TCRAP_Public/180531.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

           Thursday, May 31, 2018, Vol. 21, No. 107

                            Headlines


A U S T R A L I A

BAKER FAMILY 2: Second Creditors' Meeting Set for June 7
JPD MEDIA: Second Creditors' Meeting Set for June 6
LESSO BUILDING: First Creditors' Meeting Set for June 6
MK DESIGN: Second Creditors' Meeting Scheduled for June 6
STATEWIDE OFFICE: Second Creditors' Meeting Set for June 6

STOCK GROUP: First Creditors' Meeting Set for June 6
WESTERN LIBERTY: Moody's Puts Ba2 Rating on Review for Upgrade


C H I N A

ANBANG INSURANCE: Ex-Chairman Appeals Against Fraud Conviction
FOSUN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Stable
JIAMGSU ZHONGNAN: Moody's Gives First-Time B2 CFR, Outlook Stable
OCEANWIDE HOLDINGS: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'
TIMES CHINA: Fitch Gives Final BB- Rating on $450MM Sr. Notes

TIMES CHINA: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
TIMES CHINA: Moody's Assigns B1 Sr. Sec. Rating to Proposed Notes


I N D I A

AAKARSHIT ICE: CRISIL Moves B+ Rating to Non-Cooperating Category
ABAJ ELECTRONICS: CRISIL Moves B- Rating to Non-Cooperating Cat.
ACCORD BUILDCON: CRISIL Withdraws D Rating on INR100cr NCD
ADITYA INVESTMENT: CRISIL Lowers Rating on INR15MM Loan to D
AMBIENCE CONSTRUCTIONS: Ind-Ra Moves BB Rating to Non-Cooperating

ANACON PROCESS: CRISIL Assigns B+ Rating to INR4.50MM Book Debt
ANNPURNA RICE: CARE Assigns B+ Rating to INR7cr LT Loan
AQUARIOUS MARKETING: Ind-Ra Affirms BB LT Rating, Outlook Stable
ARYA FIN-TRADE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
ASHA CONCAST: CRISIL Moves B+ Rating to Non-Cooperating Category

ASHA ISPAT: CRISIL Migrates B+ Rating to Not Cooperating Category
BHAGIRATH DHANNALAL: CARE Assigns B Rating to INR6.50cr LT Loan
BHOLA NATH: CARE Assigns B+ Rating to INR6.60cr LT Loan
BHOLA NATH: CRISIL Migrates B Rating to Non Cooperating Category
ELECTROSTEEL STEEL: Vedanta Asks NCLAT to Lift Stay Over Sale

FSD BUILDING: CRISIL Migrates B+ Rating to Not Cooperating
GYANKUND TRUST: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
GURUNAK RICE: CARE Assigns B+ Rating to INR4cr LT Loan
HARMONY SHUBHAM: CRISIL Withdraws B Rating on INR7.5MM Term Loan
HEARTS MALABAR: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable

HI-TECH PACKAGING: CRISIL Assigns B+ Rating to INR3.42MM Loan
JBF INDUSTRIES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
JBF PETROCHEMICALS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
JIWANSAAGAAR REALTY: CRISIL Withdraws B+ Rating on INR14MM Loan
K.A.I.G. CONSTRUCTIONS: CRISIL Moves B+ Rating to Non-Cooperating

MAHESHWARI FABTEX: CRISIL Reaffirms B+ Rating on INR8MM Loan
MNG OVERSEAS: CRISIL Migrates B+ Rating to Non-Cooperating
OPTIONS LAWNS: CARE Reaffirms B+ Rating on INR8.01cr LT Loan
PARAS TARP: CRISIL Migrates B+ Rating to Non-Cooperating Category
POWERTECH ELECTROINFRA: CRISIL Moves B Rating to Non-Cooperating

PROGRESSIVE INDUSTRIES: CRISIL Moves B- Rating to Not Cooperating
RAJ REGENCY: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
RC ALL-TECH: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
RELIANCE COMMMUNICATIONS: Deal with Minority Investors Reached
SHRI HARI: CARE Assigns B+ Rating to INR8cr LT Loan

STRANDS TEXTILE: Ind-Ra Maintains BB LT Rating in Non-Cooperating
SUPER INFRATECH: CRISIL Migrates D Rating to Non-Cooperating
TIRVANI RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
TULSI MARKETING: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
TURBO CAST: CRISIL Migrates B+ Rating to Not Cooperating Category

VAISHNAVI EXPORTS: CRISIL Cuts Rating on INR15MM Loan to D
VIKAS TRANSPORT: CRISIL Moves B+ Rating to Not Cooperating Cat.
VINOD KUMAR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
VISION METALIK: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
VSR LAMINATES: CRISIL Withdraws B Rating on INR5.14MM Loan

YOGESH TRADING: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating


J A P A N

SAKAE RHYTHM: Suspends Business After Racking Up JPY772MM in Debt


N E W  Z E A L A N D

MEDIAWORKS NZ: Posts NZ$5.7MM Net Loss in Year Ended Dec. 31


S I N G A P O R E

PACIFIC RADIANCE: Seeks Court Led Restructuring


                            - - - - -


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


BAKER FAMILY 2: Second Creditors' Meeting Set for June 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Baker Family
Investments No. 2 Pty Ltd, trading as Stellarossa Narangba, has
been set for June 7, 2018, at 11:00 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Building 11 Unit A,
Lakes Vista Park, 2 Flinders Parade North Lakes, in 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 6, 2018, at 5:00 p.m.

Paul Nogueira of Worrells Solvency was appointed as administrator
of Baker Family on May 4, 2018.


JPD MEDIA: Second Creditors' Meeting Set for June 6
---------------------------------------------------
A second meeting of creditors in the proceedings of JPD Media &
Design Pty Ltd has been set for June 6, 2018, at 4:00 p.m. at the
offices of Worrells Solvency & Forensic Accountants, Suite 1,
Level 15, 9 Castlereagh Street, in Sydney, NSW.

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

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

Simon Cathro of Worrells Solvency was appointed as administrator
of JPD Media on May 3, 2018.


LESSO BUILDING: First Creditors' Meeting Set for June 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Lesso
Building Material Trading (Sydney) Pty Limited, trading as Lesso
Home Greenacre, will be held at Level 30, 264 George Street, in
Sydney, NSW, on June 6, 2000, at 11:00 a.m.

Peter Paul Krejci and Andrew John Cummins of BRI Ferrier were
appointed as administrators of Lesso Building on May 25, 2018.


MK DESIGN: Second Creditors' Meeting Scheduled for June 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of MK Design &
Construction Pty Ltd has been set for June 6, 2018, at 3:00 p.m.
at the offices of GS Andrews Advisory, 22 Drummond Street, in
Carlton, Victoria.

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 5:00 p.m.

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of MK Design on May 2, 2018.


STATEWIDE OFFICE: Second Creditors' Meeting Set for June 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Statewide
Office Furniture Pty Ltd has been set for June 6, 2018, at
11:00 a.m. at the offices of Kingsgrove RSL Club, 8 Brocklehurst
Ln, in Kingsgrove, NSW.

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

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

Alan Hayes of Hayes Advisory was appointed as administrator of
Statewide Office on May 2, 2018.


STOCK GROUP: First Creditors' Meeting Set for June 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Stock Group
Investments Pty. Ltd. will be held at the offices of Deloitte
Financial Advisory Pty Ltd, Level 17, 11 Waymouth Street, in
Adelaide, SA, on June 6, 2018, at 2:00 p.m.

Neil Robert Cussen of Deloitte Financial was appointed as
administrator of Stock Group on May 25, 2018.


WESTERN LIBERTY: Moody's Puts Ba2 Rating on Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed the Ba2 senior secured
ratings on Western Liberty Group Finance Pty Ltd's (WLGF) bonds on
review for upgrade.

WLGF is the financing vehicle for Western Liberty Group (WLG), a
special purpose vehicle which contracted with the State of Western
Australia (Western Australia Treasury Corporation, Aa2 stable) to
design, build, refurbish, finance and maintain the District Court
Building and the Central Law Courts custodial area in Perth under
a public private partnership (PPP) framework.

WLGF intends to refinance its AUD77 million bullet bonds, which
have a scheduled maturity in June 2018 and legal maturity in June
2020, with a proposed AUD83.3 million 13-year fully amortising
bank facility and cash on hand. AUD9.7 million of the proposed
facility will be used to fund an upgrade of the technical court
services (TCS) as directed by the state.

WLGF's other existing debt - comprising of AUD27 million annuity
bonds and AUD110 million CPI-indexed annuity bonds - will be fully
amortised by June 2018 and June 2031 respectively. At March 31,
2018, the outstanding amount of these bonds was AUD0.8 million and
AUD93 million respectively.

The execution of the refinancing plan is subject to the state's
consent.

RATINGS RATIONALE

"The review for upgrade reflects our belief that WLGF is highly
likely to execute the refinancing, a development that will
materially strengthen the project's credit profile by improving
debt service coverage ratios and eliminating its exposure to
refinancing risk," says Simon Poidevin, a Moody's Analyst.

Refinancing risk was a key constraining factor for the ratings,
with the project's fundamental credit profile being more
consistent with a higher ratings level. WLGF's ratings could be
upgraded to Baa1 on completion of the refinancing, provided that
the terms and conditions are consistent with those presented to
Moody's, and there are no changes to the project's fundamental
credit position.

Moody's has previously said that a successful refinancing is
likely to result in a multi-notch upgrade.

The placement on review for upgrade also considers that the
proposed refinancing is still subject to formal state approval.

WLGF's ratings are underpinned by the project's predictable cash
flow associated with the availability payment stream from the
state, stable operating track record, and extensive contracting of
its performance obligations to experienced operators. Although
WLG's services are more complex than its rated Australian peers,
Moody's notes the operators' established track record of meeting
contractual operating requirements.

WLGF's ratings also consider Moody's belief that the TCS upgrade
will be successfully executed, given its low complexity and
modular nature.

However, as is the case with PPPs in general, WLGF's ratings are
constrained by its high financial leverage, as measured by the
average debt service coverage ratio (DSCR). Moody's expects WLG's
DSCR to average 1.2x over the term of the proposed facility after
refinancing.

WLGF's ratings will likely be upgraded on completion of the
refinancing as presented to Moody's.

The rating could be downgraded if Moody's believes that the
refinancing as presented is unlikely to be completed on a timely
manner, which could result from a failure of the state to provide
its consent. Negative ratings pressure could also result if there
is: (1) a material deterioration in WLG's operating performance,
(2) a material weakening in the subcontractors' credit profile, or
(3) a downgrade of the state's rating.

The principal methodology used in these ratings was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
published in March 2015.



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


ANBANG INSURANCE: Ex-Chairman Appeals Against Fraud Conviction
--------------------------------------------------------------
Gabriel Wildau at The Financial Times reports that Wu Xiaohui, the
former chairman of Anbang Insurance Group, has appealed his
conviction for fraud and embezzlement, according to his lawyer.

The FT notes that a Shanghai court sentenced Mr. Wu to 18 years in
early May for issuing false disclosures to regulators and
diverting insurance premiums for his personal use. The court also
confiscated RMB10.5 billion (US$1.6 billion) in assets.

According to the FT, Mr. Wu denied the charges against him on the
first day of his trial but later shifted tone as he asked the
court for leniency.

Chen Youxi, chairman of Capital Equity Legal Group, disclosed the
appeal on his Sina Weibo microblog account on May 30 without
giving further details, the report says.

Appeals of criminal convictions rarely succeed in China, though
courts do sometimes reduce sentences, the FT states.

                      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.


FOSUN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit
rating on China-based investment holding company, Fosun
International Ltd. The outlook is stable. At the same time, S&P
affirmed its 'BB' long-term issue rating on the outstanding
guaranteed notes issued by the company's financing platform,
Wealth Driven Ltd. and Fortune Star (BVI) Ltd.

S&P said, "We affirmed the ratings to reflect our view that Fosun
will sustainably grow with a balanced investment and divestment
strategy. We also expect the company to maintain a loan-to-value
(LTV) ratio of 30%-40% over the next two years."

Fosun's well-diversified investment portfolio and the stable
credit quality of its key investees support its fair investment
position, in S&P's view. Fosun's investment portfolio increased to
about Chinese renminbi (RMB) 237 billion as of end-2017, from
RMB204.6 billion in 2016, mainly due to appreciation in the value
of its listed assets. The company's portfolio ranges from
healthcare, insurance, consumer products, leisure to commodities
in Asia-Pacific, Europe, and the Americas. This diversity could
help Fosun to better navigate industry cyclicality and dilute
risks in a single market. At the same time, most of its invested
assets have sustainably growing operations with stable credit
quality.

Fosun's asset liquidity is constrained by its large amount of
unlisted investees. S&P expects these investees to account for
less than half of Fosun's asset portfolio over the next two years,
compared with 57.6% as of end-2017. Fosun's asset capitalization
and IPO plans should temper the risk and allow flexibility of
available-for-sale assets. Fosun's ongoing asset injection into
listed investee company, Shanghai Yuyuan Tourism Mall, and more
potential IPOs for some key assets should back the company's plan
to improve asset liquidity. However, the timeframe of these plans
are uncertain and they are unlikely to materialize in the next 12
months.

Fosun's short operating record in exiting investments is another
risk to its investment profile. In the past years, the company has
rapidly grown its assets portfolio through acquisitions. However,
it has not made many exits to recycle cash for debt repayment.
S&P said, "In our view, Fosun has shown investment discipline by
developing a set of investment policies, guidances for short-term
financial tolerance, and a risk control system. Such an approach
supports its investment capability, which we assess as neutral to
our assessment of its investment position."

S&P said, "Fosun has a manageable leverage, in our view, with a
LTV ratio of about 35% at the end of 2017. We take into account
the company's legacy financial guarantees of about RMB3.6 billion
to invested companies, which will be gradually replaced by new
borrowings issued by the investee companies.

"We expect Fosun to maintain its LTV ratio below 45% by rotating
assets at a balanced pace. At the same time, the company's
deleveraging and increasing dividend income should continue to
improve its operating cash flow adequacy. These factors support
our assessment of the company's financial risk profile as
significant.

"The stable outlook over the next 12 months reflects our
expectation that Fosun would maintain a well-diversified asset
portfolio and gradually improve its asset liquidity via asset
capitalization and IPOs. The company's diversified portfolio
should support its flexibility to navigate industry cyclicality
and help avoid concentration risk in any single market. We expect
the company will maintain its LTV ratio at 30%-40% while making
investments and disposal plans.

"We may lower the rating if Fosun's LTV ratio rises above 45% on a
sustained basis. This could happen if: (1) the company pursues
more aggressive debt-funded investments than we expect; (2) its
asset valuation materially depreciates; or (3) Fosun keeps
investing in assets with weak credit profiles, which makes asset
rotation more difficult.

"We would also consider a downgrade if the company's cash flow
adequacy falls below 0.7x. This could happen if dividend and
interest income materially decline."

A deterioration in liquidity could also trigger a downgrade. An
indication of that would be a diminishing buffer of cash on hand
and highly liquid investments against short-term borrowings and
committed investments.

S&P said, "We may raise the rating if Fosun's LTV ratio remains
below 30% on a sustainable basis. This could happen if the company
continues to reduce debt, or its portfolio value appreciates.

"We would also consider an upgrade if Fosun's asset liquidity
materially improves, although we view that as a remote event in
the next 12 months. Nevertheless, that could happen if Fosun
accelerates capitalization of its portfolio assets through IPOs,
leading to listed assets accounting for more than 60% of its
overall portfolio value."


JIAMGSU ZHONGNAN: Moody's Gives First-Time B2 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to Jiangsu Zhongnan Construction Group Co.,
Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Jiangsu Zhongnan's B2 CFR reflects the company's strong sales
execution, good brand in property development in Jiangsu Province,
and sizable operating scale," says Franco Leung, a Moody's Senior
Vice President.

The company has demonstrated an ability to generate strong
contracted sales growth, as supported by its fast asset turnover
business model. In 2017, contracted sales grew by 158% year-on-
year to RMB96.3 billion, after a 66% growth in 2016 to RMB37.3
billion. Its strong contracted sales in 2016-2017 will support the
revenue growth in its property segment over the next 2-3 years.

Moody's expects that Jiangsu Zhongnan's total contracted sales
will continue to grow at an annual rate of 10%-15% for 2018 to
around RMB100-RMB110 billion, given its sizable land bank of 23.5
million square meters and sellable resources of around RMB260
billion at the end of 2017. Such a scale is larger than for most
single B-rated Chinese property developers.

"At the same time, the B2 CFR considers the synergies between its
two core business segments: property development and construction,
and the execution risk associated with its rapid expansion," adds
Leung, who is also Moody's Lead Analyst for Jiangsu Zhongnan.

Jiangsu Zhongnan's construction segment accounted for an estimated
15%-25% of its total revenue and gross profit in 2017, second only
to contributions from its property development segment.

Moody's expects that the company's expertise in building
construction will help shorten the construction cycle of its
property development projects and reduce execution risks when it
expands into new markets. The construction business will also
potentially help Jiangsu Zhongnan source new development
opportunities.

The benefits from such synergies, however, are partly offset by
the modest credit profile of the construction segment.
Specifically, the construction segment operates in a highly
competitive business environment, and demonstrated a lower gross
margin of around 10% in 2016-2017 versus the 18.5% of the property
development segment during the same period.

The construction segment also shows high working capital needs,
due in part to the large receivables associated with its
contracting services.

The rating also reflects the company's modestly diversified
capital structure and good track record of accessing the domestic
debt capital markets and other financing channels. It issued
domestic bonds totaling around RMB17 billion from 2015 to 2017,
and raised equity capital of about RMB4.6 billion in 2016. Moody's
expects that Jiangsu Zhongnan's good access to funding will
support its capital needs for ongoing business development.

On the other hand, the company's B2 rating is constrained by its
geographic concentration in Jiangsu Province, rapid business
expansion and weak financial metrics.

Jiangsu Zhongnan's property business demonstrates a certain level
of geographic concentration in Jiangsu Province. In particular,
around 42% of its land bank was located in the province at the end
of 2017, and the province will contribute an estimated 40%-50% of
its total contracted sales over the next 12-18 months.

Nevertheless, such concentration risk is partly mitigated by the
healthy economic position of Jiangsu Province, the strong demand
in the province for property, as well as the company's land
purchases in first- and second-tier cities, particularly in
Suzhou, Nanjing and Shanghai since 2015, where property demand is
generally strong.

Jiangsu Zhongnan's rating is also constrained by its weak
financial metrics, in particular, its high debt leverage, as a
result of sizable land acquisitions and construction spending
requirements.

The company's fast business expansion will entail high funding
requirements. For example, it spent an estimated 70%-80% of its
cash collected from property sales on land purchases during 2017,
which increased in turn the debt funding requirement for the rest
of its operations.

Over the next 12-18 months, Moody's expects that Jiangsu
Zhongnan's debt leverage - as measured by revenue/adjusted debt -
will trend towards 60%-65% from 54% in 2017. Its adjusted EBIT
interest coverage will likely remain around 1.4x over the same
period. These credit metrics position the company appropriately at
a B2 CFR.

Jiangsu Zhongnan's liquidity profile is adequate, despite a fall
in cash to short-term debt of around 85% at the end of 2017 from
123% at the end of 2016. Its total cash balance of RMB14.3 billion
at 31 December 2017 and operating cash flow will be adequate to
cover its short-term debt of RMB13.2 billion, onshore bonds
puttable within one year of RMB3.6 billion, and committed land
payments.

The rating outlook is stable, reflecting Moody's expectation that
Jiangsu Zhongnan will: (1) control its debt leverage while
expanding its business, (2) achieve modest contracted sales growth
and; (3) maintain a stable liquidity position over the next 12-18
months.

Upward rating pressure could emerge, if Jiangsu Zhongnan improves
its financial profile - for example, by showing higher profit
margins and lower debt leverage - while demonstrating a track
record of stable growth in its property development and
construction business.

Financial indicators of upgrade rating pressure include adjusted
EBIT interest coverage exceeding 2.25x-2.50x and adjusted
revenue/debt trending above 70% on a sustained basis.

On the other hand, downward rating pressure could emerge, if
Jiangsu Zhongnan: (1) executes heavily debt-funded expansions
and/or acquisitions; (2) suffers from negative contracted sales or
revenue growth and; (3) demonstrates a deteriorating liquidity
position on a sustained basis.

Financial indicators reflecting the above scenario include
adjusted EBIT interest coverage below 1.0x, and cash to short-term
debt below 80% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Jiangsu Zhongnan Construction Group Co., Ltd, a company based in
Jiangsu Province, engages in two major businesses: property
development and construction services. It listed on the Shenzhen
Stock Exchange in 2008.

The property development segment principally focuses on developing
residential properties. It had a total land bank of around 23
million square meters across Jiangsu Province, the Yangtze River
Delta Region, Bohai Economic Rim and Southern China at Dec. 31,
2017.


OCEANWIDE HOLDINGS: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based Oceanwide Holdings Co.
Ltd.'s (Oceanwide) Long-Term Foreign-Currency Issuer Default
Rating (IDR), senior unsecured rating and the rating on its
outstanding US dollar senior notes to 'B-' from 'B'. The Recovery
Rating on its senior unsecured rating is 'RR4'. The Outlook on the
IDR is Stable.

The downgrade reflects the rise of Oceanwide's net debt by CNY28
billion in 2017 following a similar increase in 2016. The rate of
increase in indebtedness is much faster than Fitch's expectations
and means that Oceanwide's leverage, as measured by net
debt/adjusted inventory including available for sale financial
assets (AFS) and financial institution (FI) investments, of 78.6%
at end-2017 will take longer to reduce below 70%, a level that is
commensurate with a 'B' rating level for large Chinese
homebuilders.

The high leverage is partly offset by the sharp improvement of the
finance business segment's EBITDA to CNY3.1 billion in 2017 from
CNY1.1 billion in 2016 supports Oceanwide's ratings. This
improvement has strengthened its non-development property
EBITDA/interest paid ratio to 0.4x in 2017 from 0.2x in 2016,
which provides some buffer in servicing its debt. Peers that have
similar levels of interest cover and reasonable leverage levels
are rated 'B' or above.

KEY RATING DRIVERS

Leverage Stays High: Oceanwide has one of the highest leverages
among 'B' rating category Chinese homebuilder peers. Oceanwide's
weak credit metrics are due to its investments in its FI
subsidiaries and its larger exposure to commercial development
properties that have a longer cash collection cycle. Fitch
believes that Oceanwide's leverage will continue to rise over the
next two years without equity funding because of continued
development expenditure for the 2.5 million sq m gross floor area
of projects under construction, as well as its high interest and
tax burden that will amount to CNY12 billion-15 billion a year in
the next three years.

Extremely Slow Sales; but Bottoming: Fitch expects Oceanwide's
sales efficiency, as measured by contracted sales to net debt
excluding FIs, to remain below 0.25x for at least another two
years, longer than previously expected. The stringent home
purchase policies and housing price controls in its key markets of
Beijing and Shanghai have delayed sales in these cities. As a
result, Oceanwide's property sales more than halved in 2017 from
2016 and it estimates its contracted sales to net debt ratio
declined to 0.05x in 2017 from 0.16x in 2016. Fitch believes
Oceanwide's sales bottomed in 2017, albeit at a very low level of
under CNY6 billion.

Sales in 2018 will be supported by its projects in Shanghai, where
it has already obtained sales permits. Its US projects will start
contributing to sales in 2019.

Funding Pressure High: Oceanwide's available cash at end-2017 was
CNY9.6 billion, including CNY4.6 billion of cash in its FI
subsidiaries. This is inadequate to cover its large short-term
debt balance of CNY47.6 billion and Fitch's expectation of
negative free cash flow of CNY9 billion in 2018. The company's
liquidity position did not improve at end-1Q18, when total cash
was at CNY18.1 billion, down from CNY19.3 billion at end-2017,
while short-term debt increased to CNY51 billion.

Growing Finance Businesses: Oceanwide's FI segment EBITDA
increased to CNY3.1 billion in 2017 from CNY1.1 billion in 2016,
which provides growing non-property development cash flow to
service its rising debt. The low net debt of its FI segment of
CNY1 billion at end-2017, unchanged from 2016, means Oceanwide can
comfortably upstream dividends from these businesses without
impairing their capital base. This is demonstrated by the increase
in shareholders' equity of the FI subsidiaries attributable to
Oceanwide to CNY25 billion at end-2017 from CNY23.4 billion a year
earlier.

Asset Base Supports Funding Access: Fitch believes Oceanwide still
has borrowing capacity, with its unencumbered assets of CNY49
billion at end-2017. Oceanwide has pledged property and financial
assets of CNY76.6 billion as well as shares of its FI subsidiaries
for CNY60 billion in secured debt. The company had CNY35 billion
of development properties that remained unencumbered at end-2017;
and Oceanwide is likely to be able to use them to secure more
borrowings because of their attractive valuation.

DERIVATION SUMMARY

Oceanwide's rating is severely constrained by its poor contracted
sales/net debt excluding FIs of below 0.25x, which is very weak
when compared with contracted sales/gross debt of all rated
homebuilders. Its weak cash generation had resulted in
consistently rising leverage, which reached 78.6% in 2017 and made
it the highest leveraged among 'B' category peers.

Oceanwide's poor credit metrics are partly due to larger exposure
to commercial development properties that have a longer cash
collection cycle. Its slow-churn business model, however, means
that its land bank is much older and substantially undervalued
compared with those of fast-churn homebuilders. This also means
that Oceanwide has one of the highest EBITDA margin among the 21
Fitch-rated peers in the 'B' rating category. Its margin is only
exceeded by that of LVGEM (China) Real Estate Investment Company
Limited (B/Stable) and China South City Holdings Limited
(B/Stable).

Oceanwide also has one of the strongest business profiles among
'B' category peers due to its diversification into a wide array of
finance businesses. Its non-property development EBITDA covers
0.4x of interest expenses, which supports its debt servicing.
Peers that have similar levels of interest coverage are rated at
'B' or above.

KEY ASSUMPTIONS

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

  - Limited new land acquisitions at 0.5x of contracted sales'
    gross floor area

  - Contracted sales of CNY17 billion in 2018 and increases of
    25% per year thereafter

  - Property development EBITDA margin of 25%-40% in 2018-2020

  - Stable performance of finance segment

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory including AFS & FI investment
    sustained below 70% (78.6% at end-2017)

  - Consolidated EBITDA margin sustained above 35% (27% in 2017)

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

  - Further weakening of Oceanwide's liquidity position

  - Non-property development EBITDA/interest paid sustained below
    0.25x (0.4x in 2017)

LIQUIDITY

Refinancing Plan In Place: Oceanwide's funding channels include
securing new banking facilities, tapping commercial mortgaged-
backed securitisation, and issuing domestic bonds and medium-term
notes, as well as through seeking strategic partners. The company
estimated that these channels may bring additional liquidity of
over CNY40 billion for the rest of this year. Furthermore, CNY25
billion of its short-term debts at end-2017 were secured
borrowings and Oceanwide can negotiate to roll over such
borrowings if the funding cost is competitive. Fitch believes
Oceanwide had unencumbered assets of CNY49 billion that can be
collaterised to raise additional secured borrowings.

FULL LIST OF RATING ACTIONS

Oceanwide Holdings Co. Ltd.

  - Long-Term IDR downgraded to 'B-' from 'B'; Outlook Stable

  - Senior unsecured debt rating downgraded to 'B-' from 'B',
    with Recovery Rating of 'RR4'

Oceanwide Holdings International 2015 Co., Limited

  - USD400 million 9.625% senior notes due 2020 downgraded to
    'B-' from 'B', with Recovery Rating of 'RR4'

  - USD200 million floating notes due 2020 downgraded to 'B-'
    from 'B', with Recovery Rating of 'RR4'

Oceanwide Holdings International 2017 Co., Limited

  - USD300 million 8.5% senior notes due 2019 downgraded to 'B-'
    from 'B', with Recovery Rating of 'RR4'

  - USD400 million 7.75% senior notes due 2020 downgraded to 'B-'
    from 'B', with Recovery Rating of 'RR4'


TIMES CHINA: Fitch Gives Final BB- Rating on $450MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) USD450 million 7.85% senior notes due 2021
a final rating of 'BB-'. The notes are rated at the same level as
Times China's senior unsecured rating because they constitute its
direct and senior unsecured obligations. The assignment of the
final rating follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on May 28, 2018.

Times China's rating is supported by its significant increase in
scale without compromising its financial profile. The company has
grown quickly within Guangdong province, while keeping its
leverage below 40% and EBITDA margin around 20%. Fitch believes
Times China's strong sales and healthy financial profile are
commensurate with those of its 'BB-' rated peers. Fitch also
expects Times China to remain under pressure to expand its land
bank in its core market of Guangdong to support its growth.

KEY RATING DRIVERS

Strong Sales to be Sustained: Times China aims to achieve CNY55
billion in contracted sales in 2018, following a 42% increase to
CNY41.6 billion in 2017, with an average selling price (ASP) of
CNY14,750 per square meter (sq m). Contracted sales in January-
April 2018 increased 66% yoy to CNY16 billion, driven by a 33%
increase in gross floor area sold and a 25% increase in ASP. Times
China aims to reach CNY100 billion in annual sales in the medium
term, driving Fitch's expectation that Times China's sales will
continue to grow rapidly over the next three years.

Rising Contribution from Joint Ventures: Times China is
increasingly using joint-venture (JV) structures to boost its
scale. Fitch estimates that Times China's attributable sales fell
to below 80% of total reported sales in 2017 and the ratio is
likely to remain at 75%-80%. Fitch will consider proportionate
consolidation of Times China's JVs and associates if the
attributable percentage falls below Fitch's expectation.

Redevelopment Alleviates Land Acquisition Pressure: Fitch
estimates that Times China's existing saleable resources are only
sufficient to support the company's sales in the next three years,
placing significant pressure on the company to expand its land
bank. However, Fitch believes Times China's efforts in pursuing
redevelopment projects can relieve some pressure on the company to
compete for more costly sites in land auctions. The company has a
competitive advantage in obtaining low-cost urban redevelopment
projects, particularly in Guangzhou and Foshan, which will help it
to control land costs and ease pressure to acquire land.

Times China had 16.8 million sq m of land at end-2017, with 33% of
the area in its core markets of Guangzhou, Foshan and Zhuhai.
Another one-third was in Qingyuan, a tier 3 city in Guangdong.
Times China also reduced its new land cost to CNY3,393/sq m in
2017, from CNY5,367/sq m, by increasing its land bank in some tier
3 cities. It secured (acquired or signed preliminary agreements)
68 projects totalling 19 million sq m of redevelopment land in
2017, of which 5.6 million sq m is likely to be converted to
available-for-sale land in 2018-2020. Times China did not convert
any of the land in 2017, but management said it plans to convert
1.5 million sq m in 2018, or 30% of all land acquired in 2017.

Stable Leverage: Times China's leverage, measured by net
debt/adjusted inventory, was controlled at 37.6% as at end-2017,
after taking into consideration adjustments from JV and associate
investments as well as the amount due to and from non-controlling
interest shareholders. Times China has been able to keep leverage
below 40% during its expansion; and while Fitch expects the metric
to increase as the company continues to expand, it should stay
below 45%.

Lower Cash Collection: Times China collected around CNY31.3
billion of cash from sales in 2017, or around 75% of its reported
contracted sales, lower than its 85% cash collection rate before
2016. Fitch believes this is due to a tight onshore credit
environment starting 2H17. Tighter credit may result in buyers
experiencing delays in obtaining mortgage loans, which has slowed
cash collection for the market. Fitch believes that under these
credit conditions, Times China will face more challenges in
balancing financial discipline and fast growth to maintain its
healthy financial profile.

Concentration in Guangdong Province: Times China is a regional
property developer focused on Guangdong province in southern
China. Guangzhou, Foshan and Zhuhai together accounted for more
than 75% of total contracted sales in 2017 and more than 85%
before that. Fitch expects Times China to focus on expanding
within Guangdong province and that it is unlikely to expand into
other provinces in the near term.

DERIVATION SUMMARY

Times China enjoyed a CAGR of over 45% in 2012-2017 to reach
reported sales of over CNY40 billion, which is similar to 'BB'
category peers, such as Yuzhou Properties Company Limited's (BB-
/Stable) CNY40.3 billion and China Aoyuan Property Group Limited's
(BB-/Stable) CNY45.6 billion, but larger than lower-rated
companies, such as Modern Land (China) Co., Limited's
(B+/Negative) CNY22 billion. Times China has managed to maintain
leverage below 40% while significantly boosting scale and
increasing saleable resources, which is also in line with
similarly rated companies.

KEY ASSUMPTIONS

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

  - Attributable contracted sales sustained above CNY40 billion
    in the next three years

  - Gross profit margin (including capitalised interests)
    maintained at 20%-25% over 2018-2019

  - Attributable land premium at around 55% of sale proceeds in
    the next three years

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above
    CNY50 billion

  - Net debt/adjusted inventory sustained below 35%

  - Contracted sales/total debt sustained above 1.2x (2017: 1.2x)

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

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

  - EBITDA margin below 20% (2017: 22.6%) for a sustained period

  - Land bank insufficient for three years of development

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY17 billion (including restricted cash) as of end-2017, compared
with CNY6 billion in short-term debt. The company also issued
USD500 million of 6.25% notes due 2021 in January 2018 to redeem
USD280 million of 11.45% notes due 2020 to lower its average
funding cost. Times China's average funding cost fell to 7.6% in
2017, from 9.6% in 2015.


TIMES CHINA: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-
(EXP)' expected rating. The notes are rated at the same level as
Times China's senior unsecured rating because they constitute its
direct and senior unsecured obligations. The final rating is
subject to the receipt of final documentation conforming to
information already received.

Times China's rating is supported by its significant increase in
scale without compromising its financial profile. The company has
grown quickly within Guangdong province while keeping its leverage
below 40% and EBITDA margin around 20%. Fitch believes Times
China's strong sales and healthy financial profile are
commensurate with those of its 'BB-' rated peers. Fitch also
expects Times China to remain under pressure to expand its land
bank in its core market of Guangdong to support its growth.

KEY RATING DRIVERS

Strong Sales to be Sustained: Times China aims to achieve CNY55
billion in contracted sales in 2018, following a 42% increase to
CNY41.6 billion in 2017, with an average selling price (ASP) of
CNY14,750 per square meter (sq m). Contracted sales in January-
April 2018 increased 66% yoy to CNY16 billion, driven by a 33%
increase in gross floor area sold and a 25% increase in ASP. Times
China aims to reach CNY100 billion in annual sales in the medium
term, driving Fitch's expectation that Times China's sales will
continue to grow rapidly over the next three years.

Rising Contribution from Joint Ventures: Times China is
increasingly using joint-venture (JV) structures to boost its
scale. Fitch estimates that Times China's attributable sales fell
to below 80% of total reported sales in 2017 and the ratio is
likely to remain at 75%-80%. Fitch will consider proportionate
consolidation of Times China's JVs and associates if the
attributable percentage falls below its expectation.

Redevelopment Alleviates Land Acquisition Pressure: Fitch
estimates that Times China's existing saleable resources are only
sufficient to support the company's sales in the next three years,
placing significant pressure on the company to expand its land
bank. However, Fitch believes Times China's efforts in pursuing
redevelopment projects can relieve some pressure on the company to
compete for more costly sites in land auctions. The company has a
competitive advantage in obtaining low-cost urban redevelopment
projects particularly in Guangzhou and Foshan, which will help it
to control land cost and ease pressure to acquire land.

Times China had 16.8 million sq m of land at end-2017, with 33% of
the area in its core markets of Guangzhou, Foshan and Zhuhai.
Another one-third was in Qingyuan, a Tier 3 city in Guangdong.
Times China also reduced its new land cost to CNY3,393/sq m in
2017, from CNY5,367/sq m, mainly by increasing its land bank in
some Tier 3 cities. It secured (acquired or signed preliminary
agreements) 68 projects totalling 19 million sq m of redevelopment
land at end-2017, of which 5.6 million sq m is likely to be
converted to available-for-sale land in 2018-2020. Times China did
not convert any of the land in 2017, but management said it plans
to convert 1.5 million sq m in 2018, or 30% of all land acquired
in 2017.

Stable Leverage: Times China's leverage, measured by net
debt/adjusted inventory, was controlled at 37.6% at end-2017,
after taking into consideration the adjustments from JV and
associate investments as well as the amount due to and from non-
controlling interest shareholders. Times China has been able to
keep leverage below 40% during expansion; and while Fitch expects
the metric to increase as the company continues to expand, it
should stay below 45%.

Lower Cash Collection: Times China collected around CNY31.3
billion of cash from sales in 2017, or around 75% of its reported
contracted sales, lower than its 85% cash collection rate before
2016. Fitch believes this is mainly due to a tight onshore credit
environment starting 2H17. Tighter credit may result in buyers
experiencing delays in obtaining mortgage loans, which has slowed
cash collection for the market. Fitch believes that under the
current credit conditions Times China will face more challenges in
balancing financial discipline and fast growth to maintain its
current healthy financial profile.

Concentration in Guangdong Province: Times China is a regional
property developer focused on Guangdong province in southern
China. Guangzhou, Foshan and Zhuhai together accounted for more
than 75% of total contracted sales in 2017 and more than 85%
before that. Fitch expects Times China to focus on expanding
within Guangdong province and that it is unlikely to expand into
other provinces in the near term.

DERIVATION SUMMARY

Times China enjoyed a CAGR of over 45% in 2012-2017 to reach
reported sales of over CNY40 billion, which is similar to 'BB'
category peers such as Yuzhou Properties Company Limited's (BB-
/Stable) CNY40.3 billion and China Aoyuan Property Group Limited's
(BB-/Stable) CNY45.6 billion, but larger than lower-rated
companies such as Modern Land (China) Co., Limited's (B+/Negative)
CNY22 billion. Times China has managed to maintain leverage below
40% while significantly boosting scale and increasing saleable
resources, which is also in line with similarly rated companies.

KEY ASSUMPTIONS

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

  - Attributable contracted sales sustained above CNY40 billion
    in the next three years

  - Gross profit margin (including capitalised interests)
    maintained at 20%-25% over 2018-2019

  - Attributable land premium at around 55% of sales proceeds in
    the next three years

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above
    CNY50 billion

  - Net debt/adjusted inventory sustained below 35%

  - Contracted sales/total debt sustained above 1.2x (2017: 1.2x)

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

  - Net debt/adjusted inventory sustained above 45%
  - EBITDA margin sustained below 20% (2017: 22.6%)

  - Land bank insufficient for three years of development

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY17.2 billion (including restricted cash) as of end-2017,
compared with CNY6 billion in short-term debt. The company also
issued USD500 million of 6.25% notes due 2021 in January 2018 to
redeem USD280 million of 11.45% notes due 2020 to lower its
average funding cost. Times China's average funding cost fell to
7.6% in 2017 from 9.64% in 2015.


TIMES CHINA: Moody's Assigns B1 Sr. Sec. Rating to Proposed Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the USD notes proposed by Times China Holdings Limited
(Ba3 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used mainly to
refinance existing debt and for general working capital purposes.

RATINGS RATIONALE

"The proposed notes will lengthen Times China's debt maturity
profile and will not materially affect the company's financial
profile, because a significant amount of the proceeds will be used
for refinancing," says Danny Chan, a Moody's Analyst, and also the
Lead Analyst for Times China.

The issuance is in line with Moody's expectations for the
company's funding plans for this year. Moody's expects Times China
will record revenue/adjusted debt of 75% and EBIT/interest of 3.4x
in 2018, which will in turn support its Ba3 corporate family
rating (CFR).

Moody's expects Times China's presales and revenues will likely
grow by 26% and 31% respectively in 2018, and that the company
will maintain gross margins of around 27%.

Supported by strong presales, the company's reported cash balance
of RMB17.2 billion at the end of 2017 well covered its debt of
RMB6.0 billion maturing over the next 12 months.

Times China's Ba3 CFR continues to reflect its growing operating
scale, established brand, and good track record of property
development in Guangdong Province. The rating also takes into
account the company's stable profit margins and strong liquidity
profile.

However, the company's Ba3 CFR is constrained by its (1)
geographic concentration in Guangdong Province; and (2) exposure
to the financing and execution risks associated with its fast
growth business strategy.

The stable rating outlook reflects Moody's expectation that the
company will maintain growth in its presales, and disciplined land
acquisitions and debt management to achieve a financial profile
consistent with its Ba3 corporate family rating.

The senior unsecured rating on the proposed notes is one notch
lower than the company's CFR because of the risk of structural and
legal subordination.

This risk reflects Moody's expectation that the majority of claims
will be at the level of the operating subsidiaries, and will have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination, reducing the
expected recovery rate for claims at the holding company.

Upward rating pressure could emerge if Times China shows stable
growth in sales, an increased operating scale, and maintains a
strong liquidity position.

Financial ratios indicative of upward rating pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 90% and
adjusted EBIT/interest above 4.0x on a sustained basis.

Conversely, downward rating pressure could emerge if Times China
shows declining sales, aggressive land or project acquisitions,
increased debt leverage or a weakening liquidity position.

Metrics indicative of downward rating pressure include: (1)
cash/short-term debt below 1.0x, (2) EBIT/interest coverage below
2.5x, or (3) revenue/adjusted debt below 65% on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for mass-
market housing. At the end of December 2017, it had 79 property
projects across eight cities in Guangdong Province and Changsha
city in Hunan Province. Its land bank totaled around 16.8 million
square meters as of the same date.



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


AAKARSHIT ICE: CRISIL Moves B+ Rating to Non-Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aakarshit
Ice and Cold Storage Private Limited (Aakarshit) for obtaining
information through letters and emails dated April 30, 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          6.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            3.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

Incorporated in 1997 and promoted by Mr. Mangal Sain Madaan and
family, Aakarshit is engaged in the cold storage business and also
trades in agro commodities such as potato, carrot, chana, and
jaggery.


ABAJ ELECTRONICS: CRISIL Moves B- Rating to Non-Cooperating Cat.
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Abaj
Electronics Private Limited (AEPL) for obtaining information
through letters and emails dated April 20, 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          1.5       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Inland/Import        3.4       CRISIL A4 (Issuer Not
   Letter of Credit               Cooperating; Rating Migrated)

   Proposed Long Term   4.1       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

AEPL, incorporated in 2010, sells consumer durable products such
as TV sets, washing machines, and sound bar systems under its Abaj
brand. Based in Ahmedabad, Gujarat, the company is promoted by Mr
Nirav Patel, Mr Manish Patel, Mr Dharmendra Patel, and Mr Sunil
Patel.


ACCORD BUILDCON: CRISIL Withdraws D Rating on INR100cr NCD
----------------------------------------------------------
CRISIL Ratings has been following up with Accord Buildcon Private
Limited (ABPL; a part of the Supertech group) for getting
information through letters and emails, dated January 17, 2017,
March 6, 2017, and April 6, 2017, apart from various telephonic
communication. However, the issuer has remained non-cooperative.

                       Amount
   Facilities         (INR cr)     Ratings
   ----------         --------     -------
   Non Convertible       100       CRISIL D (Issuer Not
   Debentures                      Cooperating; Rating withdrawn)

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

Detailed Rationale

CRISIL has withdrawn its rating on the Non-Convertible Debentures
of ABPL at the company's request as the entire debt has been paid
off. The rating action is in line with CRISIL's policy on
withdrawal of ratings.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Supertech Ltd and its subsidiaries and
associates: Supertech Realtors Pvt Ltd, Dazzle IT Solutions Pvt
Ltd, Supertech Infrastructure Pvt Ltd, Surprise Suppliers Pvt Ltd,
Supertech Hotels Pvt Ltd, Supertech Township Project Ltd,
Supertech Precast Technologies Pvt Ltd, Revital Realtors Pvt Ltd,
TBPL, Supertech Estate Pvt Ltd, Sarv Realtors Pvt Ltd, Doon Valley
Technopolis Pvt Ltd, and ABPL. This is because all these entities,
collectively referred to as the Supertech group, have business and
financial linkages, and are under a common management.

Supertech Ltd, incorporated in 1995 and promoted by Mr R K Arora,
undertakes real estate projects, mainly in the residential
segment. The group started operations with the construction of
Supertech Estate in Vaishali, Uttar Pradesh (UP), in 2000, and
Supertech Residency in Kaushambi, UP, in 2003. The group developed
three shopping malls, Shopprix Mall, in Noida, Kaushambi, and
Vaishali in 2004. It has over 20 active real estate projects, most
of them in Noida and Greater Noida. It is now diversifying into
Gurgaon.


ADITYA INVESTMENT: CRISIL Lowers Rating on INR15MM Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on bank facilities of
Aditya Investment and Exim Trade Company Private Limited (AIETPL;
a part of Aditya Group) to 'CRISIL D' from 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Packing       15       CRISIL D (Downgraded from
    Credit                         'CRISIL A4')

The downgrade reflects instances of bill overdue for more than 30
days. The same is on account of delay in realization of
receivables from the group's customers resulting in stretched
liquidity.

The ratings also factors below-average financial risk profile
marked by high total outside liabilities to total net worth
(TOLTNW) ratio and large working capital requirements. These
rating weaknesses are partially offset by extensive experience of
promoters in trading business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIETPL and its group companies Aaryan
Trade and Exim LLP (ATEL), Magdha Creative Merchant LLP (MCML),
Vaishnavi Exports and Import Company (VEIC), Vedant Trade Impex
Private Limited (VTIPL), Veeaar Fabware Private Limited (VFPL) and
Vihaan Infin And Exim Private Limited (VIEPL), collectively
referred to as the Aditya group. This is because all these
entities, together referred to as the Aditya group, are in the
same line of business and under a common management, and have
operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Bills overdue for more than 30 days: Stretched liquidity caused
by delay in realization of receivables from the group's customers
have led to bills being overdue for more than 30 days

* Below-average financial risk profile: Owing to a stretched
working capital cycle, the group's total outside liabilities to
total net worth ratio remained high at around 13 times as on
March, 2017. With the expected improvement in working capital
management, the TOLTNW ratio is expected to improve however, will
remain high over the medium term. The debt protection metrics
remains moderate marked by moderate interest coverage ratio of 2.2
times in fiscal 2017.

* Large working capital requirements: The group's operations are
working capital intensive as indicated by high gross current asset
of 228 days as on March, 2017. This is primarily attributable to
the high credit extended to the customer. However, against this,
the group is able to get credit at the similar level. CRISIL
believes that the group's working capital management is expected
to improve over the medium term on account of lower reliance on
creditors to fund the working capital requirements. The
improvement of working capital management will remain key rating
sensitivy factor over the medium term.

Strength

* Extensive experience of promoters: The group benefits from the
extensive experience of promoters of over 3 decades in the trading
business. Over the years, the management has established healthy
relationship with the customers thus, resulting in repeated
orders.

Aditya Group was established by Mr Ramesh Singh in 2008. The group
is engaged into exports of food grains, coconuts, confiseries
(Stationery, Biscuits and Chocolates), Textiles products (RMG,
Shirting & Suiting and fabrics).  The group is based out of
Mumbai, Maharashtra.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital facilities migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR120 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, ACIL undertakes civil construction works
related to hospital, university, military campus, schools, among
others.


ANACON PROCESS: CRISIL Assigns B+ Rating to INR4.50MM Book Debt
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Anacon Process Control Private
Limited (APCPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      4.55      CRISIL A4 (Assigned)
   Bank Guarantee        3.95      CRISIL A4 (Assigned)
   Cash Credit-Book
   Debt                  4.50      CRISIL B+/Stable (Assigned)

The rating reflects the company's below average financial risk
profile and its working capital intensive nature of operations.
These rating weaknesses are partially offset by promoters'
experience in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile is
below average, with high capital structure ratio estimated at 1.27
times as on March 31, 2017, interest coverage and NCATD ratios
were at 1.07 times and 0.03 time, respectively, in fiscal 2017.

* Working capital intensive nature of operations: The company
operations are working capital intensive marked by gross current
assets estimated at 534 days which is on account of high inventory
(work in progress) of 405 days as on March 31st 2017.

Strengths

* Extensive experience of promoters: Benefits from the promoters'
experience (around two decades) and strong relations with
customers and suppliers should continue to support the business.

Outlook: Stable

CRISIL believes that APCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
improves its profitability, while achieving a substantial increase
in its scale of operations and a better working capital cycle.
Conversely, the outlook may be revised to 'Negative' if APCPL's
revenue growth slows down, or its capital structure or debt
protection metrics deteriorate, leading to weakening of its
financial risk profile.

APCPL was incorporated in the year 1994 by Mr. Ajay Sharma. The
company is engaged in providing safety solutions (fire and gas
detection) and construction (electrical and instrumentation) which
ranges from erection, testing, commissioning and maintenance of
fire and gas detection systems in India.


ANNPURNA RICE: CARE Assigns B+ Rating to INR7cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Annpurna Rice Mill (ARM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rational and Key Rating Drivers

The rating assigned to the bank facilities of ARM is primarily
constrained by modest scale of operations with low proprietor's
capital base, low profitability margins, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by business susceptible to the vagaries of nature, and
fragmented and competitive nature of the industry. The rating,
however, draws comfort from the experienced proprietor, favorable
manufacturing location and moderate operating cycle. Going
forward, ability of the firm to profitably increase its scale of
operations while improvement in capital structure shall be the key
rating sensitivity.

Key description and key rating drivers

Key rating weakness

Modest scale of operations with low proprietor's capital base: The
firm's scale of operations has remained modest marked by total
operating income (TOI) and gross cash accruals of INR60.22 crore
and INR0.60 crore respectively in FY17 (refers to the period
April 1 to March 31). Further, the proprietor's capital base stood
low at INR2.08 crore as on March 31, 2017. Modest scale of
operations limits the firm's financial flexibility in times of
stress and deprives it from scale benefits. The firm has achieved
TOI of ~INR55.58 crore during FY18 (refers to the period April 1
to March 31, based on provisional results).

Low profitability margins, leveraged capital structure and weak
coverage indicators: The PBILDT margin of the firm stood low at
2.09% in FY17 (PY: 1.30%) on account of low value addition and its
presence in highly fragmented and competitive nature of industry.
Moreover, high depreciation and financial cost restricted the PAT
margin of the firm at 0.89% in FY17 (PY: 0.70%). The capital
structure of the firm marked by overall gearing ratio stood
leveraged as on last three balance sheet March 31, '15-'17 mainly
on account of low proprietor's capital base coupled with high
dependence on external borrowings for managing working capital
requirements of the business. Overall gearing stood at 3.22x as on
March 31, 2017 as against 3.73x as on March 31, 2016 on account of
accretion of profits into reserves. The coverage indicator of the
firm stood weak marked by interest coverage ratio and total debt
to gross cash accruals at 1.90x and 11.22x for FY17.

Business susceptible to the vagaries of nature: Paddy is the major
raw material and the peak paddy procurement season is during
November to January during which the firm builds up raw material
inventory to cater to the milling and processing of rice. The
monsoon has a huge bearing on crop availability which determines
the prevailing paddy prices. Fragmented and competitive nature of
the industry: The commodity nature of the product makes the
industry highly fragmented, with numerous players operating in the
unorganized sector with very less product differentiation.
Furthermore, the concentration of rice millers around the paddy
growing regions makes the business intensely competitive.

Key Rating Strengths

Experienced proprietor in processing of rice: ARM is currently
being managed by Mr. Bhuneshwer Tiwari. He is a graduate by
qualification and has an overall experience of around one and half
decade in processing of rice through his association with this
entity and through his other associate concerns namely M/s
Annapurna Industries (established in 2012) and Annapurna Agro
Industries LLP (established in 2015).

Favorable manufacturing location: ARM is mainly engaged in
processing of rice. The main raw material (Paddy) is procured from
local grain markets, located in Uttar Pradesh. The firm's
processing facility is situated in Mirzapur, Uttar Pradesh; which
is a good producer of paddy. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms. ARM owing to its location is in a position to cut on the
freight component of incoming raw materials.

Moderate operating cycle: The operating cycle of the firm stood
moderate at 45 days for FY17. The firm maintains adequate
inventory of paddy to cater to the milling and processing of rice,
resulting in average inventory period of 41 days in FY17.
Furthermore, the firm offers reasonable credit period to its
customers due to competitive nature of industry which resulted in
average collection period of around 88 days for FY17. The company
received credit period of around three months from traders and
commission agents' resultant into average creditors' period of 84
days for FY17.

Mirzapur, Uttar Pradesh based Annapurna Rice Mill (ARM) was
established in 2004. The firm is currently being managed by Mr.
Bhuneshwer Tiwari. ARM is engaged in processing of paddy. The firm
has an an installed capacity of 40,000 tonnes per annum (TPA) of
paddy as on March 31, 2018 at its unit located at Mirzapur, Uttar
Pradesh. Also, the firm is engaged in trading of wheat
(constitutes ~5% of net sales in FY17). The firm procures the raw
material (paddy) from local grain markets located in Uttar Pradesh
through commission agents and sells its product to wholesalers
located in Rajasthan, Delhi and Uttar Pradesh.

M/s Annapurna Industries (established in 2012) and Annapurna Agro
Industries LLP (established in 2015) are associate concerns of ARM
engaged in processing of paddy.


AQUARIOUS MARKETING: Ind-Ra Affirms BB LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aquarious
Marketing Private Limited's (AMPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. (increased from INR70 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AMPL's continued small scale of
operations and modest credit metrics. The continued modest credit
metrics were due to AMPL's presence in a highly competitive and
fragmented tea industry. The company's revenue increased to
INR526.7 million in FY18 (unaudited financials) from INR454.5
million in FY17, driven by an increase in work orders from
existing clients.

Its interest coverage improved to 4.2x in FY18 from 3.1x in FY17,
driven by an increase in EBITDA margin to 4.1% from 3.5% due to a
fall in raw material cost on account of better management of raw
materials. Moreover, its leverage deteriorated to 3.49x from 3.05x
primarily due to an increase in the debt during the period.

The ratings, however, are supported by a comfortable liquidity,
indicated by an average 72.0% fund-based working capital limit
utilization for the 12 months ended April 2018. Moreover, they
continue to be supported by the promoters' experience of three
decades in the tea industry.

RATING SENSITIVITIES

Negative: A fall in the EBITDA margin leading to deterioration in
the interest coverage on a sustained basis will be negative for
the ratings.

Positive: A significant rise in the revenue, along with an
improvement in the interest coverage, on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

AMPL is engaged in the export of orthodox and crush, tear and curl
kinds of tea. AMPL is managed by Mr. Dikshit Arya in Kolkata and
Mr. Dipak Arya in Indore.


ARYA FIN-TRADE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arya Fin-trade
Services (India) Private Limited's (AFPL) Long-Term Issuer Rating
at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR220 mil. (increased from INR70 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AFPL's continued small scale of
operations, as 20.0%-25.0% of the company's client base of about
130 is active. Its revenue declined to INR67 million in FY18
(provisional financials) from INR74 million in FY17 due to a
reduction in proprietary trading income.

The ratings also reflect the company's concentrated client profile
and revenue base. Proprietary trading contributed 52.0% to the
revenue in FY18 (FY17: 58.0%). Meanwhile, the top 20 clients
contributed about 98.9.0% to the turnover in FY18 (FY17: 91.0%).
Proprietary trading contributed about 38.9% to the total turnover
in FY18 (FY17: 7.85%).

Moreover, as of March 2018, AFPL's total turnover, as a percentage
of total traded volumes, accounted for 0.005% of the cash segment
of the Bombay Stock Exchange, 0.037% of the cash segment of the
National Stock Exchange, and 0.029% of the futures and options
segment of the National Stock Exchange.

The ratings further reflect AFPL's exposure to volatility in
capital markets. The proprietary trading revenue, which
constituted 52% of the revenue in FY18, is heavily dependent on
movements in capital markets, which, in turn, are driven by
economic, political, social and sentimental factors.

The ratings, however, are supported by AFPL's continued
comfortable interest coverage, which was 2.06x in FY18 (FY17:
2.30x). Its operating margin was about 40.0% in FY18 (FY17:
20.0%). The rise in the margin was largely due to a reduction in
consultancy fees, which is dependent on returns generated on the
proprietary trading portfolio. As the company majorly utilizes the
non-fund-based facilities, it had a low gearing of about 1.36x in
FY18 (FY17: 1.19x). It is required to provide margins to the stock
exchanges. The directors have, in the past, provided zero-interest
loans to AFPL. Ind-Ra expects the directors to continue to provide
liquidity support, if required.

The ratings continue to be supported by AFPL's promoters' more
than two decades of experience in the broking and trading
business.

RATING SENSITIVITIES

Negative: A decline in the operating margin and the scale of
operations, and a reduction in the net worth resulting in
deterioration in the interest coverage and gearing levels could
lead to a negative rating action.

Positive: Consistent and significant improvement in the scale of
operations and the brokerage income, lower dependence on the
proprietary trading income and an improvement in the operating
margin and the interest coverage while sustaining existing levels
of the gearing could lead to positive rating action.

COMPANY PROFILE

AFPL is engaged in the provision of broking services and trading
of derivatives and equity on the Bombay Stock Exchange (cash and
currency derivatives) and National Stock Exchange (cash, futures
and options and currency derivatives).


ASHA CONCAST: CRISIL Moves B+ Rating to Non-Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Asha
Concast Private Limited (ACPL; part of the Asha group) for
obtaining information through letters and emails dated April 20,
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           4        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit      1.1      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    2.85     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ACPL and Asha Ispat Pvt Ltd (AIPL).
This is because both the companies, together referred to as the
Asha group, have common management and significant operational
linkages. ACPL manufactures and supplies steel ingots to AIPL to
manufacture thermo-mechanically-treated (TMT) bars.

AIPL was incorporated in 1996 and ACPL in 2009 and are promoted by
Siliguri-based Agarwal family. Mr. Rajesh Agarwal and Mr. Roshan
Agarwal are directors in AIPL, and Ms. Rajani Agarwal and Ms.
Manisha Agarwal are directors in ACPL. AIPL manufactures steel
ingots and TMT bars whereas ACPL manufactures steel ingots
primarily for AIPL. Both the entities also trade in iron and steel
products.


ASHA ISPAT: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Asha Ispat Private
Limited (AIPL; part of the Asha group) for obtaining information
through letters and emails dated, April 20, 2018, May 11, 2018,
and May 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       .75       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit         4.50       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Short       .48       CRISIL A4 (Issuer Not
   Term Bank Loan                 Cooperating; Rating Migrated)
   Facility

   Standby Line        0.20       CRISIL A4 (Issuer Not
   of Credit                      Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIPL and Asha Concast Pvt Ltd (ACPL).
This is because both the companies, together referred to as the
Asha group, have common management and significant operational
linkages. ACPL manufactures and supplies steel ingots to AIPL to
manufacture thermo-mechanically-treated (TMT) bars.

AIPL was incorporated in 1996 and ACPL in 2009 and are promoted by
Siliguri-based Agarwal family. Mr. Rajesh Agarwal and Mr. Roshan
Agarwal are directors in AIPL, and Ms. Rajani Agarwal and Ms.
Manisha Agarwal are directors in ACPL. AIPL manufactures steel
ingots and TMT bars whereas ACPL manufactures steel ingots
primarily for AIPL. Both the entities also trade in iron and steel
products.


BHAGIRATH DHANNALAL: CARE Assigns B Rating to INR6.50cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bhagirath Dhannalal (BD), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.50       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Bhagirath Dhannalal
(BD) is primarily constrained on account of modest scale of
operations coupled with fluctuating profitability margins, weak
solvency position and stressed liquidity position. The rating,
further, constrained on account of seasonality associated with
agro commodities and presence in the highly fragmented and
government regulated industry. The rating, however, favourably
takes into account experienced management. The ability of the firm
to increase its scale of operations and improvement in solvency
position with better working capital management of the firm is the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations coupled with fluctuating profitability
margins: Owing to fluctuation in the demand of the agro
commodities, scale of operation of the firm remained fluctuating
during past three financial years ended FY17. During FY17, Total
Operating Income (TOI) of the firm has marginally improved by
2.80% over FY16 and stood modest at INR23.13 crore. Being present
in the industry of agriculture commodities, the profitability of
the company is exposed to fluctuation in the prices as well as
availability of agriculture commodities. Weak solvency position
and stressed liquidity position The capital structure of the stood
highly leveraged with an overall gearing of 11.83 times as on
March 31, 2017. Further, the debt service coverage indicators of
the firm stood weak with total debt to GCA of 45.27 times as on
March 31 2017 and interest coverage ratio of 1.18 times in FY17.
The business of the firm is working capital intensive in nature
with high inventory holding period of 46 days and higher
collection period of 69 days in FY17. Further, It has utilized
full of its working capital bank borrowings in last twelve month
ended February 2018.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry As the firm is
engaged in the business of agriculture commodities, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the BD is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the
industry do not have any pricing power. Furthermore, the industry
is characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.

Key Rating Strengths

Experienced management: Being present in the industry since more
than a century, the management and other family members of the
firm has established relationship with customers and suppliers. Mr
Manak Chand Khandelwal, Proprietor, has experience of around two
decade in the industry and he is assisted by his other family
members in handling other parts of the business. Furthermore, this
is their family business and all the family is engaged in similar
line of business. The promoter family also running other firms
namely Shri Hari Pulses which is also engaged in the same line of
Business.

Bhagirath Dhannalal (BD) based out of Indore (Madhya Pradesh) was
formed in 1898 as a HUF and further around 20 years ago it was
converted into proprietorship concern by Mr. Manak Chand
Khandelwal. BD is engaged in the business of processing of Moong
Dall, Channa Dall and grading of wheat. It purchases the
commodities from local mandi and sells it in Madhya Pradesh, Tamil
Nadu, Delhi and Maharashtra under brand name of 'Love Story' and
'Om Brand' through the 40-50 authorised broker. The promoter
family also running other firms namely Shri Hari Pulses which is
also engaged in the same line of Business.


BHOLA NATH: CARE Assigns B+ Rating to INR6.60cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhola
Nath Zaveri Jewellers Private Limited (BZJ), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.60       CARE B+; Stable Assigned

Detailed Rational and key rating drivers

The rating assigned to the bank facilities of BZJ arise primarily
constrained by small and fluctuating scale of operations with low
net worth base, low profitability margins, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by elongated inventory holding period, vulnerability
of margins to gold price fluctuations and competition from various
organized or unorganized players with unfavorable supply outlook.
The rating, however, draws comfort from the experienced promoters
and favorable location of its showroom. Going forward, the ability
of the company to manage raw material price volatility risk along
with improvement in profitability margins and capital structure
shall be the key rating sensitivity.

Key description and key rating drivers

Key rating weakness

Small and fluctuating scale of operations with low net worth base:
The scale of operations stood small marked by total operating
income and gross cash accruals of INR24.93 crore and INR0.24 crore
respectively during FY17 (FY refers to the April 1 to March 31).
Moreover, the total operating income of the company declined
marginally in FY16 then registered growth in FY17. Furthermore,
the company's net worth base was relatively small at INR3.38crore
as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. The company has achieved total operating income of
~INR22.00 crore in 10MFY18 (refers to the period April 1 to
January 31; based on provisional results).

Low profitability margins, leveraged capital structure and weak
coverage indicators: The profitability margin of the company has
remained low for the past three financial year's i.e. FY15-FY17
owing to highly fragmented and competitive nature of business.
Further, high interest burden on its bank borrowings also
restricts the profitability of the firm. Furthermore, the
operating margins are also associated with the designing aspect of
the jewellery. Normally designer jewellery fetches normally high
margins. PBILDT and PAT margin stood low at 5.78% and 0.38%
respectively in FY17.  The capital structure of the company stood
leveraged on account of high dependence on external borrowing to
meet the working capital requirements coupled with low net worth
base. As on last balance sheet date of last 3 financial years
(FY15-FY17), overall gearing stood at around ~2.45x. Also, the
coverage indicators as marked by interest coverage and total debt
to GCA stood weak on account of low profitability and high debt
levels. Interest coverage and total debt to GCA stood at 1.27x and
31.75x for FY17.

Elongated inventory holding period: The operating cycle of the
company remained high at 121 days attributable to high inventory
holding period of 129 days for FY17. Being a jewelry retailer, it
is critical for BZJ to provide a wide range designs to its
customers. These results in significant finished goods inventory
leading to high working capital intensity of business operations.
The company gives a credit period of around 2-3 months to its
wholesaler's customers and sells on cash basis to retail
customers. Also, the company received similar credit period from
its suppliers. The working capital limits remained around 90%
utilized for the 12 months ended January 2018. Vulnerability of
margins to gold price fluctuations: The prices of gold have
experienced high volatility in the past. Therefore, any adverse
change in prices of the same is likely to have a significant
impact on margins of the players in the G&J industry. Further, the
high price gold can also have an adverse impact on the demand for
jewellery, thereby exposing the company to risk of decline in
sales volume. The risk is more evident now that the prices has
registered considerable volatility and could leave the company
carrying costly inventory in case of sudden decline in prices.

Competition from various organized or unorganized players and
unfavorable supply outlook: BZJ operates in the Gems & Jewellery
(G&J) industry, which is a fragmented industry with a high level
of competition from both the organized and unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key rating strengths

Experienced promoters and long track record of operations:
Bholanath Zaveri Jewellers Private Limited (BZJ) was incorporated
in 2006 and is currently being managed by Mr. Sushil Kapoor along
with Mr. Dhananjay Kapoor and Ms. Charu Kapoor. Mr. Sushil Kapoor
is a graduate and had more than 3 decades of experience in the
business through this entity and Zaveri Jewellers (ZJL), however,
Mr. Dhananjay Kapoor and Ms. Charu Kapoor are post graduates and
have 7 years and 5 years of experience respectively. BZJ has
considerable track record in this business which has resulted in
long term relationships with both suppliers and customers.
Favorable location of showroom: BZJ has its showroom located in
Karol Bagh (Central Delhi) and the market is known for whole sale
trading jewelry business in New Delhi. The store is located in
prime area which ensures the higher probability of footfall in its
showroom, thereby, ensuring a good customer base for the company.

Delhi-based Bholanath Zaveri Jewellers Private Limited (BZJ) (CIN-
U36911DL2006PTC145029) was incorporated in 2006. The company has
succeeded an erstwhile partnership firm Zaveri Jewellers. The
company is currently being managed by Mr. Sushil Kapoor, Mr. Raj
Kapoor and Mr. Ashok Kapoor. The company is engaged in
manufacturing, wholesale and retail trading of gold, diamond and
silver and jewellery. The company operates through its showrooms
located in Karol Bagh, Delhi.


BHOLA NATH: CRISIL Migrates B Rating to Non Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Bhola Nath Naresh
Kumar (BNNK) 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          3.85      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     .15     CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bhola Nath Naresh 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 Naresh 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 Naresh 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.


ELECTROSTEEL STEEL: Vedanta Asks NCLAT to Lift Stay Over Sale
-------------------------------------------------------------
Press Trust of India reports that Vedanta Ltd on May 28 asked the
National Company Law Appellate Tribunal (NCLAT) to vacate its
order for maintaining status quo over the sale of debt-ridden
Electrosteel Steel.

During the proceedings of the appellate tribunal, senior advocate
C A Sundaram appearing for Vedanta Ltd said that status quo is
causing losses to the banks involved, the report says.

PTI relates that the NCLAT bench, headed by Justice S J
Mukhopadhaya, has directed to list the matter on May 29 and would
hear it continuously for three days till today, May 31.

On May 17, NCLAT admitted the petition of Renaissance Steel
challenging Vedanta's bid for debt-ridden Electrosteel, the report
notes.

Renaissance Steel's resolution application was rejected by the
Committee of Creditors (CoC) of Electrosteel Steels.

On May 1, NCLAT had directed to maintain status quo in the case
pertaining to the sale of debt ridden Electrosteel Steels to
Vedanta Ltd, according to the news agency.

According to the report, Renaissance has submitted before NCLAT
that Vedanta is not eligible to bid for Electrosteel under section
29 A of the Insolvency & Bankruptcy Code as one of Vedanta's
affiliates in Zambia a unit of its UK-based parent Vedanta
Resources Plc had been found guilty of criminal misconduct.

It also raised an objection against CoC's decision to not allow it
to participate in the meeting in which the successful bidder was
decided, PTI relays.

PTI recalls that the NCLT had last month approved the resolution
plan submitted by Vedanta for Electrosteel Steels, making it the
first among 12 large stressed accounts identified by RBI last year
to get resolved under the Insolvency and Bankruptcy Code.

The resolution plan involved close to INR53 billion cash payout
and a haircut of 60 per cent of the total banks' debt, the report
notes.

Electrosteel Steels owes lenders more than INR130 billion, of
which about INR50 billion is to State Bank of India alone, PTI
discloses.

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

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


FSD BUILDING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with FSD Building
Materials Private Limited (FSD) for obtaining information through
letters and emails dated April 23, 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
   ----------        ---------    -------
   Overdraft              30      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

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

Detailed Rationale

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

FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh,
Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in
Mumbai. The family has been engaged in the timber industry for
over 100 years. The company trades in timber, medium-density
fibreboard, and wood-based chemicals, and is managed by Ms Hanifa
Farouk Darvesh and Mr Zakaria Farouk Darvesh.


GYANKUND TRUST: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gyankund Trust To
Educate and To Serve's (GTTES) bank facilities' ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR153.74 mil. Term loan due on August 2024-February 2027
     migrated to Non-Cooperating Category with IND B (ISSUER NOT
     COOPERATING) rating; and

-- INR32.5 mil. Working capital facility migrated to Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 24, 2017. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Gyankund Trust, incorporated in 2007 in Kurukshetra, manages and
operates TERII (Technology Education & Research Integrated
Institutions) group of institutes.


GURUNAK RICE: CARE Assigns B+ Rating to INR4cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gurunak
Rice Industries (GRI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            3.00       CARE A4 Assigned

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of Gurunak Rice
Industries (GRI) are constrained by its small scale of operations
with moderate profit margins, regulation by government in terms of
minimum support price, seasonal nature of availability of raw
material resulting in high working capital intensity, exposure to
vagaries of nature, partnership nature of constitution, moderate
capital structure with moderate debt coverage indicators and its
presence in fragmented and competitive nature of industry. The
ratings, however, derive strength from experienced partners, long
track record of operations and close proximity to raw material
sources with favorable industry scenario. Going forward, the
ability of the firm to increase its scale of operations,
improvement in profit margins and management of working capital
effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profit margins: The scale
of operations of the firm remained small marked by total operating
income of INR11.04 crore (INR8.12 crore in FY16) with a PAT of
INR0.24 crore (INR0.21 crore in FY16) in FY17. The firm has booked
turnover of around INR10.00 crore in 9MFY18. Furthermore, the
profitability margins of the firm remained low marked by PBILDT
margin of 5.71% (7.40% in FY16) and PAT margin of 2.15% (2.62% in
FY16) in FY17.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GoI), every year decides a minimum
support price (MSP) to be paid to paddy growers which limits the
bargaining power of rice millers over the farmers. The MSP of
paddy increased during the crop year 2017-18 to INR1550/quintal
from INR1470/quintal in crop year 2016-17.The sale of rice in the
open market is also regulated by the government through levy of
quota, depending on the target laid by the central government for
the central pool. Given the market determined prices for finished
product vis-a-vis fixed acquisition cost for raw material, the
profit margins are highly vulnerable.

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature: GRI
is primarily engaged in the processing of rice products in its
rice mills. Paddy is mainly a 'kharif' crop and is cultivated from
June-July to September-October and the peak arrival of crop at
major trading centers begins in October. The cultivation of paddy
is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.
Moreover, the average fund based working capital utilisation
remained high at 85% during the last twelve months ended on
December31, 2017. Also, agro products cultivation is highly
dependent on monsoons, thus exposing the fate of the firm's
operation to vagaries of nature.

Constitution as a partnership firm: GRI, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partners would be the key factors
affecting credit decision for the lenders. Moderate capital
structure and debt coverage indicators: The capital structure of
the firm remained moderate marked by debt equity ratio of 0.02x
(FY16: 0.04x) and overall gearing ratio of 1.66x (FY16: 1.65x) in
FY17. The debt coverage indicators also remained moderate marked
by interest coverage of 1.96x (FY16: 1.97x) and total debt to GCA
of 8.29x (FY16: 7.85x) in FY17.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented
and competitive due to presence of many small players operating in
this sector owing to its low entry barriers, due to low capital
and technological requirements. Raipur and nearby districts of
Chhattisgarh are a major paddy growing area with many rice mills
operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative
bearing on the profitability.

Key Rating Strengths

Experienced partners with long track record of operations: The
firm is into rice milling business since 2004 and thus has long
operational track record. The key partner, Mr. Gurubhej Singh
Chawla have more than four decades of experience in rice milling
industry, looks after the overall management of the firm supported
by other partner, Mr. Ajit Singh Chawla who also have more than
two decades of experience in the same line of business. The firm
is deriving benefits out of the long experience of the partners.

Close proximity to raw material sources and favorable industry
scenario: GRI's plant is located at Raipur, Chhattisgarh which is
close to the vicinity to a major rice growing area of
Chhattisgarh, thus, resulting in logistic advantage. Further,
rice being a staple food grain with India's position as one of the
largest producer and consumer, demand prospects for the industry
is expected to remain good in near to medium term.

Gurunank Rice Industries (GRI) was constituted as a partnership
firm in April 2004 by Mr. Gurubhej Singh Chawla, and Mr. Ajit
Singh Chawla. Since its inception, the firm has been engaged in
processing and milling of basmati, non-basmati rice (parboiled
rice), broken rice, rice bran and husk. The manufacturing facility
of the firm is located at Raipur, Chhattisgarh with aggregate
installed capacity of 17520 metric ton per annum.


HARMONY SHUBHAM: CRISIL Withdraws B Rating on INR7.5MM Term Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Harmony Shubham Associates
(HSA) to 'CRISIL B/Stable/Issuer not cooperating'. CRISIL has
withdrawn its rating on bank facility of HSA following a request
from the company and on receipt of a 'no dues certificate' from
the banker. Consequently, CRISIL is migrating the ratings on bank
facilities of HSA from 'CRISIL B/Stable/Issuer Not Cooperating to
'CRISIL B/Stable' the rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            7.5       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating and Rating
                                  Withdrawn)

Established in 2014, HSA is a special purpose vehicle (SPV) formed
by the Harmony group and the Shubham group of Pune. HSA is
currently executing a commercial real estate project named
'Vantagio' at Wakad, Pune.


HEARTS MALABAR: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hearts Malabar
Clinical Solutions Private Limited's (Hearts Malabar) Long-Term
Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR90.3 mil. (reduced from INR100 mil.) Long-term loan due on
     April 2027 affirmed with IND B/Stable rating.

KEY RATING DRIVERS

The affirmation reflects Hearts Malabar continued small scale of
operations and weak credit metrics. As per FY18 provisional
financials, revenue was stable at INR185.8 million (FY17: INR186.4
million. However, interest coverage (operating EBITDA/gross
interest expense) improved to 1.3x in FY18P (FY17: 0.5x) and net
leverage (total adjusted net debt/operating EBITDAR) to 9.7x
(18.2x) on account of an improvement in absolute EBITDA to INR24
million (INR10 million). The increase in the EBITDA was attributed
to a reduction in operating expenses. Consequently, EBITDA margins
expanded to 13.1% in FY18P (FY17: 5.3%). Ind-Ra expects the
revenue and credit metrics to improve in FY19 on account of
stabilization of operations and increase in bed occupancy to 78
beds in FY18 (FY17: 67 beds).

The ratings are, however, supported by the promoter's over 10
years of experience in providing healthcare services.

RATING SENSITIVITIES

Negative: Inability to improve the EBITDA margins and revenue as
per management's expectations will be negative for the ratings.

Positive: Stabilization of operations leading to a substantial
growth in the top line and profitability, resulting in a sustained
improvement in the credit metrics, may lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2014, Hearts Malabar operates a 108-bed multi-
specialty hospital in Kottakkal (Kerala). The hospital, which
commenced operations in April 2015, provides treatment in
cardiology, gynaecology, pediatrics, among others.


HI-TECH PACKAGING: CRISIL Assigns B+ Rating to INR3.42MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hi-Tech Packaging (HTP).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            1.33      CRISIL B+/Stable (Assigned)

   Proposed Term Loan   3.42      CRISIL B+/Stable (Assigned)

   Cash Credit          3.00      CRISIL B+/Stable (Assigned)

   Foreign Letter
   of Credit            2.25      CRISIL A4 (Assigned)

The rating reflects modest scale of operations in a fragmented
industry and below average financial risk profile. These
weaknesses are partially offset by extensive experience of
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a fragmented industry: The modest
scale of operations limits its ability to benefit from economies
of scale, which are available to players with larger volumes.
Also, the Indian plastic film industry is fragmented, with low
entry barriers in the form of low capital and low technology
intensity, leading to stiff competition. Modest scale of
operations also constrains its ability to fully pass on any cost
increases to customers. CRISIL believes small scale of operations
in the fragmented industry will constrain the ability to achieve
economies of scale as well as bargaining power with customers.

* Average financial risk profile: HTP has average financial risk
profile marked by estimated modest net worth of Rs. 1.61 crore,
moderate gearing of 1.76 times as on March 31, 2018. The firm has
above average debt protection metrics with net cash accrual to
Total debt (NCATD) and interest coverage ratios of over 0.18 and
4.32 times, respectively, for 2017-18. Financial risk profile may
remain average over the medium term.

Strengths:

* Experience of promoters: The promoters have more than two decade
of experience in the business. The promoters' expertise has helped
the firm develop healthy relationships with customers and
suppliers and get repeat orders from them. CRISIL believes the
firm may benefit from the promoters' longstanding experience in
the industry.

Outlook: Stable

CRISIL believes that HTP would continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive', if the firm records considerable
increase in revenues while maintaining its profitability resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the firm records lower
than expected revenue and profitability or if the firm undertakes
a larger than expected debt funded capital expenditure programme,
or if there are greater than expected capital withdrawal by the
partners, weakening in its financial risk profile.

HTP was incorporated in 2010. The firm is engaged in manufacturing
of plastic films. Day to day operations are managed by Mr. Nixon
PV (Managing Partner). Currently HTP has installed capacity of 300
kg per hour.


JBF INDUSTRIES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed JBF Industries
Limited's (JBF) Long-Term Issuer Rating at 'IND D' and migrated
the rating to the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. 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 actions are:

-- INR4 bil. Fund-based working capital limits (Long-term)
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR16 bil. Non-fund-based working capital limits (Short-
     term) affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR2.8 bil. Term loan (Long-term) due on March 2020 affirmed
     and migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR200 mil. Proposed term loan (Long-term) affirmed and
     migrated to non-cooperating category with Provisional IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

Ind-Ra continues to take a consolidated view of JBF along with its
subsidiaries, JBF Petrochemicals Ltd (IND D (ISSUER NOT
COOPERATING)), JBF RAK LLC, JBF Global Europe BVBA and JBF Bahrain
SPC, together referred to as the JBF group, for the ratings.

The affirmation reflects JBF' continued delays in debt servicing
since the last review. This is on account of significant
deterioration in the group's financial risk profile, resulting
from losses in overseas operations and continuous delays in the
commencement of operations at its purified terephthalic acid
plant. The losses are also attributed to the impact of
demonetization, resulting in cash flow mismatches.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

JBF group is a leading producer of polyester and other related
products in the polyester value chain. Its production capacity is
about 1.9mtpa, which would increase to 3.2mtpa once the purified
terephthalic acid plant commences operations. The group operates
out of three domestic facilities, one in Gujarat and two in
Silvassa, and three international facilities, one each in the UAE,
Belgium and Bahrain.


JBF PETROCHEMICALS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JBF
Petrochemicals Limited's (JBF Petro) Long-Term Issuer Rating to
'IND D' from 'IND C' and migrated the rating to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. 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:

-- USD416 mil. External commercial borrowings* (Long-term/Short-
     term) due on April 2025 downgraded and migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

* Including USD326.96 million sub-limit of letter of credit/bank
guarantee

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

KEY RATING DRIVERS

Ind-Ra continues to take a consolidated view of the financial and
credit profiles of JBF Petro and its ultimate parent, JBF
Industries Limited ('IND D (ISSUER NOT COOPERATING)'), and
associate concerns JBF RAK LLC, JBF Global Europe BVBA and JBF
Bahrain SPC, together referred to as JBF Group, to arrive at the
ratings.

The downgrade reflects the delays in the commencement of JBF
Petro's purified terephthalic acid plant and the resultant tight
liquidity position leading to the non-servicing of debt.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Incorporated in FY11, JBF Petro was set up to execute JBF group's
backward integration project of a 1.25mtpa purified terephthalic
acid plant in Mangalore.


JIWANSAAGAAR REALTY: CRISIL Withdraws B+ Rating on INR14MM Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facility of
Jiwansaagaar Realty Private Limited (JRPL) following a request
from the company and on receipt of a 'no dues certificate' from
the banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.
                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             14       CRISIL B+/Stable (Withdrawn)

Incorporated in 2013, JRPL is currently executing a residential
real estate project, Garden Heights, in Bhagalpur, Bihar. Mr Anil
Kishorepuria manages operations


K.A.I.G. CONSTRUCTIONS: CRISIL Moves B+ Rating to Non-Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with K.A.I.G.
Constructions Private Limited (KAIG) 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
   ----------       ---------     -------
   Bank Guarantee        4.5      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Overdraft             4.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of K.A.I.G. Constructions Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Set up in 2001, KAIG is engaged in civil construction, primarily
irrigation projects in Tamil Nadu. The company is based in Madurai
(Tamil Nadu) and promoted by Mr. I. Gurusamy and Mr. Ashok Kumar.
Both the directors are Class I civil contractors.


MAHESHWARI FABTEX: CRISIL Reaffirms B+ Rating on INR8MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term facilities of Maheshwari Fabtex Private Limited (MFPL).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          8        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       1.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .5     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations in the highly competitive textile trading industry and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Despite improvement, scale of
operations remains modest with estimated operating income of INR58
crore and profit margin of 3.8% for fiscal 2018. The textile
industry is intensely competitive due to the presence of several
small and large mills, power looms and handlooms. Furthermore,
competition from cheaper imports, limited value addition and
product differentiation constrains the bargaining power of the
traders, which results in thin operating margin.

* Below-average financial risk profile: Networth remains modest
and is estimated at INR3.0-3.2 crore as on March 31, 2018. The
total outside liabilities to adjusted networth ratio, estimated at
4.3-4.4 times, is expected to decline over the medium term as
networth is likely to increase and liabilities should reduce
gradually with repayment of term loan and the absence of any
further capital expenditure plans. Debt protection metrics remain
average with interest coverage ratio of 1.6-1.7 times for fiscal
2018.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' two-decade-long experience in the industry and
established relationships with suppliers and customers should
support business. The benefits include repeat orders from reputed
clients such as Raymond Ltd, Bombay Dyeing, S Kumar and Grasim
Industries. The company has also started weaving of grey fabric on
job work basis for Bombay Dyeing.

* Improvement in working capital cycle: Working capital
requirement has declined as reflected in estimated gross current
assets of 91 days as on March 31, 2018, lower than 115 days in the
previous year due to smaller receivables cycle estimated at 51
days as compared with 75 days in the previous year.

Outlook: Stable

CRISIL believes MFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and stable
profitability lead to high cash accrual and working capital
management is efficient. The outlook may be revised to 'Negative'
if large working capital requirement or low cash accrual, weakens
liquidity.

Incorporated in 2002, MFPL primarily trades grey and shirting
fabric. In 2009, it also started undertaking job work for local
dealers and traders, wherein it weaves grey fabric from yarn. The
manufacturing unit is in Bhiwandi, Maharashtra while the head
office is in Mumbai. The promoters also operate two other entities
- Khator Fibre and Fabrics Ltd and Goyal Creations Pvt Ltd. Mrs
Bina Devi Khator and her nephew Mr Praful Khator manage the
operations.


MNG OVERSEAS: CRISIL Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with MNG Overseas
Private Limited (MNGOPL) for obtaining information through letters
and emails dated April 25, 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)

   Warehouse Receipts    9.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

MNGOPL, is a Delhi-based company, established and promoted in 2012
by Mr Mitihilesh Gupta, Ms Geeta Gupta and their son, Mr Namit
Gupta. The company trades in rice and maize, both locally and
globally.


OPTIONS LAWNS: CARE Reaffirms B+ Rating on INR8.01cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Options Lawns Private Limited (OLPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.01       CARE B+; Stable Reaffirmed

Rating Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Options Lawns
Private Limited (OLPL) is primarily constrained on account of
stabilization risk associated with its recently completed
Greenfield project for operating a resort. The rating, further,
continues to remain constrained on account of its presence in the
highly fragmented and competitive industry and seasonality of the
business. The above weaknesses are continued to partially offset
by extensive experience of the promoters in the diverse sectors
and strategic location of the resort. The rating, further, derive
strength from available moratorium period.

The ability of the company to stabilizes its operations while
achieving envisaged level of occupancy and profitability is a key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stabilization risk associated with its project: OLPL was
incorporated with a purpose to operate a resort in an area of
14000 sq ft on Bedhaghat Road, Jabalpur and will have 52 rooms, 3
banquet halls, 1 garden restaurant, pub, camping site, spa and
wellness centre etc. It envisaged total cost of the project
amounting to INR10.26 crore which envisaged to be funded through
promoter's capital in the form of share capital of INR2.71 crore
and balance through term loans. It was envisaged that project to
be operational from April 2018. Further, the company has attained
financial closure with term loan of INR 6.71 crore and remaining
through share capital and unsecured loans from promoters.  The
project was completed in April, 2018, however the rooms will be
operationally from May, 2018 within the envisaged cost of INR10.26
crore.

Project Implementation risk: The company has undertaken a project
for construction of bar with envisaged cost of INR 1.35 crore
funded through term loan of INR 1.00 crore and balance through
promoter's capital. The project is envisaged to be completed by
June, 2018. Further, OLPL has applied for the BAR license.

High competition faced by the company with seasonality of
business: The company operates in a highly segmented hospitality
industry of Bhedaghat Road, Jabalpur. The Bedaghat area is a
famous tourist destination with many small players comprising of
hotels, resorts and recreational centers operating in the area
such as Motel Marble Rocks, Resort Palm Pair, Vrindawan Gopala
Resort, Hotel Satya Ashoka etc. Thus, OLPL faces high competition
from the established players in the Bhedaghat area. Further,
revenue of the company is season in nature as tourist inflow tends
to increase in summer season and holiday season making operations
seasonal in nature. Furthermore, there is high dependence on the
tourism industry in Madhya Pradesh and in Bhedhaghat area.

Key Rating Strengths

Experienced promoters: Mr Rajneesh Verma, Director has an
experience of 15 years in infrastructure segment through Rajneesh
Verma Builders and Contractors (RVBC). RVBC is a registered Class
1A contractor in the state of Madhya Pradesh since 2002 as
indicated by the management. It executes orders from government as
well as private companies. The promoter also operates a restaurant
by the name "Options Lawns" in Jabalpur which is operational since
2002. Being in the industry for over one and a half decades has
helped the promoter in gaining adequate acumen about diverse
industries and has helped in the smooth operations of the OLPL.

Strategic location of the resort: The resort is located in
Bhedaghat road, Jabalpur in Madhya Paradesh which is promoted by
Madhya Pradesh Tourism. Located on the outskirts of Jabalpur, the
area is a popular tourist spot and is famous for marble rock
mountains on the banks of Narmada river. The Dhuadhar water fall
is another tourist attraction in the area along with the Chausath
Yogini Temple. Hence, the resort will benefit from the tourist
attractions located in the vicinity.

Available moratorium period: Though the commercial operation of
the company has started from May, 2018, the term loan repayment is
scheduled to commence from April, 2019. The company has received
the moratorium period of 12 months from the commencement date of
its production. Hence, OLPL has sufficient time in order to
stabilize its operations and generate enough cash accruals to
service its debt obligations.

Jabalpur (Madhya Pradesh) based, OLPL was incorporated on
April 1, 2016 by Mr Rajneesh Verma. The company is held by Riqueza
Capital Investments Limited along with Mr Rajneesh Verma and Ms
Sakshi Verma. Riqueza Capital Investments Limited (RCIL) is a Hong
Kong based leading financial/business consulting firm having a
strong global presence in Singapore, India, UK, Dubai and
Mauritius directly or indirectly through its network partners &
associates.


PARAS TARP: CRISIL Migrates B+ Rating to Non-Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Paras Tarp
Industries (PTI) 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          1.8       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       5.0       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term   0.2       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2014, PTI is promoted by the Hirabhai Patel and
family. The firm, based in Ahmedabad, is into manufacture and
trade in high-density polyethylene/polypropylene woven sacks and
laminated tarp at its production facilities in Ahmedabad. It
commenced its production in June 2015 only.


POWERTECH ELECTROINFRA: CRISIL Moves B Rating to Non-Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Powertech
Electroinfra Private Limited (PEPL) 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
   ----------         ---------    -------
   Bank Guarantee        3.4       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           5.0       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    1.6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

PEPL was established in 2009, promoted by Mr Raghav Agarwal and Mr
Sudhir Agarwal. The company trades in raw material required for
setting up of power sub-stations. These include transformers,
cables, poles, wires, lamps, and lighting equipment. The company
also trades in kitchen utensils under the mid-day meal scheme in
Uttar Pradesh. It mainly undertakes tender-based orders from
various government departments in Uttar Pradesh.


PROGRESSIVE INDUSTRIES: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with Progressive
Industries (PI) for obtaining information through letters and
emails dated March 28, 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
   ----------       ---------     -------
   Cash Credit           4        CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    0.06     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan             3.94     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 Progressive Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Progressive Industries 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 Progressive Industries to CRISIL B-/Stable Issuer
not cooperating'.

Established as a proprietorship concern in fiscal 2010 and
reconstituted as a partnership firm in fiscal 2013 by Mr. Amarjit
Singh, Mr. Navtej Singh, Mr. Gurnam Singh, and Mr. Lakhvir Singh,
PI manufactures metal sheets and LPG cylinders for Indian Oil
Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan
Petroleum Corporation Ltd. The firm has an installed capacity of
60 thousand cylinder per month that vary in sizes ranging from
14.2-47.5 kilogrammes.


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

The instrument-wise rating action is:

-- INR60 mil. Term loan due on January 2025 maintained in Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Raj Regency is a hotel in Rajnandgaon, Chhattisgarh. The hotel has
23 rooms and facilities such as coffee shop, bar, restaurant and
banquet. It is managed by partners Surinder Kaur Bhatia, Harjeet
Singh Bhatia and Jasvindar Singh Bhatia.


RC ALL-TECH: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RC All-Tech
Power Systems Private Limited's (RC All-Tech) 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:

-- INR17.5 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR31.8 mil. Non-fund-based working capital limits maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR0.7 mil. Term loan maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RC All-Tech was established as a partnership concern in 1993 as
All Tech and was converted into a joint stock company under the
present name in 1998. It manufactures various types of UPS,
including solar hybrid UPS.


RELIANCE COMMMUNICATIONS: Deal with Minority Investors Reached
--------------------------------------------------------------
Reliance Communications Ltd said on May 29 that its subsidiary
Reliance Infratel Ltd. has informed the Hon'ble NCLAT that an
amicable settlement has been arrived at between it and minority
investors holding 4.26% equity in the Company, and consent terms
will be filed shortly.

The settlement with the minority investors paves the way for
vacation of the stay granted by the NCLT on the sale of RITL's
tower and fibre assets, and will enable the Company to proceed
with asset monetisation of INR8,000 crore as soon as the Company
exits the debt resolution process under NCLT, the company said.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2018, The Economic Times said the dedicated bankruptcy
court has admitted three insolvency petitions filed against
Reliance Communications and its subsidiaries, by Ericsson, dealing
a severe blow to the telco's plans of selling most of its wireless
units to Reliance Jio Infocom (Jio).  The decision, which came
after nearly eight months since the Swedish telecom equipment
maker moved the National Company Law Tribunal's (NCLT) Mumbai
bench to recover INR1150 crore in dues, effectively makes the Anil
Ambani owned carrier bankrupt, the second such after Chennai-based
Aircel, ET said.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.


SHRI HARI: CARE Assigns B+ Rating to INR8cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Hari Pulses (SHP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             8         CARE B+; Stable Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of Shri Hari Pulses
(SHP) are primarily constrained on account of fluctuating
profitability margins, weak solvency position and stressed
liquidity position. The ratings, further, constrained on account
of seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry. The ratings,
however, favorably take into account experienced management and
continuous increase in scale of operations. The ability of the
firm to increase its scale of operations and better working
capital management of the firm are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Fluctuating profitability margins, weak solvency position and
stressed liquidity position: Being present in the industry of
agriculture commodities, the profitability of the company is
exposed to fluctuation in prices as well as availability of
agriculture commodities. PBILDT margin of the company has
witnessed increasing trend in last three financial years ended
FY17 owing to higher income from processed products which has
higher margin as compared to trading activity.

The capital structure of the company stood highly leveraged with
an overall gearing of 3.77 times as on March 31, 2017, improved
from 3.94 times as on March 31, 2016 owing to addition of profit
to reserves.

The business of the firm is working capital intensive in nature
with high operating cycle in FY17. Due to high inventory, the
current ratio stood moderate at 1.20 times, however, quick ratio
remained below unity and very low at 0.54 times as on March 31,
2017.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry: As the
company is engaged in the business of agriculture commodities, the
prices of agriculture commodities remained fluctuating and depend
on production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the SHP is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the
industry do not have any pricing power. Furthermore, the
industry is characterized by high degree of government control
both in procurement and sales for agriculture commodities.
Government of India (GoI) decides the Minimum Support Price (MSP)
payable to farmers.

Key Rating Strengths

Experienced management: Being present in the industry since long
period of time, the management of the firm has established
relationship with customers and suppliers. The partners of the
firm Mr Rajendra Kumar who have experience of around for decade in
the industry, further he is assisted by his other family members
in handling other parts of the business. Furthermore, this is
their family business and all the family is engaged in similar
line of business. The oldest firm of the group is Bhagirath
Dhannalal which was formed in 1898, and this is fourth generation
to handle the business.

Continuous increase in scale of operations: The scale of
operations of the company has witnessed continuous growth and grew
at a CAGR of 4.49% in the last three financial years ended FY17
owing to increase in demand of its processed products as well as
higher trading activity. During FY17, it has generated 60% of net
sales from processed products and remaining through trading
activity.

Shri Hari Pulses (SHP) based out of Indore (Madhya Pradesh) was
formed in 1978 as a partnership concern by Mr Rajendra Kumar and
other family members. The partners of the company are Mr Rajendra
Kumar, Ms Chanda Bai and Ms Kalawati. SHP is engaged in the
business of processing of Moong Dall, Channa Dall and grading of
wheat. It is also engaged in the trading of variety of agriculture
commodities. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra
under brand name of 'Double Elephant' and 'Amrpali'.


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

The instrument-wise rating action is:

-- INR47.5 mil. Fund-based limit maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2006, Strands manufactures home textile products
for exports, primarily to the US.


SUPER INFRATECH: CRISIL Migrates D Rating to Non-Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Super Infratech
Private 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
   ----------       ---------     -------
   Bank Guarantee       8.74      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Bill Discounting     4.90      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          1.90      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             .46      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 Super Infratech Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Super Infratech Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2001, SIPL is promoted by Mr Sujit Bardole and his
wife. It is engaged in civil construction for state and central
governments. The company develops and maintains roads.


TIRVANI RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tirvani
Rice Industry (TRI) 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           8       CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

TRI was set up in 1998 as a partnership firm by four friends -
Charan Das, Gopal Aggarwal, Rahul Bansal and Din Dayal. The firm
has a rice milling and sorting unit with capacity of 10 tons per
day in Faridkot. In 2016, the firm has set up a new unit of rice
bran oil extraction which has commenced operations in November
2016.


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

The instrument-wise rating action is:

-- INR50.0 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, Tulsi Marketing is a distributor of Apple,
Samsung, HTC and Lenovo mobile and smart phones.


TURBO CAST: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Turbo Cast
India Private Limited (TCIPL) 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            .5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    1.77     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan             5.08     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 Turbo Cast India Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Turbo Cast India Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Incorporated in February 2013, TCIPL has set-up 225-tonnes per
annum investment castings unit at Rajkot (Gujarat). The company is
promoted by M. R N Mavani, who will oversee its overall
operations.


VAISHNAVI EXPORTS: CRISIL Cuts Rating on INR15MM Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on bank facilities of
Vaishnavi Exports and Import Co. (VEIC; a part of Aditya Group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Packing Credit        15      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects instances of bill overdue for more than 30
days. The same is on account of delay in realization of
receivables from the group's customers resulting in stretched
liquidity.

The ratings also factors below-average financial risk profile
marked by high total outside liabilities to total net worth
(TOLTNW) ratio and large working capital requirements. These
rating weaknesses are partially offset by extensive experience of
promoters in trading business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VEIC and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade
Company Private Limited (AIETPL), Magdha Creative Merchant LLP
(MCML), Vedant Trade Impex Private Limited (VTIPL), Veeaar Fabware
Private Limited (VFPL) and Vihaan Infin And Exim Private Limited
(VIEPL), collectively referred to as the Aditya group. This is
because all these entities, together referred to as the Aditya
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Bills overdue for more than 30 days: Stretched liquidity caused
by delay in realization of receivables from the group's customers
have led to bills being overdue for more than 30 days

* Below-average financial risk profile: Owing to a stretched
working capital cycle, the group's total outside liabilities to
total net worth ratio remained high at around 13 times as on
March, 2017. With the expected improvement in working capital
management, the TOLTNW ratio is expected to improve however, will
remain high over the medium term. The debt protection metrics
remains moderate marked by moderate interest coverage ratio of 2.2
times in fiscal 2017.

* Large working capital requirements: The group's operations are
working capital intensive as indicated by high gross current asset
of 228 days as on March, 2017. This is primarily attributable to
the high credit extended to the customer. However, against this,
the group is able to get credit at the similar level. CRISIL
believes that the group's working capital management is expected
to improve over the medium term on account of lower reliance on
creditors to fund the working capital requirements. The
improvement of working capital management will remain key rating
sensitivity factor over the medium term.

Strength

* Extensive experience of promoters: The group benefits from the
extensive experience of promoters of over 3 decades in the trading
business. Over the years, the management has established healthy
relationship with the customers thus, resulting in repeated
orders.

Aditya Group was established by Mr Ramesh Singh in 2008. The group
is engaged into exports of food grains, coconuts, confiseries
(Stationery, Biscuits and Chocolates), Textiles products (RMG,
Shirting & Suiting and fabrics).  The group is based out of
Mumbai, Maharashtra.


VIKAS TRANSPORT: CRISIL Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vikas
Transport Co. (VTC) 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
   ----------     ---------    -------
   Bank Guarantee      12      CRISIL A4 (Issuer Not Cooperating;
                               Rating Migrated)

   Cash Credit          3.8    CRISIL B+/Stable (Issuer Not
                               Cooperating; Rating Migrated)

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

Detailed Rationale

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

Set up in 2000 in Jammu as a partnership firm by Mr. Paramjeet
Singh and his wife, Ms. Harvinder Kaur, VTC is engaged in bulk
road transport services.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Raipur-based VKP is a proprietorship entity that is registered as
a Class-A contractor with the government of Chhattisgarh. VKP
participates in the tender process of various government
departments of Chhattisgarh for civil construction projects such
as building construction and related ancillary works.


VISION METALIK: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Vision Metalik Company (VMC).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           4       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.3     CRISIL B+/Stable (Reaffirmed)

   Term Loan             2.5     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's working capital-
intensive and small scale of operations in the intensely
competitive steel industry, and modest financial risk profile
because of an average networth, moderate gearing, and subdued debt
protection metrics. These weaknesses are partially offset by the
extensive entrepreneurial experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Since commercial operations began in
mid-2014, scale remains small, reflected in turnover of INR21.08
crore in fiscal 2017. However, revenue improved to around INR28
crore for fiscal 2018 on account of better realisation and greater
capacity utilisation.

* Average financial risk profile: Networth was muted at INR6.71
crore as on March 31, 2017, while gearing was moderate at 1.20
times. Although networth is expected to be at a similar level in
FY18 due to muted accretion to reserves, the gearing has slightly
improved on account of repayment of the term debt obligation and
is expected to hover around 1 time as on 31st March, 2018. Debt
protection metrics were subdued, with interest coverage and net
cash accrual to total debt ratios of 2.07 times and 0.15 time,
respectively, in fiscal 2017. Despite improvement, financial risk
profile is estimated to remain weak in fiscal 2018, and over the
medium term as well.

* Large working capital requirements: Gross current assets were
100 days as on March 31, 2017, driven by large inventory and other
current assets. Operations are expected to remain working capital-
intensive over the medium term.

Strengths

* Entrepreneurial experience of promoters: Presence of over a
decade in the iron and steel products segment has enabled the
promoters to develop healthy ties with customers and suppliers.

Outlook: Stable
CRISIL believes VMC will continue to benefit over the medium term
from promoters' extensive entrepreneurial experience. The outlook
may be revised to 'Positive' if business and financial risk
profiles improve, backed by a significant increase in revenue and
profitability. The outlook may be revised to 'Negative' if
profitability declines, or large, debt-funded capital expenditure
further weakens financial risk profile.

Set up in 2012 as a partnership firm by Mr Narendra Kumar Saharia,
Ms Navina Jain, Ms Padma Devi Agarwalla, and their associate
companies, VMC manufactures mild steel billets at its facilities
in Dibrugarh, Assam.


VSR LAMINATES: CRISIL Withdraws B Rating on INR5.14MM Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of VSR Laminates Private Limited (VSR) following a
request from the company and on receipt of a 'no dues certificate'
from the banker. The rating action is in line with CRISIL's policy
on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Credit              5.14       CRISIL B/Stable (Withdrawn)
   Term Loan           3.11       CRISIL B/Stable (Withdrawn)

Incorporated in 2012 and promoted by Mr. Sushil Karnani, Mr. Rajat
Chandak, Mr. Vikas Kansal, and his wife, Ms. Ritu Kansal, VSR
commenced operations in 2013 and manufactures flexible packaging
such as printing pouches, snacks packaging lamination, and zipper
pouches.

Provisional profit after tax (PAT) was INR69 lakh on net sales of
INR29.6 crore for fiscal 2017; PAT was INR24 lakh on net sales of
INR19 crore for fiscal 2016.


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 2010 in Punjab, Yogesh Trading Company is a
proprietorship unit engaged in the business of rice milling.



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


SAKAE RHYTHM: Suspends Business After Racking Up JPY772MM in Debt
-----------------------------------------------------------------
The Japan Times reports that musical instrument-maker Sakae
Rhythm, known for providing drums to renowned musicians such as
Jimmy Chamberlin and Greg Hutchinson, has suspended its business
with debts totaling JPY772 million (US$6.96 million), according to
credit research firm Teikoku Databank.

The company, also known for making the instrument for the
mechanical drum-playing doll Kuidaore Taro - a famous landmark
mascot in Osaka - was established in 1925 and has also sold drums
to Yamaha Corp, The Japan Times relates.

The report says Sakae, based in the city of Osaka, saw its sales
reach JPY1.46 billion in the year to September 1988. But as orders
began falling from major customers and sales of its own brand
drums were also faltering, sales dropped to JPY313 million in the
year to September 2016, according to Teikoku Databank.

As banks stopped extending loans, lawyers started debt settlement
procedures this month, the report notes.



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


MEDIAWORKS NZ: Posts NZ$5.7MM Net Loss in Year Ended Dec. 31
------------------------------------------------------------
Matt Nippert at The New Zealand Herald reports that MediaWorks has
trimmed its losses by two-thirds after increasing audience share
and stabilising the revenues of its struggling television
division.

The Herald relates that in accounts for the year to December 2017,
MediaWorks reported a bottom line loss of NZ$5.7 million - a
significant improvement on the NZ$14.8 million loss for the
previous year. The result was due to stable revenues of NZ$300
million, combined with reduced programming and production costs of
NZ$98.7 million, down from NZ$104.1 million.

According to the report, the company has had a turbulent decade,
first laboring under debts of nearly NZ$800 million following a
disastrous leveraged buyout by Australia's Ironbridge Capital, and
then a disruptive tenure under chief executive Mark Weldon
dominated by high-profile staff losses and damaging leaks.

Chief executive Michael Anderson, his approach a contrast to the
self-styled disruptor Mr. Weldon, said "bold and unique are not
really the two words that go with my persona" and he put this
year's result down to going back to basics and taking "easy moves
settling everything down," the Herald relays.

"It's not rocket science," he said of restoring order following
Mr. Weldon's tenure. "It was an incredibly disruptive time and
people lose focus of the overall picture and they lose track of
overall goals."

According to the Herald, Mr. Anderson said the focus for
television - largely at flagship channel TV3 who have this year
screened high-rating shows such as Dancing With the Stars and
Married at First Sight - was concentrated on building out
primetime slots in order to maximise the company's targetted
audience of 24-54 year olds.

According to a result presentation by Mr. Anderson, among this
audience segment MediaWorks increased its audience share from 19.1
per cent to 20 per cent over the year, the Herald relays.

The report relates that the launch of The Project last February -
a hybrid comedy and current affairs offering licensed from
Australia - was a key part of this focus, he said, helping to
channel viewers of the preceding six o'clock news bulletin into
entertainment programming later in the evening.

"Strategically we're happy with the way it fits. Are we happy with
the ratings performance as of now? No. But we see that as an
opportunity," the report quotes Mr. Anderson as saying.

Mr. Anderson noted the Australian iteration of The Project took
four years to bed-in and expressed confidence results of his own
spinoff would improve.

"This was never going to be a fast turnaround."

The Herald adds that the accounts also show Oaktree are, three
years after taking over, still having to pour cash into the
business. The fund manager tipped in NZ$8 million in 2017,
following NZ$14.5 million the year earlier.

The Herald says the company is also poised for some balance sheet
juggling, with a five-year loan facility of NZ$72.9 million -
backed by a range of burned banks and vulture funds who'd acquired
debt on the cheap during earlier MediaWorks struggles - due to
expire in November.

Mr. Anderson, and the accounts, said discussions to replace the
facility were well in-train with a commitment letter in hand for a
new NZ$95 million, three-and-a-half-year loan from a new lender,
the Herald reports.

According to the Herald, the old facility had proved troublesome
with accounts showing repeated breaches of loan covenants -
largely over having an insufficient debt to equity ratio -
although given owners Oaktree owned a majority of the debt,
receivership was never a realistic consequence.

Mr. Anderson was hopeful the terms of the new loan would avoid a
repeat of these regular breaches, the Herald adds.

"Those days, I'm hoping, are well behind us."

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.



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


PACIFIC RADIANCE: Seeks Court Led Restructuring
-----------------------------------------------
The board of directors of Pacific Radiance Ltd. and together with
its subsidiaries made reference to announcements made on Sept. 8,
2017, Oct. 16, 2017, Feb. 28, 2018 and April 26, 2018 in
connection to the restructuring of the Group's borrowings and debt
obligations (the "Restructuring") and the proposed equity
injection from anchor investors (the "Investment").

                  Proposed Scheme of Arrangement

In view of the development milestones reached between the Group
and its stakeholder groups, including its major lenders and anchor
investors, the Group intends to pursue the Restructuring by way of
schemes of arrangement to be proposed between the relevant
entities of the Group and its creditors under section 210(1) of
the Companies Act (Cap.50).

                     Application for Moratorium

In order to preserve the proposed Restructuring and Investment,
Pacific Crest Pte Ltd ("PCPL"), a wholly-owned subsidiary of the
Company, has on May 16, 2018 made applications to the Court under
section 211B(1) of the Companies Act (Cap.50) to seek interim
protection against legal proceedings that will regress the Group's
ongoing discussions with the various stakeholders.

The Application seeks, inter alia, orders that (a) no appointment
shall be made of a receiver or manager over any property or
undertaking of PCPL (b) except with the leave of Court, (i) no
legal proceedings may be commenced or continued against PCPL, (ii)
no execution, distress or other legal process against any property
of PCPL shall be commenced, continued or levied, (iii) no steps to
enforce any security over any property of PCPL or to repossess any
goods held by PCPL under any chattels leasing agreement, hire-
purchase agreement or retention of title agreement shall be taken
or continued and (iv) no right of re-entry or forfeiture under any
lease in respect of any premises occupied by PCPL may be enforced
(collectively the relief sought in (a) and (b), the "Moratorium")
for a period of six (6) months from the date of the grant of the
Application or until further order.

Pursuant to section 211B(8) of the Companies Act, during the
period commencing on the filing of the Application and ending on
the earlier of 30 days after the Application is made and the date
on which the Application is decided by the Court, the Moratorium
takes effect automatically and no order may be made for the
winding up of PCPL (collectively the "Automatic Moratorium").

The Board believes that the Automatic Moratorium and the
Moratorium, if granted, will provide stability for the day to day
operations of the Group to continue with support of its customers
and key trade suppliers and allow the Group an opportunity and
adequate time to pursue the Restructuring and the Investment.

           Proceedings against Subsidiaries of the Group

As a further update, the Board said that Alliance Catering &
Consultancy Pte Ltd, a company incorporated in Singapore, has
filed winding up applications with the Singapore High Court on
May 14, 2018, against PCPL and CSI Offshore Pte Ltd, an indirect
wholly-owned subsidiary of the Company, in relation to statutory
demands dated April 12, 2018, made by Alliance Catering for the
payment of a total sum of US$1,071,986.70 and SGD76,899.03 for
services rendered by Alliance Catering to PCPL and CSIO. The
Winding Up Applications were filed by Alliance Catering as
settlement on mutually acceptable terms could not be reached. The
Winding Up Applications are fixed to be heard on June 8, 2018. The
Group is in discussion with its legal advisor in respect to the
Winding Up Applications to determine the best course of action and
various options available to the Group. Meanwhile, the winding up
application filed against PCPL will be subject to the Automatic
Moratorium. Any further material developments in relation to the
Application, the Restructuring and/or the Winding Up Applications
will be disseminated at the appropriate juncture.

The hearing of the Applications has been fixed on June 11, 2018 at
3:30 p.m.

Trading of the Company's securities on the SGX-ST has been
voluntarily suspended by the Company on Feb. 28, 2018.

                         About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***