TCRAP_Public/180824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 24, 2018, Vol. 21, No. 168

                            Headlines


A U S T R A L I A

ADARA KNOX: First Creditors' Meeting Set for Sept. 3
ALL PRO: Second Creditors' Meeting Set for Sept. 4
FOLD CONSULTING: First Creditors' Meeting Set for Sept. 3
HENNINGS PTY: Second Creditors' Meeting Set for Aug. 29
HOTR AUSTRALIA: Second Creditors' Meeting Set for Aug. 29

LIGHTSOURCE SERVICES: Second Creditors' Meeting Set for Aug. 29
ONTILT AUSTRALIA: First Creditors' Meeting Set for Aug. 29
RJ & CO SOLUTIONS: First Creditors' Meeting Set for Sept. 3


C H I N A

CBAK ENERGY: Incurs $3.44 Million Net Loss in Second Quarter
LOGAN PROPERTY: Fitch Rates New USD Sr. Notes 'BB-(EXP)'
LOGAN PROPERTY: S&P Assigns 'B+' Rating on US Dollar Unsec. Notes
SHARING ECONOMY: Unit to Acquire 60% Ownership of Gagfare
YIDA CHINA: S&P Cuts Issuer Credit Rating to B-, Outlook Negative

ZHEJIANG SHIPBUILDING: Releases Draft Restructuring Plan


I N D I A

AGARWAL RECLAIM: CARE Lowers Rating on INR10.86cr LT Loan to D
AIRCEL CELLULAR: CARE Migrates D Rating to Not Cooperating
AIRCEL LIMITED: CARE Migrates D Rating to Not Cooperating
AIRCEL SMART: CARE Migrates D Rating to Not Cooperating
ANAND RICE: CARE Assigns B+ Rating to INR6.14cr LT Loan

ANLON HEALTHCARE: CARE Lowers Rating on INR11.5cr Loan to D
AURAD SOLAR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
DAS AND BROTHERS: CARE Assigns 'B' Rating to INR4.25cr LT Loan
DISHNET WIRELESS: CARE Migrates D Rating to Not Cooperating
DLS PAPERS: CARE Lowers Rating on INR11.22cr LT Loan to D

HAIGREEVA INFRATECH: CARE Lowers Rating on INR185cr Loan to B
KUMARAN POULTRY: CARE Assigns B+ Rating to INR6.50cr LT Loan
LANCO INFRATECH: Liquidation Order Likely on August 27
MAHAPRABHU RAM: CARE Moves D Rating to Not Cooperating Category
MAYA SAHA: Ind-Ra Lowers Long Term Issuer Rating to 'BB'

NORTHERN POWER: CARE Reaffirms B+ Rating on INR14cr LT Loan
P.M. CARIAPPA: CARE Assigns B+ Rating to INR11cr LT Loan
PURVANCHAL AGRICO: CARE Assigns B+ Rating to INR7cr LT Loan
RAGHAV COTSPIN: CARE Lowers Rating on INR51.50cr LT Loan to B
SAINTLIFE PHARMA: CRISIL Assigns 'B' Rating to INR6.35cr Loan

SAVA HEALTHCARE: CARE Cuts Rating on INR21cr LT Loan to B+
SHREE GANESH: CARE Assigns B+ Rating to INR7cr LT Loan
SHUBHI AGRO: CRISIL Maintains D Rating in Not Cooperating
SPECTRA REALCON: CARE Lowers Rating on INR16.24cr LT Loan to D
TARA SALES: CRISIL Maintains D Rating in Not Cooperating

TEJANKAR HEALTHCARE: CARE Reaffirms B Rating on INR14.02cr Loan
THOUSU PERIYAKKAL: CRISIL Maintains D Rating in Not Cooperating
TORNADO MOTORS: CRISIL Maintains D Rating in Not Cooperating
TORRID MOTORS: CRISIL Maintains D Rating in Not Cooperating
TULI MOTORS: CRISIL Maintains B- Rating in Not Cooperating

V S EDUCATION: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
VAHINI POULTRIES: CRISIL Maintains B Rating in Not Cooperating
VIZAG COMPANYS: CRISIL Maintains D Rating in Not Cooperating


P H I L I P P I N E S

RURAL BANK OF STA. ELENA: Oct. 9 Creditors Claims Deadline Set
WOMEN'S RURAL BANK: Creditors Claims Deadline Set for Sept. 23


S I N G A P O R E

OBIKE SINGAPORE: Liquidators Look Into Transfer of $10MM from HK


                            - - - - -


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


ADARA KNOX: First Creditors' Meeting Set for Sept. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Adara Knox
City Pty Ltd will be held at the offices of Hamilton Murphy
Level 1, 255 Mary Street, in Richmond, Victoria, on Sept. 3,
2018, at 10:30 a.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Adara Knox on Aug. 22, 2018.


ALL PRO: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------
A second meeting of creditors in the proceedings of All Pro
Australia Pty Ltd has been set for Sept. 4, 2018, at 11:00 a.m.
at the offices of Hamilton Murphy, Level 1, 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2018, at 4:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of All Pro on May 30, 2018.


FOLD CONSULTING: First Creditors' Meeting Set for Sept. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Fold
Consulting Pty Ltd at the offices of BPS Recovery, Level 18,
201 Kent Street, in Sydney, NSW, on Sept. 3, 2018, at 11:00 a.m.

Daniel Frisken of BPS Recovery was appointed as administrators of
Fold Consulting on Aug. 22, 2018.


HENNINGS PTY: Second Creditors' Meeting Set for Aug. 29
-------------------------------------------------------
A second meeting of creditors in the proceedings of Hennings Pty
Limited has been set for Aug. 29, 2018, at 11:00 a.m. at the
offices of Pitcher Partners, Level 22 MLC Centre, 19 Martin
Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2018, at 4:00 p.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Hennings Pty on June 28, 2018.


HOTR AUSTRALIA: Second Creditors' Meeting Set for Aug. 29
---------------------------------------------------------
A second meeting of 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. 29, 2018:

   * Hotr AUS: 11:00 a.m.
   * Hotr Campbelltown: 11:05 a.m.
   * Hotr Gold Coast: 11:10 a.m.
   * Hotr Parramatta: 11:15 a.m.
   * Hotr Penrith: 11:20 a.m.

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. 28, 2018, at 4:00 p.m.

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


LIGHTSOURCE SERVICES: Second Creditors' Meeting Set for Aug. 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Lightsource
Services Pty Ltd has been set for Aug. 29, 2018, at 1:30 p.m. at
463 Scarborough Beach Road, in Osborne Park, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2018, at 5:00 p.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Lightsource Services on Aug. 1, 2018.


ONTILT AUSTRALIA: First Creditors' Meeting Set for Aug. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ontilt
Australia Pty Ltd T/AS The Boatshed Currumbin at the offices of
Hall Chadwick Chartered Accountants, Level 4, 240 Queen Street,
in Brisbane, Queensland, on Aug. 29, 2018, at 11:00 a.m.

Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of Ontilt Australia on Aug. 17,
2018.


RJ & CO SOLUTIONS: First Creditors' Meeting Set for Sept. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of RJ & Co
Solutions Pty Ltd will be held at the offices of Hamilton Murphy
Level 1, 255 Mary Street, in Richmond, Victoria, on Sept. 3,
2018, at 2:30 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of RJ & Co on Aug. 22, 2018.



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C H I N A
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CBAK ENERGY: Incurs $3.44 Million Net Loss in Second Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of US$3.44 million on US$6.05 million of net revenues
for the three months ended June 30, 2018, compared to a net loss
of US$3.75 million on US$6.33 million of net revenues for the
three months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a
net loss of US$6.01 million on US$9.36 million of net revenues
compared to a net loss of US$5.82 million on US$10.05 million of
net revenues for the same period last year.

As of June 30, 2018, the Company had US$135.68 million in total
assets, US$139.20 million in total liabilities, and a total
deficit of US$3.51 million.

The Company has financed its liquidity requirements from short-
term bank loans, other short-term loans and bills payable under
bank credit agreements, advances from its related and unrelated
parties, investors and issuance of capital stock.

As of June 30, 2018, the Company had cash and cash equivalents of
US$0.5 million. Its total current assets were US$63.7 million and
its total current liabilities were US$106.9 million, resulting in
a net working capital deficiency of US$43.3 million. The Company
said these factors raise substantial doubts about its ability to
continue as a going concern.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/GT2ikp

                        About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31, 2017 compared to a net loss of US$12.65 million
for the year ended Sept. 30, 2016. The Company reported a net
loss of US$2.19 million for the three months ended Dec. 31, 2016.
As of March 31, 2018, CBAK Energy had US$148.80 million in total
assets, US$148.95 million in total liabilities, and a total
shareholders' deficit of US$152,826.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2017 stating that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.


LOGAN PROPERTY: Fitch Rates New USD Sr. Notes 'BB-(EXP)'
--------------------------------------------------------
Fitch Ratings has assigned China-based Logan Property Holdings
Company Limited's (BB-/Stable) proposed US dollar senior notes a
'BB-(EXP)' expected rating. The notes are rated at the same level
as Logan's senior unsecured debt rating as they constitute its
direct and senior unsecured obligations.

Logan plans to use the note proceeds to refinance existing debt.
The final rating is subject to the receipt of final documentation
conforming to information already received.

Logan's ratings are supported by the company's well-located land
bank in the city of Shenzhen and the Guangdong region, which
provides the company with stronger contracted sales and margin
visibility over the next 18 months compared with similarly sized
rated peers.

KEY RATING DRIVERS

Larger Scale, Higher Selling Prices: Logan's contracted sales
rose by 84% to CNY35.5 billion in 1H18, following a 53% increase
in contracted floor space sold to 1.8 million square metres (sqm)
and a 28% rise in the contracted average selling price (ASP) to
CNY19,706/sqm. The company has CNY75.0 billion of new projects
scheduled to launch in 2H18, which should keep contracted sales
high for the next six months. Fitchexpects Logan's annual
contracted sales to increase to CNY67.0 billion in 2018, from
CNY29.0 billion in 2016 and CNY43.0 billion in 2017.

Wider Margin: Logan's EBITDA margin expanded to 33% in 2017, from
30% in 2016. Fitchexpects profitability to remain high in the
next two to three years, supported by the start of earning
recognition from Logan's high-margin Shenzhen and Huizhou-city
projects, which were presold in 2016-2017, and higher contracted
sales ASP in 2017. The EBITDA margin is likely to be maintained
at above 30% in 2018-2019.

Concentration Risks Reduced: Fitch believes Logan's well-located
land bank and expansion into new cities, including Hong Kong and
Singapore, in the last 12-18 months mitigate concentration risk
over the next year or two. Logan's contracted sales are highly
concentrated in Guangdong province, with Shenzhen and Huizhou
accounting for around 70% of 1H18 contracted sales. This leaves
Logan's sales dependent on the local economy and policy changes,
compared with developers that have more geographically diverse
operations. Fitch expects Shenzhen to continue to account for
40%-50% of total attributable contracted sales in 2018.

High Leverage Pressures Rating: Logan's leverage, as measured by
net debt/adjusted inventory that proportionately consolidates
joint ventures (JVs) and associates, was around 50% at end-June
2018 (end-2017: 48%). This was up from 29% at end-2015 due to the
acquisition of well-located sites in Shenzhen during 2015-2016 to
reposition the land bank. The company spent CNY15.7 billion on
replenishing its land bank in 1H18. Logan's land
acquisition/contracted sales ratios were 58% in 2017, 42% in 2016
and 55% in 2015. Fitchexpects the company to spend 35%-45% of
consolidated contracted sales on land replenishment in 2018-2019
and to maintain a land bank sufficient for five to six years of
development. This will keep leverage high at 45%-50% in next 12-
18 months.

DERIVATION SUMMARY

Logan's contracted sales are higher than those of other 'BB-'
rated Chinese developers, which have contracted sales of CNY28
billion-40 billion, including KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Positive) and
Yuzhou Properties Company Limited (BB-/Stable), and are
comparable with higher-rated CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY46 billion. Future Land Development Holdings
Limited (BB/Stable) has contracted sales of CNY95 billion.

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders, such as KWG and Yuzhou. Logan's leverage increased
to 48% at end-2017, which is comparable with the 38%-42% of 'BB-'
rated Chinese developers, such as KWG, Yuzhou and Times China
Holdings Limited (BB-/Stable).

No Country Ceiling or parent and subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

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

  - contracted sales of CNY67 billion in 2018 and CNY94 billion
    in 2019

  - EBITDA margin, capitalised interest excluded from cost of
    sales, of 31% in 2018-2019

  - 35%-45% of contracted sales proceeds to be spent on land
    acquisitions in 2018-2019 to maintain a land bank sufficient
    for five to six years of development

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - no substantial decline in contracted sales

  - EBITDA margin sustained above 30%

  - leverage, as measured by net debt/adjusted inventory that
    proportionately consolidates JVs and associates, sustained
    below 40%

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

  - leverage sustained above 50%

  - EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had total cash on hand of CNY27.6
billion, including CNY2.2 billion of restricted cash and pledged
deposits, as of end-June 2018, sufficient to cover short-term
debt of CNY17.8 billion maturing in one year (consisting of bank
and other loans of CNY8.3 billion, an CNY6.5 billion onshore
corporate bond due 2019, and CNY3 billion senior notes due 2018).


LOGAN PROPERTY: S&P Assigns 'B+' Rating on US Dollar Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Logan Property Holdings Co. Ltd. (BB-/Stable/--). The China-
based developer intends to use the proceeds to refinance its
existing debt. The issue rating is subject to S&P's review of the
final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer
credit rating on Logan because of significant subordination
risks. In our calculation, the proposed notes will rank behind a
significant amount of priority debt in Logan's capital structure.
As of Dec. 31, 2017, of Logan's adjusted debt of Chinese renminbi
(RMB) 53.1 billion, RMB38.4 billion is secured or unsecured debt
at subsidiaries, and RMB14.7 billion is unsecured debt at the
parent level. As such, the priority debt ratio is considerably
more than our notching threshold of 50%.

"Logan's results for the first half of 2018 are in line with our
expectation, with strong growth in contracted sales and high
margins supported by the company's solid presence in the
Guandong-Hong Kong-Macau Bay area. In the second half, we believe
Logan will continue to generate good contracted sales with
adequate saleable resources of RMB95 billion. We also estimate a
pickup in revenue growth, and full-year revenue should reach
about RMB38.5 billion, compared with RMB15 billion during the
first six months of 2018."


SHARING ECONOMY: Unit to Acquire 60% Ownership of Gagfare
---------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited has entered into a sale and
purchase agreement with Leung Tin Lung David, a shareholder of
Gagfare Limited, to acquire 60% ownership of Gagfare. SEIL will
acquire 60% of Gagfare for US$3.6 million, which will be
satisfied by the allotment and issuance of 1,176,087 preferred
shares of the Company at a price of $3.061 per share. Gagfare is
an online platform enabling travelers to search flights directly
with over 500 airlines globally, allowing them to get the best-
value airfare for their desired flight and secure a confirmed
booking.

The Seller can be reached at:

     House 316 Nam Wai, Sai Kung, New Territories, Hong Kong
     E-mail: david@gagfare.com
     Attention : Mr. Leung Tin Lung David

A full-text copy of the Sale and Purchase Agreement is available
for free at https://is.gd/XcGYOP

                      About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.

Throughout 2017, the Company made significant changes in the
overall direction of the Company. Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and have established new business divisions to
focus on the development of sharing economy platforms and related
rental businesses within the company. These initiatives are still
in an early stage. The Company did not generate significant
revenues from its sharing economy business initiatives in 2017.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of June 30, 2018,
Sharing Economy had $74.97 million in total assets, $9.83 million
in total liabilities and $65.13 million in total stockholders'
equity.


YIDA CHINA: S&P Cuts Issuer Credit Rating to B-, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Yida China Holdings Ltd. to 'B-' from 'B'. The outlook is
negative. S&P also lowered its long-term issue rating on the
company's outstanding senior unsecured notes to 'CCC+' from 'B-'.
Yida is a China-based property developer.

S&P said, "We downgraded Yida because we believe the company
faces increased liquidity and refinancing risks over the next 12
months. Yida's liquidity has substantially weakened following the
sizable Dalian Tiandi project acquisition and the cancellation of
the planned new shares subscription from China Mingsheng
Investment Group. The company also has a significant amount of
short-term debt coming due.

"In our view, Yida's very tight liquidity stems from its uneven
debt maturity profile and patchy and weak cash generation. The
company's short-term debt maturities are high, at Chinese
renminbi (RMB) 9.7 billion (54% of reported debt), which includes
RMB3 billion of onshore corporate bonds. In contrast, the
company's unrestricted cash balance is only RMB525 million as of
June 30, 2018, a sharp 65% drop over end-2017. Yida will
therefore have to rely heavily on raising new financing and
refinance to address its large short-term debt maturities.

"We expect Yida's leverage to continue to worsen in 2018 and
2019, partly because of the large outstanding payments for the
Dalian Tiandi acquisition that are due in the next 12 months. The
acquisition will support Yida to steadily increase its property
and land sales in 2018. However, the growth is insufficient to
offset the remaining payment for the acquisition and the
company's expansion outside its home market. Yida's debt-to-
EBITDA ratio for the 12 months ended June 2018 had deteriorated
to over 13x, from 10.2x in 2017 and 9.3x in 2016."

Last week's cancellation of the planned share subscription by
shareholder China Mingsheng Investment Group further strains
Yida's liquidity and leverage. S&P had previously factored in the
new share subscription of US$100 million, which would have helped
lower the company's leverage and mildly increase its liquidity.

S&P said, "We expect Yida's land and property sales to recover by
15%-20% in 2018, from a low base in 2017 (down 12.5%). However,
that includes one-off land sales from the Dalian Tiandi project.
We believe that Yida's underlying cash generation capability will
remain weak. The company's small scale and high geographical
concentration in Dalian continue to be constraints. We expect
Yida's sales growth will slow to 5%-10% in 2019, given its
sizable commercial properties, which were 61% of its land bank in
2017. In our view, Yida has weak internal control and lack of
strategic planning, considering its delay in paying dividends due
to insufficient funds offshore. In addition, the company
substantially depleted its unrestricted cash in the first half of
2018, showing poor cash management. Hence, we reassess Yida's
management and governance as weak.

"The negative outlook reflects our view that Yida will face
heightened liquidity risk and heavily rely on new financing as
well as refinancing over the next 12 months. We also expect the
company's already high leverage to continue to deteriorate,
following its sizable acquisition payments.

"We may lower the rating if Yida faces difficulty in obtaining
substantial new funding and refinancing its short-term debt in
next three to six months.

"We could also downgrade the company if its sales in 2018 fall
materially below our estimates, such that its debt-to-EBITDA
ratio deteriorates further from our base case of 12x-14x.

"We could revise the outlook to stable if Yida significantly
improves its liquidity to a more sustainable level, such that:
(1) the ratio of liquidity sources over uses improves to close to
1.0x; and (2)EBITDA interest coverage stays well over 1x."


ZHEJIANG SHIPBUILDING: Releases Draft Restructuring Plan
--------------------------------------------------------
Splash reports that Zhejiang Shipbuilding, a bankrupt subsidiary
yard of Sinopacific Shipbuilding, has released a draft
restructuring plan.

Under the plan, Shanghai Yingjun Investment Management Company, a
wholly owned subsidiary of China's real estate conglomerate
Evergrand Group, will provide CNY1.501 billion (US$220 million)
to support the restructuring of the yard, Splash relates. Upon
completion of the restructuring, Yingjun Investment will gain
full control of the yard.

Zhejiang Shipbuilding has total confirmed liabilities of
CNY3.178 billion and a total asset value of CNY953 million,
Splash discloses. The draft plan showed that the yard will
diversify its operations after the restructuring but didn't
disclose further details.

Zhejiang Shipyard will hold a creditor's meeting on September 15
to vote on the restructuring plan, according to Splash.

Splash says Evergrand Group took over defunct yard Jiangmen
Shipyard in 2016 and is now developing it into a real estate
project.

Zhejiang Shipbuilding started bankruptcy reorganization in April
2016.



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AGARWAL RECLAIM: CARE Lowers Rating on INR10.86cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agarwal Reclaim and Rubber Products Private Limited (ARR), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     10.86      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information Revised from
                                 CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking for information from ARR to monitor the
ratings vide e-mail communications dated May 9, 2018 to August 8,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company 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 Agarwal Reclaim and Rubber Products Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

The rating has been revised on account of ongoing delays in debt
servicing by the company, as reported by the banker.

Detailed Description of the Key Rating Drivers

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

Key Rating Weaknesses

Small scale of operations with limited track record: ARR has an
operational track record limited to about 3 years. However, the
company derives comfort from the promoters experience in the tyre
industry for more than three decades by virtue of which they hold
established relationships with the suppliers.

Susceptibility of profitability margins to volatile raw material
costs: ARR uses only butyl rubber as its primary raw material.
Raw material cost is the single most important cost driver for
ARR which constitutes major portion of the cost of sales in FY16.

Working capital intensive nature of business: The operating cycle
of the company deteriorated from 50 days in FY16 to 71 days in
FY17 on account of increase in inventory period in FY17 due to
seasonal availability of raw material, ie, natural rubber. The
working capital utilization level continues to remain high at 95%
for the 12 months ended in May 2017.

Ongoing delays in meeting of debt obligations: The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
debt obligations in time.

Key Rating Strengths

Moderate improvement in liquidity and financial profile: ARR was
facing stretched liquidity on account of extended collection
period during FY16. The liquidity position of the company has
improved subsequently with recovery of pending dues. Although the
capital structure of the company continues to remain leveraged,
the same has witnessed significant improvement. Consequently, the
debt coverage indicator's and interest coverage ratios have also
improved. The company has reported PAT of INR0.87 crore in FY17
as against INR0.02 crore in FY16 on a total operating income of
INR28.80 crore in FY17 as against INR27.85 crore in FY16.

Experience and resourceful promoters with long track record in
similar line of business: ARR is promoted by Mr. Amit Kumar
Agarwal and Mr. Sachin Agarwal, who have more than two decades of
experience in automobile tyre & tube production and marketing.

Operational synergy with already established associate company:
ARR has been set up as a backward integration unit to cater to
the raw material requirements of Agarwal Rubber Limited. Almost
90-95% of the reclaim rubber produced by ARR is sold to ARL, and
rest is sold to other players in the domestic market.

Favourable demand outlook for tyre industry: In 2017-18, the tyre
sales are estimated to grow by about 10-11% trailing the
performance of the automobile industry during the year as per the
CARE estimates. Replacement demand dominates the tyre market
contributing ~56% of the total size, while the OEM (Original
Equipment Manufacturers) market share would be ~44%.

Incorporated in 2011, Agarwal Reclaim and Rubber Products Private
Limited (ARR) was promoted by Mr. Sachin Agarwal and Mr. Amit
Kumar Agarwal. ARR has commenced its operations in July 2014 at
its plant situated at Sadashivpet, Medak district near Hyderabad.
The company is engaged in producing reclaim rubber from scrap of
whole tyres, natural rubber tubes, butyl tubes, moulded rubber
products etc. for use in both tyre and non-tyre rubber products.
The reclaim rubber produced by the company would be used as raw
material in automobile tyre and tube industry. The main objective
for setting up of ARR was to cater to the raw material
requirement of Agarwal Rubber Limited, its associate concern.


AIRCEL CELLULAR: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aircel
Cellular Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     17,479      CARE D; Issuer not cooperating;
   Facilities*                    Based on best available
                                  Information

* Part of Group facilities (interchangeable between Aircel
Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Aircel Cellular Limited to
monitor the rating(s) vide e-mail communications/letters dated
August 1, 2018, August 2, 2018, August 3, 2018 and August 6, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, Aircel
Cellular Limited has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating
on Aircel Cellular Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in servicing of its debt
obligations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in servicing of debt obligations: The company has delayed
in repayment of interest on its debt obligations on account of
its weak liquidity position as a result of its continuing weak
operational performance in the hyper competitive telecom sector.

Deterioration in the operational performance of Aircel: The
Indian telecom sector is witnessing intense competition with the
launch of services by Jio. The competitive pressure has led to
stress on the cash flows and profitability of the incumbents.
Gross revenue of the telecom sector for the quarter ended on
March 31, 2017 was moderated by around 7% on y-o-y basis.
Although, Aircel has reported a 6% growth on y-o-y basis in the
number of subscribers, Average Revenue per User (ARPUs) and
PBILDT margin have consistently shown a downward trend leading to
deterioration in its financial risk profile.

PBILDT for CY16 moderated to INR598 crore as against INR1429
crore in CY15. Loss for CY16 doubled to INR4319 as against a loss
of INR2215 crore in CY15. The ability of Aircel to improve its
operational performance in the current industry scenario will be
critical and will continue to be a key rating monitor.

Highly competitive business environment and exposure to
regulatory risk: The Indian telecom sector is witnessing a lot of
volatility for the past few quarters with the launch of
commercial services by Jio. The sector has seen continuing and
intensifying competition which has resulted in consolidation
among the players, with a few of the minor players exiting the
telecom business while some others merging their businesses with
larger players. The data services bundled with free voice
services offered by the newest entrant have cannibalized both
voice and data revenue stream of telecom service operators. With
the ongoing tariff war among telecom service operators, ARPUs are
showing a consistent downward trend. Revenue growth, as a result
is also expected to be moderated, as telecom operators are
offering very competitive service plans. This will also impact
the government's share of revenue from the telecom sector as the
government earns license fees based on the revenue of the telecom
companies and taxes and levies.

Key Rating Strengths

Long track record of the group: Aircel started its operations
with the launch of services in the Chennai circle in 1995. Since
then, the company had expanded its operations and became a pan-
India player. As on March 31, 2017, Aircel (AL, ACL and DWL) is
present in 22 circles with a total subscriber base of around 90.9
million.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited.

AL, together with two of its wholly owned subsidiaries ACL and
DWL, provides 2G wireless telecom services in all the 22 circles
of India and 3G services in 13 circles. ASML, another wholly
owned subsidiary of AL, provides mobile banking services.

MCB, through Global Communication Service Holdings Limited and
Deccan Digital Networks Private Limited, effectively holds
approximately 73.99% equity interest in AL. Further, Aircel had
filled before the National Company Law Tribunal, Mumbai Bench
("NCLT") in terms of Section 10 of the Insolvency and Bankruptcy
Code, 2016 and the NCLT, has appointed Mr. Vijaykumar V Iyer as
the interim resolution professional for the Aircel ("IRP") vide
its order dated March 12, 2018.


AIRCEL LIMITED: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aircel
Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     17,479      CARE D; Issuer not cooperating;
   Facilities*                    Based on best available
                                  information

* Part of Group facilities (interchangeable between Aircel
Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Aircel Limited to monitor
the rating(s) vide e-mail communications/letters dated August 1,
2018, August 2, 2018, August 3, 2018 and August 6, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, Aircel Limited
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on Aircel Ltd.'s
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account the delays in servicing of its debt
obligations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in servicing of debt obligations: The company has delayed
in repayment of interest on its debt obligations on account of
its weak liquidity position as a result of its continuing weak
operational performance in the hyper competitive telecom sector.

Deterioration in the operational performance of Aircel: The
Indian telecom sector is witnessing intense competition with the
launch of services by Jio. The competitive pressure has led to
stress on the cash flows and profitability of the incumbents.
Gross revenue of the telecom sector for the quarter ended on
March 31, 2017 was moderated by around 7% on y-o-y basis.
Although, Aircel has reported a 6% growth on y-o-y basis in the
number of subscribers, Average Revenue per User (ARPUs) and
PBILDT margin have consistently shown a downward trend leading to
deterioration in its financial risk profile.

PBILDT for CY16 moderated to INR598 crore as against INR1429
crore in CY15. Loss for CY16 doubled to INR4319 as against a loss
of INR2215 crore in CY15. The ability of Aircel to improve its
operational performance in the current industry scenario will be
critical and will continue to be a key rating monitor.

Highly competitive business environment and exposure to
regulatory risk: The Indian telecom sector is witnessing a lot of
volatility for the past few quarters with the launch of
commercial services by Jio. The sector has seen continuing and
intensifying competition which has resulted in consolidation
among the players, with a few of the minor players exiting the
telecom business while some others merging their businesses with
larger players. The data services bundled with free voice
services offered by the newest entrant have cannibalized both
voice and data revenue stream of telecom service operators. With
the ongoing tariff war among telecom service operators, ARPUs are
showing a consistent downward trend. Revenue growth, as a result
is also expected to be moderated, as telecom operators are
offering very competitive service plans. This will also impact
the government's share of revenue from the telecom sector as the
government earns license fees based on the revenue of the telecom
companies and taxes and levies.

Key Rating Strengths

Long track record of the group: Aircel started its operations
with the launch of services in the Chennai circle in 1995. Since
then, the company had expanded its operations and became a pan-
India player. As on March 31, 2017, Aircel (AL, ACL and DWL) is
present in 22 circles with a total subscriber base of around 90.9
million.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its whollyowned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited.

AL, together with two of its wholly owned subsidiaries ACL and
DWL, provides 2G wireless telecom services in all the 22
circles of India and 3G services in 13 circles. ASML, another
wholly owned subsidiary of AL, provides mobile banking
services.

MCB, through Global Communication Service Holdings Limited and
Deccan Digital Networks Private Limited, effectively holds
approximately 73.99% equity interest in AL. Further, Aircel had
filled before the National Company Law Tribunal, Mumbai Bench
("NCLT") in terms of Section 10 of the Insolvency and Bankruptcy
Code, 2016 and the NCLT, has appointed Mr. Vijaykumar V Iyer as
the interim resolution professional for the Aircel ("IRP") vide
its order dated March 12, 2018.


AIRCEL SMART: CARE Migrates D Rating to Not Cooperating
-------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aircel
Smart Money Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank    17,479       CARE D; Issuer not cooperating;
   Facilities*                    Based on best available
                                  information

* Part of Group facilities (interchangeable between Aircel
Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Aircel Smart to monitor
the rating(s) vide e-mail communications/letters dated August 1,
2018, August 2, 2018, August 3, 2018 and August 6, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, Aircel Smart
Money Limited has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Aircel Smart Money Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in servicing of its debt
obligations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in servicing of debt obligations: The company has delayed
in repayment of interest on its debt obligations on account of
its weak liquidity position as a result of its continuing weak
operational performance in the hyper competitive telecom sector.

Deterioration in the operational performance of Aircel: The
Indian telecom sector is witnessing intense competition with the
launch of services by Jio. The competitive pressure has led to
stress on the cash flows and profitability of the incumbents.
Gross revenue of the telecom sector for the quarter ended on
March 31, 2017 was moderated by around 7% on y-o-y basis.
Although, Aircel has reported a 6% growth on y-o-y basis in the
number of subscribers, Average Revenue per User (ARPUs) and
PBILDT margin have consistently shown a downward trend leading to
deterioration in its financial risk profile.

PBILDT for CY16 moderated to INR598 crore as against INR1429
crore in CY15. Loss for CY16 doubled to INR4319 as against a loss
of INR2215 crore in CY15. The ability of Aircel to improve its
operational performance in the current industry scenario will be
critical and will continue to be a key rating monitor.

Highly competitive business environment and exposure to
regulatory risk: The Indian telecom sector is witnessing a lot of
volatility for the past few quarters with the launch of
commercial services by Jio. The sector has seen continuing and
intensifying competition which has resulted in consolidation
among the players, with a few of the minor players exiting the
telecom business while some others merging their businesses with
larger players. The data services bundled with free voice
services offered by the newest entrant have cannibalized both
voice and data revenue stream of telecom service operators. With
the ongoing tariff war among telecom service operators, ARPUs are
showing a consistent downward trend. Revenue growth, as a result
is also expected to be moderated, as telecom operators are
offering very competitive service plans. This will also impact
the government's share of revenue from the telecom sector as the
government earns license fees based on the revenue of the telecom
companies and taxes and levies.

Key Rating Strengths

Long track record of the group: Aircel started its operations
with the launch of services in the Chennai circle in 1995. Since
then, the company had expanded its operations and became a pan-
India player. As on March 31, 2017, Aircel (AL, ACL and DWL) is
present in 22 circles with a total subscriber base of around 90.9
million.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its whollyowned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited.

AL, together with two of its wholly owned subsidiaries ACL and
DWL, provides 2G wireless telecom services in all the 22 circles
of India and 3G services in 13 circles. ASML, another wholly
owned subsidiary of AL, provides mobile banking services.

MCB, through Global Communication Service Holdings Limited and
Deccan Digital Networks Private Limited, effectively
holds approximately 73.99% equity interest in AL.


ANAND RICE: CARE Assigns B+ Rating to INR6.14cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Anand
Rice Mill (ARM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.14       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ARM is constrained
by its small scale of operations with low profit margins,
moderate capital structure, weak debt service coverage indicators
and working capital intensive nature of operations. The rating is
further constrained by vulnerability to fluctuation in raw
material prices along with its presence in highly fragmented and
highly regulated industry and constitution of entity as a
partnership firm limiting financial flexibility in times of
stress.  The rating however, derives strength from long
experience of the promoters and locational advantage emanating
from proximity to raw material.

The ability of the firm to increase its scale of operations with
improvement in profitability along with efficient management of
working capital requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The operations
of the firm remained small with total operating income of INR7.40
crore in FY18 and capital employed of INR7.55 crore as on
March 31, 2018, thus, limiting financial flexibility of the firm
in times of stress. Moreover, by being in the business of
processing of rice, entailing low value additions, the firm's
profit margins stood low in FY18.

Moderate capital structure with weak debt service coverage
indicators: The relatively low net worth base of the firm led
to increased reliance on working capital borrowings and unsecured
loans to support its business operations, hence resulting in
moderate capital structure. Moreover, with low accruals and
moderate gearing levels, the debt coverage indicators of the firm
stood weak.

Working capital intensive nature of business: Operations of the
firm remained working capital intensive with high gross current
assets of 242 days in FY18 owing to high inventory period. The
working capital requirements are met by the cash credit facility
availed by the firm utilization of which remained high.

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

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

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

Key Rating Strengths

Experienced promoters: The partners of the firm, Mr. Ravindranath
Yadlapati and Ms. Sridevi Srinivasrao Yarlavarthi have an average
experience of more than one and a half decade in processing of
rice. The partners look after the day-to-day affairs of the
business with adequate support from a team of technical
personnel. Being in the industry for more than one and a half
decade, helps the promoters to gain adequate acumen about the
business which will aid in smooth operations of ARM.

Locational advantage emanating from proximity to raw material:
ARM's unit has proximity to local markets of Nagpur, major raw
material procurement destinations for the entity. Furthermore,
the plant is having good transportation facilities and other
requirements like good supply of power, water etc. Accordingly,
ARM has locational advantage in terms of proximity to raw
material and connectivity.

Nagpur (Maharashtra) based, ARM was established as a partnership
firm on June 11, 2015 by Mr. Ravindranath Yadlapati and Ms.
Sridevi Srinivasrao Yarlavarthi. The entity took over the
operations of a proprietorship entity led by Mr. Srinivasrao
Yarlavarthi which was established in the year 1992 and was
engaged in rice milling. ARM is engaged in processing of rice at
its processing facility located at Nagpur, Maharashtra, having an
installed capacity to process 4 metric tonnes per day (MTPD) of
paddy.


ANLON HEALTHCARE: CARE Lowers Rating on INR11.5cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anlon Healthcare Private Limited (AHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       11.50       CARE D Revised from
   Facilities                       CARE B+; Stable

   Long-term Bank        3.00       CARE D/CARE D Revised from
   Facilities/                      CARE B+; Stable
   Short-term Bank
   Facilities

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the ratings
assigned to the bank facilities of AHPL is primarily due to
irregularity in servicing its debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

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

Rajkot-based (Gujarat), AHPL was incorporated in March 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company has setting up a unit for
manufacturing of pharma intermediates and ingredients. The
company has commenced its commercial operations in last quarter
of FY18. The manufacturing facility of the company is located at
Gondal, Rajkot. During FY18, AHPL reported a net loss of INR0.74
crore on a total operating income (TOI) of INR3.78 crore.


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

The instrument-wise rating action is:

-- INR129.2 mil. Term loan due on August 2031 migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aurad Solar is a special purpose vehicle that was formed in
November 2015 to develop, own and operate a 3MW solar power plant
in the Jonnikeri village, Karnataka. Aurad Solar is promoted by
Mr. Niraj Gelli and Mr. Girish Gelli. The total project cost of
INR210 million was funded in a debt-equity ratio of 62:38.


DAS AND BROTHERS: CARE Assigns 'B' Rating to INR4.25cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Das
and Brothers Electricals Private Limited (DBEPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.25       CARE B; Stable Assigned

   Short-term Bank
   Facilities            2.25       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DBEPL are
constrained on account of small scale of operations, low
profitability margins, weak solvency position and working capital
intensive nature of operations. The ratings are further
constrained on the account of low order book position, customer
concentration risk, susceptibility of margins to volatility in
input prices and its presence in highly fragmented industry and
exposure to tender driven process. The ratings, however, derives
strength from the extensive experience of the promoters.

The ability of the company to execute the projects in hand in a
timely manner, procure new orders, increase its scale of
operations, along with improving its profitability and capital
structure while managing working capital efficiently remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small with total operating
income of INR10.13 crore and capital employed of INR6.28 crore as
on March 31, 2018(Provisional), thus limiting the financial
flexibility of the entity in times of stress.  Furthermore, the
profit margins of the company remained low.

Weak solvency position: The relatively high debt profile of the
company as against the low net worth base resulted in leveraged
capital structure for the company. Moreover, with low accruals
and high gearing level, the debt coverage indicators of the
company stood weak.

Working capital intensive nature of operations: The working
capital cycle of the company is elongated as reflected by high
gross current asset days of over 324 days for FY18. The company
continues to face delays in receipt of payments from its
customers resulting in higher collection period. This led to
higher utilization of working capital borrowings.

Low order book position and customer concentration risk: The
company has an outstanding order book to sales ratio of 0.33x of
FY18 sales as on June 27, 2018. The said order book is to be
executed by October 2018, thus indicating revenue visibility over
the short term. Further, the revenue derived is concentrated from
a single customer i.e. Maharashtra State Electricity Distribution
Company Limited (MSEDCL) which makes the company's revenue and
profitability susceptible to any drop in the tenders awarded by
the client.

Presence in a highly fragmented industry: The sector is plagued
by numerous unorganized and organized players making it highly
competitive. Further, the high concentration on government
contracts makes the company susceptible to any drop in government
spends on infrastructure projects and changes pertaining to
government policy regarding awarding of tenders to contractors.

Exposure to tender driven process and susceptibility of margins
to fluctuation in raw materials prices: DBEPL has to participate
in the tenders floated by the government departments which are
characterized by intense competition due to entry of new players
and increasing number of bidders for projects. Further, the
prices of raw material required by the company are highly
volatile in nature making the profitability margins susceptible
to any adverse change in prices.

Key Rating Strengths

Extensive experience of the promoters: The company is engaged in
the execution of EPC contracts for MSEDCL since 2004 and prior to
that, it was involved in the relevant industry as proprietorship
firm since 1987. Further, the promoters Mr. Sivadasan Panicker
and Mrs. Anitha Panicker have an average experience of around two
decades in the relevant industry. Being in the industry for so
long has helped the promoters in gaining adequate acumen about
the business.

DBEPL was incorporated in May, 2004. Prior to the incorporation
of DBEPL, the promoters carried out the activities under
proprietorship concern 'Das and Brothers' (DB) established in the
year 1987. The company is engaged in the EPC business which
undertakes designing, testing, construction, erection and
commissioning of material of sub-transmission lines, new
substation/switching station and other allied works for
MSEDCL(rated as CARE A+(SO) as on April 4, 2018).


DISHNET WIRELESS: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Dishnet
Wireless Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      17,479     CARE D; ISSUER NOT COOPERATING;
   Facilities*                    Based on best available
                                  information

* Part of Group facilities (interchangeable between Aircel
Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Dishnet Wireless Limited
to monitor the rating(s) vide e-mail communications/letters dated
August 1, 2018, August 2, 2018, August 3, 2018 and August 6, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, Dishnet
Wireless Limited has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating
on Dishnet Wireless Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in servicing of its debt
obligations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in servicing of debt obligations: The company has delayed
in repayment of interest on its debt obligations on account of
its weak liquidity position as a result of its continuing weak
operational performance in the hyper competitive telecom sector.

Deterioration in the operational performance of Aircel: The
Indian telecom sector is witnessing intense competition with the
launch of services by Jio. The competitive pressure has led to
stress on the cash flows and profitability of the incumbents.
Gross revenue of the telecom sector for the quarter ended on
March 31, 2017 was moderated by around 7% on y-o-y basis.
Although, Aircel has reported a 6% growth on y-o-y basis in the
number of subscribers, Average Revenue per User (ARPUs) and
PBILDT margin have consistently shown a downward trend leading to
deterioration in its financial risk profile. PBILDT for CY16
moderated to INR598 crore as against INR1429 crore in CY15. Loss
for CY16 doubled to INR4319 as against a loss of INR2215 crore in
CY15. The ability of Aircel to improve its operational
performance in the current industry scenario will be critical and
will continue to be a key rating monitor.

Highly competitive business environment and exposure to
regulatory risk: The Indian telecom sector is witnessing a lot of
volatility for the past few quarters with the launch of
commercial services by Jio. The sector has seen continuing and
intensifying competition which has resulted in consolidation
among the players, with a few of the minor players exiting the
telecom business while some others merging their businesses with
larger players. The data services bundled with free voice
services offered by the newest entrant have cannibalized both
voice and data revenue stream of telecom service operators. With
the ongoing tariff war among telecom service operators, ARPUs are
showing a consistent downward trend. Revenue growth, as a result
is also expected to be moderated, as telecom operators are
offering very competitive service plans. This will also impact
the government's share of revenue from the telecom sector as the
government earns license fees based on the revenue of the telecom
companies and taxes and levies.

Key Rating Strengths

Long track record of the group: Aircel started its operations
with the launch of services in the Chennai circle in 1995. Since
then, the company had expanded its operations and became a pan-
India player. As on March 31, 2017, Aircel (AL, ACL and DWL) is
present in 22 circles with a total subscriber base of around 90.9
million. Analytical approach: The ratings consider a consolidated
view on credit risk profiles of Aircel Limited and its
whollyowned subsidiaries namely Aircel Smart Money Limited,
Aircel Cellular Limited and Dishnet Wireless Limited.

AL, together with two of its wholly owned subsidiaries ACL and
DWL, provides 2G wireless telecom services in all the 22 circles
of India and 3G services in 13 circles. ASML, another wholly
owned subsidiary of AL, provides mobile banking services.

MCB, through Global Communication Service Holdings Limited and
Deccan Digital Networks Private Limited, effectively holds
approximately 73.99% equity interest in AL.

Further, Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of
the Insolvency and Bankruptcy Code, 2016 and the NCLT, has
appointed Mr. Vijaykumar V Iyer as the interim resolution
professional for the Aircel ("IRP") vide its order dated
March 12, 2018.


DLS PAPERS: CARE Lowers Rating on INR11.22cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
DLS Papers Private Limited (DLS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           11.22       CARE D Revised from CARE B-;
                                    Stable; Issuer not
cooperating

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

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of DLS
Papers Private Limited (DLS) takes into account the ongoing
delays in meeting debt obligations. The rating continues to
remain constrained by small scale of operations with low net
worth base, net losses, leveraged capital structure & weak
coverage indicators and highly competitive industry along with
susceptibility to volatility in prices of raw material. The
rating, however, derive strength from experienced management.

Detailed description of the key rating drivers

Key rating weaknesses

Ongoing delays in meeting debt obligations: There have been
delays in relation to the servicing of principal installment and
interest payments on account of liquidity stress.

Small scale of operations with low net worth base: The scale of
operations of the company as marked by total operating income
stood small at INR24.45 crores for FY17 (FY refers to period
April 1 to March 31). Further, the net worth base of the company
stood low at INR1.52 crore as on March 31, 2017. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. The company has achieved total
operating income of INR35.46 crore for FY18 (based on provisional
results). Further, for Q1FY19, the company has achieved TOI of
INR11.76 crore (based on provisional results).

Net losses, leveraged capital structure and weak coverage
indicators: The company incurred net losses for past two
financial years i.e. FY16 and FY17 owing to high interest
expenses. The capital structure of the company stood leveraged as
on past two balance sheet date ending, March 31, '16 - '17 mainly
on account of debt funded capex undertaken coupled with low net
worth base and high reliance on working capital borrowing to meet
the working capital requirements. Further, the coverage
indicators of the company stood weak on account of high interest
cost due to high debt level coupled with low profitability.

Highly competitive industry along with susceptibility to
volatility in prices of raw material: DLS operates in competitive
segments of the industry, which is very fragmented due to low
entry barriers. There are numerous players in the unorganized
sector which increases the level of competition. Moreover, raw
material cost constitutes approximately 70% of the total cost of
production. Thus, margins are vulnerable to fluctuation in raw
material cost. Being a new player in the paper industry, the
profitability of the company is based on the ability of the
company to absorb the increase in raw material prices which will
have an impact on the profitability margins and sales
realization.

Key Rating strength

Experienced management: The company is being managed by Mr.
Laxman Sing, Mr. Dinesh Kumar, Mr. Arshad Ali and Mr. Aamir
Ahmed. DLS is well supported by experienced management having
rich experience in diversified business segments such as paper,
textile and construction industry.

Muzzafarnagar, Uttar Pradesh, based, DLS Paper Private Limited
(DPPL) was incorporated in March, 2013 and started its commercial
operation in October, 2015. The company is being managed by Mr.
Laxman Singh, Mr. Dinesh Kumar, Mr. Aamir Ahmed and Mr. Arshad
Ali. The company is engaged in manufacturing of craft paper at
its manufacturing facility located in Muzzafarnagar with
installed capacity of 80 tonnes per day as on March 31, 2018.


HAIGREEVA INFRATECH: CARE Lowers Rating on INR185cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Haigreeva Infratech Projects Limited (HIPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     185.00     CARE B; Issuer not cooperating;
   Facilities                    Based on best available
                                 information Revised from
                                 CARE BBB-; ISSUER NOT
COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HIPL to monitor the
rating(s) vide e-mail communications and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on HIPL'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 revision in the rating in on account of stretched liquidity
position of the company as reported by the bankers.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Working capital intensive nature of business: The working capital
cycle of the company has improved significantly during FY14 to
FY15 majorly at the back of reduction in inventory days as the
company was able to execute the orders on time and also due to
reduction in collection period.

Key Rating Strengths

Experienced management & long track record of the company:
Haigreeva Infratech Projects Limited (HIPL) is promoted by Mr.
Chilkuri Jagadeeswaradu. Mr. Jagadeeswaradu, a civil engineer by
profession, is having more than two and a half decades of
experience in the construction sector. HIPL is operating in the
industry for two decades and engaged in construction of roads,
industrial and commercial complexes, educational institutions,
hospitals and residential complexes.

Growth in total income albeit decline in profit margins: In FY15
(refers to the period April 1 to March 31), total operating
income of the company grew by 47.99%, year on year to INR356.23
crore compared to INR240.71 crore in FY14. The PBILDT margin
declined by 261 bps to 8.46% in FY15 over FY14. Furthermore, the
PAT margin also declined by 65 bps to 2.70% during FY15 over FY14
at the back of increase in capital charges which remained
unabsorbed on account of moderate growth in PBILDT.

Healthy order book position with high geographic and sectoral
concentration risk: The order book position of the company has
remained healthy although it remained concentrated with orders
from few states. Furthermore, the sectoral concentration of the
order book remains to be high with majority of orders pertaining
to irrigation and building sector.

Improvement in capital structure and debt coverage indicators:
Overall gearing of the company improved from March 31, 2015 to
March 31, 2014. Total debt to GCA has improved in FY15 compared
to FY14. The PBILDT interest coverage ratio has also improved
during FY15 at the back of increase in the PBILDT level.

Haigreeva Infratech Projects Limited (HIPL) is promoted by Mr.
Chilkuri Jagadeeswaradu, Chairman and Managing Director of the
company. Initially, the company was established as a proprietary
concern in the year 1993 and was later converted into a public
limited company in 2001, as Haigreeva Engineering Company
Limited. Subsequently, the name was changed to its present name
in 2007. HIPL is engaged in construction of roads, industrial and
commercial complexes, educational institutions, hospitals and
residential complexes. Off-late, company is diversifying into new
segments like power (construction/erection of sub-stations and
transmission lines), oil & gas (construction of pipelines) and
irrigation projects. Majority of the projects executed by the
company are concentrated in the states of Karnataka & Andhra
Pradesh.


KUMARAN POULTRY: CARE Assigns B+ Rating to INR6.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kumaran Poultry Farm (KPF), as:

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

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of KPF is tempered by
small scale of operations, declining PBILDT Margins and thin PAT
margins during review period, leveraged capital structure though
improving year-on-year, proprietorship nature of constitution
with inherent risk of withdrawal of capital, profitability
margins are vulnerable to volatility in raw material prices,
highly fragmented industry with intense competition from large
number of players, and vulnerability of the industry's
performance to outbreaks of flu and other diseases. The ratings
however, derive strength from the experience of the promoter for
more than four decades in Poultry business, growth in total
operating income during review period, improved debt coverage
indicators coupled with a satisfactory operating cycle during
FY17 and stable outlook demand of poultry products.

Going forward, ability of the firm to increase its scale of
operations, improve its capital structure and debt coverage and
efficiently manage its working capital requirements shall remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations compared to peers in industry: Even
though the income from operations of the firm has been increasing
at a steady rate, however, it has remained small when compared to
industry leaders.

Declining PBILDT Margins and thin PAT margins during review
period: The PBILDT margin of the firm declined from 7.18% in FY15
to 4.97% in FY17 due to competitive nature of poultry industry
with presence of numerous organized and unorganized players along
with increase in cost of material and selling overheads. The PAT
margin remained thin during the review period and declined in
line with the PBILDT margin. It was marked 0.80% in FY17.

Leveraged capital structure though improving year-on-year: The
capital structure of the firm marked by overall gearing remained
leveraged during period. However, the overall gearing ratio has
improved from 14.15x as on March 31, 2015 to 4.23x as on March
31, 2017 due to repayment of term loan installment, unsecured
loans and increasing networth on account of accretion of profit.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a proprietorship has the
inherent risk and possibility of withdrawal of capital at a time
of personal contingency which can adversely affect the capital
structure of the firm. Furthermore, proprietorships have
restricted access to external borrowings as credit worthiness of
the proprietor would be a key factor affecting the credit
decision of lenders.

Profitability margins are vulnerable to volatility in raw
material prices: Maize is relatively a small scale crop in India
and being a rain-fed crop, any monsoon failure will affect its
harvest. The Poultry industry consumes more than 50% of the
domestic maize production and its demand is expected to exceed
the overall supply in the future. As the poultry industry is
virtually a buyers' market, any sharp increase in raw material
prices may not be fully passed on to the consumers thereby
affecting the profit margin of the company.

Highly fragmented industry with intense competition from large
number of players: KPF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Vulnerability of the industry's performance to outbreaks of flu
and other diseases: Intermittent outbreaks of bird flu have
affected sales of eggs in the last few years. These avian flu
outbreaks lead to a drastic fall in demand followed by crash in
poultry prices. News of bird flu outbreak in previous years had
led to banning poultry and related products in many states. Such
a ban could lead to poultry products being piled up leading to an
excess supply situation thereby causing a sharp fall in poultry
prices.

Key Rating Strengths

Experience of the promoter for more than four decades in Poultry
business: KFA was established in the year 1979 and promoted by
Mr. K. Subaramaniam. Mr. K. Subaramaniam has more than four
decades of experience in poultry business. Due to long term
presence in the industry, KFA has established good relations with
suppliers and customers.

Growth in total operating income during the review period (FY15-
FY17): The total operating income of the firm grew from INR32.67
crore in FY15 to INR37.34 crore in FY17 at a CAGR of 4.55% due
to increase in repeat orders from existing customers and addition
of new customers.

Improving debt coverage indicators and stands satisfactory in
FY17: The debt coverage indicators of KPF has been improving
year-on-year marked by Total debt/GCA which improved from 9.96x
times in FY15 to 7.66x in FY17 due to decrease in total debt
coupled with increase in gross cash accruals. Furthermore, the
interest coverage ratio of the firm improved from 2.41x in FY15
to 4.20x in FY16 due to decrease in interest expense driven by
repayment of term loan installments.

Satisfactory operating cycle days: The operating cycle of the
firm stood satisfactory at 38 days in FY17. The firm receives the
payment from its customer within a month and similarly makes the
payment to its supplier within 10-15 days. The firm hold average
inventory of eggs, cull birds and feeding inputs for about 30-45
days to manage business operations.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Kumaran Poultry Farm (KPF) was established in the year 1979 and
promoted by Mr.K. Subaramaniam (Proprietor). The firm is engaged
in farming of egg and trading of eggs, cull birds and their
Manure. The firm sells its products like eggs and cull birds in
Kerala, Tamilnadu, Andhra Pradesh to retailers through own sales
personnel and through some dealers. The firm mainly buys chicks
(small chickens) from Pune and Hyderabad. The firm purchases raw
materials for feeding of birds like rice broken, maize, sun
flower oil cake, shell grit, minerals and soya from local
traders.


LANCO INFRATECH: Liquidation Order Likely on August 27
------------------------------------------------------
The Hindu reports that Lanco Infratech has said the National
Company Law Tribunal (NCLT), Hyderabad Bench, has posted the
application pertaining to liquidation of the company for
pronouncement of orders on August 27.

The Hindu relates that in a regulatory filing to the stock
exchange, the company said the Resolution Professional had filed
application for liquidation under Section 33 (1) (a) of the
Insolvency and Bankruptcy Code, 2016. The RP had filed the
application in the backdrop of the Committee of Creditors (CoC)
rejecting a revised bid by Tamil Nadu-based infra and mining firm
Thriveni Earthmovers.

According to the report, the bench heard the application on
August 14, seeking liquidation as well as the application filed
by Employee Welfare Association of the company seeking reasons
from the RP why the Resolution Plan was rejected.

"The bench heard the arguments of both parties and posted the
matter for pronouncement of orders on the liquidation application
on August 27, 2018," the filing by Lanco said, the Hindu relays.

                    About Lanco Infratech

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.

NCLT had initiated insolvency resolution for Lanco on August 7,
2017, based on a petition filed by the company's lead lender IDBI
Bank, Business Standard discloses. Lanco has a debt of over
INR10,000 crore at the holding company level while the
consolidated debt was more than INR40,000 crore, according to
Business Standard.


MAHAPRABHU RAM: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Mahaprabhu Ram Mulkh Hi-Tech Education Society (MRMH) to Issuer
Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       2.55      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      4.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale and key rating drivers

CARE has been seeking information from MRMH to monitor the
rating(s) vide e-mail communications/letters dated July 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the society 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 best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Mahaprabhu
Ram Mulkh Hi-Tech Education Society'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 consideration delays in debt servicing
obligation on account of weak liquidity as the society is unable
to generate sufficient funds on timely manner.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
repayment of the term loan obligation and there are instances of
over utilization of overdraft limit for more than one month.

High Regulation in educational sector in India: The educational
institutes are regulated by respective state governments
with respect to the number of management seats, amount of the
tuition fees charged for the government quota and management
quota. The factors have a significant impact on the revenue and
profitability of the institutions. The state and central
government have provided thrust to demand for engineering
colleges by introducing policy changes like abolition of entrance
exams for admission in professional course. The education
industry remains highly regulated industry with constant
intervention from the central state government and other
regulatory bodies.

Mahaprabhu Ram Mulkh Hi-Tech Educational Society (MRMH) got
registered under the Society Registration Act- 1860 in 2005 and
is currently being managed by Mr. Roshan Lal Jindal, Mrs Ritu
Jindal, Mr. Mukesh Jindal, Mrs. Tamanna Jindal, Mrs Saroj Garg,
Mr. Rajneesh Jindal and Mr. Rohit Sharma as the trustees. The
society was formed with an objective to provide higher education
in the field of engineering, computer science and management. The
society has established five separate colleges, namely, Shree Ram
Mulkh Institute of Management and Technology, Shree Ram Mulkh
Institute of Engineering and Technology, Shree Ram Mulkh College
of Technical Education, Shree Ram Mulkh College of Education and
Shree Birkha Ram College of Education. All the colleges of MRMH
are in Village Kohra-Bhura (Bhurewala), Haryana. The different
courses offered are duly approved by AICTE (All India Council of
Technical Education). MRMH is also affiliated to Kurukshetra
University, Kurukshetra (KUK).


MAYA SAHA: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Maya Saha's
(MS) Long-Term Issuer Rating to 'IND BB' from 'IND BB+ (ISSUER
NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR85 mil. (reduced from INR100 mil.) Fund-based limits
     downgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The downgrade reflects a decline in MS' revenue to INR549.50
million in FY18 (FY17: INR798.39 million) on account of a change
in business to distribution of FMCG products from distribution of
Indian-made foreign liquor.

Gross interest coverage (operating EBITDA/gross interest expense)
improved to 11.90x in FY18 (FY17: 6.99x) due to a decrease in
interest expense resulting from lower utilization of working
capital limits. Net financial leverage (total adjusted net
debt/operating EBITDAR) was 0.84x in FY18. The company maintained
a net cash position in FY17.

The ratings are supported by MS' healthy EBITDA margin of 3.77%
in FY18 (FY17: 5.06%) with return on capital employed of 21.20%
(41.13%). The fall in the margin was due to an increase in the
overall expenses.

The ratings also factor in the company's comfortable liquidity
position as reflected by 56.32% average use of its fund-based
limits during the 12 months ended July 2018.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics, all on sustained basis, could lead to a
negative rating action.

Positive: A growth in revenue along with an improvement in the
credit metrics, all on a sustained basis, could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2004, MS is engaged in the distribution of FMCG
and personal care products, cigarettes, mobile handsets and pet
food in West Bengal.


NORTHERN POWER: CARE Reaffirms B+ Rating on INR14cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Northern Power Erectors limited (NPEL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            14.00     CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             4.00     CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of NPEL continues to
remain constrained by modest scale of operations, low
profitability margins, leveraged capital structure and weak
coverage indicators.  The ratings further continue to remain
constrained by working capital intensive nature of operations,
raw material price fluctuation risk along with its presence in
competitive industry. The ratings, however, draws comfort from
experienced management, growing scale of operations, association
with reputed and diverse client base with moderate order book
position.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins, capital
structure with effectively managing the working capital
requirements and the ability to bid for new projects and improve
its order book would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest though growing scale of operations: The scale of
operations of the company continues to remain modest marked by a
total operating income and gross cash accruals of INR 88.83 crore
and INR0.61 crore respectively during FY18 (FY refers to the
period April 1 to March 31). Further, the net worth base also
remains relatively modest at INR11.33 crores as on March 31,
2018.The modest scale limits the company's financial flexibility
in times of stress and deprives it from scale benefits. Though,
the risk is partially mitigated by the fact that the scale of
operation is growing continuously. NPEL's total operating income
grew from INR 85.18 crore in FY16 to INR88.83 crore in FY18
reflecting a CAGR of 2.12% was on account of higher contracts
executed. Further, during 4MFY19 (refers to the period April 1 to
July 31; based on provisional results) the company has achieved
turnover of INR25.00 crores.

Low profitability margins: The profitability margins of the
company continues to remain low due to highly competitive nature
of industry as marked by PBILDT margin of the company which stood
below 4% for the last three financial years i.e. FY16-FY18.
Further, the PAT margin continues to remain below unity for the
past three financial years i.e. FY16-FY18 on account high
interest cost of the company.

Leveraged capital structure and weak coverage indicators: The
capital structure of the company continues to remain leveraged on
account of high dependence on external borrowings to meet its
working capital borrowings as marked by overall gearing ratio
which stood around 1.50x as on balance sheet date of past three
financial years i.e. FY16-FY18. Further, owing to low
profitability position, the debt coverage continues to remain
weak as marked by interest coverage and total debt/GCA which
stood below 1.30x and above 25x for the past three financial
years i.e. FY16-FY18.

Working capital intensive nature of operations: The operations of
the company continues to remain working capital intensive marked
by an average operating cycle of 114 days mainly on account of
high collection period and high inventory holding for FY18. The
collection period remains on the higher side as most of the
company's customers are public sector undertaking and the
realization generally takes 3-4 months due to procedural delays
relating to bill clearance. The company normally maintains the
inventory of raw material for around 3-4 months for smooth
running of its production processes resulting in an average
inventory holding period of 117 days for FY18. Further, the
company receives credit period of around 4-5 months from its
supplier, as they pay to their suppliers once they receive
payments from its customers resulting in average creditor period
of 130 days for FY18. The average working capital limits of the
company remained almost fully utilized for 12 months ended
July 31, 2018.

Raw material price fluctuation risk: The raw material costs has
always been a major contributor to total operating cost
constituting around 85% in past three financial years (FY16-
FY18). NPEL is exposed to the raw material price volatility risk
due to the volatility experienced in the prices of iron, steel
and metal scraps and their prices fluctuates rapidly due to
demand supply gap. Hence, any volatility in their prices has a
direct impact on the profitability margins of the company.

Highly competitive nature of industry: NPEL operates in a highly
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. The industry is
characterized by low entry barriers due to low technological
inputs and easy availability of standardized machinery for the
production. This further leads to high competition among the
various players and low bargaining power with suppliers.

Key Rating Strengths

Experienced management: The company is currently being managed by
Mr. V.S. Mittal and Mr. N.S. Mittal. Mr. V.S. Mittal is a post
graduate by qualification and also holds a diploma in electrical
engineering. He has an experience of around three decades in
manufacturing of engineering goods through his association with
this entity. Mr. N.S. Mittal is also a postgraduate and has
an experience of around one and a half decades in manufacturing
of engineering goods through his association with this entity.

Reputed and diverse client base with moderate order book
position: In the past, the company had executed contracts for
various reputed companies such as Uttaranchal Jal Vidyut Nigam
Limited, NHPC Limited, Madhya Pradesh Power Generation
Corporation Limited, Himachal Pradesh State Electric Power
Limited, Punjab State Power Corporation Limited, etc. Association
with reputed customer base enhances the image of the company in
the market and minimizes the realization risk. The company has
total order book of around INR17.56 crore as on July 31, 2018.
The tenor of the orders undertaken by the company varies from 3-4
months depending of the size of the project. This provides
revenue visibility in short to medium term.

New Delhi based, Northern Power Erectors Limited (NPEL) is a
closely held public limited company originally incorporated in
1986 as Northern Power Erectors Private Limited. The name and
constitution was revised to present one in May, 1993. The Company
is currently being managed by Mr. V.S. Mittal and Mr. N.S.
Mittal. The company is engaged in manufacturing of hydro turbine
and generator parts like S.S. rings, turbine runners, guide vane
housing, etc. The company is also engaged in servicing and
maintenance of hydro power stations. The raw material required
for manufacturing of above products include electrodes, wires,
screws, bearings, studs, etc. which are procured from traders and
manufacturers located across India.


P.M. CARIAPPA: CARE Assigns B+ Rating to INR11cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of P.M.
Cariappa (PMC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            11.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PMC are tempered
by small scale of operations, foreign Exchange rate fluctuation
risk and highly competitive business segment due to presence of
numerous organized and unorganized players. However, the rating
derives comfort from experienced promoters and long track record
of operations and Growth in total operating income and
Profitability year-on-year along with comfortable capital
structure with strong net-worth. Going forward, the company's
ability to improve its total operating income, capital structure
and debt coverage indicators and efficiently utilize its working
capital requirements remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: P.M. Cariappa (PMC) has small size of
operations marked by moderate networth of INR48.08 crore as on
March 31, 2017 and total operating income of INR 1.11crore in
FY17 compared to other peers in the industry.

Foreign exchange fluctuation risk: The firm is exposed to
exchange rate fluctuation risk on account of exports of nearly
80-90% of the Stationery, Invitation, Greeting Cards, and paper
Products are traded all-over Dubai. This lead to volatile margins
and continues to be key risk to the firm.

Highly competitive business segment due to presence of numerous
organised and unorganised players: The spectrum of the stationery
industries in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in Dubai.
P.M. Cariappa faces direct competition from various organized and
unorganized players in the market. There are a number of small
and regional players who are located in India and catering to the
same market.

Key Rating Strengths

Experienced promoters and long track record of operations: The
overall affairs of PMC are initially managed by Mr. P.M. Cariappa
after his sad demises on 2018 the business was controlled and
taken care by his brother Mr. P.M. Vasanth, who has almost more
than two decade of experience in the same line of business.

Growth in total operating income and Profitability year-on-year:
Over the period FY15-FY17, the total operating income of PMC has
grown at a CAGR of 18.33%. The firm has registered a Y-o-Y growth
rate of 47.34% in its total operating income for the period of
FY16-FY17 to INR 1.11crore in FY17 (PY: INR 0.75crore) due to
increasing sales to existing customers on account of repeat
orders along with addition of new customers. The profitability of
the concern has improved to INR 0.74 crore in FY17 comparing to
(PY: INR 0.44 crore) due to increase in the fixed rental income
from the properties.

Comfortable capital structure with strong net-worth: The capital
structure of PMC remains comfortable with an overall gearing of
0.17 times as on March 31, 2017 with slight decline of 0.11 times
as on March 31, 2016 mainly on account of increase in secured
loans of bank borrowings against mortgaged properties.
Furthermore, the firm has strong growing net-worth of INR 66.42
crore in FY17 and INR58.30 crore in FY16 due to increase in the
value of the fixed assets of the firm.

P.M. Cariappa (PMC), established in 1998, is Karnataka based sole
proprietorship concern engaged in the trading of Stationery,
Invitation, Greeting Cards, and paper Products all-over Dubai.
The firm procure the raw materials from domestic market based on
the order flow. The business was originally established and
controlled by Mr. P.M. Cariappa. After his demise during 2018,
the business is being managed by his brother Mr. P.M. Vasanth,
who has almost more than two decade of experience in the same
line of business.


PURVANCHAL AGRICO: CARE Assigns B+ Rating to INR7cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Purvanchal Agrico Private Limited (PAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of PAPL is constrained
by small scale of operations and leveraged capital structure. The
rating is further constrained on account of PAPL's presence in
the highly competitive industry. The ratings, however, continue
to draw comfort from experienced promoters, growing scale of
operations, moderate profitability margins and coverage
indicators and comfortable operating cycle.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small though growing scale of operations: The operations of the
company remained small as evident from total operating income and
gross cash accruals of INR9.37 crore and INR1.02 crore,
respectively in FY17 (refers to the period April 1 to March 31).
Furthermore, the company's net worth base also remains relatively
small at INR3.21 crore as on March 31, 2017. The small scale
limits the company's financial flexibility in times of stress and
deprives it of scale benefits. Though, the risk is partially
mitigated by the fact that the scale of operation is growing
continuously. For the period FY15-FY17, PAPL's total operating
income grew from INR3.48 crore to INR9.37 crore reflecting a
compounded annual growth rate (CAGR) of 64.09% owing to increase
in sale of dairy products.

Leveraged capital structure: The capital structure of the company
stood leveraged owing to higher dependence on external borrowings
as marked by overall gearing which stood around 2x for the
balance sheet date of the past three financial years i.e. FY15-
FY17.

Competition from the private dairies and co-operatives: The
company faces competition from the other private players and co-
operative dairy societies with well established brands, as well
as from the un-organized sector comprising milk vendors. Other
major dairy companies are also entering into the manufacturing of
value added milk products on account of increasing demand in the
domestic market.

Key Rating Strengths

Experienced Promoters: PAPL's operations are currently being
managed by Mr. Om Prakash Rai and Mr. Suvrat Shahi. Mr. Om
Prakash Rai is a post graduate and has accumulated experience of
three decades in these businesses through his association with
this entity. He is supported by Mr. Suvrat Shahi, who has an
experience of around one decade through his association with this
entity.

Moderate profitability margins and coverage indicators: The
profitability margins of the company have stood moderate as
marked by PBILDT which stood above 15x for the past 3 financial
years (FY15-FY17) owing to service sector undertaking with low
fixed and variable cost to be absorbed. However high interest
cost and depreciation charges restricted the net profitability of
the company below unity for the past three financial years i.e.
FY15-FY18.  Further, owing to moderate profitability levels
resulting in moderate GCA levels; the debt service coverage
indicators remained moderate as marked by interest coverage and
total debt to GCA of 3.57x and 6.09x during FY17.

Comfortable operating cycle: The operating cycle of the company
has stood comfortable at 16 days for FY17. The company generally
maintains inventory in the form of raw material for smooth
production process and finished goods to meet the immediate
demands of its customers resulting in an average inventory
holding of 14 days. The company maintains adequate inventory to
meet the immediate demand of its customers resulting in an
average collection period of 19 days in FY17. The company
generally purchases its raw material on advance and cash basis
with a maximum credit period of 17 days in FY17.The working
capital borrowing of the company is around 70% utilized during
the past 12 months ending May, 2018.

Purvanchal Agrico Private Limited (PAPL) (CIN
U15411UP2008PTC034914) is a private limited company incorporated
in March 31, 2008 and is currently being managed by Om Prakash
Rai and Mr. Suvrat Shahi. PAPL is engaged in renting of its cold
storage facility for potatoes and tomatoes to the local farmers
in Varanasi with multi chambers having storage capacity of 102000
quintals as on May 31, 2018. PAPL is also engaged in the business
of processing of milk and manufacturing of milk products at its
plant at Inayatpur, Ghazipur, Uttar Pradesh having an installed
capacity of 25000 liters per day as on May 31, 2018. Various
products available in the portfolio of the company are skimmed
milk powder (SMP), whole milk powder (WMP), Dairy whitener (DW),
butter, ghee and other milk products. Milk, the primary raw
material for PAPL is procured majorly from farmers and milk
vendors located nearby their plant location. The company sells
its products under the brand name of "Soumya" on PAN India basis.


RAGHAV COTSPIN: CARE Lowers Rating on INR51.50cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Raghav Cotspin Private Limited (RCPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      51.50      CARE B; Stable; Issuer not
   Facilities                     cooperating; Revised from
                                  CARE BB-; Stable; Based on
                                  best available information

   Long-term/Short      2.85      CARE B; Stable/CARE A4; Issuer
   Term Bank                      not cooperating; Revised from
   Facilities                     CARE BB-; Stable/ CARE A4;
                                  Based on best available
                                  information

   Short term Bank      3.00      CARE A4; Issuer not
   Facilities                     cooperating; Reaffirmed; Based
                                  on best available information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from RCPL to monitor the
ratings vide e-mail communications/letters dated May 16, 2018,
June 25, 2018, July 5, 2018, July 12, 2018, July 20, 2018,
July 31, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. Further, the company has
not submitted the monthly Default if any, statement (NDS) for
past three months ended July 2018. 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
Raghav Cotspin Private Limited's bank facilities will now be
denoted as CARE B; Stable; 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 ratings assigned to the bank facilities of RCPL are
constrained on account of stabilization risk associated with debt
funded cotton spinning project and its presence in a highly
competitive and fragmented textile industry. The ratings are
further constrained on account of the susceptibility of its
profitability to volatile raw material prices and seasonality
associated with the availability of raw cotton. The ratings,
however, derive strength from the experienced and resourceful
promoters, strategic location of its manufacturing unit in the
cotton-producing cluster of Gujarat and governments' fiscal
benefits available to RCPL. Achievement of envisaged scale of
operation and profitability, efficient management of working
capital and ability to withstand raw material price fluctuation
are the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on June 29, 2017, the following were
the rating strengths and weaknesses (updated based on the best
available information)

Key Rating Weakness

Project stabilisation risk associated with green-field project:
The total cost of the project was being funded with debtequity
ratio of 1.29 times (considering unsecured loans form promoters'
as quasi capital). Hence, early stabilisation with optimum
utilisation of the installed capacities and realisation of
envisaged benefits would remain crucial going forward.

Susceptibility of profitability to volatility in cotton prices:
The price of raw cotton is highly volatile in nature and depends
upon factors like area under production, yield for the year,
international demand supply scenario, export quota decided
by government and inventory carry forward of last year. Any
volatility in cotton prices can have direct impact on the
profitability margins of the company.

Highly fragmented, competitive and cyclical nature of industry:
RCPL operates in a cyclical and fragmented cotton yarn industry,
including both organized as well as unorganized players, which
limits the pricing ability of the players in the industry.

Key Rating Strengths

Experienced promoters and location advantage available to the
company: The promoters of RCPL possess wide experience of more
than 2 decades in cotton and cotton related products. Moreover,
RCPL's manufacturing unit is located in Rajkot which is amongst
the top producing region for cotton and cotton bales. Hence RCPL
derives benefit of lower logistic expenditure and easy
availability of raw cotton.

Benefits available under State Government policies: With
government thrust to expand textile industry, the company is
eligible for various incentives provided by the Gujarat
government such as the interest subsidy, power tariff subsidy,
refund of VAT, etc. The aforementioned incentives from state
govt. are likely to enhance RCPL's cash flow.

Incorporated in November 2013, RCPL is promoted by Gondal (Dist:
Rajkot, Gujarat) based Gajera family. RCPL was setting up a fully
automatic plant for spinning yarn (Ring spin) in Gondal having
20,064 spindles with a capacity to produce 5,565 Metric Tonnes
Per Annum (MTPA) of cotton yarn of 30-40 count during FY18. The
total cost of the project was INR82.59 crore which was being
funded through term loan of INR46.50 crore, equity capital of INR
22.00 crore and promoters' unsecured loans (quasi equity) of INR
14.09 crore. The company had already incurred more than 90% of
the cost as on May 15, 2017. The company was envisaging complete
commencement of operations by end of June 2017.


SAINTLIFE PHARMA: CRISIL Assigns 'B' Rating to INR6.35cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Saintlife Pharmaceuticals Limited (SPL).

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan             6.35        CRISIL B/Stable (Assigned)

   Cash Credit           1.00        CRISIL B/Stable (Assigned)

   Proposed Long Term    2.65        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects a modest scale due to the start-up nature of
operations, a weak financial risk profile, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters in the pharmaceuticals
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Commercial production started only
in January 2018, and revenue of about INR25.0 crore is expected
in fiscal 2019. Due to the start-up nature of operations rand
intense competition, revenue is likely to remain modest over the
medium term.

* Weak financial risk profile: The debt protection metrics are
weak, as indicated by the interest coverage and net cash accrual
to total debt ratios of 1.1 times and 0.04 time, respectively, in
fiscal 2018. The gearing was a negative 6.46 times, due to
negative networth, as on March 31, 2018.

* Large working capital requirement: The operations are working
capital-intensive, reflected in gross current assets of 100 days
as on March 31, 2018, driven by large inventory of 75 days.

Strengths
* Extensive experience of the promoters: The promoters have an
experience of around two decades in the pharmaceutical industry.
This has given them a sound understanding of the industry
dynamics and resulted in an established relationship with
customers and suppliers.

Outlook: Stable

CRISIL believes SPL will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in operating
revenue and margin, and improvement in working capital
management. The outlook may be revised to 'Negative' if financial
risk profile weakens on account of decline in revenue and
profitability or larger-than-expected, debt-funded capex, or if
liquidity is constrained by increase in working capital
requirement.

SPL was incorporated in 2017, promoted by Mr. Sumit Juneja and
his family members. The company undertakes contract manufacturing
of pharmaceutical formulations such as capsules, tablets, and
syrups at its unit in Dehradun, Uttarakhand. Commercial
operations began in January 2018.


SAVA HEALTHCARE: CARE Cuts Rating on INR21cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sava Healthcare Limited (SHL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      21.00     CARE B+; Issuer Not Cooperating;
   Facilities                    Revised from CARE BB-; Issuer
                                 Not Cooperating

   Short-term Bank      2.00     CARE A4; Issuer Not Cooperating
   Facilities

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SHL to monitor the ratings
vide e-mail communications/letters dated May 29, 2018, June 3,
2018, July 7, 2018, August 3, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on SHL's bank facilities will now be denoted
as CARE B+; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT
COOPERATUNG.

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 long term rating assigned takes into account
the operating losses registered by the company during the last
two financial years ended FY17. The rating continues to be
constrained by the relatively small scale of operations and
working capital intensive operations. The ratings are further
constrained on account of foreign exchange fluctuation risk,
highly fragmented industry resulting in intense competition from
existing and new upcoming players.

The ratings however, continue to derive strength from the long
experience of the promoters and established track record
of operations in the pharmaceutical industry, accredited
manufacturing facilities and steady growth in revenue and
modest capital structure and debt coverage indicators.

Detailed description of the key rating drivers

At the time of last rating on May 2, 2017, the following were the
rating strengths and weaknesses (updated for publicly available
information).

Key Rating Weaknesses

Small scale of operations with operating losses registered:
The total operating income of the company has seen a y-o-y growth
of approximately 14% to INR73.14 crore in FY17. However, the
company has registered operating losses to the tune of INR1.23 in
FY17 as against opeating losses of INR3.46 crore in FY16.

Working capital intensive nature of operations: The working
capital cycle of the company is characterised by a gross current
asset days, which results in stressed liquidity position. The
company has to maintain high level of raw material inventory to
ensure uninterrupted production of its products as the company
have to import major raw materials.

Foreign Exchange fluctuation risk: SHL imports about 27% of its
raw materials and while around 63% of the income is generated
from export market in FY15. The imports of the company are hedged
naturally. However, the company does not employ any hedging
policy therefore leaving its margins susceptible to volatility in
exchange rates.

Dependence on export and presence in highly fragmented industry
with limited value addition: Since, SHL has forayed into
manufacturing of pharmaceutical products, the scope of value
addition has increased tremendously which has shown positive
impact on its profitability margins. However, the company
operating in a highly fragmented industry.

Key Rating Strengths

Experience of promoters in the healthcare business: Though WMPL
was incorporated in 2010, Mr. Rahul Page, Managing Director, has
been in the business of trading of medical surgical and medicines
for the last two decades. He is engaged in the trading of
healthcare products through its proprietorship firms. He
currently looks after the production and marketing vertical of
the company. Furthermore, Mrs Saroj Page, Director has also been
associated with the company, Cardiotech as a partner since last
20 years and looks after the administrative department of the
company.

Sava Healthcare Limited (SHL; formerly known as Anagha Pharma
Private Limited) was incorporated in October 2004 in the name of
Anagha Intertrade Services Private Limited (later name changed to
Anagha Pharma Private Limited). SHL, promoted by Mr. Vinod Jadhav
and Mrs. Suvarna Jadhav, is primarily engaged into trading,
manufacturing of pharmaceutical products and herbal products. The
company has its manufacturing facilities at Surendranagar
(Gujarat) and Kolar (Karnataka).


SHREE GANESH: CARE Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Ganesh Education and Welfare Society (SGWES), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGWES is primarily
constrained by its small scale of operations, low surplus margin,
leveraged capital structure and weak coverage indicators. The
rating is further constrained by intense competition from
established and upcoming educational institutes, and risk
associated with highly regulated educational sector. The rating,
however, draws comfort from experienced management along with
established track record in managing business and well
established infrastructure. Going forward; ability of the society
to improve its enrolment ratio and capital structure shall be the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations of society
stood small as marked by total operating income and gross cash
accruals of INR4.65 crore and INR0.94 crore during FY17 (FY
refers to the period April 1 to March 31). Moreover, the corpus
fund of the society was relatively small at INR5.64 crore as on
March 31, 2017. The small scale limits the society's financial
flexibility in times of stress and deprives it of scale benefits.
Though this risk is mitigated by growing scale of operation y-o-y
showing CAGR of 52.86% from INR1.99 crore in FY15 to INR4.65
crore in FY17 on account of increase in the total student
strength (from 716 students for academic batch 2015-16 to 842
students for academic batch 2016-17) coupled increase in the fee
amount. Moreover, the total operating income stood at INR9.00
crore in FY18 (period refers to FY refers to the period April 1
to March 31, based on provisional result).

Weak surplus margins, leveraged capital structure and weak
coverage indicators: The surplus margins of the society stood
weak for past three financial years i.e. FY15-FY17 on account of
high interest cost. As on March 31, 2017, the capital structure
stood leveraged marked by overall gearing ratio of 1.50x as on
March 31, 2017. The same deteriorated from 1.39x as on March 31,
2016mainly on account of higher debt levels in form of working
capital limit. Further, the debt coverage indicators of the
society stood weak marked by interest coverage ratio and total
debt to GCA of 1.79x and 9.97x respectively for FY17 owing to
high debt levels.

Intense competition from established and upcoming educational
institutes: SGEWS faces high competition from the existing
established school & college in near vicinity. The ability of
SGEWS to enroll the projected number of students at a competitive
fee structure depends on its capability to distinguish itself and
leverage on its established brand name in the market.

Highly regulated educational sector in India: In addition to
AICTE, the educational institutes are regulated by respective
State Governments with respect to the number of management seats,
amount of the tuition fees charged for the Government quota and
management quota. The factors have a significant impact on the
revenue and surplus of the institution. The education industry
remains highly regulated industry with constant intervention from
the central state government and other regulatory bodies. The
regulatory authority for the schools, CBSE, functions under the
supervision of the controlling authority, which is vested with
Secretary (Education), Government of India, and Ministry of Human
Resource Development. Admission to the CBSE-affiliated schools
should be made without any distinction of religion, race,
caste, creed or place of birth.

Key Rating Strengths

Experienced and qualified members of the society: Mr. Dinesh
Kumar is the current president of the society and has around two
decades of experience in running education institution through
his association with SGEWS and prior association with Shri Hari
College (SHC), Saharanpur (Uttar Pradesh). Mrs. Sonia (Secretary)
is post-graduate by qualification and has an experience of around
two decades' infield of education through her association with
this society along with her prior association with SHC. Further,
they are well supported by team of qualified members in the field
of social work to carry out the day-to-day operations.

Well established infrastructure: The trust has its campus located
at Saharanpur, Uttar Pradesh. The campus environment and
facilities are conductive to professional studies with ample
facilities such as sports, state-of-the-arts laboratories,
computer centers including conference halls, multi-media
projectors, well stocked libraries etc. The campus is well
equipped with modern classrooms, seminar halls, laboratories,
computer centers, canteen and hostels.

Shree Ganesh Education and Welfare Society (SGWES) is an
educational society formed in April 8, 2011 under Societies
Registration Act, 1860 with an objective to provide educational
services by establishing and operating various educational
institutions. The society operate colleges and school under the
name of "Dev Rishi" located in Saharanpur, Uttar Pradesh
offering various undergraduate and post-graduate courses in
various fields of engineering, management etc. The colleges
are affiliated to Uttar Pradesh Technical Board and approved by
AICTE (All India Council of Technical Education), and Dev
Rishi International School affiliated to Central Board of
Secondary Education (CBSE). Currently, society have 630 students
in college and 842 students in school students for academic batch
2016-17.


SHUBHI AGRO: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Shubhi Agro
Industries Limited (SAIL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         1          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit           20          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    53.55       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan             22.95       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SAIL for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIL 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 SAIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2007 and promoted by Mr Nandkishore Attal, SAIL
(formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk
into milk concentrate, ghee, butter, skimmed milk powder, dairy
whitener, curd, and paneer. The manufacturing facilities in
Sahajpur near Pune, Maharashtra, have a milk-processing capacity
of 0.7 million litre per day.


SPECTRA REALCON: CARE Lowers Rating on INR16.24cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Spectra Realcon LLP (SRL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       16.24       CARE D Revised from
   Facilities                       CARE BB-; Stable

Detailed Rationale and Key Rating Drivers

The revision in the rating assigned to the bank facilities of SRL
takes into account the ongoing delay
in debt servicing.

Detailed Description of Key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There is ongoing delay in
servicing of the term loan by the firm. The liquidity position
has been impacted on account of time and cost overrun in the real
estate project being developed by the firm along with relatively
low level of bookings received for the project. The project has
been delayed by one year. Till December 31, 2017, about 67% of
the construction cost was incurred. Further, the firm received
low response for the project as around 24% of the total area
available for sale was booked as on that date.

SRL was formed on October 21, 2013, a special purpose vehicle
(SPV), as a Limited Liability Partnership between Shrachi
Developers Private Limited and Durbhasha Distributors Private
Limited for execution of a residential real estate project
"Shrachi Greenview" at Bamunara, Durgapur, West Bengal. The
project was launched in January, 2014 and is expected to
be completed by January, 2020.

The project comprises residential flats with all the modern
amenities comprising of community hall, club, gym, grocery,
doctor's chamber etc. The project is having three towers (namely
Tower I, Tower II and Tower III) with 201 flats. All the three
towers have been launched with major progress in (Tower II) G+7
building. The project is being developed on land area of 2.4 acre
(saleable area 2.01 lac sq. ft.) at a cost of INR45.39 crore to
be funded out of equity (INR15.20 crore), advance booking money
(INR13.95 crore) and debt (INR16.24 crore).


TARA SALES: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the rating on bank facility of Tara Sales Limited
(TSL) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         18       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with TSL for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TSL 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
facility of TSL continues to be 'CRISIL D Issuer not cooperating'

TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.


TEJANKAR HEALTHCARE: CARE Reaffirms B Rating on INR14.02cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tejankar Healthcare and Medical Research Institute Private
Limited (THMRI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           14.02       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of THMRI continues to
remain constrained on account of its financial risk profile
marked by net and cash loss in FY18, negative networth base, weak
solvency position and stressed liquidity position. The rating,
further, continues to remain constrained on account of high
competition and highly regulated nature of the hospital industry.

The rating, however, continues to derive strength from the
qualified promoters having vast experience in the healthcare
industry and state of the art infrastructure with latest machines
in Ujjain.

Improvement in the scale of operations with improvement in
profitability margins in highly competitive and regulated
industry and better management of working capital would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile marked by net and cash loss, negative net-
worth, weak solvency position and stressed liquidity position:
THMRI started commercial operations from March 2017 and FY18 was
first full year of operations of the company. As per provisional
result of FY18, it registered Total Operating Income (TOI) of
INR3.74 crore with 50% average occupancy of beds in the hospital.
PBILDT margin of the company stood healthy at 30.27% in FY18,
however, it has registered net loss and cash loss owing to higher
interest expenses. Due to net loss in FY18, net-worth base of the
company turned out negative. Due to negative net-worth base and
cash loss, capital structure and debt coverage indicators stood
negative.

High competition and fragmented nature of the industry: The
hospitality sector is highly competitive with the presence of
large players in the organized sector and numerous small players
in the unorganized sector. Thus, differentiating factors like
range of services offered, quality of service, pedigree of
doctors, success rate in treatment of critical/complex diseases,
etc., will be crucial in order to attract patients and increase
occupancy. THMRIPL may face competition from other established
government hospital, private hospital as well as private clinics
operating in the industry.

Key Rating Strengths

Qualified promoters having vast experience in the healthcare
industry: THMRI is promoted by Mr. P N Tejankar, Mrs Anita
Tejankar and Mr. Rahul Tejankar. Mr. P N Tejankar is an ENT
Specialist and possesses vast experience of more than three
decades as a medical practitioner in Ujjain. Mr. Rahul Tejankar
is also an ENT Specialist and possesses four years of experience
as a medical practitioner in Ujjain.

State of the art infrastructure with latest machines in Ujjain:
THMRI have been able to perform many high end complicated
surgeries such as Total Knee Transplant, total hip transplant,
Bariatric Laparoscopy Surgery, ERCP, Tonsillectomy through
Cobaltor at a very affordable cost. Till now such surgeries were
possible in Tier-I and II cities. THMRI have built a world class
infrastructure with superior machines from famous brand such as
Karl Storz, Carl Zeiss, GE, Samsung, Phillips, Sony etc. THMRI
has started the first laparoscopy center in Ujjain.

THMRI incorporated in June 2015 by Mr. P. N. Tejankar, Mrs. Anita
Tejankar and Mr. Rahul Tejankar who has background of medical
practitioner. The company completed and started multi-specialty
hospital in Ujjain from March 2017.


THOUSU PERIYAKKAL: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Thousu Periyakkal
Educational Health and Charitable Trust (TPHCT) continues to be
'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       1.60       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan   18.94       CRISIL D (ISSUER NOT COOPERATING)
   Overdraft         2.70       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with TPHCT for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TPHCT, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on TPHCT 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 TPHCT continues to be 'CRISIL D Issuer not
cooperating'

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr.
B Selvaraj as a trust registered under the Indian Trust Act,
1881.The trust offers undergraduate, post-graduate, and diploma
courses in engineering and teacher education courses.


TORNADO MOTORS: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tornado Motors
Private Limited (Tornado) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     13        CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        17        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Tornado for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tornado, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Tornado
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 Tornado continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'

Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).


TORRID MOTORS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Torrid Motors
(Torrid) continues to be 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        5         CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          1         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Torrid for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Torrid, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Torrid
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 Torrid continues to be 'CRISIL D Issuer not
cooperating'

Torrid, incorporated in September 2013, is the sole
proprietorship of Mr. Jitendra Pal Singh Chadha. The firm is an
authorized dealer of Fiat passenger vehicles, and has one
showroom and workshop in Mumbai (Maharashtra).


TULI MOTORS: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Tuli Motors Private
Limited (TMPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Fund-        4.7       CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING)

   Working Capital       1.8       CRISIL B-/Stable (ISSUER NOT
   Facility                        COOPERATING)

   Working Capital       6.0       CRISIL B-/Stable (ISSUER NOT
   Loan                            COOPERATING)

CRISIL has been consistently following up with TMPL for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TMPL 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 TMPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'

Incorporated in 2012, TMPL is a dealer for Tata Motors Limited's
(TML's) passenger cars. It operates one showroom cum service
station in Delhi. The company is promoted by Delhi based Singh
family. Mr. Arvinder Singh manages its day to day operations.


V S EDUCATION: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated V S Education
Foundation's term loan to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency website.

The instrument-wise rating action is:

-- INR75 mil. Term loan due on March 2024 migrated to Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 22, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

V S Education Foundation established its first school, in
collaboration with DPSWF Ludhiana, Punjab. The school offers
education from nursery to Class VII.


VAHINI POULTRIES: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Vahini Poultries
Private Limited (VPPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Long Term Loan        10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VPPL for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VPPL 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 VPPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2010 by Dr. Vidyasagar Reddy and his associates,
VPPL undertakes commercial production of eggs. Its poultry farm
is located near Mehbubnagar (Andhra Pradesh).


VIZAG COMPANYS: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Vizag Companys Steel
(VCS) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            15         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      3         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with VCS for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCS 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 VCS continues to be 'CRISIL D Issuer not
cooperating'.

VCS was set up in 2002 as a partnership firm by Mr. Ashok
Chaudhary and Mr. Yashwant. The firm trades in thermomechanically
treated bars and billets. It is based in Visakhapatnam, Andhra
Pradesh.



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


RURAL BANK OF STA. ELENA: Oct. 9 Creditors Claims Deadline Set
--------------------------------------------------------------
All creditors of the closed Rural Bank of Sta. Elena (Camarines
Norte), Inc. have until October 9, 2018 to file their claims
against the assets of the closed bank either personally or by
mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Rural Bank of Sta. Elena
and include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph.

Claims filed after October 9, 2018 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Sta. Elena was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on August 2, 2018 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank is located in Brgy. Sta. Elena (Pob.), Sta.
Elena, Camarines Norte.

All requests and inquiries relating to Rural Bank of Sta. Elena
shall be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, or through telephone numbers
(02) 841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.
Inquiries may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.


WOMEN'S RURAL BANK: Creditors Claims Deadline Set for Sept. 23
--------------------------------------------------------------
Creditors of the closed Women's Rural Bank, Inc. have until
September 23, 2018 only to file their claims against the bank's
assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Women's Rural Bank and include
depositors with uninsured deposits that exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed Women's Rural Bank, announced that
creditors of the closed bank may file their claims personally at
the PDIC Public Assistance Center located at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Creditors
also have the option to file their claims through mail addressed
to the PDIC Public Assistance Department, 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph. The
Corporation also reiterated that creditors should transact only
with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims
for the insured portion of their deposits are deemed to have
filed their claims for the uninsured portion or the amount in
excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Women's Rural Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on July 12, 2018 and as the
designated Receiver, PDIC was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The
bank's Head Office is located at 29-A Carandang St., Barangay C
(Pob.), Rosario, Batangas. Its lone branch is located in Brgy.
Bihis, Santa Teresita, Batangas.

All requests and inquiries relating to the closed Women's Rural
Bank should be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, or through telephone numbers
(02) 841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM,
except holidays. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC



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


OBIKE SINGAPORE: Liquidators Look Into Transfer of $10MM from HK
-----------------------------------------------------------------
Singapore Business Review reports that oBike Singapore's
liquidators have entered talks with oBike Hong Kong with regards
to the $10 million transferred from the former company to the
latter.

SBR, citing an announcement, relates that the two are also
discussing if the claims against oBike Singapore can be resolved.
This decision was reached during oBike Asia's first creditors
meeting on Aug. 2, 2018.

According to SBR, the liquidators will pursue recovery actions
against the relevant parties if there is no amicable resolution
of the claims. "The liquidators have yet to receive any further
information and/or a settlement proposal from oBike HK," they
added.

The liquidators also encouraged creditors and customers seeking
their deposits to fill out the online claim submission form, so
the total liabilities of oBike Singapore can be ascertained. They
are targeting the assessment of the total claims by the end of
August 2018, SBR says.

"To clarify, all personal data collected via the online claim
submission form will be kept confidential by the liquidators and
destroyed once the relevant statutory requirements are met," the
liquidators, as cited by SBR, said.

This does not preclude any creditor from submitting claims
throughout the liquidation, the liquidators added.

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

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




                             *********

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

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

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


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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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