TCRAP_Public/180604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 4, 2018, Vol. 21, No. 109

                            Headlines


A U S T R A L I A

AUSTRALIAN BIGHT: Ex-CEO Gets 3-1/2 Years Prison Term
GLOSS ACCESSORIES: Second Creditors' Meeting Set for June 12
JETGO AUSTRALIA: Goes Into Voluntary Administration
JETGO AUSTRALIA: First Creditors' Meeting Set for June 13
MCCOMBIE CONSTRUCTION: First Creditors' Meeting Set for June 11

MOSMAN ROWERS: Second Creditors' Meeting Set for June 12
N & A CHUNG: Second Creditors' Meeting Slated for June 13
QUINTIS LTD: To Receive Up to AUD175MM Cash Infusion Under Deal


B A N G L A D E S H

BANGLADESH: S&P Affirms 'BB-' LT Sovereign Credit Ratings


C H I N A

CENTRAL CHINA REAL: Fitch Affirms B1 Sr. Unsec. Debt Rating
GUORUI PROPERTIES: S&P Puts 'B-' Rating to US$ Sr. Unsec. Notes
MGM CHINA: Fitch Affirms 'BB' LT IDR; Outlook Stable
TUNGHSU GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR
ZHONGRONG INT'L: S&P Affirms 'BB+' LT ICR, Outlook Stable


H O N G  K O N G

CITIC RESOURCES: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable


I N D I A

ACE AUTOCARS: CRISIL Migrates B- Rating to Not Cooperating
AIR INDIA: Stake Sale Fails to Attract Bidders
AIR INDIA: Employee Unions Prepare Alternative Revival Plan
AMAR PLASTIC: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
AMAZON TECHNOCAST: CRISIL Moves B+ Rating to Not Cooperating

APOLLO POWER: CRISIL Migrates B+ Rating to Not Cooperating
ASHTECH BUILDPRO: CRISIL Withdraws B Rating on INR10.98MM Loan
B.B. STYRO: CRISIL Migrates B+ Rating to Not Cooperating Category
BANSAL RICE: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
BHANSALI TRADE: CRISIL Withdraws B+ Rating on INR3.5MM Cash Loan

BLUEZONE VITRIFIED: CRISIL Migrates B+ Rating to Not Cooperating
CARRIER WHEELS: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
DHIREN DIAMONDS: CRISIL Migrates B+ Rating to Not Cooperating
E-SHOPPE: Ind-Ra Maintains 'B+' Issuer Rating in Non-Cooperating
EASTERN CONST.: Ind-Ra Maintains 'BB' Rating in Non-Cooperating

ETA ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
GARVIT HOSPITALITY: CRISIL Migrates B- Rating to Not Cooperating
GLOBAL MERCANTILE: CRISIL Migrates B- Rating to Not Cooperating
GULSHAN RAI: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
H.J. INDUSTRIES: Ind-Ra Maintains 'D' Rating in Non-Cooperating

H.V. EQUIPMENTS: CRISIL Lowers Rating on INR4MM Overdraft to B
HOTEL VAKRATUNDA: Ind-Ra Maintains 'B' Rating in Non-Cooperating
INNOVATION HOUSE: CRISIL Migrates B- Rating to Not Cooperating
ISHWARCHARAN BUILDERS: CRISIL Withdraws B- Rating on INR30MM Loan
JAUNPUR NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating

K.S. PIPE: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
KARAN RICE: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
MAGDHA CREATIVE: CRISIL Lowers Rating on INR15MM Loan to D
MUDHAI DAIRY: CRISIL Moves D Rating to Not Cooperating Category
NAND HOSPITALITY: CRISIL Migrates B+ Rating to Not Cooperating

NARULA OIL: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
OSWAL TRADERS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
PARAS TARP: CRISIL Migrates B+ Rating to Not Cooperating Category
PEEJAY AGRO: CRISIL Lowers Rating on INR6.4MM LT Loan to D
PLASTENE POLYFILMS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable

RATAN COLD: CRISIL Migrates B+ Rating to Not Cooperating Category
RELIANCE COMMUNICATIONS: Ordered to Pay Ericsson INR5.5 Billion
RISHTA POLYMER: CRISIL Assigns B+ Rating to INR4.58MM LT Loan
SAFI TRADERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
SANCO INDUSTRIES: Ind-Ra Maintains BB- Rating in Non-Cooperating

SANDHU POULTRY: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SCODA TUBES: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
SHIVIN CA: CRISIL Migrates B+ Rating to Not Cooperating Category
SHREE BISHNU: CRISIL Migrates D Rating to Not Cooperating
SHREE COAL: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating

SHRI KRISHNA: CRISIL Migrates B+ Rating to Not Cooperating
SMART STACK: CRISIL Migrates B Rating to Not Cooperating Category
SOLACE ENGINEERS: CRISIL Withdraws B+ Rating on INR6.5MM Loan
SPRING BEE: Ind-Ra Corrects September 14, 2017 Rating Release
SRI BALAJI: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating

SRS LIMITED: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
ST PIPES: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
VEDA ENGINEERING: CRISIL Migrates B Rating to Not Cooperating
VENUS PP: CRISIL Withdraws B Rating on INR2.64MM Proposed Loan
VISION FREIGHT: CRISIL Withdraws D Rating on INR9.5MM Cash Loan

VRIDHI IRON: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
WELLBORE ENGINEERING: CRISIL Withdraws D Rating on INR6.85MM Loan
YOGESH DEVELOPERS: Ind-Ra Maintains BB- Rating in Non-Cooperating


M A L A Y S I A

BERJAYA MEDIA: Seeks More Time to Submit Regularisation Plan


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A U S T R A L I A
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AUSTRALIAN BIGHT: Ex-CEO Gets 3-1/2 Years Prison Term
-----------------------------------------------------
Andrew Ferguson, the former Chief Executive Officer of South
Australian abalone farm Australian Bight Abalone (ABA) has been
sentenced in the District Court to 3 and a half years
imprisonment, with a non-parole period of 12 months.

The sentencing follows an ASIC investigation which resulted in
Mr. Ferguson being charged with 17 counts of providing false and
misleading information to the ABA Board of Directors and
prospective investors.

On January 19, 2018, Mr. Ferguson was found guilty of all 17
charges, following a jury trial in the District Court of South
Australia.

In sentencing Mr. Ferguson, Judge Boylan stated that Mr.
Ferguson's offending was serious. "It extended over a period of
nearly two years. It involved a breach of trust in your position
as an officer of the company. It was motivated by greed. It was,
in short, a sustained, repetitive and deliberate course of
criminal conduct involving 17 separate occasions of deceitful
conduct."

ASIC Deputy Chair Peter Kell said, "Today's sentencing reflects
both the severity of Mr Ferguson's actions and the consequences
facing those who do not abide by the law. ASIC will continue to
investigate where investors and board members are deceived, and
refer criminal conduct to the CDPP for prosecution."

On May 14, 2018, the Court of Criminal Appeal granted Mr.
Ferguson permission to appeal against conviction. The date of the
appeal hearing is June 19, 2018.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

ABA was Australia's largest off-shore abalone farmer, raising
about $44 million from 1400 investors over four years.  ABA
operated an abalone farm in off-shore cages located near Elliston
in South Australia between 2005 and 2009. The company also
operated managed investment schemes (MIS), through which
investors acquired interests in abalone grown at the farm,
entitling them to returns from the sale of harvested abalone.

The initial MIS project was offered to wholesale investors only
in 2005, but a MIS was offered to retail investors in each
subsequent year between 2006 and 2009.

Administrators (McGrath Nicol) were appointed to ABA in July 2009
after the company had been able to undertake only a limited
harvest of the abalone stock. The Administrators reported that a
survey conducted of the abalone stock at the farm suggested
significantly higher mortality than had been expected.

Mr. Ferguson pleaded not guilty to the charges against him.


GLOSS ACCESSORIES: Second Creditors' Meeting Set for June 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Gloss
Accessories Pty Limited has been set for June 12, 2018, at
2:00 p.m. at the offices of Jones Partners Insolvency &
Business Recovery, Level 13, 189 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2018, at 4:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Gloss Accessories on May 7, 2018.


JETGO AUSTRALIA: Goes Into Voluntary Administration
---------------------------------------------------
ABC News reports that regional commercial airliner JetGo has gone
into voluntary administration, prompting it to cancel flights
across Australia.

The company appointed administrators on June 1 and said all
regular passenger transport services had been suspended, the
report says.

According to ABC, the company said the administrators were
"assessing the viability of the future operations" and it would
continue limited charter operations.

It comes after the Dubbo Regional Council in western New South
Wales lodged a claim in the Supreme Court, requesting the company
be wound up over unpaid debts, ABC notes.

At the time, JetGo said the newly-merged council in Dubbo had
reneged on a previous agreement to waive taxes as part of an
incentive agreement, the report relates.

The report says the news has shocked the Illawarra region, which
did not have a commercial air service until JetGo began running
local flights to Brisbane and Melbourne last year.

ABC relates that the Shellharbour City Council, which owns the
Illawarra Regional Airport, said it had immediately ended its
"service level agreement" with the company.

According to the report, Shellharbour Mayor Marianne Saliba said
she felt for those who had booked flights, but urged them to
contact their bank or credit card company.  "I think it's really
sad that people are in this position and it's very disappointing,
but it's completely out of Council's hands in that this was a
business decision made by a private business."

Ms. Saliba said the Illawarra to Essendon route was JetGo's
busiest and highlighted the need to maintain the service.

She added the Council is also owed money by the company and it
would work to recoup the debt.

"What we would like to do is try and ensure those services
continue," she said.

In a statement, the council said it was owed more than AUD270,000
and that it had "acted responsibly" to recover ratepayers' money,
ABC relays.

A hearing will be held in the Supreme Court on June 18 as part of
Dubbo Regional Council's legal action against Jetgo, ABC
discloses.

One of the appointed administrators, Jonathan Mcleod, has written
to affected customers echoing suggestions that they contact their
credit card provider, ABC notes.

Mr. Mcleod told the ABC only two of the fleet of six jets were
flying prior to his appointment, and that 4,045 passengers would
be affected over the month of June.

JetGo services many cities across regional Australia including
Wollongong, Dubbo, Wagga Wagga, Albury, Rockhampton, Townsville
and Karratha.


JETGO AUSTRALIA: First Creditors' Meeting Set for June 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jetgo
Australia Holdings Pty Ltd, trading as Petgo Australia, Jetgo and
Jetgo Australia Airlines, will be held at Jetgo, 601 Curtin
Avenue, Eagle Farm, in Queensland, on June 13, 2018, at
10:00 a.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners
were appointed as administrators of Jetgo Australia on June 1,
2018.


MCCOMBIE CONSTRUCTION: First Creditors' Meeting Set for June 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of McCombie
Construction Pty Ltd will be held at Chartered Accountants
Australia and New Zealand, Level 11, 2 Mill Street, in Perth, WA,
on June 11, 2018, at 11:30 a.m.

Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of McCombie Construction on May 29,
2018.


MOSMAN ROWERS: Second Creditors' Meeting Set for June 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mosman Rowers
Limited has been set for June 12, 2018, at 11:00 a.m. at Level
25, One International Towers Sydney, 100 Barangaroo Avenue, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2018, at 4:00 p.m.

Morgan John Kelly and Peter Gothard of Ferrier Hodgson were
appointed as administrators of Mosman Rowers on May 7, 2018.


N & A CHUNG: Second Creditors' Meeting Slated for June 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of N & A Chung
Pty Ltd, Chung Gold Coast Pty Ltd and Chun Kau Pty Ltd has been
set for June 13, 2018, at 11:00 a.m., 11:30 a.m. and 11:45 a.m.,
respectively, at the offices of PPB Advisory, Level 8, 50 Cavill
Avenue, in Surfers Paradise, 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 12, 2018, at 4:00 p.m.

David Webb and Kenneth Whittingham of PPB Advisory were appointed
as administrators of N & A Chung, Chung Gold Coast and Chun Kau
on May 10, 2018.


QUINTIS LTD: To Receive Up to AUD175MM Cash Infusion Under Deal
---------------------------------------------------------------
McGrathNicol Partners Jason Preston, Shaun Fraser and Robert
Brauer, who were appointed Receivers and Managers of Quintis Ltd
and a number of its subsidiaries last January, provide the
following update on the progress of the Receivership and Quintis'
business.

                     Recapitalisation Update

With the support of the secured creditors of the Companies, the
Receivers have proposed a Deed of Company Arrangement ("DOCA") to
the Voluntary Administrators that results in between AUD125
million and AUD175 million in new cash injected into the business
to fund operations on a long-term basis. An additional
AUD20 million of funding has been made available immediately for
ongoing operations while the receivership process is concluded.

The DOCA proposal would see Quintis' business emerging as a
private company in a very strong financial position and well
placed to continue its strategy as the world's leading marketer,
producer and seller of sandalwood timber, oil and products. The
DOCA will release Quintis from all legacy claims. Under the
proposal, Quintis' bond holders will recapitalise and acquire
control of the subsidiaries of Quintis Ltd and the entirety of
the group's business and assets. The proposal represents a very
favourable outcome for growers, employees and creditors as it
preserves Quintis' vertically integrated business model.

The proposal was submitted to the Voluntary Administrators for
consideration ahead of their report to creditors and
recommendation on the Companies' future, which was released to
creditors on May 31, 2018. The second meeting of creditors has
been convened to be held on June 8, 2018. The proposal has been
recommended by the Voluntary Administrator. If approved by
creditors, it is likely that the recapitalisation would be
completed by the end of August 2018.

                Impact of DOCA proposal on growers

Under the proposal, growers' investments in Quintis' Managed
Investment Schemes ("MIS") will be wholly preserved. There will
be no change to the terms of any of the Quintis MIS. Growers will
retain the right to defer all lease and management costs
throughout the life of their projects and their trees will
continue to be maintained by Quintis' experienced team of
sandalwood forestry experts. The Quintis responsible entity will
be well funded and therefore the vehicle best placed to protect
grower interests. Others seeking to take over the management of
Growers MIS investments do not have the assets, infrastructure,
expertise or funding to properly carry out that role. This
outcome delivers the very best outcome for growers with no change
to their original investment. By supporting the proposal, growers
ensure they retain the opportunity to maximise returns from their
investment in the sandalwood industry.

Quintis will continue to manage institutional and sophisticated
investor ("SIO") plantations on terms that have been put in place
by the Receivers with the strong support and endorsement from
these investors. To date, all institutional investors continue to
support the recapitalisation of Quintis while close to 80% of SIO
growers have signed up to the new payment terms and remain
supportive of a recapitalised Quintis.

               Impact of DOCA proposal on employees

The proposal means that Quintis' 221 employees will retain their
jobs. The proposal will also see those employees who were made
redundant in the early stages of the receivership have their
entitlements paid in full.

          Impact of DOCA proposal on unsecured creditors

The proposal will make available a pool of funds to provide a
return to unsecured creditors that will be better than would be
achieved in a Liquidation.

             Impact of DOCA proposal on shareholders

Quintis Ltd will not form part of the restructured group. There
may be an opportunity for shareholders to realize value in the
event the Administrator is able to sell the corporate shell. The
DOCA will not impact the ongoing shareholder class actions.

In view of the very positive outcome achieved by the
recapitalisation, it is expected that the proposal will be
supported by growers, employees and creditors whose rights and
long term interests are protected.

                           About Quintis

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

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

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

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



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B A N G L A D E S H
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BANGLADESH: S&P Affirms 'BB-' LT Sovereign Credit Ratings
---------------------------------------------------------
On May 31, 2018, S&P Global Ratings affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on Bangladesh. The
outlook remains stable. The transfer and convertibility (T&C)
assessment remains 'BB-'.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that
Bangladesh's consistent economic growth trajectory and strong
donor support will continue to raise average income and broadly
sustain the country's external profile over the next 12 months.
These factors are balanced against enduring governance and fiscal
weaknesses, and infrastructure deficits.

"We may downgrade the sovereign if fiscal slippages result in
rising public debt and external donor support declines
materially.

"Conversely, we may raise the ratings if measures targeted at
growing the revenue base and boosting collection efficiency
materially improve Bangladesh's fiscal performance. We may also
upgrade Bangladesh if the government significantly reduces
energy, infrastructure, and administrative bottlenecks, resulting
in higher investment and eventually a sustained increase in trend
growth for real per capita GDP."

RATIONALE

The ratings on Bangladesh reflect the country's low economic
development and limited fiscal flexibility owing to a combination
of constrained revenue-generation capacity, rising debt-servicing
costs, and high spending to improve its basic infrastructure and
government services. The country's volatile political setting
combined with administrative and institutional weaknesses
represent additional rating constraints. S&P weighs these factors
against a relatively modest external debt burden, reflecting
support from substantial donor engagement, and large remittances
from Bangladeshis outside the country.

Institutional and Economic Profile:

-- Administrative and institutional weaknesses constrain
    stronger economic growth development

-- Bangladesh's polarized political landscape constrains the
    effectiveness of institutions and heightens social tensions.

-- The economy continues to sustain high, steady economic
    growth.

Bangladesh's fractious domestic political conditions distract
from stable policymaking. The polarized political landscape
generally hampers policy implementation and makes responses
unpredictable at times. The confrontational stance between the
incumbent Awami League and opposition Bangladesh Nationalist
Party harbors the potential for conflict. Given a weak
institutional setting, infrastructure deficiencies, and difficult
business environment, Bangladesh's foreign direct investment has
remained persistently low.

The next general elections are generally expected to be held by
end-2018. Although the domestic security situation has improved
recently, we do not rule out the possibility of violence leading
up to the elections. That said, strikes and politically related
violence have not been overly disruptive to overall economic
growth in the past. We expect Bangladesh's economy to remain
resilient to such bouts of social turbulences.

Low economic development, as represented by per capita GDP of
US$1,620 for 2018, is one of Bangladesh's main rating
constraints. This income level offers a weak and narrow revenue
base, in turn limiting the fiscal and monetary flexibility needed
to respond to exogenous shocks. Nevertheless, Bangladesh's real
per capita GDP growth of about 5.4% over the 2012-2021 period
indicates consistently strong real GDP growth despite numerous
structural impediments, in particular the shortage of power. S&P
assesses Bangladesh's economic performance as being in line with
sovereigns at similar income levels. Should these impediments be
addressed, we believe Bangladesh's growth trajectory would be
stronger than peers'.

Flexibility and Performance Profile:

-- Bangladesh's narrow revenue base and high interest costs
    inhibit fiscal flexibility.

-- Garment exports and worker remittances are key anchors of
    Bangladesh's strong external position.

-- Fiscal revenue remains low while value-added tax (VAT)
    harmonization is further delayed.

-- The country's fiscal flexibility is constrained by a large
    interest burden from the issuance of high-interest national
    savings certificates.

-- Bangladesh tends to run moderate fiscal deficits.

S&P forecasts the change in net general government debt will
average 3.0% of GDP annually over fiscal 2018-2021 (ending
June 30), which is low compared with peers'. However, many basic
social and infrastructure needs remain unmet, implying higher
outlays ahead. Although the government's debt burden is low, with
net general government debt at our projection of 23% of GDP as of
the end of fiscal 2018, its high interest expense at 17.0% of
revenues limits fiscal flexibility.

Due to the government's increasing use of the costlier national
savings certificates scheme rather than commercial borrowings, we
expect its debt-servicing ratio to rise to above 19% from 2018.
Additionally, more than 40% of total government debt is
denominated in foreign currency, albeit mostly from official
concessional donors.

Bangladesh's narrow revenue base constrains the government's
flexibility to mitigate economic downturns or other potential
shocks. It has only 2 million registered taxpayers (out of a
population of approximately 160 million). General government
revenue was 10% of GDP in fiscal 2017, among the lowest of rated
sovereigns globally. The government has outlined numerous
initiatives to expand the tax base, most notably the plan to
reform the complicated VAT system. However, the plan has been
repeatedly delayed over the past few years since the law was
first passed in 2012. S&P does not expect significant revenue
enhancement reforms to be implemented until at least after the
elections in 2019-2020.

S&P said, "We assess a moderate risk related to contingent
liabilities from financial institutions, in particular the state-
owned commercial banks (SOCB) sector. Although the private sector
banks are in adequate shape, significant risks reside in the
SOCBs. SOCBs account for about 28% of total banking sector assets
and the sector's nonperforming loans had reached about 25% of
total loans as of end 2017. Although the government has begun to
recapitalize some of the SOCBs, in our view, the sector remains
undercapitalized and we expect it to continue to require
budgetary support from the government."

Bangladesh's credit profile benefits from low external
borrowings. The country enjoys large remittance inflows and an
internationally competitive garment export sector, resulting in
current account surpluses over the past few years. However, a
combination of increased food imports due to flooding in the
country and reduced remittances due to the oil price slump taking
its toll on the Gulf States (largest hosts of Bangladeshis
working outside the country), caused a modest current account
deficit in 2017. S&P envisages remittance inflows to increase
moderately, although imports related to infrastructure projects
are expected to rise, leading to small but sustained current
account deficits over our forecast period.

S&P said, "In our view, Bangladesh's external balance sheet and
liquidity will remain key credit-supporting factors.
Nevertheless, we expect gross external financing needs to
continue their rising trend, averaging 88% of current account
receipts plus usable reserves over 2018-2021. The lower
remittance flows have affected reserves accumulation, further
increasing the gap between the country's external debt and its
liquid external assets. We project narrow net external debt to be
about 19% of current account receipts by end 2018."

Bangladesh's external profile draws substantial donor support,
ensuring that the bulk of public external debt is low-cost
borrowing with long maturity. Additionally, donors and
multilateral lenders influence policy formulation and provide
direct budgetary support. An example of support is the current
Rohingya crisis, where multilateral and bilateral agencies cover
the increased food imports needed for the refugees.

S&P said, "We view Bangladesh's monetary assessment as a neutral
factor to the rating. The central bank's limited independence,
multiple mandates, and underdeveloped capital markets hamper
monetary flexibility. We consider Bangladesh's exchange rate
regime as a managed float, which provides some flexibility to
mitigate external shocks." However, despite modest gradual
depreciation in the exchange rate since 2015, Bangladesh's real
effective exchange rate has been rising, reflecting the currency
depreciation of its trading partners. Should this persist, it
could strain the competiveness of the country's export garment
sector.

The central bank has made progress in managing inflationary
expectations. In the past two years, inflationary pressure
subsided with reduced government borrowing from the banking
sector. Inflation has stayed in the single digits since 2011.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Bangladesh
   Sovereign Credit Rating                BB-/Stable/B
   Transfer & Convertibility Assessment
    Local Currency                        BB-



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C H I N A
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CENTRAL CHINA REAL: Fitch Affirms B1 Sr. Unsec. Debt Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Central China Real Estate
Limited's (CCRE) Ba3 corporate family rating and B1 senior
unsecured debt ratings.

The ratings outlook is stable.

RATINGS RATIONALE

"CCRE's Ba3 corporate family rating (CFR) reflects its leading
market position in Henan Province and its track record of stable
growth in contracted sales over the past five years," says Kaven
Tsang, a Moody's Vice President and Senior Credit Officer and
also the Lead Analyst for CCRE.

Moody's expects CCRE's contracted sales will grow to around
RMB35-40 billion in the next 12-18 months, after registering 51%
year-on-year growth to RMB30.4 billion in 2017. In the first four
months of 2018, CCRE's contracted sales grew 43.9% year-on-year
to RMB8.4 billion.

Its solid sales performance will support the company's revenues
and EBIT growth in the next 12-18 months, and partly mitigate the
effect of rising debt to fund its fast-growth plan.

Additionally, CCRE is developing its management entrustment
business, which will generate a total of around RMB2.6 billion to
RMB2.9 billion in royalty fees to be distributed in the next
three to five years. This income will partly reduce the
volatility in the company's property development cash flow.

"On the other hand, CCRE's Ba3 CFR reflects the company's
geographic concentration in Henan, as well as the execution risks
and increasing funding needs associated with the company's fast
growth plan," adds Tsang.

The delay in construction experienced in 2016 reflects the
company's execution challenges in managing both its fast sales
growth and the timely delivery of products. Since then, CCRE has
strengthened its management team and project execution and
delivery, as reflected by the company's revenue growth in 2017.

Moody's projects CCRE's adjusted revenue/debt (adjusted with the
financials of its joint ventures [JVs]) will moderate down to
80%-90% from 97% in 2017 because of its debt-funded expansion.
Meanwhile, its adjusted EBIT/interest (adjusted with the
financials of its JVS) will fall slightly to around 2.5x over the
next 12-18 months from 2.8x for 2017. These projected ratios
position the company's CFR at the Ba3 rating level.

CCRE's adequate liquidity also provides the company with
flexibility to manage potential market volatility and supports
its Ba3 CFR.

CCRE had total cash of RMB13.4 billion at the end of 2017, which
could fully cover its short-term debt of RMB4.4 billion as of the
same date and an estimated unpaid land premium of around RMB3.5-4
billion over the next 12 months. CCRE's adjusted cash/short-term
debt - including amounts due to and from its joint ventures - was
at 159% at the end of 2017.

The B1 senior unsecured debt rating is one notch lower than the
company's CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for
structural subordination.

As a result of these factors, the expected recovery rate for
claims at the holding company will be lower.

The stable rating outlook reflects Moody's expectation that CCRE
will maintain its (1) leadership position in Henan Province and
generate sales growth; (2) adequate liquidity levels; and (3)
disciplined approach to land acquisitions.

Upward rating pressure is limited in the near term, given CCRE's
high geographic concentration and the execution risks associated
with its fast growth plan.

Nevertheless, an upgrade could occur over the medium term if CCRE
(1) consistently achieves its sales targets; (2) demonstrates a
track record of good financial discipline by keeping adjusted
cash/short-term debt above 2.0x, adjusted revenue/debt above 95%-
100% and adjusted EBIT/interest above 4.0x-4.5x, all on a
sustained basis (the ratios adjusted for JV financials); and (3)
broadens its geographic coverage in a disciplined manner and
strengthens its offshore banking relationships.

The ratings could however come under downward pressure if (1)
CCRE experiences significant sales declines; (2) the company
suffers a material decline in its profit margins; (3) CCRE
accelerates its expansion, such that its liquidity position
deteriorates or its debt levels rise materially, or both; or (4)
construction delays become more frequent and the company is
unable to make up for the lost time and misses deadlines on
project deliveries.

Specific indicators for a downgrade include (1) adjusted
cash/short-term debt below 1.0x-1.5x, (2) adjusted EBIT/interest
consistently below 2.5x-3.0x, or (3) adjusted revenue/debt below
80% on a sustained basis. The ratios are adjusted for JV
financials.

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

Central China Real Estate Limited is a leading property developer
in Henan Province, with a land bank of 31.88 million square
meters at the end of 2017. It was founded in 1992 and listed on
the Hong Kong Stock Exchange in June 2008.


GUORUI PROPERTIES: S&P Puts 'B-' Rating to US$ Sr. Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Guorui Properties Ltd. (B/Negative/--). The issue rating is
subject to our review of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on the China-based property developer to reflect
subordination risk because the notes rank behind a significant
amount of secured debt in the capital structure.

"We do not expect the notes issuance to have a material effect on
Guorui's credit profile because the company intends to use the
proceeds mainly to refinance its existing debt. In fact, the
issuance could reduce the company's refinancing risk arising from
its low cash-to-short-term debt ratio, and enhance its liquidity
profile. As of Dec. 31, 2017, Guorui's ratio of cash to short-
term debt was around 15%.

"The issuer credit rating on Guorui reflects our expectation that
the company will moderately deleverage over the next two years,
supported by a significant amount of unrecognized revenue and an
estimated slowdown in land acquisitions. We believe Guorui's
leverage peaked in 2017 after the company accelerated debt-funded
land acquisitions. In our view, such large spending was
opportunistic, given Guorui's large land reserve of around 8.5
million square meters in the beginning of 2017.

"The negative outlook on Guorui reflects our view that liquidity
and leverage could worsen over the next 12 months unless the
company improves its sales performance and adopts a more prudent
approach to debt-funded expansion."


MGM CHINA: Fitch Affirms 'BB' LT IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Ratings
(IDRs) of MGM Resorts International (MGM), MGM China Holdings,
Ltd and MGM Grand Paradise, S.A. (the two Asian subsidiaries
collectively, MGM China) at 'BB'. Fitch has also affirmed MGM's
senior secured credit facility's rating at 'BBB-/RR1', MGM's
senior unsecured notes' rating at 'BB/RR3', and MGM China's
senior secured credit facility's rating at 'BBB-/RR1'. The Rating
Outlook is Stable for all entities.

Fitch links MGM China's IDR to MGM's. Fitch analyzes MGM on a
consolidated basis after adjusting for distributions to minority
interests and distributions from unconsolidated entities.

KEY RATING DRIVERS

Credit Profile Improving: Fitch Ratings' forecasts MGM Resorts
International to de-lever below 5.0x on a gross basis by year-end
2019. De-levering will come primarily from EBITDA growth, as MGM
Cotai ramps up, MGM Springfield opens, and Empire City casino is
acquired (early 2019). MGM desires to achieve net leverage of 3x-
4x by year-end 2018 (Fitch's calculation of net leverage is
roughly 0.7x higher). MGM's FCF profile is also improving, set to
reach $1.3 billion-$1.4 billion annually by 2019. Upward credit
momentum may be slowed by a new large-scale, heavily debt-funded
project or a pullback in U.S. economic growth.

Favorable Asset Mix: Since 2016, MGM has improved its overall
geographic diversification and expanded its "M Life Rewards"
program. This has been achieved through acquisitions, like
Atlantic City's Borgata (2016) and New York's Empire City Casino
(est. 2019 closing), and new developments. Fitch has a positive
view on MGM's developments, which include MGM National Harbor
(opened December 2016), MGM Cotai (opened February 2018) and MGM
Springfield (est. September 2018). Fitch generally expects good
return on investment for these developments.

MGM Growth Properties: MGP is roughly 75% owned (pro forma for
Empire City acquisition) and effectively controlled by MGM.
Therefore, Fitch analyzes MGM and MGP largely on a consolidated
basis. Due to the bulk of the assets being at MGP and certain
separation provisions in place at MGP, Fitch believes MGP is a
slightly stronger credit, relative to MGM. As the MGM corporate
complex migrates up the rating spectrum, Fitch will view MGP more
on par with MGM.

Positive on Las Vegas: Fitch is positive on the Las Vegas Strip,
which represents about 60% of MGM's consolidated revenues. The
Strip should benefit from continued strength in the convention
business and limited new lodging supply. However, Fitch expects
the growth of certain operating indicators to decelerate as the
recovery is entering its ninth year and a number of indicators
have reached prior-cycle peaks.

Macau on Solid Footing: Fitch forecasts 14% growth in Macau gross
gaming revenues for 2018, which reflects the continued health of
VIP and premium mass segments, albeit with some deceleration from
2017. MGM will gain market share following the opening of its
first Cotai property, which Fitch forecasts will generate nearly
$350 million in incremental EBITDA. Fitch's positive view on
Macau is supported by an expanding middle class in China and
infrastructure development in and around Macau. Fitch feels
upcoming concessions renewals will be a pragmatic process as the
government values stability in the marketplace.

DERIVATION SUMMARY

MGM's current 'BB' IDR considers the issuer's gross debt/EBITDA
close to 5.0x (pro forma for annualized MGM Cotai and recent
acquisitions), improving FCF profile as its development pipeline
winds down, and its geographically diverse set of best-in-class
assets. There is headroom for funding of another large scale
project or a moderate operating downturn at the current 'BB'
rating level given MGM's liquidity profile and moderate leverage.
MGM's liquidity is strong with $1.2 billion in excess cash on
hand (net of estimated cage cash) and an improving FCF profile.

KEY ASSUMPTIONS

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

  -- Same-store domestic revenues grow about 1%-2% per year on
average, with higher assumed growth at properties on the Las
Vegas Strip;

  -- Wholly-owned EBITDA margins remain near 30%;

  -- MGM China generating about $870 million of EBITDA in 2019,
which factors in about $350 million EBITDA at MGM Cotai;

  -- Incremental EBITDA from MGM Springfield (opens Aug. 2018)
and Empire City acquisition (closes early 2019) of roughly $100
million and $70 million, respectively;

  -- 5% annual growth for the parent level dividend and a
majority of cash flow from operations less capex at MGM China and
MGM Growth Properties is distributed;

  -- $1 billion in annual share repurchases;

  -- $3.6 billion in note maturities from 2018-2021 are
refinanced. MGM Cotai's credit facility is refinanced prior to
meaningful amortization;

  -- Fitch's base case forecast does not include any additional
developments in new jurisdictions (e.g. Japan).


RATING SENSITIVITIES

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

MGM's IDR could be upgraded to 'BB+' as MGM's leverage metrics,
after adjusting for distributions to minority holders and from
unconsolidated subsidiaries, approach 4.5x gross and 4.0x net.
Fitch will consider the continuation of the stable or positive
trends in Las Vegas and Macau, the renewal of the Macau
concession, and MGM's commitment to its balance sheet when
contemplating further positive rating actions.

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

Fitch would consider a Negative Outlook or downgrade if leverage
remains above 6.0x for an extended period of time past 2017, due
to potentially weaker than expected operating performance, debt
funding a new large-scale project or acquisition, or taking a
more aggressive posture with respect to financial policy.

LIQUIDITY

MGM's liquidity is strong and is set to improve further as annual
discretionary FCF grows toward $1.6 billion-$1.7 billion by 2019.
Per Fitch's base case, the primary use of the FCF will be to
support continued ramp up in shareholder returns. MGM recently
authorized a new $2 billion repurchase program after completing
its first $1 billion authorization in less than a year. MGM also
pays roughly $250 million in annual parent dividends. Other uses
of cash through 2021 include $3.6 billion in debt maturities and
$675 million in remaining capex for MGM Cotai and MGM
Springfield, though Fitch assumes a bulk of MGM's debt maturities
are refinanced. As of March 31, 2018, additional sources of
liquidity include $1.2 billion in consolidated excess cash (net
of estimated cage cash) and $1.8 billion in consolidated revolver
availability.

FULL LIST OF RATING ACTIONS

Fitch has affirmed MGM's ratings as follows:

MGM Resorts International

  -- Long-term IDR at 'BB'; Outlook Stable;

  -- Senior secured credit facility at 'BBB-/RR1';

  -- Senior unsecured notes at 'BB/RR3'.

MGM China Holdings, Ltd (and MGM Grand Paradise, S.A. as co-
borrower)

  -- Long-term IDR at 'BB'; Stable Outlook;

  -- Senior secured credit facility at 'BBB-/RR1'.


TUNGHSU GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based technology
conglomerate Tunghsu Group Co. Ltd. (Tunghsu) to negative from
stable. At the same time, S&P affirmed its 'B+' long-term issuer
credit rating on Tunghsu and the 'B' long-term issue rating on
the company's U.S. dollar-denominated guaranteed senior unsecured
notes.

S&P said, "We revised the outlook to negative to reflect
Tunghsu's diluting liquidity strength amid its rising leverage.
In our view, Tunghsu faces increasing short-term debt maturities
and working capital requirements over the next 12-24 months. This
is despite its high cash balance.

"We estimate Tunghsu has about Chinese renminbi (RMB) 20 billion
debt maturing every year in 2018 and 2019, compared with about
RMB10 billion in 2017. Furthermore, tighter onshore credit
conditions could weigh on refinancing prospects of privately
owned enterprises in China, including Tunghsu, in our view.

"We expect Tunghsu's leverage to remain high, with the debt-to-
EBITDA ratio at about 7x in the next two years, owing to
continued capital expenditure and investments to grow new
businesses.

"We anticipate that Tunghsu will continue to rely mainly on
equity financing to meet its capital expenditure needs, based on
its track record. However, Tunghsu will have to make sufficient
subscriptions to its listed subsidiaries' equity placements to
prevent dilution of its 22% shareholding in Dongxu Optoelectronic
Technology Co. Ltd. and 31% in Tunghsu Azure Renewable Energy Co.
Ltd. This would indirectly lead to higher debt on a consolidated
basis. We understand the company is committed to maintain stable
shareholding and effective control over these two major operating
assets.

"We estimate that Tunghsu's adjusted debt-to-EBITDA ratio rose to
6.9x in 2017, from 5.8x in 2016. We use 45%-55% of the company's
cash to net off debt in 2016 and 2017 because a material portion
of the cash was raised through equity financing designated for
business expansion. We exclude Tunghsu's finance subsidiary Tibet
Financial Leasing Co. Ltd. when calculating the ratio.

"We affirmed the ratings because we believe Tunghsu will exercise
more prudence in its liquidity and leverage management, and
business expansion over the next 12-24 months. In addition, the
company will likely look to monetize some property projects; the
sale could improve its cash flow and liquidity profile. Tunghsu
expects RMB4 billion-RMB5 billion in net cash inflows from its
property segment in 2018. However, the inflows are uncertain and
could skew toward the second half of the year. We therefore do
not fully incorporate them in our base case. As of end-2017, the
company has total saleable resources of about RMB30 billion, over
half of which are located in China's Guangdong province.

"We expect Tunghsu to maintain its good market position in the
glass substrate business and continue to penetrate the mid- to
low-end market in China. Tunghsu mainly focuses on production of
Gen 5/6 glass substrates, where Corning Inc., the leading player
in the industry, is shifting focus away from. Given Tunghsu's
cost advantage, Corning's exit gives it room to grow market share
and stabilize margin, especially for Gen 5 products. In addition,
capacity ramp-up of Gen 8.5 glass substrate lines through joint
ventures with foreign players in 2017 has expanded Tunghsu's
products suite. However, we understand that Tunghsu does not own
core technology of Gen 8.5 lines, and its margin is therefore
thinner than for older generation products."

Tunghsu's equipment business is likely approaching its growth
limit due to staffing constraints. This business saw rapid growth
in revenue in the past three years, and contributed 54% to
Tunghsu's gross profit in 2017. The growth is most pronounced for
equipment business in its parent level, which focuses on serving
industrial customers with total solutions in welding, spraying,
packaging and logistics machinery. S&P expects the segment's
margin to slightly decline owing to greater discounts offered to
repeat customers and due to intensifying competition.

S&P said, "In our view, revenue growth in Tunghsu's newer
businesses, including electric bus and renewable energy, will
likely outpace that in the core glass substrate and equipment
businesses. The company is also looking at more private-public
partnership (PPP) projects to fuel growth of its building
material and engineering and construction businesses.

"However, we see meaningful execution risk and material working
capital or capital expenditure requirements in these new
businesses. Tunghsu acquired and consolidated Shanghai Sunlong
Bus Co. Ltd. in the second half of 2017. Shanghai Sunlong plans
significant capital expenditure over the next two years to
achieve its ambitious expansion targets. This spending, along
with expansion in solar farm projects, will make up the majority
of the company's capital expenditure in the next 12-24 months.

"We forecast Tunghsu's EBITDA margin will continue to slide to
about 20% over the next 24 months, from 22% in 2017. This is
mainly due to a change in the company's business mix, with a
greater contribution from lower-margin new businesses, and to a
lesser extent, margin pressure in its core businesses.

"We break out Tibet Financial Leasing this year for a separate
credit assessment because we forecast that the leasing company
will contribute over 20% to the group's profit. In our view,
Tibet Financial Leasing's credit quality is about the same level
as that of the group's industrial operations. The company's small
franchise, short operating history, high single name
concentration, and moderate funding profile constrain its credit
quality. Its strong capitalization tempers the risk. Tibet
Financial Leasing was consolidated in Tunghsu group from 2016,
and Tunghsu owns 47% of the company.

"The negative outlook reflects our expectation that Tunghsu's
liquidity buffer is likely to diminish over the next 12 months,
given the company's increasing short-term maturities and working
capital requirement. We expect Tunghsu's debt leverage to stay
high at about 7x and free operating cash flows to remain negative
over the next 12 months.

"We may lower the rating if Tunghsu's liquidity buffers diminish
further without a meaningful improvement in debt leverage, as
indicated by EBITDA interest coverage failing to improve toward
2x. This could happen if: (a) the company's ratio of liquidity
sources to uses drops to below 1.5x over the next 12 months,
possibly due to poorer working capital collection under difficult
operating conditions or more aggressive debt-funded investment
and capital expenditure; or (b) the company shows signs of
weakening refinancing capability and credit market standing.

"We may also lower the rating if: (a) Tunghsu's competitive
position in its core optoelectronic display and equipment
manufacturing segment weakens, such that it loses significant
market share; or (b) the company is not able to expand its new
businesses, resulting in a material decline in its profitability.

"We may revise the outlook to stable if the company's liquidity
sources accumulate sufficient buffer over 1.5x of liquidity uses
on a sustained basis and the company maintains decent credit
standing in the capital market. At the same time, the company's
financial leverage should maintain or improve such that its debt-
to-EBITDA ratio is no worse than 7x over the next 12 months."


ZHONGRONG INT'L: S&P Affirms 'BB+' LT ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings revised the outlook on the long-term issuer
credit rating on Zhongrong International Holdings Ltd. (Zhongrong
BVI) to stable from negative. S&P affirmed its 'BB-' long-term
and 'B' short-term issuer credit ratings on the company.
Zhongrong BVI is the offshore wholly owned subsidiary of China-
based trust company, Zhongrong International Trust Co. Ltd.
(Zhongrong Trust).

S&P said, "At the same time, we affirmed our 'BB+' long-term and
'B' short-term issuer credit ratings on Zhongrong Trust. The
outlook on the long-term rating is stable.

"In addition, we affirmed the 'BB-' long-term issue rating on the
notes that Zhongrong International Bond 2015 Ltd. and Zhongrong
International Bond 2016 Ltd. issued. Zhongrong BVI
unconditionally and irrevocably guarantees the notes.

"The outlook revision reflects our view that Zhongrong BVI's
profitability is likely to continue to improve over the next 12-
24 months owing to the company's growing operating scale and more
sustainable business model.

"We believe Zhongrong BVI has attained sufficient scale to meet
its operating costs and is on an improving trajectory toward
establishing a sustainable business model. It acquired a Hong
Kong-based securities firm in 2017 and has licenses in brokerage,
margin financing, and lending areas."

Zhongrong BVI's retained profits are still small relative to its
assets, which are predominately credit-risk-sensitive private
debt securities and loans. However, Zhongrong Trust plans to
inject Chinese renminbi (RMB) 300 million into Zhongrong BVI to
support its business growth. Once the funds clear foreign
exchange control and get added to Zhongrong BVI's equity base,
they should further support the company's highly strategic status
in the group. A higher equity base could also act as a buffer to
absorb any market and credit-risk shocks and could support the
development of Zhongrong BVI's asset management business, which
remains at early stages.

S&P said, "We affirmed the rating on Zhongrong BVI because we
expect the company to remain a highly strategic subsidiary of
Zhongrong Trust and benefit from support from the parent over the
next 12-24 months. We rate Zhongrong BVI one notch below the
parent's unsupported group credit profile (GCP) of 'bb'. That's
because we believe extraordinary government support through China
Trust Protection Fund that we have factored in our assessment of
Zhongrong Trust's credit profile is unlikely to extend to the
offshore subsidiary. Zhongrong BVI's business is not subject to
regulations of the China Banking and Insurance Regulatory
Commission.

"We affirmed the ratings on Zhongrong Trust because we expect the
company to maintain its strong market position even after the
various regulatory reforms affecting the sector. The company's
assets under management (AUM) modestly declined during 2017,
compared with the sector average year-over-year growth of 30%.
However, we do not view this as a negative factor because
Zhongrong Trust's asset mix has shifted to passively managed
products, rather than actively managed products, reducing the
size of products with perceived implicit support. Moreover, the
company's fund and private equity AUM has declined modestly.
Prolonged declines that affect long-term profitability may weaken
the company's business position and financial profile.

"We expect Zhongrong Trust's financial metrics to remain sound
over the next 12-18 months. The company's minimal leverage
remains a key rating strength, offsetting a decline in EBITDA
interest coverage, which we consider a supplementary metric.
Additionally, we see this decline as linked with changes in AUM
and the reduced proportion of assets with implicit support.
Zhongrong Trust held about RMB9 billion of cash at the end of
2017, and was in a net cash position, with RMB6.7 billion of
debt, mainly related to offshore issuances that Zhongrong BVI
guarantees.

"Zhongrong Trust's adjusted EBITDA interest coverage deteriorated
to 6.3x in 2017, from 11.6x in 2016, and we expect it to decline
further to 5.6x in 2018.

"Notwithstanding Chinese trust firms' efforts to reduce implicit
support for some products, we believe these companies still face
pressure to offer support because of market expectations,
reputational damage, and future business flow considerations. We
therefore continue to assess Zhongrong Trust's financial policy
as negative, taking into account the potential impact on the
company's financial metrics, particularly given its small balance
sheet relative to its AUM. We note that new regulatory rules
target to break such implicit support practices, and Zhongrong
Trust has reportedly not used its own balance sheet to support
its AUM. The company's continued track record could improve this
negative adjustment on financial policy.

"We continue to view Zhongrong Trust's management and governance
as weak, primarily due to cases of investment products that may
have been interpreted by the market as being for financing
related or associated parties. This is despite Zhongrong Trust's
parent Jingwei Textile Machinery Co. Ltd. (JTM) proposing on
March 12, 2018, a stock and cash funded acquisition of 32.99% of
shares of the company from Zhongzhi Enterprise Group, the second-
largest shareholder. After the acquisition, JTM will control
70.46% of Zhongrong Trust. This proposed transaction is also a
part of the mixed ownership planned by China National Machinery
Industry Corp. Ltd. (Sinomach), another state-owned enterprise
that will merge with JTM's parent, China Hi-Tech Group Corp. The
JTM transaction is pending regulatory approval. We therefore
continue to view Zhongrong Trust as a government-related entity
and factor in a moderate likelihood of government support to the
company through China Trust Protection Fund.

"Our stable outlook on Zhongrong Trust reflects our expectation
that the company will maintain its market position and leverage,
as measured by the debt-to-adjusted-EBITDA ratio, over the next
12-18 months.

"The stable outlook on Zhongrong BVI reflects our view that the
company will remain profitable and build its capital base
commensurate with its business development. We also expect the
company to remain a highly strategic subsidiary of Zhongrong
Trust and benefit from support from the domestic parent over the
next 12-24 months. As such, the ratings and outlook on Zhongrong
BVI will move in tandem with those on Zhongrong Trust.

"We could lower the rating on Zhongrong Trust if: (1) its ratio
of debt to adjusted EBITDA exceeds 1.5x on a consolidated basis,
possibly due the company's increased operating leverage or
investments in illiquid financial assets; (2) the company
significantly increases its AUM with potential implicit financial
support; or (3) it faces significant operational issues that
cause sizable contingent liabilities to the company.

"We could lower the rating on Zhongrong BVI if we no longer view
the company as a highly strategic subsidiary of the parent group.
This could occur if Zhongrong BVI's profitability deteriorates or
its long-term strategic direction significantly deviates from
that of the parent. We could also lower the rating on Zhongrong
BVI if it faces liquidity stress.

"We may raise the rating on Zhongrong Trust if: (1) the company's
AUM subject to potential implicit support substantially reduces;
(2) market expectations for implicit financial support decline
such that investors widely accept payment deferrals and losses on
assets with perceived implicit support; or (3) market perception
of related or associated party financing arrangements improves.

"In a remote scenario, we may raise the rating on Zhongrong BVI
if we believe the company's relation with the parent group
strengthens to the extent that we view it as core subsidiary."



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


CITIC RESOURCES: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Hong Kong-based CITIC Resources Holdings Ltd. The
outlook is stable.

S&P said, "We revised our assessment of CITIC Resources'
liquidity to adequate from less than adequate following the
company's successful refinancing US$530 million in bank loans in
2017.
We affirmed the issuer credit rating on CITIC Resources because
we expect CITIC Resources' leverage to remain high even after
factoring in our latest oil price assumptions. We also expect the
company to maintain its relatively small scale."

CITIC Resources secured a US$500 million five-year term loan
provided by a subsidiary of CITIC Ltd. in June 2017 to refinance
a US$490 million term loan due in 2018. The company also secured
another US$40 million three-year term loan in May 2017 to repay
the final instalment of a US$40 million term loan in the same
month.

S&P said, "After the refinancing, we expect the ratio of
liquidity sources to liquidity uses to be materially above 1.2x
for the next 12 months. CITIC Resources has limited debt maturing
by 2018.
The stable outlook on CITIC Resources Holdings Ltd. over the next
12 months reflects our expectation that the company will continue
to receive strong support from its parent, CITIC Group Corp. We
do not expect any material improvement in CITIC Resources'
operations even after factoring in a recovery in oil prices in
2018. We expect CITIC Resources to remain highly leveraged over
the next 12 months.

"We could lower the rating on CITIC Resources if the company's
parental support is weaker than we currently expect.

"We could raise the rating if the oil industry recovers
meaningfully or if CITIC Resources controls its leverage and
ramps up crude oil production, such that its debt-to-EBITDA ratio
improves to approaching 5x on a sustainable basis."



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


ACE AUTOCARS: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ACE Autocars
Private Limited (AAPL) to CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Electronic Dealer        8       CRISIL B-/Stable (Issuer Not
   Financing Scheme                 Cooperating; Rating Migrated)
   (e-DFS)

   Proposed Fund-           2       CRISIL B-/Stable (Issuer Not
   Based Bank Limits                Cooperating; Rating Migrated)

CRISIL has been consistently following up with AAPL for obtaining
information through letters and emails dated April 20, 2018,
May 11, 2018 May 16, 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 ACE Autocars Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on ACE Autocars Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' category or lower'.

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

Set up in 2008 by Mr. Dharmaditya Pattanaik, his wife, Ms.
Sanjana Sanghamitra Das, and Mr. Divyaloka Pattanaik, AAPL is an
exclusive dealer of TML's passenger cars and has a showroom-cum-
workshop near Cuttack.


AIR INDIA: Stake Sale Fails to Attract Bidders
----------------------------------------------
The Financial Times reports that Prime Minister Narendra Modi's
ambitious plans to privatise major parts of Indian industry were
left badly diminished on May 31 after the deadline for potential
bidders to express an interest in Air India passed without a
single company doing so.

According to the FT, Mr. Modi had prioritised selling the highly
indebted airline in what would have been India's biggest ever
privatisation and a powerful sign of his commitment to economic
reform.

But ministers were left desperately searching for ways to
revitalise the process on May 31 after admitting they failed to
entice a single potential bidder for the company, the FT says.

The FT relates that New Delhi's ministry of civil aviation said
in a tweet: "As informed by the Transaction Adviser, no response
has been received for the Expression of Interest floated for the
strategic disinvestment of Air India. Further course of action
will be decided appropriately."

One government official said: "We did not expect this. We hoped
for several bidders to come forward. Now we will have to work out
what went wrong and decide what the process should be from here."

The FT says successive Indian governments have been trying for
years to privatise Air India, which has made losses for the past
decade and holds $7.8 billion in debt.

Politicians have been thwarted by domestic opposition and a lack
of interest from buyers.

Last year, the cabinet gave the go-ahead to sell the airline, but
in the past few months, successive potential buyers have dropped
out because of the proposed structure of the deal, the report
states.

According to the FT, analysts said buyers had balked at several
elements of the plan, including the fact that both domestic and
international routes were being sold together, that the purchase
would have to include $5.1 billion of debt and that the
government would retain a 24 per cent stake.

Anyone taking over Air India would also have been forced to
retain all 27,000 members of staff for a year - a stipulation
that failed to win over trade unions, who warned about the
"perils" of privatization, the FT adds.

In April, Indigo, the country's biggest private airline, ruled
itself out, saying it only wanted to buy Air India's
international routes, the FT recalls.

The FT relates that just days later, its biggest competitor Jet
also said it was not interested, with analysts blaming the
company's high levels of debt.

The report notes that the timing has worked against the
government, with higher oil prices having badly knocked earnings
at several of India's largest airlines in the past few months.

Indigo said earlier this month that its pre-tax profits for the
previous quarter were down 73 per cent from the same time a year
ago, the report discloses.

The FT adds Kapil Kaul, South Asia chief for the Centre for Asia-
Pacific Aviation, said: "This is a significant failure.

"The next steps should include a comprehensive restructuring of
Air India under a special administration, which can be followed
by 100 per cent divestment with less complex terms."

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports.  It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AIR INDIA: Employee Unions Prepare Alternative Revival Plan
-----------------------------------------------------------
NDTV reports that Air India's employee unions on June 1 said they
were preparing an alternative plan to revive the debt-laden
national carrier, a day after the government announced that not a
single bid had been received for the proposed stake sale in the
loss-making airline.

The unions, under a common platform -- 'Joint Forum', are also
likely to hold a convention here soon of all stakeholders
associated with the airline to deliberate its turnaround plan,
the report says.

"The matter is not over as yet. We are planning to give an
alternative plan to the government as to how to run and revive
the airline. We will also suggest the government what all it can
do which is in the interest of all stakeholders, including the
employees," NDTV quotes a union member as saying.

Inputs were also being taken from experts within Air India in the
preparation of the revival plan, they said.

According to the report, the unions' comments came a day after
the deadline for submission of initial bids for Air India stake
sale ended with no bidders evincing interest in the carrier,
which is surviving on a INR30,000-crore bailout package from the
government.

Making a strong case for writing off the entire debt of Air India
into a special purpose vehicle, the unions are of the view that
the airline should not be given in private hands, especially at a
time when the industry is grappling with the issue of non-
performing assets (NPAs) or bad loans, NDTV relates.

Lenders classify a loan as an NPA if dues are unpaid for 90 days.

Gross NPAs in the Indian banking system have reached a staggering
level of nearly INR9 lakh crore, according to official data.

Air India total debt stood at over INR48,000 crore at the end of
March 2017, NDTV discloses.

According to NDTV, the unions have made several representations
to the chairman and managing director of Air India and have
organised a number of protest marches and rallies since the
government in March came out with EoI for offloading 76 per cent
stake in Air India.

NDTV relates that the government proposed to offload 76 per cent
equity share capital of the national carrier as well as transfer
the management control to private players, as per the preliminary
information memorandum.

The transaction would involve Air India, its low-cost arm Air
India Express, and Air India SATS Airport Services Pvt Ltd. The
latter is an equal joint venture between the national carrier and
Singapore-based SATS, says NDTV.

While the Congress has expressed its solidarity with the unions,
RSS-affiliate Swadeshi Jagran Manch too has expressed opposition
to the airline's privatisation in its present form, suggesting an
alternative proposal, according to NDTV.

Its national co-convener Ashwini Mahajan has suggested that the
"solution lies in IPO and not strategic sale".

The Manch now plans to submit its alternative proposal to the
government in a fortnight, NDTV adds.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports.  It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMAR PLASTIC: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amar Plastic
Industries' (APIS) 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 now
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR60 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

APIS is a partnership firm engaged in the import and trading of
plastic raw materials, including polypropylene. It also
manufactures plastic articles.


AMAZON TECHNOCAST: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amazon
Technocast Private Limited (ATPL) to CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           2        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             4.12     CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with ATPL 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 Amazon Technocast Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Amazon Technocast 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 Amazon Technocast Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in 2014, ATPL has setup an 850-tonne per annum
investment castings unit at Rajkot (Gujarat). The company is
promoted by Mr Rajesh Senjaliya and his family who oversee its
overall operations. It has also recently set up a windmill for
in-house use.


APOLLO POWER: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Apollo
Power Systems Private Limited (APSPL) to CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        0.1      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           8.9      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Working      3.5      CRISIL B+/Stable (Issuer Not
   Capital Facility               Cooperating; Rating Migrated)

CRISIL has been consistently following up with APSPL 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 Apollo Power Systems Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Apollo Power Systems 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 Apollo Power Systems Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

APSPL was established by Mr. N. Srinivas in 1995. APSPL offers
end-to-end solutions in power industry and operation and
maintenance of electrical equipment.


ASHTECH BUILDPRO: CRISIL Withdraws B Rating on INR10.98MM Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Ashtech
Buildpro India Pvt. Ltd. (ABIPL) at the company's request and
after receiving a no-objection certificate from Bank. The rating
action is in line with CRISIL's policy on withdrawal of its
ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           1        CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

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

   Term Loan            10.98     CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with ABIPL for
obtaining information through letters and emails dated 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 ABIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
ABIPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of ABIPL to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

Incorporated in 2013, promoted by Mr Sandeep Kumar Jindal and Mr
Shiv Kumar Agarwal, ABIPL manufactures AAC blocks, and has a
capacity of 150,000 cubic metre per annum.


B.B. STYRO: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of B.B. Styro
Extrusion Private Limited (BBSEPL) to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.67      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          2.33      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Inland/Import
   Letter of Credit     4.00      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            3.00      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with BBSEPL for
obtaining information through letters and emails dated April 20,
2018, May 11, 2018 and May 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

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

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

BBSEPL was incorporated by Mr Kishan Goyal and Mr Rohit Goyal in
2009 in Howrah, West Bengal. The company manufactures disposable
polystyrene plates, trays, donas, and bowls. BBSEPL's plant is at
Domjur in Howrah, which is 25 kilometre from central Kolkata. The
plant has installed capacity of 1500 tonne per annum. The company
recently started manufacturing polyethylene foam sheet
mattresses.


BANSAL RICE: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bansal Rice
Mills' (BRM) 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:

-- INR120 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR24.40 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
August 27, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BRM is a partnership firm engaged in the rice milling business.
The total daily paddy processing installed capacity of its plant
is 650 quintals. It uses paddy as raw material and basmati rice
is its final product.


BHANSALI TRADE: CRISIL Withdraws B+ Rating on INR3.5MM Cash Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Bhansali Trade Impex (BTI) at the company's request and after
receiving a no-objection certificate from Bank. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           3.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

   Letter of Credit      6.5      CRISIL A4 (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL A4'; Rating Withdrawn)

CRISIL has been consistently following up with BTI 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 BTI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
BTI is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of BTI to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4'.

BTI, formed in 2003, is a partnership firm of Mr Suresh Bhansali,
his brother Mr Naresh Bhansali, and their cousin Mr Chandanmal
Bhansali. It trades in ferrous and non-ferrous metals such as
steel and nickel scrap, and in stainless steel pipes, tubes, and
coils. BTI's main office is in Mumbai.


BLUEZONE VITRIFIED: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Bluezone
Vitrified Private Limited to CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       4.5       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          8.0       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           31.7       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with BVPL 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 Bluezone Vitrified Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Bluezone Vitrified 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 Bluezone Vitrified Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in May 2014, BVPL is a Morbi-based company
manufacturing vitrified tiles. Commercial operations started in
March 2016.


CARRIER WHEELS: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Carrier Wheels
Private Limited's (CWPL) 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:

-- INR42.50 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional IND B
    (ISSUER NOT COOPERATING) /Provisional IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR7.50 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

CWPL manufactures tractor wheels at its plant is in Shamli, Uttar
Pradesh. It exports 20%-25% of its products to Sudan, Turkey, the
UK and the US.


DHIREN DIAMONDS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Dhiren
Diamonds (DD) to CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit     16      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
Migrated)

CRISIL has been consistently following up with DD 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 Dhiren Diamonds, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Dhiren Diamonds 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 Dhiren Diamonds to CRISIL B+/Stable Issuer not
cooperating'.

DD was set up in 1992 by Mr Dahyabhyai M Dhamelia and his friends
as a partnership firm. The current partners of the firm are Mr
Dahyabhyai M Dhamelia, Mr Arvindbhai Dhamelia, Mr Hitendra
Dhamelia, Mr Chintan Dhamelia, Mr Kishan Dhamelia, and Mr
Rasikbhai Dhamelia.

The firm manufactures large diamonds, and specialises in
certified and non-certified polished diamonds of 20 cents to 5
carats. Its head-office is in Mumbai and manufacturing unit is at
Surat, Gujarat.


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

The instrument-wise rating actions are:

-- INR1 mil. Fund-based working capital limit maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 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 December 2014, E-Shoppe is engaged in the trading
of mobile phones and tablets.


EASTERN CONST.: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eastern
Construction Company's (ECC) 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:

-- INR15 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 19, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ECC is a partnership firm that undertakes civil construction
jobs. Its registered office is in Luck now (Uttar Pradesh).


ETA ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ETA
Engineering to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           95        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of credit     441.25     CRISIL D (Issuer Not
   & Bank Guarantee                Cooperating; Rating Migrated)

   Proposed Short Term   97.40     CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

CRISIL has been consistently following up with ETA Engineering
for obtaining information through letters and emails dated May
14, 2018 and May 18, 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 ETA Engineering, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
ETA Engineering 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 ETA Engineering to 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Incorporated in 1994, ETA Engineering is a part of the Dubai-
based ETA group; the company undertakes heating, ventilating, and
air-conditioning (HVAC) projects; electromechanical projects and
services (EMPS); and MEP works. In 2006, the ETA group entered
the multi-modal logistics business by obtaining a licence from
the Indian Railways through ETA Engineering, the license was
subsequently sold in 2012-13.


GARVIT HOSPITALITY: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Garvit
Hospitality & Infracon Private Limited (GHIPL)to 'CRISIL B-
/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.75      CRISIL B-/Stable (Reaffirmed)
                                  (Issuer Not Co-operating)

   Term Loan           13.25      CRISIL B-/Stable (Reaffirmed)
                                  (Issuer Not Co-operating)

CRISIL has been consistently following up with GHIPL 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 Garvit Hospitality & Infracon
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Garvit Hospitality & Infracon
Private Limited is consistent with 'Scenario 4' outlined in the
'Framework for Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Garvit Hospitality & Infracon Private Limited to
'CRISIL B-/Stable Issuer not cooperating'.

Set up in October 18, 2011, M/S. Garvit Hospitality & Infracon
Private Limited (GHIPL) is setting up a plant to manufacture
Autoclaved Aerated Concrete blocks to be used in building and
civil construction. It is based out of Jhansi, Uttar Pradesh and
is by Mr. Parvindar Singh and his father Mr. Bishan Singh.


GLOBAL MERCANTILE: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Global
Mercantile Private Limited to CRISIL B-/Stable Issuer not
cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan        15       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Global Mercantile
Private Limited (GMPL) for obtaining information through letters
and emails dated March 31, 2018, May 11, 2018 and May 16, 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 Global Mercantile Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Global Mercantile Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.

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

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

GMPL, incorporated in October 1998 and promoted by Mr. Dinesh
Kumar Agarwal and Mr. Dilip Kumar Agarwal, is primarily involved
in real estate development.


GULSHAN RAI: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gulshan Rai
Jain-II's (GRJ) 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:

-- INR150 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR240 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4+( ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, GRJ is engaged in civil, mechanical and
electrical construction work in Madhya Pradesh.


H.J. INDUSTRIES: Ind-Ra Maintains 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained H. J.
Industries (India) 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR37.22 mil. Term loan (long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

H. J. Industries (India) manufactures polypropylene woven fabric,
polypropylene yarn and all types of flexible intermediate bulk
container bags, including various other packaging bags.


H.V. EQUIPMENTS: CRISIL Lowers Rating on INR4MM Overdraft to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term facility of
H.V. Equipments Private Limited (HVEPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' while reaffirming its 'CRISIL A4' rating on
the short-term facility.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee        12      CRISIL A4 (Reaffirmed)

   Bank Guarantee         1      CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

   Overdraft              4      CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

   Proposed Bank
   Guarantee              4      CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in business risk profile
marked by increase in gross current assets (GCA) to 360 days as
on March 31, 2018 (estimated) from 196 days as on March 31, 2014
driven by the stretch in receivables to 280 days from 158. The
stretch in working capital cycle is also reflected in near 100%
utilisation of bank limit in fiscal 2018 as against 80% during
fiscal 2017. Thus, prudent working capital management with timely
realisation of debtors will remain a key rating sensitivity
factor over the medium term.

The ratings continue to reflect HVEPL's modest scale of, and
working capital intensive operations, susceptibility to
cyclicality in end-user industry and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters and moderate profitability.


Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: GCAs, estimated at 360
days as on March 31, 2018 (346 days as on March 31, 2017), have
remained consistently high in the past five years because of
stretched receivables. Working capital-intensive operations have
resulted in stretched liquidity position marked by high bank
limit utilisation of close to 100%. With rise in orders, working
capital requirement is expected to increase significantly over
the medium term and hence its management will remain a key rating
sensitivity factor.

* Small scale of operations and susceptibility to cyclicality in
end-user industry: Scale is modest, with estimated revenue of
INR18 crore in fiscal 2018, due to tender-based business and also
because the company only undertakes ash handling systems, which
form a small portion of the thermal power industry. Scale of
operations is expected to remain subdued over the medium term.

Strengths

* Extensive experience of the promoter: Benefits from the
promoter's experience of over three decades in fly ash handling
and mill reject systems and established relationship with
customers should support the business.

* Moderate profitability: Efficient cost structure has led to
moderate operating margin of 11-14% over the last four fiscals,
while stable profitability has resulted in interest cover being
at 1.6'1.9 times. Operating margin is expected to remain at 13-
14% over the medium term.

Outlook: Stable

CRISIL believes HVEPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if increase in revenue and stable profitability or
efficient working capital management strengthens liquidity. The
outlook may be revised to 'Negative' if low operating income or
profitability or any delay in receivables weakens liquidity.

Incorporated in 1984, HVEPL, promoted by Mr S S Verma, installs
ash handling and mill reject systems for public sector
enterprises. It mainly provides dense phase pneumatic conveying
systems to thermal power and cement plants, and paper mills. The
company has a fabrication and design unit in Noida.


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

The instrument-wise rating action is:

-- INR62.50 mil. Term loan maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Hotel Vakratunda is a proprietorship entity and operates a hotel
and restaurant business.


INNOVATION HOUSE: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Innovation
House Industries Private Limited (IHIPL) to CRISIL B-/Stable
Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           1.5      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            13.5      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with IHIPL for
obtaining information through letters and emails dated April 24,
2018, May 11, 2018 and May 16, 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 Innovation House Industries
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Innovation House Industries
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' category or lower'.

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

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

Incorporated in January 2013 and promoted by Mr. Ravi Laddha, Mr.
Nakul Mundhada, and Ms. Sarita Kasat, IHIPL manufactures AAC
blocks at its unit in Amravati, Maharashtra. Operations commenced
from September 2015.


ISHWARCHARAN BUILDERS: CRISIL Withdraws B- Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facility of
Ishwarcharan Builders Private Limited (IBPL) at the company's
request and after receiving a no-objection certificate from Bank.
The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     30       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Migrated from
                                   'CRISIL B-/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with IBPL 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 IBPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
IBPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facility of IBPL to
'CRISIL B-/Stable Issuer Not Cooperating' from 'CRISIL B-
/Stable'.

CRISIL has withdrawn its rating on the bank facility of IBPL at
the company's request and after receiving a no-objection
certificate from Bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

IBPL was incorporated in 2007, promoted by Mr Suresh Thakkar,
MrDhirajlal Thakkar, and Mr Kalpesh Thakkar. The company develops
real estate in Ahmedabad.


JAUNPUR NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jaunpur Nagar
Palika Parishad's (JNPP) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable.

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 programme and no specific
debt was issued against the rating.

COMPANY PROFILE

Jaunpur is a city and a municipal board in the Jaunpur district,
Uttar Pradesh. It is well connected to most major Indian cities
through railways and roadways. It has four major railway
stations. Jaunpur is well known for its monuments and shrines.


K.S. PIPE: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.S. Pipe
Fittings Private Limited's (KSPF) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based limit downgraded with IND B+/Stable/
    IND A4 rating; and

-- INR50 mil. Non-fund-based limit downgraded with IND A4
    rating.

KEY RATING DRIVERS

The downgrade reflects KSPF's weak net leverage (total adjusted
net debt/operating EBITDAR), decline in revenue and elongation of
working capital cycle in FY17. Net leverage deteriorated to 4.76x
in FY17 (FY16: 3.96x) owing to a decline in EBITDA margin to
12.03% (12.55%). The decline in the margin was on account of an
increase in the cost of raw materials. However, gross interest
coverage (operating EBITDAR/gross interest expense + rents)
improved to 1.53x in FY17 (FY16: 1.43x) because of a decline in
interest cost.

Revenue fell to INR169.08 million in FY17 (FY16: INR182.03
million), due to lower sales volume. However, as per FY18
provisional financials, revenue grew 33% yoy to INR225 million
owing to higher demand.

The company's working capital cycle elongated to 490 days in FY17
(FY16: 365 days) because of an increase in inventory holding
period to 605 days (458 days).

The ratings are also constrained by KSPF's tight liquidity
position as reflected by 97% average peak utilization of the
fund-based limits during the 12 months ended April 2018.

However, the ratings are supported by the promoter's more than 10
years of experience in the pipe and fittings industry, leading to
established relationships with customers such as Bharat Heavy
Electricals Limited ('IND AA+'/Stable), Hindustan Petroleum
Corporation Limited ('IND AAA'/Stable), Indian Oil Corporation
Ltd ('IND AAA'/Stable).

RATING SENSITIVITIES

Positive: A substantial growth in revenue along with an
improvement in the working capital cycle, while maintaining the
EBITDA margins will lead to a positive rating action.

Negative: Any further dip in revenue and/or elongation of the
working capital cycle will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2007, KSPF manufactures a large variety of butt-
weld forged pipe fittings, flanges, fabricated pipes and
fittings. The company is located in Faridabad, Haryana and is
managed by Bhagwan Dass Sharma and Kavita Sharma.


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

The instrument-wise rating action is:

-- INR99 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND B (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Karan Rice Mills is a partnership firm based in Punjab. The
entity is a manufacturer, exporter and wholesale supplier of
basmati rice and other rice varieties with processing capability
of 2 tons/hour.


MAGDHA CREATIVE: CRISIL Lowers Rating on INR15MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Magdha
Creative Merchant LLP (MCML; a part of Aditya Group) to 'CRISIL
D' from 'CRISIL B+/Stable'.

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

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

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

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weakness

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

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

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

Strength

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

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


MUDHAI DAIRY: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Mudhai Dairy
Private Limited (MDPL) to CRISIL D Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan       3.75      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with MDPL for obtaining
information through letters and emails dated April 25, 2018, May
11, 2018 and May 16, 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 Mudhai Dairy Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Mudhai Dairy Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' category or lower'.

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

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

Incorporated in 2008, MDPL has dairy farm in Satara with total
installed capacity of 30,000 litres per day. It also has four
retail shops in Mumbai and Navi Mumbai.


NAND HOSPITALITY: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Nand
Hospitality Private Limited (NHPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        .6       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           .32      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    .13      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan           23.45      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with NHPL for obtaining
information through letters and emails dated March 29, 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 Nand Hospitality Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Nand Hospitality Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

NHPL is constructing a three-star hotel in Vadodara, which is
expected to commence operations from July 2017.


NARULA OIL: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Narula Oil and
Fats 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 action is:

-- INR150 mil. Fund-based limit migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Chandigarh-based Narula Oil and Fats manufactures boiled rice,
rice bran oil and related other products.


OSWAL TRADERS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oswal Traders
and Travels Private Limited's (OTTPL) Long-Term Issuer Rating of
'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR400 mil. Fund-based working
    capital limit is withdrawn; and

-- The IND BB+ rating on the INR40 mil. Non-fund-based bank
    guarantee is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 1987, OTTPL is an Agra-based company engaged in
the retail trade of handicraft products such as marble artifacts,
marble home furnishing, Kashmiri silk & woven carpets, precious
stones, jewelry items, curtains etc.


PARAS TARP: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Paras Tarp
Industries (PTI) to CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.8       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

   Proposed Long Term    .2       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

CRISIL has been consistently following up with PTI for obtaining
information through letters and emails dated April 26, 2018, May
10, 2018 and May 15, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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


PEEJAY AGRO: CRISIL Lowers Rating on INR6.4MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Peejay
Agro Foods Private Limited (PAFPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           6        CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Long Term Loan        6.4      CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The rating downgrade reflects delays in repayment of bank debt.
These delays have been due to stretched receivables.

The rating reflects modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
promoters in the agro commodity processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: PAFPL's scale of operations is
modest as reflected in revenues of INR6.28 crore in fiscal 2017.
Modest scale of operation prevents the company from benefit
associated with economies of scale and limits the bargaining
power with suppliers and customers.

Strength

* Extensive experience of promoter: The partner, Mr Padma Kumar,
has experience of over 15 years and supports the business profile
with strong linkages with suppliers ensuring regular supply of
quality raw material and established relationship with customers
leading to regular off take.

Incorporated in 2013, Trissur (Kerala)-based PAFPL is involved in
manufacturing of pickles, jams, papad and various other spices.
The operations of the company are managed by the promoters, Mr. C
Padma Kumar and Mr. Joshi.


PLASTENE POLYFILMS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Plastene
Polyfilms Limited (PPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits assigned with
    IND BB+/Stable rating; and

-- INR90 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PPL's small scale of operations with revenue
of INR882 million in FY17 (FY16: INR784 million). During 9MFY18,
the company achieved revenue of INR707 million. With improving
capacity utilization, Ind-Ra expects the company's turnover to
cross INR1,000 million in FY19 and FY20.

Also, the EBITDA margins fluctuated between 7.6%-12.2% over FY14-
FY17 on account of the trading nature of business and volatile
input costs. Margins were 11.6% in 9MFY18.

The ratings further reflect PPL's moderately stretched liquidity
with bank limits being utilized close to 90% for the trailing 12
months ended March 2018.

The ratings however are supported by the longstanding experience
of PPL's promoters and the company's modest credit metrics, with
EBITDA net interest cover of 2.6x in FY17 (FY16: 1.7x) and net
debt EBITDA of 3.3x (3.5x), due to low debt levels. During
9MFYE18, interest coverage was 2.45x. With repayment of term loan
over the years and absence of any significant debt funded-capex,
Ind-Ra expects the coverage ratio to improve.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the revenue while maintaining current
profitability and credit profile on a sustained basis.

Negative: A negative rating action could result from
deterioration in the revenue and profitability leading to
deterioration in the credit profile on a sustained basis.

COMPANY PROFILE

Incorporated in 2009, PPL manufactures flexible intermediate bulk
containers. The company's operations are managed by Mr. Pritesh
Parekh.


RATAN COLD: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ratan Cold
Storage (RCS) to CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            .25     CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    1.05     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan             5.70     CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with RCS 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 Ratan Cold Storage, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Ratan Cold Storage is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ratan Cold Storage to CRISIL B+/Stable Issuer not
cooperating'.

Established in 2015 as a partnership firm by Mr. Manilal Patel,
Mr. Nitinkumar Parmar, Mr. Bharat Patel, and Mr. Bhaveshkumar
Mali, RCS provides cold storage facility at its unit in
Iqbalgadh, Banaskantha, Gujarat. Commercial operations started in
April 2016.


RELIANCE COMMUNICATIONS: Ordered to Pay Ericsson INR5.5 Billion
---------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) stayed the May 15 order of the National Company
Law Tribunal (NCLT) in Mumbai, which had admitted Reliance
Communications (RCom) and two of its subsidiaries for insolvency
proceedings.

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson
INR5.5 billion by the end of September, the report says.

With the stay on bankruptcy proceedings, RCom can now continue
with its asset monetisation scheme involving the sale of towers,
optic fibre cable network, spectrum and media convergence nodes
to brother Mukesh Ambani-controlled Reliance Jio Infocomm (Jio)
for INR170 billion, according to the Standard.

On May 29, NCLAT chairman Justice S J Mukhopadhaya asked the
parties to settle the matter stating that the fate of operational
creditors under the corporate resolution process was not ideal,
especially if Ericsson wished to recover the majority of its
dues.

The Standard relates that NCLAT also asked RCom and Ericsson to
file an affidavit by June 7 stating that the two companies will
abide by the settlement.

Ericsson India, a subsidiary of the Swedish telecom equipment
maker and service provider, had filed a case at NCLT, Mumbai last
September seeking the liquidation of Reliance Communications
(RCom), and its subsidiaries Reliance Infratel and Reliance
Telecom, in order to recover INR11.5 billion, the report recalls.

According to the Standard, the three companies were subsequently
admitted under the Insolvency and Bankruptcy Code (IBC), and NCLT
appointed a resolution professional (RP) to take over the
management of each company. Ericsson had argued that it had
entered into a seven-year agreement in 2014 with RCom and its
subsidiaries for maintaining, upgrading and developing the
latter's telecommunications infrastructure, which was not
honoured.

The Standard relates that RCom and its subsidiaries owed Ericsson
around INR9.78 billion for their services which, Ericsson's
counsel told the NCLT, had increased to around INR16 billion
given that there were delays in the payment, despite several
notices being issued to the Anil Ambani controlled companies.

RCom filed its appeal with the NCLAT, and was awarded with a stay
on the order admitting the three firms under the IBC.

The Standard notes that RCom and its subsidiaries now have the
permission to go ahead with the debt restructuring plan that was
prepared in December 2017. There were fears of the three Reliance
group companies undergoing insolvency proceedings, which would
have meant that the asset monetisation scheme under the plan
would not be allowed.

The restructuring will reduce debt of INR460 billion to around
INR60 billion, as per Anil Ambani's plan stated in December 2017,
the report notes.

According to the report, the NCLAT allowed the Anil Ambani-led
companies to continue with their strategic debt restructuring
plans, with the proceeds for the sale of assets to Jio going to
the secured financial creditors.

In another case, minority shareholders of the company had filed
petitions at the NCLT in Mumbai against the sale of assets to
Jio. However, on May 29, the NCLAT dismissed the petitions as
RCom informed the appellate tribunal and the National Stock
Exchange that "an amicable settlement has been arrived at between
it and minority investors holding 4.26 per cent equity in the
company, and consent terms will be filed shortly".

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

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


RISHTA POLYMER: CRISIL Assigns B+ Rating to INR4.58MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facilities of Rishta Polymer Industries Private Limited (RPIPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            2.92      CRISIL B+/Stable (Assigned)

   Cash Credit          2.50      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility   4.58      CRISIL B+/Stable (Assigned)

The rating reflects the weak financial risk profile and working
capital-intensive nature of operations. These rating weaknesses
are partially offset by extensive experience of RPIPL's promoters
in the polymer businesses.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile was marked
by small networth and high gearing of around INR2.54 crore and
3.11 times, respectively, as on March 31, 2017. The networth and
gearing is estimated to be around Rs. 2.58 crore and around 2.5
times as on 31st march, 2018. Muted accretion to reserves will
keep the networth small, though gearing may improve with gradual
repayment of existing term debt.

* Working capital intensity in operations: Operations are working
capital intensive as reflected in estimated gross current assets
of around 170 days as on March 31, 2018, led by large inventory.
The inventory days is estimated to be around 120 days as on 31st
March, 2018. The operation of the company is expected to be
working capital intensive over the medium term.

Strengths

* Extensive experience of promoters: The decade-long experience
of the promoters and healthy relationships with dealers and
distributors should support the company's business risk profile.

Outlook: Stable

CRISIL believes RPIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial increase in cash accrual and better
working capital management strengthens the financial risk
profile. The outlook may be revised to 'Negative' if considerably
low cash accrual, or significant capital expenditure weakens
liquidity.

RPIPL was set up in 2010 by promoters, Mr Sunil Kumar Agrawal, Ms
Soma Agrawal, Mr Anup Kumar Agrawal and Mr Ashok Kumar Agrawal.
The company manufactures plastic-moulded houseware products, and
has a capacity of 180 tonnes per month at its facility in
Hazaribagh, Jharkhand.


SAFI TRADERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Safi Traders
(Safi) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR470 mil. Fund-based limits assigned with IND BB-
    /Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect Safi's tight liquidity position owing to
working capital intensity, and modest credit profile due to the
trading nature of business and intense competition in the highly
fragmented steel industry. Safi's use of the fund-based
facilities was nearly full over the 12 months ended April 2018.
Its cash flow from operations is negative.

The EBITDA margins ranged between 1.4% and 2.2% over FY14-FY17
(FY17: 1.5%, FY16: 1.4%). Interest coverage (operating
EBITDA/gross interest expense) was 1.3x in FY17 (FY16: 1.3x) and
net leverage (net adjusted debt/operating EBITDAR) was 6.8x
(9.1x). The leverage improved on account of an increase in
absolute EBITDA.

The ratings are constrained by Safi's partnership nature of
organization.

The rating are supported by Safi's strong revenue which grew at a
CAGR of 42.6% to INR4,037 million over FY14-FY17 (FY16: INR2,625
million), driven by the firm's expansion into new geographies
such as North Tamil Nadu and Raipur. During 9MFY18, Safi achieved
revenue of INR3,470 million on the back of repeat orders. Ind-Ra
expects revenue to improve further with new customer additions
and a further expansion in its existing 23 outlets to 25 outlets.

The ratings are also supported by Safi's promoter's experience of
over two decades in steel trading in the southern region of Tamil
Nadu.

RATING SENSITIVITIES

Positive: An increase in the revenue and operating profitability
resulting in an improvement in credit metrics on a sustained
basis would be positive for ratings.

Negative: A decline in the revenue and/or profitability, leading
to deterioration in credit metrics on a sustained basis would
result in a negative rating action.

COMPANY PROFILE

Established in 1998, Safi is a supplier of a wide range of steel
products in south Tamil Nadu. Its operations are managed by its
promoter, Mr. Safi Mohammed.


SANCO INDUSTRIES: Ind-Ra Maintains BB- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sanco
Industries Limited's (SIL) 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:

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

-- INR154 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIL manufactures poly vinyl chloride (PVC) conduit pipes, PVC
casing and capping, PVC/PP-R plumbing pipes, and PVC-insulated
domestic wires and cables. The company is also engaged I the
trading of PVC resins and other related chemicals. Its production
facility is in Paonta Sahib, Himachal Pradesh. The site has
installed capacities of 6,000mt for PVC pipes and 36,000km for
PVC wires and cables.


SANDHU POULTRY: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sandhu Poultry
Farm'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:

-- INR20.7 mil. Term loan maintained in Non-Cooperating Category
    with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, Sandhu Poultry Farm is engaged in poultry
farming and manufacturing of poultry feed.


SCODA TUBES: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Scoda Tubes
Limited's (SCTL) 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:

-- INR92.5 mil. Fund-based limit migrated to Non Cooperating
   Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR32.5 mil. Non-fund-based limit Migrated to Non Cooperating
    Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 29, 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 November 2008, SCTL commenced commercial
operations in September 2010. It manufactures stainless steel
seamless and welded tubes, pipes and U tubes. It has an installed
capacity of 700mt.


SHIVIN CA: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the long-term bank facility of Shivin CA Store (Shivin) to
'CRISIL B+/Stable Issuer not cooperating'. However, the firm's
management has subsequently started sharing information necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating from 'CRISIL
B+/Stable Issuer not cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Term Loan             10      CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable Issuer Not
                                 Cooperating')

The rating continues to reflect Shivin's nascent stage and small
scale of operations in the intensely competitive cold storage
industry, exposure to project implementation risk, and modest
networth and high gearing. These weaknesses are partially offset
by promoters' experience in the fruit trading industry.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations in competitive segment: The firm is
setting up a 5700-tonne per annum cold storage on a 9 bigha land
in Rohru, Himachal Pradesh, which is expected to start commercial
operations from July 2018. Hence, scale is likely to remain
modest due to start-up phase in the intensely competitive cold
storage segment.

* Implementation risk associated with project: The company was
planning to start commercial production from August 2017 but
there was a time overrun on account of machineries from Holland
arriving lately. The firm is expected to be exposed to
implementation risk. Completion of project without additional
time overrun remains key a rating sensitivity factor.

* Modest networth and high gearing: Networth is likely to be
small at INR1 crore over the medium term on account of low
initial equity infusion. Also, though gearing is expected to be
high, it is likely to improve with gradual term loan repayment.

Strengths

* Extensive experience of promoters: The promoters have
longstanding presence in trading in fruits and vegetables, and
have also been selling apples from own orchards.

Outlook: Stable

CRISIL believes Shivin will benefit from of its promoters'
experience and funding support. The outlook may be revised to
'Positive' in case of successful completion of project coupled
with strong revenue and profitability generation. The outlook may
be revised to 'Negative' if delay in project completion or lower-
than-expected revenue or profitability further weakens financial
risk profile and debt-servicing capability.

Incorporated in 2017 as a partnership firm by Mr Shivin Chauhan
and Ms Shyna Chauhan, Shivin is setting up a controlled
atmosphere, 24-chamber cold storage in Rohru, which will provide
storage facility for apples and seasonal vegetables.


SHREE BISHNU: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facility of Shree Bishnu
Feed Industries (SBFI) to CRISIL D Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          8.35      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with SBFI 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 Bishnu Feed Industries,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Shree Bishnu Feed 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 Shree Bishnu Feed Industries to CRISIL D Issuer not
cooperating'.

SBFI was established in 1995 as a proprietorship concern by Mr
Bharatji Prasad. The firm produces poultry feed, cattle feed, and
hatched chicks. It also trades in maize grain and soya bean de-
oiled cakes. Its manufacturing facility is in Howrah, West
Bengal.


SHREE COAL: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Coal
Carrier's (SCC) 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:

-- INR25 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR65 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Bhopal-based SCC supplies Indian coal as well as coal of
Indonesian, Switzerland, Singapore and South African origin to
customers based in Madhya Pradesh and Gujarat.


SHRI KRISHNA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Shri
Krishna Exports -UDUPI (SKE)to CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft            2.21      CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Overdraft            5.29      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Pledge Loan           .79      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            1.30      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with SKE for obtaining
information through letters and emails dated January 31, 2018,
April 30, 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 Shri Krishna Exports -UDUPI,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Shri Krishna Exports -UDUPI 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 Shri Krishna Exports -UDUPI to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Set up as a proprietorship firm in 2007 by Mr. Santhosh Kumar,
SKE sells cashew kernels and raw cashew nuts in the domestic
market. The firm operates a processing facility near Udupi
(Karnataka).


SMART STACK: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Smart Stack
Warehousing (SSW) to 'CRISIL B/Stable Issuer not cooperating'

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

CRISIL has been consistently following up with SSW for obtaining
information through letters and emails dated March 29, 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 Smart Stack Warehousing, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Smart Stack Warehousing is consistent with 'Scenario 4' outlined
in the 'Framework for Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Smart Stack Warehousing to 'CRISIL B/Stable Issuer
not cooperating'

Set up in 2016 as a partnership firm by Mr. Kanav Mittal, Mr.
Udit Mittal, Ms. Nidhi Mittal, Ms. Shashi Jain, and Mr. Amit
Jain, SSW is setting up a multi-purpose warehouse facility in
Panchkula, Haryana, on an area of 20,4750 square feet. Operations
are expected to start from October 2017.


SOLACE ENGINEERS: CRISIL Withdraws B+ Rating on INR6.5MM Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Solace
Engineers (Mktg.) Private Limited (SEPL) at the company's request
and after receiving a no-objection certificate from Bank. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.5       CRISIL A4 (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL A4'; Rating Withdrawn)

   Cash Credit          6.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated 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 SEPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SEPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SEPL to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4'.

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

SEPL, incorporated in 1988 and promoted by Vadodara-based Ghosh
family manufactures pharmaceutical machinery such as sifters,
post bin blenders, tablet auto coaters, fluid bed processors, and
rapid mixer granulators.


SPRING BEE: Ind-Ra Corrects September 14, 2017 Rating Release
-------------------------------------------------------------
This announcement corrects the version published on September 14,
2017 that incorrectly mentioned the issuer name. An amended
version is as follows:

India Ratings and Research (Ind-Ra) has assigned Spring Bee Dairy
Products Private Limited (SBDPPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Proposed long-term loans assigned with
    Provisional IND B/Stable rating; and

-- INR90 mil. Proposed fund-based facilities assigned with
    Provisional IND B/Stable/Provisional IND A4 rating.

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

KEY RATING DRIVERS

The ratings reflect the under-construction stage of SBDPPL's milk
processing unit. The company was established in October 2015 to
set up 9.2 metric tons per day milk processing unit. The total
project cost is INR365 million, which is being funded by term
loans of INR200 million, promoters' equity and government
subsidy. The project company has yet to start the civil
construction work. Trial production is likely to begin at end-
August 2018 and commercial production from September 2018.

However, the ratings are supported by the plant's locational
advantage in terms of proximity to raw materials, labor, power,
water supply, and a stable product demand.

The ratings factor in the promoters' six years of experience in
the milk production business.

RATING SENSITIVITIES

Positive: Successful commencement of operations leading to
substantial revenue and profitability will lead to a positive
rating action.

Negative: Failure to achieve substantial revenue leading to
liquidity stress will be negative for the ratings.

COMPANY PROFILE

SBDPPL was incorporated in October 2015. It will be engaged in
the processing of raw milk to produce milk powder, packaged milk
and milk by-products such clarified butter and butter. Mr.
Yalavarthi Ravindra Kumar, Mr. Jaswanth Kadiyam, Mr. Prasannaraju
Yalavarthi, Mr. Ramesh Babu Yalavarthy and Ms.
Rosyhemalathajoynehu Yalavarthi are the promoters of the company.


SRI BALAJI: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Balaji
Traders' 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:

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

-- INR30 mil. Non-fund-based limit maintained in non-cooperating
    category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Balaji Traders runs a paper trading business.


SRS LIMITED: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D' while simultaneously migrating
it to the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Term loan (long-term) due on October 2017
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR4.75 bil. Non-fund-based working capital limits (short-
    term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.5 bil. Fund-based working capital limits (long- and
    short-term) affirmed with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR2.25 bil. Term deposit (long-term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects the classification of SRS as a non-
performing asset by its lender.

RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months would be positive for the ratings.

COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited.
It was renamed SRS Limited in 2009. It has three business
verticals: jewelry, retail and multiplex.

SRS is engaged in the manufacture, retail and wholesale of gold
and diamond jewelry. It operates a chain of modern format retail
stores and a chain of cinemas across north India. The company
owns a shopping mall in Faridabad, apart from various restaurants
and food courts.


ST PIPES: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ST Pipes and
Tubes Co. (ST) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limit assigned with IND BB-/Stable/
    IND A4+ rating; and

-- INR150 mil. Non-fund based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect the inception stage of ST's commercial
operations. The firm was incorporated in March 2016 and
commercial operations started in July 2017. FY18 was the first
year of operations. 11MFY18 provisional financials indicate
revenue of INR997.1 million and margins of 3.6%. Ind-Ra expects
the revenue to improve in the near terms as the firm is gradually
increasing its capacity utilization.

The firm's interest coverage (operating EBITDA/gross interest
expense) was 3.54x and net financial leverage (total Ind-Ra
adjusted net debt/operating EBITDA) was 8.3x in 11MFY18. The
credit metrics is likely to become comfortable in the medium term
with the increase in the scale of operations with stable EBITDA
margin.

The ratings are constrained by ST's partnership nature of
organization, and tight liquidity position with its peak average
working capital utilization being 99.89% over the nine months
ended April 2018.

The ratings, however, are supported by a decade of experience of
the firm's present partners in the steel business.

RATING SENSITIVITIES

Positive: Stabilization of operations leading to strong revenue
generation and profitability leading to an improvement in credit
metrics on a sustained basis would lead to a positive rating
action.

Negative: A decline in the revenue and profitability leading to
deterioration in the overall credit metrics on a sustained basis
would lead to a negative rating action.

COMPANY PROFILE

Incorporated in March 2016, ST is a partnership firm engaged in
manufacturing steel tubes with installed capacity of 74,880tpa.
The firm is managed by Mr. Mohamed Fayaz Mr. Mohamed Farook.


VEDA ENGINEERING: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Veda
Engineering Private Limited to CRISIL B/Stable/CRISIL A4 Issuer
not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       .41       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Bill Discounting    1.26       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit         2          CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Overdraft            1.08      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   1.25      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Veda for obtaining
information through letters and emails dated April 26, 2018, May
11, 2018 and May 16, 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 Veda Engineering Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Veda Engineering Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

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

Incorporated in 1995, Veda is primarily engaged in designing,
manufacturing and installation of process equipment for major
original equipment manufacturers (OEMs). Veda operates through
unit in Talawade Industrial Area, Pune. Mr K Ramkumaran and Mr V
C Karunakaran are the promoters.


VENUS PP: CRISIL Withdraws B Rating on INR2.64MM Proposed Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Venus
P.P. Varadaraju Spinning Mills Private Limited (Venus) at the
company's request and after receiving a no-objection certificate
from Bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank facilities.

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

   Long Term Loan        2.4      CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)


   Proposed Term Loan    2.64     CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with Venus for
obtaining information through letters and emails dated April 26,
2018,
May 8, 2018, and May 14, 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 Venus. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
Venus is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of Venus to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

Set up in 2005 and based in Salem (Tamil Nadu), Venus
manufactures double count yarn in 60s. Mr Gopu, the promoter,
manages the operations. Its manufacturing facility has an
installed capacity of 14,200 spindles.


VISION FREIGHT: CRISIL Withdraws D Rating on INR9.5MM Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Vision
Freight Solutions India Private Limited (VFSIL) at the company's
request and after receiving a no-objection certificate from Bank.
The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.5       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Cash Credit          9.5       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Long Term Loan       2.42      CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)
   Proposed Cash
   Credit Limit         2.08      CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)
   Standby Line of
   Credit               1.00      CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with VFSIL for
obtaining information through letters and emails dated 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 VFSIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
VFSIL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of VFSIL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.

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

VFSIL was incorporated in 2005, by promoters, Mr Sunil Gupta and
Mr Anil Gupta, who currently manage operations, along with Mr
Yogendra Pratap Singh. The Jaipur-based company offers
warehousing and transportation services.


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

The instrument-wise rating actions are:

-- INR10.8 mil. Long-term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR43.0 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Vridhi Iron and Steels manufactures structural steel products.


WELLBORE ENGINEERING: CRISIL Withdraws D Rating on INR6.85MM Loan
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Wellbore Engineering Company (WEC) at the company's request and
after receiving a no-objection certificate from Bank. The rating
action is in line with CRISIL's policy on withdrawal of its
ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.6       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Cash Credit          1.0       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Proposed Long Term   6.85      CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with WEC for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018 and May 14, 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 WEC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
WEC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of WEC to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.

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

Set up as a partnership firm by Mr. Shirish Patel and family, WEC
manufactures, on jobwork basis, heavy machinery parts such as
power turbines, table liners, rings, rollers, and other
industrial components used in the power, cement, chemical, and
textile industries.


YOGESH DEVELOPERS: Ind-Ra Maintains BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yogesh and
Yogesh Developers' 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 action is:

-- INR99 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Yogesh and Yogesh Developers is a family business enterprise
engaged in residential real estate development.



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


BERJAYA MEDIA: Seeks More Time to Submit Regularisation Plan
------------------------------------------------------------
Berjaya Media Bhd (BMedia) is seeking approval from Bursa
Malaysia for an extension of time until December 20, 2018 to
submit its regularisation plan.

The Practice Note 17 (PN17) company said it had on June 1
submitted an application to the regulator for extension of its
June 20 deadline.

"The board of directors of the company wishes to announce that
the company is still looking into formulating a plan to
regularise its financial condition," it told the stock exchange.

Berjaya Media Berhad is an investment holding company. The
Company, through its subsidiaries, is engaged in publication,
printing and distribution of daily newspaper. The Company's
segments include investment holding, publishing and others. The
Company's publication, theSun, is read in the market centers of
the Klang Valley, Penang and Johor Bharu, as well as in cities
and towns of Peninsular Malaysia. The Company's publication
publishes news on politics and business, human interest and
governance, entertainment and lifestyle, and sports. theSun also
has an online presence at www.thesundaily.my, where top news of
the day is updated and presented to its readers. The Company
offers theSun through approximately 3,200 sunspots or pick-up
points along morning routes to the workplace, gym, college or
breakfast. The Company's subsidiaries include Sun Media
Corporation Sdn. Bhd. and Gemtech (M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in
June 2017 as its shareholders' equity fell short of listing
requirements.



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

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

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


                            *********


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

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

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

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

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



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