TCRAP_Public/180730.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

             Monday, July 30, 2018, Vol. 21, No. 149

                            Headlines


A U S T R A L I A

AM LABOUR: First Creditors' Meeting Set for August 3
BROOKFIELD RIVERSIDE: ASIC Winds Up 5 Land Banking Companies
HOTR AUSTRALIA: First Creditors' Meeting Set for August 6
MIGME LIMITED: Second Creditors' Meeting Set for August 3
ROSSAIR CHARTER: Second Creditors' Meeting Set for August 3

SHARMA HOLDINGS: First Creditors' Meeting Set for August 3
SIRENS BY THE BAY: First Creditors' Meeting Set for Aug. 6


H O N G  K O N G

NOBLE GROUP: Expected to Post Q2 Net Loss of Up to US$140MM
NOBLE GROUP: PT Alhasanie Files $20MM Lawsuit Against Subsidiary
YIHUA ENTERPRISE: S&P Alters Outlook to Negative & Affirms B ICR


I N D I A

AAKASH DEVELOPERS: Ind-Ra Places BB LT Issuer Rating on RWN
ADILABAD EXPRESSWAY: CARE Lowers Rating on INR268.88cr Loan to D
BALAJI OIL: CRISIL Migrates B Rating in Not Cooperating Category
BINANI CEMENT: CARE Migrates D Rating to Not Cooperating Category
BNK ENERGY: CARE Assigns B+ Rating to INR2cr Long-Term Loan

CHEEKA RICE: CARE Downgrades Rating on INR8cr LT Loan to B
COMMERCIAL CARRIERS: CARE Migrates D Rating to Not Cooperating
DHROOV RESORTS: CARE Migrates D Rating to Not Cooperating
ECO RICH: Insolvency Resolution Process Case Summary
GRANNY'S SPICES: CARE Lowers Rating on INR6cr LT Loan to D

INCOM CABLES: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
INDIAN ACRYLICS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
INNOTECH EDUCATIONAL: CARE Migrates D Rating to Not Cooperating
KOHINOOR HATCHERIES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
LAVANYA PUREFOOD: CARE Lowers Rating on INR13.32cr Loan to C

MAHALAXMI ROLLER: CARE Cuts Rating on INR5.84cr LT Loan to B
MANGALDEEP RICE: CRISIL Maintains 'D' Rating in Not Cooperating
METRO AGRI: CARE Lowers Rating on INR13.84cr LT Loan to D
MEVADA OIL: CARE Lowers Rating on INR14.60cr LT Loan to D
N.S.R. MILLS: CRISIL Maintains 'B' Rating in Not Cooperating

NATURAL AGRITECH: Ind-Ra Hikes Long Term Issuer Rating to 'B+'
NAVEEN POULTRY: CRISIL Maintains D Rating in Not Cooperating
NEW HORIZON: CARE Lowers Rating on INR6.40cr LT Loan to B
NICE POULTRY: CRISIL Maintains B- Rating in Not Cooperating
NIKKI STEELS: CARE Lowers Rating on INR12cr LT Loan to B-

ODYSSEY ADVANCED: Ind-Ra Moves BB- Rating to Non-Cooperating
PERTH CERAMIC: CRISIL Maintains B+ Rating in Not Cooperating
RAJ ARCADE: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
RELISHAH EXPORT: Ind-Ra Affirms B+ Issuer Rating; Outlook Stable
RICHU MAL: CARE Lowers Rating on INR5cr Long-term Loan to B

ROLTA INDIA: Bondholders Oppose Debt Restructuring Plan
SARASWATI TRADING: CARE Reaffirms B+ Rating on INR4.5cr LT Loan
SHREE DATT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
SHYAM CORPORATION: CRISIL Maintains B Rating in Not Cooperating
STONE INDIA: Insolvency Resolution Process Case Summary

SUMERU DEVELOPERS: CRISIL Migrates B Rating in Not Cooperating
SUNSTAR OVERSEAS: Insolvency Resolution Process Case Summary
TATA MOTORS: S&P Cuts Issuer Credit Rating to BB; Outlook Stable
U. K. PAPER: CRISIL Maintains 'B-' Rating in Not Cooperating
VISHNU CARS: Ind-Ra Maintains B Issuer Rating in Non-Cooperating


M A L A Y S I A

ASIA BRANDS: Auditor Raises Going Concern Doubt


S I N G A P O R E

MULHACEN PTE: S&P Assigns B+/B ICRs, Outlook Stable


S O U T H  K O R E A

DOOSAN BOBCAT: S&P Raises Senior Secured Term Loan Rating to 'BB'
SAMSUNG SECURITIES: Faces KRW1 Billion Fine Over Trading Error
SAMSUNG SECURITIES: Suspends Partial Operations Until Jan. 26


                            - - - - -


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


AM LABOUR: First Creditors' Meeting Set for August 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of AM Labour
Hire Pty Ltd will be held at Level 5, 11 Mounts Bay Road, in
Perth, West Australia, on Aug. 3, 2018, at 10:00 a.m.

Samuel John Freeman and Marcus Willam Ayres of Ernst & Young were
appointed as administrators of AM Labour on July 25, 2018.


BROOKFIELD RIVERSIDE: ASIC Winds Up 5 Land Banking Companies
------------------------------------------------------------
The Federal Court of Australia has made orders winding up five
companies for their role in the operation of two land banking
schemes known as:

   - Hermitage Bendigo (formerly Acacia Banks) located at Midland
     Highway, Bagshot, Victoria; and
   - Veneziane, located at Brooklyn Park Drive and Balmer Grange,
     Brookfield.

The following four companies (the Project Companies) entered into
contracts for the purchase of land for rezoning and were involved
in the promotion of the schemes and received money from
investors:

   -- Brookfield Riverside Pty Ltd
   -- Bilkurra West Pty Ltd
   -- Bilkurra South Pty Ltd, and
   -- Gillies Road Pty Ltd.

The fifth company, Project Management (Aust) Pty Ltd (PMA),
entered into project management agreements with each of the
Project Companies that required the Project Companies to deposit
all project revenues into bank accounts maintained by PMA.  This
enabled PMA to exercise control over the Project Companies'
finances

Nicholas John Martin -- nicholas.martin@bdo.com.au -- and Andrew
Thomas Sallway -- Andrew.Sallway@bdo.com.au -- of BDO Australia
were appointed liquidators of PMA and the Project Companies.

ASIC sought these orders as it was concerned that the Project
Companies were insolvent, that money raised from investors (more
than AUD15 million) had been transferred between companies
without any apparent concern for obligations owed to investors
and that the majority of funds raised from investors had been
dissipated.

The Court found that the case for winding up each of the Project
Companies was compelling and that there was a clear case for both
the Project Companies and PMA to be wound up in the public
interest and to enable completion of investigations in the
existing liquidations of other companies that had also been
operating the land banking schemes. The Project Companies were
wound up on the basis that they were insolvent and that it was
just and equitable to do so.

PMA consented to the winding up order being made. In concluding
that it was appropriate to wind up PMA on the just and equitable
ground the Court found that its financial affairs were
inextricably bound up with those of the Project Companies; that
PMA had control over investor monies; it had intermingled funds
and used them across the various land banking schemes; it had
maintained poor documentation; and it took management fees out of
the investor funds released to it.

ASIC Commissioner John Price said, 'ASIC will take action against
entities that run schemes where investor monies are put at risk.
Investors should be very careful in ensuring that they understand
the risks associated with land banking schemes and should ensure
that they obtain independent legal and financial advice before
making any such investments.'

ASIC filed its application to wind up PMA and the Project
Companies on March 26, 2018.  This application also seeks to
disqualify Michael Grochowski and Ian Edward Stephens from
managing corporations. This application will be heard by the
Court on Sept. 17, 2018 at 10:15 a.m.

This proceeding is part of ASIC's wider and ongoing investigation
into land banking schemes.

ASIC has already taken action in respect of Midland Hwy Pty Ltd
(Midland) and Bilkurra Investments Pty Ltd (Bilkurra) operating
the Hermitage Bendigo scheme; and Foscari Holdings Pty Ltd
(Foscari) operating the Foscari scheme in respect of land at 99
Palmers Road, Truganina.

ASIC provided funding from its Assetless Administration Fund to
the liquidators of Midland, Bilkurra and Foscari to enable the
liquidators to conduct further investigations, including public
examinations of individuals associated with those companies.

The liquidators also provided assistance to ASIC in its
application to wind up the Project Companies and PMA.

Land banking is a real estate investment scheme involving the
acquisition of large blocks of land by a promoter or developer of
the scheme, often in undeveloped rural areas, who then offer
portions of the land to investors.

Land banking companies typically promote the investment with
representations of high potential returns if the land is
developed, or if plans for rezoning and development are
finalised.  Investors either purchase a lot in the land, or
acquire an option to purchase a lot of land in an unregistered
plan of subdivision.

Investors should be vigilant when investing in such schemes and
seek independent legal and financial advice.  Investors should
also assess their risk tolerance for this type of scheme.  ASIC
notes that many of the promoters of land banking schemes offer
access to lawyers and financial advice, but is concerned that
those advisors may not be independent.

These types of investments may constitute a managed investment
scheme and/or a financial product.  Developers and promoters
should therefore hold an Australian Financial Services Licence
and register these schemes with ASIC.

Further information on land banking is located on ASIC's
MoneySmart website at www.moneysmart.gov.au.


HOTR AUSTRALIA: First Creditors' Meeting Set for August 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   * Hotr Australia Pty Limited;
   * Hotr Campbelltown Pty Limited;
   * Hooters Campbelltown;
   * Hotr Gold Coast Pty Limited;
   * Hooters Gold Coast;
   * Hotr Parramatta Pty Limited;
   * Hooters Parramatta;
   * Hotr Penrith Pty Limited;

will be held at Level 5, 123 Pitt Street, in Sydney, NSW, on
Aug. 6, 2018:

   * Hotr AUS: 11:00 a.m.,
   * Hotr Campbelltown: 11:10 a.m.,
   * Hotr Gold Coast: 11:20 a.m.,
   * Hotr Parramatta: 11:30 a.m.,
   * Hotr Penrith: 11:40 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of the group on July 25, 2018.


MIGME LIMITED: Second Creditors' Meeting Set for August 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Migme Limited
has been set for Aug. 3, 2018, at 10:00 a.m. at Level 21, 140 St
Georges Terrace, in Perth, West Australia.

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 Aug. 2, 2018, at 4:00 p.m.

Simon Guy Theobald and Melissa Humann of PPB Advisory of Migme
Limited were appointed as administrators of Migme Limited on
June 9, 2018.


ROSSAIR CHARTER: Second Creditors' Meeting Set for August 3
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Rossair
Charter Pty Ltd and AE Charter Services Pty Ltd has been set for
Aug. 3, 2018, at 9:00 a.m. at the offices of Ernst & Young
Level 12, 121 King William Street, in Adelaide, SA.

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 Aug. 2, 2018, at 4:00 p.m.

Henry Kazar and Lachlan Abbott of Ernst & Young were appointed as
administrators of Rossair Charter on July 3, 2018.


SHARMA HOLDINGS: First Creditors' Meeting Set for August 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sharma
Holdings Foods Pty Ltd will be held at the offices of SV
Partners, 22 Market Street, in Brisbane, Queensland, on Aug. 3,
2018, at 10:30 a.m.

Terrence John Rose of SV Partners was appointed as administrator
of Sharma Holdings on July 24, 2018.


SIRENS BY THE BAY: First Creditors' Meeting Set for Aug. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sirens By
The Bay Pty Ltd will be held at the offices of Mackay Goodwin
9/440 Collins Street, in Melbourne, Victoria, on Aug. 6, 2018, at
12:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Sirens By The Bay on
July 25, 2018.



================
H O N G  K O N G
================


NOBLE GROUP: Expected to Post Q2 Net Loss of Up to US$140MM
-----------------------------------------------------------
Channel News Asia reports that Noble Group said it expected to
post a loss in the second quarter, citing restructuring expenses
and net finance costs.

According to the report, the company forecast a net loss of about
US$115 million to US$140 million for the period. It expects to
report restructuring expenses of about US$95 million along with
net finance costs and tax of US$70 million to US$80 million for
the quarter, CNA relates.

While operating income from supply chains improved in the
quarter, Noble's performance continued to be hit by constraints
on liquidity and availability of competitive trade finance to
support its operations, along with the impact of restructuring
expenses, Noble, as cited by CNA, said.

Last month, the company won over a key shareholder with a
sweetened equity offer for its US$3.4 billion debt restructuring
plan that it sees as crucial to its survival, the report recalls.
The company has sold billions of dollars of assets, taken hefty
writedowns and cut hundreds of jobs over the past three years to
slash debt, CNA states.

On July 26, it also said more than 86 per cent of its senior
creditors supported the debt plan. The company said it would not
be paying the coupon on its 2020 bond due on July 30, the report
relays.

Noble had reported a quarterly loss of US$1.75 billion in the
year-ago period and had recorded a net loss of US$72 million in
the first quarter of this year, CNA discloses.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores.  Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa.  Energy business includes coal, gas and liquid energy
products.  In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys.  The Company operates
nearly in 140 locations.  It supplies growth demand markets in
Asia and Middle East.  Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018.  In addition, the company said it would not make
the payments despite being given 30-day grace periods to meet
both obligations.  The failure to make these payments will
trigger cross-defaults on the company's other obligations.  We do
not expect Noble to meet any outstanding obligations as the
company preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July.  S&P will conduct
another review the company's credit profile after the
restructuring is complete.


NOBLE GROUP: PT Alhasanie Files $20MM Lawsuit Against Subsidiary
----------------------------------------------------------------
The Business Times reports that a lawsuit which is seeking
damages of over US$20 million from a subsidiary of Noble Group
has been filed in the District Court of South Jakarta by PT
Alhasanie, which is a subsidiary of PT Atlas Resources Tbk.

The lawsuit is against both Noble's unit, PT Pinang Coal
Indonesia (PCI), and PT McMahon Mining Services, which is not
related to Noble, according to the report.

In a filing to the Singapore Exchange on July 25, Noble said that
the lawsuit was served on PT PCI on July 9 and is related to the
alleged breach of a technical services and management consulting
agreement dated June 30, 2015, BT relates.

"The company is of the view that the lawsuit is completely
without merit. PT PCI is not liable as alleged or at all, and
will defend the claim vigorously. It appears the lawsuit was
filed as a response to a legal demand which PT PCI's external
solicitors had sent to PT Alhasanie previously," Noble, as cited
by BT, said.

It added that PT PCI will be submitting its claim to Singapore
arbitration, BT relays.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores.  Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa.  Energy business includes coal, gas and liquid energy
products.  In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys.  The Company operates
nearly in 140 locations.  It supplies growth demand markets in
Asia and Middle East.  Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018.  In addition, the company said it would not make
the payments despite being given 30-day grace periods to meet
both obligations.  The failure to make these payments will
trigger cross-defaults on the company's other obligations.  We do
not expect Noble to meet any outstanding obligations as the
company preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July.  S&P will conduct
another review the company's credit profile after the
restructuring is complete.


YIHUA ENTERPRISE: S&P Alters Outlook to Negative & Affirms B ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Yihua Enterprise
(Group) Co. Ltd. (Yihua) to negative from stable. S&P said, "At
the same time, we affirmed our 'B' long-term issuer credit rating
on the company. We also affirmed our 'B-' long-term issue rating
on the senior unsecured notes that Yihua guarantees. Yihua
Overseas Investment Ltd. issued the notes."

Yihua primarily engages in the manufacture and distribution of
furniture globally. The company's other businesses include
hospital management and elderly care services, real estate,
capital management, and hotel management in China.

S&P said, "We revised the outlook to negative because we believe
Yihua's liquidity buffer and capital structure could deteriorate
if the company remains aggressive in making capital investments
and the volatility in China's capital market persists.

"Debt-funded expansion could continue to diminish Yihua's
liquidity buffers over the next 12 months. We expect the company
to continue to rely on acquisitions and capital investments to
expand its hospital services and elderly care business over the
next two to three years, albeit at a slower pace. We therefore
revised our assessment of Yihua's liquidity to less than adequate
from adequate.

"Our base case assumes that Yihua's annual acquisition spending
will remain high at Chinese renminbi (RMB) 1.0 billion-RMB2.0
billion in 2018 and 2019. The company acquired 12 hospitals
across China in 2017 for a total consideration of about RMB1.2
billion. It also invested RMB2.0 billion in an industrial fund in
2017.

"In our view, Yihua's capital structure could weaken over the
next 12 months if the company has to rely on short-term financing
to repay its debt maturities. Tightened domestic funding
conditions following the Chinese government's focus on
deleveraging has already posed refinancing challenges to some
highly leveraged private companies. As of March 31, 2018, Yihua
has short-term debt maturities of about RMB7.9 billion, compared
to a cash balance of about RMB5.5 billion. The company also has
domestic corporate bonds that will become puttable over the next
12 months."

Yihua's sales of part of its four property projects to Poly Real
Estate Group Co. Ltd. and holding of a substantial amount of
liquid investments temper the liquidity risk. S&P said, "Our base
case estimates that Yihua will receive RMB2.0 billion-RMB3.0
billion of cash from Poly in 2018 and RMB1.0 billion-RMB2.0
billion in 2019. Our assumptions do not include sharing of cash
flows from future contract sales of the four projects, given that
both the amount and timing are uncertain." The two companies
announced the cooperation in April 2018 and intend to complete
the shareholding transfer by the end of this year.

Yihua's large balance of liquid equity investments also adds to
its financial and liquidity cushion. As of March 31, 2018, the
company has total liquid equity investments of about RMB3.6
billion.

S&P said, "We affirmed the rating because we expect Yihua to
maintain its market position as the largest wood furniture
exporter in China, good business diversity, and high profit
margin over the next 12 months. Yihua's full integration of soft
furniture maker HTL International Holdings Ltd. has enlarged its
operating scale and enhanced product and geographic diversity.
Also, Yihua's hospital management and elderly care business has
grown rapidly and continuously improved margins over the past
three years. In our view, Yihua's overall competitive position
remains relatively better than that of peers with a similar
business risk profile.

"The rating affirmation also reflects our expectation that
Yihua's debt leverage will stabilize, but remain high with the
debt-to-EBITDA ratio materially above 5.0x, over the next 12
months. The company's rising discipline in its capital spending
and gradual exit from the property development business underpins
our view. We expect Yihua's debt-to-EBITDA ratio to be 7.0x-9.0x
in 2018 and 2019, compared with 7.8x in 2017.

"We do not expect the escalated trade tensions between China and
the U.S. at their current stage to materially affect Yihua. Most
of the company's furniture product exports to the U.S. are not
included on the tariff list yet, according to the management.
American timber is not yet on China's tariff list either. We
believe Yihua's more diversified product portfolio and geographic
presence after the integration with HTL, and good cost position
due to its vertically integrated supply chain will help mitigate
the risks.

"The negative outlook reflects our view that Yihua's liquidity
buffer is diminishing. It also reflects our expectation that the
company's capital structure could weaken if it remains aggressive
in capital investments and relies on short-term debt to repay its
debt maturities over the next 12 months.

"We could lower the rating if Yihua's liquidity or capital
structure weakens over the next 12 months. That could happen if:
(1) Yihua's disposal of property projects to Poly is slower or
operating cash flows are weaker than we expect; (2) Yihua's
capital investment or shareholder returns are more aggressive;
(3) the company's banking relationships or access to the equity
or credit markets significantly erodes; or (4) it relies more on
short-term debt financing.

"We could also lower the rating if Yihua's competitive position
deteriorates materially over the next 12 months, as indicated by
weakening profit margin or loosening working capital management.
This could happen if: (1) the company's market position in the
furniture industry erodes due to escalated Sino-U.S. trade
tensions or intense competition; or (2) its exposure to the
healthcare services segment rises substantially without effective
execution control.

"We could revise the outlook to stable if Yihua proactively
manages its capital structure and reduces its reliance on short-
term debt financing, such that its liquidity buffer improves."



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AAKASH DEVELOPERS: Ind-Ra Places BB LT Issuer Rating on RWN
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Aakash Developers'
(AD) Long-Term Issuer Rating of 'IND BB' on Rating Watch Negative
(RWN). The Outlook was Stable.

The instrument-wise rating action is:

-- INR150 mil. (reduced from INR500 mil.) Long-term loan* due
    on August 31, 2021 assigned and placed on RWN with IND BB/RWN
    rating.

* The final rating has been assigned following the receipt of the
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The RWN follows delays in the commencement of AD's residential
project owing to a delay in permission from Slum Rehabilitation
Authority, Maharashtra. The permission is likely to be granted by
mid-August 2018 and the construction is likely to commence in
September 2018. Any further delay in the permission may affect
the liquidity position of AD and, thus, the repayment of the
interest payment obligations.

RATING SENSITIVITIES

Ind-Ra expects to resolve the RWN after the authority grants
permission to AD to start project construction. Any delay in the
approval beyond August 2018 may lead to a downgrade.

COMPANY PROFILE

AD will develop a residential project in Kandivali East, Mumbai.
The firm was founded by Mr. Ram Kumar Pal. Basantraj Sethia and
Rajesh Pal is the other partners.


ADILABAD EXPRESSWAY: CARE Lowers Rating on INR268.88cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adilabad Expressway Private Limited (AEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     268.88       CARE D Revised from CARE BB+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
AEPL is primarily on account of delays in debt servicing due to
stretched liquidity position of the company.

Detailed description of the key rating drivers

Key rating Weaknesses

Delays in repayment of debt obligations: AEPL is eligible for
semi-annual annuity from National Highway Authority of India
(NHAI), each in May and November of every year. However, due to
delay in first cycle of Major Maintenance works, NHAI withheld
portion of semi-annual annuity which was due during May, 2018
resulting in liquidity issues for the company. Consequently,
there were delays in debt servicing.

Interest rate risk: In November 2012, the company opted for
partial refinancing of the term debt through take-out finance.
Given that interest rates can be reset every two years from the
date of COD, the company continues to be exposed to interest rate
risks during the life of the concession period. Any significant
increase in interest cost could impact the prevalent moderate
debt coverage indicators also. Further, the company also has sub-
debt outstanding at a higher rate of interest.

Non-creation of DSRA and MMRA: The company does not maintain DSRA
and MMRA as the same is not stipulated in the CLA. The same has
strained the cash flows of the company in the year of major
maintenance and also resulted in delay in repayment of debt
obligations.

Operations & maintenance risk: AEPL is mandated to operate and
maintain the road as per specifications set out in the CA, non-
compliance of which could result in penalties being levied by
NHAI. The routine maintenance & operations is carried out by Soma
Enterprises Limited (SEL).

Weak credit profile of principal sponsor: AEPL is a SPV promoted
by SEL for the design, construction, development, finance,
operation and maintenance of a 55 km road stretch on NH-7 on a
build, operate and transfer (BOT) Annuity basis. SEL is the
ultimate holding company of AEPL. Out of that, 67.70% beneficial
ownership vests with its subsidiary company i.e. Soma Tollways
Private Limited.

Key rating Strengths

Successful completion of first cycle of MM: AEPL has successfully
completed its first cycle of MM during FY17-H1FY18. The company
had entered into fixed price contract with SEL for completing the
first MM cycle and the same has been completed within the cost
envisaged. The Sponsors have provided the requisite financial
support in the form of equity and unsecured loans (Rs.14.13
crore) and the company availed additional debt to fund the MM
expenses.

Operational annuity-based road project providing stability of the
cash flow: The project is an operational annuity based project
and is thus not exposed to any traffic risk. AEPL is eligible for
semiannual annuities.

Adilabad Expressway Private Limited (AEPL) is a special purpose
vehicle (SPV) promoted by Soma Enterprise Limited (SEL)
(88.70% holding) for the design, construction, development,
finance, operation and maintenance of a 55 km road stretch
on NH-7 on a build, operate and transfer (BOT) Annuity basis. The
scope of work involves developing the 55 km road stretch to four
lane divided carriageway standards including strengthening of the
existing two lane road. The project is located in Andhra Pradesh
(close to the AP Maharashtra border) and is part of the North-
South Corridor of National Highways Development Project (NHDP)-
Phase 2. The concession term is 20 years starting from November
2007 (including a two year construction period). Against a
scheduled commercial operation date (COD) of November 2009, the
project had achieved provisional COD for the complete stretch in
June 2010.


BALAJI OIL: CRISIL Migrates B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Balaji Oil
Industries (BOI) for obtaining information through letters and
emails dated April 20, 2018, May 18, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

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

Detailed Rationale

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

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

Established in 2005 as a partnership firm by Mr. Sunita Dilip
Sarda and Mr. Vishnu Dhondiba Telap, BOI gins and presses cotton
and also extracts cotton seed oil at its unit in Tirthpuri,
Maharashtra.


BINANI CEMENT: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Binani
Cement Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank    2,304.27     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

   Short term Bank     436.00     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

Binani Cement Limited has not paid the surveillance fees for the
rating exercise agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE's rating on Binani Cement
Limited's bank facilities will now be denoted as CARE D ISSUER
NOT COOPERATING.

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

The ratings take into account ongoing delays in servicing of its
debt obligation to banks.

Detailed description of the key rating drivers

As mentioned above, The Company is facing severe liquidity issues
as a result of continuing losses as well as delay in sanctioning
of working capital limits by banks. On July 26, 2017, Insolvency
petition filed by one of the bank has been accepted by NCLT.

Binani Cement is currently discussed under IBC. Initially, it had
received takeover bids from Dalmia Bharat group-backed consortium
with the bid amount of INR6350 Crore in March. However, Binani
Industries Ltd reportedly signed a bilateral agreement with
UltraTech to sell the company which led to Dalmia Bharat writing
to the Reserve Bank of India (RBI) to examine the case for
violation of Insolvency and Bankruptcy Code (IBC) process.

Dalmia Bharat, who emerged the highest bidder in the first round,
questioned the lenders' decision to vote in favor of UltraTech
Cement when the bankruptcy court was yet to announce its final
decision on UltraTech Cement's eligibility to bid.
On June 5, 2018, The Supreme Court rejected an appeal by Dalmia
Bharat in the second round of bidding, to stay the resolution
process of Binani Cement. The court, however, said it will hear
Dalmia Bharat's plea soon.

On July 2, 2018, The Supreme court directed NCLAT to adjudicate
upon all issues in this case, including Ultratech's eligibility
as well legality of the bid, at the earliest.

Binani Cement Limited (BCL), the flagship company of the Binani
Group, commenced operations in April 1997 with an installed
capacity of 1.65 million tonnes per annum (mtpa). The company
has, over the years, enhanced its installed capacity and as on
March 31, 2013, had an installed capacity of 6.25 mtpa in India
and a consolidated capacity of 11.25 mtpa (includes Dubai- 2 mtpa
and China-3 mtpa).


BNK ENERGY: CARE Assigns B+ Rating to INR2cr Long-Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of BNK
Energy Alternatives (BNK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           3.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of BNK is constrained
by small though growing scale of operations, leveraged capital
structure and working capital intensive nature of operations. The
ratings are further constrained on account of Stiff competition
from large number of unorganized players, business risk
associated with tender-based orders and Operations exposed to
climatic conditions and technological risks. The ratings,
however, continue
to draw comfort from experienced partners and moderate
profitability margins and coverage indicators.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small though growing scale of operations: The firm is a small
regional player involved in installation and commissioning of
solar power plants. The ability of the firm to scale up to
larger-sized contracts having better operating margins is
constrained by its comparatively low capital base of INR1.05
crore as on March 31, 2017 and total operating income of
INR7.31crore in FY17 (refers to the period April 1 to March 31).
Though, the risk is partially mitigated by the fact that the
scale of operation is growing continuously. For the period FY15-
FY17, BNK's total operating income grew from INR6.38 crore to
INR23.02 crore reflecting a compounded annual growth rate (CAGR)
of 33.85% owing to increase in the number of orders executed.
During FY18; based on provisional results the firm has achieved a
total operating Income of INR23.02 crores. Further as on May 31,
2018 the company has an order book of around INR 9.00 crore which
is to be executed with in next 3-4 months.

Leveraged capital structure: The capital structure of the firm
stood leveraged owing to higher dependence on external borrowings
coupled with low net worth base as marked by overall gearing
ratio which stood around 1.50x as on balance sheet dates of past
three financial years i.e. FY15- FY17.

Working capital intensive nature of business: The operations of
the company are working capital intensive in nature as reflected
by higher average utilization of its sanctioned working capital
limits. The operating capital cycle however appears to be
moderate primarily as the company receives a high payable period
of around 5-6 months from its suppliers; while on the other hand,
realization of receivables owing to lengthy clearance processes
with the government departments results in a similar collection
period. The average creditor's period and average collection
period for FY17 stood high at 169 days and 199 days respectively.
The company maintains inventory in the form of raw material as
well as finished goods of around two months to ensure smooth
execution of order and meet the immediate demand of its
customers. The working capital limits remained almost fully
utilized in the past 12 months, period ending May 31, 2018.

Stiff competition from large number of unorganized players:
No significant investment or specialization is required for the
system integrator (SI) work carried out by BNK which results
in low entry barriers for the business. These low entry barriers
have resulted in large number of organized and unorganized
players entering the industry which has led to increased
competition. Further, with increasing growth opportunities for
solar energy sector due to government support/incentives, more
players are entering the industry thereby increasing competition.

Business risk associated with tender-based orders: The company
undertakes solar projects, which are awarded through the tender-
based system. The company is exposed to the risk associated with
the tender-based business, which is characterized by intense
competition. The growth of the business depends on its ability to
successfully bid for the tenders and emerge as the lowest bidder.
Further, any changes in the government policy or government
spending on projects are likely to affect the revenues of the
company.

Operations exposed to climatic conditions and technological
risks: The operations of the company are exposed to climatic
conditions as well as technological risks pertaining to adequate
availability of sunlight and any redundancy associated with the
operational efficiency of PV modules. As per government of
Rajasthan (GoR), Rajasthan enjoys around 300 to 330 days of
sunshine in a year and solar energy is estimated at 6-7 KWH/ sq.
mtr of solar insolation levels.

Key Rating Strengths

Experienced partners: BNK is being managed by seven partners i.e.
Mr. Santosh Kumar Rajgarhia, Mr. Shailesh Ram Rajgarhia, Ms.
Neetu Kumari, Ms. Sonu Kumari, Mr. Sanjay Kumar Rajgarhia, Mr.
Raminder Singh and Mr. Raj Kumar Roy. All the promoters are from
diverse business background and have good experience in solar
industry. . Besides that, the firm is managed by qualified
professionals having the requisite technical knowledge and skills
thereby providing synergistic advantage to the company in terms
of successful project execution and commissioning.

Moderate Profitability margins and coverage indicators: The
profitability margins of BNK stood moderate owing to service
nature of industry where profitability margins are moderate as
marked by PBILDT and PAT margin which remained above 6% and
around 3% for the past two financial years i.e. FY16-FY17.
Further, the debt coverage indicators stood moderate as marked by
Interest coverage ratio of 1.88x and total debt to GCA of 7.37x
in FY17 on account of moderate profitability margins.

Ghaziabad (Uttar Pradesh) based, BNK Energy Alternatives (BNK)
was established as a partnership firm in the year 2016 and is
currently being managed by its partners namely Mr. Santosh Kumar
Rajgarhia, Mr. Shailesh Ram Rajgarhia, Ms. Neetu Kumari, Ms. Sonu
Kumari, Mr. Sanjay Kumar Rajgarhia, Mr. Raminder Singh and Mr.
Raj Kumar Roy sharing profit nad loss in the ratio of 49%, 49%,
0.40%, 0.40%, 0.40%, 0.40% and 0.40%. The firm has succeeded an
erstwhile proprietorship firm M/s BNK Energy Alternatives which
established in 2006 by Mr. Santosh Rajgharia. The firm is engaged
into installation and commissioning of solar power plants. The
key raw material required are solar panels, solar modules,
batteries, cables, solar inverters, etc. which they procure from
manufacturers located locally.


CHEEKA RICE: CARE Downgrades Rating on INR8cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cheeka Rice Mill (CRM), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term bank      8.00      CARE B; ISSUER NOT COOPERATING
   Facilities                    Revised from CARE B+; Issuer not
                                 Cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CRM, to monitor the
rating(s) vide e-mail communications/letters dated May 15, 2018,
May 29, 2018 and June 4, 2018, with numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Cheeka Rice
Mill's bank facilities CARE B; ISSUER NOT COOPERATING.

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

The rating takes into account small scale of operations, low
profitability margins, leveraged capital structure, weak
coverage indicators, working capital intensive nature of
operations, volatility in raw material prices, intense
competition in the industry due to low entry barriers. However
the risk is mitigated by experienced partners in manufacturing
industry.

Detailed description of the key rating drivers

At the time of last rating on March 6, 2017, the following were
the rating strengths and weaknesses

Credit Risk Assessment

Key Rating Weaknesses:

Small scale of operations with low profitability margins: The
scale of operations continues to remain small reflected by total
operating income (TOI) of INR29.65 crore in FY15 (refers to the
period April 1 to March 31) as against INR23.71 in FY14. The
PBILDT margin of the firm has declined in FY15 and stood at 2.87%
as against 3.24% in FY14. However, the PAT margin has improved in
FY15 and stood at 0.10% as against 0.04% in owing to
comparatively lower interest and deprecation cost during FY15.

Weak financial risk profile: The financial risk profile of CRM is
characterized by low profitability margins, leveraged capital
structure and weak coverage indicators.  The firm's profitability
margins have been on the lower side owing to the low value
addition and intense market competition given the highly
fragmented nature of the industry. This apart, interest burden on
working capital borrowing also restricts the net profitability of
the firm. The PBILDT and PAT margins stood at around 4.70% and
0.03% respectively in the last three financial years (FY11-FY13).
As on March 31, 2013, the firm has a leveraged capital structure
marked by overall gearing ratio of 2.38x as on March 31, 2013,
which deteriorated from 1.54x as on March 31, 2012, mainly on
account of higher utilization of working capital bank borrowings
as on balance sheet date. The firm's coverage indicators stood
weak marked by low interest coverage and high total debt to GCA
of 1.18x and above 44x, respectively, for FY13 due to low
profitability margin and high debt level.

Leveraged capital structure and weak debt service coverage
indicators: Capital structure of the firm has improved in FY15;
however, stood leveraged marked by overall gearing of 1.67x as on
March 31, 2015, as against 2.19x as on March 31, 2014. The
improvement was on account of increase in net worth owing to
infusion of funds by the partners in form of capital. Debt
coverage indicators have remained weak marked by interest
coverage and total debt to GCA of 1.14x and 59.23x for FY15
against 1.15x and 62.22x for FY14.

Partnership nature of constitution: CRM being a partnership firm
and is exposed to the risk of withdrawal of capital by partners
due to personal exigencies, dissolution of firm due to retirement
or death or insolvency of any partner and restricted financial
flexibility due to inability to explore cheaper sources of
finance leading to limited growth potential.

Highly fragmented industry characterised by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small-scale operators which are not into end-to-end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semiprocessed rice to other big rice
millers for further processing. 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. The price of rice moves in tandem
with the prices of paddy.

Key Rating Strengths

Experienced partners and long track record of operations: CRM is
a partnership firm with a track record of over four decades in
processing of paddy into rice. Mr. Sat Pal and Ms Darshana Devi
have a total experience of around than two decades in the
business of processing and trading of paddy. Prior to this, Mr.
Sat Pal was involved in Vishnu Trading Co (trading of paddy).

Favorable manufacturing location: CRM is mainly engaged in the
milling and processing of rice. The main raw material (paddy) and
wheat is procured from local grain markets, located in Haryana.
The firm's processing facility is situated in Cheeka, Haryana,
which is one of the highest producers of paddy in India. Its
presence in the region gives additional advantage over the
competitors in terms of easy availability of the raw material as
well as favorable pricing terms. CRM owing to its location is in
a position to cut on the freight component of incoming raw
materials.

Fragmented nature of the industry: The commodity nature of the
product makes the industry highly fragmented with numerous
players operating in the unorganized sector with very less
product differentiation. There are several small scale operators
which are not into end-to-end processing of rice from paddy,
instead they merely complete a small fraction of processing and
dispose-off semiprocessed rice to other big rice millers for
further processing.

CRM was established in 1972 as a partnership firm. The current
management comprises its present partners, viz, Mr. Sat Pal and
Ms Darshana Devi with equal profit and loss sharing. The firm is
engaged in the trading and processing of rice. The manufacturing
unit is located at Cheeka, Haryana, with an installed capacity of
processing of rice of 36,500 metric tonnes per annum (MTPA) as on
March 31, 2015. CRM procures paddy from local grain markets
located in Haryana and Punjab through commission agents in bulk.
The firm sells its products in Haryana and Punjab through a
network of commission agents.

For FY15 (refers to the period April 1 to March 31), CRM achieved
a total operating income (TOI) of INR29.65 crore with PBILDT and
PAT of INR0.85 crore and INR0.03 crore, respectively, as against
TOI of INR23.71 crore with PBILDT and PAT of INR0.77 crore and
INR0.01 crore, respectively, for FY14. The firm has achieved
total sales of INR5.13 crore for 5MFY16 (refers to the period
April 1 to August 31).


COMMERCIAL CARRIERS: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Commercial Carriers Limited (CCL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     5.99        CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CCL to monitor the rating
vide e-mail communications/letters dated May 7, 2018, May 14,
2018, June 12, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on CCL's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating done on March 14, 2017, the following
were the rating strengths and weaknesses: (updated for the
information available from Registrar of Companies)

Key Rating Weaknesses:

Delay in debt servicing: There are delays in servicing of term
loan.

CCL was started as a partnership firm in 1978 by Mr. D.N. Mallick
and Mrs. Supti Mallick of Guwahati. In March 1993, the
company was incorporated as a private limited company and
subsequently, in April 2012, it was reconstituted as public
limited company with its name changed to the current one. The
company is engaged in the business of surface transportation &
logistics. It offers services like transportation of various
regular consignments; containerize transportation, transportation
of various types of odd size consignment etc., for different
major industrial houses.


DHROOV RESORTS: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Dhroov
Resorts to Issuer Not Cooperating category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Dhroov Resorts to monitor
the rating(s) vide e-mail communications/letters dated June 1,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Dhroov Resorts'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 rating takes into account ongoing delays in debt servicing
due to weak liquidity position of the firm.

Detailed description of the key rating drivers

At the time of last review in March 30, 2016 the following were
the rating strengths and weaknesses:

Key rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest payment and principal repayments mainly
on account of delays in the start of commercial operations.

First venture in the hospitality sector: Though Mr. Balbir Singh
Verma has prior experience in the real estate and construction
industry, this is his first venture in the hospitality sector.
Furthermore, M/s Dhroov Resorts has not tied-up with any renowned
hotel brand, as on date, that would help establishing its hotel
in the market.

M/s Dhroov Resorts, a sole proprietary concern of Mr. Balbir
Singh Verma, is constructing a 4- star hotel project by the name
of "Dhroov Resorts" in Shimla, H.P. Mr. Verma is a MLA (Member of
Legislative Assembly) from the Chopalarea (in Shimla district)
and is also a certified builder and civil contractor in the
region. The total project cost of INR23.57 crore is expected to
be funded through a debt of INR15 crore and promoter's capital of
INR7.21 crore and other borrowings of INR1.36 crore.

As on December 31, 2015, the firm has incurred a total cost of
INR20.87 crore. The hotel is expected to start commercial
operations from April 2016 onwards.


ECO RICH: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Eco Rich Cosmetic India Private Limited
        303-304, 3rd Floor, B Wing, Oxford Chamber,
        Saki Vihar Road, Powai, Andheri (East),
        Mumbai - 400 072., Maharastra State

Insolvency Commencement Date: July 23, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 19, 2019
                              (180 days from commencement)

Insolvency professional: Prabhakar Bhat

Interim Resolution
Professional:            Prabhakar Bhat
                         No 7, First floor Shital, Plot No 81,
                         Jain Mandir Marg, Behind Old SIES
                         College, Sion West, Mumbai - 400022
                         E-mail: sukkhe@gmail.com

Last date for
submission of claims:    August 6, 2018


GRANNY'S SPICES: CARE Lowers Rating on INR6cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Granny's Spices (India) LLP (GSIL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      6.00       CARE D Revised from CARE BB-;
   Facilities                     Stable

   Short-term bank     0.25       CARE D Revised from CARE A4
   Facilities

   Long-term/Short-    3.00       CARE D/CARE D Revised from
   Term Facilities                CARE BB-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
GSIL is on account of on-going delay in debt servicing owing to
weak liquidity position. Establishing a clear debt servicing
track record along with improvement in the liquidity position
remains the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: GSIL has been irregular in
servicing its debt obligation as there are on- going delays in
servicing its term loan principal and interest. The same is due
to weak liquidity position of the firm.

Rajkot-based (Gujarat) GSIL was established in October 2015 to
take up the business of manufacturing and export of spices such
as turmeric powder, dry chillies, cumin powder etc. GSIL also has
group entities viz."Swastik International" which is into trading
and export of spices (having accreditation from government as '1
star export house') and "H. C. &Co." which is in the same line of
business. GSIL completed its project of INR13.84 crore funded via
debt equity mix of 1.77 times and commenced commercial operations
from April, 2017.


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

The instrument-wise rating actions are:

-- INR425.0 mil. Fund-based limit (Long and short term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR425.0 mil. Non-fund-based limit (short-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR60.6 mil. Long-term loans (long-term) due on July 2019
    maintained in non-cooperating category with IND D (ISSUERNOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 21, 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 1979, Incom Cables manufactures
telecommunication, signaling and power cables, and sells them
under the brand name of INCOM.


INDIAN ACRYLICS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Indian Acrylics
Limited's Long-Term Issuer Rating of 'IND D' to the non-
cooperating category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The IND D rating on the INR907.9 mil. Term loans due on
    March 31, 2024 migrated to non-cooperating category and
    withdrawn;

-- The IND D rating on the INR300 mil. Fund-based working
    capital facilities migrated to non-cooperating category and
    withdrawn; and

-- The IND D rating on the INR1,892.5 bil. Non-fund-based
    working capital facilities migrated to non-cooperating
    category and withdrawn.

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

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category
because the issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.

The agency has simultaneously withdrawn the ratings as it has
received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for IAL.

COMPANY PROFILE

Incorporated in 1986, Indian Acrylics manufactures acrylic fiber
at its 42,000mtpa facility in Sangrur, Punjab.


INNOTECH EDUCATIONAL: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Innotech
Educational Society (IES) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      19.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IES to monitor the rating
vide e-mail communications/letters dated May 7, 2018, May 21,
2018, May 28, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on IES's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating done on March 8, 2017, the following
were the rating strengths and weaknesses:

Key Rating Strengths

Experienced members from the industry on the advisory board of
the society: The founder & promoter of IES, Shri Amit Kumar Das
(President of the Society), an NRI (based in Australia), is a
graduate and diploma holder in computer engineering, having more
than a decade experience in Information Technology sector. He is
well supported by an advisory board comprising of experienced
professionals from the industry.

Modern infrastructure with latest available technology: The
campus of the institute is spread over an area of 15 acre and
includes facilities such as world class classrooms, health
centre, gymnasium, canteen, ATM, Wi-Fi, mini-sports complex,
fully equipped auditorium, highly equipped libraries with online
access to major journals and publications from across the world,
video-conferencing facility, etc.

Linkage with reputed International Institute and National
University: The institute has signed MoU with TAFE, South
Australia for sharing expertise on curriculum, teaching pedagogy
and the development of education and training at MBIT. TAFE, is
the network of independent institutes, which is the leading and
largest vocational education and training provider in South
Australia. Further, its engineering college has got affiliation
from Aryabhatta Technology University, Bihar and has been
approved by All India Council for Technical Education (AICTE).

Nascent stage of operations: However, the society has completed
two and a half year of operation with the commencement of the
operation from September 2014.

Project implementation risk: The Phase III will start from Feb.
2016 and is likely to be completed by the end of Mar. 2017.

Intense competition from established and upcoming educational
institutes: IES faces high competition from other established and
upcoming educational institutes located in and around Bihar. In
Bihar area itself, there are more than 25 colleges offering
bachelor degree in engineering including colleges like IIT, NIT,
Birla Institute of Technology, Bhagalpur college of Engineering,
etc. to name a few. Further there are numerous engineering
colleges in Bihar and its adjoining areas.

Regulatory challenges: Despite the increasing trend of
privatization of the education sector in India, regulatory
challenges continue to pose a significant threat to the
educational institutes. In addition to AICTE, the educational
institutions are regulated by respective state governments with
respect to number of management seats, amount of tuition fee
charged for government quota and management quota giving limited
flexibility to the institutions. These factors have significant
impact on the revenues and profitability of the institutions

Innotech Educational Society (IES) was established in March, 2010
under the Societies Registration Act, 1860 for establishing and
operating educational institutes for imparting education in
engineering discipline in Araria, Bihar. With completion of the
Phase I of its three phased project, the society has started an
Engineering college under the name "Moti Babu Institute of
Technology (MBIT)" with 300 seats in 5 streams of engineering
from the academic year 2014-2015. The institute is approved by
All India Council for Technical Education (AICTE) and affiliated
to Aryabhatta Technology University, Bihar.

The society has been founded & promoted by Shri Amit Kumar Das,
an NRI (based in Australia), who is a graduate and diploma holder
in computer engineering and possesses more than a decade
experience in Information Technology sector. He is also the
founder & chairman of the ISOFT Software Technologies Pvt. Ltd.,
a company engaged in software development.


KOHINOOR HATCHERIES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kohinoor
Hatcheries Private Limited's (KHPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR183.8 mil. (reduced from INR251.12 mil.) Long-term loans
    due on July 2023 affirmed with IND BB+/Stable rating; and

-- INR400 mil. (reduced from INR411 mil.) Fund-based facilities
    affirmed with IND BB+/Stable/IND A4+ rating.

Ind-Ra continues to take a consolidated view of KHPL and Kohinoor
group companies Kohinoor Clean Energy Private Limited, Rithwik
Power Projects Limited, Satyamaharshi Power Corporation Limited,
Transafrican Farms and Foods Limited (FY18 financials not
available) and Rohini Green Energy Private Limited. The group
entities have operational and legal inter-linkages in the form of
common directors, cross-holdings, corporate guarantees and
fungibility of funds.

KEY RATING DRIVERS

The ratings continue to reflect KHPL's improved-yet-moderate
credit metrics on a consolidated basis, because of intense
competition in the poultry business from both organized and
unorganized sectors. The net leverage (adjusted net
debt/operating EBITDA) was 4.1x in FY18 (FY17: 5.1x) and coverage
ratio (operating EBITDA/gross interest expense) was 3.1x (2.2x).
The credit metrics improved due to the repayment of long-term
loans. FY18 financials are provisional in nature.

The ratings also reflect the company's modest scale of
operations. Revenue plunged in FY18 to INR1,277.3 million (FY17:
INR1,528.7 million), as the company discontinued the lower margin
trading business which contributed INR240 million to the revenue
in FY17. Moreover, EBITDA remained almost stable at INR285.7
million in FY18 (FY17: INR283.8 million). Ind-Ra expects revenue
to improve in FY19, due to the stabilization of operations at a
new feed plant in FY18 and FY19 will be the first full year of
its operations.

The ratings factor in KHPL's healthy margins of 22.4% in FY18
(FY17: 18.6%), owing to return on capital employed of 15.04% in
FY18. The rise in margins is attributed to higher realization and
lower input raw material cost along with discontinuing the lower
trading business.

The ratings are constrained by KHPL's elongated net working
capital cycle of 237 days in FY18 (FY17: 228 days), indicating
the working capital-intensive nature of the group's business. The
company is experiencing delays in the payment for the electricity
sold to the state distribution companies.

Moreover, KHPL has a moderate liquidity position with an average
peak utilization of the fund-based facilities during the 12
months ended June 2018 being 92.87%.

However, the ratings continue to be supported by promoters' two
decades of experience in in the poultry and renewable energy
generation business.

RATING SENSITIVITIES

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

Negative: Deterioration in the EBITDA margin leading to
deterioration in the credit metrics and/or liquidity on a
sustained basis, could be negative for the ratings.

COMPANY PROFILE

Hyderabad-based KHPL was established in 1991 by Mr. D Raghava
Rao. The company is engaged in the poultry breeding business.


LAVANYA PUREFOOD: CARE Lowers Rating on INR13.32cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lavanya Purefood Private Limited (LPFPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      13.32      CARE C; Issuer not cooperating;
   Facilities                     Revised from CARE B; Issuer Not
                                  Cooperating; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LPFPL to monitor the
rating vide e-mail communications/letters dated May 7, 2018, May
14, 2018, June 12, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on LPFPL's bank facilities will now be denoted as CARE C;
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 revision in the rating of the bank facilities of LPFPL takes
into account the significant deterioration in overall financial
performance during FY17 marked by deterioration in profitability
margins, capital structure and debt coverage indicators during
FY17. The rating takes into account its small scale of operation,
raw material price fluctuation and availability risk with
susceptibility to vagaries of nature, highly competitive and
fragmented industry and regulated industry. Moreover, the rating
continues to derive strengths by its experienced promoters in
agro based industry, locational Advantage and insulation from
economic cycle with stable demand outlook.

Detailed description of the key rating drivers

At the time of last rating done on March 14, 2017, the following
were the rating strengths and weaknesses: (updated for the
information available from Registrar of Companies)

Key Rating Weaknesses:

Small scale of operation: The scale of operations remained small
marked by total operating income of INR34.29 crore (FY16:31.27
crore) with a net loss of INR3.42 crore (net loss of INR3.71 core
in FY16) in FY17.

Raw material price fluctuation and availability risk with
susceptibility to vagaries of nature: The prices of major raw
material, wheat, are dependent on its availability which is
further dependant on climatic conditions. Wheat production's
overdependence on monsoons is an inherent risk which may impact
its availability, resulting in volatility in wheat prices. Since,
raw material would be the major cost driver for LPFPL, any
increase in raw material prices without corresponding increase in
finished goods prices will result in adverse performance of the
company.

Highly competitive and fragmented industry: Flour processing
industry is highly fragmented and competitive marked by
the presence of numerous unorganized players. Major flour
requirement in the country is met through small 'Chakki'
units, mainly due to low entry barriers on the back of limited
capital and technological requirements and capital subsidy
provided by the state government to promote agro based
industries, leading to intense competition within the business
scenario. Hence, the players in the industry do not enjoy the
discretion oven fixing of price and are always expose to pressure
on profitability driven by induce completion.

Regulated industry: Wheat being a staple food, its prices is
under the tight control of the Central and respective State
Governments. There are strict regulations in place relating to
Minimum Support Price and Exim policy which hugely affects the
wheat prices domestically.

Key Rating Strengths:

Experienced promoters in agro based industry: Mr. Sanjeev Kumar
Thakur has rich working experience of around a decade in the
field of food processing business through his family business.

Locational Advantage: LPFPL's unit has close proximity to local
grain markets, from where the major raw material, 'wheat' can be
easily procurable. Further, Bihar stands sixth among all other
wheat producing states in India. Furthermore, the plant is having
good transportation facilities and other requirements like good
supply of power, and water etc.

Insulation from economic cycle with stable demand outlook: Wheat
based products, viz. 'Maida', 'Suji' and 'Atta' have large
consumption across the country in the form of bakery products,
cakes, biscuits and different types of food dishes in home and
restaurants. Being a part of daily food habit, the demand for
wheat products is sustainable and accordingly, the flour mill
industry is relatively insulated from economic cycle.

Furthermore, flour milling industry in India has witnessed a
satisfactory upward trend over the past few years. The demand has
been driven by the rapidly changing food habits of the average
Indian consumer, dictated by the lifestyle changes in urban and
semi-urban regions of the country. The boom in the hospitality
sector, driven by increasing focus on India by MNC's is expected
to act as a steady and sustained growth driver for the company.

LPFPL was incorporated in June 2011 by Mr. Dilip Kumar and Mr.
Sanjeev Kumar Thakur of Bihar. Although the company has come into
existence in the year 2011, its commercial operation started in
October 2014. The company has set-up a flour mill in Muzaffarpur,
Bihar to process wheat into 'Maida', 'Suzi', and 'Chokar'.


MAHALAXMI ROLLER: CARE Cuts Rating on INR5.84cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahalaxmi Roller Flour Mills (MAR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank       5.84       CARE B; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Issuer
                                   Not cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Mahalaxmi Roller Flour
Mills, to monitor the rating(s) vide e-mail
communications/letters dated May 16, 2018, May 29, 2018 and
June 4, 2018, with numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Mahalaxmi Roller Flour Mills's bank
facilities CARE B; ISSUER NOT COOPERATING.

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

The rating takes into account small scale of operations, low
profitability margins, leveraged capital structure, weak
coverage indicators, working capital intensive nature of
operations, volatility in raw material prices, intense
competition in the industry due to low entry barriers. However
the risk is mitigated by experienced partners in manufacturing
industry.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2017, the following were
the rating strengths and weaknesses

Credit Risk Assessment

Key Rating Weaknesses: Small scale of operations coupled with low
net worth base Despite being operational for more than three
decades, the scale of operations has remained small marked by
total operating income and gross cash accruals of INR48.77 crore
and INR0.08 crore respectively during FY15 (refers to the period
April 1 to March 31) (provisional results). Furthermore, the
firm's net worth base was relatively small at INR3.55 crore as on
March 31, 2015. The small scale operations limit the firm's
financial flexibility in times of stress and deprive it from
scale benefits.

Weak financial risk profile: The financial risk profile of the
firm is weak for the period FY13-FY15, characterized by thin
profitability margins, leveraged capital structure and weak debt
coverage indicators. The profitability margins marked by PBILDT
and PAT margins have remained low during the past three years
(FY13-FY15) owing to low value addition and highly competitive
nature of the industry. The PBILDT margin has declined in FY14 on
account of higher material cost during the year, whereas the PAT
margin is declining y-o-y basis during FY13-FY15 owing to higher
utilization of working capital borrowings over the years.

As on March 31, 2015, the capital structure of the firm comprised
of term loan, unsecured loans and working capital bank borrowing.
The overall gearing stood leveraged at 2.34x as on March 31, 2015
which deteriorated from 1.40x as on March 31, 2014 mainly
attributed to higher utilization of working capital borrowings.
The working capital borrowings of the firm remained 85% utilized
for 12 months ending March 2015. Debt service coverage indicators
marked by interest coverage and total debt to GCA stood weak and
declined further in FY15 over the previous financial year on
account of higher interest cost owing to high utilization of
working capital borrowings. Interest coverage ratio and total
debt to GCA stood at of 1.44x and 26.74x for FY15 against 1.72x
and 12.01x in FY14.

Volatility in raw material prices influenced by government
policies on agro commodity and monsoon dependent operations: MAR
is primarily engaged in processing of wheat products under its
roller mills. The main raw material needed for production of
wheat flour is wheat. Prices of wheat are subjected to government
intervention since it is an agricultural produce and staple food.
Various restrictions including minimum support price (MSP),
control on exports, wheat procurement policies for maintenance of
buffer stocks etc. are imposed to regulate the price of wheat in
the market. The price of wheat is also influenced by the supply
scenario which is susceptible to the agro-climatic conditions.
Thus, any volatility in wheat prices can have direct impact on
the profitability margins of the firm.

In addition to government policies on agro commodity, the 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 leads to volatility in raw material prices. The
monsoon has a huge bearing on crop availability which
determines the prevailing wheat prices.

Highly competitive industry & low entry barriers: The flour
industry is highly fragmented with more than two-third of the
total number of players being unorganized. Due to low entry
barriers in the industry and low value-added nature of products,
the flour mill units have limited flexibility over pricing their
products resulting in low profit margins.

Experienced partners & long track record of operations of firm:
MAR is currently being managed by Mr. Parvinder Khanduja and Mr.
Harvinder Khanduja and both the partners are the second
generation entrepreneurs. Both the partners are graduates and
have wide experience of around four decades in processing of
agriculture product through their association with MAR.

Moderate operating cycle: The operating cycle of the firm stood
moderate at 41 days for FY15. The average collection period
remained at around 10 days during FY15, whereas the firm
purchases wheat mainly on cash or advance basis. The firm is
required to maintain adequate inventory of raw material for
smooth running of its production processes. The firm purchases
raw materials from nearby regions and keeps an inventory of
around 15-30 days.

Mahalaxmi Roller Flour Mills (MAR) is a partnership firm and was
established in 1983, by Mr. G K Khanduja. The current partners
are Mr. Parvinder Khanduja and Mr. Harvinder Khanduja sharing
profit and loss equally. The firm is engaged in processing of
wheat into wheat flour, refined flour (maida), suji and choker.
The main raw material of the firm is wheat which is procured from
broker and commission agents located in Delhi. The firm also
procures wheat from Food Corporation of India (FCI). MAR sells
its products through commission agents and dealers in states like
Uttar Pradesh and Punjab.


MANGALDEEP RICE: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Mangaldeep Rice
Mill Private Limited (MRM) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6         CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          8.24      CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MRM continues to be CRISIL D Issuer not
cooperating'

MRM, incorporated in 2010-11 (refers to financial year, April 1
to March 31), processes paddy. It has milling capacity of 4
tonnes per hour and sells mainly to the Government of Bihar under
the public distribution system. It also sells in the local
market.


METRO AGRI: CARE Lowers Rating on INR13.84cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Metro Agri Industries Limited (MAIL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      13.84      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Issuer not
                                  Cooperating on the basis of
                                  best available information

   Long-term/Short-     2.66      CARE D/CARE D; Issuer not
   Term Bank                      cooperating; Revised from
   Facilities                     CARE B/CARE A4; Issuer not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from MAIL to monitor the
ratings vide e-mail communications/letters dated July 4, 2018,
July 2, 2018, June 29, 2018, June 11, 2018, June 6, 2018, May 31,
2018, May 18, 2018, and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the 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 MAIL's bank facilities will now denoted as CARE D;
ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

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

Metro Agri-Industries Limited (MAIL) was incorporated in 2011 by
Mr. Vijay Garg, Mr. Himank Garg and Mrs. Ankita Garg as a limited
company. The company started its production in November 2013 and
is engaged in the business of basmati rice milling and processing
of rice which is sold in the export and domestic markets. The
processing facility is at Tehsil Israna Karnal district in
Panipat (Haryana) with an installed capacity of ~28,800 metric
tonnes per annum (MTPA) as on March 31, 2015.


MEVADA OIL: CARE Lowers Rating on INR14.60cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mevada Oil Mill Private Limited (MOMPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      14.60      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable;
                                  Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MOMPL to monitor the
ratings vide e-mail communications/letters dated July 2, 2018,
June 14, 2018, June 5, 2018, May 17, 2018, April 18, 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 MOMPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

The rating has been revised on account of the delays in debt
repayment owing to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

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

Surendranagar-based (Gujarat) MOMPL was established in April,
2000 as a proprietorship firm by Mr. Ramesh Mevada. The firm was
engaged in the business of production of refined groundnut oil
and trading in all types of Edible Oil and Oil Cakes. During
October 2016, the proprietorship firm was reconstituted as
"Mevada Oil Mill Private Limited" and is now engaged into
manufacturing of cotton wash oil, crude corn oil and oil cakes as
well as trading in all kinds of edible oil, non-edible oil and
oil cakes.


N.S.R. MILLS: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with N.S.R. Mills (NSR)
for obtaining information through letters and emails dated
December 31, 2017 and June 29, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              4.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of NSR continues to be CRISIL B/Stable Issuer not
cooperating.

Set up in 2007 by Ms S Amirtham as a proprietorship concern, NSR
manufactures cotton yarn of 60s and 40s counts.


NATURAL AGRITECH: Ind-Ra Hikes Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Natural Agritech
Private Limited's (NAPL) Long-Term Issuer Rating to 'IND B+' from
'IND B- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits upgraded with IND B+/Stable
    rating;

-- INR46.6 mil. (reduced from INR73.7 mil.) Term loan due on
    May 30, 2021 upgraded with IND B+/Stable rating; and

-- INR22.5 mil. Non-fund-based limits affirmed with IND A4
    rating.

KEY RATING DRIVERS

The upgrade reflects NAPL's revenue growth to INR222.85 million
in FY18 from INR121.75 million in FY17, driven by a rise in sales
volume, though the scale of operations continues to be small.
FY18 financials are provisional.

The ratings are supported by NAPL's healthy return on capital
employed (FY18: 30.15%; FY17: 19.83%) and EBITDA margin (12.31%;
35.81%). The fall in the margin was due to more direct sales
(which yield low margins) than job works.

The ratings continue to benefit from the promoters' experience of
nearly a decade in the rice industry and the company's location
advantage owing to its proximity to paddy-growing regions.

The ratings, however, continue to be constrained by NAPL's weak
credit metrics, which deteriorated in FY18 due to a fall in
EBITDA despite a decrease in financial cost and external
borrowings. In FY18, its interest coverage (operating
EBITDA/gross interest expense) was 1.86x (FY17: 2.25x) and net
leverage (total adjusted net debt/operating EBITDAR) was 3.60x
(2.25x).

The ratings also continue to be constrained by a tight liquidity,
indicated by an average maximum fund-based limit utilization of
99.73%% for the 12 months ended June 2018.

The ratings continue to reflect company's presence in the highly
fragmented and competitive rice milling business, raw material
price fluctuations, which are subject to government regulations,
and the seasonal nature of the availability of paddy.

RATING SENSITIVITIES

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

Positive: Revenue growth, along with improved credit metrics, on
a sustained basis, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2014 by Krishna Kumar Modi, Sangita Agarwal,
Harish Saraogi and Sourav Saraogi, NAPL is engaged in the
production and milling of rice. The company has a160 metric ton
per day manufacturing facility in Dhenkanal, Odisha. The company
mainly sells its products under the brands Babaji, Shivam Gold
and Aayog.


NAVEEN POULTRY: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Naveen Poultry
Farms Private Limited (NPFL) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        1.7       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     4.0       CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of NPFL continues to be CRISIL D Issuer not
cooperating.

NPFL was set up in 2011 by Mr. K Kiran Kumar, Mrs. K Saritha Rao,
and Mr. V Narendra Reddy. The company produces commercial eggs at
its facility in Hyderabad.


NEW HORIZON: CARE Lowers Rating on INR6.40cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
New Horizon Knits Private Limited (NHKPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.40       CARE B; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating on the basis
                                   of best available information

   Short-term Bank      1.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NHKPL 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 CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
CARE's rating on New Horizon Knits Private Limited bank
facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account no due-
diligence conducted due to non-cooperation by New Horizon Knits
Private Limited. Further, the ratings take into account small and
fluctuating scale of operations, low profitability margins,
leveraged capital structure, weak coverage indicators, working
capital intensive nature of operations, fragmented nature of
industry and susceptibility to the raw material price
fluctuations. However the risk is mitigated by long standing
experience of the promoters.

Detailed description of the key rating drivers

At the time of last ratings on April 28, 2017. The following were
the rating strengths and weaknesses (Updated for the information
available from the registrar of companies).

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
stood small scale which limits the company's financial
flexibility in times of stress and deprise of scale benefits. The
profitability margins of the company remained on a lower side
owing to the trading nature of the business and highly
competitive industry.

Low PAT margins and leveraged capital structure and weak coverage
indicators: In the past 3 years the company had moderate PBDILT
margin. However, higher interest and depreciation restrict the
PAT margin below unity in the past three financial years i.e.
FY15-FY17. The capital structure of NHKPL stood leveraged owing
to high dependance on external borrowings. Furthermore, the debt
coverage indicators of NHKPL also stood weak on account of higher
interest costs incurred.

Working capital intensive nature of business operations: The
operating cycle has remained stretched on account of higher
inventory maintained by the company. The company manufactures
different forms of socks and other hosiery garments and maintains
sufficient stock of different forms of raw materials i.e. yarn
and fabrics for smooth production process leading to high
inventory holding period in FY17 (refers to the period April 1 to
March 31). The manufacturing process involves printing,
embroidery and dyeing leading to work in progress period of
around two weeks.

Furthermore, the company has to maintain minimum inventory of its
products, mainly socks, to meet the demand of its customers. The
company offers credit period of around one and a half month to
its customers. However, some comfort can be drawn as the company
has been receiving higher credit period from its suppliers as
well.

Susceptibility to volatility in raw material prices and currency
rates: The main raw material of the company is yarn (cotton,
nylon and synthetic) which constituted major part of the total
cost of production. The cotton prices are volatile on account of
various factors like government policies viz. minimum support
price, regularity of monsoon leading to unpredictable yield etc.
Hence any volatility in the prices of raw material has a direct
impact on the profitability margins of the company. NHKPL's
revenue is largely dependent on exports, which, thereby the firm
is exposed to foreign exchange fluctuation risk. NHKPL does not
have any prudent foreign exchange hedging initiative like forward
contract etc. The company usually raises its export bill at spot
price on the date of receipt of order; however, the payment for
the same is received after delivery of goods. Any adverse
movement in the currency rate during this period can impact the
profitability of the company.

Highly fragmented and competitive industry: The company operates
in the textile manufacturing and processing industry which is
highly fragmented with the presence of numerous independent
small-scale enterprises owing to low entry barriers leading to
high level of competition in the processing segment. The intense
competition in the highly fragmented textile industry restricts
ability to completely pass on volatility in input cost to its
customers, leading to lower profitability margins.

Key Rating Strengths

Experienced promoters: Currently, NHKPL is managed by its two
directors, Mr. Shyam Sundar Chamria and Mr. Ravi Chamria. Mr.
Shyam Sundar Chamria has around four decades of experience in the
textile industry and looks after the overall management of the
company. Mr. Ravi Chamria has more than one decade of experience
and looks after the administrative activities of the company. Due
to long standing experience in the textile industry, the company
has developed good relations with the local raw material
suppliers and procures raw material directly from them.

NHKPL was incorporated in the year 2005 by Mr. Shyam Sundar
Chamria and his son Mr. Ravi Chamria. The company is engaged in
the manufacturing and exports of socks and other hosiery items
like leggings and tights for women and kids at its unit in
Bahadurgarh (Haryana) under the brand name of Angry Bird and NBA.
The exports contributed around 85% during FY15 (refers to the
period April 1 to March 31) to the countries like United States
and United Kingdom along with other European countries. The main
raw materials are cotton yarn, nylon yarn and synthetic yarn
which are procured from the domestic suppliers based in the
regions of Haryana and Delhi. Its main products are primarily for
all seasons and manufacture all variants of socks like boys' &
girls' socks, infant socks, knee socks, formal socks and others.
NHKPL has an in house facility and infrastructure has fully
computerized socks knitting & finishing machines mainly imported
from the countries like Korea, Italy and China. The manufacturing
takes place keeping in mind correct design, use of correct yarn,
colours and sizes as per customers' requirement and demand.


NICE POULTRY: CRISIL Maintains B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Nice Poultry Feeds
Mill Private Limited (NPFPL) for obtaining information through
letters and emails dated December 31, 2017 and June 29, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.75      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              9.25      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of NPFPL continues to be CRISIL B/Stable Issuer not
cooperating'.

NPFPL, incorporated in 2011, manufactures poultry feed at its
facility in Ghaziabad (Uttar Pradesh). NPFPL is promoted by Mr.
Rais Ahmad, Mr. Naeem Ahmad, and Ms. Shama Praveen.


NIKKI STEELS: CARE Lowers Rating on INR12cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nikki Steels Private Limited (NSPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NSPL 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 CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
CARE's rating on Nikki Steels Private Limited bank facilities
will now be denoted as CARE B-; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account no due-
diligence conducted due to non-cooperation by Nikki Steels
Private Limited. Further, the ratings take into account declining
scale of operations, low profitability margins, leveraged
capital structure, weak coverage indicators, customer
concentration risk, working capital intensive nature of
operations, fragmented nature of industry and cyclicality
associated with steel industry. However the risk is mitigated by
long standing experience of the promoters.

Detailed description of the key rating drivers

At the time of last ratings on April 28, 2017, the following were
the rating strengths and weaknesses (Updated for the information
available from the registrar of companies).

Key Rating Weaknesses

Modest scale of operations: NSPL's scale of operations continues
to remain modest which limits the company's financial flexibility
in times of stress and deprives it of scale benefits.

Weak financial risk profile: The profitability margins of the
company continues to remain low owing to the trading nature of
the business and intense market competition given the highly
fragmented nature of the industry. The capital structure of the
company continues to remain leveraged on account of high
dependence on working capital borrowings coupled with low net
worth base. Furthermore, the debt coverage indicators also
continues to remain weak due to low profitability and high debt
level.

Working capital intensive nature of operations: Operations of the
company continues to remain highly working capital intensive
marked by elongated operating cycle of around 4 months in FY17
(refers to the period April 1 to March 31). The company procures
the goods on cash basis from few suppliers and receives credit of
60-90 days from few suppliers. Furthermore, the company provides
credit period of around one and half months to its customers.

Cyclicality associated with steel industry: Steel is a cyclical
industry which has strong correlation with economic cycles. This
emerges from the fact that its key users like automobiles,
construction, etc, are highly dependent on the health of the
economy. Thus, NSPL, being a smaller player in the industry, gets
affected during cyclical downturns of the industry.

Highly fragmented nature of industry characterized by intense
competition: The segment of the steel industry in which the
company operates is highly fragmented and competitive marked by
the presence of numerous players in India. Hence, the players in
the industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced promoters: NSPL is being managed by Mr. Neeraj Gupta
and Mr. Sharad Gupta. Mr. Neeraj Gupta has two decades of
experience, while Mr. Sharad Gupta has an experience of more than
two decades in iron & steel industry through their association
with B.B Steels, a proprietorship firm engaged in trading of
steel as well as with other regional companies engaged in same
activity.

NSPL, based in Ghaziabad, Uttar Pradesh, was incorporated in
June 2006 by Mr. Neeraj Gupta and Mr. Sharad Gupta. NSPL is
primarily engaged in trading of iron and steel products such as
coil, bars, wire rods and plates. The company procures the traded
product directly from the domestic manufacturers and sells to
various construction and private infrastructure companies
domestically.


ODYSSEY ADVANCED: Ind-Ra Moves BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Odyssey Advanced
Telematics Systems' 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:

-- INR80 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR19 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 1993 as a proprietorship concern, Odyssey Advanced
Telematics Systems provides operations and maintenance services
for the telecommunications sector. It is also engaged in civil
construction, and executes orders issued by different entities
such as Odisha Power Transmission Corporation Limited.


PERTH CERAMIC: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Perth Ceramic
Private Limited' (PCPL) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter Of Guarantee    6.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        33.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1.0      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of PCPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'

Set up in 2014, Perth Ceramic Private Limited (PCPL), is a Morbi,
Gujarat based partnership firm which engaged in manufacturing of
vitrified tiles. The firm is promoted by Mr. Rupesh Kumar
Manganlal Kotadiya, Mr. Dilipkumar Jivrajbhai Barasara and Mr.
Parshotam Kachrabhai Patel. The company started commercial
operation in June 2015.


RAJ ARCADE: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raj Arcade Homes
Private Limited's (RAHPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR776.747 mil. (reduced from INR1.020 bil.) Long-term loan
     due on February 28, 2021 assigned with IND BB/Stable rating.

* The final rating has been assigned following the receipt of
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects risks of time and cost overrun in
RAHPL's ongoing residential project, Kalpavruksh Heights. As of
June 2018, 70.24% of the total construction was completed. The
project is likely to be completed by September 2018.

However, the ratings remain supported by the promoters' more than
one decade of experience in the real estate sector and the
project's strategic location with proximity to schools, colleges
and markets. So far 95.16% of the flats have been booked and the
company has received 73.55% of the total project cost as customer
advances.

RATING SENSITIVITIES

Positive: Sale of substantial number of housing units leading to
strong cash flow visibility will be positive for the ratings.

Negative: Any slowdown in the flat bookings leading to a
shortfall in cash flows will be negative for the ratings.

COMPANY PROFILE

RAHPL is constructing a residential project in Kandivali West,
Mumbai. The project, which began in January 2012, is a
redevelopment project under Slum Rehabilitation Authority. The
company was incorporated by Mr. Rajesh Savla.


RELISHAH EXPORT: Ind-Ra Affirms B+ Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Relishah Export's
(Relishah) Outlook to Stable from Negative while affirming its
Long-Term Issuer Rating at 'IND B+'.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based post shipment demand loan/usance
    foreign bill purchased/foreign bill purchased affirmed with
    IND A4 rating;

-- INR260 mil. Fund-based packing credit/packing credit in
    foreign currency* affirmed with IND A4 rating; and

-- INR2 mil. Non-fund-based inland bank guarantees affirmed with
    IND A4 rating.

* Includes an INR80 million standby limit

KEY RATING DRIVERS

The Outlook revision reflects Relishah's improved capital
structure in FY18, as the partners infused capital of around
INR207 million.

Moreover, the revenues and margins are likely to improve in FY19
and beyond, as the company is moving its business focus away from
the sluggish Chinese market, the largest buyer, to European
countries, where the demands and margins are better. Relishah has
achieved revenue of INR900 million in 1QFY19, backed by high
order inflows from countries such as Peru and Brazil.

Revenue remained high in FY18, despite falling 12.6% yoy to
INR2,379 million in FY18. This was because China reduced its
cotton purchases sharply. Yarn demand from overseas buyers has
remained sluggish since domestic cotton prices were hiked in
October 2017, as importers held their orders in anticipation of a
price fall. The firm's return on capital employed was 15% and
EBITDA margin was average at 3.4% in FY18 (FY17: 2.1%).

Relishah's credit metrics are modest with interest coverage
(EBITDA/gross interest expense) of 1.5x in FY18 (FY17: 1.0x) and
net leverage (net debt/EBITDA) of 1.2x (10.0x). The major
improvement in credit metrics was on account of reduced
dependence on unsecured loans and reduced drawdown of secured
loans. FY18 financials are provisional in nature.

The ratings remain constrained by the partnership structure of
the organization and high competition in and cyclical nature of
the cotton trading industry, as well as the risk of any adverse
change in regulatory policies.

The ratings continue to reflect the firm's high working capital
intensity. Its net working capital cycle improved to 50 days in
FY18 (FY17: 90 days) due to a reduction in receivable days and
inventory days.

The ratings, however, are supported by Relishah's adequate
liquidity position, indicated by an average maximum utilization
of 19.78% of the fund-based working capital limits during the 12
months ended June 2018.

The ratings are also supported by the three-decade-long
experience of Relishah's founders in the cotton trading industry
and the firm's geographically diversified customer base and
strong customer relationships.

RATING SENSITIVITIES

Negative: Future developments that could lead to a negative
rating action are a decline in the revenue and EBITDA margin,
leading to deterioration in the overall credit metrics, all on a
sustained basis.

Positive: Future developments that could lead to a positive
rating action are a significant rise in the revenue and EBITDA
margin, leading to an improvement in the overall credit metrics,
all on a sustained basis, and/or conversion in the business
structure to corporate from partnership.

COMPANY PROFILE

Established in 1987, Relishah is a registered partnership firm
engaged in the export of textile goods such as cotton yarn.


RICHU MAL: CARE Lowers Rating on INR5cr Long-term Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Richu Mal Bishan Sarup (RMB), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank        5        CARE B; Issuer not cooperating;
   Facilities                     Revised from CARE B+; ISSUER
                                  NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RMB to monitor the
rating(s) vide e-mail communications/letters dated June 1, 2018,
May 28, 2018, May 15, 2018, etc. and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Richu Mal Bishan
Sarup's bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

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

The rating has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by Richu Mal Bishan Sarup with CARE'S efforts to
undertake a review of the rating outstanding. CARE
views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 16, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Fluctuating and small scale of operations coupled with low net
worth base: The scale of operations of the firm has
remained small and fluctuating. The total operating income has
increased in FY13, however, it declined in FY14 (refers to
the period April 1 to March 31), mainly on account of lower
quantity sold to local wholesalers. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits.

Weak financial risk profile: The overall financial risk profile
of the firm was weak marked by thin profitability margins,
leveraged overall gearing and weak debt coverage indicators. The
profitability margins remained thin for past three financial
years i.e. FY12- FY14 marked by PBILDT margin and PAT margin. The
capital structure of the firm stood leveraged during past three
financial years i.e. FY12-FY14 as marked by overall gearing.

Working capital-intensive nature of operations: Operations of the
firm are highly working capital intensive marked by high average
operating cycle. Being present in a highly competitive business
and having low bargaining power with its customers the average
credit period allowed by the firm is around 2-3 months.

Highly competitive industry & low entry barriers: The trading of
food and food product industry is highly fragmented with more
than two-third of the total number of players being unorganized.
Due to low entry barriers in the industry and low value added
nature of products, high competition is the inherent risk
associated with the industry.

Key Rating Strengths

Experienced management & long track record of operations of
company: The firm is managed by Mr. Arun Gupta, Mr. Anurag Gupta
and Mr. Ashish Gupta who have work experience of around two
decades with the firm.

Richu Mal Bishan Sarup (RMB) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop.
However, the current active partners are Mr. Arun Gupta, Mr.
Ashish Gupta and Mr. Anurag Gupta. The firm is engaged in
trading of food and food products such as dry fruits, desi ghee,
etc. The firm procures these items mainly from Delhi,
Haryana and U.P., whereas it mainly sells its products in Delhi
and nearby regions, with selling and distribution activities
solely looked after by the partners.


ROLTA INDIA: Bondholders Oppose Debt Restructuring Plan
-------------------------------------------------------
Bloomberg News reports that Rolta India Ltd.'s attempt to
reorganize about $500 million of defaulted bonds faces fresh
opposition from a group of noteholders demanding an upfront
payment before consenting to the restructuring.

Bloomberg relates that Eric Kraus, a money manager at Moscow-
based Nikitsky Capital, said the group, which owns almost 20% of
2018 bonds issued by the technology company, has approached an
investment bank and law firms to devise an alternative to the
proposal by a rival set of creditors.

According to Bloomberg, Rolta agreed a revised proposal with that
ad hoc committee of creditors earlier this month, some two years
after it went into default. That agreement entails a $53 million
upfront payment, issuing $500 million of new notes, and giving
Rolta an extra option to redeem the new securities at $152
million within 90 days. An earlier debt settlement effort
collapsed in April after Rolta failed to provide a $20 million
security deposit.

"We will seek to block the take-it-or-leave-it proposal as
currently tabled by the committee," Bloomberg quotes Mr. Kraus as
saying in an email interview on July 24. "The early redemption
option is particularly objectionable," given the scale of the
haircut, he said.

Three phone calls to Rolta went unanswered. Amit Jain, the head
of legal, didn't immediately reply to an email seeking comment.
Moelis & Co., the financial adviser to Mumbai-based Rolta,
declined to comment. Houlihan Lokey Inc., which advises the ad
hoc committee, didn't reply to requests for comment, notes
Bloomberg News.

Bloomberg says Rolta defaulted on $127 million of 2018 notes in
June 2016 and $372 million of 2019 bonds in August that year
after missing coupon payments. The notes started tumbling in
April 2015 after Glaucus Research Group California LLC released a
"strong sell" report. While Rolta rejected the concerns over its
accounting outlined by Glaucus, rating companies later said they
were kept in the dark over the company's finances.

Mr. Kraus said his group, which isn't involved in the ad hoc
committee, is willing to support the committee's proposal if the
early-redemption option is dropped, Bloomberg adds. All agree
"that no consent should be granted until a good-faith and
inclusive negotiation is held," he said.

                         About Rolta India

Rolta India is an IT services and solutions company providing
geographical information system services, engineering design
services and IT solutions to customers in North America, Europe,
Australia and Middle East.

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2017, India Ratings and Research (Ind-Ra) affirmed Rolta
India Limited's Long-Term Issuer Rating at 'IND D'.


SARASWATI TRADING: CARE Reaffirms B+ Rating on INR4.5cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Saraswati Trading Company (STC), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      4.50      CARE B+; Issuer not cooperating;
   Facilities                    Rating Reaffirmed; Based on best
                                 available information

   Long-term/Short     1.50      CARE B+/CARE A4; Issuer not
   Term Bank                     cooperating; Rating Reaffirmed;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Saraswati Trading Company
to monitor the rating(s) vide e-mail communications/letters dated
June 1, 2018, May 28, 2018, May 15, 2018, etc. and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Saraswati Trading
Company's bank facilities will now be denoted as CARE B+/CARE A4;
ISSUER NOT COOPERATING .

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

The ratings take into account the constraints relating to firm's
decline in the total operating income with low profitability
margins during FY15, deterioration in capital structure, coverage
indicators and operating cycle during FY15. The ratings are
further constrained by risk associated with highly fragmented
industry characterized by high competition. The ratings, however,
draws comfort from the favorable manufacturing location of the
firm.

Detailed description of the key rating drivers

At the time of last rating on March 16, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Decline in the total operating income with low profitability
margins: The total operating income (TOI) of the firm declined in
FY15 (refes to the period April 1 to March 31) on account of
lower quantity sold owing to low demand from existing customers.
While PBILDT margin and PAT margin increased, respectively, in
FY15 owing to goods exported with higher profit margins, the
profitability margins continue to be thin due to low value
addition, intense market competition and fragmented nature of
industry.

Deterioration in capital structure, coverage indicators and
operating cycle: Overall gearing ratio deteriorated as on March
31, 2015, mainly due to higher utilization of working capital
borrowings. Interest coverage ratio of the firm stood moderate
during FY15 due to increase in the interest cost mainly
attributed to higher utilization of working capital bank
borrowings during the year. Furthermore, total debt to GCA
deteriorated due to increase in the total debt coupled with lower
GCA. The operating cycle of the firm stood elongated mainly due
to elongation in inventory holding period during FY15.

Highly fragmented industry characterized by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. Moreover, adverse
climatic conditions can affect their availability and leads to
volatility in raw material prices.

Key Rating Strengths

Favorable manufacturing location: The firm's processing facility
is situated in Karnal (Haryana) which is one of the highest
producers of paddy in India. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms.

Karnal-based STC was initially established as a proprietorship
concern by Mr. Rajesh Khanna in April 1992, and started its
commercial production in September, 1992. The constitution was
further changed to partnership in September, 2010 and other
members of the Khanna family joined as the partners in the firm.
Currently, STC has seven partners. The firm is engaged in the
trading and processing of rice. The firm procures raw materials
(paddy) from the local market through commission agents and the
final products are sold in the domestic as well as overseas
market.


SHREE DATT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Datt
Aquaculture Farms Private Limited's (Shree Datt) Long-Term Issuer
Rating to 'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR415 mil. (increased from INR385 mil.) Fund-based working
    capital facilities downgraded with IND BB+/Stable/IND A4+
    rating;

-- INR 41.4 mil. (reduced from INR48.9 mil.) Long-term loan due
    on March 2023 downgraded with IND BB+/Stable rating; and

-- INR43.5 mil. Non-fund-based facilities downgraded with
    IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a decline in Shree Datt's overall credit
profile in FY18. Financials for FY18 are provisional. The
company's revenue declined to INR1,772.2 million from INR2,280.2
million in FY17 due to a fall in shrimp prices in 2HFY18 and
increased competition from large organized players. The scale of
operations remains moderate. Meanwhile, its interest coverage
(operating EBITDA/gross interest expense) and net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 1.8x and
6.7x in FY18 from 2.5x and 4.8x in FY17, respectively. The
deterioration was due to a fall in absolute EBITDA to INR74.1
million in FY18 from INR96.1 million in FY17 and a rise in
interest-bearing debt to INR456 million from INR396.4 million.
The credit metrics stay at a modest level. In FY18, Shree Datt's
return on capital employed and profitability were modest at 8.0%
(FY17: 13.0%) and 4.2% (4.2%), respectively.

The ratings continue to reflect Shree Datt's tight liquidity,
indicated by a peak utilization of the fund-based working capital
limits of about 99.0% during the 12 months ended June 2018, owing
to an elongation in the cash conversion cycle to 101 days in FY18
from 78 days in FY17 on account of an inventory pile-up.

The ratings also continue to reflect the inherent vulnerability
of the seafood industry to disease and viral attacks,
competition, currency fluctuations and adverse changes in
government policies. However, Shree Datt largely focuses on
Vannamei shrimp that has better resistance to diseases and a
higher production density.

The ratings factor in Shree Datt's reduced geographical
concentration, albeit still high. Revenue contribution from the
US was 62.0% in FY18 (FY17: 75%).

The ratings, however, continue to be supported by the promoters'
operating experience of around two decades in the aquaculture
business that has led to established relationships with fish
farmers. Moreover, it has a captive pond that meets 50.0% of its
raw material requirements.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or the EBITDA margin,
leading to deterioration in the credit metrics, on a sustained
basis, and/or any deterioration in the net cash conversion cycle,
leading to stressed liquidity, will be negative for the ratings.

Positive: A substantial improvement in the revenue and a stable
profitability, leading to an improvement in the credit metrics,
on a sustained basis, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2003, Shree Datt is engaged in the rearing,
processing and export of various kinds of seafood. The company
has a 90 metric ton per day processing unit in Billimora,
Gujarat. In addition, it has a 600 metric ton cold storage
facility.


SHYAM CORPORATION: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Shyam Corporation
Private Limited (SCPL) for obtaining information through letters
and emails dated December 31, 2017 and June 29, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.4       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             16.1       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SCPL continues to be 'CRISIL B/Stable Issuer not
cooperating'

SCPL is an Ahmedabad-based textile processing house, engaged in
the business of dyeing and printing of different types of fabrics
(primary cotton). The company's revenues are equally distributed
between job work and own account sales. SCPL was earlier a
partnership firm - Shyam Textile Mills and was reconstituted as a
private limited company effective July 2010.


STONE INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Stone India Limited
        16, Taratalla Road, Alipore
        Kolkata - 700088, West Bengal, India

Insolvency Commencement Date: July 17, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 13, 2019
                              (180 days from commencement)

Insolvency professional: Anil Anchalia

Interim Resolution
Professional:            Anil Anchalia
                         16B Robert Street, 2nd Floor,
                         Kolkata - 700012, West Bengal
                         E-mail: anilanchalia@yahoo.com

                            - and -

                         Apex Insolvency Professionals LLP
                         Central Plaza, 41 B.B. Ganguly Street,
                         5th Floor, Room No. 5A, Kolkata - 700012
                         E-mail: sil.cirp@gmail.com

Last date for
submission of claims:    August 3, 2018


SUMERU DEVELOPERS: CRISIL Migrates B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Sumeru Developers
(SD) for obtaining information through letters and emails dated
April 26, 2018, May 11, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SD, based at Pune and established in 2006, is a proprietorship
firm of Pune-based Raikar family. The firm develops real estate.
It has completed one project, Sushrut, and is undertaking
construction of a residential project in Pune.


SUNSTAR OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Sunstar Overseas Limited
        4119/7, First Floor, Naya Bazar
        New Delhi DL 110006 IN.

           - and -

        Gate#2, 40 Km Stone, G.T. Karnal Road,
        Bahalgarh, Distt. Sonepat - 131021,
        Haryana (India)

           - and -

        Gate No#1, 40 k.m. Stone, G.T. Karnal Road,
        Bahalgarh, Distt. Sonepat - 131021,
        Haryana (India)

           - and -

        26 Km Stone, Amritsar - Jalandhar G.T. Road
        Tangra, Amritsar - 143009, Punjab (India)

Insolvency Commencement Date: July 20, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 16, 2019
                              (180 days from commencement)

Insolvency professional: Gian Chand Narang

Interim Resolution
Professional:            Gian Chand Narang
                         Flat No. 214, Block-B 2, Varun
Apartment,
                         Sector-9, Rohini, New Delhi - 110085
                         E-mail: narangcg58@gmail.com

                            - and -

                         ARCK Resolution Professionals LLP
                         409, 4th Floor, Ansal Bhawan,
                         16 K G Marg, Connaught Place,
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    August 6, 2018


TATA MOTORS: S&P Cuts Issuer Credit Rating to BB; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
India-based automobiles company Tata Motors Ltd. to 'BB' from
'BB+'. The outlook is stable.

S&P said, "We also lowered our long-term issue rating on Tata
Motors' U.S. dollar-denominated senior unsecured notes to 'BB'
from 'BB+'.

"We downgraded Tata Motors to reflect our view of the weakening
operating conditions for the company's fully owned subsidiary
Jaguar Land Rover Automotive PLC. (JLR) over the next two to
three years. A recovery in Tata Motors' commercial and passenger
vehicle businesses in India will only partially offset the
weakness, in our view.

"We expect JLR's sales volumes to grow at 6.0%-8.0% annually over
the next two to three years after a growth of just 1.7% in fiscal
2018 (year ended March 31, 2018). We had expected volumes to rise
14.0%-17.0% during the year. JLR is a U.K.-based maker of premium
cars and accounts for three-fourths of Tata Motors' reported
revenue and EBITDA.

"We attribute a part of the decline in volumes for JLR to
Europe's aversion to diesel cars after the Volkswagen AG
"Dieselgate" emissions scandal. Diesel cars accounted for more
than 30.0% of JLR's volumes in fiscal 2018, although the share of
diesel car sales in the company's U.K. and the European Union
(EU) sales was in excess of 80.0%.

"Sales of diesel vehicles are gradually recovering in these
markets, but we believe such vehicles are well past their peak.
Tata Motors expects the share of hybrid and electric vehicles
(EV) in its total sales volumes to rise to 20.0% by fiscal 2023,
from about 5.0% now, tempering the impact of the decline in
diesel car sales. JLR seems to have good EV offerings, although
its EV volumes are at best nascent when compared to peers such as
Daimler AG and BMW AG.

"We believe lingering risks of Brexit-related trade restrictions
and of U.S. import tariffs add further uncertainty to JLR's
operating performance. JLR's lower operating scale, higher
concentration in the U.K., and lack of manufacturing in its key
U.S. market, makes its financial performance less resilient than
that of significantly larger peers such as Daimler, BMW, and Fiat
Chrysler Automobiles N.V. The U.K. accounts for about 70.0%
(although the share is declining) of JLR's manufacturing
capabilities, while North America (mainly the U.S.) accounts for
21.7% of its volumes sold. Offsetting some of these negatives
would be China's latest move to reduce tariffs on imported cars
by about 10.0%.

"We expect JLR's modest sales growth, stagnant price realization
per car, rising commodity prices, and higher product development
expenses to continue to weigh on the company's profitability. Its
EBITDA margin (mainly adjusted for capitalized product
development expenses) was 5.7% in fiscal 2018, 130 basis points
lower than our expectation and the margin in fiscal 2017. In
comparison, peers have margins of 9.0%-12.0%.

"We expect JLR's profitability to gradually recover to about 7.0%
in fiscal 2019 and 9.0% by fiscal 2020. Modest volume growth from
the company's good product slate, savings from low-cost
operations in Slovakia, and better cost controls should support
the recovery over the next two to three years.

"Meanwhile, we expect Tata Motors' commercial vehicle (CV) volume
growth in India to remain strong over the next two to three
years. We estimate that sales will rise 9.0%-13.0% annually
during the period. CV sales have bounced back sharply after
headwinds such as a cyclical slump in demand, changes in India's
emission norms, demonetization, and imposition of the goods and
services tax over the past few years. The CV volumes were up
16.7% year-over-year in fiscal 2018. The company's market share
also recovered to 45.1%, from 44.4% in fiscal 2017.

"We believe the following factors should boost Tata Motors' sales
and profitability over the next two to three years: (1) India's
improving GDP growth; (2) Tata Motors' promising CV and passenger
vehicle product portfolio; (3) its better cost management through
rationalization of platforms; (4) its increased distribution and
customer-centric approaches, and (5) its supplier
rationalization. However, heightened price competition (practices
of offering discounts) from Indian CV peers such as Ashok Leyland
Ltd., Mahindra & Mahindra Ltd., and Bharat Benz Ltd., and the
recently announced changes to the CV tonnage policy in India
could constrain Tata Motors' profitability.

"We estimate Tata Motors reported automotive profitability
(EBITDA margins, excluding JLR and Tata Motors Finance Holdings
Ltd. [TMF], its captive finance operations) will gradually
strengthen to 8.0% over the next two to three years, from about
6.0% now. Significant volume growth in CV and passenger vehicles
would support the improvement, although the passenger vehicle is
likely to remain loss-making in the next 12-24 months.

"Tata Motors' operating performance in fiscal 2018 was largely in
line with our expectation. Improving performance of the CV and
passenger vehicles businesses largely offset margin pressures
from JLR. The company's ratio of funds from operations (FFO) to
debt was 24.6%, compared with our expectations of 22.0%-24.0%.

"The stable outlook on Tata Motors reflects our expectation that
the company's modest volume growth and improving profitability at
JLR from a shift in production to low-cost Slovakia facilities
and controlled capital spending would lift its ratio of FFO to
debt to 30.0%-40.0% over the next 12-18 months. A continued
turnaround in Tata Motors' CV business should also support the
recovery.

"We may lower the rating on Tata Motors if the FFO-to-debt ratio
fails to recover to more than 25.0% over the next 12 months. This
could happen if the company's operating performance continues to
remain weak while its capital spending stays elevated."

Reported EBITDA margins of less than 11.0% would indicate weak
operating performance. Brexit-related trade restrictions, U.S.
import tariffs, reduced volumes or profit margin at JLR due to
competition or changing consumer preferences, and a wavering
Indian CV business could result in such a scenario.

S&P said, "We are unlikely to upgrade Tata Motors over the next
12-24 months unless the ratio of FFO to debt rises above 45.0% on
a sustainable basis and the company is close to breakeven on free
operating cash flows. JLR's improved performance without a
commensurate increase in capital spending, reduced Brexit and
U.S.-tariff risks, and a sustained recovery in Tata Motors' India
operations could indicate such a scenario."


U. K. PAPER: CRISIL Maintains 'B-' Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with U. K. Paper
Converters Private Limited (UKPC) for obtaining information
through letters and emails dated December 31, 2017 and June 29,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UKPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UKPC is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of UKPC continues to be 'CRISIL B-/Stable Issuer not
cooperating'

UKPC was set up as a partnership concern, U K Paper Converters
(UKP), in 2012. UKP was converted into a private-limited company
on April 01, 2014, and is managed by directors, Mr. Arvinder
Singh and Mr. Jaskirath Singh. UKPC manufactures note books and
writing and printing paper and trades paper. The company's plant
is situated in Kashipur (Uttarakhand).


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

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working limits maintained in non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR66.03 mil. Long-term loans maintained in non-cooperating
    category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vishnu Cars is an authorized dealer of Maruti Suzuki India
Limited. It has five showrooms, seven service centers and one
stockyard in Chennai.



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


ASIA BRANDS: Auditor Raises Going Concern Doubt
-----------------------------------------------
The Sun Daily reports that Asia Brands Bhd's external auditor
Messrs UHY has issued a statement of "material uncertainty
related to going concern" in respect of the group's financial
statements ended March 31, 2018 (FY18).

Asia Brands incurred a net loss of RM19.20 million and RM2.14
million for FY18 at the group and company levels, respectively,
with net current liabilities of RM32.18 million and RM6.83
million, the report discloses.

"These events or conditions, along with other matters, indicate
that there is a material uncertainty on the group's ability to
continue as a going concern," UHY said in the statement, Sun
Daily relays.

According to Sun Daily, Asia Brands has started the process of
addressing the key audit matters that relates to the material
uncertainty related to going concern.

"Asia Brands will be undertaking a proposed right issue and
private placement exercise. Based on the recent financial
performance of the group, Asia Brands has managed to reduce
operating losses which resulted in positive cash flow. The group
will continue in the same course to further improve its financial
standing this year."

Barring any unforeseen circumstances, the group expects a
timeline of nine months to address the material uncertainty
related to going concern, Sun Daily adds.

Asia Brands Corporation Berhad manufactures, markets, and sells
lingerie, ladies' leisure wear, children's wear, and care and
related products in Malaysia.



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


MULHACEN PTE: S&P Assigns B+/B ICRs, Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it assigned its 'B+/B' long- and
short-term issuer credit ratings (ICRs) to Singapore-based
nonoperating holding company Mulhacen Pte. Ltd. (Mulhacen). The
outlook is stable.

S&P also assigned its 'B+' issue rating to the EUR515 million,
senior secured payment-in-kind (PIK) toggle notes due in 2023, to
be issued by Mulhacen.

On March 26 2018, Varde Partners -- a global investment firm with
a portfolio of around $14 billion -- announced the acquisition of
the remaining 49% stake in Spain-based operating bank WiZink Bank
S.A. (WiZink) that it did not own from Banco Popular Espa§ol S.A.
The acquisition will be partly financed with the issuance of
EUR515 million, five-year, senior secured PIK toggle notes, by
Mulhacen, a newly created holding company located in Singapore.

The issue rating of 'B+' on the notes is at the same level as the
long-term ICR on the issuer, Mulhacen, given the notes' status as
senior obligations. The PIK feature, which entitles the issuer to
make coupon payments in kind rather than in cash (in particular,
by increasing the principal amount of the outstanding notes),
does not lead us to rate the instrument lower than the ICR. That
is because if Mulhacen were to pay in kind rather than in cash on
an interest payment date, S&P would not see it as a breach of an
imputed promise, and therefore it considers the likelihood of
repayment of the original principal and PIK interest as similar
to the likelihood of the issuer repaying its other obligations.

The long-term ICR on Mulhacen stands three notches below S&P's
'bb+' assessment of the group credit profile (GCP). In S&P's
analysis, the group encompasses Mulhacen, Aneto, and WiZink. The
latter two entities are part of the regulatory perimeter that, on
conclusion of the transaction, will be regulated and supervised
by the Bank of Spain. The gap between the long-term ICR and the
GCP is because S&P sees:

-- Mulhacen's creditors as being structurally subordinated to
    the creditors of the operating bank (WiZink), as Mulhacen's
    repayment capacity ultimately depends on the upstreaming of
    dividends from WiZink;

-- Risks of possible supervisory barriers to dividend payments,
    as WiZink is a regulated financial institution, and, together
    with Aneto, falls under the supervision of Bank of Spain; and

-- The group's double leverage, measured as the post-transaction
    book value of the parent holding company's equity investment
    in WiZink divided by its unconsolidated shareholders' equity,
    is a high 140%. This is a risk that we only consider
    marginally offset by the issuer's commitment to retain as a
    cash reserve some of the dividends it will receive from
    WiZink.

S&P's assessment of the GCP balances WiZink's limited scale and
niche focus on the inherently high-risk Spanish and Portuguese
revolving credit cards market, with the solid profitability of
its business model, adequate capitalization and risk management,
and predominantly retail funding profile.

With assets of EUR5.3 billion and operations in Spain and
Portugal, WiZink, the group's operating entity, is a mono-line
lender focused on simple product offering: revolving credit
cards, and time deposits and savings accounts. It serves more
than two million clients -- although not all of them hold credit
-- through its own online and telephone platforms, stands, and
partnerships, and enjoys sizable market shares in the Spanish and
Portuguese revolving credit card business (16% in Spain and 29%
in Portugal). WiZink is run by a capable management team with
several years of experience in the consumer-banking sector, and
has built a profitable business, based on strong margins,
efficiency, and risk control.

Despite enjoying a leading position in the revolving credit card
market in the Iberian Peninsula, WiZink's overall scale is small.
This, coupled with WiZink's mono-line focus, results in a lack of
business diversity and earnings, and makes it vulnerable to
changes in the regulatory and competitive environment.

S&P said, "Credit card lending is inherently risky. However, we
consider that WiZink has good risk management in place, and
appropriate tools, underwriting standards, and monitoring and
collection processes. The bank has a proven ability to manage
risks through the cycle, performing well during the recent
economic downturn. Its current lending book is fairly seasoned
and well provisioned. We do not foresee an increase in the bank's
risk appetite in the years ahead and forecast moderate growth at
an average 4% annually this year and next.

"We expect the bank to operate with adequate capital, maintaining
a risk-adjusted capital (RAC) ratio -- after the closing of the
transaction -- toward the upper end of the 7%-10% range over the
next 12-18 months. The bank's ultimate owner VÑrde Partners has
committed to the regulator to maintain a minimum regulatory
common equity tier 1 ratio of 13.8% (at Aneto's consolidated
level). While we forecast full distribution of earnings to the
parent to allow Mulhacen to service interest payments on its
debt, capital should remain fairly stable post the transaction.
This is because the gradual amortization of intangibles will
offset the capital consumption from risk asset expansion, which
we anticipate will track loan growth."

The bank displays a more conservative funding profile than its
peers, mainly financing its lending with customer deposits, as
opposed to wholesale funding sources. Deposits, which accounted
for 78% of its funding base as of Dec. 31, 2017, are held
entirely by private individuals, have long maturities, and have
proved sticky, but show higher-than-average outstanding amounts
and are relatively sensitive to price. Wholesale funding is
limited, comprising only European Central Bank borrowings and a
EUR201 million securitization placed in the market in 2017. The
bank holds a comfortable liquidity buffer amounting to about 15%
of total assets at year-end 2017, and has limited reliance on
short-term funding.

S&P said, "The stable outlook on Mulhacen reflects our view that
material changes to the group's strategy and financial policies
are unlikely over the next 12-18 months. We expect double
leverage to decline only modestly over the next 12-18 months, as
Mulhacen will retain only a small share of upstreamed dividends
from WiZink.

"We expect WiZink to be able to continue delivering good returns
and preserving adequate capitalization and asset quality while
growing.

"We could lower the ratings on Mulhacen if its leverage increases
or our assessment of the group's creditworthiness deteriorates."
This could happen if:

-- WiZink were to undertake a more aggressive organic or
    inorganic growth strategy, potentially leading to a riskier
    profile;

-- WiZink's asset quality metrics deteriorate substantially;

-- WiZink's funding profile shifts toward wholesale sources; or

-- WiZink's capitalization erodes due to higher dividend
    upstreaming, lower profits, or higher growth than S&P
    expects, resulting in an RAC ratio below 7% over the next
    12-18 months.

S&P said, "Conversely, all else being equal, we could raise the
ratings on Mulhacen if its double leverage diminishes materially
(reaching a level sustainably below 120%). We could also raise
the ratings if WiZink proved able to diversify its business
profile, reduce the vulnerability of its earnings to industry and
economic shocks, and gain pricing power, while maintaining
adequate financials."



====================
S O U T H  K O R E A
====================


DOOSAN BOBCAT: S&P Raises Senior Secured Term Loan Rating to 'BB'
-----------------------------------------------------------------
S&P Global Ratings said it has raised its issue-level rating on
Doosan Bobcat Inc.'s (DBI) US$978 million senior secured term
loan due 2024 to 'BB' from 'BB-' and revised the recovery rating
to '2' from '3'. The loan belongs to Clark Equipment Co., a DBI
subsidiary, and is guaranteed by DBI. The '2' recovery rating
reflects S&P's expectation for substantial recovery (70%-90%; 75%
rounded estimate) in the event of default.

The upgrade mainly reflects the rated senior secured term loan's
improved recovery, following a voluntary early prepayment of
US$150 million on July 23, 2018. S&P's expectation of DBI's
enterprise value at default is unchanged. After the prepayment,
the company's outstanding loan amount is now US$978 million, down
from the initial issuance amount of US$1.3 billion in May 2017.

The company has made two other voluntary prepayments of US$100
million each in the last 12 months, backed by its good free
operating cash flow in the past one to two years. S&P expects DBI
to continue to show steady operating performance over the next
12-18 months supported by its strong market position in the
currently favorable U.S. construction equipment market.

S&P's other ratings on DBI, including its 'BB-' long-term issuer
credit rating, are unaffected.

RECOVERY ANALYSIS

Key Analytical Factors:

S&P said, "We use an enterprise value (EV) approach to assess
recovery prospects and apply a 5x valuation multiple to our
emergence EBITDA level of US$179 million. The 5x valuation
multiple reflects the industry-specific multiple derived from our
empirical analysis of the capital goods industry. As a result, we
estimate a gross emergence EV of US$893 million.

"Our simulated default scenario contemplates a payment default
occurring in 2022 against a backdrop of a prolonged global
economic downturn. A decline in business activity in key end
markets and increased competition in the construction equipment
segment would substantially weaken DBI's cash flow. We believe
that the company would reorganize rather than liquidate under our
default scenario, given its position in the construction
equipment industry and its diverse customer base. We expect the
net EV of US$848 million (after deducting estimated priority
unpaid administrative expenses of 5%) will be available for
distribution to all creditors. We have assumed that approximately
80% of the net EV would be attributable to the guarantor group."

After satisfying the asset-based lending (ABL) revolver lenders'
priority claims, the collateral value together with residual
foreign subsidiaries' unpledged enterprise value is sufficient to
provide the senior secured term loan lenders with expectation of
a substantial recovery (70%-90%; rounded estimate: 75%) in the
event of a default.

Simulated Default Assumptions:

-- Simulated year of default: 2022
-- Emergence EBITDA: US$179 million Multiple: 5x

Simplified Waterfall:

-- Net enterprise value (after 5% administrative costs): US$848
    million
-- Obligor/non-obligor valuation split: 80%/20%
-- Estimated priority claims (assuming 60% usage of ABL): US$92
    million
-- Remaining recovery value: US$697 million
-- Estimated first-lien claim: US$952 million
-- Value available for first-lien claim: US$697 million
-- Recovery range: 70%-90% (rounded estimate: 75%)

* Note: All debt amounts include six months of prepetition
interest.

  Ratings List
  Issue-Level Rating Raised; Recovery Rating Revised
                                 To              From
  Clark Equipment Co.
   Senior Secured                BB              BB-
    Recovery Rating              2(75%)          3(65%)


SAMSUNG SECURITIES: Faces KRW1 Billion Fine Over Trading Error
--------------------------------------------------------------
Yonhap News Agency reports that the Korea Exchange (KRX) decided
on July 27 to levy a fine of KRW1 billion on Samsung Securities
Co., which is the maximum penalty a bourse operator can slap on a
member firm.

It is the second time that the market oversight committee under
the KRX imposed the maximum penalty, after the first case against
Deutsche Securities in 2010 for a stock manipulation incident,
Yonhap says.

"The massive sell-off of the mistakenly issued stocks caused the
share price to drop, causing losses to investors and market
chaos," the KRX said in a statement, noting that this case
"seriously hurt market confidence and hampered fair trading
order," Yonhap relays.

Yonhap says to prevent any recurrence of such incidents, Samsung
Securities has vowed to beef up the training and education of its
employees while strengthening internal controls.

Samsung Securities Co., Ltd. provides personalized asset
management services. The Company provides brokerage, investment
trust, underwriting services, and other services. Samsung
Securities also provides cyber trading, mutual funds, asset
backed securities issuing, municipal bonds trading services.


SAMSUNG SECURITIES: Suspends Partial Operations Until Jan. 26
-------------------------------------------------------------
Yonhap News Agency reports that Samsung Securities Co. said on
July 27 it has suspended part of its services for new customers
for six months in accordance with the state penalty over its
"fat-finger" error.

Its CEO Koo Seung-hoon also offered to step down from his post, a
day after the Financial Services Commission (FSC) ordered his
suspension from duties for three months, the company said in a
regulatory filing, Yonhap relays.

Making a final decision on punitive measures against the
brokerage firm, the FSC on July 26 banned Samsung Securities from
providing stock broker operations for new investors until
Jan. 26, according to Yonhap.

The regulator imposed KRW144 million (US$128,916) in fines for
the fiasco, Yonhap notes.

Yonhap relates that the state measures came after Samsung
Securities in April mistakenly paid KRW112 trillion worth of
stocks to its employees as dividends, and 16 employees sold off a
combined 5.01 million shares.

The suspension of operations is expected to result in KRW8.11
billion in losses, accounting for as much as 0.18 percent of its
recent sales, the company said, adding that vice chairman Jang
Seok-hoon will serve as acting CEO, Yonhap adds.

Samsung Securities Co., Ltd. provides personalized asset
management services. The Company provides brokerage, investment
trust, underwriting services, and other services. Samsung
Securities also provides cyber trading, mutual funds, asset
backed securities issuing, municipal bonds trading services.


                             *********

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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