TCRAP_Public/180618.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 18, 2018, Vol. 21, No. 119

                            Headlines


A U S T R A L I A

BROKAT CREATIVE: First Creditors' Meeting Set for June 27
GERMANI SYDNEY: Second Creditors' Meeting Set for June 25
INTERNATIONAL BUSINESS: Second Creditors' Meeting Set for June 25
JADELYNX PTY: Second Creditors' Meeting Slated for June 25
KAISER BAAS: Enters Liquidation; Owes at Least AUD3.8 Million

L & G HOLDINGS: First Creditors' Meeting Set for June 26
UWE GRIFFITH: First Creditors' Meeting Set for June 25


C H I N A

FUTURE LAND: Fitch Rates USD200M Sr. Notes Final 'BB'
GOLDEN EAGLE: Fitch Hikes IDR & Sr. Unsec. Rating to BB
GREENLAND HOLDING: Fitch Affirms BB- IDR; Alter Outlook to Stable
HNA GROUP: To Get China State Support for Fundraising
HNA GROUP: To Shut Hong Kong Unit as it Struggles to Repay Debt

HONGHUA GROUP: Fitch Hikes LT IDR to 'B-', Outlook Stable
ZHONGRONG INT'L: S&P Affirms 'BB-' ICR, Alters Outlook to Stable


I N D I A

CMYK PRINTECH: CRISIL Assigns B+ Rating to INR9MM Cash Loan
DGN FASER: CARE Migrates B- Rating to Not Cooperating Category
DI-AN-ARE EXPORTS: Ind-Ra Migrates BB- Rating to Non-Cooperating
DIWANKA ENERGY: CRISIL Lowers Rating on INR7MM Cash Loan to B-
ELITE INFRA: CARE Migrates D Rating to Not Cooperating Category

FLAVOUR GRANITO: CRISIL Migrates B+ Rating From Not Cooperating
GARG RICE: CRISIL Assigns 'B' Rating to INR4.80MM Cash Loan
GOEL ROADWAYS: CARE Reaffirms B+ Rating on INR6cr LT Loan
GREENPEACE SUSTAINABLE: CRISIL Assigns B+ Rating to INR12MM Loan
JYOTI PROCESSORS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable

JYOTI STRUCTURES: IndusInd Bank, DBS Bank Oppose Resolution Plan
KAILASHDARSHAN TILES: CARE Assigns B+ Rating to INR9.50cr Loan
KARLA CONSTRUCTIONS: CARE Migrates B+ Rating to Not Cooperating
KHANDWA INDUSTRIES: CARE Migrates D Rating to Not Cooperating
LEZORA VITRIFIED: CARE Moves B+ Rating to Not Cooperating

LINGA BHAIRAVI: CRISIL Assigns B+ Rating to INR4MM Cash Loan
MAGADH TRAVELS: CRISIL Assigns B Rating to INR4MM Term Loan
MAHAK RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
MANGALA SEEDS: CARE Migrates B+ Rating to Not Cooperating
ORIILON INDIA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

PADDINGTON RESORTS: Ind-Ra Migrates B+ Rating to Non-Cooperating
PMR FARMS: CRISIL Assigns 'B' Rating to INR4.05MM Term Loan
ROAR CERAMIC: CRISIL Assigns B+ Rating to INR8MM Proposed LT Loan
SANCHETI ORNAMENTS: CRISIL Cuts Rating on INR18MM Loan to D
SHREE BHARANI: CRISIL Lowers Rating on INR5.25MM Loan to D

SHREE SAI: CRISIL Assigns B+ Rating to INR7MM Proposed Loan
SHRI GANESH: CRISIL Lowers Rating on INR7MM Cash Loan to D
SHRI LAXMINARAYAN: CARE Migrates B+ Rating to Not Cooperating
SINGER IMPEX: CARE Migrates D Rating to Not Cooperating Category
SPAN OUTSOURCING: CARE Migrates B+ Rating to Not Cooperating

SRI BALAJI: CARE Lowers Rating on INR7.63cr LT Loan to D
SRI RANGANATHA: CARE Moves D Rating to Not Cooperating Category
SRIJAN ALLOYS: CRISIL Assigns B+ Rating to INR3.5MM Cash Loan
SWOSTI PREMIUM: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
THAMARAI SELVI: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan

UNIJULES LIFE: CRISIL Maintains D Rating in Not Cooperating
V K TYRE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
VINAYAK CONSTRUCTION: CRISIL Assigns B+ Rating to INR6MM Loan
VISION PARENTERAL: CRISIL Lowers Rating on INR8MM Loan to D
VPR CONSTRUCTIONS: CRISIL Cuts Rating on INR12MM Loan to D

ZNA INFRA: CRISIL Assigns B+ Rating to INR9.5MM Term Loan


                            - - - - -


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A U S T R A L I A
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BROKAT CREATIVE: First Creditors' Meeting Set for June 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Brokat
Creative Pty Ltd will be held at the offices of Pilot Partners,
Level 10, 1 Eagle Street, in Brisbane, Queensland, on June 27,
2018, at 10:00 a.m.

Ann Fordyce of Pilot Partners was appointed as administrator of
Brokat Creative on June 15, 2018.


GERMANI SYDNEY: Second Creditors' Meeting Set for June 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Germani
Sydney Pty Limited has been set for June 25, 2018, at 10:00 a.m.
at the offices of Jamieson Louttit & Associates, Penfold House
Suite 72, Level 15, 88 Pitt 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 22, 2018, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed
as administrators of Germani Sydney on May 21, 2018.


INTERNATIONAL BUSINESS: Second Creditors' Meeting Set for June 25
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of International
Business Corporation Pty Limited has been set for June 25, 2018,
at 10:00 a.m. at the offices ofJamieson Louttit & Associates
Penfold House, Suite 72, Level 15, 88 Pitt Street, in Sydney,
NSW, on June 25, 2018, at 10:00 a.m.

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 22, 2018, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed
as administrator of International Business on May 21, 2018.


JADELYNX PTY: Second Creditors' Meeting Slated for June 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Jadelynx Pty
Ltd has been set for June 25, 2018, at 11:30 a.m. at the offices
of Mackay Goodwin, Level 9, 440 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 22, 2018, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Jadelynx Pty on May 21, 2018.


KAISER BAAS: Enters Liquidation; Owes at Least AUD3.8 Million
-------------------------------------------------------------
Brendon Foye at CRN reports that Melbourne-based consumer
electronics vendor Kaiser Baas has entered liquidation, seven
months after selling the brand to New Zealand distributor Exeed.

CRN relates that the company, best-known for its consumer drones
and action cameras, appointed Romanis Cant as liquidators on
May 17 with at least AUD3.8 million in debts.

In December 2017, Exeed acquired the Kaiser Baas brand, including
its trademarks, intellectual property, point-of-sale and some of
its stock, and hired all six of its Australian employees, CRN
recalls. The acquisition did not include any Kaiser Baas debt.

Exeed managing director Justin Tye told CRN that Kaiser Baas
would continue operating under Exeed's ownership as Kaiser Baas
Limited, which is not in administration.

"We believe we've enabled the Kaiser Baas brand to continue to
exist. Hopefully we've got a pretty good shot at helping it to
continue to grow. It's been a good Australian brand for a long
time and it's got a really strong roadmap," the report quotes
Mr. Tye as saying.  "The thing that's most important to us is
that the customers who we work with, like large retailers that
represent the brand in their stores, are all very committed to
the future roadmap and what we're releasing pre-Christmas. All
that's in place and we're looking forward to moving on."

CRN discloses that one of the manufacturer's largest debts is to
UK distributor Exertis, which is owed AUD876,000. Another UK
company, electronic goods retailer Maplin Electronics, is owed
AUD28,000, though that company is also in liquidation as of
February 2018.

The largest Kaiser Baas debt is owed to Lako Finance, another
entity related to founder and former owner Evan Kourambas.

Current owner Exeed is owed close to AUD60,000, the report adds.

Kaiser Baas's products are also distributed by Exeed in
Australia, and sold at Harvey Norman, JB Hi-Fi, Officeworks,
Camera House, Tech2Go and Ted's Cameras.


L & G HOLDINGS: First Creditors' Meeting Set for June 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of L & G
Holdings Pty Ltd will be held at the offices of Heard Phillips
Level 12, 50 Pirie Street, in Adelaide, SA, on June 26, 2018, at
2:00 p.m.

Mark Lieberenz -- mark@heardphillips.com.au -- of Heard Phillips
was appointed as administrator of L & G Holdings on June 14,
2018.


UWE GRIFFITH: First Creditors' Meeting Set for June 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of UWE
Griffith Property Pty Ltd and UWE Hay Pty Ltd will be held at the
offices of PKF, Level 8, 1 O'Connell Street, in Sydney, NSW, on
June 25, 2018, at 12:00 noon.

Bradley John Tonks -- BTonks@pkf.com.au -- of PKF was appointed
as administrators of UWE Griffith on June 13, 2018.



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C H I N A
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FUTURE LAND: Fitch Rates USD200M Sr. Notes Final 'BB'
-----------------------------------------------------
Fitch Ratings has assigned Future Land Holdings Co., Ltd.'s (FLH,
BB/Stable) USD200 million 7.5% senior notes due 2022 issued by
FLH's indirect wholly owned subsidiary, New Metro Global Limited,
a final rating of 'BB'.

The notes, which are unconditionally and irrevocably guaranteed
by FLH, are rated at the same level as FLH's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of documents conforming to information already received.
The final rating is in line with the expected rating assigned on
June 11, 2018.

FLH is a subsidiary of Future Land Development Holdings Limited
(FLDH, BB/Stable). Fitch uses a consolidated approach to rate
FLH, based on its 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 its
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 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.


GOLDEN EAGLE: Fitch Hikes IDR & Sr. Unsec. Rating to BB
-------------------------------------------------------
Fitch Ratings has upgraded China-based department-store operator
Golden Eagle Retail Group Limited's (Golden Eagle) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating to 'BB'
from 'BB-'. The Outlook on the IDR is Stable.

The upgrade reflects the stabilisation in its core retail
business and deleveraging supported by cash inflows from property
development. Fitch expects the deleveraging to continue in the
forecast period to 2021 as free cash flow remains positive.

KEY RATING DRIVERS

Improving Retail Operations: Fitch expects Golden Eagle's revenue
recovery to be sustainable in the near term with same-store sales
(SSS) having bottomed in 2016. SSS growth increased by 3% in 2017
compared with a decline of 4%-6% in 2014-2016. The retail
environment in China has been challenging since 2014 due to
consumers' changing shopping preferences and a lack of
differentiation among department stores but Fitch thinks Golden
Eagle has been able to successfully adapt.

Upgraded Shopping Formats: Fitch expects Golden Eagle's revenue
growth to also be supported by other sources, such as direct
sales, rental income, management-fee income, and auto services,
in addition to the stabilisation of the concessionaire business.
In Fitch's view, these complementary offerings can help Golden
Eagle to better meet customer needs and support traffic growth.
Concessionaire sales as a percentage of gross sale proceeds (not
including sale of properties) have gradually dropped to 83% in
2017 from 91% in 2013.

Stable Profitability: Fitch expects profitability to remain
stable or show a slight improvement in the short term as sales
improve. Golden Eagle has been concentrating on increasing its
operational efficiency and streamlining costs, which would
support its financial profile. Newer stores opened in 2017 could
potentially offset some of the margin improvement but Fitch
expects the impact to be limited and for the company to generate
over CNY2 billion in EBITDA annually for its core retail
operations (excluding sale of properties).

Cash Inflows from Property: Fitch expects cash inflows from
property sales to be supportive of deleveraging if no further
sizeable land acquisitions are made. Payables-adjusted net
leverage jumped to 5.9x at end-2015 (2014: 3.3x) after the
acquisition of Global Era Group, which included a large office
and residential property project in Wuhu, in China's Anhui
province. But leverage has been reduced to 4.0x by end-2017,
supported by cash inflows of CNY0.9 billion from deposits and
prepayments received from the pre-sale of properties in Yangzhou,
Jiangsu province and CNY314 million from sales of the Wuhu
project in 2017.

Positive Free Cash Flow: Fitch expects positive free cash flow to
be sustainable over the next few years. Stable EBITDA
contribution from the core retail business in addition to cash
inflows from property would be more than sufficient to cover its
estimate of CNY1 billion in annual capex, assuming a 50% dividend
payout rate in-line with the historical average. Retail-related
capex is likely to be lower than in previous years as the company
has no new store openings in the pipeline for 2018. Pre-sale
proceeds can also be used for capex on properties under
development.

DERIVATION SUMMARY

Golden Eagle's scale is generally smaller and its financial
profile weaker than investment-grade global peers. Golden Eagle
has a smaller store footprint, higher leverage and lower free
cash flow generation than Dillard's, Inc. (BBB-/Stable), which
justifies the two-notch differential. Golden Eagle has better
diversification in its revenue base and a higher proportion of
self-owned stores, which contribute to the company's better
business profile and financial metrics compared with peers in
China such as Parkson Retail Group Limited (B-/Stable).

No Country Ceiling, parent/subsidiary or operating environment
aspects impact the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Mid-single-digit growth in gross sales proceeds in 2018-2019
moderating to low-single-digit growth in 2020-2021, with mild
growth in concessionaire sales complemented by higher growth in
direct sales, rental and service income (2017: +6% excluding sale
of properties)

  - Mid-single-digit revenue growth in 2018-2019 moderating to
low-single-digit growth in 2020-2021 (2017: +8% excluding sale of
properties)

  - EBITDA margin relative to operating revenue of 42%-43% (2017:
42%) excluding contributions related to property development

  - Capex of CNY1 billion annually (2017: CNY962 million)

  - 50% dividend payout rate annually (2017: 47%)

RATING SENSITIVITIES

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

  - Payables-adjusted FFO net leverage (adjusted for lease,
payables and customer deposits) sustained below 3.0x (2017: 4.0x)

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

  - Payables-adjusted FFO net leverage (adjusted for lease,
payables and customer deposits) sustained above 4.5x

  - EBITDA margin sustained below 40% (2017: 42%)

  - Sustained negative free cash flow

LIQUIDITY

Robust Liquidity: Golden Eagle repaid its CNY4.8 billion
equivalent syndicated loan that matured in April 2018 through a
facility agreement, which has improved its liquidity position and
extended its debt-maturity profile. Golden Eagle had over CNY5
billion of cash and short-term investments in addition to
available unutilised banking facilities of CNY16 billion and no
remaining short-term debt obligations in 2018.


GREENLAND HOLDING: Fitch Affirms BB- IDR; Alter Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Chinese homebuilder Greenland Holding
Group Company Limited's Outlook to Stable from Negative, and has
affirmed its Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB-'. Fitch has also affirmed Greenland's
senior unsecured rating and the ratings of all outstanding bonds
at 'BB-'.

The Outlook has been revised as Greenland has arrested the
increase in leverage, as measured by net debt/adjusted inventory.
Leverage remained high at 66% at end-2017 compared with 68% in
2016. Greenland cut its net debt by CNY17 billion in 2017 with a
similar reduction to its adjusted inventory. The company
registered a large positive cash flow from operations (CFO) of
CNY41.5 billion as it aggressively cut land acquisitions. The
sales collection rate remained at 80% in 2017, compared with
around 60% in 2014 and 2015. Fitch expects Greenland to
deleverage towards 60% and believe the risk of deterioration in
Greenland's financial profile has abated.

The company's high leverage continues to constrain its rating.
Fitch believes Greenland's leverage is unlikely to fall towards
the low 50% level in the next two to three years as it will have
to use 30% of its collected sales proceeds to replenish land to
maintain its business scale. Greenland is rated based on its
standalone credit profile under Fitch's Government-Related
Entities Rating Criteria.

KEY RATING DRIVERS

Leverage Peaked, but Constrains Ratings: Fitch believes
Greenland's leverage will fall towards 60% over the next two
years, a change from its previous expectation that leverage would
stay above 65%. Besides the improving CFO, Fitch expects
Greenland to maintain its EBITDA margin at around 23%, compared
with 20% and below before 2017. The improvement in EBITDA is
helped by its higher recognised average selling price as well as
the lower average cost of its land acquisitions. Average land
cost fell to CNY2,000-3,000 per sq m in 2017 and 1Q18 from
CNY4,000-5,000 in 2015 and 2016.

However, Greenland's leverage remains among the highest for 'BB'
category rated peers. Fitch estimates Greenland's trade payables
for the property segment at over three months of its contracted
sales, which does not offer any mitigation for the high leverage.

Positive CFO to be Maintained: Fitch believes Greenland's CFO
will continue to be positive in 2018, which will aid
deleveraging. The strong CFO in 2017 was driven by its healthy
cash collection rate of 80%, and controlled land acquisitions.
Land acquisitions fell to CNY46 billion, equivalent to 19% of
2017 collected sales of CNY245 billion, from CNY85 billion in
2016. Greenland bought CNY19.3 billion of land in 1Q18, or 33% of
collected sales, but this pace slowed in April and May.
Greenland's cash collection improved to 120% in 1Q18; but Fitch
believes this high rate is unsustainable and was driven by
stronger 4Q17 sales of CNY103 billion versus CNY46 billion in
1Q18.

Benefits of Large Scale: Greenland is one of the top property
developers in China by contracted sales. Its property-development
business is well diversified in over 80 cities in China and
overseas. Despite the Chinese authorities' increasingly strict
measures to curb property prices and restrict residential
property transactions, Greenland's contracted sales rose by 20%
to CNY306 billion in 2017 and the company intends to expand its
contracted sales by 15%-20% in 2018 to CNY352 billion-367
billion.

Diversification Impact Still Weak: The impact of Greenland's non-
property related businesses is still weak; their combined gross
profit contribution was around 10% in 2017 and their EBITDA
contribution was even smaller, in the high single digits. These
businesses do not generate sufficient operating cash to service
Greenland's interest, with the ratio of non-development EBITDA to
interest paid likely to stay between 0.2x and 0.3x in the medium
term.

Revenue in Greenland's construction segment has continued to grow
strongly by 37% in 2017 to CNY102 billion and by 80% in 2016.
However, EBITDA margin has been low at less than 3%, although the
segment has minimal net debt. The EBITDA contribution from this
segment will not be significant until it can improve its low
profitability to that comparable with Chinese construction peers
that have EBITDA margin of more than 4%.

Rated on Standalone Credit Profile: Greenland is assessed to have
a support score of 10 under the new GRE criteria. This scoring
falls into the lowest category under Fitch's notching guidelines
and implies only a standalone rating with no further notching for
support from its parent, the State-owned Assets Supervision and
Administration Commission (SASAC) of Shanghai municipality. The
score reflects Fitch's assessment of the company's status, track
record of support from the parent, the financial implications of
a default as moderate and the socio-political implications of a
default as weak.

DERIVATION SUMMARY

Greenland's rating is supported by its business profile,
including its scale, measured by contracted sales and EBITDA, and
its market position. However, its rating is constrained by higher
leverage than most of the 'BB', 'BB-' and 'B+' rated peers.
Greenland's large-scale peers include China Evergrande Group
(B+/Positive) and Sunac China Holdings Limited (BB-/Negative),
which are similarly aggressive in expanding their scale, and are
among the five largest Chinese homebuilders.

Greenland's leverage is higher than that of Evergrande and Sunac,
which are expected to be below 50%, but Greenland has a large
amount of uncollected sales to mitigate its high leverage. Its
payables for the homebuilding business are also not as large as
those for Evergrande. Greenland, as a government-related entity
and given its strong track record in mixed development projects,
has a stronger position in acquiring land at low costs,
especially for new city districts that local governments are keen
to develop. This factor enhances Greenland's business profile
over that of Evergrande and Sunac.

KEY ASSUMPTIONS

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

  - Gross floor area (GFA) sold to increase by 10% in 2018
    and 2019

  - Land acquisitions by GFA at 1.2x contracted sales GFA

  - Cash collection rate to stay at 70% in 2018 and 2019

  - EBITDA margin for all business segments to remain stable,
    but overall margin to increase because of faster growth
    of higher-margin property revenue

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - Contracted sales/total debt sustained above 1.5x (2017: 1.1x)

  - Evidence of stronger linkage between the government and the
    company, or an increase in incentive for the parent to
    support the company may result in upward notching being
    considered

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

  - Net debt/adjusted inventory sustained above 65%

  - Property EBITDA margin sustained below 18%

  - Contracted sales/total debt sustained below 0.8x

LIQUIDITY

Adequate Liquidity: Greenland has available cash of CNY65 billion
at end-2017, which is not sufficient to cover its short-term debt
of CNY101 billion. However the company has CNY135 billion of
available bank facilities at end-2017 and has the ability to
raise funds through multiple channels domestically. Furthermore,
Fitch expects Greenland to generate positive CFO of CNY31 billion
in 2018, which it can use to meet its operational and financing
needs.

FULL LIST OF RATING ACTIONS

Greenland Holding Group Company Limited

  - Long-Term Foreign-Currency IDR affirmed at 'BB-',
    Outlook revised to Stable

  - Long-Term Local-Currency IDR affirmed at 'BB-', Outlook
    revised to Stable

  - Senior unsecured rating affirmed at 'BB-'

  - USD3 billion medium-term note programme affirmed at 'BB-'

  - USD2 billion medium-term note programme affirmed at 'BB-'

Issued by Greenland Hong Kong Holdings Limited with keepwell from
Greenland Holding Group Company Limited

  - USD450 million 3.875% senior notes due 2019 affirmed at 'BB-'

Issued by Greenland Global Investment Limited and guaranteed by
Greenland Holding Group Company Limited

  - USD400 million 3.75% senior notes due 2019 affirmed at 'BB-'

  - USD300 million 3.5% senior notes due 2019 affirmed at 'BB-'

  - USD600 million 5.875% senior notes due 2024 affirmed at 'BB-'


HNA GROUP: To Get China State Support for Fundraising
-----------------------------------------------------
Bloomberg News reports that China's top leaders have agreed to
help HNA Group Co. raise funds, according to people familiar with
the matter, providing a safety net for a conglomerate that's
staggering under the weight of more than $93 billion in debt.

Officials at the highest levels of government have recently
determined that Hainan-based HNA is currently facing a liquidity
issue and should be helped, according to the people, who asked
not to be named discussing a private matter, Bloomberg relays. On
June 12, a senior official at the People's Bank of China led a
meeting with three regulators, the Hainan provincial government,
HNA Co-Chairman Chen Feng and the group's biggest creditor,
instructing attendees to support HNA's future bond issues, the
people, as cited by Bloomberg, said.

Bloomberg says the move offers much-needed relief for HNA, which
last year couldn't generate enough profits to pay interest
expenses, and signals that the conglomerate is putting its
biggest problems behind it. After years of empire-building, the
company that once symbolized China's insatiable appetite for
global assets has reversed course, selling nearly $15 billion of
buildings and shares this year as borrowing costs surged, the
report states.

Chinese top leaders determined that HNA is unlike Anbang
Insurance Group Co. and Tomorrow Group, the people said,
Bloomberg relays. It wasn't immediately clear how HNA was
different from those groups.

According to Bloomberg, Anbang has been taken over by the
government and its former chairman is serving an 18-year prison
sentence after being convicted of fundraising fraud and
embezzlement. Financier Xiao Jianhua, who led the Tomorrow
Holding Co. empire, was taken away by Chinese authorities in
early 2017, the South China Morning Post reported at the time,
says Bloomberg. The report relates that newspaper subsequently
cited mainland sources as saying that Xiao was helping with
investigations into matters that included "bribery and stock
market manipulation."

As to HNA, the government has instructed it to focus on its main
business of travel, and to stop diversifying through
acquisitions, the people said, Bloomberg relays. While it wasn't
clear how exactly HNA's bond sales will be supported, the most
common ways for banks to help is to buy them or arrange their
sale.

With HNA's creditors, banks will manage their dealings with HNA
at a headquarters level, while state-run China Development Bank
will be in charge of future creditor meetings, according to the
people. That could prevent any lenders or branches from breaking
rank, Bloomberg adds.

Attendees of the PBOC meeting included representatives of the
China Banking and Insurance Regulatory Commission, National
Association of Financial Market Institutional Investors, State
Administration of Foreign Exchange, China Development Bank,
Hainan's provincial government and the HNA Co-chairman, the
people said, Bloomberg relays.

Bloomberg notes that signs of HNA's financial struggles began to
emerge in August, when its interim report showed the conglomerate
paid the highest interest expense among non-financial companies
in Asia. That came after it spent more than $40 billion on a
buying spree that resulted it in becoming the largest shareholder
in companies such as Deutsche Bank AG and Hilton Worldwide
Holdings Inc.

Bloomberg relates that concerns about HNA's financial situation
mounted in the ensuing months amid government scrutiny over the
country's most high-profile acquirers of foreign assets. In
November, HNA sold China's most expensive short-term dollar bond
and a month later China Citic Bank Corp. said a unit of the group
had repayment difficulties, the report says. In January, as the
volume of news about HNA's liquidity issues were peaking, it
suspended six of its listed stocks from trading.

However, the financial concerns have been easing in the last few
months after a flurry of asset sales, including its $6 billion
sale of Hilton Worldwide shares, helping many of HNA's bonds
rebound from record lows, adds Bloomberg.

                             About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


HNA GROUP: To Shut Hong Kong Unit as it Struggles to Repay Debt
---------------------------------------------------------------
Elaine Chan and Zhou Xin at the South China Morning Post report
that HNA Group is closing down a Hong Kong-based unit and merging
its assets into the group's logistics arm as the debt-laden
conglomerate struggles to rapidly restructure and dispose of
assets to repay debts, according to sources.

According to the Post, the company confirmed in a brief statement
that operations at HNA Innovation Finance - set up only in March
2017 at the height of the group's aggressive ambition - will be
"integrated" into HNA Logistics, one of the main units of the
conglomerate, to "concentrate resources and focus on
development".

The Post relates that the company didn't provide additional
specific details, but sources said HNA Innovation Finance was
dismissed and an identified number of employees were laid off.
The unit was launched as a platform for the group to expand its
commodities and logistics businesses, aligning corporate
interests with China's Belt and Road Initiative, which included
taking a stake last year in Glencore's oil product assets, the
Post discloses.

Its unmaking is part of the group's downsizing effort to trim its
debt amid China's crackdown on its global dealmakers' risky
financing, the report says. In addition, with HNA Group's shift
of focus to businesses that toe the government line, the role of
HNA Innovation Finance has become an extra layer of cost and
overlap.

"The purpose of the unit is lost since HNA's priority has changed
from expansion to cutting debt . . . so it is being dismissed,"
the report quotes one of the sources familiar with the matter but
who declined to be named as they are not authorised to speak as
saying.

The Post says that through the HNA Innovation Finance vehicle,
the group bought a 51-per cent stake in Swiss commodities trader
Glencore's oil products storage and logistics assets and
Singaporean warehouse and delivery operator CWT. CWT assets were
added to the Hong Kong-listed company renamed CWT International,
a deal that received plaudits from Chinese state mouthpiece
media. The Glencore acquisition made last December as an HNA
Innovation Finance deal is now described as one by the group, the
Post add citing a timeline on the HNA website.

"HNA has been furiously selling assets and raising capital as it
takes a leading role in China's 'great unwinding'," the Post
quotes Brock Silvers, managing director of Kaiyuan Capital, as
saying.  "All we can say with certainty is that a slimmer HNA,
more in line with Beijing's dictates, will soon emerge."

HNA has been scurrying to sell trophy assets bought in its US$40
billion buying spree over the past few years, acquisitions that
invited the wrath of Chinese regulators as they were backed by
risky financing through interlinking debt that involved mainland
financial institutions, according to the Post. The shopping came
to a hard stop a year ago as mainland regulators began to
scrutinise and order HNA and other once acquisitive conglomerates
Anbang Group and Dalian Wanda Group to unwind their highly
leveraged positions, the report says.

In the past few months, HNA has executed a series of major
disposals, with the latest being a 25 per cent stake in Spain's
NH Hotel Group for US$726 million and an office tower in
Minneapolis in Minnesota for US$320 million. Disposals in the
first half of the year - including a stake in Hilton Worldwide
Holdings - have totalled about 100 billion yuan (US$15.6
billion), which is more than a third of what it had spent, the
Post discloses.

HNA's retreat and efforts to get back into Beijing's good books
could not have been more timely, the Post notes. Beijing
announced it will set up an international free-trade zone and
port in the group's home base Hainan province in April at the
Boao Forum.

At the forum, the group signed a framework agreement with
Singapore's state investment company Temasek Holdings to explore
opportunities in aviation and logistics and airport
infrastructure. Last week (June 8), HNA-controlled Hainan
Airlines said it would sell up to 20 per cent of its Shanghai-
listed shares to Temasek's fund management arm Temasek Fullerton
Alpha and nine other investors, the Post recalls.

The report relates that the sale will raise over CNY7 billion to
fund its acquisitions of aircraft and aviation support assets, as
well as expand its network.

Since the agreement with Temasek, reports have been rife that
Temasek is mulling investments in HNA-owned Swissport Group and
Gategroup Holding AG, adds the Post.

                             About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


HONGHUA GROUP: Fitch Hikes LT IDR to 'B-', Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded Chinese land drilling rigs
manufacturer Honghua Group Limited's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'B-' from 'CCC'. The Rating
Outlook is Stable. Honghua's senior unsecured rating and rating
on the USD200 million 7.45% senior unsecured notes due 2019 have
also been upgraded to 'B-' from 'CCC'; the Recovery Rating
remains at 'RR4'.

The upgrade resolves the Rating Watch Positive on the ratings,
which was in place since December 18, 2017. The upgrade reflects
Honghua's improved business performance and Fitch's expectation
that Honghua's revenue and profitability will continue to recover
amid rebound in oil prices. Honghua's rating is also supported by
the improved liquidity and funding access after China Aerospace
Science and Industry Corporation (CASIC) became the company's
largest shareholder.

KEY RATING DRIVERS

Business Performance Improved:  Revenue remained subdued and fell
by 1% in 2017, but this was an improvement from the 44% decline
in 2016. Operating margins of all of segments except the offshore
business improved in 2017 compared with six and 12 months ago. As
a result, the EBITDA loss narrowed to CNY156 million in 2017 from
CNY287 million in 2016, and the company was close to break even
in 2H17. Fitch expects Honghua to post positive EBITDA in 2018
due to the recovery in crude oil prices.

Asset Disposal in Process: Honghua announced a plan to dispose of
its unprofitable offshore segment at end-2017. Fitch believes the
disposal will help to improve Hongua's operating margins and
avoid further capital expenditure associated with its LNG and
other offshore projects. The disposal may also bring in around
CNY1.7 billion in cash and greatly improve Honghua's liquidity
and financial position. The timing of the transaction remains
uncertain, though the company expects it to close within 2018.
Fitch has not yet included this disposal in its base case
assumptions.

Brighter Business Outlook: Honghua's order backlog has increased
substantially amid recovery in crude oil prices. As of March
2018, Honghua had a land drilling rig and related product backlog
of around CNY6.02 billion, up 48% yoy, which was driven by a 262%
yoy surge in land drilling rig orders. The oil and gas
engineering services backlog was CNY687 million, up 508% yoy. The
total order backlog, excluding the to-be-disposed offshore
segment, rose 60% yoy to CNY6.7 billion, equivalent to around 3x
2017 revenue. Given the strong order backlog and recovery in the
oil and gas market, Fitch believes Honghua's business outlook has
turned more positive than 12 months ago.

CASIC's Support:  CASIC became the largest shareholder of Honghua
after an equity placement in 1H17, which improved Honghua's
funding access due to CASIC's state-owned enterprise status and
ample financial resources. In 2017, Honghua obtained a CNY480
million three-year loan from Aerospace Science & Industry Finance
Corp, a subsidiary of CASIC, at a low interest rate of 4.8%.

Fitch does not link Honghua's ratings to CASIC under its Parent
and Subsidiary Rating Linkage criteria because CASIC does not
have control over Honghua's board. In addition, Fitch believes
CASIC's direct and tangible support to Honghua's business remains
limited at the moment. Fitch may review Honghua's ratings if
there is evidence of stronger legal, operational and strategic
ties between Honghua and CASIC.

Partial Redemption of USD Notes: Honghua redeemed USD77 million
of its USD200 million 7.45% senior notes due 2019 in January
2018. The company intends to redeem the remaining USD123 million
of notes ahead of maturity and borrow more in Chinese yuan from
financial institutions and its shareholder CASIC, which can offer
loans at a much lower interest rates (4%-5%).

Recovery Rating on Notes: The 'RR4' Recovery Rating is based on
Honghua's liquidation value, as the company continued to post an
EBITDA loss in 2017. Fitch has assumed a 10% administrative
claim, 50% recovery rate for inventory, 50% recovery rate for
account receivables and 50% recovery rate on net property, plant
and equipment. The Recovery Rating is capped at 'RR4' according
to Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, as Honghua is based in China.

DERIVATION SUMMARY

Honghua's 'B-' rating reflects Fitch's expectation that Honghua's
revenue and profitability will continue to recover as crude oil
prices rebound, which in turn should improve its financial
metrics. Fitch also considers CASIC's shareholding position in
Honghua as supportive to its credit profile. Honghua's financial
profile is weaker than that of China-based capital goods
manufacturer Zoomlion Heavy Industry Science and Technology Co.
Ltd (B-/Stable) and oilfield services provider Anton Oilfield
Services Group (B-/Stable), but Fitch believes Honghua's rating
parity with the two is justified by its improving liquidity and
financial access with CASIC as a major shareholder. Honghua's
disposal of its offshore segment may also help to improve its
liquidity and leverage position.

KEY ASSUMPTIONS

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

  - Revenue growth of 67% in 2018

  - Annual capex of CNY200 million in 2018-2021

  - EBITDA margin of 8.9% in 2018

  - No asset disposal in 2018

  - No dividend payout in 2018

RATING SENSITIVITIES

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

  - Evidence of stronger legal, operational and strategic
    linkages with CASIC.

   - FFO adjusted net leverage sustained below 4.5x (end-2017:
     negative due to negative FFO).

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

  - Failure to generate meaningful EBITDA on a sustained basis.

  - FFO fixed charge coverage sustained below 1.2x (end-2017:
    negative due to negative FFO).

  - Significant weakening of liquidity.

LIQUIDITY

Adequate Liquidity: In 1H17, Honghua completed an equity
placement, which improved its short-term liquidity. Its net debt
dropped to CNY2.2 billion by end-2017 from CNY3.4 billion at end-
2016, while cash in hand increased to CNY1.1 billion from CNY0.9
billion. At end-2017, Honghua also had around CNY5.4 billion of
undrawn borrowing facilities available. Fitch believes that
Honghua's financing ability has improved with CASIC's
shareholding.

FULL LIST OF RATING ACTIONS

Honghua Group Limited

  - Long-Term Foreign-Currency IDR upgraded to 'B-' from 'CCC';
    Outlook Stable, Off Rating Watch Positive

  - Senior unsecured rating upgraded to 'B-' from 'CCC', Recovery
    Rating of 'RR4', Off Rating Watch Positive

  - USD200 million senior notes due 2019 upgraded to 'B-' from
    'CCC', Recovery Rating of 'RR4', Off Rating Watch Positive


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

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

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

"We also assigned a recovery rating of '4' to indicate our
assessment of recovery (30%-50%) in the event of a payment
default.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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


CMYK PRINTECH: CRISIL Assigns B+ Rating to INR9MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of CMYK Printech Limited (CMYK).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           9        CRISIL B+/Stable (Assigned)

The rating reflects modest and working capital intensive nature
of operations along with weak financial risk profile. These
rating weaknesses are partially offset by promoter's extensive
experience in the newspaper publishing industry along with their
funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Evident by the revenue of INR43
crore during fiscal 2018, the scale will remain modest, thereby,
restricting cost efficiencies.

* Large working capital requirements: With gross current asset of
115 days as at Mar 31, 2018, the operations will remain working
capital intensive. The same is driven by elongated receivable
cycle, as majority of the advertisement revenue is derived from
government agencies which leads to delayed collection.

* Weak financial risk profile: Owing to low networth of INR15
crore as at Mar 31, 2018, the gearing and total outside
liabilities to tangible networth ratio remained moderate at 0.9
time and 1.3 times respectively, as on mentioned date. However,
with subsequent decline in networth over the medium term (due to
loss making investments being adjusted), the ratios will turn
weak.

Strengths

* Promoter's extensive experience in the publishing industry: The
promoter Mr. Chandan Mitra has over 30 years of experience in the
print media industry with around 25 years particularly in the
newspaper industry through industry major's such as Times of
India and Hindustan Times. Benefits from the same will continue
to support the business risk profile of CMYK over the medium
term.

* Promoters funding support: Need and time based financial
support from promoter will continue to aid the liquidity over the
medium term. Unsecured loans estimated as at March 31, 2018 was
INR2.4 crores.

Outlook: Stable

CRISIL believes CMYK will continue to benefit from its promoter's
extensive experience in the newspaper and magazine publishing
industry. The outlook may be revised to 'Positive' if there is a
substantial improvement in scale and profitability leading to
higher-than-expected net cash accrual, along with efficient
working capital management. The outlook may be revised to
'Negative' if slow-down in top-line or more than expected stretch
in working capital requirements or any debt funded capex further
deteriorates the financial risk profile.

CMYK incorporated in 1986 operates as a publishing company. It
publishes an English daily (The Pioneer), Hindi Daily (Pioneer
Hindi), Magazine (The Dialogue) that is circulated on Delhi
Airport, and a life style magazine (Exotica) that is distributed
in hotel chains across India. The company is promoted by Mr
Chandan Mitra and is based in New Delhi, India.


DGN FASER: CARE Migrates B- Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of DGN
Faser Private Limited (DFPL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      4.56      CARE B-; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

   Long-term/Short-    0.70      CARE B-/CARE A4; Issuer not
   Term Bank                     cooperating; Based on best
   Facilities                    available Information

   Short-term Bank     0.20      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DFPL to monitor the
ratings vide e-mail communications/letters dated May 20, 2018,
May 23, 2018, May 24, 2018, May 25, 2018 and numerous phone
calls. However, despite our 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 DGN Faser Private
Limited's bank facilities will now be denoted as CARE B-/CARE A4;
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 ratings take into account its small scale of operations and
its weak financial risk profile marked by leveraged capital
structure, weak debt coverage indicators and weak liquidity
position. The ratings further remains constrained on account of
its presence in a fragmented and competitive refractory industry
and susceptibility of operating margins to volatility in power
and fuel as well as raw material costs. The ratings, however,
derives comfort from the well-qualified and experienced promoters
in the same line of business.

Detailed description of the key rating drivers

At the time of last rating on March 24, 2017 the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies):

Key Rating Weaknesses

Small scale of operations with net losses along with leveraged
capital structure, weak debt coverage indicators and weak
liquidity position: The Total Operating Income (TOI) stood low at
INR6.78 crore in FY17 as against INR4.81 crore in FY16 (refers to
the period April 1 to March 31), while it has reported profit of
INR0.15 crore in FY17 after consecutive losses in FY16 and FY15.
The capital structure as marked by an overall gearing ratio
though improved marginally continued to remain leveraged at 4.81
times as on March 31, 2017. The debt coverage indicators also
continued to remain weak as on March 31, 2017. The operations of
DFPL remained working capital intensive in nature as marked by an
elongated operating cycle of 175 days in FY17.

Presence in fragmented and competitive industry with
susceptibility of operating margins to volatility in power and
fuel as well as raw material costs: The refractory industry is
characterized by large number of organized and unorganized
players leading to intense competition. Also, the operating
margins are susceptible to volatility in raw material prices i.e.
alumina, zirconia and silica as well as power and fuel i.e.
Liquefied Natural Gas (LNG) costs.

Key Rating Strengths

Well qualified and experienced promoters: The key promoter Mr.
Bharat Chauhan, has an experience of more than 3 decades in the
industry of manufacturing refractory ceramic fibers, while the
key promoters are well-qualified from reputed institutes.

Surendranagar-based(Gujarat) DFPL was incorporated in 2011 for
manufacturing and supplying ceramic fiber and its allied products
which is primarily composed of alumina, silica and zirconia
characterized by high refractory fibers. DFPL commenced its
manufacturing operations from January 2014 onwards with an
installed capacity of 2,500 metric tons per annum (MTPA). The
products of DFPL are used as heat insulation products for energy
conservation and also used for fire proofing applications which
finds a wide application in various industries like ceramic,
refineries, fertilizers, glass, thermal power, petrochemicals,
cement and other heavy industries where heat insulation is
required. DFPL caters to the domestic market under the brand
'DMat' for ceramic fiber blankets, 'DMass' for fiber bulk,
'DSlat' for ceramic fiber board and 'DPap' for its fiber paper.


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

The instrument-wise rating actions is:

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

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
June 1, 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 1994, Di-aN-aRe Exports is engaged in the import,
export and manufacture of diamonds.


DIWANKA ENERGY: CRISIL Lowers Rating on INR7MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Diwanka Energy Private Limited (DEPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' and reaffirmed its short term rating at
'CRISIL A4.'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit      1.5      CRISIL A4 (Reaffirmed)

The ratings reflect the below-average financial risk profile,
marked by a small networth, high gearing and weak debt protection
metrics, and exposure to intense competition in the steel
industry, and cyclicality in demand from end-user industries.
These rating weaknesses are partially offset by the extensive
experience of the promoters and established customer
relationships.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR15 crore extended by the promoter, as neither debt nor
equity because these loans are likely to be retained in business
in the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average debt protection metrics: Debt protection metrics
are below-average, with interest coverage and net cash accrual to
total debt ratios expected to be 0.05 times and 0.57 time,
respectively, in fiscal 2018, mainly led by higher reliance on
working capital debt.

Strengths:

* Extensive experience of the promoters and established customer
relationship: Benefits from the two decade-long presence of the
promoter, Mr Priyank Diwanka, in the steel trading business, and
his experience in manufacturing of ingots, billets, and thermo-
mechanically treated (TMT) bars through other entities, will
continue. Due to its wide product profile, company had been able
to establish a diversified network of customers consisting of
brokers, dealers and traders. The diversified customer base also
helps mitigate the cyclical risk of various industries to an
extent.

Outlook: Stable

CRISIL believes DEPL will continue to benefit from the extensive
experience of its promoter, and the established customer
relationships. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability, leads to higher
cash accrual and moderate liquidity. The outlook may be revised
to 'Negative' if decline in profitability or revenue, or stretch
in the working capital cycle results in lower-than-expected cash
accrual, thus constraining the financial risk profile.

Incorporated in 2009, DEPL trades in a variety of steel products,
including hot- and cold-rolled coils and plates, angles,
channels, sponge iron, and TMT bars. The Nagpur-based company has
also started manufacturing billets, strips and pipes since July
2015, and has total capacity of 75,000 tonne per annum.
Operations are managed by Mr Priyank Diwanka.

For fiscal 2016, DEPL reported a net loss of INR2.4 crore on an
operating income of INR113.2 crore as against a PAT of INR1.8
crore on an operating income of INR118 crore the previous fiscal.


ELITE INFRA: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Elite
Infra Projects Private Limited (EIPPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

   Short-term Bank      6.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Elite Infra Projects
Private Limited to monitor the rating vide e-mail
communications/letters dated April 25, 2018, May 21, 2018,
May 23, 2018 and numerous phone calls. However, despite our
repeated requests, the company 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. In line with the extant SEBI
guidelines CARE's rating on Elite Infra Projects Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 29, 2016 the following were
the rating strengths and weaknesses:

Key rating Weaknesses

Delay in debt servicing: The company has delays in servicing of
debt obligations owing to the stretched liquidity position of the
company.

Short track record of the company: EIPPL was incorporated in
January 2009 and executed around eight contracts completely till
February 2014, amounting to around INR165.62 crores. The works
executed majorly include road works, irrigation works and other
civil construction works. Furthermore, its scale of operations
are small as compared with other industry peers marked by total
operating income of INR49.15 crore during FY13 and low net-worth
base of INR6.98 crore as on March 31, 2013.

Moderate capital structure with elongated working capital cycle:
EIPPL has a moderate capital structure marked by moderately high
overall gearing of 1.75 times as on March 31, 2013, on account of
high working capital borrowings and increased term loans during
FY12 and FY13 for the purchase of additional equipment. The total
debt/GCA also stood moderately high at 5.87 times in FY13 on
account of high level of debt of the company and moderate cash
accruals. The company's working capital cycle stood high and
increased from 77 days in FY12 to 120 days in FY13 due to the
increased level of inventory holding days from 33 days in FY12 to
around 60 days in FY13 coupled with higher collection days of 88
days in FY13; the increased inventory level was due to the higher
amount of work in progress as on year ending date.

Key Rating Strengths

Qualified and experienced promoters of the company: The company
is promoted and managed by Mr. B Narsimha Reddy and Mr. B Nagi
Reddy, who are the directors of the company. Mr. B Nagi Reddy a
graduate and Mr. B Narsimha Reddy an MBA graduate has around
thirteen years of experience in handling the company's
activities. Over the years, the promoters of the company have
been able to establish strong relationship with its customers.

Significant growth in total operating income during the last
three years ended FY13: The total operating income of the company
has registered a Compounded Annual Growth Rate (CAGR) of 90.10%
during the periods FY11-FY13 (from INR13.60 crore in FY11 to
INR49.15 crore in FY13), backed by increased order book and
execution of contracts in hand. Furthermore, the company has
achieved a total operating income of INR60.30 crore during
11MFY14.

Healthy albeit concentrated order book position: EIPPL has a
healthy order book position with orders in hand aggregating
INR172.46 crore as on March 15, 2014, to be executed majorly
before March 2016, thus providing long term revenue visibility to
the company. However, EIPPL is exposed to client concentration
risk as the current order book is from three customers, namely,
Odisha Construction Corporation Limited, Concast Infratech
Limited and Back Bone Construction Pvt Ltd. Also, around 68% of
the order book is from a single customer, Back Bone Construction
Pvt Ltd. Such concentrated order book would impact the company's
business turnover/cash flow position significantly in case of any
slowdown in the project execution or weakening of credit profile
of the contractors.

EIPPL was incorporated in the year 2009 by Mr. B Narsimha Reddy
and Mr. B Nagi Reddy. The company is engaged in the execution of
civil construction works such as laying of roads, canal
irrigation works and other civil works for both government and
private organisations. EIPPL mainly undertakes projects for
government and private organisations.


FLAVOUR GRANITO: CRISIL Migrates B+ Rating From Not Cooperating
---------------------------------------------------------------
CRISIL is migrating the ratings of Flavour Granito LLP (FGL) from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee      3.2       CRISIL A4 (Migrated from
                                 'CRISIL A4' Issuer Not
                                 Cooperating)

   Cash Credit        10.0       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable' Issuer Not
                                 Cooperating)

   Term Loan          25.5       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable' Issuer Not
                                 Cooperating)

Due to inadequate information and in line with SEBI guidelines,
CRISIL had migrated its rating on the long-term bank facilities
of FGL to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the company's management has started sharing information
necessary for a comprehensive review of the rating. Consequently,
CRISIL is migrating the ratings from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

The rating continues to reflect working capital intensive
operation, stretched liquidity and, exposure to volatility in raw
material price. These risk are partly offset by moderate capital
structure and debt protection measures and the extensive industry
experience.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: FGL operations are
working-capital-intensive, marked by gross current assets of
about 180 days through 2017-18 on account of moderate inventory
and book debts. With increase in scale of operations, FGL's
incremental working requirements are expected to increase
dependence on bank borrowings.

* Exposure to volatility in raw material and fuel prices
Operations are susceptible to fluctuation in raw material and
fuel prices as competition limits the company's ability to pass
on immediate increase in input costs

* Stretched liquidity: Liquidity is stretched on account of
working capital intensive operations resulting in high bank limit
utilization up to 93%. Liquidity is likely to remain constrained
owing to incremental working capital requirements and term debt
obligations

Strengths

* Extensive experience of partners and their funding support:
Longstanding presence of over 15 years in the ceramic industry
through a group firm, has enabled the partners to build strong
relationships with customers and suppliers. They have extended
funding support in the past, and will continue to infuse funds,
as and when required.

* Moderate capital structure and debt protection measures: The
firm had net worth of INR 18.35 Cr and gearing of 1.92 times as
on March 31, 2018. Its debt protection measures were moderate
with interest coverage of 2.73 times and NCATD of 0.15 times for
fiscal 2018.

Outlook: Stable

CRISIL believes FGL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability and improved
liquidity profile. The outlook may be revised to 'Negative' if
decline in profitability, low cash accruals, stretch in working
capital cycle, or any large, debt-funded capital expenditure
weakens liquidity.

FGL is a Morbi, Gujarat based firm which was formed in April
2016. The firm is manufacturing vitrified tiles with a capacity
of 90,000 MT per annum.


GARG RICE: CRISIL Assigns 'B' Rating to INR4.80MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of Garg Rice Industry (GARIIN).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Proposed Cash
   Credit Limit        2.95       CRISIL B/Stable (Assigned)

   Cash Credit         4.80       CRISIL B/Stable (Assigned)

   Long Term Loan      2.25       CRISIL B/Stable (Assigned)

The rating reflects the firm weak financial risk profile and its
modest scale of operations in intensely competitive industry.
These weaknesses are partially offset by the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The firm's financial risk
profile is weak as reflected in estimated high gearing of 14
times and low net worth of INR1 cr as respectively as on March
31, 2018. Due to high reliance on external debt to fund its
incremental working capital requirements .CRISIL believes that
the financial risk profile of the firm is expected to weak going
ahead as well.

* Modest scale of operations in highly fragmented and competitive
rice milling industry: GARIIN's scale of operations through
improved continues to remain Modest at INR17.1 cr in fiscal 2018.
CRISIL believes that GARIIN will remain a small player in the
industry over the medium term, and will be able to scale up
operations only gradually because of the intense competition in
the industry.

* Susceptibility of operating performance to adverse regulatory
changes and fluctuations in raw material prices: The domestic
rice industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism. Paddy
accounts for around 90 per cent of the cost of producing rice.
Rice is procured by the government through statutory levy on rice
millers. Additionally, in response to the domestic market
conditions, the government periodically imposes restrictions on
rice exports. CRISIL believes that GARIIN's profitability will
remain susceptible to adverse government regulations and
volatility in raw material prices over the medium term.

Strengths

* Extensive experience of promoters: GARIIN engaged in milling
and processing of paddy into rice. The extensive experience of
the promoters has led to a strong relationship with customers and
suppliers and understands market dynamics. CRISIL believes that
GARIIN will continue to benefit from the promoter's extensive
industry experience and established customer as well as supplier
relationship.

Outlook: Stable

CRISIL believes that GARIIN will maintain its business risk
profile over the medium term on the back of the resourceful
industry experience of its management. The outlook may be revised
to 'Positive' if the firm's revenues and profitability increase
substantially leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes aggressive, debt-funded expansions, or if its
revenues and profitability declines substantially leading to
deterioration in its financial risk profile.

GARIIN was set up as a proprietorship firm in 2017, by Mr.
Subhash Gupta. The firm is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. It has an
installed paddy milling capacity of 30 tonnes per day. The rice
mill is located at Karnal(Haryana).


GOEL ROADWAYS: CARE Reaffirms B+ Rating on INR6cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Goel Roadways (GRW), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GRW continues to
remain constrained on account of decline in scale of operations
with fluctuating profitability, moderate debt coverage indicators
and weak liquidity position. The rating is, further continue to
remain constrained on account of highly competitive nature of
transportation and logistics business with presence of large
number of small players and constitution as a proprietorship
concern. The rating, however, continues to derive strength from
experienced promoter's and comfortable capital structure. The
ability of the firm to increase its scale of operations in a
highly competitive industry with efficient management of working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Decline in Total Operating Income (TOI) during FY18: During FY18,
TOI of GRW has declined by 35.47% and stood at INR38.47 crore as
against INR59.62 crore during FY17. GRW collects limestone from
mines and deliver to the plant of Prism Cement Limited (PCL)
situated at Satna, Madhya Pradesh on a contractual basis. GRW
also provides transportation and renting of equipment services to
PCL through its 6 offices located at various districts of Madhya
Pradesh and Uttar Pradesh. It generates around 50% of its revenue
from PCL and balance through providing transport services to
customers.

Fluctuating profitability: The profit margins of GRW have
remained fluctuating during last four financial years ended FY18
on account of fluctuations in operating expenses such as fuel
cost, freight expenses, repairs and maintenance of vehicles.
During FY18, PBILDT margin declined marginally and stood at
12.73% as against 12.90% during FY17 due to increase in freight
expense. Further, owing to lower scale of economies PAT margin of
the company declined by 232 bps and remained at 1.06%.

Moderate debt coverage indicators: With gradual repayment of term
loans taken for vehicles, total debt level also declined and
stood at INR13.43 crore as on March 31, 2018. However, owing to
lower scale of economies, GCA level of the company declined
resulted in
deterioration in Total Debt to GCA from 2.94 times as on March
31, 2017 to 4.81 times as on March 31, 2018.

Moderate liquidity position: The liquidity position remained
moderate marked by low current ratio of 1.08 times and quick
ratio of 1.06 times as on March 31, 2018 (1.14 times and 1.13
times as on March 31, 2017) on account of high scheduled
repayment of term loans due within one year. The working capital
limits remain fully utilized during past 12 months ended April
2018. Due to its
presence in highly fragmented and competitive transportation
industry and long standing association with its sole client
i.e. PCL, it has to extend credit period of around 120-125 days
which results into high collection period and accordingly delay
in payment to suppliers. However, GRW infuses additional funds by
way of unsecured loans as and when required to meet its working
capital requirement.

Highly competitive nature of transportation and logistics
business with presence of large number of small players and
proprietorship nature of constitution: Transportation and
logistics business is a highly competitive business on account of
high degree of fragmentation in the industry with presence of a
large number of small players having limited fleet size, both in
organized and unorganized sectors. Also, being a proprietorship
firm, it is exposed to the risk of withdrawal of capital by
partners due to personal exigencies.

Key Rating Strengths

Experienced proprietor: GRW is promoted by Mr. Motilal Goel who
has an experience of more than three decades in transportation
and mining business. He is also supported by his wife Mrs Rajbala
Goel and his son Mr. Sunny Goel.

Comfortable capital structure: The company has moderate net-worth
of INR 16.71 crore. The capital structure of GRW improved
marginally and remained comfortable at 0.80 times as on March 31,
2018 as against 0.94 times as on March 31, 2017 after
consideration of unsecured loans INR9.38 crore as quasi equity.

Incorporated in 1993, GRW is a part of 'Goel Group' based out at
Satna, Madhya Pradesh. GRW is a proprietorship concern and
promoted by the Mr. Motilal Goel. GRW extracts limestone from
mines and deliver the same to the plant of Prism Cement Limited
(PCL) situated at Satna (M.P.) on a contractual basis and also
provides transportation services for delivering goods from plant
of PCL to various districts of Madhya Pradesh and Uttar Pradesh.
GRW has fleet size of 103 trucks as on March 31, 2018.


GREENPEACE SUSTAINABLE: CRISIL Assigns B+ Rating to INR12MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Greenpeace Sustainable Foods Private
Limited (GSFPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       12       CRISIL B+/Stable (Assigned)

The rating reflects exposure to timely stabilisation and
commensurate ramp-up in sales amid intense competition in the
industry and susceptibility of margins and accruals to volatility
in fish availability. These rating weakness are partially offset
by the experience of the promoters in seafood industry and
strategic location of facility ensuring ample availability of
shrimps.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to stabilisation and off take risks: There is intense
competition in seafood-processing industry, marked by the
presence of several small players operating in India's coastal
areas and competition from neighboring countries. Hence,
stabilisation and commensurate ramp-up in revenues during the
initial phase of operations will remain critical, and will be
monitored closely.

* Susceptibility of margins and accruals to volatility in fish
availability: The supply is also exposed to the risk of changes
in climatic and aquatic conditions, which alters the breeding
seasons and affects the populations of the marine species. Any
decline in availability of fish can impact the revenues and the
profitability of the players like GSFPL.

Strengths:

* Promoter' extensive experience: Promoters' experience of 7
years have established healthy relation with customers and
suppliers, and will help the company to scale up operations.

* Strategic location ensuring availability of shrimps: GSFPL is
located near coasts of Nellore, Andhra Pradesh. Hence it is
expected derive significant benefits such as easy access to raw
shrimps as around 80 per cent of total shrimps exported from
India are from this region.

Outlook: Stable

CRISIL believes GSFPL would benefit over the medium term from
promoter' extensive experience in frozen seafood business. The
outlook may be revised to 'Positive' if higher than expected
revenues and profitability, leads to better financial risk
profile. The outlook may be revised to negative if lower than
expected accruals or stretch in working capital cycle, leads to
deterioration in financial risk profile.

Incorporated in 2018, in Nellore, Andhra Pradesh, by Mr Ziyaullah
Shaikh and Mrs Vijayalakshmi, GSFPL will trade marine products
(mainly shrimps). It will start its commercial operations in
June, 2018.


JYOTI PROCESSORS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jyoti Processors
Private Limited's (JPPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR105 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR1.64 mil. Term loan due on March 2018 withdrawn (repaid in
    full) and the rating are withdrawn.

KEY RATING DRIVERS

The affirmation reflects JPPL's continued weak revenue and
margins due to a small scale of operations. Revenue fell in FY17
to INR430 million (FY16: INR644 million) due to a decline in the
receipt of orders because of GST implementation and
demonetization. However, the EBITDA margin improved to 4.5% in
FY17 (FY16: 3.1%) due to a decline in the price of raw materials.
According to FY18 provisional financials, the revenue earned by
the company was INR434.40 million and margins are likely to have
remained stable.

The ratings, however, continue to be supported by JPPL's
comfortable credit metrics, due to low debt levels. Interest
coverage was stable at 5.1x in FY17 (FY16: 5.1x) and the leverage
(adjusted net debt/operating EBITDAR) improved substantially to
0.9x (3.1x) due to debt repayments. The interest coverage did not
improve, despite debt repayments, because of high interest costs
due to increased utilization of the working capital.

The ratings are also supported by JPPL's comfortable liquidity as
reflected by its 52.63% average use of the working capital limits
over the 12 months ended May 2018 and over two decades of
experience of JPPL's founders in manufacturing Bengali cotton
sarees.

RATING SENSITIVITIES

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

Positive: An improvement in the revenue and overall credit
metrics on a sustained basis could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2005, JPPL manufactures Bengali cotton sarees for
the West Bengal market. It has a facility in Ahmedabad, Gujarat.


JYOTI STRUCTURES: IndusInd Bank, DBS Bank Oppose Resolution Plan
----------------------------------------------------------------
Business Standard reports that legal representatives appearing on
behalf of IndusInd Bank and DBS Bank have filed applications with
the National Company Law Tribunal (NCLT) in Mumbai, opposing the
current resolution plan of Jyoti Structures.

The Standard relates that the legal representatives stated that
improper procedures were followed during the voting on the
resolution plan. A group of high net-worth investors led by
Sharad Sanghi, chief of Netmagic Solutions, are the only party
interested in acquiring Jyoti Structures, the report says.

According to the Standard, lenders will receive INR30 billion
over a period of 15 years, as per the existing resolution plan
placed by the group of investors, while they infuse around INR1.5
billion to INR1.70 of equity capital.

Counsel appearing for DBS Bank told the NCLT bench of Justice BSV
Prakash Kumar and Justice Duraiswamy that the bank, as the first-
charge holder, dissented against the existing resolution plan,
the report relates.

Further, they stated that some financial creditors initially had
either voted against the plan or abstained from voting, but as
the deadline for the Corporate Insolvency Resolution Process (2
April 2018) was approaching, these lenders changed their vote,
according to the Standard.

The Standard notes that in a previous hearing Vandana Garg,
Resolution Professional for Jyoti Structures, had informed the
NCLT that 81 per cent of the Committee of Creditors had approved
of the plan.

The investor group led by Sanghi also includes private equity
executive Manish Kejriwal and Manipal Group's Ranjan Pai, the
report discloses. According to the resolution plan they have also
sought fresh working capital loans worth INR2.5 billion, while
bank guarantees totalling INR10 billion would be extended for the
company, once the acquisition is complete, the Standard adds.

The NCLT will hear the pleas from the lenders on July 20, the
Standard reports.

Jyoti Structures Limited operates as an engineering, procurement,
tower testing, manufacturing, and construction company in the
transmission lines, substations, and distribution sectors in
India and internationally.

Jyoti was referred to the NCLT for proceedings under the
Insolvency and Bankruptcy Code (IBC) in June 2017.

The company owes lenders around INR70 billion, and was part of
the Reserve Bank of India's first list of stressed companies to
be taken for insolvency proceedings.


KAILASHDARSHAN TILES: CARE Assigns B+ Rating to INR9.50cr Loan
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Kailashdarshan Tiles LLP (KDT) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities            9.50       CARE B+; Stable Assigned

   Short Term Bank
   Facilities            1.21       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KDT is constrained
on account of its nascent stage of operations along with
stabilization risk associated with recently completed green field
project. The ratings are also constrained on account of its
presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector along with
susceptibility of operating margins to volatility in raw material
and fuel costs.  The ratings, however, derive strength from
experienced partners and locational advantage in form of easy
access to raw material, fuel and labour.

KDT's ability to stabilize its operations on the back of recently
completed project and achieving envisaged level of sales and
profitability are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operation albeit stabilization risk still
persists: KDT completed its green field project at a total cost
of INR14.08 crore, funded through debt/equity mix of 1.78 times
and
commenced commercial operations from April 2018 onwards. However,
KDT remains exposed to post implementation risk in the form of
stabilization of operations in terms of achieving envisaged level
of sales and profitability. KDT has achieved total operating
income (TOI) of INR0.60 crore till May 24, 2018.

Presence in a highly competitive ceramic industry and fortune
linked to demand from cyclical real estate sector: KDT operates
in a highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. This situation increases the
level of competition which is expected to put pressure on
profitability of the manufacturers. Further, most of the demand
for the tiles comes from the real estate industry, which, in
India is highly fragmented and cyclical. The real estate industry
is also highly sensitive to the interest rates and liquidity
position in market. Thus any negative impact on real estate
industry will adversely affect the prospects of ceramic tiles
industry as well as the firm.

Susceptibility of operating margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay is market driven
and puts pressure on the margins of tile manufacturers in case of
volatility into the same. Another major cost component is fuel
expenses in the gas form which is to fire the furnace. The
profitability of KDT remains exposed to volatile LNG prices,
mainly on account of its linkages with the international
demand-supply of natural gas. Hence any adverse movement in
material and fuel prices impacts profitability of the firm.

Key Rating Strengths

Experienced partners: KDP is currently managed by four key
partners namely Mr. Shailesh Kundariya, Mr. Bhavikkumar Gopani,
Mr. Bhaveshkumar Kalariya and Mr. Bhavdipkumar Rupala. All the
partners of KDT hold an average experience of four years in
similar line of business activities.

Location advantage: KDP is located in Morbi, a ceramic cluster,
which provides the firm with easy access to raw materials,
primary fuel and all other utilities. Further, the cluster is
well connected by a good road network which provides logistical
benefits as well.

Morbi (Gujarat) based KDT was established in April, 2017 as a
limited liability partnership firm by Mr. Shailesh Kundariya, Mr.
Bhavikkumar Gopani, Mr. Bhaveshkumar Kalariya, Mr. Bhavdeepkumar
Rupala and other twelve partners. KDT has recently completed its
green field project for manufacturing Ceramic wall Tiles having
total cost of INR14.08 crore. KDT has commenced commercial
operations from April 2018. KDT is operating from its sole
manufacturing unit located in Morbi (Gujarat) with an installed
capacity of 28,500 Metric tonne per annum for manufacturing
Ceramic Tiles.


KARLA CONSTRUCTIONS: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Karla
Constructions to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      7.00      CARE B+; Issuer not cooperating;
   Facilities                    based on best available
                                 information

   Short term Bank     5.00      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Karla Constructions to
monitor the rating vide e-mail communications/letters dated April
25, 2018, May 10, 2018, May 18, 2018 and numerous phone calls.
However, despite our 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. In line
with the extant SEBI guidelines, the rating on Karla
Construction's bank facilities will now be denoted as CARE B+;
Issuer not Cooperating/CARE A4; 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 3, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small Scale of operations: Though the firm incorporated in 1972,
its scale of operations remained low with a revenue of INR20.36
crore in FY15 (Prov; refers to the period April 1 to March 31)
which was INR8 crore in FY14. KC operates in competitive segment
of the construction industry which is characterized by low entry
barriers and the presence of a large number of unorganized
players in the industry. Firm's income is predominately derived
from govt contracts. The ability of the firm to diversify its
revenue base would help reduce the risk of client concentration
at present.

Constitution of the firm as a proprietorship concern: Being
constituted as a proprietorship concern, there are inherent risk
like limited ability to raise capital, possibility of withdrawal
of the capital and restricted financial flexibility. Small order
book position As on June 30, 2015, the firm has outstanding order
book of INR20 crore which comprises of road contract of
improvement in Seethanadi-Brahmavara, Halady-Amasebailu road and
Maniyala-Kabbinale-Bachchppu-Hebre road of INR9.7 crore and
another road contract of Malpe-Udupi-Karkala road and Yermalu-
Mudurangadi road of INR8.8 crore from Govt of Karnataka (Public
Works, Ports and Inland Water Transport Department). The firm is
also expected to receive a new contract of works in national
highway costing INR21 crore from the Govt. of Karnataka.

Moderate financial risk profile with low capital base and modest
debt coverage indicators: The firm's net worth was a meagre
INR2.53 crore as on March 2015 (Prov). Significant accretion was
witnessed in FY15 (Prov) wherein the firm reported an operating
income of INR20.36 crore. Operating income and PBILDT margin of
the firm increased from INR8.66 crore and 5.65% respectively. in
FY14 to INR20.36 crore and 5.75% for FY15 on increased order
book. The PBIIDT margin, however, was considerably lower than
that registered in FY12 and FY13. The firm has an overall gearing
of 1.51x as on March 31, 2015 and Total Debt/ GCA of 8.19x.

Key Rating Strengths

Experienced proprietor along with registration of firm as a class
1 government contractor: The proprietor, Mr. Shivaram Shetty, is
a civil engineer, with 40 years of work experience in civil
construction business. Moreover, the firm is registered as a PWD
contractor with the Government of Karnataka by virtue of which it
is eligible to undertake all types of civil work in Karnataka.
Having been in the industry for long, the firm enjoys strong
sourcing knowledge of key materials and labour for the contracts
it executes.

Comfort from price escalation mitigating the risk arising out of
adverse movement in raw material prices and labor cost: All the
contracts have built in price variation clauses and compensation,
pertaining to delays arising due to encroachment on land, design
and funds disbursal. The escalation amount is pegged to the price
of construction commodities. This mitigates the risk arising out
of adverse movement in raw material price and labour cost.

Set up in 1972, M/s Karla Constructions (KC), based out of Udupi,
Karnataka, is a sole proprietorship firm involved in executing
civil construction contracts such as construction of National
Highways and roads for government organizations. The firm's
operations are managed by its promoter, Mr. Shivaram Shetty. The
firm is a class 1 govt contractor registered with public works
department (PWD).


KHANDWA INDUSTRIES: CARE Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Khandwa
Industries Private Limited (KIPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      12.15      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KIPL to monitor the
ratings vide e-mail communications /letters dated April 25, 2018,
May 22, 2018, May 23, May 24, 2018, May 25, 2018, May 28, 2018
and numerous phone calls. However, despite our 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 Khandwa
Industries Private Limited's bank facilities and instruments 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 ratings.

Detailed description of the key rating drivers

Delay in debt servicing: The account has become NPA on the back
of ongoing delay in its debt servicing due to weak liquidity
position.

KIPL was incorporated in the year 2008 for manufacturing of
cotton bales & seeds and trading of cotton bales, oil, cakes and
seeds. KIPL is promoted by the Gupta family who are into the
cotton business since the year 1950. Mr. Sandeep Gupta and Ms
Ramadevi Gupta are actively involved in operations of KIPL. KIPL
is primarily engaged in trading of ginned cotton. It also has an
installed capacity of processing 12800 metric tons per annum
(MTPA) of cotton seeds and 6700 MTPA of ginned cotton as on
March 31, 2015.


LEZORA VITRIFIED: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Lezora
Vitrified Private Limited (LVPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      32.00     CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

   Short-term Bank      2.70     CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LVPL to monitor the
ratings vide e-mail communications/letters dated April 23, 2018,
May 22, 2018, May 23, May 24, 2018, May 25, 2018, May 28, 2018
and numerous phone calls. However, despite our 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 Lezora
Vitrified Private Limited's bank facilities and instruments will
now be denoted as CARE B+/CARE A4; 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 ratings takes into account moderate scale of operations
coupled with moderate profit margins, leveraged capital structure
and moderate debt coverage indicators, moderate liquidity
position in FY17 (refers to the period April 01 to March 31).
Furthermore, the ratings continue to remain constrained due to
susceptibility of margins to volatility in raw material and
natural gas prices and foreign exchange and presence in highly
fragmented and competitive ceramic industry and demand is linked
to the cyclical real estate entity. The ratings, however, take
comfort from the long experience of the promoters in the ceramic
industry, its presence in the ceramic cluster with easy access to
raw material, power and fuel and reputed clientle.

The ability of LVPL to increase it scale of operations,
profitability, improve capital structure & liquidity position are
the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on May 08, 2017 the following were the
rating strengths and weaknesses.

(Updated for the information available from Registrar of
Companies)

Key Rating Weaknesses

Moderate scale of operations coupled with moderate profit
margins:
During FY17, LVPL has registered a growth of 64.37% and stood at
INR 66.62 crore as against INR40.53 crore during 10MFY16. LVPL
has recovered the losses of previous year and reported profit in
FY17. PBILDT margin stood at 12.79% and PAT Margin stood at 1.16%
during FY17.

Leveraged capital structure and weak debt coverage indicators:
As on March 31, 2017, Capital Structure of LVPL has marginally
improved but stood leveraged marked by overall gearing ratio
stood at 2.46 times as against 2.78 times as on March 31, 2016.
Further, Interest coverage ratio has improved and stood at 2.52
times during FY17 as against 2.30 times in FY16. As on March 31,
2017, Total debt to GCA has also marginally improved and stood at
6.26 times as against 7.48 times as on March 31, 2016.

Moderate liquidity position: During FY17, Liquidity position of
LVPL stood moderate marked by current ratio of 1.15 times as
against 1.11 times during FY16. Working capital cycle has stood
at 66 days during FY17 as against 45 days during FY16.

Susceptibility of margins to volatility in raw material and
natural gas prices and foreign exchange fluctuation risk: The
cost of raw material and power & fuel cost formed major portion
of the cost of sales in ceramic industry. On account of the
environmental ill-effects caused by coal based furnaces, ceramic
players are compelled to use natural gas as a fuel which is a
major cost component and the price has remained highly
fluctuating depending up on the global prices of natural gas.
LVPL does not have any active hedging policy owing to which its
profit margins remain vulnerable to fluctuation in foreign
exchange rates.

Presence in highly fragmented and competitive ceramic industry
and demand is linked to the cyclical real estate entity: The
ceramic tile industry in India is highly competitive. Low entry
barriers, easy availability of raw material and limited initial
capital investment requirement has attracted large influx of
regional and unorganized players. Further the industry also faces
competition from cheap imports from China. Furthermore, the
fortunes of ceramic tile industry are directly linked with the
growth and consumption pattern of real estate sector.

Key Rating Strengths

Experienced promoters in ceramic industry: The promoters of LVPL
have significant experience in the ceramic industry. The
promoters have experience of more than one decade in the ceramic
industry. Hence, with the vast experience in the ceramic
industry, the promoters have developed strong business relations
with the customers and suppliers.

Location advantage such as easy access to raw material, fuel and
labour: LVPL has well-established manufacturing facilities
located in the ceramic cluster of Morbi (Gujarat). The Morbi
ceramic cluster houses over 600 ceramic manufacturers and
contributes around 70% of India's ceramic tile production. It
provides advantage in terms of raw material sourcing, easy
availability of skilled manpower, consistent supply of power &
fuel, availability of transportation facilities and provides
benefit in terms of superior quality product.

Reputed clientele: LVPL is catering to reputed clients like H & R
Johnson India (HRJ) (Unit of Prism Cement Ltd) and Sunshine Tiles
Company Private Limited having strong presence in the ceramic
industry.

Morbi-based (Gujarat) LVPL was incorporated in March 2014 by Mr.
Vinodbhai Bhoraniya along with three other promoters, namely, Mr.
Rajnikant Brcharbhai Chikani, Mr. Shalieshbhai Shirvi and Mr.
Anil Barvara. LVPL is an ISO 9001:2008 certified company engaged
in the business of manufacturing glazed vitrified tiles. The
promoters have set-up a state-of-the-art manufacturing facility
at Wankaner, Gujarat, which is equipped to manufacture 30.24 lakh
square meters of tiles per annum. LVPL sells its products under
the brand name of "Lezora" across country and in the overseas
market i.e. Middle East countries, Korea and in European
countries. LVPL has started commercial operations from installed
machinery from June, 2015.

The promoters are also associated with the entities namely M/s.
Sisam Ceramics Private Limited (manufacturing of ceramic glazed
tiles), Shivalika Ceramic Private Limited (engaged in
manufacturing of ceramic glazed tiles) and Shreem Vitrified
Private Limited (engaged in manufacturing of vitrified tiles).


LINGA BHAIRAVI: CRISIL Assigns B+ Rating to INR4MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Linga Bhairavi Enterprises (LBE).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          4        CRISIL B+/Stable (Assigned)
   Term Loan            3        CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations amidst intense
competition and below average financial risk profile these
weaknesses are partially offset by the extensive experience of
its promoters.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LBE and Elcon. This is because the two
entities, together referred to as the Linga Bhairavi group, have
a common management and business linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: The
scale of operations is modest, with revenues of around INR28.24
crores in fiscal 2017. The group is also exposed to intense
competition from both organized as well as unorganized player in
this industry.

* Below-average financial risk profile: The financial risk
profile is below average as reflected in gearing and total
outside liabilities to tangible networth ratio at 2.17 times and
3.63 times, respectively, as on March 31, 2017.

Strength

* Extensive experience of partners: The group's partners,
Mr.Ganesh and Mrs.Kalpana Ganesh have an experience of over 25
years in fabrication industry. The group should continue to
benefit from the extensive experience of the partners.

Outlook: Stable

CRISIL believes the Linga Bhairavi group will continue to benefit
from promoters' experience. The outlook may be revised to
'Positive' if significant ramp up in operations improves
profitability. The outlook may be revised to 'Negative' if
decline in revenue or deterioration in working capital cycle
further weakens financial risk profile.

Set up as a partnership firm by Mr Ganesh and Ms Kalpana Ganesh,
LBE is involved in the manufacture of tools and dies and sheet
metal fabrication.

Elcon is involved in the manufacture of heavy pressed and
fabricated parts. Elcon also manufactures bumpers for TAFE.


MAGADH TRAVELS: CRISIL Assigns B Rating to INR4MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
bank loan facilities of Magadh Travels And Tours Private Limited
(MTTPL).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Term Loan             4       CRISIL B/Stable (Assigned)

   Overdraft             0.93    CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility    2.07    CRISIL B/Stable (Assigned)

The rating reflects susceptibility to intense competition,
cyclical trends and regulatory changes in the tours and travel
industry and exposure to project implementation risk. These
weaknesses are partially offset by the extensive experience of
the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to intense competition and vulnerability to
cyclicality and regulatory changes: Lower fixed asset
requirements and technology barriers have led to intense
competition in the tours and travel industry, and prevent
scalability in operations. The travel and tourism industry is
cyclical in nature and remains sensitive to overall economic
conditions.

* Exposure to project implementation risk: The company is
currently setting up a 4-star hotel in Vaishali, Bihar and the
hotel business is likely to commence operations from November
2018, and thus, exposes the company to moderate project
implementation risk. Timely completion and stabilisation of
operations without any cost overrun will remain a key rating
sensitivity factor.

Strengths:

* Extensive experience of the promoters: The two decade-long
experience of the promoters, in the tours and travels industry,
has helped the company report a compound annual growth rate of 7%
over the three fiscals through March 2018.

Outlook: Stable

CRISIL believes MTTPL will continue to benefit from the extensive
experience of its promoters in the tours and travel industry. The
outlook may be revised to 'Positive' in case of growth in
revenue, profitability and cash accrual. The outlook may be
revised to 'Negative' if there is a time and cost overrun in
ongoing capex, pressure on profitability or stretch in working
capital cycle, weakens the financial risk profile, especially
liquidity.

MTTPL, set up in 2004, is a destination management company,
promoted by Ms Sushma Singh, Mr Ram Anuj Kumar and Mr Mukesh
Kumar. The company manages inbound tours to India and to Nepal,
Bhutan, Sri Lanka, Maldives and Bangladesh.


MAHAK RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahak Rice
Industries to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       5        CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Cash Credit          1.5      CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Term Loan            1.0      CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with Mahak Rice
Industries (MRI) for obtaining information through letters and
emails dated April 25, 2018, May 14, 2018, May 14, 2018 and May
21, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Mahak Rice Industries to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

Established in 2012, MRI mills non-basmati rice. It primarily
mills rice on a job-work basis for government departments and
does a small proportion of own milling and sales. Its milling
facility is at Rajim in Raigarh (Chhattisgarh). Mr Vikram
Sadhwani, the proprietor, manages the operations.


MANGALA SEEDS: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Mangala
Seeds (MS) to Issuer Not Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Bank     8.00      CARE B+; Issuer not cooperating;
   Facilities                   based on best available
                                information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Mangala Seeds to monitor
the rating vide e-mail communications/ letters dated April 25,
2018, May 10, 2018, May 18, 2018 and numerous phone calls.
However, despite our 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. In line
with the extant SEBI guidelines, the rating on Mangala Seeds'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 31, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Relatively small scale of operations: MS has been in the seed
industry for the last one decade and is a relatively small sized
player with sales of INR20-30.0 crore in the last three years and
a small networth base of INR2.28 crore as on March 31, 2015.
While the scale of operation continues to remain small and
volatile; during FY15, the total operating income increased
marginally by about 5.09% driven by increased volume of out of
state paddy sales.

Volatile trend in total operating income with low profitability:
The total operating income of the firm has witnessed marginal
growth in the last three years and witnessed y-o-y growth of
about 6% in FY15 over FY14. The total operating income has been
in the range of INR20-25 crore for the past 3 years however, it
has increased from INR24.55 crore in FY14 to INR25.80 crore in
FY15. With expansion of client base and commencement of sales
outside Telangana, the sales volume and value has increased
marginally during FY15. The PBILDT level also increased at a CAGR
of about 4.26% during FY13-FY15. The PBILDT margin has been
almost range bound at 2.62%-2.91% during FY13- FY15. Low PBILDT
margin along with high interest cost (on high working capital
borrowings) has resulted in low PAT margin also.

Leveraged capital structure: The firm has a moderate solvency
position and the capital structure has been leveraged as on last
three account closing dates. The debt profile of the firm majorly
comprises working capital borrowing and unsecured term loan.
Given the increased scale of operation in the last 3 years, the
working capital borrowings and utilizations have increased during
the
FY15 which coupled with relatively low profit levels has resulted
in leveraged capital structure with overall gearing ratio at
3.11x as on March 31, 2015 (2.67x as on Mar. 31, 2014).

Significantly high working capital borrowings and comparatively
low: networth and thin accruals have resulted in weak financial
position. Furthermore, the interest coverage ratio remained weak
for the last 3 financial years FY13-FY15 and stood at 1.41x,
1.48x and 1.40x, respectively and total debt/ GCA detoriated to
33.27x in FY15 from 25.04x in FY14 on account of higher debt
levels as on balance date.

Working capital intensive nature of operation with high operating
cycle: MS operates in a working capital intensive industry with
associated high working capital requirements. The operating cycle
of the firm elongated in FY15 over the previous year on account
of increase in inventory days. The finished goods inventory was
high during the year as the firm maintains inventory in the form
of finished goods (paddy) as on balance sheet date due to
seasonal nature of business. The company has to maintain high
inventory of seeds at the year-end for supply in the ensuing
khariff season. Consequently, the finished goods inventory and
inventory days increased in FY15. The firm sells in the domestic
market as well outside the state as on cash basis and the average
credit period is about a month. The creditor's days has also been
on the lower side and further reduced in FY15 as the firm has
been procuring majorly from the famers in advance. The average
working capital utilization has been high at about 95%- 100% in
the last 12 months ended February 2016.

Competition from the established domestic players and MNCs: In
India, the hybrid seed market has considerable presence of MNC's
lead by Monsanto, DuPont, Syngeta, Nunhems India, etc. who have
strong distribution network and huge financial muscle to carryout
continuous R&D. Further the market is dominated by large domestic
companies (viz. Nuziveedu Seeds Private Ltd, Rasi Seeds, Kaveri
Seeds, etc.) with large resources, strong distribution networks &
R&D facilities. MS, though, has a good distribution network and a
strong product base, being a small sized player, faces intense
competition from the relatively large sized and established
players. The industry has significant entry barriers in view of
high cost associated with production, distribution, R&D, dealer
discounts, etc.

Key Rating Strengths

Experienced Promoters: The partners; Mr. Madishetty Ashok (aged
40 years) and Mr. Gourishetty Nagaraju (aged 32 years) have been
associated with the paddy seeds industry since the last three
decades. Mr. M. Ashok is a managing partner of the firm and he is
actively engaged in managing the day to day affairs of the firm.
The profit-loss sharing ratio between the aforementioned two
partners is 75:25.

Established track record of seed business: MS has about two
decades of presence in the seed industry in Warangal, Telangana.
The firm is engaged in processing and trading of paddy seeds. MS
purchases the breeder seeds (initial level or raw seeds) of paddy
from the state authorities and Agriculture Universities. These
seeds are sold to farmers for up-gradation to foundation seeds.

Foundation seeds are then repurchased back from farmers for
further germination and for producing final seeds as per the
specifications of State Certification Agency (for agriculture
seed). Post certification, these seeds are sold commercially in
packed form.

Strong marketing network within Warangal: MS has about three
decades of presence in the Indian Seeds industry. MS sells its
products through Well established dealer network across India. MS
sell through dealers as the dealers extend security deposit which
ensures safety of payment. MS day to day operations and marketing
network managed by Mr. M Ashok. Both the partners are highly
qualified with long industry experience.

Mangala Seeds (MS) were started as HUF on October 4, 1999 by Mr.
Madishetty Ashok. In March, 2007, Mr. Madishetty retired from HUF
and incorporated Mangala Seeds as a partnership firm on April 1,
2007 with Mr. Giurishetty Nagaraju as second partner. The firm is
engaged in the Production, Procurement, Processing, Marketing and
distribution of Paddy seeds in Warangal, Telangana. The
processing unit of the firm is located at Madikonda, Warangal.


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

The instrument-wise rating actions are:

-- INR63 mil. Term loan due on December 2023 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR30 mil. Term loan due on October 2020 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR87 mil. Term loan due on April 2021 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR150 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Oriilon India is engaged in the manufacturing of nylon filament
yarn, mainly used in the textile industry for high-end special
apparels, at its facility in Surat, Gujarat. The facility has an
installed capacity of 5,475 metric tons per annum.


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

The instrument-wise rating actions are:

-- INR87.7 mil. Term loans due on April 2025 migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR2.5 mil. Fund-based facilities migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) /IND A4 (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 2, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded by Mr. T L Praveen, Paddington Resorts is a four-star
hotel situated in Coorg, Karnataka.


PMR FARMS: CRISIL Assigns 'B' Rating to INR4.05MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of PMR Farms (PMR).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             4.05      CRISIL B/Stable (Assigned)

   Overdraft             3         CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility    1.95      CRISIL B/Stable (Assigned)

The rating reflects PMR's working-capital-intensive operations
and exposure to inherent risks associated with the poultry
industry, such as outbreak of epidemics. The rating also factors
a weak financial profile because of a modest net worth, high
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

Key Rating Drivers & Detailed Description

Weakness:

* Working-capital-intensive operations: PMR has working capital
intensive operations as seen in the GCA days of 262 as on
March 31, 2017.

* Exposure to inherent risks associated with the poultry
industry, such as outbreak of epidemics: The poultry farming
industry is driven by regional demand and supply factors, due to
the constraint on transportation and the limited shelf life of
the product. Also, the industry is highly fragmented with several
unorganized players owing to low entry barriers and minimum
capital intensity.

Strengths

* Promoters' extensive industry experience: PMR's business risk
profile benefits from the extensive industry experience of its
promoters in the poultry as well as Agri-related businesses. The
company is promoted by P.Malla Reddy who has extensive industry
experience.

Outlook: Stable

CRISIL believes PMR will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if liquidity improves supported by sizeable equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in the capital structure caused most likely by
large, debt-funded capital expenditure or a stretch in the
working capital cycle.

Incorporated in the year 2000 PMR is involved in sale of eggs,
broiler birds and grower birds. The Firm is promoted by Mr.
P.Malla Reddy.


ROAR CERAMIC: CRISIL Assigns B+ Rating to INR8MM Proposed LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Roar Ceramic LLP (RCL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility        8       CRISIL B+/Stable (Assigned)

   Proposed Bank Guarantee   1       CRISIL A4 (Assigned)

   Proposed Cash Credit
   Limit                     3       CRISIL B+/Stable (Assigned)

The rating reflects on the firm's exposure to project
implementation-related risks and to timely stabilisation and
commensurate ramp-up in sales during the initial phase of
operations. These rating weaknesses are partly mitigated by the
extensive experience of its partners in ceramic industry, their
funding support and lower demand offtake risk associated with the
project.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project-related risks: Commercial operations are
likely to commence from September 2018. Timely implementation of
the proposed project, stabilisation of operations, and
commensurate ramp-up of sales will remain critical to achieve
growth in revenue and profitability, and hence, be monitored
closely.

* Constrained financial risk profile: Financial risk profile
Remains constrained by small networth and leveraged capital
structure. Gearing is estimated to remain high at 2.0-2.5 times
levels over the medium term, but should improve with build-up in
networth and gradual repayment of term loans. Debt protection
metrics are expected to remain average going ahead.

Strength

* Extensive business experience of promoters into ceramic and its
related raw material manufacturing business: Partners have more
than decade years of experience in the manufacturing of ceramic
industry through firms such as Rockland Ceramic LLP. CRISIL
believes that the firm will benefit from promoters experience in
the ceramic industry.

Outlook: Stable

CRISIL believes RCL will continue to benefit from the industry
experience of the promoters. The outlook may be revised to
'Positive' if the anticipated revenue, profitability, and cash
accrual are achieved during the initial phase of operations. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual or a stretched working capital cycle weakens liquidity.

RCL established in November 2017, located in Guajart. The firm is
managed by Mr. Alpesh Chovatiya, Mr. Anandkumar Kasundra, Mr.
Virat Moradiya, and  Mr. Rohan Kundariya. The firm plans to
commence with operation from September 2018 and is engaged in
manufacturing of wall tiles.


SANCHETI ORNAMENTS: CRISIL Cuts Rating on INR18MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its long-term rating on bank facility
availed by Sancheti Ornaments Private Limited (SOPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB-/Stable; Issuer Not
Cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           18       CRISIL D (Issuer Not
                                  Cooperating: Downgraded from
                                  'CRISIL BB-/Stable Issuer Not
                                  Cooperating')

The downgrade reflects the fact that account has been classified
as an NPA (Non-Performing Asset), as per the latest information
available.

CRISIL had migrated the rating on bank facilities of SOPL to
'CRISIL BB-/Stable Issuer not cooperating' on May 31, 2018 on
account of inadequate information and lack of management
cooperation.

CRISIL has been consistently following up with Sancheti Ornaments
Private Limited (SOPL), seeking the information required for
ratings review, through letters dated December 18, 2017 and
January 17, 2018, apart from telephonic communication. However,
the issuer has remained non-cooperative.

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

Detailed Rationale

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

Analytical Approach

CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited
(OJPL) as all the entities are in similar line of business and
are managed by the same management.

Sancheti Group is promoted by Mr Ashok Sancheti and his family.
The three group companies, SOPL, SJPL and OJPL were setup in 2011
in Mumbai to manufacture and wholesale gold jewellery. The
promoters have been in business since 1988.


SHREE BHARANI: CRISIL Lowers Rating on INR5.25MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Bharani Spinnings India Limited (SBSIL) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4' owing to delay in term debt installment
repayment.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      .25        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit        5.25        CRISIL D (Downgraded from
                                  'CRISIL C')

   Letter of Credit   2.5         CRISIL D (Downgraded from
                                  'CRISIL A4')

   Long Term Loan     4.0         CRISIL D (Downgraded from
                                  'CRISIL C')

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity profile: SBSIL's liquidity is weak owing to high
term debt obligation as compared to accruals, sporadic mismatch
in cash flows resulting in highly drawn bank limits. As a result,
term debt installment repayments are made with a delay of 1-2
days.

* Modest scale of operations in a competitive industry: With
revenue of around INR30 crore in fiscal 2017, the scale of
operations is modest in an intensely competitive market due to
low entry barriers.

Strengths

* Extensive industry experience of the promoters: A presence of
more than 25 years in the cotton industry has enabled the
promoters to understand local market dynamics, and establish a
healthy relationship with suppliers and customers, resulting in
repeat orders.

SBSIL was incorporated in 1994 as a private limited company for
the purpose of setting up a spinning mill with 3000 spindles. It
was reconstituted as a public Limited company. The company
commenced commercial production in 1995 with 5760 spindles.
Presently, it has 14,880 spindles of capacity.


SHREE SAI: CRISIL Assigns B+ Rating to INR7MM Proposed Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank facility of Shree Sai RK Infra LLP (SRKLLP).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan      7       CRISIL B+/Stable (Assigned)

The rating factors in the expected small scale of operations with
high geographical concentration in revenue and susceptibility to
seasonality in business resulting in volatile cash flows. These
weaknesses are mitigated by the extensive experience of the
partners and their funding support and a comfortable debt service
coverage ratio (DSCR).

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with high geographical concentration
in revenue: Scale of operations is expected to remain small with
operating income of less than INR4 crore in fiscal 2019.
Moreover, entire revenue will be derived from a single function
hall in Pragathi Nagar (Hyderabad), resulting in high
geographical concentration in revenue.

* Volatile cash flows: Majority of the bookings happen during the
marriage season and hence cash flows are expected to be volatile,
due to seasonality in operations.

Strengths

* Extensive experience of the partners and their funding support:
The partners' six years of experience in the industry and their
established regional presence is expected to support the
business. The partners are acquiring a marriage hall, Sree
Krishna Gardens, in Hyderabad, which is expected to be funded by
partners' capital of INR2.8 crore and a term loan of about INR6.7
crore. However, the partners have the financial flexibility to
extend additional support if required.

* Comfortable DSCR: DSCR is estimated to be comfortable, with
average DSCR estimated at over 1.5 times, for the entire tenure
of the loan.

Outlook: Stable

CRISIL believes SRKLLP will benefit from the industry experience
of its partners. The outlook may be revised to 'Positive' if
increase in revenue and profitability strengthen net cash
accrual. The outlook may be revised to 'Negative' if sizeable
debt-funded capital expenditure or capital withdrawal weakens
financial risk profile.

SRKLLP is a limited liability partnership firm, established on
January 4, 2018. Promoted by Mr T C Konda Reddy, Mrs Radha, Mr S
Prathap Reddy and Mrs Deepa, the firm is in the process of
acquiring a function/marriage hall, Sree Krishna Gardens.


SHRI GANESH: CRISIL Lowers Rating on INR7MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Ganesh Agro Industries - Parbhani (SGAI) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Proposed Long Term    1        CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B+/Stable')

The downgrade reflects continuous overdrawing of working capital
facility for more than 30 days, on account of stretch in working
capital cycle.

The rating continues to reflect the firm's modest scale of
operations and low profitability in the fragmented cotton ginning
and pressing industry. The rating also factors in a below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners.

Analytical Approach

Unsecured loans (outstanding at INR59 Lakhs as on March 31, 2017)
extended by the partners have been treated as debt because they
carry interest that is higher than that of the bank.

Key Rating Drivers & Detailed Description

Weaknesses

* Overdue for more than 30 days: Cash credit limit has been
overdue for more than 30 days because of stretched debtors.

* Below-average financial risk profile: Networth is estimated to
remain small at INR2.01 crore as on March 31, 2017 Interest
coverage and net cash accrual to adjusted debt ratios of 2 times
and -0.71 time, respectively, in fiscal 2017.

* Modest scale of operations in a highly fragmented industry:
Intense competition continues to constrain scalability: revenue
was INR40.3 crore in fiscal 2017.

Strengths

* Extensive experience of the partners, and established relations
with customers and suppliers: Partners' experience of more than
three decades in the ginning and pressing industry has helped
establish strong relations with customers and suppliers.

Incorporated in 2007 by Daga family, SGAI gins and presses raw
cotton, and extracts oil from cotton seeds.


SHRI LAXMINARAYAN: CARE Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shri
Laxminarayan Industrial Co-operative Service Society Limited
(SLCS) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank
   Facilities          4.65      CARE B+; Issuer Not Cooperating,
                                 Based on best available
                                 information

   Short-term Bank
   Facilities           4.00     CARE A4; Issuer Not Cooperating,
                                 Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SLCS 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 our 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
Shri Laxminarayan Industrial Co-operative Service Society
Limited's bank facilities will now be denoted as CARE B+/CARE A4;
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 19, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters and established track record of operations:
SLCS is promoted by Surat-based Patel family has an experience of
around three decades in timber trading and real estate
development project. Mr. Liladhar Patel, key promoter of SLCS, is
actively involved in many residential and industrial real estate
projects in Gujarat since the last 10 years. He looks after the
overall operations of the society. The promoter has its presence
in Surat for about three decades. Since 2000, the promoter has
constructed various projects in commercial as well as the
residential space under different entities.

Favorable outlook for textile business in Gujarat: Gujarat is
emerging as 'Investor Friendly' state in India. Moreover there
are other policy initiatives for industries include MSME interest
subsidies, skill development programs, man power assistance,
environment protection measures, VAT concession etc. The
Government of Gujarat (GOG) envisages an investment of around
INR12 lakh crore by 2020 across various infrastructure sectors.

Completion of construction and healthy booking status: The
construction of the project was completed in February, 2016 as
against envisaged in January, 2015 however, there is no major
cost overrun. Till February 29, 2016, the entity has incurred the
cost of INR85.66 crore as against the envisaged cost of INR85
crore. SLIP project comprises of 2655 industrial plots. SLCS has
already sold all the units. The reliance on external debt for the
project execution is low as indicated by the proportion of
external debt of just INR8.60 crore in the total means of
finance. The entity has been sanctioned with the term loan of
INR10 crore and out of which entity has not availed the term loan
to the tune of INR1.40 crore.

Key Rating Weaknesses

Risk associated with balance booking advance: As on February 29,
2016, all the units have been sold, however, debtors amounting
INR13.09 crore (~12% of the total selling price) of the payment
from sold units against the total selling price of INR109.32 core
is still pending, thereby reflecting the risk associated with
timely receipt of balance payment pending from sold units.

Risk related to the real estate sector: The real estate in India
is highly fragmented, capital intensive in nature and is yet to
receive an industry status. Furthermore, the sector has close
linkages with the economy and therefore is highly cyclical in
nature. The real estate sector continued to remain fragile as the
industry is facing the headwinds such as slow rate of approvals,
recent regulatory changes in the key micro market - Mumbai
(pertaining to development control rules), inflation impacting
cost structure, declining demand due to increasing prices, etc.

Incorporated in 2004, Shri Laxminarayan Co-op Service Society
Limited (SLCS), promoted by Surat based members of the Patel
family to develop the textile industrial estate at Udhna (Surat)
namely "Shri Laxminarayan Industrial Park" (SLIP).

SLCS was established as co-operative society under Gujarat Co-
operative Society Act, 1961. The project comprises of housing
2655 industrial units and total saleable area of the project is
67.86 lakh square feet. Bookings for all the units have been
received and almost entire construction work has been
accomplished till February 29, 2016.


SINGER IMPEX: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Singer
Impex (SIM) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       10       CARE D; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIM to monitor the ratings
vide e-mail communications/letters dated April 24, 2018, May 23,
2018, May 24, 2018 and May 28, 2018 and numerous phone calls.
However, despite our 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 Singer Impex
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 have been reaffirmed on account of on-going delay in
debt servicing owing to weak liquidity position.

Detailed description of the key rating drivers

At the time of last rating done on April 21, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing delay in debt
servicing. The cash credit account had remained overdrawn.

Surat-based (Gujarat) Singer Impex (SIM) was established in 2008
by Mr. Deepak Narang and Mr. Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the
authorized distributor of TOYO brand embroidery parts and needles
from China.


SPAN OUTSOURCING: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Span
Outsourcing Private Limited (SOPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term/Short      10.00       CARE B+; Stable/CARE A4
   Term Bank                        Issuer Not Cooperating
   Facilities                       Revised from CARE BB; Stable/
                                    CARE A4 on the basis of no
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SOPL to monitor the rating
vide e-mail communications/ letters dated April 25, 2018, May 10,
2018, May 18, 2018 and numerous phone calls. However, despite our
repeated requests, the company 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. In line with the extant SEBI
guidelines CARE's rating on Span Outsourcing Private Limited's
bank facilities will now be denoted as CARE B+/CARE A4; 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 25, 2015, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations with high customer concentration risk:
Although the company was started in 2004, still the company
remains small sized as measured by total operating income
of INR44.4 crore and networth of INR14.9 crore as on March 31,
2015. As a result, the company's financial flexibility and
negotiation capability is limited. The total order book of the
company is concentrated on the existing seven clients who
comprise 90% of the total orders in hand and thus execution of
these orders on time would be important for timely booking of
revenues.

Increasing and high level of support extended to related parties:
Total exposure of SOPL to the group companies/concerns by way of
loans and advances as on March 31, 2015 was INR25.6 crore (1.72
times of its networth) as against INR9.6 crore (0.77 times of its
networth) as on March 31, 2014. The company is getting returns in
the form of interest receipts for the loans extended to the group
companies. The interest receipts from group companies have
increased from INR0.17 crore in FY14 (refers to the period April
1 to March 31) to INR0.18 crore in FY15 Going forward, the
company expects to reduce the exposure to INR22 crore in FY16.

Presence in a highly competitive industry: The industry is highly
fragmented in nature and the entry barrier is low due to low
initial capital investment. This sector offers immense potential
as there is a growing demand for the services offered by the
company. The majority of the industry is dominated by the un-
organized sector. The widening gap between the pricing of
organized and unorganized players remain a key challenges for the
industry.

Key Rating Strengths

Company has long operational track record and reputed clientele:
The company has been growing continuously year on year with
repeat businesses from its existing clients. The total operating
income grew by 4% in FY15 and at a CAGR of 20% from FY11 to FY15.
The company has got its existing customer base of seven clients
to whom company will be providing continued service and company
expects orders of INR3 to INR4 crore every month from the
existing clients. The existing clientele includes reputed
companies such as Lake group Media Inc, Sales browser LLC, Sales
online LLC, Sales online web limited, Email movers Limited,
Dunbrad street and List
galaxy LLC.

Profitable operations and comfortable debt coverage indicators:
The total operating income grew by 4% in FY15 and at a CAGR of
20% from FY11 to FY15 (Prov), primarily driven by increase in
orders from the existing clients. Although comfortable, PBILDT
margin has remained volatile in the past due to increase in IT
data expenses which includes internet expenses, international
calls, UIP services, etc. PBILDT margin improved to 15.27% in
FY15 as against 12.19% in FY14 owing to decrease in employee cost
as the company lay off around 70 additional employees. Financial
risk profile of the SOPL is characterized by comfortable gearing
levels and debt
coverage indicators. Overall gearing remained comfortable at 0.30
times and Debt to equity ratio remained at 0.06 times
as on March 31, 2015. Furthermore, total debt to GCA is
comfortable at 0.76 years as on March 31, 2015 (Prov).

Fair degree of revenue visibility: During 4MFY16, the company had
registered total income of INR18.19 crore which is 37% of the
projected income. As on July 31, 2015, the company has in hand
order of INR4 crore to be executed for the month of August and
the company expects orders of INR3 to 4 crores for every month
from the existing clients, providing revenue visibility.

Span Outsourcing Private Limited (SOPL) is an ISO certified
company, incorporated on May 18, 2004 as a marketing service
provider, specializing in compiling and delivering high quality
web content, marketing and data solutions. The company provides
its software solutions majorly to healthcare, technology and
manufacturing industries. Out of the total product portfolio of
SOPL, email marketing/ data marketing contributes 70-80% to the
total income followed by software development, web designing,
content writing and dual services. SOPL is a 100% export-oriented
company which majorly caters to the United States; United Kingdom
and Canada. The sister concerns of SOPL are Silpam Trade
Associate Private Limited and Star Property Services Private
Limited.


SRI BALAJI: CARE Lowers Rating on INR7.63cr LT Loan to D
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri
Balaji Industries to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     7.63        CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information. Revised from
                                  CARE B; Issuer not cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sri Balaji Industries to
monitor the rating vide e-mail communications/ letters dated
May 9, 2018, May 10, 2018, May 15, 2018 and numerous phone calls.
However, despite our 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 Sri Balaji Industries' bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
meeting its debt obligation.

Detailed description of the key rating drivers

Key rating Weaknesses

Ongoing delays in meeting of debt obligations: The firm has
delays in servicing of debt obligations owing to the stretched
liquidity position of the company.

Key Rating Strengths

Experienced promoter with an experience of more than two decades
in the chemical industry: Mr. M R Subrahmanyam is the proprietor
of SBI. He has a Bachelor of Science degree in Chemistry and has
an experience
of 20 years in manufacturing active pharmaceutical ingredients
and its various intermediates & trading of all kinds of chemicals
and solvents. Prior to this he has worked as products chemist at
Dr. Reddy's Labs Limited.

SBI is a proprietorship concern, established in 2011 by Mr. M R
Subrahmanyam. The firm is engaged in distillation of Solvents
used by petrochemical and other chemical manufacturing companies.

In FY15, SBI had a surplus of INR0.27 crore on a total operating
income of INR13.45 crore, as against PAT and TOI of INR0.27 crore
and INR7.78 crore, respectively, in FY14.


SRI RANGANATHA: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri
Ranganatha Gold and Silver to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      7.50       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sri Ranganatha Gold and
Silver to monitor the rating vide e-mail communications/ letters
dated April 26, 2018, May 10, 2018, May 21, 2018 and numerous
phone calls. However, despite our 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. In line
with the extant SEBI guidelines CARE's rating on Sri Ranganatha
Gold and Silver'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.

Detailed description of the key rating drivers

Key rating Weaknesses

Ongoing delays in meeting of debt obligations: The firm has
delays in servicing of debt obligations owing to the stretched
liquidity position of the company.

Key Rating Strengths

Experienced promoter with an experience of more than two decades
in the chemical industry: Mr. M R Subrahmanyam is the proprietor
of SBI. He has a Bachelor of Science degree in Chemistry and has
an experience: of 20 years in manufacturing active pharmaceutical
ingredients and its various intermediates & trading of all kinds
of chemicals and solvents. Prior to this he has worked as
products chemist at Dr. Reddy's Labs Limited.

Sri Ranganatha Gold and Silver (RGS) is a partnership firm
incorporated on April 5, 2012 by Mr. K. Rangachari, Mr. K.
Venkateshachari, Mr. K. Rathnachari and Mr. K. Ramakrishnachari
who share equal profits. The major operation of the firm is in
the business of wholesale trading and retailing of gold and
silver ornaments. It also has facility of designing and making
gold and silver ornaments as per the customer request. The
showroom is situated at Challakere, Karnataka. Mr. K. Rangachari
is the managing partner and has an experience of around 25years
in the Gold and silver industry. He also has a proprietary
concern by name "Sri Ranganatha Swamy Jewellary" which is also
involved in similar line of business.


SRIJAN ALLOYS: CRISIL Assigns B+ Rating to INR3.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Srijan Alloys And Steel Private Limited (SASPL).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         3.5       CRISIL B+/Stable (Assigned)
   Term Loan           1.7       CRISIL B+/Stable (Assigned)

The ratings reflect the susceptibility to risks related to delays
in stabilisation of operations from the project. This rating
weakness is partially offset by extensive experience of SASPL's
promoters in the industry and its moderate project risk.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to delays in stabilization of
operations from the project: As the project is still in the
initial stage, stabilization of operations will remain a key
monitorable. Timely completion of the project without any time
and cost over-run and ramp up of the utilization level will
remain key rating sensitivity factor.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than a decade and established
relations with customers and suppliers should support the
business.

Outlook: Stable

CRISIL believes SASPL will continue to benefit from the extensive
experience of its promoters and their funding support. The
outlook will be revised to 'Positive' if project is completed
within budgeted time and cost, the subsequent ramp up in scale of
operation is better-than-expected and operating margin is
healthy. It may be revised to 'Negative' if implementation of
project is delayed on account of cost overrun or if deferred
stabilisation of operations leads to lower-than-expected
operating performance.

SASPL incorporated in 2005 by Mr.BK Singh, Mr. RK singh and Mr.
Rajesh Singh is presently setting up a ferro alloy plant in
Bilaspur, Chattisgarh. The plant will have an installed caapcity
of 29,000 MTPA and is expected to commence operations from August
2019.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR701.1 mil. Long-term loans maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR9.6 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Swosti Premium Ltd was incorporated as a public limited company
in 1997 and commenced operations in 2000. The company operates a
three-star hotel Swosti Premium in Bhubaneswar, Odisha.


THAMARAI SELVI: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Thamarai Selvi Hi Tech Rice Mill (TSH).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          4.5       CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit         2.0       CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations with
limited operating profitability and working capital intensive
nature of its operations. These rating weaknesses are offset by
the promoter's extensive industry experience along with
established relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: TSH has a limited scale of
operations as reflected in its turnover of around INR 25 crores
during fiscal 2018. Though the scale of operations is expected to
improve moderately during the current financial year, the same is
expected to remain small. Firm has reported limited operating
profitability of 5-6% during the last four financial years with
the exception of FY2016. CRISIL expects TSH's operating margin to
remain constrained over the medium term.

* Working capital intensive nature of operations: Operations of
the firm are working capital intensive. Firm generally maintains
inventory of around 2-3 months with receivable days of around 2
months.  As against this, firm receives limited credit period of
around a week for its paddy procurements. CRISIL expects the
operations of the firm to remain working capital intensive over
the medium term.

Strength:

* Extensive experience of promoter and established customer
relationships: The promoter has been engaged in rice processing
industry for nearly ten years. Prior to the same, he had been
engaged in trading of rice for nearly seven years. This has
enabled the firm to established sound customer base.

Outlook: Stable

CRISIL believes TSH will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if the financial risk profile, especially
liquidity, improves on account of higher net cash accrual or
better working capital management. The outlook may be revised to
'Negative' if lower-than-expected revenue or profitability, or
deterioration in working capital management, weakens the
financial risk profile, especially liquidity.

Established in 2009, TSH is engaged in non-basmati rice
processing. Firm's plant, which is located at Thiruvallur
district, has a processing capacity of 21 MT per day. The firm
plans to get into trading of rice during the current financial
year.


UNIJULES LIFE: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Unijules Life
Sciences Limited (Unijules) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee      6.5      CRISIL D (Issuer Not Cooperating)

   Cash Credit       124.5      CRISIL D (Issuer Not Cooperating)

   Letter of Credit    5.75     CRISIL D (Issuer Not Cooperating)

   Letter of credit
   & Bank Guarantee   12.75     CRISIL D (Issuer Not Cooperating)

   Term Loan          61.5      CRISIL D (Issuer Not Cooperating)

CRISIL has been consistently following up with Unijules for
obtaining information through letters and emails dated
December 31, 2017 and April 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of Unijules continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Unijules was established in 2006, when the business of H Jules &
Company Ltd was transferred to it and when Unijules had also
acquired all the assets of Universal Medicaments Pvt Ltd.
Unijules, promoted by Mr Faiz Vali, manufactures and markets
herbal and allopathic drugs.


V K TYRE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of V K Tyre India Limited (VKTIL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              4.5       CRISIL B+/Stable (Assigned)

   Cash Credit           10.0       CRISIL B+/Stable (Assigned)

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

The rating reflects VKTIL's small scale of operations,
susceptibility of operating to volatility in raw material prices,
and weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the tyre
manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With estimated net sales of INR4.0
crore in fiscal 2018, scale remains small in the intensely
competitive tyre manufacturing industry. VKTIL faces intense
competition not only from established tyre brands Apollo, MRF and
CEAT, but also from unorganised tyre manufacturers.

* Susceptibility to volatility in raw material prices:
Profitability of tyre/tube manufacturers remains susceptible to
volatility in the prices of natural and synthetic scrap rubber,
which account for 45-55% of the production cost. The high
volatility in natural rubber prices can be attributed to tight
domestic demand-supply situation, volatility in international
natural rubber prices, and in the price of synthetic rubber,
which is a a crude oil derivative.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is high, estimated at 2.38 time as on
March 31, 2018. Also, debt protection metrics were weak, with
estimated interest coverage and net cash accrual to total debt
ratios of 0.5 times and -0.03 time, respectively, for fiscal
2018.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' two-decade-long presence in the tyre manufacturing
industry, their keen grasp of industry dynamics and strong
relationships with customers and suppliers should continue to
support the business.

Outlook: Stable

CRISIL believes VKTIL will continue to benefit from the
promoters' extensive experience. The outlook may be revised to
'Positive' if significant growth in revenue and profitability,
leads to more-than-expected net cash accrual. Conversely, the
outlook may be revised to 'Negative' if low profitability and
cash accrual, deterioration in working capital management, or
large, debt-funded capital expenditure, weakens the financial
risk profile.

Incorporated in 2014, VKTIL manufactures tyres for two, three and
four wheelers, light commercial vehicles, and farm and animal-
driven vehicles. The manufacturing unit at Muradnagar (Uttar
Pradesh) has capacity to manufacture 45,000 pieces per month.
Commercial operations began in December 2017, and trial runs
started in May 2017.


VINAYAK CONSTRUCTION: CRISIL Assigns B+ Rating to INR6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vinayak Construction Company (VCC).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations in the
intensely competitive civil construction industry, working
capital-intensive operations, above-average financial risk
profile and exposure to risks related to tender-based business.
These weaknesses are partially offset by the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With estimated revenue of INR20.0
crore for fiscal 2018, scale remains small in the intensely
competitive civil construction segment.

* Working capital-intensive operations: Gross current assets were
224 days as on March 31, 2018 due to high cash and bank balance.

* Exposure to risks related to tender-based business: Since
entire income is tender-driven, revenue depends on ability to bid
successfully.

* Above-average financial risk profile: The financial risk
profile is supported by a moderate gearing ratio of 1.58 times as
on March 31, 2017and estimated gearing of 3.08 times as on March
2008. Debt protection metrics is modest with interest coverage of
4.6 times and NCATD ratio of 0.07 during fiscal 2018.

Strengths:

* Promoters' extensive experience: Presence of about two decades
in the civil construction industry has enabled the promoters to
develop healthy relationship with customers and suppliers.

Outlook: Stable

CRISIL believes VCC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a significant and substantial improvement in
revenue and profitability leads to high cash accrual. The outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, deteriorates because of low cash accrual,
stretched working capital cycle, or a large, debt-funded capital
expenditure.

VCC was established in 1999 as a proprietorship firm by Mr
Chandrakant Gite and was reconstituted as a partnership firm in
2006 The firm is a 'Class A' contractor for Maharashtra and
constructs and maintains buildings and roads for state Public
Works Department. It also undertakes projects for National
Highways Authority of India under jilha parishad.


VISION PARENTERAL: CRISIL Lowers Rating on INR8MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vision Parenteral Private Limited (VPPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          .8        CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Long Term Bank      8.0        CRISIL D (Downgraded from
   Facility                       'CRISIL B/Stable')

The downgrade reflects delays in meeting term debt obligation.
However, the company benefits from the extensive experience of
the promoter in the pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: That's due to low cash accrual against the
maturing term debt; this has led to delay in debt servicing.

Strengths

* Extensive industry experience of the promoter: The promoter, Mr
Sandeep Kumar Agarwal, has over two decades of experience in the
pharmaceutical industry through his proprietorship concern, Sumit
Pharmaceutical. This firm has been trading in pharmaceutical
products since 1994. Backed by the experience, VPPL has recently
started manufacturing intravenous (IV) fluids.

VPPL was set up in June 2011 but began commercial operations only
in 2016. The company manufactures high-quality healthcare
products at Gorakhpur, Uttar Pradesh. The plant is equipped with
modern facilities, as per WHO-GMP (World Health Organisation '
Good Manufacturing Practices) norms, for manufacturing sterile
parenteral preparations, life-saving medicines and hospital
products. The production capacity is 50,000 units of IV fluids
per day.


VPR CONSTRUCTIONS: CRISIL Cuts Rating on INR12MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
VPR Constructions (VPR) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.8       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Secured Overdraft     12.0       CRISIL D (Downgraded from
   Facility                         'CRISIL B-/Stable')

The downgrade reflects delays in debt servicing because of to
weak liquidity, driven by delays in realisation of receivables.

The ratings reflect modest scale of operations and working
capital intensity in operations, exposure to intense competition,
and weak financial risk profile. These weaknesses are partially
offset by extensive experience of the partner.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and exposure to intense
competition: Intense competition, driven by the tender-based
nature of business, is likely to keep the scale of operations
small, as reflected in estimated operating income of INR17.1
crore for fiscal 2018.

* Working capital intensity in operations: Gross current assets
are estimated to be high at 322 days as on March 31, 2018, mainly
led by high work-in-progress inventory of 340 days, towards
projects executed and pending for certification along with delays
in realisation of receivables from the government bodies, due to
funds issues.

* Weak financial risk profile: Financial risk profile is weak,
marked by modest networth and leveraged capital structure as
indicated by its adjusted networth and gearing at INR4.4 crore
and 3.02 times respectively on March 31, 2018. Debt protection
metrics have also remained subdued with interest coverage and net
cash accrual to total debt ratios estimated at 2.05 times and
0.11 time, respectively, in fiscal 2018.

Strength

* Extensive experience of the partners: The two decade-long
experience of the partner in the construction industry, his keen
grasp over market dynamics and technical know-how, should support
the business risk profile.

VPR, which was set up as a partnership firm in 1993, undertakes
civil construction projects, primarily roads and bridges, for the
Panchayat Raj departments of the state governments of Andhra
Pradesh and Telangana.  Operations are managed by Mr Paramdhami
Reddy.


ZNA INFRA: CRISIL Assigns B+ Rating to INR9.5MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of ZNA Infra Private Limited (ZIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility      7.5      CRISIL B+/Stable (Assigned)

   Term Loan               9.5      CRISIL B+/Stable (Assigned)

The rating reflects low debt service coverage ratio (DSCR) over
the medium term and below-average financial risk profile. These
rating weaknesses are partially offset by the solar power assets
with an operational track record and low demand risks on account
of long-term power-purchase agreements (PPAs).

Key Rating Drivers & Detailed Description

Weakness

* Low expected DSCR: DSCR is expected to be weak averaging less
than 1 time over the current fiscal 2019, leading to a weak
liquidity position.

* Weak financial risk profile: Networth and gearing is estimated
to be adverse in fiscal 2018. Adverse debt protection metrics
persist, due to weak operating profitability on account of
support being lent to subsidiaries' operations.

Strengths
* Diversified wind farm asset with established operational track
record: The revenue profile is diversified, with solar assets in
Rajasthan and Haryana of 1 MW each, with plant load factor (PLF)
averaging 13-15%.

* Low demand risk due to long-term power purchase agreement
(PPA): ZIPL supplies electricity to Dakshin Haryana Bijli Vitran
Nigam (DHBVN) and Jodhpur Vidyut Vitran Nigam Ltd (JVVNL) under a
long-term PPA signed for 25 years at a fixed tariff rate. Long-
term agreements with customers provide revenue visibility, and
minimise offtake risk, ensuring steady generation of cash flow.

Outlook: Stable

CRISIL believes ZIPL will benefit over the medium term from
favourable prospects for the renewable power industry, and its
steady revenue, backed by PPAs and established offtake
agreements. The outlook may be revised to 'Positive' if a
significant increase in revenue and profitability, and sufficient
liquidity, provide an increased buffer for servicing term debt.
The outlook may be revised to 'Negative' if liquidity weakens
because of unprecedented delays in realisation of receivables,
low PLF, or a large debt-funded capital expenditure.

ZIPL operates 1MW solar plant each in Haryana and Rajasthan and
is a part of the Zamil group. Its parent company is Zamil
Industrial Investment Company, Saudi Arabia and its operations
are managed by Mr Ramesh Awateny and Mr Vivek Gupta. The company
was incorporated in March 2008 by the name of Zamil Infra Pvt
Ltd, which was changed to the current name in January 2016.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***