TCRAP_Public/180720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 20, 2018, Vol. 21, No. 143

                            Headlines


A U S T R A L I A

ADFORM SHOPFITTING: Second Creditors' Meeting Set for July 26
AMPHORA INTERMEDIATE: S&P Assigns B Long-Term ICR; Outlook Stable
BATTLEFIELD FASHION: First Creditors' Meeting Set for July 31
CAPITAL MANAGEMENT: Second Creditors' Meeting Set for July 25
CROWDSPARK LTD: First Creditors' Meeting Set for July 27

CROWDSPARK LTD: Enters Administration After 'Cash Shortfall'
DELMEGE O'SHEA: First Creditors' Meeting Set for July 26
GRAEME BOYD: Motorcycling Business Goes Into Liquidation
HOUNDS MAINTENANCE: Second Creditors' Meeting Set for July 26
SUMO IP: First Creditors' Meeting Slated for July 30


C H I N A

GUANGZHOU FINELAND: Moody's Assigns B2 CFR; Outlook Stable
WINTIME ENERGY: $11 Billion Debt Mountain Comes Crashing Down
YINGLI GREEN: NYSE Files Form 25 with the SEC to Delist ADS
ZHONGRONG XINDA: Fitch Cuts LT IDR to 'B-'; On Watch Negative


I N D I A

ANKIT DIAMONDS: ICRA Lowers Rating on INR50cr Loan to D
ARAWALI PHOSPHATE: CARE Reaffirms B+ Rating on INR7.50cr Loan
ASHIMA PAPER: CARE Assigns B+ Rating to INR6.16cr LT Loan
AVK AUTOMART: CARE Migrates D Rating to Not Cooperating Category
BALDOVINO: ICRA Lowers Rating on INR10cr Fund Based Loan to D

BHUSHAN POWER: NCLAT Stays CoC Meeting to Vote on Bids
COASTAL CONSOLIDATED: ICRA Assigns B Rating to INR17cr Loan
DESAI INFRA: Ind-Ra Rates INR12MM Term Loan BB+, Outlook Stable
GRAEME BOYD: Motorcycling Business Goes Into Liquidation
HYQUIP TECHNOLOGIES: CARE Moves D Rating to Not Cooperating

INDUS PROJECTS: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
J J EXTRUSION: CARE Assigns B+ Rating to INR12cr LT Loan
JAI MATA: CARE Assigns B+ Rating to INR10cr Long-Term Loan
JALARAM INDUSTRIES: CARE Assigns B+ Rating to INR6.90cr Loan
KHANDELWAL POLYMERS: CARE Hikes Rating on INR3.75cr Loan to B+

KIRAN INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
LMJ INTERNATIONAL: ICRA Cuts Rating on INR330cr Loan to D
MANIKANTA PAPER: CARE Assigns B+ Rating to INR7.40cr LT Loan
MADHURAM INDUSTRIES: CARE Migrates B+ Rating to Not Cooperating
MAPSKO BUILDERS: ICRA Reaffirms B+ Rating on INR242cr Loan

MASTER LINENS: CARE Moves B+ Rating to Not Cooperating Category
METRORAIL GURGAON: ICRA Lowers Rating on INR1500cr Loan to C
NORTH EASTERN: ICRA Assigns B+ Rating to INR230cr Term Loan
PRABHU DAYAL: CARE Assigns 'B' Rating to INR6cr LT Loan
RAJ WOODART: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

RAMKY INFRA: Court Stays NCLT Order to Start Insolvency Process
RAPID METRORAIL: ICRA Lowers Rating on INR761.60cr Loan to D
ROSHNI JEWELLERS: CARE Lowers Rating on INR9cr LT Loan to D
RUNGTA IRRIGATION: CARE Lowers Rating on INR14cr Loan to B
S. R. METALLIZERS: CARE Reaffirms B+ Rating on INR5.35cr Loan

SALIMS PAPER: CARE Assigns B+ Rating to INR12.50cr LT Loan
SHREE NAKODA: ICRA Withdraws B+ Rating on INR218.5cr Loan
SHREE NAKODA: ICRA Reaffirms B Rating on INR1cr Cash Loan
SHREE SHUBHLAXMI: CARE Assigns B+ Rating to INR6.50cr LT Loan
SHRI SAMARTH: CARE Migrates D Rating to Not Cooperating Category

SRI VINAY: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
TOPLINE LAMINATIONS: ICRA Keeps B Rating in Not Cooperating
TOPLINE OVERSEAS: ICRA Maintains B Rating in Not Cooperating
SURYANSH METAL: ICRA Maintains B Rating in Not Cooperating
VENKATALAKSHMI PAPER: Ind-Ra Moves BB Rating to Non-Cooperating

VELANI OIL: CARE Migrates D Rating to Not Cooperating Category
VIDEOCON INDUSTRIES: Lenders File Insolvency Bid vs. 13 Units
VIKRAMSHILA EDUCATIONAL: CARE Assigns B Rating to INR7.36cr Loan


M A L A Y S I A

1MDB: Malaysia Issues Arrest Warrants for Former Executives


P H I L I P P I N E S

RURAL BANK OF ALABAT: Deposit Claims Deadline Set for July 30


S I N G A P O R E

OBIKE: More Than 3,000 Customers Have Made Claims for Refund


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A U S T R A L I A
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ADFORM SHOPFITTING: Second Creditors' Meeting Set for July 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Adform
Shopfitting Pty. Ltd has been set for July 26, 2018, at
10:00 a.m. at the offices of PKF, Level 8, 1 O'Connell Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2018, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of
Adform Shopfitting on June 28, 2018.


AMPHORA INTERMEDIATE: S&P Assigns B Long-Term ICR; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit
rating to Amphora Intermediate II Limited, parent of Accolade
Wines group, an Australia-based wine producer and distributor.
The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
the GBP301 million (A$550 million equivalent) senior secured term
loan B due 2025, with a recovery rating of '3', indicating our
expectation of meaningful recovery (50%-70%; rounded estimate
55%) in the event of default.

"These ratings are in line with the preliminary ratings we
assigned to the company on May 16, 2018."

Accolade Wines is the fifth largest wine company in the world by
volume. By value, the company is the No. 1 player in U.K. and No.
2 in Australia, with a market share of about 8% in both regions.
S&P expects Accolade Wines to report total annual sales of about
A$950 million-A$1,000 million (including non-core activities) and
reported EBITDA of A$85 million-A$90 million for the year-end
2017/2018 (fiscal year ending June 30, 2018).

Accolade Wines outsources nearly all of its wine production, with
about 97% of volume sold coming from purchased grapes and bulk
wine, whereas the remainder (about 3%) is from Accolade Wines-
owned or leased vineyards. About 48% of total wine sourced is
from the Riverland Grape Producers Co-operative (comprising more
than 500 Australian growers). Finally, S&P notes that the company
has several trading arrangements to buy and sell wine in bulk in
order to manage its inventory level.

The company's business risk profile is supported by the good
brand equity power of its main wine brands (such as Hardys, Echo
Falls, Kumala, and Grant Burge). The company has about 50 brands
across multiple varieties and price points, of which three are
within the top 10 brands by volume, both in the U.K. and
Australia.

Accolade Wines is repositioning itself toward a more premium
segment (retail price higher than A$10 per bottle) considering
that the premium segment is outperforming the more
commercial/mainstream categories (retail price below A$10 per
bottle). However, we note that this change will be gradual
considering that the company is still predominately focused on
the mainstream segment (about 65%-70% of total company sales). We
therefore expect Accolade Wines to invest more in marketing
activities compared with the past few years. Additionally, the
company is reducing its exposure to its residual private label
business and other lower margin contracts.

In order to accelerate the premiumization strategy, in January
2017, Accolade Wines acquired Fine Wine Partners, an Australia-
based premium wine producer (including six brands and four
Australian wineries).

S&P said, "Furthermore, we evaluate positively Accolade Wines'
long-term relationships with its main clients such as with Tesco,
Asda (for the U.K. market), and Woolworths and Coles (in
Australia). These relationships span for more than 25 years.

"In our view, Accolade Wines' business risk profile is
constrained by the challenging dynamics in the U.K. wine industry
(core market for the company) due to the relatively strong
bargaining power of major retailers, the changing in consumer
preference (driven by the premiumization trend), and the maturity
of the market with limited potential for volume upside. In
addition, we think that some temporary disruptions could arise
from the recent administration procedures entered by one of
company's U.K. distributors, Conviviality PLC.

"Furthermore, we notice that there is some customer and brand
concentration, which constrains our assessment of the company's
business risk profile, with the top three customers accounting
for about 35% of annual sales, whereas the top five brands
account for about 50%. In terms of geographical diversification,
Accolade Wines' main markets are the U.K. and Australia, which
account for 45%-50% and 30%-35%, respectively, of total sales for
the fiscal year 2017/2018."

Accolade Wines is committed to penetrating the Chinese market
(currently representing less than 5% of company' sales) in order
to benefit from robust growth that the Chinese wine industry is
continuing to experience (+5.3% value compound annual growth rate
in 2011-2016 according to Euromonitor). The growth potential for
international players is also supported by local Chinese wine
producers losing market share to imported wine. However, S&P
recognizes some execution risks in penetrating the Chinese
market, mainly related to the construction of an effective
distribution network.

S&P said, "Looking at the profitability level, under our base
case we assume a reported EBITDA margin in the high single-
digits, below the industry average for the alcoholic beverage
sector. This is explained by company's focus on
commercial/mainstream wine categories, strong price competition
in U.K. (compared with other markets in the world), and by margin
dilutive effects coming from the company's "non-core" business
activities (such as private labels and bulk wine trading).

"Our assessment of the group's financial risk profile reflects
our estimate of its S&P Global Ratings-adjusted debt to EBITDA
staying within 6.0x-5.5x over the next 18-24 months. Under our
base case, we forecast gradual deleveraging, mainly owing to
moderate strengthening in absolute EBITDA value.

"At the same time, we expect Accolade Wines to have a good EBITDA
interest coverage ratio close to 3.0x and we assume the company
will post neutral free operating cash flow (FOCF) in 2019 (to
support the capital investments), and positive FOCF--although
limited--starting from 2019/2020. The company plans to invest
significant capital expenditure (capex) in the fiscal year
2018/2019 in order to bring the Australian bottling operations
in-house (ending the outsourcing deal agreements with other third
parties). In this way, Accolade Wines will deliver cost savings,
while taking control of its operation activities (bottling and
warehousing)."

In S&P's base case, it assumes:

-- For the full fiscal year 2017/2018, total revenues of about
    A$950 million-A$1,000 million, including the six-month
    consolidation effect of Fine Wine Partners. For the next
    three years, S&P expects a low-single digit average growth
    rate with more challenging volume growth in the core markets,
    offset by expansion in China and generally higher average
    selling prices.

-- Relatively stable reported EBITDA margin in the high single-
    digits over the next 18-24 months, assuming positive effects
    coming from premiumization strategy and insourcing of
    bottling operations in Australia.

-- Total annual capex of about A$35 million for the full-year 2
    2018/2019, and about A$25 million in 2019/2020. In relation
    to the expansionary capex, S&P notices that A$25 million is
    equity pre-funded with the proposed transaction.

-- No dividend payment and acquisitions.

Based on these assumptions, S&P arrives at the following credit
measures for the next two years:

-- S&P Global Ratings-adjusted debt to EBITDA of 6.0x-5.5x; and
-- EBITDA interest coverage close to 3.0x.

S&P said, "The stable outlook reflects our view that Accolade
Wines' operational performance should be resilient and the
company will be able to generate a reported EBITDA margin in the
high single-digits during the next 12 months. In our view, the
company's performance should be mainly supported by a more
favorable product mix and higher penetration in China offsetting
some volume pressures in the U.K. and Australia. Under our base-
case scenario, we assume that Accolade Wines will post S&P Global
Ratings-adjusted debt-to-EBITDA of 5.5x-6.0x over 2018-2019. At
the same time, we expect the company to be able to post positive
cash flow generation and EBITDA interest coverage close to 3.0x.

"We could lower the ratings if Accolade Wines' ability to
generate positive cash flow becomes significantly weaker than we
currently anticipate or if the EBITDA interest coverage ratio
fell below 2.0x. This could result from a worsening operating
environment in the core markets, for example owing to a loss of a
key client, or stronger competition than anticipated.
Furthermore, we could lower the ratings if the company's
liquidity comes under pressure.

"We could consider raising the ratings if the company is able to
significantly increase its profitability and to post a track
record of healthy positive cash flow generation. For an upside
scenario we would also need to see the company maintain an S&P
Global Ratings-adjusted debt to EBITDA sustainably below 5.0x,
with a financial policy commitment to a permanently less leverage
capital structure."


BATTLEFIELD FASHION: First Creditors' Meeting Set for July 31
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Battlefield Fashion House Pty Ltd will be held at the offices of
BPS Reconstruction and Recovery, Level 5, Suite 6, 350 Collins
Street, in Melbourne, on July 31, 2018, at 10:00 a.m.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of Battlefield Fashion on July 19, 2018.


CAPITAL MANAGEMENT: Second Creditors' Meeting Set for July 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Capital
Management (WA) Pty Ltd, trading as The Brisbane Hotel, has been
set for July 25, 2018, at 10:30 a.m. at 463 Scarborough Beach
Road, in Osborne Park, 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 24, 2018, at 5:00 p.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Capital Management on June 20, 2018.


CROWDSPARK LTD: First Creditors' Meeting Set for July 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Crowdspark
Limited and Newzulu Holdings Pty Ltd will be held at the offices
of Kordamentha, Level 5 Chifley Tower, 2 Chifley Square, in
Sydney, NSW, on July 27, 2018, at 10:00 a.m.

Cassandra Mathews and Martin Madden of Kordamentha were appointed
as administrators of Crowdspark Limited on July 17, 2018.


CROWDSPARK LTD: Enters Administration After 'Cash Shortfall'
-----------------------------------------------------------
Digital content play CrowdSpark Limited has called in the
administrators and halted trading pending a possible sale or
restructure.

CrowdSpark -- which is part-owned by Seven West Media -- provided
apps to let newsmakers source content from everyday punters.

It appointed Cassandra Mathews and Martin Madden of KordaMentha
on July 17.

KordaMentha told Stockhead the business had about 20 employees
globally. At the point administrators were called in, only one
staff member was based in Australia.

KordaMentha cited factors including "cash shortfall, leaving the
company unable to pay wages or debts when they fell due,"
Stockhead relates.

Exactly what is owed to creditors is unknown at this stage.
Administrators will investigate a possible sale or restructure,
but if this cannot be achieved the company will be liquidated.

Stockhead relates that the company's market cap had fallen to
AUD1.4 million in recent months. Investors have been told to
contact KordaMentha with any queries.

CrowdSpark was formerly known as Newzulu and rebranded in
November 2017 after a restructure.

Its services include apps for data analytics as well as platforms
for ingesting audio and video from across the internet, allowing
news providers to draw content from across the internet.

In May, the company lost Seven West Media representative Clive
Dickson after he resigned from the board.

Stockhead recalls that the ASX had previously asked CrowdSpark
about its finances. On May 21, the company answered questions
from the ASX about its 2018 March quarterly results.

According to Stockhead, the company had reported  AUD340,000 in
customer receipts,  AUD1.1 million in negative cashflow and had
AUD1.2 million in the bank.

Stockhead relates that the ASX queried whether it had "sufficient
cash to continue funding its operations".

CrowdSpark told the bourse it believed it was able to continue
operating "subject to the reasonable achievement of its business
plan, including the anticipated growth in sales and/or
identification of new strategic opportunities and/or be able to
raise sufficient capital if/and when needed".

Crowdspark Limited, a tech and content company, engages in the
provision of crowd-sourced news material and licensing of media
related software worldwide. It provides coverage, user-generated
content, and technology to broadcasters, news agencies,
publishers, and brands.

Seven West Media owns about 22 per cent of the business.


DELMEGE O'SHEA: First Creditors' Meeting Set for July 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Delmege
O'Shea Pty Limited will be held at 65 York Street, in Sydney,
NSW, on July 26, 2018, at 11:00 a.m.

David Anthony Hurst of Hurst Recovery was appointed as
administrator of Delmege O'Shea on July 17, 2018.


GRAEME BOYD: Motorcycling Business Goes Into Liquidation
--------------------------------------------------------
The Newcastle Herald reports that Newcastle motorcycling identity
Graeme Boyd said market conditions are to blame for the
liquidation of the business he has run under his own name for
more than 20 years.

The report relates that Mr. Boyd, who has also been an
enthusiastic promoter of moto-cross events in the Hunter over the
years, said that if there was any hope of the market recovering
he would have tried to keep trading. But things were getting
progressively worse and he was left with no option, financially.

According to the report, liquidator Brad Morelli of insolvency
specialists Jirsch Sutherland said he was appointed on July 9 and
shut the Maitland Road, Islington, business the next day.

He said the company's 15 employees had been laid off and they
would have to apply to the federal government's Fair Entitlements
Guarantee scheme to recover their entitlements, the Herald
relays.  Mr. Boyd said he hoped he would have the funds to cover
them himself once a sale of the company's assets had taken place.

The Newcastle Herald relates that Mr. Morelli said it was too
early to give a complete financial rundown but the business owed
at least AUD150,000 to about 30 unsecured creditors. Money was
also owed to the dealership's main brands, Suzuki and Yamaha, and
to a bank, the tax office and the landlord.

A sign on the dealership fence yesterday said "possession taken
by owner due to breach of lease", notes the report.  Mr. Boyd
said he had pumped a lot of his own money into the business
recently to keep it afloat.

"I've done six days a week for thirty years, and I haven't had a
holiday for four years," the report quotes Mr. Boyd as saying.

Mr. Boyd, who turns 60 this month, said motorcycle dealers in
Moree and Gunnedah had also shut up shop in the past few weeks,
says the Herald.

Despite the liquidation of his dealership, Mr. Boyd is still
involved in promoting motor sports events, including two rounds
of a national dirt bike circuit this weekend at a layout about 10
kilometres north of Raymond Terrace, the Herald relays.

According to the Newcastle Herald, Australian Securities and
Investments Commission records show he started Graeme Boyd
Motorcycles in 1996 with his wife, Vicki-Lee Boyd, as an equal
shareholder. Records show she is still a half-owner although Mr
Boyd has been the company's only director since March 2016.

The report adds that Mr. Morelli said potential buyers would be
sounded out as the financial details of the business were
finalised.

"Graeme Boyd Motorcycles is an iconic Newcastle brand and it is
sad to see such well-regarded and long established local business
struggling amid a challenging retail environment," the report
quotes Mr. Morelli as saying.


HOUNDS MAINTENANCE: Second Creditors' Meeting Set for July 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Hounds
Maintenance Products (Aust) Pty Ltd has been set for July 26,
2018, at 11:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, Level 40, 2 Park Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2018, at 5:00 p.m.

John Vouris and Richard Albarran of Hall Chadwick were appointed
as administrators of Hounds Maintenance on June 21, 2018.


SUMO IP: First Creditors' Meeting Slated for July 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of:

    * Sumo IP Holdings Pty Ltd
    * Sumo Group Australia Pty Limited
    * Sumo Salad (Franchising) Pty Limited
    * Sumo Marketing Fund Pty Ltd
    * SumoSalad Store Development Pty Ltd
    * Sumo Salad Group Services Pty Ltd
    * SumoSalad (Corporate Stores) Pty Limited
    * Sumo Salad Leasing 2 Pty Limited
    * Sumo Salad Consolidated Leasing Pty Limited
    * SumoSalad International Franchising Pty Ltd
    * SumoSalad Singapore Franchising Pty Ltd
    * SumoSalad NZ Franchising Pty Ltd
    * Sab Closed 1 Pty Ltd

will be held at the offices of Ferrier Hodgson, Level 25, One
International Towers Sydney, 100 Barangaroo Avenue, in Sydney,
NSW, on July 30, 2018, at 11:00 a.m.

Morgan John Kelly and Peter James Gothard of Ferrier Hodgson were
appointed as administrators of Sumo IP on July 18, 2018.



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C H I N A
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GUANGZHOU FINELAND: Moody's Assigns B2 CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) to Guangzhou Fineland Real Estate Development
Co., Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Guangzhou Fineland's B2 CFR reflects the company's long
operating track record and established brand in its core
Guangdong market," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

"The B2 CFR also considers the company's adequate liquidity --
with its cash holdings fully covering its near-term refinancing
needs -- and good funding access through banks with which it has
good relationship," adds Tsang, who is Moody's Lead Analyst for
Guangzhou Fineland.

While Guangzhou Fineland's operations are small, the company has
more than 20 years of experience in Guangdong's property market,
where it has established a brand which offers properties with
eastern artistic and cultural elements.

The company also demonstrates a track record of managing through
market downturns over the past two decades.

Such strengths and track record can support the company's
execution of its business plans.

Moody's notes that Guangzhou Fineland has good relationships with
banks in Guangdong Province; thereby providing the company with
some funding flexibility against the backdrop of a tightening of
bank credit in China's property development sector.

Other than normal construction loans, Guangzhou Fineland obtained
long-term secured loans of RMB3.9 billion -- representing nearly
50% of the company's total reported debt -- from onshore banks in
2017, by pledging its portfolio of investment properties.

Overall, Guangzhou Fineland's near-term liquidity is adequate,
with its cash balance of RMB1.3 billion at the end of 2017
sufficient to cover its short-term debt of RMB138 million and a
small amount of committed land payments.

However, Moody's notes that the company's refinancing needs will
increase in 2019, with an estimated RMB2.3 billion of short-term
debt due in the year and a potential put of RMB1 billion in
onshore bonds. The company has to realize its contracted sales
plan and maintain its continuing access to onshore bank funds to
meet these refinancing needs.

Moody's further points out that Guangzhou Fineland's B2 CFR is
constrained by the company's small scale, high geographic
concentration and large exposure to low-tier cities, as well as
the elevated execution risks associated with its fast growth plan
over the next 2-3 years.

Guangzhou Fineland targets to grow its contracted sales to more
than RMB20 billion by the end of 2019 from RMB7.6 billion in
2017. Such a growth trajectory entails execution and financial
risk, given the company's small operation and the competitive and
challenging operating environment in China's property market.

Guangzhou Fineland's strategy is to focus on satellite cities to
capture the spillover demand from the major cities in Guangdong
Province. Its sales would be adversely affected if there are
unfavorable changes in the regulatory and economic environments
in the province. Weaker economic fundamentals in low-tier cities
will also make the property markets in these cities more
vulnerable in a market downcycle.

Nevertheless, Guangzhou Fineland's exposure to business risks
should be partly mitigated by its focus on the Greater Bay area,
given that the central government's initiative to develop this
area will likely support housing demand over the medium term.

Moody's expects that Guangzhou Fineland will incur debt to fund
its growing land acquisitions over the next 12-18 months. As a
result, its revenue/adjusted debt will weaken to 40%-50% over the
next 12-18 months from 57% in 2017.

In spite of an increase in its gross margin to 35%-40% in the
next 12-18 months from 29% in 2017 -- because of the recognition
of a high-margin project -- Guangzhou Fineland's EBIT/interest
coverage will drop to 2.0x-2.5x in 2019 from 2.9.x in 2017, due
to the company's higher debt levels and the rising borrowing
rates in China. These projected ratios position its CFR at the B2
level.

Guangzhou Fineland's B2 CFR also reflects its status as a private
company. Such companies' corporate transparency levels and
governance requirements are generally lower than those for listed
companies.

The stable rating outlook reflects Moody's expectation that
Guangzhou Fineland will maintain sufficient balance sheet
liquidity and grow its scale as planned, while maintaining a
disciplined approach to land acquisitions.

Guangzhou Fineland's rating could be upgraded if it: (1) executes
its business plan such as to grow its scale; (2) strengthens its
financial profile, with revenue/adjusted debt exceeding 70%-75%
and EBIT/interest above 3.0x; and (3) maintains sufficient
liquidity, with cash consistently above 1.5x of its short-term
debt.

On the other hand, the rating could be downgraded if the company:
(1) suffers from weaker contracted sales; or (2) accelerates its
land acquisitions beyond Moody's expectations, which will weaken
its financial metrics and liquidity.

Financial metrics indicating a rating downgrade include: (1)
EBIT/interest coverage below 1.5-2.0x; or (2) a weaker liquidity
position or higher refinancing risk, such that cash/short-term
debt falls below 1.0x.

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

Guangzhou Fineland Real Estate Development Co., Ltd. is a
Guangdong-based residential property developer. It adopts
eastern-style artistic designs for its series of products.

At December 31, 2017, its land reserves totaled 5.6 million
square meters in planned floor area. Its key operating cities
include Guangzhou, Foshan and Jiangmen.

At the end of 2017, the company was wholly-owned by Mr. Fang
Ming, who is the founder and chairman of Guangzhou Fineland.


WINTIME ENERGY: $11 Billion Debt Mountain Comes Crashing Down
-------------------------------------------------------------
Bloomberg News reports that China this month recorded one of its
biggest corporate-debt defaults yet, with the downfall of a coal
miner that had ridden the country's wave of credit until policy
makers changed the game with their deleveraging campaign.

For investors in Wintime Energy Co., it's been far from a winning
time now that the company from northern Shanxi province is
proving incapable of rolling over debt that quadrupled in less
than five years, Bloomberg says. How the borrower ran up a
CNY72.2 billion ($10.8 billion) tab that it now can't make good
on illustrates why this year will be China's worst yet for
corporate defaults. And with a potential lifeline from state-
owned banks unveiled on July 18, it could also emerge as an
example of China's unwillingness to allow unbridled corporate
failures.

According to Bloomberg, Wintime's original plan was to borrow to
fund acquisitions and expand into areas including finance and
logistics.  As borrowing costs tumbled from 2014, funding was
easy to get and the miner took full advantage of creditors'
largesse. Bloomberg says things started changing in 2016, when
President Xi Jinping began putting emphasis on reining in
financial risks.

Now, Wintime has the unfortunate distinction of being the largest
defaulter in China so far in 2018, delinquent on CNY11.4 billion
of securities after it failed to pay a local bond this month,
says Bloomberg.

China's changing environment for financing has had quite a big
impact on the company, an officer with Wintime's information
disclosure department said by phone, declining to be identified
by name, Bloomberg relays. The firm is trying to raise new debt
to repay existing obligations and is selling assets, he said,
declining to comment on Wintime's past run-up in debt.

That run-up came amid a near-doubling in size of China's domestic
bond market, now roughly $12 trillion and the world's third
largest, Bloomberg states. The government had encouraged
companies to use bonds for financing as they embraced financial
innovation to make the economy less dependent on state-owned
banks.

According to Bloomberg, the trouble was that local buyers had
little experience in doing credit research, and the local debt-
rating agencies lacked the kind of differentiation among
borrowers found overseas. There was little need for due diligence
until China began allowing defaults in 2014.

The increasingly difficult environment can be seen in Wintime's
history. After issuing more than CNY10 billion of bonds in 2016
and again in 2017, it was only able to find buyers for
CNY3.6 billion so far this year, Bloomberg-compiled data show.
That's as its borrowing cost for one-year bonds soared to 7
percent in 2018 from 4.5 percent in 2016.

By July 5, it all proved too much, Bloomberg states. Wintime
defaulted on a CNY1.5 billion note, triggering cross-defaults on
13 of its other bonds totaling CNY9.9 billion, Bloomberg
discloses. Stockholders have been left in the lurch, with the
shares suspended from trading from July 5.

Bloomberg adds that Wintime is also a poster child for its
involvement in share pledging, seen as an aggressive means of
getting funding and a channel that's increasingly under scrutiny
in China. Wintime Energy's parent as of the end of March had
pledged almost all its shares in the subsidiary as collateral for
loans, Bloomberg discloses citing public filings.

The parent has made progress drafting in help, by signing a
strategic cooperation agreement with five banks including China
Development Bank, the nation's biggest so-called policy bank, and
China CITIC Bank Corp. to get credit lines, according to a stock-
exchange filing cited by Bloomberg.

Bloomberg notes that the Wintime flop is likely to be echoed in
other borrowers. The average total debt-to-common equity ratio at
listed companies in China climbed to 99.5 percent at the end of
2017, the highest in more than a decade, according to Bloomberg-
compiled data. That leverage is up against a shrinking financing
universe: the shadow-banking sector contracted by 691.7 billion
yuan in June, the biggest net monthly drop on record, according
to Bloomberg calculations based on official data.

"Companies that were used to paying back old debt with newly
borrowed money have little experience in dealing with a change of
cycles, and they don't have other alternative plans," Bloomberg
quotes Ivan Chung, head of greater China credit and analysis at
Moody's Investors Service, as saying. "Borrowers' inability to
get new financing makes it difficult to hide problems."

As reported in the Troubled Company Reporter-Asia Pacific on
July 12, 2018, Caixin said Wintime Energy Co. became the latest
Chinese bond defaulter as the coal miner failed to pay interest
on July 5 on a CNY1.5 billion ($226 million) short-term bond. The
missed payments sparked concerns of further defaults.  Caixin
related that the Shanghai Clearing House didn't receive interest
payments from Wintime Energy for a bond issued in 2017, the
clearing house said July 5 in a statement. The missed payments
triggered cross defaults of other debt securities issued by
Wintime, Caixin added.

China-based Wintime Energy Co.,Ltd., engages in the power,
mining, petrochemical, logistics and investment, and other
businesses in China. The company generates power; mines and
produces coking coal; and processes shale gas. It has an electric
power installed capacity of 10.94 million kilowatts; a total of
14 producing mines; and shale gas exploration rights. The company
is also involved in the new energy business; and distribution of
petrochemicals. In addition, it invests in strategic emerging
industry projects, financial sector, coking coal and thermal coal
projects, and power and new energy projects.


YINGLI GREEN: NYSE Files Form 25 with the SEC to Delist ADS
-----------------------------------------------------------
The New York Stock Exchange LLC has filed a Form 25 with the U.S.
Securities and Exchange Commission notifying the removal from
listing or registration of Yingli Green Energy Holding Co Ltd.'s
American Depositary Shares, (each representing ten ordinary
shares) from the Exchange.

                     About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as
"Yingli Solar", -- http://www.yinglisolar.com/-- is a solar
panel manufacturer. Yingli Green Energy's manufacturing covers
the photovoltaic value chain from ingot casting and wafering
through solar cell production and solar panel assembly.
Headquartered in Baoding, China, Yingli Green Energy has more
than 20 regional subsidiaries and branch offices and has
distributed more than 20 GW solar panels to customers worldwide.

Yingli Green reported a net loss attributable to the Company of
RMB3.31 billion for the year ended Dec. 31, 2017, compared to a
net loss attributable to the Company of RMB2.09 billion for the
year ended Dec. 31, 2016. As of Dec. 31, 2017, Yingli Green had
RMB10.34 billion in total assets, RMB20.83 billion in total
liabilities and a total shareholders' deficit of RMB10.49
billion.

The report from the Company's independent accounting firm
PricewaterhouseCoopers Zhong Tian LLP on the consolidated
financial statements for the year ended Dec. 31, 2017, includes
an explanatory paragraph stating that facts and circumstances
including accumulated and recurring losses from operations,
negative working capital, cash outflows from operating
activities, and uncertainties regarding the repayment of
financing obligations raise substantial doubt about the Company's
ability to continue as a going concern.


ZHONGRONG XINDA: Fitch Cuts LT IDR to 'B-'; On Watch Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Zhongrong Xinda Group Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-'
from 'BB-'. Fitch has also downgraded the company's senior
unsecured rating to 'B-' from 'BB-' with a Recovery Rating of
'RR4'. All ratings have been placed on Rating Watch Negative
(RWN).

The downgrade and RWN reflect the China-based company's
constrained liquidity and uncertainty over its ability to meet
debt maturities of CNY10 billion over the next 12 months. The
company, one of China's largest coke processors, has CNY2.7
billion in readily available cash and it could potentially rely
on available bank facilities of CNY4.7 billion. However, the
recent sharp fall in Zhongrong Xinda's bond prices and weak
market sentiment are likely to make refinancing negotiations more
difficult than Fitch had expected when Fitch last downgraded the
company on May 23, 2018.

KEY RATING DRIVERS

Liquidity Under Pressure: The company had CNY10.8 billion in
short-term borrowings as of end-May 2018, including CNY6.3
billion in bonds (including CNY4.3 billion in putable bonds),
compared with CNY14.1 billion of short-term borrowings at end-
1Q18. The company has CNY2.3 billion of putable bonds due in
August, and another CNY1.0 billion in putable bonds due in
September, while it has CNY2.7 billion of readily available cash
and CNY4.7 billion in credit facilities. However, the recent
performance of the company's bonds and the resulting weak
sentiment are likely to make refinancing negotiations tougher
than Fitch had anticipated. Zhongrong Xinda's liquidity issues
could be alleviated through the partial sale of CNY27 billion of
financial assets and long-term equity investments.

Limited Impact from Wintime Default: The sell-down of Zhongrong
Xinda's bonds was driven primarily by the default of Wintime
Energy Co. Ltd, which has a minority stake in three of Zhongrong
Xinda's subsidiaries and affiliated companies. Zhongrong Xinda
had previously guaranteed CNY50 million of Wintime Energy's
liabilities although the guarantee has since expired. Management
has not disclosed any other operational impact or linkages to
Wintime Energy since the default. However, evidence of further
support extended to Wintime Energy could result in a negative
rating impact on Zhongrong Xinda.

Possible Deleveraging on Asset Sales: Fitch expects Zhongrong
Xinda's 2018 FFO adjusted net leverage to remain elevated at 8.4x
without a partial disposal of financial assets and long-term
equity investments, and a sustained reduction in working capital.
Management says it is already in discussions to sell certain
financial investments of about CNY2 billion. The company's
ability to liquidate in a timely manner could be constrained by
the current market conditions. Fitch has not factored in these
disposals due to uncertainty over timing.

DERIVATION SUMMARY

Zhongrong Xinda's rating and RWN reflect the company's liquidity
constraints. The company needs to refinance or rollover debt
maturities of CNY10 billion over the next 12 months. The recent
slide in the company's bond prices and weak market sentiment are
likely to make negotiations over refinancing its debt more
difficult than Fitch had previously expected.

KEY ASSUMPTIONS

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

  - Sales CAGR of 5% in 2018-2020

  - EBITDA margin of 6% between 2018 and 2020

  - Capex of CNY1.65 billion per annum between 2018 and 2019

  - Fitch has not factored in capex or contributions from its
Peru iron ore mine as management is exploring options for a clear
development plan

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Resolving the RWN with No Downgrade

  - Zhongrong Xinda's ratings would be removed from RWN if it
successfully refinances its bonds and short-term borrowings
Developments that May, Individually or Collectively, Lead to
Resolving the RWN with Negative Rating Action

  - Zhongrong Xinda's ratings would be downgraded if it fails to
address the refinancing of its bonds and short-term borrowings or
there are additional contingent liabilities from its relationship
with Wintime Energy

LIQUIDITY

Constrained Liquidity: Zhongrong Xinda had an estimated CNY10.8
billion in short-term borrowings at end-May 2018, including
CNY6.3 billion in bonds. In comparison, the company had CNY2.7
billion in readily available cash and CNY4.7 billion of unused
credit facilities.

FULL LIST OF RATING ACTIONS

Zhongrong Xinda Group Co., Ltd.

  - Long-Term IDR downgraded to 'B-' from 'BB-' and placed on RWN

  - Senior unsecured rating downgraded to 'B-' from 'BB-' with a
Recovery Rating of 'RR4' and placed on RWN
Zhongrong International Resources Co., Ltd

  - Rating on USD500 million 7.25% senior unsecured notes due
2020 downgraded to 'B-' from 'BB-' with a Recovery Rating of
'RR4' and placed on RWN



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


ANKIT DIAMONDS: ICRA Lowers Rating on INR50cr Loan to D
-------------------------------------------------------
ICRA has downgraded the short-term rating from [ICRA]A4  to
[ICRA]D assigned to the INR50.00-crore bank facilities of Ankit
Diamonds.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          50.00      [ICRA]D/Downgraded from
   Working Capital                 [ICRA]A4
   Facility

   Fund based-         (25.50)     [ICRA]D/Downgraded from
   Working Capital                 [ICRA]A4
   Facilities

Rationale

The revision in rating takes into account the instances of delays
witnessed in payment to the lender in the last six months. The
rating is also constrained by the firm's weak financial risk
profile characterised by leveraged capital structure, weak
coverage indicators and high working capital intensity of
operations, due to elongated receivables and high inventory
holding. The profit margins are exposed to adverse movements in
the prices of rough diamonds and foreign exchange rates; although
hedging through forward covers mitigates the forex risk to some
extent. The cut and polished diamond (CPD) industry is
characterised by stiff competition from players in the
unorganised as well as organised sectors, which further
pressurises the profitability. The rating, however, favourably
considers the extensive experience as well as long track record
of the promoters in the cut and polished diamond industry as well
as the marketing and operational support received from its group
concern, Ankit Diamonds. Going forward, the company's ability to
efficiently manage the working capital requirements and improve
its profitability so as to service its debt obligations in a
timely manner would constitute the key rating sensitivity
factors.

Key rating drivers

Credit strengths

Extensive experience of promoters in the cut and polished
diamonds industry: AD manufactures and trades in different kinds
of cut and polished diamonds which are majorly exported to the
markets of Hong Kong, USA, UAE and Belgium. The promoters of the
firm - Mr. Rikin Shah and his father Mr. Kirit Shah have
extensive experience in this line of business and collectively
manage its operations.

Credit challenges

Delays witnessed in payment, as confirmed by the lender

There were delays in payment to the bank as confirmed by the
lender, on account of stretched liquidity position arising out of
delay in realization of debtors. The receivables of the company
remained stretched at 146 days as on March 31, 2018, increased
from 121 days as on March 31, 2017.

High working capital intensity due to slow debtor realisation and
high inventory levels: The average credit period extended by the
company to its clients ranges between 120 to 180 days. The credit
period availed from suppliers ranges from 90 to 120 days. The
firm maintains an inventory of around 90 days. The debtor days,
continue to remain high at 146 days in FY2018 on account of the
extended credit period offered to some of its customers. The
working capital intensity remained high at 33% as on March 31,
2018, as against 27% as on March 31, 2017 on account of slow
debtor realisations.

Leveraged capital structure and weak coverage ratios: Even though
there was infusion of capital by the partners in FY2018, the
capital structure was leveraged in absolute terms, with a gearing
of 1.59 times as on March 31, 2018. The gearing decreased from
2.14 times as on March 31, 2017. Due to moderate profitability,
the coverage indicators have also remained moderate to weak, as
reflected by OPBDITA/Interest and Total Debt/OPBDITA ratio of
2.27 times and 9.89 times respectively in FY2018.

Vulnerability to forex risk mitigated to a great extent by
natural hedge and forward contracts: Ankit Diamonds generates
majority of its sales through exports (around 87% in FY2018). As
a substantial part of its revenues is denominated in foreign
currency, the firm is exposed to the vagaries of currency
markets. However, the natural hedge arising from the import of
rough diamonds provide protection against exchange rate
fluctuations to a certain extent. AD also enters into forward
contracts for exports so as to reduce risk arising due to foreign
exchange fluctuation. Exports stood at INR179.00 crore in FY2018
as against INR25.43 crore of imports. The firm recorded net forex
loss of INR0.03 crore in FY2018.

Diamond industry characterised by intense competition from
organised and unorganised players: The diamond industry is
fragmented, with low value addition, and is characterised by
severe competition. AD not only faces a stiff competition from
the unorganised players, but also from a few well established
organised players that are similar in scale and size. By virtue
of its group concern, Ankit Diamonds, in the diamond industry for
over 30 years along with established branch office at Hong Kong,
the firm has generated good business relationships both on the
customer as well as the supplier fronts.

Promoted by Mr. Kirit Shah along with his son, Mr.Rikin Shah,
Ankit Diamonds is a partnership firm in, established in 1983. It
is engaged in the manufacturing and trading of cut and polished
diamonds in domestic as well as international markets. AD's
product range comprises diamonds of various sizes ranging from 5
cents to 3 carats. The firm's registered office is in Mumbai and
its manufacturing facility is in Surat (Gujarat).

The firm has a group concern, Baldovino (rated [ICRA]D in July
2018), which is also engaged in similar line(s) of business.
AD recorded a net profit of INR1.31 crore on an operating income
of INR204.61 crore for the year ending March 31, 2018
(provisional numbers).


ARAWALI PHOSPHATE: CARE Reaffirms B+ Rating on INR7.50cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Arawali Phosphate Limited (APL), as:

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

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of APL continues to
remain constrained on account of financial risk profile marked by
small scale of operations and moderate profitability margins,
moderate solvency position and stressed liquidity position. The
ratings are, further, continued to remain constrained on account
of risk regarding availability of raw material and dependency of
revenue on climate condition. The rating, however, continues to
draw strength from experienced management with established track
record of operations and reputed customer base.

The ability of the firm to increase its scale of operations while
maintaining profitability in light of volatile raw material
prices along with improvement in solvency position are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Financial Risk profile marked by small scale of operations and
moderate profitability margins As on March 31, 2016, the
agreement with Chambal Fertilizers and Chemicals Limited had been
discontinued due to change in management. From April, 2017, the
company has continued the agreement with CFCL. Due to discontinue
of agreement in FY17, Total Operating Income of the company
declined significantly by 76% in FY17 over FY16. During FY17, it
had sold its inventory. However, with renewal of agreement in
April 2017, TOI has increased in FY18 by 2 times over FY17.
Further, due to no manufacturing activity and low employee cost
led to healthy profitability margins in FY17 with PBILDT and PAT
margin of 33.44% and 0.15% respectively. However, during FY18,
PBILDT and PAT margin stood moderate with PBILDT and PAT margin
of 14.91% and 1.36% respectively.

Moderately leveraged capital structure with stressed liquidity
position: The capital structure of the company stood moderately
leveraged with an overall gearing of 2.16 times as on March 31,
2018, improved from 2.61 times as on March 31, 2017 due to
accretion of profit to reserves and lower utilization of working
capital bank borrowings. Further, with stagnant GCA level and
lower debt level, total debt to GCA has improved from 25.32 times
as on March 31, 2017 to 20.53 times as on March 31, 2018.
Interest coverage ratio stood stagnant and moderate at 1.41 times
in FY18.

The operating cycle of the company stood elongated at 502 days in
FY18, improved from FY17 mainly due to improvement in debtor's
period and inventory holding period. Higher debtors as on
March 31, 2018 were mainly on account of delay in subsidy from
government departments. Further, it has utilized 90% of its
working capital limit for the last 12 month ended in May 2018.
Furthermore, current ratio of the company stood moderate at 1.17
times in FY18.

The liquidity position of the firm remained moderate with current
ratio stood at 1.16 times as on March 31, 2017 and elongated
operating cycle of 94 days in FY17, although increased as against
FY16 due to higher inventory holding period. Further, it has
utilized 80-90% of its working capital limit for the last 12
month ended in February 2018.

Risk regarding availability of raw material: Rock phosphate is a
scarce material in India with its reserves concentrated in
Rajasthan, Madhya Pradesh and Uttar Pradesh.BRP or high grade
rock phosphate is an essential raw material used in the
manufacturing of phosphatic fertilizers including SSP, is not
presently available in large quantity in India and that too
portion of high grade rock is limited. Due to lower availability
of rock phosphate in India, India imports rock phosphates from
countries like Egypt, Bangladesh, Morocco, US, Middle East and
China. However, APL has long term agreement for procurement of
low grade rock phosphate with Rajasthan State Mines and Minerals
Limited (RSMML), a Govt. of Rajasthan undertaking.

Dependency of revenue on climate condition: The demand for
fertilizers in general is influenced by the climatic conditions
i.e. level of monsoons. In times of bad monsoons, off-take would
be limited and stocks would pile up.

Key Rating Strengths

Experienced management with established track record of
operations: Mr. Mahendra Singh Nenawati, Director, is Chartered
Accountant by qualification and has around one decade of work
experience in the fertilizer industry. Mr. Rajendra Siyal,
director, has around more than one decade of experience in the
industry. Both directors look after business development and
management of overall business of the company. The management is
assisted by Mr. Hitesh Anchlaya, Manager, is handling financial
operations of the company.

Reputed customer base: The company has entered into marketing
arrangement for their products SSP as well as GSSP with Chambal
Fertilizers and Chemicals Limited; CFCL; (rated CRISIL AA-;
Positive/ CRISIL A1+) for three years from April, 2017 for supply
of minimum 30000 MTPA of SSP as well as GSSP. SSP and GSSP are
marketed by CFCL in the states of Madhya Pradesh, Rajasthan,
Uttar Pradesh, Uttarakhand, Punjab, Haryana, Gujrat,
Chhattisgarh, Bihar, West Bengal and Maharashtra. The company
directly supplies its entire output of SSP as well as GSSP to
CFCL's dealer network. As CFCL is a major player in fertilizer
industry with established brand name and dealer network, APL has
been benefitted in terms of its association with a reputed brand
in fertilizer industry. The product is sold by CFCL under their
brand name "UTTAM SSP".

As on March 31, 2016, the agreement with Chambal Fertilizers and
Chemicals Limited had been discontinued due to change in
management. From April, 2017, the company has continued the
agreement with CFCL.

Udaipur (Rajasthan) based Arawali Phosphate Limited (APL) was
initially formed in 1996 as a private limited company in the name
of Penguin Plastics Private Limited by Goyal family. Further In
1998, the name of the company has changed from Penguin Plastics
Private Limited to Arawali Phosphate Private Limited and
thereafter the company changed its constitution from private
limited to closely held public limited in April, 1999 and
shareholding of the company has also changed in 2015.

APL is engaged in manufacturing of fertilizers such as Single
Super Phosphate (SSP) and Granulated Single Super Phosphate
(GSSP). The manufacturing facility of the company is located in
Umarda, Udaipur. The Plant has total installed capacity of 60000
Metric Tonnes Per Annum (MTPA) of SSP and GSSP as on March 31,
2018.


ASHIMA PAPER: CARE Assigns B+ Rating to INR6.16cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ashima
Paper Products (APP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.16       CARE B+ Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to APP are constrained by its small scale of
operations, leveraged capital structure, working capital
intensive nature of operations and susceptibility to volatility
in raw material prices. The ratings are further constrained by
APP's presence in a competitive industry. The rating however,
draws, comfort from experienced promoters in paper industry,
growing scale of operations and moderate profitability margins.

Going forward; the ability of the firm to increase its scale of
operations while maintain its profitability margins and improving
its capital structure and effectively managing its working
capital requirement shall be its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: Despite being operational for more
than two decades the scale of operations remained small as
evident from total operating income and gross cash accruals of
INR12.09 crore and INR0.42 crore, respectively in FY17 (FY refers
to the period April 01 to March 31).The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.

Leveraged capital structure: The capital structure of the firm
stood leveraged owing to high dependence on external borrowings
as marked by overall gearing of around 4 times as on balance
sheet dates of last three financial years i.e. FY15-FY17.

Working capital intensive nature of operations: APP's operations
are working capital intensive nature as reflected by high
utilization of its sanctioned working capital limits. Being in a
competitive industry, APP offers a credit period of around 3-4
months to its customers which resulted in an average collection
period of 106 days in FY17. Further, APP maintains inventory in
the form of raw material for smooth production process and
finished goods to meet the immediate demand of its customer
resulting in an average inventory holding of 53 days for FY17.
The firm meets its working capital requirements through a credit
period of around 2 months from its suppliers and utilization of
sanctioned working capital limits. The average working capital
borrowings of the firm remained 90% utilized during the past 12
months ending May 31, 2018.

Highly competitive industry along with susceptibility to
volatility in prices of raw material: APP operates in competitive
segments of the industry wherein the presence of large number of
entities limits the bargaining power with customers. Moreover,
raw material cost constitutes approximately 70-80% of the total
cost of production for the past three financial years i.e. FY15 -
FY17. Thus, margins are vulnerable to fluctuation in raw material
cost .Hence the profitability of the firm is based on the ability
of the firm to absorb the increase in raw material prices which
will have an impact on the profitability margins and sales
realization.

Key Rating Strengths

Experienced management in paper industry: The operations of APP
are currently being managed by Mr. Shalender Goyal and Mrs. Manju
Goyal. They are both port graduates and have an experience of
more than a decade in the paper industry through their
association with APP. They both look after the overall operations
of the firm.
Moderate profitability margins The profitability margins of the
firm stood moderate owing to long track record of the entity due
to which the company has a better bargaining power as marked by
PBILDT margin of more than 6.50% and PAT margin of more than
0.80% for the past three financial years, i.e. FY15-FYF17.

Gurgaon based, Ashima Papers Products (APP) was established on
June 24, 2005 as a partnership firm and is currently being
managed by Mr. Shalender Goyal and Mrs. Manju Goyal who are
sharing profits and losses equally. The firm is engaged in
manufacturing of disposable paper cups at its manufacturing
facility located in Gurgaon having an installed capacity of 3
crore pieces per month as on August 31, 2017. The products
manufactured by APP are sold to companies such as CafÇ Coffee
Day, KFC and PVR Cinemas. The main raw material for the firm is
kraft paper and the same is procured from traders located across
India.


AVK AUTOMART: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of AVK
Automart Private Limited (AAPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.44      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AAPL to monitor the
rating(s) vide e-mail communications/letters dated May 28 and
May 29, 2018 and numerous phone calls. However, despite our
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
AAPL'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 rating takes into account the delay in servicing of debt
obligations.

Detailed description of the key rating drivers

At the time of last rating on February 4, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: As per interaction with the banker,
there have been delay in debt servicing and the account has been
classified as NPA.

AVK Automart Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar. The company is an
authorized dealer of Chevrolet cars in Mumbai having two
showrooms located at Goregoan and service center at Dahisar.


BALDOVINO: ICRA Lowers Rating on INR10cr Fund Based Loan to D
-------------------------------------------------------------
ICRA has downgraded the short-term rating from [ICRA]A4 to
[ICRA]D assigned to the INR10.00-crore bank facilities of
Baldovino.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          10.00      [ICRA]D/Downgraded from
   Working Capital                 [ICRA]A4
   Facility

   Fund based-          (6.00)     [ICRA]D/Downgraded from
   Working Capital                 [ICRA]A4
   Facilities

Rationale

The revision in rating takes into account the instances of delays
witnessed in payment to the lender in the last six months. The
rating is also constrained by the firm's weak financial risk
profile characterised by leveraged capital structure, weak
coverage indicators and high working capital intensity of
operations, due to elongated receivables and high inventory
holding. The profit margins are exposed to adverse movements in
the prices of rough diamonds and foreign exchange rates; although
hedging through forward covers mitigates the forex risk to some
extent. The cut and polished diamond (CPD) industry is
characterised by stiff competition from players in the
unorganised as well as organised sectors, which further
pressurises the profitability. The rating, however, favourably
considers the extensive experience as well as long track record
of the promoters in the cut and polished diamond industry as well
as the marketing and operational support received from its group
concern, Ankit Diamonds. Going forward, the company's ability to
efficiently manage the working capital requirements and improve
its profitability so as to service its debt obligations in a
timely manner would constitute the key rating sensitivity
factors.

Key rating drivers

Credit strengths

Extensive experience of promoters in the cut and polished
diamonds industry: BD manufactures and trades in different kinds
of cut and polished diamonds which are majorly exported to the
markets of Hong Kong, USA, UAE and Belgium. The promoters of the
firm - Mr. Rikin Shah and his father Mr. Kirit Shah have
extensive experience in this line of business and collectively
manage its operations.

Operational support received from group entity, Ankit Diamonds:
Baldovino does not have its own manufacturing unit and gets the
diamonds processed majorly from its group concern, Ankit
Diamonds, along with other CPD manufacturers. Ankit Diamonds is
managed by the same set of promoters.

Credit challenges Delays witnessed in payment, as confirmed by
the lender: There were delays in payment to the bank as confirmed
by the lender, on account of stretched liquidity position arising
out of delay in realization of debtors. The receivables of the
company remained stretched at 132 days as on March 31, 2018.

High working capital intensity due to slow debtor realisation and
high inventory levels: The average credit period extended by the
company to its clients ranges between 120 to 180 days. The credit
period availed from suppliers ranges from 90 to 120 days. The
firm maintains an inventory of around 90 days. The debtor days,
continue to remain high at 146 days in FY2018 on account of the
extended credit period offered to some of its customers. The
working capital intensity remained high at 33% as on March 31,
2018, as against 27% as on March 31, 2017 on account of slow
debtor realisations.

Leveraged capital structure and weak coverage ratios: The capital
structure is leveraged with a gearing of 1.59 times as on March
31, 2018, increased from 1.48 times as on March 31, 2017 due to
the increase in working capital utilisation. Due to moderate
profitability, the coverage indicators have also remained
moderate as reflected by OPBDITA/Interest and Total Debt/OPBDITA
ratio of 1.59 times and 6.92 times respectively in FY2018.

Vulnerability to forex risk mitigated to a great extent by
natural hedge and forward contracts; Baldovino generates majority
of its sales through exports (around 85% in FY2018). As a
substantial part of its revenues is denominated in foreign
currency, the firm is exposed to the vagaries of currency
markets. However, the natural hedge arising from the import of
rough diamonds provide protection against exchange rate
fluctuations to a certain extent. BD also enters into forward
contracts for exports so as to reduce risk arising due to foreign
exchange fluctuation. Exports stood at INR59.85 crore in FY2018
as against INR12.83 crore of imports. The firm recorded net forex
loss of INR1.04 crore in FY2018.

Diamond industry characterised by intense competition from
organised and unorganised players: The diamond industry is
fragmented, with low value addition, and is characterised by
severe competition. BD not only faces a stiff competition from
the unorganised players, but also from a few well established
organised players that are similar in scale and size. By virtue
of its group concern, Ankit Diamonds, in the diamond industry for
over 30 years along with established branch office at Hong Kong,
the firm has generated good business relationships both on the
customer as well as the supplier fronts.

Promoted by Mr. Rikin Shah in the year 2010, Baldovino is a
proprietorship concern and is engaged in manufacturing and
trading of cut and polished diamonds with presence in domestic
and international markets. BD's product range comprises of
diamonds of various sizes ranging from 5 cents to 2 carats. The
firm has its registered office in Mumbai.

The firm has a group concern, Ankit Diamonds (rated [ICRA]D in
July 2018), which is also engaged in similar line(s) of business.
BD recorded a net profit of INR1.30 crore on an operating income
of INR70.08 crore for the year ending March 31, 2018 (provisional
numbers).


BHUSHAN POWER: NCLAT Stays CoC Meeting to Vote on Bids
------------------------------------------------------
The Times of India reports that the National Company Law
Appellate Tribunal (NCLAT) on July 17 stayed the meeting of
committee of creditors (CoC) of Bhushan Power and Steel to vote
on bids for the debt-ridden firm.

TOI relates that the NCLAT also pulled up the resolution
professional (RP), Mahendra Kumar Khandelwal, for not following
its previous orders to address operational creditors' grievances
and take their suggestion by allowing them to attend the meeting.
The NCLAT said it would consider whether contempt of court
proceedings should be initiated against the RP in the next
hearing, the report says.

A two-member bench headed by chairman Justice S J Mukhopadhaya
directed him to be present in the next hearing, the report notes.
"The CoC should not proceed with the meeting at present. If the
meeting is fixed today [July 17], let it be adjourned for two
days. Let the matter be listed on Friday [July 20]," NCLAT, as
cited by TOI, said.

It said all the parties including operational creditors should
have been informed about the meeting, and stayed it for not
following the rules. "The RP would be personally present in the
next hearing on July 20 and we will see if proceedings of
contempt of court should be initiated against him or not," the
bench said.

Later in the day, the RP said in a statement that it has complied
with the orders of the NCLAT to address the suggestions and
objections of operational creditors and had invited Jaldhi
Overseas, being the largest operational creditor, TOI relays.
"They were present when the resolution applicants made
presentation on their resolution plans. Resolution professional
had asked the representative of Jaldhi Overseas to give their
suggestions and objections also," the statement said.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


COASTAL CONSOLIDATED: ICRA Assigns B Rating to INR17cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the
INR17.00-crore (enhanced from INR2.00-crore) cash-credit facility
of Coastal Consolidated Structures Pvt. Ltd. (CCSPL). ICRA has
also assigned the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR20.00-crore non-fund-based limits of
CCSPL. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          17.00      [ICRA]B(Stable);
                                   assigned/outstanding

   Non-fund-based
   Limits               20.00      [ICRA]B(Stable)/[ICRA]A4;
                                   assigned

Rationale

The ratings assigned are constrained by tight liquidity position
of the company, as reflected by 100% average utilisation of its
fund-based limits between March 2017 and May 2018 owing to
delayed payments from clients, modest execution progress, given
the nascent stage of a large portion of work orders and small
scale of operations with operating income of INR15.49 crore in
FY2018. The ratings also consider weak financial risk profile,
characterised by total Debt-to-OPBDITA of 3.93 times and NCA to
total debt of 8.46% in FY2017.

The ratings, however, positively factor in CCSPL's long track
record in the construction industry, specifically in the
construction of marine structures and its association with
reputed clients such as L&T Limited, GMR Projects Pvt. Ltd., BGR
Energy Systems Limited (BGR), Afcons Infrastructure Limited
(AIL), Hindustan Construction Company Ltd. etc.

Going forward, the ability of the company to improve its scale of
operation while managing its working capital requirements would
remain the key rating drivers.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that CCSPL will
continue to benefit from the extensive experience of the
management in the construction industry and healthy order book
position, providing revenue visibility in the medium term. The
outlook may be revised to Positive if substantial growth in
revenue and profitability, and better working capital management,
strengthen the financial risk profile. The outlook may be revised
to Negative if further slowdown in order execution or cost
escalation results in lower-than-expected cash accruals, or if
any major capital expenditure, or a stretch in the working
capital cycle, further weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the construction industry
spanning over two decades: CCSPL was established by Mr. M V Ranga
Prasad in 1996 to execute civil work. The promoter has more than
three decades of experience in executing contract work and
specialises in marine structures like break water construction,
jetties, slipways and in various civil and structural work such
as excavation, dredging, road and port work.

Reputed client portfolio: The client portfolio of the company
consists of reputed companies such as L&T Limited, GMR Projects
Pvt. Ltd., BGR, AIL, reducing the counterparty risk. At present,
the company has four orders, one each from BGR, Hindustan
Construction Company Ltd. (HCC), Goa State Infrastructure
Development Corporation Limited (GSIDCL) and AIL.

Credit challenges

High working capital intensity; delayed payments from clients
constrained the liquidity position: CCSPL's working capital
intensity has remained high between 61% and 85% over the past
five years, except in FY2017, owing to high debtors on the back
of delayed payments from clients. The company has around INR14.50
crore of debtors outstanding for more than three years primarily
from MARG Ltd. and Bharati Defence and Infrastructure Limited
(formerly Bharati Shipyard Limited). Due to high pending
receivables, the company's average limit utilisation has been at
100% between March 2017 and May 2018.

Modest execution progress of current order book: The execution
progress of the current order book is modest given the nascent
stage of work orders due to pending clearances from customers.
However, the company has an outstanding order book of INR186.19
crore (12.02 times of operating income of FY2018) as on May 31,
2018 providing revenue visibility for the medium term.

Decline in operating income over past two years: The operating
income has declined from INR30.76 crore in FY2015 to INR23.94
crore in FY2016 and further to INR7.98 crore in FY2017 owing to
slow movement of the order book. The operating income, however,
increased to INR15.49 crore in FY2018 albeit on a low base, owing
to improved order execution.

Weak financial risk profile: The financial risk profile of the
company was weak with moderate debt coverage ratios, as indicated
by NCA/TD% of 8.46%, Total Debt to OPBDITA of 3.93 times and an
interest coverage of 1.58 times in FY2017 owing to lower scale of
operations and higher working capital requirement.

CCSPL, based out of Vijayawada, Andhra Pradesh, was established
in 1996 by Mr. M V Ranga Prasad and undertakes civil work such as
excavation, dredging, road and ports work. The company also
specialises in marine structures like break water construction,
jetties, slipways etc. CCSPL's operations are overseen by its
Managing Director Mr. M V Ranga Prasad, who is a mechanical
engineer and has been involved in the construction industry for
the past three decades.


DESAI INFRA: Ind-Ra Rates INR12MM Term Loan BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Desai Infra
Projects (India) Private Limited's (DIPL) additional bank loans
as follows:

-- INR12 mil. Term loans due on September 2022 assigned with
    IND BB+/Stable rating;

-- INR50 mil. Fund-based working capital limit assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR63 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect DIPL's medium scale of operations as
indicated by revenue of INR871 million in FY18 (FY17: INR601
million). The increase in revenue was account of timely execution
of orders. On June 1, 2018, the company had an order book of
INR4,445.3 million (5.1x of FY18 revenue). Its order book is
highly concentrated, as it executes a majority of its work orders
in and around Maharashtra.

The ratings also continue to factor in DIPL's moderate credit
metrics. EBITDA interest coverage (operating EBITDA/gross
interest expense) improved to 4.0x in FY18 (FY17: 2.0x) and net
leverage (total adjusted net debt/operating EBITDAR) to 2.5x
(3.2x) due to an increase in absolute EBITDA to INR80 million
(INR60 million). Ind-Ra expects the credit metrics to deteriorate
marginally in FY19 due to debt-led capex for purchasing
machinery, although the agency expects it to improve from FY20 on
the back of the increase in EBITDA.

The ratings also reflect the company's modest liquidity position
as reflected by 64.5% average utilization of its fund-based
limits and full utilization of its non-fund-based limits during
the 12 months ended June 2018. The company's ability to tie-up
funds for executing its order book in a timely manner will be a
key monitorable. Working capital cycle elongated to 18 days in
FY18 (FY17: 5 days) due to a decline in credit period to 91 days
(FY17: 119 days).

However, the ratings remain supported by DIPL's strong EBITDA
margins. Despite the rise in revenue, the margins declined to
9.1% in FY18 (FY17: 9.9%) owing to an increase in direct
expenses.

The ratings also continue to be supported by DIPL's promoters'
over 20 years of experience in the civil construction business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and operating profitability
leading to deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: A further increase in the revenue and an improvement in
the operating profitability, leading to an improvement in the
credit metrics and liquidity position on a sustained basis will
be positive for the ratings.
COMPANY PROFILE

DIPL is engaged in civil construction work of irrigation and road
projects in Maharashtra. Its head office is located in Pune.


GRAEME BOYD: Motorcycling Business Goes Into Liquidation
--------------------------------------------------------
The Newcastle Herald reports that Newcastle motorcycling identity
Graeme Boyd said market conditions are to blame for the
liquidation of the business he has run under his own name for
more than 20 years.

The report relates that Mr. Boyd, who has also been an
enthusiastic promoter of moto-cross events in the Hunter over the
years, said that if there was any hope of the market recovering
he would have tried to keep trading. But things were getting
progressively worse and he was left with no option, financially.

According to the report, liquidator Brad Morelli of insolvency
specialists Jirsch Sutherland said he was appointed on July 9 and
shut the Maitland Road, Islington, business the next day.

He said the company's 15 employees had been laid off and they
would have to apply to the federal government's Fair Entitlements
Guarantee scheme to recover their entitlements, the Herald
relays.  Mr. Boyd said he hoped he would have the funds to cover
them himself once a sale of the company's assets had taken place.

The Newcastle Herald relates that Mr. Morelli said it was too
early to give a complete financial rundown but the business owed
at least $150,000 to about 30 unsecured creditors. Money was also
owed to the dealership's main brands, Suzuki and Yamaha, and to a
bank, the tax office and the landlord.

A sign on the dealership fence said "possession taken by owner
due to breach of lease", notes the report.

Mr. Boyd said he had pumped a lot of his own money into the
business recently to keep it afloat.

"I've done six days a week for thirty years, and I haven't had a
holiday for four years," the report quotes Mr. Boyd as saying.

Mr. Boyd, who turns 60 this month, said motorcycle dealers in
Moree and Gunnedah had also shut up shop in the past few weeks.

Despite the liquidation of his dealership, Mr. Boyd is still
involved in promoting motor sports events, including two rounds
of a national dirt bike circuit this weekend at a layout about 10
kilometres north of Raymond Terrace, the Herald relays.

According to the Newcastle Herald, Australian Securities and
Investments Commission records show he started Graeme Boyd
Motorcycles in 1996 with his wife, Vicki-Lee Boyd, as an equal
shareholder. Records show she is still a half-owner although Mr
Boyd has been the company's only director since March 2016.

The report adds that Mr. Morelli said potential buyers would be
sounded out as the financial details of the business were
finalised.

"Graeme Boyd Motorcycles is an iconic Newcastle brand and it is
sad to see such well-regarded and long established local business
struggling amid a challenging retail environment," the report
quotes Mr. Morelli as saying.


HYQUIP TECHNOLOGIES: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Hyquip
Technologies Limited (HTL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      2.14      CARE D; Issuer not Cooperating;
   Facilities                    Based on No available
                                 information

   Short-term Bank     1.30      CARE D; Issuer not Cooperating;
   Facilities                    Based on No available
                                 information

CARE has been seeking information from HTL to monitor the rating
vide e-mail communications/letters dated April 27, 2018, May 11,
2018 and May 17, 2018 and numerous phone calls. However, despite
our 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 Hyquip Technologies 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

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

Key Rating Weakness

Stretched liquidity position on account of high collection period
resulting in ongoing delays in servicing of interest During FY15
(refers to the period April 1 to March 31), liquidity position of
the company continued to remain stretched on account of delayed
realization from debtors. The collection period for the company
increased significantly from 2,225 days in FY14 to 6,965 days in
FY15, leading to ongoing delays in the servicing of debt
obligations.  Further decline in operating income and continued
net loss during FY15.

HTL has been witnessing continuous decline in operating income of
the company during last three account closing dates. The total
operating income of the company has declined from INR3.24 crore
in FY14 to INR1.03 crore in FY15.  Furthermore, the company
continues to be in loss and incurred a net loss of INR2.69 crore
in FY15 as against a net loss of INR0.81 crore in FY14.

Key Rating Strengths

Experience of the promoter and management: The founder promoter
of the group has about three decades of entrepreneurial
experience in the field of engineering and manufacturing of
equipment and systems for coal handling, bulk handling,
automation plants, municipal solid waste management plants, etc.

The Managing Director of the company, Mr. M. P. Fernando, has
more than two decades of experience with the Hyquip group and
more than one and half decade of experience working for various
multi-national engineering companies prior to joining Hyquip
group.

The company was incorporated in the year 2003 under the name
Hyquip Exports Limited as a part of the Hyquip group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns.
Later in 2006, the company changed the name of the company to
Hyquip Technologies Limited (HTL). HTL developed clean and green
technologies for recycling of Municipal Solid Waste (MSW),
conversion of MSW into compost, Refused Derived Fuel Facility
(RDF), power from waste and also generation of power from
biomass.

During FY15, the Total Operating Income of the company stood at
INR1.03 crore with net loss of INR2.69 crore.


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

The instrument-wise rating actions are:

-- INR250 mil. Fund-based facilities (long-term) migrated to
    Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR636.2 mil. Non-fund-based facilities (short-term) migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Indus Projects is engaged in the fabrication and erection of
medium/heavy capital equipment for petrochemical/oil and gas,
mineral processing and nuclear power plants.


J J EXTRUSION: CARE Assigns B+ Rating to INR12cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of J J
Extrusion Private Limited (JJEPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            12.00      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of JJEPL is
constrained by short track record and small scale of operations
with low profitability margins, exposure to volatility in prices
of raw-materials, working capital intensive nature of business
with leveraged capital structure and moderate debt coverage
indicators and intense competition in the industry. The rating,
however, derives comfort from extensive experience of the
promoters in the industry.

Going forward, the ability of the company to increase its scale
of operations with improvement in profitability margins and
efficient management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with low profit
margins: JJEPL has started its commercial operations from August
2015 and thus has very short track record of operations.
Furthermore, the scale of operations of the company also remained
small marked by total operating income of INR17.04 crore
(Rs.4.18crore in FY16) with a PAT of INR0.03 crore (Rs.0.01crore
in FY16) in FY17. The company has booked revenue of around
INR40.00crore in FY18 (Provisional). The profitability margins of
the company remained low marked by moderate PBILDT margin of
13.24% and thin PAT margin of 0.17% in FY17.

Exposure to volatility in prices of raw-materials: The raw-
material cost is the major cost driver for the company,
accounting for around 94.38% of total cost of sales in FY17. The
major raw-materials required for the JJEPL are aluminium etc. and
the company procures its raw materials from open market at spot
prices. Since the raw-material is the major cost driver and the
prices of which are volatile in nature, the profitability of the
company is susceptible to fluctuation in rawmaterial prices.

Working capital intensive nature of business: JJEPL is into
manufacturing of aluminum products and accordingly it has to
maintain a large quantity of raw material inventories for smooth
running of its production process and to mitigate the price
fluctuations risk. Accordingly the average inventory period of
the company remained on the higher side during past years.
Furthermore, the company allows credit of around a month to its
customers. However, it receives credit period of around a month
from its suppliers which mitigates its working capital intensity
to a certain extent. Moreover, the average utilization of fund
based limit remained at about 80%during last twelve months ending
on March 31, 2018.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the company remained
leverage marked by debt equity and overall gearing ratios of
2.23x and 3.24x respectively as on March 31, 2017 mainly due to
availment of term loans for its recently concluded plat setting
project. Moreover, the debt coverage indicators of the company
also remained moderate marked by interest coverage of 2.53x and
total debt to CGA of 7.22x in FY17.

Intensely competitive industry: JJEPL is engaged in the
manufacturing of aluminum related products which is primarily
dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.
The fortunes of companies like JJEPL from the aluminum are
heavily dependent on the industries like infrastructure,
electrical etc. Aluminum consumption and, in turn, production
mainly depends upon the economic activities in the country.
Construction and infrastructure sectors drive the consumption of
aluminum. Slowdown in these sectors may lead to decline in demand
of aluminum items. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Key Rating Strengths

Experienced promoters: JJEPL is managed by Mr. Birendra Kumar
Jaiswal who has more than two decades of experience in aluminum
products industry, looks after the overall management of the
company supported by other co-directors who are also having long
experience in similar line of business.

Incorporated in November 2013, J J Extrusion Private Limited
(JJEPL) was promoted by the Jaiswal family best out of Jharkhand
for setting up a manufacturing plant for aluminum products. The
commercial operation of the company has been commenced from
August 2015 onwards. The manufacturing facility of the company is
located at industrial area Rajnagar, Jharkhand with an installed
capacity of around 200 MTPA. The company manufactures different
types of aluminum windows (like sliding windows, double hung
window, louvre window, awning, casement windows, Bi-fold windows
etc.), doors (like sliding doors, hinged doors, pivot doors, B-
fold doors, wardrobe doors etc), commercial facades (like shop
fronts, curtain walls, louvers & solar control etc.). Considering
the increasing demand of aluminum products, the company is
currently expanding its installed capacity by 250MTPA by
installing additional plant & machineries with an aggregate cost
of INR2.50 crore, which is to be financed at debt equity of
0.51x. The expanded capacity is expected to be operational by end
of May, 2018.


JAI MATA: CARE Assigns B+ Rating to INR10cr Long-Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai
Mata Di Paper Mills Private Limited (JPM), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JPM is primarily
constrained by its small scale of operation with low
profitability, susceptibility of operating margin to raw material
price fluctuation and impact of power and fuel cost, presence in
highly competitive and fragmented industry and moderate financial
risk profile coupled with Working capital intensive nature of
operation. The rating, however, derives strength from its
experienced promoters with long track record and increasing
demand of manufactured products with continuous increase in
turnover. Going forward, the ability of the company to improve
its scale of operation along with profitability margins and
efficient management of working capital are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability: JPM is a small
player in paper manufacturing business with total operating
income of INR35.11 crore and PAT of INR0.29 crore, respectively,
in FY17. Furthermore, the total capital employed was also modest
at INR18.79 crore as on March 31, 2017. The small scale restricts
the financial flexibility of the company in times of stress.
Furthermore, the profitability margin was also low as PBILDT
margin was at 3.23% and PAT margin was at 0.81% during FY17.
During FY18, the company has achieved total operating income of
INR41.47 crore.

Susceptibility of operating margin to raw material price
fluctuation and impact of power and fuel cost: Raw material like
waste papers, jute waste is the most critical raw materials for
JPM, constituting approximately 65% of cost of sales in FY17.
Waste paper as raw material, although cheaper than agro residues,
largely depends on import due to low recovery rate in India (only
around 28%) resulting in raw material price volatility in the
exporting countries. Since there is no long term arrangement for
sourcing waste paper, JPM is exposed to the risk of raw material
price volatility.  Apart from this, in paper industry power and
fuel cost is one of the main cost driver which is highly
volatile. The operating margin is largely dependent on the
movement of all the above.

Presence in highly competitive and fragmented industry: The paper
industry is highly fragmented and competitive in nature marked by
presence of numerous players across the country. Hence, the
players in the industry lacks pricing power and are exposed to
competition induced pressures on profitability.

Moderate financial risk profile coupled with working capital
intensive nature of operation: The financial risk profile of the
company is moderate. Though the debt-equity ratio was
comfortable, the capital structure of the company is leveraged
marked by moderately high overall gearing ratio. Both the ratios
stood at 0.45x and 1.41x, respectively, as on March 31, 2017.
Debt protection indicators marked by interest coverage ratio was
at 1.19x, Total debt to GCA was at 17.30x during FY17. Current
ratio was adequate at 1.43x as on March 31, 2017.

Furthermore, JPM's business, being manufacturing of paper
products, is working capital intensive. During FY17, operating
cycle was 116 days due to high inventory stocked by the company
to aoid price fluctuation risk. The aforesaid reason led
to high utilization of its bank borrowing at around 95% during
the last 12 months ended May 2018.

Key Rating Strengths

Experienced promoters with long track record: JPM is currently
managed by S.B. Sharma, Director, along with other director Mr
Aditya Sharma. All the directors are having over two decade of
experience in similar line of business. This apart, the company
has a track record of a decade of operation.

Increasing demand of manufactured products with continuous
increase in turnover: The company manufactures Kraft papers which
has high demand in the packaging industry which leads to
continuous increase in turnover with a CAGR of 16.26% during last
three financial years ending on FY18.

Jai Mata Di Paper Mills Private Limited (JPM) incorporated in
September 2008, was promoted by one Sharma family of Raipur. JPM
is engaged in the manufacturing of Kraft paper with an installed
capacity of 13,200 MTPA. The manufacturing facility of the
company is located near Bilaspur in Chhattisgarh. The day-to-day
affairs of the company are looked after by Mr. S B Sharma,
Director, with adequate support from other director- Mr. Aditya
Sharma.


JALARAM INDUSTRIES: CARE Assigns B+ Rating to INR6.90cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jalaram Industries (JI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.90       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JI are tempered on
account of its small scale of operations with low profitability
margins, moderate capital structure and weak debt coverage
indicators. The rating is further constrained by working capital
intensive nature of operation, vulnerability to fluctuation in
prices of raw material, its presence in highly fragmented and
regulated industry, and partnership nature of constitution.

The rating, however, derive strength from the long track record
of the operations, experienced partners and location advantage
emanating from proximity to raw material.

The ability of the entity to further increase its scale of
operations, improve its profitability margins along with
efficient management of working capital requirements are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations with low profitability margins: The
income from operations of the firm though improved remained small
at INR41.03 crore in FY17 and total capital employed of INR7.79
crore as on March 31, 2017, thus limiting financial flexibility
of the company in times of stress. Moreover, the company has
achieved a turnover of INR67.71 crore in FY18 (Provisional)
showing a y-o-y growth of 66%. With business operations of
processing of pulses, entailing low value additions, the entity's
profit margins stood low.

Moderate capital structure and weak debt coverage indicators: The
capital structure of the firm remained moderate with overall
gearing ratio of 1.09x as on March 31, 2017 owing to dependence
on external borrowings. Moreover, with moderate gearing level and
low profit margins, the debt coverage indicators of the entity
stood weak.

Working capital intensive nature of operation: The operations of
the firm are working capital intensive in nature with gross
current asset days of 89 days during FY17 with funds majorly
blocked in inventory. The working capital requirements are met by
the cash credit facility availed by the entity utilization of
which remained high.

Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
lead to volatility in raw material prices.

Presence in a highly fragmented and regulated industry: The
competitive nature of agro-product processing industry due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector
translate in inherent thin profitability margins. Further, the
raw material prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the millers.

Partnership nature of constitution: Being a partnership firm, JI
is exposed to the risk of withdrawal of capital by partners and
limited excess to financial market. This limits the financial
flexibility of the firm.

Key Rating Strengths

Experienced partners with long track record of operations: Ji is
currently managed by Mr Jayesh H Chandrana, Mr Haribhai N
Chandrana and Mr Arunbhai N Chandrana, having an average
experience of more than three and a half decades in agro
industries. The partners look after the overall function of the
firm with adequate support from a team of experienced
professionals. Long experience of the partners has supported the
business risk profile of the entity to a large extent. Further,
the firm is in the business since more than one and a half
decades, which resulted in establishing good relationship with
its customers and suppliers.

Locational advantage emanating from proximity to raw material:
JI's unit has close proximity to local grain markets of Wardha,
major raw material procurement destinations for the entity. This
ensures easy raw material access and smooth supply of raw
materials at competitive prices and lower logistic expenditure
for JI.

JI based out of Wardha, Maharashtra is a partnership concern was
established in January 2001. The entity is engaged in the
business of processing of pulses at its processing facility
located at Wardha, Maharashtra with an installed capacity of
processing 50 tonnes of pulses per day.


KHANDELWAL POLYMERS: CARE Hikes Rating on INR3.75cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Khandelwal Polymers (KPS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        3.75       CARE B+; Stable Revised from
   Facilities                       CARE B: Stable

   Long-term Short-      1.25       CARE B+; Stable/CARE A4
   Term Bank Facilities             Revised from CARE B: Stable

   Short-term Bank       1.00       CARE A4 Reaffirmed
   Facilities

Detailed Rationale & Key rating Drivers

The revision in the long term rating of KPS takes into account
significant increase in Total Operating Income (TOI) during FY18
(refers to the period April 1 to March 31) and successful
completion of project.  The ratings, however, continue to remain
constrained on account of moderate profitability, leveraged
capital structure, weak debt coverage indicators and stressed
liquidity position. Further the ratings also remained constrained
on account of presence in the highly fragmented and competitive
electrical goods industry and constitution as a proprietorship
concern.

The ratings, however, derive strength from experienced and
qualified management, moderate order book position and favorable
demand outlook of the power industry.

The ability of the company to increase its scale of operations
with improvement in solvency position and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Moderate Profitability: The profitability margins of the firm
stood moderate with PBILDT and PAT margin of 4.14% and 0.81%
respectively in FY18. During FY18, PBILDT margin has improved by
46 bps over FY17 due to lower other manufacturing cost. However,
PAT margin remained at same level, mainly due to proportionality
higher depreciation and interest expenses.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm improved significantly,
although stood leveraged with an overall gearing of 5.39 times as
on
March 31, 2018, as against 11.88 times as on March 31, 2017 on
account of higher increase in net worth due to infusion of
proprietor's capital of INR0.55 crore and accretion of profit to
reserve as against increase in total debt. Further, debt service
coverage indicators of the firm also stood weak with total debt
to GCA of 20.55 times as on March 31, 2018, improved
significantly from 26.85 times as on March 31, 2017, on the back
of increase in GCA level. Interest coverage stood moderate at
1.46 times in FY18 as against 1.56 times in FY17.

Stressed liquidity position: The liquidity position of the firm
stood stressed with up to 90% utilization of its working capital
borrowings during last 12 months ended May 31, 2018. The working
capital cycle of the firm also stood moderate at 71 days in FY18,
improved from 77 days in FY17 mainly due to improvement in
collection period. The liquidity ratios stood weak with current
ratio at 1.02 times and quick ratio stood at below unity at 0.79
times as on March 31, 2018.

Presence in the highly fragmented and competitive electrical
goods industry and constitution as a proprietorship concern: The
industry is highly competitive with presence of number of
players. Furthermore, KPS business is tender driven. However, the
firm is able to withstand the competition and procure orders
through its established track record and experience of the
promoters.

Further, its constitution as a proprietorship concern lead to
limited financial flexibility and risk of withdrawal of capital.

Key Rating Strengths

Experienced management: Mr. Vishambhar Dayal Khandelwal,
proprietor, is M.Sc by qualification and has around four decades
of experience in the industry. He looks after overall affairs of
the firm. Further, he is supported by his sons Mr. Aditya
Khandewal, who is graduate by qualification and Mr. Nitin
Khandewal, who is MBA by qualification. The accounts function is
handled by Mr. Gopi Kishan Jodhani, who is M.com by qualification
and has around three decades of experience in the industry.

Moderate order book position: KPS undertook a project for
expansion of its capacity. The firm had envisaged total project
cost of INR1.30 crore towards the project to be funded through
term loan of INR0.97 crore and promoter's contribution of INR0.33
crore by way of unsecured loan. The project was completed in
starting of April 2018, within envisaged time and cost.

Moderate order book position: As on June 15, 2018, KPS has an
outstanding order book position of INR28.20 crore which is 1.56
times of FY18's Total Operating Income (TOI) consisting of four
projects in hand reflecting moderate order book position in near
term. The ongoing projects of the firm are likely to be executed
within next 9 to 12 months, providing medium term revenue
visibility.

Favourable demand outlook of the power industry: With the
continuous increase in disposable income and the advancement of
technology, the need for varied consumer durable goods are
increasing. The largest segment is the consumer electronics
segment. The growth in country's infrastructure coupled with the
growing number of industrial as well as residential units
requiring greater use of electrical appliances augurs well for
the demand of electrical appliances. Other factors such as
shortening of the product cycle, higher rate of technological
obsolescence and increasing use of electricity in the rural and
urban areas further adds to the demand for electrical goods.

Jaipur (Rajasthan) based Khandelwal Polymers (KPS) was formed in
2001 as a proprietorship concern by Mr. Vishambhar Dayal
Khandelwal. KPS is engaged in the business of manufacturing and
assembling of various electric equipments such as isolators,
insulators and electricity distribution boxes etc. It also gets
the job done on job work basis. The firm receives electric
contracts from government departments such as Jaipur Vidhut
Vitaran Nigam Limited (JVVNL), Jodhpur Vidhut Vitaran Nigam
Limited (JdVVNL), MP Madhya Kshetra Vidhyat Vitaran Company
Limited.


KIRAN INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kiran Industries
Private Limited (KIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR220 mil. Fund-based limits assigned with IND BB+/
    Stable/IND A4+ rating;

-- INR2 mil. Non-fund-based limits assigned with IND A4+ rating;
    and

-- INR337 mil. Term loan due on April 2026 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect KIPL's return on capital employed of 11% and
modest EBITDA margin of 5.9% in FY18 (FY17: 4.9%). This along
with high dependence on external debts has led to weak credit
metrics for the company with EBITDA interest coverage (operating
EBITDA/gross interest expense) of 2.43x in FY18 (FY17: 2.30x) and
net leverage (Ind-Ra adjusted net debt/operating EBITDAR) of
3.77x (4.15x). The margins improved due to a fall in cost of
goods sold and employee costs. Debt levels increased to INR405
million in FY18 (FY17: INR352 million) and interest expenses grew
to INR43.49 million (INR37 million). The net leverage marginally
improved in FY18, despite the increase in debt, on account of an
increase in absolute operating EBITDA to INR105.9 million (FY17:
INR84 million). FY18 financials are provisional.

Ind-Ra expects the EBITDA margins to remain similar and credit
metrics to deteriorate in the near term. The latter is because of
an ongoing debt-led capex on setting up a new unit in Palsana
(Gujarat). The capex of INR450 million is being funded through a
term loan of INR277.50 million and unsecured loans and internal
accruals of INR172.50 million. The company expects to begin
commercial production at the new unit from 15 August 2018.

The ratings also reflect KIPL's moderate scale of operations.
Revenue grew at a CAGR rate of 9.59% during FY14-FY18 and was
INR1,791.72 million in FY18 (FY17: INR1,718.94 million). The
slight improvement is a result of the additional orders received.
Revenue growth during FY19 is likely to exceed 15%, as a result
of the commencement of operations at the new unit.

The ratings also reflect KIPL's moderate liquidity position, as
indicated by an average working capital utilization rate of over
94% during the 12 months ended June 2018. The cash and cash
equivalents amounted to INR5.83 million in FY18.

The ratings are supported by KIPL's promoters' three-decade-long
experience in the yarn texturizing business which helps the
company to generate regular orders from longstanding customers.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and EBITDA margins,
leading to an improvement in the overall credit metrics, all on a
sustained basis, will be positive for the ratings.

Negative: A decline in the revenue and EBITDA margins leading to
deterioration in the credit metrics, all on a sustained basis,
will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, KIPL runs a yarn texturizing business. It
manufactures polyester dyed yarns, embroidery threads
viscose/polyester and metallic yarns. The company has its
registered office in Udhana, Surat, Gujarat. It has offices in
all major Indian textile centers such as Surat, Mumbai, Delhi,
Kolkata, Bengaluru and Tirupur.


LMJ INTERNATIONAL: ICRA Cuts Rating on INR330cr Loan to D
---------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BBB ISSUER NOT
COOPERATING to [ICRA]D ISSUER NOT COOPERATING and the short-term
rating from [ICRA]A3+ ISSUER NOT COOPERATING to [ICRA]D ISSUER
NOT COOPERATING assigned to the INR173.70-crore fund-based bank
facilities of LMJ International Limited. ICRA has also downgraded
the short-term rating assigned to the INR330.00-crore non-fund
based bank facilities of LIL from [ICRA]A3+ ISSUER NOT
COOPERATING to [ICRA]D ISSUER NOT COOPERATING. ICRA has further
downgraded the short-term rating from [ICRA]A3+ ISSUER NOT
COOPERATING to [ICRA]D ISSUER NOT COOPERATING assigned to the
unallocated limits of INR43.00 crore of LIL. The rating continues
to remain in Issuer Not Cooperating category.

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based       173.70       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        downgraded from
                                 [ICRA]BBB(Stable)/[ICRA]A3+ and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category


   Non-Fund Based   330.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        downgraded from [ICRA]A3+ and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

  Unallocated        43.00       [ICRA]D ISSUER NOT COOPERATING;
  Limits                         downgraded from [ICRA]A3+ and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The downward revision in the ratings primarily considers
unfavourable debt-serving track record of the company in the
recent past, as confirmed by the lenders. The rating continues to
remain constrained by the highly fragmented industry structure
with the presence of many players and limited value addition,
which keeps margins under check and the company's rising working
capital intensity of operations over the past few years on the
back of increasing receivables, which keep its cash flows under
pressure. The coverage indicators of the company continue to
remain at a moderate level. ICRA notes that the profitability of
the company is sensitive to the export incentives it enjoys at
present. Any adverse change in the Government policies towards
export may impact its turnover as well as profitability. Also,
LIL's net profitability is supported by the tax exemption it
enjoys in some of its units. Once the exemption period is over,
the profitability levels are likely to be affected to some
extent.

The rating, however, takes into account the established track
record of the promoters in the trading of various agro and non-
agro commodities, and a diversified product portfolio along with
a geographical coverage of the company across the world, which
minimises product as well as regional concentration risks to an
extent.

ICRA has limited information on the entity's performance since
the time it was last rated in March 2017. As a part of its
process and in accordance with its rating agreement with LMJ
International Limited, ICRA has been trying to seek information
from the company to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the rating continues to remain in the 'Issuer
Not Cooperating' category.

Key rating drivers

Credit strengths

Established track record of the promoters in the trading of
various agro and non-agro commodities: The promoters of the
company have more than two decades of experience in trading of
various agro and non-agro commodities both in domestic as well as
international markets.

Diversified product portfolio and geographical coverage across
the world minimise product as well as regional concentration
risks: Over the past few years, the company has diversified its
product portfolio to reduce product concentration risk and is
also exploring new markets such as Nepal, Qatar, Jordan,
Madagascar etc, reducing high dependence on few markets.

Credit challenges

Delays in servicing of debt obligations: The company has delayed
in timely servicing of debt obligations in the recent past due to
its stretched liquidity position.

Rising working capital intensity of operations: The company's
working capital intensity of operations witnessed an increasing
trend over the past few years on the back of rising receivables,
which kept its cash flows under pressure.

Highly fragmented business characterised by intense competition:
The operating profit margin of the players in commodity trading
business, including LIL, is inherently low due to the nature of
the industry, which is characterised by intense competition among
the players in a high-volume, low-margin business.

Exposure to regulatory risks as any sudden change in the
Government policies may impact turnover and profitability: Export
of commodities remains vulnerable to the changes in various
Government policies, which may impact turnover and profitability
of the players, including LIL.

Sensitivity of profitability to fiscal incentives received from
the Government of India: ICRA notes that the company's net
profitability is supported by the tax exemption it enjoys in some
of its units. The same is likely to be affected to some extent
after the expiry of the exemption period.

Established as a partnership firm in 1968, LIL was converted into
a closely-held public limited company in 1992. The company is
primarily involved in the trading of agro and non-agro
commodities in domestic as well as international markets.
Besides, the company is involved in the processing of few agro
products like rice, wheat, pulses and coffee. The company has its
processing units located in Kushalnagar (Karnataka), Coimbatore
(Tamil Nadu), Vizag (Andhra Pradesh), Panipat (Haryana) and
Sankrail (West Bengal). Apart from these, LIL also provides
storage facilities to various parties with its warehouses located
at Kushalnagar (Karnataka), Vizag (Andhra Pradesh), Panipat
(Haryana), Sankrail (West Bengal) and Kolkata (West Bengal). The
company is an ISO 22000:2005 certified and a Government-
recognised export house.


MANIKANTA PAPER: CARE Assigns B+ Rating to INR7.40cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Manikanta Paper Mill Private Limited (MPMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.40       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MPMPL are tempered
by business implementation and project implementation risk,
susceptibility in profit margins due to volatility in prices of
raw material and fragmented nature of the paper industry with
intense competition from established players. The rating,
however, derives its strengths from the experience of the
promoter in the educational and infrastructure sector, location
advantage due to presence in populated locality, financial
closure of the project achieved and stable outlook of the paper
industry.

Going forward, the ability of the company to initiate the
commercial operations as envisaged, sans any time and cost
overruns and its ability of the company to stabilize the business
operations post initiation and achieve profitability as projected
shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Business and project implementation risk: The company is exposed
to business implementation risk with respect to being exposed to
delays in project completion due to cost and/or time overruns,
delay in acquiring pending approvals, inability to find suitable
clientele, inability to penetrate market as foreseen due to
several reasons such as economic uncertainty, loss of key
supplier, etc. The above are critical from the credit
perspective.

Susceptibility in profit margins due to volatility in prices of
raw material: Paper industry margins are susceptible to changes
in the prices of waste paper. If the raw material prices
increase, paper prices lag behind. Considering that an increasing
proportion of the raw material requirement is met through
imports, the domestic paper industry is affected by the
fluctuation in global raw material prices. Additionally, domestic
waste paper prices tend to move in line with international waste
paper prices. On the other hand, the coal industry margins are
susceptible to changes in domestic coal production, changes in
coal mining technology, the quantum of linkages granted to power
plants, labor productivity in the coal sector and changes in
environmental compliances across the country.

Fragmented nature of the paper industry with intense competition
from established players: Due to limited product differentiation,
the packaging industry is highly fragmented. There is intense
price competition as the ultimate users mainly comprise of
clients with bulk requirements and superior bargaining power.
This attributes to pricing inflexibility amongst manufacturers.

Key Rating Strengths

Experience of the promoters in the educational and infrastructure
sector: Mr. Pannala Lakshma Reddy (Managing Director of MPMPL),
is a Member & Director in Pannala Educational Society. Pannala
Educational Society runs a MBA college at Boduppal, Hyderabad. Mr
Lakshma Reddy is also earning rentals by leasing out his land to
Narayana Educational Society and Pallavi Educational Society for
running their respective educational institutions. He will be
looking after the day to operations of MPMPL.

Mrs. Pannala Urmila, is a Member & Director of Pannala
Educational Society. She has invested in the company and will not
take part in the day to day business of MPMPL.

MPMPL shall also have the active involvement of Mr Pannala Bal
Reddy and Mr. Pannals Ramnakar Reddy (sons of the Managing
Director), who were previously involved in the trading of paper
for a couple of years.

Location advantage due to presence in populated locality: MPMPL
has location advantage in terms of its manufacturing facility
having proximity to several FMCG companies based in Andhra
Pradesh and Telangana which are the major clients for kraft paper
products.

Financial closure of the project achieved: The total cost of
setting up the business is estimated to be INR 11.13 crore, which
shall be funded by promoter's funds of INR 5.33 crore and term
loan of INR 5.80 crore (sanctioned). Further, the company
envisages initiating the business operations from October 01,
2018.

Stable outlook of the paper industry: India's share in global
paper demand is gradually growing as domestic demand is
increasing at a steady pace while demand in the western nations
is contracting The domestic demand in India grew from 9.3 million
tons in FY08 to 15.3 million tons in FY16 at a CAGR of 6.4%. In
spite of the sustained growth witnessed by the industry, the per
capita paper consumption in India stands at a little over 13 kg
which is well below the global average of 57 kg and significantly
below 200 kg in North America. As per IPMA's (Indian Paper Mills
Association) estimates, this industry contributes approximately
INR4,500 crore to the exchequer and provides employment to over 5
lakh people across approximately 750 paper mills. CARE Ratings
expects that the overall paper demand growing at a CAGR of 6.6%
is likely to touch 18.5 million tons in 2018-19.

Manikanta Paper Mill Private Limited (MPMPL) was incorporated on
September 17, 2017 as a private limited company by Mr. Pannala
Lakshma Reddy (Managing Director) and his wife, Mrs. Pannala
Urmila (Director), with registered office at Plot No. 15, Sri
Nagar Colony, Boduppal, Hyderabad, Telangana, in order to launch
a kraft paper manufacturing unit, with a proposed capacity of
15,000 Metric Tons Per Annum (MTPA) at: Sy No 269/P, 272/P &
273/P, Dasarlapalle (V), Kandukur (M), Rangareddy District,
Telangana. The kraft paper shall be sold to various packaging
companies and the major raw material, used paper, shall be
procured from local markets and if required, from countries like
Sri Lanka and Bhutan, where the waste paper is available at
cheaper rates.

MPMPL has obtained most of the necessary statutory clearances to
start work at the proposed plant location such as conversion of
land for non-agricultural purpose, approval from factories
department, site and building plan approval, State Pollution
Control approval, etc. The expected month of commencement of
commercial operations is October 2018. Further, as on June 20th
2018, the company has incurred 18% of the total project cost,
funded by the promoters.


MADHURAM INDUSTRIES: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Madhuram
Industries Private Limited (MIPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     14.22      CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MIPL to monitor the
ratings vide e-mail communications/letters dated June 7, 2018,
June 8, 2018, June 11, 2018, numerous phone calls and final
reminder letter dated June 14, 2018. However, despite our
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
Madhuram Industries Private Limited's bank facilities and
instruments will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

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

The ratings takes into account moderate of operations coupled
with low profit margins, leveraged capital structure, moderate
debt coverage indicators and moderate liquidity position in FY17
(refers to the period April 1 to March 31). Furthermore, the
ratings continue to remain constrained due to low value addition
in highly fragmented rice milling industry. The ratings, however,
take comfort from the experienced promoters and location
advantage.

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

Detailed description of the key rating drivers

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

(Updated for the information available from Registrar of
Companies)

Key Rating Weaknesses

Moderate scale of operation coupled with low profitability: The
scale of operation marked by total operating income (TOI) of
INR70.07crore during FY17. The profitability stood low marked by
PAT margin of 0.46% during FY17 owing to low value addition
nature of business.

Leveraged capital structure and moderate debt protection
indicators: Overall gearing improved but continue to remain
leveraged at 3.66x as on March 31, 2017 as against 3.79x as on
March 31, 2016 owing to high debt along with low networth base.
The debt coverage indicator continue to remain moderate marked by
interest coverage stood at 1.71x during FY17 which was in same
line during previous year and total debt to GCA stood at 19.94x
as on March 31, 2017 as against 18.14x as on March 31, 2016.

Moderate liquidity position: The liquidity position remained
moderate marked by current ratio stood at 1.37 times as on March
31, 2017 as against 1.43 times as on March 31, 2016. The
operating cycle stood shortened at 100 days during FY17 as
compared to 113 days during FY16.

Key Rating Strengths

Experienced Promoters: Mr Kamlesh Thakkar, key promoter of MIPL,
holds more than 3 decades of experience in rice industry.

Favorable location: MIPL is located in Bavla region of Ahmedabad
city with proper availability of water, raw material, labour as
well as transportation facilities.

Ahmedabad-based(Gujarat), Madhuram Industries Private Limited
(MIPL) was promoted by Mr. Kamlesh Kumar Thakkar. Initially, it
was established as a partnership firm in 1985 and later on, in
2003, it was reconstituted as a private limited company. MIPL is
engaged in the milling and processing of non-basmati rice. The
processing facility of company is located in the Bavla region
near Ahmedabad having rice milling capacity of 5 Metric Tonnes
Per Hour (MTPH) as on March 31, 2015.


MAPSKO BUILDERS: ICRA Reaffirms B+ Rating on INR242cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR252-crore long-term fund-based limits, INR30-crore long-
term non-fund based limits, and INR118-crore1 unallocated limits
of Mapsko Builders Private Limited. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term fund-
   based term loan       242.0      [ICRA]B+ (Stable); reaffirmed

   Long-term fund-
   based working
   capital                10.0      [ICRA]B+ (Stable); reaffirmed

   Long-term non-
   fund based limits      30.0      [ICRA]B+ (Stable); reaffirmed

   Long-term
   unallocated limits    118.0      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation takes into account the demonstrated
track record of promoters of infusing funds to support the cash
flows of the company for construction of projects and repayment
of debt. The promoter's unsecured loans increased from INR50
crore in FY2017 to INR80 crore in FY2018. Further, the rating is
supported by the healthy booking status of the company. As on
March 31, 2018, MBPL achieved booking for 82% of the saleable
area having sale value of around INR1,825 crore. The company
collected INR1,530 crore from its customers with around INR296
crore yet to be received. The pending collections lend some
visibility to the cash flows for the near-to-medium term.
However, ICRA notes that INR75 crore of the collections out of
the total collections of INR128 crore in FY2018 was from project,
Mapsko Royal Ville & Paradise. Thus, going forward, the company's
ability to ensure pick up in collections from other projects will
be a key monitorable. In addition, the rating factors in the
established position of MBPL in the real estate and low exposure
to approval risks for its ongoing projects.

The rating, however, is constrained by MBPL's high debt repayment
obligation over the near-to-medium term and slow incremental
sales in most of the projects. MBPL has around INR84 crore of
repayment in FY2019 and INR71 crore in FY2020, which in the
absence of adequate sales and collections from customers will
keep the cash flows under pressure, thereby necessitating
reliance on promoter support. Furthermore, MBPL recorded slow
incremental sales in most of the projects in FY2018, except
Mapsko Royal Ville & Paradise. The five other projects of the
company together generated only 27% of the total sales in the
backdrop of muted demand for real estate, leading to lower-than-
expected collections.

Hence, MBPL's ability to achieve incremental sales of the balance
un-booked area of 1.59 mn sq ft (out of which 1.49 mn sq ft is in
projects that have seen slow sales) and to ensure adequate
collections from sales booked will be key rating sensitivities.

Going forward, adequate sales and timely collections from
customers to moderate the reliance on promoters in the backdrop
of high debt repayments and timely execution within the budgeted
cost would remain key monitorables.

Outlook: Stable

ICRA believes that MBPL will be able to maintain its financial
profile aided by continued promoter support and stable
collections and low pending cost in its ongoing projects. The
outlook may be revised to Positive if the company is able to
reduce the debt levels as well as improve the debt maturity
profile in the near-to-medium term. The outlook may be revised to
Negative in case of lower-than-expected cash collections from
customers, leading to pressure on the cash flows of the company
given the upcoming high debt repayment obligations.

Key rating drivers

Credit strengths

Healthy booking status in MBPL's ongoing projects: As on
March 31, 2018, MBPL achieved booking for 82% of the saleable
area, i.e 7.07 mn sq ft, of sale value of around INR1,825 crore.
Further, the company collected INR1,530 crore from its customers
but is yet to receive around INR296 crore. This provides moderate
visibility to the cash flows in the near-to-medium term.
Moderation in execution risk: With no major launches in the
recent past and five out of six ongoing projects receiving
Occupation Certificate (OC), the exposure to execution risk has
moderated for the company.

Demonstrated track record of timely infusion of funds by the
promoters: The promoters have demonstrated their track record of
infusing funds in the business to support the project
construction and debt repayments. The promoter's funds increased
to INR50 crore in FY2017 and further to INR80 crore in FY2018
from INR32 crore in FY2015.

Credit challenges

Substantial debt repayments in near term: MBPL has around INR84
crore of repayment in FY2019 and INR71 crore in FY2020, which in
absence of adequate collections from customers will keep the cash
flows under pressure, thereby increasing the reliance on promoter
support.

Slow incremental sales in FY2018: Notwithstanding the healthy
booking status, the incremental sales in most of the project
remained slow in FY2018. Most of the sales in FY2018 were driven
by Royal Ville and Paradise. With limited unsold inventory
pending in this project, incremental sales in other projects
would remain critical for the company.

Marketing risk: Exposure to marketing risk for the company
remains high amid slowdown in the Gurgaon real estate sector. The
marketing risk is further accentuated as 1.49 mn sq ft out of the
total 1.59 mn sq ft inventory remains unsold in the projects
which witnessed slow sales in FY2018.

Mapsko Builders Private Limited (MBPL) is a mid-sized real-estate
developer that was incorporated in January 2003. It is a part of
the Krishna Apra Group, which was set up on March 13, 1997, by
Mr. Amrit Singla (Director, Apra Builders Ltd.) and Jai Krishan
Estate Pvt. Ltd. Mr. Amrit Singla is the Chairman-cum-Managing
Director of MBPL.


MASTER LINENS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Master
Linens Inc (MLI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank      4.61      CARE B+; Issuer Not Cooperating;
   Facilities                    Based on no available
                                 Information

   Short-term Bank    10.00      CARE A4; Issuer Not Cooperating;
   Facilities                    Based on no available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MLI to monitor the rating
vide e-mail communications/ letters dated April 27, 2018, May 11,
2018 and May 17, 2018 and numerous phone calls. However, despite
our 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 Master Linens Inc's bank facilities
will now be denoted as CARE B+; Issuer not Cooperating/CARE A4;
Issuer not cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Small-sized player in the home textiles segment with high
dependence on a few clients: MLI is a small-sized player in the
home textile segment. It caters predominantly to the export
market. Furthermore, MLI's revenues are concentrated on a few key
clients. MLI derived 74% of revenue from top 3 customers in FY15
and 57% from Wolly & Co. Any decline in orders from Wolly & Co is
likely to impact MLI's revenue. Furthermore, any delay in
collection from this client is also likely to impact MLI's
overall liquidity position.

Weak capital structure and modest debt protection metrics: The
overall gearing of the firm is weak at4.47xas of March 31, 2015,
due to debt funded asset addition in the past as well as high
working capital borrowings. The size of the firm's networth is
low. The average utilization in the cash credit account stood
high at around 90% for the last twelve months ended August 2015.
However, the interest coverage ratio remained moderate at 2.40
times in FY15 (refers to the period April 1 to March 31) while,
the total debt to gross cash accruals stood moderate at 8.20x as
of March 31, 2015. The current ratio is below unity in FY15 due
to high working capital borrowings.

Key Rating Strengths

Three decade long experience of promoter in textile industry: Mr
R. Arasu, Father of Mr A. Sethupathi, has 30 years of experience
in manufacturing and sale of bed spreads and also served as a
Director in Sabare International Limited (manufactures and
exports home textile products). Mr A. Sethupathi, after
completing B. Tech in Textile Technology, worked for two years as
a weaving technician in KG Denim (Manufacturing Dyed Fabrics,
Home Textiles and Garments) and 3 years in merchandise division
of Excel Fab. With the experience gained, the promoters started
MLI in 2005, for manufacturing home textiles in grey fabrics. In
2008, the promoters started manufacturing of home textiles from
linen fabrics in a small way and gradually expanded over a period
in-order to differentiate from other similar players. The home
textiles in linen fabrics yield better realization and margin as
compared to home textiles in grey fabrics.

The operations team is headed by Mr R. Seetharaman who is a
B.Tech in Textile Technology having over two decade long
experience in various textile companies. The marketing team is
managed by Mr S.Gopalakrishnan, who has 16 years of experience in
textile industry.

Established relationship with customers and suppliers: For linen
home textile segment, the company predominantly purchases linen
yarn from China and remaining from Jayashree Textiles (Aditya
Birla Group). MLI bulk purchase the linen yarn in-order to avail
discount and holds sufficient inventory in hand due to low supply
and long transit period as it is imported. MLI holds on an
average of INR4 crore of linen yarn at any time.

For non-linen home textile segment, the grey fabric is purchased
from KKP Textiles Limited, Senthil Kumar Textiles Mills Private
Limited and Arunachala Gounder Textile Mills Private Limited on
an average credit period of 10-15 days. Some of the top customers
of MLI are Wolly & Co, Denmark, Saneco, SAS, Orient Craft Limited
and Kremmerhuset AS etc. Wolly & Co primary customers are chain
stores spanning from discount to department store retail outlets.

MLI supply linen fabrics to other home textile manufacturers as
it produce 6 meter linen fabrics unlike other linen fabrics
manufacturers who produce 3 meter linen fabrics by loading two
beams in single power loom. 6 meter linen fabrics are used to
produce duvet covers and quilt.

Growth in income albeit fluctuating profitability: The total
income from operation grew at Compounded Annual Growth Rate
(CAGR) of 47% during the period from FY12-FY15 on low base,
primarily driven by increase in export orders. However, the
PBILDT margin fluctuated between 5.25% to 7.00% in FY13-FY15 due
to fluctuation in price of grey fabric and linen yarn as well as
increase in employee and power cost. The interest cost increased
continuously due to increase in working capital borrowing, to
support exports. The PAT margin also remained thin and
fluctuating in the said period. Furthermore, the firm's exports
are predominantly denominated in USD and EUR, whereas its imports
accounting for 17% of the total purchases are denominated in USD.

With a significant proportion of expenses met in INR, the firm is
exposed to forex risk. Although the firm does hedge a portion of
the same, the firm's profitability is exposed to fluctuation in
forex rates.

MLI was established in May 2005 by Mr A. Sethupathi, Managing
Partners as partnership concern along with other family members
with the objective of manufacturing home textile products. MLI
has a manufacturing unit is Karur with a capacity of 120 sewing
machines and 34 looms. MLI manufactures home textile products
such as table cloth, tea towel, apron, glove, pot holder,
cushions, wormer, duvet cover, pillow cover etc. both in linen
fabric and non-linen fabric (grey fabrics). The company earns 50%
each from linen home textiles and non-linen home textile segment.
During FY15, the firm had an operating income of INR 56.85 crore
with a PAT of INR 1.27 crore and a net worth of INR 4.26 crore.


METRORAIL GURGAON: ICRA Lowers Rating on INR1500cr Loan to C
------------------------------------------------------------
ICRA has downgraded the long -term rating from [ICRA]BBB- to
[ICRA]C for the INR1500.00 crore bank facilities of Rapid
Metrorail Gurgaon South Limited (RMGSL).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-        1,500.00     [ICRA]C; revised from
   Term Loan                       [ICRA]BBB-(Negative)

Rationale

The revision of RMGSL's rating takes into account the stretched
liquidity position of the company as is evident from the
utilisation of debt service reserve (DSR) for the interest
payment for the month of June 2018. The company's inability to
generate sufficient revenues due to continued weak ridership on
the project route makes it dependent on timely funding support
from promoters or usage of DSR for debt servicing. However, the
promoter has not made available the required funds and ICRA
understands that the company is looking to terminate the
concession agreement. The timely funding support from the
promoters remains a key rating sensitivity as in the absence of
it, RMGSL would not be able to meet its debt servicing
obligations in the near term.

Key rating drivers

Credit challenges

Stretched liquidity position: The liquidity of the company
remains stretched due to its inability to generate sufficient
revenues to meet operating expenses and debt service obligations.
In absence of timely promoter funding, DSR has been used for the
interest payments for the month of June 2018.

Weak ridership: The project achieved commercial operations from
March 31, 2018 and the ridership on the project route has been
significantly lower than expected.

Traffic risk: The project caters to the highly concentrated area
of Golf Course Road, hence its profitability is heavily dependent
on the willingness of the occupants to migrate to the metro mode
of transport as well as any future development of the area
nearby. The rating also factors in the risk of emergence of any
low-cost alternate mode of transport in this area, which can
impact ridership.

RMGSL, a Special Purpose Vehicle (SPV), was incorporated with the
aim of implementing a Metro link from DMRC Sikandarpur Station to
Sector-56, in Gurgaon under concession from HUDA in Public
Private Partnership. The SPV's sponsors are IRL (65.0%) and ITNL
(35.0%). The scope of the project includes design performance and
execution, engineering, financing, procurement, construction,
installation, commissioning and testing of the works together
with subsequent operation and maintenance of the entire project.
HUDA has granted the concession to the SPV for a period of 98
years starting from July 2, 2013.

The total cost of the project is INR2,396 crore, which is being
funded by a combination of debt (INR1,500 crore) and equity. The
entire term loan of INR1,500 crore has been sanctioned by a
consortium of five banks with Canara Bank as the lead bank and an
external commercial borrowing (ECB) loan lender. The project
achieved commercial operations on March 31, 2017.

The IL&FS Group has experience in developing a similar metro
project and has successfully executed a metro line under RMGL.
This was the Group's first metro rail project with operations
commencing in November 2013. The link has been developed from
DMRC Sikandarpur Station to National Highway 8 (NH 8) in Gurgaon
under concession from HUDA.


NORTH EASTERN: ICRA Assigns B+ Rating to INR230cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR230.0 crore fund-based term-loan facilities of North Eastern
Karnataka Road Transport Corporation (NEKRTC). The outlook on the
long-term rating is Stable. ICRA has withdrawn the Issuer rating
of [ICRA]B+ at the request of NEKRTC.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based
   Term Loans           230.00      [ICRA]B+(Stable); assigned

   Issuer Rating                    [ICRA]B+(Stable); withdrawn

Rationale

The rating assigned takes into consideration the importance of
the NEKRTC to the Government of Karnataka (GoK), with the
Corporation playing a critical role in providing transport
services in the north-eastern districts of the state, and the
financial flexibility enjoyed for being a state-owned entity. The
NEKRTC's performance remained modest during FY2018, as seen from
the continuing net losses and the consequent strained liquidity
position. The same is primarily due to reduced load factor and
lack of tariff revision during recent fiscals despite rising fuel
and employee expenses. The weak earnings during FY2017 and FY2018
has increased the corporation's dependence on grants and external
borrowings for funding its capital expenditure and higher
operating expenses. Its overall net worth base and cash flows
were supported to some extent by the support received from the
GoK in the form of capital grants. The ongoing capital
expenditure towards strengthening its fleet is expected to
constrain the leverage ratios and liquidity position of the
corporation in the near term. The timely receipt of funding
support from the GoK and the turnaround in operational
performance, upon addition of buses and schedules, will be
critical for improvement of the overall financial profile and
would remain the key rating sensitivities going forward.

Outlook: Stable

ICRA believes that the NEKRTC's performance is expected to
improve over the medium term, aided by the steady increase in
effective distances covered and the likely higher load factor
following the ongoing fleet additions. The outlook may be revised
to Positive if earnings exceed estimates and improves the
financial risk profile. The outlook may be revised to Negative if
the earnings are lower than expected, or if the debt-funded
expenditure is higher than expected, which would weaken its
liquidity position.

Key rating drivers

Credit strengths

Strategic importance to the GoK and financial flexibility derived
for being a state-owned entity: The NEKRTC is wholly owned by the
GoK and is responsible for providing transport infrastructure and
services to passengers in the northeastern districts of the
state. The operations of the corporation are supervised by its
Board of Directors (BoDs) appointed by the GoK. It enjoys
financial support from the GoK, with grants funding a
considerable portion of its capital expenditure programs. The
NEKRTC also enjoys financial flexibility with the banks through
regular availability of credit for capital expenditure
requirements at competitive rates.

Credit weaknesses

Weak operating performance: The operating performance has been
modest during the recent fiscals owing to limited fleet addition,
impacting growth, and increasing competition, limiting the
passenger load factor. In addition, the operating performance was
severely constrained mainly due to firm fuel prices against lack
of fare revision.

Consequently, the number of profit-making schedules have reduced
during the recent past, resulting in thin profits of INR0.30 per
km and INR0.68 per km, respectively during FY2017 and FY2018.
Ongoing addition of new buses with better facilities and improved
utilisation of vehicles are likely to support growth in effective
distance covered and load factor over the medium term.

Modest financial profile: The gearing of the NEKRTC stood at a
moderate level of 1.3 times as on March 31, 2018, supported
primarily by the capital grants from the GoK over the years.
However, the losses incurred during the recent fiscals have
adversely impacted the coverage indicators and liquidity position
of the corporation. As a result, the corporation has become
increasingly dependent on the financial support received from the
GoK through grants and flexibility in payments of motor vehicle
tax. The expected losses during FY2019 and the scheduled
expenditure towards fleet addition are likely to further increase
its debt levels and limit improvement in capitalisation ratios in
the near term.

NEKRTC was established in August 2000 as an independent entity
under the provisions of the Road Transport Corporation (RTC) Act,
1950, to provide passenger road transport services in the north-
eastern districts of Karnataka. As on March 31, 2018, with a
fleet strength of 4,730 buses, NEKRTC operates close to 4,270
schedules daily through 50 depots and has around 20,200
personnel.


PRABHU DAYAL: CARE Assigns 'B' Rating to INR6cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Prabhu
Dayal Kanojiya (PDK), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities            6.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PDK are primarily
constrained on account of small scale of operations in the highly
competitive civil construction industry along with vulnerability
of margins to fluctuation in the raw material prices and
constitution as a proprietorship concern. The ratings further
constrained on account of moderate profitability margins, capital
structure, stressed liquidity position.

The ratings, however, favorably take into account the vide
experience of the qualified promoters in the civil construction
industry and its moderate order book position.

The ability of the firm to increase its scale of operations by
securing more contracts along with speedy execution of same with
better management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with highly competitive industry
and constitution as a proprietorship concern: Owing to tender
driven nature of business, scale of operations of the firm
remained fluctuating during past three years ended FY18. During
FY18, Total Operating Income (TOI) stood small at INR19.53 crore
which has significantly improved by 4.89 times over FY17 owing to
higher execution of orders.

Further, the firm is presence in civil construction industry
which is is highly fragmented in nature with presence of large
number of unorganized players and a few large organized players
coupled with the tender driven nature of construction contracts
poses huge competition and puts pressure on the profitability
margins of the players.

The firm's constitution as a proprietorship concern with moderate
net-worth base restricts its overall financial flexibility in
terms of limited access to external fund for any future expansion
plans. Furthermore, there is an inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor.

Moderate profitability margins, capital structure and stressed
liquidity positions: Further, profitability margins of the firm
stood moderate marked with PBILDT margin of 19.21% and PAT margin
of 5.40% in FY18. The capital structure of the firm stood
moderate marked by overall gearing of 1.85 times as on March 31,
2018. However, debt service coverage indicators stood weak with
total debt to GCA of 15.98 times as on March 31, 2018.
Furthermore, interest coverage stood at 1.92 times in FY18.

Further, liquidity position of the firm remained stressed
reflected by elongated operating cycle of 304 days in FY18. Due
to high WIP as on balance sheet date, the operating cycle of the
firm remained elongated during past years. Further, the firm has
utilised 70-75% of its working capital bank borrowing during past
12 months ended May 2018.

Key Rating Strengths

Wide experience of proprietor in construction industry and
moderate order book position: The firm is managed by Mr Prabhu
Dayal Kanojiya who has around four decades of work experience in
the construction industry and looks after the overall activities
of the firm.

PDK is an 'AA' class approved government contractor with the PWD,
Rajasthan and RHB and is eligible to bid for contracts of any
amount in Rajasthan state. The firm has successfully completed
various projects for pertaining to civil construction. Apart from
it, the firm also takes contract from private player. Currently
the firm has three contracts in hand to construct villas and
flats in Jaipur region.

M/s Prabhu Dayal Kanojiya (PDK) was formed as a proprietorship
concern in 1972 by Mr. Prabhu Dayal Kanojiya. PDK is engaged in
executing civil and structural works largely for construction of
buildings, sewage treatment plants and drainage systems. The firm
is registered as a 'Class AA' contractor with the Public Works
Department (PWD) Rajasthan and Rajasthan Housing Board (RHB) and
has executed various projects in Rajasthan in the past.


RAJ WOODART: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raj Woodart
Interior 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:

-- INR30.00 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR40.00 mil. Non-fund-based working capital limits migrated
    to non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 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 2011, Raj Woodart Interior is an interior fit-out
contracting company.


RAMKY INFRA: Court Stays NCLT Order to Start Insolvency Process
---------------------------------------------------------------
The Economic Times reports that the Hyderabad High Court has
suspended a National Company Law Tribunal order to initiate
insolvency proceedings against Ramky Infrastructure for non-
payment of around INR1.27 crore to an equipment supplier that
claimed itself to be an operational creditor.

ET says Todi Minerals, which is into the business of mining,
crushing and related activities, had moved the Hyderabad bench of
the tribunal claiming that it had lent equipment to Ramky Infra
and that the dues were against the rent. It sought to initiate
insolvency proceedings to recover the money.

According to the report, Ramky Infra argued before the tribunal
that it never executed any agreement with the other company and
that its employees who purportedly signed the contract were not
authorised to do so. Criminal cases were filed against those
employees, it said.

The report relates that the tribunal didn't agree with the
argument and viewed that there was no pre-existing dispute over
the authority of executants of the agreement when legal
proceedings by Todi Minerals was going on against Ramky Infra for
years in various courts. Ramky Infra disputed the authority of
the employees for the first time in a reply to a notice in
December, the NCLT noted, and called it "a feeble legal argument
unsupported by evidence," ET relays.

It also didn't agree with the argument of Ramky Infra that the
claim of the operational creditor was barred by limitation. The
Tribunal, headed by judicial member Bikki Raveendra Babu, in an
order appointing a resolution professional to initiate insolvency
proceedings, said, "Such disputes may not come in the way of
commencement of corporate insolvency resolution process," ET
adds.

Challenging this, Ramky Infra argued in the high court that the
tribunal improperly exercised its jurisdiction by "wrongly
assuming" that the provisions of the Limitation Act were not
applicable to the company. Further, it said the NCLT had relied
on a document which was "inadmissible as evidence under the
provisions of the Indian Stamp Act 1899, despite the objection
against its admissibility being raised".

ET reports that a high court bench headed by Justice Sanjay Kumar
suspended the orders of the NCLT, while serving notices on Todi
Minerals seeking its response. The matter is now posted for
August 3, the report discloses.

Ramky Infrastructure Limited, the flagship company of the Ramky
group, was incorporated as Ramky Engineers Pvt Ltd in 1994 to
provide civil and environmental engineering consultancy services.
In 1998, it started executing civil and environmental
engineering, procurement, and construction projects, primarily in
the water and waste-water sector. Subsequently, it expanded into
road, building, irrigation, and industrial construction. In 2003,
the company got its present name and was thereafter reconstituted
as a public limited company. Ramky Infra principally operates in
two business segments: construction (under Ramky Infra) and
development (under special-purpose vehicles). In the development
business, the group develops industrial parks, special economic
zones, and bus terminals.


RAPID METRORAIL: ICRA Lowers Rating on INR761.60cr Loan to D
------------------------------------------------------------
ICRA has downgraded the long -term rating from [ICRA]BBB- to
[ICRA]D for the INR761.60 crore bank facilities of Rapid
Metrorail Gurgaon Limited (RMGL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         761.60     [ICRA]D; Revised from
   Term Loan                      [ICRA]BBB- (negative)

Rationale

The revision of RMGL's rating takes into account the recent
irregularities in debt servicing by the company. RMGL has not
paid the interest for the month of June-2018 till date. The
company's inability to generate sufficient revenues due to
continued weak ridership on the project route and absence of DSRA
had made it dependent on timely funding support from promoters
for debt servicing. However, the promoter has not made available
the required funds and ICRA understands that the company is
looking to terminate the concession agreement.

Key rating drivers

Credit challenges

Recent delays in debt servicing: There has been delays in debt
servicing by the company in absence of timely funding support
from promoters. The interest for the month of June 2018 has not
been paid yet.

Weak ridership: The ridership on the project route has remained
weak. While the opening of DMRC Phase III has been delayed,
commissioning of Rapid Metro Phase-II has also not resulted is
any meaningful rise in the ridership of the project.

Ridership concentration risk: The project caters to a very
concentrated area of DLF Cyber City, hence the profitability of
the project is heavily dependent on the future development of
this area and the willingness of the occupants to migrate to
metro. The rating also factors in the risk of emergence of any
low-cost alternate mode of transport in this area which can
impact the ridership.

RMGL is a Special Purpose Vehicle (SPV) incorporated with the
purpose of implementing the metro link from Delhi Metro Rail
Corporation (DMRC) Sikandarpur Station to National Highway-8 (NH-
8) in Gurgaon (Haryana) under concession from Haryana Urban
Development Authority (HUDA) in Public Private Partnership. The
scope of the project includes the performance and execution of
design, engineering, financing, procurement, construction,
installation, commissioning and testing of the works together
with subsequent operations and maintenance of the entire project.
The concession has been granted by HUDA to the SPV for a period
of 99 years starting from December 9, 2009.

The metro became operational on November 14, 2013. The project
was completed at a cost of ~Rs. 1,241 crore (including DSRA), as
against the initially expected project cost of INR1,088 crore.
The cost over runs incurred to complete the project has been
entirely funded through promoters' incremental contribution. The
metro commenced operations with a fare of INR12 per ride,
however, the same was increased to INR20 per ride in August 2014
under provisions of The Metro Railway Operations & Maintenance
Act 2002.

The CA specifies connectivity charges of INR5 crore to be paid to
HUDA within 60 days of signing the CA and INR40 crore per year
from the 17th to 35th year. Also, HUDA will have a revenue share
on non-fare annual revenues starting from 5% and going up to 10%
which will be paid on yearly basis. The CA also entitles RMGL to
collect revenues related to the passenger fares, advertising
revenues and real estate revenues.

The sponsors in the SPV are IL&FS group companies including IL&FS
Rail Limited, IL&FS Incubation Trust and IL&FS Transport Networks
Limited (ITNL) which hold 49.58%, 47.58% and 2.89% shareholding
respectively.


ROSHNI JEWELLERS: CARE Lowers Rating on INR9cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Roshni Jewellers Private Limited (RJL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from  RJL to monitor the
rating(s) vide e-mail communications/letters dated June 1, 2018,
May 29, 2018, May 17, 2018 and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings. In-line with
the 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 ratings of Roshni
Jewellers Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

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

Delhi-based Roshni Jewellers Private Limited (RJL) was
incorporated in 2011 by Mr. Sandeep Gupta and his wife, Ms Anju
Gupta. RJL is engaged in the wholesale trading of gold jewellery,
diamond jewellery and loose cut & polished diamonds and has its
office located in Karol Bagh, Delhi. The company procures
jewellery, cut & polished diamond from wholesalers and jewellery
manufacturers and then sells it to various retail jewellers in
Delhi. The company has in-house manufacturing of gold & diamond
jewellery and sells under its own brand name 'Balika Vadhu'.


RUNGTA IRRIGATION: CARE Lowers Rating on INR14cr Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rungta Irrigation Limited (RIL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     14.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE B+; Issuer Not
                                 Cooperating; on the basis of
                                 best available information

   Short-term Bank     8.00      CARE A4; Issuer Not Cooperating;
   Facilities                    on the basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RIL to monitor the
rating(s) vide e-mail communications/letters dated June 1, 2018,
May 25, 2018 and May 15, 2018 and various phone calls. However,
despite our 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 Rungta Irrigation Limited's bank facilities will now be
denoted as CARE B/A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 31, 2017 the following were
the rating weaknesses and strengths (Updated for the information
available from the Bombay Stock Exchange):

Key Rating Weaknesses

Decline in scale of operations: The total operating income has
declined from INR68.87 in FY17 (FY refers to period April 1 to
March 31) to INR62.25 crore in FY18. Further, the scale of
operations stood small which inherently limits the company's
financial flexibility in times of stress and deprives it from
scale benefits.

Fluctuating profitability margins: The fluctuation registered in
profitability margins was due to fluctuations in cost of raw
material and traded goods i.e. sprinklers, HDPE/LDPE (High
Density Polyethylene/Low Density Polyethylene) pipes, etc. The
company could not transfer the additional cost on its customers
as the prices are pre-determined by the government.

Prolongation of operating cycle: The operating cycle of the
company stood at 240 days for FY18 which has elongated from 211
days for FY17. The company has prolonged working capital cycle
mainly due to delay in realization of the receivables, which are
mainly in the form of subsidies receivable from the state
governments for its key MIS segment as well as retention money.

Vulnerability to changes in government policies: As the MIS
systems are 50% subsidized by the government, any change in the
government policy regarding subsidies may impact the demand of
MIS. Moreover, the price of MIS is regulated by the government
and in case of any increase in the raw materials prices which are
majorly derivatives of crude oil, RIS would not be able to pass
on to its customers.

Competitive industry dominated with few large organized players:
MIS industry is highly competitive marked by few large players
like Jain Irrigations Systems Limited, Netafim Irrigation India
Private Limited, etc. These few players have large market share
and profitability margins of the company will remain under
pressure due to competition faced by RIL.

Key rating Strength

Experienced management: The overall operations of the company are
being managed by Mr R. P. Rungta. He is a graduate by
qualification and has an experience of around two decades through
his association with RIL. Long experience enables in establishing
relationship with the suppliers and also aid in managing the
industry dynamics.

Established distribution network: The company has a network of
around 50 depots spread across 9 states with an established
distribution network of 45 dealers and distributors exclusively
selling RIL's products. The dealers market the products on
commission basis and sell them to agriculturists. The established
network increases accessibility to company's products. The
company is an approved supplier with various state governments
through which the company gets subsidy on sales of MIS.

Comfortable capital structure: The capital structure of the
company stood comfortable as on past three balance sheet dates
ending March 31, 2016-2018 mainly on account of healthy net worth
base. Overall gearing ratio stood at 0.28x as on March 31, 2018.
Further, coverage indicators marked by interest coverage and
total debt to GCA stood at 2.90x and 4.63x respectively for FY18.

RIL was incorporated in 1986 by Mr Sita Ram Jindal and Mr
Dindayal Agrawal under the name of Jindal Irrigation Private
Limited. The company was acquired from the erstwhile promoters by
Mr M. P. Rungta in the year 1993. Subsequently, the company was
listed as a public limited company in 1994. RIL is engaged in the
manufacturing of micro-irrigation systems (MIS) which constitutes
sprinkler and drip irrigation systems; aluminum, polyvinyl
chloride (PVC), and high density polyethylene (HDPE) pipes and
fountains.


S. R. METALLIZERS: CARE Reaffirms B+ Rating on INR5.35cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
S. R. Metallizers (SRM), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       5.35      CARE B+; Stable Reaffirmed
   Facilities                     and removed from Issuer Not
                                  cooperating

   Long Term Bank       5.53      CARE B+; Stable/CARE A4
   Facilities/Short               Reaffirmed and removed from
   Term Bank Facilities           Issuer Not cooperating

Details of instruments/facilities in Annexure-1

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
SRM and in line with the extant SEBI guidelines, CARE reaffirmed
the ratings of bank facilities of the company to 'CARE B+; Stable
ISSUER NOT COOPERATING' and 'CARE A4; ISSUER NOT COOPERATING'.
However, the company has now submitted the requisite information
to CARE. CARE has carried out a full review of the ratings and
the ratings stand at 'CARE B+; Stable' and 'CARE A4'.

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of S R Metallizers
(SRM) continue to remain constrained on account of its moderate
scale of operations, moderate profitability, leveraged capital
structure, moderate debt coverage indicators and moderate
liquidity position during FY17 (refers to the period April 1 to
March 31). The ratings are further constrained on account of its
presence in highly fragmented industry, partnership nature of its
constitution, susceptibility of its profit margins to volatility
in raw material prices and foreign exchange fluctuation risk.
The ratings, however, continue to derive strength from
experienced partners.

The ability of SRM to increase its scale of operations and
improve its profitability along with efficient management of its
working capital requirement would remain the key rating
sensitivities. In addition to this, improvement in solvency
position and debt protection metrics would also remain crucial.

Detailed description of key rating drivers

Key rating Weaknesses

Moderate scale of operations and moderate profitability: The TOI
of SRM remained stable at INR53.12 crore during FY17 as against
INR54.16 crore during FY16. The PBILDT margin stood moderate at
10.02% during FY17 as compared to 7.36% during FY16, while the
PAT margin stood at 1.89% during FY17 as compared to net losses
booked during FY16.

Leveraged capital structure and moderate debt coverage
indicators:
The capital structure of the firm though improved continued to
remain leveraged marked by an overall gearing of 8.51 times as on
March 31, 2017 [March 31, 2016: 18.16 times] owing to an increase
in net worth base due to accretion of profits to reserves coupled
with a decrease in the level of total debt. The debt coverage
indicators also remained moderate marked by total debt to GCA
which stood at 7.67 times as on March 31, 2017 [March 31, 2016:
13.18 times] while interest coverage ratio also stood moderate at
2.28 times in FY17 [FY16: 1.87 times].

Moderate liquidity position: The liquidity of the firm remained
moderate marked by current ratio of 2.72 times as on March 31,
2017 while the operating cycle remained elongated at 80 days
during FY17. The average working capital utilisation remained
high at 85% during past 12 months ended April, 2018.

Presence in highly fragmented industry with constitution as
partnership firm: The firm has to compete with many small players
in the region, restricting growth in its operating margin. SRM's
constitution as a partnership firm restricts its financial
flexibility with limited access to capital markets to fund
expansion in its operations and also faces the risk of withdrawal
of capital.

Susceptibility of profit margins to volatility in raw material
prices and foreign exchange fluctuation risk: SRM procures some
of its raw material like aluminum wire, polyester film etc. by
importing, thereby exposing the firm to volatility in foreign
exchange rates. Also, the prices of these raw materials fluctuate
depending upon the demand and supply condition in the market
which in turn impacts the profit margins.

Key Rating Strengths

Experienced partners: SRM was established in 2011 and was
promoted by Mr Parasmal Ranka who is a graduate and has an
experience of over five decades in manufacturing of metallic
films. Mr Parasmal Ranka handles overall operations of the firm,
while Mr Manekchand Ranka manages Finance, Mr Neeraj Kumar Ranka
and Mr Anil Kumar Ranka handles the Marketing Operations of the
firm.

S R Metallizers (SRM) was established in 2011 and is engaged in
manufacturing of metallic yarns which are used as main thread in
jari embroidery work and printed laminated roll used as flexible
packaging material in other industries. The firm has set up its
processing facility at Surat, Gujarat, and has an installed
capacity of 7300 MTPA as on March 31, 2016. The firm is currently
owned and managed by Mr Parasmal Ranka along with 3 other
partners and has a long experience in the same line of business.
SRM is a group entity of Ranka Group which is based out of Ajmer,
Rajasthan.


SALIMS PAPER: CARE Assigns B+ Rating to INR12.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Salims
Paper Private Limited (SPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            12.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SPPL are primarily
constrained on account of stabilization risk associated with on-
going debt funded green-field project and vulnerability of
margins to fluctuation in raw material prices and foreign
exchange rates.

The rating, however, derives strength experienced and qualified
promoters with strong group support and favourable demand outlook
of tissue papers.

The ability of the company to stabilize its operations and
achieve envisaged level of TOI with efficient management of
working capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stabilization risk associated with on-going debt funded project:
SPPL undertook a project for green-field project for the
manufacturing of tissue papers. SPPL envisaged total project cost
of INR19.23 crore towards the project envisaged to be funded
through term loan of INR3.00 crore and promoter's contribution of
INR16.23 crore in form of share capital and unsecured loan from
promoters. The project is completed and SPPL is expected to
commence its commercial operations from March, 2018.  Hence,
post-implementation project risk pertaining to stabilization of
operations and sale ability risk is high especially in the
backdrop of a predominantly debt-funded cap-ex with repayment
obligations commenced from April, 2018.

Vulnerability of margins to fluctuation in raw material prices
and foreign exchange rates: The profitability of the company is
vulnerable to any adverse movement in raw material prices as the
company will not be immediately able to pass on the increased
price to its customer. Further, SPPL will be exposed to foreign
exchange fluctuation risk considering that the company will
export its product however the risk will be partially offset by
import of raw material from foreign market.

Key Rating Strengths

Experienced and qualified promoters with strong group support: Mr
Kalimuddin Kagzi and Mr Zainuddin Kagzi, are the key directors of
the company and MBA by qualification. They are equally supported
by others directors. Further, the promoters of SPPL have been
engaged in the paper industry since 1965 through its group
concern, M/s Handmade Papers (HP). HP majorly generates revenue
from export to Doha and Dubai. Due to long-standing experience of
the promoters in the paper industry through HP, the promoters
have established has developed relationship with customers.

Favourable demand outlook of tissue papers: Tissue paper Industry
in India is expected to grow due to industries such as Hotels,
Restaurants, offices, and daily house hold uses, among others
switching over to tissue papers.

Jaipur(Rajasthan)-based Salims Paper Private Limited (SPPL) was
formed in May 2011 as a private limited company by Jaipur based
Kagji family with an objective to set up greenfield project for
the manufacturing of tissue papers.


SHREE NAKODA: ICRA Withdraws B+ Rating on INR218.5cr Loan
---------------------------------------------------------
ICRA has removed its earlier ratings of [ICRA]B+ (Stable) and
[ICRA]A4 from the 'ISSUER NOT COOPERATING' category as the
company has now submitted its 'No Default Statement' ("NDS")
which validates that the firm is regular in meeting its debt
servicing obligations. The company's rating was moved to the
'ISSUER NOT COOPERATING' category in February 2018. ICRA has also
withdrawn the ratings of [ICRA]B+ and [ICRA]A4 assigned to the
INR326.21-crore bank facilities of Shree Nakoda Ispat Ltd.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Term Loans           218.50       [ICRA]B+ (Stable); Removed
                                     from 'Issuer Non-cooperating
                                     category' and Withdrawn

   Fund-Based Limits
   (Cash Credit)         48.19       [ICRA]B+ (Stable); Removed
                                     from 'Issuer Non-cooperating
                                     category' and Withdrawn

   Non-Fund Based
   Limits                59.20       [ICRA]A4; Removed from
                                     'Issuer Non-cooperating
                                     category' and Withdrawn

   Non-Fund Based
   Limits-Unallocated    0.32        [ICRA]A4; Removed from
                                     'Issuer Non-cooperating
                                     category' and Withdrawn



Rationale

The ratings assigned to Shree Nakoda Ispat Ltd. (SNIL) have been
withdrawn at its request based on the no-objection certificate
provided by its bankers.

SNIL is closely held by the Raipur based Shree Nakoda Group
promoted by Mr. Virendra Goel. The company has facilities at
Raipur for manufacturing sponge iron, billets, thermo
mechanically treated (TMT) bars, ferro alloys and power. The
plant also has a coal washery with a washing capacity of 36,000
MT. The TMT bars produced by the company are sold under the brand
'Nakoda TMT'.


SHREE NAKODA: ICRA Reaffirms B Rating on INR1cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR1.00-crore fund-based bank facilities of Shree Nakoda
Global Limited (SNGL). The outlook assigned to the long-term
rating is Stable. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 assigned to the INR14.00-crore non-fund based
bank facilities of SNGL.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-Based            1.00       [ICRA]B(Stable); Reaffirmed
   Limits (Cash
   Credit)

   Non-Fund Based       14.00       [ICRA]A4; Reaffirmed
   Limits

Rationale

The ratings reaffirmation continues to remain constrained by the
SNGL's low operating profitability, which is partly attributed to
the nature of trading business. Consequently, the nominal
accretion to reserves and large long-term loans availed from the
promoters has resulted into an aggressive capital structure as
reflected by a gearing of 3.0 times as on March31, 2018.
Moreover, nominal operating profitability as against high
interest cost has resulted into depressed debt coverage
indicators. Nonetheless, substantial non-operating income, which
primarily includes interest income from the promoters against the
loans and advances, continues to support the debt servicing
requirements. While the working capital as well as short-term
limit utilisation has remained at moderate levels, the company
continues to avail loans from the promoters to meet the
shortfall. As a result, SNGL's reliance on external borrowings
has remained high as reflected by its total outside liabilities
(TOL)/net worth of 6.38 times as on March 31, 2018. ICRA also
notes the intense competition faced by SNGL from a large number
of players operating in Raipur, besides the high volatility in
steel prices and the demand scenario in the construction and
infrastructure sectors. The same remained muted in the last few
years, though some signs of improvement were seen in the recent
past. The ratings, however, favourably factor in the extensive
track record of SNGL's promoters in the steel sector, which helps
to secure business. Additionally, a large part of SNGL's sales is
contributed by its Group company, Shree Nakoda Ispat Limited
(SNIL), which provides comfort in terms of business availability.
Going forward, the company's ability to effectively manage its
receivables and payable levels, while growing its scale of
operations and improving profitability, will remain the key
rating sensitivities.

Rating Outlook

SNGL's business is likely to grow steadily backed by continuous
business from the steel manufactures in the Raipur region, which
also included its Group company, SNIL. However, on account of the
competitive business scenario in steel trading, the company's
profit is likely to remain low. The outlook may be revised to
Positive if substantial growth in revenue and profitability
strengthens the financial risk profile. The outlook may be
revised to Negative if the demand scenario in the construction
and infrastructure sector weakens significantly, thereby
adversely impacting its sales.

Key rating drivers

Credit strengths

* Extensive experience of the partners in the steel trading
business: SNGL's promoters have extensive experience in the iron
and steel trading as well as manufacturing industry. The Group
company, SNIL is involved in steel manufacturing and has its
integrated steel plant at Raipur (Chhattisgarh). The customer
base of SNGL comprises primarily manufacturers, who consume
billets, iron ore and mild steel rounds. Apart from strong
linkage with the Group company, established relationship with
clients results in repeat orders.

Credit challenges

* Weak financial profile characterised by low profitability and
depressed debt coverage indicators: The profitability margins
remained low in FY2018, though it increased marginally as
compared to FY2017 despite a sharp decline in sales in FY2018.
Low operating profitability and high interest cost toward loans
resulted in weak coverage indicators with interest coverage of
0.20 times and a total debt relative to OPBDITA of 32.56 times in
FY2018.

* High gearing due to large long-term loans from the promoters:
The total debt as on March 31, 2018 comprised working capital
borrowings and large unsecured loans from the promoters. The
gearing stood at 3.0 times as on March 31, 2018 due to its
relatively large outstanding debt. Moreover, due to large
creditors backed by short-term bank limits, the TOL/net worth
stood at 6.38 times as on March 31, 2018.

* Limited value addition and intense competition: The absence of
any value addition in the trading business negates the
probability of high margins. Moreover, being a regional entity
with competition from a large number of players, the company has
limited pricing flexibility resulting in significantly low profit
margins.

* Vulnerability of profitability to the fluctuation in steel
prices: The company's profitability and cash flows are likely to
remain susceptible to volatility in steel prices, to an extent.
Moreover, the demand of products traded by SNGL, are mainly
derived from the manufacturers producing steel for the
consumption by the construction and infrastructure sectors. These
sectors exhibit significant cyclicality, in tandem with the
macro-economic scenario.

The company was incorporated in 1993 by the Raipur-based
(Chhattisgarh) Nakoda Group, promoted by Mr. Virendra Goel.
SNGL's operations are being managed by his younger brother, Mr.
Surendra Goel and Mr. R. K. Agarwal. It is involved in trading of
various steel products such as plates, sheets etc and minerals.
The flagship company of the Nakoda Group, Shree Nakoda Ispat
Limited (SNIL) is involved in steel manufacturing.

SNGL posted gross sales of INR116.35 crore (provisional) in
FY2018. In FY2017, the company reported a net profit of INR0.43
crore on an operating income of INR341.92 crore.


SHREE SHUBHLAXMI: CARE Assigns B+ Rating to INR6.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Shubhlaxmi Dal and Oil Mill Limited (SSML), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.50       CARE B+; Stable Assigned

Detailed Rationale & Key rating drivers

The rating assigned to the bank facilities of SSML is constrained
on account of modest scale of operations with moderate
profitability margins, leveraged capital structure with weak debt
service coverage indicators, working capital intensive nature of
operations and presence of the company in highly fragmented and
regulated industry with susceptibility of its operating
profitability margins to price volatility associated with
seasonal availability of agro based inputs.

The rating however, is underpinned by extensive experience of the
promoters with long track record of operations of entity of more
than two decades, long term association with customer and
suppliers and business synergies emanating from association with
group entity operating in similar industry.

The ability of the company to increase its scale of operations,
improving its profitability margins and capital structure while
managing working capital requirement efficiently are the key
rating sensitivities

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with moderate profitability: The scale
of operations of SSML remained modest with fluctuating income and
cash accruals during last three years ended FY17. Furthermore,
the total operating income and capital employed of SSML stood at
INR22.68 crore and INR8.84 crore, respectively for FY17. Further
the profitability margins were also moderate owing to limited
value addition nature of business and presence of SSML in highly
fragmented industry thus limiting its bargaining power.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of SSML was leveraged owing to its high
reliance on external borrowings. Furthermore, with low
profitability and high gearing levels, debt protection indicators
were also weak.
Working capital intensive nature of operations: Tur is a kharif
crop in India and its arrival start from October and extends till
December. During other months, availability of raw pulses is
relatively low. Hence, SSML is required to maintain high level of
raw material inventory, so as to ensure uninterrupted production
till the next season, resulting in high inventory holding period
and storage costs which makes the operations working capital
intensive. The working capital requirements are met by the cash
credit facility, the average utilization of which remained high
during peak season.

Presence in highly regulated industry: The price of pulses in
India are highly volatile in nature owing to its regulation
through function of Minimum Support Price (MSP) by the government
along with its export. Hence, any adverse change in government
policy may negatively impact its price in domestic market and
could result in lower realizations and profit for SSML.
Vulnerability to fluctuations in prices of agro-based input
material which is seasonal in nature: Cultivation of pulses is
dependent on monsoons, making SSML's operations vulnerable to
vagaries of nature. Any adverse climatic conditions affect the
availability and quality of these raw materials impacting the
prices and profitability.

Highly fragmented and competitive nature of industry: SSML
operates in a highly fragmented industry where entry barriers are
low and it faces competition from large number of unorganized
players. Hence, SSML faces stiff competition from other players
operating in the same industry, which further result in its low
bargaining power against its customers.

Key Rating Strengths

Long experience of promoters and established track record of
operations of the company: SSML was incorporated in 1997.
Furthermore, the promoters have an average experience of more
than two decade in processing of agro commodities, which aids in
smooth operations of the company and hence company is likely to
be benefitted from same.

Established relation with customers and suppliers: SSML has long-
standing relationship with its suppliers and customers due to the
extensive experience of promoters of more than two decades in the
industry, which aids in bagging repeated orders and garnering
market presence.

Business synergies emanating from group entity operating in the
same industry: The group entities of SSML, Shubhlaxmi Agro
Products Private Limited (SAPL) and Shubhlaxmi Food Processors
Private Limited (SFPL) are engaged in processing of rice, dal and
corn. SAPL is one of the major suppliers of SSML contributing
around 40 percent of the total purchase. Thus, SSML is likely to
be benefited from business synergies from group concern operating
in the same industry.

Incorporated in 1997, SSML is managed by Mr. Rajendrakumar
Mohanlal Agrawal, Mr. Shyamsunder Mohanlal Agrawal and Mr. Pratik
Agrawal. The processing facility of SSML is located at Nagpur and
has an installed capacity of processing 8000 metric tons of tur
dal per annum (MTPA). The company has two group companies i.e.
SAPL, engaged in processing of dal and SFPL which has been
engaged in processing of rice and corn respectively.


SHRI SAMARTH: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shri
Samarth Paper and Board Mill (SSPBM) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank
   Facilities         9.76       CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSPBM to monitor the
rating(s) vide e-mail communications from November 2017 to May
2018 and numerous phone calls. However, despite our repeated
requests, the Shri Samarth Paper and Board Mill has not provided
the requiste information for monitoring the ratings. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Shri Samarth
Paper and Board Mill'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).

Detailed description of the key rating drivers

At the time of last rating in February 27, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: As per interaction with management and
bankers, there have been delays in the debt servicing due to weak
liquidity position owing to delay in to commencement of
operations at the manufacturing facility. further the firm has
repaid 7 Quarterly EMI's to the tune of INR2.75 crore prior to
commencement of production, however the term loans instalments
were delayed by one quarter i.e for the period August to November
2015 and bankers have also charged the penal interest for same.
Furthermore, the working capital limit utilization remained full
during the last 7 months ended November 2015.

Shri Samarth Paper and Board Mill (SSPBM) was established in 2006
by Mr Vijay Arjundas Gurwada, Mr Rajkumar A. Gurwada, Mr
Pandurang V. Vernekar and Dinesh P. Vernekar. Later in the year
2008, Mr Pandurang V. Vernekar and Dinesh P. Vernekar, partners
retired from the partnership and Mr Rajkumar A. Gurwada, Mr Aman
R. Gurwada, Mr Akhil V Guruwada and Mr Anuj V Gurwada joined as
partners. SSPBM is engaged in manufacturing of paper & board and
paper boards at its facility located at Kondi, Solapur. SSPBM was
incorporated in 2006; however the manufacturing activity was
started from May 2015. SSPBM's products are consumed by
corrugated box manufacturers, manufacturers of paper cone, paper
tubes, duplex boards and office files, etc. Currently, the
company has installed capacity of 1500 tons per month of paper &
paper board manufacturing.


SRI VINAY: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Vinay Agro
Rice Industries' 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:

-- INR41.3 mil. Term loans due on December 2023 migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR45.0 mil. Fund-based facilities migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
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

Incorporated in February 2016, Sri Vinay Agro Rice Industries
operates a 12,800 tons per annum rice processing unit in Raichur
(Karnataka).


TOPLINE LAMINATIONS: ICRA Keeps B Rating in Not Cooperating
-----------------------------------------------------------
ICRA has maintained Topline Laminations Private Limited (TLPL)'s
bank facility rating in the non-cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund        5.75      [ICRA]B (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short-term Non        9.00      [ICRA] A4 ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long/Short-term       0.25      [ICRA] B (Stable)/A4 ISSUER
   Unallocated                     NOT COOPERATING; Rating
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

The rating for the INR15.00-crore bank facility of TLPL continues
to be in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable)/A4 ISSUER NOT COOPERATING. ICRA has
been seeking information from the entity so as to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating
action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuer's performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Incorporated in 2004, Topline Lamination Private Limited (TLPL)
is a closely held private limited company operated and managed by
Gupta family. TLPL is the proprietor of T.I. Industries under
whose name the business operations are being carried out. The
company is engaged into the business of manufacturing of
transformer components made of C.R.G.O. (Cold-rolled grain
oriented) steel. The company mainly manufactures transformer
lamination core and strips. The company imports CRGO steel and
cuts them to design dimensions. The sheets are then stacked one
over the other to form the base for a transformer core as per the
requirement.


TOPLINE OVERSEAS: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA has maintained Topline Overseas (TO)'s bank facility rating
in the non-cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund        1.20      [ICRA]B (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long-term Term        0.41      [ICRA]B (Stable) ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short-term Non        5.25      [ICRA] A4 ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long/Short-term       4.15      [ICRA] B (Stable)/A4 ISSUER
   Unallocated                     NOT COOPERATING; Rating
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

The rating for the INR11.01-crore bank facility of TO continues
to be in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable)/A4 ISSUER NOT COOPERATING. ICRA has
been seeking information from the entity so as to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating
action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuer's performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Established in February 2015, Topline Overseas (TO) is a
partnership firm operated and managed by Gupta family. The entity
started its commercial operations from March 2016 onwards. The
firm is engaged into the business of manufacturing of transformer
components made of C.R.G.O. (Cold-rolled grain oriented) steel.
The company mainly manufactures transformer lamination core and
strips. The company imports CRGO steel and cuts them to design
dimensions. The sheets are then stacked one over the other to
form the base for a transformer core as per the requirement.


SURYANSH METAL: ICRA Maintains B Rating in Not Cooperating
----------------------------------------------------------
ICRA has maintained Suryansh Metal & Alloys (SMA)'s bank facility
rating in the non-cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund
   Based/CC              2.20      [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short-term Non
   Fund based            5.70      [ICRA] A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long/Short-term
   Unallocated           2.10      [ICRA]B(Stable)/A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

The rating for the INR10.00-crore bank facility of Suryansh Metal
& Alloys (SMA) continues to be in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B (Stable)/A4 ISSUER NOT
COOPERATING. ICRA has been seeking information from the entity so
as to monitor its performance. Despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuer's performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Suryansh Metal & Alloys (SMA) was incorporated in the year 2008
as a proprietorship concern by Mr. Akash Gupta. SMA engages into
trading of silicon steel strips, aluminium, copper alloys etc.
SMA has a group company in the name of Topline Lamination Private
Limited (TMPL) with Mr. Ayush Gupta holding directorship in TMPL.
TMPL is engaged in the manufacturing of transformer lamination
core & strips. TMPL purchases some of its raw materials from SMA
like silicon steel strips, alloys etc.


VENKATALAKSHMI PAPER: Ind-Ra Moves BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venkatalakshmi
Paper and Boards Private Limited's (formerly V.G. Paper And
Boards Ltd) 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:

-- INR53.1 mil. Long-term loans due on September 2020 migrated
    to non-cooperating category with IND BB (ISSUER NOT
    COOPERATING) rating.

-- INR250 mil. Fund-based facilities migrated to 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
August 1, 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 1986, Tirupur-based Venkatalakshmi Paper and
Boards manufactures paper for newspaper printing.


VELANI OIL: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Velani
Oil Pvt Ltd (VOPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term Bank     45.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from VOPL to monitor the
ratings vide e-mail communications/ letters dated May 28, 2018,
February 1, 2018, January 15, 2018, and numerous phone calls.
However, despite our 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 ratings on VOPL's bank facilities continue to be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings of the bank facilities of VOPL takes into account
ongoing delays in debt servicing by the company.

Velani Oils Private Ltd (VOPL) was incorporated on June 9, 2010
by its present promoter director Mr. Mansukh Lal Patel and his
son Mr. Tushar Patel. The company is engaged in the business of
trading edible and non-edible oils for supplying it to large
edible/non edible oil refining companies in India. VOPL was
operating as partnership firm (Velani Oil Traders) since 1966,
with the present directors as its partners and the constitution
was changed from partnership firm to a private limited company
w.e.f. June 9, 2010 while the name was changed from Velani Oil
Traders (VOT) to Velani Oils Pvt. Ltd. (VOPL). The company
sources oil domestically as well as imports from Indonesia,
Malaysia and South America and supplies to various FMCG & other
companies in India. The company started its imports from 2007.
VOPL operates from its head office (HO) in Delhi and branch
offices in Gujarat in Gandhidham and Kandla.


VIDEOCON INDUSTRIES: Lenders File Insolvency Bid vs. 13 Units
------------------------------------------------------------
Financial Express reports that lenders to the bankrupt Videocon
Industries have filed an insolvency petition against 13
subsidiaries of the Venugopal Dhoot-led company to recover their
dues, sources close to the development said. Most of these
subsidiaries are likely to be admitted by the National Company
Law Tribunal (NCLT) for insolvency proceeding by next month.

The insolvency petition against Videocon Industries, which was
filed by State Bank of India (SBI) in January, was admitted by
the tribunal on June 6. Two days later, the NCLT admitted the
lenders' plea against Videocon Telecommunications as well, FE
recalls. Financial creditors have submitted claims close to
INR59,000 crore for Videocon Industries, while the claims amount
for Videocon Telecommunications stands at INR20,552 crore.

FE notes that among Videocon Industries' subsidiaries, lenders
have filed insolvency petition against Electroworld Digital
Solutions, Evans Fraser, Millenium Appliances, Applicomp India,
Kail, CE India, Sky Appliances, Value Industries, Trend
Electronics, Century Appliances, Techno Electronics, Techno Kart
India and PE Electronics. Most of these companies supply
components or finished products to Videocon Industries.

"The lenders have an exposure of around INR30,000-32,000 crore to
these companies. Taking the subsidiaries to the NCLT was the most
holistic way of recovering dues from them," one of the sources
told FE.

Apart from SBI, some of the other lenders to Videocon Industries
and its subsidiaries include IDBI Bank, ICICI Bank, Central Bank
of India and Union Bank, the report says. Videocon Industries
reported a net loss of INR2,709 crore on net sales of INR13,743
crore in FY 2017, which was a 15-month period due to the change
in the company's financial year-end from December to March.

While Dhoot had tried to reach an out-of-tribunal settlement with
the banks after his company was included in the RBI's second list
of corporate defaulters, it did not finally materialize,
according to FE. He had offered to repay his debt by selling land
assets in cities like Chennai, Bengaluru, Kolkata and Mumbai.

The troubles for Videocon Industries stemmed from losses in the
telecommunication, oil, consumer electronics and home appliances
businesses. The steep fall in global oil prices in the last few
years and increased competition in the consumer electronics space
hurt the company. In India, Videocon Industries has a 25% stake
in the Ravva oil and gas field, which is operated by Cairn India.
Globally, Videocon through its subsidiaries has interests in
eight overseas oil and gas blocks, of which seven are in Brazil
and one in Indonesia.

FE says ICICI Bank's loans to Videocon Industries have come under
the scanner because of a likely conflict in interest arising from
a series of financial transactions between the Videocon Group and
Deepak Kochhar, husband of Chanda Kochhar, the MD and CEO of
ICICI Bank. There have been complaints that Chanda Kochhar may
have violated the bank's code of conduct and provisions relating
to conflict of interest while giving loans to the Videocon Group.
Chanda Kochhar has gone on leave till the enquiry into the loans
to Videocon Group is complete, FE states.

Videocon Industries sells consumer products like color
televisions, washing machines, air conditioners, refrigerators,
microwave ovens and many other home appliances in India.


VIKRAMSHILA EDUCATIONAL: CARE Assigns B Rating to INR7.36cr Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vikramshila Educational Charitable Trust (VECT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.36       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of VECT is constrained
by project risk, shortage of teaching staff in the sector and
highly regulated nature of the education sector with intense
competition. The rating, however, derives strength from its
experienced promoters. Going forward, the trust's ability to
complete the project without any major cost and time overrun and
derive benefits out of it as envisaged shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project risk: The trust is proposed to set up an educational
institute with an aggregate project cost of INR9.81 crore which
will be financed through term loan of INR7.36 crore and
promoter's contribution of INR2.45 crore. The financial closure
for the debt portion of the project is yet to be tied up and
therefore project funding risk exits. However, the company has
spent around INR1.50 crore till May 20, 2018 in the aforesaid
project funded through promoter's contribution. The project is
estimated to become operational by April 2019. Since the project
is into initial stage and hence project implementation risk
exits. Going forward, it is crucial for the entity to achieve
financial closure on time and complete the project without any
cost and time overrun.

Shortage of teaching staff in the sector: The fortune of all
educational institutes is directly correlated to availability of
teaching staff. Hence, the shortage of teaching staff is the most
critical problem faced by the educational institutes. The
shortage of teachers is being felt across all the educational
segments resulting in lower student-teacher ratio as compared to
the other developed nations of the world. However, in view of
numerous other lucrative employment opportunities on offer, the
students seeking their career as teachers have been decreasing
over a period of time resulting in shortage of teaching staff.

Highly regulated nature of the education sector with intense
competition: The Central Government is also encouraging private
sector participation in the education sector which will further
intensify the level of competition. Increasing competition may
lead to decline in student enrolment which will directly impact
the revenue visibility for the Trust. Moreover, the educational
sector in India is placed in the concurrent list of the
constitution and thus comes under the purview of both Central and
State Government. The sector is regulated by Ministry of Human
Resource at the national level, by the education ministries in
each state, as well as by Central bodies like University Grant
Commission (UGC) and 14 other professional councils. The
operating and financial flexibility of the education sector are
limited, as regulations aspects of operations, including fee
structure, number of seats, changes in curriculum and
infrastructure requirements. The GoI guidelines requires the
educational institutes falling under the purview of K-12 & Higher
education to be run on 'not-for -profit' motive. This in turn has
deterred the entry of private schools & colleges in the country.
VECT being in the education sector is also highly regulated by
the norms of governing bodies, these regulations on operations
put limitation on revenue growth of the trust.

Key Rating Strengths

Experienced promoters: Mrs. Bimla Devi is the Founder cum
Treasurer of the trust and has more than four decades of
experience in the education sector. She was a teacher in the
Govt. Middle School and retired as a Head Mistress in 2009 after
completion of 40 years of her carrier in teaching job. Further
Dr. Niharika Bharti is the Chairman of the trust having around 7
years of experience. She is a MBBS doctor and is practicing in a
Begusarai Hospital, Bihar. They are further supported by other
two trustees namely Mrs. Meena Tiwary (Secretary) and Mr.
Raghvendra Kumar (Trustee) who are also having over a decade
experience in the same line business as both of them run private
coaching institute. The day to day affairs will be managed by the
above trustees.

VECT was established as a charitable trust on March 17, 2017 for
imparting educations from Pre-nursery to Standard 12 under the
school name of "GD Goenka Public Shool, Bhagalpur". The
registered office of the trust is located at Patna district of
Bihar. VECT has a franchise agreement with "GD Goenka Public
School, New Delhi" dated August 05, 2017 to run the school under
the brand of GD Goenka Public School.

The trust is proposed to set up an educational institute with an
aggregate project cost of INR9.81 crore which will be financed
through term loan of INR7.36 crore and promoter's contribution of
INR2.45 crore. The financial closure for the debt portion of the
project is yet to be tied up. However, the trust has spent around
INR1.50 crore till May 20, 2018 in the aforesaid project funded
through promoter's contribution. The project is estimated to
become operational by April 2019.



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


1MDB: Malaysia Issues Arrest Warrants for Former Executives
-----------------------------------------------------------
Anisah Shukry and Andrea Tan at Bloomberg News report that
Malaysian investigators have issued arrest warrants for two
former executives of troubled state fund 1MDB, according to a
person with knowledge of the matter.

The Malaysian Anti-Corruption Commission is seeking 1MDB's ex-
general counsel Jasmine Loo Ai Swan and former executive director
Casey Tang Keng Chee, Bloomberg relates citing a person familiar
with the matter who asked not to be identified as the matter is
private.

According to Bloomberg, the country's renewed investigation into
missing funds at 1MDB recently resulted in former premier Najib
Razak being charged with several counts of criminal breach of
trust and corruption, as police said they seized more than
MYR1.1 billion ($271 million) of cash and items linked to the
case. Najib has pleaded not guilty. The local investigation is
nearly complete, Chief Commissioner Mohd Shukri Abdull said on
July 7, adding that the inquiry now hinges on the MACC gathering
evidence from overseas, the report says.

Loo and Tang haven't been charged with any wrongdoing, and it
isn't clear what suspicions underpin the warrants, Bloomberg
notes. Attempts to reach their representatives weren't
successful. A representative for the MACC declined to comment.

Bloomberg says Malaysia is as focused on rooting out corruption
as it is on recouping funds potentially lost through 1MDB, with
Prime Minister Mahathir Mohamad setting the goal at $4.5 billion.

Bloomberg relates that the government has hired Singapore-based
Tan Rajah & Cheah to help it recover 1MDB funds, said Imran
Khwaja, a partner at the law firm. Singapore's Attorney-General's
Chambers confirmed that it has been in contact with the firm on
seized assets linked to 1MDB, and that the funds will be treated
according to the law, Bloomberg reports citing a representative
at the chambers.

According to Bloomberg, former 1MDB executives Loo and Tang were
summoned by the commission in June to help with the case on the
fund's former unit SRC International Sdn., along with two other
ex-1MDB officials Geh Choh Heng and Eric Tan Kim Loong. Singapore
has sought assistance from Interpol to locate Tan since 2016,
along with financier Low Taek Jho who has been painted by U.S.
investigators as a central figure in the multibillion-dollar
scandal.

Loo, a Malaysian who studied law in the U.K., was said to have
been dubbed "1MDB Officer 3" by the U.S. government, according to
people familiar with the matter, Bloomberg says. The U.S. also
said the officer was 1MDB's liaison to Goldman Sachs Group Inc.,
the bank that helped the state fund raise $6.5 billion, and that
she received a $5 million transfer among dozens of payments in a
scheme that ultimately drained billions of dollars from the fund.

Bloomberg adds Tang was involved with 1MDB, whose full name is
1Malaysia Development Bhd., from when it was still known as
Terengganu Investment Authority, until 2011. It isn't clear when
Loo left the fund, the report states.

Bank Negara Malaysia summoned both of them for questioning in
2015, but they never appeared, Bloomberg recalls. By March 2017,
Najib said they were no longer on the central bank's radar as the
previous domestic investigation had been concluded, Bloomberg
adds.

                             About 1MDB

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

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

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

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

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

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

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



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF ALABAT: Deposit Claims 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
=================


OBIKE: More Than 3,000 Customers Have Made Claims for Refund
------------------------------------------------------------
Channel News Asia reports that as of July 14, more than 3,000
oBike customers have submitted claims for a refund of their
deposits through the online form at www.obikedepositholders.com.

FTI Consulting, the provisional liquidators of oBike Asia, gave
this update on July 15, adding that more submissions have been
coming in, CNA relates.

According to the report, the bike-sharing firm's decision to
cease its operations in Singapore left thousands scrambling to
recover their deposits.

Noting that there have been queries from the public on whether
they can obtain refunds through the oBike mobile application, FTI
Consulting said customers are currently unable to do so but the
liquidators are exploring the option, CNA reports.

"Unfortunately, the oBike mobile application is not under the
control of oBike Singapore," FTI Consulting, as cited by CNA,
said.  "The app is owned by and under the control of a separate
overseas entity within the oBike Group, which the provisional
liquidators have no control over or rights in relation to the
operation of the app. As such, the provisional liquidators are
presently unable to process any refunds (if any), through the
app.

"However, the provisional liquidators are exploring this option
and will update if it becomes feasible."

According to CNA, some customers have also voiced their
unhappiness over the application form they need to fill to get
their deposits back.

In response, FTI Consulting said the information requested is
prescribed by the Companies Act and the Companies (Winding Up)
Rules, and the online form is intended to simplify the process of
submitting the required information.

The firm said the information sought "is intended to provide
sufficient details for the provisional liquidators to identify
and verify the information submitted by the creditors against the
information contained in the company's records".

It added that it has not asked for any additional details which
creditors would not have been required to provide.

FTI Consulting also assured the public that the data submitted
through the online form will not be shared with oBike Group or
any other third party.

It said the data will be used solely for the purposes of
recording and adjudicating claims, and that it will be destroyed
once the "relevant statutory requirements" have been met.

As reported in the Troubled Company Reporter-Asia Pacific on
June 26, 2018, the Strait Times said bicycle-sharing operator
oBike announced on June 25 that it will cease operations
immediately in Singapore.  In a statement shared via its app,
oBike cited difficulties in meeting the new requirements and
guidelines by the Land Transport Authority (LTA) to curb
indiscriminate parking.

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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