBV) was established
in 2008 at Kaladera in Jaipur. The company started its commercial
production on September 1, 2012. The company is promoted by Mr.
Mahendra Kumar Agarwal, Mr. Raghuveer Agarwal along with the other
members of the family. HKBV manufactures Mild Steel (MS)
ingots/billets, pipes, and flats. In FY2013, the company forward
integrated and commenced the manufacturing of MS flats and other
rolled products, wherein the key raw materials (billets and
ingots) used were captively produced.


ISHANIKA HOTELS: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Ishanika
Hotels Private Limited (IHPL) for obtaining information through
letters and emails dated March 29, 2018, April 19, 2018, May 10,
2018 and May 15, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             12       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 Ishanika 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 Ishanika Hotels Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, IHPL is promoted by Mr Arun Singh and his
wife Ms Rolli Singh. The company is setting up a hotel project in
the area of around 12000 sq. ft. comprising seven floors. The
property comprises 58 rooms and is situated at Gomti Nagar,
Vibhuti Khand Lucknow, Uttar Pradesh. The commercial operations
are expected to start from April 2017.


IVANTA CERAMICS: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ivanta Ceramics
LLP (Ivanta) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are as:

-- INR121 mil. Long-term loan due on September 2024 assigned
    with  IND BB-/Stable rating;

-- INR53 mil. Fund-based limits assigned with IND BB-/Stable
    rating; and

-- INR17 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect the limited operational track record of
Ivanta, given it commenced commercial production from April 2018.
This indicates that Ivanta's operations are yet to be stabilized.

Ind-Ra expects Ivanta's credit metrics to be modest in the medium
term owing to a high debt, despite a likely healthy EBITDA margin
(inherent in the tile manufacturing business) to be registered by
Ivanta during the period.

The ratings, however, are supported by tangible support from Affil
Vitrified Private Limited ('IND BB+'/Stable), which has provided a
corporate guarantee for Ivanta's external debt.

The ratings are also supported by the promoters' decade-long
experience in the tile manufacturing business.

RATING SENSITIVITIES

Negative: Inability to stabilize operations or any withdrawal of
the corporate guarantee by Affil Vitrified will be negative for
the ratings.

Positive: Successful stabilization of operations, along with a
healthy EBITDA margin, will be positive for the ratings.

COMPANY PROFILE

Ivanta is engaged in the ceramic wall tile business manufacturing
business. It has an installed capacity of about 12,000 square
meters per day. There was marginal rise in project cost to
INR172.9 million from INR172.8 million. The increased amount was
funded through share capital.


JAGSUN AGRO: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jagsun Agro
Commodities Private Limited (JACPL) for obtaining information
through letters and emails dated, April 24, 2018, May 10, 2018 and
May 15, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Foreign Bill         9         CRISIL B/Stable (Issuer Not
   Discounting                    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 Jagsun Agro Commodities Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jagsun Agro Commodities Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

JACPL was incorporated on September 1, 2016, promoted by Mr Gaurav
Gupta. It is based in Karnal, Haryana, and trades in rice. The
company started operations in December 2016.


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

The instrument-wise rating actions are:

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

-- INR42.5 mil. Term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jai Bharat Industries is a partnership entity engaged in rice and
flour milling business. The firm's plant is located in Hardoi,
Uttar Pradesh.


JALNA SIDDHIVINAYAK: Ind-Ra Assigns BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jalna
Siddhivinayak Alloys Private Limited (JSAPL) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR595 mil. Fund-based limits assigned with IND BB-
    /Stable/IND A4+ rating;

-- INR60 mil. Non-fund based limits assigned with IND A4+
    rating;

-- INR85 mil. Proposed fund-based limits* assigned with
    Provisional IND BB-/Stable/Provisional IND A4+ rating; and

-- INR200 mil. Proposed term loan* assigned with Provisional
    IND BB-/Stable rating.

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

Ind-Ra has taken a consolidated view of JSAPL and Roopam Steel
Rolling Mills (RSRM), which have been collectively referred to as
the Jalna group, as RSRM merged into JSAPL on March 28, 2018.

KEY RATING DRIVERS

The ratings reflect the Jalna group's stressed liquidity,
indicated by a working capital limit utilization of over 100.0%
over the 12 months ended April 2018. The banker has allowed the
group over-utilization time to time to fund its excess working
capital requirements owing to the working capital-intensive nature
of operations. The group had an elongated working capital cycle of
162 days in FY18 (FY17: 214 days). The improvement in the cycle
was due to a decline in the debtor and inventory days.

The ratings reflect the Jalna group's weak credit metrics. In FY18
(provisional financials), the Jalna group's interest coverage
(operating EBITDA/gross interest expense) was 1.3x (FY17: 0.86x)
and net leverage (net adjusted debt/operating EBITDAR) was 6.5x
(11.0x). In FY19, the group will undertake a capex (the majority
of which will be funded by debt) on the modernization and
expansion of its existing facility. Ind-Ra expects the credit
metrics to remain at similar levels in view of an increase in
debt.

The ratings further reflect the group's modest EBITDA margin,
which rose to 6.1% in FY18 from 4.9% in FY17, driven by a rise in
sales realization per ton and a decline in other expenses.

The ratings, however, are supported by the Jalna group's medium
scale of operations. The group's revenue increased to INR2,280
million in FY18 from INR1,843 million in FY17 due to higher sales
of MS billets. Given JSAPL and RSRM merged in March 2018 and the
capex plans for FY19, Ind-Ra expects the group's revenue to grow
further in the near term.

The ratings are also supported by the promoters' over two decades
of experience in the steel sector that has led to regular orders
from long-standing customers.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or profitability leading
to any deterioration in the overall credit metrics and further
stress in the liquidity will lead to a negative rating action.

Positive: Any further rise in the revenue and profitability, along
with a substantial improvement in the credit metrics and the
liquidity, will be positive for the ratings.

COMPANY PROFILE

JSAPL is engaged in the manufacturing of billets, while RSRM
manufactures thermo-mechanically treated bars. Post the merger,
75.0%-80.0% billets will continue to be used for captive
consumption, while the rest will be sold to domestic traders.


JEET HOME: CRISIL Moves D Rating to Non-Cooperating Category
------------------------------------------------------------
CRISIL has been consistently following up with Jeet Home Solutions
Private Limited (JHSPL) for obtaining information through letters
and emails dated April 24, 2018, May 10, 2018 and May 15, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             9        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 Jeet Home Solutions Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jeet Home Solutions Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Jeet Home Solutions Private Limited to CRISIL D Issuer
not cooperating'.

JHSPL, incorporated in 2010, develops real estate in Varanasi,
Uttar Pradesh. The company is promoted by Mr Jitendra Kumar Sinha
and Mr Lallan Prasad Sinha. JHSPL currently has one residential
project, Jeet Rivera, under construction.


KAMAL KRISHNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kamal Krishna
Builders Private Limited's (KKBPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB' while simultaneously migrating it to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR62.5 mil. Term loan (long-term) due on March 2021
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1995, KKBPL is a Bhopal-based construction
company.


MAA KALI: ICRA Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings said the ratings for the INR45.00 crore bank
facilities of Maa Kali Alloys Udyog 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-       21.50       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund Based-       23.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non Fund Based-    0.50       [ICRA]A4 ISSUER NOT COOPERATING;
   Bank Guarantee                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.

Incorporated in 2002, Maa Kali Alloys Udyog Private Limited
(MKAUPL) manufactures sponge iron and MS billets with an annual
installed capacity of 60,000 MT and 56,000 MT, respectively. The
manufacturing facility, located in Raigarh, Chhattisgarh, also
consists of a captive power plant of 8 MW. The sponge iron plant
was started in 2005, whereas the billet and power units were
started in December 2013.


MAGADH PRECISION: ICRA Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings has moved the ratings for the bank facilities of
Magadh Precision Equipments Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Cash     50.00      [ICRA]D ISSUER NOT COOPERATING;
   Credit                         Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short Term-Non      25.00      [ICRA]D ISSUER NOT COOPERATING;
   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/dated/
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.

Magadh Precision Equipment Limited (MPEL) was incorporated in 1986
and is engaged in manufacturing and export of capital equipments
to the metal processing industry. The product portfolio of the
company includes: Galvanizing lines, Hot and Cold Rolling Mills
and Slitting lines. The products find application in the steel
industry. The manufacturing unit of the company is located in
Dewas, Madhya Pradesh spread over 12,000 square meters area.


MAISON DE COUTURE: CARE Lowers Rating on INR28.82cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maison De Couture Fabrics Pvt Ltd (MDC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        11.70      CARE D Revised from
   Facilities                       CARE BBB-; Stable
   (Term Loan)

   Long-term Bank        28.82      CARE D Revised from
   Facilities                       CARE BBB-; Stable
   (Cash Credit)

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of MDC
is on account of delays in servicing of debt obligations due to
stress in the liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders and management of the group,
there are on-going delays in servicing of interest payment and
overdrawals in fund based limits for more than 30 days due
to stretched liquidity position of the company. The company
operates in a working capital intensive nature of business
and stretched recoveries from customers further tightened the
liquidity position of the company.

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' group which
includes Oneworld Creation Pvt Ltd (OCPL), Oneworld Industries Pvt
Ltd (OIPL), Oneworld Retail Pvt Ltd (ORPL), Oneworld Sourcing
(OS), Tissori India Fabrics Pvt Ltd (TIFPL), Maison De Couture Pvt
Ltd (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas
Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Pvt
Ltd (UFPL) and Oneworld Design Studios Pvt Ltd (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership
firm "Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear.
Subsequently, the product profile was diversified by the firm to
cater to women's wear and ready-made garments.

Owing to increase in the scale of operation over the years, the
group was re-christened as Oneworld group and the business carried
under the partnership firm was transferred to a private limited
companies incorporated in the year 2012 viz Oneworld Industries
Private Limited. Consequently, many other companies were
incorporated to carry on trading of various textile products.
Currently, the group is engaged in the business of trading in
fabric materials and readymade garments (manufactured on job work
basis).

MDC was incorporated on August 10, 2015 to establish and undertake
business of trading of shirting fabrics in India under the brand
name "Tissori" on Stock and sales basis.


MPOWER INFRATECH: Ind-Ra Maintains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained MPower
Infratech (India) Private Limited's (MIPL) 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:

-- INR370 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR150 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
May 4, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, MIPL manufactures and installs telecom and
transmission towers, and performs structural works for solar
panels.


NURNEHER AGRO: CARE Assigns B+ Rating to INR6.83cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Nurneher Agro Products Pvt. Ltd. (NAPPL), as:
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           6.83        CARE B+; Stable Assigned

   Short-term Bank
   Facilities           0.19        CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NAPPL are
constrained by its nascent stage of operations, regulated nature
of industry, seasonality of business with susceptibility to
vagaries of nature and competition from other local players.
However, the aforesaid constraints are partially offset by
experienced promoters and its close proximity to potatoes growing
region. Going forward, the ability of the company to achieve
revenue and profitability margins as envisaged and its ability to
manage working capital effectively will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations: NAPPL has recently set up a cold
storage unit with an aggregate cost of INR10.02 crore funded at
debt equity of 1.73x and it has started its commercial operations
since March 1, 2018. Since the company is into nascent stage of
operations, the operations stabilization risk exists. Going
forward, the ability of the company to stabile its operations,
achieve the envisaged revenue and profitability margins will be
crucial for the company.

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

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

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

Key Rating Strengths

Experienced promoter: NAPPL is being managed by Mr. Laikat Ali
Mallick, aged about 51 years, having around five years of
experience in potato trading business. He looks after day to day
operations of the company supported by other directors.

Proximity to potatoes growing region: NAPPL's cold storage
facility is located at Burdwan, West Bengal which is one of
the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation
and connectivity.

Incorporated in June 2016, Nurneher Agro Products Private Limited
(NAPPL) was promoted by Mr. Liakat Ali Mallick and Mrs. Nurneher
Begam Mallick for setting up a cold storage facility for potatoes
in Burdwan, West Bengal. The company has setup its cold storage
facility having a capacity 14.0 lakh quintal with a cost of
INR10.02 crore funded at a debt equity of 1.73x and . The company
has started loading its cold storage and commenced its operations
from March 1, 2018.


PALAK FERRO: ICRA Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the rating for the INR20.00 crore bank
facilities of Palak Ferro Alloys 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-       6.10       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Fund based-       0.10       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Unallocated      13.80       [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 Palak Ferro Alloys, 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.

Established in 2008 as a proprietorship firm by Mr. Rahul Parwani,
PFA is engaged in the manufacturing of ferro alloys and manganese
oxides. The firm has its manufacturing facility located at Nagpur,
Maharashtra. PFA has an installed capacity of 1500 MTPA for
manufacturing ferro alloys such as medium carbon (MC) - ferro
manganese, low carbon (LC) - ferro manganese and silico manganese,
and 1500 MT for manufacturing manganese oxides. Ferro alloys find
application in the steel industry whereas manganese oxides are
used in the fertilizer industry.


QUAD LIFESCIENCES: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Quad Lifesciences
Private Limited's (QLPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR12 mil. Term loan due on January 2020 withdrawn (paid in
     full) and the rating are withdrawn;

-- INR180 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable/IND A4+ rating;

-- INR40 mil. Fund-based working capital limit* assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR30 mil. Proposed fund-based working capital limit
    withdrawn (the company did not proceed with the instrument as
    envisaged) and the rating is withdrawn.

* The final rating has been assigned following the receipt of the
loan documents for the above facility by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects QLPL's continued medium scale of
operations and modest credit metrics. QLPL's revenue increased to
INR 717.12 million in FY18 (provisional financials) from INR637.57
million in FY17, primarily driven by an increase in demand from
existing customers and the addition of new customers. In FY18, its
net leverage (total Ind-Ra-adjusted net debt/operating EBITDAR)
was 2.15x (FY17: 1.76x) and interest coverage (operating
EBITDA/gross interest expense) was 3.23x (2.99x). The marginal
deterioration in the net leverage was primarily due to higher
fund-based limit utilization. On the other hand, the improvement
in the coverage was mainly due to a rise in absolute EBITDA (FY18:
INR88.83 million; FY17: INR78.39 million).

The ratings factor in QLPL's modest liquidity, indicated by an
average working capital limit utilization of 97% for the 12 months
ended April 2018.

The ratings, however, are supported by a comfortable operating
margin of 12.39% in FY18 (FY17: 12.30%).

The ratings continue to be supported by the promoter's experience
of more than two decades in manufacturing active pharmaceuticals
ingredients.

RATING SENSITIVITIES

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

Positive: A significant rise in the revenue and the EBITDA margin
leading to an improvement in the credit metrics on a sustained
basis would lead to a positive rating action.

COMPANY PROFILE

QLPL manufactures active pharmaceutical ingredients from herbs,
seeds, and plants at its site in Derabassi, Punjab.


RIDHI SIDHI: CARE Lowers Rating on INR7.62cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ridhi Sidhi Pulses (RSP), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long term Bank     7.62      CARE D; ISSUER NOT COOPERATING;
   Facilities                   Revised from CARE B+ on the basis
                                of best available information

CARE has been seeking information from RSP to monitor the
rating(s) vide e-mail communications/letters dated May 10, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, RSP has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on RSP's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in the rating of Ridhi Sidhi Pulses (RSP) takes into
account ongoing delays in debt servicing owing to stressed
liquidity and the account is NPA as per the verbal communication
with the banker.

Detailed description of the key rating drivers

Key Rating Weakness

Irregularity in debt servicing: The banker of the firm has
verbally confirmed delays in debt servicing of RSP and the account
is NPA due to stressed liquidity of the firm.

Merta City-based (Rajasthan) Ridhi Sidhi Pulses (RSP) was formed
in 2013, as a proprietorship concern by Mr Shreekant Mantri with
an objective to set up a dall mill. RSP has completed its project
and started commercial operations from January, 2014. The firm is
engaged in the business of manufacturing of chana dall from chana
and moong mogar as well as moong polish dall from moong. It
procures raw material from the local mandis as well as from
farmers and sells it to wholesalers mainly Maharashtra, Tamil
Nadu, Gujarat and Rajasthan. It sells its products in 30 kg and 50
kg packets and markets under the brand name of Ridhi Sidhi Pulses.


RUCHI SOYA: Lenders to Meet Today to Discuss Bids
-------------------------------------------------
Press Trust of India reports that lenders of bankruptcy-hit Ruchi
Soya are likely to meet again today, May 30, to discuss bids
submitted by Patanjali Ayurveda and Adani group which are in the
race to acquire the Indore-based edible oil firm.

A Committee of Creditors (CoC) met on May 29 to discuss the bids
of these two companies.

PTI says Patanjali had revised its bids upwards to about INR43
billion, which is around 30 per cent higher than the Adani's
offer. Patanjali has also assured the lenders that it would invest
extra capital required to revive the company.

According to the news agency, sources said that the CoC is likely
to meet today, May 30, to consider both the bids and decide on
voting.

Haridwar-based Patanjali group had emerged as the front runner
with a bid of over INR40 billion to acquire Ruchi Soya, PTI notes.

The CoC of the company is meeting today, May 30, and may finalise
the bids.

Apart from Patanjali and Adani, the other companies which have
shown interest in acquiring Ruchi Soya are Wilmar, Emami Agrotech
and Godrej Agrovet, according to PTI.

Patanjali Ayurveda already has a tie-up with the Indore-based
Ruchi Soya for edible oil refining and packaging.

Ruchi Soya, facing the insolvency proceedings, has a total debt of
about INR120 billion, PTI discloses. The company has many
manufacturing plants and its leading brands include Nutrela,
Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

Earlier, Patanjali spokesperson had said that the company has bid
for Ruchi Soya as it aims to be a major player in edible oil
segment, particularly soybean oil. It also wants to work for
farmer's benefit, PTI notes.

                         About Ruchi Soya

Ruchi Soya Industries Ltd. engages in crushing of oil seeds
and extraction/refining of edible oil along with manufacturing of
related products like vanaspati and textured proteins. It is also
engaged in import/export as well as domestic trading of various
agri-commodities. It is the flagship entity of the Indore, Madhya
Pradesh based Ruchi Group, which has business interests spread
across various sectors including edible oil, agri-commodity
trading, liquid and dry storage warehousing for agri-products and
real estate. RSIL has manufacturing presence at 20 locations
across India.

In December 2017, Ruchi Soya Industries Ltd entered into the
Corporate Insolvency Resolution Process (CIRP) and Shailendra
Ajmera was appointed to act as Interim resolution Professional
(IRP), according to PTI.

The appointment was made by the National Company Law Tribunal
(NCLT) on the application of the creditors Standard Chartered
Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.

Ruchi Soya has a total debt of about INR120 billion.


S.R. PRECISION: CARE Lowers Rating on INR4.68cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S.R. Precision Components Private Limited (SRPCL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      4.68      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE B+; Issuer
                                 not cooperating, based on best
                                 available information

   Short term Bank     2.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE A4; Issuer
                                 not cooperating, based on best
                                 available information

CARE has been seeking information from SRPCL to monitor the
rating(s) vide e-mail communications/letters dated May 16, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information. In line with the extant SEBI guidelines
CARE's rating on S.R. Precision Components Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account ongoing delays in debt servicing.

Detailed description of the key rating drivers

The revision in the rating takes into consideration following
weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing on account of weak liquidity position as the company is
unable to generate sufficient funds in a time manner.

SRPCL was incorporated in July, 2011 with the company starting its
operations in March 2012. SRPCL is currently being managed by Mr.
Sukhdev Chand Gupta and Mr. Tilak Raj. SRPCL is engaged in the
trading of iron scrap. The iron scrap traded is mainly procured
from suppliers located in Mandi Gobindgarh (Punjab). Apart from
that, the company is also engaged in the manufacturing and jobwork
of automobile crank shafts used in commercial four wheelers,
Tractors and Combines. The company has its manufacturing facility
located at Derabassi, Punjab with total installed capacity of
manufacturing 30,000 pieces per annum as on January 31, 2016.
Besides SRPCL, the directors are also engaged in another group
concerns namely Sutlej Constructions Pvt. Ltd. and Sutlej Projects
Pvt. Ltd.


SAHARANPUR INSTITUTE: ICRA Reaffirms B- Rating on INR15cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B- for
the INR15.0-crore bank facilities of Saharanpur Institute of
Medical Sciences Private Limited (SIMS). The outlook on the long-
term rating is stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Fund-
   based Term Loan      15.0      [ICRA]B-(stable); reaffirmed

Rationale:

ICRA's rating continues to factor in the extensive experience of
the promoters in the healthcare industry, being associated with
multiple hospitals in the past. The rating further takes comfort
from the regular support provided by the promoters in the form of
interest-free unsecured loans, which have increased over the past
financial years. The rating, however, remains constrained by the
low occupancy and the low average revenue per bed per day along
with the modest scale of operations. The weak operating metrics
have resulted in weak return and coverage indicators. The company
also faces stiff competition from various hospitals in other Tier-
I and Tier-II cities.

Going forward, the company's ability to improve its operating
metrics and the timely support of the promoters will be the key
rating sensitivities.

Outlook: Stable

ICRA notes the extensive experience of the promoters and the
strong position of the hospital as a multi-speciality in
Saharanpur. The outlook may be revised to Positive if SIMS
achieves significant improvement in occupancy, resulting in better
operating metrics. The outlook may be revised to Negative if the
company faces further decline in operating metrics or capital
structure further deteriorates.

Key rating drivers:

Credit strengths

Extensive experience of promoters: The promoters have extensive
experience in the healthcare industry, being associated with
multiple hospitals in the past. Further, the hospital benefits
from its position as one of the leading multi-speciality hospitals
in Saharanpur, Uttar Pradesh.

Regular support from promoters: The promoters have been supporting
the business on a regular basis. The hospital has been facing
cashflow mismatches, which are being met by the promoters through
interest-free unsecured loans. The loans given increased to
INR14.7 crore as on February 28, 2018 from INR12.2 crore as on
March 31, 2017.

Credit challenges

Low occupancy with weak operating metrics: The occupancy of the
hospital has improved since inception; however, it still remains
low (30-40% from FY2017 to FY2018). Further, the average revenue
per bed per day has also remained low at around INR1704 in FY2017,
resulting in weak operating metrics.

Significant debt repayments to exacerbate dependency on promoter
funds: The company has significant debt repayments going forward.
Moreover, low occupancy and weak operating metrics have resulted
in a net loss of INR6.1 crore in FY2017, further exacerbating the
dependency on promoter funding. Further support from promoters is
expected, considering the significant debt repayments going
forward.

Stiff competition from various players: Though the company has
established itself as a multi-speciality hospital in Saharanpur,
Uttar Pradesh, the occupancy has remained low because of stiff
competition from various hospitals in other Tier-I and Tier-II
cities.

SIMS was incorporated in July 2010, by a team of doctors led by
Dr. Ravi Jain and Dr. Ajay Kumar. Located at Delhi Road in
Saharanpur, Uttar Pradesh, SIMS is a multi-specialty hospital
spread over an area of about 6,800 square metres with a capacity
of 120 beds. The institute commenced operations in December 2015
and provides a comprehensive suite of health services, which
include neurology, cardiology, oncology, and orthopaedics.

The company reported a net loss of INR6.1 crore in FY2017 on an
operating income (OI) of INR7.5 crore against a net loss of INR4.7
crore on an OI of INR2.3 crore in 4M FY2016.


SARA TEXTILES: CRISIL Moves B+ Rating to Non-Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sara
Textiles Limited (SIPL) for obtaining information through letters
and emails dated April 26, 2018, May 10, 2018 and May 15, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           51       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of credit
   & Bank Guarantee       8       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     7       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             13       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 Sara Textiles Limited, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sara Textiles Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

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

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

SIPL, set up by Mr. D P Singh in 1973, trades in iron ore fines,
hot-rolled steel coils, textiles, cement, steel, and coal. The
company had formed a joint venture, Gopalpur Port Ltd, with Odisha
Stevedores Ltd for developing the port in Gopalpur, Odisha.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND C (ISSUER NOT COOPERATING) rating;

-- INR55 mil. Proposed fund-based limit maintained in Non-
     Cooperating Category with Provisional IND C (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with IND C (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SCPL, incorporated in July 2005, is engaged in civil construction
work of medium and large industrial, commercial, institutional and
residential projects.


SEAM INDUSTRIES: CARE Cuts Rating on INR38.37cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Seam Industries Ltd (SIL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank       38.37       CARE D Revised from
   Facilities                       CARE BB (SO); Negative

   Short term Bank      30.00       CARE D Revised from
   Facilities                       CARE A4 (SO)

Detailed Rationale & Key Rating Drivers

The revision in the ratings takes into account the ongoing delays
in debt servicing resulting from the stress in liquidity
position on the back of receivables under arbitration.

The facilities of SIL are backed by an unconditional &irrevocable
corporate guarantee extended by the holding company Sunil Hitech
Engineers Limited (SHEL; rated 'CARE D') which is also undergoing
stressed liquidity position mainly on account of combination of
increasing working capital requirements to support increasing
turnover and order-book, inability of the company to secure
additional bank lines (to fund the same) and slowdown in receipts
from clients.

Detailed description of the key rating drivers

Ongoing delays in debt servicing (including LC devolvements and
overdrawals in cash credit account) As per the banker interaction,
there have been continuous LC devolvements as well as overdrawals
in the cash credit account for a period of around 30 to 35 days.
This is mainly on account of stress in the liquidity position.
There has been delays in receiving payment from clients and such
receivables are under arbitration.

SIL was incorporated as a backward integration unit to help its
parent Sunil Hi-Tech Engineers Limited (SHEL) to consolidate its
fabrication and installation know-how in the power sector. SIL is
a subsidiary of SHEL, which holds 88.61% (as on March 31, 2017),
while the rest is held by promoters of Sunil Hitech in their
individual capacity. SIL is engaged in the manufacturing of
pressure parts used by power plants, petrochemical plants, sugar
industry and heavy engineering industry. SIL primarily undertakes
fabrication related to pressure parts, IBR (Indian Boiler
Regulations) certified piping systems. Besides, that it also
undertakes fabrication of tanks, cooling coils, trays and jackets,
distillation columns and volumetric condensers. SIL operates out
of two units located in Nagpur with a combined area of 1,50,000
sq. meters and covered sheds of 11,800 sq. metres. The two units
have a consolidated installed capacity of fabrication of 24,000
metric tonnes per annum (MTPA) of structures, 4,000 MTPA of piping
and 5,000 MTPA of carbon piping and allied works. The major power
clients of Sunil Hitech Engineers Ltd are BHEL, Reliance
Infrastructure, Dossan Chennai Works Pvt Ltd, etc.


SEANTO MINERALS: ICRA Maintains D Rating in Non-Cooperating Cat.
----------------------------------------------------------------
ICRA Ratings said the rating for the INR8.00 crore bank facilities
of Seanto Minerals and Energy 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-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Non-fund based     3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        2.00       [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 Seanto Minerals and Energy Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Incorporated in 2008, Seanto Minerals and Energy Limited is
promoted by Mr. Sanjay Sanghai and his family. The company is
engaged in trading of textiles and ferrous products. Key products
traded by the company include shirtings and denims, stainless
steel plates and heavy melting scrap.


SHIV SHAKTI: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Shakti
Modern Rice Mill Private Limited's (SSMRMPL) 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:

-- INR64.21 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional IND B (ISSUER NOT
     COOPERATING) rating; and

-- INR70.79 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
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

SSMRMPL was incorporated in 2013 by Mr. Birendra Kumar, Mr. Ram
Krishna Kumar and Mrs. Monika Kumari for setting up a paddy
processing plant in the Raxaul city, Bihar.


SHREE GANPATLAL: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Ganpatlal
Onkarlal Agrawal & Company's (SGOAC) Long-Term Issuer Rating to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating action is:

-- INR180 mil. Working capital loans downgraded with IND BB
     (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

KEY RATING DRIVERS

The downgrade reflects Ind-Ra's expectation of weakening of
SGOAC's credit metrics due to its dependence on group entities
Swastik Coal Corporation Pvt. Ltd. ('IND D (ISSUER NOT
COOPERATING)') and Arka Carbon Fuels Pvt. Ltd. ('IND D (ISSUER NOT
COOPERATING)'), who have defaulted on their debt repayments.

COMPANY PROFILE

SGOAC was originally formed as a proprietary concern by Ms. Geeta
Devi Bindal in 1988. It was later reconstituted as a partnership
firm in FY09. The firm has four partners: Ms. Geeta Devi Bindal,
Mr. Vishnu Prasad Bindal, Mr. Hitesh Bindal and Swastik Coal
Corporation Pvt. Ltd. The firm provides coal transportation,
loading, unloading and handling services through its wide network
of branches across India. SGOAC facilitates the group to act as an
end-to-end service provider across the complete value chain from
sourcing and procurement to the final delivery of coal.


SHRI KK: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri K. K. Jain
Educational Trust's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR120.4 mil. Term loan maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Working capital facility maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 25, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1998, Shri K. K. Jain Educational Trust operates
three schools in collaboration with Delhi Public School Society
namely Delhi Public School Aligarh, Delhi Public School Civil
Lines (Aligarh) and Delhi Public School Hathras.


SOUTH EAST UP POWER: Ind-Ra Affirms 'D' on INR37,132BB Loans
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed South East U.P.
Power Transmission Company Limited's (SEUPPTCL) senior project
bank loans as follows:

-- INR37,132 bil. Senior project bank loans (long term) affirmed
    with IND D rating.

KEY RATING DRIVERS

The affirmation reflects the continued delays in debt serving
obligations by SEUPPTCL's since the last rating action due to a
tight liquidity position. SEUPPTCL has not been able to complete
phase 2 of the ongoing project and the cost overrun is not yet
funded.

The company has not provided FY17 and FY18 annual reports to
Ind-Ra.

RATING SENSITIVITIES

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

COMPANY PROFILE

SEUPPTCL was incorporated on September 11, 2009. It has signed a
transmission service agreement with four distribution companies in
Uttar Pradesh to erect, commission and operate 765kV S/C Mainpuri-
Bara Line with 765kV/400kV in Mainpuri. The transmission network
is around 1,600km in length with five substations and is split
into two phases. SEUPPTCL is a wholly owned subsidiary of Mainpuri
Power Transmission Private Limited. The project has been
undertaken to evacuate power from a few thermal power plants and
improve the reliability and quality of supply. Phase 1 is
operational.


SREE DHANNVIJAY: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sree
Dhannvijay Texmills Private Limited (SDTPL) for obtaining
information through letters and emails dated April 5, 2018, May 8,
2018 and May 14, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         10         CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Cash        0.54      CRISIL B+/Stable (Issuer Not
   Credit Limit                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

SDTPL was established in 2004 by Mr Vijay Shankar and his wife,
Mrs Dhanalakshmi. The Coimbatore-based company manufactures cotton
and polyester yarn.


SRI KUMARSWAMY: CRISIL Reaffirms D Rating on INR44MM LT Loan
------------------------------------------------------------
CRISIL Ratings' rating on the long-term bank facility of Sri
Kumarswamy Mineral Exports Private Limited (SKMEPL) continues to
reflect the company's delay in servicing its term debt because of
weak liquidity.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan        44       CRISIL D (Reaffirmed)

The rating continues to reflect the company's cash flow mismatch
and large working capital requirement have led to weak liquidity
for SKMEPL.The company, however, benefits from its promoters'
extensive experience in the mining industry.

Key Rating Drivers & Detailed Description

* Delay in repayment of term-loans: The rating reflects a delay of
44 days in servicing term-debt obligations, due to weak liquidity,
constrained by cash flow mismatches and high working capital
intensity. CRISIL will closely monitor the company's performance,
related to debt servicing obligations.

Weakness

* Susceptibility to volatile iron ore prices and forex rates:
Operating margin is exposed to significant volatility, both in
iron ore prices and foreign exchange rates. Iron ore prices are
determined by global demand and supply patterns (China being a key
demand driver) and were highly volatile recently. As the company
deals in the spot market and has no long-term contracts with
suppliers or customers, it becomes vulnerable to such volatility.
Moreover, as majority of revenue is derived via e-auctions in the
domestic market, fluctuation in forex rates also impacts the
margin significantly.

Strengths

* Extensive experience of promoters in the iron ore mining
business: The promoters, Mr. Gureddi, Mr. Alva and Mr. Prasad are
business acquaintances, with experience of over two decades in
mining related activities. Relevant qualifications and extensive
experience has enabled smooth execution of business operations
through various business cycles and resulted in healthy relations
with domestic and overseas customers.

SKMEPL, set up in 1992 and based in Bellary, Karnataka, is
promoted and managed by Mr. Shantesh Gureddi, Mr. Ravindranath
Alva, and Mr. Bhavani Prasad. It has acquired iron ore mines on
lease from the Government of Karnataka.

For fiscal 2017, estimated profit after tax (PAT) was INR3 crore
on net sales of INR35.5 crore, against a PAT of INR1.9 crore on
net sales of INR39.4 crore for fiscal 2016.


SUBHASH POULTRY: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Subhash
Poultry Complex (SPC), as:
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPC are tempered by
short track recod and small scale of operations with thin PAT
margin, moderate capital structure and weak debt coverage
indicators, working capital intensive nature of operations,
Cyclical nature of poultry industry and risk associated to any
outbreaks of bird flu and other diseases, highly fragmented with
intense competition from large number of players and constitution
of the entity as partnership firm with inherent risk of
possibility of withdrawal of the capital at the time of personal
contingency. The rating, however, derives its strengths from
experienced partners of the entity, satisfactory PBILDT margin
with stable outlook demand of poultry products.

Going forward, ability of the firm to increase its scale of
operations and profitability margins, improve the capital
structure and debt coverage indicators and manage working capital
requirements efficiently would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: The firm was
established in the year 2016, hence it has a short track record of
business operations. Further, the scale of operations of the firm
is small and marked by total operating income of INR 10.78 crore
in FY18(prov) coupled with moderate net worth base of INR4.23
crore as on March 31, 2018 (prov) as compared to other peers in
the industry.

Moderate capital structure, weak debt coverage indicators and
working capital intensive nature of operations: SPC has moderate
capital structure during review period. The debt equity ratio and
over all gearing ratio of the firm stood moderate at 0.25x and
1.44x as on March 31, 2018(prov) on account of minimal amount of
long term loan i.e, INR0.89 crore and its working capital
intensive nature of operations.

The firm has weak debt coverage indicators during review period.
Total debt/GCA improved from 33.64x in FY17 to 17.87x in FY18
(prov) on account of high outstanding balance of working capital
borrowings. SPC debt profile is dominated by the working capital
borrowings. The PBILDT interest coverage ratio of the firm also
stood weak at 1.48x in FY18 (prov).

The operating cycle of the entity is elongated during review
period due to inventory holding of around 220-230 days as the firm
is engaged in rearing of parent chicks, producing eggs and selling
cull birds. These chicks go through four different stages of
development for laying eggs and ultimately sold as cull bird to
complete one business cycle. The four different development stages
are Chick stage (0 day-8th week), Grower stage (9th-18th week),
Egg stage (19th-72nd week) and Cull bird (after 72nd week). The
Day Old Chicks (DOCs) are reared throughout the business life
cycle and these chicks start laying eggs from third stage i.e.
from 19th week. The operating cycle stood at 214 days in FY18
(prov). The average utilization of working capital facility of the
entity was 80% for the last 12 months ended April 30, 2018.

Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw material
price movements: SPC faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. Going further,
low entry barriers in these highly competitive segments would lead
to oversupply situation which in turn may affect the profitability
of the entity. However, improved demand scenario of poultry
products in the country enables well for the entity. Maize is
relatively a small scale crop in India and being a rain-fed crop,
any monsoon failure will affect its harvest.

The Poultry industry consumes more than 50% of the domestic maize
production and its demand is expected to exceed the overall supply
in the future. As the poultry industry is virtually a buyers'
market, any sharp increase in raw material prices may not be fully
passed on to the consumers thereby affecting the profit margin of
the firm.

Cyclical nature of poultry industry and risk associated to any
outbreaks of bird flu and other diseases: SPC operates in a
cyclical industry on account of outbreaks of bird flu and other
diseases which van affect demand and cause prolonged impact on
margins and turnover. The firm margins are also susceptible to
volatility in feed prices in the poultry business.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, a partnership firm has
restricted access to external borrowings.

Key Rating Strengths

Experience of the partner for more than a decade in poultry
business: SPC was established in the year 2016 and is promoted by
Mr. Srinivasa Rao (Managing Partner) and his other family members.
Mr. Srinivasa Rao, is a graduate and have the experience of more
than a decade in the poultry business. Due to long term experience
in the poultry business, the partners have good relations with
supplier and customers.

Growth in total operating income during review period: The total
operating income of the firm increased from INR6.47 crore in FY17
to INR10.78 crore in FY18(prov) due to increase in demand and
repeat orders from its existing customers.

Satisfactory PBILDT margin albeit thin PAT margin: The PBILDT
margin of the firm remained satisfactory and stood at 9.74% in
FY18 (prov). The PAT margin of the entity has been thin and stood
at 1.71% in FY18 (prov) due to low operating profit along with
high financial expenses on account of high utilisation of working
capital limits.

Stable outlook demand of poultry products: Poultry products like
eggs and cull birds have large consumption across the country in
the form of bakery products, cakes, biscuits and different types
of food dishes in home and restaurants. The demand has been driven
by the rapidly changing food habits of the average Indian
consumer, dictated by the lifestyle changes in the urban and semi-
urban regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Andhra Pradesh based, Subhash Poultry Complex (SPC) was
established in the year 2016 as a partnership firm and is promoted
by Mr. Srinivasa Rao and his other family members. The partners of
the firm have experience of more than a decade in the poultry
business. The firm is engaged in farming of egg laying poultry
birds (chickens) along with trading of eggs and cull birds. The
firm has two plants in East Godavari District having its one of
the plant location at Alamuru Mandal and the other at Rangampeta
Mandal, covering the areas of 3 acres and 4 acres respectively.
The firm sells its products like eggs and cull birds in the local
market. On demand, the firm also sells the manure of the birds in
the local market. The firm mainly buys chicks (small chickens)
from Srinivas Hatcheries and purchases the raw materials for
feeding of birds like maize, rice from local markets within the
Andhra Pradesh and other raw materials like soya from Maharashtra.


SUDEEP EXIM: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sudeep Exim
Private Limited' (SEPL) 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:

-- INR85 mil. Fund-based working capital limits 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 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, SEPL is engaged in trading of steel.


SUDHAMSU EXIM: ICRA Lowers Rating on INR15cr Loan to D
------------------------------------------------------
ICRA has revised the long-term and short-term ratings for the bank
facilities of Sudhamsu Exim Private Limited (SEPL) to [ICRA]D
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/D ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Unallocated        15.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating revised from [ICRA]B+/A4
                                 and rating continues to be 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/dated/
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,
despite the downgrade.

Rationale

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

Sudhamsu Exim Private Limited (SEPL) was incorporated in 2008 and
is promoted by Mr. M. Pruthvi Raj Reddy and family. Up to FY2013,
the company was involved in trading of construction materials.
From FY2014 onwards, the company has been involved in execution of
civil projects related to construction of houses and for renewable
energy generation. The company is currently involved in the
execution of civil works for 100MW wind power project for Axis
Energy Limited. Also, the company has recently received the order
from JREDA for Design, Testing, Supply, Installation and
Commissioning of indigenous solar photovoltaic power plant for
rural electrification of 290 villages in Jharkhand.


TRUE WELL: ICRA Withdraws 'B' Rating on INR9cr Cash Loan
--------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B to the
INR13.37 crore fund-based bank limits and INR2.63 crore
unallocated limits of True Well E Pipe Industries (TWEPI) 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
   ----------     -----------    -------
   Fund based         9.00       [ICRA]B ISSUER NOT COOPERATING;
   Limits-Cash                   Withdrawn
   Credit

   Fund based         4.37       [ICRA]B ISSUER NOT COOPERATING;
   Limits-Term                   Withdrawn
   Loans

   Unallocated        2.63       [ICRA]B ISSUER NOT COOPERATING;
   limits                        Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the company based on
no dues certificate provided by its lenders.

True Well E Pipe Industries was established as a proprietary
concern in 2012 by Mr. M. V. Rama Krishna. The firm is involved in
the manufacturing of rigid PVC pipes of different dimensions
certified by BIS. The total installed capacity of the plant is
1200 kgs per hour and the plant is located in Nellore district of
Andhra Pradesh.


VBS TEXTILES: CARE Reaffirms B+ Rating on INR44cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
VBS Textiles Private Limited (VTPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           44.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            4.25       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VTPL continue to
remain constrained on account of its nascent stage of operations
with small scale in FY18 (refers to the period April 1 to March
31), presence in highly fragmented and competitive textile
industry and susceptibility of profit margins to volatility in raw
material prices.

The ratings, however, derives strength from experienced promoters
in diversified industries.

VTPL's ability to increase its turnover and improve its
profitability in light of competitive business environment and
volatile raw material prices remain the key rating sensitivities.
Further, VTPL's ability to improve its solvency position along
with efficient working capital management would also remain
crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent Stage of operations with small scale of turnover: VTPL
reported Total Operating Income (TOI) of INR4.29 crore for its
seven months of operations in FY18 (Provisional) for the period
August 2017 to February 2018.

Presence in highly fragmented and competitive textile industry and
susceptibility of profit margins to volatility in raw material
prices: VTPL operates in highly fragmented market of textile
industry marked by large number of organized and unorganized
small sized players. Also, the presence of big sized players with
established marketing & distribution network results into intense
competition in the industry. Furthermore, VTPL is engaged in the
business of printing and dyeing of cloth, the major raw material
of which is chemical, prices of which remain volatile in nature
and put a pressure on the profit margins of the players.

Key Rating Strengths

Experienced promoters in diversified industries: VTPL was
incorporated in 2016 by Ms. Shanna Shah and Mr. Sukoon Shah. Both
the directors have nearly a decade of experience in diversified
industries like coal trading, chemical trading, and managing a
process house.

Ahmedabad-based (Gujarat), VTPL is a private limited company
incorporated in 2016, by two promoters i.e. Ms. Shanna Shah and
Mr. Sukoon Shah. VTPL is engaged in the business of dyeing and
printing of fabric. The company also does job work for few
renowned companies in the textile industry. It carries out its
manufacturing from its facility located in Ahmedabad (Gujarat)
with an installed capacity of 1,00,000 metres of fabric per day as
on February 28, 2018. The company commenced its commercial
operations from August 2017.

Till February 28, 2018 (Provisional), VTPL has registered TOI of
INR4.29 crore.


YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR17MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Yarlagadda Exports Private
Limited (YEPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           17       CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                .25     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   10.75     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, large working capital requirement, and below-average
financial risk profile because of subdued debt protection metrics
and small networth. These weaknesses are partially offset by the
extensive experience of its promoter in the tobacco industry and
established customer relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented segment: Revenue
was small at INR24.3 crore in fiscal 2018 due to intense
competition from large players in the tobacco segment.

* Below-average financial risk profile: Networth was modest at an
estimated INR7.03 crore and gearing high at about 2 times, as on
March 31, 2018. Low profitability and large working capital debt
led to weak debt protection metrics, with estimated net cash
accrual to total debt and interest coverage ratios of 0.02 time
and 1.28 times, respectively, in fiscal 2018.

* Large working capital requirement: Gross current assets are
estimated at 335 days as on March 31, 2018, on account of sizeable
inventory of 225 days and stretched receivables of 120 days.
Inventory is large because tobacco is procured during the
harvesting season for the entire year's requirement.

Strength:

* Extensive experience of promoter: Presence of more than two
decades in the tobacco business has enabled the promoter to
develop strong relationship with major suppliers and customers.

Outlook: Stable

CRISIL believes YEPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if significant increase in revenue and profitability
results in sizeable net cash accrual. The outlook may be revised
to 'Negative' if liquidity deteriorates due to delay in
realisation of receivables or significant decline in revenue and
profitability.

Incorporated in 1990 and promoted Mr Y A Chowdary, YEPL processes
and sells tobacco. Office is in Guntur, Andhra Pradesh.


ZEPHYR FABRIC: CARE Lowers Rating on INR25cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Zephyr Fabric Trading LLP, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       25.00       CARE D Revised from
   Facilities                       CARE BBB-; Stable
   (Cash Credit)

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Zephyr Fabric Trading LLP is on account of delays in servicing of
debt obligations due to stress in the liquidity position of the
firm.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of debt obligations: As per
interaction with the lenders and management of the group, there
are on-going delays in servicing of interest payment and
overdrawals in fund based limits for more than 30 days due to
stretched liquidity position of the firm. The firm operates in a
working capital intensive nature of business and stretched
recoveries from customers further tightened the liquidity position
of the firm.

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' group which
includes Oneworld Creation Pvt Ltd (OCPL), Oneworld Industries Pvt
Ltd (OIPL), Oneworld Retail Pvt Ltd (ORPL), Oneworld Sourcing
(OS), Tissori India Fabrics Pvt Ltd (TIFPL), Maison De Couture Pvt
Ltd (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas
Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Pvt
Ltd (UFPL) and Oneworld Design Studios Pvt Ltd (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr Urvil Jani and Mr Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear.
Subsequently, the product profile was diversified by the firm to
cater to women's wear and ready-made garments. Owing to increase
in the scale of operation over the years, the group was re-
christened as Oneworld group and the business carried under the
partnership firm was transferred to a private limited companies
incorporated in the year 2012 viz Oneworld Industries Private
Limited. Consequently, many other companies were incorporated to
carry on trading of various textile products. Currently, the group
is engaged in the business of trading in fabric materials and
readymade garments (manufactured on job work basis). WF was
incorporated on September 15, 2015 to establish and undertake
business of trading of men's bottom wear in India.



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


PERISAI PETROLEUM: Third Quarter Net Loss Widens to MYR244.52MM
---------------------------------------------------------------
Chester Tay at theedgemarkets.com reports that Perisai Petroleum
Teknologi Bhd's third quarter net loss expanded by 3.7 times to
MYR244.52 million, from RM65.3 million a year ago, due to an
impairment loss on plant and equipment, and the expiry of
contracts.

Revenue for the quarter ended March 31, 2018 (3QFY18) dropped 36%
to MYR29.36 million from MYR46.13 million previously, relates
theedgemarkets.com.

In a filing with Bursa Malaysia, Perisai attributed the lower
revenue and profit to the expiry of contracts for eight offshore
support vessels in August last year, according to the report.

For the cumulative nine-month period (9MFY18), the group's net
loss narrowed 29.4% to MYR245.92 million, from MYR348.35 million
in the previous corresponding period, while revenue declined 21%
to MYR96.95 million from MYR123.31 million, theedgemarkets.com
discloses.

Moving forward, Perisai said the outlook for the demand for oil
and gas assets in the short to medium term remains challenging,
the report adds.

"The group will remain cautious on its capital and cost
management. Operational efficiency of the operating asset is
expected to be maintained," Perisai, as cited by
theedgemarkets.com, said.

                       About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.



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


ORION HEALTH: Axes 177 Jobs; Reports NZ$40MM Annual Loss
--------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that Orion Health has
revealed it has cut 177 jobs since March as it seeks to stem its
losses.

Stuff relates that Orion Health once rivalled Xero as one of the
country's top technology successes and at its peak employed 1,200
staff in New Zealand and overseas.

But investors who bought into its 2014 sharemarket float would now
have lost almost 90 per cent of their money.

According to the report, Orion's cuts come amid expectations of
further job losses in the high-tech sector at Spark.

Spark said on May 28 that it expected to cut see its labour bill
fall by almost a fifth over the 18-month period between last June
and this December - supporting speculation early last year that it
was planning for the loss of about 1,000 jobs, a proportion of
which are believed to have already gone.

Stuff notes that reporting Orion's annual result, chief executive
Iain McCrae said the company had been impacted by changes to
Obamacare funding in the United States that had forced some of its
customers there to retrench.

Orion Health reported a loss of NZ$40 million in the year to the
end of March, up from a loss of NZ$34 million the previous year,
with revenues down 14 per cent to NZ$170 million, Stuff discloses.

Slides shown by the company during its results presentation showed
it cut the number of full time employees in its loss-making
population health and hospitals divisions by 173 staff, to 659,
between March 1 and May 28, the report relays.

Another four jobs were cut from its core Rhapsody division which
helps healthcare providers pull together patient data from
different sources, Stuff discloses.

According to Stuff, Chairman Andrew Ferrier said Orion Health was
making progress with a "strategic review" that some think could
involve a partial trade sale of the business.

"Work on due diligence and structure is largely complete. However,
until any final agreement is reached we can't give any certainty
on the nature or terms of any transaction," the report quotes Mr.
Ferrier as saying.

Stuff relates that Craigs Investment Partners analyst Steven
Ridgewell said it would be fair to say it was a "disappointing
year for Orion and its shareholders".

It was unclear what kind deal Orion was working on, for example
whether it might be a full sale of the company or a partial sale,
he said, Stuff relays.

But Mr. Ridgewell said there might be strong interest from buyers
in Orion's Rhapsody division, which employs 130 staff, and which
was the firm's "crown jewels" and could be quite easy to separate,
relates Stuff.

"It is a very good product, profitable and growing at 10 per cent
a year. Then you have got the other divisions which are burning a
lot of a cash.

"My preference would be that they hold on to Rhapsody and wind
down the rest of it - or at least focus on the areas where they
can make money."

Orion Health's US expansion had gone off the rails and it had
"over-extended" with too many moonshots, Mr. Ridgewell, as cited
by Stuff, said.

"This is not 'another Wynyard' - it is quite a big business and
there are highly profitable parts and they can restructure to
survive.

"But it is obviously a painful process for all concerned; staff,
shareholders and I am sure the board as well."

Orion chief financial officer Mark Tisdel forecast "flat" to
slightly increased revenues this financial year, and a slight loss
or break-even result, Stuff adds.

Headquartered in Auckland, New Zealand, Orion Health Group Limited
engages in the development, implementation, hosting, sale, and
support of software for the healthcare IT market.


PLEASANT POINT: Inland Revenue Applies For Hotel's Liquidation
--------------------------------------------------------------
Rachael Comer at Stuff.co.nz reports that Pleasant Point Hotel's
future hangs in the balance, with Inland Revenue calling on nearly
$500,000 in unpaid taxes.

According to Stuff, Inland Revenue has filed an application to put
the company that owns the only hotel in the South Canterbury town
into liquidation. The application, filed on March 15, which asks
to put Pleasant Point Hotel 2015 Limited into liquidation, was
heard in Timaru on May 28.

The appeal stated that Pleasant Point Hotel 2015 Limited owes the
department NZ$439,287.85, Stuff relays.

Stuff, citing New Zealand Companies Office record, discloses that
the company's director is Christopher Angus Steele, of Pleasant
Point. He became the director in March 2012 and has 100 per cent
shares in the business.

He refused to comment on the future of the hotel, but said it was
"business as usual," Stuff adds.

In its application, Inland Revenue said the company owed money for
goods and services tax (GST), Pay as you earn (PAYE) tax
deductions, KiwiSaver employee deductions and employer
contributions, student loan deductions, interest and penalties,
employer superannuation and contribution tax, Stuff reports.

It also said there were no outstanding objections or challenges in
relation to the assessment of the amount owed.

The company was served with a statutory demand, pursuant to
Section 289 of The Companies Act 1993, on January 25, asking for
payment of NZ$385,606.85.

"The defendant company failed to comply with the demand," the
application, as cited by Stuff, said.  "The defendant company is
insolvent and unable to pay its debts."

Inland Revenue has requested that Pleasant Point Hotel 2015
Limited be put into liquidation by the court.



                             *********

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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***