TCRAP_Public/180614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 14, 2018, Vol. 21, No. 117


                            Headlines


A U S T R A L I A

AUSTINDO (WA): First Creditors' Meeting Set for June 22
CAPITAL MINING: Second Creditors' Meeting Set for June 21
CICERO PTY: First Creditors' Meeting Slated for June 21
GREEN MOOSE: Second Creditors' Meeting Set for June 21
MIGME LIMITED: First Creditors' Meeting Set for June 21

RCM TOURING: Court Places Touring Company In Liquidation
UNLOCKD: Goes Into Administration, Blames Google


C H I N A

CHINA HUIYUAN: Moody's Cuts CFR & Sr. Unsec. Rating to Caa1
FUTURE LAND: Fitch Rates Proposed USD Sr. Notes 'BB(EXP)'
FUTURE LAND: Moody's Assigns Ba2 Sr. Unsec. Rating
KANGDE XIN: Moody's Places Ba3 Ratings on Review for Downgrade


I N D I A

ACHAL INDUSTRIES: ICRA Withdraws B+ Rating on INR19.5cr Loan
ARIHANT PACKWELL: ICRA Moves B+ Rating to Not Cooperating
CROWN PROMOTERS: ICRA D Rating Remains in Not Cooperating
DEVANSHI POWERS: CARE Migrates D Rating to Not Cooperating
DHATRI INFRA: CARE Assigns B Rating to INR2cr LT Loan

GOYAL RICE: CARE Assigns B+ Rating to INR5.70cr LT Loan
HDFC BANK: Moody's Assigns Ba1 Long-Term Counterparty Risk Rating
JPC INFRA: ICRA Migrates D Rating to Not Cooperating Category
KALYAN COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
KAVYA COLD: CARE Migrates B+ Rating to Not Cooperating Category

KRRISH REALTYNIRMAN: CARE Migrates D Rating to Not Cooperating
LILA DHAR: ICRA B- Rating Remains in Not Cooperating Category
LUNAR CERAMICS: ICRA Assigns B+ Rating to INR2.51cr Term Loan
M S RAMAIAH: ICRA Lowers Rating on INR24cr Long Term Loan to D
M V SHIPTRADE: ICRA Reaffirms B+ Rating on INR5cr Cash Loan

MAHALAXMI OIL: CARE Migrates B+ Rating to Not Cooperating
NOMAX ELECTRICAL: ICRA C Rating Remains in Not Cooperating
OM CORRUGATED: ICRA Migrates B+ Rating to Not Cooperating
ORTEL COMMUNICATION: CARE Reaffirms D Rating on INR32cr Loan
P.P. RUBBER: CARE Assigns B+ Rating to INR15.84cr LT Loan

PARAS SEEDS: CARE Migrates B+ Rating to Not Cooperating Category
POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Rating in Not Cooperating
PRITHVI PUMPS: CARE Migrates B+ Rating to Not Cooperating
PROVENTUS AGER: CARE Migrates B+ Rating to Not Cooperating
R V ENTERPRISE: CARE Moves B Rating to Not Cooperating Category

R.J. AGRO: ICRA B Rating Remains in Not Cooperating Category
RAICHUR LABORATORIES: ICRA Cuts Rating on INR15cr LT Loan to D
RUCHI SOYA: ANZ Seeking Classification as Financial Creditor
SHANGRI-LA INDUSTRIES: ICRA Assigns B- Rating to INR43cr Loan
SHRI KARPADHA: CARE Lowers Rating on INR9.40cr Loan to D

SHRI VRINDAVANBIHARI: CARE Assigns B+ Rating to INR5.25cr Loan
SURYODAYA INFRA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
VAIBHAV LAXMI: ICRA Migrates B+ Rating to Not Cooperating
VIJAYANAGAR SUGAR: ICRA Reaffirms D Rating on INR316.11cr Loan
VIVASWAN HOTELS: CARE Reaffirms B Rating on INR9.01cr LT Loan

WHITELOTUS INDUSTRIES: CARE Migrates C Rating to Not Cooperating


M A L A Y S I A

DAYA MATERIALS: Says White Knight Rescue from PN17 Not Needed
PERAK CORP: Auditor Raises Going Concern Doubt
PERISAI PETROLEUM: Creditors Approve Scheme of Arrangement


N E W  Z E A L A N D

PAPER PLUS: Fielding Placed in Receivership; Store Remains Open


T A I W A N

WAN HAI: Moody's Alters Outlook to Pos. & Affirms Ba2 CFR


                            - - - - -


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A U S T R A L I A
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AUSTINDO (WA): First Creditors' Meeting Set for June 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Austindo
(WA) Pty Ltd will be held at the offices of WA Insolvency
Solutions, Level 49, 108 St Georges Terrace, in Perth, WA, on
June 22, 2018, at 11:00 a.m.

Gary John Anderson of WA Insolvency Solutions was appointed as
administrator of Austindo (WA) on June 12, 2018.


CAPITAL MINING: Second Creditors' Meeting Set for June 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Capital
Mining Limited has been set for June 21, 2018, at 9:30 a.m. at
the offices of BRI Ferrier, Level 30, Australia Square, 264
George 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 20, 2018, at 4:00 p.m.

Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were
appointed as administrators of Capital Mining on May 16, 2018.


CICERO PTY: First Creditors' Meeting Slated for June 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Cicero Pty
Ltd will be held at Level 11, 121 Marcus Clarke Street, in
Canberra, ACT, on June 21, 2018, at 11:30 a.m.

Henry Kazar & Michael Slaven of Ernst & Young were appointed as
administrators of Cicero Pty on June 8, 2018.


GREEN MOOSE: Second Creditors' Meeting Set for June 21
------------------------------------------------------
A second meeting of creditors in the proceedings of Green Moose
Pty Ltd has been set for June 21, 2018, at 12:00 p.m. at the
offices of Worrells Solvency and Forensic Accountants, Suite
1103, Level 11, 147 Pirie Street, in Adelaide, SA.

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 20, 2018, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Green Moose on May 16, 2018.


MIGME LIMITED: First Creditors' Meeting Set for June 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Migme
Limited will be held at Level 21, 140 St Georges Terrace, in
Perth, WA, on June 21, 2018, at 10:00 a.m.

Simon Guy Theobald and Melissa Humann of PPB Advisory were
appointed as administrators of Migme Limited on June 9, 2018.


RCM TOURING: Court Places Touring Company In Liquidation
--------------------------------------------------------
Tom Williams at Music Feeds reports that the Federal Court Of
Australia has ordered touring company RCM Touring be "wound up in
insolvency", after allegedly owing over AUD120,000 to another
touring company.

According to Music Feeds, RCM Touring - operated by talent agent
Ralph Carr - was accused of failing to pay AUD120,300 in invoices
to Big Deal Touring, for work involved in a number of tours which
took place in 2017.

Music Feeds, citing court documents, relates that RCM Touring has
ordered a liquidator to wind up the company, and has told the
liquidator to find AUD7,732.76 from RCM's assets to pay Big Deal
Touring's court costs.

RCM Touring declined to comment when contacted by Music Feeds
about the ruling, but had previously denied owing money to Big
Deal Touring.

Tours named in the case included an Elvis Presley tribute run, a
Priscilla Presley speaking tour and appearances by AFL star
Dustin Martin, as well as a Roy Orbison Australian hologram tour,
which was cancelled in April, the report notes.


UNLOCKD: Goes Into Administration, Blames Google
------------------------------------------------
Stephanie Palmer-Derrien at SmartCompany reports that once-
promising Australian startup Unlockd has entered voluntary
administration, which it has blamed squarely on its ongoing legal
dispute with Google.

According to SmartCompany, the Unlockd app allows Android phone
users to receive rewards for viewing advertising content and, as
of April, had some 330,000 users. However, earlier this year,
Google threatened to remove the Unlockd app from its Google Play
Store globally and deny the startup access to its Admob in-app
advertisement server, saying it breached terms of use.

The threat came ahead of Unlockd's IPO on the Australian
Securities Exchange, which was originally planned for April this
year, SmartCompany says.

SmartCompany relates that the startup postponed the IPO and took
Google to court, with a statement at the time saying the
technology giant's threats represented "an abuse of its dominant
position and breach of competition rules".

Since then, Unlockd has won cases in the English High Court and
the Federal Court of Australia, granting interim injunctions to
stop Google from blocking its services, the report says.

However, a statement released by Unlockd on June 12 said the
case, and the subsequent postponement of the IPO, has had a
devastating impact on the business, according to SmartCompany.

"The ramifications of Google's actions have had and continue to
have a deep impact on the business when considering the valuation
of Unlockd prior to these threats and the postponement of the
planned IPO, which would have fueled the continued growth and
expansion of the business," the company said in the statement,
SmartCompany relays.

"As such, we have not been able to secure the capital we had
expected to replace the IPO and therefore have been left no
choice but to move into voluntary administration."

SmartCompany relates that the statement went on to say Unlockd
offered users value from advertising "in a way that Google and
other big tech companies do not".

It also suggested that the ongoing saga is a further example of
"anti-competitive conduct" towards startups "that might pose a
future threat to their position in the market".

"Until wide reaching change is brought about to prevent companies
like Google from abusing their dominant market positions,
consumers and innovation will continue to suffer."

The Unlockd board of directors is working with administrators to
determine the startup's next steps, and are assessing ongoing
discussions around further investment or acquisition, adds
SmartCompany.



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CHINA HUIYUAN: Moody's Cuts CFR & Sr. Unsec. Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded China Huiyuan Juice
Group Limited's B1 corporate family rating and B1 senior
unsecured rating to Caa1.

The ratings outlook is negative.

This concludes the rating review initiated on April 3, 2018.

RATINGS RATIONALE

"The downgrade has been prompted by Huiyuan's announcement on
regulatory requirements before its shares can resume trading,"
says Lina Choi, a Moody's Vice President and Senior Credit
Officer.

"Fulfillment of these requirements will cause further delays in
the expected timeframe for the resumption of trading," adds Choi.
"These delays will in turn heighten the company's repayment
risks."

On June 11, Huiyuan announced that the Hong Kong Stock Exchange
(HKSE) had imposed certain regulatory requirements to be
fulfilled before its shares could resume trading. These
requirements include the completion of a forensic investigation
of its accounts.

The required investigation and publication of the findings will
likely lengthen the expected timeframe for the resumption of
trading in the company's shares, which may lead to a breach of
the conditional waivers granted by certain lenders for the
company's loans.

Non-compliance with the conditional waiver for its loans will
entitle the relevant lenders to accelerate repayments. If this
happens, the company's liquidity position will be severely
impaired.

The requirements also call for the publication of all outstanding
financial results and for Huiyuan to address any audit
modifications.

On March 29, Huiyuan announced that it had provided loans
totaling RMB4.28 billion to Beijing Huiyuan Beverage, a company
owned by Huiyuan's largest shareholder and chairman, Mr. Zhu
Xinli. The transaction was significant, but unreported.

Huiyuan also failed to make an announcement on the loan or obtain
approvals from independent shareholders. Its inaction violated
several listing rules of the HKSE.

Trading in the company's shares remains suspended. For as long as
the company cannot publish its audited 2017 financial statements,
as required by the HKSE, its funding access will be limited.

Moody's will continue to monitor the company's resolution of the
HKSE requirements and the completion of its annual results filing
for 2017.

The negative ratings outlook reflects the company's high
repayment risk, due to its uncertain financial position, impaired
source of funding, and high corporate governance risk.

Given the negative outlook, there is a low probability of an
upgrade in the near term. However, the ratings could see upward
pressure in the medium term if the company fulfills its
regulatory requirements in a satisfactory manner.

Huiyuan's ratings will be downgraded further if the company fails
to repay its outstanding obligations.

The principal methodology used in these ratings was Global Soft
Beverage Industry published in January 2017.

Established in 1992 and headquartered in Beijing, China Huiyuan
Juice Group Limited (Huiyuan) is one of the major players in
China's juice market. The company has manufactured and
distributed fruit juices, vegetable juices and other beverages
for more than 20 years.

It operates four major business segments - Juice Products,
Nectars, Juice Drinks and Other Beverage Products - through
subsidiaries.

The company is approximately 65.6% owned by its chairman, Mr. Zhu
Xinli. In May 2013, Huiyuan completed the acquisition of the
entire share capital of China Huiyuan Industry Holdings, an
upstream juice puree and concentrates producer previously owned
by its chairman.


FUTURE LAND: Fitch Rates Proposed USD Sr. Notes 'BB(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Future Land Holdings Co., Ltd.'s (FLH,
BB/Stable) proposed US dollar senior notes to be issued by FLH's
indirect wholly owned subsidiary, New Metro Global Limited, an
expected rating of 'BB(EXP)'.

The proposed notes, which will be unconditionally and irrevocably
guaranteed by FLH, are rated at the same level as FLH's senior
unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating on the proposed
notes is subject to the receipt of final documentation conforming
to information already received. FLH intends to use the net
proceeds from the note issue for onshore real-estate project
development and refinancing debt.

FLH is a subsidiary of Future Land Development Holdings Limited
(FLDH, BB/Stable). Fitch uses a consolidated approach to rate
FLH, based on Fitch's Parent and Subsidiary Rating Linkage
criteria. The strong strategic and operational ties between the
two entities are reflected by FLH representing FLDH's entire
exposure to the China homebuilding business.

KEY RATING DRIVERS

Focus on Yangtze River Delta: The group's strategy to focus
resources around Shanghai and the Yangtze River Delta, a wealthy
region in eastern China, helped expand its scale and drive strong
sales turnover, as measured by contracted sales/gross debt, to
1.9x in 2017 with an average of 1.7x since 2014. This
demonstrates the group's ability to rapidly generate sales from
new land acquisitions. The fast-churn strategy has enabled FLH to
tap the strong demand in the Yangtze River Delta to achieve
higher contracted sales growth than peers.

The group recorded exceptionally strong presales in 2017, driven
by robust demand and higher average selling prices (ASP) in the
Yangtze River Delta, which accounted for about 80% of contracted
sales. Consolidated gross floor area (GFA) sold in 2017 increased
by 59% to 7.5 million square metres (sq m) and the ASP increased
by 24% yoy to CNY12,527/sq m. Fitch expects the group to achieve
annual consolidated contracted sales of CNY130 billion-160
billion in 2018-2019.

Lower Leverage: Group leverage dropped to 40% at end-2017, from
45% at end-2016, following prudent land acquisitions. Full-year
attributable cash outflow from land premiums reached CNY53
billion, representing 56% of consolidated presales of CNY95
billion (excluding presales from joint ventures). The group has
been sourcing joint-venture partners to share land acquisition
costs.

Improving Land Bank Quality: FLH had land bank of about 50
million sq m (excluding joint ventures) at end-2017, sufficient
for four to five years of development activity. The group has
diversified its land bank by reducing the proportion of land in
the Yangtze River Delta to around 56% and expanding into the
Pearl River Delta region in southern China, central and western
China as well as the Bohai Economic Rim in northern China.

Margin Expansion: The group's EBITDA margin (after adding back
capitalised interest to cost of goods sold) improved to 27.8% in
2017, from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the
next two years, as the ASP for contracted sales increases and the
company's scale expands.

Rising Recurring Income: The group aims to double its rental
revenue to CNY2 billion in 2018 from the operation of shopping
malls (Wuyue Plaza), which are mainly located in tier 2 and 3
cities. Fitch estimates the group's ratio of recurring
EBITDA/interest expense will remain insignificant at 0.2x in
2018-2019, as the revenue contribution of investment properties
will remain small relative to development properties and have a
limited effect on its rating.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLH, based on Fitch's
Parent and Subsidiary Rating Linkage criteria, as the company was
67.81%-owned by FLDH as at end-2017. The strong strategic and
operational ties between the two entities are reflected by FLH
representing FLDH's entire exposure to the China homebuilding
business, while FLDH raises offshore capital to fund the group's
business expansion. The two entities share the same chairman.

The group improved its leverage to below 40%, as defined by net
debt/adjusted inventory, through prudent land bank acquisitions
in 2017 to fall in line with 'BB' peers. Its quick-sales churn
strategy and geographically well-diversified land bank
contributed to its faster expansion in contracted sales than most
'BB' peers. Its recognised EBITDA margin (excluding capitalised
interest) improved to above 25% in 2017, from 18% in 2016, as its
land cost accounted for only 29% of revenue in 2017. The margin
improvement is likely to be sustained, as the average cost of its
land bank accounted for only 23% of contracted ASP in 2017.

The group has a larger contracted sales scale and faster sales
churn than most of its 'BB' peers, and its leverage is comparable
with peers. The group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. The group has larger contracted
sales scale and faster sales churn than CIFI, while the two
entities' margins are comparable. CIFI has maintained a high
EBITDA margin and lower leverage for a longer period than the
group, and has been disciplined in maintaining stable leverage.

The group has a larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Property Group Limited (BB-/Stable), KWG
Property Holding Limited (BB-/Stable) and Logan Property Holdings
Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 40% in 2018, 20% in 2019
    and 20% in 2020 (97% in 2017)

  - EBITDA margins (after adding back capitalised interest) to
    be maintained at about 25% in 2018-2020

  - Total land premium to represent 40%-50% of contracted sales
    in 2018-2020

  - FLDH to maintain a controlling shareholding in FLH and the
    operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

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

  - Consolidated net debt/adjusted inventory sustained below
    35% while maintaining the EBITDA margin at 20% or above

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

  - Contracted sales/total debt below 1.5x for a sustained period

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

  - EBITDA margin below 18% for a sustained period

All ratios mentioned above are based on the parent's consolidated
financial data.

LIQUIDITY

Sufficient Liquidity: The group had an unrestricted cash balance
of CNY20.5 billion and unutilised credit facilities of CNY54.6
billion to cover short-term borrowings of CNY15.3 billion as at
end-2017.


FUTURE LAND: Moody's Assigns Ba2 Sr. Unsec. Rating
--------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed notes to be issued by New Metro Global
Limited, and guaranteed by Future Land Holdings Co., Ltd (Ba2
stable).

The proceeds of the notes will be used mainly for Future Land
Holdings' onshore real estate project development and to repay
its existing indebtedness.

The rating on the proposed notes reflects Moody's expectation
that Future Land Holdings will complete the issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission and the State
Administration of Foreign Exchange in China.

RATINGS RATIONALE

"The proposed notes will provide term funding for Future Land
Holdings to grow its business and improve its liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

"And, the notes will not have a material impact on the company's
credit metrics, because Future Land Holdings will use part of the
proceeds for refinancing," adds Tsang, who is also Moody's Lead
Analyst for Future Land Holdings. "Moreover, the proposed
issuance is in line with our expectations for the company's
funding plans in 2018."

Moody's projects that Future Land Holdings' adjusted revenue/debt
and adjusted EBIT/interest coverage - including its share in
joint ventures - will measure around 95%-100% and 4.0x-4.5x over
the next 12-18 months. These ratios support the company's Ba2
corporate family rating (CFR).

Future Land Holdings' Ba2 CFR also reflects its strong sales
execution, growing scale and improving geographic diversification
into other cities in the Yangtze River Delta. In addition, its
growing stream of non-development revenue will add stability to
its earnings and debt-service ability.

The Ba2 CFR is further supported by its adequate liquidity
position, with its cash balance of RMB21.9 billion at the end of
2017 covering 156% of its short-term debt.

However, the rating also factors in its exposure to the regional
economy of the Yangtze River Delta and its sizeable business
exposures to joint ventures.

Moody's has not notched down the Ba2 senior unsecured bond
rating. Although the majority of the company's claims are at the
operating subsidiary level, its diversified business profile -
with cash flow generation across a large number of operating
subsidiaries and different business segments covering property
development and property investment - mitigates structural
subordination risks.

Future Land Holdings' ratings could be upgraded if the company
sustains resilient sales through cycles, strong liquidity and
prudent financial management.

Specifically, upward ratings pressure could emerge if the
company's: (1) adjusted revenue/debt - including its share in
joint ventures - exceeds 100%-105%; and/or (2) EBIT/interest
coverage stays above 4.5x-5.0x on a sustained basis.

On the other hand, downward ratings pressure could emerge if the
company's contracted sales growth slows and its credit metrics
weaken, with EBIT/interest coverage falling below 3.0x or
adjusted revenue/debt falling below 80%-85%.

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

Future Land Holdings Co., Ltd engages primarily in residential
development and was founded in 1993 by Wang Zhenhua, who is also
the chairman of the company.

Future Land Holdings is a 67.1%-owned subsidiary of Future Land
Development Holdings Limited (Ba2 stable), and the mainland-
listed holding company of Future Land Group. The company has
direct control over the group's assets, cash flow and operations.

At the end of 2017, Future Land Holdings' land bank - totaling
around 67.4 million square meters of gross floor area - was
spread across 62 cities in China.


KANGDE XIN: Moody's Places Ba3 Ratings on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Kangde Xin Composite Material Group Co., Ltd. (KDX)'s Ba3
corporate family rating, and Top Wise Excellence Enterprise Co.,
Ltd's backed Ba3 senior unsecured bond rating.

The rating action follows the continued suspension in trading of
KDX's shares on the Shenzhen Stock Exchange, as announced on
June 6, following similar suspensions over the past several
months.

RATINGS RATIONALE

"The review reflects our concern that repeated and prolonged
trading suspensions of KDX's shares will impede the company's
ability to access the equity market for funding," says Gloria
Tsuen, a Moody's Vice President and Senior Analyst.

KDX suspended trading in its shares on the Shenzhen Stock
Exchange earlier this year from February 26 until April 27 due to
negotiations for the acquisition of an overseas company. The
transaction is still in discussion.

The company suspended trading again on June 4 due to a potential
strategic agreement with a domestic state-owned company. The
agreement was announced on June 6 and involved China
Communications Construction Company Limited (A3 stable).

On June 6, KDX announced that the trading suspension will
continue until July 6, as it is in the process of acquiring a
domestic supplier for automobile service centers and the
transaction would involve stock issuance.

Considering that KDX is still expanding into new business
segments such as carbon fiber and polymer materials, there could
be further acquisitions, investments or partnerships.

In such an environment, good access to funding is key to
facilitating its ongoing investment needs as announced from time
to time.

In addition, Moody's notes that KDX's top three shareholders,
which combined owned 35% of the company at the end of March 2018,
have pledged almost all of their shares for borrowing. The
largest shareholder had reduced its share pledge from close to
100% at the end of 2017 to 93.65% as of May 14, 2018. A high
levered share ownership will increase the risk of a change of
control and also increase the volatility in the trading of KDX's
shares if the share price comes under pressure.

KDX was in a net cash position at the end of March 2018, with
RMB19.7 billion in cash and RMB14.9 billion in total debt.

The company grew its revenue by 28% year on year in 2017, and its
adjusted EBITDA margins rose to 33% from 32%. Moody's expects its
operating performance to remain steady in 2018. KDX is also in
negotiations to acquire an overseas advanced polymer company.

Moody's review will focus on KDX's ability to (1) resume and
maintain continuous and normal share trading; (2) maintain solid
access to the capital markets; and (3) continue to execute its
business plan and grow.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Established in 2001 and listed on the Shenzhen Stock Exchange
since 2010, Kangde Xin Composite Material Group Co., Ltd. is a
leading manufacturer of optical and pre-coated laminating films
globally.

KDX was 24% owned by its parent company, Kangde Investment Group
Co., Ltd., and 76% by public shareholders at the end of March
2018. The company's founder and chairman, Yu Zhong, owns 80% of
Kangde Investment Group.



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ACHAL INDUSTRIES: ICRA Withdraws B+ Rating on INR19.5cr Loan
------------------------------------------------------------
ICRA withdraws the long-term rating of [ICRA]B+ with stable
outlook and short-term rating of [ICRA]A4 assigned to the
INR22.81 crore bank facilities of Achal Industries.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-Fund-
   Based-Term Loan       0.73      [ICRA]B+ (Stable); Withdrawn

   Long-term-Fund-
   Based-Cash Credit    19.50      [ICRA]B+ (Stable); Withdrawn

   Short-term/Long-    (19.50)     [ICRA]B+ (Stable)/[ICRA]A4;
   Term-Fund Based                  Withdrawn
   Interchangeable

   Short-term/Long-      2.58      [ICRA]B+ (Stable)/[ICRA]A4;
   Term-Unallocated                 Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no dues certificate provided by its banker.

Established in 1980 and promoted by Mr. G Sadananda Prabhu and
Mr. G. Giridhar Prabhu, Achal Industries (AI) is involved in
processing of RCNs into finished cashew kernels, and in trading
of RCNs. Mr. G Giridhar Prabhu has been managing the operations
of the entity since 1992. In addition, AI sells cashew by-
products such as cashew shells and peels. Going forward, the
promoter intends to shift the operations of AI to a newly set up
private limited company.

The entity has an established cashew processing capacity of ~10
metric tonnes per day, with most of the output pertaining to
organic cashews. Apart from Achal Industries, the group comprises
- ACPL, which is also involved in processing RCNs to cashew
kernels; Achal Primenuts Private Limited and Achal Farm Products
Private Limited, which manage retail outlets in Bangalore and
Mangalore, respectively.

In FY2017, the entity reported a net loss of INR1.78 crore on an
OI of INR59.34 crore compared to a net profit of INR0.32 crore on
an OI of INR60.78 crore in the previous year.


ARIHANT PACKWELL: ICRA Moves B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Arihant Packwell to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA] B+ (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based            10.0        [ICRA]B+ (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

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

Arihant Packwell (Arihant) is mainly involved in manufacturing
packaging material which includes mono cartons, metalized carton,
flute carton. The printing and packaging is done for the
pharmaceutical industries for their plants located mainly in
Baddi, Hiamchal Pradesh. The firm's manufacturing facility is
also located at Baddi and enjoys location advantages by virtue of
proximity to customers and suppliers resulting in sourcing and
logistics convenience.

Arihant is part of a group which has presence in generic
pharmaceuutical manufacturing, based in Baddi, Himachal Pradesh.


CROWN PROMOTERS: ICRA D Rating Remains in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR11.00 crore bank facilities of
Crown Promoters And Developers continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA] D;
ISSUER NOT COOPERATING". ICRA had earlier moved the rating of
Crown promoters and developers to the 'ISSUER NOT COOPERATING'
category due to non-cooperation on info and fee by the entity.

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Term Loan          6.30     [ICRA]D ISSUER NOT COOPERATING;
                               Rating continues to remain in the
                               'Issuer Not Cooperating' category

   Bank Guarantee     4.70     [ICRA]D ISSUER NOT COOPERATING;
                               Rating continues to remain in the
                               'Issuer Not Cooperating' category

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

Crown Promoters and Developers is a partnership firm and part of
Delhi based Crown group. The firm is developing an integrated
township project, 'Crown City' in Village Gharaunda district in
Karnal, Haryana. The township is spread over area of 50 acres and
primarily consists of residential plots. Apart from residential
plots, there are also areas marked for commercial development,
primary school and nursing home.


DEVANSHI POWERS: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Devanshi
Powers Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank
   Facilities         16.00      CARE D; Issuer not co-operating;
                                 Based on best available
                                 information

CARE has been seeking information from Devanshi Powers Limited to
monitor the ratings vide e-mail communications / letters dated
February 26, 2018, March 9, 2018, March 15, 2018, April 20, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Devanshi Powers Limited's bank facilities and instruments will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

Ongoing delays in debt servicing

There are on-going delays in debt servicing owing to stretched
liquidity position.

Initially established in July 2006 as a partnership firm 'M/s.
Devanshi Electricals' by Mr. Pankaj Shah, Mr. Pradip Shah, and Ms
Varsha Shah, Devanshi Powers Limited (DPL) was converted into
closely held Public Limited Company in October 04, 2012. DPL
manufactures bare copper wires and various types of copper and
aluminum-based household, industrial and instrumentation cables.
The Shah family is into business of copper products since 1982 at
Jaipur, Rajasthan through its group concern, M/s Shree Jagdish
Electrics & Engineering Works. The group has shifted its base to
Anand, Gujarat since 2006.


DHATRI INFRA: CARE Assigns B Rating to INR2cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dhatri
Infra (DI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            2.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities            3.00      CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of DI are tempered by
short track record of the entity and nascent stage of operations
with low net worth base, working capital intensive nature of
operations, short term revenue visibility from current order
book, tender based nature of operations and high customer
concentration risk, highly fragmented industry with intense
competition from large number of players, constitution of the
entity as a partnership firm with inherent risk of withdrawal of
capital. The ratings, however, derive benefit from experience of
the partners for more than a decade in construction industry,
satisfactory profitability margins during review period,
comfortable capital structure and debt coverage indicators during
review period and stable outlook of civil construction Industry.

Going forward, ability of the firm to increase its scale of
operations and improve its profitability margins in competitive
environment, maintain its capital structure and debt coverage
indicators while managing its working capital requirement
efficiently and bag new orders and execute the same in timely
manner are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the entity and nascent stage of operations
with low net worth base: The firm started its commercial
operations from May, 2016 and FY17 was the first year of
operations. The firm has a short track record of around ten
months, resulted in nascent stage of operations i.e, the total
operating income (TOI) of the firm remained small at INR4.97
crore in FY17 with low net worth base of INR0.45 crore as on
March 31, 2017 as compared to other peers in the industry.

Working capital intensive nature of operations: The firm is
operating in working capital intensive nature of operations. The
operating cycle of the firm comfortable due to low creditors
period and inventory holding period of 42 days and 10 days
respectively during ten months operations in FY17. Short term
revenue visibility from current order book: DI has an order book
of INR 7.17 crore as on April 30, 2018 and the same is likely to
be completed by Q4FY19. The said order book provides revenue
visibility for short term period. The entire order book pertains
to construction of railway bridges, tracks, station rooms,
subways, rail club, roads, buildings, platform works and others
for South Western Railway Zone only resulting in high customer
concentration and geographic concentration risk.

Tender based nature of operations and high customer concentration
risk: The firm receives work orders from South Western Railway
Zone. All these are tender-based and the revenues are dependent
on the firm's ability to bid successfully for these tenders.
Profitability margins come under pressure because of competitive
nature of the industry. However, the promoter's satisfactory
industry experience of more than a decade mitigates this risk to
some extent. Nevertheless, there are numerous fragmented &
unorganized players operating in the segment which makes the
civil construction space highly competitive. Presently, the firm
caters its services to South Western Railway Zone (100%)
reflecting high customer concentration risk.

Profitability margins are susceptible to fluctuation in raw
material prices: Profitability margins are susceptible to
fluctuation in raw material prices due to absence of price
variation clause in the contracts entered into by the firm.
However, the firm builds in satisfactory margin for each project
before bidding for tenders which mitigates the risk of absence of
price variation clause in the contracts to an extent. Highly
fragmented industry with intense competition from large number of
players The firm is engaged in civil construction works like
construction of railway bridges, tracks, station rooms, subways,
rail club, roads, buildings, platform works and others which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in
huge competition.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: DI, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Key Rating Strengths

Experience of the partners for more than a decade in construction
industry: DI was established in the year 2016 and promoted by Mr.
M. Suryanarayana Reddy (Managing Partner) and Mr. M. Tejeswar
Reddy (Partner). Mr. M. Suryanarayana Reddy is a qualified
graduate and has more than a decade of experience in the civil
construction industry. Due to long term presence in the market by
the partners, the firm has good relation with customer and
supplier.

Satisfactory profitability margins during review period: DI has
satisfactory PBILDT margins and PAT margins during review period.
The PBILDT and PAT margins stood at 6.39% and 4.39% respectively
in FY17.

Comfortable capital structure and debt coverage indicators during
review period: The firm has comfortable capital structure as on
March 31, 2017, since the firm has no debt as on March 31, 2017
The firm has comfortable debt coverage indicators, because the
firm did not avail any loan from banks or financial institutions,
as on March 31, 2017.

Stable outlook in of civil construction industry: The
construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. During the last few years (mainly
FY13-FY15), there was a reduction in flow of orders along with
slow movement of the existing order book. However, the focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long-run. In the short to medium term (1-3
years), projects from infrastructure sector are expected to
dominate the overall business for construction companies. Going
forward, companies with better financial flexibility would be
able to grow at a faster rate by leveraging upon potential
opportunities.

Karnataka based, Dhatri Infra (DI) was established in the year
2016 and the firm started its commercial operations from May,
2016. DI is promoted by Mr. M. Suryanarayana Reddy (Managing
Partner) and Mr. M. Tejeswar Reddy (Partner). The firm has its
registered office located at Dr. Sivarama Karanth Nagar,
Bangalore. DI is engaged in Civil construction works like
construction of railway bridges, tracks, station rooms, subways,
rail club, roads, buildings, platform works and others. The firm
provides 100% services to South Western Railway Zone only. The
firm purchases raw material like sand, cement, steel, metals
etc., from Venu Enterprises, Ramco Cement Limited, Dalmia Cement
Limited and Kanodia Alloy Steel Corporation among others.


GOYAL RICE: CARE Assigns B+ Rating to INR5.70cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Goyal
Rice Mills (GRM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            5.70       CARE B+; Stable Assigned

   Short term Bank
   Facilities            8.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GRM is constrained
by its small and fluctuating scale of operations with low net-
worth base & PAT margins, weak solvency position and elongated
operating cycle. The rating is further constrained by
susceptibility to fluctuation in raw material prices and monsoon
dependent operations, partnership nature of constitution and
fragmented nature of industry coupled with high level of
government regulation. The rating, however, derives strength from
experienced partners in the agro based industry and favorable
location of plant. Going forward, the ability of the firm to
increase the scale of operations while improving its
profitability margins and overall solvency position would remain
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners in the agro processing industry: GRM was
established in June 1997 as a partnership firm and is currently
being managed by Mr. Rajesh Kumar, Mr. Rakesh Kumar, Mr. Suresh
Kumar and Mr. Raj Kumar. The partners have a total work
experience ranging between two to three decades which they have
gained through GRM and other group concerns - Gunumal Sant Lal,
Hansraj Sanjeev Kumar, Bhimsain Suresh Kumar - which are
commission agents firms engaged in trading of food grains. This
has led to management's better understanding of the market and
establishment of strong relationships with suppliers as well as
customers.

Favorable location of plant: GRM's manufacturing unit is located
in Sangrur, Punjab. The area is one of the hubs for paddy/rice,
leading to its easy availability. The unit is also in proximity
to the grain market resulting in procurement at competitive
rates. The presence of GRM in the vicinity of paddy producing
regions gives it an advantage over competitors operating
elsewhere in terms of easy availability of the raw material as
well as favorable pricing terms.

Key Rating Weaknesses

Small and fluctuating scale of operations with low net-worth base
and PAT margins: Despite being in operations for more than two
decades, the firm's scale of operations has remained small marked
by Total Operating Income (TOI) of INR13.34 crore in FY17 and
net-worth base of INR1.15 crore as on March 31, 2017.
Additionally, GRM's GCA was relatively small at INR0.40 crore for
FY17. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Further, the
firm experienced a fluctuating trend in the FY15-FY17 period as
the TOI of the firm decreased from INR16.19 crore in FY16 to
INR13.34 crore in FY17 on account of decrease in demand from
customers.

The PBILDT margins stood moderate at 9.40% in FY17. However, high
interest and depreciation cost restricted the net profitability
of GRM and resulted into below unity PAT margin during last two
financial years.

Weak solvency position: The total debt of the firm comprised of
term debt (including vehicle loans) of INR4.76 crore, working
capital borrowings amounting to INR4.35 crore and unsecured loans
from relatives of INR2.66 crore as on March 31, 2017. GRM has a
leveraged capital structure marked by overall gearing ratio of
10.28x as on March 31, 2017 on account of high dependence upon
borrowings to fund various requirements of business. Furthermore,
total debt to GCA stood weak at 29.50x for FY17. It deteriorated
from 14.01x for FY17 due to increase in total debt of the firm
and decline in gross cash accruals of the firm in FY17.
Additionally, interest coverage ratio stood low at 1.47x in FY17.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 216 days for FY17 (PY: 135 days). The firm is
required to maintain adequate inventory of raw material and
finished goods to ensure smooth execution process and to meet
customers demand on time which resulted in average inventory
period of 219 days for FY17. (PY: 137 days). The inventory period
elongated due to increase in unsold finished stock. Furthermore,
the firm provides credit period of around 10-15 days to its
customers which led to average collection period of 12 days for
FY17. GRM procures raw materials with average payable period of
around one month. The average utilization of the working capital
limits remained aroundn85% for the last 12 months period ended
February 2018.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices. Any sudden spurt in raw material prices may not be passed
on to customers completely owing to firm's presence in highly
competitive industry.

Partnership nature of constitution: GRM's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders. The partners infused funds amounting to
INR0.21 crore during FY15-FY17 period.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into endto-
end processing of rice from paddy, instead they merely complete a
small fraction of processing and dispose-off semi processed rice
to other big rice millers for further processing. Furthermore,
the concentration of rice millers around the paddy growing
regions makes the business intensely competitive. The raw
material (paddy) prices are regulated by government to safeguard
the interest of farmers, which in turn limits the bargaining
power of the rice millers.

Goyal Rice Mills (GRM) was established as a partnership firm in
1997 and it is currently being managed by Mr. Rajesh Kumar, Mr.
Rakesh Kumar, Mr. Suresh Kumar and Mr. Raj Kumar sharing profits
and losses equally The firm is engaged in processing of paddy at
its manufacturing facility located in Moonak, Sangrur with an
installed capacity of 10,000 Tonnes of paddy per annum as on
February 28, 2018.


HDFC BANK: Moody's Assigns Ba1 Long-Term Counterparty Risk Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned Counterparty Risk Ratings
(CRRs) to 15 rated banks and their branches, as applicable.

The 15 Indian banks comprise: 1) Axis Bank Ltd, 2) Bank of
Baroda, 3) Bank of India, 4) Canara Bank, 5) Central Bank of
India, 6) HDFC Bank Limited, 7) ICICI Bank Limited, 8) IDBI Bank
Ltd, 9) Indian Overseas Bank, 10) Oriental Bank of Commerce, 11)
Punjab National Bank, 12) State Bank of India, 13) Syndicate
Bank, 14) Union Bank of India, and 15) Yes Bank Limited.

At the same time, Moody's has upgraded the Counterparty Risk
Assessments (CR Assessments) of Axis Bank Ltd, Bank of Baroda,
ICICI Bank Limited and their branches, as applicable to
Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). The CR assessment of
Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from
Ba1(cr)/NP(cr).

Moody's Counterparty Risk Ratings are opinions of the ability of
entities to honor the uncollateralized portion of non-debt
counterparty financial liabilities (CRR liabilities) and also
reflect the expected financial losses in the event that such
liabilities are not honored. CRR liabilities typically relate to
transactions with unrelated parties. Examples of CRR liabilities
include the uncollateralized portion of payables arising from
derivatives transactions and the uncollateralized portion of
liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated
with covered bonds, letters of credit, guarantees, servicer and
trustee obligations, and other similar obligations that arise
from a bank performing its essential operating functions.

RATINGS RATIONALE

The CRRs assigned to the 15 Indian banks are in line with the CR
Assessments.

Because Moody's considers that India (Baa2 stable) does not have
an operational resolution regime, in assigning CRRs to the Indian
banks subject to these rating actions, Moody's applies its basic
Loss Given Failure (LGF) approach. Moody's basic LGF analysis
positions CRRs in line with the bank's CRA, one notch above the
banks' adjusted BCAs, prior to government support.

The CRR also incorporates between zero to three notches of uplift
due to Moody's assessment of government support for the 15 banks
in times of need, based on the banks' systemic importance India.
The uplifts are in line with those applied to the CR Assessments.

OUTLOOK

CRRs do not carry outlooks.

AXIS BANK - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade Axis Bank's deposit ratings if Moody's
upgrades the bank's BCA. Nevertheless, Moody's could revise the
ratings outlook to positive if the bank is able to improve its
asset quality and profitability profile on a sustained basis or
its capital position significantly strengthens.

AXIS BANK - WHAT COULD CHANGE THE RATING DOWN

Axis Bank's BCA could be downgraded if: (1) the bank's
nonperforming loan (NPL) ratio deteriorates significantly from
current levels, (2) a decline in earnings leads to a significant
decrease in its internal capital generation, or (3) there is a
material weakening of its capital from current levels. Moody's
could also downgrade the deposit ratings if Moody's downgrades
the Government of India's sovereign rating.

BANK OF BARODA - WHAT COULD CHANGE THE RATING UP

Given the stable ratings outlook, Bank of Baroda's ratings are
unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the ratings outlook to
positive if the bank is able to improve its profitability profile
on a sustained basis or its capital position significantly
strengthens.

BANK OF BARODA - WHAT COULD CHANGE THE RATING DOWN

Bank of Baroda's ratings could be downgraded if further credit
losses worsen the bank's capital position. Any indication of
diminishing government support to levels below what Moody's
expect could also lead to a downgrade of the bank's ratings.

BANK OF INDIA - WHAT COULD CHANGE THE RATING UP

Given the stable ratings outlook, Bank of India's ratings are
unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the outlook to positive if the
bank returns to profitability on a sustained basis, which will
help in internal capital generation.

BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN

Bank of India's BCA and ratings could face downward pressure if
further credit losses worsen the bank's capital position. Any
indication that government support has diminished for the bank
could also lead to a downgrade of the bank's ratings.

CANARA BANK - WHAT COULD CHANGE THE RATING UP

Given the stable ratings outlook, Canara Bank's ratings are
unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the outlook to positive if the
bank is able to improve its overall asset quality or improve its
profitability profile on a sustained basis.

CANARA BANK - WHAT COULD CHANGE THE RATING DOWN

Canara Bank's ratings could face downward pressure, if further
credit losses worsen its capital position. Any indication that
government support has diminished to levels below what Moody's
expects could also lead to a downgrade of the bank's ratings.

CENTRAL BANK OF INDIA - WHAT COULD CHANGE THE RATING UP

Given the positive ratings outlook, Moody's could upgrade Central
Bank of India's ratings over the next 12-18 months, if the
capital infusion from the Indian government helps strengthen the
bank's capital to a level above minimum regulatory requirements
(including the capital conservation buffer) under Basel III
standards, or the bank returns to profitability on a sustainable
basis.

CENTRAL BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN

Downward pressure on Central Bank of India's ratings will emerge
if further credit losses worsen the bank's capital position. Any
indication that government support has diminished to levels below
what Moody's expects in this rating action could also lead to a
ratings downgrade.

HDFC BANK LIMITED - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade HDFC Bank Limited's senior unsecured debt
and deposit ratings if Moody's upgrades India's sovereign rating.

HDFC BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN

Downward pressure on HDFC Bank's BCA could arise from: (1) a
sustained deterioration in impaired loans or loan-loss reserves;
(2) a significantly higher new NPL formation rate than previously
experienced; (3) a decline in earnings, leading to a significant
decrease in internal capital generation; or (4) a downgrade in
the sovereign foreign-currency debt rating.

ICICI BANK LIMITED - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade ICICI Bank Limited's deposit ratings if
Moody's upgrades both the bank's BCA and the Government of
India's sovereign rating. Nevertheless, Moody's could revise the
ratings outlook to positive if the bank is able to improve its
asset quality and profitability profile on a sustained basis or
its capital position significantly strengthens.

ICICI BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN

ICICI Bank's BCA could be downgraded if: (1) the bank's NPL ratio
deteriorates significantly from the current level, or (2) a
decline in earnings leads to a significant decrease in internal
capital generation. Moody's could also downgrade the deposit
ratings if Moody's downgrades India's sovereign rating.

IDBI BANK LTD - WHAT COULD CHANGE THE RATING UP

Given the positive outlook, Moody's could upgrade IDBI Bank's
ratings over the next 12-18 months, if the government capital
infusion helps strengthen the bank's capital to a level above
minimum regulatory requirements (including the capital
conservation buffer) under Basel III standards, or the bank
returns to profitability on a sustained basis.

IDBI BANK LTD - WHAT COULD CHANGE THE RATING DOWN

Downward pressure on IDBI Bank's ratings will emerge if further
credit losses worsen its capital position. Any indication that
government support has diminished to levels below what Moody's
expects in this rating action could also lead to a ratings
downgrade.

INDIAN OVERSEAS BANK - WHAT COULD CHANGE THE RATING UP

Given the positive outlook, Moody's could upgrade Indian Overseas
Bank's ratings over the next 12-18 months if: (1) the government
capital infusion helps strengthen the bank's capital to a level
above minimum regulatory requirements (including a capital
conservation buffer) under Basel III standards, or (2) the bank
returns to profitability on a sustained basis.

INDIAN OVERSEAS BANK - WHAT COULD CHANGE THE RATING DOWN

Downward pressure on Indian Overseas Bank's ratings will emerge
if further credit losses worsen the bank's capital position. Any
indication that government support has diminished to levels below
what Moody's expects in this rating action could also lead to a
rating downgrade.

ORIENTAL BANK OF COMMERCE - WHAT COULD CHANGE THE RATING UP

Given the stable outlook, Oriental Bank of Commerce's ratings are
unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the ratings outlook to
positive if the bank returns to profitability on a sustained
basis, which will help in internal capital generation.

ORIENTAL BANK OF COMMERCE - WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Oriental Bank of Commerce's BCA and
ratings if further credit losses worsen the bank's capital
position. Any indication that government support has diminished
for the bank could also lead to a downgrade of the bank's
ratings.

PUNJAB NATIONAL BANK - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade Punjab National Bank's BCA and ratings if
the capital infusion received from the Government of India or any
actions taken by management improves the bank's capitalization to
a level that is in line with that of its higher-rated Indian
peers.

PUNJAB NATIONAL BANK - WHAT COULD CHANGE THE RATING DOWN

Moody's will downgrade Punjab National Bank's BCA and ratings if
the bank's capitalization worsens to levels below what Moody's
currently expects. Any indication that government support to the
bank has diminished will also lead to a rating downgrade.

STATE BANK OF INDIA - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade State Bank of India's senior unsecured debt
and deposit ratings if Moody's upgrades India's sovereign rating,
given Moody's expectation of a very high level of government
support to the bank in times of need.

STATE BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN

Downward pressure on State Bank of India's BCA will arise if
further credit losses worsen its capital position. Additionally,
any indications that support from the Indian government has
diminished or that additional capital requirements may arise
beyond the government's budgeted amount could put the bank's
deposit and senior unsecured debt ratings under pressure.

A downgrade of India's sovereign rating or any downward changes
in the sovereign's ceilings will also negatively affect the
bank's deposit and senior unsecured debt ratings.

SYNDICATE BANK - WHAT COULD CHANGE THE RATING UP

Moody's could upgrade Syndicate Bank's ratings if the bank is
able to improve its profitability on a sustained basis or its
capital position is strengthened significantly by way of external
capital.

SYNDICATE BANK - WHAT COULD CHANGE THE RATING DOWN

Syndicate Bank's ratings would face downward pressure if further
credit losses worsened the bank's capital position. Any
indication of government support diminishing to levels below
Moody's expectations could also lead to a downgrade of the bank's
ratings.

UNION BANK OF INDIA - WHAT COULD CHANGE THE RATING UP

Given the stable ratings outlook, Union Bank of India's ratings
are unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the ratings outlook to
positive if the bank returns to profitability on a sustained
basis, which will help in internal capital generation.

UNION BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Union Bank's BCA and ratings if further
credit losses worsen its capital position. Any indication that
government support for the bank has diminished could also lead to
a downgrade of the bank's ratings.

YES BANK LIMITED - WHAT COULD CHANGE THE RATING UP

Upward pressure on Yes Bank's BCA could develop if: (1) the bank
maintains its current asset quality ratios, while reducing its
credit risk concentration to large borrowers; (2) the bank's
funding profile improves, for example, by growing its proportion
of CASA/total deposits to levels in line with the industry
average, without adversely affecting its net interest margin; and
(3) the bank sustains its profitability and maintains adequate
loss-absorbing buffers.

YES BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN

A downward revision of India's sovereign rating could lead to a
downgrade in Yes Bank's deposit rating. Downward pressure on the
bank's BCA could develop from: (1) a sustained deterioration in
impaired loans or loan-loss reserves, or if the rate of new NPL
formation is significantly higher than previously experienced; or
(2) a decline in earnings, which would lead to a significant
decrease in internal capital generation.

List of affected ratings/inputs:

Axis Bank Ltd:

Assigned Local currency long-term Counterparty Risk Rating of
Baa2.

Assigned Local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Axis Bank Ltd, Singapore Branch:

Assigned Local currency long-term Counterparty Risk Rating of
Baa2.

Assigned Local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Axis Bank Limited, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Axis Bank Limited, DIFC Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Bank of Baroda:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Bank of Baroda (London):

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

Bank of India:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Bank of India (London):

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Bank of India, Jersey Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Canara Bank:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Canara Bank, London Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Central Bank of India:

Assigned local currency long-term Counterparty Risk Rating of
Ba2.

Assigned local currency short-term Counterparty Risk Rating of
NP.

HDFC Bank Limited:

Assigned local currency long-term Counterparty Risk Rating of
Baa1.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

HDFC Bank Limited, Bahrain Branch:

Assigned local currency long-term Counterparty Risk Rating of
Ba1.

Assigned local currency short-term Counterparty Risk Rating of
NP.

HDFC Bank Limited, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa1.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

ICICI Bank Limited:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

ICICI Bank Limited, Bahrain Branch:

Assigned local currency long-term Counterparty Risk Rating of
Ba1.

Assigned local currency short-term Counterparty Risk Rating of
NP.

ICICI Bank Limited, Dubai Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

ICICI Bank Limited, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

ICICI BANK LIMITED, NEW YORK BRANCH:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

ICICI Bank Ltd, Singapore Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)

IDBI Bank Ltd:

Assigned local currency long-term Counterparty Risk Rating of
Ba3.

Assigned local currency short-term Counterparty Risk Rating of
NP.

IDBI Bank Ltd, DIFC Branch:

Assigned local currency long-term Counterparty Risk Rating of
Ba3.

Assigned local currency short-term Counterparty Risk Rating of
NP.

Indian Overseas Bank:

Assigned local currency long-term Counterparty Risk Rating of
Ba2.

Assigned local currency short-term Counterparty Risk Rating of
NP.

Indian Overseas Bank, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Ba2.

Assigned local currency short-term Counterparty Risk Rating of
NP.

Oriental Bank of Commerce:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Punjab National Bank:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Counterparty risk assessment upgraded to Baa3(cr)/P-3(cr) from
Ba1(cr)/NP(cr)

State Bank of India:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

State Bank of India, DIFC Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

State Bank of India, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

State Bank of India, London Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

State Bank of India, Nassau Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa2.

Assigned local currency short-term Counterparty Risk Rating of P-
2.

Syndicate Bank:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Syndicate Bank, London Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Union Bank of India:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Union Bank of India, Hong Kong Branch:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

Yes Bank Limited:

Assigned local currency long-term Counterparty Risk Rating of
Baa3.

Assigned local currency short-term Counterparty Risk Rating of P-
3.

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

Axis Bank Ltd, headquartered in Mumbai, reported total assets of
INR6.9 trillion (USD106 billion) at March 31, 2018.

Bank of Baroda, headquartered in Baroda (Gujarat), reported total
assets of INR7.2 trillion (USD111 billion) at March 31, 2018.

Bank of India, headquartered in Mumbai, reported total assets of
INR6.1 trillion (USD94 billion) at March 31, 2018.

Canara Bank, headquartered in Bangalore, reported total assets of
INR6.2 trillion (USD95 billion) at March 31, 2018.

Central Bank of India, headquartered in Mumbai, reported total
assets of INR3.3 trillion (USD$50 billion) at March 31, 2018.

HDFC Bank Limited, headquartered in Mumbai, reported total assets
of INR10.6 trillion (USD163 billion) March 31, 2018.

ICICI Bank Limited, headquartered in Mumbai, reported total
assets of INR8.8 trillion (USD135 billion) at March 31, 2018.

IDBI Bank Ltd, headquartered in Mumbai, reported total assets of
INR3.5 trillion (USD54 billion) at March 31, 2018.

Indian Overseas Bank, headquartered in Chennai, reported total
assets of INR2.5 trillion (USD38 billion) March 31, 2018.

Oriental Bank of Commerce, headquartered in New Delhi, reported
total assets of INR2.3 trillion (USD36 billion) March 31, 2018.

Punjab National Bank, headquartered in New Delhi, reported total
assets of INR7.7 trillion (USD118 billion) March 31, 2018.

State Bank of India, headquartered in Mumbai, reported total
assets of INR34.5 trillion (USD531 billion) March 31, 2018.

Syndicate Bank, headquartered in Bangalore, reported total assets
of INR3.2 trillion (USD50 billion) at March 31, 2018.

Union Bank of India, headquartered in Mumbai, reported total
assets of INR4.9 trillion (USD75 billion) March 31, 2018.

Yes Bank Limited, headquartered in Mumbai, reported total assets
of INR3.1 trillion (USD48 billion) March 31, 2018.


JPC INFRA: ICRA Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
JPC Infra Private Limited (JIPL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based TL     20.80      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

   Unallocated        0.20      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2006, JPC owns a commercial property in Sector 63
Noida (~20 km from Central Delhi) with a total leasable area of
~12,000 sq. mt. out of which, currently ~8,600 sq ft has been
leased to a group company, Standard Type Foundry Pvt Ltd (STF),
which operates a Toyota service centre under the name 'Uttam
Toyota' in the building. The ongoing lease agreement was signed
in October 2011 for seven years with a lock-in period for the
entire tenure. Escalation of 18.75% in the rental is applicable
every alternate year.


KALYAN COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR5.42-crore fund-based bank facilities and the INR0.69-crore
unallocated limits of Kalyan Cotton Industries. The outlook on
the long-term is Stable.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Cash Credit          4.75      [ICRA]B (Stable); reaffirmed
   Term Loan            0.67      [ICRA]B (Stable); reaffirmed
   Unallocated limits   0.69      [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation continues to take into account KCI's
small scale of operations and its below average financial risk
profile as marked by low profitability, leveraged capital
structure, below average debt-coverage indicators and high
working capital intensity. The rating also factors in the
vulnerability of the firm's profitability to any fluctuations in
raw material prices, the inherently low value-added ginning
business and its exposure to stiff competition in a fragmented
industry, caused by numerous small and unorganised players in the
field.

The rating, however, draws comfort from the experience of KCI's
partners in the cotton industry, because of their earlier
association with other entities involved in the same business
sector. The logistical advantages from its location in the cotton
producing belt of India, providing it easy access to quality raw
material, also support the credit profile.

Outlook: Stable

ICRA expects Kalyan Cotton Industries to continue to benefit from
the extensive experience of its partners in the cotton industry.
The outlook may be revised to Positive if substantial growth in
revenue and profitability, and better working capital management,
strengthen the financial risk profile. The outlook may be revised
to Negative if cash accrual is lower than expected, or if any
major debt-funded capital expenditure, or stretch in the working
capital cycle, or any substantial withdrawals from partners'
capital account weakens liquidity.

Key rating drivers

Credit strengths

Experience of partners in the cotton industry: KCI was
established in 2013 by Mr. Chandrakant Bhimani, along with family
and friends, for cotton ginning and pressing as well as
cottonseed crushing. The partners have extensive experience of
this business through their earlier association with other
entities engaged in the same sector.

Locational advantages: The firm benefits in terms of lower
transportation cost and easy access to quality raw material due
to its proximity to raw material suppliers.

Credit challenges

Small scale of operations: The firm has a small scale of
operations and has witnessed stagnant revenues over the last two
fiscals. The operating income grew by ~1% to INR20.52 crore in
FY2017 from INR20.37 crore in FY2016 and further by 2% to
INR20.93 crore in FY2018.

Weak financial risk profile: The profit margins remained thin
with operating margin of 4.09% and net margin of 0.07% in FY2017
due to low value addition. The capital structure stood leveraged
with a gearing of 2.35 times and TOL/ TNW of 4.14 times as on
March 31, 2017, owing to high debt levels and a relatively lower
net worth base. The debt-coverage indicators also stood below
average with interest coverage of 1.74 times and Total
Debt/OPBDITA of 7.12 times in FY2017.

Vulnerability of profitability to any fluctuation in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend upon various factors
like seasonality, climatic conditions, international demand and
supply situation, export policy, etc. Further, it is exposed to
regulatory risks with regards to the minimum support price (MSP)
set by the Government.

Intense competition and fragmented industry: The firm faces stiff
competition from other small and unorganised players in the
industry, which limits its bargaining power with customers and
suppliers, and hence, exerts pressure on its margins.

Established in December 2013 as a partnership firm, Kalyan Cotton
Industries is engaged in cotton ginning and pressing as well as
in cottonseed crushing. Its manufacturing facility in Rajkot,
Gujarat, is equipped with 24 ginning machines and a pressing
machine with a cotton processing capacity of 16,128 metric tonnes
per annum (MTPA) and five oil expellers with a cottonseed
processing capacity of ~14,400 MTPA. The firm was promoted by Mr.
Chandrakant Bhimani, along with his family and friends, who have
extensive experience in the cotton industry.

In FY2017, the firm reported a net profit of INR0.02 crore on an
OI of INR20.52 crore, as compared to a net profit of INR0.03
crore on an OI of INR20.37 crore in the previous year.


KAVYA COLD: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kavya
Cold Storage (KCS) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      5.28      CARE B+; Issuer Not Cooperating,
   Facilities                    Based on best available
                                 information

CARE has been seeking information from Kavya Cold Storage (KCS)
to monitor the rating(s) vide e-mail communications/letters dated
May 25, 2018, May 24, 2018, May 23, 2018, May 22, 2018, April 20,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Kavya Cold Storage's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 17, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced partners: The firm was established by ten partners
led by Mr Ajitkumar Patel and Mr Narendrakumar Patel. Mr
Ajitkumar Patel is having an experience of 10 years in the field
of maintenance of plant looks after the maintenance department in
the firm. Mr Narendrakumar Patel having industry experience of 15
years looks after the overall management of the firm. Mr Nitin
Bhavsar having industry experience of 10 years looks after the
marketing department of the firm.

Proximity to the potato growing region of Gujarat: In Gujarat,
Dhansura, Deesa and Vijapur are major potato growing regions. The
cold storage of the firm is located in potato growing belt of
Gujarat having large network of potato growers, thereby making it
suitable for the farmers and potato chip manufacturers in terms
of transportation and connectivity. The harvesting of potato is
done in February and March. So as to have potato availability
throughout the year, the potato chip manufacturers generally
store the surplus stock in cold storage units. Hence, KCS's
presence in the potato producing region results in benefit of
consistent demand from potato chips manufacturers and farmers
provide sustainable and clear revenue visibility.

Key Rating Weaknesses

Constitution as a partnership firm: KCS, being a partnership
firm, is exposed to inherent risk of partner's capital being
withdrawn at the time of personal contingency, and the firm being
dissolved upon the death/retirement/insolvency of partners.
Furthermore, partnership firms have restricted access to external
borrowing as credit worthiness of promoters would be key factors
affecting credit decision for the lenders.

Project stabilization risk: KCS had implemented green field
project for providing cold storage facility at Sabarkantha,
Gujarat with an annual proposed installed capacity of 6,500
metric ton. The total project cost estimated was of INR7.60 crore
which was funded through term loan of INR4.98 crore, partner's
capital of INR1.93 crore, venture capital of INR0.50 crore and
balance of INR0.19 crore by way of unsecured loans. With the
given funding mix, the project gearing stood at 1.90 times
considering unsecured loan of INR0.19 crore and venture capital
of INR0.50 crore as quasi equity. The firm has filed an
application to Small Farmer's Agri-Business Consortium (SFAC) for
venture capital of INR0.50 crore.

Initially KCS had envisaged starting of production from
January, 2016 ,however, the same got delayed by two months due
to delay in receiving machineries. KCS has started operations
from the last week of March, 2016. KCS have incurred total cost
of INR7.59 crore which was funded through term loan of INR4.98
crore, unsecured loan of INR0.66 lakh and partners' capital of
INR1.95 core. Furthermore, post project implementation risk in
the form of stabilization of the manufacturing facilities to
achieve the envisaged scale of business and salability risk
associated with the project remains crucial for KCS.

Competition from other local players: In spite of being capital
intensive business, the entry barrier for new cold storage is low
backed by capital subsidy schemes of government. As a result, the
potato storage business in the region has become highly
competitive. However, high demand from potato chips manufacturers
for high-tech cold storages provides some respite to the firm.

Business prospects depends on vagaries of nature and seasonality
of business: KCS's operations are seasonal in nature as potato is
a winter season crop with the harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Furthermore, lower output
of potato have an adverse impact on the rental collections as the
cold storage units collect rent on the basis of quantity stored
and the potato production is highly dependent on vagaries of
nature.

Established in the year 2015, KCS had recently completed a green
field project for providing cold storage facility for storing
potatoes on a rental basis and started the commercial production
from March, 2016. KCS was established by ten partners led by Mr
Ajitkumar Patel and Mr Narendrakumar Patel. KCS had undertaken
project for providing cold storage facility with an annual
proposed installed capacity of 6,500 metric ton at its facilities
located at Sabarkantha-Gujarat. The total cost incurred for the
project was INR7.59 crore which was funded through term loan of
INR4.98 crore, partner's capital of INR1.95 crore and balance of
INR0.66 crore by way of unsecured loans.


KRRISH REALTYNIRMAN: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Krrish
Realtynirman Private Limited (KRPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank
   Facilities          90.00     CARE D ISSUER NOT COOPERATING;
                                 Based on best available
                                 information

CARE has been seeking information from KRPL to monitor the
ratings vide e-mail communications dated April 27 2018, April 30,
2018, May 1, 2018 and May 21, 2018, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Krrish Realtynirman Private Ltd.'s bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating. The ratings take into account the ongoing delays in
the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on Apr 14, 2017 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing

There have been on-going delays by KRPL in servicing of its debt
obligations. This could be attributed to the tight liquidity
position of the company owning to slowdown in real estate market
leading to slow sales and collection from customers.

Limited experience of Promoters in the Industry: KRPL is promoted
by Mr Amit Katyal and his family members. The group is present in
liquor business for over three decades and it entered the real
estate business in 2011 by launching its first ultra-luxury
project in Gurgaon. Though, the promoter group has been involved
in the development of more than 5 residential/commercial projects
in and around Delhi/NCR. However, the experience of the promoters
in real estate development has been limited with the absence of
any real estate project completed so far.

Subdued Real Estate Scenario: As per market sentiments the India
Real Estate Market may not witness a sharp reversal in FY17
(refers to the period April 1 to March 31) but in long term the
growth prospects remain strong. While the sector continues to
remain troubled with issues of high unsold inventory, delayed
delivery of projects and financial stress on developers, the only
segment that showed some signs of a rebound was the affordable
housing category in the peripheries of the major markets. The
broader market opinion is that while the long-term story for
residential market remains strong; the short term is expected to
be sluggish.

Key Rating Strengths

Locational Advantage: The project under KRPL enjoys location
advantage on account of being situated in prominent location of
Gurgaon having easy accessibility and good connectivity MDP is
located on Gurgaon-Faridabad Expressway with proximity to South
Delhi. Apart from proximity to Delhi, the project has favourable
location in terms of close proximity from the International
Airport, being in the neighbourhood of established areas like DLF
phase I & V and also well-connected through road and metro
network.

KRPL is a part of the Delhi-based Krrish Group, which has
interests in liquor and real estate business. KRPL is currently
engaged in the construction and development of the Monde De
Provence project (MDP) which is a residential group housing
project on a land area measuring approximately 12.36 acres
situated at Sector 2, Gwal Pahari, Gurgaon, Haryana and comprises
174 residential units with a saleable area of 10.64 lsf.


LILA DHAR: ICRA B- Rating Remains in Not Cooperating Category
-------------------------------------------------------------
ICRA said the rating for the INR16.00 crore bank facilities of
Lila Dhar Devki Nandan continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B-
(Stable)/A4 ISSUER NOT COOPERATING". ICRA had earlier moved the
rating of Lila Dhar Devki Nandan to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based/CC      6.00      [ICRA]B-(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

    Unallocated       5.00      [ICRA]B-(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

    Non Fund Based    5.00      [ICRA]A4 ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

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

Lila Dhar Devki Nandan is a proprietorship firm incorporated in
1994 and is involved in the business of road construction for the
government departments. The proprietor of the firm is Mr. Devki
Nandan Golyan who has been in this business for the past four
decades. The firm is registered as "AA+" Class Contractors by the
PWD, Rajasthan. Mr. Golyan is currently the president of P.W.D.
Contractors Association, Zone-Bikaner. The firm has been engaged
in the roads construction works for Government Organizations
which includes largely RWD, Rajasthan.


LUNAR CERAMICS: ICRA Assigns B+ Rating to INR2.51cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR2.51-crore term loan facilities and the INR2.50-crore cash
credit facilities of Lunar Ceramics. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR0.65-crore non-fund based
bank guarantee facilities of LC. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan             2.51      [ICRA]B+ (Stable); Assigned

   Fund-based-
   Cash Credit           2.50      [ICRA]B+ (Stable); Assigned

   Non-fund Based-
   Bank Guarantee        0.65      [ICRA]A4; Assigned

Rationale

The assigned ratings take into account Lunar Ceramics's
relatively small-scale operations and the average financial risk
profile, marked by weak liquidity, high working capital intensity
and low absolute net worth base. The ratings also take into
account the revenue decline in FY2017 as the plant was non-
operational for about three months because of shut down order
from Gujarat Pollution control Board (GPCB). The ratings also
take into account the highly fragmented nature of the tiles
industry, which result in intense competitive pressures; the
cyclicality in the real estate industry, which is the main end-
user sector, and the exposure of the company's profitability to
fluctuations in raw materials and coal prices.

The ratings, however, take comfort from the past experience of
the promoters in the ceramic industry. The ratings also take into
account the company's competitive advantage in raw material
procurement on account of its favourable location in Morbi.

Outlook: Stable

ICRA believes Lunar Ceramic will continue to benefit from the
extensive experience of its promoters and the strategic location
of the plant. The outlook may be revised to Positive if
substantial growth in revenue and profitability, and better
working capital management strengthen the financial risk profile.
The outlook may be revised to Negative if lower-than-expected
cash accrual or significant moderation in profitability or
further stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Established experience of promoters in ceramic industry: The key
promoters of the firm have experience of more than five years in
the ceramic industry vide their association with other ceramic
entities that operate in the same business sector.

Favourable location of manufacturing hub: The firm's
manufacturing facility is located in the ceramic tiles
manufacturing hub of Morbi (Gujarat), which provides easy access
to quality raw materials and allows savings on the transportation
cost.

Credit challenges

Modest scale of operations amid intense competition: The company
has small-scale operations. Its operating income was INR8.4 crore
in FY2017 and INR11.6 crore in FY2018 on a provisional basis. The
revenue declined in FY2017 as the plant was shut down for three
months by an order from GPCB for using coal-based gasifier
without necessary approval. The company faces stiff competition
from other organised as well as unorganised players in the tile
manufacturing industry, which limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenue and margins.

Average financial risk profile characterised by high working
capital intensity: LC's working capital intensity remains high
with 50% in FY2017 on account of stretched receivables and high
inventory holding on account of subdued demand impacted by
demonetization. Accordingly, payables were also stretched to
manage working capital cycle. The company has adequate capital
structure; however, the absolute net worth remains low.

Vulnerability of profitability and cash flows to cyclicality
inherent in real estate industry: The real estate industry is the
key end user of ceramic wall tiles. Hence, the profitability and
cash flows are likely to remain vulnerable to the inherent
cyclicality of the real estate industry.

Vulnerability of profitability to any adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The company can, however, exercise little control over
the prices of its key inputs such as natural gas/coal and raw
materials, and thus the profit margins are remain exposed to the
movement in raw material and gas/coal prices and its ability to
pass on any upward movement to the customers.

Risks inherent in partnership firm: Any capital withdrawal, given
the partnership nature of the firm's constitution, could
adversely impact its capital structure.

Established in 2010 as a partnership firm, Lunar Ceramics is
promoted by Mr. Kailashbhai Bhoraniya, Mr. Kuldeepbhai Bopaliya,
Mr. Bhagvanjibhai Bopaliya and family members. It manufactures
digital ceramic wall tiles. The promoters have experience in the
ceramic industry through their association with entities in the
ceramic industry. The firm has associate concerns namely Famous
Ceramic Industries (wall and floor tiles) and Omkar electricals.
The manufacturing unit of the firm is located in Wankaner,
Gujarat, and has an installed capacity of 16350 MTPA. At present,
the firm manufactures digitally printed wall tiles of two sizes -
12"X18" and 12"X24".


M S RAMAIAH: ICRA Lowers Rating on INR24cr Long Term Loan to D
--------------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]BB-(Stable)
to [ICRA]D assigned to the INR25.00-crore bank facilities of
M S Ramaiah Foundation.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term-Fund-      24.00       [ICRA]D; revised from
   Based                            [ICRA]BB- (Stable)

   Long-term-            1.00       [ICRA]D; revised from
   Unallocated                      [ICRA]BB- (Stable)

Rationale

The rating revision considers the recent delays in servicing of
debt obligations by the trust, owing to short-term liquidity
mismatch on account of seasonality in tuition fee collections.

Key rating drivers

Credit strengths

Extensive experience of the trustee: The trustee member, Mr. M R
Pattabhiram has vast experience of nearly four decades in the
education sector. He was earlier a trustee in Gokula Education
Trust, which was established in 1962 by Mr. M S Ramaiah.

Established presence of M S Ramaiah Group: M S Ramaiah Group has
an established presence in the education sector since 1960s
through institutions under Gokula Education Trust. The trust
operates several educational institutions offering various
streams including medicine, dentistry, pharmacy, management and
engineering, among others. The strong brand image is leveraged to
an extent by the institutions under MSRF.

Healthy improvement in revenue receipts and profitability: The
revenue receipts witnessed significant growth in FY2017 due to
increase in student intake on the back of commencement of new
institutions under the trust and increase in sanctioned intake
levels under the existing courses. The increase in revenues also
led to improvement in profitability owing to better absorption of
fixed overheads.

Credit challenges

Seasonality in cash flows: Although cash accruals are expected to
be healthy in the future, the inherent irregularity in cash flows
due to seasonality in tuition fee collections could lead to
short-term liquidity mismatches.

Competition from established players: MSRF faces significant
competition from other established educational institutions in
the vicinity which exerts pressures on the occupancy levels at
the institutions under the trust.

Debt-funded capital expenditure: The regular debt-funded capital
expansion programme undertaken by the trust, towards building
construction, interiors of existing building and purchase of
furniture and fixture, has resulted in a leveraged capital
structure.

M S Ramaiah Foundation was set up in 2007 by Mr. M R Pattabiram
and is based in Bengaluru. The trust manages three educational
institutions at present. The flagship institution under the
trust, Ramaiah Institute of Management Studies, offers management
courses under affiliation from University of Mysore, Annamalai
University and Swiss Business School. Ramaiah Institute of
Business School was established in the academic year 2016 and is
affiliated to Bangalore University. During the academic year
2017, Ramaiah Institute of Legal Studies was set up and is
affiliated to Karnataka State Law University.


M V SHIPTRADE: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR5.00-crore cash credit facility of M V Shiptrade Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for the INR30.00-crore non fund-based limits of MVSPL.
The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Cash Credit           5.00      [ICRA]B+ (Stable); Reaffirmed

   Non Fund-based-
   Letter of Credit     30.00      [ICRA]A4; Reaffirmed

Rationale

The rating reaffirmation is constrained by the company's weak
financial risk profile, characterised by volatile scale of
operations, low profit margins and below average debt coverage
indicators. The ratings also factor in the vulnerability of the
company's profitability to fluctuations in steel scrap prices and
foreign currency exchange rates, along with the exposure of its
revenues to the to the cyclicality inherent in the ship breaking
industry. ICRA notes the intense competition from large number of
players operating in and around Alang, Gujarat, apart from
international competitors. The operations also remain prone to
regulatory risks pertaining to environmental and human rights-
related issues.

The rating, however, continues to favorably factor in the
extensive experience of the promoters in the ship breaking
business.

Outlook: Stable

ICRA believes that the company will continue to benefit from the
extensive experience of its promoters in the ship breaking
business. The outlook may be revised to Positive if substantial
growth in revenue and profitability and better working capital
management strengthen the financial risk profile. The outlook may
be revised to Negative if there is any major deterioration in the
revenue or profitability because of non-procurement of ships for
considerable period of time or if any major debt-funded capital
expenditure or stretch in the working capital cycle weakens
liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in ship-breaking industry:
MVSPL's promoters have over two-decade long experience in the
ship breaking industry. Moreover, the Group has diversified
presence across industries such as ship recycling, real estate,
and steel and oil trading.

Credit challenges

Weak financial risk profile: The company's operating income has
remained volatile in past few fiscals and the operating income
declined by 82% to INR7.75 crore in FY2018 from INR40.40 crore in
FY2017 after seeing an increase from INR5.10 in FY2016. The
operating margin, remained high at 13.44% in FY2016, and declined
to 1.05% in FY2017 as steel prices dipped and high ferrous
content in FY2017 that resulted in lower realisation as compared
to FY2016. Since, no ships were purchased in FY2017, the company
didn't utilise the working capital and repaid its entire
unsecured loans. Nonetheless, the purchase of ships in FY2018
lead to working capital borrowing of INR3.33 crore as on
March 31, 2018, resulting in high Total outside liability/Total
net worth (3.25 times) as on March 2018 end. High inventory
levels with ship procurement during December 2017 to March 2018,
coupled with elongated receivables cycle, has increased the
working capital intensity as reflected by NWC/OI of 44% in
FY2018. The liquidity position of the company remains comfortable
with adequate cushion available in fund based and non-fund based
limits.

Vulnerability of profitability to fluctuations in foreign
currency exchange rates, and steel prices and competition: Since
the ships are procured from the international market in US Dollar
terms against a letter of credit, which has a fixed maturity of
~90-180 days, the company's profitability remains exposed to
fluctuations in foreign currency exchange rates. The
profitability also remains vulnerable to any fluctuation in steel
or scrap prices, given the time lag between the ship procurement
and the sale of scrap. The revenue and profitability are also
exposed to the intense competition in the ship breaking industry.

Exposure to cyclicality inherent in ship breaking industry and
regulatory issues: Ship procurement depends on the current trends
in the ship breaking industry along with the international
economic situation, which affects company's revenue and profits.
Further, MVSPL is also exposed to regulatory risks, primarily due
to environment and human right-related issues.

Incorporated in 2003, M. V. Shiptrade Private Limited (MVSPL) is
engaged in ship breaking activities and operates from Plot No.
136 at the Alang Ship breaking Yard, Bhavnagar. MVSPL is promoted
by the Varteji family and has other group companies such as Mahek
Agro Mineral Private Limited and M.V. Agro Mineral Industries
(minerals manufacturers and traders); Gujarat Mobil Private
Limited (recycles and trades paraffin wax and base oil); Ishan
Distributors Private Limited (importer of bitumen) and Vibrant
Industrial Park (real estate developer).

In FY2017, the company reported a net profit of INR0.27 crore on
an operating income of INR40.40 crore, as compared to a net
profit of INR0.04 crore on an operating income of INR5.10 crore
in FY2016. In FY2018 (Provisional), the company has reported a
net profit of INR0.14 crore on an operating income of INR7.75
crore.


MAHALAXMI OIL: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Mahalaxmi Oil Mill (Mahalaxmi) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      6.03      CARE B+; Issuer Not Cooperating,
   Facilities                    Based on best available
                                 Information

CARE has been seeking information from Mahalaxmi to monitor the
rating(s) vide e-mail communications/ letters dated May 25, 2018,
May 24, 2018, May 23, 2018, May 22, 2018, April 20, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Mahalaxmi Oil Mill's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 4, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters

The key partners of Mahalaxmi namely Mr Mansukh Bhagat and Mr
Premchand Patel have more than ten years of experience in
manufacturing maize oil and maize oil cake used as cattle feed
through their earlier partnership firm Laxmi Oil Mill which was
dissolved and a new partnership firm was created in February
2014, with new machinery.

Equity infusion to support growth in scale of operations:
Mahalaxmi was incorporated in February 2014 and registered a
total operating income of INR2.80 crore with PBILDT of INR0.35
crore and PAT of INR0.09 crore in FY15 (refers to the period
April 01 to March 31) due to first year of operations. During
10MFY16, the scale of operations have increased significantly
with the total operating income of INR21.71 crore on the back of
increased production and improvement in capacity utilization of
the plant. Mahalaxmi had an installed capacity of 100 TCD as on
March 31, 2015 and average capacity utilization of around 70%
during 10MFY16. Mahalaxmi incurred capex of around INR1.00 crore
in FY16 for increasing installed capacity to 130 TCD and setting
up a unit for manufacturing cotton cake and wash oil (cotton oil)
to diversify its product range which is expected to become
operational from April 2016. The capex was funded through equity
infusion of INR0.40 crore and unsecured loan addition of INR0.62
crore.

Good sales mix through direct channel and through dealers:
Mahalaxmi sells its products under the brand name 'Mewad King'
and leverages on its established distribution network for its
sales with around 70% of its total operating income through
existing dealers. Mahalaxmi sells its primary product; maize oil
cake majorly in the states of Gujarat, Rajasthan and Maharashtra
where sales take place through a network of dealers. Mahalaxmi
procures its raw material; maize germ (obtained as by-product
while extracting starch from maize) from different maize
producing states like Punjab, Uttarakhand, West Bengal and
Maharashtra. Maize oil recovered during the process is sold to
oil refineries located nearby.

Key Rating Weaknesses

Leveraged capital structure and working capital intensive
operations: Mahalaxmi had a leveraged capital structure with a
total debt of INR5.64 crore as against net worth of INR1.64 crore
translating into an overall gearing of 3.44 times at FY15 end.
However, unsecured loans from related parties formed 15%
of the total debt as on March 31, 2015, which have no scheduled
repayments. Mahalaxmi's working capital limits largely remained
fully utilized for the past twelve months ended January 31, 2016.
Working capital borrowings formed around 38% of the total debt as
on March 31, 2015.

Susceptibility of profitability to fluctuations in raw material
prices:  Mahalaxmi procures maize germ from the starch units of
different maize producing states like Punjab, Uttarakhand, West
Bengal and Maharashtra. The pricing of maize germ is domestically
determined and depends on the price of maize and the proportion
of protein content in it. Prices also depend on the weather
conditions in major soya producing states. Mahalaxmi procures
maize germ regularly as per its production capacity exposing it
to fluctuations in raw material prices.

Mahalaxmi Oil Mill (Mahalaxmi) is a partnership firm engaged in
manufacturing maize oil and maize oil cake used as cattle feed.
The partners of the firm are Mr Mansukh Bhagat (65% share), Mr
Premchand Patel (15% share), Mr Hitesh Patel (10% share) and Mr
Manoj Velani (10% share). The manufacturing facility of the firm
is located in Dhansura Taluka of Gujarat with an installed
capacity of 100 tonnes crushed per day (TCD). MOM sells its
product variants under the brand name of 'Mewad King'.


NOMAX ELECTRICAL: ICRA C Rating Remains in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR17.79 crore bank facilities of
Nomax Electrical Steel Pvt Ltd continue to remain under 'Issuer
Not Cooperating' category. The ratings are now denoted as
"[ICRA]C; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       17.33      [ICRA]C ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund Based-        0.46      [ICRA]C ISSUER NOT COOPERATING;
   Untied Limits                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was converted into a private limited
company in 2007 and was renamed Nomax Electrical Steel Private
Limited. The company manufactures Cold Rolled Grain Oriented
(CRGO) steel laminations, which are primarily used in making
transformers, stabilisers, etc. The company carries out its
operations from its two units located at Dakhin Hathiara,
Kolkata.


OM CORRUGATED: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Om
Corrugated Pack Private Limited (OCPPL) to the 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         4.00      [ICRA]B+ (Stable) ISSUER NOT
   Limit-Cash                   COOPERATING; Rating moved to
   Credit                       the 'Issuer Not Cooperating'
                                category

   Fund based         2.65      [ICRA]B+ (Stable) ISSUER NOT
   Limit-Term                   COOPERATING; Rating moved to
   Loan                         the 'Issuer Not Cooperating'
                                category

   Unallocated        2.70      [ICRA]B+(Stable)/[ICRA]A4
   Limit                        ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2011, Om Corrugated Pack Private Limited (OCPPL)
manufactures corrugated boxes. The manufacturing facility is
located at Bihta, Bihar, with an installed capacity of 21,600
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Singh and Kumar families who have more than four
decades of experience in the packaging industry.


ORTEL COMMUNICATION: CARE Reaffirms D Rating on INR32cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ortel
Communication Ltd (OCL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           32.00       CARE D Reaffirmed

   Long term Bank
   Facilities            7.98       CARE C; Stable Reaffirmed

   Short-term Bank
   Facilities           20.00       CARE D Reaffirmed

The ratings assigned to OCL continue to be constrained by the
stretched liquidity position of the company resulting in delays
in servicing of debt obligations. The financial performance of
OCL deteriorated in FY18 (refers to the period April 1 to
March 31) marked by decline in operating income and significant
loss incurred by the company. Improvement in financial
performance and liquidity position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing due to moderation in financial
performance in FY18: OCL reported net loss of INR95.27 crore in
FY18 (as against PAT of INR0.05 crore in FY17) on total operating
income of INR184.04 crore (as against INR203.21 crore in FY17).
The loss is mainly due to lower cable TV revenue resulting in
segmental loss, pricing pressure in the broadband segment due to
competition pressure, significantly higher provisioning cost for
bad debt and higher capital charge. Decline in profitability
amidst high debt repayment obligation resulted in stretched
liquidity position of the company.

OCL was incorporated on June 2, 1995 by the Bhubaneswar-based Mr.
Baijayant Panda & family. OCL is a regional cable and broadband
service provider. The company provides services in the state of
Odisha, Chhattisgarh, Andhra Pradesh, Telengana, Madhya Pradesh
and West Bengal.


P.P. RUBBER: CARE Assigns B+ Rating to INR15.84cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of P.P.
Rubber Products Private Limited (PRPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           15.84       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            6.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PRPPL are
primarily constrained on account of decline in profitability,
weak solvency position and moderate liquidity indicators. The
ratings are, further, constrained on account of profit margins
are vulnerable to volatility in raw material prices and its
presence in in highly
fragmented and competitive footwear industry.

The ratings, however, derive strength from experienced promoters
with extensive experience in the industry, established brand name
with strong distribution network and continuous increase in scale
of operations.

The ability of the company to increase its scale of operations
while maintaining/improving profitability along with efficient
management of working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in profitability: Profitability margins of the company
has shown erratic trend as it gets stiff competition from
organized as well as unorganized players. PBILDT margin declined
by 139 bps and remained at 7.11% in FY17 (8.50% in FY16). The
margins mainly remained low on account of higher employee
expenses. PAT margin also declined by 158 bps in FY17 over FY16
on account of higher depreciation and interest expenses.

Weak solvency position with weak debt protection metrics: In
FY17, the company has infused Share capital worth INR 1.65 crore
for the replacement of old machinery which has increased its
capacity from 60000 pairs to 1 lakh pair day. Capital structure
of the company stood moderate with an overall gearing of 2.34
times as on March 31, 2017, remained in line with that in FY16.
Debt coverage indicators stood weak with total debt to GCA of
15.32 times as on March 31, 2017, declined from 7.59 times as on
March 31, 2016 on account of increase in loans. Further, interest
coverage ratio has also declined from 2.91 times in FY16 to 2.25
times in FY17 owing to lower PBILDT level and higher interest
expenses.

Moderate liquidity indicators: PRPPL had weak moderate liquidity
position marked by current ratio of 1.00 times and below unity
quick ratio as on March 31, 2017 and has fully utilized the
working capital bank borrowings during the past 12 months ended
February, 2018. The working capital cycle during FY17 remained
moderate at 49 days. The cash flow from operations of the company
declined and stood at INR1.11 crore during FY17 as agaisnt
INR5.94 crore during FY16 on account of increase in receivables,
inventories and increase in outstanding creditors as on balance
sheet date.

Profit margins are vulnerable to volatility in raw material
prices: The main raw materials for PRPPL are natural rubber,
synthetic rubber, PU Material, PVC, various pigments, EVA, Rubber
process oil, etc. The prices of rubber remained very fluctuating
during last three financial years ended FY17. Further, the prices
of EVA and PVC, the other major raw material, depends on the
international crude oil prices which have been very volatile in
the last three financial years ended FY17. However, due to the
stiff competition prevailing in the footwear industry and price
sensitive customer base the company is not able to pass-on the
increase in input prices with immediate effect. Hence, the
volatility in raw material prices remains a key concern for PRPPL
as the raw material cost as a percentage of the sales are around
75%-85% and it holds inventory of around 40-50 days.

Presence in highly fragmented and competitive footwear industry:
PRPPL operates in the highly fragmented footwear industry which
is characterized by few prominent players and large number of
unorganised players at the regional level, which cater to the
local demand. In addition, entry barriers for new players are
relatively low due to low capital and technological investment
which results in stiff competition among the domestic players.
The high competition in the fragmented footwear industry
restricts the ability of PRPPL to completely pass on volatility
in input cost to its customers leading to lower profit margins.
Further, the competition is intense for the entities like PRPPL
which cater to middle class market segment, which is the most
price sensitive market.

Key Rating Strengths

Experienced promoters with extensive experience in the industry:
Mr Prem Prakash Poddar, Chairman, is a commerce graduate
possessing more than two decades of experience in the
manufacturing of footwears. Mr Vikas Poddar, who holds a post
graduate diploma in business management and looks after overall
affairs. Under the successful leadership of Mr Poddar, the
company has established its presence in the rural markets. The
company has launched wide range affordable products with latest
designs resulting in product acceptance among the consumers which
strengthen the brand name of the company in competitive rural
markets.

Established brand name and strong distribution network: PRPPL
markets its product under the brand "Poddar" which enjoys good
brand image in the rural market of Rajasthan and Gujarat, which
stems from the long and successful track record of two decades.
The organized sector accounts for only 20% of the total footwear
market, which presents huge opportunities for the organized
players. PRPPL has presence in almost all the footwear segments
including hawai chappals, lightweight slippers, school shoes,
canvas shoes, sandals and PU footwear. The operations of the
company are mainly concentrated in Rajasthan and Gujarat, Bihar
which contributed around 70% of the total sales in FY17 (refer to
period from  April 1 to March 31).

Continuous increase in Scale of operations: Total Operating
Income (TOI) of the company has witnessed continuous growth and
grew at a CAGR of 8.13% in last three financial years ended FY17.
TOI has increased by 4.48% in FY17 over FY16 on y-o-y basis on
account of higher orders received from customers and remained at
INR76.52 crore in FY17 as compared to INR73.24 crore in FY16.

Jaipur based, P.P. Rubber Products Private Limited (PRPPL) was
incorporated in 1991 and promoted by Mr Prem Prakash Poddar. The
company is engaged in the manufacturing of hawai chappals, canvas
shoes, polyurethane (PU) footwear and school shoes for all age
groups. PRPPL's sole manufacturing facility is located in Jaipur
having an installed capacity of 100,000 pairs per day as on March
31, 2017. PRPPL markets its products under "Poddar" brand which
is a well-known brand in footwear segment in rural markets of
Rajasthan, Gujarat, Maharashtra and some parts of Southern India.
The facilities of PRPPL are ISO 9001 and 14001 certified which
ensures the quality of the products and reduction in pollution
and commitment towards a better environment.


PARAS SEEDS: CARE Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Paras
Seeds Corporation (PSC) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      10        CARE B+; Issuer Not Cooperating,
   Facilities                    Based on best available
                                 Information

CARE has been seeking information from PSC to monitor the
rating(s) vide e-mail communications/letters dated May 25, 2018,
May 24, 2018, May 23, 2018, May 22, 2018, April 20, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings.  In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Paras Seeds Corporation's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 16, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced partners: PSC is promoted by three directors Mr
Niranjan Patel, Mr Bharat Patel and Mr Dhaval Patel. All the
partners have almost two decades of experience in the textile
industry through other firms. Due to the established presence in
the textile industry for more than a decade, the promoters have
established good relations with customers.

Strategically located within the cotton-producing belt of
Gujarat:
PSC's plant is located in cotton-producing belt of Gujarat region
which is the largest producer of raw cotton in India. Gujarat
produces around 31% of total national production of cotton
whereas PSC's presence in cotton producing region results in
benefit derived from lower logistics expenditure (both on
transportation and storage), easy availability and procurement of
raw materials at effective price.

Key Rating Weaknesses

Partnership nature of constitution: Being a partnership firm, PSC
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency, and firm being dissolved upon
the death/retirement/insolvency of partners. During FY15,
partners withdrew capital of INR0.18 crore compared to infusion
of INR3.81 crore in FY14.

Fluctuating trend of TOI and profit margins: During the past 3
years period ended FY15, TOI of PSC has been highly fluctuating.
During FY14, TOI of PSC increased significantly by 30.50% over
the previous year at INR67.22 crore as against INR51.51 crore.
However, during FY15, TOI of PSC declined by 23.63% to INR51.34
crore.

During the past 3 years period ended FY15, profit margins of PSC
has been fluctuating on account of high fluctuation in trading
vis-a-vis manufacturing sales. During FY15, the PBILDT margin of
PSC improved to 2.52% from 1.93% on account of lower raw material
costs compared with last year. Despite improvement in PBILDT
margin, the PAT margin of PSC declined to 0.15% during FY15 as
against 1.18% during FY14 on account of high finance charges.

Financial risk profile marked by moderate capital structure, weak
debt coverage indicators and moderate liquidity position: As on
March 31, 2015 (A), capital structure of PSC was moderate marked
by an overall gearing ratio of 1.53 times (1.50 times: March 31,
2014). Debt coverage indicators were weak marked by low interest
coverage ratio of 1.19 times during FY15 (FY14: 3.71 times) and
high total debt to GCA of 50.32 times as on March 31, 2015 owing
to very low cash accruals. Liquidity position of PSC was moderate
marked by current ratio of 1.77 times as on March 31, 2015.
Operating cycle of the firm deteriorated and stood high at 102
days as against 54 days in FY14 mainly due to reduction in
average creditor's period.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material, ie,
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by the government and inventory carried forward of last year.

Presence in the highly fragmented industry with limited value
addition and prices and supply for cotton being highly regulated
by the government: PSC is engaged in the ginning and pressing of
cotton which involves very limited value addition and hence
results in thin profitability. Moreover, on account of large
number of units operating in cotton ginning business, the
competition within the players remains very high resulting in
high fragmentation and further restricts the profitability. The
cotton prices in India are regulated by the government through
MSP (Minimum Support Price) fixed by government, though due to
huge demand-supply mismatch the prices have rarely been below the
MSP. Moreover, exports of cotton are also regulated by the
government through quota systems to suffice domestic demand for
cotton.

Idar-based (Gujarat) PSC was established in April 2007 as a
partnership firm by Mr Niranjan Patel, Mr Bharat Patel, Mr Dhaval
Patel and Ms Savita Patel. All partners jointly look after day-
to-day activities of PSC. PSC is into the business of cotton
ginning and pressing and seed processing. The partners of PSC are
also associated with Jaymala Spintex Limited which is engaged in
the manufacturing of cotton yarn and Bhoomi Bio Seeds Limited
which is into packaging, trading, research and production of
seeds and other ancillary services.


POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR25.00 crore bank facilities of
Polyplastics Automotive India Private Limited continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING". ICRA had earlier moved the
rating of Polyplastics Automotive India Private Limited to the
'ISSUER NOT COOPERATING' category due to non-submission of
information and fee.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-CC      8.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Fund Based-TL      9.75      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Fund Based         1.20      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Non-fund Based     0.25      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Unallocated        5.80      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

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

PAIPL is a manufacturer of injection moulded plastic auto
components for the automobile (four-wheeler passenger vehicles
and two wheelers) industry. The company manufactures auto
components such as wheel covers, wheel caps, radiator grills (for
passenger vehicles) and garnish cowl, rear cowl centre, gear
speedo meter, side cover, handle cover, wheel cap, throttle
lever, inner door handle, fuse box and cover, etc (for two
wheelers) at its manufacturing facility located at Industrial
Growth Centre in Bawal (Rewari, Haryana). The unit has 20
injection moulding machines and painting facilities, which
include body colour paint shop, automatic wheel cover paint shop
and conventional paint shops. The company's client list includes
Maruti Suzuki India Limited, Honda Motorcycle & Scooter India
Pvt. Ltd. and Hero Motocorp Ltd., apart from other OEMs and Tier-
1 suppliers.


PRITHVI PUMPS: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Prithvi
Pumps to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     5.46       CARE B+; ISSUER NOT COOPERATING;
   Facilities                    on the basis of best available
                                 information

CARE has been seeking information from Prithvi Pumps to monitor
the rating(s) vide e-mail communications/ letters dated
February 7, 2018, February 26, 2018, March 15, 2018, March 28,
2018, April 20, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Prithvi's Pumps bank facilities and
instruments will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 22, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations with fluctuating margins: During past
three years FY13-FY15, total operating income (TOI) of PPS has
remained modest. During FY15, TOI of PPS has increased by 7.19%
to INR19.92 crore as against INR18.58 crore in FY14. During FY15,
PPS has sold 32,898 pumps. PBILDT margin has remained fluctuating
during the past three years FY13-FY15 in the range of 4.36% to
5.81%. In FY15, the PBILDT margin has decreased by 103 bps and
remained at 4.78% (FY14: 5.81%). PBILDT margins have decreased
primarily due to high raw material and employee cost. However,
PAT margin has increased by 374 bps and remained at 4.17% (FY14:
0.43%). During FY15, PPS has disclosed income of INR1.00 crore
during income tax survey. Excluding this income PPS has incurred
net loss of INR0.17 crore. GCA remained at INR1.03 crore in FY15
(FY14:Rs.0.27 crore). During 8MFY16 (from April 1, 2015 to
November 30, 2015), PPS reported TOI of INR14 crore.

Leveraged capital structure, weak debt coverage indicators and
liquidity position:  Capital structure of PPS has remained
leveraged as on March 31, 2015. There has been marginal
deteriorated on as on March 31, 2015 marked by its overall
gearing ratio of 2.43 times (as against 2.37 times as on March
31, 2014) primarily due to increase in total debt due to higher
term loan and higher utilization of cash credit limits on balance
sheet date. Interest coverage ratio further deteriorated to 1.07
times in FY15 as against 1.33 times in FY14 primarily due to
higher interest cost and lower PBILDT. Furthermore, total debt to
gross cash accrual improved to 7.72 times as on March 31, 2015 as
compared to 21.78 times as on March 31, 2014 primarily due to
higher GCA.

Liquidity position remained weak marked by elongated operating
cycle of 131 days (FY14: 108 days) primarily due to elongated
collection period. Its cash credit limits remained fully utilized
during the last 12 months period ended December, 2015. Current
and quick ratio of 1.34 times and 0.99 times as on March 31, 2015
(1.22 times and 0.98 times as on March 31, 2014). During FY15,
the cash flow from operations stood negative at INR1.81 crore as
against positive INR0.37 crore in FY14.

Profitability susceptible to volatility in raw material prices:
The primary raw material used for the manufacturing of pumps
includes stainless steel, copper, etc. The prices of these
materials are inherently volatile and are driven largely by
global as well as local demand and supply conditions with limited
bargaining power of any single player. These raw materials
account for around 80% of the total manufacturing cost of PPS and
hence any volatility in the prices of these materials can have an
impact on the profitability of PPS.

Constitution as a partnership firm in highly competitive pumps
industry: PPS, being a partnership firm, is exposed to inherent
risk of partner's capital being withdrawn at time of personal
contingency, and the fi m being dissolved upon the
death/retirement/insolvency of partners. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of promoters would be key factors affecting credit
decision for lenders. The demand for electrical pumps industry is
driven primarily by growth in infrastructure, new sources of
water, increase in irrigated cultivation area, increase in urban
density and the need for energy efficient solutions. India is a
strong base for manufacturing of pumps with presence of more than
800 pump manufacturers including international players. India's
low cost manufacturing and local demand has made it a profitable
proposition. The presence of international players in the market
has led to a significant up-grade on in technology leading to
better solutions for end users.

Key Rating Strengths

Experienced promoters

PPS is promoted by Mr Bhaveshkumar Bhandari, Mr Piyushkumar
Gondaliya and Mr Ketanbhai Vaghasiya. Mr Bhaveshkumar Bhandari
and Mr Piyushkumar Gondaliya are under-graduates having long
experience of 12 years in a similar line of business. Mr
Ketanbhai Vaghasiya is a graduate with total experience of 12
years in a similar line of business. They jointly look after the
day to day affairs of the entity. Furthermore, PPS have
established track record of operations of 10 years.

Rajkot (Gujarat) based, PPS was established in the year 2005 as a
partnership firm. PPS is promoted by Mr. Bhaveshkumar Bhandari,
Mr. Piyushkumar Gondaliya and Mr. Ketanbhai Vaghasiya. PPS is
engaged in the manufacturing of submersible pumps and it is an
ISO 9001: 2008 certified entity.


PROVENTUS AGER: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on the bank facility of
Proventus Ager India Pvt Ltd to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     13.00      CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

CARE has been seeking information from Proventus Ager India Pvt
Ltd to monitor the rating(s) vide e-mail communications/letters
dated February 12, 2018, February 26, 2018, March 9,2018,
March 15, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further Proventus
Ager India Pvt Ltd has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating
of Proventus Ager India Pvt Ltd bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 18, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations and thin profitability: FY16 was the
first full year of operations. During March 31, 2016, PAIPL's TOI
stood at INR48.55 crore. PBILDT margin stood at 3.67% and PAT
margin stood at 0.22% as on March 31, 2016. Leveraged capital
structure and moderate debt coverage indicators Capital structure
of PAIPL remained leveraged by overall gearing of 30.69 times on
account of high total debt amounting to INR15.60 crore consisting
of working capital borrowings. Interest coverage ratio stood at
1.22 times and TDGCA stood weak at 47.62 years on account of
higher total debt and lower GCA.

Moderate Liquidity: As on March 31, 2016, PAIPL's current ratio
stood modest at 1.09 times. Also, working capital cycle remained
moderate at 60 days in FY16.

Key Rating Strengths

Experienced promoters: Mr.Doraprasad Ramarao Nimmagada, aged 49,
is the key promoter director of PAPL. He is a science graduate
and has done MBA in marketing. He has an experience of more than
a decade in the same line of business of Agrochemicals though
association with other two companies. He is also the promoter
director of another two companies namely Jay Agro Industries
(JAI) & Jay Polypack Private Limited (JPPL)

Vadodara-based PAPL is promoted by Mr Doraprasad Nimmagada
(promoter of Jay Polypack Private Limited and Jay Agro
Industries) in January 2015. The board of directors of PAPL
comprises of Mr Doraprasad Nimmagada, his wife Mrs Aruna
Nimmagada and his son MrVijay Nimmagada.

PAIPL has commenced the trading operations during FY16 (refers to
the period April 1 to March 31) from May 2015. The company
primarily procures Agrochemicals, Pesticides and Insecticides
from its group entity i.e. Jay Agro Industries (JAI, rated CARE
D; Issuer Not Cooperating in November 2017) and markets it
through dealers across the country.


R V ENTERPRISE: CARE Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of R V
Enterprise to Issuer Not Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term Bank     5.58      CARE B; Issuer Not Cooperating,
   Facilities                   Based on best available
                                Information

CARE has been seeking information from R V Enterprise to monitor
the rating(s) vide e-mail communications/letters dated May 25,
2018, May 24, 2018, May 23, 2018, May 22, 2018, April 20, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on R V Enterprise's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 17, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced Partners

RV's operations are managed jointly by three partners named Mr
Satish Shah, Mrs Rekha Myatra and Mrs Neha Shah, Mr Rekha Myatra
is wife of Mr Ravindra Myatra. She is also a partner in group
companies of RV (Annexure I). She looks after general
administrative work. Mrs Neha Shah is wife of Mr Keyur Shah who
is a partner in M/s Ratnakar Chemicals and M/s Vallabh Chemicals.
She is an investment partner. Mr Satish Shah aged 52 years has
overall 37years of experience in the same line of business
working through different entities. From 1978 to 1981, he was
working with Indian Dye stuff Industries and M/s Mafatlal
Industries. Since 1981, he is associated with his own group
companies like M/s Shri Vallabh Industries, M/s Ratnakar
Chemicals, M/s Rainbow Chemicals and M/s Bansari.

Key Rating Weaknesses

Partnership nature of constitution: Being a partnership firm, R.V
Enterprise is exposed to inherent risk of partners' capital being
withdrawn at the time of personal contingency, and firm being
dissolved upon the death/retirement/insolvency of partners.

Stabilization risk pertaining to recently completed debt funded
capex: RV had purchased industrial plot for a sales consideration
of INR9 crore and additional machinery worth INR0.50 crore in
April, 2015. The total cost of the project was INR9.50 crore
which was funded through the term loan of INR6.30 crore and
INR3.20 crore through promoter's contribution. The commercial
production commenced from August, 2015. During the initial two
years, RV has estimated revenue of INR3.60 crore solely based on
job work income. RV is expected to work at 75% of the installed
capacity in FY16 (refers to the period April 1 to March 31).

Customer concentration risk: RV has entered into contract with
APPPL for job work for manufacturing of decorative, automotive
and marine paints. For the first 3 years, RV will solely be
working for APPPL and total revenue will solely be from the
contract executed for APPPL. Hence, the client concentration risk
is high. However, RV is expected to manufacture using its own
name in the future and reduce the dependence on APPPL.

Vapi-based (Gujarat) RV Enterprise (RV) was formed in 2015, as a
partnership firm by Mrs Rekha Myatra, Mrs Neha Shah, Mr Satish
Shah with the purpose to manufacture decorative, automotive and
marine paints. RV has entered into agreement with Asian Paints
PPG Private Limited (APPPL), a subsidiary of M/s Asian Paints
Limited for job work of its products for a period of 3 years.
Under the agreement, RV cannot manufacture own product and sell
the same under his own name. RV commenced commercial operations
(Job Work Activity) from August, 2015. The total cost of the
project was INR9.50 crore which was funded through the term loan
of INR6.30 crore and INR3.20 crore through promoters'
contribution. RV proposes to start its own productions
(Manufacturing) from the year 2017-18.


R.J. AGRO: ICRA B Rating Remains in Not Cooperating Category
------------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
R.J. Agro Industries continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING". ICRA had earlier moved the rating of
R.J. Agro Industries to the 'ISSUER NOT COOPERATING' category due
to non-submission of monthly 'No Default Statement' ("NDS") by
the entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limits     6.00      [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Established in 1995, R. J. Agro Industries (RJAI) is a
partnership firm and is engaged in the milling of basmati and
non- basmati paddy. The firm is promoted by Mr. Brij Lal Garg and
his family members. The processing facility of firm is located in
Cheeka (Kaithal). The plant capacity stands at 2 MTPH (~12000 MT
per Annum).


RAICHUR LABORATORIES: ICRA Cuts Rating on INR15cr LT Loan to D
--------------------------------------------------------------
ICRA has downgraded the long-term ratings assigned for the
INR20.00-crore bank facilities of Raichur Laboratories Pvt. Ltd.
to [ICRA]D from [ICRA]B+ (Stable). The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term-Fund       15.00       Downgraded to [ICRA]D ISSUER
   based limits                     NOT COOPERATING from
                                    [ICRA]B+ (Stable); Ratings
                                    continue to be in 'Issuer
                                    not cooperating'* category

   Long term-            5.00       Downgraded to [ICRA]D ISSUER
   Unallocated                      NOT COOPERATING from
   limits                           [ICRA]B+ (Stable); Ratings
                                    continue to be in 'Issuer
                                    not cooperating'* category

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

Rationale

The rating downgrade takes into account the delays in debt
servicing by RLPL to the lender(s), as confirmed by them to ICRA.

RLPL was incorporated in 2013 by Mr. P. Giridhar Gopal and Dr. M.
Vijender for setting up a drug intermediate and API manufacturing
unit. The manufacturing unit of the company is located at
Industrial Growth Centre in the Raichur district of Karnataka.
The company has a total reactor capacity of 75,000 KL.


RUCHI SOYA: ANZ Seeking Classification as Financial Creditor
------------------------------------------------------------
LiveMint.com reports that the Australia and New Zealand Banking
Group (ANZ Bank) on June 11 approached the Mumbai bench of the
National Company Law Tribunal (NCLT), seeking to be categorized
as a financial creditor to Ruchi Soya Ltd.

LiveMint.com relates that the resolution professional of Ruchi
Soya, which is in the bankruptcy court for defaulting on over
INR10,000 crore, has currently categorised ANZ as an operational
creditor. Under the insolvency resolution process, financial
creditors stand a better chance than operational creditors to
recover their dues.

According to the report, ANZ claims it loaned $50 million to
Avanti Industries, which passed it on to Ruchi Soya for supply of
goods to Avanti. Under the agreement, ANZ said, if Ruchi Soya
failed to supply goods or repay Avanti, ANZ would be able to
recover its dues directly from Ruchi Soya, the report relays. ANZ
claimed that since Ruchi Soya failed to repay Avanti, it was
liable to recover the money from Ruchi Soya.

"The contract was such where Ruchi Soya had received $50 million
from Avanti as working capital loan and it had to deliver the
goods worth $64 million (around INR430 crore) to it. But, Avanti
Industries had a similar loan assignment agreement with ANZ Bank,
from which it had borrowed that money," Zal Andhyarujina, counsel
for ANZ Bank, argued, relays LiveMint.com. "Avanti was merely the
funnel through which the working capital loan came to Ruchi
Soya."

The pact was signed on October 12, 2015, LiveMint.com says.

"Ruchi Soya was supposed to pay goods in five tranches, but the
company failed to adhere to the timeline and hence they had to
return the money to Avanti Industries," the report quotes
Andhyarujina as saying. "Also, as per the agreement between
Avanti and ANZ Bank, this was 'assigned debt', which means the
bank can recover from Ruchi Soya."

LiveMint.com relates that Chetan Kapadia, representing the Ruchi
Soya resolution professional, argued there was merely a contract
of supplying the goods. "The consequences of non-supply of the
goods are the default and hence they are clearly an operational
creditor," said Kapadia.

According to the report, the division bench of NCLT presided over
by B.S.V. Prakash Kumar and Ravikumar Duraisamy adjourned the
matter till July 11. During the course of hearing, senior counsel
Mustafa Doctor, appearing for the former directors of Ruchi Soya,
argued the resolution professional kept directors out of the
meeting of the committee of creditors, whereas the law has a
provision under which directors can attend such meetings and make
suggestions.

                         About Ruchi Soya

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

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

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

Ruchi Soya has a total debt of about INR120 billion.


SHANGRI-LA INDUSTRIES: ICRA Assigns B- Rating to INR43cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR35.00-
crore term loan and INR8.00-crore cash credit facilities of
Shangri-La Industries Private Limited. The outlook on the long-
term rating is Stable.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based limits     43.00     [ICRA]B- (Stable); Assigned

Rationale

The assigned rating takes into consideration the weak financial
profile of the company, as reflected in high external borrowings
and considerable losses incurred in the first full year of
operations, which resulted in adverse coverage indicators. The
rating is further constrained by SIPL's significant interest and
debt servicing obligations, which coupled with cash losses from
the business, has led to high dependence on fund infusion by
promoters. The rating is also impacted by the high customer
concentration risk and low bargaining power of the company with
large and strong customers. The rating further factors in the
limited experience of the promoters in the pharmaceutical
manufacturing business and the small scale of operations at
present, with revenue generation expected to remain low over the
short to medium term vis-a-vis the sizeable investment made in
the project.

The rating, however, derives comfort from the reputed client base
of the company along with a long-term supply agreement with a
major customer, which provides business visibility in the near
term at least. The rating also considers the order-backed
procurement of raw materials, which reduces risks related to
volatility of raw material prices.

Outlook: Stable

ICRA believes that SIPL will continue to benefit from its reputed
client base. The outlook may be revised to Positive if
substantial growth in revenue and profitability and better
working capital management strengthen the financial risk profile.
The outlook may be revised to Negative if cash accrual is lower
than expected, or a stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Reputed client base keeps counterparty risk low: SIPL has a
reputed client base and consists of large players such as Mankind
Pharma Ltd. (Mankind) and Lividus Pharmaceuticals Pvt. Ltd.,
which keeps its counterparty risk low. Further, SIPL has entered
into a long-term supply agreement with Mankind, which provides
business visibility in the near term at least.

Low risk associated with volatility of raw material price: SIPL
procures most of its raw materials (APIs) from suppliers
specified by customers after receiving orders. The selling price
is adjusted accordingly after maintaining a desired margin on the
products, which minimises the risk associated with the price
volatility of raw materials.

Credit challenges

Limited experience of the promoters and small scale of operation:
The promoters of the company have extensive business experience,
however, their experience in the field of manufacturing
pharmaceutical products is limited. Further, SIPL has small scale
of operations at present. Going forward, revenue generation is
expected to remain low over the short to medium term vis-a-vis
the sizable investment made during setting-up of the unit.

Weak financial profile and adverse coverage indicators: During
the first full year (FY2018) of its operations, SIPL recorded a
revenue of only around INR1.49 crore. High overhead expenses
during the initial stage of operations along with significant
finance costs resulted in cash losses in FY2018. Further,
considerable external borrowings led to adverse coverage
indicators.

High dependence on fund infusion by promoters: SIPL has availed
of a term loan to set up its manufacturing facility and has
considerable repayment obligations over the medium term. Cash
losses from the business in FY2018 resulted in high dependence on
fund infusion by the promoters to meet its debt service
obligations as well as working capital requirements of the
business. ICRA expects the company's dependence on promoters'
funding to continue over the short to medium term, however, the
demonstrated ability of the promoters to bring in funds provides
some comfort.

High customer concentration risk and low bargaining power: SIPL
faces high customer concentration risk with the top two customers
accounting for ~92% of the sales in FY2018. Owing to SIPL's
position as a contract manufacturer, the company possesses
limited bargaining power with its customers, which are mainly
large pharmaceutical companies.

Incorporated in 2008, Shangri-La Industries Private Limited
(SIPL) commenced manufacturing operations in FY2018. It is
involved in the contractual manufacturing of tablets, capsules,
ointments and related packing materials on a principal-to-
principal basis. The manufacturing facility of the company is in
Sikkim. Prior to FY2018, SIPL was involved in stone-chipping
activities.


SHRI KARPADHA: CARE Lowers Rating on INR9.40cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Karpadha Agro Foods (SKAF), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank
   Facilities         9.40       CARE D; Issuer Not Cooperating;
                                 Revised from CARE BB-; on the
                                 basis of best available
                                 information

CARE has been seeking information from SKAF to monitor the rating
vide e-mail communications/letters dated April 26, 2018, May 10,
2018 and May 15, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. The rating on Shri Karpadha Agro
Foods's bank facilities will now be denoted as CARE D; Issuer not
Cooperating; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of on-going delays.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The firm was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
debt obligations in time.

Shri Karpadha Agro Foods (SKAF) is a partnership firm engaged in
rice milling business and the present partners are Mr. Arul and
Ms. Lalithambigai. Originally the firm was established in 2006 in
the name of "Karpadha Agro Foods" (KAF) promoted by Mr. P.
Palanisamy, Mrs. P. Dhanam, Mr. P. Kalaivanan and Mr. P. Arul.
Subsequently the partnership was reconstituted in April 2015. The
installed capacity of SKAF is 50 MT per day as of February 29,
2016 and SKAF utilizes 85% of its installed capacity on an
average. SKAF owns storage capacity of 25,000 bags and a rented
warehouse of capacity 20,000 bags.

SKAF procure paddy primarily from farmers and traders in Tamil
Nadu. After processing, the rice is packed in 25 kg (80% of the
rice sale), 50 kg, and 75 kg bags and marketed with their own
brand name "Karpadha" and "Pavai" across Tamil Nadu. The
client base of SKAF consists of both wholesalers (50%) and
retailers (50%). By product bran is sold to oil manufacturers in
Vilupuram district and husk is used captively as fuel for power
generation.


SHRI VRINDAVANBIHARI: CARE Assigns B+ Rating to INR5.25cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Vrindavanbihari Cold Storage Private Limited (SVPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank
   Facilities          5.25       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SVPL is constrained
by short track record and small scale of operations, dependence
on vagaries of nature & seasonality of business along with
fragmented nature of industry.  The rating, however, draws
comfort from experienced management in diversified industries and
positive outlook for the Indian cold chain industry. Going
forward, the ability of the company to achieve envisaged revenue
and profitability shall be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Short track record and small scale of operations: The company
commenced operations in June, 2017 and has short of track record
in this industry as compared to other established players. FY19
(refer to period April 1 to March 31) will be the first full year
of operations for the company. Furthermore, during FY18 (based on
provisional results) the scale of operation of the company stood
small marked by total operating income of INR1.50 crore. The
small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits.

Dependence on vagaries of nature and seasonality of business:
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Potato is mainly a
winter season crop and the production highly depends on vagaries
of nature. Lower output of potato will have an adverse impact on
the rental collections as the cold storage units collects rent on
the basis of quantity stored.

Fragmented nature of the industry: SVPL's business risk profile
is constrained on account of exposed to competition from other
regional players operating in warehousing industry. SVPL is
operating in such an industry which is fragmented in nature and
has limited entry and exit barrier. This leads to limited
bargaining power with customers and restrict to charge additional
rent, which constraints its scale of operations.

Key Rating Strengths

Experienced management in diversified business: SVPL's operations
are currently being managed by Smt. Dhan Devi, Shri. Harkesh
Kumar, Smt. Mala Devi and Shri. Vishesvar Singh. Though, all the
directors have limited experience in cold storage industry;
however, all the directors have experience of more than two
decades in the diversified industry such as agriculture,
education and brick manufacturing through their family run
business. The directors have ventured into cold storage industry
due to the increasing demand for storage facilities and favorable
government policies to support the same.

Positive outlook for the Indian cold chain industry: The
warehousing and cold chain industry is emerging as a fast-growing
business sector in India, with developments in the food
processing sector, organized retail and government initiatives
driving growth. Further with rapid growth of organized retail and
manufacturing sector, the need for warehousing is increasing. The
government is taking steps to set up cold chain infrastructure
and has introduced schemes such as capital investment subsidy
from the National Horticulture Board (NHB), the National
Horticulture Mission (NHM) and the Ministry of Food Processing
Industries (MoFPI). Apart from subsides, like credit-linked
capital subsidy scheme for construction of cold storages and go-
downs, the government is also providing consultancy services to
help connecting farmers to market & to avoid heavy losses &
wastes of food products.

Manipuri (Uttar Pradesh) based Shri Vrindavanbihari Cold Storage
Private Limited (SVPL) was incorporated in May, 2016 and started
commercial operations commenced in June, 2017. The operations of
the company are currently being managed by Smt. Dhan Devi, Shri.
Harkesh Kumar, Smt. Mala Devi and Shri. Vishesvar Singh. SVPL is
engaged in renting of its cold storage facility for potatoes to
the local farmers in Agra, Uttar Pradesh from its cold storage
unit with multi chambers having storage capacity of 10,538 Metric
Tonnes as on March, 2018.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Established in 2008, Hyderabad-based SIPIPL is an engineering,
procurement and construction company, registered as a class civil
contractor in Karnataka and Uttar Pradesh.


VAIBHAV LAXMI: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Vaibhav
Laxmi Tex Pvt. Ltd. to the 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]B+ (Stable ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        4.00      [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating Moved to
                                'Issuer Not Cooperating' Category

   Fund Based-        5.00      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating Moved to
                                'Issuer Not Cooperating' Category

Rationale

The rating of INR9.00 crore fund based bank facilities of Vaibhav
Laxmi Tex Pvt. Ltd. has been moved to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable); ISSUER
NOT COOPERATING".

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

Incorporated in 2009, Vaibhav Laxmi Tex Pvt. Ltd. started its
operations in July 2011 by manufacturing air-textured yarn (ATY)
from partially oriented yarns (POY). The company has a yarn-
texturing unit at Surat, Gujarat, with a production capacity of
~75MT/month. Subsequently, VLTPL also established a yarn dyeing
plant with an installed capacity of 150 MT/month in 2012. The
company increased its texturised yarn manufacturing capacity to
~150MT/month (1,800MT/annum) and yarn dyeing capacity to
~220MT/month (~2,640MT/annum) from FY2015. Mr. Vinay Nandwani,
Mr. Rajesh Nandwani, Mr. Neeraj Khurana and Mr. Amit Khurana are
the key directors of the company. They and their families are
shareholders of the company. The promoters have been in the
textile business for over two decades through the group company,
'Minakshi Fashion Private Limited', which is engaged in dyeing
grey fabric in Surat.


VIJAYANAGAR SUGAR: ICRA Reaffirms D Rating on INR316.11cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR316.11-crore (enhanced from INR271.87-crore) term loans, the
INR58.33-crore cash credit facilities and the INR132.70-crore
(declined from INR176.94-crore) unallocated limits of Vijayanagar
Sugar Private Limited. ICRA has also reaffirmed the short-term
rating of [ICRA]D to the INR42.86-crore non-fund based facilities
of VSPL.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan            316.11     [ICRA]D; Reaffirmed

   Fund-based-
   Cash Credit           58.33     [ICRA]D; Reaffirmed

   Non-fund Based-
   Letter of Credit/
   Bank Guarantee        42.86     [ICRA]D; Reaffirmed

   Unallocated Limits   132.70     [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation reflects the continuing delays in the
company's debt servicing because of inadequate cash accruals. The
low cane crushing volume (4.8 lakh MT) in FY2018, despite a 23%
YoY increase, has adversely impacted the profitability and debt
coverage metrics. Further, the sugar prices have been under
pressure since Q4 FY2018 because of its oversupply in the
domestic market. The ratings continue to remain constrained by
the weak financial profile, the vulnerability of sugar operations
to agro-climatic risks and regulatory risks inherent in the
sector with respect to government policies on cane pricing, sugar
exports etc.

ICRA, however, takes note of the fully integrated sugar plant
(with both cogeneration and distillery units) which cushions the
margins during downturn.

Key rating drivers

Credit strengths

Forward integrated nature of operations: The crushing capacity of
VSPL is 5,000 tonnes crushed per day (TCD). This unit is forward
integrated with power business (35.5 mega watt) and extra neutral
alcohol (ENA) / ethanol business (130 kilo litre per day
distillery capacity). This provides alternate revenues and
cushions profitability against cyclicality in sugar business.

Credit challenges

Delays in debt servicing: The company is continuing to delay in
servicing its debt obligations because of inadequate cash
accruals. This is due to sub-optimal cane crushing volume (4.8
lakh MT) in FY2018, despite a 23% YoY increase, along with
subdued sugar prices in Q4 FY2018. These factors have adversely
impacted the profitability, cash accruals and debt coverage
metrics. Despite healthy sugar prices in 9M FY2018, VSPL could
not reap the benefits because of low sugar stocks as on March 31,
2017, on account of low cane crushing volume (3.9 lakh MT) in
FY2017.

Weak financial profile: VSPL's financial profile is weak as
characterised by losses at net level, high gearing and weak debt
coverage metrics in 9M FY2018. This is majorly due to low cane
crushing volumes.

Vulnerability of profitability to agro-climatic and regulatory
risks: Profitability of sugar mills are exposed to the
cyclicality of the sugar industry, agro-climatic risks associated
with cane production and government policies related to cane
pricing and sugar trade.

Vijayanagar Sugar Private Limited (VSPL) was incorporated in 2007
by Mr. S Anand Reddy & Associates to set up an integrated sugar
plant in the Gadag District of Karnataka. VSPL took over the
unfinished sugar factory from Mrudagiri Sahakari Sakkare Karkhane
Niyamit (a co-operative sugar mill), on a lease for 30 years on
build, own, operate & transfer (BOOT) basis in 2007 and set up an
integrated sugar plant comprising of a 5000-TCD sugar plant, a
35.5-MW co-generation power plant and a 130-KLPD distillery. The
project cost was around INR487.67 crore. The co-gen unit became
operational in April 2010, followed by sugar unit in September
2010 and distillery unit in August 2011.

In 9M FY2018, on a provisional basis, the company reported a net
loss of INR21.9 crore on an operating income of INR217.5 crore,
as compared to a net profit of INR22.5 crore on an operating
income of INR444.5 crore in the previous year.


VIVASWAN HOTELS: CARE Reaffirms B Rating on INR9.01cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vivaswan Hotels (India) Private Limited (VHIPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank
   Facilities          9.01      CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VHIPL is primarily
constrained on account of continuous decline in scale of
operations attributed by decline in occupancy rate and average
room rate. The rating is, further, constrained on account of its
presence in the highly competitive and cyclical hotel industry
and thin net profit margins and liquidity position.

The rating, however, derives strength from the experienced and
resourceful promoters in the hotel industry, location advantage,
comfortable PBILDT margins and capital structure. Ability of
VHIPL to increase its scale of operations with maintaining
profitability in highly competitive hotel industry is the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continuous decline scale of operations along with thin PAT
margins and moderate liquidity position:  Owing to continuous
decline in occupancy ratio, the scale of operation of the company
has continuously declined during past three financial years ended
FY18. During FY18, total operating income (TOI) remained modest
at INR9.50 crore. During FY18, average occupancy level stood
47.00% as against 48.25% in FY17 while ARR declined from INR2871
in FY17 to INR2659 in FY18. OPBT margin have declined by 40 bps
in FY18 over FY17 mainly on account of higher interest and
finance cost. Due to reversal of tax provision, PAT margin stood
higher at 4.65% in FY17; hence, PAT margin have declined by 307
bps in FY18 over FY17. The liquidity position of the company
stood moderately stressed marked by full utilization of its
working capital bank borrowings during last twelve months ended
April, 2018.

Key Rating Strengths

Experienced management: The overall affairs of the company are
managed by Mr. Ashok Singh and Ms. Rajesh Rani Singh, both have
more than two decade of experience in this industry. Mr. Ashok
Singh and Ms. Rajesh Rani Singh look after overall activities of
the company.

Strategic location of the hotel: The Central Park, is located at
Gwalior and known for its palaces and temples. There are many
tourist attractions like Gwalior Fort, Gujari Mahal, Jai Vilas
Mahal, Sun City, Sas- Bahu Temple, Moti Mahal etc. Gwalior is
surrounded by some very good tourist destination like- Agra,
Shivpuri, Datia Fort, Sonagiri Jain temle, National Chambal
Sanctuary. Comfortable PBILDT margins and capital structure
During FY17, PBILDT margins of the company stood comfortable at
24.73% and improved by 142 bps over FY17 mainly on account of
decline in cost of material. The solvency position of the company
stood moderate as indicated by overall gearing of 0.81 times in
and total debt to GCA of 9.44 times as on March 31, 2018. Further
interest coverage ratio also stood moderate at 2.27 times in
FY18.

Gwalior (Madhya Pradesh) based Vivaswan Hotels (India) Private
Limited (VHIPL) was incorporated in August, 1996 by Mr Ashok
Singh and Ms Rajesh Rani Singh with an objective to set up a
hotel at Gwalior. VHIPL operate three star hotels in the name of
'The Central Park,' hotel which has 101 rooms including 76
Executive rooms, 16 Premium rooms and remaining Suites. It
provides amenities like swimming pool, Wi-Fi internet, Fitness
Centre, Travel assistance, Business Centre, Massage Chair in
Grande Suit Room, Exclusive handicapped room for disabled person,
Banquette and Conference Room.

Further, VHIPL acquired Agrawal Distilleries Private Limited in
2005. Post takeover VHIPL sold 65% of the shares to the
current promoters of the company. The company is engaged in the
manufacturing of portable spirit (country liquor).


WHITELOTUS INDUSTRIES: CARE Migrates C Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Whitelotus Industries Limited (WIL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      27.07     CARE C; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

CARE has been seeking information from WIL to monitor the ratings
vide e-mail communications/ letters dated May 16, 2018, May 17,
2018 and May 18, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Whitelotus Industries Limited's bank facilities will
now be denoted as CARE C; ISSUER NOT COOPERATING.

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

The rating takes into account its leveraged capital structure,
weak debt coverage indicator and liquidity position in FY17
(refers to the period April 1 to March 31), susceptibility of
margin due to raw material price fluctuation risk and its
presence in a highly competitive and fragmented industry. The
rating, however, derives strength from experience of the
promoters, locational advantage and moderate scale of operation
along with improvement in profit margin. WIL's ability to
increase its sales of operations along with improvement in
profitability and capital structure and debt coverage indicator
would be the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating done on March 10, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and liquidity position: Capital
structure has continued to remain leveraged marked by overall
gearing ratio of 8.95 times as on March 31, 2017 as against 9.88
times as on March 31, 2016. Debt coverage indicators remained
weak marked by debt to gross cash accrual of 16.45 times in FY17
as compared to 19.41 times in FY16. Liquidity position has also
remained weak marked by current ratio of 1.08 times as on March
31, 2017 as against 1.09 times as on March 31, 2016. Operating
cycle remained at 90 days in FY17 as compared to 56 days in FY16.

Presence in highly fragmented and competitive industry and
susceptibility of profit margins to volatility in raw material
prices: WIL operates in highly fragmented market of both
polyester film and flexible packaging industry marked by large
number of organized and unorganized small sized players. Also,
the presence of big sized players with established marketing &
distribution network results into intense competition in the
industry. Furthermore, WIL is engaged in the business of
manufacturing of metallised yarn, the major raw material of which
are metalized polyester films and chemicals, prices of which
remain volatile in nature and put a pressure on the profit
margins of the players.

Key Rating Strength

Experienced promoter: Mr. Sumant Jalan, a chartered accountant,
is the founder promoter & managing director of WIL. He has an
experience of around 15 years in textile industry and looks after
the overall operations of the company.

Location advantage: The plant of WIL is located in Surat, one of
the major textile hubs in the country, and derives benefits like
proximity to raw material sources, availability of trained
workers and market reach.

Moderate scale of operations along with improvement in profit
margin: During FY17, TOI of WIL has declined to INR72.34 crore
from INR87.78 crore in FY16. However, the company made a net
profit of INR0.50 crore during FY17 as against net loss of
INR0.24 crore during FY16.

Surat-based (Gujarat), WIL was incorporated in 2011. It is
promoted by Mr. Sumant Jalan and his family members. WIL started
its commercial production in February, 2013 for manufacturing of
metalized yarn which is used in textile industry and printed
laminated roll which is used as a flexible packaging material in
various industries. WIL has an installed capacity of 4,800 metric
tonnes per annum (MTPA) for coating metalized polyester film,
2,400 MTPA for blown film and 3,840 MTPA for manufacturing
printing laminated sheet as on October 14, 2015.



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


DAYA MATERIALS: Says White Knight Rescue from PN17 Not Needed
-------------------------------------------------------------
The Edge Financial Daily reports that Daya Materials Bhd said it
has no need for a white knight to help the company exit its
Practice Note 17 (PN17) status, which it triggered in February
this year.

This is because it has about MYR600 million orders in hand and
the company is upbeat about its prospects of turning in a
"positive" performance for the financial year ending Dec. 31,
2018 (FY18), according to Daya Materials chief executive officer
and executive vice chairman Datuk Lim Thean Shiang, the Edge
relates.

On reports in April saying that Siem Offshore Rederi AS would
emerge as Daya Materials' largest shareholder with an over 20%
stake if the latter can successfully implement its regularisation
plan, Lim said the news caught management by surprise as the
company was not supposed to talk about it, according to the Egde.

Nevertheless, he said the company will discuss with many parties,
including Siem Offshore Rederi, bankers and other stakeholders,
to work out the regularisation plan to lift its PN17 status,
which was triggered after its shareholder equity retreated to
under 25% of its issued capital as at Dec. 31, 2017, the report
relays.

The Edge says the company is looking to submit the plan by
August, way before the February 2019 deadline, Lim told reporters
after the group's annual general meeting on June 11.

Currently, he said the company is finalising the appointment of
the principal adviser and is discussing with stakeholders and
bondholders to work out the plan, the Edge adds.

The Edge meanwhile reports that Lim said the MYR600 million worth
of orders in hand should keep the company busy for the next five
years, and that, together with existing offshore subsea
construction contracts, should give the company a "positive
contribution" in FY18.

Daya Materials narrowed its net loss to MYR41.2 million in FY17
against a net loss of MYR147.15 million in FY16, as revenue
surged 135% year-on-year to MYR116.86 million from MYR49.79
million, the Edge discloses.

The group is also bidding for another MYR600 million worth of
jobs, the report says.

                        About Daya Materials

Daya Materials Berhad -- http://dayagroup.com.my/-- engages in
investment holding and providing management services to its
subsidiaries. The Company's segments include polymer, oil and
gas, technical services and others. The polymer segment
manufactures materials for the power cables and wires industry,
and trades other related polymer compounds and specialty chemical
products.

Daya Materials Bhd fell into Practice Note 17 (PN17) status after
its shareholder equity retreated to under 25% of its issued
capital as at Dec. 31, 2017.


PERAK CORP: Auditor Raises Going Concern Doubt
----------------------------------------------
The Sun Daily reports that Perak Corp Bhd's independent auditor
Messrs Ernst & Young has raised concern over the company's
ability continue as a going concern due to its losses and
liabilities.

According to Sun Daily, Perak Corp incurred a net loss of
MYR340.6 million for the year ended Dec. 31, 2017, with its
current liabilities exceeding current assets by MYR158.5 million.

Sun Daily relates that in order to address the material
uncertainty, it said the management will continue to negotiate
with the banks with the view of restructuring the terms of the
syndicated term loan; dispose of certain land for cash to meet
any payment obligation should the need arise; ultimate holding
corporation will continue to provide financial assistance; focus
on cost saving and stringent cash flow management to remain
competitive.

Meanwhile, Perak Corp announced a widened net loss of MYR11.45
million for the first quarter ended March 31 compared with
MYR6.79 million in the same period a year ago, due to higher
operating expenses and finance costs, the report discloses.
However, its revenue soared 54.8% to MYR48.15 million from
MYR31.11 million.

In a separate filing with the stock exchange, Perak Corp
disclosed that its settlement agreement with Perak Equity Sdn Bhd
(PESB) has yet to be completed after five years due to the non-
fulfilment of certain conditions, Sun Daily reports.

The report says the agreement was entered on Feb. 28, 2012 to
partially settle the total debt owing by PESB to Perak Corp by
way of set-off against the total purchase sum of MYR70.27 million
for two properties to be acquired by Perak Corp from PESB.

Perak Corporation Berhad, together with its subsidiaries, engages
in the property development, ports and logistics, and hospitality
and tourism businesses in Malaysia.


PERISAI PETROLEUM: Creditors Approve Scheme of Arrangement
----------------------------------------------------------
theedgemarkets.com reports that Practice Note 17(PN17) company
Perisai Petroleum Teknologi Bhd's creditors on June 8 gave their
approval to the proposed scheme of arrangement presented by the
company.

It was approved by the requisite majority of creditors present at
a court convened meeting (CCM) on June 12, with 88.19% of
creditors in favor of the move, the report says.

"This satisfies the statutory requirement under Section 366(3) of
the Companies Act 2016 which provides that the proposed scheme of
arrangement be agreed by 75% of the total value of the Perisai's
scheme creditors present and voting either in person or by proxy
at the CCM," the company said in a filing with Bursa Malaysia,
the report relays.

theedgemarkets.com adds that the scheme of arrangement entails a
compromise of the company's debts, via proposed issuance of new
shares in Perisai as well as debt to equity conversion and a
capital reduction exercise will also be implemented to offset its
accumulated losses as to uplift the company's PN17 status.

Perisai will also enter into bilateral settlement agreements with
its respective inter-company creditors to compromise its debt.

According to theedgemarkets.com, managing director Datuk Izzet
Ishak said that the group has reached a major milestone in its
debt restructuring program on June 12.

"We are pleased that the approval process went through smoothly
and would like to extend our deepest gratitude to the Corporate
Debt Restructuring Committee, bank lenders, medium term notes
holders and creditors for their understanding and continuing
support," the report quotes Izzet as saying.

"We have, today, reached a major milestone in our debt
restructuring plan which will enable us to progress with our
proposed regularisation plan, expected to be submitted to Bursa
Malaysia in due course. We look forward to a new beginning, as we
re-focus our efforts on rebuilding and sustaining the business."

Barring any unforeseen circumstances, the scheme of arrangement
is expected to be completed by the fourth quarter of this year,
the report adds.

                      About Perisai Petroleum

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

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



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


PAPER PLUS: Fielding Placed in Receivership; Store Remains Open
---------------------------------------------------------------
David Unwin at Stuff.co.nz reports that the future of a Manawatu
Paper Plus store is uncertain while receivers eye up a possible
sale. But the brand's Feilding bookshop will remain open until a
decision is made about its future ownership, a Paper Plus
spokesperson said, Stuff relates.

Owners Phil and Kathryn Marsh called in the receivers voluntarily
and closed the store on June 5. It reopened under receivership
management the next day, Stuff says.

According to Stuff, Paper Plus chief executive Sam Shosanya said
the company was working to keep the store open.

"We want to remain a part of the community in Feilding and are
hopeful this store will be able to continue to trade under new
ownership," the report quotes Ms. Shosanya as saying.

Ms. Shosanya did not know what would happen to affected staff.
She also couldn't say when they'd have more details or whether
the store had any potential buyers, Stuff relays.

Paul Manning, the receiver overseeing the process, declined to
comment, the report notes.

Stuff adds that bookstores were battling while chains were
shifting focus to online services, Mr. Smith said, hurting
smaller stores in provincial areas.  Despite that, several
Feilding businesses had supported the store over the years, using
it to buy stationery and office supplies, he said.

S.G.L. Holdings Limited, trading as Paper Plus Feilding, retails
of books, stationery, magazines and card. The store employs about
seven staff.

Paul Manning and Kenneth Brown of BDO Tauranga were appointed
jointly and severally as receivers and managers of Paper Plus
Feilding on June 5, 2018.



===========
T A I W A N
===========


WAN HAI: Moody's Alters Outlook to Pos. & Affirms Ba2 CFR
---------------------------------------------------------
Moody's Investors Service has changed the outlook on Wan Hai
Lines Ltd.'s rating to positive from stable.

At the same time, Moody's has affirmed the company's Ba2
corporate family rating.

RATINGS RATIONALE

"The change in rating outlook to positive reflects our
expectation that the company's credit profile will continue to
improve over the next two years, supported by its improving
operating performance and prudent financial management," says
Chenyi Lu, a Moody's Vice President and Senior Credit Officer.

Moody's expects Wan Hai's financial leverage -- as measured by
adjusted net debt/EBITDA -- to improve to around 1.5x over the
next two years, driven by higher earnings from growing sales
volumes and a relatively stable adjusted net debt level. The
level of leverage is strong for a Ba2 rating.

Wan Hai's financial leverage improved to 1.7x in 2017, from 2.2x
in 2016, driven by higher earnings and lower net debt stemming
from improved operating cash flows.

Moody's projects Wan Hai's net debt levels to be relatively
stable over the next two years, because (1) the company's
operating cash flows will continue to improve on higher earnings
and sufficiently fund its moderate capital spending; (2) the
company will be prudent in its investments, remain cautious in
vessel acquisitions, maintain a short-term charter strategy, and
purchase slot capacity from partners to support its operations.

"The positive outlook also reflects the company's operating
strengths which will continue to drive volume growth and lower
the risk of EBITDA volatility against a backdrop of challenging
market conditions in the liner market," adds Lu, who is also
Moody's Lead Analyst for Wan Hai.

Wan Hai's operating strengths, including (1) competitive
advantages as the leading liner in the intra-Asia market with a
well-established presence and reputation, solid operating history
of more than 40 years, and comprehensive service offerings, (2)
prudent business strategy to manage its operating capacity, and
(3) a wide customer base, will address growing demand for its
services and lower its EBITDA volatility through industry cycles.

Moody's expects Wan Hai's revenue to grow by 5.5% in 2018 and
5.1% in 2019, driven by a modest increase in sales volumes and
relatively stable freight rates amid continued industry
overcapacity. Wan Hai reported revenue growth of 6.0% year-on-
year to NTD60.8 billion in 2017, mainly owing to sales volume
growth.

Moody's expects Wan Hai's adjusted EBITDA margin will remain
around 16.5% over the next two years, because rising bunker costs
will be offset by its continued implementation of expense
controls and cost improvements.

Its adjusted EBITDA margin improved to 16.7% in 2017 from 15.4%
in 2016, supported by expense controls and cost improvements.

Wan Hai's liquidity profile is strong. At the end of March 2018,
the company had cash and cash equivalents of NTD14.8 billion and
short-term marketable investments of NTD2.2 billion, which
together provide a strong liquidity reserve for its short-term
debt of NTD8.9 billion maturing over the next 12 months and
projected capital spending of NTD4.8 billion over the same
period.

Wan Hai's Ba2 rating reflects the company's (1) leading position
in the intra-Asia liner market, (2) track record of operating
through the various shipping industry cycles, (3) good access to
the domestic capital and banking markets, (4) proactive
operational and financial management, and (5) sound liquidity
position through shipping industry cycles.

At the same time, the rating is constrained by the absence of
business diversity, partly mitigated by the company's established
and wide customer base. Wan Hai's single-segment liner operations
expose it to cyclical performances.

The positive rating outlook reflects Moody's expectations that
over the next two years Wan Hai's credit profile will continue to
improve on the back of revenue growth and improving earnings and
prudential financial management.

The rating could be upgraded if Wan Hai maintains a prudent
investment and operating strategy and improves its credit
metrics, such that its adjusted net debt/EBITDA falls below 1.5x-
2.0x on a sustained basis.

The rating outlook could return to stable if the company's: (1)
liquidity reserve depletes materially; or (2) debt leverage
rises, such that its adjusted net debt/EBITDA exceeds 2.5x-3.0x
on a sustained basis, either due to declining revenue,
deteriorating profitability or debt-funded acquisitions.

The principal methodology used in this rating was Shipping
Industry published in December 2017.

Wan Hai Lines Ltd., listed on the Taiwan Stock Exchange since May
1996, operated a fleet of 92 container vessels (72 wholly owned
and 20 chartered) at the end of March 2018, offering intra-Asia,
Asia-Middle East and trans-Pacific liner services. With 31
dedicated service routes at the end of March 2018, Wan Hai is the
leading provider of intra-Asia container shipping services, with
an estimated 15% market share.



                             *********

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
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Information contained herein is obtained from sources believed
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