TCRAP_Public/180622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 22, 2018, Vol. 21, No. 123

                            Headlines


A U S T R A L I A

ALLANS BILLY: Placed Into Voluntary Administration
CCS EQUIPMENT: First Creditors' Meeting Set for June 29
JD BUILDING: Second Creditors' Meeting Set for June 27
LITTLE SINGAPORE: Second Creditors' Meeting Set for June 25
MCLAREN KNIGHT: ASIC Cancels Cairns Liquidator's Registration

NETEAST TECHNOLOGY: Second Creditors' Meeting Set for June 25
PACILLO LOGISTICS: First Creditors' Meeting Set for June 29
TELSTRA CORP: Plans to Slash 8,000 Jobs and Cut AUD1BB in Costs
WARAPAR RESOURCES: First Creditors' Meeting Set for June 28
WOODHILL JOINERY: First Creditors' Meeting Set for June 29


B A N G L A D E S H

BRAC BANK: Moody's Assigns Ba3 Long-Term Counterparty Risk Rating


C H I N A

JIANGSU NANTONG: S&P Withdraws B- Long-Term Issuer Credit Rating
ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes 'B3'


I N D I A

ADDICA INDUSTRIES: ICRA Assigns B+ Rating to INR12cr Loan
ALAMELUBALAJI SPINNING: CRISIL Ups Rating on INR14.45cr Loan to B
AMBEY METALLIC: ICRA Withdraws B+ Rating on INR5.65cr Loan
AMBIKA REALCON: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
ANIL KUMAR: CRISIL Lowers Rating on INR8.5cr Cash Loan to D

AVNI ENERGY: ICRA Moves D Rating to Not Cooperating Category
BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR13.85cr Loan
DEBOGRAM AGRO: CRISIL Reaffirms B Rating on INR12cr LT Loan
DHANRAJ JEWELLERS: Ind-Ra Maintains B+ Rating in Non-Cooperating
DIASQUA INDIA: CRISIL Reaffirms B+ Rating on INR7.5cr Loan

DUTTA AGRO: CRISIL Assigns 'D' Rating to INR5.50cr LT Loan
F3 MARINE: CARE Assigns B+ Rating to INR20cr Long-Term Loan
GOLDEN JUBILEE: Billionaire Seeks Waiver to Bid for Hotel
GOVIND CABLE: ICRA Maintains B Rating in Not Cooperating Cat.
GULATI METAL: CRISIL Assigns B+ Rating to INR10cr Cash Loan

JOY GURU: CARE Assigns 'B' Rating to INR8.0cr Long-Term Loan
KAVIT INDUSTRIES: CRISIL Lowers Rating on INR5cr Cash Loan to D
KKRISHNA VAAHAN: CRISIL Hikes Rating on INR25.5cr Loan to B
LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR85cr Loan
LICHCHHWI FOOD: Ind-Ra Lowers LongTerm Issuer Rating to 'D'

LUTHFA FOUNDATION: CRISIL Migrates B- Rating to Not Cooperating
MAHASHAKTI COLD: CARE Assigns B+ Rating to INR7.30cr LT Loan
MB POWER: Ind-Ra Moves 'BB' Debt Facility Rating to Non-Coop.
OSIA JEWELS: CRISIL Lowers Rating on INR12.5cr Proposed Loan to D
PARAMOUNT CHEMPRO: CARE Assigns B+ Rating to INR7cr LT Loan

PRATHISHTA BUSINESS: Ind-Ra Moves 'D' Rating to Non-Cooperating
REGAAL RESOURCES: CRISIL Reaffirms B+ Rating on INR40cr Loan
RUCHI SOYA: Patanjali Seeks More Info on Adani Wilmar's Bid
SAI SWADHIN: CARE Assigns B Rating to INR7.64cr Long-Term Loan
SANAA DISTRIBUTORS: CRISIL Withdraws B Rating on INR10cr Loan

SAVANI INFRACON: CARE Assigns B+ Rating to INR25cr LT Loan
SIDDHAM JEWELS: CRISIL Cuts Rating on INR5cr Cash Loan to D
SIVAPARAMESH SPINNING: CRISIL Moves B+ Rating From Not Coop.
STORK FERRO: CRISIL Assigns B+ Rating to INR28cr Cash Loan
SUNREN INDUSTRIES: CRISIL Assigns B+ Rating to INR4.25cr Loan

SUPER SHIV: CRISIL Withdraws D Rating on INR21.25cr Loan
SUPER-TECH PLASTPACK: CRISIL Assigns B Rating to INR4.9cr Loan
T LINE: CRISIL Reaffirms 'B' Rating on INR5.0cr Cash Loan


N E W  Z E A L A N D

INMOTION GROUP: ManaBus and Naked Bus to Cease Operations


P A K I S T A N

PAKISTAN: Moody's Alters Outlook to Neg., Affirms B3 Ratings


S I N G A P O R E

CW GROUP: Unable to Redeem SGD Bonds; Faces Statutory Demands


                            - - - - -


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


ALLANS BILLY: Placed Into Voluntary Administration
--------------------------------------------------
Allans Billy Hyde Pty Ltd and Gallin's Musicians Pro Shop Pty
Ltd, one of Australia's leading music retailers, was placed into
Voluntary Administration on June 20.

Ferrier Hodgson partners John Lindholm and George Georges were
appointed Voluntary Administrators by the company's director.

Administrator John Lindholm said it was too early to identify the
primary causes of the company's current financial position,
however cited the difficult conditions in the music industry as a
contributing factor.

Mr. Lindholm said the business was well stocked while the
Administrators consider the restructuring and realisation
opportunities.

"Allans Billy Hyde and Gallin's are an iconic Australian music
retailer, offering a wide range of musical instruments (including
guitars, amplifiers, pianos, keyboards and drums)," Mr. Lindholm
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr. Lindholm said that employees will continue to be paid
normally by the Administrators.

Allans was established in the 1850's, Billy Hyde in 1918 and
Gallin's in 1989.  The Group currently has 2 stores in Victoria.


CCS EQUIPMENT: First Creditors' Meeting Set for June 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of CCS
Equipment Pty Ltd will be held at Australian Institute of Company
Directors, Level 1, 77 St Georges Terrace (Allendale Square), in
Perth, WA, on June 29, 2018, at 10:00 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of CCS Equipment on June 19, 2018.


JD BUILDING: Second Creditors' Meeting Set for June 27
------------------------------------------------------
A second meeting of creditors in the proceedings of JD Building
Products Pty Ltd has been set for June 27, 2018, at 4:00 p.m. at
the offices of BPS Recovery, Level 18, 201 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 26, 2018, at 4:00 p.m.

Mitchell Warren Ball of BPS Recovery was appointed as
administrator of JD Building on May 22, 2018.


LITTLE SINGAPORE: Second Creditors' Meeting Set for June 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Little
Singapore Pty Ltd has been set for June 25, 2018, at 11:00 a.m.
at the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

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

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

Anne Meagher of SV Partners was appointed as administrator of
on May 14, 2018.


MCLAREN KNIGHT: ASIC Cancels Cairns Liquidator's Registration
-------------------------------------------------------------
The registration of Mr. Justin James Cadman as a registered
liquidator was cancelled on June 13, 2018, following orders made
on June 8, 2018 in the Federal Circuit Court of Australia, which
resulted in Mr. Cadman being declared bankrupt (an insolvent
under administration).

On June 19, 2018, ASIC appointed replacement liquidators to the
fifteen (15) vacant external administrations previously
administered by Mr. Cadman.

ASIC Commissioner John Price said, 'ASIC has moved quickly to
exercise the new powers under the insolvency regime to appoint a
replacement liquidator and appreciates the assistance of the
replacement liquidators Ms. Moira Carter -- mcarter@brifnq.com.au
-- of BRI Ferrier NQ and Mr. Todd Kelly -- todd.kelly@bdo.com.au
-- of BDO (Nth QLD).'

Below is a list of the external administrations and replacement
liquidator's contact details should creditors have any concerns.

Ms. Moira Carter of BRI Ferrier NQ Phone (07) 4037 7000

   Australian Vocational Learning Institute Pty Ltd ACN 097 453
   828
   Cairns Accident Repair Centre Pty Ltd ACN 077 729 367
   Medisurg Pty Ltd ACN 113 077 982
   MOJB Pty Ltd ACN 128 137 806
   Phone Hospital Pty Limited ACN 112 320 386
   Sinopoli Holdings Pty Limited ACN 107 341 499
   Zanzoo Tiles Pty Ltd ACN 142 521 695

Mr. Todd Kelly of BDO (Nth QLD) Phone (07) 4046 0000

   Aborigines and Islanders Alcohol Relief Service Ltd
   ACN 010 064 374
   Margach Builders Pty Ltd ACN 078 363 729
   Barrier Leasing Pty Ltd ACN 104 014 002
   Barrier Air Charter Pty Ltd ACN 108 788 147
   Barrier Air Services Pty Ltd ACN 104 014 011
   Barrier Aviation Pty Ltd ACN 056 643 531
   Davryl Holdings Pty Ltd ACN 108 502 165
   Lip-Air Pty Limited ACN 068 117 537

Cairns-based Mr. Cadman operated an insolvency and accounting
practice firstly through a company called Mclaren Knight Pty Ltd
(in liquidation), then later through another company called
Mclaren Knight International Pty Ltd.

Mr. Cadman had been a registered liquidator since August 2005.

Blair Pleash and Glenn Shannon of Hall Chadwick were appointed as
administrators of Mclaren Knight on March 30, 2017.


NETEAST TECHNOLOGY: Second Creditors' Meeting Set for June 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Neteast
Technology Australia Pty Ltd has been set for June 25, 2018, at
11:00 a.m. at the offices of SV Partners, 22 Market Street, in
Brisbane, Queensland.

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

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

David Michael Stimpson of SV Partners was appointed as
administrator of Neteast Technology on May 15, 2018.


PACILLO LOGISTICS: First Creditors' Meeting Set for June 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacillo
Logistics Pty Ltd will be held at the offices of BRI Ferrier (SA)
Level 4, 12 Pirie Street, in Adelaide, SA, on June 29, 2018, at
11:00 a.m.

Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Pacillo Logistics on June 19, 2018.


TELSTRA CORP: Plans to Slash 8,000 Jobs and Cut AUD1BB in Costs
---------------------------------------------------------------
Dominic Powell at SmartCompany reports that Telstra on June 20
revealed it would be axing over 8,000 jobs and reducing its
number of plans from 1,800 to just 20 as part of a widespread
cost-cutting and simplification strategy called "Telstra2022".

SmartCompany says the strategy will have four "key pillars",
focused around simplifying product offerings, a stripping-down of
Telstra's organisational structure, a AUD2 billion strengthening
of its asset sheet, and a new wholly-owned standalone business to
deal with its infrastructure services called Telstra InfraCo.

The whopping 8,000 employees set to lose their jobs will be
largely members of middle management, with the company saying
one-in-four executive and middle management positions were set to
be shelved, SmartCompany relates.

"The rate and pace of change in our industry is increasingly
driven by technological innovation and competition. In this
environment traditional companies that do not respond are most at
risk. We have worked hard preparing Telstra for this market
dynamic while ensuring we did not act precipitously," the report
quotes Telstra chief executive officer Andrew Penn as saying in a
statement.  "However, we are now at a tipping point where we must
act more boldly if we are to continue to be the nation's leading
telecommunications company."

In news that will likely affect a large chunk of Australia's two
million plus small business owners, a key tenet of the telco's
new restructuring involves a hefty simplification of its mobile
and internet plans, with the company retiring its 1,800-plus
consumer and small business plans, according to SmartCompany.

Instead, it will replace them with just 20 core plans "backed up
by an effortless digital service that removes complexity and
provides cost certainty". This will be kicked off in July with a
new "peace of mind" data offering, giving customers additional
data services capped at a speed of 1.5 megabits per second after
their data runs out, the report relays.

According to SmartCompany, the restructure will also aim to
reduce the amount that small businesses have to contact Telstra
with enquiries, something group executive of consumer and small
business Vicki Brady said in a blog post Telstra knows
"frustrates" customers.

This will be done through a revamp of Telstra's legacy systems,
removing "legacy systems, manual processes and numerous screens"
with a set of new digital tools, the report relates.

"We expect the number of customer service calls we receive will
go down by around a third within two years," the report quotes
Ms. Brady as saying.

SmartCompany says Telstra is also launching a new bundle for
small business customers called Connected Workplace, which will
package up voice/video calling, collaboration, and messaging, on
a private network with "embedded security".

"It will bring enterprise-grade technology to small and medium-
sized companies to allow them to focus on running their business
and less time on their technology," she said.

The deal was received poorly by the market, with Telstra shares
dropping 7.4% to a seven-year low of AUD2.695 upon the
announcement, SmartCompany adds.

Telstra Corporation Limited -- https://www.telstra.com.au/ --
provides telecommunications and information services to
businesses, governments, communities, and individuals in
Australia and internationally. The company conducts its
operations through Telstra Retail, Global Enterprise and
Services, Telstra Wholesale, and Telstra Operations segments. It
offers telecommunication products, services, and solutions across
mobiles, fixed and mobile broadband, telephony and pay
television/Internet protocol television, and digital content;
online self-service capabilities, such as browsing, buying,
billing, and service requests; and sales and contract management
services. The company also operates inbound and outbound call
centers, owned and licensed Telstra shops, and the Telstra
dealership network; and develops industry vertical solutions.


WARAPAR RESOURCES: First Creditors' Meeting Set for June 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Warapar
Resources Pty Ltd will be held at REGUS, Level 23, 127 Creek
Street, in Brisbane, Queensland, on June 28, 2018, at 10:00 a.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Warapar Resources on June 18, 2018.


WOODHILL JOINERY: First Creditors' Meeting Set for June 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Woodhill
Joinery Pty Ltd will be held at Level 12, 200 Crown Street, in
Wollongong, NSW, on June 29, 2018, at 12:00 p.m.

Darren John Vardy of SVP was appointed as administrator of
Woodhill Joinery on June 19, 2018.



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B A N G L A D E S H
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BRAC BANK: Moody's Assigns Ba3 Long-Term Counterparty Risk Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned Counterparty Risk Ratings
(CRRs) to five banks in Bangladesh: BRAC Bank Limited (Brac Bank,
LT Bank Deposits (Foreign), B1 stable), Dutch-Bangla Bank Limited
(DBBL, LT Bank Deposits (Foreign) B1 stable), The City Bank
Limited, (CBL, LT Bank Deposits (Foreign) B1 stable), Mercantile
Bank Ltd. (MBL, LT Bank Deposits (Foreign) B1 stable), and
Eastern Bank Limited (EBL, LT Bank Deposits (Foreign) B1 stable).

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

RATINGS RATIONALE

Moody's said that the CRRs assigned to the five banks in
Bangladesh are in line with the Counterparty Risk Assessments (CR
Assessments) already assigned to these banks.

Because Moody's considers Bangladesh not to have an operational
resolution regime, in assigning CRRs to the banks in Bangladesh
subject to this rating action, the rating agency applies its
basic Loss Given Failure (LGF) approach. Moody's basic LGF
analysis positions CRRs in line with the banks' CRAs, one notch
above their adjusted Baseline Credit Assessments (BCAs).

The CRRs of BRAC Bank, DBBL, CBL, MBL and EBL do not incorporate
any uplift from government support, in line with that applied to
the CRAs, given Moody's expectation of a moderate probability of
government support. This reflects the banks' moderate systemic
importance to Bangladesh, given their modest size.

OUTLOOK

CRR do not carry outlooks.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

For BRAC Bank, its BCA and ratings could be upgraded with an
improvement in the bank's asset quality - to levels better than
Moody's expects - which in turn leads to higher profitability by
way of lower credit costs. In addition the BCA and the ratings
could be upgraded if Bangladesh's sovereign rating is upgraded,
and/or if there is an upward change in the sovereign bank deposit
and bond ceilings. The BCA and ratings could be downgraded if
some of the large accounts turn into non-performing loans, which
would result in BRAC Bank's non-performing loan ratios
deteriorating materially. Moreover, a decline in its net interest
margins to levels lower than Moody's expects will lead to a
reduction in profitability and put downward pressure on the
bank's ratings.

For DBBL, Moody's will consider upgrading DBBL's BCA if its
capital levels improve significantly and if the bank is able to
reduce the concentration risk in its loan book. The BCA and the
ratings could be lowered if the bank's asset quality
deteriorates.

For CBL, its BCA and ratings could be upgraded if there is a
better-than-expected improvement in asset quality, which in turn
would lead to higher profitability from lower credit costs. In
addition the BCA and the ratings could be upgraded if
Bangladesh's sovereign rating is upgraded, and/or if there is an
upward change in the sovereign bank deposit and bond ceilings.
The BCA and the ratings could be downgraded if the bank's large
accounts turn into nonperforming loans, and if there is a
sharper-than-expected decline in the net interest margin.

For MBL, its BCA and the ratings could be upgraded if the bank
materially improves its Tangible Common Equity / Risk Weighted
Assets (TCE/ RWA) ratio and decreases the level of problem and
rescheduled loans. In addition the BCA and the ratings could be
upgraded if Bangladesh's sovereign rating is upgraded, and/or if
there is an upward change in the sovereign bank deposit and bond
ceilings. The BCA and the ratings could be downgraded if solvency
and liquidity metrics significantly deteriorate.

For EBL, its BCA and ratings could be upgraded if there is a
better-than-expected improvement in the bank's asset quality,
which would lead to higher profitability by way of lower credit
costs. In addition the BCA and the ratings could be upgraded if
Bangladesh's sovereign rating is upgraded, and/or if there is an
upward change in the sovereign bank deposit and bond ceilings.
The BCA and the ratings could be downgraded if a few of the
bank's large accounts turn into nonperforming loans which would
lead to a considerable deterioration in its asset quality, and/or
if there is sharper-than-expected decline in net interest margin.

LIST OF ASSIGNED RATINGS

BRAC Bank --

Local and foreign currency long-term Counterparty Risk Ratings of
Ba3

Local and foreign currency short-term Counterparty Risk Ratings
of NP

DBBL --

Local and foreign currency long-term Counterparty Risk Ratings of
Ba3

Local and foreign currency short-term Counterparty Risk Ratings
of NP

CBL --

Local and foreign currency long-term Counterparty Risk Ratings of
Ba3

Local and foreign currency short-term Counterparty Risk Ratings
of NP

MBL --

Local and foreign currency long-term Counterparty Risk Ratings of
B1

Local and foreign currency short-term Counterparty Risk Ratings
of NP

EBL --

Local and foreign currency long-term Counterparty Risk Ratings of
Ba3

Local and foreign currency short-term Counterparty Risk Ratings
of NP

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



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JIANGSU NANTONG: S&P Withdraws B- Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit
rating on Jiangsu Nantong Sanjian Construction Group Co. Ltd. at
the company's request. The outlook was stable at the time of the
withdrawal.


ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes mainly
to refinance existing debt and for general corporate purposes.

RATINGS RATIONALE

"The proposed bond issuance will support Zhenro's liquidity
profile and not materially affect its credit metrics, as it will
use the proceeds mainly to refinance existing debt," says Cedric
Lai, a Moody's Assistant Vice President and Analyst.

Zhenro has a strong level of refinancing needs in 2018, as
reflected in its reported short-term debt of RMB23 million at the
end of 2017, including RMB2 billion in puttable bonds.

The proposed bond issuance will help lengthen Zhenro's debt
maturity profile.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

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

As a result, the likely recovery rate for claims at the holding
company will be lower.

Zhenro's B2 corporate family rating reflects the company's
quality and geographically diversified land reserve, large scale,
and strong sales execution. On the other hand, the rating is
constrained by its weak financial metrics, as a result of its
debt-funded rapid growth, weak liquidity position, and limited
access to funding.

Moody's expects that Zhenro's total contracted sales will
continue to grow at an annual rate of 15%-20% for 2018 to around
RMB80-RMB85 billion. Such a scale is larger than for most single
B-rated Chinese property developers.

Moody's also expects Zhenro's debt leverage - as measured by
revenue/adjusted debt - to improve slightly to 50% in the next
12-18 months from 44% in 2017. Its adjusted EBIT/interest should
register 2.0x from 1.8x over the same period.

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward rating pressure could emerge, if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong
contracted sales growth.

Credit metrics indicative of upward rating pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained
basis.

The rating could be downgraded if: (1) Zhenro fails to deleverage
or its EBIT/interest coverage falls below 1.25x-1.50x, due to
aggressive land acquisitions; (2) its contracted sales or
revenues fall short of Moody's expectations; or (3) its liquidity
position weakens or its cash/short-term debt falls below 0.8x on
a sustained basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At the end of 2017, Zhenro had 91 projects in 18
cities. Its key operating cities include Shanghai, Nanjing,
Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owns
58.58% of Zhenro Properties. His sons, Mr. Ou Guowei and Mr. Ou
Guoqiang - the sons of Mr. Ou Zongrong - together own 10.55% of
the company.



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ADDICA INDUSTRIES: ICRA Assigns B+ Rating to INR12cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR10.20-crore term loan facility and the INR12.00-crore cash
credit facility of Addica Industries LLP. ICRA has also assigned
the short-term rating of [ICRA]A4 to the INR0.55-crore non-fund
based bank facilities of Addica Industries. The outlook on the
long-term rating is Stable.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based
   Term Loan          10.20      [ICRA]B+ (Stable); Assigned

   Fund-based
   Working Capital
   Facilities         12.00      [ICRA]B+ (Stable); Assigned

   Non-fund based
   Bank Guarantee      0.55      [ICRA]A4; Assigned

Rationale

The ratings remain constrained by the risks associated with the
stabilisation of the plant as per the expected operating
parameters. The assigned ratings also take into account the
firm's financial risk profile, which is expected to remain
moderate in the near term, given the debt-funded nature of the
project and the impending debt repayments. The ratings are also
constrained by the high industry competition and the
vulnerability of the firm's profitability to adverse movements of
key raw material prices.

The assigned ratings, however, favorably factor in the experience
of the key promoters in the plastic industry and the favorable
demand outlook for the domestic flex banner sector owing to the
extension of the anti-dumping duty on the import of Poly Vinyl
Chloride (PVC) flex from China (till July 2021) by the Government
of India.

Outlook: Stable

ICRA believes that Addica Industries will benefit from the
experience of its promoters in the plastic industry. The outlook
may be revised to Positive if timely implementation and
stabilisation of operations lead to higher cash accrual during
the initial phase. The outlook may be revised to Negative if
delayed project implementation, and/or slower ramp-up in sales
and accrual, or sizeable working capital requirement, weakens the
financial risk profile, especially liquidity.

Key rating drivers

Credit strengths

Experience of promoters in plastic industry: The key promoters,
Mr. Pareshbhai Moradiya, Mr. Mehulbhai Bhoraniya, Mr.
Dushyantbhai Aghara and Mr. Jitendra Kavar, have experience in
the plastic industry through their association with other
entities in the same industry. This experience will be helpful
for the firm as it starts manufacturing PVC flex banner.

Regulatory support through anti-dumping duty on imports: The
extension of the anti-dumping duty by the Government of India on
the import of PVC flex from China in August 2016 for another five
years is likely to support the firm's business prospects in the
near term.

Credit challenges

Risks associated with stabilisation and successful scale up of
operations: Being in a nascent stage, with the unit yet to become
fully operational (expected from April 2019), the firm remains
exposed to risks associated with stabilisation and successful
scale up of the plant's operations as per the expected
parameters. The timely commissioning of operations without any
significant cost over-runs would remain a key rating sensitivity.

Moderate financial risk profile: The firm's financial profile is
expected to remain moderate in the near term given the debt-
funded nature of the project and the impending debt repayments,
with an estimated gearing of 2.08 times and Total Debt/OPBDITA of
5.32 times for FY2020.

High competition: The industry competition remains high because
of low capital intensity and limited entry barriers. The firm
faces competition from the already established players and also
relatively newer players in both organised and unorganised
segment of the domestic market.

Profitability to remain susceptible to volatility in raw material
prices and change in anti-dumping duty structure: The key raw
materials used in the manufacturing of PVC flex are PVC resin,
plasticisers and pigments among others. Most of these are crude-
based derivatives and hence the firm's profitability remains
exposed to adverse fluctuations in crude oil prices. Further, its
profitability also remains susceptible to any changes in the
anti-dumping duty structure on the import of flex banner from
China.

Incorporated in January 2018, Addica Industries LLP is a limited
liability partnership firm promoted by Mr. Pareshbhai P.
Moradiya, Mr. Mehulbhai M. Bhoraniya, Mr. Dushyantbhai B. Aghara
and Mr. Jitendra R. Kavar along with 47 other partners. The firm
plans to manufacture flex banner, which is used for
indoor/outdoor advertisement. The firm will manufacture both
front lit (lights pointing at the front of the banner) and back
lit (translucent material; lights pointing at the back) banners.


ALAMELUBALAJI SPINNING: CRISIL Ups Rating on INR14.45cr Loan to B
-----------------------------------------------------------------
CRISIL is migrating the ratings of Alamelubalaji Spinning Mills
Private Limited (ABSMPL) from 'CRISIL D Issuer Not Cooperating'
to 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         14.45      CRISIL B/Stable (Migrated from
                                  'CRISIL D Issuer Not
                                  Cooperating')

   Long Term Loan       3.00      CRISIL B/Stable (Migrated from
                                  'CRISIL D Issuer Not
                                  Cooperating')

   Proposed Long Term   1.68      CRISIL B/Stable (Migrated from
   Bank Loan Facility             'CRISIL D Issuer Not
                                  Cooperating')

Due to inadequate information and in line with the guidelines of
Securities and Exchange Board of India, CRISIL had migrated the
ratings on the bank facilities of ABSMPL to 'CRISIL D Issuer Not
Cooperating' on January 30, 2018. However, the company's
management has now shared information necessary for a
comprehensive review of the ratings. Consequently, CRISIL is
migrating the ratings from 'CRISIL D Issuer Not Cooperating' to
'CRISIL B/Stable'.

The rating reflects timely servicing of instalments on term loans
since the last six months supported by improved liquidity. The
company's accruals was at Rs.2.5 crore in fiscal 2018 against
repayment obligation of Rs.2 crore and the accruals are expected
to be in the range of Rs.2.6 crore to Rs.2.8 crore against which
it has a repayment obligation of Rs.1.2 crore.

The rating also reflects ABSMPL's weak financial risk profile
because of a highly leveraged capital structure, and modest scale
of operations amid intense competition. These weaknesses are
partially offset by the experience of its promoters in the
textiles industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in fragmented segment: With revenue
of INR63 crore in fiscal 2018, scale remains modest in the
intensely competitive textiles industry in Coimbatore.

* Below-average financial risk profile: Networth was small at
INR3.55 crore as on March 31, 2018, which, along with large
working capital debt, led to a high gearing of 4.91 times. Large
debt and low profitability resulted in subdued debt protection
metrics, with net cash accrual to total debt and interest
coverage ratios of 14% and 1.93 times, respectively, for fiscal
2018.

Strength

* Extensive experience of promoters: Presence of around three
decades in the textiles industry has enabled the promoters to
establish healthy relationship with key customers and suppliers.

Outlook: Stable

CRISIL believes ABSMPL will continue to benefit from promoters'
extensive experience. The outlook may be revised to 'Positive' if
significant improvement in scale of operations and profitability
strengthens financial risk profile. The outlook may be revised to
'Negative' if revenue and profitability decline, capital
structure or debt protection metrics weakens further, or there is
stretch in working capital cycle.

ABSMPL was set up in 1993 and the company manufactures cotton
yarn. Operations are managed by Mr K Venkataswamy.


AMBEY METALLIC: ICRA Withdraws B+ Rating on INR5.65cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with Stable
outlook and short-term rating of [ICRA]A4, assigned to INR30.00
crore bank facilities of Ambey Metallic Private Limited.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based          5.65      [ICRA]B+ (Stable); Withdrawn
   Non-fund based     24.35      [ICRA]A4; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the firm, no-
objection certificate provided by its lenders, as well as based
on the undertaking from the company that it has ratings
outstanding from other CRA for both long-term fund based and
short-term non-fund based instruments.

Incorporated in 2001, Ambey Metallic Private Limited (erstwhile
Ambey Metallic Limited), manufactures sponge iron using iron ore
and coal as the key raw materials. Mr. Sunil Garg, Mr. Vinod
Agarwal and Mr. Pawan Bansal are the promoters and the key
management personnel of the company having an experience of more
than two decades in the iron and steel industry. AMPL has an
installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa. The promoters have
an experience of more than two decades in the iron and steel
industry.


AMBIKA REALCON: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ambika Realcon
Private Limited (ARPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR400 mil. Term loan due on March 2023 assigned with IND BB-
     /Stable rating.

KEY RATING DRIVERS

The ratings are constrained by the time and cost overrun risks
associated with ARPL's ongoing residential project. As of
December 2017, the project was in early stages of completion with
only 19.26% of the construction completed and around 388,605 sf
of the build-up area (46% of the total project of 841,325 sf)
sold. The possession will begin from March 2020. The ratings also
factor in the lack of a relevant track record and brand name.

The ratings are supported by ARPL's promoter's experience of
executing more than 40 successful real estate projects.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of the sold
units, leading to stressed cash flows, could lead to a negative
rating action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to strong visibility of cash flows, could
lead to a positive rating action.

COMPANY PROFILE

ARPL was incorporated in 2006 and is engaged in real estate
development. The company is constructing a residential project
Florance Park in Mullanpur (New Chandigarh). The estimated
project cost is INR2,185.46 million and the project consists of
482 units.


ANIL KUMAR: CRISIL Lowers Rating on INR8.5cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Anil
Kumar Biswal (AKB) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.9        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           8.5        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects instance of devolvement in letter of
credit, which remained unpaid for more than 30 days; and there
has been instances when cash credit limit was overdrawn for more
than 30 days. These delays were on account of stretched working
capital cycle leading to liquidity mismatch. The firm had earlier
misrepresented facts about timely payment of its dues.

AKB also has a modest scale of operations, geographical
concentration in revenue, and large working capital requirement.
However, it benefits from the experience of its proprietor in the
civil construction industry, healthy profitability, and adequate
return on capital employed (RoCE).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographical concentration in
revenue: Small scale (estimated revenue of INR28.49 crore in
fiscal 2018) amid intense competition limits pricing power with
suppliers and customers, thereby constraining profitability.
Furthermore, AKB undertakes civil construction works mainly in
Odisha and is hence exposed to risks related to geographical
concentration.

* Large working capital requirement: Gross current assets were
299 days as on March 31, 2017 (estimated around 200 days as on
March 31, 2018), driven by sizeable inventory of 239 days due to
work-in-progress as on last day of the year. This trend may
continue over the medium term due to the nature of business.
Receivables were 50-60 days (estimated around 80 days as on
March 31, 2018) due to increased billing towards year end. Hence,
bank limit remained fully utilised.

Strengths

* Experience of proprietor: Benefits from proprietor's experience
of over two decades, his strong understanding of local market
dynamics, and healthy relationship with customers and suppliers
should continue to support business risk profile.

* Healthy profitability and RoCE: Operating margin has been in
the 16.3-19.7% range over the three fiscals through 2017.
However, it is estimated to have dropped to 14-14.5% in fiscal
2018, when few low-margin orders were executed. The RoCE was
strong at 20.2% in fiscal 2017 (estimated at 21.8% in fiscal
2018) and is projected at 23-25% over the medium term.

AKB was set up in 1995 in Balugaon, Odisha, as a proprietorship
firm by Mr Anil Kumar Biswal. It constructs and develops roads
and buildings; and also undertakes other civil and electrical
repair works. The firm is classified as a Class 1A contractor
under the Government of Odisha.


AVNI ENERGY: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for INR10.25-
crore bank facilities of Avni Energy Solutions Private Limited
(AEPL) to the 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Cash      7.00      [ICRA]D ISSUER NOT COOPERATING;
   Credit                        Rating moved to the 'Issuer Not
                                 Cooperating' category

   Long Term-          1.75      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating moved to the 'Issuer Not
                                 Cooperating' category

   Short Term-         0.50      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating moved to the 'Issuer Not
                                 Cooperating' category

   Short term-Non-     1.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
                                 Cooperating' category

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

AESPL is incorporated in 2009 and is engaged in providing LED
based lighting solutions for street lighting, rural lighting and
home/ office lighting requirements. It is promoted by Mr. Brij
Mohan Rathi and Mr. Gururaj Ganesh. Its manufacturing facility is
located in Bangalore. Its customers include CREDA (Chhattisgarh
State Renewable Energy Development Agency), EESL (Energy
Efficiency Service Limited), Havells India Limited etc.


BHOPAL MOTORS: CRISIL Reaffirms B+ Rating on INR13.85cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Bhopal
Motors Private Limited (BMPL) to 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding
   Facility              13.85      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the extensive experience of
promoter and healthy relationship with J.C. Bamford Excavators
Limited (JCB) and diversified sources of revenue. These strengths
have been partially offset by exposure to intense competition and
below average financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition: Intense competition from
dealers of other automobile manufacturers such as Volvo,
Caterpillar, among others, tends to constrain profitability of
players like BPML. Further, absence of an exclusive agreement
with JCB gives rise to risk of potential competition from any new
dealer in the vicinity. While automobile manufacturers normally
encourage multiple dealerships in the same area to improve market
penetration, they themselves face intense competition from peers,
as a result of which there is also a tendency to squeeze dealer
margins to reduce cost.

* Below average financial risk profile: Below-average financial
risk profile is marked by modest net worth of INR12.45 cr., high
total outside liability to tangible networth of 4.86 and gearing
of 4.3 times as on March 31, 2017. The company has below average
debt protection metrics with net cash accrual to Total debt
(NCATD) and interest coverage ratios of over 0.08 and 1.45 times,
respectively, for 2016-17. Financial risk profile may remain
average over the medium term.

Strength

* Extensive experience of promoters and healthy relationships
with JCB: Longstanding association of 25 years with JCB, the
promoter's keen grasp over industry dynamics and strong
infrastructure, in the form of one 3S showroom, two workshops and
multiple sales outlets, have helped the company become one of the
largest dealers in Madhya Pradesh. Most of these facilities are
owned by promoters or group companies, except for certain small
sales outlets

* Diversified sources of revenue: In addition to sale of spares,
machinery and vehicles, the business risk profile is supported by
diversified revenue streams, including property rentals, interest
income from loans and advances to sister concerns, income from
lease of JCB machines, and dealership for lubricants, coolants,
grease oil of Castrol and HP.

Outlook: Stable

CRISIL believes BPML will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if substantial and sustained improvement in
scale of operations and accrual, or substantial equity infusion
by promoters, along with improved working capital management
strengthens the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if low operating income or cash
accrual, stretch in working capital cycle, or any large capital
expenditure or further advance to sister concerns weakens
financial risk profile, particularly liquidity.

BMPL, incorporated in 1951, is an authorised dealer for heavy
earth-moving equipment and heavy commercial vehicles including
backhoe loaders, excavators and car mounted machines for JCB
India Ltd (JCB). The company is headquartered in Indore with
multiple sales offices. The company is also an authorised dealer
for oil and lubricants of Castrol and HP. It also derives income
from leasing JCB Machines and property, and from interest. The
company is promoted by Indore-based Sanghi group. Mr. Rohit
Sanghi and Mrs. Swati Tokkar are the directors of the company.


DEBOGRAM AGRO: CRISIL Reaffirms B Rating on INR12cr LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facility of Debogram Agro Industries LLP (DAI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         12        CRISIL B/Stable (Reaffirmed)

The rating reflects susceptibility to regulatory changes and
intense competition in the cold-storage business in West Bengal,
stretched receivables, and modest networth and high gearing.
These rating weaknesses are partially offset by extensive
experience of the promoters and comfortable debt protection
metrics.

Key Rating Drivers & Detailed Description

Weakness

* Susceptible to regulatory changes and intense competition in
the West Bengal cold-storage industry: The West Bengal Cold
Storage Association regulates the business within the state, and
fixes the storage rent and the marketing, drying, and insurance
changes. Fixed rentals limit DAI's ability to generate profit
based on strengths and geographic advantages. Intense competition
in the cold storage segment further limits the bargaining power
of players, who are forced to offer discounts to ensure healthy
capacity utilisation.

* Vulnerability to delays in payments from farmers, due to
adverse market conditions: DAI offers loans to farmers against
the stored products. If market trends turn unfavourable, farmers
may not find it profitable to pay the rental and interest charges
along with loan obligations, and hence, do not retrieve potatoes
from cold storages. Thus, the company remains vulnerable to delay
in payments from farmers.

* Modest networth and high gearing: Financial risk profile is
marked by a modest networth and high gearing of around INR3 crore
and 5.5 times, respectively, as on March 31, 2018. Gearing is
expected to improve, aided by gradual repayment of term debt in
the medium term.

Strength

* Extensive experience of the promoters: The decade-long
association of the promoters, the West Bengal-based Mondal
family, and their longstanding association with farmers and
traders, have enabled the company to ensure healthy utilisation
of its storage capacity for potatoes.

Outlook: Stable

CRISIL believes DAI will benefit over the medium term, from the
extensive experience of its promoters in the cold storage
business. The outlook may be revised to 'Positive' if the firm
reports an improvement in cash accrual and working capital
management, and maintains a stable capital structure. The outlook
may be revised to 'Negative' in case of pressure on liquidity due
to delay in repayments by farmers, considerably low cash accrual,
or any sizeable  capital expenditure (capex), weakening the
overall financial risk profile, particularly liquidity.

Set up in 2017, DAI provides cold storage facility to potato
farmers and traders in Burdwan (West Bengal). Mr Sushil Mondol,
Mr Sisir Kumar Mondal, Mr Nirmal Kumar Mondal and Ms. Pradipta
Mondal are the directors of the company. Cold storage with total
capacity of 30,000 mtpa, is operational from March 2017.


DHANRAJ JEWELLERS: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dhanraj
Jewellers' 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
now continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995 by Deepak Murpana, Dhanraj Jewellers is a
jewelry retail shop in Mumbai.


DIASQUA INDIA: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
----------------------------------------------------------
CRISIL has reassigned its rating on the long term bank facilities
of Diasqua India Private Limited (Diasqua) to 'CRISIL B+/Stable'
while reaffirming its rating on short-term bank facility at
'CRISIL A4'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Loan Against
   Property               7.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.0      CRISIL B+/Stable (Reassigned)

   Post Shipment Credit   22.5      CRISIL A4 (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile, large working capital requirement, and
exposure to intense competition in the diamond trading industry
resulting in low profitability. These weaknesses are partially
offset by promoters' experience and established client
relationship.

Analytical Approach

For arriving at the rating, estimated unsecured loans of INR25
crore as on March 31, 2018, from promoters have been treated as
neither debt nor equity as these are not interest bearing, are
expected to remain in business in the long term, and are
subordinated to bank debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated to
be small at INR15.0-15.5 crore and total outside liabilities to
adjusted networth ratio high at 8-9 times, as on March 31, 2018.
Debt protection metrics are also likely to have been weak, with
interest coverage and net cash accrual to adjusted debt ratios of
2.1-2.3 times and 0.06-0.08 time, respectively, for fiscal 2018.

* Large working capital requirement: Gross current assets are
estimated at 205-210 days as on March 31, 2018, due to stretched
receivables of 150-155 days.

* Exposure to intense competition: The diamond trading industry
is highly fragmented, leading to low pricing flexibility and
hence constrained profitability (1.7-2.6% in the five fiscals
through 2018). In the absence of a fixed hedging policy, margin
also remains susceptible to fluctuations in foreign exchange
rates.

Strengths

* Experience of promoters and established relationship with
customers: Presence of more than three decades in the diamond
industry has enabled the promoters to successfully navigate
business cycles and establish strong relationship with a
diversified customer base across the USA, Australia, Hong Kong,
Singapore, Belgium, Thailand, and Dubai.

Outlook: Stable

CRISIL believes Diasqua will continue to benefit from the
experience of its promoters and established customer
relationship. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in revenue, along with
stable profitability, or steady improvement in working capital
management. The outlook may be revised to 'Negative' in case of a
steep decline in profitability, or significant deterioration in
the capital structure because of a stretch in working capital
cycle or considerably higher withdrawals.

Diasqua was set up in 2006 in Mumbai by Mr Nimesh Mehta and his
family members. The company trades in polished diamonds.


DUTTA AGRO: CRISIL Assigns 'D' Rating to INR5.50cr LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long term bank
facilities of Dutta Agro Plantations Private Limited (DAPPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      0.35       CRISIL D (Assigned)

   Cash Credit             3.65       CRISIL D (Assigned)

   Long Term Loan          5.50       CRISIL D (Assigned)

The rating reflects DAPPL's below-average liquidity, modest
financial risk profile and high gearing. These weaknesses are
offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average liquidity: Modest net cash accrual resulting in
cash flow mismatch has resulted in delayed term loan repayments.
Further, bank limit remains fully utilised.

* Average financial risk profile: Small networth - INR2.99 crore
as on March 31, 2018 - high gearing and moderate debt protection
metrics have resulted in weak financial risk profile.

Strength

* Extensive experience of the promoters: Backed by the promoters'
experience of three decades, operations at the newly established
tea manufacturing unit were stabilised quickly.

Incorporated in October 1988, DAPPL is engaged in tea
manufacturing business. The company, till October 2015 was
engaged in the trading of tea leaves through its owned three
estates covering in Jalpaiguri, West Bengal.


F3 MARINE: CARE Assigns B+ Rating to INR20cr Long-Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of F3
Marine Foods Worldwide, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            20.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of F3 Marine Foods
Worldwide are tempered by initial stage of project with financial
closure yet to be achieved, partnership nature of its operations,
fragmented and competitive nature of industry including foreign
exchange fluctuation risk and seasonal nature of business
operations and availability of raw materials. However, the
ratings derive comfort from experienced promoters and well
established associate companies and location advantage.

Going forward the ability of the company to stabilize operations
and achieve envisaged income from operations and profitability
along with enhancing its geographical influence will be key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial closure not yet achieved: The firm has not yet achieved
its financial closure for setting up of the unit. Currently, land
measuring 1.96 acres of Industrial Converted Land has been
contributed by the partner of the firm as his capital
contribution which has been marked in the partnership deed. As
on May 22, 2018 the firm has spent incurred INR 11 crore towards
procurement of machinery and development of infrastructure. The
commercial operations are expected to begin by August 2018 being
the paek season for procurement of raw materials ie; mackerel,
squid, cuttle fish, reef cod, ribbon fish, sardine fish and king
fish. Further, completion of the project without any cost overrun
and stabilization of business operations shall remain critical
from credit perspective.

Partnership nature of its constitution: Being a partnership firm,
it is exposed to the risk of withdrawal of capital by partners
due to personal exigencies, dissolution of firm due to retirement
or death of any partner and restricted financial flexibility due
to inability to explore cheaper sources of finance leading to
limited growth potential.

Fragmented and competitive nature of industry including foreign
exchange fluctuation risk: Indian exporters suffer from several
handicaps in the matter of export related infrastructure, cost of
finance and transaction cost. The transaction cost for Indian
exporters in quite high when compared to neighboring countries.
Fierce competition, high transaction cost and volatility of rupee
dollar rate combination are some of the factors that pose a
threat to the players in the industry.

Seasonal nature of business operations and availability of raw
materials: The firm will be fully operational in months, running
three shifts, during August to October being the peak season of
operations. There will be normal operations from November to May.
However, there will be a shutdown period for operations during
the monsoons in June-July for maintenance of hygiene at the unit.

Key Rating Strengths

Experience of promoters in the field and well established group
companies:  Mr. Mushtaq Ahmed and Mr. Mohseen Mohammed both have
more than 2 decades of business experience in similar business
including seafood industry and operation of cold storage. Mr.
Sarvotham Poojary, also a partner, engaged in fish trading
business since last 20 years has contributed land as part of his
capital contribution. They are both partners at the group company
Ms/ Indotech Ice and Cold Storage, located in Goa, that has been
in operation for 7 years and engaged in similar line of business
and M/s BAM Seafoods, located in Malpe, Udupi, Karnataka.

Location Advantage: The plant is being set up at the industrial
area in Udupi, Karnataka. This is in close proximity to fisheries
jetties like Malpe, Gangolli, Mangalor, Tadadi, Gokarna and
Bailkere. It is located at 60kms from Mangalore Port for shipment
which enables in easy procurement and transportation of raw
material directly from landing centres and economic transport of
finished goods to the port.

F3 Marine Foods Worldwide is a registered partnership firm having
8 partners and having experience of more than 2 decades in
similar industry and business. It is established with the
objective of setting up fish processing unit along with ice plant
and cold chain infrastructure in Gujjarbettu, Udupi, Karnataka.
The main objective of the firms is to export marine products
after freezing. Raw materials will be procured from home and
neighboring districts. The firm plans to set up integrated cold
chain and value addition infrastructure project for marine
products at Padu Thonse Village, Gujjarbettu, Udupi Taluka and
district. Further, to set up Farm Level Infrastructure (FLI)
including processing center situated at the catchment area of
coastal district of Karnataka. This would include Cold storage
unit, frozen storage/deep freezers, IQF line, blast freezers and
plate freezers. Furthermore, to set up Distribution hub which
includes modern technology for temperature controlled storage,
processing, value addition and preservation infrastructure for
freezing the marine products. Also to procure Reefer/insulated
vehicle of 10MT capacity each aggregating to 70MT for
transportation of marine products from catchment are to the unit.


GOLDEN JUBILEE: Billionaire Seeks Waiver to Bid for Hotel
---------------------------------------------------------
Bloomberg News reports that billionaire banker Uday Kotak's
stressed asset investment unit is asking India's bankruptcy
regulator to ensure that potential buyers of insolvent companies
aren't made to provide non-refundable deposits in exchange for
financial information during the sale process.

A court-appointed insolvency professional asked bidders for
Golden Jubilee Hotels Ltd., which operates a property that in
November hosted Ivanka Trump, to pay an upfront deposit of
INR1 million ($15,000) while submitting an expression of
interest, according to S. Sriniwasan, managing director of Kotak
Investment Advisors, Bloomberg relays. This practice wasn't
followed in other bankruptcy processes he has participated in.

"We found it a violation of the process defined under the
Insolvency and Bankruptcy Code and have requested the board to
make clear to all resolution professionals that this cannot be
done arbitrarily," Bloomberg quotes Sriniwasan as saying.

Such instances, numerous court battles and recurring changes to
the new code show that clarity is yet to emerge on India's 18-
month-old law, the cornerstone of its efforts to clean-up $210
billion of bad loans, the report says. Of the 12 largest
defaulting companies referred to the nation's insolvency courts
last June, only two have been sold, with nine having missed the
deadline for resolution mandated by law, Bloomberg notes.

According to Bloomberg, Sriniwasan said the bankruptcy board was
receptive and is expected to come out with a public clarification
on non-refundable deposits.

                      About Golden Jubilee

Golden Jubilee Hotels Limited builds hotel properties. The
company was formerly known as Golden Jubilee Estates Limited and
changed its name to Golden Jubilee Hotels Limited in December
2006. The company was incorporated in 1996 and is based in
Hyderabad, India. Golden Jubilee Hotels Limited operates as a
subsidiary of Core Hotels Ventures Pvt Ltd.

Golden Jubilee Hotels was pushed into insolvency proceedings
earlier this year after it defaulted on repayments to creditors.

The company has claims of about INR1,085 crore which includes
operational creditors, according to The Economic Times.


GOVIND CABLE: ICRA Maintains B Rating in Not Cooperating Cat.
-------------------------------------------------------------
ICRA said the ratings for the INR13 crore bank facilities of
Govind Cable Industries continues to remain under the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

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

   Short Term-Non        7.00      [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Govind Cable Industries (GCI) was established in 1978 to
manufacture power, control and instrumentation cables mainly for
steel and power sectors. The firm caters to Government entities
or private dealers who supply to Government entities. The
manufacturing facility is located at the industrial area of
Sahibabad in Ghaziabad, Uttar Pradesh.


GULATI METAL: CRISIL Assigns B+ Rating to INR10cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Gulati Metal and Alloys (GMA).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL B+/Stable (Assigned)

The rating reflects GMA's modest scale of operations in the
highly fragmented cable manufacturing business,large working
capital requirement and average financial risk profile. These
weaknesses are partly offset by the experience of the proprietor
in the industry.

Analytical Approach

Unsecured loans (outstanding at INR1.37 crore as on March 31,
2018) extended to GMA by the proprietor have been treated as
neither debt nor equity. That's because these loans do not bear
any interest and should remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability. Revenue is estimated at around INR10 crore in
fiscal 2018.

* Large working capital requirement: Gross current assets were
sizeable at 467 days as on March 31, 2018, driven by large
debtors of 205 days and substantial inventory of 200 days.

* Average financial risk profile: Estimated interest coverage and
net cash accrual to total debt ratios were 1.6 times and 0.1
time, respectively, in fiscal 2018 with moderate networth of
INR4.83 crore as of March, 2018.

Strengths

* Experience of proprietor: Benefits from the proprietor's
experience of a decade, his strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes GMA will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected revenue or profitability,
stretched working capital cycle, or any large, debt-funded
capital expenditure weakens financial risk profile and liquidity.

GMA was set up in 2008 at Jammu by the proprietor, Mr Sandeep
Gulati. The firm manufactures aluminum cables and conductors.

Net profit was INR1.25 crore in fiscal 2017 on total sales of
INR15.16 crore, against net loss of INR0.44 crore on total sales
of INR2.72 crore for the previous fiscal.


JOY GURU: CARE Assigns 'B' Rating to INR8.0cr Long-Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Joy
Guru Cold Storage Private Limited (JGCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            8.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities            0.07       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JGCSPL are
constrained by its small size of operations, regulated nature of
business, seasonality of business and susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
competition from local players, and working capital intensive
nature of business and moderate leverage ratios with moderate
debt protection metrics. However, the aforesaid constraints are
partially offset by its experienced management and long track
record of operations and proximity to potato growing area. Going
forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management and long track record of operations: As
JGCSPL started its commencement from 1990 and thus has long track
record of operations. Mr. RajatSubhra Nandi (aged 68 years) and
Mr. SanjibKundu (aged 45 years) looks after overall management of
the company. Mr. RajatSubhra Nandi has more than three decades of
experience in cold storage business and is supported by other
directors and a team of experienced professionals who have rich
experience in the same line of business.

Proximity to potato growing area: JGCSPL's storing facility is
situated in the Bankura district of West Bengal which is one of
the major potato growing regions of the state. The favourable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Moderate leverage ratios with moderate debt protection metrics:
The leverage ratios of the company were moderate with
satisfactory debt equity ratio and moderate overall gearing ratio
being 0.35x and 1.71x, respectively, as on March 31, 2017. Total
debt to GCA also remained high at 10.19x in FY17. The interest
coverage ratio has shown erratic trend over the last three years
with the same being adequate at 1.53xin FY17.

Key Rating Weaknesses

Small size of operations: JGCSPL is a relatively small player in
the cold storage business having total operating income and PAT
of INR2.37 crore and 0.06 crore in FY17. The total capital
employed was also low at around INR3.98 crore as on March 31,
2017. During 9MFY18, the company has achieved total operating
income of INR1.87crore.  Small scale of operations with low net
worth base limits the credit risk profile of the company in an
adverse scenario.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: JGCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, JGCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Working capital intensive nature of business: As JGCSPL is
engaged in the cold storage business, its operation is working
capital intensive by nature. The same is reflected by the higher
working capital requirement for the company and the average
utilization for the same remained at about 90% during the last 12
months ended January 2018.

Joy Guru Cold Storage Private Limited. (JGCSPL), incorporated in
the year 1989, is a Bankura (West Bengal) based company, promoted
by the Nandi and Kundu family. It is engaged in the business of
providing cold storage services to potato growing farmers and
potato traders, having an installed storage capacity of 200,000
quintals in Bankura district of West Bengal.

Mr. Rajat Subhra Nandi (Director) and Mr. Sanjib Kundu (Director)
looks after overall management of the company. Mr. Rajat Subhra
Nandi has more than three decades of experience in cold storage
business and is supported by a team of experienced professionals
who have rich experience in the same line of business.


KAVIT INDUSTRIES: CRISIL Lowers Rating on INR5cr Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating of Kavit Industries (KI) to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-
/Stable/CRISIL A4' as the firm has delayed the servicing of its
debt obligations.

                  Amount
   Facilities   (INR Crore)   Ratings
   ----------   -----------   -------
   Cash Credit        5       CRISIL D (ISSUER NOT COOPERATING;
                              Downgraded from 'CRISIL B-/Stable')

   Letter of Credit   2.34    CRISIL D (ISSUER NOT COOPERATING;
                              Downgraded from 'CRISIL A4')

   Term Loan          0.66    CRISIL D (ISSUER NOT COOPERATING;
                              Downgraded from 'CRISIL B-/Stable')

CRISIL has been consistently following up with KI for obtaining
information through letters and emails dated April 25, 2018,
May 9, 2018, and June 6, 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.

'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 KI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for KI
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B-' rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4' as the firm has
delayed the servicing of its debt obligations.

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.


KKRISHNA VAAHAN: CRISIL Hikes Rating on INR25.5cr Loan to B
-----------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
KKrishna Vaahan Private Limited (KVPL) from 'CRISIL BB-/Stable'
to 'CRISIL D', and simultaneously upgraded the rating to 'CRISIL
B/Stable'. The rating revision to 'CRISIL D' reflects delay in
regularisation in temporary overdraft limit during July-November
2017; mainly due to liquidity mismatch. However, since December
2017, there has been no instance of overdrawn limit.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          4.5       CRISIL B/Stable (Revised from
                                  'CRISIL BB-/Stable' to
                                  'CRISIL D' and Simultaneously
                                  Upgraded to 'CRISIL B/Stable')

   Inventory Funding   25.5       CRISIL B/Stable (Revised from
   Facility                       'CRISIL BB-/Stable' to
                                  'CRISIL D' and Simultaneously
                                  Upgraded to 'CRISIL B/Stable')

The rating reflects KVPL's weak financial risk profile because of
modest networth, high total outside liabilities to tangible
networth (TOLTNW) ratio, and average debt protection metrics;
exposure to intense competition; low operating margin; and
stretch in working capital cycle leading to liquidity mismatch.
These weaknesses are partially offset by promoters' extensive
entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated to
be small at INR5.64 crore and TOLTNW ratio high at 14.71 times,
as on March 31, 2018. However, these should improve gradually
with accretion to reserves. Debt protection metrics were muted,
with estimated interest coverage and net cash accrual to total
debt ratios of 1.2 times and 0.03 time, respectively, in fiscal
2018.

* Low operating margin and exposure to intense competition in the
commercial vehicle (CV) dealership business: Margin was 2.7% in
fiscal 2018 because of limited value addition and intense
competition. The CV industry is also exposed to changes in
overall economic conditions. Consequently, business may remain
restricted over the medium term by these industry-specific risks.

* Stretch in working capital cycle: Gross current assets
increased to 166 days as on March 31, 2018, from 91 days in the
previous fiscal because of stretched receivables. This led to
liquidity mismatch.

Strengths

* Promoters' extensive entrepreneurial experience: Benefits of
the five-decade-long experience of Khaitan family in the
automobile dealership and other businesses, and strong market
reputation in Odisha through dealerships of Bajaj Auto Ltd and
India Kawasaki Motors Pvt Ltd should continue to support business
risk profile.

Outlook: Stable

CRISIL believes KVPL will continue to benefit over the medium
term from its association with Tata Motors Ltd (TML; rated
'CRISIL AA/Positive/CRISIL A1+'). The outlook may be revised to
'Positive' if more-than-expected revenue or cash accrual, along
with improved capital structure, substantially strengthens
financial risk profile. The outlook may be revised to 'Negative'
in case of low accrual, stretch in working capital cycle, or any
large capital expenditure.

KVPL was set up in September 2013 by Mr Sajjan Khaitan and his
son, Mr Rahul Khaitan. The company deals in CVs (including medium
and heavy CVs and buses) for TML in the Deogarh, Sundergarh, and
Rourkela districts of Odisha.


LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR85cr Loan
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR85.00-crore (reduced from INR99.50 crore) fund-based
facilities of Lexus Motors Limited. ICRA has also reaffirmed
short-term rating of [ICRA]A4 assigned to the INR2.00-crore
(revised from INR0.50 crore) non-fund based bank facility of LML.
ICRA has further reaffirmed the long-term rating of [ICRA]B+ and
the short-term rating of [ICRA]A4 to the INR13.00-crore (revised
from Nil) untied limits of LML. The outlook on the long-term
rating is Stable.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     85.00      [ICRA]B+ (Stable); reaffirmed

   Non-fund Based
   Limits                 2.00      [ICRA]A4; reaffirmed

   Untied Limits         13.00      [ICRA]B+(Stable)/ [ICRA]A4;
                                    Reaffirmed

Rationale

The reaffirmation of the ratings considers the cyclicality and
the inherently low margins in the automobile dealership business
due to the industry dynamics and the commission structure decided
by the principal. LML has a weak financial profile, characterised
by an aggressive capital structure and depressed level of
coverage indicators. The ratings continue to be impacted by the
vulnerability of the project off-take risk, given the current
slack in demand in the commercial real-estate segment in Kolkata,
and lack of bookings for the property till date.

The ratings, however, derive comfort from the promoters'
experience in the automobile dealership business, with a track
record of over two decades and the established market position of
LML in Kolkata as an authorised dealer of Tata Motors Limited
(TML) for both commercial vehicles (CV) and passenger vehicles
(PV) segments, and as the sole dealer of Jaguar Land Rover (JLR)
in eastern India.

In ICRA's opinion, the ability of the firm to scale up its
operations and improve profitability, while efficiently managing
its working capital requirements will remain key rating
sensitivities.

Outlook: Stable

ICRA believes that the company will continue to benefit from the
long experience of the promoters. The outlook may be revised to
Positive if the company is able to scale up its operations while
improving profitability, capital structure, and coverage
indicators. The outlook may be revised to Negative if there is
any increase in the working capital requirement, which could
adversely impact the liquidity position of the company.

Key rating drivers

Credit strengths

Experience of the promoters: The promoters have experience of
over two decades in the automobile dealership business. The
promoters' track record in the business mitigates the operational
risk, to an extent.

Established position as an authorised dealer of TML in Kolkata:
The company is among the leading dealers of TML in eastern India,
dealing in the entire range of commercial/ passenger vehicles
along with JLR vehicles. LML is also the sole dealer for the JLR
segment in eastern India and operates through two showrooms and
one workshop in Kolkata and Cuttack. In addition, the company has
12 showrooms (seven PV and five CV), six workshops (three PV and
three CV) and three customer service points for CVs spread across
Kolkata. TML has also authorised LML to supply vehicles to the
government organisations in the eastern region.

Credit challenges

Weak financial profile characterised by a highly leveraged
capital structure and depressed coverage indicators: The capital
structure of the company continued to remain leveraged, as
depicted by a gearing of 8.04 times as on March 31, 2018
(provisional) compared to 7 times as on March 31, 2017.

High debt levels coupled with low profitability kept the coverage
indicators depressed as reflected by an interest coverage of 1.27
times, NCA/total debt of 2% and TD/OPBDITA of 8.57 during FY2018
(provisional).

Muted demand for the showroom-cum-real-estate project at
Rajarhat: Ongoing slowdown in the commercial real-estate market
in Kolkata and the lack of bookings till date expose the project
to off-take risk and expected realisations. ICRA further notes
that LML has significant debt repayment obligations, which are
likely to keep its cash flows under pressure in the near to the
medium term.

Inherently low margins due to industry dynamics and commission
structure regulated by the principal: The operating profit margin
of auto dealers, including LML, is inherently low due to the
high-volume, low-margin business nature of the industry and
intense competition among dealers. Besides, auto dealers are
regulated by the OEM to a large extent, where the commission
structure is decided by the principal, which also restricts the
margin.

Exposed to the cyclicality of the industry: The company remains
exposed to the inherent cyclicality of the Indian passenger as
well as commercial vehicle industry.

Incorporated in 1991, Lexus Motors Limited (LML) is involved in
the business of automobile dealership and is an authorised dealer
of Tata Motors Limited (TML). LML started its operations with
light commercial vehicle and subsequently was given the franchise
of multi-utility vehicles, medium and heavy commercial vehicles
and passenger cars of TML. Since FY2011, LML also started dealing
in models of Jaguar Land Rover (JLR) in arrangement with TML. LML
is the sole dealer for the JLR segment in eastern India. The
company is in the process of developing a showroom cum real
estate project in Auto Hub, Rajarhat, Kolkata.


LICHCHHWI FOOD: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lichchhwi Food
India Pvt. Ltd.'s (LFIPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR80.00 mil. Fund-based working capital limit (long-term)
     Downgraded with IND D rating; and

-- INR28.84 mil. (reduced from INR31.4 mil.) Long-term loans
     (long-term) due on March 2023 downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by JFIPL during
February-April 2018 owing to a tight liquidity position,
indicated by the overutilization of its working capital limits
during the 12 months ended April 2018.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

LFIPL operates two multipurpose cold storages with a total
capacity of 13,000 metric tons, a flour mill and a 500 metric ton
frozen unit since 1999 at Industrial Area, Hazipur. It stores
agricultural and horticultural products, mainly potato, maize,
pea, spices apples, butter and other seasonal fruits. It is also
engaged in the trading of potato.

Its promoters are Mr. Avinash Kumar, Mr. Arun Kumar Singh and Mr.
Alok Kumar.


LUTHFA FOUNDATION: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL is migrating the rating of Luthfa Foundation (LF) from
'CRISIL B-/Stable/Issuer Not Cooperating to 'CRISIL B-/Stable'

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit/            0.2        CRISIL B-/Stable (Migrated
   Overdraft facility                 from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

   Long Term Bank          2.95       CRISIL B-/Stable (Migrated
   Facility                           from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Long Term      6          CRISIL B-/Stable (Migrated
   Bank Loan Facility                 from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Term Loan      3          CRISIL B-/Stable (Migrated
                                      from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facilities of LF to 'CRISIL B-
/Stable/Issuer Not Cooperating'. However, the firm's management
has subsequently started sharing information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B-/Stable/Issuer Not
Cooperating to 'CRISIL B-/Stable'

The rating reflects LF's small scale of operations, geographical
concentration in revenue profile, and exposure to restrictions
imposed by regulatory bodies and to intense competition in the
education sector. These weaknesses are partially offset by the
extensive experience of its trustees.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and geographical concentration in
revenue: With revenue of around INR2.57 crore in fiscal 2018,
scale remains modest. The trust operates two one institutes
although the occupancy rate is high. The low capacity restricts
the trust's cash accruals, and in turn, its financial risk
profile.

* Vulnerability to regulatory risks associated with educational
institutions: Courses offered by the trust have to comply with
specific operational and infrastructure norms laid down by
regulatory bodies such as All India Council for Technical
Education (AICTE), National Council for Vocational Training
(NCVT), to which the trust is affiliated. Thus, the trust has to
regularly invest in workforce and infrastructural requirements as
per the prescribed norms. There has been minimal rise in course
fees over the past three years, while operational expenses have
been increasing. Furthermore, enhancements in seats/courses
offered in any discipline require prior approvals from AICTE and
NCVT. The setting up of a new institute also requires approval
from AICTE, the state government, and the governor of the state
in which the institute is being set up.

Strengths

* Extensive experience of promoters: The trust's promoters have
been in the education segment for more than a decade, which has
led to steady ramp up in operations.

Outlook: Stable

CRISIL believes LF will continue to benefit from its trustees'
extensive experience. The outlook may be revised to 'Positive' in
case of a substantial scaling up of operations through increase
in the number of courses and intake capacity. The outlook may be
revised to 'Negative' if financial risk profile is affected by
sizeable, debt-funded capital expenditure, or lower-than-expected
ramp up in occupancy levels.

LF is a charitable trust set up in 2010 in Kolkata. It presently
runs Luthfa Private Industrial Training Institute an NCVT-
affiliated industrial training institute (ITI); and Luthfa
Polytechnic Institute , an AICTE-affiliated college offering
diploma degrees in four engineering streams. The trust's chairman
is Dr Bazlul Haque.


MAHASHAKTI COLD: CARE Assigns B+ Rating to INR7.30cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahashakti Cold Storage Private Limited (MCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility             7.30        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MCSPL is
constrained by its small size of operations with moderate
profitability margins, regulated nature of business, seasonality
of business and susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, competition from local
players, working capital intensive nature of business and
leveraged capital structure with moderate debt protection
metrics. However, the aforesaid constraints are partially offset
by its experienced management and long track record of
operations, proximity to potato growing area.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management and long track record of operations: MCSPL
started its commencement from 1987 and thus has long track record
of operations. Mr. Naba Kumar Kundu (aged 58 years) looks after
overall management of the company. Mr. Naba Kumar Kundu has more
than two decades of experience in cold storage business and is
supported by other directors and a team of experienced
professionals who have rich experience in the same line of
business.

Proximity to potato growing area: MCSPL's storing facility is
situated in the Burdwan district of West Bengal which is one of
the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Key Rating Weaknesses

Small size of operations with moderate profitability margins:
MCSPL is a relatively small player in the cold storage business
having total operating income and PAT of INR2.36 crore and
INR0.12crore in FY17 respectively. The total capital employed was
also low at around INR7.83 crore as on March 31, 2017. The PBILDT
margin of the company improved during the last three financials
on account of better management of cost of operations and the
same remained satisfactory at 30.39 % in FY17. Further, the PAT
margin also remained moderate at 5.03% in FY17. However, the cash
accrual declined marginally in FY17 to INR0.14 crore as against
INR0.19 crore in FY16.

During FY18, the company has achieved total operating income of
INR2.21 crore. Small scale of operations with low net worth base
limits the credit risk profile of the company in an adverse
scenario.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: MCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Working capital intensive nature of business: As MCSPL is engaged
in the cold storage business, its operation is working capital
intensive by nature. The same is reflected by the higher working
capital requirement for the company and the average utilization
for the same remained at about 90% during the last 12 months
ended April 2018.

Leveraged capital structure with moderate debt protection
metrics: Overall gearing ratios of the company were high as on
last three account closing dates with the same being 4.49x as on
March 31, 2017. Total debt to GCA also remained high at46.97x in
FY17. However, the Interest coverage ratios were adequate during
past financial years, with the same being at 1.36x in FY17.

Mahashakti Cold Storage Private Limited. (MCSPL), incorporated in
the year 1984, is a Burdwan (West Bengal) based company, promoted
by the Kundu family. It is engaged in the business of providing
cold storage services to potato growing farmers and potato
traders, having an installed storage capacity of 179,696 quintals
in Burdwan district of West Bengal. Mr. Naba Kumar Kundu
(Director) looks after overall management of the company. Mr.
Naba Kumar Kundu has more than two decades of experience in cold
storage business and is supported by a team of experienced
professionals who have rich experience in the same line of
business.


MB POWER: Ind-Ra Moves 'BB' Debt Facility Rating to Non-Coop.
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated MB Power (Madhya
Pradesh) Limited's (MBPL) proposed debt facilities to the non-
cooperating category. The issuer did not participate in the final
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 'Provisional IND BB (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR51.96 bil. Proposed rupee term loan due on April 2034
     migrated to non-cooperating category with Provisional IND BB
     (ISSUER NOT COOPERATING) rating; and

-- INR2.5 bil. Proposed short-term loan under working capital
     Facility migrated to non-cooperating category with
     Provisional IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MBPL is a 100% subsidiary of Hindustan Thermal Projects Limited,
which in turn is a 100% subsidiary of Hindustan Power Projects
Private Limited (HPPPL). Hindustan Power Projects is the energy
holding company of the group and has 100% step-down subsidiaries
for thermal, hydro and solar verticals. MBPL has set up a 2x600MW
coal-based sub-critical thermal power plant in district Anuppur
of Madhya Pradesh.


OSIA JEWELS: CRISIL Lowers Rating on INR12.5cr Proposed Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its long-term rating on bank facility
availed by Osia Jewels Private Limited (OJPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL C Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        7.5       CRISIL D (ISSUER NOT COOPERATING:
                                Downgraded from 'CRISIL C ISSUER
                                NOT COOPERATING')

   Proposed Long     12.5       CRISIL D (ISSUER NOT COOPERATING:
   Term Bank Loan               Downgraded from 'CRISIL C ISSUER
   Facility                     NOT COOPERATING')

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

CRISIL has downgraded its long-term rating on bank facility
availed by OJPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
C Issuer Not Cooperating'. The downgrade reflects the
confirmation of the fact that account has been classified as an
NPA (Non-Performing Asset), as per the latest information
available.

Analytical Approach

CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and 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.


PARAMOUNT CHEMPRO: CARE Assigns B+ Rating to INR7cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Paramount Chempro (PC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             7         CARE B+; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of PC factors in the
project stabilization risk from the debt funded cap-ex
undertaken, susceptibility of margins to fluctuation in raw
material prices, its presence in highly fragmented and
competitive industry and partnership nature of constitution. The
rating however derives strength from the satisfactory experience
of the promoters of more than one and a half decade in
diversified business.

The ability of the firm to stabilize its operations and achieve
envisaged sales and profitability is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project Stabilization risk from the debt funded cap-ex
undertaken: The entity has recently completed its project to set
up a Formaldehyde unit at Butibori, Nagpur (Maharashtra). The
entity has commenced its production from April, 2018 and has
achieved a turnover of INR1.50 crore during 2MFY19. The
stabilization of the said cap-ex will be critical from credit
perspective.

Vulnerability to fluctuation in raw material prices: The major
raw material used for manufacturing industrial chemicals is
Methanol, which are sourced from Mumbai based importers. Any
change in the prices of these materials has a direct bearing on
the profitability of PC. Raw materials are procured at market
determined rates and there is no long term contract with
suppliers due to the fluctuating nature of prices. Hence,
volatility in raw material prices is one of the major concerns
for the entity, as high level of competition refrains for a
complete pass through of rising cost.

Presence of company in highly fragmented industry: PC operates in
an industry characterized by high competition due to low entry
barriers, high fragmentation and the presence of a large number
of players in the organized and unorganized sector. Thus, the
entities present in the segment generally have a very low
bargaining power vis-a-vis their customers.

Partnership nature of constitution: Being partnership nature of
constitution, the firm is exposed to the risk of withdrawal
of capital due to personal exigencies, dissolution of firm due to
retirement or death of promoter and restricted financial
flexibility due to inability to explore cheaper sources of
finance leading to limited growth potential.

Key Rating Strengths

Experienced partners: PC is managed by Mr. Kishor D Patel, Mr.
Vijay J Patel, Mr. Paresh R Patel and Mr. Naresh J Patel. The
partners have an average experience of more than one and a half
decade in diversified business viz. timber and plywood trading,
industrial hardware trading and laminate industry. All the
partners are involved in the day to day affairs of the business
with adequate support from a team of experienced professionals.
Long experience of the partners will support the business risk
profile of the entity to a large extent.

PC was established in the year 2015 by Patel family of Nagpur.
The entity has recently (April 2018) completed its project to set
up a Formaldehyde unit at Butibori, Nagpur, Maharashtra with an
installed capacity of 24000 metric tonnes per annum. The product
i.e. Formaldehyde mainly finds application in furniture industry.


PRATHISHTA BUSINESS: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prathishta
Business Solutions Private Limited's (PBSPL) 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 D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR448.45 mil. Term loans (Long-term) due on October 2021 to
    February 2023 migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Fund-based facilities (Long-term/Short-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

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

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

COMPANY PROFILE

Incorporated in 2013 as a private limited company, PBSPL is a co-
packer/contract manufacturer for PepsiCo Holdings India Private
Limited's 500ml and 1,000ml packaged drinking water under the
Aquafina brand.


REGAAL RESOURCES: CRISIL Reaffirms B+ Rating on INR40cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Regaal Resources Private Limited (RRPL) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            40        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's exposure to risks
related to start-up phase, implementation of project, and
stabilisation of operations. This weakness is partially offset by
promoters' extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to start-up phase, project
implementation, and stabilization of operations: The company is
setting up a starch extraction plant at a cost of INR88.76 crore,
and is exposed to risks related to timely completion of project.
Implementation risk is moderate as any delay in commissioning of
project can have a negative impact on financial risk profile.

Strength

* Extensive entrepreneurial experience of promoters: The
company's promoters have diversified businesses such as
manufacturing and trading, publishing, real estate, and
hospitality. Hence, RRPL is likely to benefit from their
longstanding entrepreneurial experience.

Outlook: Stable

CRISIL believes RRPL will benefit from the extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if the project is implemented and
operations are stabilised as scheduled. The outlook may be
revised to 'Negative' if time and cost overruns in project put
significant pressure on liquidity.

Incorporated in 2012 and promoted by Mr Bijay Kumar Kishorepuria,
Mr Raj Kumar Kishorepuria, Mr Anil Kishorepuria, and Mr Manoj
Panwar, RRPL is setting up a starch extraction plant in
Thakurganj, Bihar.


RUCHI SOYA: Patanjali Seeks More Info on Adani Wilmar's Bid
-----------------------------------------------------------
BloombergQuint reports that Yoga guru Baba Ramdev's Patanjali
Group, which is in the race to acquire bankruptcy-bound Ruchi
Soya Industries Ltd., has sought more information related to the
bid submitted by its rival Adani Group and also on the
appointment of a legal advisor of the resolution professional.

Patanjali, which has been declared as the second highest bidder,
has not yet submitted a revised bid to match or better the
highest offer of INR6,000 crore by Adani Wilmar, sources said,
BloombergQuint relates.

According to BloombergQuint, the company was to submit its
revised bid under the Swiss Challenge system by June 16. The CoC
would have to decide on whether to give a fresh deadline to
Patanjali to submit a revised bid or declare Adani Wilmar as the
winning bidder. However, sources said that Patanjali Ayurveda has
sought more information from the lenders of Ruchi Soya.

The company wants to know the parameters based on which Adani
group has been declared as the highest bidder, they said,
BloombergQuint relays.

BloombergQuint says Patanjali, which had bid for around INR5,700
crore under the Swiss Challenge System, has also sought details
related to appointment of Cyril Amarchand Mangaldas as legal
advisor of resolution professional, which was already advising
Adani Group.

When contacted, Patanjali spokesperson SK Tijarawala said: "We
have replied to them within the stipulated time frame." He did
not reply to a query whether the Haridwar-based firm has
submitted its revised bid or not.
BloombergQuint notes that Tijarawala had earlier raised question
over the neutrality of the process citing media reports of
resignation of law firm Cyril Amarchand Mangaldas as advisor of
Adani Wilmar. The law firm is also advising the Ruchi Soya's
resolution professional.

According to the report, Ruchi Soya in a regulatory filing last
week confirmed that the Commitee of Creditors declared Adani
Wilmar as highest bidder and Patanjali stood as second highest.

Under the Swiss Challenge system, Patanjali has a right to match
or better the offer made by Adani, the report states.

The CoC has decided to conduct Swiss challenge method to maximise
the asset value of Ruchi Soya.

Sources had earlier said lenders who have to recover about
INR12,000 crore in outstanding loans from Ruchi Soya, were not
happy with the initial bids, wherein Patanjali was the top bidder
with an offer of around INR4,300 crore followed by Adani at
INR3,300 crore, according to BloombergQuint.

Under the Swiss Challenge method, Adani will get another chance
to make an offer if Patanjali were to match or better its offer
of about INR6,000 crore, the report notes.

                         About Ruchi Soya

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

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

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

Ruchi Soya has a total debt of about INR120 billion.


SAI SWADHIN: CARE Assigns B Rating to INR7.64cr Long-Term Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sai
Swadhin Commercials Private Limited (SSCPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.64       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSCPL are
constrained by its small scale of operations with low
profitability margins, volatility in raw material prices, high
leverage ratios with adequate debt coverage indicators, working
capital intensive nature of industry and intensely competitive
nature of the industry with presence of many unorganized players.
However, the aforesaid constraints are partially offset by its
experienced promoters and strategic location of the plant.

The ability of the company to grow its scale of operations,
improve profitability margins and to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management: Mr. Jami Ramesh and Mr. Jami Sivasai
looks after the day to day activities of the company and has more
than two decades of experience in the same line of business
through other similar group companies they are equally supported
by other directors and a team of experienced professionals who
are having adequate experience in the similar line of business.

Strategic location of the plant: SSCPL's plant is located in
Koraput district of Orissa which is one of the hubs for cashew
cultivation region of Orissa. The firm sources its raw materials
in plenty with cashew processing units operating in areas in
proximity to SSCPL's plant. As there are number of companies
operating in this region producing cashew nut, availability of
raw material is not an issue.

Key Rating Weaknesses

Small scale of operation and low profitability margin: SSCPL is a
relatively small player in the agro industry with total operating
income and net loss of INR11.89 crore and INR0.44 crore,
respectively, in FY17. The total capital employed was at INR12.40
crore as on March 31, 2017. This apart, the PAT margin was
negative during FY17 due to huge fixed and capital charges. The
company has achieved total operating income of INR11.60 crore
during FY18. The small size restricts the financial flexibility
of the company in times of stress and it suffers on account of
economies of scale.

Volatility in raw material prices: The profitability of the
company is exposed to volatility in raw cashew nut shell prices
owing to its significant dependence on agro-climatic conditions
and local players. Furthermore, cashew nut prices are also
largely affected by global demand-supply scenario.

High leverage ratios with adequate debt coverage indicators: The
overall gearing ratio of the company deteriorated as on March 31,
2018 to 6.60x from 6.49x as on March 31, 2017, was high as on
last three account closing dates. Long term debt equity ratio was
also high during the same period with the same being 3.51x as on
March 31, 2018. Total debt to GCA has improved over the last
three financial years however remained high at 17.47x in FY18.
However, the Interest coverage ratios have improved over the
years, with the same being at 1.88x in FY18.

Working capital intensive nature of business: As SSCPL is engaged
in the cashew nut shell liquid extraction business, its operation
is working capital intensive by nature. The same is reflected by
the higher working capital requirement for the company marked by
high operating cycle days at 206 days which is mainly on account
of prolonged debtors collection period and long inventory days.
The average utilization for the same remained at about 95% during
the last 12 months ended May 2018.

Intensely competitive nature of the industry with presence of
many unorganised players: Cashew nut shell liquid and cashew de-
oiled cake processing is highly fragmented and competitive due to
presence of large number of small players operating in this
sector owing to its low entry barriers, low capital and
technological requirements. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Sai Swadhin Commercials Private Limited (SSCPL) was incorporated
in August, 2008, however after remaining dormant for seven years
the company started commercial operation from April 2015. The
company was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai , Mrs.
Jami Kavita and Mrs. Jami Nirmala based out of Koraput, Odisha.
Since its inception, the company has been engaged in extraction
of cashew nut shell liquid and cashew de-oiled cake at its plant
located at Ganjam, Odisha. The plant has a processing capacity of
252,000 quintals for cashew de-oiled cake and 108,000 quintals
for cashew nut shell liquid. The company procures its raw
materials from domestic markets and sales through dealers across
all over India. Presently, the company has around 25 dealers.


SANAA DISTRIBUTORS: CRISIL Withdraws B Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Sanaa
Distributors India Private Limited (SDIPL) and subsequently
withdrawn the ratings at the company's request and on receipt of
a no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Channel Financing      10        CRISIL B/Stable (Ratings
                                    reaffirmed and Withdrawn)

   Drop Line Overdraft     2        CRISIL B/Stable (Ratings
   Facility                         reaffirmed and Withdrawn)

SDIPL was set up as a proprietorship concern named Sanaa
Associates by Mr Abdul Salam C M, and was reconstituted as a
private limited company with the present name in October 2013.
The company is an authorised distributor of Samsung smartphones
and accessories in Ernakulam (Kerala). It has a network of 72
dealers.


SAVANI INFRACON: CARE Assigns B+ Rating to INR25cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Savani
Infracon LLP (SIL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             25        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SIL is constrained
on account of high project implementation risk associated with
ongoing project, risk related to timely receipt of advances
coupled with presence in a cyclical and highly fragmented real
estate industry. The rating, however, derives comfort from
experienced promoters and established track record of the group
in executing various projects.

The ability of SIL to complete its on-going project and sale of
its units at envisaged prices along with timely realization of
sales proceeds is the key rating sensitivity.
Detailed description of the key rating drivers

Key Rating Weaknesses

High project implementation risk: SIL started construction
activities of 'World Centre 3' from June 2017 and it is expected
to be completed by end of September 2019. Till February 04, 2018,
the firm has incurred cost to the extent of 29.02% out of total
project cost of INR116.25 crore. With balance major costs yet to
be incurred, SIL is exposed to project implementation risk.

Risk related to timely receipt of advances: Till February 04,
2018, SIL has not received any booking advance towards the
project and the costs incurred towards the project are primarily
funded through partners' contribution. With booking advances yet
to be received, SIL is exposed to timely receipt of overall
advances towards the project.

Presence in a cyclical and highly fragmented real estate
industry: The life cycle of a real estate project is long and the
state of the economy at every point in time, right from land
acquisition to construction to actual delivery, has an impact on
the project. This capital intensive sector is extremely
vulnerable to the economic cycles. Currently, slowdown in sales
of units and volatile input costs has increased liquidity
concerns for highly leveraged players. Further, the real estate
sector in India is highly fragmented with presence of many
regional players, who have significant presence in their
respective local markets which in turn leads to intense
competition within the industry.

Key Rating Strengths

Experienced promoters supported by a professional team: SIL is
managed by Mr. Vishal Sheth, Mr. Madhavray Savani and Mrs.
Narmadaben Savani. Mr. Vishal Sheth is holding total experience
of more than a decade into real estate business. Further, the
entity has been supported a professional team. Mr. Arun Savani,
who is an engineer by profession, involved in the proposed
project i.e. World Centre 3 as a key technical person. He holds
total experience of more than two decades into same line of
business. Further, Savani group has a strong presence in
Ahmedabad's market by completing various Residential and
Commercial projects.

Location Advantage: SIL is constructing 'World Centre 3' at
Sabarmati Riverfrtont, which is very near to the already
established business hub at Ashram Road, Ahmedabad. Further, its
close proximity to Airport, Railway Station and Bus Station is
giving an add-on benefit to the project.

Ahmedabad (Gujarat) based, SIL was established as a limited
liability partnership firm in March 2017. Mr. Madhavray K.
Savani, Mrs. Narmadaben M. Savani and Mr. Vishal S. Sheth are the
key partners of the firm. The firm is engaged into Real Estate
Development. Currently the firm is constructing a commercial
project known as 'World Centre 3' at Ahmedabad with the total
cost of INR116.25 crore and till February 04, 2018 the firm has
incurred cost of INR33.74 crore towards the project. The project
consists of 11 storey building for 5 shops and 42 offices
(aggregate 47 units) on Sabarmati Riverfront, Ashram Road,
Ahmedabad Gujarat. The firm has commenced project from June, 2017
and it is expected to be completed by September, 2019.

The firm belongs to Savani group which is into same line of
business for more than a decade and successfully completed five
projects.


SIDDHAM JEWELS: CRISIL Cuts Rating on INR5cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its long-term rating on bank facility
availed by Siddham Jewels Private Limited (SJPL) to 'CRISIL D
Issuer not cooperating' from 'CRISIL C; issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL C ISSUER
                                NOT COOPERATING')

   Proposed Long Term   5       CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility           Downgraded from 'CRISIL C ISSUER
                                NOT COOPERATING')

CRISIL has been consistently following up with SJPL, 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'. This rating lacks a
forward-looking component, as it has been arrived at, without any
management interaction, and is based on best available, 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 SJPL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available on SJPLis
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

CRISIL has downgraded its long-term rating on bank facility
availed by SJPL to 'CRISIL D Issuer not cooperating' from 'CRISIL
C; issuer not cooperating'. The downgrade reflects the
confirmation of the fact that account has been classified as an
NPA (Non-Performing Asset), as per the latest information
available.

Analytical Approach

CRISIL consolidates the business and financial profile of
Sancheti Ornaments Pvt Ltd (SOPL), Siddham 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.


SIVAPARAMESH SPINNING: CRISIL Moves B+ Rating From Not Coop.
------------------------------------------------------------
CRISIL is migrating the ratings of Sivaparamesh Spinning Mill Pvt
Ltd (SSMPL) from CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.18       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           4.00       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term     .22       CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Rupee Term Loan       5.60       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated the
ratings on the bank facilities of SSMPL to 'CRISIL
B+/Stable/CRISIL A4; Issuer not cooperating'. However, the
company's management has started sharing the requisite
information for a comprehensive review of the ratings. Hence,
CRISIL is migrating the ratings from CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating to 'CRISIL B+/Stable/CRISIL A4'.

The ratings continue to reflect the company's weak financial risk
profile and small scale of operations. These weaknesses are
offset by established relationships maintained by promoters, with
various suppliers and customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile is marked
by a small networth and high gearing of about 2.34 crore and 3.86
times,  respectively, estimated as on March 31, 2018, mainly
constrained by high reliance on bank debt. Debt protection
metrics were moderate, marked by estimated interest coverage of
2.5 times estimated for fiscal 2018.

* Small scale of operations and customer concentration risk:
Intense competition in the spinning industry may continue to
constrain the scale of operations and bargaining power with
customers and suppliers. This is also reflected in operating
income of INR26 crore estimated for fiscal 2018.  Further, as
over 70% of revenue is received from a single client, the
business risk profile remains vulnerable to continued offtake and
policies of this player.

Strength

* Extensive experience of the promoters: The decade long
experience of the promoters and their established relationship
with clients and suppliers, should continue to support the
business risk profile over the medium term.

Outlook: Stable

CRISIL believes SSMPL will continue to benefit from the extensive
experience of its promoter and their established relationships
with clients. The outlook may be revised to 'Positive' if growth
in revenue and profitability and better working capital
management, strengthen the financial risk profile. The outlook
may be revised to 'Negative' if any major capital expenditure, or
higher reliance on bank debt, weakens the financial risk profile.

SSMPL was set up in 2014 at Salem, Tamil Nadu. The company
manufactures cotton yarn, and its operations are managed by Mr
Shiva Kumar.


STORK FERRO: CRISIL Assigns B+ Rating to INR28cr Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the long-term
bank facilities of Stork Ferro and Mineral Industries Private
Limited (Stork), and assigned its 'CRISIL B+/Stable/CRISIL A4'
rating to the facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           28         CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Foreign Exchange       0.5       CRISIL A4 (Assigned;
   Forward                          Suspension Revoked)

   Letter of Credit      21.0       CRISIL A4 (Assigned;
                                    Suspension Revoked)

CRISIL had suspended the ratings on November 23, 2014, on account
of non-cooperation by Stork with CRISIL's efforts to undertake a
review of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its ratings.

The ratings reflect the nascent stages of operations and project
related risk. These rating weakness are partially offset by
promoter extensive experience in the industry, funding support
from promoters and expected above average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stages of operations: The commercial unit of the
company is under construction and operations are expected to
commence from second quarter of fiscal 2019. Nascent stages of
operation will impinge the business risk profile over the medium
term.

* Project related risks: As the project is under construction
with funding from parent company (the major source of funding),
the company is exposed to risks related to funding, if there is a
shortage of funds for the timely completion of the project.
Moreover, owing to nascent stage of operations, the company will
also be exposed to demand risk, however, it is likely to get
mitigated with promoters' experience and established relations in
the industry.

Strengths:

* Experience of promoters: Promoters have been in the business
for over two decades and have established their name in the
industry. Over the years, the promoters have successfully
established a procurement and distribution network that has been
led to ready set of distributors and suppliers of the company.
Backed by established procurement & distribution network, company
is expected to witness significant revenue in 1st year of its
operations post the commencement of operations.

* Funding support from promoters: The Company draws comfort from
the funding support of its promoters. The promoters have
regularly infused equity over the years to fund the capex
requirements. Funding support from the promoters is likely to
provide a cushion to company's liquidity.

* Expected above average financial risk profile: The Company is
expected to have an above average financial risk profile, as the
company is long term debt free company with high expected net
worth.

Outlook: Stable

CRISIL believes that Stork Ferro and Minerals Industries Private
Limited (Stork) will continue to benefit from the extensive track
record of promoters. The outlook may be revised to 'Positive' if
Stork stabilizes operations of its manufacturing unit in a timely
manner and generates higher 'than 'expected revenue and
profitability leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' in case the company faces
delays in the commencement of its operations, or generates lower-
than expected cash accruals during the initial phase of its
operations, resulting in a pressure on its liquidity.

Stork, incorporated in 2006, is a wholly owned subsidiary of
Stork Holding Gmbh (SH). It is engaged in manufacturing of
Ferrochrome Stainless Steel (previously it was engaged in
manufacturing of silico manganese and shut down its operations in
October 2012 due to recession and lower global demand). The
company is likely to commence its operations in June 2018.


SUNREN INDUSTRIES: CRISIL Assigns B+ Rating to INR4.25cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sunren Industries Private Limited (SIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.00       CRISIL B+/Stable (Assigned)
   Term Loan             4.25       CRISIL B+/Stable (Assigned)

The rating reflects working capital-intensive operations, weak
financial risk profile and exposure to intense competition in the
home appliances segment. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.

Analytical Approach

An unsecured loan of INR3.90 crore as on March 31, 2018, is
treated as neither debt nor equity as the loan is expected to
remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets
(GCAs) were high at 252 days, driven by receivables of around 130
days, as on March 31, 2018. This was mainly on account of a large
order from Big Bazaar in the last quarter of the fiscal. Though
operations are likely to remain working capital intensive, this
may improve over the medium term with stricter policies on
debtors and inventory in place.

* Weak Financial Risk Profile: Financial risk profile of the
company is marked by negative networth which is expected to
improve gradually with stable accretion to reserves over the
medium term. The gearing of the company has also remained
negative on account of negative. The debt protection metrics also
remained moderate with interest coverage ratio (ICR) and NCATD of
around 3 times and 0.07 times respectively as on 31st March 2018.

* Exposure to intense competition in the home appliances segment
The Indian home appliances market is intensely competitive. With
the entry of several large players over the past few years, there
has been significant price competition, which has adversely
affected the operating profitability of most players. Raw
material price fluctuations accentuate the pressure on
profitability because of the inability of players to pass on any
cost increase to customers. Profitability will remain exposed to
intense competition and to the consolidation witnessed across
large consumer goods players in the domestic market.

Strengths

* Extensive industry experience of the promoters: Mr Subhash
Saini, one of the promoters, has an experience of around 30 years
in the automotive ancillaries industry. The extensive experience
of the promoter has helped SIPL bag repeated orders for wheel
cylinders from Bosch Ltd. The company also has established a good
reputation among other original equipment manufacturers (OEMs)
such as like Singer Corporation, Sunflame Enterprises Private
Limited, and Kelvinator. Benefits from the established
relationship with customers should continue over the medium term.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if revenue and cash accrual improve significantly,
while the customer profile is diversified further. The outlook
may be revised to 'Negative' in case of significant, debt-funded
capital expenditure, or a sharp decline in profitability,
adversely affecting the financial and liquidity risk profile.

SIPL was incorporated in 2013, promoted by Ms Renuka Singh, Ms
Minakshi Saini, Mr Yudhveer Singh, and Mr Subhash Saini. The
company manufactures home appliances mainly juicers and mixer-
grinders for OEMs such as Singer Corporation, Sunflame
Enterprises Private Limited, and Kelvinator. It also manufactures
car brake parts (wheel cylinders) for Bosch Ltd.


SUPER SHIV: CRISIL Withdraws D Rating on INR21.25cr Loan
--------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Super
Shiv Shakti Chemicals Private Limited (SSCPL) on the request of
the company and receipt of a no objection / due certificate from
its bank.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         21.25       CRISIL D (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Term Loan           12.75       CRISIL D (Issuer Not
                                   Cooperating; Rating Withdrawn)

CRISIL has been consistently following up with SSCPL for
obtaining information through letters and emails dated April 20,
2017, and April 24, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as they are arrived at without any
management interaction and are 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 SSCPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. As SSCPL's management has not been cooperative, the
rating action is based on best available information. CRISIL has
obtained information, from sources it believes to be reliable,
that SSCPL's liquidity is under pressure and the company has not
been regular in servicing its debt.

CRISIL has withdrawn its ratings on the bank facilities of SSCPL
on the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

SSCPL is engaged into manufacturing of industrial explosives,
detonating fuse and detonators. It has its manufacturing facility
based in Bhilwara and was incorporated in 2005.


SUPER-TECH PLASTPACK: CRISIL Assigns B Rating to INR4.9cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Super-Tech Plastpack Private Limited (SPPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.8       CRISIL B/Stable (Assigned)
   Term Loan             4.9       CRISIL B/Stable (Assigned)

The ratings reflect the company's exposure to project
implementation risk and expected modest scale of operations.
These weaknesses are partially offset by the extensive experience
of the promoters in the packaging industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project implementation risk: SPPL's project for
setting up a manufacturing unit for plastics caps is in the
nascent stage of implementation, and the company faces project
implementation risk. Timely completion of the project and
stabilization of operations without any cost overrun will remain
key rating sensitivity factors.

* Modest scale of operations: Given the fixed asset base, scale
of operations are expected to remain modest in the medium term.
Therefore, scale of operations and intensive competition remain a
key monitor able factor in the medium term.

Strength

* Extensive experience of the promoters: Promoters of SPPL have
experience of more than decade through group concern Super-Tech
Crown Caps. The promoters' long track record in the industry has
enabled them to build established relationships with customers
like Amul cool. CRISIL believes that SPPL will benefit from the
extensive experience of its promoters and its established
relationships with clients, over the medium term.

Outlook: Stable

CRISIL believes SPPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
there is timely stabilization of operations and healthy ramp-up
in sales. The outlook may be revised to 'Negative' if
commencement of operations is delayed, or if revenue and
profitability are lower than expected.

Incorporated in 2017 and based in Gujarat, SPPL is setting up a
plant to manufacture plastic caps at Veraval in Rajkot. The
company is promoted by Mr Jignesh Barasiya, Mr Sandeep Barasiya,
and Mr Amitbhai Vagadiya.

It is likely to commence operations in August 2018.


T LINE: CRISIL Reaffirms 'B' Rating on INR5.0cr Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of T Line Infra Private Limited (TIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)

   Cash Credit/
   Overdraft facility     5.0       CRISIL B/Stable (Reaffirmed)

   Long Term Bank
   Facility               0.5       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect modest scale of TIPL's operations
in the intensely competitive civil construction industry,
exposure to risk of geographical concentration, and below-average
financial risk profile. These weaknesses are partially offset by
the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition and
exposure to geographical concentration: Revenue has been modest,
estimated at around INR10 crore in fiscal 2018 (against INR9
crore in fiscal 2017). Intense competition may continue to
restrict scalability and limit pricing power, thereby
constraining profitability.

* Below-average financial risk profile: Networth is estimated to
remain negative around INR(1.9) crore as on March 31, 2018, with
high gearing of (2.45) times. Net cash accrual to total debt
(NCATD) and interest coverage ratios were weak estimated at 3%
and 1.3 times in fiscal 2018. Financial risk profile may remain
below average due to operational losses incurred in fiscals 2015
to 2017.

Strength

* Experience of promoters: Benefits from the promoters'
experience of over two decades, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes TIPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
significant improvement in scale of operations, efficient working
capital management, and better capital structure strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected revenue or profitability,
stretched working capital cycle, or any large, debt-funded
capital expenditure weakens financial risk profile further.

TIPL, incorporated in 2012 at Kochi, undertakes civil
construction work mainly related to foundation engineering and
piling work. Mr K V Abraham and Mr Antony Thomas manage the
business.



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


INMOTION GROUP: ManaBus and Naked Bus to Cease Operations
---------------------------------------------------------
Damien Venuto at The New Zealand Herald reports that 50 jobs are
on the line after budget coach services ManaBus and Naked Bus
confirmed that they will cease operations in July.

A spokesperson wouldn't comment further about what would happen
to the ManaBus and Naked Bus staff but said that they were
working closely with the 50 staff members to support them through
this transition, the report says.

The companies are part of InMotion Group, which also operates
Fullers, 360 Discovery, Roam Experiences and Waiheke Bus Company,
the NZ Herald discloses.

The NZ Herald relates that a spokeswoman for Mana said that the
decision to end the budget bus operations was in order to focus
more exclusively on the company's Ferry services.

"Fullers Group is consolidating its business to focus on its
ferry operation and on servicing Auckland's popular Hauraki Gulf,
which has considerable potential due to rising visitor numbers,"
the report quotes a spokeswoman as saying.

The spokesperson said the ManaBus and Naked Bus fleets had been
sold to Ritchies Transport Holdings as part of the decision to
exit the space.

"As of July 15, ManaBus.com and nakedbus.com bus services will
cease operation and tickets will no longer be available to
purchase," the spokeswoman said.

Customers who bought tickets in advance have already been offered
full refunds via email, the report notes.

"Fullers is working closely with its staff, partners and
customers throughout this process to support them through this
transition," she said.

ManaBus was first launched as a budget travel option in 2014 by
Scottish transport entrepreneur Brian Souter, adding to a
portfolio that included Auckland urban bus companies Howick and
Eastern Buses, the Wellington-based bus service Mana Coach
Services and Waiheke Bus Company, as well as the Auckland Fullers
Group ferries and the 360 Discovery cruises, according to the NZ
Herald.

In May 2015, Souter's company acquired rival Naked Bus in a bid
to expand the company's footprint across the South Island.

At the time of the acquisition of NakedBus, Manabus said the
combined entities across the entire portfolio transported more
than 13 million customers a year and employed 670 people, the
report discloses.



===============
P A K I S T A N
===============


PAKISTAN: Moody's Alters Outlook to Neg., Affirms B3 Ratings
------------------------------------------------------------
Moody's Investors Service changed the outlook on Pakistan's
rating to negative from stable and affirmed the B3 local and
foreign currency long-term issuer and senior unsecured debt
ratings.

The decision to change the outlook to negative is driven by
heightened external vulnerability risk. Foreign exchange reserves
have fallen to low levels and, absent significant capital
inflows, will not be replenished over the next 12-18 months. Low
reserve adequacy threatens continued access to external financing
at moderate costs, in turn potentially raising government
liquidity risks.

The decision to affirm the B3 rating reflects Pakistan's robust
growth potential, supported by ongoing improvements in energy
supply and physical infrastructure, which are likely to raise
economic competitiveness over time. These credit strengths
balance Pakistan's fragile external payments position and very
weak government debt affordability owing to low revenue
generation capacity.

Concurrently, Moody's has affirmed the B3 foreign currency senior
unsecured ratings for The Second Pakistan Int'l Sukuk Co. Ltd.
and The Third Pakistan International Sukuk Co Ltd. The associated
payment obligations are, in Moody's view, direct obligations of
the government of Pakistan.

Pakistan's Ba3 local currency bond and deposit ceilings remain
unchanged. The B2 foreign currency bond ceiling and the Caa1
foreign currency deposit ceiling are also unchanged. The short-
term foreign currency bond and deposit ceilings remain unchanged
at Not-Prime. These ceilings act as a cap on the ratings that can
be assigned to the obligations of other entities domiciled in the
country.

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

HEIGHTENED EXTERNAL VULNERABILITY RISKS AS ONGOING BALANCE OF
PAYMENT PRESSURES ERODE FOREIGN EXCHANGE BUFFERS

Moody's expects Pakistan's external account to remain under
significant pressure. The coverage by foreign exchange reserves
of imports will likely fall further from already low levels,
while coverage of external debt payments due will weaken from
currently adequate levels. In turn, higher foreign currency
borrowing needs, in combination with the low levels of foreign
exchange buffers, risks weighing on the ability of the government
to access external financing at moderate costs.

First, external vulnerability risks are related to Pakistan's
sizeable current account deficit, which Moody's expect will only
narrow slightly to around 4-4.3% of GDP over the next few years,
after an expected 4.6% in fiscal 2018 (FY2018, fiscal year ending
June 2018) and compared to an average deficit of around 1.5%
between FY2014 and FY2016.

Further, continued growth in imports of goods -- driven by demand
for capital goods under the China-Pakistan Economic Corridor
(CPEC) project, higher fuel prices and robust household
consumption -- will prevent a significant narrowing of the
current account deficit. Although goods exports have picked up
since the start of 2018, growing around 10-15% year-on-year in US
dollar terms, they only amount to half the level of goods
imports. While Moody's assumes continued strong growth in
exports, this will not be enough to narrow the trade gap.

As a result, unless capital inflows increase significantly,
Moody's does not expect official foreign exchange reserves to
replenish from their current low levels. Stable foreign direct
investment (FDI) inflows, in particular, have not kept pace with
the increased outflows driven by trade. As of end-May 2018,
official foreign exchange reserves were around $10 billion, down
more than 40% from their October 2016 peak and sufficient to
cover just two months of imports. Under Moody's baseline
projection, the import cover of reserves will likely fall to
around 1.7-1.8 months over the next fiscal year, below the
adequacy level of three months generally recommended by the
International Monetary Fund. Moody's expects the government's tax
amnesty scheme, which expires in June 2018, to have a modest
impact of around $2-3 billion in foreign exchange inflows.

Second, the coverage by foreign exchange reserves of external
debt payments due is weakening, pointing to further external
vulnerability risks. With a significant rise in equity inflows
unlikely, Moody's expects Pakistan's external financing gap to be
met by increased foreign currency borrowing, mainly by the
government. Pakistan's External Vulnerability Indicator, the
ratio of external debt payments due over the next year plus total
nonresident deposits over one year to foreign exchange reserves,
will rise to over 120% in FY2019 and further in FY2020, from
around 80-85% at the start of FY2018.

While policymakers have started to respond to the external
pressures, the policy tools available are politically challenging
and would likely have a negative economic impact. The authorities
have so far allowed the Pakistani rupee to depreciate by a total
of 15% against the US dollar since December 2017, raised policy
rates by a total of 75 basis points, and imposed regulatory
duties on imports of nonessential goods. Moody's expects these
measures to contribute to somewhat lower growth, at 5.2% on
average over the next two fiscal years, from an expected 5.8% in
FY2018, and higher inflation at 7.0% in FY2019, from around 4% in
FY2018. Further currency depreciation, higher policy rates,
fiscal tightening, and/or higher regulatory duties would likely
weigh further on growth and raise inflation above Moody's current
projections.

RATIONALE FOR THE RATING AFFIRMATION

ROBUST GROWTH POTENTIAL, SUPPORTED BY INFRASTRUCTURE PROJECTS

Pakistan's relatively strong growth potential, enhanced by
investment that strengthens and stabilizes power supply, provides
the economy with some capacity to absorb external or domestic
shocks.

Notwithstanding a moderate slowdown in near-term economic
activity induced by policy tightening, Moody's expects GDP growth
in Pakistan to remain robust, above 5%. Pakistan's growth
potential has risen in part with the gradual elimination of the
country's chronic energy shortage, which encourage investment in
other sectors. Moody's expects the ongoing implementation of
CPEC-related infrastructure projects to raise the country's
growth potential further, by improving road and rail connectivity
within Pakistan, and allowing it to function as a transport and
logistics hub under China's Belt and Road Initiative.

CPEC-related investments over FY2019 and FY2020 include the
ongoing implementation of further energy projects, infrastructure
projects such as the Karachi Circular Railway, the Karachi-
Lahore-Peshawar Railway, and a highway connecting Gwadar and
Quetta, which will shorten travel times in the western route of
CPEC, and the establishment of special economic zones aimed at
boosting Pakistan's export sector.

That said, Pakistan's very low economic competitiveness remains a
significant credit constraint. The country's global
competitiveness ranking is low compared to peers, at 115th out of
138 countries according to the World Economic Forum's 2017-2018
Global Competitiveness Report, due mainly to poor infrastructure
(including the chronic power supply shortage that is gradually
being addressed), weak institutions, and deficiencies in health
and primary education.

Like many of its South Asian neighbors, Pakistan is also
vulnerable to climate change risk. The magnitude and dispersion
of seasonal monsoon rainfall continues to influence agricultural
sector growth and rural household consumption. As a result, both
droughts and floods can create economic and social costs for the
sovereign.

LOW REVENUE GENERATION CAPACITY, HIGH GROSS BORROWING WEIGH ON
DEBT AFFORDABILITY

In addition to the fragile external payments position, Pakistan's
weak revenue generation capacity is a main credit constraint for
the sovereign.

Moody's expects government revenue to remain around 16% of GDP
over the next two fiscal years -- one of the lowest globally --
albeit gradually increasing given the authorities' focus on
expanding the tax base and raising tax compliance. As a result,
debt affordability will remain among the weakest across Moody's
rated sovereigns and constrain the government's fiscal space,
particularly in light of ongoing infrastructure and social
spending needs.

Moody's expects the government's fiscal deficit to remain around
5% of GDP in FY2019 and FY2020, after a projected deficit of 5.8%
in FY2018. Unless nominal GDP growth deteriorates substantially,
Moody's does not anticipate that the government's debt burden
will rise significantly. However, the debt burden will not fall
from the current, relatively high levels, hovering around 70-73%
of GDP.

As a result of persistent deficits and a significant share of
overall debt being financed through short-term securities, the
government's gross borrowing requirement is one of the highest
across Moody's rated sovereigns, and expected to remain around
27-30% of GDP over the next two fiscal years. With Treasury bills
estimated at around 12% of FY2018 GDP, and an average maturity of
government debt of less than four years, a sudden rise in the
cost of debt beyond Moody's assumptions would have a rapid and
significant negative effect on debt affordability.

WHAT COULD CHANGE THE RATING UP

The negative outlook signals that a rating upgrade is unlikely.
The outlook would likely be changed to stable if external
vulnerability risks decreased materially and durably, including
through policy adjustments that strengthen the external payments
position. A resumption of fiscal consolidation pointing to a
meaningful reduction in the debt burden would also be credit
positive.

WHAT COULD CHANGE THE RATING DOWN

A further deterioration in Pakistan's external position,
including a more pronounced erosion of foreign reserve buffers,
which would threaten the government's external repayment capacity
and heighten liquidity risks further, would likely result in a
downgrade of the rating. Expectations that government debt would
continue to rise markedly, with a related deterioration in debt
affordability from already weak levels, would also put downward
pressure on the rating.

GDP per capita (PPP basis, US$): 5,095 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 5.4% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.9% (2017 Actual)

Gen. Gov. Financial Balance/GDP: -5.6% (2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -4.1% (2017 Actual) (also known as
External Balance)

External debt/GDP: 27.3% (2017 Actual)

Level of economic development: Very Low level of economic
resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On June 18, 2018, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2016.



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


CW GROUP: Unable to Redeem SGD Bonds; Faces Statutory Demands
-------------------------------------------------------------
The Strait Times reports that CW Group expects it will not be
able to repay Singapore dollar-denominated (SGD) notes and pay a
final dividend to shareholders due to its inability to raise new
money from investors.

In a Singapore Exchange filing on June 21, it also disclosed the
receipt of statutory demands from its lender, Bank of China (Hong
Kong), on June 4 and June 7 for the immediate repayment of
HK$157.5 million and US$14.5 million in banking and trade
financing facilities from the group, its two executive directors
and its subsidiary, CW Advanced Technologies Limited, the report
relates.

According to the report, CW Group said that it was unable to sell
Series 2 notes under a SGD500 million multi-currency debt
issuance programme due to unfavorable market conditions since
April.

The Strait Times relates that the proceeds from the issuance of
Series 2 notes were meant to redeem some SGD55.25 million
outstanding from its Series 1 notes due on June 27, pay a final
dividend of 2.36 HK cents per share by July 27 and settle the
bank loans.

The company has hired Singapore-based RSM Corporate Advisory,
Morgan Lewis Stamford, Rajah & Tann and Hong Kong-based Akin Gump
Strauss Hauer & Feld to work on a refinancing plan, the report
discloses.

Headquartered in Singapore, CW Group Holdings Ltd. --
http://www.cwgroup-int.com/-- manufactures machine tools. The
Company also conducts feasibility studies, designs, sources
assemblies, components and parts, manufactures, installs and
tests its products and offers after-sales support. CW Group
serves customers in the precision machine tool engineering,
construction materials, solar energy, electronics, and other
industries.



                             *********

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
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Information contained herein is obtained from sources believed
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