TCRAP_Public/180627.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

           Wednesday, June 27, 2018, Vol. 21, No. 126

                            Headlines


A U S T R A L I A

ALLANS BILLY: First Creditors' Meeting Set for July 2
DESIGNCRAFT CABINETS: Second Creditors' Meeting Set for July 3
DJ & EW: First Creditors' Meeting Scheduled for July 3
JETGO AUSTRALIA: Second Creditors' Meeting Set for July 6
OLIVER BROWN: To Exit Voluntary Administration

THE WILLOWS: Wedding Venue Suddenly Shuts; Brides Demand Refunds
VEHICLE WRAPS: Second Creditors' Meeting Set for July 4


C H I N A

ANBANG INSURANCE: Now More than 98%-Owned by Bailout Fund
* CHINA: 13 Companies Report Bond Defaults So Far This Year


I N D I A

AARCOT CERAMIC: ICRA Lowers Rating on INR4.55cr Loan to D
AMISAL: CRISIL Reaffirms B+ Rating on INR6.50cr Packing Credit
ANGLE INFRASTRUCTURES: CARE Moves D Rating to Not Cooperating
ASCENT NETWORKS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
BABA BISWANATH: CRISIL Migrates B+ Rating to Not Cooperating

BABA JATADHARI: ICRA Maintains B Rating in Not Cooperating
BABA KAILASHPATI: CARE Reaffirms B Rating on INR9.64cr LT Loan
BICERO TILES: ICRA Removes B Rating from Issuer Not Cooperating
BLUEBERRY AGRO: CRISIL Migrates B Rating to Not Cooperating
COZY TOUCH: CRISIL Lowers Rating on INR2.5cr Cash Loan to B+

CROWN STEEL: CRISIL Migrates B+ Rating to Not Cooperating
DABANG METAL: CARE Lowers Rating on INR5.95cr LT Loan to D
DANGO POULTRIES: CRISIL Migrates B Rating to Not Cooperating
DIVYA AGRO: CARE Migrates D Rating to Not Cooperating Category
HARI OM: CRISIL Migrates B Rating to Not Cooperating Category

HARIDWAR HIGHWAYS: CARE Lowers Rating on INR981.09cr Loan to D
JYOTI STRUCTURES: NCLT Reserves Order on Resolution Plan
KSHITIJ KUMAR: ICRA Moves B+ Rating to Not Cooperating Category
LAXMI COTTON: ICRA Removes B+ Rating from Issuer Not Cooperating
LIDCO PROJECTS: CARE Migrates B+ Rating to Not Cooperating Cat.

M GANESH: ICRA Moves B+ Rating to Not Cooperating Category
M & T CONSTRUCTIONS: CARE Migrates B Rating to Not Cooperating
MAKRO CAST: CARE Migrates D Rating to Not Cooperating Category
MANJU AGRO: CARE Assigns B Rating to INR13.50cr LT Loan
MORAL CERAMIC: ICRA Assigns B+ Rating to INR9.75cr Term Loan

OMEGA TANNERY: CRISIL Assigns B+ Rating to INR15cr Packing Loan
PRASHA TECHNOLOGIES: CRISIL Reaffirms B Rating on INR10cr Loan
R.R. INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
RAJESH PROJECTS: CARE Migrates D Rating to Not Cooperating Cat.
RAM KUMAR: CRISIL Reaffirms B+ Rating on INR3cr Overdraft

RAMKUMAR TEXTILE: ICRA Maintains B+ Rating in Not Cooperating
RATNADEEP METALS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
ROYAL WOOD: CARE Migrates D Rating to Not Cooperating Category
S S RICE: CRISIL Migrates B- Rating to Not Cooperating Category
SAGA AUTOMOTIVE: CARE Lowers Rating on INR21.21cr Loan to D

SANMAAN RICE: CRISIL Reaffirms B Rating on INR15cr Cash Loan
SERMAN INDIA: CARE Reaffirms B+ Rating on INR9.15cr LT Loan
SHIVAM COTTON: ICRA Moves B Rating to Not Cooperating Category
SHREE AMBIKA: ICRA Lowers Rating on INR527.67cr Loan to D
SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan

STERLING BIOTECH: Enforcement Directorate Probing Fraud Charges
STERLING SEZ: Two Sandesara Firms Face Insolvency Over Default
SWASTIK CERACON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
TERRA ENERGY: ICRA Lowers Rating on INR20.16cr Loan to D
THIRU AROORAN: ICRA Lowers Rating on INR235.03cr LT Loan to D

VINCI INDUSTRIAL: CARE Assigns B Rating to INR10.40cr Loan
VTC ENGINEERING: CARE Lowers Rating on INR10cr LT Loan to B


J A P A N

TOSHIBA CORP: U.S. SEC Completes Accounting Probe; No Penalty


M A L A Y S I A

1MDB: Audits Don't Show 'True and Fair' Assessment, KPMG Says


S I N G A P O R E

EZRA HOLDINGS: Selling Interest in IC Cell's Preferred Shares
EZRA HOLDINGS: Selling Interest in Ubi Techpark for SGD3MM


                            - - - - -


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


ALLANS BILLY: First Creditors' Meeting Set for July 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Allans Billy Hyde Pty Ltd;
    - Gallin's Musicians Pro Shop Pty Ltd;
    - Australian Music Group (HR) Pty. Ltd.;
    - Australian Music Group (IP) Pty. Ltd.;
    - Brandiston Pty. Ltd.; and
    - Benzen Pty Ltd

will be held at the offices of Ferrier Hodgson, Level 43, 600
Bourke Street, in Melbourne, Victoria, on July 2, 2018, at
11:00 a.m.

John Lindholm and George Georges of Ferrier Hodgson were
appointed as administrators of Allans Billy on June 20, 2018.


DESIGNCRAFT CABINETS: Second Creditors' Meeting Set for July 3
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Designcraft
Cabinets Pty Ltd has been set for July 3, 2018, at 11:00 a.m. at
Suite 601, Level 6, 20 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 2, 2018, at 4:00 p.m.

Andrew William Poulter of IRT Advisory was appointed as
administrator of Designcraft Cabinets on June 5, 2018.


DJ & EW: First Creditors' Meeting Scheduled for July 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of DJ & EW
McFarlane Pty Ltd, trading as McFarlane Plumbing and Gasfitting
Services, will be held at Suite 601, Level 6, 20 Queen Street, in
Melbourne, Victoria, on July 3, 2018, at 11:00 a.m.

Andrew William Poulter of IRT Advisory was appointed as
administrator of DJ & EW on June 5, 2018.


JETGO AUSTRALIA: Second Creditors' Meeting Set for July 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of Jetgo
Australia Holdings Pty Ltd has been set for July 6, 2018, at
10:00 a.m. at meeting rooms of Chartered Accountants Australia
and New Zealand, Level 13, 1 Eagle Street, in Brisbane City,
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 July 4, 2018, at 5:00 p.m.

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


OLIVER BROWN: To Exit Voluntary Administration
----------------------------------------------
Dean Blake at Insider Retail reports that struggling cafe chain
Oliver Brown will exit voluntary administration in coming weeks.

On June 25, the majority of creditors and franchisees have voted
to back the current management team, led by director Eric Song,
to continue holding the reigns, Insider Retail relates.

According to the report, Mr. Song said he was humbled and
thankful for the continued support of suppliers, creditors, staff
and franchisees.

A new general manager, Ben Nash, has been appointed after
consulting for the group over the last twelve months, the report
says.

"Focusing on the end customer experience and value will allow us
to better serve them, which in turn will increase our spend per
customer and retention and lead to better franchisee return which
is a key priority for me," the report quotes Mr. Nash as saying.

In recent weeks, Inside Retail spoke to many franchisees who
described feeling like they have a gun to their heads over the
future of the business, with Mr. Song leveraging the support of
key creditors and Oliver Brown's intellectual property holder to
maintain control.

"If he's put back in charge it will be a tragedy," one franchisee
told Inside Retail.

This feeling largely comes from the fact that the IP's trademark
holder, In Sook Kuen, would terminate the license agreement of
the chain if anyone but Mr. Song's proposal was accepted, notes
the report.

"The major concern is that we'll end up in the same position in a
few years," said another franchisee.

Inside Retail says the administrators, led by Tim Heesh, conceded
the IP arrangement had made it difficult to attract potential
buyers, though Inside Retail understands there were at least two
parties interested in the business, even without its trademarks,
that were largely ignored.

Both parties said they paid a AUD2,000 fee to administrators to
conduct due diligence into the business prior to an adjourned
creditors meeting, but one said they were told that it was
effectively too little too late to make a bid, adds Inside
Retail.

Tim Heesh of TPH Insolvency was appointed as administrator of
Doutmost Pty Limited, trading as Oliver Brown, on May 8, 2018.

Oliver Brown operates Belgian-inspired chocolate stores in
Australia.


THE WILLOWS: Wedding Venue Suddenly Shuts; Brides Demand Refunds
----------------------------------------------------------------
Yahoo7 News24 reports that dozens of angry brides are demanding
refunds after a popular Melbourne wedding reception centre
suddenly closed its doors.

Frantic couples are scrambling to find new venues in the wake of
The Willows Reception Centre shutting up shop after financial
difficulties, the report says.

The report says the closure has left dozens of brides heartbroken
and thousands of dollars out of pocket.
Weeks before The Willows went into voluntary administration,
staff contacted couples promising them a discount if they pre-
paid their weddings in full, according to the report.

According to Yahoo7, frantic couples said their wedding plans are
in chaos and there's no answer at The Willows.

Just what went wrong at this historic venue remains a mystery,
Yahoo7 says.

Yahoo7 adds that customer reviews of the Willows range from high
praise to criticism about cold steaks and warm beer.

Yahoo7 says there's no information on the future of the St Kilda
Road landmark or whether the devastated couples will receive a
refund.


VEHICLE WRAPS: Second Creditors' Meeting Set for July 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Vehicle Wraps
Pty Ltd has been set for July 4, 2018, at 11:00 a.m. at Level 31,
Dexus Place, Waterfront Place, 1 Eagle 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 July 3, 2018, at 4:00 p.m.

Matthew Leslie Joiner and Darryl Edward Kirk of Cor Cordis were
appointed as administrators of Vehicle Wraps on June 6, 2018.



=========
C H I N A
=========


ANBANG INSURANCE: Now More than 98%-Owned by Bailout Fund
---------------------------------------------------------
Caixin reports that debt-ridden Chinese financial conglomerate
Anbang Insurance Group Co. Ltd., previously controlled by once
high-flying tycoon Wu Xiaohui, is now nearly entirely owned by
the state-run insurance bailout fund that injected almost AUD10
billion into the company earlier this year, the country's banking
and insurance regulator announced on June 22.

According to Caixin, the China Banking and Insurance Regulatory
Commission (CBIRC) has approved revisions to the charter of
incorporation of Anbang, which see the China Insurance Security
Fund holding 60.8 billion shares of the company, or 98.23% of its
total ordinary shares. The remaining stakes are taken by state-
owned automaker SAIC Motor Corp. Ltd. and Sinopec, China's top
oil refiner, the CBIRC said in a statement, Caixin relates.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The Strait Times related the Chinese government
had seized control of Anbang Insurance, the troubled Chinese
company that owns the Waldorf Astoria hotel in New York and other
marquee properties around the world, and charged its former
chairman with economic crimes. The Strait Times noted that the
move is Beijing's biggest effort yet to rein in a new kind of
Chinese company, in this case, one that spent billions of dollars
around the world over the past three years buying up hotels and
other high-profile properties.  The rise of these companies
illustrates China's growing economic might, but Chinese officials
have grown increasingly concerned that they were piling up debt
to make frivolous purchases. In a statement posted on its website
on Feb. 23, the China Insurance Regulatory Commission said the
government was taking over to ensure the "normal and stable
operation" of the company. "Illegal operations at Anbang may have
seriously endangered the company's solvency, prompting the
government to take control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.


* CHINA: 13 Companies Report Bond Defaults So Far This Year
-----------------------------------------------------------
Caixin reports that a total of 13 companies have defaulted on 23
bonds as of June 22, market records showed. The defaults involved
CNY11.2 billion ($1.7 billion), compared with a total of CNY7
billion of bond defaults during all of 2017, Caixin says.

Caixin relates that private businesses are the main culprits in
this year's bond default cases. Provincial government-backed
Sichuan Coal Industry Group is the only defaulter with state
backing this year, the report adds.



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


AARCOT CERAMIC: ICRA Lowers Rating on INR4.55cr Loan to D
---------------------------------------------------------
ICRA has downgraded ratings for the INR8.05 crore of bank
facilities of Aarcot Ceramic Pvt. Ltd. to [ICRA]D from long-term
and short-term ratings of [ICRA]B-(Stable)/[ICRA]A4. ICRA has
also moved the rating to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Cash Credit        2.50       [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]B- (Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Term Loan          4.55       [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]B- (Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Bank Guarantee     1.00       [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]A4 and moved
                                 to 'Issuer Not Cooperating'
                                 category

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

Rationale

The rating downgrade follows the the delays in debt servicing by
Aarcot Ceramic Pvt. Ltd. to the lender, as confirmed by them to
ICRA.

Incorporated in November 2013, Aarcot Ceramic Pvt. Ltd. (ACPL/
the company) is promoted by Mr. Lakhaman Zalariya, Mr. Ramesh
Jain and Mr. Nirmal Gami. It manufactures digital wall tiles in
sizes 10"X 15", 10"X 12", 12"X 12" and 12"X 18". Its facility,
located at Morbi in Gujarat, has an installed capacity of
producing ~5,500 boxes per day (~18,500 MTPA).


AMISAL: CRISIL Reaffirms B+ Rating on INR6.50cr Packing Credit
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Amisal.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Export Packing        6.5       CRISIL B+/Stable (Reaffirmed)
   Credit

The rating continues to reflect the firm's modest scale of
operations in the fragmented leather industry, customer
concentration in revenue profile, large working capital
requirement, and below-average financial risk profile because of
modest networth and high total outside liabilities to adjusted
networth. These weaknesses are partially offset by the extensive
experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment and large
working capital requirement: The turnover is estimated to improve
to around Rs. 21 crore for fiscal 2018 from Rs. 16.95 crore in
fiscal 2017 due to improving export market scenario marked by
increasing demand from its existing and new clientele. However,
the modest scale of operations limits bargaining power with
customers and suppliers. Also, operations are working capital-
intensive, with gross current assets of estimated 230 days as on
March 31, 2018, due to sizeable inventory of 170 days.

* Customer concentration in revenue profile: Around 80% of sales
are to US clients, Westport Corporation, Kiko Leather, and
Logistical Empresorial for fiscal 2018. The concentration is line
with fiscal 2017 and is expected to remain along similar lines
over the medium term.

* Below-average financial risk profile: Networth is estimated to
be modest around INR2.40 crore and TOLANW consequently high at 6
times as on March 31, 2018.

Strength

* Extensive experience of proprietor: Presence of around four
decades in the leather products industry has enabled the
proprietor to establish strong relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes Amisal will benefit over the medium term from the
extensive experience of its proprietor. The outlook may be
revised to 'Positive' if higher-than-expected scale of operations
and margins improve financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens further on account of low cash accrual or
significant stretch in working capital requirement.

Established in 2006 as a proprietorship firm by Mr. K S Saluja,
Amisal manufactures and exports leather fashion accessories
(especially wallets) to the US and Mexico. The business was
earlier carried out under Saluja Carpets, set up in the 1980s.


ANGLE INFRASTRUCTURES: CARE Moves D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Angle
Infrastructures Private Limited (AIPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      90.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AIPL to monitor the rating
vide e-mail communications dated May 1, 2018, May 15, 2018,
May 22, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Angle Infrastructures Private Ltd.'s
bank facilities will continue to be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account ongoing delays in the debt
servicing.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

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

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

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

Key Rating Strengths

Locational Advantage: The project under AIPL enjoys location
advantage on account of being situated in prominent location of
Gurgaon having easy accessibility and good connectivity. Florence
Estate project is situated on Sohna road with vicinity to the
proposed Metro Rail at Sector 70, Gurgaon. However, single
project within the company and most of the other projects within
the group lying in the Delhi NCR region, the group is exposed to
geographical concentration risk.

Incorporated in April 30, 2010, Angle Infrastructure Private
Limited (AIPL) is engaged in the development of residential/group
housing project in Gurgaon (Haryana). AIPL is a part of Delhi
based Krrish Group, which has interests in liquor business in
Delhi, Haryana, Bihar, Jharkhand, U.P. and real estate business
in Gurgaon, Faridabad and Delhi in India and Colombo in Sri
Lanka.

The group is present in liquor business for over three decades
through Frost Falcon Distilleries Limited. The group entered the
real estate business in 2011 by launching its first ultra-luxury
project Provence Estate (under Jasmine Buildmart Pvt. Ltd.
(JBPL), a 10 lsf residential project in Gurgaon. AIPL is
currently engaged in the construction and development of the
project viz. Florence Estate project. The project is a
residential group housing project on a land area measuring
approximately 13.46 acres situated at Village Fazilpur Jharsa,
Sector-70, Gurgaon, Haryana and comprises of 510 residential
units for central government employees. The Company has obtained
requisite approvals for development and construction of the
project.


ASCENT NETWORKS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ascent Networks
Private Limited's (ANPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. (reduced from INR70 mil.) Fund-based working
    capital facilities affirmed with IND B+/Stable/IND A4 rating;

-- INR37.5 mil. (increased from INR2.5 mil.) Non-fund-based
    working capital facilities with IND A4 rating; and

-- INR4.5 mil. Non-fund-based working capital facilities*
    assigned with IND A4 rating.

* The final rating has been assigned following the receipt of the
loan documents for the above facility by Ind-Ra.

KEY RATING DRIVERS

The affirmation continues to reflect ANPL's small scale of
operations and weak, albeit improved, credit metrics. Its revenue
declined to INR146 million in FY18 from INR147 million in FY17
owing to a market slowdown due to demonetization and the
implementation of the goods and services tax. As of June 2018,
ANPL had an outstanding order book of INR80 million, which is
likely to be executed by end-December 2018. FY18 financials are
provisional.

Moreover, ANPL's interest coverage (operating EBITDA/gross
interest expense) improved to 1.3x in FY18 from 0.9x in FY17 and
net leverage (adjusted net debt/operating EBITDAR) enhanced to
6.5x from 12.4x. The improvement in the credit metrics was driven
by a fall in debt and interest expenses, and a rise in operating
EBITDA. Ind-Ra expects the credit metrics to deteriorate in FY19-
FY20 on account of an increase in debt to set up a manufacturing
unit during the period.

The ratings are constrained by a volatile EBITDA margin of 4.1%-
6.4% during FY16-FY18 due to fluctuations in variable cost.

The ratings, however, are supported by ANPL's comfortable
liquidity, indicated by a 75.86% average utilization of its fund-
based facilities for the 12 months ended May 2018.

The ratings continue to be supported by the promoters' experience
of more than two decades in electronic systems integration and
installation.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin, leading to any
deterioration in the credit metrics, could lead to a negative
rating action.

Positive: A substantial rise in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics, on a
sustained basis, will lead to a positive rating action.

COMPANY PROFILE

ANPL provides system-integrated designs and installs products for
data, voice, sound and security applications. Its promoters are
Mr. Bishwambhar Dayal Bubna and Mr. Ajaykumar Bubna.


BABA BISWANATH: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Baba
Biswanath Agro Products Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          4         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       1.98      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Baba Biswanath
Agro Products Private Limited (BBAPPL) for obtaining information
through letters and emails dated April 20, 2018, May 18, 2018,
June 6, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Baba Biswanath Agro Products Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 1996 and promoted by Mr. Samir Kundu, Mr. Chandan
Kundu, and Mr. Malay Kundu, BBAPPL mills and processes paddy into
rice, rice bran, broken rice, and husk. In December 2016 the
company was taken over by Mr. Susuanta Ghosh and currently he is
at the helm of affairs.


BABA JATADHARI: ICRA Maintains B Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR8.65 crore bank facilities of
Baba Jatadhari Agro (India) Pvt Ltd (BJPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)      Ratings
   ----------     -----------      -------
   Fund Based          6.25        [ICRA]B (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.40        [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, Baba Jatadhari Agro (India) Private Limited
(BJPL) is promoted by the West Bengal-based Shaw family. BJPL is
involved in flour milling with an installed capacity of 100
metric tonnes per day (MTPD) at its manufacturing facility
located at Abhirampur, Budge Budge, West Bengal. The commercial
operations of the facility commenced in October 2016.


BABA KAILASHPATI: CARE Reaffirms B Rating on INR9.64cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Baba Kailashpati Agro Processing Private Limited (BKAPPL) to, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            9.64       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BKAPPL continues to
be constrained by its small size of operations with low
profitability margins, seasonality of business with
susceptibility to vagaries of nature, regulated nature of
industry, risk of delinquency in loans extended to farmers,
competitive and fragmented nature of industry, working capital
intensive nature of business and leveraged capital structure and
weak debt coverage indicators. However, the aforesaid constraints
are partially offset by its experienced management, 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: The company is engaged in cold storage
business. The day to day operations of the company are looked
after by Mr. Subrata Kumar Paul (Director) and Mr. Mantu Behari
Samanta, who have experience of around 15 years, 20 years,
respectively, in similar line of business.

Proximity to potato growing area: BKAPPL's storage facility is
located at Hooghly, 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.

Key Rating Weaknesses

Small size of operation and low profitability margin: Baba
Kailashpati Agro Processing Private Limited is a relatively small
player in the cold storage business with total operating income
and net loss of INR1.83 crore and INR0.78 respectively in FY18.
The net worth of the company was at INR2.17 crore as on March 31,
2018. This apart, the PBILDT margin of the company was 32.85% in
FY18. However, PAT margin was negative in FY18. Small scale of
operations with low net worth base limits the credit risk profile
of the company in an adverse scenario.

Seasonality of business with susceptibility to vagaries of
nature: The cold storage business is seasonal in nature as potato
is a winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable 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 from December to
January. Moreover, 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.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
BKAPPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, BKAPPL provides advances to
farmers. Before the close of the season in November, the farmers
are required to pay their outstanding dues, including repayment
of the loan taken. In view of this, there exists a risk of
delinquency in loans extended to farmers as significant amount of
working capital remained blocked in advances given to the
farmers. In case of downward correction in potato or other stored
goods prices as all such goods are agro commodities which may
affect the financial risk profile of the company.

Competitive and fragmented nature of industry: 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.
BKAPPL is mainly into storage of potatoes which is highly
fragmented and competitive in nature due to presence of many
small players with low entry barriers. In such a competitive
scenario smaller companies like BKAPPL in general are more
vulnerable on account of its limited pricing flexibility.

Working capital intensive nature of business: BKAPPL is engaged
in the cold storage business; accordingly its operation is
working capital intensive. The company also provides advances to
farmers who have stored their agriculture commodities with them.
Accordingly the company requires more working capital. Average
utilization of the same remained at about 95% during the last 12
month ended May 31, 2018.

Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
long term debt equity ratio and overall gearing ratio at 5.02x
and 5.28x as on March 31, 2018. The debt coverage indicators also
remained weak in FY18. The interest coverage was below unity in
FY18, however, the company has served its debt obligation through
infusion of unsecured loans aggregating to INR1.27 crore during
the year.

Baba Kailashpati Agro Processing Private Limited was incorporated
in August 2015 with an objective to enter into the cold storage
business. The company is currently providing cold storage
services primarily for potatoes to the farmers and traders on a
rental basis from December 2016. The cold storage unit of the
company is located at Vill & PO- Dakshin Rasulpur, PS-Arambagh,
Dist- Hooghly, West Bengal with a storage capacity of 209000
quintals per annum. The company provides interest bearing
advances to farmers for farming purpose against potatoes stored.


BICERO TILES: ICRA Removes B Rating from Issuer Not Cooperating
---------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B (Stable)/[ICRA]A4
from the 'ISSUER NOT COOPERATING' category as Bicero Tiles LLP
has now submitted its 'No Default Statement' ("NDS") which
validates that the company is regular in meeting its debt
servicing obligations. The company's rating was moved to the
'ISSUER NOT COOPERATING' category in November 2017.

The current rating derives comfort from the experience of the
partners in the ceramic industry; the proximity of the plant to
raw material sources in Morbi (Gujarat) and the benefits expected
from its established marketing and distribution network of
associate concerns.

Established in May 2016 as a limited liability partnership firm,
Bicero Tiles LLP, has set up a greenfield project at Morbi
(Gujarat) to manufacture medium sized nano polished and glazed
vitrified tiles. Theunit has an installed capacity of producing
63,000 metric tonnes of tiles per annum. The commercial
operations commenced from May 20, 2017. The partners have a
longstanding experience in the ceramic industry vide their
association with other firms by virtue of being
partners/directors. The partners of the firm are associated with
Bluesun Ceramic, Saicon Tiles Private Limited, Italiano Ceramic
and Miera International.


BLUEBERRY AGRO: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Blueberry
Agro Products Private Limited  (BAPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        6         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

BAPL was incorporated in November 2011; operations are managed by
Mr Suraj Kumar Daga and his son, Mr Gaurav Daga. The company
manufactures tea extracts and tea pre-mixes at its facility in
Wada, Maharashtra.


COZY TOUCH: CRISIL Lowers Rating on INR2.5cr Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cozy
Touch Poly Foams India Private Limited (CPPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit      3.0       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    1.03      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan             0.47      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects weak liquidity due to stretch in working
capital cycle: gross current assets (GCAs) stood at nearly 177
days as on March 31, 2018 against expectation of nearly 150 days
due to increase in inventory and high credit offered to
customers. Hence, bank limit utilisation averaged 93% over the 12
months ended March 2018, with instances of full utilization and
availing of ad hoc limit. With no plans to enhance bank limit
over the medium term, credit risk profile will remain constrained
by weak liquidity.

The ratings reflect CPPL's modest scale of operations in a
competitive industry and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoter in the mattress industry and moderate capital
structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With revenue of INR31.5 crore and
operating margin of 5.6% in fiscal 2018, scale remains small.
This limits bargaining power with suppliers and customers.

* Large working capital requirement: The GCAs were 177 days as on
March 31, 2018, owing to sizeable inventory and high credit
offered to customers; which led to high bank limit utilisation.

Strengths

* Extensive experience of promoter and strong brand: Presence of
around 40 years in the mattress segment has enabled the promoter
and his family to successfully establish a strong procurement and
distribution network.

* Moderate capital structure and debt protection metrics: Gearing
is estimated to be low at 0.9 time as on March 31, 2018. Interest
coverage ratio is likely to have been moderate at 2.2 times for
fiscal 2018.

Outlook: Stable

CRISIL believes CPPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if liquidity improves with better cash accrual and
working capital management. The outlook may be revised to
'Negative' if deterioration in working capital management or
larger-than-expected, debt-funded capital expenditure weakens
financial risk profile.

Incorporated in 2007 and promoted by Mr Inderjit Khurana, CPPL
manufactures foam, bonded, and spring mattresses. Operations
began from 2010 and current capacity utilisation is about 50%.
Products are sold under the Coir Foam brand.


CROWN STEEL: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Crown Steel
Company (Crown) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit           5        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Foreign Exchange
   Forward               0.95     CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit     42.50     CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Crown for
obtaining information through letters and emails dated March 29,
2018,
May 28, 2018, and June 1, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Crown, set up as a partnership firm in 1982, is managed by Mr.
Arvindbhai Shah. The firm undertakes ship-breaking at Alang
(Gujarat).


DABANG METAL: CARE Lowers Rating on INR5.95cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dabang Metal Industries (DMI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.95      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B; Issuer not
                                  cooperating on the basis of
                                  best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DMI to monitor the
rating(s) vide e-mail communications/letters dated June 4, 2018,
May 29, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Dabang Metal Industries' bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of delays in recent past
in meeting the debt obligations.

Dabang Metal Industries (DMI) is a partnership firm and was
established in February 2012 by Mr. Vishal Tayal, Mr. Mahender
Jain, Mr. Sachin Gupta, Mr. Sharad Alan and Mr. Sunil Gupta as
partners, sharing profit and loss in the ratio of 35%, 35%, 10%,
10%, and 10% respectively. The firm is engaged in drawing of
copper wires of thickness of 1 mm to 6 mm which is used in the
electricity cables. The manufacturing facility of the firm is
located in Kotdwar (Uttrakhand). The commercial production of DMI
started in February, 2013. The main raw material of DMI is copper
rod which is mainly procured from Hindalco Industries Limited,
Sterlite Industries Limited, Birla Copper Limited and Hindustan
Copper Limited at the rate prevailing in the market. The firm is
selling its products mainly in Uttrakhand and Uttar Pradesh to
cable manufacturing units.


DANGO POULTRIES: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dango
Poultries Private Limited (DPPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          2         CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       4.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Established in 1992, DPPL is in poultry business and produces
hatching eggs. The company also has a feed mill. DPPL was
promoted by Mr Rajinder Singh and Ms Bhagwant Kaur, who started
the poultry business in 1980 through a firm, Rajinder Poultry
Farms; they later shifted the business to DPPL in 1992. The
poultry farm is in Ludhiana (Punjab).


DIVYA AGRO: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Divya
Agro Roller Flour Mills Private Limited (DFPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      9.60       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DFPL to monitor the rating
vide e-mail communications/ letters dated April 25, 2018, May 10,
2018, May 17, 2018and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of publicly available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Divya Agro Roller Flour Mills Private Limited's bank facilities
will now be denoted as CARE D; Issuer not Cooperating; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Stretched liquidity resulting in delays in debt servicing: The
company has been facing stressed liquidity condition, on account
of delay in commencing of commercial operation. While the
operations have not commenced, the debt repayment obligation has
commenced. Consequently, there have been delays in meeting
repayment of debt obligations.

Key rating strengths

Experience of promoter for more than three decades in the similar
line of business: Mr. Nandlal Vijaywargi, one of the promoters,
has 38 years of experience in similar line of business, having
incorporated 9 companies, one of them being, Real Agro Industries
Private Limited, a wheat flour manufacturing company,
incorporated in 2009, which supplies wheat flour to Britannia
Industries Limited. Due to promoter extensive experience in the
industry, the
company is likely to be benefited from established healthy
relationship with key suppliers and customers.

DFPL was incorporated on December 11, 2011, by Mr. Kapil Gupta,
Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based
flours (viz, Maida, Suzi, Atta and Bran) with an installed
capacity of 60,000 metric tonnes per annum. The total cost of the
project was about INR14.34 crore and the company had expected the
unit to achieve commercial operations in April 2015. However, due
to few unforeseen circumstances the same was revised to April
2016. The company has entered into sale agreement with ITC
Limited.

In FY17, DFPL had total operating income of INR3.69 crore.


HARI OM: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hari Om
Industries - Rajim to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       3        CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Cash Credit          9        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HOI for obtaining
information through letters and emails dated April 24, 2018,
May 8, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

HOI, which was set up in 2010, mills, polishes and sorts non-
basmati rice (raw rice), and has an installed capacity of 12
tonnes per hour. Milling units are located in Chhattisgarh.


HARIDWAR HIGHWAYS: CARE Lowers Rating on INR981.09cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Haridwar Highways Project Limited (HHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           981.09      CARE D Revised from CARE B;
                                    Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
HHPL factors in delay in the debt servicing obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt service obligation: There are ongoing delays in
debt servicing obligation by the company on account of
significant delays in project completion and stretched liquidity
profile.

HHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd (EIEL) and OJSC- Sibmost (Sibmost) for
augmentation of 2-lane carriageway of the existing section of NH-
58 from km 131.0 to km 211.0 to a 4-lane dual carriageway from
Muzaffarnagar to Haridwar in the state of Uttar Pradesh &
Uttarakhand under National Highways Development Programme (NHDP)
Phase III of NHAI on Design, Build, Finance, Operate & Transfer
(Toll) basis. As per the concession agreement (CA) signed between
NHAI and HHPL in February 2010, the concession period is 25 years
(including a construction period of 2.5 years) from the Appointed
Date (September 3, 2010). The original SPCD was March 1, 2013.
The total project cost was originally envisaged at INR1,100.60
crore to be funded through promoter contribution of INR200
crore, grant of INR210 crore from NHAI, and term loans of
INR690.60 crore. The project cost has been revised to INR
1563.55 crore to be funded through promoter contribution of
INR372.46 crore, grant of INR210 crore from NHAI, and term
loans of INR981.09 crore.


JYOTI STRUCTURES: NCLT Reserves Order on Resolution Plan
--------------------------------------------------------
LiveMint reports that the Mumbai bench of the National Company
Law Tribunal (NCLT) has reserved its order on both the plan
placed before it by the resolution professional of Jyoti
Structures Ltd and DBS Bank's plea seeking that the resolution
plan be rejected.

On June 21, Prateek Seksaria, the advocate representing DBS Bank,
argued that the eight-day extension after the admission of the
case by NCLT and the resolution professional taking over the
affairs of the company should not be considered under the
Insolvency and Bankruptcy Code (IBC), according to LiveMint.

The beleaguered engineering, procurement and construction firm
owes around INR8,000 crore to a consortium of lenders and was on
the first list of the 12 large accounts referred by the Reserve
Bank of India for resolution under the IBC. Under the code, a
resolution plan has to be arrived at within a period of 270 days,
failing which the firm goes into liquidation, the report notes.

LiveMint relates that in its petition, Singapore-based DBS, one
of the secured financial creditors to Jyoti Structures, claimed
that the voting for the resolution plan was not conducted in a
"fair manner". The bank has 0.73% voting share in the lenders'
consortium.

"The resolution plan had failed to secure the required 75%
affirmative voting within the 270 days," claimed Seksaria,
LiveMint relays. He alleged that Standard Chartered Bank and Bank
of India had earlier dissented, but reversed their decision,
voting in favor of the plan after the deadline.

Senior counsel Ravi Kadam, who appeared for the resolution
professional, countered DBS Bank's claims. "The deadline was over
on April 8, 2018 and by that time over 81% lenders had approved
the plan," the report relays.

As per the timeline gleaned from arguments presented by counsels
to DBS Bank and resolution professional Vandana Garg, an e-voting
process for approval of the resolution plan scheduled on March 27
resulted in only 62.66% of the consortium voting in favor,
according to LiveMint. According to the break-up, 23.12% of those
disapproved of the plan while another 14.21% abstained.

To be sure, only one bid was received for Jyoti Structures from a
bunch of high net-worth individual investors led by Sharad
Sanghi, chief executive officer of Netmagic Solutions, LiveMint
says. The resolution plan involved an upfront payment of INR170
crore and the balance to be repaid over 15 years, adds LiveMint.

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


KSHITIJ KUMAR: ICRA Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Kshitij Kumar Choudhury (KKC) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+(Stable) ISSUER
NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Non-        10.0      [ICRA]B+ (Stable) ISSUER NOT
   Fund based/                     COOPERATING; Rating moved to
   Bank Guarantee                  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.

Kshitij Kumar Choudhary, incorporated in 2009 is a partnership
concern, promoted by Mr. Kshitij Kumar Choudhary. The firm is a
royalty contractor for Sand Stone & Khanda mining in Jodhpur
region in the state of Rajasthan. These contracts are awarded on
competitive bidding by Directorate of Mines and Geology (DMG),
Government of Rajasthan. Under these contracts, the firm collects
royalties from the miners based on volumes extracted by the
latter and in turn pays a fixed royalty amount to DMG as per the
pre-fixed schedule. Currently, Kshitij Kumar Choudhary is working
on a toll collection contract in Rajasthan. Details about which
are further discussed in report.


LAXMI COTTON: ICRA Removes B+ Rating from Issuer Not Cooperating
----------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B+ (Stable) from the
'ISSUER NOT COOPERATING' category as the company has now
submitted its 'No Default Statement' ("NDS") which validates that
the company is regular in meeting its debt servicing obligations.
The company's rating was moved to the 'ISSUER NOT COOPERATING'
category in May 2018.

The rating considers Laxmi Cotton's moderate scale of operations
in the highly fragmented cotton ginning industry characterized by
competition from a large number of players which limits its
ability to pass on the hike in the input costs. The rating
considers weak financial profile of the firm characterized by low
profitability, high gearing and week coverage indicators in
FY2017. ICRA notes that profitability of the firm is also
vulnerable to agro-climatic risks, which can affect the
availability of the raw material in adverse weather conditions.
ICRA also notes risks associated with partnership nature of the
firm. The rating, however, favourably factors in more than two
decades experience of the partners in the cotton ginning business
and proximity to cotton growing areas resulting in savings on
transportation costs.


LIDCO PROJECTS: CARE Migrates B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Lidco
Projects India Private Limited (LPPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      7.50      CARE B+; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LPPL to monitor the rating
vide e-mail communications/ letters dated May 28, 2018, May 29,
2018, June 4, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. The rating on Lidco
Projects India Private Limited bank facilities will now be
denoted as CARE B+;Issuer not Cooperating.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Experienced promoter and management: The promoter, Mr. Pawan
Kumar Vajram, is a first-generation entrepreneur and co-founder
along with Mr. Chandrasekaram Vajram of the Vajram Group. They
have significant experience in real estate development and
construction industry.

Key Rating Strengths

Small scale of operations albeit increase in total operating
income in FY16: LPPL's total operating income though showed an
increasing trend, remained low. The total income increased by
42.52% from INR20.11 crore in FY15 to INR28.11 crore in FY16
(refers to the period April 1 to March 31).

High gearing and weak debt coverage indicator: The overall
gearing of the company was leveraged at 4.96x as on March 31,
2016, as against 4.41x as on March 31, 2015, due to high working
capital borrowings. The company's interest coverage ratio was low
at 1.75x in FY16 compared with 1.84x in FY15 due to low PBILDT
earned. The total debt to GCA was weak at 16.72x in FY16 compared
with 13.29x in FY15.

Working capital intensive nature of operations: Being in
construction business necessitates significant inventory holding
for LPPL leading to high working capital requirements. The
company's inventory holding period was high at 106 days in FY16
compared with 85 days in FY15 as a result it had high operating
cycle at 122 days in FY16 as compared with 98 days in FY15.

LPPL was incorporated in the year 2009 as Vajram Resorts (India)
Pvt. Ltd. and was not engaged in any commercial activity till
FY12. Later in 2012, the name was changed. LPPL is part of the
Vajram group and undertakes construction activities for
residential projects of the group company, viz, VEPL in
Bangalore, Karnataka.


M GANESH: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
ICRA has moved the long-term and short-term rating for the bank
facilities of M Ganesh to the 'Issuer Not Cooperating' category.
The ratings are now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER
NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund        3.00      [ICRA]B+ (Stable) ISSUER NOT
   Based Limit (CC)                COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term/Short       2.00      [ICRA]B+ (Stable)/[ICRA]A4
   Term-Non-Fund                   ISSUER NOT COOPERATING;
   Based Limit                     Ratings 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.

M Ganesh was incorporated as a proprietorship firm in 2004 and is
involved in the business of construction and repair of roads. The
firm is a Class I contractor which undertakes works for
government departments such Public Works Department (PWD),
National Highways, National Bank for Agriculture and Rural
Development (NABARD) and Karnataka Rural Development among others
in and around Kolar, Bangalore and Chikkaballapur regions.


M & T CONSTRUCTIONS: CARE Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of M & T
Constructions (MTC) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      6.00       CARE B; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MTC to monitor the rating
vide e-mail communications/ letters dated May 1, 2018, May 10,
2018, May 14, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on M & T Constructions's bank facilities
will now be denoted as CARE B; Issuer not cooperating; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating weakness

Small sized player with regional concentration: The entity
constructs roads and bridges mainly for PWD and KSCCL in Kerala.
The projects are executed only in Kerala. The size of the
operations as reflected by total operating income of INR2.12
crore in FY15 (refers to the period April 1 to March 31) are very
small and restrict the ability of the firm to bid for large size
orders. The MIS systems adopted by the firm are also rudimentary
with scope for improvement.

Weak financial risk profile: The total operating income has been
declining sharply from INR8.23 crore in FY13 to INR2.12 crore in
FY15. As a result, the PAT levels have also been thin and
declining. Networth remains small at INR1.77 crore in FY15. The
overall gearing stood high at 2.85x while the total debt/GCA
stood stressed at 44.13 times, owing to declining PAT. Interest
coverage remained low at 1.18x in FY15.

Working capital intensive nature of operations: MTC's inventory
is mainly in the nature of work-in-progress to the extent of
INR6.10 crore in FY14 and INR6.34 crore in FY15 which is
significantly higher than the revenues for FY15. Delays in
execution of orders resulted in inability to bill which impacted
the firm's liquidity position. Inventory period was 1616 days in
FY15. The firm has not classified the receivables separately. As
100% of the revenue is contributed by the Government bodies like
PWD and KSCCL in Kerala, the receivables are on the basis of
budget allocation from the State Government which may be delayed,
which results in requirement of additional working capital.

Key rating strengths

Long experience of the partners in the construction industry
coupled with the long operational track record of Operations: MTC
has a track record of about 22 years. Mr. Manoj Krishna who is
one of the key promoter has been in this industry since 1991. He
started his career on completion of Diploma in Civil Engineering.
He was working under private contractors in the construction of
residential and commercial buildings for about one and half years
and later he started his own firm by name MTC. In the year 2000,
the firm was registered as a 'C' class contractor and
subsequently in the year he was upgraded to 'B' class contractor
and in the year 2003, the firm got registered as 'A' Class
contractor with PWD, Kerala.  Mr. Thomas V.T, who is a graduate
and also a key partner is associated with the firm since its
inception and both the partners have an experience for more than
two decades in the construction of roads and bridges.

MTC is a partnership firm established in the year 1993 by the
partners Mr. Manoj Krishna and Mr. Thomas V.T. The profits of the
firm are shared equally between the partners. The firm is
registered as an 'A' class contractor with Public Works
Department (PWD) of State Government of Kerala from the year
2003. MTC constructs roads and bridges for PWD and Kerala State
Construction Corporation Limited in Kerala which contributes the
entire revenue of the firm.  In FY15, MTC had a Profit after Tax
(PAT) of INR0.10 crore on a total operating income of INR2.12
crore, as against PAT and TOI of INR0.15 crore and INR5.85 crore,
respectively, in FY14.


MAKRO CAST: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Makro
Cast Private Limited (MCPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      36.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MCPL to monitor the rating
vide e-mail communications/ letters dated April 25, 2018, May 10,
2018, May 17, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of publicly available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Makro Cast Private Limited's bank facilities will now be denoted
as CARE D; Issuer not Cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Makro Cast Private
Limited (MCPL) continue to remain constrained by delays in debt
servicing, operating and cash losses during review period,
leverage capital structure and weak debt coverage indicators.

Key Rating weakness

Shutdown of the manufacturing unit resulting in stretched
liquidity position and delays in debt servicing: The company
continues to face stretched liquidity on account of nil cash
flows from operational activities due to shut down of the
manufacturing unit. Consequently, there has been substantial
stress on the cash flow resulting in delays in debt servicing.

Key rating strengths

Long-standing experience of the promoters in the castings
industry: MCPL has been engaged in the business of manufacturing
castings since 2004. MCPL is promoted by Mr. Lakshmi Narayana who
has an experience of over three decades in the castings industry.

MCPL, was established (in 2004) to manufacture specialized
castings used primarily in the automobile industry, power and
other engineering companies. The company's foundry unit is
located at Vijayawada, Andhra Pradesh and has a manufacturing
capacity of 1,200 Metric Tonnes Per Month (MTPM).

In FY17, MCPL had total operating income of INR14.13 crore, as
against TOI of INR0.28 crore in FY16.


MANJU AGRO: CARE Assigns B Rating to INR13.50cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Manju
Agro Private Limited (MAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           13.50       CARE B; Stable Assigned

   Short-term Bank
   Facilities            2.50       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to MAPL are constrained by small scale of
operation with moderate profit margins, volatile agro-commodity
(paddy) prices with linkages to vagaries of the monsoon,
regulated nature of the industry, working capital intensive
nature of business, leveraged capital structure and weak debt
coverage indicators and intensely competitive nature of the
industry with presence of many unorganized players. The ratings,
however, derive strength from its experienced promoters and
satisfactory track record of operation and proximity to raw
material sources and favorable industry scenario.

Going forward, the company's ability to grow its scale of
operations and improve its profit margins with efficient
management of its working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profit margins: MAPL is a
small player in the rice milling industry marked by its total
operating income (TOI) of INR25.16 crore with a PAT of INR0.08
crore in FY17. However the company has achieved the TOI of around
INR32.00 crore during April 01, 2017 to March 27, 2018.
Furthermore, the profit margins of the company also remained
moderate and the same stood at 9.43% in FY17 as against 5.00% in
FY16. The PAT margin deteriorated to 0.32% in FY17 as against
0.56% in FY16.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: MAPL is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September- October and the
peak arrival of crop at major trading centers begins in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central government for the central pool. Given the
market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.

Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Accordingly the working capital cycle of the company was higher
side at 399 days resulted from average inventory holding period
of 243 days and average collection period of 160 days in FY17.
Further, the average utilization of working capital limits was
high at around 85% during last 12 months ended in February 2018.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio of 2.63x (FY16: 2.59x) and debt equity
ratio of 0.49x (FY16: 0.51x) as on March 31, 2017. Furthermore,
the debt coverage indicators also remained weak marked by
interest coverage of 1.13x (FY16: 1.24x) and total debt to GCA of
94.01x (FY16: 38.52x) in FY17. Intensely competitive nature of
the industry with presence of many unorganized players: Rice
milling industry is highly fragmented and competitive due to
presence of many small players operating in this sector owing to
its low entry barriers, due to low capital and technological
requirements. Raipur and nearby districts of Chhattisgarh are a
major paddy growing area with many rice mills operating in the
area. High competition restricts the pricing flexibility of the
industry participants and has a negative bearing on the
profitability.

Key Rating Strengths

Experienced promoters and satisfactory track record of operation:
The company is into same line of business since 1996 and thus has
satisfactory track record of operations. Due to satisfactory
track record of operations, the promoters have established
satisfactory relationship with its clients. Further, the key
director Mr. Rajendra Kumar Daga is having more than three
decades of experience in rice milling and processing industry,
looks after the day to day operations of the company. He is
further supported by another director Mr. Ravi Daga (son of Mr.
Rajendra Kumar Daga) who is also having more than two decades of
experience in the same line of business. They are further
supported by a team of experienced professionals.
Proximity to raw material sources and favorable industry
scenario: MAPL's plant is located in Raipur district of
Chhattisgarh, which is in the vicinity to a major rice growing
area, thus, resulting in logistic advantage. The entire raw
material requirement is met locally from the farmers (or local
agents) helping the company to save simultaneously on
transportation cost and paddy procurement cost. Furthermore rice,
being one of the primary food articles in India, demand is high
throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran oil
etc. are in huge demand.

MAPL was incorporated on January 10, 1996 by Mr. Rajendra Kumra
Daga and Mr. Ravi Daga (son of Mr. Rajendra Kumar Daga). Since
its inception, the company has been engaged in rice milling and
processing business at its plant located in 3 CARE Ratings
Limited Rationale-Press Release Raipur district of Chhattisgarh
with aggregate installed capacity of 43,200 metric tons per
annum. The company mainly deals with raw and parboiled rice.


MORAL CERAMIC: ICRA Assigns B+ Rating to INR9.75cr Term Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR13.75-crore fund-based facilities of Moral Ceramic Pvt. Ltd.
ICRA has also assigned the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 to the INR1.00-crore unallocated
limits of MCPL. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-Term
   Loan                  9.75       [ICRA]B+ (Stable); Assigned

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

   Fund Based-
   Proposed Cash
   Credit                1.50       [ICRA]B+ (Stable); Assigned

   Unallocated           1.00       [ICRA]B+ (Stable)/[ICRA]A4;
                                     Assigned

Rationale

The assigned ratings are constrained by the nascent stage of the
company's operations and the average financial risk profile,
which is characterised by moderate profit margins, leveraged
capital structure, weak coverage indicators and stretched working
capital cycle. Further, the ratings factor in the highly
fragmented nature of the tiles industry, which results in intense
competition, and the exposure of MCPL's profitability to
volatility in raw material and fuel prices. The ratings are also
limited by the exposure of the company's business operations to
the cyclicality inherent in the real estate industry, which is
the main end-user sector.

The ratings, however, positively factor in the experience of
MCPL's promoters in the ceramic industry, timely commissioning
and stabilisation of operations and its proximity to raw material
sources, by virtue of its presence in Morbi (Gujarat).

Outlook: Stable

ICRA believes MCPL will continue to benefit from the experience
of its promoters in the ceramic industry and expects its scale of
operations to grow with the improvement in capacity utilisation.
The outlook may be revised to Positive if substantial growth in
revenue and profitability and better working capital management
strengthen the financial risk profile. The outlook may be revised
to Negative if cash accrual is lower than expected, which would
result in delayed debt servicing, or if any major debt-funded
capex or a stretch in working capital cycle or leads to adverse
capital structure or weakens liquidity.

Key rating drivers

Credit strengths

Experience of promoters in ceramic tiles industry: The company's
promoters have extensive experience in the ceramic industry
through their associations with other companies.

Timely commissioning and stabilisation of operations: The company
commissioned production within the stipulated time- in April
2017. It has also been able to successfully stabilise its
operations, as evident from the capacity utilisation of 63% in
FY2018.

Location-specific advantage: The location of the manufacturing
facility in the ceramic hub of Morbi, in Gujarat, provides easy
access to quality raw materials such as body clay, feldspar and
glazed frit.

Credit challenges

Limited track record of operations; moderate financial risk
profile: MCPL commenced production of glazed vitrified parking
tiles from April 2017 and reported moderate operating income of
INR12.20 crore in FY2018. The company witnessed an operating
margin of 9.77% and reported a net loss of INR0.24 crore because
of high depreciation and interest cost in FY2018. Given the
limited accruals and the high debt (including term loan and cash
credit) in the last fiscal, the gearing of the company stood at
3.60 times as on March 31, 2018, while debt coverage indicators
remained weak, with interest coverage of 1.20 times, NCA/Debt of
1% and TD/OPBDIITA of 13.79 times in FY2018. The receivables and
inventory remained high as on March 31, 2018, leading to working
capital intensity of 42% in FY2018. The liquidity position of the
company remained modest as evident from the moderate average
utilisation of ~74% during July 2017 to April 2018.

Margins exposed to intense competition and cyclicality in real
estate industry: The ceramic tile manufacturing industry is
highly fragmented with competition from the organised as well as
the unorganised players, most of who are located in Gujarat and
operate with low-cost structures, thereby creating pressure on
prices. Further, the real estate industry is the major end user
of ceramic tiles, and hence the company's profitability and cash
flows are expected to remain vulnerable to the cyclicality in the
real estate industry.

Vulnerability of profitability to fluctuations in raw material
and energy costs: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The company, however, has little control over the
prices of key inputs and thus the company's margins are exposed
to raw material and gas/coal price fluctuations and its ability
to pass on any upward movements to its customers.

MCPL was incorporated in 2016 as a private limited company and
commenced operations in April 2017. It manufactures glazed
vitrified parking tiles. Its plant is situated at Morbi in
Gujarat and has an installed capacity to manufacture 21,90,000
boxes per annum of tiles. The promoters of the company have
extensive experience in the ceramic industry by virtue of being
associated with other ceramic companies.

In FY2018, on a provisional basis, the company reported a net
loss of INR0.24 crore on an operating income of INR12.20 crore.


OMEGA TANNERY: CRISIL Assigns B+ Rating to INR15cr Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Omega Tannery India Private Limited (OTIPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit        15         CRISIL B+/Stable (Assigned)
   (pre-shipment
   credit)

The rating reflects OTIPL's moderate financial risk profile and
the initial stage of operation. These weaknesses are partially
offset by the extensive experience of-and funding support
received from-the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage of operation: Operations commenced in November
2017 and fiscal 2019 will be the first full year of operation,
hence the company is exposed to timely completion of orders and
demand for the product.

* Moderate financial risk profile: Gearing, estimated at 1.89
times as on March 31, 2018 mainly due to low networth of INR1.09
crore, is expected to remain moderate over the medium term on
account of high reliance on working capital debt.

Strengths

* Funding support from the promoters: Need-based funding support
from the promoters in the form of unsecured loans is expected to
continue'the loans were INR21.14 crore as on March 31, 2018.

* Extensive experience of the promoters: Benefits from the
promoters' experience of two decades and their established
customer base should support the business. Revenue of INR40 crore
is expected to be achieved in the first full year of operation.

Outlook: Stable

CRISIL expects OTIPL to continue to benefit from the extensive
experience of its promoters.  The outlook may be revised to
'Positive' if increase in operating income or cash accrual and
efficient working capital management stabilises financial risk
profile. The outlook may be revised to 'Negative' in case of
more-than-expected debt-funded capital expenditure is incurred
and/or improvement in cash accrual is lower-than-expected.

OTIPL, incorporated in August 2013, processes finished leather
from wet blue hides or skins, which is exported to Europe and
China. Operations commenced in November 2017.


PRASHA TECHNOLOGIES: CRISIL Reaffirms B Rating on INR10cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Prasha Technologies Limited (PTL).

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

   Long Term Loan         1         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's stretched liquidity
because of working capital-intensive operations, subdued
operating performance, and weak financial risk profile because of
weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of the promoter in the supply
of sheet metal-based components to the telecom and power sectors,
and his funding support.

Key Rating Drivers & Detailed Description

Weakness

* Subdued operating performance: The company had losses in
fiscals 2017 and 2015. Growth was muted as operating revenue was
low, at INR43-46 crore in the three fiscals through 2018.
Furthermore, the company is highly dependent on performance of,
and technology changes in, the telecom sector, which has a major
contribution in its operating revenue.

* Stretched liquidity: The liquidity is stretched because of
subdued operating efficiency and working capital-intensive
operations (indicated by gross current assets of 200 days as on
March 31, 2018). Net cash accrual will remain low while working
capital requirement will continue to be large, leading to
negative cash flow and high bank line utilisation. The bank line
was fully utilised in the 12 months through May 2018.

* Weak financial risk profile: The financial risk profile is
constrained by below-average debt protection metrics, indicated
by interest coverage of 2.0 times and net cash accrual to
adjusted debt ratio of 0.09 time for fiscal 2018. Total outside
liabilities to tangible networth (TOLTNW) ratio was comfortable
at 1.2 times, due to moderate networth of INR21.5 crore, as on
March 31, 2018. However, low accretion and large external debt
may affect the TOLTNW ratio over the medium term.

Strength:

* Extensive experience of the promoter: The promoter's experience
of over two decades in manufacturing high-quality precision sheet
metal components has helped establish relationships with
customers and suppliers, leading to large orders and extensive
credit from suppliers. The company's main customers are from the
telecom industry.

Outlook: Stable

CRISIL believes PTL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if an increase in revenue and profitability leads to
better economies of scale and business risk profile. The outlook
may be revised to 'Negative' if lower-than-expected cash accrual
weakens the financial risk profile.

Incorporated in 1993, PTL fabricates sheet metal. It supplies
mechanical hardware for mobile base stations to telecom equipment
manufacturers. It also assembles and supplies uninterruptible
power supply systems (40-550 kilovolt amperes [kVA]) and
generators (15-2000 kVA), and manufactures elevators used in
commercial real estate.


R.R. INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
R.R. Industries continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/A4 ISSUER NOT COOPERATING". ICRA had earlier
moved the rating of R.R. Industries to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the entity.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund-based          5.00       [ICRA]B(Stable) ISSUER NOT
   Limits/CC                      COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Fund-based          2.43       [ICRA]B(Stable) ISSUER NOT
   Limits/TL                      COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Non Fund based      0.03       [ICRA]A4 ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Interchangeable    (0.32)      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Unallocated         1.54       [ICRA]B(Stable)/A4 ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH), which was gradually increased to
the current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.


RAJESH PROJECTS: CARE Migrates D Rating to Not Cooperating Cat.
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rajesh
Projects India Private Limited (RPIPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      56.26      CARE D; Issuer not cooperating;
   Facilities                     Based on best available

   Short-term Bank     23.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPIPL to monitor the
rating(s) vide e-mail communications May 1, 2018, May 15, 2017,
May 22, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Furthermore, Rajesh
Projects India Private Limited has not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. The
rating on Rajesh Projects India Private Limited 's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into consideration the on-going delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating in April 2017 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

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

Rajesh Projects India Private Limited (RPIPL) was incorporated in
1999 & is engaged in real estate business. Historically, the
group was mainly into development of commercial projects in Delhi
and has successfully executed 14 commercial/retail projects in
Delhi. In 2010, the company ventured into residential group
housing projects in Noida and Greater Noida region. The group was
promoted by Mr. Jai Bhagwan Goyal, a qualified Civil Engineer,
who has more than 40 years' experience in construction. Currently
his son, Mr. Rajesh Goyal who is also MD of RPIPL, is actively
handling the operations of group.

RG Luxury Homes is being developed on a total area of 18.5 acres
in Sector-16B, Greater Noida, less than 1 km from Atta Market,
Noida. The total saleable area is 38.2 lsf. The projects offer 2
& 3 BHK apartments in 12 towers.


RAM KUMAR: CRISIL Reaffirms B+ Rating on INR3cr Overdraft
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Ram Kumar Narwani
(RKN) continues to reflect the firm's established track record in
road construction and the extensive experience of the partners in
the civil construction industry. These strengths are partially
offset by large working capital requirements, tender-based nature
of business, and moderate financial risk profile because of small
net worth and low order book.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee       5         CRISIL A4 (Reaffirmed)
   Overdraft            3         CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the partners in the civil construction
business: The firm is in the civil construction business for more
than 2 decades and have established track record for the
execution of construction of building roads and bridges. The
promoters of the firm have an extensive experience in
construction industry for over two decades. The firm owned and
managed by Mr. Ram Kumar Narwani and Family members. Over the
years, the company has developed required technical and project
management capabilities to execute mid-size projects. The company
has a moderate order book which provides near term revenue
visibility. CRISIL believes that company will continue to benefit
from the promoter's experience and established relationships with
customers.

* Healthy operating margin: The company's operating margin have
been moderate in the range of 12-15 percent except for 2015-16
when it was around 45 per cent. The moderate operating margin is
on account of intense competition at the bidding stage. Also, the
construction industry in India is highly fragmented on account of
the presence of a large number of players executing small
projects, and therefore, is intensely competitive. The pre-bid
qualifying criteria and cost competitiveness has to be maintained
to ensure healthy work order flow in the sector. Significant
competition may adversely impact RKN's credit risk profile by
putting pressure on its revenue and margins. For majority of
projects, the firm has in built price escalation clause that
allows it to pass on the increase in raw material prices to
customers. The team believes that RKN's revenue growth and
profitability will remain susceptible to the tender-based
operations over the medium term.

Weaknesses

* Fragmented nature of the industry and geographical
concentration: RKN is exposed to intense competition in civil
construction industry. The civil construction industry is highly
fragmented with presence of large number of unorganized players
having small scale of operations. High fragmentation in the
industry leads to high competition among the player. Given the
low entry barriers in the civil construction industry, the
company faces intense competition from a large number of players.
Also, with all the orders from government entities, execution and
sales of the project is also dependent on timely clearances from
the customers, which due to better liaison with PWD and CPA for
M.P. Government in Bhopal district is not an issue faced by the
firm, clearly getting reflected in the debtors in books at year
end. In case of any such delay, RKN's sales may be adversely
impacted. Further, the firm also faces geographical concentration
in its revenue profile as its construction activity is primarily
limited to district of Bhopal in state of Madhya Pradesh, making
RKN a regional player. CRISIL believes that RKN's revenue profile
will continue to face concentration risks in its revenue profile.
Further, CRISIL also believes that RKN will remain exposed to
risks relating to being a modest scale player in the construction
industry.

* Working capital-intensive operations: RKN has demonstrated its
ability to effectively manage its working capital requirements.
It has sustained its receivable cycle at less than 28 days in the
year ended March 31, 2016. Also, the inventory remained high over
this period. The company raises the bills on a monthly basis and
realises the payment within 20-25 days. Along with this, support
from trade creditor days of 60-80 days, mobilisation advances and
funding support from promoters, reliance on external borrowings
has not increased over the years. CRISIL believes that with the
increasing scale of operations, RKN's working capital
requirements will increase; however, with efficient debtor
management, the firm is likely to manage its working capital
requirements effectively over the medium term.

Outlook: Stable

CRISIL believes RKN will continue to benefit over the medium term
from the partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in the
scale of operations and a steady financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, or large, debt-funded
capital expenditure leading to weakening of the financial risk
profile, or stretch in the working capital cycle resulting in
weak liquidity.

Set up in 2001, RKN is a partnership firm that constructs roads
and minor bridges for various government departments in Madhya
Pradesh. The firm is owned and managed by Mr. Ram Kumar Narwani
and family.


RAMKUMAR TEXTILE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR12.00 crore bank facilities of
Ramkumar Textile Private Limited continue to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING". ICRA had earlier
moved the rating of Ramkumar Textile Private Limited to the
'ISSUER NOT COOPERATING' category due to non-cooperation on fee
by the entity.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based           11.50       [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Non-fund Based        0.50       [ICRA]A4 ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

RTPL, incorporated in 1996, is a Bhilwara-based exporter of
synthetic fabrics. It is promoted by the Somani family, which has
been engaged in the synthetic fabrics business for more than a
decade. RTPL does not have its own manufacturing unit and
outsources production of fabric to weavers in Bhilwara on a job-
work basis. RTPL sells suiting fabric for men and women in poly
viscose, poly wool, 100% wool, poly cotton, and lycra in various
weaves such as plain, twill, and satin. The company also deals in
fabric for traditional Arabian clothing and spun polyester high
twist voile plain dyed and printed fabric.


RATNADEEP METALS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ratnadeep Metals
& Tubes Limited's (RMTL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based limits Long-term rating upgraded;
    short-term rating affirmed with IND BB+/Stable/IND A4+
    rating; and

-- INR330 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in RMTL's revenue and credit
metrics due to an increase in export demand and thus a rise in
absolute EBITDA. According to the provisional financials for
FY18, revenue was INR986 million (FY17: INR892 million), interest
coverage ratio (gross EBITDA/interest expense) was 1.95x (1.8x)
and net leverage (net debt/operating EBITDA) was 2.74x (2.93x).

However, the financial and credit risk profiles remain moderate
due to high finance cost and net debt.

The ratings are constrained by the tight liquidity of the company
with average utilization of the fund-based facilities being 97.3%
and that of the non-fund-based facilities being 80% in the 12
months ended May 2018.

The ratings are supported by the company's promoters' experience
of over three decades in manufacturing tubes and pipes.

RATING SENSITIVITIES

Negative: A sustained decline in the revenue and credit metrics
will lead to a negative rating action.

Positive: A sustained improvement in the revenue and credit
metrics could lead to a positive rating action.

COMPANY PROFILE

Incorporated in June 2002, RMTL manufactures carbon steel, alloy
steel and stainless steel seamless as well as stainless steel
welded tubes and pipes. Their manufacturing units are located in
Rajpur and Chhatral, Gujarat. The founders of the company are Mr.
Jayant V. Jain and Bharat S. Sanghavi.


ROYAL WOOD: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Royal
Wood Private Limited (RWPL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      4.00       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank     9.50       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RWPL to monitor the
ratings vide e-mail communications/ letters dated May 30, 2018,
May 31, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on RWPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been reaffirmed on account of the ongoing delays
in debt repayment owing to weak liquidity position.

Detailed description of key rating drivers

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

Key Rating Weaknesses

Ongoing delay in debt servicing: RWPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Incorporated in March 2008, Gandhidham based Royal Wood Private
Limited (RWPL) is engaged in the trading of timber and
manufacturing of plywood, veneer etc. The company's manufacturing
facility is located at Gandhidham (Gujarat) and is promoted by
Mr.Rakesh Gupta, Mr. Naresh Garg and Mr. Kewal Garg.


S S RICE: CRISIL Migrates B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S S Rice
Mill (SSRM) to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       2.5      CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Cash Credit          2.0      CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Long Term Loan       3.5      CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)


CRISIL has been consistently following up with SSRM for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Established in 2016 as a partnership firm by Mr. Vinod Lalwani
and Mr. Prateek Jain, SSRM is setting up a non-basmati parboiled
rice mill having processing capacity of 4 tonnes per hour (tph).
Its manufacturing facility is located at in Rajnandgaon.


SAGA AUTOMOTIVE: CARE Lowers Rating on INR21.21cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saga Automotive (India) Private Limited (CIIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       21.21       CARE D Revised from
   Facilities                       CARE B; Stable; Issuer not
                                    Cooperating

   Short-term Bank       0.50       CARE D Revised from CARE A4;
   Facilities                       Issuer not cooperating

Detailed Rationale & Key Rating Drivers

The revision in the ratings of CIIPL take into account ongoing
delays in debt servicing owing to stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Irregularity in debt servicing due to stressed liquidity: The
company is an authorized dealer of Skoda Auto India Private
Limited (Skoda). It maintains inventory of 170-180 days and
continuous net losses in last three financial years ended FY17.
Further, the tangible net worth of the company remains negative
in FY17.Due to it, the liquidity position of the company has
deteriorated and that led to delay in debt servicing.

Jaipur (Rajasthan) based Saga Automotive India Private Limited
(SAIPL) was incorporated in 2006 by Mr. Sanjay Maheshwari, Mrs.
Kanak Biyani, Mr. Harmeet Singh Anand and Mr. Naveen Maheshwari.
SAIPL is an authorised dealer of Skoda Auto India Private Limited
(Skoda) since the beginning of incorporation and currently, the
company operates four showrooms, two at Jaipur, one at Sikar and
Kota respectively and has two workshops at Jaipur and one at
Kota. The company has been awarded with respect to "Best
Dealership", "Most Fastest Dealer Award" etc in many a times in
previous years. It also has highest market share in Rajasthan for
D-segment.


SANMAAN RICE: CRISIL Reaffirms B Rating on INR15cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Sanmaan Rice Mills (SRM) at 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         15        CRISIL B/Stable (Reaffirmed)
   Term Loan            1.6      CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile, modest scale, and working-capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of the partners in the rice industry.

Analytical Approach

Unsecured loans from the promoters (estimated at INR9 crore as on
March 31, 2018) have been treated as debt due to instances of
significant withdrawal in the past.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
below average because of high dependency on borrowings to meet
working capital requirements. Total outside liabilities to
adjusted networth is estimated at 10-10.5 times as on March 31,
2018. Adjusted interest coverage and net cash accrual to adjusted
debt ratios are projected at 1.25-1.30 times and 0.01-0.03 time,
respectively, in fiscal 2018.

* Modest scale of operations: Intense competition in the rice
milling industry - because of low entry barriers - continues to
constrain scalability: operating income is estimated at INR50-55
crore in fiscal 2018, and is likely to grow at a moderate pace
over the medium term.

* Working-capital-intensive operations: Gross current assets are
estimated at 350-375 days as on March 31, 2018, due to inventory
of more than 300 days. Inventory is sizeable during year end, as
procurement is done in bulk during the paddy season (October to
March). The large working capital requirement is primarily funded
by bank borrowings resulting in full utilization for past 12
months through May 2018.

Strengths

* Extensive experience of the partners: Benefits from the
partners' experience of a decade, and established relations with
customers and suppliers should continue to support business risk
profile.

Outlook: Stable

CRISIL believes SRM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if significant improvement in revenue and
profitability, or capital infusion by the partners strengthens
key credit metrics. The outlook may be revised to 'Negative' if
substantial debt-funded capital expenditure, or decline in
profitability weakens capital structure.

Set up in 1998 in Muktasar (Punjab), SRM mainly processes basmati
rice, and sells it under the Sanmaan brand in domestic and export
markets.


SERMAN INDIA: CARE Reaffirms B+ Rating on INR9.15cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Serman India Road Makers Private Limited (SIRMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        9.15       CARE B+; Stable Reaffirmed
   Facilities

   Long-term/short-      8.50       CARE B+; Stable/CARE A4
   term Bank Facilities             Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SIRMPL are
continue to remain constrained on account of fluctuating as well
as modest scale of operations coupled with moderate solvency
position and weak liquidity position. The ratings, further,
continue to remain constrained on account of customer
concentration risk and presence in highly competitive industry.

The ratings, however, derive strength from the experienced
promoters with healthy profitability margins and moderate order
book position.

Ability of SIRMPL to increase its scale of operations with timely
execution of orders while maintaining profitability in the highly
competitive industry along with effective management of working
capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating and modest scale of operations: Due to tender driven
nature of business, the scale of operation of the company
remained highly fluctuating during past three financial years
ended FY18. As per provisional result of FY18, Total Operating
Income (TOI) has significantly improved by 88.10% over FY17 owing
to higher execution of orders and stood at INR11.06 crore while
in FY17, TOI has significantly declined by 50.13% owing to
decline in execution of orders and stood at INR5.88 crore.

Moderate solvency positions and weak liquidity position: The
capital structure of SIRPL stood moderately leveraged as
reflected by its overall gearing ratio of 1.14 times as on
March 31, 2018. Further, the debt coverage indicators of SIRPL
stood moderate marked by the total debt to Gross Cash Accruals
(GCA) of 11.67 times as on March 31, 2018 marginally deteriorated
from 11.26 times as on March 31, 2017 and interest coverage ratio
deteriorated from 2.35 times in FY17 to 2.07 times in FY18.

The liquidity position of the company remained stressed reflected
by highly elongated operating cycle of 338 days owing to high WIP
as on balance sheet date during past three years ended FY18.
Further, average working capital limits utilization during past
twelve months ended May 2018 has also remained more than 90% of
available working capital limits.

Customer concentration and geographical concentration risks:
SIRPL is a regional player and all its clients and projects are
present in the vicinity of Madhya Pradesh only which reflects
high degree of geographical concentration risk. Furthermore, the
orders exhibit client concentration as the most of the orders
consisted of orders awarded by the government entities for
construction of roads.

Key Rating Strengths

Experienced promoters in the construction industry: SIRPL is
promoted by Mr. Ishnarayan Sharma and his brothers who are havi
ng almost three decades of experience in the construction
industry. Overall operations of firm are managed by partners
jointly.

Healthy profitability margins along with moderate order book
position: Further, operating profitability margins stood
comfortable as well as fluctuating owing to fluctuation in cost
of material consumed. During FY18, PBILDT margins stood at 21.64%
as against 32.64% in FY17 (19.79% in FY16) and PAT margins stood
moderate at 3.90% in FY18. The order-book position as on May 2018
consisted of 6 projects amounting to INR40.94 crore which stood
at nearly 3.78 times of the total operating income for FY17.

Bhopal-based (Madhya Pradesh) SIRPL was incorporated by Mr.
Ishnarayan Sharma in 1988. He is supported by his brothers, Mr.
Deepak Sharma and Mr. Rakesh Sharma. SIRPL is registered as a
'Class A' contractor with Public Work Department of Madhya
Pradesh (highest on a scale of A to E) and secures all the
contracts through open bidding process. The company is in the
business of construction, maintenance and improvement of roads.


SHIVAM COTTON: ICRA Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Shivam Cotton Industries (SCI) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B(Stable) ISSUER
NOT COOPERATING."

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-          12.00       [ICRA]B(Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Fund based-           1.46       [ICRA] B(Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Unallocated           0.83       [ICRA] B(Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

Established in 1998 as a partnership firm, Shivam Cotton Industry
(SCI) is involved in the business of raw cotton ginning, pressing
and crushing of cottonseeds. SCI's manufacturing facility,
located at Karjan in Gujarat, is equipped with 36 ginning
machines, 1 pressing machine and 10 expellers for crushing
activity with an installed ginning capacity of 91,800 MT per
annum. The partners of the firm have extensive experience in the
cotton industry vide their association with other cotton ginning
entities.


SHREE AMBIKA: ICRA Lowers Rating on INR527.67cr Loan to D
---------------------------------------------------------
ICRA has revised the rating of bank facilities of Shree Ambika
Sugars Limited (SASL) to [ICRA]D from [ICRA]B. The rating
continues to remain under the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING."

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

   Long-term         527.67      [ICRA]D ISSUER NOT COOPERATING;
   Non-fund                      Revised from [ICRA]B (Stable);
   Based Limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on the 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, despite the downgrade.

Rationale

The rating revision factors in the delay in debt servicing owing
to the company's stretched liquidity position. The liquidity
crunch is majorly due to sub-optimal cane crushing in FY2018
because of continuous drought in Tamil Nadu and the significant
decline in sugar realisations in Q4 FY2018 because of over-supply
in the domestic market.

ICRA, however, takes notes of the company's dominant position in
its command area and its experienced management. Additionally,
its integrated operations with the cogeneration and distillery
units provide alternate revenue streams and reduce the impact of
cyclicality of the sugar business to an extent.

Analytical approach

For arriving at the ratings, ICRA has taken a consolidated view
of the company along with its Group entities - Thiru Arooran
Sugars Limited and Terra Energy Limited - due to operational and
financial linkages as they share a common management.

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


SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR15.91-crore fund-based bank facilities and the short-term
rating of [ICRA]A4 on the INR4.65-crore non-fund based facilities
of Signet Conductors Private Limited (SCPL). ICRA has also
reaffirmed the long-term/short-term rating of [ICRA]B+/[ICRA]A4
on the INR0.38-crore unallocated limits of SCPL. The outlook on
the long-term rating is Stable.

                    Amount
   Facilities     (INR crore)      Ratings
   ----------     -----------      -------
   Term Loan           0.91        [ICRA]B+ (Stable); reaffirmed

   Cash Credit        15.00        [ICRA]B+ (Stable); reaffirmed

   Non-fund Based
   Limits              4.65        [ICRA]A4; re-affirmed

   Long-term/Short-    0.38        [ICRA]B+ (Stable)/A4,
   term Unallocated                reaffirmed

Rationale

ICRA's ratings reaffirmation takes into account the healthy
growth in SCPL's operating income (OI), albeit declining
operating profitability and increasing Debt/OPBDITA levels.
ICRA's ratings continue to consider SCPL's limited scale of
operations in a highly competitive and fragmented conductor
manufacturing industry that result in its modest economies of
scale and moderate profitability indicators. Also, the company's
margins remain vulnerable to raw material price fluctuations. The
ratings continue to be constrained by high gearing of the company
due to the funding of working capital requirements, primarily
through bank borrowings and a low net worth base. However, the
ratings continue to derive comfort from the extensive experience
of the promoters in the industry and the company's established
client base. The ratings also take note of the healthy orders
from reputed clients such as Bharat Heavy Electrical Limited
(BHEL), which improved SCPL's OI and profitability in FY2018.
Going forward, the ability of the company to increase its scale
of operations and improve its operating margins as well as
improve the capital structure and maintain optimal working
capital intensity will be the key rating sensitivities.

Outlook: Stable

ICRA believes that the company will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if there is substantial increase in the company's
profitability margins alongside a decline in its debt levels. The
outlook may be revised to Negative if cash accrual is lower than
expected, or there is any major decline in sales turnover, or
stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strengths

Experienced promoters with long track record provides competitive
edge: The partners of the company have experience of two decades.
Such a long presence in the industry provides the company a
competitive edge in establishing relationships with its suppliers
and customers.

Established relationship with large players provides better
revenue visibility in near term: SCPL signed a contract with BHEL
in FY2017 for the supply of paper insulated copper conductors.
This has resulted in healthy growth in revenues in FY2018.

Credit challenges

Fragmented and competitive nature of industry marked by presence
of large number of players: The conductor manufacturing industry
is highly fragmented and competitive because of low technological
complexity of manufacturing process. This limits the pricing
flexibility of smaller players like SCPL.

Weak financial risk profile: The company is dependent on external
borrowings which results in its high gearing levels and weak
coverage indicators.

SCPL was set up in 1991 by Mr. D.S. Sahni as a private limited
company. The company manufactures bare and paper insulated
aluminium and copper conductors. These conductors find
application in electric motors, power generators and attenuators
for transmission and distribution of power. At present, the
affairs of the company are managed by Mr. G.S. Sahni. The
promoters have more than two decades of experience in the
industry. The company's manufacturing facility is in Rewa, Madhya
Pradesh and has a licensed capacity of 1,800 MTPA.


STERLING BIOTECH: Enforcement Directorate Probing Fraud Charges
---------------------------------------------------------------
LiveMint reports that the Enforcement Directorate (ED) is
investigating charges of fraud made by Andhra Bank against
Sterling Biotech.  The lender has alleged that Sterling had taken
loans of over INR5,000 crore from various lenders in a fraudulent
manner, which later became non-performing loans, the report says.

In January 2018, the ED had arrested former executive director of
Andhra Bank Anup Prakash Garg for violations under the Prevention
of Money Laundering Act (PMLA), the report recalls. LiveMint
relates that presenting Garg in court, the agency had said it had
come across "certain entries" in a diary seized by the income tax
department in 2011 which showed various cash payments amounting
to INR1.52 crore made to one "Mr Garg, director, Andhra Bank" by
the Sandesara brothers between 2008 and 2009.

LiveMint says the Central Bureau of Investigation had booked
Garg, directors Chetan Jayantilal Sandesara, Nitin Jayantilal
Sandesara, Dipti Chetan Sandesara and Vilas Joshi, chartered
accountant Hemant Hathi and some unidentified people in
connection with the case.

                      About Sterling Biotech

Sterling Biotech Ltd is the flagship company of the Vadodara
based Sandesara group. SBL, a listed company, is mainly engaged
in the manufacturing of pharmaceutical grade gelatin which has
wide range of applications such as capsules, tablets, etc. It is
one of the leading manufacturers of pharmaceutical grade gelatin
in India with good presence in U.S.A. which is the largest market
for Pharmaceuticals. It also manufactures Di-calcium Phosphate
(DCP, a by-product of gelatine) and Co-enzyme Q10 (CoQ10). The
group has over 27 years of industrial experience and has
diversified interests ranging from Pharmaceuticals, Healthcare,
Oil & Gas, Engineering Infrastructure, etc. The other companies
of the Sandesara group are Sterling Port Lt, Sterling Oil
Resources Ltd, PMT Machines Ltd, etc.

On June 10, Sterling Biotech was admitted by the NCLT Mumbai
bench under the corporate insolvency debt resolution process
(CIRP) for defaulting on more than INR5,400 crore, according to
LiveMint.

On June 11, the Mumbai bench of NCLT admitted the insolvency
petition filed by lead lender Andhra Bank against the company.

The pharmaceutical firm owes around INR5,400 crore to various
lenders, LiveMint discloses.


STERLING SEZ: Two Sandesara Firms Face Insolvency Over Default
--------------------------------------------------------------
LiveMint reports that Srei Infrastructure Finance Ltd has filed
an insolvency petition against Sterling SEZ & Infrastructure and
Sterling International Enterprises before the Mumbai bench of the
National Company Law Tribunal (NCLT).

The non-banking financial company said the two companies, part of
the Sandesara group, are in default for over INR297 crore, the
report says.

On June 10, flagship firm Sterling Biotech was admitted by the
NCLT Mumbai bench under the corporate insolvency debt resolution
process (CIRP) for defaulting on more than INR5,400 crore,
according to LiveMint.

"Sterling SEZ was a borrower where the group's another
subsidiary, Sterling International Enterprises, had provided the
corporate guarantee for the financing," argued Gaurav Mathur, a
partner at law firm Singhi & Co., representing Srei
Infrastructure Finance in the case. "The company has defaulted on
two loan facilities given by us," he added, LiveMint relays.
Counsel for Srei Infrastructure Finance said the company had sent
several notices regarding the case but so far, no one had replied
and neither had any lawyer appeared to represent the company in
the tribunal, the report relates.

Pulak Bagchi, group head for legal, regulatory and policy of Srei
Infrastructure Finance, declined to comment as the matter is
under the consideration of the court.

A bench comprising Bhaskara Pantula Mohan and V. Nallasenapathy
adjourned the case to July 2, LiveMint notes.

Sterling SEZ & Infrastructure Ltd (SSIL, erstwhile Sterling SEZ
Private Limited), formerly known as M/s Sterling Erection and
Infrastructure Private Limited (SEIPL), is a Special Purpose
Vehicle (SPV) promoted by Sandesara group through Sterling
Biotech Ltd. SSIL was incorporated on June 22, 2006 for the
development of a multi-product SEZ in the Jambusar Taluka,
Bharuch District of Gujarat. The SEZ was aimed at providing
world-class industrial, commercial, residential and social
infrastructure facilities along with utilities, on an integrated
basis to potential users of the SEZ.


SWASTIK CERACON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Swastik
Ceracon Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR121 mil. Term loan (long-term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR500 mil. Fund-based working capital limits (long-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR141.5 mil. Non-fund-based working capital limits (short-
    term) downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following a confirmation from
the lenders of Swastik Ceracon that the company has been
categorized as a non-performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

Ahmedabad-based Swastik Ceracon manufactures vitrified floor
tiles, ceramic floor tiles and ceramic wall tiles under the brand
Swastik.


TERRA ENERGY: ICRA Lowers Rating on INR20.16cr Loan to D
--------------------------------------------------------
ICRA has removed the earlier ratings of [ICRA]B+
(Stable)/[ICRA]A4 from the 'ISSUER NOT COOPERATING CATEGORY' and
downgraded the long-term rating to [ICRA]D from [ICRA]B+ for the
INR9.89-crore term loans, the INR8.95-crore cash credit
facilities and the INR20.16-crore unallocated limits of Terra
Energy Limited. ICRA also revised the short-term rating to
[ICRA]D from [ICRA]A4 for the INR11.00-crore non-fund based
facilities of TEL.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-           9.89       [ICRA]D; downgraded from
   Term Loan                        [ICRA]B+ (Stable) and
                                    removed from issuer not
                                    cooperating category

   Fund-based-           8.95       [ICRA]D; downgraded from
   Cash Credit                      [ICRA]B+ (Stable) and
                                    removed from issuer not
                                    cooperating category

   Short-term           11.00       [ICRA]D; downgraded from
   Non-fund Based-                  [ICRA]A4 and removed from
   Working Capital                  issuer not cooperating
   Facilities                       category

   Unallocated Limits   20.16       [ICRA]D; downgraded from
                                    [ICRA]B+ (Stable) and
                                    removed from issuer not
                                    cooperating category

Rationale:

The rating revision factors in the delay in debt servicing owing
to the company's stretched liquidity position. This is majorly
due to the delays in the power receivables from Tamil Nadu
Generation and Distribution Corporation (TANGEDCO). ICRA,
however, takes notes of the power purchase agreement (PPA) with
TANGEDCO for sale of generated power, valid till 2019. Also, TEL
has a barter arrangement with the parent company, Thiru Arooran
Sugars Limited, for bagasse, steam and power, mitigating the raw
material (bagasse) availability risk to some extent.

Key rating drivers:

Credit strengths

Raw material arrangement in place: Bagasse sharing agreement with
its holding company, Thiru Arooran Sugars Limited (TASL),
mitigates the raw material risk for the company to some extent.
Moreover, in case of low availability of bagasse from TASL, TEL
can use coal as fuel.

Credit challenges

Delays in debt servicing: Delays in debt servicing owing to TEL's
stretched liquidity position because of delays in the receivables
from TANGEDCO.

Analytical approach: For arriving at the ratings, ICRA has taken
a consolidated view of the company along with Group entities -
Thiru Arooran Sugars Limited and Shree Ambika Sugars Limited -
due to operational and financial linkages as they share a common
management.

Terra Energy Limited was incorporated in March 2000, following
the demerger of the cogeneration plants of TASL. It has an
installed capacity of 47.1 MW. TASL is the holding company of TEL
with 66% shareholding. These cogeneration plants are located
adjacent to the sugar plants of TASL. TEL has barter arrangement
with TASL for supply of steam and power in lieu of bagasse. TEL
exports surplus power to TANGEDCO.

In FY2017, TEL reported a net profit of INR0.54 crore on an OI of
INR19.15 crore compared with a net profit of INR0.20 crore on an
OI of INR18.27 crore in the previous year.


THIRU AROORAN: ICRA Lowers Rating on INR235.03cr LT Loan to D
-------------------------------------------------------------
ICRA has removed the earlier ratings of [ICRA]B+
(Stable)/[ICRA]A4 from the 'ISSUER NOT COOPERATING CATEGORY' and
downgraded the long-term rating to [ICRA]D from [ICRA]B+ for the
INR29.70-crore term loans, the INR56.84-crore cash credit
facilities, the INR235.03-crore non-fund based facilities and the
INR16.11-crore unallocated limits of Thiru Arooran Sugars
Limited. ICRA also revised the short-term rating to [ICRA]D from
[ICRA]A4 for the INR1.50-crore non-fund based facilities of TASL.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based           29.70        [ICRA]D; downgraded from
   Term Loan                         [ICRA]B+ (Stable) and
                                     removed from issuer not
                                     cooperating category

   Fund-based           56.84        [ICRA]D; downgraded from
   Cash Credit                       [ICRA]B+ (Stable) and
                                     removed from issuer not
                                     cooperating category

   Long-term Non-      235.03        [ICRA]D; downgraded from
   fund Based                        [ICRA]B+ (Stable) and
   Working Capital                   removed from issuer not
   Facilities                        cooperating category

   Short-term Non-       1.50        [ICRA]D; downgraded from
   fund Based-                       [ICRA]A4 and removed from
   Working Capital                   issuer not cooperating
   Facilities                        category

   Unallocated Limits   16.11        [ICRA]D; downgraded from
                                     [ICRA]B+ (Stable) and
                                     removed from issuer not
                                     cooperating category

Rationale:

The rating revision factors in the delay in debt servicing owing
to the company's stretched liquidity position. The liquidity
crunch is majorly due to sub-optimal cane crushing in FY2018
because of continuous drought in Tamil Nadu and the significant
decline in sugar realisations in Q4 FY2018 because of over-supply
in the domestic market. TASL's financial position continues to be
weak as evident from losses at the net level, high gearing and
weak debt coverage metrics in 9M FY2018.

ICRA, however, takes notes of the company's dominant position in
its command area and its experienced management. Additionally,
its integrated operation with the distillery unit provides
alternate revenue streams and cushions against cyclicality in
sugar business.

Key rating drivers:

Credit strengths

Forward-integrated operations: TASL's sugar operations of 8500
TCD is forward integrated with 60 KLPD distillery unit, which
cushions profitability in cases of sugar downturn.

Long track record of sugar operations: Long operating history of
over six decades in sugar business, being one of the oldest sugar
companies in India along with an experienced management.

Credit challenges

Delays in debt servicing: Delay in debt servicing owing to TASL's
stretched liquidity position. This is due to low cane crushing
volumes in FY2018 as Tamil Nadu experienced continuous drought
over the last few years. Further, the sugar prices declined in Q4
FY2018 due to over-supply scenario in the domestic market,
adversely impacting TASL's financial performance.

Weak financial profile: Sub-optimal cane crushing, low recovery
rate and higher cane costs adversely impacted the company's
performance in 9M FY2018. TASL reported net losses and weak debt
coverage metrics in 9M FY2018.

Vulnerability of profitability to agro-climatic risk and
regulatory risk: Profitability of sugar mills remains exposed to
the cyclicality of the sugar industry, agro-climatic risks
related to cane production, Government policies related to sugar
trade.

Incorporated in 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD
of cane crushing capacity in its two plants, and a 60 KLPD
distillery. The plants are integrated with 47.10 MW cogeneration
units of the company's subsidiary Terra Energy Limited (TASL
holds 66.19% stake in Terra Energy Limited), with which it has
barter arrangement for supply of steam and power.

In FY2017, TASL reported a net loss of INR4.78 crore on an OI of
INR230.62 crore compared with a net loss of INR20.13 crore on an
OI of INR203.26 crore in the previous year.


VINCI INDUSTRIAL: CARE Assigns B Rating to INR10.40cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vinci
Industrial Corporation (VIC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long/Short-term
   Bank Facilities     10.40      CARE B; Stable/CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of VIC are
constrained by small scale of operations with low profit margins,
working capital intensive nature of operations, partnership
nature of constitution, weak capital structure and debt coverage
indicators and intensely competitive industry. The ratings,
however, derive strength from its experienced partners with long
track record of operations.

Going forward, the ability of the firm to increase the scale of
operations, improve profitability margins and capital structure
and ability to manage working capital effectively shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the firm remained small marked by its total
operating income (TOI) of INR14.09 crore (FY16: INR22.12 crore)
with a PAT of INR0.17 crore (FY16: INR 0.29 crore) in FY17
(refers to the period April 1 to March 31). The firm has achieved
a turnover of around INR14.00 crore during FY18. Further, the
profit margins of the firm also remained low marked by PBILDT
margin of 7.39% (FY16: 5.26%) and PAT margin of 1.19% (FY16:
1.30%) in FY17.

Working capital intensive nature of operations: The operations of
the firm are highly working capital intensive mainly due to high
inventory period and high debtor realization period with low
creditor period. The inventory period was high at 197 days (FY16:
129 days) and debtor days was also high at 81 days (FY16: 60
days) in FY17 whereas the creditor period was low at 10 days
(FY16: 16 days) in FY17. Accordingly the operating cycle was high
at 268 days (FY16: 173 days) in FY17 and the average working
capital utilization has remained high at around 95% over the last
12 months ending March 2018 restricting the overall financial
flexibility.

Partnership nature of constitution: VIC, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Weak capital structure and debt coverage indicators: The capital
structure of the firm remained weak with overall gearing ratio of
9.58x (FY16: 8.51x) in FY17. Furthermore, the debt coverage
indicators also remained weak marked by interest coverage of
1.23x (FY16: 1.46x) and total debt to GCA of 75.96x (FY16:
51.72x) in FY17.

Intensely competitive industry: The spectrum of the industry in
which the firm operates is highly fragmented and competitive
marked by the presence of numerous players in India. Since the
type of work done by the firm is mostly commoditized, the firm
faces intense competition from other players inducing pressure on
profitability.

Key Rating Strengths

Experienced partners with long track record of operations: The
firm started its commercial operations since 1995 and thus has
long track record. Due to long track record of operations, the
partners have established relationship with its clients.
Furthermore, the firm is promoted by two partners namely; Mr.
Vikram Barmecha and Mr. Vishal Barmecha are having over two
decades of experience in the same line of business. They look
after the overall management of the firm, with adequate support
from a team of experienced personnel.

Kolkata based, VIC was established as a partnership firm in April
1995 by two brothers namely Mr. Vikram Barmecha and Mr. Vishal
Barmecha. The firm assembles and supply of pump sets, gen sets,
other agriculture equipment and also assembles battery operated
toto rickshaw etc. The firm has also been engaged in
manufacturing and supply of LED bulb, LED tube light etc. The
firm procures pump sets, gen sets and other agriculture equipment
from China and assembles those materials and sells in the
domestic market.


VTC ENGINEERING: CARE Lowers Rating on INR10cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
VTC Engineering Private Limited (VTC), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     10.00      CARE B; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information; Revised from
                                 CARE B+; ISSUER NOT COOPERATING

   Short-term Bank     7.00      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VTC to monitor the rating
vide e-mail communications/letters dated April 25, 2018, May 10,
2018, May 17, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of publicly available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
VTC Engineering Private Limited's bank facilities will now be
denoted as CARE B+; Issuer not Cooperating/CARE A4; Issuer not
cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating weakness

Elongated working capital cycle of the company: VTC's revenue
recognition is based on confirmation from client about the
completion of particular milestone. The company bills the revenue
once milestone is achieved; however it takes around 120 to 150
days to get confirmation of work and approval of bills from
clients who primarily are government entities. As the company
follows conservative policy of revenue recognition, it receives
the payments within 20-40 days from its clients post to
confirmation of work executed, therefore the debtor's turnover
days are very low whereas inventory turnover days are on the
higher side.. This in turn has led to improvement in working
capital cycle from 276 days in FY16 to 168 days in FY17.

Leveraged capital structure with weak debt service coverage
indicators: VTC has a leveraged capital structure given high
reliance on the working capital borrowing to meet the business
requirement and finance the inventory. The capital structure of
the company is deteriorated from FY16 to FY17 due to erosion of
net worth on account of net losses in FY17. The debt coverage
indicators represented by the PBILDT interest coverage ratio and
total debt to GCA remained weak at due to operational and cash
losses in FY17 respectively.

Key rating strengths

Experienced and resourceful Promoters: VTC is promoted by three
Mr. V Narsimham, Mr. V Dhananjaya Rao and Mr. Nageswara Rao. Mr.
Dhananjaya Rao, the Managing Director of the company has three
decades of experience in civil, mechanical and electrical
engineering works.

He is also the founder of Viswanadha Educational Society. Mr.
Nageswara Rao has three decades of experience in civil
construction industry. He handles day to day managements of the
company. By virtue of being in the industry for more than two
decades the promoters were able to establish relationship with
key clients such as Chief Engineer Navy (Visakhapatnam), IOT
Infrastructure & Energy Services Limited, National Mineral
Development Corporation (NMDC) and Director General Naval
Projects (DGNP) Visakhapatnam. The promoters have been supporting
the business through continuous infusion of funds in the form of
unsecured loan.

Reputed client base coupled with moderate order book position:
Functioning in the industry for more than four decades, the
company has established strong relationships with its clients.
The major clients include Chief Engineer Navy (Vishakhapatnam),
Director General of Naval Projects (Vishakhapatnam), Air
Authority of India (Vishakhapatnam), National Mineral Development
Corporation (NMDC), etc.

Small scale of operations albeit comfortable operating margins:
VTC has been operating as contractor for providing turnkey
solutions in civil, electrical and mechanical works for more
than two decades. However, the size of the company and scale of
operation remains relatively small with revenue of INR20.80 crore
to INR23.99 crore during FY16-17 and net worth base of INR2.72
crore as on March 31, 2017. The total operating income,
nevertheless, grew in FY17 over FY16 backed by increase in
execution of orders to its major clients viz.

National Minerals Development Corporation NMDC (45%) and Chief
Engineer Navy (20%) which contributed about 65% of the total
revenue. operational and cash losses in FY17.

VTC was incorporated as a partnership firm in the year 1978 by
three brothers, namely, Mr. V Narsimham, Mr. V Nageswara Rao and
Mr. V Dhananjaya Rao to carry out the business of trading in air
conditioners, water coolers, scooters and other electrical items.
In the year 1987, the partnership firm was converted into a
private limited company. Subsequently, the nature of business was
changed to Engineering, Procurement and Construction (EPC)
contractor in the Engineering Sector. Initially, the company was
engaged in executing only electrical works for defense
organizations. Over the years, the company has slowly moved its
focus towards executing turnkey projects, for other segments,
which includes civil, electrical and mechanical works.
In FY17, VTC had total operating income of INR23.99 crore, as
against TOI of INR20.80 crore in FY16.



=========
J A P A N
=========


TOSHIBA CORP: U.S. SEC Completes Accounting Probe; No Penalty
-------------------------------------------------------------
Reuters reports that Toshiba Corp on June 25 said the U.S.
Securities and Exchange Commission (SEC) had completed an
investigation of its past accounting practices without fining the
company.

"We understand that all SEC investigations regarding our
accounting have been completed," a spokesman told Reuters, adding
that there was no penalty.

Toshiba's 2015 accounting scandal revealed billions of dollars in
liabilities at its subsidiaries, and forced the conglomerate to
sell its prized memory chip unit, Reuters notes.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2018, Moody's Japan K.K. upgraded Toshiba Corporation's
corporate family rating and senior unsecured debt rating to B1
from Caa1, and its subordinated debt rating to B3 from Ca.
The rating outlook is stable.  At the same time, Moody's has
affirmed Toshiba's commercial paper rating of Not Prime.
This rating action concludes the review for upgrade initiated on
May 18, 2018.



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


1MDB: Audits Don't Show 'True and Fair' Assessment, KPMG Says
-------------------------------------------------------------
Bloomberg News reports that 1MDB's auditor KPMG told the company
not to rely on its reports over three years as they don't show
"true and fair" assessment of the troubled state fund's finances.

KPMG retracted the audit reports for financial years ended March
2010, 2011 and 2012, as it didn't have access to relevant
documents that Malaysia's new government has since declassified,
1MDB said in a statement on June 25. The withheld information
would have "materially impacted" the assessments had it been made
available to the auditor, KPMG said in a June 8 letter to the
fund, Bloomberg relays.

According to Bloomberg, Prime Minister Mahathir Mohamad is
seeking to recoup $4.5 billion of funds potentially lost through
1MDB as he seeks to uncover the extent of wrongdoing at the state
investment firm, whose full name is 1Malaysia Development Bhd.
Bloomberg relates that a week after sweeping into power, he
ordered the auditor-general to publicly release a report that was
protected by the Official Secrets Act since 2016, and revived an
investigation that has led to former premier Najib Razak and his
wife being questioned by the Malaysian Anti-Corruption
Commission.

In his first statement to the media since taking the role,
Finance Minister Lim Guan Eng said he was shocked to find that
some ministry documents linked to 1MDB were labeled as "red
files" and weren't accessible by state auditors, according to
Bloomberg.

KPMG was terminated as 1MDB's auditor in December 2013 during the
audit of that year's financial statements, and it didn't have
access to information related to 1MDB subsequently, the
accounting firm said in a statement on its website, Bloomberg
relays.  The firm also didn't complete the audit for the year
ended March 2013, it said.

While the declassified auditor-general report highlights possible
anomalies in some 1MDB transactions, it cautions that the audit
team also had limited access that significantly affected their
findings, Bloomberg says. 1MDB didn't submit management accounts
for the year ended March 2015 and bank statements from foreign
financial institutions. The audit team couldn't access computers,
notebooks and servers at 1MDB for the purpose of crosschecking
and analyzing its findings.

In a separate statement, 1MDB named Asri Hamidon, the deputy
secretary-general of the finance ministry, as its new chairman,
Bloomberg reports. Asri currently oversees government investment
at the ministry. The fund's day-to-day running will be managed by
an executive committee led by Rashidah Mohd Sies and Wan Mohd
Fadzmi Wan Othman, as well as Mohammad Faiz Azmi, executive
chairman of PwC Malaysia, Bloomberg discloses.

KPMG's retraction of 1MDB's reports comes after its quality of
work in the U.K. was criticized by the country's accounting
regulator, Bloomberg states. In an unprecedented assessment, the
Financial Reporting Council said auditors at the firm don't
challenge management enough, aren't sufficiently skeptical and
are inconsistent in their execution of audits, the report says.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


EZRA HOLDINGS: Selling Interest in IC Cell's Preferred Shares
-------------------------------------------------------------
Ezra Holdings Ltd. and affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to authorize the private
sale of Ezra Holdings' interest in the 75,000 Class A nonvoting
preference shares and 3 million Class B non-voting preference
shares of IC Cell Ezra Ltd. to Michael Lai Kai Jin for the fair
market value of the Shares, as determined prior to the Closing by
BDO LLP.

A hearing on the Motion was set for June 25, 2018 at 10:00 a.m.
(ET).  The objection deadline was June 18, 2018 at 4:00 p.m.
(ET).

Ezra Holdings is the sole record and beneficial owner of the
Shares of IC Cell.  IC Cell writes certain insurance policies for
the affiliates of Ezra Holdings and certain third parties and
reinsures this risk via unrelated parties.  IC Cell is registered
as an insurance company under the laws of Guernsey and regulated
by the Guernsey Financial Services Commission.  The Class A
Shares are entitled to receive 60% of IC Cell's annual dividends
if declared.  The Class B Shares are entitled to a 3% non-
cumulative dividend over $3 million per annum.

IC Cell is a private company, owned and controlled by KSL
Insurance ICC Ltd.  The majority of its revenue is derived from
Ezra Holdings' affiliates that have or are in the process of
restructuring or shutting down or from the clients of such
affiliates.  The Shares do not entitle Ezra Holdings any control
over the operations of IC Cell.  Ezra Holdings' interest in the
Shares is not encumbered by any pledges, assignments or other
secured claims.

Through the Plan, the Debtors proposed to transfer Ezra Holdings'
interests in various assets, including the Shares, to a creditor
trust, which would then be responsible to determine the best way
to monetize such assets for the benefit of creditors.

Ezra Holdings recently received an offer to purchase the Shares
from the Purchaser.  By virtue of ownership of 100% of the stock
of KSL, the Purchaser owns and controls KSL.  He also serves as
the Debtors' general counsel and head of insurance.  In such
capacity, the Purchaser is an insider of the Debtors.

In an exercise of their reasonable business judgment, the Debtors
have determined that the interests of creditors and their estates
will be better served by proceeding now to sell the Shares.
Accordingly, in order to maximize the value of the Shares for the
benefit of their estates, the Debtors ask authority to sell Ezra
Holdings' interest in the Shares to the Purchaser.

Given the nature of IC Cell's business and the Shares, and in
consideration of the Purchaser's status as an insider of the
Debtors, the Debtors concluded that a private sale utilizing an
independent valuation to set the sale price most appropriately
protects the interests of their estates with respect to the
proposed sale.

Accordingly, on June 4, 2018, Ezra Holdings and the Purchaser
entered into the Share Purchase Agreement.

The salient terms of the Agreement are:

     a. The Purchaser will purchase the Shares from Ezra
Holdings.

     b. The Purchase Price will be the fair market value of the
Shares ("Valuation Amount"), as determined prior to the Closing
by BDO LLP or such other firm as may be mutually agreeable to
Purchaser and Ezra Holdings, based on the assumption that IC Cell
continues as a going concern.  The Valuation Firm's determination
of the Valuation Amount will be conclusive and binding on the
parties hereto and subject to judicial enforcement.  The fee
charged by the Valuation Firm will be borne by Ezra Holdings.

     c. Promptly following Court approval of the Motion, the
Purchaser will deliver to Ezra Holdings an amount equal to US$1.5
million.  The Prepayment will not be restricted in any way and
may be used by Ezra Holdings upon receipt and at any time prior
to the Closing for any purpose.  When the Closing occurs, the
Prepayment will be retained by Ezra Holdings and credited to the
Purchaser's payment of the Purchase Price.  If the Agreement is
terminated, Ezra Holdings will be liable to the Purchaser for an
amount equal to the Prepayment (without interest) minus 10% of
the Valuation Amount.  If the Agreement is terminated for any
other reason, Ezra Holdings will be liable to the Purchaser for
the full amount of the Prepayment (without interest).  As
security for Ezra Holdings' obligation, if any, to repay the
Prepayment, Ezra Holdings will grant the Purchaser a lien on the
Shares for the amount of the Prepayment, which lien will be valid
and enforceable pursuant to applicable law to the extent of Ezra
Holdings' obligation, if any, for the repayment, discharge and
satisfaction of the Prepayment. Any dividends or other
distributions payable on account of the Shares after delivery of
the Prepayment will be paid directly to the Purchaser, provided
such dividends and distributions are included in determination of
the Valuation Amount.

     d. At the Closing, in exchange for and upon receipt of the
Purchase Price, Ezra Holdings will sell, assign, transfer and
deliver the Shares to the Purchaser.

     e. The sale and closing are conditioned on entry of the Sale
Order.

A copy of the Agreement attached to the Motion is available for
free at:

     http://bankrupt.com/misc/Ezra_Holdings_387_Sales.pdf

The Purchase Price of the Shares will be the fair market, going
concern value calculated by the Valuation Firm.  The valuation of
the Shares requires updated financial statements from IC Cell,
which statements will be available shortly.  The Valuation Firm
has commenced the process to determine the fair market value of
the Shares, and can complete such process promptly after the
financial statements are completed.

The proposed sale will provide needed liquidity to the Debtors to
assist in the administration of their estates pending
confirmation of the Plan.  In order to accommodate this liquidity
need, the Purchaser has agreed to a prepayment of the Purchase
Price and to allow the Debtors to use such funds unencumbered.

The sale proceeds will be retained by the Debtors' estates and
available to pay costs of administration of these Chapter 11
Cases with any excess funds to be distributed pursuant to the
Plan.

Finally, the Debtors ask relief from Bankruptcy Rule 6004(h) so
they may immediately close on the sale.

The Purchaser:

          Michael Lai Kai Jin
          43 Linden Drive
          Singapore 288732

                     About Ezra Holdings

Founded in 1992, Ezra Holdings Limited --
http://www.ezraholdings.com/-- is an offshore contractor and
provider of integrated offshore solutions to the global oil and
gas industry.  Ezra is incorporated in Singapore with its
registered office at 15 Hoe Chiang Road #28-01 Tower Fifteen
Singapore 089316.

Its shares were listed on the SGX Sesdaq on Aug. 8, 2003, and
moved to the Mainboard of the Singapore Exchange since Dec. 8,
2005.  It also issued certain notes (S$150,000,000 4.875% Notes
due 2018 comprised in Series 003) which have been listed on the
Singapore Exchange since 2013.

Ezra established and maintains an office in the United States
located at 75 South Broadway, Fourth Floor, Office Number 489,
White Plains, New York 10601.  Ezra also has a wholly owned New
York subsidiary, Ezra Holdings (NY) Inc., which was incorporated
in the United States of America with 200 shares at a nominal
issue price per share.

EMITS, a wholly owned subsidiary of Ezra, provides supporting
information technology services to each of the Ezra Group's
business divisions.  Ezra Marine, another wholly owned subsidiary
of Ezra, has a leasehold interest in the marine base in Singapore
located at 51 Shipyard Road, Singapore 628139 and leases out the
base's facilities and provides various support services in
connection with the marine base to the Ezra Group's operating
entities.

Ezra Holdings and two affiliates -- Ezra Marine Services Pte.
Ltd. and EMAS IT Solutions Pte Ltd -- filed voluntary Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-22405) on
March 18, 2017, before the Honorable Robert D. Drain.  In the
petition signed by Tan Cher Liang, director, Ezra Holdings
estimated $500 million to $1 billion in assets and $100 million
to $500 million in liabilities.  The Debtors' Chapter 11 Cases
are being jointly administered for procedural purposes only.

Lawyers at Saul Ewing, led by Sharon L. Levine, Esq., serve as
the Debtors' Chapter 11 counsel.  The Debtors tapped as general
Singapore counsel Drew & Napier LLC; and claims and noticing
agent, Prime Clerk LLC.  Foxwood LLC also serves as special
counsel.

The Ezra Group's joint venture, EMAS CHIYODA Subsea Limited, and
certain of its affiliate companies filed voluntary Chapter 11
petitions (Bankr. S.D. Tex. Lead Case No. 17-31146) on Feb. 27,
2017. ECS' wholly-owned subsidiary, EMAS-AMC AS, has also been
placed under members' voluntary liquidation in Norway.

Ezra guaranteed substantial charter hire liabilities of the ECS
Group, as well as certain loans owed by the ECS Group to
financial institutions, Ezra faces potentially significant
contingent liability if the creditors call on the guarantees.

Ezra received statutory demands from Svenska Handelsbanken AB
(Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017,
and Feb. 6, 2017, respectively. These statutory demands have
since expired under Singapore law and these two creditors may
commence winding up applications against Ezra.  Ezra also
received a statutory demand from VT Halter Marine, Inc. on
March 9, 2017.

On March 1, 2018, the Debtors filed the Debtors' Chapter 11 Plan
and Ezra Holdings Singapore Scheme of Arrangement and the
Disclosure Statement related to the Plan.

In conjunction with filing the Plan and Disclosure Statement, on
March 1, 2018, Ezra Holdings Limited also commenced a
restructuring proceeding before the High Court of the Republic of
Singapore requesting leave to convene a meeting of creditors to
solicit votes to obtain sanction of that component of the Plan
which constitutes Ezra Holdings' scheme of arrangement pursuant
to Singapore law.


EZRA HOLDINGS: Selling Interest in Ubi Techpark for SGD3MM
----------------------------------------------------------
Ezra Holdings Ltd. and affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to authorize the private
sale of Ezra Marine Services Pte. Ltd.'s interest in the real
property located at real property located at 20 Ubi Crescent,
Ubi Techpark, Singapore to Sapphire Star Pte Ltd. for SGD2.93
million.

A hearing on the Motion was set for June 25, 2018 at 10:00 a.m.
(ET).  The objection deadline was June 18, 2018 at 4:00 p.m.
(ET).

Ezra Marine is a wholly owned subsidiary of Ezra Holdings.  Ezra
Marine owns the Ubi Techpark Property which consists of a 3-story
strata terrace factory with approximately 9,000 square feet of
floor area, suitable for light industry use.  Ezra Marine's
interest in the Ubi Techpark Property is not encumbered by any
mortgages or other secured claims.

Ezra Marine historically leased space at the UbiTech Park
Property to various unrelated tenants.  As of the Petition Date,
it leased space to Lerus Asia Pte Ltd., but that lease terminated
prior to the date of filing the Motion.  Ezra Marine currently
derives no income from the Ubi Techpark Property.  On the other
hand, Ezra Marine continues to incur administrative expenses
related to the Ubi Techpark Property, such as maintenance,
utilities and real property taxes.  The Debtors estimate the
total cost of maintaining the Ubi Techpark Property to be
approximately SGD2,500 to SGD3,000 per month.

Through the Plan, the Debtors proposed to transfer Ezra Holdings'
interests in Ezra Marine to a creditor trust, which would then be
responsible to determine the best way to monetize such assets for
the benefit of creditors.

In an exercise of their reasonable business judgment, the Debtors
have determined that the interests of creditors and their estates
will be better served by proceeding to sell the Ubi Techpark
Property now, rather than waiting until after the Plan is
confirmed.  It is unlikely the value of the Ubi Techpark Property
will appreciate considerably in the near term, and given the
current level of interest in the property, the Debtors have
chosen to proceed with a current disposition of the property.
Furthermore, selling the Ubi Techpark Property directly will
minimize the resulting costs of sale.

Accordingly, in order to maximize the value of the Ubi Techpark
Property and minimize any further administrative expenses, the
Debtors seek authority to sell Ezra Marine's interest in the Ubi
Techpark Property.

In order to market and sell the Ubi Techpark Property, the
Debtors engaged two Singapore real property agents experienced in
selling commercial properties in Singapore, Chris-J Property
Consultants and Propnex.  The Agents were engaged on a
nonexclusive basis, with any fees for their efforts limited to a
commission from the sale proceeds for the Agent who brokered the
sale to the buyer submitting the highest and best offer for the
Ubi Techpark Property.  The Agent Fee for the proposed sale will
be 1% of the proposed sale price.

The Agents' marketing efforts and good faith, arms'-length
negotiations resulted in the submission of offers from nine
parties for the Ubi Techpark Property, successively ranging from
SGD2.5 million to SGD2.93 million.  The last and highest offer,
in the amount of SGD2.93 million from the Purchaser, was received
on May 27, 2018 and the Agents have found no additional buyer
willing to offer a higher amount.

The parties have entered into Option to Purchase.  The Option
sets forth the material terms of the proposed sale including,
inter alia, the purchase price of SGD2.93 million, free and clear
of liens, claims, encumbrances and other interests, inclusive of
agent fees.  The Purchaser provided the Debtors with an initial
deposit in the amount of 1% of the proposed purchase price plus
government service tax thereon and will provide an additional
deposit of 4% of the proposed purchase price upon execution of
the Acceptance of Option, expected within two weeks of delivery
of the Option.  The foregoing terms of the Option are consistent
with customary practice for real estate transactions in
Singapore.  The Option further makes clear that Ezra Marine's
obligation to close on the transaction is subject to approval of
the Court.

The Debtors intend to sell the Ubi Techpark Property through a
private transaction, rather than conducting a public sale or
auction process.  The Debtors submit that the marketing efforts
undertaken by the Agents were tailored and designed to attract
the interest of likely purchasers and to generate the highest and
best sale price for the Ubi Techpark Property.  In their business
judgment, the costs of undertaking a public sale or auction
process would outweigh any potential increase in purchase price
for the Ubi Techpark Property.

The Debtors propose to release sale proceeds in such amounts
necessary to pay the Agent Fee (1% of the sale price), any goods
and services tax and other attendant costs of sale customarily
borne by a seller in Singapore.  The balance of the sale proceeds
will be retained by the Debtors' estates and available to pay
continuing costs of administration of these Chapter 11 Cases with
any excess distributable pursuant to the Plan.

A copy of the Option attached to the Motion is available for free
at:

     http://bankrupt.com/misc/Ezra_Holdings_388_Sales.pdf

Finally, the Debtors ask relief from Bankruptcy Rule 6004(h) so
they may immediately close on the sale.

                     About Ezra Holdings

Founded in 1992, Ezra Holdings Limited --
http://www.ezraholdings.com/-- is an offshore contractor and
provider of integrated offshore solutions to the global oil and
gas industry.  Ezra is incorporated in Singapore with its
registered office at 15 Hoe Chiang Road #28-01 Tower Fifteen
Singapore 089316.

Its shares were listed on the SGX Sesdaq on Aug. 8, 2003, and
moved to the Mainboard of the Singapore Exchange since Dec. 8,
2005.  It also issued certain notes (S$150,000,000 4.875% Notes
due 2018 comprised in Series 003) which have been listed on the
Singapore Exchange since 2013.

Ezra established and maintains an office in the United States
located at 75 South Broadway, Fourth Floor, Office Number 489,
White Plains, New York 10601.  Ezra also has a wholly owned New
York subsidiary, Ezra Holdings (NY) Inc., which was incorporated
in the United States of America with 200 shares at a nominal
issue price per share.

EMITS, a wholly owned subsidiary of Ezra, provides supporting
information technology services to each of the Ezra Group's
business divisions.  Ezra Marine, another wholly owned subsidiary
of Ezra, has a leasehold interest in the marine base in Singapore
located at 51 Shipyard Road, Singapore 628139 and leases out the
base's facilities and provides various support services in
connection with the marine base to the Ezra Group's operating
entities.

Ezra Holdings and two affiliates -- Ezra Marine Services Pte.
Ltd. and EMAS IT Solutions Pte Ltd -- filed voluntary Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-22405) on
March 18, 2017, before the Honorable Robert D. Drain.  In the
petition signed by Tan Cher Liang, director, Ezra Holdings
estimated $500 million to $1 billion in assets and $100 million
to $500 million in liabilities.  The Debtors' Chapter 11 Cases
are being jointly administered for procedural purposes only.

Lawyers at Saul Ewing, led by Sharon L. Levine, Esq., serve as
the Debtors' Chapter 11 counsel.  The Debtors tapped as general
Singapore counsel Drew & Napier LLC; and claims and noticing
agent, Prime Clerk LLC.  Foxwood LLC also serves as special
counsel.

The Ezra Group's joint venture, EMAS CHIYODA Subsea Limited, and
certain of its affiliate companies filed voluntary Chapter 11
petitions (Bankr. S.D. Tex. Lead Case No. 17-31146) on Feb. 27,
2017. ECS' wholly-owned subsidiary, EMAS-AMC AS, has also been
placed under members' voluntary liquidation in Norway.

Ezra guaranteed substantial charter hire liabilities of the ECS
Group, as well as certain loans owed by the ECS Group to
financial institutions, Ezra faces potentially significant
contingent liability if the creditors call on the guarantees.

Ezra received statutory demands from Svenska Handelsbanken AB
(Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017,
and Feb. 6, 2017, respectively. These statutory demands have
since expired under Singapore law and these two creditors may
commence winding up applications against Ezra.  Ezra also
received a statutory demand from VT Halter Marine, Inc. on
March 9, 2017.

On March 1, 2018, the Debtors filed the Debtors' Chapter 11 Plan
and Ezra Holdings Singapore Scheme of Arrangement and the
Disclosure Statement related to the Plan.

In conjunction with filing the Plan and Disclosure Statement, on
March 1, 2018, Ezra Holdings Limited also commenced a
restructuring proceeding before the High Court of the Republic of
Singapore requesting leave to convene a meeting of creditors to
solicit votes to obtain sanction of that component of the Plan
which constitutes Ezra Holdings' scheme of arrangement pursuant
to Singapore law.



                             *********

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.


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

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

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

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

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



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