TCRAP_Public/180709.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 6, 2018, Vol. 21, No. 133

                            Headlines


A U S T R A L I A

AHOY BUCCANEERS: Cruise Company Enters Voluntary Administration
ASAP CONSULTANCY: First Creditors' Meeting Set for July 16
AUSMINE MECHANICAL: First Creditors' Meeting Set for July 12
CORMAC CONTRACTING: Second Creditors' Meeting Set for July 11
KAMB INVESTMENTS: Second Creditors' Meeting Set for July 12

RED R: Clifton Hall Appointed as Liquidators
ROCKET FAB: First Creditors' Meeting Set for July 16
SAI GLOBAL: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
VILLAGE RESTAURANT: First Creditors' Meeting Set for July 13


C H I N A

CAR INC.: Fitch Affirms 'BB-' IDR & Sr. Unsec. Rating
GANGTAI GROUP: Fitch Cuts IDR, Sr. Unsec. Rating to 'B-'
HNA GROUP: To Use Luxury House as Pledge for Loan
LAI FUNG: Moody's Withdraws B1 CFR, Outlook Stable

* CHINA: Property Bad Loan Pile to Jump 20% in 2018, Survey Says


I N D I A

A.K. DAS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
ABF ENGINEERING: CARE Migrates C Rating to Not Cooperating
ALFA ONE: CARE Migrates C Rating to Not Cooperating Category
ALMO LAMINATES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
ASIAN HANDICRAFTS: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable

B.B MINERALS: CARE Assigns B+ Rating to INR5cr LT Loan
BHAVESH GINNING: CRISIL Withdraws B Rating on INR8cr Cash Loan
BREW FORCE: CRISIL Assigns B+ Rating to INR7cr Cash Loan
CHAUDHRY & SONS: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
DAKSHINESHWARI MAA: Ind-Ra Migrates BB Rating to Non-Cooperating

FAIRDEAL OVERSEAS: Ind-Ra Migrates BB- Rating to Non-Cooperating
GANPATI COLD: CRISIL Moves B Rating to Not Cooperating Category
GOLDLINE PHARMACEUTICALS: CRISIL Assigns B+ Rating to INR6cr Loan
GOYAL GLASSWARE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
GREEN MIRROR: CARE Migrates D Rating to Not Cooperating Category

GROVER IMPEX: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
H K LUMBERS: CARE Lowers Rating on INR4.50cr ST Loan to 'D'
JAGDAMBA TIMBERS: CRISIL Reaffirms B+ Rating on INR2cr Loan
JNV VIRA: CRISIL Migrates B- Rating to Not Cooperating Category
KARTHIK TRAVELS: CRISIL Migrates B- Rating to Not Cooperating

KERALA STATE: Ind-Ra Affirms B+ Rating on INR100MM Loan
KHR INFRASTRUCTURES: CRISIL Moves B+ Rating to Not Cooperating
KOVAI KALAIMAGAL: CARE Migrates D Rating to Not Cooperating
KRISHNA TRANSNATIONAL: CARE Moves B+ Rating to Not Cooperating
KUBS SAFES: CARE Migrates D Rating to Not Cooperating Category

LAKSHMI SARASWATHI: CARE Migrates B Rating to Not Cooperating
LIBERTY HOSPITALS: CRISIL Migrates B Rating to Not Cooperating
M. O. POONNEN: CRISIL Lowers Rating on INR5.5cr Cash Loan to B
MAHAKALESHWAR INFRATECH: Ind-Ra Lowers LT Issuer Rating to 'BB+'
MEWAR UNIVERSITY: CRISIL Withdraws D Rating on INR29.67cr Loan

MK BUILDERS: CRISIL Migrates B Rating to Not Cooperating Category
MUSTANG SERVICES: CRISIL Migrates B+ Rating to Not Cooperating
NEW JAI: CARE Migrates D Rating to Not Cooperating Category
NIFTY LABS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
PALLAVI CONSTRUCTIONS: CRISIL Moves C Rating to Not Cooperating

PATIDAR COTSPIN: CARE Moves B Rating to Not Cooperating Category
PRAVIN BUILDTECH: CARE Migrates B Rating to Not Cooperating
PVN CONSTRUCTIONS: CARE Migrates B+ Rating to Not Cooperating
RAJLAXMI AGROTECH: CRISIL Assigns B+ Rating to INR7.5cr Loan
RIPURAJ AGRO: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable

S B IMPEX: CRISIL Reaffirms B Rating on INR6.75cr LT Loan
SHIV CARRIERS: CRISIL Raises Rating on INR9cr Term Loan to B+
SHIV SHAKTI: CARE Raises Rating on INR12.34cr LT Loan to BB-
SHREE RADHA: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
SHREYA LIFE: CRISIL Reaffirms D Rating on INR64.23cr Cash Loan

SIRIUS INFRA: CARE Migrates D Rating to Not Cooperating Category
SOLANO CERAMIC: CRISIL Migrates B Rating to Not Cooperating
SRI LAKSHMI: CRISIL Hikes Rating on INR7cr Loan to C
SRI VAISHNAVI: CRISIL Migrates B Rating to Not Cooperating
SUNIL STEELS: CRISIL Lowers Rating on INR6.5cr Cash Loan to B

SUSHEE HI-TECH: CRISIL Migrates B+ Rating to Not Cooperating
THRIVE SOLAR: CRISIL Moves D Rating to Not Cooperating Category
TRIPTI HI-TECH: CRISIL Assigns B Rating to INR9.7cr LT Loan
URVARAK ABHIKARAN: CRISIL Migrates D Rating to Not Cooperating
VIMIT METALS: CARE Lowers Rating on INR4.39cr LT Loan to B


M A L A Y S I A

1MDB: Former Prime Minister Najib Posts Bail in Corruption Case
PERDANA PETROLEUM: Gets CDRC Help to Mediate With Debt Holders


N E W  Z E A L A N D

FP IGNITION 2017-B: Fitch Hikes Class F Notes to 'BB-sf'


S I N G A P O R E

OBIKE: Owes Users SGD6.3 Million in Deposits


                            - - - - -


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A U S T R A L I A
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AHOY BUCCANEERS: Cruise Company Enters Voluntary Administration
---------------------------------------------------------------
ABC News reports that a trouble-plagued cruise company has gone
into administration leaving travellers across Australia, owed
thousands of dollars, shocked and angry.

ABC News says Ahoy Buccaneers made headlines last year when it
nearly stranded a passenger on a remote beach in Western
Australia's Kimberley region.

The report relates that passengers were then left chasing tens of
thousands of dollars in booking fees, after the company cancelled
two trips at the last minute, after its boat was deemed to be not
seaworthy.

They were contemplating legal action against the cruise line when
the company called in administrators last week, according to ABC
News.

Brisbane traveller Stephen Prowse is one of dozens of passengers
left chasing thousands in fees for his cancelled cruise.

"It seems very unlikely that we'll get much money back, if any,"
the report quotes Mr. Prowse as saying.

A letter sent to creditors from the administrators, KPMG,
suggested the company would be wound up, ABC News reports.

"We can confirm that all future boat tours and cruises of the MV
Oceanic and Ahoy Buccaneers are hereby cancelled," administrator
Matthew Woods wrote.  "Upon its return to Broome on July 7, 2018,
the [vessel] will be moored and prepared for sale."

The letter said it was too early to know which of the debts would
be settled, or the timeframe in which that might occur, adds ABC
News.

Matthew David Woods and Hayden Leigh White of KPMG were appointed
as administrators of Bloo Moons Pty Ltd, trading as Ahoy
Buccaneers, on June 27, 2018.

A first meeting of the creditors in the proceedings of Ahoy
Buccaneers will be held at Mercure Broome, 1/79 Weld St, in
Broome, WA, on July 9, 2018, at 2:30 p.m.


ASAP CONSULTANCY: First Creditors' Meeting Set for July 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of ASAP
Consultancy Pty Ltd will be held at the offices of BPS Recovery
Level 18, 201 Kent Street, in Sydney, NSW, on July 16, 2018, at
11:00 a.m.

Daniel Frisken and Mitchell Ball of BPS Recovery were appointed
as administrators of ASAP Consultancy on July 4, 2018.


AUSMINE MECHANICAL: First Creditors' Meeting Set for July 12
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ausmine
Mechanical Pty Ltd, trading as Kooler Ice CQ, will be held at
Rockhampton Conference Centre, Corner of Yeppoon Road and Bruce
Highway, in North Rockhampton, Queensland, on July 12, 2018, at
1:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Ausmine Mechanical on July 2, 2018.


CORMAC CONTRACTING: Second Creditors' Meeting Set for July 11
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Cormac
Contracting Pty Ltd has been set for July 11, 2018, at 11:00 a.m.
at the offices of SV Partners Sydney, Level 7, 151 Castlereagh
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 10, 2018, at 4:00 p.m.

Shumit Banerjee and Jason Lloyd Porter of SV Partners Sydney were
appointed as administrators of Cormac Contracting on June 5,
2018.


KAMB INVESTMENTS: Second Creditors' Meeting Set for July 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Kamb
Investments Pty Ltd, trading as Kambo's Warehouse & Liebe +
Haushas, been set for July 12, 2018, at 11:00 a.m. at The Duxton
Hotel, 1 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 11, 2018, at 4:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Kamb Investments on June 8, 2018.


RED R: Clifton Hall Appointed as Liquidators
--------------------------------------------
Simon Miller -- smiller@cliftonhall.net.au -- of Clifton Hall was
appointed as Liquidator of Red R Mildura Pty Ltd, formerly
trading as Red Rooster Mildura, on July 2, 2018.


ROCKET FAB: First Creditors' Meeting Set for July 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rocket Fab
Engineering Pty Ltd will be held at the offices of BRI Ferrier
Level 1/19 Stanley Street, in Townsville, Queensland, on July 16,
2018, at 10:30 a.m.

Robert Humphreys of BRI Ferrier was appointed as administrator of
Rocket Fab on July 4, 2018.


SAI GLOBAL: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
-----------------------------------------------------------
Moody's Investors Service has downgraded SAI Global Holdings II
(Australia) Pty Ltd.'s corporate family rating to B3 from B2.

At the same time, Moody's has changed the rating outlook to
negative from stable.

Moody's has also downgraded the senior secured rating of SAI
Global Holdings I (Australia) Pty Limited's first lien USD325
million term loan B to B3 from B2, the senior secured rating of
its first lien AUD255 million term loan B to B3 from B2, and the
senior secured rating of its second lien AUD160 million term loan
facility to Caa2 from Caa1.

And, Moody's has revised the ratings outlook for SAI Global
Holdings I (Australia) Pty Limited to negative from stable.

RATINGS RATIONALE

"The ratings downgrade reflects SAI Global's weaker-than-expected
operating performance in the first three quarters of fiscal 2018
and our expectation that its fiscal 2019 earnings will be
significantly lower than previously expected, as a result of a
likely material decline in earnings from its mortgage settlement
and knowledge divisions," says Shawn Xiong, a Moody's Analyst.

"The ratings downgrade also reflects the increased competitive
pressure and structural headwinds faced by the company," adds
Xiong.

Specifically, Moody's expects SAI Global's financial leverage to
remain elevated over the next 12--18 months, with adjusted debt-
to-EBITDA staying between 7.5x and 8.0x.

As a result of the deterioration in earnings, Moody's expects SAI
Global to stay significantly free cash flow negative for the
fiscal year ending 30 June 2018 (FY2018). Such a situation will
place increasing pressure on SAI Global's liquidity profile over
the next 6--12 months.

The ratings downgrade follows a weaker-than-expected first three
quarters of fiscal 2018 across most of SAI Global's divisions.
The company's financial sponsor, Baring Private Equity Asia
(BPEA), has recently injected an additional AUD58 million of
equity into the business, demonstrating its continued commitment
to SAI Global. AUD51 million of the proceeds will be applied
towards debt reduction, while the remainder will be retained on
the balance sheet to increase liquidity buffers.

Having taking into account BPEA's equity injection, Moody's now
expects SAI Global's adjusted debt-to-EBITDA to measure around
7.2x for FY2018 and to rise to 7.5x--8.0x for FY2019; a result
which exceeds Moody's previous expectation of below 7.0x.

Looking ahead, Moody's expects earnings from SAI Global's
Mortgage Settlement division to continue to stay negatively
impacted by lower overall transaction volumes and the government-
mandated transition to electronic settlements in Australia.

WHAT COULD CHANGE THE RATING

The ratings could be further downgraded if Moody's expects SAI
Global to generate sustained negative free cash flow, such that
its liquidity buffers diminish materially, hindering its ability
to cover debt service obligations, or it loses access to its
revolving credit facility.

The ratings could also be downgraded if market conditions in SAI
Global's key business divisions deteriorate beyond Moody's
current expectations and materially higher investment levels are
required, leading to adjusted debt/EBITDA exceeding 8.0x on a
sustained basis.

The negative ratings outlook could revert back to stable if the
company generates positive free cash flow organically and on a
sustained basis. Moody's would also expect the company to achieve
sufficient growth from its Assurance, Risk and Learning divisions
to offset the expected declines in earnings from its Mortgage
Settlement and Knowledge divisions, such that the company
sustains adjusted debt/EBITDA below 8.0x.

A ratings upgrade is unlikely in the short term, given the time
required for the company to achieve and demonstrate an operating
track record of sustained growth in its businesses, following the
recent completion of the organizational restructure. Moody's also
expects management will need time to address the structural
headwinds facing its Knowledge and Mortgage Settlement divisions.

Nevertheless, the ratings could be upgraded if the company
achieves sustained growth following its organizational
restructure or its financial sponsor injects further equity to
pay down debt, such that adjusted debt/EBITDA is sustained below
6.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

SAI Global Limited, headquartered in Sydney, is a global provider
of risk management services and products. It is also a leading
provider of mortgage settlement-related services and property-
related information in Australia.

The company operates five business segments: (1) Assurance -
testing, inspecting and certification to ensure customers meet
standards, (2) Knowledge - publication of standards/regulatory
material, (3) Learning - training customers on
standards/regulations, (4) Risk - the prevention and tracking of
any break of standards/regulations, and (5) Property - mortgage
settlement services and information brokerage.


VILLAGE RESTAURANT: First Creditors' Meeting Set for July 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Village
Restaurant & Bar Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on July 13, 2018, at 10:30 a.m.

Matthew Jess of Worrells Solvency was appointed as administrator
of Village Restaurant on July 3, 2018.



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CAR INC.: Fitch Affirms 'BB-' IDR & Sr. Unsec. Rating
-----------------------------------------------------
Fitch Ratings has affirmed CAR Inc.'s Long-Term Issuer Default
Rating (IDR), senior unsecured rating and ratings on its
outstanding bonds at 'BB-'. The Outlook on the IDR is Stable.
Fitch has simultaneously withdrawn the ratings for commercial
reasons.

KEY RATING DRIVERS

CAR Inc.'s ratings continue to be supported by its number one
market position in the fast-growing car rental market in China,
with a sizeable fleet and revenue advantage over its largest
competitor, eHi Car Services Limited (B+/Stable). Fitch expects
CAR Inc.'s leverage and coverage ratios to remain strong, with
FFO adjusted net leverage staying at 2x-2.5x, which is
comfortable for the rating.

DERIVATION SUMMARY

CAR Inc.'s ratings are supported by its leading market position
and healthy credit metrics. Compared with Localiza Rent a Car
S.A. (BB/Stable), the leading car rental operator in Brazil, CAR
Inc. has similar operating scale and margins, but has higher
financial leverage. CAR has a better market position and stronger
credit metrics than eHi Car Services, but has higher revenue
concentration risk as it is exposed to one large customer, UCAR.

KEY ASSUMPTIONS

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

  - Moderate revenue growth of 4% CAGR over 2018-2021

  - Rental revenue growth of 6% CAGR over 2018-2021

  - Rental EBITDA margin (excluding used car sales) at 59% over
    2018-2021

  - Annual capex of CNY2.3 billion-2.5 billion over 2018-2021

RATING SENSITIVITIES

No longer relevant as ratings have been withdrawn

LIQUIDITY

Adequate Liquidity:  CAR Inc. had CNY4.8 billion in cash and cash
equivalents and CNY2.8 billion in undrawn facilities at end-2017.
This is more than sufficient to cover its short-term debt.


GANGTAI GROUP: Fitch Cuts IDR, Sr. Unsec. Rating to 'B-'
--------------------------------------------------------
Fitch Ratings has downgraded Gangtai Group Co., Ltd.'s (Gangtai
Group) Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'B-' from 'B'. Fitch has also downgraded the senior unsecured
rating and the rating on its USD100 million 9.75% senior notes
due 2019 to 'B-' from 'B' with a Recovery Rating of 'RR4'. All
ratings have been placed on Rating Watch Negative (RWN).

The downgrade reflects a sharp deterioration in the liquidity
position of Gansu Gangtai Holdings (Group) Co., Ltd. (Gangtai
Holdings), in which China-based Gangtai Group owns 39%, due to
increased working capital requirements and a high proportion of
short-term debt. The RWN indicates the prospect for further
negative rating action if the liquidity position of Gangtai
Holdings further deteriorates and results in a default. In
Fitch's analysis, a default by the Shanghai-listed Gangtai
Holdings would not necessarily result in a default at Gangtai
Group, but could significantly affect the group's access to
funding.

KEY RATING DRIVERS

Proportionate Consolidation: Gangtai Group's rating is derived
using a bottom-up approach in line with Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch assesses that there is
moderate linkage between Gangtai Group and its associate Gangtai
Holdings. Therefore, Gangtai Group is rated on a proportionate
consolidated basis. However, the liquidity position of the listed
company has deteriorated and therefore Fitch assesses the group's
liquidity position on a standalone basis.

Weak Free Cash Flow: Gangtai Group's free cash flow (FCF), which
is calculated on a proportionately consolidated basis, is worse
than Fitch expected, primarily due to negative working capital at
Gangtai Holdings. Fitch had previously expected FCF to be weak at
the group level until 2019 when it completes a major property
project. However, weaker-than-expected sell-through by its
wholesale partners has resulted in inventory at Gangtai Holdings
increasing by CNY1.8 billion in 2017 and further by almost CNY800
million by end-March 2018.

Deterioration in Subsidiary's Liquidity: Gangtai Holdings has
almost CNY3 billion in short-term debt due in 2018 as of June 20,
2018, but had only CNY749 million in cash and cash equivalents
(including CNY633 million that is pledged or secured against
debt) as of end-March 2018. Under normal business operations,
Gangtai Holdings would likely be able to roll over its short-term
debt obligations, but Fitch expects the rapid increase in net
debt to CNY4.4 billion at end-March 2018 from CNY1.9 billion at
end-2016 to challenge its ability to secure refinancing.

Standalone Liquidity: Gangtai Group's deconsolidated liquidity
position may now be stronger than that of Gangtai Holdings.
Gangtai Group held 59% of the consolidated total debt but also
69% of cash and cash equivalents as of end-2017. Even though 75%
of EBITDA is generated by Gangtai Holdings, Fitch expects Gangtai
Group has the better ability to borrow based on its property
value.

Fitch believes that an event of default at Gangtai Holdings may
not trigger default at Gangtai Group. Fitch estimates a 38%
recovery value for Gangtai Group's deconsolidated debt
obligations in a conservative scenario, assuming no residual
value for shareholders after liquidation of Gangtai Holdings and
including up to CNY1.8 billion in guarantees for Gangtai
Holdings' debt as Gangtai Group's unsecured obligations. However,
a default by the listed company could affect Gangtai Group's
access to funding.

Average Liquidation Value: Fitch's analysis indicates Gangtai
Group should have moderate recovery prospects on a standalone
basis. Gangtai Group has low coverage at 0.7x operating
EBITDA/interest paid, but the group has high-quality assets that
may be used to secure additional debt funding, including its
investment properties that have book value of CNY2.7 billion at
end-2017. Fitch expects Gangtai Group may be able to secure
financing of more than that amount as property prices have risen.
The five investment properties include a residential project near
Shanghai with over 128,000 sq m of planned floor area.

DERIVATION SUMMARY

Gangtai Group holds investment properties that may be used to
secure financing to service its own debt on a deconsolidated
basis. However, an event of default at Gangtai Holdings would
raise the risks about the parent company's liquidity position and
access to funding.

KEY ASSUMPTIONS

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

  - Revenue growth of 5% per year (2017: 27%), with EBITDA margin
    expanding to 11%-12% in 2018-2021 (2017: 10%)

  - Lower working capital requirement in 2018-2021

  - Capex at CNY500 million a year in 2018-2021

  - CNY35 million-39 million annual dividend payout (10% payout
    ratio) from Gangtai Holdings; no dividend payout from
    unlisted entities

  - The recovery rate is 38% based on the end-2017 financials of
Gangtai Group on a standalone basis, using the liquidation value
approach, implying a Recovery Rating of 'RR4'. Fitch assumes no
credit available to shareholders based on the recovery analysis
for Gangtai Holdings and includes CNY1.8 billion of guarantees on
Gangtai Holdings' debt ranked pari passu with Gangtai Group's
senior unsecured obligations.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to the
Removal of the Rating Watch Negative

  - Normalised liquidity position for Gangtai Holdings, including
    lower inventory and successful refinancing of short-term debt

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

  - Default of Gangtai Holdings, leading to crystallisation of
    guarantees that Gangtai Group provided to the listed
    company's debt

  - Further deterioration in liquidity position and weaker access
    to funding sources

LIQUIDITY

Tight Liquidity: On a deconsolidated basis, Gangtai Group had
over CNY4.6 billion in readily available cash and cash
equivalents as of end-2017 (of which CNY2.6 billion is restricted
for securing or pledging against debt), compared with short-term
debt obligations of CNY3.1 billion. The ability to refinance its
short-term debt will be crucial to the company's liquidity
position. In addition, a default by Gangtai Holdings would have
repercussions for Gangtai Group, which provided guarantees on a
portion of Gangtai Holdings' debt.


HNA GROUP: To Use Luxury House as Pledge for Loan
-------------------------------------------------
The Standard reports that the underfunded Chinese conglomerate
HNA Group reportedly plans to use its luxury house at Twelve
Peaks as pledge for borrowed money, to help repay the debts.

The company has previously tried to sell House 6, but failed,
while the selling price remains unknown, according to a media
report, citing people who familiar with the matter, The Standard
relays.

Since the neighboring House 8 was sold with a price of HK$130,000
per square foot this week, House 6 is estimated with a value of
HK$550 million, according to The Standard.

HNA has reported a total liability of over CNY600 billion, while
the current liabilities reached more than CNY300 billion as at
the end of last year, The Standard discloses.

Chairman Wang Jian has died from an accidental fall off a cliff
in France on Tuesday, the company said, the report adds.

                            About HNA

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

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


LAI FUNG: Moody's Withdraws B1 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has withdrawn Lai Fung Holdings
Limited's B1 corporate family rating (CFR) and the stable outlook
on the rating.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Lai Fung Holdings Limited (Lai Fung), a member of the Lai Sun
Group, focuses on mid-market property development and investments
in Guangzhou, Shanghai, Zhongshan and Hengqin.


* CHINA: Property Bad Loan Pile to Jump 20% in 2018, Survey Says
----------------------------------------------------------------
Bloomberg News reports that China's bad loans from the real
estate sector will increase by at least 20 percent this year as a
campaign by regulators batters the property market, according to
a survey of lenders and bad-loan managers.

The property market will see an "increasing correction" under
heavier restrictions, leading to a rise in the non-performing
loan ratio linked to the sector to about 1.5 percent, Bloomberg
relates citing China Orient Asset Management Co.'s latest annual
survey. While the bad loan ratio in the property industry is low,
the level is edging towards the economy's average of 1.75
percent, according to the survey.

Bloomberg says the report echoes a chorus of warnings on the
dangers mounting in China's property market, which could ripple
through the banking system and drag down economic growth.
Authorities have renewed their drive to cool speculation and have
tightened access to credit, increasing "market distortions" and
exposing debt risks, a state researcher said on July 4, Bloomberg
relays.

Bloomberg relates that about half of the respondents in China
Orient's annual survey, which interviewed 391 respondents from
commercial banks and asset management firms, said a property
price decline of 20 percent or more will put banks under
significant pressure. Less than one-third thought stress will
come with a 30 percent value correction or more.

Real estate-related loans may represent more than 56 percent of
all outstanding loans this year, despite fewer new loans flowing
into the sector, according to the survey cited by Bloomberg.
That's about the same level seen in the first three quarters last
year.

"If home prices fall 20 percent to 30 percent, reacting
excessively to the relentless polices," or if the market reacts
poorly to a property tax, "industry risks will burst out one by
one," the survey report, as cited by Bloomberg, said. "That would
break the risk cushion of banks."

Highlighting the vulnerabilities of the nation's smaller lenders,
a local ratings firm downgraded Guiyang Rural Commercial Bank
Co., citing a surge in bad loans that has nearly wiped out the
capital of the Chinese rural bank, Bloomberg reports. China
Chengxin International Credit Rating Co. said the lender's
capital adequacy ratio fell below 1 percent after non-performing
loans rose, according to a June 29 statement.

While Chinese policy makers are trying to introduce some much-
needed financial discipline into the highly indebted property
industry, the worry is that defaults will jump and economic
growth will take a hit. Real estate accounts for about 20 percent
of China's gross domestic product, when both direct and indirect
contributions are considered, according to Bloomberg Economics.



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A.K. DAS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed A.K. Das
Associates Limited's (AKDAL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit affirmed with
    IND BB/Stable rating; and

-- INR520 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AKDAL's continued small scale of
operations and modest credit metrics as all of its work orders
are concentrated in Odisha. As per FY18 provisional financials,
revenue declined to INR526.19 million (FY17: INR612.47 million)
due to slow execution of contracts, resulting from ambiguity on
the application of the Goods and Service Tax regime.

Gross interest coverage (operating EBITDA/gross interest expense)
improved to 1.97x in FY18P (FY17: 1.85x) due to an increase in
absolute EBITDA to INR20.95 million (INR17.05 million). However,
net financial leverage (total adjusted net debt/operating
EBITDAR) deteriorated marginally to 2.64x in FY18P (FY17: 2.55x)
due to an increase in debt to fund the working capital
requirements.

The ratings remain constrained by AKDAL's tight liquidity
position as reflected by 96% average utilization of its fund-
based limits during the 12 months ended May 2018 due to long
receivable period (FY18: 341 days).

However, the ratings remain supported by AKDAL's strong operating
margins (FY18: 20.95%, FY17: 17.05%), supported by high-margin
contracts executed for private players. The ratings also continue
to benefit from the promoters' experience of over two decades in
the construction of transmission lines and substations, and
related electrical and civil works.

RATING SENSITIVITIES

Negative:  Deterioration in the EBITDA interest coverage on a
sustained basis would lead to a negative rating action.

Positive: A sustained improvement in the EBITDA interest coverage
would lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1996, Odisha-based AKDAL constructs transmission
lines and substations, and related electrical and civil works. It
is promoted by Amiya Kanta Das, Sovarani Das and Pranati Das.


ABF ENGINEERING: CARE Migrates C Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of ABF
Engineering International Private Limited (ABFEIPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     4.07       CARE C; Issuer not cooperating;
   Facilities                    based on best available
                                 information

   Short term Bank     2.80      CARE A4 Issuer not cooperating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ABFEIPL to monitor the
rating vide e-mail communications/ letters dated April 25, 2018,
May 10, 2018, May 18, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of publicly available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on ABF Engineering International Private Limited's bank
facilities will now be denoted as CARE C; Issuer not
Cooperating/CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of ABF Engineering
International Private Limited continues to be tempered by small
scale of operations, continuing cash losses, weak financial risk
profile marked by inadequate capital structure, weak debt
coverage indicators and elongated and presence in a fragmented
industry with intense competition. The rating however continues
to draw its strength from the vast experience of the promoters in
the industry.

Key Rating Weakness

Small Scale of operations:

The total operating income of the company is small at INR4.39
crore in FY17 (refers to the period April 1 to March 31) when
compared to other peers in the industry. The total operating
income has decreased from INR6.57 crore in FY16 to INR4.39
crore in FY17.

Continuing cash losses: ABFEIPL incurred cash losses during FY15-
FY17 on account of low income resulting in under absorption of
manufacturing expenses, interest and depreciation expenses. The
company has incurred a cash loss of INR1.46 crore in FY17 when
compared to a cash loss of INR1.31 crore in FY16.

Weak financial risk profile marked by inadequate capital
structure, weak debt coverage indicators and elongated operating
cycle: The company has inadequate capital structure during review
period. The debt equity ratio and overall gearing ratio of the
ABFEIPL remained negative respectively at -1.95x and -2.05 as on
March 31, 2017, due to erosion of net worth on account of
accumulated losses. The company has weak debt coverage indicators
marked by total debt to GCA and PBILDT interest coverage ratio
are respectively at -19.32x and -4.22x in FY17 on account of cash
losses. ABFEIPL has elongated operating cycle during review
period and remained at 129 days in FY17.

Presence in a fragmented industry with intense competition: The
steel fabrication industry is highly fragmented and labor
intensive with the presence of large number of medium and small
scale industries heavily dependent on job work, leading to
pricing pressure, thus impacting the profitability margins of the
companies. The demand for the fabrication sector comes from the
engineering sector i.e. capital goods, the growth of which
depends on the overall industry scenario.

Key Rating Strengths

Experience of Promoters: ABF Engineering International Pvt Ltd
was promoted by Mr. Mohammed Aslam Kazi and Mr. Batasha Aslam
Kazi. Mr. Mohd Aslam Kazi, is a B.Com graduate, has a total
business experience and 8 years of experience with this company.
Mr. Batasha Aslam Kazi is a graduate, has total business
experience of 17 years of which 8 years of experience with this
company. Mr. B. Venkatesh Rao is M.Com graduate, has an
experience of 17 years, and 2 years of experience with the
company. Mr. H. Rajendra Rao is an Engineering graduate, has an
experience of 27 years, and 3 years of experience with the
company.

Modest product profile and reputed customer base: The company
executes job works which include stainless steel or aluminum
fabrication piping pre-fabrication, pre-engineered structures,
sheet metal parts, manufacturing of pressure vessels, heat
exchangers, condensers, equalizers, normalizers, storage tanks,
condensate tanks etc. These products find application in sectors
like Oil and Gas, Petrochemical, Fertilizers, Power Sector,
Pharmaceutical, Ship Building, Automotive Sector, Cement. The
materials used in the manufacturing process are carbon steel,
stainless steel, duplex steel and low-alloy steel.

ABF Engineering International Private Limited (ABFEIPL) was
established in 2007 as a company to render manufacturing services
to industries and sectors such as construction, ship building,
petrochemical, Oil and Gas, Fertilizers, Chemical plants, Power
Sector, Pharma and Engineering Project Construction consultants.
ABF is certified by American Society of Mechanical Engineers
(ASME) for U and PP stamp to manufacture pressure vessels, piping
fabrication and accessories. ABF Engineering is registered with
IBR Act, 1950 to manufacture pressure parts and package boiler
and certified by Engineers India Limited (EIL) for procurement of
pressure vessels, and Nuclear Power Corporation of India Limited
(NPCIL) as a vendor for condensers, storage tanks, process
piping, structural fabrication, fabricated steel parts, Sheet
metal parts etc.


ALFA ONE: CARE Migrates C Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Alfa One
Hi-Tech Infra Private Limited (AOHT) to Issuer Not Cooperating
category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      5.00      CARE C; Stable; Issuer not
   Facilities                    cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AOHT to monitor the rating
vide e-mail communications/letters dated April 25, 2018, May 10,
2018, May 16, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, the rating on Alfa One Hi-Tech Infra
Private Limited's bank facilities will now be denoted as CARE C;
Issuer not Cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 29, 2017 the following were
the rating strengths and weaknesses

Key Rating weakness

Stretched liquidity position due to elongated collection period:
The company has a stretched liquidity position due to delayed
payments from its clients. AOHT had an outstanding receivable of
INR11.43 crore from one of its projects ('Thana Square') as on
March 31, 2014. Furthermore, the company also has disputed
payment receivables of INR56 lakh from another project towards
which the company has filed a suit in the court to recover its
dues. However, out of the total receivables of INR11.43 crore
from 'Thana Square' project, the company has received around INR3
crore as on June, 2015. The company had a very high overdraft
utilisation in the past 12 months ended May, 2015.

Small scale of operations: The scale of operations of AOHT is
relatively small with a total income of INR3.6 crore during FY14
(refers to the period April 1 to March 31). In its first four
years of operations the company has completed four projects of
small size, with aggregate order value of INR18 crore. The
biggest of these projects, 'Thana Square' with a project cost of
INR14 crore was executed for its group company AOGB. The company
presently is constructing two residential projects worth INR21.40
crore for AOGB.

Financial profile marked by negative net worth and weak coverage
indicators: As on March 31, 2014, AOHT had a negative net worth
of INR1.02 crore. During FY14, the company incurred a net loss of
Rs.1.5 crore on a total operating income of INR3.6 crore. The
loss was mainly on account of drop in contract revenues while the
company had to incur fixed operational costs. As on March 31,
2015, the company has bank overdraft of INR5 crore towards its
working capital requirements. To support the operations of the
company, the promoter has extended unsecured loans to the
company.

Key rating strengths

Experience of the promoter in various other businesses: The
promoter, Mr. Luthufuddeen, has around two decades of experience
in various other businesses. Before starting Alfa One Hi-Tech
Infra Private Limited, Mr. Luthufuddeen was engaged in merchant
trading and logistics business, based out of Dubai. He entered
the real estate business in 2008, through AOGB, which has
completed 2 residential projects ('Aquamarine' and 'Lamina') in
Kannur (Kerala). AOGB also has a concrete ready-mix division.

AOHT is a Kannur-based company promoted by Mr. P K Luthufuddeen
in 2011 and is engaged in civil constructions for Commercial and
residential buildings. Since inception, AOHT has completed 2
commercial and 2 residential projects. As on June 2015, the
company has 2 residential projects under execution. AOHT
primarily undertakes construction activities for the projects of
Alfa One Global Builders Private Ltd (AOGB, also promoted by Mr.
P K Luthufuddeen in 2008 for development of residential and
commercial real estate projects), apart from other third party
contract works. AOGB is currently promoting a shopping mall in
Kannur, 'Thana Square', which has around 45,000 sq. ft. of retail
and office space and is also simultaneously executing 2
residential projects, 'Whitestreet' and 'French Reviera'. The
constructions for all these projects are undertaken by AOHT.

In FY14, AOHT had a net loss of INR1.5 crore on a total operating
income of INR3.6 crore, as against PAT and TOI of INR0.1 crore
and INR11.4crore, respectively, in FY13.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit (long-term)
    migrated to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR10.6 mil. Term loan (long-term) due on March 2018 migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in December 2010, Hyderabad-based Almo Laminates
manufactures decorative and technical laminates.


ASIAN HANDICRAFTS: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings & Research (Ind-Ra) has affirmed Asian Handicrafts
Private Limited's (AHPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit affirmed with
    IND BB-/Stable/IND A4+ rating; and

-- INR39.26 mil. Term loan due on August 2024 withdrawn (prepaid
    in full) and the rating is withdrawn.

KEY RATING DRIVERS

The affirmation continues to reflect AHPL's small scale of
operations and modest profitability. The modest profitability is
owing to AHPL's presence in a highly fragmented and intensely
competitive handicraft business. AHPL's revenue increased to
INR257 million in FY18 from INR227.67 million in FY17, driven by
an increase in demand. Its EBITDA margin improved to 8.14% in
FY18 from 7.07% in FY17 due to a decline in manufacturing cost
and the appreciation of the US dollar and the British pound. FY18
financials are provisional.

The ratings continue to be constrained by AHPL's weak credit
metrics. Its gross interest coverage (operating EBITDA/gross
interest expense) deteriorated to 1.68x in FY18 from 3.82x in
FY17 due to a proportionately higher increase in interest
expenses (due to the prepayment of the term loan on 30 September
2017) than that in EBITDA. However, its net leverage (total
adjusted net debt/operating EBITDA) improved to 4.94x in FY18
from 6.93x on account of an increase in EBITDA and the prepayment
of the term loan.

The ratings, however, remain supported by AHPL's comfortable
liquidity, indicated by about 86% utilization of its fund-based
limits during the 14 months ended May 2018.

The ratings continue to derive support from the promoter's
experience of more than three decades in the handicraft business.

RATING SENSITIVITIES

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

Positive: Any substantial rise in the revenue and any increase in
the profitability, leading to any improvement in the credit
metrics, could lead to a positive rating action.

COMPANY PROFILE

AHPL manufactures handicrafts such as picture frames, decorative
items, jewelry boxes and fashion jewelry and exports them to
Australia, Japan, and the UK, other European countries, the UAE,
the US and others.


B.B MINERALS: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of B.B
Minerals and Metals (BBMM), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities             5        CARE B+; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of BBMM is constrained
by its relatively small scale of operations with low profit
margins, susceptibility to fluctuation of demand and supply in
steel industry, foreign exchange fluctuation risk and working
capital intensive nature of operations. The rating is further
constrained by the presence of the firm in highly fragmented and
competitive industry and proprietorship nature of constitution.

The rating however derives strength from the long experience of
the promoters in trading business and comfortable solvency
position.

The ability of the firm to increase its scale of operations,
improve profitability margins while efficiently manage its
working capital requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations has been increased during the last three years ended
FY17 but remained small as reflected by total operating income
(TOI) and capital employed of INR10.05 crore and INR6.07 core
respectively as on March 31, 2017. The entity has achieved a
turnover of ~INR16 crore during FY18. Since, the firm is into
trading business which is inherently a low value additive and
volume driven nature of business its profitability margins
remained low.

Susceptibility to fluctuations of demand and supply in steel
industry: Ferro alloys are vital inputs for the production of
all steel, and ferro alloys industry is linked directly to the
steel sector and thus has effect on economy of the country. As
the steel industry is so closely related to ferroalloys,
variation in demand for steel inevitably also affects the
ferroalloy market.

Foreign exchange fluctuation risk: The entity is exposed to
foreign exchange fluctuation with imports constituting 20% of
the total purchases. The firm recently started importing
Ferrosilican from Bhutan. Payments to suppliers are mainly
denominated in Bhutanese ngultrum (BTN). The entity has no
hedging policy in place and hence the margins are susceptible to
fluctuation in foreign exchange prices.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature with gross
current asset days of 110 days during FY17 with funds majorly
blocked in receivables. The working capital requirements are met
by cash credit facility, average utilization of which remained
high.

Presence in competitive and fragmented nature of industry: The
Ferro alloys and coal trading industry is fragmented with
presence of large number of organized and unorganized players
leading to high competition which further intensifies due to
large gap in demand and supply of steel.

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

Key Rating Strengths

Experienced proprietor: BBMM is managed by Mr.Shiv Jagdishchandra
Gupta who has an experience of about two and a half decades in
trading business. He is well supported by a team of experienced
professionals. The extensive experience of the proprietor in the
industry has enabled the firm to garner good relations with key
customers and suppliers.

Comfortable solvency position: The capital structure of the firm
remained comfortable with overall gearing ratio of 0.21x as on
March 31, 2017. Moreover, with improved margins and gross cash
accrual level, the debt coverage indicators also remained strong
in FY17.

BBMM is a Nagpur based proprietorship firm established in August
2009. The firm is engaged in trading of ferro alloys, coal and
minerals with its storage facilities located at Nagpur and
Gujarat having an aggregate storage capacity of approximately 500
metric tonnes. The entity procures its traded products
domestically from Meghalaya and internationally from Bhutan and
sells it to the customers i.e. steel manufacturers located across
India.


BHAVESH GINNING: CRISIL Withdraws B Rating on INR8cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Bhavesh
Ginning Industries (BGI) on the request of the company and after
receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with BGI for obtaining
information through letters and emails dated June 7, 2018, and
June 11, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BGI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
BGI is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of BGI to
'CRISIL B/Stable' Issuer not cooperating' from 'CRISIL B/Stable'.

BGI was established as a partnership firm in 2005. Its operations
are managed by MrAnandgiri Swami and his family. The firm has an
installed capacity of 200 bales per day for ginning and pressing
cotton in Patan, Gujarat.


BREW FORCE: CRISIL Assigns B+ Rating to INR7cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Brew Force Technologies (BFT).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      1.5       CRISIL B+/Stable (Assigned)

   Cash Credit/
   Overdraft facility      7         CRISIL B+/Stable (Assigned)

   Inland/Import Letter
   of Credit               6.5       CRISIL A4 (Assigned)

The ratings reflect firm's modest scale of operations, and large
working capital requirement and below-average financial risk
profile because of high total outside liabilities to tangible
networth (TOLTNW) ratio and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the partners in the engineering, procurement, and
construction (EPC) industry, established clientele, and moderate
orders.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and large working capital
requirement: Presence of large and reputed players in the
industry and intense competition have led to small scale for BFT,
indicated by estimated revenue of INR17.61 crore in fiscal 2018.
The modest scale limits pricing flexibility, thereby constraining
profitability. Gross current assets were at 156-220 days in the
three fiscals through 2017 and are estimated at more than
previous year in fiscal 2018, due to sizeable inventory and
extensive credit offered to customers because of intense
competition. The large working capital requirement results in
high bank line utilisation, and consequently, to weak liquidity.

* Below-average financial risk profile: As on March 31, 2018,
gearing is estimated at 1.74 times and TOLTNW ratio at 5.87
times. Debt protection metrics were weak, with interest coverage
and net cash accrual to total debt ratios at 0.73 time and
negative 0.02 time, respectively, for fiscal 2018. The financial
risk profile is expected to improve over the medium term.

* Susceptibility of profitability to volatility in raw material
prices: Fluctuations in the prices of key raw material, steel,
have led to volatile operating margin. The margin ranged from 2.2
to 5.3% over the three fiscals through 2018.

Strengths

* Extensive experience of the partners and established customer
relationships: Presence of more than four decades in the EPC
segment, primarily for the liquor and distilleries industry, has
enabled the partners to understand market dynamics and develop
strong relationships with customers and suppliers.

* Moderate orders: Orders of INR90.0 crore as on June 1, 2018, to
be executed over the next 24 months, provide medium-term revenue
visibility.

Outlook: Stable

CRISIL believes BFT will continue to benefit over the medium term
from the extensive experience of its partners and moderate order
book. The outlook may be revised to 'Positive' in case of a
significant and sustained increase in scale of operations and
profitability, and improvement in working capital cycle. The
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens on account of further decline in
revenue and profitability, larger-than-expected, debt-funded
capital expenditure, or increase in working capital requirement.

BFT, a partnership firm promoted in 2008 by Mr. Pritam Singh and
his son Mr. Balbir Singh Malhotra, executes brewery and
distillery projects for domestic and overseas customers.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING)/IND A4 (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Chaudhry & Sons (Forgings) is engaged in the building
deconstruction and salvage business. It provides dismantling and
demolition services for buildings and tall structures, and
dismantle services for structural steels components. The company
is managed by Mr. Rajiv Choudhry and Ms. Neeta Chaudhry.


DAKSHINESHWARI MAA: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri
Dakshineshwari Maa Polyfabs Limited's (SDMPL) 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:

-- INR670 mil. Proposed long-term loan migrated to non-
    cooperating category with Provisional IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital limit
    migrated to non-cooperating category with Provisional IND BB
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SDMPL was incorporated in November 2016 to set up a plant for
manufacturing printed plastic bags, leno bags, cement bags, and
ad protex bags.


FAIRDEAL OVERSEAS: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fairdeal
Overseas' 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:

-- INR150 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR5 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 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings

COMPANY PROFILE

Incorporated in 1997, Fairdeal Overseas is a partnership firm
engaged in the wholesale distribution of lead acid batteries,
lubricants, tire tube flap, computer, laptops, mobile, and
inverters in Guwahati.


GANPATI COLD: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganpati Cold
Storage (GCS) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan              2.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GCS for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ganpati Cold Storage to 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2004 as a partnership firm in Deesa, Gujarat, by Mr.
Kachhawa Popatlal Chamnaji and family members, GCS provides cold
storage facilities for potatoes.


GOLDLINE PHARMACEUTICALS: CRISIL Assigns B+ Rating to INR6cr Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Goldline Pharmaceuticals Limited (GPL).

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

The rating reflects CRISIL's belief that GPL's revenue and
profitability will be exposed to funding and completion risks
relating to the impending set-up of its manufacturing unit. The
rating also factors in a below-average financial risk profile and
modest scale of operations. These weaknesses are partially offset
by the company's established, albeit small, marketing network and
the decade-long experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Risks relating to impending capex: GPL is currently setting up
its manufacturing unit at Butibori, the external debt for which
is yet to be tied up. Moreover, the planned capex marks the
company's foray into manufacturing, having engaged in marketing
of drugs since its inception. GPL's revenue and profitability
shall remain exposed to risks relating to funding and completion
of the manufacturing plant, with the company not having
undertaken any such capex in the past.

* Below-average financial risk profile: GPL's financial risk
profile is marked by a relatively small networth of INR6.78 crore
as at March 31, 2017 and moderate gearing levels. Debt protection
metrics for fiscal 2017 were weak, with interest coverage ratio
of 1.27 times and net cash accrual to total debt (NCATD) ratio of
5%.

* Modest scale of operations: GPL's revenue has remained between
INR35 and 40 crores in the three years ended fiscal 2017. While
the company has steadily scaled up operations since its
inception, its scale remains modest, which could pose a challenge
in the intensely competitive generic pharmaceuticals industry.

Strengths:

* Established, albeit small, marketing network: Currently, GPL is
present in nine states, with a distribution network comprising of
12 carrying & forwarding agents and around 170 stockists. The
established marketing network has enabled the company to build
its presence in Maharashtra and Madhya Pradesh, among other
states.

* Experience of promoters: Mr Amol Mujumdar has been managing the
operations of the company since 2005 and had professional stints
in the industry prior to setting up GPL. Between him and Mr
Swapan Khandelwal, who joined the company in 2010, the management
possesses keen insights into the finer nuances of the generic
pharmaceuticals industry.

Outlook: Stable

CRISIL believes GPL will benefit in the medium term from its
promoters' experience and its established marketing network. The
outlook may be revised to 'Positive' if GPL registers sharp
revenue growth, post successful completion of the impending
capex, resulting in an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if GPL faces
challenges in successfully completing the set-up of its
manufacturing facility, thereby affecting its operating margin
and liquidity.

Incorporated in 2005, GPL is a closely-held public company
engaged in the marketing of generic drugs in nine states in the
country. The day-to-day operations of the Nagpur-based company
are managed by Mr Amol Mujumdar and Mr Swapan Khandelwal.


GOYAL GLASSWARE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Goyal Glassware
Private Limited's (GGPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR220.0 mil. (increased from INR180.0 mil.) Fund-based
    limits affirmed with IND BB+/Stable/IND A4+ rating;

-- INR77.0 mil. (reduced from INR106.48 mil.) Term loan due on
    March 2020 affirmed with IND BB+/Stable rating; and

-- INR42.5 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects GGPL's continued modest revenue and
credit profile due to its presence in a highly competitive glass
manufacturing industry. Moreover, the company faces customer
concentration risk with its top five customers accounting for 90%
of the total revenue.

Revenue was stable in FY17 and FY18 at INR1,141.18 million (FY16:
INR1,163.41 million) and INR1,132.79 million, respectively,
driven by a stable demand from existing clients. FY18 financials
are provisional.

Its interest coverage (operating EBITDA/gross interest expense)
improved to 3.32x in FY17 (FY16: 2.51x), driven by a decrease in
interest cost to INR31.42 million (INR42.07 million). Further,
its net leverage (adjusted net debt/operating EBITDAR) improved
to 2.91x in FY17 (FY16: 3.20x), on account of a decrease in
overall debt due to term loan repayments. The credit metrics
remained stable in FY18 with interest coverage at 3.44x and
leverage at 2.98x, primarily due to a stable debt in the absence
of any capex.

The ratings however are constrained by GGPL's tight liquidity,
indicated by its average 96.5% use of the fund-based working
capital limits for the 12 months ended May 2018.

The ratings also factor in GGPL's capex plans of INR117 million.
The company is setting up a new packing unit  in a joint venture
with the Uttar Pradesh government, wherein 70% of the profits are
to be allocated to GGPL. The state government has already
provided a grant of INR77 million to GGPL. The balance amount
will be funded by GGPL using internal accruals and promoter
contribution. The timely completion of the plant will remain a
key rating sensitivity.

RATING SENSITIVITIES

Negative: A dip in the operating margins and any unexpected debt-
led capex leading to deterioration in the credit metrics, on a
sustained basis, will be negative for the ratings.

Positive: A substantial increase in the size of operations
coupled with diversification in the customer profile while
maintaining the credit metrics, on a sustained basis, could be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2013, GGPL manufactures glass bottles and caters
to the packaging needs of liquor and pharmaceutical industries.
The company is promoted by Mr. Nitesh Gupta and has an installed
capacity of 190MT/day.


GREEN MIRROR: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Green
Mirror Buildcon Private Limited (GMBPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     11.50      CARE D; Issuer Not Cooperating,
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GMBPL to monitor the
ratings vide e-mail communications/letters dated May 25, 2018,
May 24, 2018, May 23, 2018, May 22, 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 Green Mirror Buildcon
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

At the time of last rating on March 29, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of companies.)

Key Rating Weaknesses

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

Incorporated in September 2013, Ahmedabad (Gujarat)-based GMBPL
is promoted by two promoters namely Mr. Suresh Badgujar and Mr.
Jitendra Badgujar. GMBPL is undertaking a greenfield project to
manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with
proposed installed capacity of 1,00,000 Cubic Meters per Annum
(CMPA) at its plant located at Kheda district of Gujarat.


GROVER IMPEX: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Grover Impex
Private Limited's (GIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. (reduced from INR25 mil.) Fund-based working
    capital limits affirmed with IND BB-/Stable/IND A4+ rating;
    and

-- INR75 mil. (reduced from INR100 mil.) Non-fund-based working
    capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects GIPL's continued small scale of
operations and weak credit metrics. GIPL's revenue rose to
INR255.02 million in FY18 from INR237.98 million in FY17, driven
by an increase in the number of orders received from existing and
the addition of new customers. Its gross interest coverage
(operating EBITDA/gross interest expense) improved to 1.84x in
FY18 from 1.67x in FY17, primarily on account of a decline in
interest cost. Moreover, its net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 3.35x in FY18 from 2.88x
in FY17, primarily due to an increase in debt. FY18 financials
are provisional.

The ratings, however, are supported by GIPL's comfortable
liquidity, indicated by an 85.06% average utilization of the
fund-based limits for the 12 months ended May 2018.

The ratings continue to be supported by the founders' over three
decades of experience in the trading business. Moreover, GIPL's
operating profitability remained in the thin-to-moderate range at
3.50%-4.50% over FY15-FY18 despite operating in the trading
business.

RATING SENSITIVITIES

Negative: Any fall in the operating profitability leading to any
deterioration in the credit metrics will be negative for the
ratings.

Positive: Any increase in the revenue, along with any rise in the
operating profitability, leading to any improvement in the credit
metrics, will be positive for the ratings.

COMPANY PROFILE

GIPL is engaged in the trading of agricultural products such as
Gambier, whole spices, pulses and chemicals. It imports materials
and sells domestically. Its head office is in New Delhi and
branch office is in Navi Mumbai, Maharashtra.


H K LUMBERS: CARE Lowers Rating on INR4.50cr ST Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
H K Lumbers LLP (HKLL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities            1.35       CARE D Revised from CARE B;
                                    Stable

   Short Term Bank
   Facilities            4.50       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
HKLL is primarily due to irregularity in servicing its debt
obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position
of the firm.

Gandhidham (Gujarat) based HKLL was incorporated in 2014 by
Rudani and Patel Family and currently managed by Mr. Rajeshkumar
Rudani and other family members. Mr. Rajeshbhai Rudani possesses
10 years of experience in wood and wood products industry. HKLL
is engaged into saw milling and planning of wood.

H K Timbers Private Limited is the group entities of HKLL, which
is engaged in manufacturing of veneer sheets, manufacturing of
plyboard, particle board and other plyboard products.


JAGDAMBA TIMBERS: CRISIL Reaffirms B+ Rating on INR2cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Jagdamba Timbers Private Limited (JTPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      11        CRISIL A4 (Reaffirmed)

The ratings continue to reflect its modest scale, low
profitability, and weak financial risk profile due to high
TOL/TNW. These weaknesses are partially offset by the extensive
experience of its promoters in the timber trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and low profitability: With an
estimated operating income of INR25 crore in fiscal 2018, scale
remains small. Also, estimated operating and net margins were
subdued at 2.1% and 0.5%, respectively.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is likely to have been high at 3.37 times
as on March 31, 2018, due to stretched payables. Interest
coverage ratio is estimated to have been average at 1.6 times for
fiscal 2018.

Strength

* Experience of promoters: Benefits from promoters' two decade-
long experience and their established relationship with customers
and suppliers should continue to support business risk profile.

Outlook: Stable

CRISIL believes JTPL will continue to benefit from its promoters'
experience and funding support. The outlook may be revised to
'Positive' if higher-than-expected sales and healthy
profitability lead to sizeable cash accrual and strengthen
financial risk profile. The outlook may be revised to 'Negative'
if increase in working capital requirement or any large, debt-
funded capital expenditure further weakens financial risk
profile.

Incorporated in 2011 and promoted by Mr Radhey Shyam Jain and his
son, Mr Niraj Jain, JTPL trades and saws timber and sells in
Delhi, Punjab, Haryana, and Maharashtra. The company has a saw
mill and an office in Gandhidham, Gujarat; and another office in
Karnal, Haryana.


JNV VIRA: CRISIL Migrates B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JNV Vira
Engineering Private Limited (JNV) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee         7       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit            8       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan              3       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JNV Vira
Engineering Private Limited (JNV) for obtaining information
through letters and emails dated April 24, 2018, May 09, 2018,
June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JNV Vira Engineering Private Limited to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

Set up in 2007 by Vadodara-based Mr. Jaykumar Madhubhai Patel and
Mr. Vinodkumar Amrutlal Shah, JNV manufactures floating and fixed
roofs for oil and storage tanks, and also makes and erects
structures for oil refineries. It has a 43,000 square feet
manufacturing unit in Vadodara.


KARTHIK TRAVELS: CRISIL Migrates B- Rating to Not Cooperating
-------------------------------------------------------------
CRISIL is migrating the rating on the bank facilities of Karthik
Travels Private Limited (KTPL) from 'CRISIL D/Issuer Not
Cooperating' to 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              6        CRISIL B-/Stable (Migrated
                                   from 'CRISIL D ISSUER NOT
                                   COPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of KTPL to CRISIL D/Issuer
Not Cooperating. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the bank facilities of KTPL from 'CRISIL
D/Issuer Not Cooperating' to 'CRISIL B-/Stable'.

The upgrade reflects regularisation of overdraft account since
March 2018. The company had previously overdrawn the limit for a
period of more than 30 days.

The rating reflects a modest scale of operations in the
competitive car rental industry, and a weak financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a competitive industry: Revenue
was modest at INR30.11 crore in fiscal 2018. There is intense
competition from other companies offering car rental services in
Chennai. This results in pricing pressure.

* Weak financial risk profile: The gearing is high mainly owing
to significant debt contracted to facilitate purchase of cars.
The networth was modest at INR4.73 crore as on March 31, 2018.
Debt protection metrics for fiscal 2018 were average.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of around 20 years in the car rental and staff
transportation services industry in Chennai. The company started
with providing taxi services in 1998 and has since grown and
diversified into providing luxury car rental services and
subsequently into staff transportation services. It has
established a base of large corporate clients with which it has
strong associations, leading to repeat business and continuous
increase in cars deployed to them.

Outlook: Stable

CRISIL believes KTPL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' in case of a significant increase in the
scale of operations along with improvement in the capital
structure and maintenance of profitability. The outlook may be
revised to 'Negative' in case of a significant decline in cash
accrual or larger-than-expected, debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

KTPL was set up as a proprietorship firm in 1998 for providing
car rental services. The firm was reconstituted as a private
limited company with the current name in 2016. The company also
provides luxury car rental services. Operations are managed by Mr
Eshwar Mohan.


KERALA STATE: Ind-Ra Affirms B+ Rating on INR100MM Loan
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kerala State
Electronics Development Corporation Ltd.'s (KSEDC) bank
facilities as follows:

-- INR100 mil. Working capital limits affirmed with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects KSEDC's continued weak financial
profile, primarily owing to investments in weak subsidiaries,
some of which are defunct.

KSEDC's revenue declined 8.6% yoy to INR3,751 million, according
to provisional FY17 financials, on account of slow order
execution mainly from the IT Business Group division. Also, the
EBITDA turned negative 4.5% in FY17 (FY16: 4.1%; FY15: 0.3%)
because of a revision in pay structure with effect from April 1,
2012, the provisioning of which resulted in higher employee
expenses. Its gross cash cycle was also long at 288 days in FY17
(FY16: 288 days; FY15: 319 days), on account of delayed payments
from customers, primarily government bodies. According to the
company's estimates for FY18, revenue was INR4,050.5 million.

Credit metrics turned negative in FY17 due to the EBITDA losses.
The interest coverage (operating EBITDA/gross interest expense)
was negative 5.5x in FY17 (FY16: 5.2x) and net leverage (adjusted
net debt/operating EBITDAR) negative 10.3x (11.7x). The interest
coverage remained comfortable till FY16 on account of an interest
freeze available on the unsecured loans from the state government
until FY21.

Of the total debt of INR2,069.7 million outstanding on March 31,
2017, and a major portion was an unsecured loan totaling
INR2,067.3 million from the government of Kerala and other state
government entities. Weak earnings and high working capital
requirements had led to a tight liquidity position for the
company, resulting in continued delays in debt servicing on the
above-mentioned unsecured loans. KSEDC has submitted a proposal
to the government of Kerala for restructuring its debt.

The ratings, however, positively factor in the willingness of the
state government to extend further unsecured loans to support the
company's capex plans. The ratings are also supported by KSEDC's
strong short-term revenue visibility with an unexecuted order
book position of INR4,352.54 million (1.2x of FY17 revenue) on
June 7,  2018. Moreover, KSEDC has a significant track record and
presence in the electronics industry since 1973. It has an
established market position across a diverse range of product
segments.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin leading to interest
coverage remaining below 1.25x on a sustained basis would be
negative for the ratings.

Positive: Timely servicing of debt obligations on all loans from
the Kerala government and other government entities or any
deferment on the debt repayment obligations for the above loans
granted by respective entities would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1972, KSEDC is a government of Kerala undertaking
that is engaged in the manufacturing of a wide range of
electronic goods. Moreover, it undertakes projects involving the
design, manufacturing, testing, installation, commissioning and
maintenance of electronic equipment in industrial establishments.
KSEDC has six strategic business units, along with a diversified
product portfolio, catering to sectors such as defense, space,
power electronics, control and instrumentation, traffic
management, IT/ITES, and security and surveillance. Based in
Trivandrum, Kerala, KSEDC has three manufacturing facilities
across the state.


KHR INFRASTRUCTURES: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KHR
Infrastructures Private Limited (KHR) to 'CRISIL B+/Stable Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      6.43      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

   Term Loan               1.07      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with KHR for obtaining
information through letters and emails dated April 25, 2018,
May 9, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

KHR, set up in 2010 was promoted by Ms. K Karthika and MR.
Hemanth Kumar: it commenced operations in April 2011. The company
is engaged in processing and conditioning of corn seeds and is
based out of Hyderabad.


KOVAI KALAIMAGAL: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kovai
Kalaimagal Educational Trust (KKET) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.66      CARE D, Issuer Not Cooperating
   Facilities                     based on best available
                                  information

   Short-term Bank      0.14      CARE D, Issuer Not Cooperating
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KKET to monitor the rating
vide e-mail communications dated May 11, 2018,May 17, 2018 and
May 25, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the trust has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on Kovai Kalaimagal Educational Trust's
bank facilities will now be denoted as CARE D; Issuer not
Cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Ongoing Delays in debt servicing: There are on-going delays in
meeting the debt obligations since, the trust faces liquidity
issues arising from delay in fee collection.

Kovai Kalaimagal Educational Trust (KKET) was set up as a
charitable trust under section 12A of Income Tax Act by Mr. K.A
Chinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in
the year 1992. The trust currently operates four
educational institutes:

1. Kovail Kalaimagal College of Arts & Science (KKCAS)
2. Coimbatore Institute of Management & Technology (CIMAT)
3. Coimbatore Institute of Engineering & Technology (CIENT)
4. Kovai Kalaimagal Matriculation School (from K-10)


KRISHNA TRANSNATIONAL: CARE Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Krishna
Transnational Marbles Private Limited (KTMPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           5.00      CARE B+; Issuer not cooperating

   Short-term Bank
   Facilities           1.00      CARE A4; Issuer not cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KTMPL to monitor the
rating vide e-mail communications/ letters dated May 11, 2018,
May 17, 2018 and May 25, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Krishna
Transnational Marbles Private Limited's bank facilities will now
be denoted as CARE B+; Issuer not Cooperating/CARE A4; Issuer not
cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Stretched operating cycle with high inventory holding: The
company's collection efficiency has been comfortable with
collection period of about 30-45 days whereas it avails
credit period of about 60-90 days from its suppliers resulting in
moderately stretched operating cycle of about 80 days.
Working capital cycle stretched to 101 days in FY15 (refers to
the period April 1 to March 31) mainly with rise in inventory
levels as the company booked significant stock of an imported
marble - Buttochino - to capture maximum share of the anticipated
rise in demand for the product.

Foreign currency fluctuation risk: The company imports about 40-
60% of its procurements and is exposed to foreign currency risk
to that extent with no hedging measures being taken by the
company. The company reported foreign exchange loss of INR0.18
crore in FY15 as against loss of INR0.24 crore in FY14.

Highly competitive nature of business and replacement threat from
alternative flooring solutions: The Indian marble industry is
highly fragmented with the presence of many unorganised small
traders resulting in pricing pressure. At the same time, the
company also faces risk of shift in consumer preferences from
marble & granites to various alternative flooring solutions such
as tiles, engineered stones (Quartz) etc.

Dependence on inherently cyclical real estate industry: The
demand for the company's products is linked to the real estate
sector, which is inherently cyclical in nature. As such, demand
for KTMPL's products may be adversely impacted in case of any
downturn in the real estate space.

Key Rating Strength

Experienced promoters: The promoters of the company have almost
25 years of experience in the field of marbles & granites. Mr.
Vinay Babu, Managing Director looks after day to day operations
of the company and has experience of over 20 years in the field.
He is supported by a team of well-experienced professionals.

Long term relations with well-diversified & reputed clientele:
With a track record of more than a decade, KLMR has developed
good long term relations with reputed real estate developers of
Bangalore such as Prestige Group, Sobha, Mantri group, Embassy
Group, Hyatt Hotels, etc. which has helped it generate repeat
orders. At the same time, KTMPL has a well-diversified client
base with more than 80 customers which include mix of real estate
developers, interior designers as well as direct (retail)
customers.

Consistent revenue growth with stable profitability: KTMPL has
witnessed robust revenue growth over the past three years.
Operating income grew by 17.55% in FY14 (refers to the period
April 1 to March 31), and further by 10.03% y-o-y to INR48.42
crore in FY15. The company has maintained stable profitability
with PBILDT margin of about 6% - 8% and PAT margin of about 3%.

Comfortable capital structure: KTMPL has consistently maintained
comfortable capital structure over the past three years. Overall
gearing improved modestly to 0.86x as on March 31, 2015 as
against 0.99x as on March 31, 2014 with accretion of profits.

Incorporated in the year 2004, KTMPL is engaged in trading of
marbles and granites used for flooring purpose. KTMPL procures
blocks/slabs of marbles and granites from quarries in India as
well as imports from countries such as Italy, Turkey, China,
Oman, Sri Lanka, Vietnam, Greece, etc. The company is mainly into
trading and undertakes cutting or polishing only upon customer
request. Some of the major customers that the firm caters to
include Prestige Group, Sobha Ltd., Mantri Group, Embassy Group,
Hyatt Hotels, etc. The company has 3 stocking units in Bangalore
with a total yard space of 1.30 lakh sq. ft.


KUBS SAFES: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kubs
Safes and Locks Private Limited (KSL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank       28.76     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KSL to monitor the rating
vide e-mail communications/ letters dated April 25, 2018, May 10,
2018,  May 18, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, the rating on Kubs Safes and Locks
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 19, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Delay in debt servicing: The company has been incurring cash
losses leading to weak liquidity position. On account of this,
the company had delayed its debt servicing in the recent past.
Marginal decline in scale of operations With an intent to move
from trading to manufacturing, a manufacturing facility was set
up at Oragadam, Chennai at a cost of INR60.17 crore for which the
commercial operations started in April 2014. KSL started the
manufacturing of its product lines namely fire and burglary
resistant safes, safe deposit locker cabinets and strong room
doors with an installed capacity of 40 security equipment per
shift. During FY15 (refers to the period April 1 to March 31),
the manufacturing sales constituted 26% of the total sales as
against nil in FY14. As the focus of the management shifted
towards the manufacturing activities, the trading sales declined
in FY15 which resulted in the marginal decline in its total
operating income (TOI) from INR10.85 crore in FY14 to INR10.11
crore in FY15.

High cash loss: The operating income of KSL declined by 6.82% in
FY15 mainly due to fewer orders from NBFCs. The NBFCs, which are
the major buyers of safety deposits and lockers stunted expansion
during the year. The number of new branches added by NBFCs and
banks came down due to a mix of market & regulatory orders. On
the back of the higher fixed overheads and the first year of
manufacturing operations, the company reported a negative PBILDT
of INR5.55 crore during FY15 as against a negative PBILDT of
INR4.82 crore in FY14. Furthermore, on account of the higher
interest and depreciation expense, the company incurred a net
loss of INR11.87 crore in FY15. The gross cash accruals (GCA)
were negative INR10.98 crore in FY15 as against negative INR4.82
crore in FY14.

Moderate capital structure on account of the capital infusion by
the promoters: Despite incurring heavy net loss of INR11.87 crore
in FY15, the tangible networth of the company increased from
INR25.80 crore as on March 31, 2014 to INR27.11 crore as on
March 31, 2015. This was on account of the equity infusion of
INR13.46 crore in FY15. Further, the promoters infused preference
share capital (treated as debt) of INR2.70 crore in FY15 to fund
the working capital needs as well as to fund the operating loss
incurred. The overall gearing improved marginally from 1.52 times
as on March 31, 2014 to 1.46 times as on March 31, 2015 and stood
moderate. However, the debt coverage indicators viz. interest
coverage and total debt/ GCA stood weak stressed owing to the
operating loss incurred.

Working capital intensive nature of operations: The nature of
business undertaken by KSL is working-capital intensive given the
long lead time involved in importing of the physical security
products (for traded products) and credit period given to the
customers. The company operated with an operating cycle of 90
days in FY15. Going forward, with stabilisation of KSL's
manufacturing unit, its dependence on imports (of trading
products) is expected to reduce thereby providing some comfort in
its operating cycle.

Key Rating Strengths

Experience of the promoters in trading of security equipment: The
promoters have nearly 10 years of experience in marketing and
distribution of physical security products in the Middle East.
Mr. Bhasi Pazhat, one of the promoters, has experience of over
three decades in managing various lines of business in the Middle
East. He is ably assisted by Mr. P. Somasundaran and Mr.
Venugopalan, who possess four decades of experience, primarily
with Al Nabooda Group. The directors of KSL have interests in
other entities such Al Nabooda Interiors LLC (Dubai), Al Nabooda
Insurance Brokers LLC (Dubai), Toli Floor Middle east LLC
(Dubai), Total Offis Interiors & Solutions LLP (Bangalore) and
Hospitality Catering LLC (Abu Dhabi).

Strategic initiatives taken by the company to improve business
prospects: The company is currently importing and selling UL,
European Standard based physical security equipment apart from
the equipments manufactured in its Oragadam Plant. KSL has
already obtained ISO 9001 & ISO 14001 certification for its
plant. The company is in the process of obtaining BIS
certification. With BIS certification, KSL will get the
opportunity to supply its equipment to all banks throughout the
country. After stabilising its operations with respect to the
physical security equipment based on BIS standard, KSL intends to
implement UL and European standards for its manufactured
products, thereby exporting these to the Middle East and Europe
through the promoter controlled entities. The company has also
signed a MoU with a Swedish Company for contract manufacturing
for their brand "SECURA" by shifting their production fully to
the company's factory at Oragadam. Furthermore, the company has
developed a prototype for an ATM manufacturer and is exploring
opportunities in the market for such products.

KSL is engaged in the business of manufacturing and trading of
various physical security equipment such as safe deposit lockers
and boxes, record protection filing cabinets, fire resistant data
storage cabinets, fire resistant vault doors and similar space-
saving storage equipment. These products are primarily used by
jewellers, corporate houses, banks, financial institutions and
government establishments. KSL was incorporated on October 13,
2009 by a group of entrepreneurs who are involved in the
distribution of physical security equipment of reputed global
majors in the Middle East, since 2004. The firm has setup a
warehouse at Oragadam, Chennai, for storing the inventory. KSL
has an associate concern KUBS Impex Private Limited, established
in 2010, which is engaged in trading of office products such as
shredders, laminating and binding machines.


LAKSHMI SARASWATHI: CARE Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Lakshmi
Saraswathi Textiles (LST) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        0.84       CARE B; Stable; Issuer not
   Facilities                       cooperating Based on best
                                    available information

   Short term Bank       5.20       CARE A4; Issuer not
   Facilities                       cooperating Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LST to monitor the rating
vide e-mail communications/ letters dated April 25, 2018, May 10,
2018, and May 16, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, the ratings of Lakshmi Saraswathi Textiles's bank
facilities will now be denoted as CARE B; Issuer not
Cooperating/CARE A4; Issuer not cooperating; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 2016 the following were the
rating strengths and weaknesses

Key Rating weakness

Volatility in total operating income: The firm's total operating
income declined by 41% on account of decrease of sales orders
from a major customer from Thailand. During 10MFY16 (refers to
the period April 1 to January 31), LST has achieved INR15 crore
approximately (an annualized growth of 45% for FY16 [refers to
the period April 1 to March 31]). The firm has executed orders
valued INR2 crore (approximately) for February 2016 and are
expecting to execute INR2 crore for March 2016.

Elongated operating cycle: Operating cycle of the firm has
elongated from 100 days in FY14 to 201 days in FY15, on account
of increase in inventory holding period to 130 days (against 91
days in FY14). The firm's production is generally on the basis of
sales orders yet the firm also maintains a standard inventory to
cater to immediate requirements of its customers. There was a
decline in sales orders from the customers which has resulted in
the pile up of inventory during the end of FY15.

Key rating strengths

Improvement in profitability margins and cash accruals: The
PBILDT margin improved by 633 bps in FY15 on account of lower
material cost as evidenced by decrease in material cost from 83%
of the total operating income in FY14 to 75% of the total
operating income in FY15. The PAT margin also improved on account
of PBDIT margin improvement though it remained thin.

Weak gearing and coverage indicators: Debt coverage indicators
remains weak marked by interest coverage 1.63 times in FY15
though marginally improved from 1.52x in FY14. The overall
gearing is also weak at 2.00 times as of March 31,2015 (2.44x as
of March 31, 2014). Total debt to GCA improved to 13.29x as on
March 31, 2015, from 21.26x as on March 31, 2014, on account of
increase in gross cash accruals by 50% during the period.

Future capex plans: The firm plans to purchase another 8 second
hand suzler looms with project cost of INR1.20 crore funded
through 60% of bank term loan and remaining by the promoter's
contribution. The project is expected to be completed within the
end of FY17.

LST is a proprietorship concern established in the year 1982 by
Mrs Vijayalakshmi, supported by her husband Mr. T.A. Rajah. LST
was engaged in trading yarn and fabric in the domestic market
till 2004. Since 2005, they are into manufacturing fabric and
started concentrating on the export market. After the demise of
Mrs Vijayalakshmi in the year 2007, the full control of
operations was taken over by Mr. T.A. Rajah. It has an installed
capacity of 55 lakh meters per annum. In FY15, LST had a Profit
after Tax (PAT) of INR0.10 crore on a total operating income of
INR12.40 crore, as against PAT and TOI of INR21.16 crore and
INR0.08 crore, respectively, in FY14.


LIBERTY HOSPITALS: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Liberty
Hospitals (LIBHO) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         9        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LIBHO for
obtaining information through letters and emails dated April 25,
2018, May 9, 2018, June 7, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

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

Liberty Hospitals (LIBHO), set up in 2014 as a proprietorship
firm, operates a multi-specialty hospital in Vijayawada, Andhra
Pradesh. Promoted by Dr. Y.V Ravi Prasad, the hospital started
commercial operations in June 2014 with 50 beds capacity.


M. O. POONNEN: CRISIL Lowers Rating on INR5.5cr Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
M. O. Poonnen (part of the M. O. Poonnen group) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.5      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     1.0      CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Standby Line of        0.5      CRISIL B/Stable (Downgraded
   Credit                          from 'CRISIL B+/Stable')

The downgrade reflects weakening of the group's credit risk
profile on account of working capital intensity and modest scale
of operations resulting in modest accruals. The operations are
working capital intensive in nature as indicated by the Gross
Current Asset (GCA) days of around 286 days in fiscal 2017, which
was due to high inventory holding period. Also, the group had low
net cash accrual of INR0.8 crores in fiscal 2017. The above-
mentioned reasons had impacted the liquidity profile of the group
with highly reliance of working capital facilities.

The rating reflects group's small scale of operations in
intensely competitive industry and working capital intensive
operations. These weaknesses are partially offset by a moderate
financial risk profile and promoter's extensive industry
experience.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sunil Steels - Podiyadi and M. O.
Poonnen. That's because both firms, together referred to as the
M. O. Poonnen group, are in the same line of business, and have
common promoters and significant operational and financial
linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in intensely competitive industry:
The group's small scale of operation in a highly competitive and
fragmented industry will constrain its business risk profile.
This will restrict the firm from realizing the benefits
associated with economies of scale.

* Working capital intensive operations: Group's operations remain
working capital intensive due to large inventory requirement and
moderate credit period the group offer to its clients. Gross
current assets (GCA) was at 286 days as on March 31, 2017.

Strength

* Promoter's extensive industry experience: Promoters have
experience of more than 2 decades in trading of ceramics, marbles
and granites resulting in established relationship with its
suppliers and clientele, which has helped the group in smooth
operations.

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an improvement in scale of
operations and profitability, along with efficient management of
working capital requirement. The outlook may be revised to
'Negative' in case of low cash accrual or increase in working
capital requirement, or any large, capital withdrawal by
partners, resulting in pressure on liquidity.

The M. O. Poonnen group was established in 1985 by Mr. M.O.
Poonnen. The Kerala-based group imports and processes marbles.
The group which also trades Ceramics, granites and various
construction materials retails its products through its three
retail showrooms in Kerala and its operations are managed by Mr.
Sunil George Oommen.


MAHAKALESHWAR INFRATECH: Ind-Ra Lowers LT Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mahakaleshwar
Infratech Private Limited's (MIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit downgraded with IND BB+/
    Negative/IND A4+ rating; and

-- INR450 mil. Non-fund based limit downgraded with IND A4+
    rating.

KEY RATING DRIVERS

The downgrade reflects a decline in MIPL's scale of operations to
small from modest and a deterioration in its credit metrics to
modest from strong. The Negative Outlook reflects lack of
visibility whether current orders will be executed on time owing
to delays in the execution of tenders because of the revalidation
and renewal of tenders.

MIPL's revenue declined to INR342.00 million in FY18 from
INR636.37 million in FY17 and INR1,328.47 million in FY16 due to
a delay in the execution of tenders because of the revalidation
and renewal of tenders and the lack of orders during FY17.
Moreover, as on 30 June 2018, MIPL had an outstanding order book
position of INR2,241 million. FY18 financials are provisional.

Moreover, MIPL's gross interest coverage (operating EBITDA/gross
interest expense) was 5.87x in FY18 (FY17: 4.95x; FY16: 12.32x).
The improvement in the coverage in FY18, despite a fall in
EBITDA, was on account of a decline in interest cost. On the
other hand, the deterioration in the coverage in FY17 was owing
to a decline in absolute EBITDA and a rise in interest cost.
Furthermore, MIPL's net leverage (total adjusted net
debt/operating EBITDAR) was 2.77x in FY18 (FY17: 1.50x; FY16:
1.40x). The deterioration in the leverage in FY18 and FY17 was
due to a rise in debt.

The ratings also reflect MIPL's limited working capital limit for
bidding for government tenders.

The ratings, however, continue to be supported by MIPL's strong
operating margin, which increased to 21.00% in FY18 from 12.50%
in FY17 and 8.92% in FY16 on account of a decline in the price of
its major raw material (bitumen) and the procurement of other raw
materials at low costs.

The ratings also continue to be supported by a comfortable
liquidity position, indicated by a 72.21% average utilization of
the fund-based limits for the 12 months ended May 2018.

The ratings remain supported by the founders' over two decades of
experience in road construction, the company's ownership of
state-of-the-art equipment and machinery, and the presence of
experienced engineers and skilled and unskilled laborers in its
workforce.

RATING SENSITIVITIES

Negative: Any decline in the order book or lack of revenue
visibility and the inability to tap working capital limit will be
negative for the ratings.

Positive: MIPL's ability to achieve revenue as per Ind-Ra's
expectations, an increase in and timely execution of order book,
and the ability to tie up additional working capital limit will
be positive for the ratings.

COMPANY PROFILE

MIPL undertakes engineering, procurement and construction
contracts, primarily road construction for various government
departments such as Uttar Pradesh Public Work Department and
National Highways Authority of India ('IND AAA'/Stable).

MIPL's registered office is in Luck now. It is promoted by
directors Mr. Anuj Singh, Mr. Manish Singh Chandel and Mr. Sunil
Dewavidi.


MEWAR UNIVERSITY: CRISIL Withdraws D Rating on INR29.67cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Mewar
University (MU) on the request of the company and after receiving
no objection certificate from the bank. The rating action is in-
line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            29.67       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated
                                    from 'CRISIL D'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with MU for obtaining
information through letters and emails dated June 7, 2018, and
June 11, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MU. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for MU
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of MU to
'CRISIL D' Issuer not cooperating' from 'CRISIL D'.

MU was set up in 2008 in Chittorgarh under MES and became an
autonomous university in 2009. It offers degrees in engineering,
computer application, management and law. MES is only a
sponsoring body with six members on MU's board.


MK BUILDERS: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MK Builders
and Developers (MKBD) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Corporate Loan         5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Project Loan           3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    40        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MKBD for obtaining
information through letters and emails dated April 25, 2018,
May 9, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MK Builders and Developers to 'CRISIL B/Stable
Issuer not cooperating'.

Established in 2002 as a partnership entity, MKBD constructs and
sells real estate projects in and around Vishakhapatnam. The firm
is promoted by Mr. M Rathniah and Mr. Ramakrishna Rao.


MUSTANG SERVICES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mustang
Services (MS) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Open Cash Credit       6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     3        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated April 25, 2018,
June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Incorporated in 1998 as a proprietorship firm, MS retails in
jewellery through one showroom in Secunderabad, Telangana. It is
managed by Mr. Anil Kumar Dundoo.


NEW JAI: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of New Jai
Bharat Educational Trust (NJBET) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      11.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NJBET to monitor the
rating vide e-mail communications/ letters dated May 10, 2018,
May 18, 2018, May 30, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the trust has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, the rating on New Jai Bharat Educational
Trust's bank facilities will now be denoted as CARE D; Issuer not
Cooperating.

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

Detailed description of the key rating drivers

At the time of last rating on March 30, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

On-going delays in servicing debt obligations: During CARE's
interaction with the bank of India, the banker mentioned that
there are on-going delays in servicing of interest and principal
repayments of the term loan. The firm had availed the term loan
in December 2014. The term loan is repayable in 108 monthly
installments commenced from July 2015.

Limited track record of operations along with the fragmented
nature of industry leading to intense competition: The first
batch of classes of the trust started its operation in the
academic year 2013-2014. Hence, NJBET can be said to be in their
nascent stage of operations. Limited track record of the
institutes exposes the society to face intense competition from
the more established educational institutes. Moreover, the
education sector is highly fragmented in nature. This leads to
high competition for NJBET. Furthermore, the central government
is also encouraging private sector participation in the education
sector, which will further intensify the level of competition for
NJBET. The increasing competition may lead to a decline in
student enrolment which will directly impact the revenue
visibility for the society.

Highly regulated sector: The educational sector in India is
placed in the concurrent list of the constitution, and thus comes
under the purview of both the central and state governments. The
sector is regulated by the Ministry of Human Resource at the
national level, by the education ministries in each state, as
well as by Central bodies like University Grant Commission (UGC)
and 14
other professional councils. The operating and financial
flexibility of the education sector is limited, as regulations
govern almost all aspects of operations, including fee structure,
number of seats, changes in curriculum and infrastructure
requirements.

Key Rating Strengths

Well-equipped infrastructure and other facilities: The trust was
incorporated in the year 2010, by Mr. D. Periyaswami and his
associates to provide education services and engage in social
welfare activities to the rural population. Ariyalur Engineering
College established in academic year 2013-2014 is run by the
trust. The college has Wi-Fi facility, with high tech amenities
and modern laboratories. The college has well-maintained fleet of
buses connecting all the villages and towns of the district and
neighboring districts and provides convenient hostel
accommodation for boys and girls.

M/s New Jai Bharath Educational Trust (NJBET) is a non-minority,
charitable trust registered under Section 12A of the Income Tax
Act. The main objective of the trust is to provide education
services and engage in social welfare activities to the rural
population. Presently, the trust runs engineering college
offering five undergraduate engineering courses which are
approved by the All India Council for Technical Education (AICTE)
and is affiliated to Anna University, Chennai. The campus is
spread over 20 acres of land located at Trichy district, Tamil
Nadu and build up area of 95000 sq. ft.


NIFTY LABS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nifty Labs
Private Limited (NLPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250.0 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR120.0 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR100.0 mil. Proposed fund-based working capital limits*
     assigned with Provisional IND BB+/Stable/Provisional IND A4+
     rating; and

-- INR150.0 mil. Proposed term loans* assigned with Provisional
     IND BB+/Stable rating.

*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by NLPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect NLPL's medium scale of operations. Revenue
grew at a CAGR of 6.99% over FY15-FY18 to INR1,356 million (FY17:
INR1,251 million) on account of an increase in orders from
existing customers. FY18 figures are provisional in nature.

The ratings are also constrained by the company's volatile EBITDA
margins and modest credit metrics. The margins ranged between
8.0% and 9.8% over FY14-FY18 (FY18: 9.4%, FY17: 8.0%, FY16: 8.4%)
owing to raw material price fluctuations and foreign currency
movements. Interest coverage (operating EBITDA/gross interest
expense) improved to 2.5x in FY18 (FY17: 2.0x) and net leverage
(total adjusted net debt/operating EBITDAR) to 2.3x (3.0x) due to
an improvement in absolute EBITDA to INR127 million (INR100
million). However, Ind-Ra expects the adjusted net leverage to
deteriorate to 3.7x and interest coverage to 2.0x in FY19 due to
debt-led capex.

The ratings also reflect NLPL's elongated working capital cycle
due to the working capital intensive nature of the operations.
The company maintains three-to-four months of inventory at any
point in time. Net cash cycle improved to 98 days in FY18 (FY17:
117 days) due to an increase in creditor days to 177 (148).

The ratings also factor in the company's modest liquidity
position as indicated by 82.0% average use of the fund-based
limits during the 12 months ended May 2018.

However, the ratings benefit from the promoter's more than two
decades of experience in the pharmaceutical industry.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and EBITDA margin
and a sustained improvement in the working capital cycle, while
maintaining the credit metrics could lead to a positive rating
action.

Negative: Any further decline in the EBITDA margin or elongation
of the working capital cycle leading to deterioration in the
credit metrics on a sustained basis could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2005, NLPL manufactures active pharmaceutical
ingredients and advanced drug intermediates. The company's
manufacturing facility, located in Andhra Pradesh, has a reaction
capacity of 145 kilo liters. Mr. D. Kesava Reddy, Mr. T.
Yellamanda Reddy, Mr. B. Krishna Reddy, Mr. M. Kishore Reddy and
Mr. Y. Bharath Reddy are the promoters.


PALLAVI CONSTRUCTIONS: CRISIL Moves C Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pallavi
Constructions - Hyderabad (PC) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         7        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Secured Overdraft      7        CRISIL C (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PC for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Pallavi Constructions- Hyderabad to 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

Established in 1996 as a partnership firm, Pallavi Constructions
(PC) in engaged in civil construction activities mainly
construction of railway over bridges (ROB) and excavation work
related activities. Based in Hyderabad, Telangana, the firm is
promoted by Mr. P Chandrashekhra Reddy, Mr. K Madhusudhan Reddy,
Mr. K Ashok Reddy, Ms.P Yamuna, Mr. P Pavan Kumar Reddy and Ms.P
Pallavi.


PATIDAR COTSPIN: CARE Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Patidar
Cotspin Private Limited (PCPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       0.75      CARE B; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Long-term/Short-     5.00      CARE B/CARE A4; Issuer not
   term Bank                      cooperating; Based on best
   Facilities                     available information

   Short-term Bank      2.50      CARE A4; Issuer not
   Facilities                     cooperating; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PCPL 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 Patidar Cotspin Private Limited's bank facilities and
instruments will now be denoted as CARE B/CARE A4; ISSUER NOT
COOPERATING.

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

The ratings takes into account moderate scale of operations
coupled low profitability, moderate liquidity position in FY17
(refers to the period April 1 to March 31). Furthermore, the
ratings continue to remained constrained due to vulnerability of
profits to fluctuations in the raw material prices along with
presence in competitive textile industry. The ratings, however,
take comfort from the vast experience of promoters and
comfortable capital structure and moderate debt coverage
indicators.

The ability of PCPL 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 09, 2017 the following were the
rating strengths and weaknesses.

(Updated for the information available from Registrar of
Companies)

Key Rating Weaknesses

Moderate scale of operations and thin profitability: The scale of
operation marked by total operating income (TOI) increased by
18.08% over FY16 and stood moderate at INR26.85crore during FY17.
Profitability stood low as marked by PAT margin of 2.64% during
FY17.

Moderate liquidity position: The liquidity position remained
moderate marked by current ratio stood at 1.14 times as on
March 31, 2017 and operating cycle of 84 days during FY17.

Vulnerability of profits to fluctuations in the raw material
prices along with presence in competitive textile industry:
Textile is a cyclical industry and closely follows the
macroeconomic business cycles. High competitive intensity in the
textile industry, volatility of cotton prices, elevated inflation
levels and sluggish demand outlook from developed markets
are the major cause of concern for the Indian textile industry.

Key Rating Strengths

Vast experience of promoters: PCPL has been promoted by Mr.
Jitendra Borsaniya, Ms. Subhadraben Amin and Ms. Bhanuben
Borsaniya. All the promoters are holding healthy experience in
the same line of business.

Comfortable capital structure and moderate debt coverage
indicators: The capital structure stood comfortable marked by
overall gearing ratio stood at 0.58x as on March 31, 2017 on
account of high networth base as against low debt level. The debt
coverage indicators stood moderate marked by total debt to
GCA stood at 2.36x as on March 31, 2017, also the interest
coverage ratio stood at 4.80x during FY16.

Incorporated in 2006, PCPL is promoted by Mr. Suresh Amin, Mr.
Jayesh Patel and Mr. Jitendra Borsaliya having vast
experience in cotton and textile industry. PCPL has an installed
capacity of 4,320 Metric Tonnes Per Annum (MTPA) as on March 31,
2016 at its facility at Vijapur, Mehsana (Gujarat). PCPL uses
cotton bales for manufacturing of cotton yarn and caters to the
demand of manufacturers of denim products and industrial fabrics
in India and abroad. The promoters are also associated with other
entities namely Patidar Industries Pvt. Ltd. and Somnath Ginning
Pressing Pvt. Ltd.


PRAVIN BUILDTECH: CARE Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Pravin
Buildtech Private Limited (PBPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.33      CARE B; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PBPL to monitor the
ratings vide e-mail communications/ letters dated May 30, 2018
and May 31, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In 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 Pravin Buildtech Private Limited's bank facilities will
now be denoted as CARE B; ISSUER NOT COOPERATING.

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

The rating takes into account its small scale of operations, net
losses, leveraged capital structure, weak debt coverage
indicators and elongated operating cycle in FY17 (refers to the
period April 1 to March 31). The rating, further, remains
constrained on account of its presence in highly competitive
industry which is further exposed to the risks and cyclicality
inherent in real estate industry. PBPL's ability to increase its
scale of operations along with improvement in profitability and
solvency position via efficient working capital management would
be the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating done on March 24, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Financial risk profile marked small scale of operations along
with net losses, leveraged capital structure, weak debt coverage
indicators and elongated operating cycle: During FY17, TOI of
PEPL has declined to INR6.95 crore from INR12.01 crore in FY16.
Furthermore, the company booked a net loss of INR0.64 crore
during FY17 as against net loss of INR0.01 crore during FY16. The
capital structure stood leveraged marked by an overall gearing of
2.77 times as on March 31, 2017 as against 2.86 times as on March
31, 2016. The debt coverage indicators deteriorated marked by
total debt to gross cash accrual stood at 22.44 times as on March
31, 2017 as against 7.18 times as on March 31, 2016. The
liquidity position remained stretched marked by current ratio of
1.42 times as on March 31, 2017 as against 1.58 times as on March
31, 2016. The operating cycle stood at 271 days in FY17 as
against 184 days in FY16.

Key Rating Strengths

Experienced promoters: The directors of the company have
experience of more than one decade in the same line of industry.

Morbi-based (Gujarat) PBPL was established in 2012 as a private
limited company by three promoters led by Mr. Bhavesh Bhalodia
and Mr. Mitul Panara. PBPL is engaged in the business of
manufacturing of AAC blocks and its manufacturing facilities
located at Morbi with an installed capacity to produce 90,000 sq.
cubic meters per annum as on March 31, 2015.


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

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      5.00       CARE B+; Issuer not Cooperating
   Facilities

   Long-term/Short-    5.00       CARE B+/CARE A4; Issuer not
   term Bank                      Cooperating
   Facilities

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PVN Constructions to
monitor the rating vide e-mail communications/ letters dated
May 11, 2018, May 17, 2018 and May 25, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on PVN
Constructions's bank facilities will now be denoted as CARE B+;
Issuer not Cooperating/CARE B+/CARE A4; Issuer not cooperating;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Modest scale of operations: PVN's scale of operations is modest
marked by total operating income (TOI) of INR37.1 crore in FY15
(refers to the period April 1 to March 31) and low tangible net
worth of INR5.5 crore as of March 31, 2015. Though, the firm has
executed many projects, the average project value is around INR6
crore. During FY15, the TOI increased sharply by 236% y-o-y,
majorly contributed by INR18.62 crore from a Check Dam project in
Sethiathope (Chidambaram) and INR2.06 crore from Housing projects
in Coimbatore. The modest scale of operations limits the firm in
terms of pre-qualification for bidding of large scale projects.
Currently, the firm executes some portion of large projects as a
subcontractor. The ability of the firm to scale up its operations
are critical to its prospects. During FY16, till February 29,
2016, PVN had reported turnover of INR11.4 crore.

Low order book position: During FY15 (refers to the period April
1 to March 31), PVN ventured into construction of residential
units for government projects through a Jawaharlal Nehru National
Urban Mission (JNNURM) project at Ukkadam in Coimbatore. The
project consists of developing housing units at Kurinchi Nagar
(160 units) and Sugunapuram (64 units) in Coimbatore. The firm
has a current order book of INR28.85 crore as on February 29,
2016, which translates to order book to sales ratio of 0.78 times
(based on FY15's TOI) and provides low revenue visibility. For
most of the Bridge projects, the project tenure varies from 36 to
48 months. In these projects, there are price escalation clause
for major materials like Cement, Steel, Bitumen and Fuel. Hence,
the firm is protected from price fluctuation risk for these
materials. Similarly, for the housing projects with tenure of 24
to 36 months, there are price escalation clauses. Certain bridge
projects have experienced delay in execution in the past due to
land acquisition and alignment issues. However, as these
activities were not attributed to PVN, it did not face any
liquidated damages.

Moderate capital structure and debt coverage indicators: The firm
has bank borrowings consisting of working capital limits and
equipment loans for its construction projects. PVN had a debt-
equity ratio of 0.07x and overall gearing of 0.65x as on March
31, 2015. The debt coverage indicators also showed an improvement
over a period of time and stood moderate in FY15.

Working capital intensive nature of operations: The firm has a
working capital cycle of around 45-60 days. As the receivables
are mostly from government departments, the collection period
varies between 60 to 90 days, while the firm enjoys a credit
period up to 45-60 days from its creditors due to its long
standing relationship. PVN maintains raw materials and finished
goods inventory of around 15 days. The average cash credit
utilization for PVN was high at 88% for the 11-months period
ended February, 2016. During September 2015, the firm enhanced
its cash credit limits from INR2.50 crore to INR3.50 crore, and
further to INR5 crore in February 2016, due to increase in
project size and longer receivables position.

Partnership nature of constitution: Being a partnership firm, PVN
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency, and firm being dissolved upon
the death/retirement/insolvency of partners. There was no
instance of capital withdrawal from partners in the firm during
FY13 to FY15.

Tender driven nature of business with high competitive intensity:
PVN participates in the tenders floated by the state government
bodies for civil and construction work. Hence, the entire
business prospects are highly dependent on the government
tenders. The construction industry is highly fragmented in nature
with presence of large number of unorganized players and a few
large organized players. Furthermore, the profitability also
varies among the projects. Hence, the aggressive bidding by the
players like PVN in order to bag the contracts may impact its
profitability.

Key Rating Strength

Experience of the partner in the roads & bridges segment: The
managing partner, Mr. Nandhakumar, is a Civil Engineer and has
around 15 years' experience in the construction of roads &
bridges. Under his leadership, PVN has completed around 25
bridges in various places in Tamil Nadu. The firm specializes in
construction of river bridges and Railway over Bridges (ROB),
etc. The projects are executed for State Highways, Municipal
Bodies and NABARD. PVN has a technical team consisting of project
managers (5 Nos), engineers (15 nos.), and diploma holders (25
nos). Mr. Nandhakumar manages the day-to-day operations of the
firm along with Mr. Balaji, who takes care of administration and
accounts.

Established relationship with other contractors: Apart from
executing projects directly from government bodies, the firm also
undertakes subcontracting work, mainly for large projects, where
PVN does not qualify for bidding due to its small size. The
established relationships with other contractors give impetus to
PVN in terms of scaling up its operations.

PVN is an Erode-based Engineering, Procurement & Construction
(EPC) firm engaged in construction of roads, bridges, residential
and commercial buildings. The firm was promoted in 2002 by Mr.
Nandhakumar and Mrs P. Vijayalakshmi (mother of Mr. Nandhakumar).
Mr. Nandhakumar, the Managing Partner, is a Civil Engineer and
has 15 years' of experience primarily in construction of roads
and bridges. Other partners joined the firm in January, 2014. The
firm undertakes primarily government projects (primarily funded
by Central and State Governments) all over Tamil Nadu.


RAJLAXMI AGROTECH: CRISIL Assigns B+ Rating to INR7.5cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajlaxmi Agrotech India Private Limited
(RAIPL).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Warehouse Financing      7.5      CRISIL B+/Stable (Assigned)
   Cash Credit              4.5      CRISIL B+/Stable (Assigned)
   Letter of Credit         9.0      CRISIL A4 (Assigned)

The ratings continue to reflect the weak financial risk profile,
modest scale of operations, vulnerability to government
regulations and vagaries of monsoon, and large working capital
requirement. This weaknesses are partially offset by the
extensive experience of RAIPL's promoters in the fertiliser
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, vulnerable to government
regulations and vagaries of monsoon: Revenue of INR33.71 crore
and capacity of up to 60,000 tons per annum in fiscal 2017,
indicates the modest scale of operations, which limits RAIPL's
bargaining power with suppliers and customers. Moreover, the
complex fertilisers segment is highly monitored with potential
government intervention in case of sharp changes in prices,
impacting the performance of fertiliser players.  Demand for
fertilisers is largely dependent on the timing and extent of
monsoon.

* Weak financial risk profile: Financial risk profile is below
average, marked by networth of around INR11 crore and high
gearing of 2.84 times as on March 31, 2017. Debt protection
metrics were also weak, with interest coverage and net cash
accrual to total debt ratios of 1.11 times and 0.05 time,
respectively, for fiscal 2017. The financial risk profile of the
company is expected to remain at a similar level.

* Working capital-intensive nature of operations: Gross current
assets were around 376 days as on March 31, 2017, driven by large
receivables and sizeable inventory of 225 and 116 days,
respectively. The operations of the company will remain working
capital intensive over the medium term.

Strengths

* Extensive experience of the promoters: The two decade-long
experience of promoters, Mr Sagar Shriram Chidrawar and Ms Sheela
Shriram Chidrawar, in the fertiliser business, their strong
understanding of local market dynamics, and healthy relationships
with suppliers, customers, and logistic providers, should
continue to support the business risk profile.

Outlook: Stable

CRISIL believes RAIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company scales up its operations significantly
and improves its capital structure, supported by equity infusion
and prudent working capital management. The outlook may be
revised to 'Negative' if the government enacts some unfavourable
changes in the fertiliser subsidy policy, affecting growth in
RAIPL's revenue and profitability, or if the company undertakes a
sizeable capital expenditure.

RAIPL was set up by the promoters, Mr Sagar Shriram Chidrawar and
Ms Sheela Shriram Chidrawar in 1995. The company manufactures
fertilisers like single super phosphate. The manufacturing
facility at Jalna, Maharashtra has a total installed capacity of
60000 tons.


RIPURAJ AGRO: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ripuraj Agro
Private Limited's (RAPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable rating; and

-- INR117.4 mil. (increased from INR26.27 mil.) Term loan due on
    March 31, 2027 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation continues to reflect a sustained decline in
RAPL's EBITDA margin, despite a 22% yoy rise in revenue to
INR1,607 million in FY18 (Provisional). The growth in revenue was
on account of an increase in rice demand in the domestic as well
as international markets, and increase in sales volume and
average sales realization. Despite the rise in revenue, the scale
of operations was medium. The EBITDA margin contracted to 3.3% in
FY18P (FY17: 3.5%, FY16: 4.5%) due to rising raw material prices
and the company's inability to pass on the same to its customers.
To counter this situation, the company has begun procuring and
stocking up inventory during the paddy season. With the change in
strategy, RAPL expects the margin to improve from FY19.

The ratings continue to factor in the company's modest credit
metrics as indicated by gross interest coverage (operating
EBITDA/gross interest expense) of 2.7x in FY18P (FY17: 2.5x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) of 5.4x (3.2x). The improvement in the gross interest
coverage was due to an increase in operating EBITDA to INR54
million in FY18P (FY17: INR46 million), resulting from the
increase in revenue. While the deterioration in the net financial
leverage was driven by an increase in total debt as the company
raised an INR150 million warehouse term loan in end-January 2018.
Ind-Ra expects the credit metrics to moderate in FY19, with the
sanction of an additional INR105 million long-term loan in FY19.

The ratings remain constrained by RAPL's tight liquidity position
with near full utilization of its cash credit limits during the
12 months ended May 2018.

However, the ratings continue to be supported by RAPL's
promoters' two decades of experience in the rice milling business
and the company's proximity to paddy growing regions.

RATING SENSITIVITIES
Positive: A positive rating action may result from a substantial
improvement in the revenue along with an improvement in the
credit metrics.

Negative: A negative rating action may result from a decline in
the revenue and deterioration in the credit metrics.

COMPANY PROFILE

Incorporated in 2010 by Mr. Rameshwar Prasad Gupta and Mr. Ripu
Raman, RAPL is engaged in processing, milling, trading and export
of a wide assortment of basmati and non-basmati rice. The
company's manufacturing facility, located in East Champaran,
Bihar, has an annual installed paddy processing capacity of
67,200 metric tons and paddy storage capacity 113,750 metric
tons.

The company sells its products under the RIPURAJ brand to traders
and wholesalers in India and Nepal.


S B IMPEX: CRISIL Reaffirms B Rating on INR6.75cr LT Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
S B Impex (SBIMP) at 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4        CRISIL B/Stable (Reaffirmed)

   Export Packing
   Credit                6        CRISIL A4 (Reaffirmed)

   Foreign Exchange
   Forward               0.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    6.75     CRISIL B/Stable (Reaffirmed)

The ratings reflect SBIMP's large working capital requirement,
susceptibility of its profitability to fluctuations in foreign
exchange rates and tobacco prices, and vulnerability to
regulatory risks in the tobacco industry. The ratings also factor
in below-average financial risk profile because of modest
networth, high total outside liabilities to tangible networth
ratio, and weak debt protection metrics. These weaknesses are
partially offset by promoters' extensive industry experience and
established customer's relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: SBIMP's working capital
requirements are a large as reflected in GCA days of 307 days on
account of high inventory days of over 200 days and debtors at
raound 71 days estimated as on March 31, 2018.

* Susceptibility of profitability margins to fluctuations in
foreign exchange rates in foreign exchange rates and tobacco
prices: SBIMP derives majority of its revenues from exports,
exposing the company to volatility in foreign exchange (forex)
rates and also in tobacco prices.

* Below-average financial risk profile: The financial risk
profile is weak, with modest networth of INR7.4 crore, moderate
total outside liabilities to tangible networth (TOLTNW) ratio of
2.03 times, and weak debt protection metrics as reflected in
interest coverage ratio at around 1.3 times in fiscal 2018.

Strengths

* Promoters' extensive industry experience and established
customers relationships: SBIMP's key promoter Mr. S Rama Prasad
has been in the tobacco industry for more than four decades and
has also developed established relationships with key customers
and suppliers.

Outlook: Stable

CRISIL believes SBIMP will benefit over the medium term from its
promoters' extensive industry experience and its established
relationships with customers. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the firm's working capital cycle, or in networth because of
sizeable equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' in case of steep decline in
profitability, or significant deterioration in capital structure
on account of stretch in working capital cycle.

SBIMP was set up as a partnership firm by Mr. S Ram Prasad and
his son Mr. S Hemanth in 2008. The firm trades in tobacco, and is
based in Guntur.


SHIV CARRIERS: CRISIL Raises Rating on INR9cr Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
Shiv Carriers Roadways Private Limited (SCRPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      3.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               9         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade factors in expectation of a healthy ramp-up in scale
and comfortable liquidity, following commencement of operations
in January 2018. Revenue of over INR25 crore is expected in
fiscal 2019, while cash accrual of more than INR3.5 crore should
suffice to cover debt of INR1.8 crore. Unsecured loans extended
by the promoters are likely to remain in business over the medium
term.

The rating continues to reflect the nascent stage and modest
scale of operations in the inland container depot (ICD) segment,
the underlying sales risk, and large capital expenditure (capex)
for purchase of land and equipment. These weaknesses are
partially offset by extensive experience of the promoter through
a group concern, and limited competition in the concerned line of
business.

Analytical Approach

For arriving at the rating, unsecured loans extended by the
promoter have been treated as neither debt nor equity, as these
are subordinated to bank debt, and are interest-free, and will
remain in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: Operations have commenced in
January 2018, and successful ramp up in scale remains a key
rating sensitive factor.

* Large capex requirement: The ICD segment requires huge capex to
set up the facility, which increases reliance on debt.

Strengths

* Extensive experience of the promoter: The three decade-long
experience of the promoter through a group entity, will help
stabilise operations in the transportation industry and support
capacity utilisation.

* Limited competition: Absence of competition in the company is
the only player in this segment in its area of operations, which
will support SCRPL's business risk profile over the medium term.

Outlook: Stable

CRISIL believes SCRPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if a ramp up in business operations leads to
substantial cash accrual. The outlook may be revised to
'Negative' if fewer orders or low profitability leads to modest
cash accrual, or substantial working capital requirement or debt-
funded capex, weakens the financial risk profile.

Established in 1995 by Mr Avdhesh Chaudhary, SCRPL is setting up
an ICD for railways at Sukhpur village in Gujarat. Operations
commenced in January 2018.


SHIV SHAKTI: CARE Raises Rating on INR12.34cr LT Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shiv Shakti Knit Fabs (SSKF), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           12.34      CARE BB-; Stable Revised from
                                   CARE B+; Stable

   Short-term Bank
   Facilities            0.38      CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of
SSKF take into consideration the improvement in total operating
income and capital structure. The ratings, however, continue to
be constrained by its small scale of operations with low PAT
margin. The ratings are further constrained by seasonality
associated with woolen products, highly fragmented and
competitive nature of industry and partnership nature of
constitution. The ratings, however, derive strength from the
experienced partners in textile industry, moderate solvency
position and short operating cycle.

Going forward, the ability of the firm to profitably scale-up its
operations while improving its profitability margins and
maintaining the overall solvency position would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced Partners in the textile industry: Mr. Janak Raj
Singla and Mrs Rju Singla, have an experience of around three
decades in the textile industry through their association with
this firm and Shiv Shakti Spinning Mills (established in 1986)
and Shiv Shakti Woolen Mills (established in 2003). Moreover, Mr.
Abhinav Singla and Mr. Anuj Singla, post graduates by
qualification have experience of around half a decade through
their association with Shiv Shakti Woolen Mills and this entity.

Moderate solvency position: The capital structure of the firm is
moderate as reflected by overall gearing ratio of 1.09x as on
March 31, 2018 (Prov.). The same improved from 2.29x as on
March 31, 2017 on account of lower utilization of working capital
limits as on last balance sheet date as compared to previous year
coupled with infusion of unsecured loans as quasi equity
amounting to INR3.73 crore in FY18.

The debt coverage indicators of the firm stood moderate
characterized by interest coverage ratio of 2.54x in FY18 (Prov.)
and total debt to GCA of 4.68x for FY18 (Prov.). The interest
coverage ratio deteriorated from 3.13x in FY17 to 2.54x in FY18
(Prov.) due to increase in interest expenses in FY18 (Prov.)
owing to higher utilization of working capital limits during the
year. However, the total debt to GCA ratio improved from 6.28x
for FY17 to 4.68x for FY18 (Prov.) due to decrease in debt levels
of the firm coupled with increase in gross cash accruals of the
firm in FY18.

Moderate operating cycle: The average operating cycle of the firm
stood moderate at 27 days for FY18 (Prov.) [PY: 19 days]. The
firm is required to maintain adequate inventory in the form of
raw materials to ensure uninterrupted production process which
resulted in average inventory period of 33 days for FY18 (Prov.)
[PY: 17 days]. Furthermore, the firm offers a credit period of up
to one month to its customers which resulted in average
collection period of 22 days for FY18 (Prov.) [PY: 13 days]. On
the supplier side, the firm receives a similar credit period
which resulted in average creditor period of 29 days for FY18
(Prov.) [PY: 11 days]. The average utilization of the working
capital limits remained around 75% for the past 12 months period
ended April 2018.

Key Rating Weaknesses

Small scale of operations with low PAT margin: The TOI of the
firm increased from INR28.83 crore in FY17 to INR40.70 crore in
FY18 (Prov.) at an annual growth rate of 41.17% due to higher
quantities sold due to increase in orders received from
customers. However, the same continues to remain small. The small
scale of operations limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. The PBILDT
margin stood moderate at 8.49% in FY18 (Prov.) as against 9.07%
in FY17. However, PAT margin improved marginally to 0.31% in FY18
(Prov.) from 0.19% in FY17 due to decline in depreciation costs
in percentage terms. Further, gross cash accruals increased from
INR1.78 crore in FY17 to INR2.09 crore in FY18 (Prov.).

Seasonality associated with woolen products: India's woolen
product demand is seasonal, varying substantially over the year.
The winter season lasts only for four to five months in a year
and it is only during this period that woolen products are
required. It peaks in winter season trending down during summer
season (May-September).

Highly fragmented and competitive nature of industry: The firm
operates in the textile manufacturing and processing industry
which is highly fragmented industry with presence of numerous
independent small-scale enterprises owing to low entry barriers
leading to high level of competition in the processing segment.
Furthermore, the Indian textile industry also faces competition
from the low cost countries like China and Bangladesh. The
relatively low labor cost has benefited the Chinese and
Bangladesh manufacturer and weaken the cost competitiveness of
Indian exporter. The intense competition in highly fragmented
textile processing industry also restricts ability to completely
pass on volatility in input cost to its customers, leading to
lower profit margins.

Partnership nature of constitution: SSKF's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factor affecting credit
decision of the lenders.

Karnal-based, (Haryana) Shiv Shakti Knit Fabs (SSKF) is a
partnership firm and was established in April, 2016 by Mr.
Abhinav Singla, Mr. Janak Raj Singla, Mr. Anuj Singla and Mrs.
Rju Singla. All the partners share profits and losses equally.
The firm was established with an objective to set up a
manufacturing unit of mink blankets under the brand name of
"Stella". The main raw materials required for production are
polyester yarn, satin silk and dyeing colors. The firm procures
the raw material mainly from companies located in Gujarat and
Panipat and sells the same to dealers located in Northern India.


SHREE RADHA: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Radha
Govind Agro Industries' (Radha) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.4 mil. (reduced from INR11.6 mil.) Term-loan due on
    October 2019 affirmed with IND B+/Stable rating; and

-- INR75.2 mil. (increased from INR70 mil.) Fund-based working
    capital facilities affirmed with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects Radha's continued modest financial and
credit profiles due to intense competition in the rice processing
industry and the risks associated with an agricultural commodity-
based manufacturing business which is fraught with price
volatility.

Revenue increased to INR387 million in FY18 (FY17: INR372
million), on account of an increase in the number of orders
obtained and executed, leading to EBITDA margin rising to 4.3%
(4.0%). Net financial leverage (adjusted net debt/operating
EBITDAR) reduced to 5.1x in FY18 (FY17: 6.3x) due to an increase
in absolute EBITDA to INR17 million (INR15 million); however,
interest coverage (operating EBITDA/gross interest expense)
remained low at 1.4x (1.4x), due to high interest expenses.

The ratings factor in the partnership form of the organization.

The ratings, however, are supported by more than two decades of
experience the firm's promoters in the rice milling industry.
Also, its liquidity was comfortable with the average utilization
of the fund-based facilities being around 83% over the 12 months
ended May 2018.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and
profitability, leading to an improvement in credit metrics, all
on a sustained basis, would be positive for the ratings.

Negative: A decline in the revenue and operating profitability,
resulting in significant deterioration in credit metrics, all on
a sustained basis, will be negative for the ratings.

COMPANY PROFILE

Ahmedabad-based Radha is a partnership firm established in
1998.The firm processes rice from paddy with an installed
capacity of 13,500MT/year.


SHREYA LIFE: CRISIL Reaffirms D Rating on INR64.23cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Shreya Life Sciences Private Limited (SLPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           64.23      CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              8.95      CRISIL D (Reaffirmed)

   Letter of Credit      11.25      CRISIL D (Reaffirmed)

   Long Term Bank
   Facility              41.25      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    39.12      CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan            4.00      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             21.20      CRISIL D (Reaffirmed)

The ratings continue to reflect delays by the company in
servicing its debt because of stretched liquidity.

The company faces intense competition in the pharmaceuticals
sector. However, it benefits from its promoter's extensive
experience and its diversified product portfolio.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to intense competition in the pharmaceuticals
sector: The Indian formulation industry has a large number of
organised and unorganised players. The high fragmentation limits
pricing flexibility of players. CRISIL believes SLPL's accrual
will remain susceptible to intense competition in the
pharmaceutical sector and geographical concentration of its
revenue.

Strength

* Extensive experience of the promoter in the pharmaceuticals
industry: Mr Sujit Kumar Singh, chairman and managing director,
has been in the pharmaceutical industry for more than two
decades. He incorporated SLPL in 2001 through acquisition of the
pharmaceutical division of Rallis India. Over the past decade,
the company has diversified into various therapeutic segments and
now has over 200 products. SLPL also has a strong marketing
network, which covers medical representatives and field managers
covering over 200,000 doctors of major specialties.

SLPL, set up in 2001 by Mr Sujit Kumar Singh, manufactures and
markets a wide range of pharmaceutical products, such as tablets,
capsules, liquid orals, and lozenges, across diverse categories
of medicine. Besides the domestic market, Shreya also caters to
the overseas markets.


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

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

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIPPL to monitor the
rating vide e-mail communications/ letters dated April 25, 2018,
May 10, 2018, May 18, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Sirius Infra
Projects Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

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

Short track record of the company: The company's track record of
operations is limited to about 6 years. During thid period it has
executed around five projects completely till date, amounting to
around INR50 crores. The works executed predominantly are the
road works, followed by irrigation works.  Further, its scale of
operations remained small as compared to other industry peers
marked by total operating income of INR31.25 crore during FY14
(A) and low net worth base of INR6.51 crore as on March 31, 2014.
However the company has substantial order book in hand which is
expected to results increase in size of operations.

Working capital intensive nature of business: The company's
business being execution of laying of roads and canal works is
working capital intensive. The firm follows monthly billing and
receives payment within 30-45 days of billing and in turn pays to
creditors in about 45-60 days for the raw materials supplied. On
account of these factors, average working capital utilization
stood at 75% for the last 12 month ended September 2014.

Key Rating Strengths

Qualified and experienced promoters coupled with strong
management team: The company is promoted and managed by MrB.
Narsimha Reddy and Mr. Rajeev Mayor. Mr. Rajeev Mayor is a
graduate with around 35 years of experience in this industry.
.Mr. B. Narsimha Reddy, an MBA graduate has around 8 years of
experience. The managing director, Mr. Reddy's industry
experience and established relationship with clients have helped
the company in procuring contracts from reputed clientele. Mr.
Jagga Rao(GM) looks after administration activity and has more
than three decades of experience. Mr. SyedSaleem (GM-Technical)
has technical expertise with more than three decades of
experience whereas Mr. Joshi, a Chartered Accountant looks after
finance and accounts and has more than two decade of experience.

Growth in total operating income coupled with improvement in
profitability margins during FY12-FY14: Total operating income of
the company has registered a Compounded Annual Growth Rate (CAGR)
of 85.21% during the periods FY12-FY14 from INR9.11 crore to
INR31.25 crore, backed by increased order book and execution of
contracts in hand; further the company has work orders worth
INR168.43 crores in hand a predominant portion to be executed
before March, 2016 providing medium term revenue visibility for
next two years. The company has achieved revenue of around
INR16.33 crore for the period 6MFY15 (refers to period April,
2014The PBILDT margins of the company improved significantly from
2.65% during FY12 to 10% during FY14 since the company started
executing projects directly for the government organizations in
which the profit margins are relatively higher than sub
contracts. Further the company can mitigate the fluctuation in
raw material prices, as there is escalation clause in the
agreement. The PAT margin of the company increased to 5.78%
during FY14 as against 5.18% during FY13 on back of increased
PBILDT.

Comfortable capital structure and debt coverage indicators: The
debt equity ratio and overall gearing ratio of the company are
comfortable at 0.11x and 0.26x respectively as on March 31, 2014,
as the company is availing only vehicle loan and working capital
facility. As on March 31, 2014 the net worth of the company
increased to INR6.51 crore as against INR2.03 crore as on
March 31, 2013due to infusion of equity of INR2.65 crore coupled
with accretion of profits to net worth Interest coverage ratio
stood comfortable at7.37x during FY14. Total debt to GCA improved
from 1.84xduring FY13 to 0.91xduring FY14 on account of increase
in cash accruals.

Incorporated in 2008, Hyderabad-based, SIPPL was promoted by Mr.
B. Narsimha Reddy and Mr. Rajeev Mayor. The company is engaged in
civil construction works such as laying of roads and irrigation
works for government organizations covering the states of Madhya
Pradesh and Odisha. Till March 2011, the company used to work as
subcontractor for Patel Engineering Limited (CARE BB/A4) and KNR
Constructions Limited (CRISIL A-/A2+), whereas from April 2012
onwards the company started participating in tenders and
executing the projects directly for the government. The company
has executed around INR12.98crore for MPRDCL(Road Work) during
FY13.


SOLANO CERAMIC: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Solano
Ceramic Private Limited (SCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          2.75      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Term Loan   3.73      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             3.52      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated April 26, 2018,
June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Incorporated in 2012 and promoted and managed by Morbi-based
Fefar family, SCPL operates a spray dryer plant and supplies
products like processed clay to wall tiles units.


SRI LAKSHMI: CRISIL Hikes Rating on INR7cr Loan to C
----------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Sri
Lakshmi Constructions (SLC) from 'CRISIL B+/Stable/CRISIL A4' to
'CRISIL D/CRISIL D' and simultaneously upgraded the ratings to
'CRISIL C/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.3        CRISIL A4 (Revised from
                                    'CRISIL A4' to 'CRISIL D'
                                    and Simultaneously Upgraded
                                    to 'CRISIL A4')

   Overdraft             7.0        CRISIL C (Revised from
                                    'CRISIL B+/Stable' to
                                    'CRISIL D' and Simultaneously
                                    Upgraded to 'CRISIL C')

   Proposed Long Term     .2        CRISIL C (Revised from
   Bank Loan Facility               'CRISIL B+/Stable' to
                                    'CRISIL D' and Simultaneously
                                    Upgraded to 'CRISIL C')

The rating revision to 'CRISIL D/CRISIL D', takes into account
past instance of overdraws in overdraft account owing to weak
liquidity.

The ratings upgrade reflects CRISIL's belief that overdraws was a
one-off event due to delay in receivables from government and
there is no irregularity in any of the facilities in the past
three months.

CRISIL's rating on the bank loan facilities of SLC continue to
reflect the firm's modest scale of operations in the highly
competitive civil construction industry, and its large working
capital requirement and below average financial risk profile.
These weaknesses are partially offset by its partners' extensive
industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly competitive industry:
SLC remains a small player in the intensely competitive civil
construction industry, with an operating income of INR6.57 crore
in fiscal 2017. The industry is highly fragmented because of low
entry barriers.

* Working capital-intensive operations: Gross current assets are
at 422 days as on March 31, 2017, driven by large inventory and
debtor days, and considerable funds blocked as retention money.

* Below average financial risk profile: The financial risk
profile is marked by modest networth at INR2.83 crore as on
March 31, 2017and moderate gearing of 2.49 times as on March 31,
2017, and below average debt protection metrics.

Strengths

* Founder's extensive experience in the civil construction
industry: Mr C Viswanatha Naidu has experience of more than three
decades in the civil construction industry, and have developed
healthy relationships with customers.

SLC (formerly C Viswanatha Naidu) was set up in 1980 as a
proprietorship concern by Mr C Viswanatha Naidu, and was
reconstituted as a partnership firm in 2014. It constructs and
repairs roads in Chittoor, Andhra Pradesh.


SRI VAISHNAVI: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Vaishnavi Jute Traders (SVJT) to 'CRISIL B/Stable Issuer not
cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Warehouse Receipts        10       CRISIL B/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with SVJT for obtaining
information through letters and emails dated April 26, 2018,
June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri Vaishnavi Jute Traders to 'CRISIL B/Stable
Issuer not cooperating'.

Established in 2007 as proprietorship firm by Mr. Thirupathi
Naidu Bonu in Srikakulam, Andhra Pradesh, SVJT trades in raw jute
and jute products such as bags and waste paper The firm also owns
two developed warehouses.


SUNIL STEELS: CRISIL Lowers Rating on INR6.5cr Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
Sunil Steels - Podiyadi (part of the M. O. Poonnen group) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility     .5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects weakening of the group's credit risk
profile on account of working capital intensity and modest scale
of operations resulting in modest accruals. The operations are
working capital intensive in nature as indicated by the Gross
Current Asset (GCA) days of around 286 days in fiscal 2017, which
was due to high inventory holding period. Also, the group had low
net cash accrual of INR0.8 crores in fiscal 2017. The above-
mentioned reasons had impacted the liquidity profile of the group
with highly reliance of working capital facilities.

The rating reflects group's small scale of operations in
intensely competitive industry and working capital intensive
operations. These weaknesses are partially offset by a moderate
financial risk profile and promoter's extensive industry
experience.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sunil Steels - Podiyadi and M. O.
Poonnen. That's because both firms, together referred to as the
M. O. Poonnen group, are in the same line of business, and have
common promoters and significant operational and financial
linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in intensely competitive industry:
The group's small scale of operation in a highly competitive and
fragmented industry will constrain its business risk profile.
This will restrict the firm from realizing the benefits
associated with economies of scale.

* Working capital intensive operations: Group's operations remain
working capital intensive due to large inventory requirement and
moderate credit period the group offer to its clients. Gross
current assets (GCA) was at 286 days as on March 31, 2017.

Strength

* Promoter's extensive industry experience: Promoters have
experience of more than 2 decades in trading of ceramics, marbles
and granites resulting in established relationship with its
suppliers and clientele, which has helped the group in smooth
operations.

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an improvement in scale of
operations and profitability, along with efficient management of
working capital requirement. The outlook may be revised to
'Negative' in case of low cash accrual or increase in working
capital requirement, or any large, capital withdrawal by
partners, resulting in pressure on liquidity.

The M. O. Poonnen group was established in 1985 by Mr. M.O.
Poonnen. The Kerala-based group imports and processes marbles.
The group which also trades Ceramics, granites and various
construction materials retails its products through its three
retail showrooms in Kerala and its operations are managed by Mr.
Sunil George Oommen.


SUSHEE HI-TECH: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sushee Hi-
Tech Projects Private Limited (SHPPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        16.8      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            0.2      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              8.0      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SHPPL for
obtaining information through letters and emails dated April 26,
2018, June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sushee Hi-Tech Projects Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Established as a private limited company in 2011, Sushee Hi-tech
Projects Private Limited (SHPPL) is primarily engaged in
overburden removal for coal mines of Coal India Limited and its
subsidiaries. Based in Hyderabad (Telangana), SHPPL is promoted
and managed by Mr. K. Anil Reddy.


THRIVE SOLAR: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thrive Solar
Energy Private Limited (TSEPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        0.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          17.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      2.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.7       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TSEPL for
obtaining information through letters and emails dated April 26,
2018, May 11, 2018, June 7, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Thrive Solar Energy Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

TSEPL was incorporated in 2007 as Thrive Energy Technologies Pvt
Ltd and got its present name in 2013. It manufactures LED-based
solar power lighting systems and solar power generating systems.
Hyderabad-based, TSEPL is promoted by Dr Bodavala Ranganayakulu.


TRIPTI HI-TECH: CRISIL Assigns B Rating to INR9.7cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Tripti Hi-Tech Blocks N Constructions LLP
(THBCL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      9.7        CRISIL B/Stable (Assigned)

The rating reflects susceptibility to delays in commencement of
operations and revenue concentration risks. These weaknesses are
partially offset by the moderate project funding policy and the
extensive industry experience of promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to delays in commencement of operations: THBCL
currently is acquiring an installed manufacturing unit to
manufacture autoclaved aerated concrete blocks at a cost of
INR22.0 crore which is funded through equity and debt in 1:0.81
ratio. While a major portion of equity has been infused, the
company awaits sanction from bank. However, the management is
under negotiations to commence the operations at the earliest.
Any substantial delays in commencement might impact the company's
credit risk profile.

* Revenue concentration risks: The company has its facility in
Nalgonda and majority of revenues will be primarily from
Telangana and Andhra Pradesh. The company hence will be exposed
to risks related to concentration in a single geography.

Strengths:

* Promoter's extensive industry experience and industry contacts:
The promoters of THBCL have experience of more than a decade in
the commercial and real estate construction via group companies
Sidhiratan Construction Private Limited, Krishna Trading Company,
Sidhiratan Hi-Rise Private Limited etc. Though, this is first
venture in AAC blocks, the extensive experience of the promoters
in real estate industry is expected to benefit the company over
the medium term. Further, THBCL expects some contribution from
its group companies for its sales. CRISIL believes that THBCL
will benefit from promoter's extensive industry experience.

Outlook: Stable

CRISIL believes THBCL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers. The outlook would be
revised to positive if the company commences operations as
planned and ramps up substantially resulting in healthy revenues
and profitability while maintaining its capital structure at
moderate levels. Conversely the outlook would be revised to
negative if the expected improvement in revenue profile and
capital structure is not achieved owing to delays in commencement
of project, or if the company's financial risk profile,
particularly liquidity, deteriorates owing to higher working
capital intensity.

Incorporated in Nov 2017, THBCL is a Limited Liability
Partnership firm promoted by Mr. Anup Kumar Jhunjhunwala and Mr.
Sandeep Kumar Gupta, is currently acquiring an AAC Blocks
manufacturing unit (Hindustan Concrete Blocks) with an installed
capacity of 35,000 Sq ft/day. Firm is based out of Malkapur
Village, Nalgonda.


URVARAK ABHIKARAN: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Urvarak
Abhikaran Neemuch Private Limited (UANPL; part of the Patwa
group) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        3.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           6.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    6.75      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UANPL for
obtaining information through letters and emails dated June 13,
2018 and June 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Urvarak Abhikaran Neemuch Private Limited to
'CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Patwa Marketing Pvt Ltd (PMPL) and
UANPL. This is because the two companies, together referred to as
the Patwa group, have common promoter and management, and are in
the same business.

UANPL and PMPL were incorporated in 1989 and 1995, respectively,
and are promoted by Mr. Surendra Patwa. The companies are del
credere agent (DCAs) for RIL's polymer products. PMPL is also a
carry and forwarding agent for TPL. Registered office is in
Indore. The promoter is also engaged in automobile dealership
through other entities.


VIMIT METALS: CARE Lowers Rating on INR4.39cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vimit Metals and Infrastructure Private Limited (VMIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4.39      CARE B; Issuer not cooperating;
   Facilities                     Revised from CARE B+;
                                  Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VMIPL to monitor the
ratings vide e-mail communications/letters dated May 16, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, VMIPL has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on Vimit Metals and
Infrastructure Private Limited's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

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

The ratings take into account its small scale of operations in a
highly competitive industry as well as vulnerability of margins
to fluctuations in the raw material prices. The rating, further,
remains constrained due to its financial risk profile marked by
continue net loss from past three years ended on March 31, 2017,
weak solvency and liquidity position. The rating, however,
derives strength from experience of the management in PVC pipes
manufacturing business.

VMIPL's ability to increase its scale of operations with
efficient management of working capital and improvement in
capital structure are the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on March 10, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key rating weaknesses

Deterioration in solvency: The capital structure of VMIPL
remained highly leveraged with deterioration in overall gearing
mainly on account of net loss leading to depletion in net-worth.

Modest scale of operations with net loss: TOI of VMIPL has
increased in FY16 over FY15. Further, the company continue to
incur net loss in FY16.

Stressed liquidity position: The liquidity position of the
company remained stressed with below unity current ratio mainly
due to high creditors and working capital bank borrowings as on
balance sheet date. Further, operating cycle of the company
remained elongated on account of high inventory holding on
balance sheet date and liberal credit policy for its customers

Key rating strengths

Experienced Promoter: The management of VMIPL is family centric
and the entire decision making is concentrated with Sharma
family. The directors have more than a decade experience in the
industry. Further, they are well supported by a group of
qualified professionals.

Jaipur (Rajasthan) based VMIPL, incorporated in May 2008, was
promoted by Mr. Arun Sharma along with his son, Mr. Amit Sharma.
VMIPL is engaged in the business of manufacturing of Polyvinyl
chloride (PVC), Soil, Waste & Rain Water (SWR), Un-plasticized
Poly Vinyl Chloride (uPVC) pipes and fittings that find their end
user applications in the irrigation, water management, drainage
and sewerage systems. Initially, the company was engaged in the
trading of PVC resins. However, it discontinued its trading
activities after completion of the capex project for production
of pipes and fittings in November 2009. The installed capacity of
the unit is 3,364 Metric Tonnes Per Annum (MTPA) as on March 31,
2015 and the unit is ISO 9001:2008 certified. It markets its
products under the brand name of 'Vimit Pipes'.



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


1MDB: Former Prime Minister Najib Posts Bail in Corruption Case
---------------------------------------------------------------
The Wall Street Journal reports that former Malaysian leader
Najib Razak posted about $123,000 in bail to be able to return to
his Kuala Lumpur home, capping a 24-hour period in which he was
arrested, detained overnight and charged in court in connection
with a multibillion-dollar financial scandal that helped topple
his government.

The Journal says the spectacle of the white-haired former prime
minister standing before a judge on July 4 as he was confronted
with four charges -- including three of criminal breach of trust,
which carries a penalty of up to 20 years in prison -- was
unprecedented in this Southeast Asian nation. Security officers
led the 64-year-old into a hushed courtroom that was crowded with
close to 100 lawyers, political party leaders, reporters and
court officials. Dressed in a navy suit and maroon tie, he
appeared calm as he responded to each charge: "Not guilty."

According to the Journal, the charges against Mr. Najib stem from
investigations launched by the new government of Prime Minister
Mahathir Mohamad into what went on at state investment fund
1Malaysia Development Bhd., or 1MDB.

Mr. Najib launched the fund in 2009 as a way to spur investment
in Malaysia, but it quickly racked up debts that now stand at $8
billion.

                            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.


PERDANA PETROLEUM: Gets CDRC Help to Mediate With Debt Holders
--------------------------------------------------------------
The Sun Daily reports that Perdana Petroleum Bhd is getting
assistance from Bank Negara Malaysia's Corporate Debt
Restructuring Committee (CDRC), which requires it to submit a
proposed debt restructuring scheme within 60 days.

According to the report, the approval letter was received on July
2, whereby CDRC will mediate between Perdana Petroleum and some
of its subsidiaries, with its financial institutions and sukuk
holders.

The Sun Daily relates that Perdana Petroleum said the admission
to CDRC is consistent with the group's strategy to streamline its
operations and optimise its financial resources to focus and
proactively enhance its offshore marine support services segment.

"It is a follow on from the company's previous successful cost
rationalisation initiative which has had a positive impact on the
company's financials."

The restructuring programme is limited to 12 months and it must
comply with the CDRC's restructuring principles for it to
continue to remain under the standstill arrangement with the
lenders, the report notes.

The Sun Daily says CDRC will mediate between Perdana Petroleum
and their respective financiers to renegotiate their respective
financing facilities that can be sustained in the face of this
challenging period for the oil and gas industry.

Perdana Petroleum said this successful mediation will enable the
company to be better positioned to raise new financing and
capital in the future and ensure its operations to sustain going
forward, the report adds.

Perdana Petroleum Berhad, an investment holding company, provides
offshore marine support services for the upstream oil and gas
industry in Malaysia. It owns and operates a fleet of vessels to
support an array of offshore activities, such as exploration,
development, facilities installation, hook-up and commissioning,
production, operation, and maintenance. The company also provides
work barges and workboats for on-board accommodation; work
facilities for offshore personnel; and towing, mooring, and
anchoring of non-self-propelled barges and rigs, as well as
transports drilling, production, and project materials and
chemicals. It owns and operates 16 offshore support vessels.



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


FP IGNITION 2017-B: Fitch Hikes Class F Notes to 'BB-sf'
--------------------------------------------------------
Fitch Ratings has upgraded five classes and affirmed one class of
notes from FP Ignition 2017 - B Trust. The transaction consists
of notes ultimately backed by New Zealand finance and operating
vehicle leases originated by Fleet Holding (NZ) Limited
(FleetPartners NZ), a subsidiary of FleetPartners Pty Limited
(FleetPartners) and a part of Eclipx Group Limited (ECX: ASX), an
Australian Stock Exchange-listed entity.

The notes were issued by NZGT (FP) Trustee Limited in its
capacity as trustee of FP Ignition 2017 - B Trust.

The rating actions as of April 2018 reporting are:

NZD95.6 million Class A notes (NZFPID1001R8) affirmed at 'AAAsf';
Outlook Stable

NZD11.4 million Class B notes (NZFPID1002R6) upgraded to 'AAAsf'
from 'AAsf'; Outlook Stable

NZD19.5 million Class C notes (NZFPID1003R4) upgraded to 'A+sf'
from 'Asf'; Outlook Stable

NZD13.5 million Class D notes (NZFPID1004R2) upgraded to 'A-sf'
from 'BBBsf'; Outlook Stable

NZD15.7 million Class E notes (NZFPID1005R9) upgraded to 'BB+sf'
from 'BBsf'; Outlook Stable

NZD4.54 million Class F notes (NZFPID1006R7) upgraded to 'BB-sf'
from 'B+sf'; Outlook Stable

The rating upgrades are due to strong performance with low
defaults, strong residual value asset recoveries and increased
subordination as a result of sequential paydown of notes to-date.

KEY RATING DRIVERS

Macroeconomic Factors: The Stable Outlook is supported by New
Zealand's strong and benign macroeconomic environment, which is
underpinned by robust governance, a solid policy framework and
sound prudential fiscal management. Other supportive factors are
detailed in the February 2018 sovereign rating action commentary
and Fitch's expectation that the strong conditions will persist.
Fitch expects the asset pool to perform in a similar manner to
the assessed historic data.

Portfolio Analysis: The underlying collateral pool consisted of
6,333 leases to 1,756 obligors, totalling NZD159.2 million, at
the April 30, 2018 cut-off date. The portfolio contains operating
and finance leases to obligors across a range of industries, with
the largest industry exposure, at 22.5%, being to business
services. The 10-largest obligors account for 12.8% of the
portfolio.

To date, there have been nine cumulative defaults equating to a
gross loss of 0.12% and a net loss of 0.04% of the original
capital balance. At April 30, 2018 30+ days arrears were 1.37%
and 90+ days 0.87%.

Residual Value Risk: The weighted-average portfolio residual is
72.9%. In all months after the transaction closing, realised
proceeds have exceeded 100% and Fitch's residual value base-case
recovery assumption of 97.2%.

Credit enhancement: The transaction incorporates a sequential pro
rata pay structure consistent with other ABS transactions. Fitch
expects the transaction to reach its pro rata trigger of 45% for
the class A notes in the near future. Credit enhancement is
sufficient to cover Fitch-stressed cumulative net loss
assumptions in all Fitch scenarios. The transaction includes a
vehicle-servicing account to enable the issuer to fund operating
lease vehicle-servicing obligations.

RATING SENSITIVITIES

Unexpected decreases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case, possibly resulting in negative
rating action on the notes. Fitch has evaluated the sensitivity
of the ratings to increased defaults, reduced recovery rates and
reduced residual value proceeds over the life of the transaction.

Rating sensitivity to increased defaults:

Rating AAAsf/AAAsf/A+sf/A-sf/BB+sf/BB-sf

Increase defaults by 25%: AAAsf/AAsf/Asf/BBB+sf/BBsf/B+sf

Increase defaults by 50%: AA+sf/AA-sf/Asf/BBBsf/BB-sf/Bsf

Rating sensitivity to decreased recovery proceeds:

Rating AAAsf/AAAsf/A+sf/A-sf/BB+sf/BB-sf

Reduce recoveries by 25%: AAAsf/AA+sf/A+sf/BBB+sf/BBsf/B+sf

Reduce recoveries by 50%: AAAsf/AAsf/Asf/BBBsf/BB-sf/B+sf

Rating sensitivities to multiple factors:

Rating AAAsf/AAAsf/A+sf/A-sf/BB+sf/BB-sf

Increase defaults by 25% and reduce recoveries by 25%: AAAsf/AA-
sf/Asf/BBBsf/BB-sf/B+sf

Rating sensitivity to decreased residual value sale proceeds:

Rating AAAsf/AAAsf/A+sf/A-sf/BB+sf/BB-sf

Base case sale proceeds less 5 percentage points:

AAAsf/AA+sf/Asf/BBBsf/B+sf/CCCsf

Base case sale proceeds less 10 percentage points:
AAAsf/AAsf/Asf/BBB-sf/CCCsf/CCCsf



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


OBIKE: Owes Users SGD6.3 Million in Deposits
--------------------------------------------
Zhaki Abdullah at The Straits Times reports that about US$4.6
million (S$6.3 million) in deposits is owed to users by troubled
shared-bicycle firm oBike, the company's founding investor and
chairman Shi Yi said.

According to the report, Mr. Shi said oBike intends to refund
users in Singapore their deposits, and has turned to its
shareholders to raise the money.

However, the Shanghai-born 29-year-old noted this was still
subject to the decision of liquidators, which the company is in
the process of appointing, the report says.

oBike, which began rolling out its shared two-wheelers in
Singapore in January last year, ended operations here suddenly on
June 25, the Strait Times notes.

It said then that requirements under the licensing regime for
shared-bicycle companies by the Land Transport Authority (LTA)
were too onerous, the report says.

The Strait Times says the sudden closure left users wondering if
they would get a refund of the deposit - of up to $49 - they had
to make to use its bikes.

Apologising to users, Mr. Shi said the decision to close shop was
a commercial one as the firm had suffered substantial losses in
its first year of operations, according to the report.

The Business Times reported last week that oBike suffered some
$4.25 million in losses last year.

This was largely due to expenses incurred when setting up its
business here, such as the purchase and maintenance of its
bicycles and the hiring of staff, he explained, the Strait Times
relays.

oBike had expected to be able to turn around its business this
year. That was until the authorities announced in March a new
licensing regime for bike-sharing firms here. This would require,
among other things, that firms pay a fee of $60 per bike
deployed.

Mr. Shi added that under LTA's new regulations, oBike would incur
expenses of between $10 million and $15 million annually.

"The economics of it didn't make sense anymore," the report
quotes Mr. Shi as saying. "In March, we already knew we needed a
solution, and we were proactively looking for buyers to take over
the business."

However, plans to sell the business ultimately fell through, the
report adds.

"No matter the outcome of liquidation, I want to take the
responsibility of paying my share back to users," said Mr. Shi,
who holds a 23 per cent stake in oBike.

He added that he is trying to convince other shareholders to do
the same, the report adds.

Headquartered in Singapore, oBike is a stationless bicycle-
sharing system with operations in several countries.



                             *********

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.



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