TCRAP_Public/180705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 5, 2018, Vol. 21, No. 132

                            Headlines


A U S T R A L I A

ALLIANCE GLASS: First Creditors' Meeting Set for July 11
AUDIO VISUAL: First Creditors' Meeting Set for July 11
FSG AUSTRALIA: First Creditors' Meeting Set for July 11
HILL VIEW: First Creditors' Meeting Slated for July 13
KWF DISTRIBUTORS: First Creditors' Meeting Set for July 12

NATURE PACIFIC: First Creditors' Meeting Set for July 12
REFOCUS FINANCIAL: ASIC Seeks to Wind Up Financial Firm


C H I N A

ANBANG INSURANCE: Continues Restructuring Effort
CHINA: Heads for Record Defaults, and Downgrades Tip Further Pain


I N D I A

ABC TRANSFORMERS: ICRA Migrates B+ Rating to Not Cooperating
ALMADINA STEEL: CARE Migrates B+ Rating to Not Cooperating
ARIO INFRASTRUCTURE: CARE Moves D Rating to Not Cooperating
ASHTECH BUILDPRO: CARE Assigns B- Rating to INR14.50cr LT Loan
BESTO MINING: ICRA Reaffirms B+ Rating on INR13.53cr LT Loan

BHARDWAJ CONSTRUCTIONS: Ind-Ra Migrates BB LT Rating to Non-Coop.
COMMUNICATION WORLD: Ind-Ra Affirms BB- LT Rating, Outlook Stable
ETHAMES GRADUATE: ICRA Maintains B+ Rating in Not Cooperating
FINCARE SMALL: ICRA Lowers Rating on PTC Series A2 to D(SO)
G. SATHYANARAYANA: Ind-Ra Migrates BB- Rating to Non-Cooperating

GAURAV WORLDWIDE: ICRA Maintains B Rating in Not Cooperating
GSJ ENVO: ICRA Reaffirms B+ Rating on INR70cr Non-Fund Based Loan
INNOVATIVE VASTUNIRMAN: Ind-Ra Migrates BB+ Rating to Non-Coop.
JOSEPH JOHN: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
JOY MA: CARE Assigns B+ Rating to INR7.50cr LT Loan

KAY SWITCHGEARS: ICRA Withdraws B Rating on INR5cr LT Loan
KUNA IMPEX: ICRA Withdraws B+ Rating on INR5.48cr Cash Loan
LOCKSMITHS INDUSTRIES: ICRA Reaffirms B- Rating on INR4.25cr Loan
MASCOT ENGITECH: CARE Lowers Rating on INR7cr LT Loan to B-
MATHIYAN CONSTRUCTION: ICRA Reaffirms C+ Rating on INR10cr Loan

NANDI COTTON: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
NARMADA CONCAST: CARE Migrates B Rating to Not Cooperating
NNB ENGINEERS: ICRA Migrates B+ Rating to Not Cooperating
OM TRADING: ICRA Migrates B- Rating to Not Cooperating Category
PARAMOUNT WHEELS: ICRA Maintains B+ Rating in Not Cooperating

PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4cr Fund Based Loan
RAYANI SPINTEX: ICRA Maintains B Rating in Not Cooperating
SHIRDIWALE SAI: ICRA Moves D Rating to Not Cooperating Category
SRI BHASKAR: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SRI LAKSHMI: ICRA Maintains B- Rating in Not Cooperating

SRI VIJAYA: ICRA Maintains B Rating in Not Cooperating
THE HEAVEN: CARE Assigns B Rating to INR7.50cr LT Loan
UTTAM GALVA: Lenders Keen to Offer Units to Single Bidder
VIDEOCON GROUP: Everstone Backs Out on Plan to Buy Kenstar
VIJAY GANGA: ICRA Withdraws B Rating on INR16cr Unallocated Loan

VISWABHARATHI EDUCATIONAL: CARE Cuts INR166.5cr Loan Rating to D


M A L A Y S I A

1MDB: Ex-PM Najib Pleads Not Guilty to Corruption Charges
BERTAM ALLIANCE: Still Working on Regularisation Plan


N E W  Z E A L A N D

UNITEC INSTITUTE: In "Extreme Financial Difficulty"


S I N G A P O R E

INFORMATICS EDUCATION: Auditor Raises Going Concern Doubt


                            - - - - -


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


ALLIANCE GLASS: First Creditors' Meeting Set for July 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Alliance
Glass & Glazing Pty Ltd will be held at the offices of Hall
Chadwick, Level 4, 240 Queen Street, in Brisbane, Queensland, on
July 11, 2018, at 11:00 a.m.

Richard Albarran and Glenn Shannon of Hall Chadwick were
appointed as administrators of Alliance Glass on June 29, 2018.


AUDIO VISUAL: First Creditors' Meeting Set for July 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Audio
Visual Developments Pty Ltd will be held at Boardroom of Servcorp
at Brookfield Place, 11/125 St Georges Terrace, in Perth, West
Australia, on July 11, 2018, at 1:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Audio Visual on
June 29, 2018.


FSG AUSTRALIA: First Creditors' Meeting Set for July 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of FSG
Australia will be held at Multi-Purpose Hall, SCC Conference
Centre, 1 Griffith Way, in Southport, Queensland, on July 11,
2018, at 10:00 a.m.

John Park and Joanne Dunn of FTI Consulting was appointed as
administrator of FSG Australia on June 30, 2018.


HILL VIEW: First Creditors' Meeting Slated for July 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hill View
Dairy Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Level 1, 160 Brisbane Street, in Ipswich,
Queensland, on July 13, 2018, at 10:30 a.m.

Adam Francis Ward of Worrells Solvency & Forensic Accountants was
appointed as administrator of Hill View on June 30, 2018.


KWF DISTRIBUTORS: First Creditors' Meeting Set for July 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of KWF
Distributors Pty Ltd will be held at the offices of Armstrong
Hird Advisory, OCBC Building, Level 5, 75 Castlereagh Street, in
Sydney, NSW, on July 12, 2018, at 11:00 a.m.

Michael Hird of Armstrong Hird Advisory was appointed as
administrator of KWF Distributors on July 2, 2018.


NATURE PACIFIC: First Creditors' Meeting Set for July 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Nature
Pacific Pty Ltd will be held at Level 3, 26 Wharf Street, in
Brisbane, Queensland, on July 12, 2018, at 11:00 a.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Nature Pacific on July 2,
2018.


REFOCUS FINANCIAL: ASIC Seeks to Wind Up Financial Firm
-------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings in the Supreme Court of Queensland against:

  -- Brett Andrew Gordon, a former financial adviser;

  -- Refocus Financial Group Pty Ltd, a financial planning
     business based on the Sunshine Coast in Queensland,
     operated by Mr. Gordon;

  -- Heather Jean Swift, Mr. Gordon's partner; and

  -- Consultia Super Pty Ltd of which Ms Swift is the sole
     director.

Mr. Gordon and Refocus were authorised representatives of Solar
Financial Advisory Pty Ltd between June 28, 2014 and August 26,
2017. During that period, ASIC alleges that Mr. Gordon
recommended that clients establish self-managed superannuation
funds (SMSF) and then advance unsecured loans to a related
company, Diverse Capital Management Pty Ltd to undertake property
development. Diverse was placed into liquidation on May 18, 2018.

Following an investigation, ASIC alleges that:

  * At least 10 clients loaned AUD1.4 million to Diverse on
    Mr. Gordon's recommendation. Those funds remain outstanding;

  * Mr. Gordon used funds that had been loaned to Diverse for his
    personal use and as working capital for Refocus;

  * Ms. Swift received funds from Diverse which were applied for
    her personal use;

  * Mr. Gordon and Refocus entered into other unsecured loan
    agreements to borrow funds from SMSF clients of Refocus,
    which have not yet been repaid; and

  * Mr. Gordon has continued to provide financial services
    despite not being licensed to do so.

ASIC is seeking orders to:

  * Appoint a provisional liquidator to Refocus and Consultia;

  * Prevent Mr. Gordon and Ms Swift from dealing with their
    assets; and

  * Restrain Mr. Gordon from providing financial services.

The matter will be heard in the Supreme Court in Brisbane on
July 11, 2018.

ASIC's investigation is continuing.

Solar terminated Mr. Gordon and Refocus as authorised
representatives after becoming aware of Mr. Gordon's conduct, and
reported it to ASIC.



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


ANBANG INSURANCE: Continues Restructuring Effort
------------------------------------------------
Caixin reports that Anbang Insurance continued transferring
assets among its subsidiaries as part of restructuring efforts
under government supervision.

Caixin relates that wind turbine manufacturer Goldwind and
Minsheng Bank on July 3 published separate exchange filings to
report equity transfers involving their Anbang-backed
shareholders.

According to the report, Goldwind said three of its shareholders,
all Anbang subsidiaries, have transferred their stakes in the
company to Hexie Health Insurance, also a unit of Anbang.
Minsheng Bank said Hexie Health transferred 417 million of
Minsheng shares to Anbang Life Insurance Co, Caixin says.

The announcements followed a series of similar asset transfers
reported by listed companies including China Vanke and Changchun
Eurasia Group on July 2, the report notes.

Sources told Caixin that the transfers are designed to reorganize
Anbang's complex asset structure for future divestiture, after
the Chinese government took control of the debt-ridden company.

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: Heads for Record Defaults, and Downgrades Tip Further Pain
-----------------------------------------------------------------
Bloomberg News reports that China is zooming to a record year of
corporate-bond defaults, with the 2018 total already more than
three-quarters of the previous high even before an expected
economic slowdown bites.

Chinese companies have reneged on about CNY16.5 billion ($2.5
billion) of public bond payments so far this year, compared with
the high of CNY20.7 billion seen in all of 2016, according to
data compiled by Bloomberg. Strains are set to get worse if the
trends of credit-rating companies are anything to go by --
agencies including Dagong Global Rating Co. have been downgrading
firms by an unprecedented margin, Bloomberg says.

"Corporate profits have worsened this year and are unlikely to
improve against the backdrop of an economic slowdown," Bloomberg
quotes Li Shi, general manager of the rating and bond-research
department at China Chengxin International Credit Rating Co., as
saying. "Refinancing will continue to be tough as long as the
crackdown on shadow banking continues."

Bloomberg says the domestic corporate-debt market is almost
exclusively a local affair, with foreign investors gravitating
toward government-linked securities since China boosted access to
its bonds in recent years. The worsening in credit quality offers
little incentive to dip in now, though in time analysts see a
more disciplined credit market offering diversification
opportunities, Bloomberg states.

In the meantime, rising yields are set to make the refinancing of
maturing debt all the tougher for private companies that lack the
access to the state-dominated banking system that national
behemoths enjoy, Bloomberg says. With the People's Bank of China
making only limited steps to support credit to private companies,
borrowing costs show no sign of dropping.

Borrowers have missed payments on at least 20 domestic bonds so
far this year, according to data compiled by Bloomberg. There was
about CNY66.3 billion of defaulted notes outstanding at the end
of May, or 0.39 percent of corporate bonds outstanding, PBOC data
show. While still small, that share may be poised to rise.

Dagong has reported 13 credit-rating downgrades compared with 10
upgrades so far this year, the highest such ratio on record,
according to Bloomberg-compiled data. Results from Dagong peers
such as China Chengxin International Credit Rating Co. and China
Lianhe Credit Rating Co. show similar trends, Bloomberg notes.

Bloomberg relates that the silver lining is that the defaults
show Chinese regulators are increasingly comfortable with
allowing struggling companies to fend for themselves without
official rescues. Bond defaults are good for the long-term
development of Chinese markets, Pan Gongsheng, director for State
Administration of Foreign Exchange, said in Hong Kong on July 3.

"They are necessary for better credit-risk pricing and will
create a healthier bond market in the long term," Christopher
Lee, managing director of corporate ratings at S&P Global ratings
in Hong Kong said of defaults, Bloomberg relays. "It is unlikely
there will be a wave of large-scale defaults or concentration of
defaults -- any such developments will be quickly contained to
prevent systemic risks from emerging."

With rising trade tensions with the U.S. threatening to hurt
corporate cash flows, the temptation to shore up credit provision
may rise. Data over the weekend showed that a gauge of export
orders tumbled into contraction in June, according to Bloomberg.

An escalation of the trade conflict could add to defaults in
China's financial system, said Jing Ulrich, JPMorgan Chase &
Co.'s vice chairman for Asia Pacific, Bloomberg relays. Consumer
demand and the wider economy are likely to weaken and that "may
translate into worse credit quality down the road," she said in
an interview in Hong Kong on June 29.

"The volume of bond defaults will most likely surpass 2016 and
hit a record this year," Bloomberg quotes Lv Pin, an analyst in
Beijing at CITIC Securities, as saying.

While most failures in 2016 were from state-owned firms in
industries with excess capacity, the majority of defaulters this
year have been private-sector firms. With a variety of industries
represented, the data show the breadth of the deterioration, he
said, adds Bloomberg.



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


ABC TRANSFORMERS: ICRA Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of ABC Transformers Private Limited (ATPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-
   Cash Credit          3.50         [ICRA]B+ (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Unallocated-
   Long term            1.20         [ICRA]B+ (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

   Non fund based-
   Bank guarantee       2.50         [ICRA]A4; 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 and
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

ABC Transformers Private Limited (ATPL) was incorporated in 1993
by Mr. GK Bansal, Mr. NK Goyal, Mr. SR Gupta, Mr. KK Bansal and
Mr. OP Goyal for manufacturing, repairing and maintaining
transformers. At present, ATPL is engaged in manufacturing and
repairing power and distribution transformers of up to 100 kVA in
132 kV class. The product range of ATPL includes transformers for
power generation, transmission and distribution as well as
industrial and special purpose transformers. The company has two
manufacturing plants at Greater Noida in Uttar Pradesh.


ALMADINA STEEL: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Almadina
Steel (ALS) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     3.63       CARE B+; Issuer not Cooperating;
   Facilities                    Based on best available
                                 information

   Short-term Bank    2.35       CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ALS to monitor the
rating(s) vide e-mail communications/letters dated April 20,
2018, April 24, 2018, May 22, 2018, May 25, 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 ratings on Almadina Steel's bank
facilities will now be denoted as CARE B+/ CARE A4; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in April 14, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Financial risk profile marked by modest scale of operations,
reporting net losses, moderately leveraged capital structure,
moderate debt coverage indicators and moderate liquidity
position:
The scale of operations of ALS has remained modest marked by a
total operating income (TOI) of INR32.88 crore during FY15
(refers to the period April 1 to March 31) and net worth of
INR3.12 crore as on March 31, 2015. ALS has reported net losses
of INR0.47 crore during FY15. Capital structure stood moderately
leveraged marked by overall gearing ratio of 1.64 times as on
March 31, 2015. The debt coverage indicators also stood moderate
as on March 31, 2015 marked by the ratio of total debt to GCA of
20.21 times. The liquidity position of ALS also remained moderate
marked by current ratio of 1.21 times as on March 31, 2015.

Presence in the highly competitive and fragmented industry:
ALS is operating in competitive industry having low entry
barriers, high fragmentation and the presence of a large number
of players in the organized and unorganized sector translate into
inherently thin profitability margins.

Susceptibility of profit margins to steel price fluctuation along
with risk associated with foreign exchange fluctuation: The
profitability of ALS is exposed to fluctuations in raw material
prices i.e steel, the prices of the same are volatile in nature
and ALS imports partial material without using any active hedging
policy. Hence adverse movement in raw material prices and foreign
exchange rates would affect profitability of ALS.

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

Key Rating Strengths

Partners' experience in the industry: ALS is jointly managed by
Mr. Sohil Saiyad; Mr. Sameer Saiyad; Ms Jubedaben Saiyad; Mr.
Rajakbhai Gogda and Mr. Sikandar Patel. All the partners have
more than three years of experience in the industry.

Amreli-based (Gujarat) Almadina Steel (ALS) is a partnership firm
established in 2012 by five partners named Mr. Sohil Saiyad; Mr.
Sameer Saiyad; Ms. Jubedaben Saiyad; Mr. Rajakbhai Gogda and Mr.
Sikandar A Patel. ALS is engaged into manufacturing of M. S.
Ingots and commenced its operation from February 2014. ALS is
operating from its sole manufacturing unit located in Babra
(Amreli) having installed capacity of 10,000 Metric Tonne per
Annum (MTPA) as on March 31, 2015. ALS caters demand of various
steel products manufacturers like bars, various rolled products
and shutter. ALS procures steel scrape from Alang as well as
imports from United Arab Emirates countries.


ARIO INFRASTRUCTURE: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Ario
Infrastructure Private Limited (AIPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term/Short-      28.00      CARE D/CARE D; ISSUER NOT
   term Bank                        COOPERATING; Based on best
   Facilities                       Available information

CARE has been seeking information from AIPL to monitor the
ratings vide e-mail communications/letters dated April 20, 2018,
April 24, 2018, May 22, 2018, numerous phone calls and final
reminder dated May 25, 2018. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Ario
Infrastructure Private Limited's bank facilities and instruments
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account delays in debt repayment owing to
weak liquidity position.

Detailed description of the key rating drivers

Delay in debt servicing

There has been ongoing delay in its debt servicing due to weak
liquidity position.

Ario Infrastructure Pvt. Ltd. (AIPL), promoted by Mr. Ajit
Sarkar, was incorporated in November, 2009. AIPL took over the
business operations of a partnership concern M/s. Ario Brothers,
which was formed by Mr. Ajit Sarkar in 1976. AIPL has a track
record of executing various small and midsized cross country
pipelines, city gas distribution network, plant piping, equipment
erection and other civil structural work projects. AIPL has
established track record of implementing projects for various PSU
clients such as GAIL, GSPL, ONGC, IOCL, and BPCL and has executed
works in the states like Gujarat, Maharashtra, Uttar Pradesh and
NCR region.

During FY17 (refers to the period April 1 to March 31), AIPL
reported net loss of INR0.34 crore on a TOI of INR14.39 crore as
against a net losses of INR2.27 crore on a TOI of INR11.81 crore
during FY15.


ASHTECH BUILDPRO: CARE Assigns B- Rating to INR14.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ashtech Buildpro India Private Limited (ABPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            14.50      CARE B-; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ABPL are primarily
constrained by small scale of operations with low net worth base,
net losses, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by elongated
collection period and intense competition in the industry due to
low entry barriers. The rating, however, draws comfort from
experienced promoters.

Going forward; the ability of the firm to increase its scale of
operations while improvement in the profitability margins
and capital structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations with low net worth base and net losses:
The scale of operations has remained small marked by a total
operating income and gross cash accruals of INR14.10 crore and
INR0.04 crore respectively during FY17 (FY refers to the period
April 1 to March 31). The company has achieved TOI of ~Rs.14
crore for 9MFY18 (refers to period April 1 to December 31) based
on provisional results. Further, the company's net worth base was
relatively small at INR3.61 crore as on March 31, 2017. The small
scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits. Further, the company
has incurred net losses during last two financial years i.e. FY16
and FY17 due to high financial charges and depreciation expense.

Leveraged capital structure and weak coverage indicators: The
capital structure of the company marked by debt equity and
overall gearing stood leveraged as on past three balance sheets
as on March 31, '15-'17 due to debt funded capex undertaken in
past, high dependence on external borrowings to meet the working
capital requirements coupled with low net worth base. Debt equity
ratio and overall gearing deteriorated to 4.69x and 5.68x
respectively as on March 31, 2017 as against 3.26x and 3.66x as
on March 31, 2016 mainly on account of net losses which resulted
in erosion of net worth base. Further deterioration in overall
gearing has also taken into account higher utilization of working
capital limits as on balance sheet date. Moreover, the average
utilization of working capital borrowings remained almost fully
utilized for past 12 months ended December 31, 2017.
Furthermore, the debt coverage indicators marked by interest
coverage ratio and total debt to GCA stood weak for the past
three financial years i.e. FY15-FY17 due to high interest &
financial charges along with net losses during past two financial
years i.e. FY16 and FY17.

Elongated collection period: The company has to extend credit
period of around three months to its customers owing to
competitive nature of industry. The company maintains sufficient
inventory of raw material for the smooth production process. The
average inventory period is of 23 days for FY17. Further, the
company receives payable period of around one month from its
suppliers.

Intense competition in the industry due to low entry barriers:
ABPL operates in a highly fragmented industry marked by the
presence of a large number of players in the unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key rating strengths

Experienced promoters: ABPL is managed by Mr. Sandeep Kumar
Jindal and Mr. Shiv Kumar Jindal. Both of them are post graduate
by qualification and have an overall experience of around two and
a half decades in construction industry, fly ash handling and
logistics sector respectively in their individual capacity.

Uttar Pradesh based ABPL was incorporated in June, 2013. The
company is managed by Mr. Sandeep Kumar Jindal and Mr. Shiv Kumar
Jindal. The company is engaged in manufacturing of Autoclaved
Aerated Concrete (AAC) blocks, panels, prefabricated structures,
ready-made mortar and ready-made plaster. ABPL has sells its
product under the brand name of Modcrete Blox. ABPL procures its
raw material from various cement manufacturers and fly ash from
National Thermal Power Corporation Limited, and lime from dealers
based in Rajasthan. The company sells its products to various
real estate companies.


BESTO MINING: ICRA Reaffirms B+ Rating on INR13.53cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR19.10-crore long term facilities of Besto Mining India Pvt Ltd
(BMIPL). The outlook on the long-term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term-
   Term Loan             13.53       [ICRA]B+(Stable);Reaffirmed

   Long Term-
   Cash credit            2.50       [ICRA]B+(Stable);Reaffirmed

   Long Term-
   Unallocated            3.07       [ICRA]B+(Stable);Reaffirmed

Rationale

The rating reaffirmation is constrained by the company's modest
scale of operations and geographic concentration in Bangalore
region, limiting the scope of operational and financial
flexibility. The rating also factors in the stretched capital
structure and sizable repayment obligations in the short and
medium term. The rating also considers the highly competitive and
fragmented nature of the industry with large number of organised
and unorganised players which puts pressure on the company's
profitability. The rating reaffirmation, nonetheless, positively
takes into consideration the strong track record of the promoter
in construction & stone crushing industry. The company maintains
a healthy relationship with builders and contractors and this
helps the company in obtaining repeat orders. The rating also
positively factors in the availability of raw material building
blocks from quarries owned by an related entity and the company's
own quarry which is expected to commence operation in FY2019.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that the company
will continue to benefit from experience of promoters in the
construction and stone crushing industries. The outlook may be
revised to 'Positive' if there is growth in profitability and
improvement in capital structure. The outlook may be revised to
'Negative' if the company faces a significant liquidity
constraint or if profitability metrics and capital structure
deteriorate.

Key rating drivers

Credit strengths

Strong track record of the promoter: The company benefits from
the experience of the promoters in the construction and stone
crushing sectors and the healthy relationship of the company with
the building contractors. The M Sand is majorly used in
infrastructure business and hence a well-established relationship
with the clients in this sector benefits the company in acquiring
more orders.

Availability of Raw materials: The company is able to obtain raw
materials from another quarry - PSR Stone crushers. Also, the
company has recently acquired license for operating 25 acre
quarry(pending clearances) and it is expected to be operational
from FY2019.

Credit challenges

Modest scale of operations: The sales of the company is limited
to Bangalore and 100-150 kms around Bangalore. This combined with
moderate scale of operations, limits the scope of operational and
financial flexibility to the company.

Debt funded capital expenditure towards plant construction has
resulted in significant terms loans: The company had borrowed
debt for constructing new plants and this has resulted in
stretched capital structure and sizable repayment obligations in
the short and medium term.

Highly competitive and fragmented nature of the industry: The
industry in which the company operates is loaded with large
number of organised and unorganised players. This high
competition from other players puts pressure on the company's
profitability and operating income growth.

Besto Mining (India) Private Ltd. (BMPL) was incorporated as
private concern by Mr. Manoj Shetty, Mr. Roy Kurian, Mr. Alex PJ
and Mr. Vincent Joseph in 2014. The company produces M
(Manufactured) Sand & Aggregate from its 5 stage 300 tonnes per
day (tpd) plant located at Yalganhalli village in Chikballapur
district (Bangalore).


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

The instrument-wise rating actions are:

-- INR98.4 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR101.6 mil. Proposed non-fund-based limits migrated to non-
    cooperating category with Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jharkhand-based Bhardwaj Construction Company was incorporated in
1977 as a partnership firm and reconstituted as a private limited
company in 1991 to execute civil construction contracts for
government entities.


COMMUNICATION WORLD: Ind-Ra Affirms BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Communication
World Informatic Private Limited's (CWPL) Long-Term Issuer Rating
at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. (increased from INR45 mil.) Fund-based limits
    Affirmed with IND BB-/Stable rating;

-- INR30 mil. (increased from INR20 mil.) Non-fund-based limits
    affirmed with IND A4+ rating;

-- INR55 mil. Proposed fund-based limits withdrawn (the company
    did not proceed with the instrument as envisaged) and the
    rating is withdrawn; and

-- INR30 mil. Proposed non-fund-based limits withdrawn (the
    company did not proceed with the instrument as envisaged) and
    the rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects CWPL's thin and volatile margins, and
moderate credit metrics attributed to the trading nature of the
business. As per FY18 provisional financials, EBITDA margin
declined marginally to 1.9% (FY17: 2.1%) owing to a decline in
incentive income. Gross interest coverage (operating EBITDA/gross
interest expense) improved to 2.0x in FY18P (FY17: 1.8x) on
account of a decline in interest expense. While net financial
leverage (Ind-Ra-adjusted debt/operating EBITDAR) deteriorated to
3.8x in FY18P (FY17: 2.6x) on the back of high outstanding
balance of cash credit facilities.

The ratings also remain constrained by geographical concentration
risks as the company's operations are restricted to Chhattisgarh.

The ratings also factor in the company's medium scale of
operations as indicated by revenue of INR588 million during FY18
(FY17: INR429 million). The growth in the revenue was on account
of a rise in sales volume.

However, the ratings benefit from the company's comfortable
liquidity position with 31% average utilization of the working
capital limits during the 12 months ended May 2018.

RATING SENSITIVITIES

Negative: Any deterioration in the interest coverage could be
negative for ratings.

Positive: A sustained improvement in the interest coverage could
be positive for the ratings.

COMPANY PROFILE

Incorporated on September 2016, CWPL is a distributor for Apple
i-phones, Symphony Air Coolers and Micromax mobiles.


ETHAMES GRADUATE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating of INR16.00-crorebank facilities of Ethames
Graduate School Pvt. Ltd. (EGSPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term loan             16.00      [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2017. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with EGSPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Ethames Graduate School Pvt. Ltd. was set up in the year 2010 by
Mr. Praveen Pula to provide vetting and evaluation services to
the foreign institutions namely Ethames Graduate School UK and
University of Sunderland. It screens the applications received
for the above-mentioned universities and in turn, receives a
commission income from the universities based on the fees
received.

EGSPL also provides infrastructure services to Woxsen School of
Business (WSB) which has been set up recently by the promoters
under Pinakin Educational Trust. WSB has a 200-acre campus which
is fully residential and provides 2-year PGDM (Post-graduate
diploma in Management) in Finance, Operations and HR domain and
also 1-year PGPXP (Post graduate program for experienced
professionals).


FINCARE SMALL: ICRA Lowers Rating on PTC Series A2 to D(SO)
-----------------------------------------------------------
ICRA has downgraded the rating for PTC Series A2 issued under a
securitisation transaction originated by Fincare Small Finance
Bank Limited.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Melisandre IFMR       2.67       Rating downgraded to
   Capital 2016                     [ICRA]D(SO) from [ICRA]C(SO)
   PTC Series A2

The transaction is backed by micro loan receivables. The
transaction involved 'at Par' transfer of receivables to the
trust. The PTCs carried an eventual promise of principal payouts
and monthly promise of interest payouts. PTC Series A1 was fully
redeemed after the April 2018 payout. PTC Series A2 is
subordinated to PTC Series A1, and interest payments were
promised to PTC Series A2 only after maturity of PTC Series A1.
Principal repayment to PTC Series A2 was promised on final
maturity date.

Rationale

The rating downgrade reflects the inadequacy of the pool
collections together with the credit enhancement available to
meet the promised payouts to the PTC Series A2 investors on the
scheduled maturity date. A summary of the performance of the pool
till May 2018 collection month (June 2018 payout) has been
tabulated below.

Pool Performance Summary

Parameter
  Loan Type                                      Micro loans
  ---------                                      -----------
  Months post securitisation                         22
  Pool Amortization                                 100.0%
  PTC Amortization: Total                            95.9%
  PTC A1                                            100.0%
  PTC A2                                             57.9%
  Cumulative Collection Efficiency                   85.1%
  Loss cum 30+ dpd2 (% of initial Pool Principal)    15.1%
  Cumulative Cash Collateral Utilization            100.0%

Key rating drivers

Credit challenges

* Sustained weak collection performance in the pool leading to
higher than expected delinquency levels;

* Pool collections together with the available credit
enhancements is insufficient to meet the promised payout to the
PTC Series A2 investors on the maturity date

Description of key rating drivers highlighted above:

The collection performance of the underlying loans was healthy
till October 2016 collection month. However, post the
demonetisation event, the monthly collection level declined
significantly. Collection from overdue contracts has also
remained poor. Due to the sustained weaker-than-expected pool
performance, there has been a shortfall in meeting the scheduled
payouts to the PTC Series A2 investors even after the utilisation
of the entire credit enhancement available in the transaction.

Fincare Small Finance Bank Limited (formerly known as Disha
Microfin Limited) commenced its small finance bank operations in
July 2017 from being a microfinance institution registered as
non-deposit accepting, non-banking finance company (NBFC) with
the Reserve Bank of India. The entity has been in existence since
1996 and was taken over by the current management led by Mr.
Sameer Nanavati in February 2009 for carrying out microfinance
business. In October 2010, True North (erstwhile India Value Fund
(IVFA))- a private equity fund acquired around 47% stake in the
entity through Indium IV and INR10 crore was infused. The stake
was further increased to 67% with equity infusion of INR15 crore
in March 2013. As on date, the True North's stake through Indium
IV stands at 19.99%.

The entity reported a consolidated net loss of INR97.6 crore in
FY2018 on managed portfolio of INR2,150.3 crore as on March 31,
2018. The bank had a capital adequacy ratio of 22.9% as on
March 31, 2018.

ICRA has ratings outstanding of [ICRA]A-(Stable) and MA(Stable)
for the bank facilities and fixed deposits of Fincare
respectively.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

G. Sathyanarayana Reddy Transport is engaged in the
transportation of coal, oil and sand.


GAURAV WORLDWIDE: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
Gaurav Worldwide Trading Private Limited continue to remain under
'Issuer Not Co-operating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT CO-OPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term fund-
   based limit          50.00       [ICRA]B(Stable) ISSUER NOT
                                    CO-OPERATING; Rating
                                    continues to remain in
                                    'Issuer Not Co-operating'
                                    Category

   Short-term non
   fund-based limit    (50.00)      [ICRA]A4 ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in 'Issuer Not
                                    Co-operating' category

ICRA had earlier moved the ratings of the company to the 'ISSUER
NOT CO-OPERATING' category due to non-submission of monthly 'No
Default Statement' ('NDS') by the entity. 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.

Gaurav Worldwide Trading Private Limited was incorporated in 2004
with the objective of ship breaking, factory dismantling and
trading in metals. The company started its operations in FY2016,
wherein it traded majorly in shredded scrap imported from the
USA; the sales were mainly spread across the markets of
Maharashtra and Gujarat. GWTPL has its registered office located
in Mumbai and has a rented a warehousing facility in Navi Mumbai.
The company is managed by its promoter, Mr. Gaurav Jhaveri, along
with his son, Mr. Utsav Jhaveri.


GSJ ENVO: ICRA Reaffirms B+ Rating on INR70cr Non-Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR85.0-crore fund-based and non-fund-based facilities (including
unallocated limits of INR3 crore) of GSJ Envo Limited. The
outlook on the long-term rating is Stable. ICRA has also removed
the rating from the Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based            12.0      [ICRA]B+ (Stable); Rating
                                   reaffirmed and removed from
                                   the 'Issuer Not Cooperating'
                                   category

   Non-fund Based        70.0      [ICRA]B+ (Stable); Rating
                                   reaffirmed and removed from
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated            3.0      [ICRA]B+ (Stable); Rating
                                   reaffirmed and removed from
                                   the 'Issuer Not Cooperating'
                                   category
Rationale

The ratings reaffirmation favourably factors in the experience of
the promoters and the company's long track record in the waste
water segment. The rating also considers GSJ's improved order
book position for water sanitation-related projects under the
Central Government's Namami Gange programme. This provides
revenue visibility for the medium term. The ratings continue to
draw comfort from the company's low dependence on debt and
thereby its satisfactory debt coverage metrics. Further, ICRA
positively notes the availability of adequate non-fund based
limits in line with the company's operating scale and planned
bidding.

The ratings, however, remain constrained by the company's slow
execution progress in the last three years which has kept its
scale of operations small owing to the delay in order book
movement. Moreover, the company is expected to be dependent on
its subcontractors and the performance of the same for the
current order book. In addition, continuous deterioration in the
working capital position due to build-up of aged receivables has
kept GSJ's working capital indicators under stress.

Going forward, ICRA expects significant order inflow under the
Namami Gange projects, given the focus of the Central Government
on water sanitation projects. However, GSJ's ability to execute
its current order book in a timely manner, improve its scale and
sustain debt coverage metrics will be the key rating
sensitivities. Further, the company's ability to improve its
working capital cycle and realise its key debtors in a timely
manner will be closely monitored.

Outlook: Stable

ICRA believes that GSJ will benefit from its healthy order book
position in the near term. The outlook may be revised to Positive
in case the company demonstrates healthy project execution and
improves its liquidity position. The outlook may be revised to
Negative in case of weak execution or delay in the receivable
cycle leading to slow execution and weak billing.

Key rating drivers

Credit strengths

Long track record in industry: The company has more than four
decades of track record in waste water treatment, maintenance and
repair work for sewage plants. In the recent years, the company
has been focusing on executing orders for Swach Bharat Mission
projects such as Namami Gange and sanitation-related projects.
Healthy revenue visibility for medium term - GSJ has received big
ticket orders under National Mission for Clean Ganga amounting to
INR199 crore in FY2017 and FY2018. This resulted in a total order
book of INR239 crore as on May 30, 2018, which provides good
revenue visibility for the medium term. However, execution of the
orders remains a key monitorable as approval-related delays are
common in this sector.

Low debt levels and comfortable debt coverage metrics: Since a
large part of the order book billing is towards raw material and
labour work, GSJ is not heavily dependent on debt. Given that the
company has not witnessed much growth in the last few years, the
capex has also been limited. The company has been able to post
healthy margins owing to steady operations and maintenance work
booked annually on completed projects. These factors have
resulted in limited debt obligations and comfortable debt
coverage metrics.

Credit challenges

Continued pressure on revenue booking in FY2018: The company has
continued to witness pressure on revenue booking since FY2013,
primarily on account of weak order book movement in the backdrop
of approval and payment-related delays. However, timely execution
of current order book may boost growth.

High execution commitments; dependence on subcontractors: ICRA
also takes into account the high execution commitments, given the
build-up of its order book position with the top-three orders in
nascent stages. Given its plan to subcontract a large part of the
order value, the company remains dependent on the performance of
the subcontractor for its execution. Further, ICRA notes that the
possibility of approval-related delays in the orders is common in
this sector, which can lead to a delay in billing. GSJ's current
order book remains concentrated to a few orders, which exposes it
to high project-concentration risk.

Working capital indicators under stress due to aged debtor from
one executed project: GSJ's working capital position remained
weak due to continued high receivable levels. The significantly
aged receivables, particularly more-than-six-months debtors,
remain key rating concerns. Most of these receivables are from
one project, which was completed in 2016. While payment cycle in
recent orders has been satisfactory, the company's ability to
manage its liquidity position is will be closely monitored.

GSJ is involved in turnkey execution of projects in the fields of
water and waste water management, sewage treatment plants,
underground reservoirs of booster pumping stations and sewage
pumping stations. The company is also involved in the execution
of civil work for hydro-electric power projects and multi-storied
residential and industrial complexes. GSJ has a track record of
over 40 years. Prior to its incorporation in August 1995 as GSJ
Envo Limited, it functioned as the partnership firm, M/s GS
Jolly.

On a provisional basis, the company reported a net profit of
INR1.6 crore on an operating income (OI) of INR47.8 crore in
FY2018 compared with a net profit of INR1.0 crore on an OI of
INR47.6 crore in the previous year.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

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

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

COMPANY PROFILE

The company provides construction solutions and services to
various industries.


JOSEPH JOHN: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Joseph John's
(Joseph) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based facilities affirmed with
    IND B+/Stable/IND A4 rating;

-- INR60 mil. (increased from INR30 mil.) Non-fund-based
    facilities affirmed with IND A4 rating;

-- INR20 mil. Fund-based facilities* assigned with
    IND B+/Stable/IND A4 rating; and

-- INR10 mil. Non-fund-based facilities* assigned with IND A4
    rating.

* The final ratings have been assigned following the receipt of
the loan documents conforming to the information already received
by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects Joseph's continued weak credit metrics
and small scale of operations. In FY18, Joseph's interest
coverage (operating EBITDA/gross interest expense) was 1.7x
(FY17: 1.8x) and net leverage (total adjusted net debt/operating
EBITDAR) was 5.9x (2.8x). The deterioration in the leverage was
due to an increase in net debt and a fall in EBITDA. FY18
financials are unaudited.

Moreover, its revenue was INR141 million in FY18 (FY17: INR80
million). Revenue growth was driven by payment received for
projects executed earlier. The firm booked INR70 million in
revenue for April-May 2018. As of June 2018, Joseph had an
unexecuted order book of INR251.51 million, which is likely to be
completed by FYE19, thus providing strong short-term revenue
visibility. Moreover, its balance of bills receivable pending
against works undertaken until April 2018 is INR268.38 million.

The ratings continue to be constrained by Joseph's volatile
EBITDA margin, which was 7.3%-24.5% over FY14-FY18, owing to
fluctuations in raw material prices. The margin decreased to
12.8% in FY18 from 24.5% in FY17 (FY16: 9.8%) owing to the
execution of low-margin orders.

The ratings are also constrained by Joseph's modest liquidity,
indicated by an average fund-based working capital utilization of
74.8% for the 12 months ended May 2018, owing to an elongated net
cash conversion cycle of 262 days in FY18 (FY17: 150 days). The
deterioration in the cycle was mainly due to a rise in inventory
days to 267 in FY18 from 161 in FY17.

The ratings, however, continue to be supported by the
proprietors' experience of more than two decades in the
engineering, procurement and construction business.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or the EBITDA
margin and deterioration in the overall credit metrics, both on a
sustained basis, will lead to a negative rating action.

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

COMPANY PROFILE

Joseph is an engineering, procurement and construction contractor
that undertakes projects for the government of Kerala, such as
pipeline fitting and water treatment plant and building
construction.


JOY MA: CARE Assigns B+ Rating to INR7.50cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Joy Ma
Lakshmi Cold Storage Private Limited (JMLCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            0.10       CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of JMLCSPL is
constrained by operations stabilization risk, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers and
competition from local players. The ratings, however, derive
comfort from experienced promoters and proximity to potato
growing area. The ability of the company to achieve the envisaged
scale of operations, profitability margins and efficient
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Operations stabilization risk: JMLCSPL has already setup its cold
storage unit with an aggregate cost of INR7.69 crore funded at
debt equity of 1.11x and the company has started commercial
operations from March 2018. However, the company has not earned
any revenue in FY18. The rental income from cold storage unit
accrues from April 2018 for the company. Since the company is
into nascent stage of operations, the operations stabilization
risk exists. Going forward, the ability of the company to
stabilize its operations, achieve envisaged revenue and profits
will be the key rating sensitivities.

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

Seasonality of business with susceptibility to vagaries of
nature: JMLCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a 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. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

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

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

Key Rating Strengths

Experienced promoters: JMLCSPL is currently managed by Mr. Arup
Kumar Ghosh who has around two decades of experience in the same
industry though his family business, looks after the day to day
operations of the company. He is being duly supported by the
other director Mrs. Moutusi Ghosh along with a team of
experienced personnel.

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

Incorporated in April 2017, Joy Ma Lakshmi Cold Storage Private
Limited (JMLCSPL) was promoted by Mr. Arup Kumar Ghosh and Mrs.
Moutusi Ghosh based out of West Bengal to set up cold storage
facility in the state of West Bengal with an aggregate storing
capacity of 140000 quintal. The company has setup its cold
storage unit with an aggregate cost of INR7.69 crore funded at
debt equity of 1.11x and the company has started commercial
operations from March 2018. However, the company has not earned
any revenue in FY18.


KAY SWITCHGEARS: ICRA Withdraws B Rating on INR5cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable)
assigned to the INR10.00-crore bank facilities of Kay Switchgears
(India) Private Limited.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund
   Based Cash Credit      5.00      [ICRA]B (Stable); Withdrawn

   Long Term-Fund
   Based TL               2.50      [ICRA]B (Stable); Withdrawn

   Long Term-
   Unallocated            2.50      [ICRA]B (Stable); Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and at the request of the company, based on the no
objection certificate provided by its banker.

Kay Switchgears (India) Private Limited KSIPL was incorporated in
1981 by Mr. K. S. Khosla and Mrs. Mona Khosla with its factory
located at G.T. Road, Surranussi, Jalandhar (Punjab). However,
the company started manufacturing metal sheet components from
September 2016 onwards and has plans to manufacture mechanical
parts for Indian Railways in the future.


KUNA IMPEX: ICRA Withdraws B+ Rating on INR5.48cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING, outstanding on the INR5.48-crore cash credit
facility of Kuna Impex Pvt. Ltd. ICRA has also withdrawn the
short-term rating of [ICRA]A4 ISSUER NOT COOPERATING, outstanding
on the INR4.50-crore non-fund-based facility of KIPL. The outlook
on the long term rating was Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.48     [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

   Non-fund based
   Limits                 4.50     [ICRA]A4 ISSUER NOT
                                   COOPERATING; Withdrawn

Rationale

The long-term and short-term ratings assigned to Kuna Impex Pvt.
Ltd. have been withdrawn at the request of the company, based on
the no-objection certificate provided by its banker.

The unit was established by Mr. Ved Naithani in 1989 as a
proprietorship business namely Kuna Engineers & Marketing. In
1998, it got converted into a private limited company namely Kuna
Impex Private Limited (KIPL). Earlier, the company was engaged in
the business of developments of products namely sand bags,
splinter proof shelters etc., however later since 1994, it
ventured into the field of Industrial automation. Its product
profile includes AC Drives, Servo Drives, PLCs (Programmable
Logic Controller) and switchgears.


LOCKSMITHS INDUSTRIES: ICRA Reaffirms B- Rating on INR4.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR4.25-crore cash credit facility of Locksmiths Industries
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 to the INR5.25-crore of letter of credit facility of
the company. ICRA has further reaffirmed the long-term and short-
term ratings of [ICRA]B-/[ICRA]A4 to the INR3.00-crore of cash
credit facility, which is a sub-limit of letter of credit
facility. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-
   Cash Credit           4.25       [ICRA]B- (Stable); Reaffirmed

   Non-fund based-
   Letter of Credit      5.25       [ICRA]A4; Reaffirmed

   Cash Credit          (3.00)      [ICRA]B-(Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The rating reaffirmation continues to reflect the company's
established track record of over two decades in manufacturing and
assembling of locks and other components like handles in travel
bags and trolleys. ICRA notes the reputed customer profile
comprising leading companies in the travel bags manufacturing
segment.

The ratings, however, are constrained by LIPL's small scale of
operation with sales growth being volatile to order inflow from
its major customers, given the company's significant revenue
dependence on a few customers. Moreover, the ratings continue to
factor in LIPL's weak financial profile characterised by modest
accruals, weak coverage indicators as indicated by TD /OPBDITA of
5.7 times and interest coverage ratio of 1.4 times, leveraged
capital structure with a gearing of ~2.2 times and weak debt
protection metrics with DSCR less than one time in FY2017.
Further, in the near term, the company's capital structure and
coverage indicators are expected to remain stretched, given the
planned debt funded capex and the impending debt repayments.
While the company's operating margin continues to remain healthy,
given the high value addition in the nature of combination lock
manufacturing business, high borrowing cost has subdued the
profitability at a net level. Moreover, the ratings are further
affected by the high working capital intensity of its operations,
driven by elongated receivables and high inventory levels. This
has resulted in a tight liquidity position as evident from the
near to full utilisation of working capital limits. Unfavourable
foreign currency movement also pose a risk for the profit margin,
given substantial imports.

Outlook: Stable

ICRA believes LIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
Positive if substantial growth in revenue primarily aided by
increased sales volume of wheels and other luggage components,
improved profitability, and better working capital management,
strengthens the financial risk profile. The outlook may be
revised to Negative if cash accrual is lower than expected, lower
than expected returns from the capex to be undertaken in near
term, or stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the manufacturing and
assembling of locking systems in travel bags, especially in
combination locks: The promoters of LIPL have extensive
experience in the manufacturing of locking systems, especially
combination locks for carry-bags, suitcases and trolleys.
Combination locks manufactured by the company are Transportation
Security Administration (TSA) certified.

Reputed customer profile including leading companies in the
travel bags manufacturing segment: The company's clientele
includes reputed and leading players in the baggage industry like
Aristocrat, VIP Industries, Samsonite India, Alacmetal, Ideal
Carlton, Safari, and American Tourister, etc., providing LIPL
ready market for increased production.

Credit challenges

Small scale of operation with sales growth being volatile to
order inflow from its few major customers: LIPL has a small scale
of operations with a negative compounded annual growth rate
(CAGR) of 6% over the past three years to INR8.3 crore in FY2017
from INR10.0 crore in FY2014. The company witnessed a decline of
~11% in operating income (INR8.3 crore in FY2017 as compared to
INR9.3 crore in FY2016) due to slowdown of overall demand for
locks in the market and cancellation of orders from major
customers for newly launched locks in Q4 FY2017. However, capex
for capacity enhancement is likely to fuel to sales growth in the
near to medium term, though the profitability is likely to
moderate, given the low pricing strategy adopted by the company.

Weak financial profile characterised by low net profitability,
modest accruals, weak capital structure and debt protection
metrics: Total debt of the company consists majorly of term loans
from bank and working capital borrowings. Due to higher debt and
negligible accretion to reserves in FY2017, the gearing level
further increased from its previously high level of 2.0 times as
on March 31, 2016 to 2.2 times as on March 31, 2017. TOL / TNW
also increased to 2.5 times from 2.4 times during the same
period. Further, high interest cost due to high reliance on
external borrowings resulted in low profitability, which is
reflected by weak coverage ratios of TD/OPBDITA of 5.7 times,
interest coverage ratio of 1.4 times and DSCR of below one.

Debt-funded capex likely to impinge on the company's repayment
capabilities in the near term: LIPL plans to undertake major debt
funded capex in FY2019 for expansion of its Nashik (Maharashtra)
manufacturing facility. Further, the company plans to adopt a low
pricing strategy to boost its volumes resulting in lower
operating profit margins. Combined with high interest costs
resulting in low net profits, this is likely to impact the
company's repayment capability in the near term.

Stretched liquidity profile due to elongated receivable position
and high inventory levels: LIPL's working capital intensity (175%
in FY2017 as compared to 132% in FY2016) has historically
remained high on account of stretched receivables position and
elevated inventory levels. LIPL is a small player as compared to
its customers, which are industry leaders in luggage industry,
resulting in low bargaining power with them that usually delay
the payments, thus the elongated debtor days. Further, inventory
pile up due to cancellation of major orders in Q4 FY2017 resulted
in high working capital intensity as evident from near to full
utilisation of working capital facilities.

High customer concentration risk, along with limited bargaining
power with the established customers: The company's customer base
includes reputed players in the baggage industry like VIP
Industries, Samsonite, Alacmetal, Ideal Carlton, Safari, and
American Tourister, etc. Due to limited bargaining power of the
company against reputed customers, LIPL has faced delays in
receiving the payments from customers in the past. However, the
company has never faced any bad debts from any of its customers
due to established relationship with them. The customer
concentration risk remains high with its top five customers
accounting for 82% of the total gross sales in 10M FY2018 over
47% in FY2017. This has been a result of increased share of top
customer - VIP Industries - to its total sales to 66% in 10M
FY2018 from 30% in FY2017.

Vulnerability of profitability to any adverse fluctuations in
foreign exchange rates: A major part of the company's raw
material (steel and other lock components) requirements are
imported from Chinese suppliers, which are LC-backed with a
usance period of 180 days. This exposes the company's operation
to vagaries of the currency market. The risk is accentuated in
the absence of any firm forex risk hedging policy in place.

Established in 1992, Locksmiths Industries Private Limited (LIPL)
is promoted by Mr. Nimesh Kishore Sheth and family. LIPL is
engaged in the business of assembling and supplying locking
systems and hardware used in carry-bags, suitcases and trolleys.
The company is also involved in trading accessories used in
office furniture such as locks, drawers and slides. The company
at present has a manufacturing facility in Dombivali.
The company is a major supplier of combination locks in the
domestic market and supplies to reputed players such as
Samsonite, VIP, Aristocrat, Delsey, Alacmetal, Ideal Carlton, and
Safari etc. This segment accounts for ~40% of its total operating
income. Combination locks assembled by LIPL are Transportation
Security Administration (TSA) certified.

In FY2017, on audited basis, the company reported a net profit of
INR0.1 crore on an operating income of INR8.3 crore, as compared
to a net profit of INR0.1 crore on an operating income of INR9.3
crore in the previous year.


MASCOT ENGITECH: CARE Lowers Rating on INR7cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mascot Engitech Private Limited (MEPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.00      CARE B-; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE B; ISSUER NOT
                                 COOPERATING; Based on best
                                 Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MEPL to monitor the
ratings vide e-mail communications/letters dated April 3, 2018,
April 4, 2018, April 6, 2018, April 11, 2018, numerous phone
calls and final reminder letter dated April 20, 2018. However,
despite CARE's  repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Mascot Engitech Private Limited's bank facilities and
instruments will now be denoted as CARE B-; ISSUER NOT
COOPERATING.

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

The revision in the long term rating is account of deterioration
in financial risk profile marked by decline in scale of operation
along with reporting net loss during FY17(refers to the period
April 01 to March 31) , deterioration in debt coverage indicators
and liquidity position. Furthermore, the ratings are constrained
due to susceptibility of operating margins to variable input
costs.

The ratings, however, take comfort from the experienced promoters
and comfortable capital structure.

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

Detailed description of the key rating drivers

At the time of last rating on May 8, 2017 the following were the
rating strengths and weaknesses.

(Updated for the information available from Registrar of
Companies)

Key Rating Weaknesses

Deterioration in financial risk profile marked by decline in
scale of operation along with reporting net loss during FY17 ,
deterioration in debt coverage indicators and liquidity position
The scale of operation marked by total operating income (TOI)
decreased by 79.74% to INR6.68crore during FY17 from
INR33.02crore in FY16. Further, MEPL reported operating loss and
net loss of INR0.19 crore and INR1.18 crore respectively during
FY17 as against PBILDT and PAT of INR1.03 crore and INR0.11 crore
during FY16. The debt coverage indicator also deteriorated and
remained weak on account of reporting operating loss and cash
loss during FY17. The liquidity position also deteriorated
remained modest marked by current ratio stood at 2.01 times as on
March 31, 2017 as against 2.02 times as on March 31, 2016 . The
operating cycle elongated and stood at 731 days during FY17 as
compared to 173 days during FY16.

Susceptibility of operating margins to variable input costs:
The key raw materials required for turnkey industrial projects
includes steel parts like channels, angles, plates, other
pressure parts like tubes, pipes, headers, and other structural
and fabrication components and hence the company remains
susceptible to commodity price variation risks due to longer
execution period of the contracts. All the contracts of the
company are fixed price contracts with no price escalation
clause. Hence, the company is unable to pass the increase in
price of inputs to the customer.

Key Rating Strengths

Experienced promoters: MEPL is promoted by three individuals, Mr.
Mehul Patel, Mr. Vamanrai Patl and Mrs. Kamini Patel. All the
promoters are holding healthy experience in the same line of
business. With the long industry experience, the promoters have
been able to establish their own reputation along with good
relationships with suppliers and customers, many of whom have
been associated with the company since its inception.

Comfortable capital structure: Capital structure marked by
overall gearing stood comfortable at 0.68x as on March 31, 2017
as against 0.72x as on March 31, 2016.

Bhavnagar-based MEPL was incorporated in October 2009 by Mr.
Mehul Patel, Mr. Vamanrai Patel and Mrs. Kamini Patel. The
company is engaged into providing the fabrication services to
ship building companies by deck fittings and storage tanks as per
the requirement of the customers. MEPL serves to Marine
Engineering & Mechanical Engineering related
work.


MATHIYAN CONSTRUCTION: ICRA Reaffirms C+ Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C+ for the
INR10.00-crore long-term fund-based cash credit facility of
Mathiyan Construction Private Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 for MCPL's enhanced short-term
non-fund based limits of INR35.00-crore (enhanced from INR24.00
crore) .

                     Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based Cash
   Credit               10.00       [ICRA]C+; Reaffirmed

   Non-fund Based
   Letter of Credit     35.00       [ICRA]A4; Reaffirmed
Rationale

The rating reaffirmation takes into account the continuously
stretched liquidity position of the company against the backdrop
of high working capital intensity. The ratings also take into
account the sectoral and geographical concentration risk arising
from company's focus on road construction projects for Public
Work Departments (PWDs) of Uttar Pradesh, Goa and Uttarakhand.
The ratings are further constrained by the high competitive
intensity in the road construction segment.

The ratings, however, draw comfort from MCPL's moderate pending
order book, which provides revenue visibility in near to medium
term and the healthy revenue growth achieved in FY2017 and
FY2018. The rating continues to favourably factor in the
promoter's experience in the road construction segment.

Key rating drivers

Credit strengths

Decade long experience of promoters in road construction
industry: MCPL's promoters have over a decade long experience in
the road construction industry. The company is registered as a
Class A contractor, under the state PWD of Uttar Pradesh,
Uttarakhand and Goa, which helps it to get repeat orders.

Moderate order book position: As on March 31, 2018, the company's
pending order book stood at INR109.16 crore (~45% of the total
contract value of INR241.00 crore) versus INR129 crore as on
January 31, 2017. At present, the ratio of pending order book/
FY2018's OI stands at 1.67 times, which provides revenue
visibility over the near to medium term.

Moderate financial risk profile: The company's operating income
grew at a robust rate of 33% in FY2017 to INR54.31 crore from
INR40.81 crore in FY2016 and further by 20% in FY2018 to INR65.22
crore. The growth was propelled by better execution of projects
in hand and successful bid on new projects. The operating profit
continues to remain moderate, at 10.80% in FY2017. The net
margin, though moderate, improved marginally to 3.36% in
FY2017from 3.05% in FY2016 with higher OPBITDA. In FY2017, the
coverage indicators remained moderate, in line with the previous
year's with TD/ OPBITDA of 3.04 times (vis-a-vis 2.99 times in
FY2016), interest coverage ratio of 2.21 times (vis-a-vis 2.29
times in FY2016), TOL/TNW of 1.25 times (vis-a-vis 1.46 times in
FY2016) and NCA/TD of 16% (Vis-Ö-vis 17% in FY2016).

Credit challenges

Stretched liquidity position: Elongated receivables, coupled with
high inventory days, have increased the company's working capital
requirements as evident from the high NWC/OI ratio (30% to 45%)
during the last three years. The company continues to be
dependent on ad hoc limit from banks as the regular limit has not
been enhanced. Moreover, instances of overdrawal in working
capital limits continue, though it has reduced from the previous
year. ICRA, however, notes that the company has received
enhancement in bank guarantee limits, which will enable it to bid
for and execute new projects.

Exposure to concentration risk: The company's operations are
confined to Uttar Pradesh, Uttarakhand and Goa, leading to
moderate geographical concentration. Majority of the order book
consists of contracts from PWD for road construction, exposing
the company to client and sector concentration risk. However, the
company's track record with these departments and in the sector
lends some comfort.

High competitive intensity: The road construction segment is
characterised by high competitive intensity given the moderate
complexity of work involved and the low entry barriers in terms
of qualification required for bidding on tenders floated. The
company's performance is thus exposed to these competitive risks.

Based at Muzaffarnagar in Uttar Pradesh, Mathiyan Constructions
Private Limited (MCPL) was incorporated in 2007 by Mr. Rajeev
Kumar and his brother, Mr. Subhash Chand. The promoters have a
decade-long experience in the construction sector. The company
undertakes work related to road construction and maintenance
mainly for the Public Works Department (PWD) and Pradhan Mantri
Gram Sadak Yojana (PMGSY).

In FY2017, the company reported a net profit of INR1.83 crore on
an operating income of INR54.31 crore, as compared to a net
profit of INR1.24 crore on an operating income of INR40.81 crore
in the previous year. In 10M FY2018 (provisional financials), the
company reported a net profit of INR2.25 crore on an operating
income of INR40.88 crore


NANDI COTTON: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nandi Cotton
Ginning Mill Private Limited's (NCGM) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR21 mil. (reduced from INR47.5 mil.) Term loans due on
     October 2020 affirmed with IND BB-/Stable rating; and

-- INR140 mil. Fund-based facilities affirmed with IND BB-
     /Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects NCGM's continued small scale of
operations and weak, albeit stable credit metrics. Its revenue
declined to INR495.6 million in FY18 from INR585.1 million in
FY17 due to unfavorable market conditions. In addition, its net
leverage (adjusted debt net of cash/EBITDA) was 6.1x in FY18
(FY17: 6.0x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.8x (1.7x). Moreover, EBITDA margin
improved to 7.1% in FY18 from 6.1% in FY17 on account of the
normalization of the prices of raw material (cotton), which
helped in reducing variable cost. FY18 financials are
provisional.

The ratings continue to be constrained by the company's tight
liquidity position, indicated by nearly full utilization of the
fund-based facilities over the 12 months ended May 2018.

However, the ratings continue to benefit from the promoters' more
than two decades of experience in the textile industry.

RATING SENSITIVITIES

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

Positive: A substantial rise in the revenue and an increase in
the EBITDA margin, leading to an improvement in the credit
metrics, on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

NCGM is engaged in ginning and pressing of cotton (equipped with
36 ginning machines). It has a daily installed capacity of 275
bales.


NARMADA CONCAST: CARE Migrates B Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Narmada
Concast Private Limited (NCPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      28.71      CARE B; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Long-term/Short-     4.00      CARE B/CARE A4; ISSUER NOT
   Term Bank                      COOPERATING; Based on best
   Facilities                     Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCPL to monitor the
ratings vide e-mail communications/letters dated May 25, 2018,
May 24, 2018, May 23, 2018, May 22, 2018, April 20, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In 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 Narmada
Concast Private Limited's bank facilities will now be denoted as
CARE B/CARE A4; ISSUER NOT COOPERATING.

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

The ratings takes into account its moderate scale of operations,
operating losses, negative tangible net worth, modest liquidity
position along with elongated operating cycle in FY17 (refers to
the period April 1 to March 31), customer concentration risk,
fragmented nature of industry with high degree of competition,
volatility associated with raw material prices. The ratings,
however, derive strength from experienced promoters, proximity to
raw material along with marketing tie up with Kamdhenu Ispat
Limited. NCPL's ability to increase its sales of operations along
with improvement in capital structure and liquidity position
would be the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on April 20, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of companies.)

Key Rating Strengths

Experienced promoters: NCPL is promoted by Mr. Mahesh Gulwani and
Mr. Amit Gulwani (son of Mr. Mahesh Gulwani). Mr. Mahesh Gulwani
is the key promoter who is an under-graduate and has an
experience of more than two decades in the steel industry through
different entities of his family members, namely, Ganga
Industries and Jamuna Industries which are engaged in the same
line of business. Mr. Amit Gulwani is a mechanical engineer. Mr.
Amit is looking after production, planning and various other
manufacturing aspects.

Proximity to raw material: NCPL is located near to Alang,
Bhavnagar, which is one of the largest ship-breaking centers
around the world. Metal scrap is a major biproduct of the ship
recycling business which will be used as a raw material to
manufacture TMT Bar and Billets. Presence in Bhavnagar would be
benefiting to NCPL in terms of easy procurement of raw material
with lower logistics cost.

Marketing tie up with Kamdhenu Ispat Limited: NCPL entered into a
marketing tie-up agreement with Kamdhenu Ispat Limited [KIL] in
April 2015. As per the terms defined in the agreement, the
company shall manufacture the TMT bars as per the specification
and chemical composition provided by KIL, do the branding, use
their trademarks and dispatch the TMT bars to the markets in
India as directed by KIL. Under this agreement, ready market is
provided by KIL, while the production related aspects is taken
care of by the company. KIL will receive a royalty of INR300/ ton
towards allowing the use of its brand name and assured sales.

Key Rating Weaknesses

Operating losses and erosion of net worth: The company has
recorded total operating income of INR48.08 crore during FY17 (A)
as against INR102.15 crore during FY16 (A). The company has
recorded operating loss of INR3.11 crore during FY17 (A) as
against operating profit of INR16.84 crore during FY16 (A). PAT
of the company remained negative at INR8.62 crore during FY17 (A)
as against positive PAT of INR9.46 crore during FY16 (A). PBILDT
margin of the company turned negative at 6.47% during FY17 (A) as
against positive 16.49% during FY16 (A). PAT margin of the
company turned negative at 17.94% during FY17 (A) as against
positive 9.26% during FY16 (A). Net worth of the company turned
negative as on March 31, 2017 due to operating losses. Debt
coverage indicators of the company turned negative for FY17 due
to negative profitability of the company. Current ratio of the
company remained modest at 1.07 times as on March 31, 2017 as
against 1.32 times as on March 31, 2016. Operating cycle of the
company turned elongated to 177 days during FY17 (A) as against
61 days during FY16 (A).

Customer concentration risk: NCPL is exposed to high degree of
customer concentration risk as the entire production of NCPL is
sold to KIL. However, the risk is partially mitigated as KIL
being a reputed player in the market, selling and marketing
expenses of NCPL will be reduced as a result of association with
KIL.

Fragmented nature of industry with high degree of competition:
MS billet manufacturing segment of steel industry is a highly
fragmented and unorganized market for steel products with the
presence of large number of small-sized players. The industry is
characterized by low entry barriers due to minimal capital
required and easy access to clients and suppliers. Also, the
presence of big-sized players with established marketing
& distribution network results into intense competition in the
industry.

Volatility associated with raw material prices: The steel
industry is cyclical with prices driven by demand and supply
conditions in the market. The prices are driven primarily by the
existing demand and supply conditions with strong linkage to the
global market. This results into risk of price fluctuations on
the inventory of raw materials as well as finished goods. Non-
integrated players such as NCPL are more susceptible to adverse
industry scenario.

NCPL was incorporated on August 16, 2012, as Narmada Concast and
Rolling Mills Private Limited. The name was further changed to
Narmada Concast Private Limited on November 10, 2012. The company
set up a plant to manufacture steel billets and Thermo-Mechanical
Treatment (TMT) bars. The manufacturing facility is set up at
Village Malpar, Ghogha, Bhavnagar, Gujarat, with an installed
capacity of 76,160 MT of billets and TMT Bar. The company started
its commercial operations on April 22, 2014. FY15 was the first
full year of operations for NCPL.


NNB ENGINEERS: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
NNB Engineers Private Limited (NNB; erstwhile Nav Nirman Builders
and Developers Private Limited) 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-
   Cash Credit          1.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Non-fund based-
   Bank Guarantee      10.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated limit    9.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuer's 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 2004, the company executes civil-construction
contracts mainly in Jharkhand. It primarily undertakes government
contracts. The company's name was changed to 'NNB Engineers
Private Limited' (NNB) from the erstwhile 'Nav Nirman Builders
and Developers Private Limited' with effect from June 16, 2015.


OM TRADING: ICRA Migrates B- Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Om Trading Company 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-Cash       4.95      [ICRA]B-(Stable) ISSUER NOT
   Credit                          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 of 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.

Om Trading Company was incorporated in 2012 by the Nagpur based
Wadhwani family for trading of different commodities mainly betel
nut. The product profile of the firm consists of betel nut,
almond, turmeric powder, white poppy seeds, chilli powder etc.
The Wadhwani group has been in the business of chilli trading &
spice processing since 1942. Apart from this, it also provides
services as chilli commission agent and operates cold storage
units specifically for storing chillies at major chilli trading
centres like Nagpur, Guntur and Warangal.


PARAMOUNT WHEELS: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR25.50 crore bank facilities of
Paramount Wheels Private Limited continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-Cash
   Credit               13.00      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Fund Based-Adhoc
   Limit                 2.50      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Fund Based-Drop
   line OD               2.75      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated           7.25      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Paramount Wheels Private Limited (PWPL) is an authorized dealer
for Maruti Suzuki India Limited. The company was incorporated in
2010 and began its operations in March 2011. Currently, the
company has one showroom, one workshop and one body shop in Mira
Road, one showroom and a workshop in Wada, one workshop in
Goregaon and one true value outlet in Dahisar, and one Nexa
showroom coming up. The company has 120 employees including a
sales team of 28.


PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR4.00-crore fund-based facilities and short-term rating of
[ICRA]A4 for the INR10.50-crore non-fund based limits of Plasto
India Private Limited (PIPL). The outlook on the long-term rating
is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-CC         4.00      [ICRA]B+(Stable); reaffirmed
   Non-fund based-
   FLC/ILC              10.50      [ICRA]A4; reaffirmed

Rationale

ICRA's ratings reaffirmation takes into account PIPL's stable
performance in FY2018, wherein the company reported top-line
growth of 9%. However, its operating profit margin moderated
slightly to 3.12% in FY2018 from 3.52% in FY2017 on a provisional
basis. The ratings continue to favourably factor in the
promoters' experience of more than a decade in import and
distribution of advertising flex and vinyl in India. This has
facilitated the formation of an established distribution network
across North and East India and helped to develop an
institutional customer base. Over the years, the company has
diversified its product portfolio to include other advertising
materials like backlit, frontlit, lamination film and digital
printable material and LED modules. Further, the ratings derive
comfort from the company's long and stable relationship with LG
Hausys (Korea) (LGHK) - its major supplier since the commencement
of operations.

The ratings, however, continue to be constrained by the renewal-
based nature of the contract with its two major suppliers - LG
Hausys (Korea) and Ilshin Tarpaulin (Korea). Also, the company
remains exposed to high supplier-concentration risk with its top-
two suppliers accounting for ~95% of the total purchase of
advertising flex and vinyl. The demand for PIPL's products is
dependent on advertising spends, which in turn are linked to
economic cycles. Further, the ratings remain constrained by
PIPL's modest financial profile characterised by low profit
margins and hence weak debt coverage indicators. This, coupled
with the high working capital intensity of its operations,
necessitates additional funding for incremental working capital
requirements. Due to low profitability and increase in debt in
FY2018, the company's coverage indicators remain weak.

Going forward, the ability of the company to improve its
profitability and ramp up its scale of operations by diversifying
its supplier base and reducing the working capital intensity will
be the key rating sensitivities.

Outlook: Stable

ICRA believes that PIPL will continue to benefit from the
extensive experience of the promoters in importing and trading
advertising products. The outlook maybe revised to Positive if
substantial growth in revenues and profitability strengthen the
financial risk profile of the company. The outlook maybe revised
to Negative if a decline in the revenues and profitability or any
pressure on the liquidity front impact the overall financial
health of the company.

Key rating drivers

Credit strengths

Extensive experience of promoters: The promoters have an
experience of more than a decade in import and distribution of
advertising materials in India. This, along with an established
sales and distribution network, provides competitive edge to the
company.

Long association with suppliers: The company is an authorised
distributor of advertisement material for LG Hausys (Korea) and
Ilshin Tarpaulin (Korea). Hence, it has a long association with
its suppliers for the import of advertising material in India.

Credit challenges

Modest financial profile with thin profitability margins: PIPL
has a moderate capital structure comprising bank borrowings for
working capital and unsecured loans. The debt increased in FY2018
due to increase in unsecured loans from directors leading to
gearing of 1.87 times in FY2018 from 1.65 times in FY2017. The
profit margins are thin as reflected by OBITDA/OI of 3.12% and
net profit margin of 0.56%. This, coupled with a high gearing of
1.87 times, has resulted in weak debt coverage indicators.

Supplier concentration risk: PIPL procures all its supplies from
only two companies, LG Hausys and Ilshin Tarpaulin, with
distributorship renewed every year. Hence, there exists a high
supplier-concentration risk. Also, there is a stiff competition
from the domestic players and importers involved in similar lines
of business.

High working capital requirements of business: The company offers
high credit period to its clients leading to high debtor days
(ranging 60-90 days). Also, the company offers a higher credit
period of 150 days to WSPL (its sister concern, which contributes
21% to its sales). Besides, the company maintains minimum 60 days
of stock. Therefore, the operations of PIPL are working capital
intensive with an average utilisation of 84% of the bank limits
in FY2018.

Foreign currency fluctuation risk: PIPL does not have any
domestic procurement and imports all its supplies from Korea and
China. Hence, in the absence of any hedging mechanism, it faces a
high foreign currency fluctuation risk.

Incorporated in 2002, the company is involved in the trading of
advertising flex and vinyl as well as other products like
backlit, frontlit, color vinyl, lamination film and digital
printable material as well as LED modules. The company has been
an authorised distributor of LG Hausys products for more than a
decade. Almost 100% of the revenues till FY2012 were generated
from the sale of the company's products in northern and eastern
India. However, to diversify its product portfolio, the company
has become an authorised distributor of Ilshin Tarpaulin (Korea)
products.

In the year ended March 31, 2018, the company reported an
operating income (OI) of INR31.15 crore and a net profit after
tax of INR0.17 crore on a provisional basis against an OI of
INR28.56 crore and net profit of INR0.15 crore in the year ended
March 31, 2017.


RAYANI SPINTEX: ICRA Maintains B Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating of INR36.00-crorebank facilities of Rayani
Spintex Private Limited (RSPL) 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
   ----------         -----------    -------
   Cash Credit             5.00      [ICRA]B(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     category

   Term loan            14.40        [ICRA]B(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     category

   Bank Guarantee        0.60        [ICRA]B(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     category

   Unallocated Limits    16.00       [ICRA]B(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in November
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with RSPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Rayani Spintex Private Limited (RSPL) was established by Mr.
Rayani Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava
Subba Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL
has commissioned the cotton spinning mill of 11,520 spindles in
November'2011 and further increased to 14,400 spindles in May
2015. The company caters to domestic as well as international
markets and is largely into manufacturing of 32s to 40s counts of
cotton yarn.


SHIRDIWALE SAI: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Shirdiwale Sai Exim Private Limited (SSEPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-
   Cash Credit         8.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

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

SSEPL is a private limited company which was incorporated in 2005
and is managed by Mr. Deepak Gupta and his wife, Mrs. Pallavi
Gupta. The company is involved in merchant trading of betel nuts
and memory cards used in mobile phones. The company imports betel
nuts from Indonesia and exports to Dubai. The memory cards are
imported from China and sold to group companies, as well as in
the domestic market.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR105 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Bhaskar Contractors Company was established in 1996. The firm
is a civil contractor and executes work orders in Andhra Pradesh
and Telangana.


SRI LAKSHMI: ICRA Maintains B- Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating of INR24.05-crorebank facilities of Sri
Lakshmi Narasimha Spinning Mills (India) Pvt. Ltd (SLNSMIPL)
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Cash Credit          16.00        [ICRA]B-(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Term loan             2.96        [ICRA]B-(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

  Unallocated limits     0.09        [ICRA]B-(Stable) ISSUER NOT
                                     COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

  Non-fund-based         5.00        [ICRA]A4 ISSUER NOT
  limits                             COOPERATING*; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in December
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with SLNSMIPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

SLNSMIPL is promoted by K. Poli Reddy, K. Rajasekhar Reddy and K.
Narasimha Reddy. The company was incorporated in 2005. SLNPL is a
Guntur (Andhra Pradesh) based yarn manufacturing company
producing 30s and 40s cardedand combed cotton yarn. The Company
commenced commercial production in July 2008 and has current
installed capacity of 15,600 spindles.


SRI VIJAYA: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------
ICRA said the rating of INR10.00-crore bank facilities of Sri
Vijaya Naga Jyothi Rice Mill (Veeravasaram) (SVNJRMV) continues
to remain under 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)  Ratings
   ----------      -----------  -------
   Cash Credit         6.00     [ICRA]B(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Bank Guarantee      2.75     [ICRA]A4 ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Term loan           0.52     [ICRA]B(Stable) ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Unallocated         0.73     [ICRA]B(Stable)/[ICRA]A4 ISSUER
   Limits                       NOT COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in February
2017. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with SVNJRMV, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Sri Vijaya Naga Jyothi Rice Mill (SVNJRM) was founded in the year
2004 and is engaged in the milling of paddy to produce raw rice.
The firm was reconstituted on April 1, 2015 with Mrs. Adabala
Indira as Managing partner and Mrs. Kunapareddy Sathyavathi and
Mr.Kunapareddy Trinadha Satyanarayana as working partners. The
rice mill is located at Veeravasarm village of West Godavari
district, Andhra Pradesh. The installed production capacity of
the rice mill is 8 tons per hour.


THE HEAVEN: CARE Assigns B Rating to INR7.50cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of The
Heaven (HVN), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.50       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HVN is primarily
constrained on account of implementation and stabilization risk
associated with on-going debt-funded capex, lack of experience of
the partners in the same line of business and its constitution as
a partnership firm. The rating, further, remains constrained on
account of seasonality of revenues coupled with capital Intensive
nature of operations.

The rating, however, derives strength from location advantage,
various types of water rides and other hospitality services
catering to different age-groups and eligibility for receiving
various fiscal benefits from the Government.

HVN's ability to complete the project within the stipulated cost
and time parameters and achieve the envisaged level of sales and
profitability would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with on-going
debt-funded project: HVN is implementing a greenfield project of
Waterpark (including restaurant and cottages) with different
water rides and other facilities with a total envisaged project
cost of INR9.75 crore and a proposed debt-equity mix of 3.00
times. Till May, 2018 HVN has incurred around INR1.50 crore
towards the project cost. With majority of the costs yet to be
incurred, HVN
is exposed to project implementation and stabilization risk. HVN
is expecting to complete the project and start fullfledged
commercial operations by March, 2019.

Lack of experience of partners in the same line of business
albeit moderate experience in varied business segments HVN is
promoted and managed by Mr. Ketan Raiyani and Mr. Rasik Raiyani
along with Mr. Kalpesh Gajera, Mr. Bhavin Gajera and Mr. Punit
Dobariya. Mr. Ketan Raiyani has moderate experience in casting
business. Mr. Rasik Raiyani is holding overall experience of more
than five years in catering services. Mr. Kalpesh Gajera and Mr.
Bhavin Gajera both have experience of more than five years in
fireworks industry.

Constitution as a partnership firm: The constitution as a
partnership firm restricts overall financial flexibility of HVN
in terms of limited financial flexibility. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of any of the
partners.

Seasonality of revenues: HVN's revenues are largely seasonal
driven by weekends, festive seasons, school - college vacations
etc. Furthermore, the footfalls remain vulnerable to
discretionary consumer spending and competition from a wide range
of entertainment alternatives. The ability of HVN to sustain the
visitor's flow considering the competition from other amusement
parks and alternate sources of entertainment constitute a key
monitoring factor from the rating perspective.

Capital Intensive nature of operations: HVN operates in a
capital-intensive industry with relatively long gestation
periods. The most critical factor for the success of a water park
and resort is the uniqueness and novelty of their rides and
attractions. Accordingly, HVN will be required to make capital
investments on a regular basis to improve the existing rides and
attractions and to introduce new water park rides and
attractions.

Key Rating Strengths

Location advantage: The Heaven (HVN) is located at Kagvad, Jetpur
Road near Gondal, Rajkot. HVN has purchased 16000 sq. yards of
land for the development and construction of waterpark. HVN will
target the customers primarily coming from Saurashtra region and
nearby region. In addition, HVN may attract large base of
corporates as a venue for meetings, off-sites and other corporate
events as it carries the suitable amenities for the same.

Various types of water rides and other hospitality services
catering to different age-groups: Currently HVN is planning to
install around 10 different type of water rides for different age
groups like Multilane slides, Typhoon Tunnel, Multi-level water
play system, Mini Pendulum, Family Slide, Wave Pool, Closed Body
Slide, Open Body Slide, Rainbow effect, Super loop etc. to name a
few. Further, HVN includes pool side restaurant to provide food
services to customers, 12 cottages and other related amenities.

Eligibility for receiving various fiscal Benefits from the
Government: HVN is eligible to receive the benefits under Gujarat
Tourism Policy (GTP) [2015-2020]. Under GTP, HVN is eligible to
receive capital subsidy @ 15% and interest subsidy @ 7% on Term
Loan for a period of 5 years. These benefits are expected to
increase the cash flow and ease out the interest burden in the
medium term.

Rajkot-based (Gujarat) HVN was established in September 2017 by
Mr. Ketan Raiyani and Mr. Rasik Raiyani along with Mr. Kalpesh
Gajera, Mr. Bhavin Gajera and Mr. Punit Dobariya. HVN has took up
a water park project known as 'The Heaven' (HVN) located on
Jetpur Road near Gondal, Rajkot which will include different
water rides along with twelve cottages, restaurant and few other
amenities. The total envisaged cost of the project is INR9.75
crore which is proposed to be funded via debt equity mix of 3.00
times. The project was commenced in March, 2018, while around
INR1.50 crore has been incurred till May, 2018. Full-fledged
commercial operations are expected to commence by March, 2019.


UTTAM GALVA: Lenders Keen to Offer Units to Single Bidder
---------------------------------------------------------
Livemint reports that the resolution process of Uttam Value
Steels Ltd (UVSL), which was admitted for insolvency proceedings
on June 26, may have to wait till there is more clarity on the
status of insolvency proceedings against Uttam Galva Metallics
Ltd (UGML), two people aware of the development said. Both
companies are subsidiaries of Uttam Galva Steels Ltd.

Uttam Value Steels and Uttam Galva Metallics owe banks INR3,200
crore and INR2,200 crore, respectively, Livemint discloses.
"Uttam Galva Metallics and Uttam Value Steels are integrated
facilities although they operate as separate legal entities,"
said the first of the two people cited above, Livemint relays.
"The lenders could face difficulty in attracting buyers if both
plants are not offered together."

UGML manufactures pig iron from iron ore, which is a raw material
for intermediate products for manufacturing value-added steel.
The entire hot metal production of UGML is supplied to UVSL
located close to it the same day, the report discloses. The
company also has a captive power plant, which addresses almost
100% of its power generation demand.

According to Livemint, State Bank of India (SBI) had approached
the National Company Law Tribunal (NCLT) seeking bankruptcy
proceedings against both companies, but NCLT while admitting the
insolvency plea of Uttam Value Steels has reserved its order on
Uttam Galva Metallics till July 11.

Livemint adds that the subsidiaries of debt-laden Uttam Galva
Steels had earlier argued that Ziraat Ban, the second-largest
state-owned bank of Turkey, had written to SBI that one of their
high-net worth clients were interested in acquiring their assets.

Earlier, on June 6, another bench of NCLT had adjourned the
insolvency plea of Uttam Galva Steel to July 16, following
requests from the company as well as its lenders.

                         About Uttam Galva

Uttam Galva Steels Limited is engaged in manufacturing downstream
value added steel products, such as Cold Rolled (CR) coils and
sheets, and galvanized products consisting of Galvanized Plain
(GP) and Galvanized Corrugated (GC) coils and sheets, and Color
Coated products. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP
and Prepainted Galvanized Iron (PPGI). The CR not used for
galvanizing is converted to value added grades in Cold Rolled
Closed Annealed (CRCA) coils and Cut to Length (CTL) Sheets, and
sold as Full Hard CR in Domestic and Overseas markets. The
Company offers various brands, which include Uttam Suraksha GC
(Galvanized Corrugated Roofing Sheets) brand in the Construction
segment, and Uttam Tarang, which includes a range of products
under Color Coated Roofing products. It caters to various
markets, such as appliance, general engineering, automotive,
construction, packaging, sandwich panels and others.

Uttam Galva Steels is a part of the Reserve Bank of India's
second list of cases, which will be referred to the bankruptcy
tribunal for insolvency proceedings after lenders failed to
resolve the account by December 2017.


VIDEOCON GROUP: Everstone Backs Out on Plan to Buy Kenstar
----------------------------------------------------------
Livemint reports that private equity (PE) firm Everstone Capital
has put its plan to acquire Videocon Group-owned home appliances
brand Kenstar on the backburner, two people close to the
development said.

The people cited above said the insolvency proceedings against
Videocon Industries was key to Everstone's decision to back out
of the deal, Livemint relates.

Last November, the private equity firm had entered into an
agreement to acquire the company, Livemint recalls. Under the
agreement, the existing management team at Kenstar, led by
business head Rajiv Kenue, was to continue running the business.

Kenstar is the second-largest seller of air coolers in India, the
private equity firm said in its statement announcing the
transaction, the report notes.

"While Videocon Group businesses had been facing headwinds,
Kenstar was an exception. It is a standalone company and is a
strong brand. The insolvency proceedings, however, have put a
spanner in the works," one of the people cited above, requesting
anonymity, told Livemint.

An Everstone Capital spokesperson said that the information was
"not accurate" and the firm has "no further comments to offer at
this point in time," Livemint relays.

It could not, however, be immediately ascertained if the
distressed asset vertical of Everstone would be keen on
evaluating the deal as a resolution applicant, relays Livemint.

Videocon is on the second list of 28 defaulters by the Reserve
Bank of India (RBI) under the Insolvency and Bankruptcy Code.

The State Bank of India (SBI) filed its insolvency petition
against Venugopal Dhoot-controlled Videocon Industries in January
before the NCLT, which admitted the plea on 6 June.

On June 9, the NCLT had also admitted the insolvency petition
filed by SBI against Videocon Telecommunications Ltd.


VIJAY GANGA: ICRA Withdraws B Rating on INR16cr Unallocated Loan
----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a stable
outlook assigned to the INR14.00-crore term loan facility and
INR16.00-crore unallocated facility of Vijay Ganga Speciality
Care Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               14.00      [ICRA]B(Stable); withdrawn
   Unallocated facility    16.00      [ICRA]B(Stable); withdrawn

Rationale

The long-term rating assigned to Vijay Ganga has been withdrawn
in accordance with ICRA's policy on withdrawal and suspension,
and at the request of the company, based on the no-objection
certificate provided by its lender.

Vijay Ganga Specialty Care Private Limited has been established
by Dr. Sarita Vinod, a nephrologist, in October 2009. The
registered office of the company is situated at Chennai (Tamil
Nadu). The company has a clinic functional at Mylapore, Chennai
which primarily provides nephrological services. The Company is
to establish a multi-speciality hospital in Nungambakkam, Chennai
with world class state of the art facilities providing tertiary
care. The Hospital is proposed to be a 40 bed facility and would
offer a network of comprehensive services that include primarily
prevention and wellness, vascular services, nephrological
services, urological services, general specialties, hospital
care, diagnostic and treatment services.

Dr. Sarita is a graduate of Karnataka Medical College, Hubli. She
further did her Specialization in Internal medicine from Aultman
Hospital and Super specialization in Nephrology from World
renowned Cleveland Clinic foundation, (CCF), OHIO, USA in 2012.


VISWABHARATHI EDUCATIONAL: CARE Cuts INR166.5cr Loan Rating to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Viswabharathi Educational Society (VES), as:
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           166.50      CARE D Revised from CARE B+;
                                    Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating follows ongoing delay in debt
servicing by VES.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing by the company: The Trust had undertaken
a significant debt funded capex which led to a weak financial
profile. With addition of new batches during FY18, FY19 and FY20,
VES was expected to earn cash profits sufficient enough to
service the debt repayments. However intermittent cash flow
mismatches led to delay in servicing its debt obligation. It is
also to be noted that the Union Health Ministry has banned
Viswabharathi Educational Society from accepting students to the
Viswabharathi Medical College for the academic session 2018-19
based on the recommendations of Medical Council of India(MCI).
The Trust has approached the Oversight Committee for the
revocation of the ban.

Established in 1997, Viswabharathi Educational Society (VES) is
promoted by Dr D Kantha Reddy and family. Various institutions
under the promoter include Viswabharathi Medical College &
Teaching Hospital, Viswabharathi Super Specialty Hospital,
Viswabharathi Cancer Hospital, Viswabharathi College of Nursing,
and Viswabharathi School of Nursing.



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


1MDB: Ex-PM Najib Pleads Not Guilty to Corruption Charges
---------------------------------------------------------
Anisah Shukry and Yudith Ho at Bloomberg News report that
Malaysia's former leader Najib Razak has pleaded not guilty to
charges of corruption and criminal breach of trust in connection
with a multibillion-dollar scandal surrounding state fund 1MDB.

Appearing in the High Court on July 4, Najib was granted bail of
MYR1 million ($247,000) and ordered to surrender his passports.
He faces three counts of criminal breach of trust, and one charge
under the anti-corruption act, and could be jailed for up to 20
years and fined. The ex-prime minister is seeking a trial for all
charges.

While the breach of trust charges carry punishments that include
whipping -- usually done with strokes of a rattan cane -- Najib
may be exempted for being more than 50 years old, Bloomberg says.

Bloomberg relates that the charges are the result of the
investigation by the Malaysian Anti-Corruption Commission,
Attorney-General Tommy Thomas said. "As far as I'm concerned, we
are looking at it from a criminal law perspective. Doesn't matter
who the personality is."

According to Bloomberg, Prime Minister Mahathir Mohamad, whose
coalition ousted Najib in May, has sought to recoup $4.5 billion
potentially siphoned from 1MDB. A parliamentary committee in 2016
identified at least $4.2 billion in irregular transactions by the
fund, with the U.S. Department of Justice saying some cash was
used to purchase a 300-foot yacht, luxury homes, artwork, and
stakes in several Hollywood films, including "The Wolf of Wall
Street."

Bloomberg says the charges allege that between Dec. 24 to
Dec. 29, 2014, at AmIslamic Bank Bhd., Najib as prime minister
and finance minister was given the mandate to manage MYR4 billion
of funds belonging to SRC International Sdn. and that he
committed a breach of trust on MYR27 million. Over the same
period he's alleged to have committed a second breach of trust on
MYR5 million. And from Feb. 10 to March 2, 2015, he committed a
third breach of trust on MYR10 million, the charges note.

Bloomberg relates that the court also heard Najib allegedly used
his position to gain gratification of MYR42 million for himself
by granting a government guarantee on MYR4 billion of loans from
Kumpulan Wang Persaraan (Diperbadankan) to SRC International
between Aug. 17, 2011 and Feb. 8, 2012.

Najib's next court dates were tentatively set for Feb. 8-18,
March 4-8 and March 11-15 for the trial, totaling 19 days of
hearing, said Judge Mohd Sofian Abd Razak, noting Aug. 8. was set
for case management, Bloomberg relays.

Bloomberg reports that in a video posted on Najib's official
Twitter account on Tuesday night, he apologized to the nation
while saying not all of the accusations against him are true and
that he'd defend himself. Invoking the afterlife, the caption
said: "I accept that today is the day my family and I face the
world's tribulation."

Najib was arrested on July 3, less than two months after a
surprise election loss that toppled his party's six-decade rule.
His former government had previously cleared him of wrongdoing,
relates Bloomberg.

According to Bloomberg, the scandal had cast a cloud over doing
business in Malaysia and unnerved investors. Markets were spooked
by the May 23 disclosure that government debt and liabilities had
jumped to MYR1.087 trillion ($268.4 billion), inflated by state
guarantees for borrowing at 1MDB. The ringgit slid to a six-month
low and overseas ownership of the nation's bonds dropped to the
lowest since August. The challenge now for Mahathir is to make
good on his promises to root out the corruption he said is rife
in many government departments, Bloomberg notes.

Malaysia's police last week said they had seized about $273
million of items in raids linked to Najib. They included stacks
of cash, Hermes International handbags, Rolex watches, a diamond
necklace and more than 200 pairs of designer sunglasses,
according to Bloomberg.

The arrest on July 3 was made in connection with SRC
International, Bloomberg reports citing a statement from the task
force. SRC International was a former unit of 1Malaysia
Development Bhd. Bernama reported in May that investigators had
asked Najib about an unspecified amount of funds he had received
from the company.

In January 2016, former Attorney-General Mohamed Apandi Ali had
cleared Najib of wrongdoing in connection with SRC, saying there
was no evidence he knew that money from the company was
transferred into his personal accounts, Bloomberg recalls.
Meanwhile, Swiss investigators said in October 2016 that some
$800 million in natural-resource investments from SRC
International appeared to have been misappropriated, hidden in
part through the creation of a Ponzi scheme, adds Bloomberg.

                             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.


BERTAM ALLIANCE: Still Working on Regularisation Plan
-----------------------------------------------------
Bertam Alliance Bhd said it is still working towards a plan to
regularise its financial condition.

"Pursuant to Paragraph 4.1(b) of PN17, the Board at this stage
cannot determine if the Regularisation Plan will result in a
significant change of business direction or policy of the
Company," the company said in a filing to Bursa Malaysia on
July 2.

"The Company is required to submit the Regularisation Plan to the
relevant authorities by 3 April 2019, which is approximately nine
(9) months from the date of this announcement.

"The Company will make the necessary announcement on the
Regularisation Plan in accordance with the requirements under
PN 17," Bertam Alliance added.

Bertam Alliance Berhad -- http://www.bertamalliance.com/--
engages in property and plantation development activities in
Malaysia.

Bertam Alliance Bhd has been classified as an affected listed
issuer under Practice Note 17 (PN17) as Bursa Malaysia has
rejected the company's application for a waiver from being
classified as PN17 company. The bourse made its decision after
taking into consideration the winding-up order against its
wholly-owned unit Bertam Development Sdn Bhd (BDSB), which
accounts for at least 50% of the company's total assets.



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


UNITEC INSTITUTE: In "Extreme Financial Difficulty"
---------------------------------------------------
Stuff.co.nz reports that Unitec Institute of Technology is in
"extreme financial difficulty" and needs urgent assistance,
Education Minister Chris Hipkins said.

Unitec describes itself as New Zealand's largest institute of
technology, with more than 20,000 students studying more than 150
vocational programmes, Stuff says.

But Mr. Hipkins said he had begun consulting on the possibility
of dissolving the institute's governing council and appointing a
commissioner to run the institute, the report relates.

According to Stuff, the Tertiary Education Commission (TEC) had
received independent advice that Unitec faced a shortfall of
NZ$19 million this year and NZ$27 million in 2019, he said.

Mr. Hipkins assured students they could have "every confidence"
that the financial issues would be addressed.

"Our message for students at this time is that the Government is
committed to ensure top quality vocational education and training
is available at Unitec," Stuff quotes Mr. Hipkins as saying.
"Given the size of the likely financial support needed for
Unitec, we need to ensure we have stronger oversight of its
operations . . . the consultation will look at whether the best
way of achieving that is by dissolving the council and appointing
a commissioner," he said.

Stuff relates that Unitec said in statement that the institute
had been impacted by declining student numbers over several years
and the drop in revenue from that had coincided with "a period of
strong investment to modernise Unitec's buildings, teaching and
learning, and systems".

"This spending is now largely complete and the organisation
carries no debt following the sale of surplus land earlier this
year," it said, notes the report.

Merran Davis, who was appointed interim chief executive in June,
said Unitec had cut its costs by nearly NZ$14 million this year,
but there was still a significant gap between its costs and
revenues, Stuff relays.

Unitec generated revenues of more than NZ$128 million last year
and "provides a wide range of vital programmes which help to
drive our economy", she said.

"However, the organisation has not responded rapidly enough to
the challenges facing the sector as student numbers and revenues
decline," Ms. Davis, as cited by Stuff, admitted.

Mr. Hipkins said the TEC was inviting feedback from Unitec's
council, management, staff, student representatives, iwi, and
Auckland Council over the next five days, adds Stuff.

Unitec has campuses in Mt Albert and Waitakere teaching courses
from certificate up to doctorate level.



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


INFORMATICS EDUCATION: Auditor Raises Going Concern Doubt
---------------------------------------------------------
Nisha Ramchandani at Business Times reports that auditors for
Informatics Education have questioned its ability to continue as
a going concern in their report on the group's financial
statements for the year ended March 2018.

However, Informatics' board said in a filing to the Singapore
Exchange on July 3 that it is of the view that the group is able
to continue as a going concern since the group has received a
letter of undertaking from an indirect controlling shareholder,
Tan Sri Dato' Seri Vincent Tan Chee Yioun, to provide financial
support of up to SGD5 million until June 30 next year to meet the
group's cash flow needs, according to BT.

BT relates that in addition, the board pointed out that the group
has been taking steps to seek new and profitable revenue streams
to generate cash flow growth, and to streamline processes as well
as leverage on technology for a leaner, more cost-efficient
structure.

"Based on the abovementioned, the board is of the view it is
appropriate the audited FY2018 financial statements be prepared
on a going concern basis," the board, as cited by BT, said.

In their report, independent auditors Ernst & Young flagged that
the education group had incurred a net loss of over S$5.82
million and recorded a cash outlow of over S$5.03 million from
its operating activities for FY2018, BT discloses. As at end
March, the company had net current liabilities and a net
liabilities position of around S$5.28 million and S$5.26 million
respectively.

BT adds that the auditors also noted that as at March 31,
Informatics had trade receivables amounting to S$1.53 million,
against which the allowance for doubtful debts of S$746,000 had
been made.

                    About Informatics Education

Singapore-based Informatics Education Ltd. engages in investment
holding, and franchising for computer and commercial training
centres.  It also operates as an examination facilitator.  The
company operates under the names Informatics International,
Informatics Academy, Informatics Consulting, Thames Academy,
Thames International, Informatics Higher Education, Informatics
Corporate Learning and Informatics Uni.  It operates in three
segments: the Global Higher Education segment, which offers
diploma, advanced diploma, degree, masters and doctorate
qualifications in a range of business, engineering and
technological subjects, to college going students and life
long learners; the Informatics Professional Skills Development
segment, which provides training and skills upgrading and
enhancement to the general workforce, in both technical and non-
technical areas, and the e-Learning segment, which offers
courses through online virtual campus platform for e-learners.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***