TCRAP_Public/180718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, July 18, 2018, Vol. 21, No. 141

                            Headlines


A U S T R A L I A

BCP INDUSTRIES: First Creditors' Meeting Set for July 25
DJ & EW: Second Creditors' Meeting Set for July 25
FSG AUSTRALIA: Boss Criticised Over Trip to Africa Amid Deficit
LEYDEN CATERING: Second Creditors' Meeting Set for July 24
PERFUME PARLOUR: Clifton Hall Appointed as Liquidators

WOODHILL JOINERY: Second Creditors' Meeting Set for July 24


C H I N A

FORELAND FABRICTECH: Does Not Know Full Amount it Owes in Lawsuit
ZHONGRONG XINDA: S&P Cuts Issuer Credit Rating to B, Outlook Neg.


I N D I A

AADHISHIVA ENTERPRISES: CARE Migrates D Rating to Not Cooperating
AARKAY PACKAGING: CARE Assigns B+ Rating to INR8cr LT Loan
ARUMUGA MUDALIAR: CARE Hikes Rating on INR5.37cr Loan to B
ARUNACHALA & CO: CRISIL Assigns B Rating to INR6.6cr LT Loan
AUTOMATIC ELECTRIC: CRISIL Reaffirms 'B' Rating on INR5cr Loan

BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR19cr Loan
CJ'S HARITHA: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
COLOUR COTTEX: CARE Migrates D Rating to Not Cooperating Category
ECO ROOTS: CRISIL Reaffirms and Then Withdraws B+ Rating
EMERALD HOME: CRISIL Assigns B+ Rating to INR27.3cr Term Loan

ESSAR STEEL: Rewant Asked to File Affidavit Over Assoc. With Ruia
GLAZE GARMENTS: CARE Moves D Rating to Not Cooperating Category
GLOW MAC: CARE Assigns 'B' Rating to INR10cr LT Loan
GREENHOUSE AGRO: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
INDIAN YARN: CARE Migrates D Rating to Not Cooperating Category

KUKU EXPORTS: CRISIL Assigns C Rating to INR3.5cr LT Loan
ORGANIC COATINGS: CRISIL Raises Rating on INR16.4cr LT Loan to B
OSWAL KNITTING: CARE Moves D Rating to Not Cooperating Category
PUSHPANJLI STRIPS: Ind-Ra Maintains BB Rating in Non-Cooperating
ROCK REGENCY: CARE Migrates B- Rating to Not Cooperating Category

ROYAL LATEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
RPN ENGINEERS: CARE Reaffirms D Rating on INR4.87cr ST Loan
RUG RESOURCES: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
SAHA & SONS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SALASARHANUMANJI: Ind-Ra Migrates BB LT Rating to Non-Cooperating

SANT MUKTAI: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
SARASWATHI BROILERS: CARE Lowers Rating on INR12cr LT Loan to B
SARVOTTAM ROLLING: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
SENTHIL ENTERPRISES: Ind-Ra Keeps B+ Rating in Non-Cooperating
SHILPAN HARISHKUMAR: CARE Assigns B+ Rating to INR4.16cr Loan

SHIVA TEXFABS: CARE Migrates D Rating to Not Cooperating Category
SHIVANI TRENDZ: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SHRI LAKSHMI: CRISIL Assigns B+ Rating to INR7.31cr LT Loan
SKC TRADING: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
SONA DIAMOND: CARE Lowers Rating on INR6cr LT Loan to B-

SRI SAI DURGA: CARE Moves D Rating to Not Cooperating Category
URANUS STONE: CRISIL Assigns B- Rating to INR5cr Term Loan
VIBHAV FARMS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
VINAYAK AUTOLINK: CRISIL Lowers Rating on INR12cr Loan to D


I N D O N E S I A

SENTUL CITY: Moody's Gives First-Time B2 CFR, Outlook Stable


N E W  Z E A L A N D

ROSS ASSET: Liquidators Claw Back Another NZ$3.1 million
RURAL BANK OF ALABAT: Depositors Claim Deadline Set for July 30


S I N G A P O R E

EZRA HOLDINGS: Restructuring Deal with Asia Fund Space Terminated


X X X X X X X X

* $45BB Wiped Out Mostly From Asia Bonds, BondEvalue Says


                            - - - - -


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


BCP INDUSTRIES: First Creditors' Meeting Set for July 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of BCP
Industries Australia Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
July 25, 2018, at 10:00 a.m.

Vincent Pirina and David Iannuzzi of Veritas Advisory were
appointed as administrators of BCP Industries on July 12, 2018.


DJ & EW: Second Creditors' Meeting Set for July 25
--------------------------------------------------
A second meeting of creditors in the proceedings of DJ & EW
McFarlane Pty Ltd, trading as McFarlane Plumbing and Gasfitting
Services, has been set for July 25, 2018, at 2:30 p.m. at the
offices of Worrells Solvency & Forensic Accountants, Level 15,
114 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2018, at 5:00 p.m.

Nathan Deppeler of Worrells Solvency was appointed as
administrator of DJ & EW on June 21, 2018.


FSG AUSTRALIA: Boss Criticised Over Trip to Africa Amid Deficit
---------------------------------------------------------------
Kate Darvall at Daily Mail Australia reports that the CEO of a
charity that made a AUD5.2 million loss has been slammed for
taking three staff on a 12,000km trip to Africa to lecture women
on business.

According to the report, FSG Australia travelled to Zambia,
Africa, in September after recording the multi-million dollar
deficit.

The charity entered voluntary administration on June 30, despite
receiving AUD60 million annually from the state and federal
governments, Daily Mail relates citing a Gold Coast Bulletin
report.

FSG Australia, run by CEO Vicki Batten, travelled to Zambia as
the charity's fate hung in the air, the report says.

Administrators will decide whether or not the charity will fold
and enter liquidation on August 3 this year, Daily Mail
discloses.

Daily Mail relates that the trip to Zambia, entitled 'Justice
Journeys', included a business workshop, guest speakers and
lavish lunch and drink packages.

The charity's Facebook page shows the group enjoying a glass of
champagne as they celebrate a week before departing on the Zambia
trip, the report notes.

'Ladies get ready . . . we will be in Zambia in less than a week.
Team Aussie is very excited and looking forward to meeting you
all. Yesterday we had a great meeting over a nice Zambia meal,'
the group, as cited by Daily Mail, said.

Daily Mail notes that FSG's trip to Africa was an 'unfunded
community project', meaning it was funded by donations rather
than government money.  However, an independent auditor found
'unfunded community projects' contributed to the charity going
broke, the report states.

According to Daily Mail, the Department of Communities Disability
Services and Seniors, a major contributor to the charity, hired
the independent auditor when the group went bust.

"This investigation found FSG's losses are due to over-delivery
of services and providing many non-funded community projects,"
the report quotes a department spokesman as saying.

This was disputed by a source close to the group, who told the
Gold Coast Bulletin 'unfunded programs mean that they are not
funded by the government,' the report relays.

FSG Australia is a Gold Coast-based a freedom and social justice
group.

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


LEYDEN CATERING: Second Creditors' Meeting Set for July 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Leyden
Catering Consultants Pty Ltd has been set for July 24, 2018, at
11:00 a.m. at the offices of Cor Cordis, Mezzanine Level, 28 The
Esplanade, 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 23, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Leyden Catering on June 19, 2018.


PERFUME PARLOUR: Clifton Hall Appointed as Liquidators
------------------------------------------------------
Simon Miller of Clifton Hall was appointed Liquidator of The
Perfume Parlour West Lakes Pty Ltd on July 10, 2018, by Order of
the Australian Securities and Investments Commission.


WOODHILL JOINERY: Second Creditors' Meeting Set for July 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Woodhill
Joinery Pty Ltd has been set for July 24, 2018, at 12:00 p.m. at
Level 12, 200 Crown Street, in Wollongong, 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 23, 2018, at 5:00 p.m.

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



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C H I N A
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FORELAND FABRICTECH: Does Not Know Full Amount it Owes in Lawsuit
-----------------------------------------------------------------
The Strait Times reports that suspended Chinese textile maker
Foreland Fabrictech has not been informed of the interest and
late payment amounts on a loan agreement involving its former
chairman, the company said on July 16 in response to queries from
the Singapore Exchange (SGX).

The size of those charges, slapped on top of a private loan of
CNY7 million, will be known only when the loan is repaid to the
Quanzhou People's Court in China, the company said, the Strait
Times relates.

Meanwhile, real estate purchases and rentals and high-speed rail
travel are some of the spending restrictions imposed by the court
on Foreland Fabrictech and its wholly owned Fujian Jinjiang
Fulian Knitting subsidiary, the company told SGX, when pressed
for more details on the Chinese court's judgment, the report
relays.

According to The Strait Times, the SGX has queried Foreland
Fabrictech - which is insolvent - over its revelation on July 9
of the Chinese court enforcement notice for an old lawsuit over
the CNY7 million loan, which the present board said it had not
known about.

The report adds that the loan agreement with one Hong Youling was
entered into by the company and its subsidiary, as well former
executive chairman Tsoi Kin Chit, former executive director Cai
Fengquan and another Chinese company.

China-based Foreland Fabrictech Holdings Limited, an investment
holding company, manufactures and sells functional and normal
fabrics in the People's Republic of China. It also offers fabric
processing services.


ZHONGRONG XINDA: S&P Cuts Issuer Credit Rating to B, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Zhongrong Xinda Group Co. Ltd. to 'B' from 'BB-'. The outlook is
negative. S&P also lowered the rating on the U.S. dollar-
denominated senior unsecured notes that the company guarantees to
'B' from 'BB-'. Zhongrong Xinda is one of the largest independent
coke producers in China.

S&P lowered the rating because it expects Zhongrong Xinda's
financial leverage to remain high, with a debt-to-EBITDA ratio of
about 7.8x, over the next 12 months. The improvement in the
company's EBITDA is unlikely to be sufficient to offset its
significantly increased debt.

S&P said, "Zhongrong Xinda's debt-to-EBITDA ratio of 8.3x as of
end-2017 was much weaker than we expected. This was mainly due to
the company's higher debt, largely stemming from spending on
increasing its stake in Hengfeng Bank and higher-than-expected
capital expenditure for its Peru mine. We note that Zhongrong
Xinda has repaid most of its notes due in 2018. This has lowered
the concentration in its debt maturity profile, with around
Chinese renminbi (RMB) 3 billion of debt maturing each year for
the rest of 2018, 2019, and 2020.

"We expect Zhongrong Xinda to maintain its leading market
position as an independent coke producer in China. The company's
coke output increased 4.7% to 9 million metric tons in 2017,
making it the largest in the country. Zhongrong Xinda gained
market share as other players in northern China, such as in Hebei
and Shanxi provinces, had to lower their utilization rates to
meet the government's stringent environmental requirements.

"We anticipate that Zhongrong Xinda will maintain its
profitability in the next 12 months, underpinned by good profit
margins in the coke business, which contributed more than 60% of
gross profit in 2017. Coke production turned more profitable as
average selling prices increased more than costs. However, in our
view, the increase in EBITDA is not enough to offset the rising
debt. We expect the company to rely on debt raising to fund its
working capital and capital expenditure in the next 12 months."

Zhongrong Xinda's leverage and liquidity could improve if it
sells its large holdings of financial assets. As of March 31,
2018, the company holds RMB11.7 billion worth of financial assets
measured at fair value through profit or loss, mainly in the form
of stakes in several domestic banks. However, most of these
assets are unlisted and therefore less liquid. Also, the
company's willingness to monetize and the actual amount that
could be realized is uncertain.

Liquidity conditions in the domestic capital market have been
tightening. Although Zhongrong Xinda has been able to roll over
its bank loans and repay its onshore bonds so far, any difficulty
in accessing the capital market could lead to a weakening in its
liquidity. In addition, the company relies on trust loans for
financing, and access to these could be tightened.

S&P said, "The negative outlook reflects our expectation that
Zhongrong Xinda's liquidity buffers could thin in the next 12
months if its access to the capital market weakens. The company's
access to the capital market is critical because it relies on
refinancing to maintain its operations.

"We could downgrade Zhongrong Xinda if its liquidity position
deteriorates significantly. That could happen if the company's
funding costs go up substantially, it can't roll over its bank
loans, or its access to the capital market weakens. We could also
downgrade Zhongrong Xinda if its financial leverage increases
more than we expect due to large-scale debt-funded acquisitions
or weakening operations.

"We may revise the outlook to stable if Zhongrong Xinda's
liquidity buffer improves. That could happen if the company sells
its financial assets or stake in its Peru mine. That could also
happen if Zhongrong Xinda can raise equity or issue long-term
bonds."



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AADHISHIVA ENTERPRISES: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Aadhishiva Enterprises to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      6.35      CARE D; Issuer not cooperating
   Facilities

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Aadhishiva Enterprises to
monitor the rating vide e-mail communications/letters dated
May 1, 2018, May 11, 2018 and May 17, 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 Aadhishiva
Enterprises'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

Delays in debt servicing: The company has been facing tight
liquidity postion on account of the dealy in recipts from its
customers. Further the firm has high level of inventory holding.
The tight liquidity has to led to firm delaying on its repayment
obligations.

Key Rating Strengths

Experience of the promoter:
Mr.PrathapChandran (34 years) has an overall experience of 15
years. Prior to establishing AE, he was working as a Marketing
Executive with a pharmaceutical company for around 7 years.

Aadhishiva Enterprises (AE) is a proprietorship concern
established by Mr. Prathap Chandran in July 2007. AE is engaged
in trading of imported cashews and is operating in 3 facilities
in Kerala (Nedumpana and Pooyappally in Kollam and Attingal in
Thiruvananthapuram). Mr.Prathap Chandran (34 years) has an
overall experience of 15 years. Prior to establishing AE, he was
working as a Marketing Executive with a pharmaceutical company
for around 7 years.

AE imports raw cashews from African countries like Ivory Coast,
Ghana, Tanzaniya, Benin etc. and undertakes the process of borma
(process of heating the cashews kernels), Shelling, peeling,
grading and packing. AE has a centralized packing unit in Kollam
where the packing is done based on customer requirements. M/s
Asivat International is the associate proprietorship concern
owned by Mrs.Aswani Sasi Kumar (w/o Mr.Prathap Chandran). It is
engaged in trading of cashews. Asivat International is operating
in India and Singapore.


AARKAY PACKAGING: CARE Assigns B+ Rating to INR8cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aarkay
Packaging Industries (API), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of API is tempered by
small scale of operations, leveraged capital structure, presence
in highly fragmented & competitive nature of industry with number
of unorganized players, working capital intensive nature of
operations and partnership nature of constitution.

However, the rating derives comfort from increasing total
operating income during review period (FY15-FY17, FY refers to
period April 1 to March 31) and satisfactory profitability
margins albeit marginal decline during review period, experience
of promoters in cartons manufacturing industry for more than two
decades, moderate debt coverage indicators along with healthy
demand growth indicators from end user industries mainly
packaging.

Going forward, the company's ability to improve its scale of
operations, profitability margins and efficiently utilize its
working capital requirements remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The operations of the firm is small
marked by TOI of INR10.02 crore and low net worth of INR1.41
crore as on March 31, 2017. However, during 11MFY18
(Provisional), the firm achieved total operating income of INR 14
crore. The firm has a moderate order book of INR6.5 crore as on
March 5, 2018 expected to be completed by June 2018. The status
of order book provides revenue visibility for the company in the
short term.

Leveraged capital structure: The capital structure of API marked
by overall gearing stood leveraged during the review period
(FY15-FY17) in the range of 1.69x-2.54x. Furthermore, overall
gearing ratio has been fluctuating during the review period on
account of variation in working capital facility utilisation
levels as on accounts closing date coupled with sanction of term
loan in FY17 in order to incur few capital expenditures like
construction of factory building & purchase of indigenous
machineries.

Working capital intensive nature of operations: API procures
kraft papers from manufacturers in and around Tamilnadu and
avails a credit period of around 2-3 months from its suppliers.
API is dependent on its working capital facilities for purchasing
its raw material supply. The firm was able to get extended credit
period from suppliers, hence average creditors period has
improved to 80 days in FY17 from 86 days in FY16. The firm
provides its customers an average credit period of 30-60 days
hence the average collection period stood at 63 days however on
account of extended credit period availed by few customers the
average collection period has increased from 60 days in FY16 to
63 days in FY17 thus retaining the existing customers. The firm
maintains raw material to avoid un-even price fluctuations in raw
materials as a result of which the average inventory period stood
at 53 days in FY17 however on account of increased execution of
orders inventory days decreased from 60 days in FY16 to 53 days
in FY17. The operating cycle of the firm improved from 40 days in
FY16 to 30 days in FY17 due to increase in average creditor's
period along with reduction in average inventory period. Due to
the above said factors, the operating cycle of the firm stood
comfortable during the review period. The average utilization of
cash credit facility stood fully utilised for last 12 months
ended February 2018.

Fragmented & competitive nature of industry with number of
unorganized players: The current corrugation industry being
highly fragmented with more than 4,000 players, major structural
and technological changes like installation of high capacity
automatic production lines are expected to increase the total
capacity installed in the industry. Such fragmented nature of
industry has resulted into intense competition which puts
pressure on margins. The industry is fragmented in nature due to
low initial capital investment and ease of access to technology.
The firm faces competition from the unorganized players.

Partnership nature of constitution: API is constituted as a
partnership firm wherein it is exposed to frequent withdrawal of
partners' capital and resultant erosion of the net worth
resulting in lower capital base despite the firm being able to
generate sufficient profits in the past.

Key Rating Strengths

Experience of promoters in cartons manufacturing industry for a
decade: API was established in the year 2007 and holds track
record for about a decade. The partners collectively have long
term experience in cartons manufacturing industry for more than
two decades. Prior to establishing API Mr. A. MuthuKumar who is a
Managing Partner associated himself with S.K cartons(engaged in
cartons manufacturing), hence he has more than two decades of
experience in cartons manufacturing industry. Mr. PL.
Adaikkapillai, MS. S. Chithra, Mr. Sathyaseelan & Mr. K. Raju
collectively has around a decade of experience in cartons
manufacturing business by associating themselves with its group
entity Aarkay Cartons & API. Partners are taking care of all the
operational activities in the firm. Increasing total operating
income & satisfactory profitability margins albeit fluctuation
during review period: The total operating income of the firm grew
from INR6.80 crore in FY15 to INR10.02 crore in FY17 at a CAGR of
about 21% on account of increased orders received, efficient
capacity utilisation and increased demand for boxes during the
review period.

PBILDT margin stood satisfactory during the review period,
however, has been declining from 7.42% in FY15 to 6.03% in FY17
due to increase in raw materials cost. PAT margin also stood
fluctuating on account of variation in tax provisions during the
review period. PAT margin stood at the range of 2%-3% during the
review period (FY15-FY17).

Moderate debt coverage indicators: Interest coverage ratio stood
comfortable at 4.32x in FY17, furthermore Interest coverage ratio
has been improving y-o-y during the review period on account of
low interest expenses coupled with improving PBILDT. However,
Total debt/GCA of the firm stood weak at 9.83x in FY17 due to
thin cash accruals.

Healthy demand growth indicators from end user industries mainly
packaging: Flexible packaging, accounting for nearly 30% of the
total packaging industry, has grown at ~20% CAGR, one of the
fastest rates in the world. The key reason for this growth being
sustained in the medium-term is the increasing investment in the
demand sectors like food, pharma and FMCG. The rise in
consumption of processed foods, increasing ratio of youth among
the consuming population, rising health awareness and increasing
penetration of organised retail etc would also support the
consumption of flexible packaging. Further, a flourishing
organised retail sector has increased consumption of corrugated
packaging. MNCs are demanding corrugated boxes of international
standards and the pattern of buying the packaging is changing.
There are more 4,000 corrugated board and sheet plants converting
about two million tons of Kraft paper into corrugated boxes
yearly. Factories are spread out in all parts of India, even in
the remote industrially backward areas. The Indian packaging
industry is the 12th largest in the world and per capita
packaging consumption in India is still quite below the worldwide
average thereby indicating the extent of under penetration of
Indian packaging Industry. Hence, the industry is expected to see
healthy growth owing to the expansion of sectors like retail and
manufacturing which are the primary demand drivers.

M/s. Aarkay Packaging Industries (API) was established in the
year 2007 as a partnership concern by Mr. A. MuthuKumar, Mr. PL.
Adaikkapillai, MS. S. Chithra, Mr. Sathyaseelan and Mr. K. Raju.
API is engaged in manufacturing of corrugated carton boxes
finding application in packaging industry with an installed
capacity of 1000 MT/month as on March 05, 2018. It manufactures a
wide range of cartons of various sizes and strength (with
customized boxes) to various end users starting from Food
processing industry, Pharmaceuticals, Computer manufacturers &
other durable product manufacturers etc. The entity has long term
relationship for more than 8 years with reputed clients like Rane
TRW Steering Systems Private Limited (ICRA AA-, January 2018),
Wipro enterprises & LG Electronics. The firm procures its key raw
material i.e. Kraft paper directly from manufacturers and also
from dealers in the local markets.


ARUMUGA MUDALIAR: CARE Hikes Rating on INR5.37cr Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Arumuga Mudaliar Sornam Educational Trust (AMT), as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank       5.37     CARE B; Stable Revised from
   Facilities                    CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of AMT
takes into account of regularisation of bank accounts with timely
serving debts interest and principal due to proper cash flow
management. The rating, however, continues to favorably take into
account from vast experience of the promoters in the education
sector with presence in education sector and comfortable capital
structure with strong net-worth along with healthy SBID margins.
However, the rating is tempered by small scale of operations with
declining trend, weak debt protection metrics based on the
decline in the Total Operating Income (TOI) and depending on the
government fund for revenue recognition after admission of
students. The rating further continues to remain constrained on
account of high regulatory restrictions in higher education and
intense competition in the industry.

AMT's ability to improve its overall financial risk profile with
increase in the scale of operations through sustaining the
healthy enrolment ratio with increasing intake capacity in its
affiliated colleges as well as school in Trichy and increase in
enrolment in the courses offered by trust shall be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Weak debt-protection metrics based on the decline in the Total
Operating Income (TOI): The debt serving ability of the trust
remains stressed on account of decline in the cash profit of
INR0.59 crore in FY17 as compared to cash profit of INR4.05 crore
in FY15 which is reflected in the Total debt to GCA which remains
high at 14.65x in FY17 and 2.17x in FY15. Furthermore, there is
decline in the interest coverage of the trust at 1.78x in FY17
from 4.53x in FY15 due to decline in the Total Operating Income
(TOI) based on the current saturation in the Engineering
admission.

Depending on the Government fund for revenue after admission of
students: Tamil Nadu government has announced scholarships for
the economically backward and first generation graduates students
at the time of admission, those scholarships for the students
could be received after 24 months from the government. It
reflects the late realization of the revenue in the books of
accounts.

High regulatory restrictions in higher education and intense
competition in the industry: AMT is operating in a highly
regulated industry which is regulated by respective State
Governments with respect to number of enrolment seats, amount of
tuition fee charged giving limited flexibility to the
institutions. Further, schools run by non-Government
organizations are termed self-financed, where fees are governed
by a statutory body. These factors have significant impact on the
revenue and profitability of the institutions.

Also, educational sector in India exhibits intense competition on
account of an increase in number of educational institutions
having their own brand image and with respect to spacious
infrastructural as well as other allied facilities provided by
various industries.

Key Rating Strengths

Timely serving debts interest and principal: Trust regularized
their repayments of long term loan interest and principal over
the last three months starting from February, 2018 to May, 2018.

Healthy operating margins: SBILDT margin remained healthy at 94%
in FY17 as against 19% in FY16. However, surplus remained low at
INR0.59 crore in FY17 as against INR0.55 crore in FY16 due to
reduction in the employee cost.

Comfortable capital structure with strong net-worth: The capital
structure of AMT remains comfortable with an overall gearing of
0.15 times as on March 31, 2017 which has stable over the last
three years mainly on account of marginal decline in the secured
loans of bank borrowings against mortgaged properties.
Furthermore, the trust has strong growing net-worth of INR 58.32
crore in FY17 and INR57.73 crore in FY16 due to increase in the
value of the fixed assets of the trust.

Experienced promoters and decade long track record of operations
along with diversified revenue stream on account of various
courses offered: AMT was founded by Late Mr. A. Krishnaswamy. AMT
has been engaged in the field of education for more than two
decades now. The main objective of the trust is to provide
education services and engage in social welfare activities like
eye camp and blood donation camp to the rural population.
Presently, the trust runs 6 institutions consisting of an
engineering college (both UG and PG courses), Arts and Science
College, Polytechnic College, one teacher training college
(B.Ed. course), Matriculation higher secondary school and a
nursery school. The institutions are located in Cuddalore
district, Tamil Nadu. The above institutions are managed by
experienced professionals in their respective fields. The total
student strength of the institutions run by the trust as at May
23, 2018 was 2181.

Arumugha Mudhaliar Sornam Educational Trust (AMT) was established
in March 1992 by Mr. A. Krishnaswamy and registered under Indian
Trust Act. The main objective of the trust is to provide
education services and engage in social welfare activities like
eye camp and blood donation camp to the rural population.
Presently, the trust runs 6 institutions consisting of an
engineering college (both UG and PG courses), Arts and Science
College, Polytechnic College, one teacher training college (B.Ed.
course), Matriculation higher secondary school and a nursery
school. The institutions are located in Cuddalore district, Tamil
Nadu. The above institutions are managed by experienced
professionals in their respective fields. The total student
strength of the institutions run by the trust as at May 23, 2018
was 2181.


ARUNACHALA & CO: CRISIL Assigns B Rating to INR6.6cr LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arunachala & Co (AC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Loan                  3          CRISIL B/Stable (Assigned)

   Cash Credit           3.4        CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    6.6        CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale of operations in the
intensely competitive rice trading business, susceptibility of
operating margin to volatility in rice price, and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of its promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive rice
trading business: AC's business risk profile is constrained by
its modest scale of operations in the fragmented rice trading
business, indicated by revenue of INR59.6 crore in fiscal 2018.

* Susceptibility of operating margin to rice price volatility:
Operating profitability was modest at 1.5-2.0% over the 5 fiscals
ended March 31, 2018, on account of low value addition in the
trading business. Moreover, the profitability is susceptible to
volatility in rice prices.

* Moderate financial risk profile: The firm had a high total
outside liabilities to tangible networth ratio of 10.7 times as
on March 31, 2018, and moderate debt protection metrics,
indicated by net cash accrual to total debt ratio of 5% and
interest coverage of 2.19 time for fiscal 2018.

Strength

* Extensive industry experience of the promoter: The extensive
experience of promoter Mr Arunjanai has enabled the firm to
establish healthy linkages with suppliers and customers in the
region. The stores are strategically located with access to
customers.

Outlook: Stable

CRISIL believes AC will benefit from its promoter's industry
experience. The outlook may be revised to 'Positive' if revenue
increases substantially and profitability improves, leading to
better business and financial risk profiles. The outlook may be
revised to 'Negative' if the firm undertakes aggressive, debt-
funded expansion, or if its revenue and profitability decline
substantially leading to deterioration in the financial risk
profile.

Set up in 2000, AC is engaged in rice trading.


AUTOMATIC ELECTRIC: CRISIL Reaffirms 'B' Rating on INR5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Automatic Electric Limited (AEL) at 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       2.5         CRISIL A4 (Reaffirmed)

   Cash Credit          5.0         CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit     2.5         CRISIL A4 (Reaffirmed)

The ratings continue to reflect its modest scale of operations,
large working capital requirement, and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of its promoter in the electrical equipment industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Estimated revenue of INR67 crore
for fiscal 2018 reflects the company's small scale. This limits
pricing power against suppliers and customers, thereby
constraining profitability in a competitive segment.

* Large working capital requirement: Gross current assets were
estimated at 250 days as on March 31, 2018, due to inventory and
receivables of over 100 and 90 days, respectively.

* Average financial risk profile: Networth is estimated to be
small at INR20.0 crore and total outside liabilities to adjusted
networth ratio high at over 4.0 times, as on March 31, 2018. Debt
protection metrics were also muted, with interest coverage ratio
of 1.5 times for fiscal 2018.

Strength

* Extensive experience of promoter: The four decade-long
experience of AEL's promoter in the electrical equipment industry
and established brand (AE) will continue to support business risk
profile.

Outlook: Stable

CRISIL believes AEL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial and sustained growth in
revenue and profitability, or better working capital management.
The outlook may be revised to 'Negative' if a steep decline in
profitability, considerable stretch in working capital cycle, or
any major, debt-funded capital expenditure further weakens
capital structure.

Incorporated in 1942 and promoted by Mr. S. D. Bal, AEL
manufactures electrical equipment such as transformers,
voltmeters, transducers, and shunts at its units in Lonavala,
Panvel, Thane, and Ambernath (all in Maharashtra). Operations are
managed by Mr Sharad Bal.


BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR19cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Balkrishna Ginning and Pressing Factory (BGPF) at 'CRISIL
B+/Stable'. The rating continues to reflect a below-average
financial risk profile because of modest networth and weak debt
protection metrics and vulnerability of the operating margin to
changes in the cotton prices. These weaknesses are partially
offset by the extensive experience of partners in the cotton
ginning industry.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            19        CRISIL B+/Stable (Reaffirmed)

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

Analytical Approach

CRISIL has treated unsecured loans as neither debt nor equity as
the funds are expected to be retained in business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation and stagnant profitability in a
highly competitive industry: The scale is modest as reflected in
the revenue of INR92 crore for fiscal 2017 and expected revenue
of INR96 crore in fiscal 2018 with profitability being low,
albeit stable, at around 2.2%. Furthermore, erratic climatic
conditions and adverse government regulations have significant
impact on availability and prices of the agro commodities.

* Vulnerability to changes in cotton prices: Since cotton is an
agro commodity, its availability is highly dependent on monsoon.
Furthermore, government interventions and fluctuations in global
cotton output have resulted in sharp fluctuations in cotton
prices.

Strengths

* Extensive experience of partners in the cotton ginning industry
The firm benefits from the extensive industry experience of its
promoters, their understanding of the dynamics of the local
market, and their established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes BGPF will continue to benefit from its partners'
experience. The outlook may be revised to 'Positive' if higher
accretion or infusion of capital by partners, or significantly
higher-than-expected revenue growth, strengthens the capital
structure. The outlook may be revised to 'Negative' if large,
debt-funded capital expenditure (capex), or working capital
management weakens, further deteriorates its financial risk
profile.

BGPF was set up as a partnership firm in 1999 between Mr Arvind
Raichura and his family. The firm gins and presses raw cotton to
make cotton bales, and manufactures cotton seed wash oil, cotton
seed linter, and de-oiled cakes.


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

The instrument-wise rating action is:

-- INR198.5 mil. Fund-based limits maintained in non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

The firm was set up in 2010. It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments.


COLOUR COTTEX: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Colour
Cottex Private Limited (CCPL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     78.98       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CCPL to monitor the rating
vide e-mail communications/letters dated May 17, 2018; May 18,
2018; May 23, 2018; May 25, 2018; May 30, 2018; and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the rating. 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 Colour Cottex 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.

The ratings take into account the continued delays by CCPL in
repayment of the debt obligations and classification of the
company's bank account as a Non Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating on April 28, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Weak financial risk profile: The total operating income of the
company declined by 10% in FY17. The PBILDT margins of the
company also declined in FY17. The company reported net losses of
INR2.56 crore in FY17 as compared to PAT of INR0.34 crore in
FY16. The capital structure of the company continued to remain
weak, marked by overall gearing ratio of 1.92x, as on March 31,
2017. The debt coverage indicators of the company also continued
to remain weak, as on March 31, 2017.

Highly fragmented market resulting in intense competition from
unorganized and organised players: The readymade garment industry
in India is highly fragmented and dominated by a large number of
independent and small scale unorganized players leading to high
competition among industry players. Ludhiana is known to be a
major textile hub where many small and medium sized units are
operating and fulfil majority demand of hosiery products in
India.

Key Rating Strengths

Experienced promoters: CCPL is currently operating with Mr Rajesh
Dhanda as the managing director, who has nearly 24 years of
experience in the industry, through his association with other
group concerns engaged in the trading of garments. Other
promoters of the company have been engaged in the textile
industry for more than one decade. The promoters are supported by
a team of professionals looking after various domains of the
business.

Incorporated in June 2012, Colour Cottex Private Limited (CCPL)
is engaged in the manufacturing and trading of readymade garments
(primarily T-shirts) and knitted cloth. The company is currently
operating with Mr Rajesh Dhanda as the Managing Director. The
manufacturing unit of the company is located in Ludhiana, Punjab
having an installed capacity of 10,80,000 pieces for ready-made
garments and 936 tons for knitted cloth as on March 30, 2016. The
company also engages in trading of garments and cloth.


ECO ROOTS: CRISIL Reaffirms and Then Withdraws B+ Rating
--------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Eco
Roots Foods India Private Limited (ERF) and subsequently
withdrawn the rating at the company's request and on receipt of a
no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.8       CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

   Export Packing         2.0       CRISIL B+/Stable (Rating
   Credit                           reaffirmed and Withdrawn)

   Foreign Bill           0.6       CRISIL B+/Stable (Rating
   Purchase                         reaffirmed and Withdrawn)

   Long Term Loan         0.33      CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

   Warehouse Receipts     9.27      CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

ERF was incorporated in April 2015 and is promoted Mr Narender
Sidhar and Mr Pushpinder Munjal. It processes paddy into basmati
rice, and has units in Delhi, Moradabad (Uttar Pradesh), and
Gandhidham (Gujarat), with combined capacity of 38 metric tonnes
per hour.


EMERALD HOME: CRISIL Assigns B+ Rating to INR27.3cr Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Emerald Home Developers Private Limited
(EHDPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             27.3       CRISIL B+/Stable (Assigned)

The rating reflects risk of geographical concentration in EHDPL's
business, and susceptibility to cyclicality inherent in the real
estate industry. These weaknesses are partially offset by the
experience of promoters in real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to geographical concentration: The
entire revenue is concentrated on the current project being
executed at Faridabad, making the business totally dependent on
the growth dynamics of that project.

* Susceptibility to cyclicality inherent in industry: The real
estate sector is cyclical in nature, with volatile prices, opaque
transactions, and intense competition. Moreover, the multiplicity
of property laws and non-standardised government regulations can
affect the tenure of project execution. The risk is compounded by
the aggressive completion timelines and shortage of manpower
(project engineers and skilled labour) in this sector. Apart from
these macro-economic factors, the credit risk profile is expected
to be driven by the level of economic activity and the outlook
for the real estate sector. Any adverse change in the overall
economic environment may impact the real estate market across the
region.

Strength

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

Outlook: Stable

CRISIL believes EHDPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if more-than-expected booking levels along with timely
completion of projects strengthens liquidity. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens due to
lower-than-expected booking, leading to higher dependency on
external funding, or delay in execution resulting in cost
overruns.

EHDPL, incorporated in 2008, undertakes residential real estate
development. It is currently developing a residential township,
Emerald Heights in Sector 88A, Faridabad.


ESSAR STEEL: Rewant Asked to File Affidavit Over Assoc. With Ruia
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) on July 16 asked Aurora Enterprises promotor
Rewant Ruia to file an affidavit stating that he has no business
with Ravi Ruia in the affairs of Numetal, which is in race to
acquire debt ridden Essar Steel.

NCLAT also declined to allow the requests of Committee of
Creditors of Essar Steel to open the second round of bids, the
report says.

BloombergQuint relates that a two-member bench of the appellate
tribunal headed by Chairman Justice SJ Mukhopadhaya asked to file
a submission over the relationship between Rewant Ruia and Ravi
Ruia.

Besides, Russia's VTB Capital-backed Numetal Ltd alleged that
rival ArcelorMittal India is not eligible to bid for Essar Steel
under the IBC as it was shown as promotor of defaulting company
Uttam Galva till March by leading bourses, almost a month after
submission of its bids, according to the report.

BloombergQuint reports that Senior Advocate Mukul Rohatgi
appearing for Numetal submitted that although ArcelorMittal has
disposed of share before submitting its resolution plan in
February, but it was a promotor of Uttam Galva till March 21 on
NSE and March 23 on BSE records.

"They (ArcelorMittal) continued as a promotor of the company
notwithstanding of selling of their share," the report quotes
Rohatgi as saying, adding the "tag of promotor was removed in
March not in February when bids were submitted".

Arcelor Mittal was the promoter of Uttam Galva for almost nine
years, even when these account got classified as an NPA, the
report states.

The Insolvency and Bankruptcy Code bars participation by
promoters of delinquent companies in bidding for assets being
auctioned, BloombergQuint notes.

Later, issuing a statement, ArcelorMittal spokesperson said that
the company has sold its shareholding in Uttam Galva on Feb. 7
and submitted all relevant documentation to NSE and BSE for
declassification prior to submitting our resolution plan for
Essar Steel on Feb. 12, according to BloombergQuint. "We had no
control over the NSE and BSE's declassification process," he
said, adding "no ArcelorMittal representative ever held a Board
position at Uttam Galva, nor did we ever propose a Board member".

According to BloombergQuint, the NCLAT on May 22 ordered status
quo on insolvency of Essar Steel for two months as it admitted
petitions of Numetal and ArcelorMittal over the bidding
eligibility.

Numetal and ArcelorMittal have filed petitions in the NCLAT
challenging the disqualification of their first round of bids,
the report says.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


GLAZE GARMENTS: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Glaze
Garments (India) Limited (GGIL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     21.94      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

   Short term Bank    10.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GGIL to monitor the rating
vide e-mail communications/letters dated May 16, 2018; May 18,
2018; May 23, 2018; May 25, 2018; May 30, 2018; and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the rating. 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 Glaze Garments (India)
Limited's bank facilities will now be denoted as CARE D/CARE D;
ISSUER NOT COOPERATING.

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

The ratings take into account the continued delays by GGIL in
repayment of the debt obligations and classification of the
company's bank account as a Non Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating on April 18, 2017 the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Weak financial risk profile: The total operating income declined
by ~14% to INR93.11 Cr. in FY17. The PBILDT margins of the
company also deteriorated from 5.26% in FY16 to 5.09% in FY17.
Furthermore, the company reported net losses of INR0.61 crore in
FY17 as compared to PAT of INR0.58 crore in FY16. The capital
structure of the company continued to remain weak, as on
March 31, 2017, marked by overall gearing ratio of 3.75x, as on
March 31, 2017 (PY: 3.33x). The debt coverage indicators of the
company also continued to remain weak, as on March 31, 2017. The
working capital cycle also remained elongated at ~183 days, as on
March 31, 2017 (PY: 105 days).

Highly fragmented market resulting in intense competition from
unorganized players: The readymade garment industry in India is
highly fragmented and dominated by a large number of independent
and small scale unorganized players leading to high competition
among industry players.

Key Rating Strengths

Experienced promoters and established track record of operations:
GGIL is engaged in the business of garment manufacturing and
trading of yarn & fabrics for the last ~15 years. The day-to-day
operations of the company are looked after by Mr. Anil Kumar Jain
who has an industry experience of more than four decades. Mr.
Anil is assisted by his two sons, Mr. Tarun Jain and Mr. Varun
Jain, who have an industry experience of nearly one decade. Ms.
Sunita Jain (wife of Mr. Anil Jain) is also involved in the
business for more than 15 years.

GGIL was incorporated in the year 1998 by Mr Anil Kumar Jain. The
company is engaged in the manufacturing of garments and trading
of yarn & fabrics. The products manufactured by the company
include polo shirts, T-shirts, jogging suits, sweat shirts,
thermal wear, and sweaters, etc.


GLOW MAC: CARE Assigns 'B' Rating to INR10cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Glow
Mac lighting Private Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        10.00      CARE B; Stable Assigned
   Facilities

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Glow Mac is
constrained by small though growing scale of operations, weak
financial risk profile and elongated operating cycle. The rating
is further constrained on account of exposure to raw material
price volatility and GPL's presence in the highly competitive
industry with competition from china. The rating, however,
continue to draw comfort from experienced promoters.

Going forward; ability of the company to scale up its operations
while improving its profitability margins, managing its working
requirements and improvement in capital structure shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small though growing scale of operations: The scale of operations
has remained small marked by a total operating income of INR9.08
crore during FY17 (refers to period April 1 to March 31).
Furthermore, the company's net worth base was relatively small at
INR0.44 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Though the risk is partially mitigated by
the fact that the scale of operations has been growing
continuously for the past three years i.e. FY15-FY17 at
compounded annual growth rate of 26.56% owing to higher quantity
sold. Further, the company has achieved total operating income of
~INR10.52crore for FY18 (refers to period April 1 to March 31;
based on provisional results).

Weak financial risk profile: The PBIDLT margin of company stood
moderate at 12.22% for FY17. However the company suffered net
losses for the past three financial years (i.e. FY15-FY17); owing
to high interest cost and depreciation expense. The capital
structure of the company stood highly leveraged mainly on account
erosion of net worth base due to losses in the recent past.
Further, the company had taken loans for capacity expansion &
working capital requirements are mainly funded though bank
borrowings and through unsecured loans by the promoters.
Furthermore, debt coverage indicators marked by interest coverage
ratio and total debt to GCA stood weak on account of high
interest expense and high reliance on external borrowings.

Elongated operating cycle: The operating cycle of the company
remained high at 174 days attributable to high inventory holding
period. The company generally maintains inventory of around 6-7
months in the form of raw material for smooth production process
and finished goods to meet the immediate demand of the customers
resulting in an average inventory holding of 202 days in FY17.
The company allows a credit period of around 3 months to its
customer due to competitive nature of industry resulting in an
average collection period of 81 days in FY17. The company
generally receives a credit period of around 3-4 months resulting
in an average credit period of 109 days in FY17. The average
utilization of working capital limits remained 80% utilized for
12 months ended April 30, 2018.

Exposure to raw material price volatility: The prices of raw
material, especially metals such as aluminum & copper and others,
required for the manufacture of electric appliances are volatile
in nature. With the cost of raw materials accounting major part
of the total production cost in FY17; an upward movement in the
raw material prices will adversely affects the profitability of
the company.

Highly competitive nature of industry with competition from
China: GPL operates in a highly competitive industry wherein
there is presence of a large number of players in the unorganized
and organized sectors. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. Additionally, the Indian electric components
manufacturer remain faced with stiff competition from low- cost
imported products especially from China.

Key Rating Strengths

Experienced promoters: The operation of GPL is currently being
managed by Mr. Arun Kumar Jain and Mr. Vibhor Jain. Mr. Arun
Kumar Jain is a post graduate by qualification and holds more
than five decades of experience in the manufacturing of
electrical components through his association with GPL and other
family run business. Mr. Vibhor Jain is also a post graduate by
qualification and holds more than two decade of experience in
electrical industry through her association with GPL and with
family run business. Moreover, GPL has a well-qualified and
experienced team of projects mangers, project engineers and
dedicated purchase planning and execution department with good
experience.

Rajasthan based Glow Mac lighting Private Limited (GPL),
incorporated in February 18, 2008, and is being managed by Mr.
Arun Kumar Jain and Mr. Vibhor Jain. The company is engaged in
the manufacturing of various electrical items such as LED (Light
Emitting Diode), Non-LED fittings and fixtures with installed
capacity of 5 lac units per annum at its manufacturing facility
located in Bhiwadi (Rajasthan). The raw material for the company
includes various electrical components such as copper, aluminum
conductor etc. which the company procures mainly from various
wholesalers locally. The electrical equipment manufactured by the
company are mainly sold to electrical equipment companies and
other electronic dealers.


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

The instrument-wise rating actions are:

-- INR130 mil. Term loan maintained in non-cooperating category
     with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Greenhouse Agro Products is engaged in the
prawn seed hatchery business.


INDIAN YARN: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Indian
Yarn Limited (IYL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     67.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                    on the basis of best available
                                 information

   Short-term Bank     3.36      CARE D; ISSUER NOT COOPERATING;
   Facilities                    on the basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IYL to monitor the ratings
vide e-mail communications/letters dated May 18, 2018, May 21,
2018, May 24, 2018, May 25, 2018 and May 28, 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. The rating on Indian Yarns 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 ratings take into account the continued delays by IYL in
repayment of the debt obligations and classification of the
company's bank account as a Non Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating on April 17, 2017 the following were
the rating weaknesses (updated for the information available from
the Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: IYL's bank account has been
classified as NPA.

Weak financial risk profile and working capital intensive
operations: The total Income of IYL declined by ~65% to 23.14
Cr. in FY17 (refers to the period April 01 to March 31). The
company also reported a net loss of INR15.73 Cr. in FY17 as
compared to net loss of INR32.06 Cr. in FY16. This led to erosion
of the networth which has also led to a weak overall solvency
position. The operations of the company remain working capital
intensive with the operating cycle at ~66 days as on March 31,
2017.

Key rating strengths

Experienced promoters and established group presence: IYL is
currently being promoted by Mr Akhil Malhotra, who has an
industry experience of more than two and a half decades. The
company belongs to the 'Shiva' group which has an established
industry presence. The group has presence across the entire value
chain of the synthetic textile industry leading to a vast product
portfolio, captive consumption of raw materials and a large
client base.

Incorporated in 1992, IYL was taken over by the Shiva Group in
FY13 (refers to the period April 01 to March 31). The company is
engaged in the manufacturing of synthetic yarn at its
manufacturing facilities in Ludhiana (Punjab). Group concerns of
the company include Yogindera Worsted Limited (rated, 'CARE D;
Issuer Not cooperating'), K.K. Fibres Limited, Shiva Specialty
Yarns Limited (rated, 'CARE D; Issuer Not cooperating'), Himachal
Fibres Limited (rated, 'CARE D; Issuer Not cooperating'), Shiva
Texfabs Limited (rated, 'CARE D; Issuer Not cooperating') and
Shiva Spin N Knit Limited.


KUKU EXPORTS: CRISIL Assigns C Rating to INR3.5cr LT Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Kuku Exports (KE) and has assigned its 'CRISIL
C/CRISIL A4' ratings to the bank loan facilities of KE. CRISIL
had suspended the ratings on December 7, 2016, as KE had not
provided information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        6.5        CRISIL A4 (Assigned,
   Credit                           Suspension revoked)

   Proposed Long Term    3.5        CRISIL C (Assigned,
   Bank Loan Facility               Suspension revoked)

   Secured Overdraft     2.0        CRISIL C (Assigned,
   Facility                         Suspension revoked)

The ratings reflect instances of over-utilisation of packing
credit limit and instances of delays of 10-15 days by the firm in
the payment of interest on term loan in the past. The term loan
account however has fully been repaid as of May 2018.

KE has small scale of operations, is susceptible to fluctuations
in foreign exchange (forex) rates, and has a weak financial risk
profile and stretched liquidity on account of large working
capital requirement. However, it benefits from the partners'
experience in the readymade garments (RMG) industry, and their
established relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The financial risk profile is
constrained by small networth and high total outside liabilities
to tangible networth ratio of INR2.59 crore and 5.21 times,
respectively, as on March 31, 2017. Debt protection metrics are
average, with interest coverage expected at 1.0-1.7 times and net
cash accrual to total debt ratio at 0.03-0.05 times over the
medium term.

* Small scale of operations amid intense competition: Intense
competition and limited value addition keep scale of operations
small, indicated by KE's revenue of INR7.47 crore in fiscal 2017.
However, operating margin remained high at 15.8%. Revenue is
expected to increase marginally in the near term because of
better realization.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 450-
630 days in the past three fiscals, driven by sizeable inventory
of 440-660 days and receivables of 100-150 days. However, the
risk is mitigated by established relationships with customers,
resulting in flexibility to get advance payment for orders.

* High geographic concentration risk: Exports to the UK, and key
4-5 customers, account for bulk of the firm's sales, exposing it
to high geographic concentration risk. Any change in government
policies regarding export to the UK may adversely affect revenue
and profitability.

Strengths

* Extensive experience of the partners with longstanding customer
relationships: The partners' experience of two decades, their
sound understanding of market and customer requirements, and
strong relationships with major customers should support the
business risk profile.

KE was established as a partnership firm by Mr Shivnand Puri and
his sons Mr Rajesh Puri and Mr Dinesh Puri in 1998. The firm
manufactures knitted sweaters from acrylic yarn for men, women,
and children. It mainly caters to the international market with
focus on the UK. The firm's facility in Ludhiana, Punjab, has
installed capacity of 2500 pieces per day.


ORGANIC COATINGS: CRISIL Raises Rating on INR16.4cr LT Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Organic Coatings Ltd (OCL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming its short term bank facility at
'CRISIL A4'. CRISIL has also withdrawn its rating on INR4 crore
of letter of credit facility, INR16.4 crore of proposed long term
bank loan facility and INR1.6 crore of working capital term loan
facility on reduction of limits, receipt of client request and
revised sanction letter. The withdrawal is in line with CRISIL's
policy.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.75       CRISIL A4 (Reaffirmed)

   Cash Credit           4          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit      0.5        CRISIL A4 (Reaffirmed)

   Proposed Long Term   16.4        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Working Capital       4.3        CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL B/Stable')

   Working Capital       3.25       CRISIL B+/Stable (Upgraded
   Term Loan                        from 'CRISIL B/Stable')

Rating upgrade reflect improvement in debt protection metrics and
expected improvement in the liquidity profile of the company on
account of decline in repayment obligations, increase in cash
accruals and efficient working capital management. The rating
upgrade also reflect improved business risk profile of the
company backed by increase in revenue and profitability.

The ratings continue to reflect OCL's limited pricing
flexibility, the susceptibility of its profitability to
volatility in raw material prices, and its below-average
financial risk profile. These weaknesses are partially offset by
its established presence in the printing inks segment, and the
industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Limited pricing flexibility and susceptibility to volatility in
raw material prices: The ink industry's profit margins are highly
correlated with fluctuations in raw material prices. Raw material
costs accounted for 70 to 75 per cent of OCL's operating income,
the raw material prices were moderately volatile. Scale of
operations are modest at INR38.5 crore in fiscal 2018, which
limits company's ability to transfer increase in input prices to
its customers.

* Below-average financial risk profile, marked by modest net
worth, average capital structure and moderate debt protection
metrics: OCL's financial risk profile remains below average. The
net worth is modest at around INR6.38 crores as on March 31, 2018
and total outside liabilities to networth (TOLANW) continues to
be high at 3.33 times. The debt protection metrics improved in
fiscal 2018, however continues to be below average, interest
coverage ratio improved to 2.3 times compared to 1.6 times in
fiscal 2017.

Strengths

* Established presence in printing inks segment, and benefits
from management's extensive industry experience: Ever since its
inception in 1964, OCL has remained focused on its core area of
manufacturing high-quality printing ink with diverse
applications. The company has survived several business cycles
over the past 50 years.

Outlook: Stable

CRISIL believes OCL will continue to benefit from its established
presence and its promoters' extensive experience in the printing
inks segment. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in revenue and
profitability, or in case of increase in net worth, backed by
equity infusion. The outlook may be revised to 'Negative' in case
of decline in revenue and profitability or a stretch in working
capital cycle, leading to pressure on liquidity and debt
servicing ability.

OCL, incorporated in 1965 by Mr R K Shah, manufactures printing
inks such as offset inks, water-based inks, coatings, and allied
products.


OSWAL KNITTING: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Oswal
Knitting and Spinning Industries Limited (OKS) to Issuer Not
Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

   Short term Bank    1.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from OKS to monitor the rating
vide e-mail communications/letters dated May 17, 2018; May 18,
2018; May 23, 2018; May 25, 2018; May 30, 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
Oswal Knitting and Spinning Industries Limited's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the continued delays by OKS in
repayment of the debt obligations and classification of the
company's bank account as a Non Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating on April 05, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Weak financial risk profile: The total operating income declined
by about 33% to INR89.16 Cr. in FY16. The company reported a cash
loss of INR0.78 crore in FY16 as compared to cash profit of
INR0.22 crore in FY15. The capital structure remained weak,
marked by overall gearing ratio of 9.98x, as on March 31, 2016.
The debt coverage indicators also remained weak, as on March 31,
2016.

Susceptibility to raw material price volatility: Primary raw
materials for the company are various types of yarn, prices of
which depend on the prices of crude oil and cotton, both of which
have remained volatile in the past. Presence in a competitive
industry limits the ability of the company to pass on price
fluctuations to the customers.

High competition from organised/unorganised players: The
readymade garment industry in India is characterized by the
presence of a large number of small and big players in the
organized sector as well as unorganised sector which leads to a
highly fragmented industry structure having high level of
competition and intense pricing pressures.

Key Rating Strengths

Experienced management and established track record: OKS is a
part of the Ludhiana-based Malwa Group of Companies having an
industry presence of over three decades while the company itself
has been engaged in the textile industry for over two decades.
The main promoter of the company is Mr Jangi Lal Oswal who has an
industry experience of nearly four decades.


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

The instrument-wise rating action is:

-- INR130 mil. Fund-based facility maintained in non-cooperating
    Category with IND BB (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2007, Pushpanjli Strips manufactures steel rounds,
squares and flats at its steel rolling plant located at Mandi
Gobindgarh in Punjab and trades allied products.


ROCK REGENCY: CARE Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rock
Regency Hotels Private Limited to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      4.11      CARE B-; Issuer not cooperating;
   Facilities                    based on the basis of best
                                 available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Rock Regency to monitor
the rating vide e-mail communications/ letters dated April 30,
2018, May 10, 2018, May 14, 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 Rock Regency Hotels 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.

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Rock Regency Hotels
Private Limited continues to be tempered by small scale of
operations, continuing cash losses, weak financial risk profile
marked by inadequate capital structure and weak debt coverage
indicators The rating also takes into account the marginal
increase in total operating income and increase in PBILDT margin
in FY17 (refers to the period April 01 to March 31) albeit
continuing cash losses in FY17. The rating however continues to
draw its strength from experienced promoters, comfortable
operating cycle and health operating (PBILDT) margins.

Key Rating Weakness

Small Scale of operations: The total operating income of the
company is small at INR 7.79 crore in FY17 (refers to the period
April 1 to March 31) when compared to other peers in the
industry.

Continuing cash losses: RRHPL incurred cash losses during FY16-
FY17 on account of low income resulting in under absorption of
interest and depreciation expenses. The company has incurred a
cash loss of INR0.55 crore in both FY 16 and FY17.

Weak financial risk profile marked by inadequate capital
structure, weak debt coverage indicators: The company has
inadequate capital structure during review period. The debt
equity ratio and overall gearing ratio of the RRHPL remained
negative at -5.19x 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 -50.27x and 0.84x in
FY17 on account of cash losses.

Geographical concentration of business: RRHPL geographical
coverage is limited. RRHPL operates a three-star hotel, Hotel
Rock Regency, in Bellary, Karnataka. The future growth prospect
of the company to an extent depends on the ability of the company
to diversify geographically.

Key Rating Strengths

Experienced promoters: RRHPL is managed by Mr Pola Radhakishna,
managing director and other three directors, who have three
decades of experience in the hotel and service industry. Mr Pola
Radhakrishna has rich experience in the hotel industry and owns
three other restaurants in Bellary region. The company is likely
to benefit from the established contacts and experience of the
promoters.

Marginal increase in total operating income in FY17:  The total
operating income of the company marginally increased from INR7.54
crore in FY16 to INR7.79 crore in FY17.

Comfortable operating cycle: The operating cycle of the company
remained comfortable at 14 days in FY17 on account of comfortable
average collection period and creditor's period.

Healthy operating (PBILDT) margins: RRHPL's PBILDT margins
continue to be healthy and increased from 37.73% in FY16 to
39.36% in FY17. In spite of registering healthy PBILDT, RRHPL
continued to incur net losses primarily due to high interest cost
on unsecured loans from the promoters. RRHPL reported net loss of
INR2.02 crore in FY17 as against loss of INR2.19 crore in FY16.

Rock Regency Hotels Private Limited (RRHPL) was incorporated in
the year 2007 by Mr. Pola Radha Krishna, Mr. Y Satish, Mr. Y
Harish, and Mr. K V R Prasad who are the directors of the
company. RHPL operates a three-star hotel, Hotel Rock Regency, in
Bellary, Karnataka. The hotel is setup in four floors with 120
rooms, two restaurants, four conference halls, a pub, a health
centre, beauty parlour and a lease store for super market (MORE
super market). The hotel was initially constructed with a total
project cost of around INR21.20 crores which was funded through
equity of INR4.04 crores, INR13.60 crores of bank loan and rest
through unsecured loans. The hotel commenced its operations in
January 2010. The hotel is aimed at customers from the industrial
segment in and around Bellary and Hospet (Karnataka). In FY17,
RRHPL had a net loss of INR2.02 crore on a total operating income
of INR7.79 crore, as against net loss and TOI of INR-2.19 crore
and INR7.54 crore, respectively, in FY16.


ROYAL LATEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Royal Latex
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
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 given below:

-- INR1.66 mil. Long-term loan due on September 2019 migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR140 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR18.34 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 17, 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 2006, Royal Latex is engaged in manufacturing and
trading centrifuged latex and skim rubber.


RPN ENGINEERS: CARE Reaffirms D Rating on INR4.87cr ST Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
RPN Engineers Chennai Private Limited (RPN), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     1.26       CARE D; ISSUER NOT COOPERATING
   Facilities                    Reaffirmed

   Short-Term Bank    4.87       CARE D; ISSUER NOT COOPERATING
   Facilities                    Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPN to monitor the rating
vide e-mail communications/letters dated April 26, 2018, May 26,
2018 and June 11, 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
RPN Engineers Chennai Private Limited's bank facilities will now
be denoted as CARE D; Issuer not Cooperating/CARE D; Issuer not
cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of RPN Engineering
Chennai Private Limited (RPN) continue to remained constrained by
ongoing delays in debt servicing, working capital intensive
nature of operations, thin PAT margin and Volatile nature of
industry. The rating also takes into account decline in PBILDT
margin, increase in collection period. The rating, however
continues to derive strength from experienced promoters.

Key Rating Weakness

Ongoing delays in servicing the debt obligations: The Banker has
confirmed that there are delays in servicing the interest
payments and continuous overdrawals in the cash credit account
for more than a month. Banker also indicated that there are
frequent instances of LC devolvement due to delay in the payment
from railway authorities.

Key Rating Strengths

Vast experience of the promoter of more than two decades: RPN is
a closely held company promoted by Mr. P.K. Luqmman Basha, a
first generation entrepreneur who has more than three decades of
experience in construction business. Prior to starting this
company, he was working with a civil engineering contracting
company for ten years (1983-93). RPN's day to day operations are
managed by Mr. P.K. Luqmman Basha. The company has been taking
only contracts from Southern Railways since 2004. In FY17, RPN
reported a PAT of INR 0.44 crore on a total operating income of
INR7.34 crore, as against a net profit and TOI of INR0.25 crore
and INR7.26 crore respectively in FY16.

RPN was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and
was reconstituted into a private limited in May 1999 in Chennai.
RPN is engaged in the business of civil and mechanical
constructions like laying of pipes for state and central
government agencies and contract work for the Indian railways.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based facilities maintained in 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
April 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a partnership firm in 2013, Rug Resources
manufactures and exports hand-knitted woolen carpets and
druggets.


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

The instrument-wise rating action is:

-- INR240 mil. Fund-based limit migrated to Non Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 11, 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 2008, N. N. Saha & Sons Agro is engaged in the
trading of basmati and non-basmati rice in Kolkata, West Bengal.


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

The instrument-wise rating actions are:

-- INR97.5 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Term loan March 2021 migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 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 February 2013, Shree Salasarhanumanji Grains is
engaged in milling of flour.


SANT MUKTAI: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sant Muktai
Sugar and Energy Limited's (SMSEL) Long-Term Issuer Rating to
'IND D' from 'IND B', while migrating the rating to the non-
cooperating category. The Outlook was Stable. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR300.0 mil. Fund-based limits (Long-term/Short-term)
    downgraded and migrated to non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR5.0 mil. Non-fund-based limits (Short-term) downgraded and
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

KEY RATING DRIVERS

The downgrade reflects SMSEL's delays in debt servicing during
the six months ended June 2018 due to a tight liquidity position.

COMPANY PROFILE

Incorporated in April 2013, SMSEL manufactures sugar and co-
generates power from molasses at its manufacturing unit located
in Jalgaon, Maharashtra.


SARASWATHI BROILERS: CARE Lowers Rating on INR12cr LT Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saraswathi Broilers Private Limited (SBPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.00      CARE B Stable; ISSUER NOT
   Facilities                      COOPERATING Revised from
                                   CARE B+

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBPL to monitor the rating
vide e-mail communications/letters dated April 26, 2018, May 26,
2018 and June 11, 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
Saraswathi Broilers Private Limited's bank facilities will now be
denoted as CARE B+; Issuer not Cooperating; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Saraswathi
Broilers Private Limited (SBPL) continue to remained constrained
by working capital intensive nature of operations, thin PAT
margin and Volatile nature of industry. The rating also takes
into account decline in PBILDT margin, increase in collection
period. The rating, however continues to derive strength from
experienced promoters.

Key Rating Weakness

Growing scale of operations with limited geographical presence:
The net sales of the company has improved from INR 26.11 crore in
FY13 (refers to the period April 1 to March 31) to INR34.01 crore
in FY15 at a CAGR of 14.13%. The growth in the past has been
primarily driven by higher sales volume. The operations of the
company are limited to about 10 retail shops across Chennai. Most
of the retail shops were established over 20 years before and
have strong brand value and recognition in their respective
markets. The company has initially been concentrating in the
suburbs of Chennai and has currently started reaching out to
other places around Chennai which are yet to be serviced by
larger players.

Working capital intensive nature of operations: SBPL procures
poultry from farmers and pays them within 2-3 days. The poultry
are transported to the company owned warehouses in Chennai. While
the retail customers purchase poultry on a cash and carry basis,
the company provides a credit period of about 15 days for
wholesale customers and about 30-45 days for the institutional
customers. The company generally pays the farmers within 2-3 days
of purchase. This makes the operations of SBPL highly working
capital intensive and the company funds the working capital
requirements through bank borrowings. The average working capital
utilization of the company for a period of 12 months ended
November 2015 stood at 78.3%.

Low Profitability and Volatile nature of the Industry: The market
prices of poultry are determined by the Poultry Farmers
association every day and the prices are fixed accordingly.
Generally as the company's purchases are wholesale and the sales
are retail, it buys at a price less than market price and sells
at a price above the market price, with a margin of about INR7.00
to INR8.00 per kg. The PBILDT margin of the company stood at
3.10% for FY15 while the PAT Margin was 0.24%. Moreover, the
margin cannot be maintained throughout the year. Also the demand
is volatile across the year with lower sales during certain
months of the year, certain days in a month and in month ends in
general. The industry is also exposed to risks in terms of
diseases and other epidemics affecting birds. Chicken sales were
affected in Hyderabad during April 2015 and in Kerala during
November 2014 mainly due to fears of Avian Flu. Any such epidemic
or fear could affect the revenues of the company.

Key Rating Strengths

Long track record of operations and experienced promoters: The
promoters have long experience of over three decades in the
industry. From a small trading firm in early 1980's the company
has established itself to be among the few players in Chennai
with an established retail network. This has also enabled the
company to widen its network and establish relationships with
suppliers across South India.

With the procurement and selling price being market determined,
over the years the promoters have decided to focus on reducing
the company's overheads and other operating expenses to improve
the profitability. Though SBPL has its own farms and facilities
to breed poultry, the company has decided to procure feed from
local farmers and concentrate its efforts on marketing of
poultry.

Established relationships with clients and suppliers: The company
serves a diversified base of customers viz. Retail customers,
Whole Sellers, Hotels and other Institutions. As on March 31,
2015 35% of the customers were end retail users, 40% were local
resellers and 15% were hotels. The company also directly supplies
to institutions who account for 10% of the sales. Though the
company does not have any agreements with its clients and all the
transactions are relationship based and the company has been able
to retain most of its customers for over 8-10 years. Some of the
major customers of SBPL include major colleges like JPR
Engineering college, SRR Engineering College, Mamallan Institute,
Savitha College, Chennai Institute of Technology, Mennakshi
College etc and other institutions like GoldLine Caterings,
Thalappakattu Restaurants, MCC club etc.

The company procures poultry from farmers directly. SBPL has long
standing relationships with its suppliers and through timely
payments and occasional monetary support in terms of advances,
the company has been able to negotiate with the farmers for
better price. The company also procures from
traders/intermediaries in other markets when the prices are low
in those regions due to reduced demand or other regional factors.

SBPL was promoted by Mr Damodaran, who began as a small time
poultry trader in early 1980's. The operations were streamlined
and expanded by Mr D Saivenugopal, son of Mr Damodaran who joined
the family business in the year 1995. Mr Damodaran is a post
graduate in commerce and has worked with Central Bank of India
before joining the family business. The company is engaged in
trading of chicken poultry through its outlets across Chennai.
The company, during 2007, was split into Saraswathi Broilers and
Saraswathi Chicken between the two sons of Mr Damodaran with each
son taking over a certain number of outlets. Currently, SBPL owns
and operates about 10 outlets across Chennai. SPBL operates as a
trader by buying live chicken birds from big poultry farms and
sells it to institutions like hostels, schools, hotels and also
directly to customers.

In FY17, SBPL reported a PAT of INR 0.11 crore on a total
operating income of INR40.08 crore, as against a net profit and
TOI of INR0.06 crore and INR37.45 crore respectively in FY16.


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limit migrated to non-cooperating
    Category with IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR55 mil. Non-fund-based limit migrated to non-cooperating
    Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 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 2007, Sarvottam Rolling Mills manufactures ingots
and thermo-mechanically treated bars in Muzaffarnagar (Uttar
Pradesh).


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

The instrument-wise rating actions are:

-- INR52.5 mil. Fund-based limits maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) /IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based limits Maintained in non-cooperating
    category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009 as a proprietorship concern, Senthil
Enterprises is engaged in trading of cotton bales.


SHILPAN HARISHKUMAR: CARE Assigns B+ Rating to INR4.16cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shilpan Harishkumar Shah (SHS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             4.16      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.00      CARE A4 Assigned

Detailed rationale

The ratings assigned to the bank facilities of SHS are primarily
constrained on account of small scale of operations, leveraged
capital structure and moderate liquidity position during FY17
(refers to the period April 1, 2016 to March 31, 2017). The
ratings are further constrained on account of its partnership
nature of constitution, tender driven nature of business with
high competitive intensity along with geographical concentration
risk.

The ratings, however, derive benefit from healthy profit margins
and moderate debt coverage indicators in FY17. Rating also
derives strength from experience of the promoters coupled with
moderate order book position.  The ability of SHS is to tap more
projects and diversify the client base geographically as well
with increasing return while managing its working capital
efficiently is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations stood small.
During FY17 the Total Operating income (TOI) of SHS has
registered a growth of 15.60% and stood at INR14.15 crore as
against INR12.24 crore during FY16 owing to better execution of
orders on hand.

Leveraged capital structure: On the back of increase in total
debt level as against net worth, as on March 31, 2017 the capital
structure of SHS stood leveraged marked by overall gearing ratio
which has deteriorated and stood at 1.91 times as against 1.40
times as on March 31, 2016.

Moderate liquidity position: The liquidity position stood
moderate marked by current ratio of 1.04 times as on March 31,
2017 which has declined from 1.08 times as on March 31, 2016.
Operating cycle of SHS stood negative at 65 days during FY17 as
against negative 43 days during FY16 due to higher creditors'
period. Average working capital utilization remained full for the
past 12 months ended March, 2018.

Partnership nature of constitution: SHS being a partnership firm
is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital. Tender driven nature of business with high
competitive intensity SHS participates in the tenders passed by
the state government bodies for civil construction work mainly
road construction. 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.

Geographical concentration risk: SHS is a regional player in the
construction industry and has executed various projects for road
construction mainly for government department within the state of
Gujarat specifically Dahod and Godhara and Panchmahal region. The
major work is focused in the Gujarat region thereby reflecting
geographical concentration risk.

Key Rating Strengths

Experienced partners: SHS is managed by seven partners namely Mr.
Shilpan Shah, Mr. Abhin Parikh, Mr. Naresh Bachani, Mr.Sunil
Agrawal, Mr. Dhrumil Bachani, Mrs. Falguni Parikh and Mrs. Rakhi
Shah. All the partners hold average experience of more than five
years. All the partners are collectively looking after the day to
day operations of the firm.

Healthy profit margins: During FY17, overall profit margins stood
healthy marked by PBILDT margin and PAT margin stood at 14.51%
and 6.08% respectively as compared to 12.77% and 5.82% during
FY16. The firm reported Gross Cash Accruals of INR1.49 crore
during FY17 as against INR1.12 crore during FY16.

Moderate debt coverage indicators: Debt coverage indicators of
SHS stood moderate during FY17 marked by an interest coverage
ratio which has improved and stood at 3.61 times as against 3.53
times during FY16. Further, total debt to GCA stood at 3.96 times
as on March 31, 2017 as against 3.67 times as on March 31, 2016.

Moderate order book Position: SHS holds moderate order book of
INR 39.01crore as on April 16, 2018 which will be executed by the
end of September 2018.The unexecuted portion of the order book to
sales (equivalent to total operating income of FY17) ratio stands
at 2.76 times denoting moderate revenue visibility.

Dahod (Gujarat) based, SHS was established as partnership firmin
2011.Currently the firm has been managed by seven partners named
Mr. Shilpan Shah, Mr. Abhin Parikh, Mr. Naresh Bachani, Mrs.
Rakhi Shah, Mrs. Falguni Parikh, Mr. Sunil Agrawal, Mr. Dhrumil
Bachani. The firm is engaged into civil construction work, mainly
road construction work. SHS is a registered "AA" Class contractor
and is a special category "II" class contractor with Government
of Gujarat for the Road construction Work. It partially executes
the work at their own and they sub contracts majority of their
work (around 92%) to local agencies. The firm operates largely in
Gujarat, with specific focus on the Dahod, Godhra and Panchmahal
regions.


SHIVA TEXFABS: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shiva
Texfabs Limited (STL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank     933.93      CARE D; Issuer Not Cooperating;
   Facilities                     on the basis of best available
                                  information

  Short-term Bank      11.00      CARE D; Issuer Not Cooperating;
  Facilities                      on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STL to monitor the ratings
vide e-mail communications/ letters dated May 18, 2018, May 21,
2018, May 24, 2018, May 25, 2018 and May 28, 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. The rating on Shiva Texfabs Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account the continued delays by STL in
repayment of the debt obligations and classification of the
company's bank account as a Non Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating on April 6, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in repayments: STL's account has been classified
as NPA.

Weak financial risk profile: The total Income of STL declined by
~7% to 454.34 Cr. in FY17 (refers to the period April 1 to
March 31). The company also reported a net loss of INR119.74 Cr.
in FY17 as compared to net loss of INR527.82 Cr. in FY16. This
led to erosion of the networth which has also led to a weak
overall solvency position

Deteriorating working capital cycle: The operating cycle
elongated to ~73 days, as on March 31, 2017 from ~32 days, as on
March 31, 2017.

Key Rating Strengths

Experienced promoters and established group presence: STL is
currently being promoted by Mr Akhil Malhotra, who has an
industry experience of more than two and a half decades. The
company is a flagship company of the 'Shiva' group which has an
established industry presence. The group has presence across the
entire value chain of the synthetic textile industry leading to a
vast product portfolio, captive consumption of raw materials and
a large client base.

Fully integrated nature of operations: STL manufactures fibres
through recycling of p-cPET (post-consumer Polyethylene
terephthalate) bottles. These are further used for manufacturing
of yarn and finally fabric which is sold to garment
manufacturers. Dyeing is also undertaken in-house. The operations
of the company are therefore fully integrated.

Advantages associated with uniqueness of business model: STL
manufactures fibres by recycling of p-cPET bottles. These are
captively used to manufacture yarn and finally fabric. The
relatively different business model leads to a better competitive
position for the company as well as low raw material costs.

The company was initially incorporated in 1993 as 'Shiva
Fabricators Pvt. Ltd.' and subsequently renamed Shiva Texfabs
Limited (STL). It is the flagship company of the Ludhiana-based
'Shiva Group'. The commercial operations of the company commenced
in 1995. The company is engaged in recycling of p-cPET containers
and bottles to manufacture synthetic fibres, yarns and fabrics.
STL operates from its two manufacturing units, both located in
Ludhiana having a total installed capacity of 38,112 spindles, as
on March 31, 2015. The company also has a dyeing capacity of
10,850 MTPA (metric tonnes per annum) and a recycling capacity of
82,500 MTPA by weight for p-cPET bottles as on September 30,
2015.

Group concerns of the company include Yogindera Worsted Limited
(rated, 'CARE D; Issuer Not cooperating'), K.K. Fibres Limited,
Shiva Specialty Yarns Limited (rated, 'CARE D; Issuer Not
cooperating'), Himachal Fibres Limited (rated, 'CARE D; Issuer
Not cooperating'), Indian Yarn Limited (rated, 'CARE D; Issuer
Not cooperating') and Shiva Spin N Knit Limited.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based limit migrated to Non-
    Cooperating Category with Provisional IND BB (ISSUER NOT
    COOPERATING) /Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 6, 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 August 2012, Shivani Trendz exports dyed and
printed fabrics, and value-added embroidered fabrics to over 10
countries. The company's registered office is in Mumbai and
manufacturing facility is in Surat.


SHRI LAKSHMI: CRISIL Assigns B+ Rating to INR7.31cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shri Lakshmi Narayanan Industries Private
Limited (SLNIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          1.50        CRISIL B+/Stable (Assigned)
   Long Term Loan       7.31        CRISIL B+/Stable (Assigned)

The rating reflects the nascent stage of operations, which may
keep the scale modest, and the weak financial risk profile. These
weaknesses are partially offset by benefits from extensive
experience of promoters in the niche multi-layer water tanks
manufacturing business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the initial phase: SLNIPL
commenced commercial operations only in April 2017, and is yet to
ramp-up its scale. This is well-reflected in the estimated
revenue of INR3.5 crore for fiscal 2018. The extent of ramp-up in
operations and demonstration of steady profitability will be
closely monitored.

* Weak financial risk profile: Financial risk profile is marked
by a small networth and high gearing estimated at of INR2.18
crore and 3.37 times, respectively, as on March 31, 2018. Debt
protection metrics were also subdued with interest coverage and
net cash accrual to adjusted debt ratios of 1.12 times and 0.01
time, respectively, for fiscal 2018. Gradual repayment of long-
term debt and expected ramp up in operations, leading to higher
cash accrual, should strengthen the financial risk profile,
though incremental working capital requirement may remain high in
the medium term.

Strength

* Extensive experience of promoters: The promoter, Mr P
Krishnamurthy has more than 35 years of experience in the PVC
industry. His extensive experience and the company's presence in
specialised multi-layer water tanks manufacturing business, will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes SLNIPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if a significant ramp-up in sales and healthy
profitability lead to higher cash accrual in the initial phase.
The outlook may be revised to 'Negative' if lower-than-expected
revenue or margin, stretched working capital cycle, or any large,
unanticipated capital expenditure, weakens the financial risk
profile and liquidity.

SLNIPL, which was set up in in 2013, manufactures water tanks and
loft tanks - 3 layered, 4 layered and 5 layered, in capacities
ranging from 300 to 5000 litres. Operations of the Nagpur
(Maharashtra)-based company are managed by the promoters, Mr P
Krishnamurthy and his sons, Mr Venkatesh Krishnamurthy and Mr
Ganesh Krishnamurthy.


SKC TRADING: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SKC Trading
Building Materials Pvt Ltd.'s Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR100 mil. Fund-based working
    capital limits (long-term) is withdrawn; and

-- The IND BB+ rating on the INR50 mil. Non-fund-based working
    capital limits (short-term) is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no dues certificates from the lenders.

COMPANY PROFILE

Incorporated in 2005, SKC Trading Building Materials mainly
trades in building materials.


SONA DIAMOND: CARE Lowers Rating on INR6cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sona Diamond and Exporters Private Limited (SDGE), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.00      CARE B- Stable; ISSUER NOT
   Facilities                    COOPERATING Revised from CARE B+

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SDGE to monitor the rating
vide e-mail communications/ letters dated April 26, 2018, May 26,
2018 and June 11, 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
Sona Diamond and Exporters Private Limited's bank facilities will
now be denoted as CARE B+; Issuer not Cooperating; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Sona Diamond and
Exporters Private Limited (SDGE) continue to remained constrained
by working capital intensive nature of operations, thin PAT
margin and Volatile nature of industry. The rating also takes
into account decline in PBILDT margin, increase in collection
period. The rating, however continues to derive strength from
experienced promoters.

Key Rating Weakness

Thin and fluctuating profit margins: The profitability of SDGE is
majorly dependent on the general gold price movements. The PBILDT
margin declined by 217 bps and PAT margin by 19 bps in FY15 due
to providing relatively low wastage/making charges in the end
price offered to the customers. The company majorly focuses on
manufacturing of plain jewellery (22 CT gold) rather than studded
jewellery with precious/semi-precious stones(18 CT gold). The
revenue from the plain jewellery accounts for about 98% and
balance by the studded jewellery.

Weak Capital Structure: The overall gearing ratio of the company
remained high at 4.58x as on March 31, 2015 as the company was
funding its working capital requirement through unsecured loan
and working capital limit from bank. Furthermore, the company
funded
the capex at Cochin through unsecured loans from promoters which
also led to increase in gearing levels.

Key Rating Strengths

Growth in total operating income: The growth from INR0.30 crore
in FY14 to INR22.06 crore in total operating income in FY15 is
mainly due to its strategic relocation of the units resulting in
significant increase in revenues. The sales revenue of about 84%
contributed by Kakkanad unit and balance is the revenue accounted
from the manufacturing unit located in Thrissur in FY15. The
total operating income of INR0.30 crore in FY14 is very low
because of scaling down of operations as stated earlier. The
company has achieved a sales turnover of INR52 crore for 10MFY16
due to commencement of a new unit in Coimbatore, Tamil Nadu
entirely funded by the promoters. The unit in Coimbatore is
operated in a rented building concentrates on the handcraft
jewellery and the unit in Kakkanad is machine cut jewellery. Of
the sales turnover of INR52 crore, INR42.11 crore is by Kakkanad
unit and balance by the Coimbatore unit.

Improved inventory management: The Gem&Jewellery industry is
working-capital intensive in nature characterized by higher
debtors' realization and inventory holding period. The company
provides a credit period of around 60 days to their clients.
SDGE sources its entire gold requirement through imports from
Dubai. In some of the cases the company receives gold in advance
from its customers on which it charges the making charges. The
inventory days has reduced from 124 days to 45 days with higher
sales during FY15.

SDGE was incorporated in December 2008 by Mr MohananKallat
eVelayudhan and his family members based in Thrissur, Kerala.
Since inception, the company is engaged in manufacturing and
wholesaling of gold & silver jewellery studded with precious and
semi-precious stones and plain gold & silver jewellery. SDGE had
one processing unit located in Thrissur, Kerala. It is a 100%
export-oriented unit (EOU) with entire sales made to Gulf
countries based clients to whom it supplies on made-toorder-
basis.

In FY13 (refers to the period April 1 to March 31), with
increased restriction by the government on gold import, high
custom duty and delay in getting duty drawbacks and VAT refunds,
the operation turned unviable and resultantly, the company scaled
down its operations in the Thrissur plant.

In August 2013, the company in order to avail the benefit of
government policies under Cochin Special Economic Zone, the
company has setup a new manufacturing unit at Kakkanad Kochi,
wherein it enjoys various fiscal as well as duty benefits
provided by the government. The unit was setup at a cost of
INR1.25 crore funded through unsecured loans from the promoters.
The unit commenced operations from May 2014.

SDGE has capacity of producing 60-70 kgs of ornaments per month
in one shift. The actual capacity production till FY15 was to the
extent of average 15 kgs of ornaments per month in one shift.
Since April 2015, the company has started utilizing its capacity
better and producing average of 25 kgs per month in one shift.The
promoters had also promoted the company "Sona Gold &Jewellery Co.
Ltd. (SGL)", which is engaged in manufacturing, retailing and
wholesaling of gold and diamond jewellery with 7-8 showrooms
throughout Saudi Arabia. The main office is located at Saudi
Arabia.


SRI SAI DURGA: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri Sai
Durga Infratech India Pvt Ltd to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      5.00       CARE D; Issuer not cooperating;
   Facilities                     Based on no information
                                  Available

   Long/Short-        23.00       CARE D; Issuer not cooperating;
   term Bank                      Based on no information
   Facilities                     Available

   Short-term          5.00       CARE D; Issuer not cooperating;
   Bank                           Based on no information
   Facilities                     Available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sri Sai Durga to monitor
the rating vide e-mail communications/letters dated April 25,
2018, May 10, 2018, May 11, 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 Sri Sai Durga
Infratech India Pvt Ltd'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 18, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Stressed liquidity position: Due to stressed liquidity position,
there have been delays in honoring the debt service obligations
on time.
  Sri Sai Durga Infratech India Private Limited (SSDIL) was
incorporated in September 2010 to take over the business of Sri
Sai Durga Constructions, a partnership firm started in 2008 by
Mr. Chandra Rangarao and Mrs. Chandra Satvika. The company is
engaged in the civil construction segment with work orders
spanning across construction of building works, water supply
works, electrical works and irrigation works etc.


URANUS STONE: CRISIL Assigns B- Rating to INR5cr Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Uranus Stone Products And Co. (USPC).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2          CRISIL B-/Stable (Assigned)
   Term Loan            5          CRISIL B-/Stable (Assigned)

The rating reflects the modest scale of operations amidst intense
competition, below-average financial risk profile on account of
modest net worth and high gearing and susceptibility to
cyclicality in the construction and infrastructure sectors. These
weaknesses are partially offset by extensive experience of USPC's
promoters in the quarry and stone crushing business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Intense
competition in the construction material industry has kept the
scale of operations modest, as reflected in revenue of around
INR6.5 crore in fiscal 2018. However, extensive experience of the
promoters should support revenue growth which remains critical in
the medium term.

* Modest networth and high gearing: Financial risk profile is
marked by a modest networth and high gearing of around INR1.5
crore and 11 times, respectively, as on March 31, 2018. Repayment
of term debt is expected to lower gearing in the medium term.

* Susceptibility to cyclicality in construction and
infrastructure sectors, and intense competition: USPC's products
and services are used by the construction and infrastructure
sectors, which are vulnerable to economic cycles. Any downturn or
slowdown in the end-user industry can adversely impact revenue,
particularly of small players.

Strengths

* Extensive experience of the promoter in the stone crushing
business: USPC has been promoted by members of the Mittal family,
who have extensive experience in the quarry and stone-crushing
business. The promoters, Mr Ankit Mittal and Mr Rohit Mittal have
close to a decade of experience, through a sister concern of the
company.

Outlook: Stable

CRISIL believes USPC will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if sustained growth in revenue and profitability
leads to substantial cash accrual. The outlook may be revised to
'Negative' if low cash accrual or stretch in working capital
management weakens financial risk profile, especially liquidity.

Operations beginning in March, 2017, USPC is engaged in stone
crushing activity in Meghalaya. Mr Ankit Mittal, Mr. Rohit Mittal
and Mr. Comforme Mukhim are the partners of the firm. USPC's
stone crushing unit with a capacity of 300 tonnes per hour is
situated near Killing, Meghalaya.


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

The instrument-wise rating actions are:

-- INR15.0 mil. Fund-based working capital limits (long-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR10.6 mil. Working capital term loan limits (long-term)
    maintained in Non-Cooperating Category with IND D (ISSUER
    NOT COOPERATING) rating;

-- INR33.8 mil. Term loan limits (long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR10 mil. Provisional fund-based working capital limits
    (long-term) maintained in Non-Cooperating Category with
    Provisional IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vibhav Farms is a Telangana-based partnership firm that is
engaged in the poultry business.


VINAYAK AUTOLINK: CRISIL Lowers Rating on INR12cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Vinayak Autolink Private Limited (VAPL) to 'CRISIL D' from
'CRISIL BB/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding       12        CRISIL D (Downgraded from
   Facility                          'CRISIL BB/Stable')

The rating reflects continuous delays in meeting interest
obligation in the last one year, due to the company's weakened
liquidity because of continued loan and advances provided to the
group entities and low profitability resulting in lower cash
accrual.

Ratings continue to reflect a weak financial risk profile marked
by weak liquidity and intense competition. These rating
weaknesses are partially offset by benefits that the company
derives from extensive experience of its promoters in the
automobile dealership business, and their established relations
with the principal, Ford India Pvt Ltd (Ford India).

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Liquidity is inadequate because of
continuous loans and advances provided to the group entities.
Additionally, the cash accrual of the company have remained low.
Further, the company has a high gearing ratio of 2.94 in 2018.

* Exposure to intense competition: Business risk profile is
constrained by intense competition in the automobile dealership
business. Also, the company does not have an exclusive dealership
agreement with Ford India, which increases the risk of
competition as the principal could appoint any new dealer in the
same area.

Strength

* Promoters' extensive industry experience and established
relations with the principal: The company's established
infrastructure, promoter's extensive experience and long-standing
association with Ford India has helped in gradually increasing
its scale of operations.

VAPL, incorporated in March 2008, is an authorised dealer for the
passenger vehicles of Ford India in Indore. The promoters have
extensive experience in the automobile dealership business. The
company has one 3S (sales, spares and services) outlet, one 2S
(sales and spares) and two workshops. Ms Vandana Sanghi and Mr
Santosh Korde are the directors.



=================
I N D O N E S I A
=================


SENTUL CITY: Moody's Gives First-Time B2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to Sentul City Tbk (P.T.).

The outlook on the rating is stable.

RATINGS RATIONALE

"Sentul City's B2 CFR reflects its ownership of a large and low-
cost land bank at its Sentul City township, which is well
positioned to benefit from infrastructure developments; thereby
supporting the company's marketing sales growth over the next 12-
18 months," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

"The B2 rating also takes into account Sentul City's: (1) limited
track record; (2) increased development and financing risks,
which are partially mitigated by its joint-venture arrangements;
(3) volatile financial performance owing to contributions from
block transactions, which include land sales or sale of projects
to joint ventures and (4) ability to roll over its short term
borrowings," adds Poh, who is also Moody's Lead Analyst for
Sentul City.

Since its inception, Sentul City has focused on the development
of its Sentul City township, which had a remaining land bank of
around 2,000 hectares at June 30, 2018; a land area sufficient to
support 15-20 years of development.

The company's track record as a property developer is limited,
owing to its low marketing sales levels (excluding block
transactions) over the last three years -- IDR770 billion in
2015, around IDR700 billion in 2016 and around IDR800 billion in
2017 -- when compared with similarly-rated peers in Indonesia.
Nonetheless, Sentul City township is well positioned to benefit
from infrastructure developments, including the extension of
Jakarta's Light Rail Transit and the completion of the Bogor --
Ciawi -- Sukabumi toll road.

Moody's believes these developments will improve the township's
connectivity and support increased demand for properties in the
area. Consequently, Moody's expects Sentul City's core marketing
sales to exceed IDR1 trillion over the next 12-18 months.

Sentul City's target is to achieve total marketing sales of
around IDR1.5 trillion in 2018, including IDR720 billion from
residential sales, IDR280 billion from commercial sales and
IDR450 billion from land sales. In the first half of 2018, the
company achieved marketing sales of around IDR560 billion,
including IDR180 billion from land sales.

Over the next 12-18 months, Moody's expects Sentul City's
financial performance to remain highly dependent on block sales,
which will contribute to 35%-40% of the company's revenue.
However, Moody's expects that the company's financial metrics
will weaken in 2018, with adjusted debt/homebuilding EBITDA at
around 4.4x and homebuilding EBIT/interest expense at around
2.4x, because Sentul City will increase borrowings to fund
construction spending.

In 2016, Sentul City embarked on the development of Centerra
Superblock within its township, which increased its development
and financing risks. The company is constructing (1) a retail
mall (AEON Mall); (2) the Verdura condominium which comprised of
three towers; and (3) the Saffron Residence condominium which
comprised of four towers. It also intends to commence
construction of an office tower (Centerra Office Building) in
2018 and a hotel (AEON Condotel) in 2019.

Moody's points out that Sentul City has partially mitigated some
of the development and financing risks that it faces, by entering
into joint ventures (JVs) with firstly, PT Pembangunan Perumahan
Properti Tbk and secondly, Sumitomo Corporation (Baa1 stable) and
Hankyu Realty Co. Ltd. These JV arrangements reduced Sentul
City's capital spending requirements and allowed the company to
tap the expertise and track record of its established partners.

Furthermore, Sentul City has entered into a master lease
agreement for its retail mall with PT AEON Mall Indonesia for a
period of 15 years, with an option to renew for another five
years, thereby eliminating leasing risk when the mall completes
in 2018.

Sentul City generates little recurring income -- totaling around
10% of revenue in Q1 2018 -- from: (1) estate management
activities; and (2) its hospitality business, which includes
hotels, restaurants and amusement parks. Moody's expects Sentul
City's recurring revenue to grow significantly in 2019, owing to
the contribution from AEON Mall. But, its ratio of recurring
revenue to total revenue will remain less than 20%, and Moody's
estimates that recurring cash flow will cover only around 0.6x of
interest paid.

Sentul City's liquidity is expected to be weak over the next 12
months. As of March 31, 2018, the company had short term
borrowings of around IDR1.4 trillion against cash and cash
equivalents of IDR238 billion. The short term borrowings
consisted largely of loans from non-banking corporates and
individuals, which Sentul City has a track record of rolling
over.

The ratings outlook is stable, reflecting Moody's expectation
that Sentul City will continue to execute block transactions with
strategic investors and roll over its short term borrowings. Such
a situation will support the company's financial metrics within
the threshold of its B2 ratings level over the next 12-18 months.

Sentul City's ratings will unlikely be upgraded over the next 12-
18 months, given the company's small scale and reliance on cash
flow from block transactions. However, in the longer term, an
increase in core marketing sales to at least IDR4 trillion,
positive free cash flow generation and the maintenance of solid
liquidity in the form of cash balances and committed facilities
will be positive for the ratings.

The credit metrics that will support a ratings upgrade include
adjusted debt/homebuilding EBITDA below 3.5x, and adjusted
homebuilding EBIT/interest coverage above 3.0x on a sustained
basis.

Sentul City's ratings could be downgraded, if its financial and
liquidity profiles weaken, owing to: (1) the company's failure to
execute its business plans, such that its marketing sales fall
below Moody's expectations; (2) a deterioration in the property
market, leading to a protracted weakness in its operations and
credit profile; (3) a material depreciation in the Indonesian
rupiah, which may increase the company's debt-servicing
obligations; and (4) the company's inability to roll over its
short term borrowings and over time reduce reliance on short term
borrowings.

Credit metrics indicative of downward ratings pressure include:
(1) adjusted debt/homebuilding EBITDA exceeding 5.0x; (2)
adjusted homebuilding EBIT/interest expense falling below 2.0x;
or (3) insufficient cash and committed facilities to cover the
company's short-term debt obligations.

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

Established in 1993, Sentul City Tbk (P.T.) is engaged in the
development, management and operation of its Sentul City township
project in Bogor Regency, Indonesia. The company was formerly
known as PT Royal Sentul Highlands Tbk and listed on the Jakarta
Stock Exchange in 1997.

At June 30, 2018, Sentul City was around 63% owned by Stella
Isabella Djohan, either directly or through her fully controlled
entity, PT Sakti Generasi Persada.



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


ROSS ASSET: Liquidators Claw Back Another NZ$3.1 million
--------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the liquidators
for Ross Asset Management clawed back another NZ$3.1 million from
investors in the six months to June 16 while increasing the
pressure on those still holding out by launching more lawsuits.

To date, 182 people who had invested with convicted Wellington
fraudster David Ross have settled with the liquidators for a
total of NZ$19.1 million. PwC's John Fisk and David Bridgman have
invoked a clawback from transactions made when the RAM entities
were insolvent, BusinessDesk says.

In the report, released on July 13, they say 21 claims against
investors remain unsettled and of those, the liquidators have
filed legal proceedings against 13 and are in settlement talks
with the remainder, BusinessDesk relates. That's an advance from
their previous report, for the six months ended Dec. 16, when 158
investors had settled for NZ$17.5 million and 43 claims weren't
settled. At that date, they had 10 lawsuits underway and were in
talks with the rest.

According to BusinessDesk, the liquidators have benefitted from a
Supreme Court ruling in May last year that let Wellington lawyer
Hamish McIntosh keep the principal he invested in RAM but return
the fake profits. Prior to the ruling, just 54 investors had
reached settlements totalling NZ$9.7 million.

BusinessDesk says the clawback means investors legitimately owed
back their money saw the amount held by the liquidators as cash
in the bank rise by about NZ$2.2 million to NZ$18.8 million in
the latest six months, although costs will eat into the funds.
Total receipts for RAM for the entire period from December 2012
to June 16 rose to NZ$24.6 million from NZ$21.5 million six
months earlier. Payments rose about NZ$1 million to NZ$6.9
million.

The liquidators have collected NZ$1.8 million in fees to date for
their services, including about NZ$200,000 in the latest period.
Legal fees have been more costly -- at NZ$3.2 million in total,
up from NZ$2.6 million as at Dec. 16, BusinessDesk discloses.

Other recoveries have stalled or were exhausted, including
reparations from David Ross of about NZ$1.1 million and the sale
of family property for a total NZ$913,000, along with NZ$2.5
million from the sale of shares. Of other entities in the RAM
group, only Dagger Nominees recorded appreciable cash in the bank
at NZ$1.1 million, according to BusinessDesk.

BusinessDesk notes that Wellington-based David Ross built up a
private investment service by word of mouth, producing regular
reports for shareholders indicating healthy but fictitious
returns. Between June 2000 and September 2012, Ross reported
false profits of NZ$351 million from fictitious securities
trading as part of a fraud that was the largest such crime
committed by an individual in New Zealand.

In reality, about NZ$100 million to NZ$115 million of investor
funds were frittered away in the Ponzi scheme, and the
liquidators sought to claw back funds paid out to investors in
the lead-up to the collapse, going all the way to the Supreme
Court, so as to equally share the money for the 1,200 or so
investors out of pocket.

The liquidators said they're still waiting for High Court
directions on the model for distributions, adds BusinessDesk.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in Dec. 17, 2012, ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


RURAL BANK OF ALABAT: Depositors Claim Deadline Set for July 30
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
depositors of the closed Rural Bank of Alabat (Quezon), Inc. to
file their deposit insurance claims on or before the last day for
filing of claims for insured deposits on July 30, 2018 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, or personally during business hours at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Alabat was ordered closed by the Monetary Board (MB) of
the Bangko Sentral ng Pilipinas on July 28, 2016.

According to PDIC, deposit insurance claims for 2,621 deposit
accounts with aggregate insured deposits amounting to PhP2.7
million have yet to be filed by depositors. Data shows that as of
May 31, 2018, PDIC had paid depositors of the closed Rural Bank
of Alabat the total amount of PhP116.5 million, corresponding to
97.6% of the bank's total insured deposits amounting to PhP119.4
million.

In filing claims personally, depositors are required to submit
their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required
to submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the
PDIC website.

Depositors who have been notified of their documentary
deficiencies through official letters from PDIC are requested to
comply with the indicated requirements. The procedures and
requirements for the filing of deposit insurance claims are
posted in the PDIC website, www.pdic.gov.ph.

Meanwhile, depositors with balances of more than the maximum
deposit insurance coverage (MDIC) of PhP500,000 who were not able
to file their claims on October 3, 2016, the deadline earlier
set, should file their claims with the Liquidation Court
(Regional Trial Court, Branch 57, Lucena City, Quezon Province)
under Special Proceedings No. 2017-13. Likewise, depositors who
will not be able to file their deposit insurance claims on July
30, 2018 should file their claims with the said Liquidation
Court. Payment of these claims shall be subject to availability
of assets of the closed bank, legal priority and approval of the
Liquidation Court.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



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


EZRA HOLDINGS: Restructuring Deal with Asia Fund Space Terminated
-----------------------------------------------------------------
The Strait Times reports that Ezra Holdings on July 17 said that
its binding proposal with financial consultancy specialist Asia
Fund Space (HK) Ltd (AFS) was terminated on July 16 due to AFS
not meeting certain requirements of the deal.

In particular, this relates to the non-submission of a request
for listing a trust or newly formed entity comprising of existing
assets of Ezra, such as Emas Offshore and Emas Chiyoda Subsea, on
the Catalist board, the report says.

On March 1, Ezra entered into the binding proposal with AFS which
would have seen Ezra's existing assets spun off under a separate
trust and the possible injection of one or more new businesses
into the Singapore-listed company, the Strait Times relates. The
proposal also called for the set up of a second entity for the
purpose of a real estate property business AFS is looking to
acquire in Myanmar.

As a result of the termination, Ezra has amended its
restructuring plan, and on July 17 filed amendments to its
Chapter 11 plan and disclosure statement in the US Bankruptcy
Court, according to the Strait Times.

The report adds that Ezra has also proposed the appointment of a
debtors' representative to implement the amended plan and "seek
the commencement of judicial management proceedings in relation
to the company in Singapore to address any remaining assets for
the benefit of parties-in-interest".

Its shares last changed hands at 1.1 cents on March 20 before the
counter was suspended, the report notes.

                       About Ezra Holdings

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

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

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

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

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

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

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

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

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

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

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



===============
X X X X X X X X
===============


* $45BB Wiped Out Mostly From Asia Bonds, BondEvalue Says
---------------------------------------------------------
Bloomberg News reports that rising Treasury yields, trade-war
concerns and Chinese defaults have wiped out $45 billion since
the start of the year in the market value of dollar notes sold by
Asian and international borrowers, according to Singapore-based
BondEvalue.

"High net-worth investors not only saw great losses in their
leveraged positions, but also faced difficulties in selling off
bonds to cut their losses," said the firm, which provides bond
services to private banks, in a note released earlier last week,
Bloomberg relays.

Recent defaults on dollar securities by Chinese high-yield
borrowers such as China Energy Reserve & Chemicals Group Co. and
Hsin Chong Group Holdings Ltd. have "rattled investors," the
firm, as cited by Bloomberg, said. Global trade wars have also
loomed over Asia's debt markets, with yield premiums on junk
dollar notes near the highest in over two years, according to a
Bloomberg Barclays index.

Bloomberg relates that BondEValue said the Chinese government's
crackdown on excess debt has led to a "severe liquidity crunch"
especially for high-yield borrowers. One casualty was Wintime
Energy Co., which defaulted on its onshore debt earlier in July,
Bloomberg says. Amid volatile markets, liquidity has waned.
Investors have been exposed to widening bid-ask spreads for 73
percent of the securities that BondEvalue assessed between Jan.
10 and June 29, it said.

A "staggering" 96.4 percent of the bonds within its coverage have
fallen in value during the first half of 2018, the firm said,
Bloomberg relays. Outflows from emerging-market notes have also
caused spreads to widen significantly, according to BondEvalue.

Bloomberg says the firm assessed a list of over 1,600 notes,
predominantly Asia dollar securities. It also included bonds that
are typically sold to private banking investors, including
international sovereign and perpetuals issued by global banks,
according to its BondEvalue founder Rahul Banerjee, adds
Bloomberg.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***