TCRAP_Public/180601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 1, 2018, Vol. 21, No. 108

                            Headlines


A U S T R A L I A

ADAPT COMMUNICATIONS: Second Creditors' Meeting Set for June 8
BADGERS CREEK: Second Creditors' Meeting Set for June 6
BAKER FAMILY: Second Creditors' Meeting Slated for June 7
BROADSPECTRUM LIMITED: Moody's Withdraws Ba2 Corp. Family Rating
MJK AUSTRALIA: First Creditors' Meeting Set for June 7

PEPPER I-PRIME 2018-1: S&P Assigns B (sf) Rating to Class F Notes
QUEEN OF SOLE: Second Creditors' Meeting Set for June 8


B A N G L A D E S H

DUTCH-BANGLA BANK: Moody's Gives Ba3 LC Deposit Rating


C H I N A

BANK OF SUZHOU: Moody's Upgrades Long-Term Deposits Rating to Ba1
CHERY AUTOMOBILE: Seeking Buyers for Majority Shares
DALIAN WANDA: S&P Alters Outlook to Stable, Affirms 'BB' ICR
OCEANWIDE HOLDINGS: S&P Lowers ICR to 'CCC'; Outlook Negative


I N D I A

AB&CO GLOBAL: ICRA Migrates D Ratings to Not Cooperating Category
AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
AGRAWAL OIL: ICRA Migrates D Rating to Not Cooperating Category
AINAJ INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
AL NAFEES: CRISIL Migrates D Ratings to Not Cooperating Category

ASHRITHA HEALTH: ICRA Moves D Rating to Not Cooperating Cat.
EAST INDIA: CRISIL Migrates B+ Rating to Not Cooperating Category
FAIZABAD NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
GANESH DIAGNOSTIC: CRISIL Cuts Rating on INR7.47MM LT Loan to D
GOLDEN TOBACCO: ICRA Moves D Ratings to Not Cooperating Category

HITECH PRINT: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
INDTECH INTERIOR: CRISIL Cuts Rating on INR8MM Secured Loan to D
INTEGRATED ELECTRIC: CRISIL Moves C Rating to Not Cooperating
LAKSHMANAN ISOLA: ICRA Moves B- Rating to Not Cooperating Cat.
JAI SHIV: CRISIL Migrates B+ Ratings to Not Cooperating Category

JOSEPH LESLIE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
JYOTI VINCOM: ICRA Keeps B- Rating in Not Cooperating Cat.
KAMADGIRI OILS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
KDH TEXTILE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
KODARMA CHEMICAL: CRISIL Cuts Rating on INR14.5MM Loan to D

KONARK SYNTHETIC: Ind-Ra Migrates B- LT Rating to Non-Cooperating
KRISHNA TEXTILE: Ind-Ra Keeps BB- Rating in Non-Cooperating Cat.
MAA KAMAKHYA: CRISIL Moves B- Rating to Not Cooperating Category
MATOSHRI LAXMI: ICRA Migrates D Rating to Not Cooperating Cat.
MET THERAPEUTICS: Ind-Ra Keeps BB Rating in Non-Cooperating Cat.

MOTIL DEVI: ICRA B Rating Remains in Not Cooperating Category
NEEV INFRASTRUCTURE: CRISIL Cuts Rating on INR80MM Loan to D
NIRANKAR COTTEX: ICRA Moves B+ Rating to Not Cooperating Category
P.N. TEX: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
PARVATI SOLVENT: ICRA Maintains D Rating in Not Cooperating

PATWARI STEELS: ICRA Moves D Rating to Not Cooperating Category
RAMANI HOTELS: ICRA Migrates B Rating to Not Cooperating Category
RAMKUMAR MILLS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
RATHNAVEL SUBRAMANIAM: ICRA Assigns D Rating to INR84cr Loan
SHREE AMBIKA: ICRA Keeps B Rating in Not Cooperating Category

SHREE KHODIYAR: ICRA Maintains D Rating in Not Cooperating Cat.
SHREE PONNI: CRISIL Migrates B Rating to Not Cooperating Category
SHRIDHAR KRAFTPACK: CRISIL Moves B Rating to Not Cooperating
SILVER OAK: CRISIL Migrates B+ Rating to Not Cooperating Category
SNEHAL IMPEX: Ind-Ra Retains B- Issuer Rating in Non-Cooperating

SRI VENKATESWARA: ICRA Maintains B+ Rating in Not Cooperating
SRISURYA KNIT: CRISIL Assigns D Rating to INR5.0MM Loan
SWASTIK INFRA-LOGIC: Ind-Ra Assigns B+ LT Rating, Outlook Stable
TATA STEEL: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
VERONICA MARINE: CRISIL Hikes Rating on INR1.04MM LT Loan to B+

VISHNU RICE: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
WORLWIDE TRADELINKS: Ind-Ra Lowers Issuer Rating to 'BB-'


N E W  Z E A L A N D

MECCANO APPAREL: Left Creditors More Than NZ$5MM Out of Pocket
ORANGE H: Creditor Angry About Company Receiverships


S I N G A P O R E

ADDVALUE TECHNOLOGIES: Posts US$11.11 Million Full-Year Loss
JASON HOLDINGS: Jason Sim Chon Ang Quits as CEO and Director


S O U T H  K O R E A

GM KOREA: Shuts Down Gunsan Plant as Part of Restructuring


                            - - - - -


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A U S T R A L I A
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ADAPT COMMUNICATIONS: Second Creditors' Meeting Set for June 8
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Adapt
Communications Pty Ltd has been set for June 8, 2018, at
11:30 a.m. at the offices of Mackay Goodwin, level 10, 239 George
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 7, 2018, at 4:00 p.m.

Thyge Trafford-Jones of Mackay Goodwin was appointed as
administrator of Adapt Communications on May 8, 2018.


BADGERS CREEK: Second Creditors' Meeting Set for June 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Badgers Creek
Transport Pty Ltd has been set for June 6, 2018, at 11:00 a.m. at
Suite 601, Level 6, 20 Queen Street, in Melbourne, 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 4:00 p.m.

Andrew William Poulter of IRT Advisory was appointed as
administrator of Badgers Creek on May 2, 2018.


BAKER FAMILY: Second Creditors' Meeting Slated for June 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Baker Family
Investments No. 2 Pty Ltd 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.


BROADSPECTRUM LIMITED: Moody's Withdraws Ba2 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Broadspectrum Limited's
Ba2 corporate family rating.

Withdrawal:

Issuer: Broadspectrum Limited

Corporate Family Rating, Withdrawn, previously rated Ba2

Outlook Action:

Issuer: Broadspectrum Limited

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the rating because of inadequate
information to monitor the ratings, due to the issuer's decision
to cease participation in the rating process.

The principal methodology used in this rating was Construction
Industry published in March 2017.

Broadspectrum Limited is an Australian-based maintenance service
provider of operations, construction, maintenance and services
activities in the resources, energy, industrial, infrastructure,
property and defence sectors. In addition to its Australian
operation, Broadspectrum also has a presence in New Zealand,
Chile and North America.


MJK AUSTRALIA: First Creditors' Meeting Set for June 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of MJK
Australia Ltd will be held at the offices of Level 8, 1 O'Connell
Street, in Sydney, NSW, on June 7, 2018, at 12:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of MJK
Australia on May 28, 2018.


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

The ratings reflect:

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

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

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

-- The extraordinary expense reserve of A$150,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

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

  RATINGS ASSIGNED
  Class       Rating         Amount (mil.)
  A1-S        AAA (sf)       165.0
  A1-L        AAA (sf)       275.0
  A2          AAA (sf)        66.0
  B           AA (sf)         14.5
  C           A (sf)          11.0
  D           BBB (sf)         7.5
  E           BB (sf)          5.0
  F           B (sf)           3.0
  G           NR               3.0

NR--Not rated.


QUEEN OF SOLE: Second Creditors' Meeting Set for June 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Queen of Sole
Pty Ltd has been set for June 8, 2018, at 11:00 a.m. at the
offices of PKF, 755 Hunter Street, in Newcastle, West 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 7, 2018, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of Queen of
Sole on May 4, 2018.



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B A N G L A D E S H
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DUTCH-BANGLA BANK: Moody's Gives Ba3 LC Deposit Rating
------------------------------------------------------
Moody's Investors Service has assigned a Ba3 local-currency
deposit rating and a B1 long-term foreign currency deposit rating
to Dutch-Bangla Bank Limited (DBBL), which is based in Bangladesh
(Ba3 stable).

Moody's has also assigned Ba3 long-term foreign currency and
local-currency issuer ratings, short-term deposit and issuer
ratings of Not Prime (NP), a baseline credit assessment (BCA) of
b1, adjusted BCA of b1, and counterparty risk (CR) assessment of
Ba3(cr)/NP(cr) to the bank.

The ratings outlook is stable.

RATINGS RATIONALE

The Ba3 long-term local currency deposit and long-term local and
foreign currency issuer ratings assigned to DBBL are one-notch
higher than its BCA of b1, because they incorporate a one-notch
uplift to reflect Moody's assumption of moderate systemic support
for the bank in case of stress. However, its foreign currency
deposit rating is at B1 because Bangladesh's foreign currency
deposit ceiling is capped at that level.

DBBL is a scheduled commercial bank originally set up as a joint
venture between Bangladesh and the Netherlands. DBBL is a medium
sized bank with around a 3% share of system loans and deposits at
the end of 2017.

The b1 BCA reflects DBBL's strong and unique funding franchise,
good liquidity and strong profitability. At the same time, the
BCA also factors in the bank's weak capital, as well as the high
concentration risk in its loan portfolio.

DBBL's funding franchise is strong, driven by sustained
investments in distribution and technology. The strength of its
funding franchise is reflected in its high current and savings
account ratio of 71% at December 31, 2017, as well as its cost of
funding, which is significantly better than its domestic peers.

This strong funding franchise enhances the quality of the bank's
profitability, because revenues from liability products are far
less volatile and therefore less risky when compared to revenues
from asset side products.

Moody's notes that DBBL's profitability is suppressed to an
extent by the investments that the bank is making in its mobile
payments business. DBBL is the second largest player in the
mobile payments space in Bangladesh by volume of transactions,
but this segment of its operations is loss making, because the
bank is still investing in its platform. Moody's will not view
these investments negatively, if they lead to a further
strengthening of DBBL's position in mobile payments.

DBBL also incurs sizeable costs in conducting its corporate
social responsibility activities. Nevertheless, these expenses
are discretionary in nature and can be cut if its core business
profitability is under stress.

The bank's asset quality is in line with domestic banks in
Bangladesh, with a gross nonperforming loan ratio of 4.65% at the
end of 2017. In addition, the relatively moderate loan growth of
the bank compared to domestic peers also points to DBBL's lending
being based on more conservative norms.

At the same time, the bank has a high degree of concentration in
its loan book, with such concentration at levels that are even
higher than the high loan concentration seen in Bangladeshi
Banks; with the latter proving to be a structural characteristic.
Such a situation is a credit negative.

DBBL's capital also represents a credit weakness. Its reported
common equity tier 1 ratio is modest at 9.2% at December 31,
2017. And, the bank's risk-weighted asset density is quite low
when compared to domestic peers. Consequently, its capital levels
are weaker on a leverage basis.

Moody's assessment of systemic support results in a one-notch
uplift to DBBL's ratings to Ba3, a result which is higher than
the bank's BCA of b1.

COUNTERPARTY RISK ASSESSMENT

DBBL's CR Assessment is positioned at Ba3(cr)/NP(cr). CR
assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessments
will be more likely preserved to limit contagion, minimize losses
and avoid disruption of critical functions.

What Could Change the Rating Up/Down

Moody's will consider upgrading DBBL's BCA, if the bank's capital
levels significantly improve and the bank is able to reduce the
concentration risk in its loan book.

Conversely, the BCA and ratings could be lowered if the bank's
asset quality deteriorates.

A summary of DBBL's first-time ratings/inputs as assigned by
Moody's is as follows:

  - Ba3 local currency long-term deposit ratings; outlook stable,
    B1 foreign currency long-term deposit ratings; outlook stable

  - Ba3 local currency and foreign currency long-term issuer
    ratings; outlook stable

  - b1 BCA and b1 adjusted BCA

  - Ba3(cr)/NP(cr) long-term and short-term counterparty risk
    assessments

  - NP local currency and foreign currency short-term deposit
    ratings

  - NP local currency and foreign currency short-term issuer
    ratings

The principal methodology used in these ratings was Banks
published in April 2018.

Headquartered in Dhaka, Dutch-Bangla Bank Limited's consolidated
assets totaled BDT312 billion (approximately $3.8 billion) at 31
December 2017.



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C H I N A
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BANK OF SUZHOU: Moody's Upgrades Long-Term Deposits Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has taken rating actions on nineteen
Chinese commercial banks and four Chinese subsidiaries of
international banks.

Moody's has upgraded by one notch the ratings of the following
banks. Their ratings outlook is stable.

  - to A1 from A2 for the long-term deposits and senior unsecured
debt of Agricultural Bank of China Limited (ABC) and senior
unsecured debt of its Hong Kong and New York branches;

  - to A1 from A2 for the long-term deposits of Postal Savings
Bank of China Co., Ltd. (PSBC);

  - to A2 from A3 for the long-term deposits of Bank of
Communications Co., Ltd. (BoCom) and senior unsecured debt of its
Hong Kong branch;

  - to A3 from Baa1 for the long-term deposits of China Merchants
Bank Co., Ltd. (CMB) and senior unsecured debt of its Hong Kong
branch;

  - to Baa2 from Baa3 for the long-term deposits of Industrial
Bank Co., Ltd. (CIB) and senior unsecured debt of its Hong Kong
branch;

  - to Baa2 from Baa3 for the long-term deposits of Bank of
Shanghai Co., Ltd. (BOSC);

  - to Baa2 from Baa3 for the long-term deposits of Bank of
Ningbo Co., Ltd. (BONB); and

  - to Ba1 from Ba2 for the long-term deposits of Bank of Suzhou
Co., Ltd. (BOSZ).

Moody's has also upgraded by one notch the ratings of the capital
securities of following banks:

  - to Baa2 (hyb) from Baa3 (hyb) for the subordinate debt of
Bank of China Limited (BOC), and Industrial and Commercial Bank
of China Limited (ICBC);

  - to Ba1 (hyb) from Ba2 (hyb) for the non-cumulative preferred
stock of China Construction Bank Corporation (CCB), BOC and ICBC;

  - to Ba2 (hyb) from Ba3 (hyb) for the non-cumulative preferred
stock of PSBC; and

  - to Ba3 (hyb) from B1 (hyb) for the non-cumulative preferred
stock of BoCom.

At the same time, Moody's has affirmed the A1 ratings -- with a
stable outlook -- for the long-term deposits of BOC, CCB, and
ICBC, and the A1 ratings for the senior unsecured debt of the
three banks' overseas branches.

Moody's has changed the outlook to positive from stable, while
affirming the ratings of the following banks:

  - Baa2 for the long-term deposits and senior unsecured debt of
China CITIC Bank Corporation Limited (CITICB);

  - Baa2 for the long-term deposits of China Everbright Bank
Company Limited (CEB); and

  - Baa3 for the long-term deposits of Bank of Nanjing Co., Ltd.
(BONJ).

In addition, Moody's has affirmed the ratings with a stable
outlook of the following banks:

  - Baa2 for the long-term deposits of Ping An Bank Co., Ltd
(PAB);

  - Baa2 for the long-term deposits of Shanghai Pudong
Development Bank Co., Ltd. (SPDB) and senior unsecured debt of
its Hong Kong branch;

  - Baa2 for the long-term deposits of Guangzhou Rural Comm Bank
Co., Ltd. (GZRCB);

  - Baa3 for the long-term deposits of China Guangfa Bank Co.,
Ltd. (CGB); and

  - Ba1 for the long-term deposits of China Zheshang Bank Co.,
Ltd. (CZBANK).

For the following Chinese subsidiaries of four international
banks, Moody's has affirmed their ratings with a stable outlook:

  - A1 for the long-term deposits of HSBC Bank (China) Company
Limited (HBCN);

  - A2 for the long-term deposits of Hang Seng Bank (China)
Limited (HSCN);

  - A3 for the long-term deposits of Bank of Tokyo-Mitsubishi UFJ
(China) Limited (BTCN); and

  - Baa1 for the long-term deposits of Fubon Bank (China) Co.,
Ltd. (FBCN).

Moody's has upgraded by one notch the following baseline credit
assessments (BCAs):

  - to baa1 from baa2 for BOC, CCB, ICBC and HBCN;

  - to baa2 from baa3 for ABC and PSBC;

  - to baa3 from ba1 for BoCom, CMB, HSCN and BTCN;

  - to ba1 from ba2 for BOSC and BONB; and

  - to ba2 from ba3 for CIB, BOSZ and PAB.

In addition, Moody's has affirmed following BCAs:

  - ba1 for GZRCB;

  - ba2 for CITICB, CEB, BONJ, SPDB, and FBCN; and

  - ba3 for CGB and CZBANK.

Moody's took these rating actions after changing the Macro
Profile for China to "Moderate +" from "Moderate", driven by an
improvement from "Strong +" to "Very Strong --" in the country's
banking country risk score. During the past year, Moody's has
raised its economic growth forecasts for China, from the original
expectation of a drop in the growth rate to below 6% in 2019 to
an expectation of 6.4% for the same year.

The growth expectation for 2018 has also been raised to 6.6% from
6.3%. The pace of fast growth in credit since 2008 has been
moderating amid steadying economic growth from the second half of
2016.

China's regulators continue to focus and make progress on de-
risking the financial sector with coordinated measures. This has
resulted in a slowdown in shadow banking activities and has
reduced the interconnectedness among banks and non-bank financial
institutions (NBFIs).

Local Market Analyst

Moody's expects the continued execution of regulatory measures
and the subsequent slowdown in shadow banking and interbank
activities to help reduce systemic risks for the banking system,
a net positive to the Chinese banking sector overall.

The moderation in growth in shadow banking activities and
continued corporate sector deleveraging nevertheless are also
bringing challenges to the banking system. One impact of the
tighter regulations on shadow banking is that some previously
off-balance sheet transactions are migrating back to the banks'
balance sheets as loans with higher capital and provisioning
requirements. Moreover, the deleveraging process is resulting in
elevated default risks among more marginal corporate borrowers.

The banks whose baseline credit assessments have been upgraded by
Moody's are those for which the rating agency judges the net
benefits of reduced systemic risk to more than offset the
transitional challenges of the deleveraging process. In
particular, larger state-owned banks and banks with a strong
retail franchise -- such as CMB -- will likely have more
flexibility in coping with the tighter regulations on shadow
banking and interbank activities.

For medium-sized joint-stock commercial banks other than CMB and
smaller city and rural commercial banks, Moody's judges that
there is an increasing divergence in standalone credit profiles.
Among this group of banks, it has upgraded the baseline credit
assessments of those that are managing the transition well by
virtue of their capital strength, liability franchise, and/or
relatively modest involvement in shadow banking activities.
However, it has affirmed the baseline credit assessments of those
banks where the challenges of the transition are considerable and
the reduction in systemic risks is not enough to raise their
standalone credit fundamentals.

Moody's does not expect to see a material improvement in the
banks' financial metrics in the next 12-18 months. The trend for
asset quality is likely to remain stable rather than improve
materially in the next 12-18 months as deleveraging will
crystalize the default risks of weaker borrowers.

The pressure on the banks' equity capital positions will ease in
general among rated banks as asset growth slows. However, risk-
weighted assets are likely to grow faster than assets as banks
shift their asset mix to loans carrying higher risk weights from
investment in shadow banking products that have been lightly
risk-weighted.

Regulatory constraints on the banks' use of market funding will
become more binding, and price competition for deposits will
intensify, in particular among those lacking a strong deposit
franchise. The negative impact on profitability is likely to be
mitigated by the banks' ability to price loans higher in the face
of higher demand for formal financing and the regulators'
accommodative liquidity management policies, such as the recent
cut of the required reserve rate. Nevertheless, Moody's expects
the recovery of profitability to be modest, given the relatively
high level of credit costs.

Actions on big five banks, and PSBC and CMB

Moody's has upgraded by one notch the BCAs of each of these seven
banks to reflect the improvement of macro risk as captured by the
change of China's Macro Profile to "Moderate +" from "Moderate".

This group of larger banks has stable to improving capital
positions, resilience in asset quality, and relatively low
exposure to shadow banking activities, and hence more flexibility
in coping with the tighter regulations on shadow banking and
interbank activities. Liquid resources remain strong for this
group. Retail deposits accounted for around one third of their
total deposits or more, with PSBC leading the group by reporting
85% at the end of 2017.

BoCom has a weaker funding profile and profitability when
compared to other state-owned Chinese banks. Meanwhile, CMB's
exposure to shadow banking activities is relatively high. Both
banks have these weaker credit factors reflected in their baa3
BCAs.

Moody's continues to factor in a very high level of government
support for this group of banks, resulting in uplifts in their
ratings for long-term deposits: three notches for BOC, CCB, ICBC
and CMB; and four notches for ABC, PSBC, and BoCom. The long-term
deposit ratings of BOC, CCB, and ICBC were already at the same
level as China's A1 sovereign rating prior to this action. This
explains why the upgrade of BCA has not resulted in an upgrade of
the long-term deposit ratings.

The stable outlooks for the seven banks reflect Moody's view that
the government's willingness and ability to support them will
remain broadly unchanged over the next 12-18 months, and that
these banks' BCAs will remain appropriately positioned at their
current levels during this period.

Actions on medium-sized banks (other than CMB) and smaller banks

Moody's observes more divergence in the standalone credit
profiles for this group of banks after the change of the Macro
Profile for China. Individual banks in this group are coping
differently with the challenges of adjusting to tighter
regulations.

  - Upgrading deposit ratings and BCAs of CIB, BOSC, BONB and
BOSZ; affirming deposit rating of PAB with an upgrade of BCA;
outlook stable

Moody's has upgraded by one notch the BCAs of each of the above
five banks after the change of Macro Profile for China to
"Moderate +" from "Moderate".

CIB has reduced its reliance on market funding and shadow banking
activities from a relatively high level compared with its peers.
Its strengthened capital position after a private placement in
2017 and sound profitability enable it to deal with the
challenges in the transition period. Moody's continues to factor
in a very high level of government support to CIB, resulting in
its Baa2 deposit rating benefiting from three notches of support
from its ba2 BCA.

The combination of benign asset quality metrics, equity raising
in recent years, and strong profitability metrics relative to its
peers renders BOSC greater flexibility in coping with challenges
in this transition period. Similarly for BONB, its capital
position is likely to strengthen with the further conversion of
outstanding convertible bonds, slowing asset growth and strong
profitability. While their reliance on market funds remains
relatively high compared to their rated peers, their liquid
resources are adequate. Moody's continues to factor in a high
level of government support to BOSC and BONB, resulting in their
Baa2 deposit ratings benefiting from two notches of support from
their ba1 BCAs.

BOSZ's asset quality has improved, benefiting from local economic
growth, despite a larger exposure to small- and medium-sized
enterprises (SMEs) and the manufacturing sector. Improving asset
quality, a stable capital position and sound liquidity profile
afford the bank flexibility in coping with challenges in the
transition period. The bank has also reduced its reliance on
shadow banking activities. Moody's continues to factor in a
moderate level of government support to BOSZ, resulting in its
Ba1 deposit rating benefiting from one notch of uplift from the
ba2 BCA.

PAB has transformed its business strategy and continued to work
down its legacy exposures in SME loans, resulting in a continued
shift to retail lending. While its nonperforming loan (NPL) ratio
is likely to stay relatively high as the transformation of its
loan mix continues in 2018, the formation of new NPLs is likely
to trend lower.

Moody's has affirmed PAB's deposit rating at Baa2 despite
upgrading its BCA to ba2 from ba3. Moody's factors in a very high
level of affiliate support from its parent Ping An Insurance
(Group) Company of China, Ltd. and a moderate level of government
support, resulting in a two-notch uplift from affiliate support
and a one-notch uplift from the government support.

The stable outlooks for the five banks reflect Moody's view that
the government's (and in the case of PAB, the parent's)
willingness and ability to support them will remain broadly
unchanged over the next 12-18 months, and that these banks' BCAs
will remain appropriately positioned at their current levels
during this period.

  - Changing outlook to positive from stable while affirming
ratings and BCAs of CITICB, CEB and BONJ

Moody's has observed positive and rapid shifts in CITICB's and
CEB's balance sheets away from reliance on market funding and
shadow banking activities. Nevertheless, both banks have
relatively modest capital positions and are seeing further
pressure on capital as risk-weighted assets rise more rapidly
than assets. While affirming their deposit ratings and BCAs,
Moody's has revised the rating outlook to positive from stable to
reflect both banks' improving asset quality and liquidity.
Moody's continues to factor in a very high level of government
support, resulting in each bank's Baa2 deposit ratings benefiting
from three notches of support from the ba2 BCAs.

BONJ's growing deposit base and sound profitability will enable
the bank to adjust to the tighter regulations on shadow banking
and interbank activities. Nevertheless, the bank's exposure to
shadow banking activities remains higher than most of its peers,
and its liquid resources are declining as the bank makes more
loans and invests in longer-tenor assets. While affirming its
deposit rating and BCA, Moody's has revised the rating outlook to
positive from stable to reflect the potential improvement of its
capital position after a planned private placement of common
shares. Moody's continues to factor in a high level of government
support to BONJ, resulting in its Baa3 deposit ratings benefiting
from two notches of support from the ba2 BCA.

  - Affirming deposit ratings and BCAs of SPDB, GZRCB, CGB, and
CZBANK; outlook stable

For the four banks, the improvement of macro risks as captured by
the change of Macro Profile for China to "Moderate +" from
"Moderate" is not strong enough to support an upgrade of their
BCAs.

The affirmation of SPDB's BCA reflects the challenges it is
facing, especially the effort required to adjust its reliance on
market funding, and pressure on its asset quality. This is
despite the positive impact from easing macro risks, sound
profitability, an improved capital position, slower asset growth
and reduced shadow banking activities. Moody's continues to
factor in a very high level of government support to SPDB,
resulting in its Baa2 deposit rating benefiting from three
notches of support from the ba2 BCA.

Moody's assigned its first-time rating to GZRCB in April and the
bank's credit trends have remained stable since then. GZRCB's ba1
BCA reflects the bank's established deposit base, adequate liquid
resources, improving asset quality, and strengthened capital
ratios following its listing on the Hong Kong Stock Exchange. The
BCA also considers the risks arising from the bank's rapid loan
growth, its large exposure to SMEs and its weak profitability
when compared to its rated peers. Moody's continues to factor in
a high level of government support to GZRCB, resulting in its
Baa2 deposit rating benefiting from two notches of support from
the ba1 BCA.

CGB's asset risk remains high and its lowering reliance on market
funding remains a challenge. A planned equity placement could
help address some of these challenges. Moody's continues to
factor in a high level of affiliate support from its largest
shareholder, China Life Insurance Company Limited, and a moderate
level of government support to CGB, resulting in a two-notch
uplift from affiliate support and a one-notch uplift from
government support.

The affirmation of CZBANK's ba3 BCA reflects the challenges it is
facing, especially the effort required to reduce its reliance on
market funding and shadow banking products. While the bank has
slowed the growth of assets, reduced its shadow banking
activities and its reliance on market funding and long-tenor
investments, its deposit franchise remains weak compared with
most of its peers and its exposure to shadow banking activities
remains relatively high.

The bank is also expanding its loans at a much faster rate than
the system average, thereby challenging its asset quality and
capital position. Moody's continues to factor in a high level of
government support to CZBANK, resulting in its Ba1 deposit rating
benefiting from two notches of support from the ba3 BCA.

The stable outlooks for the four banks reflect Moody's view that
the government's (and in the case of CGB, its largest
shareholder's) willingness and ability to support them will
remain broadly unchanged over the next 12-18 months, and that
these banks' BCAs will remain appropriately positioned at their
current levels during this period.

Actions on Chinese subsidiaries of international banks

HBCN, HSCN and BTCN have very low exposure to shadow banking
activities, solid capital positions and adequate liquid
resources. These features help the banks' credit profiles as the
Chinese banking sector adjusts to the tighter regulations on
shadow banking and interbank activities. Moody's has upgraded the
BCAs by one notch to baa1 for HBCN and baa3 for HSCN and BTCN.
Moody's continues to factor in a very high level of affiliate
support from the parent banks to the three banks, resulting in
uplifts in ratings of long-term deposits: three notches for HBCN
and BTCN; and four notches for HSCN.

The affirmation of FBCN's ba2 BCA after the change of the Macro
Profile for China reflects the challenges the bank faces due to
its limited funding resources and weak profitability. On the
other hand, the bank has shown an improvement in asset quality, a
solid capital ratio despite a decline in 2017, adequate liquid
resources, and a decline in its reliance on market funding.
Moody's continues to factor in a very high level of affiliate
support from the parent bank to FBCN, resulting in its Baa1
deposit rating benefiting from four notches of support from the
ba2 BCA.

The stable outlooks for the four banks reflect Moody's view that
the parent banks' willingness and ability to support them will
remain broadly unchanged over the next 12-18 months, and that
these banks' BCAs will remain appropriately positioned at their
current levels during this period.

WHAT COULD MOVE THE RATING UP/DOWN

The long-term deposit ratings of ABC, BOC, CCB, ICBC and PSBC are
at the same level of the sovereign rating after factoring in a
very high level of government support. Hence, there could be
upward pressure on the deposit ratings should the Chinese
government's capability, as reflected in the Chinese sovereign
rating, to support the banks strengthen.

In addition to ABC, BOC, CCB, ICBC and PSBC, other banks -- with
the exception of the Chinese subsidiaries of the four
international banks -- have ratings incorporating various levels
of government support. There could be upward or downward pressure
on their deposit ratings should the Chinese government's
capability or willingness to support the banks strengthen or
weaken.

Furthermore, should the operating environment weaken materially,
for example, if China's economic growth moderates or corporate
financial leverage continues to increase, then there would be
negative pressure on the banks' BCAs.

More bank-specific rating triggers are summarized below.

ABC

The bank's BCA could experience upward pressure if (1) it
continues to show improvements in its asset-quality trends and
profitability; and/or (2) its capital strengthens as a result of
the announced private placement of common shares and sound growth
of risk-weighted assets (RWAs), with an improvement in its
tangible common equity (TCE) capital ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken materially; and/or (2) its
capital weakens, with a deterioration in the TCE capital ratio
because of a failure to raise capital as planned or excessive
growth of RWAs.

BOC

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of the formation of problem
loans, continues to improve; (2) its profitability, as measured
by the return on assets, improves; and/or (3) its capital
strengthens, with an improvement in its TCE capital ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken materially; and/or (2) its
capital weakens, with a deterioration in its TCE capital ratio.

CCB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
continues to improve; (2) its profitability, as measured by the
return on assets, remains resilient; and/or (3) its capital
continues to strengthen, with an improvement in its TCE capital
ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken materially; and/or (2) its
capital weakens, with a deterioration in its TCE capital ratio.

ICBC

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
continues to improve; (2) its profitability, as measured by the
return on assets, remains resilient; and/or (3) its capital
continues to strengthen, with an improvement in its TCE capital
ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken materially; and/or (2) its
capital weakens, with a deterioration in its TCE capital ratio.

PSBC

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
remains healthy as its rapidly growing loan portfolio seasons;
and/or (2) its capital strengthens, as a result of its A-share
listing and the sound growth of its risk-weighted assets (RWAs),
with an improvement in its TCE capital ratio.

PSBC's long-term deposit rating could be downgraded if China Post
Group significantly dilutes its stake in the bank. The bank's BCA
could also experience downward pressure if (1) its asset quality
deteriorates, owing to operational risks; (2) profitability
weakens materially; and/or (3) its capital weakens, with a
deterioration in its TCE capital ratio because of a failure to
raise capital as planned or excessive growth of RWAs.

BoCom

The bank's BCA could experience upward pressure if (1) its
funding profile improves, with its market funds/tangible banking
assets ratio declining to below 25%; (2) its profitability, as
measured by return on assets, improves; and/or (3) its asset
quality, capital and liquid resources ratios remain stable.

The bank's BCA could experience downward pressure if (1) its
reliance on market funds increases rapidly; and/or (2) asset
quality, profitability and capitalization weaken materially.

CMB

The bank's BCA could experience upward pressure if its asset
quality and capitalization continue to improve while
profitability and liquidity remain resilient.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken; (2) its capital weakens
materially because of rapid asset growth; (3) its reliance on
market funding increases; and/or (4) its off-balance sheet
wealth-management product exposures impact negatively on its
liquidity position.

CIB

The bank's BCA could experience upward pressure if (1) its
funding structure improves significantly; (2) its asset quality,
as measured by the rate of formation of problem loans, and
profitability, as measured by return on assets, remain resilient;
and/or (3) its capital strengthens, with an improvement in its
TCE capital ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality, capitalization and profitability weaken
materially; and/or (2) its funding structure deteriorates.

BOSC

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
remains healthy; (2) its capital position remains robust while
profitability strengthens; and/or (3) its liquidity profile
improves.

The bank's BCA could experience downward pressure if (1) its
asset quality deteriorates; (2) its capital position weakens
owing to rapid asset growth; and/or (3) its reliance on market
funding increases.

BONB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
remains healthy; (2) its capital position remains robust while
profitability strengthens; and/or (3) its liquidity profile
improves.

The bank's BCA could experience downward pressure if (1) its
asset quality deteriorates; (2) its capital position weakens
owing to rapid asset growth; and/or (3) its reliance on market
funding increases.

BOSZ

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
and profitability, as measured by return on assets, remain
resilient; and/or (2) its capital strengthens, with an
improvement in its TCE capital ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality deteriorates; (2) its capital position weakens
owing to rapid asset growth; and/or (3) its reliance on market
funding increases.

PAB

The bank's BCA and deposit rating could experience upward
pressure if the bank's (1) asset quality, as measured by new
problem loan formation, and profitability, as measured by return
on average assets, remain resilient; and/or (2) capital
strengthens.

The bank's deposit ratings incorporate a very high level of
parental support. Consequently, any weakening in the parent's
capacity to provide support to the bank or a decrease in the
bank's strategic importance to the parent would put negative
pressure on the bank's ratings.

The bank's BCA and deposit ratings could also experience downward
pressure if (1) its asset-quality deteriorates; (2) its capital
position weakens owing to rapid asset growth; and/or (3) its
reliance on wholesale funding increases.

CITICB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
remains healthy while its asset mix adjusts to the regulatory
reform of the shadow banking and interbank activities; (2) its
profitability, as measured by the return on assets, remains
resilient; (3) its capital strengthens, as a result of capital-
raising and restrained growth of RWAs, with an improvement in it
TCE capital ratio; and/or (4) its reliance on market funding
continues to decrease, with an improvement in its market
funds/tangible banking assets ratio.

The bank's deposit rating could be downgraded if CITIC Group
Corporation (A3 negative) significantly dilutes its stake in the
bank. The bank's BCA could experience downward pressure if (1)
its asset quality and profitability weaken materially; (2) its
capital weakens, with a deterioration in its TCE capital ratio;
and/or (3) its reliance on market funding increases, with a
deterioration in its market funds/tangible banking assets ratio.

CEB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
remains healthy, while its asset mix adjusts to the regulatory
reform of shadow banking and interbank activities; (2) its
profitability, as measured by the return on assets, remains
resilient; (3) its capital strengthens, as a result of restrained
growth in risk-weighted assets (RWAs), with an improvement in its
TCE capital ratio; and/or (4) its reliance on market funding
continues to decrease, with an improvement in its market
funds/tangible banking assets ratio.

The bank's deposit rating could be downgraded if China Everbright
Group significantly dilutes its stake in the bank. The bank's BCA
could experience downward pressure if (1) its asset quality and
profitability weaken materially; (2) its capital weakens, with a
deterioration in its TCE capital ratio; and/or (3) its reliance
on market funding increases, with a deterioration in its market
funds/tangible banking assets ratio.

BONJ

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
and profitability, as measured by the return on assets, remain
resilient; (2) its capital position strengthens materially;
and/or (3) its liquidity profile remains stable.

The bank's BCA could experience downward pressure if (1) its
solvency or liquidity indicators weaken while adjusting to
tighter regulations on shadow banking and interbank activities;
(2) its asset quality and profitability weaken materially; (3)
its RWAs grow fast and lead to a weaker capital position; and/or
(4) its liquidity condition deteriorates.

SPDB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
improves; (2) its profitability, as measured by the return on
assets, remains resilient; (3) its capital further strengthens,
as a result of capital-raising and sound growth of RWAs, with an
improvement in its TCE capital ratio; and/or (4) its reliance on
market funding decreases, with an improvement in its market
funds/tangible banking assets ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality deteriorates; (2) its capital position weakens
owing to rapid asset growth; and/or (3) its reliance on market
funding increases.

GZRCB

The bank's BCA could experience upward pressure if (1) its asset
quality, as measured by the rate of formation of problem loans,
and profitability, as measured by the return on assets, improve;
and/or (2) capital strengthens, with an improvement in its TCE
capital ratio.

The bank's BCA could experience downward pressure if (1) its
asset quality and profitability weaken materially; and/or (2) its
capital position weakens.

CGB

The bank's deposit rating incorporates a high level of affiliate
support. Consequently, an increase in the bank's strategic
importance to the China Life Group could exert upward pressure on
its ratings. The bank's BCA could experience upward pressure if
its asset quality, profitability and funding profile improve
while its capital position strengthens.

A reduction in the bank's strategic importance to the China Life
Group could pressure downward the bank's ratings. The bank's BCA
could experience downward pressure if (1) its asset quality, as
measured by the rate of formation of problem loans, deteriorates;
(2) its capital position weakens owing to rapid asset growth;
and/or (3) its reliance on market funding continues to increase.

CZBANK

The bank's BCA could experience upward pressure if (1) its asset
quality remains stable while profitability improves; (2) its
capital position strengthens with RWA growth slowing to around
15%; and/or (3) its deposit base continues to grow and the
maturity profiles of its funding and investments are better
aligned.

The bank's BCA could experience downward pressure if (1) its
asset quality, profitability and capital weaken materially;
and/or (2) its liquidity position deteriorates significantly.

HBCN

The bank's deposit rating incorporates a very high level of
parental support. Hence, the bank's ratings could be upgraded if
the parent's BCA is upgraded. The bank's BCA could experience
upward pressure if its asset quality, profitability, and capital
position improve further.

The bank's deposit rating could be downgraded if its parent's
rating is downgraded. The bank's BCA could experience downward
pressure if (1) its asset quality and profitability weaken
materially; and/or (2) its capital position weakens
significantly.

HSCN

The bank's deposit rating incorporates a very high level of
parental support. Hence, the bank's ratings could be upgraded if
the parent's BCA is upgraded. The bank's BCA could experience
upward pressure if (1) its funding structure improves, with solid
growth in core deposits; (2) its profitability, as measured by
the return on assets, improves; and/or (3) its asset quality and
capital adequacy improve further.

The bank's deposit rating could be downgraded if its parent's
rating is downgraded. The bank's BCA could experience downward
pressure if (1) its funding structure, as measured by market
funds/tangible banking assets, deteriorates; (2) its asset
quality and profitability weaken materially; and/or (3) its
capital position weakens significantly.

BTCN

The bank's deposit rating incorporates a very high level of
parental support. Hence, the bank's ratings could be upgraded if
the parent's BCA is upgraded. The bank's BCA could experience
upward pressure if it maintains sound financial metrics and its
business diversification improves.

The bank's ratings could be downgraded if its parent's rating is
downgraded. The bank's BCA could experience downward pressure if
(1) its asset quality, as measured by the rate of formation of
problem loans, deteriorates; and/or (2) its capitalization
weakens, with the TCE capital ratio falling below 12%.

FBCN

The bank's deposit rating incorporates a very high level of
parental support. Hence, the bank's ratings could be upgraded if
the parent's BCA is upgraded. The bank's BCA could experience
upward pressure if (1) its asset quality, profitability and
liquidity profile remains stable while its capital position
strengthens; and/or (2) its deposit franchise improves with a
lowering of cost of liabilities.

The bank's ratings could be downgraded if the parent's rating is
downgraded. The bank's BCA could experience downward pressure if
(1) its capital position weakens, with the TCE capital ratio
falling below 10%; (2) its asset quality, as measured by the rate
of formation of problem loans, deteriorate; and/or (3) its net
income falls below 0.2% of tangible assets.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in April 2018.

BANK PROFILES

ABC is a state-owned commercial bank headquartered in Beijing. It
reported total assets of RMB21.0 trillion as of the end of 2017.
The bank is a global systemically important bank, as identified
by the Financial Stability Board.

BOC is a state-owned commercial bank headquartered in Beijing. It
reported total assets of RMB19.5 trillion as of the end of 2017.
The bank is a global systemically important bank, as identified
by the Financial Stability Board.

CCB is a state-owned commercial bank headquartered in Beijing. It
reported total assets of RMB22.1 trillion as of the end of 2017.
The bank is a global systemically important bank, as designated
by the Financial Stability Board.

ICBC is a state-owned commercial bank headquartered in Beijing.
It reported total assets of RMB26.0 trillion as of the end of
2017. The bank is a global systemically important bank, as
designated by the Financial Stability Board.

PSBC is a state-owned commercial bank headquartered in Beijing.
It reported total assets of RMB9.0 trillion as of the end of
2017.

BoCom is a state-owned commercial bank headquartered in Shanghai.
It reported total assets of RMB9.0 trillion as of the end of
2017.

CMB is a joint-stock commercial bank headquartered in Shenzhen.
It reported total assets of RMB6.3 trillion as of the end of
2017.

CIB is a joint-stock commercial bank headquartered in Fuzhou
city, Fujian province. It reported total assets of RMB6.4
trillion as of the end of 2017.

BOSC is a city commercial bank headquartered in Shanghai. It
reported total assets of RMB1.8 trillion as of the end of 2017.

BONB is a city commercial bank headquartered in Ningbo city,
Zhejiang province. It reported total assets of RMB1.0 trillion as
of the end of 2017.

BOSZ is a city commercial bank headquartered in Suzhou city,
Jiangsu Province. It reported total assets of RMB284 billion as
of the end of 2017.

PAB is a joint-stock commercial bank headquartered in Shenzhen.
It reported total assets of RMB3.2 trillion as of the end of
2017.

CITICB is a joint-stock commercial bank headquartered in Beijing.
It reported total assets of RMB5.7 trillion as of the end of
2017.

CEB is a joint-stock commercial bank headquartered in Beijing. It
reported total assets of RMB4.1 trillion as of the end of 2017.

BONJ is a city commercial bank headquartered in Nanjing city,
Jiangsu Province. It reported total assets of RMB1.1 trillion as
of the end of 2017.

SPDB is a joint-stock commercial bank headquartered in Shanghai.
It reported total assets of RMB6.1 trillion as of the end of
2017.

GZRCB is a rural commercial bank headquartered in Guangzhou city,
Guangdong Province. It reported total assets of RMB736 billion as
of the end of 2017.

CGB is a joint-stock commercial bank headquartered in Guangzhou
city, Guangdong province. It reported total assets of RMB2.1
trillion as of the end of 2017.

CZBANK is a joint-stock commercial bank headquartered in Hangzhou
city, Zhejiang province. It reported total assets of RMB1.5
trillion as of the end of 2017.

HBCN is headquartered in Shanghai. It reported total assets of
RMB468 billion as of the end of 2017.

HSCN is headquartered in Shanghai. It reported total assets of
RMB98 billion as of the end of 2017.

BTCN is headquartered in Shanghai. It reported total assets of
RMB185 billion as of the end of 2017.

FBCN is headquartered in Shanghai. It reported total assets of
RMB72 billion as of the end of 2017.


CHERY AUTOMOBILE: Seeking Buyers for Majority Shares
-----------------------------------------------------
An Limin and Jason Tan at Caixin report that cash-strapped state-
owned automaker Chery Automobile Co. Ltd. is looking for
strategic investors to buy a controlling stake in the company for
at least CNY20 billion ($3.1 billion), sources said.

Caixin relates that the deal, which is expected to be sealed in
June, will see the Anhui provincial government relinquish its
control over the company -- although it will retain veto powers
to ensure the company does not move operations out of the East
China province.

Chery Automobile Co., Ltd. manufactures and sells passenger cars,
automobile components, and engines. The company also manufactures
required raw material, machinery, and spare parts. It also
exports its products to approximately 80 countries worldwide.


DALIAN WANDA: S&P Alters Outlook to Stable, Affirms 'BB' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Dalian Wanda Commercial
Management Group Co. Ltd. (Wanda Commercial) and Wanda Commercial
Properties (Hong Kong) Co. Ltd. (Wanda HK) to stable from
negative. S&P said, "At the same time, we affirmed the 'BB' long-
term issuer credit rating on Wanda Commercial and the 'BB-' long-
term issuer credit rating on Wanda HK. We also affirmed the 'B+'
long-term issue rating on the senior unsecured notes that Wanda
HK guarantees."

China-based Wanda Commercial and its Hong Kong-based subsidiary
Wanda HK are commercial property owners and operators. Wanda
Commercial also has property development operations, which are
declining in scale.

S&P said, "We revised the outlooks because we believe Wanda
Commercial's offshore liquidity situation has improved
significantly. According to Wanda Commercial, it has fully repaid
its US$1.7 billion offshore syndicated loan. We believe that
Wanda Commercial has sufficient funds to meet the repayment or
refinance its US$600 million offshore senior unsecured notes due
November 2018. We revised the outlook on Wanda HK to stable in
tandem with the parent.

"We affirmed the ratings on both entities because we expect Wanda
Commercial to maintain a degree of financial discipline, such
that its financial leverage will remain at 4.5x-5.0x over the
next one to two years. This means that the company should be able
to control its expansion appetite and balance capital spending
with cash generation from rental income and property sales. We
also expect the company to maintain a relatively steady business
model of focusing on investment and management of commercial
properties.

"In our view, Wanda Commercial's cash flow from residential
property sales will decline materially to about Chinese renminbi
(RMB) 60 billion per year in 2018 and 2019 from over RMB90
billion in 2017. While this deterioration will be partially
offset by growing rental income, overall operating cash flow is
also likely to decline, in our view. We expect the company to
maintain high capital expenditure over the next one to two years
to support its ambitious target of opening 40-50 new malls per
year.

"We expect Wanda Commercial to maintain a high debt and high cash
position over the next one to two years, given rising funding
costs. The company's financial risk profile will therefore depend
upon the company's ability to offload commercial property assets
to investors, in line with its vision of becoming an asset-light
property operator and manager.

"Wanda Commercial's financial leverage may rise above our base
case if the company appears unwilling to reduce capital spending
or its ability to dispose of assets is weaker than we expected.
At the same time, we have not included any uncontracted asset
sales in our base case. If these sales materialize, the company's
financial leverage position could significantly improve.

"We believe the introduction of a new group of minority
shareholders in January 2017 has improved the company's
stability. The new investors own a stake of 14.4% and are a
consortium of Tencent Holdings Ltd., Sunac China Holdings Ltd.,
Suning.com Co. Ltd., and JD.com Inc. The consortium relieves the
pressure on Wanda Commercial to relist on the Shanghai Stock
Exchange in the next one to two years. According to Wanda
Commercial, the new investor group has no financial return
guarantee or pre-set exit through public listing.

"We expect the new investor group to play a more active role in
the governance of Wanda Commercial and help ensure a higher
degree of financial independence and separation from Dalian Wanda
Group. This may include appointing the board of directors, having
voting rights in key strategic decisions of the company, and
having a more strategic business partnership with Wanda
Commercial over time.

"At the same time, we do not expect Dalian Wanda Group to
aggressively extract cash or financial support from Wanda
Commercial. In our view, the group has a strong incentive to
preserve the financial strength of Wanda Commercial, given it is
the group's flagship subsidiary and largest income generator, and
has a continued interest in relisting onshore.

"The stable outlooks on Wanda Commercial and Wanda HK reflect our
view that Wanda Commercial will be able to expand its rental
income over the next one to two years. We also expect the company
to maintain a prudent management plan such that its financial
leverage and business model remain fairly stable over the same
period.

"We may lower the ratings on Wanda Commercial and Wanda HK if
Wanda Commercial's expansion appetite is more aggressive than we
anticipated, leading to rising financial leverage. This could
happen if Wanda Commercial's execution of its asset-light model
is weaker than we anticipated, leading to the company holding on
to a substantial share of project loans on its balance sheet. A
debt-to-EBITDA ratio of above 6.0x on a sustained basis could
indicate such a weakness.

"We may also lower the rating if shareholders exert pressure on
Wanda Commercial to provide shareholder-friendly measures, such
as large dividend payments or funding for joint-venture projects.

"We may raise the rating if Wanda Commercial's rental income
continues to grow, leading to positive free cash flow despite
lower sales. An indication of this could be a ratio of debt to
EBITDA below 4.0x on a sustained basis. At the same time, we
would expect the company to improve its financial transparency
and show a track record of prudent financial management. In
addition, the group credit profile of Dalian Wanda Group would
also need to improve in tandem."


OCEANWIDE HOLDINGS: S&P Lowers ICR to 'CCC'; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based property developer and financial holdings group
Oceanwide Holdings Co. Ltd. (Oceanwide) to 'CCC' from 'B-'. At
the same time, S&P lowered its long-term issue rating on
Oceanwide's outstanding senior unsecured notes to 'CCC-' from
'CCC+'.

S&P said, "We downgraded Oceanwide because we expect the company
to face significant uncertainties over refinancing its large
outstanding debt maturities, especially its US$200 million senior
notes due in July 2018 and US$600 million senior notes puttable
in August 2018. We believe the company currently has insufficient
offshore cash and liquid assets to support the above repayments,
and we view the prospects for refinancing as unclear at this
stage.

"In our view, direct refinancing for Oceanwide's US$800 million
senior notes in the next few months could be challenging for the
company given the large notional amount and currently tight
funding environment in offshore debt markets. We believe the
company will need to explore other options such as asset sales or
"Neibaowaidai" (borrowing offshore based on onshore cash
collateral) to meet the repayment requirements.

"We see the company's readily available liquidity sources in the
form of offshore cash and tradable securities as limited. The
company may receive liquidity support from its parent company,
China Oceanwide Holdings Group, but the amount and timing of such
support is uncertain, in our view.

"In addition, we estimate that Oceanwide has Chinese renminbi
(RMB) 34 billion of onshore debt maturing in the remainder of
2018, after refinancing around RMB11 billion in the first quarter
of 2018. Around 50% of the company's total outstanding borrowings
are in trust loans, which should become more difficult to obtain
given the ongoing regulatory tightening around alternative
financing. This makes Oceanwide very dependent on establishing
new credit lines in the form of standard bank loans, which may
take time and are subject to additional procedural scrutiny.
Other methods, such as additional equity financing from new
strategic investors are also uncertain, in our view. In April
2018, Oceanwide signed an agreement with a strategic investor to
receive RMB3 billion for a minority interest in its Wuhan Central
Business District subsidiary. However, this is insufficient to
alleviate refinancing pressure and the company is likely to need
further funding, in our view."

Oceanwide's property inventories with combined saleable resources
of RMB27 billion in 2018 may provide some cash flow relief.
However, S&P believes there is slippage risk given Beijing and
Shanghai are subject to strict policy restrictions. For example,
the company did not obtain sales permits in the two cities in
2017, which heavily affected its contracted sales and cash
collection. Even if the company obtains a sales permit in
Shanghai in the next few weeks, it may not be timely and
sufficient to cover debt repayments on top of ongoing
construction costs, operating expenses, and interest payments.

Despite an improving operational performance in the company's
financial services segment, the cash dividends from its
subsidiaries are minimal compared to outstanding debt maturities
in the next two years.

S&P said, "We expect the leverage of Oceanwide's nonfinancial
services segment to stay above 20x in 2018 and EBITDA interest
coverage to stay below 0.8x. Moreover, the company has another
RMB25 billion of maturing debt in 2019. In our view, the
prospects of Oceanwide being able to deleverage meaningfully is
remote in the next 12 months, unless it makes significant
progress in raising equity.

"The negative outlook on Oceanwide reflects our expectation that
the company's debt maturing in 2018 will continue to strain its
liquidity. In our view, refinancing will be dependent on external
capital market conditions, including equity raising, potential
asset sales, and favorable credit conditions for new financing,
as the company's own free cash flow is insufficient to service
its debt.

"We could lower the rating if Oceanwide is not able to
communicate and execute a refinancing plan such that we believe
it will encounter issues with repaying its debt, especially its
offshore U.S.-dollar senior notes. This could happen if new bank
debt drawdowns and sales permits for its projects fail to
materialize.

"We could revise the outlook to stable or upgrade Oceanwide if
the company successfully executes its refinancing plans to
address short-term debt repayment and demonstrates a more
comprehensive plan to improve the sustainability of its capital
structure. We could also revise the outlook to stable or upgrade
the company if property sales or its financial service segment
outperform our expectations and start to generate meaningful free
cash flow to service its debt."



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


AB&CO GLOBAL: ICRA Migrates D Ratings to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the rating for the bank facilities of AB&Co Global
Private Limited to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund based-       (25.00)     [ICRA]D ISSUER NOT COOPERATING;
   Buyers Credit                 Rating moved to the 'Issuer Not
                                 Cooperating' category

   Non-Fund Based-    50.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating moved to the 'Issuer Not
                                 Cooperating' category

   Non-Fund Based-   (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating moved to the 'Issuer Not
                                 Cooperating' category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with AB&Co, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on limited information on the entity's
performance since the time it was last rated in December 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

AB&Co Global Private Limited (AB&Co) was initially incorporated
in the name of Navib Constrade Pvt. Ltd. in the year 1997. In
2001, its name was changed to AB&Co Advisors Pvt. Ltd. In 2011,
the company was renamed as 'AB&Co Global Private Limited'. AB&Co
trades in various products such as raw cotton, mild steel ingots,
angles, plates, rounds, chemicals, IT products and copper,
depending upon the demand scenario. The company sells its
products primarily in the domestic market. The major customers of
AB&Co are domestic textile, engineering and chemical companies.
From FY13 onwards, the company diversified into civil
construction business to reduce its dependence on trading
operations.


AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Agarwal Life
Sciences Private Limited's Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit affirmed with IND
     BB+/Stable/IND A4+ rating; and

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

KEY RATING DRIVERS

The affirmation reflects Agarwal Life's continuous low revenue
base due to its small scale of operations. Over 60% of revenue
comes from manufacturing whereas 30%-40% of revenue comes from
trading. According to FY18 provisional financials, revenue
improved to INR220.80 million (FY17: INR200.29 million, FY16:
INR215.62 million) due to an increase in orders from new
customers.

However, the ratings are supported by the company's comfortable
EBITDA margin, which in the absence of term loan results in
modest credit metrics. The EBITDA margin has been in the range of
5%-8% since FY14 (FY18: 7.4%; FY17: 4.7%). The profitability
improved in FY18 on account of the increase in revenue from the
manufacturing business. The coverage ratio (operating
EBITDA/gross interest expense) in FY18 was 5.7x (FY17: 3.5x,
FY16: 5.3x) and net leverage (adjusted net debt/operating
EBITDAR) was 2.4x (2.6x, 2.0x).

The ratings are also supported by Agarwal Life's comfortable
liquidity and promoters' over 10 years of experience in the
pharmaceutical industry. Its maximum average bank limit
utilization was 40% over the 12 months ended April 2018.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue with stable
profitability leading to an improvement in the credit profile on
a sustained basis will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2010, Agarwal Life is engaged in the
manufacturing of active pharmaceutical ingredients and trading of
lube additives. The company has manufacturing facility in Boiser,
Maharashtra.


AGRAWAL OIL: ICRA Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Agrawal Oil and General Industries (AOGI) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       10.00       [ICRA]D, ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category

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

Established in 1982, Agrawal Oil and general Industries (AOGI) is
a partnership firm promoted by Mr. Sanjay Agrawal. The firm is
engaged in crushing of cotton seeds to produce cotton seed wash
oil and cotton seed cake. The manufacturing facility of the firm
is located in Amravati district of Maharashtra with an installed
crushing capacity of 1500 quintal per day.


AINAJ INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Ainaj
Industries (Ainaj) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           17       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Ainaj 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.

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 Ainaj Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Ainaj 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
facility of Ainaj Industries to CRISIL B/Stable Issuer not
cooperating'.

Ainaj, established in 1997 and based in Radhanpur, Gujarat, was
set up as a partnership firm by Mr Dayaram Thakkar, Mr Vasant
Thakkar, Mr Dinesh Thakkar, Mr Suresh Thakkar, and Mr Rajesh
Thakkar. In 2010, four partners withdrew their capital and Ainaj
was reconstituted as a proprietorship firm of Mr Suresh Thakkar.

It gins and presses cotton, and extracts oil from seeds. It has
installed capacity of 36,000 tonne per annum for cotton bales and
3000 tonne per annum for cotton oil.


AL NAFEES: CRISIL Migrates D Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Al Nafees
Frozen Food Exports Private Limited to CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Cash Credit           233        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Foreign Bill           50        CRISIL D (Issuer Not
   Discounting                      Cooperating; Rating Migrated)

   Letter of Credit        7        CRISIL D (Issuer Not
   Bill Discounting                 Cooperating; Rating Migrated)

   Proposed Long Term     60        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)


CRISIL has been consistently following up with Al Nafees Frozen
Food Exports Private Limited (ANFF) for obtaining information
through letters and emails dated January 15, 2018, May 10, 2018
and May 15, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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 Al Nafees Frozen Food Exports
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Al Nafees Frozen Food Exports
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 Al Nafees Frozen Food Exports Private Limited to
CRISIL D/CRISIL D Issuer not cooperating'.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.


ASHRITHA HEALTH: ICRA Moves D Rating to Not Cooperating Cat.
------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Ashritha Health Care Pvt Ltd (AHPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        9.65       [ICRA]D; ISSUER NOT COOPERATING;
   Loan Term                    Rating moved to the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2012, AHPL is promoted by its Dr. Bhargavi Reddy
(MBBS, MD) and Dr. Shekhar Reddy (BDS). The promoters also run a
25-bedded hospital on a rented premise in Thippasandra, Bangaluru
names "Dr Bhargavi Reddy Women and Childcare Hospital". The
hospital provides treatment in various department viz.
gynecology, pediatrics, general physician among others.


EAST INDIA: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of East India
Packaging Private Limited (EIPPL) to CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.78      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       7.16      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    .06      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

CRISIL has been consistently following up with EIPPL 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.

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 East India Packaging Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on East India Packaging 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 East India Packaging Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

EIPPL was incorporated in 2010 by the Kolkata-based Jhawar
family. The company commenced operations in June' 2014 and
manufactures corrugated boxes which are used for industrial
packaging. Its manufacturing facility is located at Haldia (West
Bengal) with total installed capacity of 1200 ton/month. EIPPL's
daily operations are managed by its promoter director, Mr. Shashi
Kant Jhawar, and Mr. Suresh Kumar Jhawar.


FAIZABAD NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Faizabad Nagar
Palika Parishad's (FNPP) Long-Term Issuer Rating of 'IND BB'. The
Rating was placed on Rating Watch Negative (RWN).

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) programme and no
specific debt was issued against the rating.

COMPANY PROFILE

FNPP is the governing body of the city of Faizabad in Uttar
Pradesh. According to the 2011 census, Faizabad had an average
literacy rate of 84.03% and a sex ratio of 920 females per 1,000
males.


GANESH DIAGNOSTIC: CRISIL Cuts Rating on INR7.47MM LT Loan to D
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India (SEBI) guidelines, CRISIL had migrated
its ratings on the bank facilities of Ganesh Diagnostic and
Imaging Centre Private Limited (GDICPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
company's management has started sharing the information
necessary for a comprehensive review of the ratings. Hence,
CRISIL is downgraded the ratings from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan      7.47       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable' Issuer
                                  Not Cooperating)

   Overdraft           4.95       CRISIL D (Downgraded from
                                  'CRISIL A4' Issuer Not
                                  Cooperating')

   Proposed Long Term   .08       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B+/Stable' Issuer
                                  Not Cooperating)

The downgrade reflects instances of delay by the company in
servicing its term loan in the past three months.

The company also has a modest scale of operations and large
working capital requirement. However, it benefits from the
extensive experience of its promoters in the diagnostics segment,
and its established clientele.

Key Rating Drivers & Detailed Description

* Delay in servicing term debt: There have been instances of
delay in debt servicing because of stretched liquidity. That's
primarily due to working capital intensive operations.

Weaknesses:

* Modest scale of operations: The modest scale is indicated by
operating income of Rs 24.94 crore in fiscal 2017. The operating
income is expected to increase at a slow pace over the medium
term.

* Large working capital requirement: The working capital-
intensive operations are reflected in gross current assets of 158
days as on March 31, 2017, driven by receivables of 124 days on
account of delay in payments by government departments.

Strength:

* Extensive experience of the promoters and established
clientele: The promoters have experience of nearly 15 years in
the diagnostics business and the company has tie-ups with more
than 100 public/private entities, and four hospitals under the
Central Government Health Scheme (CGHS), wherein the government
pays on behalf of the patients. Moreover, the company has an
extensive network through 13 branches across the Delhi National
Capital Region (NCR).

Set up in 2000 by Dr Ganesh Chand Sharma and Dr Ravin Sharma,
GDICPL is engaged in lab testing (pathology) and radio imaging
(radiology) at its laboratories in the Delhi NCR.


GOLDEN TOBACCO: ICRA Moves D Ratings to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Golden
Tobacco Limited to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING."


                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       44.30       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund based-        6.50       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to the 'Issuer Not
                                 Cooperating' category

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

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

The rating is based on limited information on the entity's
performance since the time it was last rated in December 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay Dalmia. The major brand & brand extensions
being manufactured are Panama, Chancellor, CHL, Panama Premium
Filter and Panama Mini King.


HITECH PRINT: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hitech Print
Systems Limited (HPSL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR92.1 mil. Term loan due on March 2024 assigned with
    IND BB-/Stable rating;

-- INR105 mil. Fund-based working capital limits assigned with
    IND BB-/Stable rating; and

-- INR45 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect HPSL's medium scale of operations. HPSL's
revenue increased to INR803.9 million in FY18 (provisional
financials) from INR746.8 million in FY17, driven by a rise in
orders.

The ratings also reflect HPSL's tight liquidity, indicated by
full utilization of the fund-based limits over the 12 months
ended April 2018, owing to an elongated working capital cycle of
86 days in FY18 (FY17: 75 days). The deterioration in the cycle
was due to a rise in inventory and receivable days.

However, the ratings benefit from HPSL's satisfactory credit
metrics, along with a comfortable operating margin. In FY18, the
company's interest coverage (operating EBITDA/gross interest
expense) was 5.0x (FY17: 4.8x) and net leverage (adjusted net
debt/operating EBITDAR) was 1.4x (1.4x). The improvement in the
interest coverage was on account of a rise in operating margin
(FY18: 14.4%; FY17:13.1%) due to a decline in material cost.

The ratings are also supported by the promoters' experience of
more than three decades in the printing press business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and the operating
profitability leading to any deterioration in the credit metrics,
along with a stress in the liquidity profile, will be negative
for the ratings.

Positive: Any improvement in the liquidity profile will be
positive for the ratings.

COMPANY PROFILE

HPSL, a wholly owned subsidiary of Anjani Vishnu Holding Limited
(formerly Anjani Projects & Construction Limited), is primarily
engaged in the printing business. It has five marketing offices
in Bengaluru, Chennai, Bhopal, Mumbai and New Delhi. The company
prints high-security documents such as cheque books, warrants,
utility bills, OMR sheets, question papers and answer booklets.
HPSL is approved by the Indian Banks' Association and is a member
of the Print Services Distribution Association.


INDTECH INTERIOR: CRISIL Cuts Rating on INR8MM Secured Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Indtech Interior & Contractors Pvt Ltd (Indtech) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        6        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Secured Overdraft     8        CRISIL D (Downgraded from
   Facility                       'CRISIL B+/Stable')

The rating downgrade reflects delays in repayment of bank debt by
Indtech. These delays have been due to working capital intensive
nature of operations and resultant stretch in liquidity.

The ratings reflect Indtech's modest scale of operations in an
intensely competitive industry and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the civil
construction and interior decoration industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in an intensely competitive
industry: Indtech's business risk profile remains constrained on
account of its modest scale of operations in the fragmented civil
construction segment. Indtech registered revenues of about
INR25.1 crores during fiscal 2017, underpinning its modest scale
of operations in the industry. Company's presence in the highly
competitive construction segment will constrain its business risk
profile besides pressurizing its operating margins.

* Large working capital requirements: The Company's operations
are highly working capital intensive as reflected in gross
current assets (GCAs) of 310 days as on March 31, 2017. This is
primarily on account of large receivables of around 162 days.

Strength

* Extensive experience of promoters in the civil construction
industry: Indtech has been executing civil contracts and interior
decoration contracts for over two decades and has established
relationships with major clients. Strong execution capabilities
and established relationship with key customers have enabled the
company obtain repeat orders from these customers. The promoters
have also established healthy relationships with its suppliers
ensuring steady supply of raw materials.

Indtech, established in 1994 as a proprietorship concern and
reconstituted as a private limited company in 2009, undertakes
civil construction and interior decoration contracts. The
company's daily operations are managed by Mr. Ceen Mathew.


INTEGRATED ELECTRIC: CRISIL Moves C Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Integrated
Electric Company Private Limited to CRISIL C/CRISIL A4 Issuer not
cooperating'.

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

   Cash Credit           2.75     CRISIL C (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit      3.5      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     .92     CRISIL C (Issuer Not
                                  Cooperating; Rating Migrated)
   Supplier Line
   of Credit              5.2     CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan              1.63    CRISIL C (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with IECPL 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.

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 Integrated Electric Company
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Integrated Electric Company
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 Integrated Electric Company Private Limited to
CRISIL C/CRISIL A4 Issuer not cooperating'.

IECPL, incorporated in 1982, manufactures electrical rotating
machines for various industrial applications. The company is
promoted by Mr. R Vijayaraghavan and his family.


LAKSHMANAN ISOLA: ICRA Moves B- Rating to Not Cooperating Cat.
-------------------------------------------------------------
ICRA Ratings has moved the long-term and short term ratings for
the bank facilities of Lakshmanan Isola Pvt Ltd to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable)/A4; ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       7.75       [ICRA]B- (Stable); ISSUER NOT
   Based (CC)                      COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Short Term-Fund      0.5        [ICRA]A4; ISSUER NOT
   Based                           COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Short Term-Non-
   fund Based           0.7        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

Lakshmanan Isola Pvt Ltd (Laksola), was established in 1976 in
collaboration with Swiss Insulating Works (Isola), to manufacture
mica-based insulating materials for electrical insulations. Later
on, the shares of Isola were bought back by the promoters, and
currently Laksola is a part of the Senapathy Group of Companies,
which has over 4 decades of experience in the field of electrical
insulation. The process of manufacturing involves generating mica
pulp through chemical and mechanical means to produce mica paper.
The mica paper is then laminated with various reinforcing
substrates like glass fabric or other materials to make the
insulation tapes. Laksola's mica tapes are used for insulation
needs of high-voltage equipments such as power generators, AC and
DC motors, traction motors, wind turbine generators, commutators
and Fire Resistant cables. Laksola has one manufacturing facility
in Karnataka. They cater to the clients based out of Germany,
Austria, Switzerland and India.


JAI SHIV: CRISIL Migrates B+ Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jai Shiv
Food Products Private Limited (JSFPPL) to CRISIL B+/Stable Issuer
not cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           9       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Pledge Loan          10       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)
   Proposed Cash
   Credit Limit          4       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Term Loan             3.15    CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with JSFPPL 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.

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 Jai Shiv Food Products Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jai Shiv Food Products 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 Jai Shiv Food Products Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in March 2012 and promoted by Mr. Hariom Sharma, Mr.
Devendra Sharma, Mr. Atul Sharma, Mr. Kailash Sarawgi, and Mr.
Sanjeev Mittal, JSFPPL mills paddy into processed rice at
Gwalior, Madhya Pradesh.


JOSEPH LESLIE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Joseph Leslie
Dynamiks Manufacturing Private Limited's (JLDMPL) Long-Term
Issuer Rating to 'IND D' from 'IND B+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are given below:

-- INR50 mil. (reduced from INR97 mil.) Fund-based limits (Long-
     term) downgraded with IND D rating; and

-- INR50 mil. (reduced from INR68.7 mil.) Non-fund-based limits
     (Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects JLDMPL's tight liquidity position with
over utilization of its working capital limits during the 12
months ended April 2018, leading to delays in debt servicing.

RATING SENSITIVITIES

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

COMPANY PROFILE

JLDMPL manufactures and trades equipment used in gas detection,
fire safety and disaster management.


JYOTI VINCOM: ICRA Keeps B- Rating in Not Cooperating Cat.
----------------------------------------------------------
ICRA Ratings said the ratings for the INR16.50 crore bank
facilities of Jyoti Vincom Private Limited (JVPL) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT COOPERATING."


                   Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based          8.82       [ICRA]B- (Stable) ISSUER NOT
   Limits-Term                    COOPERATING; Rating continues
   Loan                           to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based          6.30       [ICRA]B- (Stable) ISSUER NOT
   Limit-Cash                     COOPERATING; Rating continues
   Credit (OLF)                   to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based          0.80       [ICRA]B- (Stable) ISSUER NOT
   Limit-Cash                     COOPERATING; Rating continues
   Credit (R/E)                   to remain under 'Issuer Not
                                  Cooperating' category

   Non Fund Based      0.18       [ICRA]A4 ISSUER NOT
   Limit-Bank                     COOPERATING; Rating continues
   Guarantee                      to remain under 'Issuer Not
                                  Cooperating' category

   Untied Limit        0.40       [ICRA]B- (Stable)/[ICRA]A4
                                  ISSUER NOT COOPERATING; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in February 2009, Jyoti Vincom Private Limited
(JVPL) is promoted by the West Bengal-based Kundu family. The
company provides cold-storage facility to potato-growing farmers
and traders on a rental basis with a storage capacity of 19,668
metric tonnes (MT). The company also provides a multipurpose
storage facility of 5,010 MT for storing different variety of
fruits and vegetables like carrot, beet, apples, etc. The cold-
storage unit is located at Hooghly, West Bengal.


KAMADGIRI OILS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kamadgiri Oils
Private Limited'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:

-- INR103 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 8, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Kamadgiri Oils refines edible oils such as
soya oil, mustard oil and sunflower oil.


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

The instrument-wise rating actions are:

-- INR43 mil. (reduced from INR60.00 mil.) Term loan due on June
     2018 to March 2023 affirmed with IND BB+/Stable rating; and

-- INR230 mil. (increased from INR160 mil.) Fund-based working
     capital limit affirmed with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect deterioration in KDH's EBITDA margins and
credit metrics, despite a significant increase in revenue to
INR947 million in FY18 Provisional (FY17: INR677.21 million) in
line with Ind-Ra's expectation. The growth in revenue was on
account of higher demand from new and existing customers.
However, the margins declined to 6.5% in FY18P (FY17: 7.47%) on
account of increasing competition in the textile industry.
Consequently, financial leverage (total adjusted debt/operating
EBITDAR) deteriorated to 4.74x in FY18P (FY17: 4.39x) and
interest coverage (operating EBITDA/gross interest expense) to
2.26x (2.41x).

The ratings also factor in the company's modest liquidity
position as indicated by around 90% average maximum use of the
fund-based working capital limits during the 12 months ended
April 2018.

However, the ratings continue to benefit from KDH's directors'
over three decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: A further decline in the operating profitability,
leading to a sustained deterioration in the credit metrics, will
be negative for the ratings.

Positive: A significant improvement in revenue, along with
maintaining the operating profitability and reducing the
financial leverage below 2.5x on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Founded in June 2009, KDH is engaged in designing and embroidery
of fabrics. Its facility is located at Sonipat, Haryana.


KODARMA CHEMICAL: CRISIL Cuts Rating on INR14.5MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Kodarma Chemical Private Limited (KCPL) to 'CRISIL D' from
'CRISIL B-/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         14.5       CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Term Loan            3.05      CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The rating downgrade reflects delays in repayment of bank debt.
These delays have been due to high working capital cycle,
reduction in scale of operation   and liquidity mismatch.

The rating reflects KCPL's working capital-intensive and modest
scale of operations in a competitive industry, high gearing, and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Sizeable inventory and open
credit allowed to customers, coupled with lower turnover, led to
high gross currents assets of 382 days as on March 31, 2017
against 297 days as on March 31, 2016. Efficient working capital
management amid increasing scale will remain a key rating driver
over the medium term.

* Modest scale of operations in competitive segment: The
industrial solvents, lubricants, and oil industry has many small
players because of low entry barrier, which limits bargaining
power against suppliers and customers. Regular capacity addition
adds to the competitive pressure. This is compounded by the
company's modest scale of operations, with revenue of Rs 20.63
crore for fiscal 2017 against Rs 26.79 crores for fiscal 2016.

* Susceptibility to volatility in raw material prices: Prices of
crude oil derivatives such as naphtha and benzene (key raw
materials) are highly volatile, which adversely affects
profitability.

Strength

* Extensive experience of promoters: Presence of over a decade
has enabled the promoters to develop strong insight into the
industrial oil and lubricants segment and establish healthy
relationship with customers, suppliers, and logistic providers.
The same is expected to support the business profile over the
medium term.

Incorporated in June 2008 and promoted by Mr. Khiru Shaw and Mr.
Panchdev Kumar Shaw, KCPL refines and distils industrial fuels,
lubricants, and solvents (coal tar, fuel oil, and various
industrial and laboratory chemicals) at its facility in Kodarma,
Jharkhand.


KONARK SYNTHETIC: Ind-Ra Migrates B- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Konark Synthetic
Limited'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 B-(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR192.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B- (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR87 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Konark Synthetic, incorporated in 1984, is primarily engaged in
the manufacturing specialty yarn and fabric; the company is also
involved in job work for ready-made garments and trading of
processed fabrics.


KRISHNA TEXTILE: Ind-Ra Keeps BB- Rating in Non-Cooperating Cat.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Krishna
Textile Process' (KTL) 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:

-- INR7.7 mil. Term loan facilities maintained in non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR31.5 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR2.5 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 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 2004, Perundurai-based KTL has a daily production
capacity of up to 8,000kg of fabric dyeing.


MAA KAMAKHYA: CRISIL Moves B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Maa Kamakhya
Multipurpose Himghar Private Limited to CRISIL B-/Stable Issuer
not cooperating'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      12       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

CRISIL has been consistently following up with MKMHPL 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.

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

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

Incorporated in 2011, MKMHPL was acquired by its current
promoter, Mr. Prasad Kumar Ghosh, in June 2015. The company
provides cold storage facilities for potatoes and also undertake
opportunistic trading in potatoes. Its cold storage in Hazipur
village, Mednipur West, West Bengal, has capacity of 165,000
quintals.


MATOSHRI LAXMI: ICRA Migrates D Rating to Not Cooperating Cat.
--------------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-       61.40        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating moved to the 'Issuer Not
                                  Cooperating' category

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

Matoshri Laxmi Sugar Co-Generation Industries Limited,
incorporated in May 2008, operates a 3500 TCD (Tonnes Crushed Per
Day) sugar plant, which is forward integrated with co-generation
unit of 10 MW. The plant has been setup at village Rudhewadi in
Solapur district of Maharashtra. The sugar plant was commissioned
in April 2012 though commercial operations began from October
2012 while the co-generation unit was commissioned in January
2014.


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

The instrument-wise rating actions are:

-- INR25 mil. Long-term loans maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR65 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR420 mil. Proposed long-term loans maintained in non-
    cooperating category with Provisional IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR85 mil. Proposed fund-based working capital limits
    maintained in non-cooperating category with Provisional
    IND BB (ISSUER NOT COOPERATING)/ Provisional IND A4+ (ISSUER
    NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2013, MET Therapeutics is a Hyderabad-based
manufacturer and seller of pharmaceutical products with
specialization in the oncology segment.


MOTIL DEVI: ICRA B Rating Remains in Not Cooperating Category
-------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Motil Devi Organic Food Industries Pvt. Ltd. continue to remain
under 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         5.00       [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund-based-         2.00       [ICRA]B (Stable) ISSUER NOT
   Cash credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated         3.00       [ICRA]B (Stable) ISSUER NOT
   limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Motil Devi Organic Food Industries Pvt. Ltd. (MDOFIPL) was
incorporated in December, 2012 for manufacturing ice creams at
its facility in Raipur, Chhattisgarh. The trial production at the
facility had commenced in March, 2014 but the actual commercial
production had picked up in April, 2015. The company has an
installed capacity of 15,00,000 litres and the production for
FY2016 stood at ~9.09 lakh litres.


NEEV INFRASTRUCTURE: CRISIL Cuts Rating on INR80MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Neev
Infrastructure Private Limited (NIPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

The downgrade reflects delays by the firm in servicing debt as
confirmed by the bank.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        80       CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL A4+ Issuer Not
                                  Cooperating')

   Cash Credit           45       CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL BB-/Stable Issuer
                                  Not Cooperating')

   Letter Of Guarantee   10       CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL A4+ Issuer Not
                                  Cooperating')

CRISIL has been consistently following up with NIPL for obtaining
information through letters and emails dated January 25, 2017 and
February 14, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

Founded in 1978 as a partnership firm named Chandu Constructions
by Mr Chandulal V Jain, Jitendra C Jain, Monali J Jain, Savita C
Jainthe firm was reconstituted as a private limited company and
named Chandu Constructions Pvt Ltd in 2001. It got its present
name in 2003. The company undertakes civil infrastructure
projects, including construction of roads and installation of
sewage and water supply lines.


NIRANKAR COTTEX: ICRA Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Nirankar Cottex (NC) to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Fund-based-         6.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

The rating is based on limited information on the entity's
performance since the time it was last rated in November 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

NC was established as a partnership firm in 2014 and started its
operations from January 2015. The firm is engaged in ginning and
pressing of raw cotton and extraction of oil and cake from cotton
seeds. The firm is jointly managed by the partners, Mr. Rajesh
Roopchand Katyari, Mr. Prakash Roopchand Katyari, Mr. Pratap
Chandrakant Thakur and Mr. Sanjay Chandrakant Thakur.
The firm has its registered office and ginning unit at Wardha in
Maharashtra. It has an installed capacity to process 172,800
quintals of cotton per annum, along with an oil extraction
capacity of 108,000 quintals per annum.


P.N. TEX: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn P.N. Tex India
Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR181.81 mil. Term loan due on
    June 30, 2022 is withdrawn;

-- The IND BB- rating on the INR50 mil. Fund-based facilities is
    withdrawn; and

-- The IND BB- rating on the INR30 mil. Non-fund-based
    facilities is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 1994, P.N.Tex India manufactures viscose yarn in
the count range of 30s.


PARVATI SOLVENT: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for INR12.71-crore bank facilities of
Parvati Solvent Extraction Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA had earlier
moved the rating of PSEPL to the 'ISSUER NOT COOPERATING'
category due to non-submission of requisite information by the
entity to undertake surveillance of the ratings.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       10.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        2.71       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with PSEPL, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on limited information on the entity's
performance since the time it was last rated in February 2017.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

Parvati Solvent Extraction Private Limited (PSEPL) was
incorporated as a private limited company in 2009. The company
commenced operations from July 2010 and is engaged in solvent
extraction and production of soya products viz. crude oil and de-
oiled cake (DOC). It has an extraction unit at Jalna, Maharashtra
with an intake capacity of 250 MT per day. The day-to day
operations is looked after by Mr. Pritam Longaonkar, director of
the company along with his experienced management team.


PATWARI STEELS: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long term and short term ratings for the bank
facilities of Patwari Steels Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        0.81       [ICRA]D ISSUER NOT COOPERATING;
   Corporate Loan                Rating moved to 'Issuer Not
                                 Cooperating' category

   Fund Based-       11.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to 'Issuer Not
                                 Cooperating' category

   Fund Based-        0.72       [ICRA]D ISSUER NOT COOPERATING;
   stand by line                 Rating moved to 'Issuer Not
   of credit                     Cooperating' category

   Untied limits      1.17       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to 'Issuer Not
                                 Cooperating' category

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

Incorporated in 1981, PSPL manufactures MS ingots and TMT bars
with annual installed capacity of 16,000 metric tonnes and 33,000
metric tonnes, respectively. The manufacturing units are in
Patna, Bihar.


RAMANI HOTELS: ICRA Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the long-term and short-term rating for the bank
facilities of Ramani Hotels Limited (RHL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        18.64       [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Fund based-        15.50       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated Limit   3.86       [ICRA]B (Stable)/ [ICRA]A4
                                  ISSUER NOT COOPERATING;
                                  Ratings moved to the 'Issuer
                                  Not Cooperating' category

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

Ramani Hotels Limited (RHL) is a part of Ramee Group with other
group companies being Ramee Hotels Private Limited (RHPL) and
Creative Hotels Private Limited (CHPL), together referred to as
the Ramee India group. The operations of all the three companies
are under the brand name Ramee GuestLine Hotel. The three
companies have a common management and brand (Ramee GuestLine
Hotel), and derive considerable synergy from intra group
operational and financial linkages. Ramani Hotels have four
properties in India, namely Ramee GuestLine Hotel - Juhu, Ramee
GuestLine Hotel - Bangalore, Ramee GuestLine Hotel - Tirupati and
Ramee Mall - Chennai.

The Ramee India group is part of the larger Ramee group of
hotels, which has number of hotels worldwide. The Ramee Group of
Hotels is promoted by Mr. V M Raj Shetty who is also the chairman
of the group.


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

The instrument-wise rating actions are:

-- INR210 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR20 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
April 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ramkumar Mills, incorporated in 1947, is involved in the
processing of cotton fabrics.


RATHNAVEL SUBRAMANIAM: ICRA Assigns D Rating to INR84cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D for the
INR84.00 crore term loan facilities of Rathnavel Subramaniam
Educational Trust.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term: Term
   Loans                 84.00      [ICRA]D; assigned

Rationale

The assigned rating factors in the ongoing delays in servicing of
debt obligations by the trust owing to large repayment
obligations amidst lumpiness in cash inflows. The trust has been
delaying its interest and principal repayment obligations on term
loans availed for funding various infrastructure facilities at
its campuses in Coimbatore and Dindigul. Further, with the large
scheduled repayments in the next two fiscals, the liquidity
profile is expected to remain stretched. The rating is also
constrained by the increase in competitive pressures from
increasing number of engineering colleges in Tamilnadu and Kerala
and the regulated industry structure.

Going forward, the ability of the trust to generate adequate cash
flows from operations and provide additional funding support for
meeting its debt-servicing obligations on a timely manner will
remain a key rating sensitivity.

Key rating drivers

Credit Strengths

Established track record of the trust: The trust started its
operations in 1983 at its Dindigul campus with the commencement
of a polytechnic college, namely R.V.S. Polytechnic College. Over
the years, the trust has steadily scaled up its operational
profile setting-up educational institutes at Kannampalayam &
Sulur in Coimbatore and in Dindigul offering various courses in
Engineering, polytechnic, arts & science, dental with nearly
15,000 students enrolled.

Diversified courses including engineering, arts and science,
dental, teachers' training, B.Ed lends stability to the revenue
stream: The trust has a diversified portfolio of courses which
provides stability to the revenue stream. The Kannampalayam
campus, with diversified programs from dental to engineering, is
the highest revenue earner for the trust. Despite fall in
engineering enrollments during the last two years, the revenue
has remained stable, backed by other institutions under the
trust.

Demonstrated funding support from the trustees through regular
equity infusion: Over the years, the trustees have demonstrated
funding support through regular equity infusion to fund the large
upfront capital expenditure and the regular infrastructure
upgrade. Large equity base along with moderate retained earnings
have resulted in a healthy networth position of INR397.25 crore
as on March 2017.

Credit Weaknesses

Ongoing delays in debt servicing: The trust had a term loan
outstanding of INR158.14 crore as on Mar 31, 2018 availed during
the years FY2013-FY2017, to fund the infrastructure facilities
for the colleges. Due to the large periodic repayments coupled
with outflows towards regular capital expenditure amidst
lumpiness in cash inflows, the trust has been delaying its
interest and principal repayment obligations on its term loans.

High competitive intensity: The trust faces stiff competition
from reputed institutes in Dindigul and Coimbatore offering
engineering, arts and management courses. The intense competition
in the region adds to the pressure of attracting students as well
as to attracting and retaining quality faculty.

Exposed to revision in Government regulations that may impact
revenue growth and accruals: The education sector in India is
highly regulated by the Government and any adverse regulation on
the fee structure carries the risk of downward pressure on the
revenue stream.

RVS was established in 1983 as a non-profit, charitable trust
under the Indian Trusts Act 1882. Its educational institutes are
centered in Sulur & Kannamapalaym in Coimbatore and in Dindigul.
With an established track record of over 30 years in the
education sector and its experienced trustees, RVS Educational
Trust operates a range of educational institutions starting from
schools to higher educational institutions. The trust's
diversified income streams are agricultural, women hostel and
interest. It currently has two trustees, with Dr. Kuppusamy as
its current chairman.


SHREE AMBIKA: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the long-term rating of INR562.30 crore bank facilities
of Shree Ambika Sugars Limited (SASL) continues to remain under
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B (Stable) ISSUER NOT COOPERATING."


                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-           34.63      [ICRA]B (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund based-          527.67      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Shree Ambika Sugars Limited, is part of Thiru Arooran group, and
was incorporated in 1988. Its sugar plants are based in Cuddalore
and Thanjavur districts of Tamil Nadu. It has 11,500 TCD of cane
crushing capacity, 56 MW cogeneration unit and 60 klpd
distillery. It also has 750 TPD sugar refinery.


SHREE KHODIYAR: ICRA Maintains D Rating in Not Cooperating Cat.
---------------------------------------------------------------
ICRA said the rating for Rs 15.00 crore of fund-based bank
facilities of Shree Khodiyar Oil Industries continue to remain in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        15.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with Shree Khodiyar Oil Industries, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it
has augmented its operating sphere by backward integration into
cotton ginning. The manufacturing facility of the firm is
currently equipped with 24 ginning machines and 8 expellers with
an installed capacity of 8,000 TPA and 1,950 TPA of ginned cotton
and wash oil respectively. From November 2013, the firm has
diversified in groundnut seed crushing also. The firm is
currently headed by Mr. Sanjay J Lakkad along with other six
partners, having an experience of more than three decades in
cotton and ginning activities.


SHREE PONNI: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ponni
Lead Alloy Private Limited to CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           2        CRISIL B/Stable (Issuer Not
                                  Co-operating)

   Cash Term Loan        3        CRISIL B/Stable (Issuer Not
                                  Co-operating)

CRISIL has been consistently following up with Shree Ponni Lead
Alloy Private Limited (SPLPL) 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.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shree Ponni Lead Alloy Private Limited to CRISIL
B/Stable Issuer not cooperating'.

SPLPL, based in Bengaluru and promoted by Mr R Thirumalaisamy and
his family members, is a part of the Ponni group. Sri Ponni
Industries, the group's flagship entity, also manufactures
lead.The company commenced commercial operations only in January
2017.


SHRIDHAR KRAFTPACK: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shridhar
Kraftpack LLP (SKL) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          2.7       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            5.3       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Shridhar Kraftpack
LLP (SKL) 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.

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shridhar Kraftpack LLP to CRISIL B/Stable Issuer
not cooperating'.

SKL was established as a limited liability partnership (LLP) firm
in 2015, promoted by Mr Prayesh Bhayani and Mr Sanjay Patel, who
have 25 years of experience in the packaging industry. The firm
has set up a corrugated box manufacturing unit at Rajkot,
Gujarat. Commercial operations started in December 2015


SILVER OAK: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilitiy of Silver Oak
Shops and Office Co-Operative Housing Society Limited to CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           41.32      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Silver Oak 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.

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 Silver Oak Shops and Office
Co-Operative Housing Society Limited, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Silver Oak
Shops and Office Co-Operative Housing Society 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
facilitiy of Silver Oak Shops and Office Co-Operative Housing
Society Limited to CRISIL B+/Stable Issuer not cooperating'.

Silver Oak, incorporated in 2006, manages Silver Oak College of
Engineering and Technology, which was set up in 2009, and the
recently formed Aditya Silver Oak Institute of Technology
(ASOIT), in Ahmedabad, Gujarat. Fiscal 2015 was ASOIT's first
year of operations. The colleges offer professional programmes in
engineering and technology in five specialisations. All the
courses are approved by All India Council of Technical Education
and affiliated to Gujarat Technological University.


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

The instrument-wise rating actions are:

-- INR48.6 mil. Term loan maintained in non-cooperating category
     with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Fund-based facilities 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
February 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Snehal Impex manufactures agro pesticides at its manufacturing
unit in Ankleshwar on a job work basis.


SRI VENKATESWARA: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating of INR15.00-crorebank facilities of Sri
Venkateswara Constructions (SVC) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING."

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Cash Credit       10.00       [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Bank Guarantee     5.00       [ICRA]A4 ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in November
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with Sri Venkateswara Constructions, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy. SVC executes
the Public works department contracts in Irrigation such as Canal
Works, Drainage works and check dam works. The company generally
executes projects for government departments.


SRISURYA KNIT: CRISIL Assigns D Rating to INR5.0MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facilities of Srisurya Knit Wearss (SKW).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        1.12      CRISIL D (Assigned)

   Long Term Loan          1.18      CRISIL D (Assigned)

   Cash Credit              .7       CRISIL D (Assigned)

   Export Packing Credit   5.0       CRISIL D (Assigned)

The ratings reflect instances of delays in servicing debt
obligations by the firm. These delays have been on account of the
firm's weak liquidity driven by its large working capital
requirements.

The Firm has modest scale of operations with exposure to intense
competition in textile industry. However, SKW benefits from the
promoter's long standing industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented industry: SKW
has modest scale of operations as reflected in its turnover of
less than INR15 crores during fiscal 2018. The firm is exposed to
intense industry competition in textile industry. Consequently,
the scale of operations of the firm has remained modest despite
being in operations for a decade.

Strength

* Promoters' extensive industry experience and established
customer relationship: The business risk profile of SKW benefits
from the industry experience of its promoters, who have been in
the RMG segment for over two decades. This is reflected in the
firm's ability to maintain healthy product quality while meeting
its customers' stringent delivery deadlines enabling it to obtain
repeat orders over the past few years, as reflected in the
repeated off take from customers.

Set up in 2008, Tirupur-based partnership firm, SKW is involved
in manufacture and export of ready-made garments. The firm has
its manufacturing facility in Tirupur and the operations are
managed by the partners, Mr PS Selvaraju, and his sons, Mr S
Surya, and Mr Siddharth.


SWASTIK INFRA-LOGIC: Ind-Ra Assigns B+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swastik Infra-
Logic (India) Private Limited (SILIPL) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR135 mil. Fund-based working capital facilities assigned
     with IND B+/Stable/IND A4 rating;

-- INR475 mil. Non-fund-based working capital facilities
    assigned with IND A4 rating;

-- INR20 mil. Proposed fund-based working capital facilities*
    assigned with Provisional IND B+/Stable/Provisional IND A4
    rating; and

-- INR20 mil. Proposed non-fund-based working capital
    facilities* assigned with Provisional IND A4 rating.

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

KEY RATING DRIVERS

The ratings reflect SILIPL's elongated working capital cycle and
modest credit metrics, inherent to the construction industry.
Gross working capital cycle was stable at 81 days in FY17 (FY16:
81 days; FY15: 55 days). Ind-Ra expects SILIPL's gross working
capital cycle to remain around 80 days in the near-to-medium
term. The company's average peak use of its fund-based working
capital limits was around 94% and non-fund based working capital
limits was around 65% during the 12 months ended April 2018.

EBITDA interest coverage (operating EBITDA/gross interest
expense) deteriorated to 4.4x in FY17 (FY16: 5.2x) and net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) to
2.2x (1.4x) owing to an increase in debt to fund the purchase of
machineries and meet its working capital needs. At 11MFY18,
annualized gross leverage (total debt with equity
credit/operating EBITDA) stood at 1.18x (FY17: 2.25x, FY16:
1.61x) and interest coverage at 4.4x. Ind-Ra expects the credit
metrics to improve on the back of growing EBITDA and absence of
major debt-funded capex plans in the near-to-medium term.
However, the company would continue to rely on its short-term
debt to meet its increasing working capital requirement, to
support its growing top line.

SILIPL's EBITDA margins remained range-bound at 9%-10% during
FY14-FY17 (11MFY18: 10.3%, FY17: 10.8%, FY16: 10.1%) and are
susceptible to movement in raw material prices. The agency
expects the margins to remain at similar level in the medium-to-
long term due to stiff competition.

The ratings are further constrained by SILIPL's exposure to
significant customer concentration risk as its operations are
largely concentrated in and around Maharashtra (77%) and
Karnataka (23%). Moreover, the company's top five customers
accounted 70.83% of the order book as of 18 April 2018.

However, the ratings are supported by SILIPL's increasing
revenue, which grew at a CAGR of 19.25% to INR2,000.73 million
over FY14-FY17 (FY16: INR1,509.17 million) mainly due to an
increase in trading income and growing order book. As per FY18
provisional financials, SILIPL booked revenue of INR2.4 billion,
of which about 47% was derived from execution of  civil
construction contracts (FY17: 62%, FY16: 73%), while the
remaining was trading income. As of 18 April 2018, SILIPL had an
order book of INR2,292.96 million, to be executed over the next
two years. The company is likely to secure additional projects
worth INR4.4 billion during FY19, to be executed over the next
two years.

The ratings are also supported by SILIPL's promoters' more than
decade of experience in the civil construction business.

RATING SENSITIVITIES

Negative: Stress on the liquidity position on account of further
elongation of the working capital cycle and/or decline in the
EBITDA margins or top line, leading to a sustained deterioration
in the credit metrics would lead to a negative rating action.

Positive: Sustained growth in revenue and operating EBITDA
margins leading to a sustained improvement in overall credit
metrics and liquidity position would lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2009, Navi Mumbai, Maharashtra-based SILIPL in
engaged in civil construction and trading of ready-mix-concrete
materials and aggregates. It is registered as a Class I civil
contractor with the Public Works Department in Maharashtra and
Karnataka. Mr. Shrikant Raghav Raju and Mr. R ChandraShekhar Raju
are the promoters.


TATA STEEL: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has upgraded Tata Steel UK Holdings
Limited's (TSUKH) corporate family rating (CFR) to B2 from B3.
The rating outlook is stable.

At the same time, Moody's affirmed Tata Steel Ltd.'s Ba3
corporate family rating (CFR) and changed the rating outlook to
positive from stable.

RATINGS RATIONALE

"Today's rating actions reflect our expectation that the credit
profiles of Tata Steel and TSUKH will continue to improve, with
their respective strengthening credit metrics tracking our
upgrade triggers," says Kaustubh Chaubal, a Moody's Vice
President and Senior Credit Officer.

The upgrade in TSUKH's CFR to B2 reflects Moody's expectation
that the steady improvement in the company's operating
performance with EBITDA/ton remaining positive for eight
consecutive quarters since June 2016, will be sustained over the
next 12 months.

"Leverage, measured by adjusted total debt (including
intercompany loans)/EBITDA has improved from more than 20x at
March 2015 to around 13.3x as of March 2018. Meanwhile, leverage
excluding loans from its parent and group companies, has
recovered to 5.4x from 13.3x over the same period. More
importantly, TSUKH's rating continues to incorporate two-notches
of uplift for expected support from Tata Steel, reflecting the
ongoing support in the form of raw material sourcing, working
capital assistance and subordinated intercompany loans," adds
Chaubal who is Moody's lead analyst on Tata Steel and TSUKH.

The positive outlook on Tata Steel's CFR reflects the improvement
in TSUKH's operations that have long been a drag on consolidated
metrics and the company's strengthening business profile in
India.

Tata Steel's key market remains India, which accounts for 48% of
its global steel volumes sold, 45% of its consolidated revenues,
but 72% of its consolidated EBITDA; a result of the strong
operating environment and the company's backward integration into
producing its key own raw materials -- iron ore and coking coal.

India's steel sector is in a consolidation phase with distressed
steel assets -- representing close to 18%-20% of the country's
steel-producing capacity -- likely to find suitable buyers within
the next 9-12 months.

Most distressed mills are currently operating below optimal
levels because of a lack of funding for their working capital
needs, a result in turn of the fact that they are in default of
their payments to their bank lenders.

Industry consolidation will lead the sector's capacity
utilization levels to above 80% and result in better pricing
discipline and will benefit the country's large, established
steel companies, such as Tata Steel.

On May 14, Tata Steel received the approval of the National
Company Law Tribunal for the acquisition of a 72.65% stake in
Bhushan Steel Limited for INR1.6 billion (USD24 million).

In addition, Tata Steel, through an intermediate holding company,
will raise acquisition finance debt of INR165 billion (USD2.4
billion) and use INR187 billion (USD2.8 billion) from its
existing cash to pay the distressed company's existing lenders.

"The proposed acquisition of Bhushan -- a credit positive -- will
cement Tata Steel's market position in India," adds Chaubal.
"Immediately upon acquistion, consolidated leverage will rise to
an estimated 4.8x, up from 4.1x at March 2018, but quickly
recover towards 4.0x-4.1x by March 2019, with the business
advantages outweighing the temporary spike in leverage."

Moody's expectation of the quick recovery in Tata Steel's
consolidated leverage is premised on the immediate accretion of
earnings from Bhushan and favourable steel demand in India.

India's steel consumption will grow at 5.5% - 6.5% over the next
12-18 months, fuelled by the government of India's (Baa2 stable)
push for investments in: (1) infrastructure and power projects;
(2) development of "smart cities"; and (3) roads, railways and
real estate.

Meanwhile, Moody's expects European steel consumption to grow a
modest 1.5%-2.0% in 2018, although the US government's potential
imposition of trade tariffs under its section 232 investigations
may negatively impact Europe's demand-supply balance for steel
which will likely pressure capacity utilization, prices and
profitability.

Timely and meaningful progress on Bhushan's integration will be
key for Tata Steel's upgrade. Specific credit metrics that we
will watch for an upgrade include consolidated EBITDA/ton
tracking close to INR10,000 levels that translate into adjusted
leverage sustained below 4.0x and EBIT/interest coverage at least
touching 3.0x.

Negative rating pressure on Tata Steel's CFR could build if the
company undertakes another large debt-financed acquisition
without a meaningful counterbalancing effect on earnings. A
weakening in industry fundamentals that premises any reversal in
the trajectory for leverage correction will also pressure the
rating.

By contrast, leverage in excess of 5.0x could result in the
return of the outlook to stable.

There is limited upward pressure on TSUKH's ratings, but a
failure in leverage improving from current levels will pressure
the B2 CFR.

The principal methodology used in these ratings was the Steel
Industry published in September 2017.

Tata Steel Ltd. is the world's tenth-largest steel producer with
24.5 mtpa in 2016 at its geographically diversified plants across
26 countries. As at March 2017, its nameplate capacity totalled
27.5 mtpa, of which 12.7 mtpa was in India, 12.4 mtpa in Europe
and 2.4 mtpa in Southeast Asia.

In fiscal 2018, Tata Steel Ltd. reported consolidated revenues of
INR1.3 trillion and consolidated EBITDA of INR220 billion. For
the same period, the European operations, housed under Tata Steel
UK Holdings Limited, reported revenues of INR600 billion and an
EBITDA of INR38 billion.


VERONICA MARINE: CRISIL Hikes Rating on INR1.04MM LT Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facility of
Veronica Marine Exports Private Limited (VMEPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the short
term rating at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        .5       CRISIL A4 (Reaffirmed)

   Export Packing
   Credit              18.0       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Negotiation         12.0       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Purchase             2.2       CRISIL A4 (Reaffirmed)

   Long Term Loan       1.04      CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The upgrade reflects improved business risk profile due to better
revenue profile and stable margins leading to improved accruals.
Operating margin remained healthy between 6% and 8% over the last
2 years while revenue improved to Rs 62.6 crore in fiscal 2017,
against Rs 44.5 crore a year ago backed by established customer
relationship. Improved accretion to reserves and absence of debt-
funded capital expenditure (capex) should improve gearing over
the medium term.

The rating continues to reflect VMEPL's below-average financial
risk profile, and its moderate scale and working-capital-
intensive nature of operations. The ratings also factor in the
group's exposure to risks inherent in the seafood exports
industry. These rating weaknesses are partially offset by its
established brand in this industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The financial risk
profile has been modest because of high gearing and below-average
debt protection metrics. Leverage was high at around 3.7 times as
on March 2017. Interest coverage ratio was 1.4 times in fiscal
2017.

* Moderate scale and large working capital requirements: Scale of
operations remains moderate (reflected in operating income of Rs
62.6 crore in fiscal 2017) in the fragmented and competitive
industry, which has many un-organized and large players.
Operations are also highly working capital intensive, as
indicated by GCA days of 212 as on March 31 2017. High GCA days
is mainly on account of large inventory and moderate receivables
of 170 days and 40 days respectively.

Strength

* Established brand position: VMEPL has been in the business for
over four decades. It has built healthy relationship with most
customers, with whom the firm has been associated for over 10
years.

Outlook: Stable

CRISIL believes that the VMEPL will continue to benefit over the
medium term from its healthy relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the
working capital management improves while achieving a substantial
increase in its cash accruals, resulting in improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of pressure on the company's liquidity, driven
most likely by large working capital requirements, debt-funded
capital expenditure, or low cash accruals.

Set up in 2004 and promoted by Mr Alphonse Joseph, VMEPL
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fish, shell fish, and cooked/blanched fish.


VISHNU RICE: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vishnu Rice
Mills' (VRM) 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:

-- INR105 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

-- INR6.5 mil. Non-fund-based working capital limit Maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR11.9 mil. Term loan maintained in Non-Cooperating Category
     with IND B+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

VRM is a partnership firm engaged in the rice milling business.
Its paddy processing plant has an installed capacity of 3
tons/hour. The firm uses paddy as raw material and rice is the
final product.


WORLWIDE TRADELINKS: Ind-Ra Lowers Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Worldwide
Tradelinks' (WWTL) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR300 mil. Fund-based limits Long-term rating downgraded;
     Short-term rating affirmed with IND BB-/Stable/IND A4+
     rating.

KEY RATING DRIVERS

The downgrade reflects further deterioration in WWTL's credit
metrics, which continue to stand at a weak level. In FY17, the
interest coverage (operating EBITDA/gross interest expense) was
1.2x (FY16: 1.5x) and net financial leverage (total adjusted
debt/operating EBITDAR) was 10.3x (FY16: 8.0x). The deterioration
in the credit metrics was due to a rise in debt and a fall in
absolute operating EBITDA.

The ratings continue to reflect WWTL's modest scale of operations
and thin EBITDA margin. Its revenue declined to INR1,510 million
in FY17 (FY16: INR1,800 million) due to the implementation of
GST, demonetization and high competition. On the other hand, its
EBITDA margin rose slightly to 2.1% in FY17 (FY16: 1.09%) due to
lower raw materials prices. According to provisional financials
for FY18, its revenue was INR1,224 million.

The ratings also continue to reflect WWTL's tight liquidity,
indicated by average fund-based limit utilization of 99.88% for
the 12 months ended April 2018.

The ratings, however, are supported by the directors' four-decade
experience in the garment manufacturing business.

RATING SENSITIVITIES

Negative: Any further decline in the revenue, along with any
further deterioration in the credit metrics, will be negative for
the ratings.

Positive: Any substantial rise in the revenue, along with any
improvement in the overall credit metrics, will be positive for
the ratings.

COMPANY PROFILE

WWTL is engaged in the manufacturing of knitted readymade
garments. It has a daily installed capacity of 12,500 pieces.



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


MECCANO APPAREL: Left Creditors More Than NZ$5MM Out of Pocket
--------------------------------------------------------------
Aimee Shaw at The New Zealand Herald reports that creditors of
failed menswear retailer Meccano are likely to be more than NZ$5
million out-of-pocket after liquidators revealed the company has
debts of NZ$5.8 million but assets of NZ$490,000.

Workers, too, look likely to miss out on money owed to them, the
report says.

The liquidators' report said Meccano faced financial
difficulties, including costly leases, with only three months of
profitable trading after De Vere Investments purchased and took
over the business in February 2016, according to the Herald.

The Herald relates that Westpac bank will receive a chunk of the
NZ$588,000 it is owed but NZ$89,000 owed to workers and NZ$90,000
Inland Revenue will likely not be paid.

The retailer also owes unsecured creditors NZ$5.1 million, NZ$2.5
million of that in trade creditor claims, NZ$104,000 in employee
entitlements and related-party payables of NZ$2.6 million, the
Herald discloses.

According to the Herald, KordaMentha liquidator Neale Jackson
said there was no surplus in the administration, but it was too
early to say if creditors would receive money owed.

"Unsecured creditors would only receive money if there's
recoveries that we can make in the liquidation," the Herald
quotes Mr. Jackson as saying.  "We would expect to be able to
report to creditors on those prospects in our next report which
will be filed in six months' time."

Messrs. Jackson and Grant Graham were appointed liquidators on
May 28, the Herald notes.

Meccano ceased trading in February when it was placed into
voluntary administration, the report adds.


ORANGE H: Creditor Angry About Company Receiverships
----------------------------------------------------
Anne Gibson at The New Zealand Herald reports that a creditor of
one of New Zealand's biggest construction companies is angry
about businesses going into receivership but the builder's chief
has hit back and defended the process.

The Herald relates that the creditor, who did not want to be
named for fear he would not continue to win work, said he was
owed more than NZ$10,000 by one of the Orange H Group, previously
Hawkins which was New Zealand's second-largest builder.

The Herald says 13 ex-Hawkins companies are in receivership:
Orange H Group, H Construction Group, Orange H Management, H
Plant, Orange H Construction, H Construction South Island, H
Construction North Island, H Construction North Island Group, H
Construction N.I, H Construction Hobsonville, H Infrastructure
Holdings, H Infrastructure (NZ) and HUC.

According to the Herald, the creditor's company worked on Hawkins
jobs in Auckland and Christchurch and he is concerned he will not
be paid.  But David McConnell of McConnell Group indicated there
could be money for creditors.

"We sold the Hawkins brand and assets to Downer in March 2017,
except for a small number of projects. Most of these were nearing
completion, or for which we were in the process of negotiating
final settlements. Those projects were retained under the Orange-
H Group of companies but executed by Downer on our behalf," the
report quotes Mr. McConnell as saying.

"It's important to note that McConnell Group and Downer worked
closely at the time of the sale to ensure all parties, including
subcontractors and suppliers were aware of the arrangements and
who they were working for.

"All projects, bar two, are now physically complete and fewer
than 10 projects have outstanding final accounts waiting to be
settled. However, as noted earlier, securing final payment for
the various projects has taken longer than anticipated, creating
a cash-flow issue that resulted in Orange-H Group being placed in
receivership," he said.

"There are significant assets in Orange H Group - outstanding
claims with customers in excess of NZ$20 million, cash-backed
bonds of NZ$14 m million and further retentions owing, which is
why receivership, not liquidation, was the appropriate course of
action," he said.

McConnell appointed the receivers as a security holder and was
now providing full support to the receivers McGrath Nicol to help
them achieve substantial recoveries for creditors, he said, the
Herald relays.

"McConnell family interests do not expect to receive any recovery
from this action," Mr. McConnell said, notes the report.

A receiver's letter out this month said it was not possible to
tell yet what money was available, the Herald adds.




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


ADDVALUE TECHNOLOGIES: Posts US$11.11 Million Full-Year Loss
------------------------------------------------------------
Rachel Mui at The Business Times reports that Addvalue
Technologies has posted a full-year net loss of US$11.11 million
from a loss of US$3.47 million last year, on the back of lower
sales and higher expenses.

This represents the fourth consecutive year the satellite
communications company has been in the red; the group was last
profitable in FY14, BT says.

Loss per share came in at 0.64 US cent for fiscal year 2018, from
a loss per share of 0.23 US cent last year.

For the full year ended March 31, 2018, revenue also fell 62.3
per cent to US$4.09 million, the report discloses.

This was mainly attributed to the "continued depressed economic
conditions in the merchant shipping and energy sectors" which the
group's products primarily target; the phasing out of certain
products which are reaching the end of their product life cycle,
as well as the "gradual shifting in market demand for narrowband
satellite communications (satcom) products to broadband satcom
products with more data centric features", Addvalue, as cited by
BT, said.

In addition, other operating expenses rose by US$5.5 million to
US$8.4 million in FY18, mainly due to impairments made during the
year.

No dividend has been declared for the current financial period,
unchanged from the previous year, the report notes.

Nonetheless, the group is in discussions with various customers
on several projects amounting to US$10 million for delivery by
March 31, 2019, Addvalue said, BT relays.

It added that barring any unforeseen circumstance, the group
expects to "significantly outperform" next year, in part due to
the "transformation programme" the group has embarked on over the
part two years, based on its strategies of "commercial
refocusing" and an "emerging markets focus".

"Subject to the necessary approvals as well as conducive capital
market conditions, Addvalue also aims to reward its shareholders
through a possible distribution-in-specie exercise to be carried
out as part of the spin-off of one of its subsidiaries for a
listing on the Catalist Board of the Singapore Exchange
Securities Trading Limited (SGX-ST)," BT quotes Colin Chan,
chairman and CEO of Addvalue, as saying.

The wholly owned subsidiary is Addvalue Solutions (AVS), the
report notes.

Under the SGX listing rules, a company may be placed on the watch
list after three straight years of losses and having a market cap
below SGD40 million, according to BT.

Addvalue currently has a market cap of about SGD70.82 million, BT
discloses.

Addvalue Technologies Ltd -- http://www.addvaluetech.com/--
provides satellite-based communication terminals and solutions
for various voice and IP-based data applications. It operates
through three segments: Europe Middle East and Africa, North
America, and Asia Pacific. The company develops and manufactures
a range of terminals operating on satellite networks for land,
maritime, and aeronautical applications; and designs and supplies
customized solutions for tracking, telemetry, supervisory control
and data acquisition, GSM backhauling, VSAT backup, and other
applications. It also provides design services, including initial
product conceptualization, development and evaluation,
qualification and regulatory approval, field trial, pilot run,
and mass production. The company markets its products and
solutions under the Wideye brand.


JASON HOLDINGS: Jason Sim Chon Ang Quits as CEO and Director
------------------------------------------------------------
Wong Kai Yi at The Business Times reports that Jason Sim Chon Ang
has ceased his roles as Jason Holdings Limited's group chief
executive and non-executive director, the company announced on
May 30.

In an exchange filing, the group said Mr. Sim had left his twin
posts on May 28, 2018, BT relates.

"With the liquidation of the company's wholly owned principal
subsidiary, Jason Parquet Specialist (Singapore) Pte Ltd, Jason
Sim Chon Ang is not able to play any role in the business and
operations of the group as the company actively looks to inject
new business into the group," Jason Holdings said, adding that
Mr. Sim was also "not involved" in the operations of the
company's 60 per cent owned subsidiary, White Cubic Pte Ltd, the
report relays.

As founder of Jason Holdings, Mr. Sim was responsible for
overseeing the sale and marketing team of wholly owned subsidiary
Jason Parquet Specialist (Singapore), prior to its liquidation on
June 10, 2016, BT notes.

His brother, executive director Sim Choon Joo, ceased to be a
company director on May 28, 2018.

In the company's latest annual report, Jason Holdings stated that
it is in the process of considering and evaluating various new
businesses for acquisition.

BT adds the company was "actively looking for and negotiating
with various potential parties" to inject new business into the
company, aiming to eventually submit a resumption proposal to the
Singapore Exchange to restart trading in the company's shares on
the Catalist, said then non-executive chairman Lim Chwee Kim, who
has since been redesignated executive chairman.

Jason Holdings Limited (SGX:513) operates through segments,
Projects and Distribution. The Company is engaged in the supply
and installation of timber flooring to its Projects customers,
which consists of main contractors and retail customers. The
Company is also involved in the sale of timber products and
flooring accessories to its Distribution customers. Jason Parquet
Specialist (Singapore) Pte Ltd (JPS) is the subsidiary of the
Company.



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


GM KOREA: Shuts Down Gunsan Plant as Part of Restructuring
----------------------------------------------------------
Yonhap News Agency reports that General Motors Co., the parent
company of GM Korea Co., on May 31 shut down one of its plants in
South Korea as it moves to restructure its operations at home and
abroad.

According to Yonhap, the 260,000-unit-a-year plant in Gunsan,
about 270 kilometers southeast of Seoul, was hit hard by GM's
decision to withdraw its Chevrolet brand from Europe in 2013. Its
utilization rate plunged to a dismal 20 percent from 2016 amid
rising labor costs.

In February, the Detroit-based carmaker announced its plan to
shut down one of its four car assembly plants in Korea by May and
asked the state-run Korea Development Bank (KDB) to extend a
financial helping hand to the loss-making GM Korea, Yonhap says.

Yonhap notes that the Gunsan plant, which first opened 22 years
ago, has stopped production of two Chevrolet models, the Orlando
SUV and the Cruze compact, though GM Korea will continue to sell
cars in its inventory in the domestic market.

There remains some 680 workers at the Gunsan plant out of its
2,000 workforce during its heyday, the report discloses. The
company is mulling relocating 200 of them to other plants in
Bupyeong, just west of Seoul, and Changwon, 400 km south of
Seoul, a company spokesman told Yonhap.

As for the remaining 480 workers, the government is considering
paying them a maximum amount of KRW1.8 million (US$1,700) in
unemployment benefits per person on a monthly basis for three
years. On top of this, the company and its union are in talks to
provide KRW450,000 a month to support these workers for three
years, the spokesman said.

But the subsidy plans have yet to be approved or agreed upon by
related parties, he said, Yonhap adds.

According to the report, GM Korea said it has not decided yet on
how it will deal with the closed Gunsan plant. There are no
carmakers that have expressed an interest in acquiring the car
production facilities.

Early this month, GM and the KDB, the two biggest shareholders in
GM Korea, signed the binding agreement that will permit a
combined KRW7.7 trillion lifeline -- KRW6.9 trillion from GM and
KRW810 billion from the KDB -- to keep the loss-making Korean
unit afloat, Yonhap recalls.

Under the deal, GM is banned from selling any of its stake in GM
Korea before 2023 and is required to keep its holding in the unit
above 35 percent until 2028, Yonhap notes.

Yonhap says to boost lackluster sales, GM Korea plans to launch
15 new upgraded vehicles in the domestic market in the next five
years. This month, the company launched the facelifted Spark
minicar and plans to add the midsize Equinox SUV and the upgraded
midsize Malibu sedan this year.

GM Korea continued to post net losses worth an accumulated
KRW3.134 trillion from 2014-2017 due to lower demand for its
models, Yonhap discloses.

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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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
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                 *** End of Transmission ***