TCRAP_Public/180906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 6, 2018, Vol. 21, No. 177

                            Headlines


A U S T R A L I A

BON APPETIT: First Creditors' Meeting Set for Sept. 11
CARDINAL MUSIC: First Creditors' Meeting Set for Sept. 11
CAT AND FIDDLE: First Creditors' Meeting Set for Sept. 13
CONNECT POWER: First Creditors' Meeting Set for Sept. 14
JESSE ANDRE: First Creditors' Meeting Set for Sept. 13

OFFICE EQ: First Creditors' Meeting Set for September 17
RETAIL STAFF: First Creditors' Meeting Set for Sept. 12
VALIDUS ADVISORY: Second Creditors' Meeting Set for Sept. 12


C H I N A

CHINA COMMERCIAL: Five Directors Elected by Stockholders
CHINA SHANSHUI: Contests Liquidation Petition by Tianrui Int'l
FUTURE LAND: Fitch Gives BB(EXP) Rating on Proposed USD Sr. Notes
SEVEN STARS: Becomes Largest Shareholder in DBOT
SEVEN STARS: Changes Business Name to Ideanomics

SEVEN STARS: Inks JV For Real Estate Asset Digitization


I N D I A

ABR PETRO: CRISIL Migrates B Rating to Not Cooperating Category
AKSHAR GINNING: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
ARCH PHARMALABS: ICRA Withdraws D Rating on INR300cr Loan
ARCHIT PLYWOOD: ICRA Maintains B Rating in Non-Cooperating
ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR10cr Term Loan

AURO INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
BALAJEE PLY-PRODUCT: CRISIL Migrates B- Rating to Non-Cooperating
BRAND CONCEPTS: Ind-Ra Maintains BB LT Rating in Non-Cooperating
CHERAN STEEL: CRISIL Withdraws D Rating on INR5.75cr Loan
DAGA AUTO: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating

DATACOM PRODUCTS: ICRA Moves D Rating to Non-Cooperating
DIVYAR GARMENTS: ICRA Withdraws B Rating on INR6cr Term Loan
DMS BUILDERS: CRISIL Migrates B+ Rating to Non-Cooperating
DTC SECURITIES: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
ENMAX ENGINEERING: ICRA Moves B+ Rating to Non-Cooperating

G.N. PET: CRISIL Migrates D Rating to Non-Cooperating Category
GARIB NAWAZ: CRISIL Migrates D Rating to Non-Cooperating Category
H.P. ZALATO: CRISIL Migrates B- Rating to Non-Cooperating
HINDUSTAN CONSTRUCTION: CRISIL Moves B Rating to Non-Cooperating
HK INFRAVENTURES: CRISIL Migrates B Rating to Not Cooperating

JALDHAKA COLD: CRISIL Cuts Rating on INR7.14cr Cash Loan to D
JASMER FOODS: CRISIL Moves C Rating to Not Cooperating Category
K B A INFRASTRUCTURE: Ind-Ra Lowers Long Term Issuer Rating to B+
KAMDHENU COTTON: CRISIL Migrates B+ Rating to Non-Cooperating
KOPARGAON AHMEDNAGAR: Ind-Ra Migrates D Rating to Non-Cooperating

KOTAK URJA: ICRA Withdraws 'D' Rating on INR22cr Cash Loan
M C MEDICAL: CRISIL Reaffirms 'B' Rating on INR8.2cr LT Loan
MAA BHAGWATI: CRISIL Migrates B+ Rating to Not Cooperating
MAA CHINNAMASTA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
MONNET ISPAT: JSW Steel Buys 88% Stake After Insolvency Completed

NKCM SPINNERS: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
OMAR INTERNATIONAL: CRISIL Cuts Rating on INR14.5cr Loan to B+
OME SREE: ICRA Assigns 'C' Rating to INR3.85cr Term Loan
OMEGA DESIGNS: CRISIL Migrates 'B+' Rating to Not Cooperating
PCK COTTON: CRISIL Migrates B+ Rating to Not Cooperating Category

PRECISION ENG'G: ICRA Moves D Rating to Not Cooperating Category
RAJENDRA KUMAR: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ROSE INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
SANGAM CONSTRUCTION: CRISIL Assigns D Rating to INR6.2cr Loan
SARVESHWARI EXPORTS: ICRA Maintains B+ Rating in Not Cooperating

SHITAL GEMS: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
SOWBHAGYA BIOTECH: ICRA Cuts Rating on INR7.95cr Loan to B+
SUBHANG CAPSAS: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
SUNTANA TEXTILE: ICRA Moves B-/A4 Ratings to Non-Cooperating
SURYA METALLOYS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating

SUS AGRO: CRISIL Migrates B Rating to Not Cooperating Category
SUVEERA AGRO: CRISIL Lowers Rating on INR5cr Cash Loan to D
SWAJIT ENGINEERING: CRISIL Migrates B+ Rating to Not Cooperating
SWASTIK PANELS: CRISIL Migrates 'B' Rating to Not Cooperating
V.N. PETHE: CRISIL Migrates B Rating to Not Cooperating Category

VIKAS HOME: CRISIL Migrates B+ Rating to Not Cooperating
VISA COKE: ICRA Hikes Rating on INR24cr Cash Loan to B-
WESTWELL IRON: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
ZAIBUNCO INDUSTRIES: CRISIL Reaffirms B Rating on INR13cr Loan


M A L A Y S I A

CHINA AUTOMOBILE: Bursa Fines Three Directors for Breaches


N E W  Z E A L A N D

STEEL & TUBE: Raises NZ$42.3MM in Discounted Retail Rights Offer


P H I L I P P I N E S

GSIS FAMILY: PDIC to Hold Public Bidding on October 4


S I N G A P O R E

NAM CHEONG: Confident it Can Avoid Another Debt Revamp


                            - - - - -


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


BON APPETIT: First Creditors' Meeting Set for Sept. 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Bon Appetit Australia Pty Ltd
   -- Australian Sea Fisheries Group Pty Ltd
   -- Gastronomic Work Force Pty Ltd

will be held at Chartered Accountants Australia and New Zealand,
Level 18, 600 Bourke Street, in Melbourne, Victoria, on Sept. 11,
2018, at 11:00 a.m.

Glenn John Spooner and Bruno A Secatore of Cor Cordis were
appointed as administrators of Bon Appetit on Aug. 31, 2018.


CARDINAL MUSIC: First Creditors' Meeting Set for Sept. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cardinal
Music Pty Ltd, trading as Somerset Music, will be held at Level
19, 207 Kent Street, in Sydney, NSW, on Sept. 11, 2018, at
11:00 a.m.

Barry Anthony Taylor and Todd Andrew Gammel of HLB Mann Judd were
appointed as administrators of Cardinal Music on Aug. 31, 2018.


CAT AND FIDDLE: First Creditors' Meeting Set for Sept. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of The Cat
And Fiddle Hotel Balmain Pty Ltd will be held at the offices of
Cor Cordis, One Wharf Lane, Level 20, 171 Sussex Street, in
Sydney, NSW, on Sept. 13, 2018, at 11:00 a.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Cat And Fiddle on Sept. 3, 2018.


CONNECT POWER: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Connect
Power & Communications Electrical Contractors Pty Ltd will be
held at Level 4, 240 Queen Street, in Brisbane, Queensland, on
Sept. 14, 2018, at 10:00 a.m.

Richard Albarran, Kathleen Vouris and Mohammed Shahin Hussain of
Hall Chadwick were appointed as administrators of Connect Power
on Sept. 4, 2018.


JESSE ANDRE: First Creditors' Meeting Set for Sept. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Jesse
Andre Pty Ltd, trading as Bakers Delight Byford, Bakers Delight
Mandurah Forum, will be held at the offices of Avior Consulting
Level 1, 1160 Hay Street, in West Perth, WA, on Sept. 13, 2018,
at 11:00 a.m.

Dermott Joseph McVeigh -- dmcveigh@aviorconsulting.com.au -- of
Avior Consulting was appointed as administrator of Jesse Andre on
Sept. 3, 2018.


OFFICE EQ: First Creditors' Meeting Set for September 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Office EQ
Pty Ltd will be held at History House, 133 Macquarie Street, in
Sydney, NSW, on Sept. 17, 2018, at 11:00 a.m.

Tim Heesh of TPH Insolvency was appointed as administrator of
Office EQ on Sept. 5, 2018.


RETAIL STAFF: First Creditors' Meeting Set for Sept. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Retail
Staff Supply Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 40, 2 Park Street, in Sydney, NSW,
on Sept. 12, 2018, at 11:00 a.m.

David Allan Ingram and Richard Albarran of Hall Chadwick were
appointed as administrators of Retail Staff on Sept. 3, 2018.


VALIDUS ADVISORY: Second Creditors' Meeting Set for Sept. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Validus
Advisory Group Pty Ltd has been set for Sept. 12, 2018, at 4:00
p.m. at the offices of Balance Insolvency, 6.05, 50 Clarence
Street, in Sydney, NSW.

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

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

Timothy Cook of Balance Insolvency was appointed as administrator
of Validus Advisory on Aug. 20, 2018.



=========
C H I N A
=========


CHINA COMMERCIAL: Five Directors Elected by Stockholders
--------------------------------------------------------
China Commercial Credit, Inc. held its 2018 annual meeting of
stockholders on Aug. 31, 2018.  The number of shares of common
stock entitled to vote at the Annual Meeting was 24,595,612
shares. The number of shares of common stock present or
represented by valid proxy at the Annual Meeting was 11,428,146
shares.

At the Annual Meeting, the stockholders:

   1. elected Mr. Chenguang Kang, Mr. Jialin Cui, Ms. Kecen Liu,
      Mr. Long Yi, and Mr. Teck Chuan Yeo to serve on the
      Company's Board of Directors until the 2019 annual meeting
      of stockholders of the Company;

   2. ratified the selection of BDO China SHU LUN PAN Certified
      Public Accountants LLP as the Company's independent
      registered public accounting firm for fiscal year ending
      Dec. 31, 2018;

   3. ratified and approved, for purposes of complying with
      applicable NASDAQ Listing Rules, issuance of more than 20%
      of the Company's common stock, par value $0.001 per share,
      pursuant to certain Securities Purchase Agreements dated
      April 11, April 28, May 25 and June 19, 2018 in private
      placements to certain "non-U.S. Persons" as defined in
      Regulation S; and

   4. approved and adopted amendment to the Company's Certificate
      of Incorporation to affect a reverse stock split of the
      Company's issued and outstanding common stock by a ratio of
      not less than one-for-two and not more than one-for-ten and
      then a forward stock split of its then issued and
      outstanding common stock by a ratio of not less than one-
      for-two and not more than one-for-ten immediately following
      the reverse split at any time prior to, March 31, 2019,
      with the exact ratios to be set at a whole number within
      this range, as determined by its Board in its sole
      discretion.

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in
used luxurious car leasing.  The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of June 30, 2018, China
Commercial had US$4.14 million in total assets, US$15,246 in
total liabilities and US$4.13 million in total shareholders'
equity.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CHINA SHANSHUI: Contests Liquidation Petition by Tianrui Int'l
--------------------------------------------------------------
The Standard reports that China Shanshui Cement Group said it
will contest a winding up petition filed on August 30 by Tianrui
(International) Holding Company, which holds 28.16 percent of the
issued share capital of the company and is a substantial
shareholder.

The company intends to strongly oppose the petitions - filed in
the Cayman Islands and in Hong Kong - and is seeking legal
advice, chairman Chang Zhangli, said in a filing to the stock
exchange on Sept. 4, the Standard relates.

The Standard notes that due to the failure to meet the minimum
public float requirement and the failure to address the audit
issues concerning 2015 and 2016 annual results/report of the
company, trading in the shares and debt securities of the company
remain suspended.

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.


FUTURE LAND: Fitch Gives BB(EXP) Rating on Proposed USD Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Future Land Development Holdings
Limited's (FLDH, BB/Stable) proposed US dollar senior notes an
expected rating of 'BB(EXP)'. The proposed notes are rated at the
same level as FLDH's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. The final
rating on the proposed notes is subject to the receipt of final
documentation conforming to information already received. FLDH
intends to use the net proceeds from the note issue to repay
existing debt and for general corporate purposes.

KEY RATING DRIVERS

Focus on Yangtze River Delta: FLDH group's strategy to focus
resources on the Yangtze River Delta, a wealthy region in eastern
China, and around Shanghai, has helped drive strong sales
turnover, as measured by contracted sales/gross debt, and its
expansion in scale. Sales turnover was 1.9x in 2017 and has
averaged 1.7x annually since 2014, demonstrating the group's
ability to rapidly generate sales from new land acquisitions. The
fast-churn strategy has enabled FLDH to tap the strong demand in
the Yangtze River Delta to achieve higher contracted sales growth
than peers.

The group recorded exceptionally strong presales in 2017, driven
by robust demand and a higher average selling price (ASP) in the
Yangtze River Delta, which accounted for about 80% of contracted
sales. Consolidated gross floor area (GFA) sold increased by 59%
to 7.5 million square metres (sq m) and ASP increased by 24% yoy
to CNY12,527/sq m. Fitch expects the group to achieve annual
consolidated contracted sales of CNY130 billion-160 billion in
2018-2019. Aggregate contracted sales, including sales from joint
ventures, totalled CNY114 billion from January to July 2018.

Lower Leverage: FLDH leverage dropped to 40% in 2017, from 45% in
2016, following prudent land acquisitions. Full-year attributable
cash outflow from land premiums reached CNY53 billion,
representing 56% of consolidated presales of CNY95 billion
(excluding presales from joint ventures). The group has been
sourcing joint-venture partners to share land acquisition costs.
Leverage increased in 1H18, but Fitch expects FLDH to sustain
leverage within 45% - an appropriate level for its 'BB' rating -
as cash collection increases and construction payments moderate
during 2H18.

Improving Land Bank Quality: The group had attributable land bank
of about 34 million sq m at end-2017, sufficient for four to five
years of development. The group has diversified its land bank by
reducing the proportion of land in the Yangtze River Delta to
around 56% and expanding into the Pearl River Delta region in
southern China, central and western China as well as the Bohai
Economic Rim in northern China.

Margin Expansion: FLDH's EBITDA margin, after adding back
capitalised interest to cost of goods sold, improved to 27.8% in
2017, from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the
next two years, as ASP for contracted sales increases and the
company's scale expands.

Rising Recurring Income: The group aims to double rental revenue
to CNY2 billion in 2018 from the operation of shopping malls
(Wuyue Plaza), which are mainly located in tier 2-3 cities. Fitch
estimates the group's ratio of recurring EBITDA/interest expense
will remain insignificant at 0.2x in 2018-2019, as the revenue
contribution of investment properties will remain small relative
to development properties and have a limited impact on its
rating.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH and its 67.81%-
owned (as at end-2017) subsidiary, Future Land Holdings Co., Ltd.
(FLH), based on its Parent and Subsidiary Rating Linkage
criteria. The strong strategic and operational ties between the
two entities are reflected by FLH representing FLDH's entire
exposure to the China homebuilding business, while FLDH raises
offshore capital to fund the group's business expansion. The two
entities share the same chairman.

The group improved its 2017 leverage, defined by net
debt/adjusted inventory, to below 40%, which is in line with 'BB'
peers, through prudent land bank acquisitions. Its quick sales
churn strategy and geographically diversified land bank
contributed to its faster expansion in contracted sales than most
'BB' peers. Its recognised EBITDA margin, excluding capitalised
interest, improved to above 25% in 2017, from 18% in 2016, as its
land cost accounted for only 29% of revenue. The margin
improvement is likely to be sustained as the average cost of land
bank accounted for only 23% of contracted ASP in 2017.

The group has a larger contracted sales scale and faster sales
churn than most 'BB' peers and its leverage is comparable with
peers. Both the group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. FLDH has larger contracted
sales scale and faster sales churn than CIFI, while the two
entities' margins are comparable. CIFI has maintained a high
EBITDA margin and lower leverage for longer than FLDH group and
has been disciplined in maintaining stable leverage.

The group has larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Property Group Limited (BB-/Positive), KWG
Group Holdings Limited (BB-/Stable) and Logan Property Holdings
Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 40% in 2018, 20% in 2019
    and 20% in 2020 (97% in 2017)

  - EBITDA margins (after adding back capitalised interest) to be
    maintained at about 25% in 2018-2020

  - Total land premium to represent 40%-50% of contracted sales
    in 2018-2020

  - FLDH to maintain a controlling shareholding in FLH and the
    operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

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

  - Consolidated net debt/adjusted inventory sustained below 35%
    while maintaining the EBITDA margin at 20% or above

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

  - Contracted sales/total debt below 1.5x for a sustained period

  - Consolidated net debt/adjusted inventory above 45% for a
    sustained period

  - EBITDA margin below 18% for a sustained period

All ratios mentioned are based on the parent's consolidated
financial data.

LIQUIDITY

Sufficient Liquidity: The group had an unrestricted cash balance
of CNY24 billion and unutilised credit facilities of CNY68
billion to cover short-term borrowings of CNY22 billion as at
1H18.


SEVEN STARS: Becomes Largest Shareholder in DBOT
------------------------------------------------
Seven Stars Cloud Group, Inc. (to be renamed Ideanomics) (NASDAQ:
SSC) and DBOT announced that FINRA has approved SSC's ownership
stake in DBOT.

The deal involved a cashless share swap involving SSC's shares
with those of the current owners of DBOT and will see SSC take a
seat on DBOT's Board of Directors as part of the agreement.

"We fully recognize the strategic value of Alternative Trading
Systems in the wake of regulation on digital assets and general
alternative asset classes," said Bruno Wu, Chairman and CEO, of
Seven Stars Cloud.  "This is underscored by the SEC's Alternative
Trading System (ATS) List, which continues to grow with new
market entrants.  We are extremely pleased that we have received
this approval from FINRA, which allows us to take a meaningful
ownership stake in the DBOT ATS."

John F. Wallace, Chairman and CEO of DBOT states, "We are
extremely pleased that this deal has closed following FINRA's
approval of SSC's ownership stake.  We are very happy to welcome
the SSC team into the DBOT family and we look forward to working
with them to help develop our business further in what is an
exciting time for ATS business activities."

The Company said any intended change to the status of DBOT will
be in compliance with NASD Rule 1017 - Application for Approval
of Change in Ownership, Control, or Business Operations.

                         About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from
operations, has net current liabilities and an accumulated
deficit that raise substantial doubt about its ability to
continue as a going concern.


SEVEN STARS: Changes Business Name to Ideanomics
------------------------------------------------
Seven Stars Cloud Group, Inc., announced the adoption of
Ideanomics as its new business name subject to shareholder
approval.

The use of the new name for the Company is aligned with the
Company's vision and mission for transforming traditional assets
and their associated industries into the asset digitization era.
For more information on the Company's overview, mission and
approach please visit the following post on the Company's blog.

"Next-generation technologies such as blockchain and artificial
intelligence have begun to unlock capabilities in intelligent
prediction and trust mechanics by providing enhanced
transparency, security, and traceability, while simultaneously
making the data smarter," said Bruno Wu, executive chairman &
CEO.  "The combination of the 'idea' and the "field of
economics," yields Ideanomics - a new paradigm and model for
solving problems, creating efficiencies, and more equitably
distributing wealth and knowledge.  Ideas create value.  With
ideas, there is a future. Ideanomics, we are digitizing
tomorrow!"

Shares of Ideanomics will continue to trade on Nasdaq using the
Company's existing ticker symbol SSC until further notice.  The
Company will launch a new corporate website and domain that
reflects its updated Ideanomics branding following shareholder
approval.

                         About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from
operations, has net current liabilities and an accumulated
deficit that raise substantial doubt about its ability to
continue as a going concern.


SEVEN STARS: Inks JV For Real Estate Asset Digitization
-------------------------------------------------------
Seven Stars Cloud Group, Inc., has entered into a a joint venture
with I-House (IHT) parent company Aladdin Fintech Company
Limited, focusing on global real estate asset digitization and
post-digitization services.

The 50/50 joint venture will be led by IHT, the firm which
successfully launched the world's first real estate token
offering in 2017.  The JV, which will be established in Hong Kong
and include offices in New York and Beijing, will be led CEO
Ricky Ng, a serial entrepreneur whose career includes former Head
of Technology for Yahoo! in China, as well as several successful
ventures which resulted in acquisitions.

The JV will focus on three primary areas of business activities:

   1. Fixed income-based Real Estate product offerings using
      Velocity Ledger for global fractionalization,
      securitization, and tokenization offerings, starting with
      the cashflow-producing commercial properties of large
      insurance companies as underlying assets.  The former
      Chairman of China Life and China Property and Casualty
      Insurance, and SSC Board Member, Yang Chao will serve as
      special advisor to the business.

   2. Velocity Ledger-based fractionalization, securitization,
      and tokenization of Real Estate projects and services.

   3. Ideanomics' BBD Artificial Intelligence (AI) to enhance
      Real Estate ratings and risk management services.

Bruno Wu, Chairman of Ideanomics, stated "We are tremendously
excited to announce our JV with IHT, this deal creates a
powerhouse of technology and expertise in the area of Real Estate
asset digitization and associated services.  Together with Ricky
Ng's talented team, we will bring to market a full service for
asset digitization that will enable the unlocking of value in
property holdings in a manner which will provide unprecedented
liquidity and accessibility for both the asset holders and the
investor community alike."

Ricky Ng, chairman and founder of IHT, said, "This deal is
significant for the commercial Real Estate market, as it brings
together two companies which between them provide the full value
chain and an unwavering focus on execution.  This JV will help
further establish the market for asset digitization of Real
Estate and will serve as a benchmark for an industry which has
traditionally suffered from high asset value but very limited
opportunities to unlock liquidity.  By partnering with
Ideanomics, IHT has access to the types of technology and deal
flow that we are certain will be successful for our companies,
our clients, and investors looking for opportunities in real
estate."

                         About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from
operations, has net current liabilities and an accumulated
deficit that raise substantial doubt about its ability to
continue as a going concern.



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


ABR PETRO: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ABR Petro
Products Limited (APPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Long Term Loan      11.55      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Overdraft            3.25      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Term Loan    .20      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 ABR Petro Products Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on ABR Petro Products Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

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

Incorporated in 1993, APPL is based in Gorakhpur, Uttar Pradesh.
The company manufactures woven sack fabric rolls, with an
installed capacity of 350 tonne per month. It also undertakes job
work for HPCL for bottling and refilling LPG cylinders.


AKSHAR GINNING: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR8.00-crore cash credit facility of Akshar Ginning And Pressing
Industries. The outlook on the long-term rating is Stable.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Cash Credit         8.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to factor in the weak
financial profile of AGPI, characterised by thin profit margins,
modest return indicators, leveraged capital structure and weak
debt coverage indicators. The rating also continues to factor in
the intense competition, the commoditised nature of the firm's
products, the regulatory risks pertaining to MSP and the
vulnerability of its profitability and stocked inventory to
adverse movements in cotton prices, which are subject to
seasonality and crop harvest. The rating is also impacted by the
risks, such as capital withdrawals, associated with the firm's
constitution as a partnership firm. The rating, however,
continues to derive comfort from the long experience of its
partners in the cotton ginning industry and the proximity of the
firm's manufacturing unit to raw materials.

Outlook: Stable

ICRA expects AGPI to continue to benefit from the extensive
experience of its partners. The outlook may be revised to
Positive if substantial growth in revenue and profitability,
infusion of capital and better working capital management
strengthen the financial risk profile. The outlook may be revised
to Negative if the cash accrual is lower than expected, or if any
major debt-funded capital expenditure or capital withdrawals by
the partners or a stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Experience of partners in cotton ginning industry: The key
partners, Mr. Shambhu B. Zalavadiya and Mr. Pareshkumar H.
Zalavadiya, who manage the operations of the firm, have extensive
experience of over a decade in the cotton ginning business by
virtue of their association with other entities engaged in the
similar line of business.

Favourable location of firm's plant: The unit of the firm has a
location advantage by virtue of its presence in the cotton
producing belt of India, i.e., Gujarat. The locational advance
ensures lower transportation costs and easy access to quality raw
material.

Credit challenges

Weak financial risk profile: The firm's profit margins remain
thin -- the operating margin was 3.24% and the net margin was
0.67% in FY2018 (provisional figures) -- because of the limited
value addition to the products sold. The capital structure stood
leveraged, with gearing of 2.30 times as on March 31, 2018 and
small net worth base of INR3.67 crore. The debt coverage
indicators continue to remain weak, with interest coverage of
1.45 times and Total Debt/OPBDITA of 7.63 times in FY2018;
further as on March 31, 2018, the firm's DSCR stood at 1.45 times
and NCA/TD at 2%.

Vulnerability of profitability to fluctuations in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend on various factors
such as seasonality, climatic conditions, international demand
and supply situation, and export policy. Further, it is also
exposed to regulatory risks with regards to the MSP set up by the
Government.

Intense competition and fragmented industry: The stiff
competition from other small and unorganised players in the
industry limits the company's bargaining power with customers and
suppliers, and hence, exerts pressure on its margins.

Established in 2006, Akshar Ginning & Pressing Industries (AGPI)
is a partnership firm that gins and presses raw cotton to produce
cotton bales and cottonseeds. The firm also crushes cottonseeds
to produce cottonseed oil. The manufacturing facility, located at
Una, Gujarat, is equipped with 24 ginning machines and a pressing
machine, with a production capacity of 240 finished bales per
day. The firm also has three expellers with a processing capacity
of 15 tonnes of cottonseeds per day.

AGPI is promoted by six partners, namely, Mr. Shambhu B.
Zalavadiya, Mr. Himmat B. Zalavadiya, Mr. Chunilal B. Zalavadiya,
Mr. Pareshkumar H. Zalavadiya, Mr. Jaydipkumar C. Zalavadiya and
Mr. Ashvinkumar V. Barvaliya. All of them are family members,
with an extensive experience in the cotton industry.


ARCH PHARMALABS: ICRA Withdraws D Rating on INR300cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING assigned to the INR300.0 crore non-convertible
debenture programme of Arch Pharmalabs Limited.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non-convertible       300.0        [ICRA]D ISSUER NOT
   Debenture                          COOPERATING; Withdrawn
   Programme

Rationale

The rating is withdrawn at the request of the company as there is
no obligation outstanding against the rated security, in
accordance with ICRA's policy on withdrawal and suspension of
credit rating.

Arch Pharmalabs Limited (APL) is engaged primarily in the
manufacturing of active pharmaceutical ingredients (APIs) and
pharmaceutical intermediates and also provides contract research
and manufacturing services to international and domestic
pharmaceutical companies. Over the years, it has grown
organically and in-organically through acquisitions.


ARCHIT PLYWOOD: ICRA Maintains B Rating in Non-Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR9.00-crore bank facilities of
Archit Plywood Private Limited continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term: Cash       4.00      [ICRA]B (Stable) ISSUER NOT
   Credit                          COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long-term: Term       0.75      [ICRA]B (Stable) ISSUER NOT
   Loan                            COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short-term:           4.00      [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short-term/Long-      0.25      [ICRA]B(Stable)/[ICRA]A4
   term: Unallocated               ISSUER NOT COOPERATING;
                                   Continues to remain under the
                                   'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available and
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

APPL commenced operations from October 2011 and is engaged in the
trading of timber and manufacturing of plywood, veneer, block
board and flush doors. It sells the products under the registered
brand name "Archit". The company's head office is located in New
Delhi whereas the manufacturing facility is located in
Gandhidham, Gujarat.


ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR10cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR15-crore fund-based facilities of Ashoka Foam Private Limited.
The outlook on the long-term rating is Stable.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-
   Cash Credit         5.00       [ICRA]B+ (Stable); Reaffirmed

   Fund Based-
   Term Loan          10.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation factors in the stabilisation of
operations at the company's manufacturing facility, which has
enabled it to register steady revenue growth in FY2017 and
FY2018. The rating favourably factors in the extensive experience
of the promoters in the furniture and packaging industry with
businesses spread across sectors like furniture, packaging
material, aluminium composite panels, and others. The rating also
notes that the company has leveraged the large distribution
network of its Group concerns to sell its products.

Nevertheless, the rating is constrained by AFPL's small scale of
operations, despite the growth in FY2018, and the highly
competitive and fragmented industry in which it operates. The
rating reaffirmation also factors in the stretched liquidity
position of the company as shown by the full utilisation of its
working capital limit because out of high inventory holding and
receivables coupled with significant debt repayments against low
cash accruals. The rating notes that timely debt servicing of the
company hinges on continued promoters' support in the form of
additional unsecured loans in the business. The rating is also
constrained by the vulnerability of AFPL's profitability to
fluctuations in raw material prices and its limited pricing
flexibility with customers to price its products.

Going forward, AFPL's ability to report strong increase in market
share for its products by scaling up its operations, sustained
improvement in profitability margins, improvement in working
capital cycle and timely support from promoters in form of
unsecured loans will remain the key rating sensitivities.
Outlook: Stable

ICRA believes that AFPL will continue to benefit from the
extensive experience of its promoters, both operationally and
financially. The outlook may be revised to Positive if there is
substantial growth in revenues and profitability coupled with
improvement in working capital cycle which strengthens the
financial risk profile. The outlook may be revised to Negative if
cash accruals are lower than expected, or a stretch in the
working capital cycle further weakens the liquidity.

Key rating drivers:

Credit strengths

Extensive experience of promoters in furniture and allied
businesses: The promoters of the company have been associated
with Group concerns for more than three decades in various
industries like furniture and packaging products. AFPL benefits
from the established dealers' network of sister concerns.
Financial support from promoters: The promoters have been
supporting the company financially by way of unsecured loans when
the need arises. The promoters infused unsecured loans of INR2.68
crore in FY2018 to meet the expenditure requirements.

Credit challenges

Small scale of operations in competitive and fragmented industry:
The company's scale of operations is small with revenues of
INR18.45 crore in FY2018. The intensely competitive furniture-
manufacturing industry limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenues and margins.

Profitability remains vulnerable to adverse movement in prices of
key raw materials: The key raw material used in manufacturing is
poly vinyl chloride (PVC) resin, which is a crude oil derivative.
Hence, the price of the same remains volatile in nature depending
on crude oil price movements. In addition, intense competition in
the industry and the price sensitivity of the customers influence
the margins. The company's operating margins declined to 13.86%
in FY2018 from 17.11% in FY2017.

Moderate financial risk profile: The company had undertaken a
debt-funded capex to fund its manufacturing unit which commenced
operations in November 2015. In addition, the working capital
requirement remains high resulting in high debt levels, which
coupled with low net worth due to lower cash accruals, has led to
a highly leveraged capital structure. The company's net worth
continues to be quite low as on March 31, 2018, owing to which
the debt coverage indicators have also remained moderate for
FY2018. Further, the company has sizeable repayment obligations
in the near term. Hence, continued promoters' support to fund the
shortfall in debt and interest repayments in a timely manner will
remain critical from a debt servicing point of view.

Working capital intensive operations: The company's operations
remain working capital intensive owing to high inventory and
receivable period. The liquidity profile remains stretched due to
almost full utilisation of working capital limits. The company
remains dependent on continued requirements of working capital
loans to fund the increase in scale of operations.

AFPL is a closely-held private limited company started in 2003
and promoted by the members of the Goel family. It manufactures
wood plastic composite (WPC) foam boards and doors, PVC foam
boards, windows and doors. AFPL commenced its operation in
November 2015 at its manufacturing facility in Bareilly, Uttar
Pradesh.

In FY2018, the company reported a net profit of INR0.24 crore on
an operating income (OI) of INR18.45 crore on a provisional basis
compared with a net profit of INR0.05 crore on an OI of INR13.83
crore in the previous year.


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Auro Industries is primarily engaged in the
dealership and distribution of porcelain insulators, light
fittings, UPS systems, textiles and other products. Also, the
company is the sole carry and forward agent in West Bengal for
batteries manufactured by Tractors and Farm Equipment Limited.


BALAJEE PLY-PRODUCT: CRISIL Migrates B- Rating to Non-Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balajee
Ply-Product Private Limited (BPPL) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        2         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3         CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Term Loan    2         CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BPPL for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 Balajee Ply-Product Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Balajee Ply-Product Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1997 and based in Jaipur, BPPL manufactures
plywood and block boards, and trades in timber. Manufacturing
accounts for most of its turnover.


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

The instrument-wise rating actions are:

-- INR77 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR1.4 mil. Long-term loans maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR31 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, Brand Concepts sells branded goods all over
the country. It also has its own brands, namely Sugarush in the
ladies handbag category, The Vertical in the travel bag category
and small leather goods categories.


CHERAN STEEL: CRISIL Withdraws D Rating on INR5.75cr Loan
---------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Cheran
Steel Rolling Mills (CSRM) on the request of the company and
receipt of a no objection/due certificate from its bank. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Cash Credit          5.75     CRISIL D (ISSUER NOT COOPERATING
                                 Downgraded from 'CRISIL C ISSUER
                                 NOT COOPERATING'; Rating
                                 Withdrawn)

   Overdraft            1.0      CRISIL D (ISSUER NOT
                                 COOPERATING Downgraded from
                                 'CRISIL A4 ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

   Proposed Long Term   0.25     CRISIL D (ISSUER NOT COOPERATING
   Bank Loan Facility            Downgraded from 'CRISIL C ISSUER
                                 NOT COOPERATING'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with CSRM for obtaining
information through letters and emails dated July 17, 2017 and
August 14, 2017, 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 they are arrived at without any
management interaction and are 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 CSRM. This restricts CRISIL's
ability to take a forward CSRM 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 CSRM
downgraded to be 'CRISIL D/CRISIL D Issuer Not Cooperating' as
NPA confirmed by the bank.

Incorporated in 1993 by Mr. D Mohan along with his relative Mr. M
Karunanidhi, CSRM, is based in Coimbatore, Tamil Nadu, and
manufactures steel structural products such as angles and joists.
CSRM sells its products under the brand Cheenu.


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

The instrument-wise rating action is:

-- INR50 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Daga Auto Distributors is an authorized
distributor of spare parts for Tata Motors Limited's passenger
cars. It also distributes spare parts for Eicher Motors Limited's
trucks and buses. The firm is owned and promoted by the Kolkata-
based Daga family.


DATACOM PRODUCTS: ICRA Moves D Rating to Non-Cooperating
--------------------------------------------------------
ICRA has moved the long-term and short-term rating for the bank
facilities of Datacom Products (India) Pvt. Ltd. (DPIPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-          4.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short term-         2.00       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund based                 Rating moved to the 'Issuer Not
                                  Cooperating' category

   Short term-        (1.25)      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund based                 Rating moved to the 'Issuer Not
   (interchangeable)              Cooperating' category

   Long term/Short     4.00       [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated               COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the company so as
to monitor its performance, but despite repeated requests by
ICRA, the company's management has remained non-cooperative. The
current rating action has been taken by ICRA basis best
available/dated/ limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using these
ratings as the ratings may not adequately reflect the credit risk
profile of the company.

Datacom Products (India) Private Limited (DPIPL) was established
in 1990 and grew over the years to become an independent system
integration company with dealership of products from companies
like Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and
solution integrator delivering customized communication solutions
for organizations. The company has three major lines of business
- Unified Communications, Call Centre & CRM Solutions and
Customer Service.


DIVYAR GARMENTS: ICRA Withdraws B Rating on INR6cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a stable
outlook assigned to the INR3.00-crore fund based facility and
INR6.00-crore term loan facility of Divyar Garments India Private
Limited (Divyar).

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund based
   Facility             3.00        [ICRA]B(Stable); withdrawn

   Term Loan            6.00        [ICRA]B(Stable); withdrawn

Rationale

The long-term rating assigned to Divyar has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension, and
at the request of the company, based on the no-objection
certificate provided by its lender.

Divyar Garments India Private Limited, incorporated in 1993 and
currently managed by Mr. S. Nagarajan, is involved in dyeing of
knitted fabrics in Tirupur from 2016. Earlier, the company was
involved in producing and selling alphonso mangoes domestically
and internationally under the name Divyaar Farms and Exports
Limited (till 1992) and the business was closed down in 2010.
Moreover, dyeing of fabric was done under the firm, Divyar
Garments, for more than two decades and the operations were
transferred to Dhivyar Garments India Private Limited in 2016.
The company has a total production capacity of 12 tonne per day
of dyed fabric. The manufacturing facility is capable of
producing both open width and tubular fabric.


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

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Proposed Term       5.5        CRISIL B+/Stable (ISSUER NOT
   Loan                           COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DMS for obtaining
information through letters and emails dated June 28, 2018,
July 31, 2018, August 7, 2018 and August 13, 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 DMS Builders and Developers.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on DMS Builders and Developers is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

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

Established in 2012, DMS is a partnership firm of Mr Jitendra
Nagal and his wife. It undertakes residential real estate project
development, mainly in Ratlam.


DTC SECURITIES: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated DTC Securities
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:

-- INR305 mil. Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND BB (ISSUER NOT COOPERATING)
    rating.

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

DTC Securities was incorporated in 1995 by DTC Group.


ENMAX ENGINEERING: ICRA Moves B+ Rating to Non-Cooperating
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+(Stable)
assigned to the INR2.00-crore fund based limits and INR4.00-crore
unallocated limits of Enmax Engineering (India) Private Limited
(EEIPL). ICRA has also moved the rating assigned for the INR2.00-
crore non-fund based facilities of EEIPL to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Non-       2.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based                     COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

The fund based and unallocated limits rating is withdrawn in
accordance with ICRA's policy on withdrawal and suspension at the
request from the company based on no objection from the banker.
The rating is based on limited information on the entity's
performance since the time it was last rated in February 2017.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with EEIPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Enmax Engineering (India) Private Limited (EEIPL) was
incorporated in 2007 by Mr. DVVS Narayana Reddy, Mr. K
Jayavardhana Reddy and Mr. G.S. Chandra Obul Reddy who have more
than four decades of cumulative professional experience in the
waste heat recovery engineering industry. The core activities of
EEIPL are designing, engineering, manufacturing and supply of
waste heat recovery systems for various applications. The
manufacturing unit is situated at Balanagar-Narasapur highway
near Jeedimetla industrial area in Hyderabad. The manufacturing
facilities of the company are approved by Indian Boiler
Regulating authorities (IBR), and Lloyds and Bureau VERITAS
Quality Inspection (BVQI). EEIPL holds ISO accreditation
(9001:2008) through BVQI.


G.N. PET: CRISIL Migrates D Rating to Non-Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G. N. Pet
(GNP; part of the GN group) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         2.50       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Funded Interest     1.37       CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

   Proposed Long Term   .02       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan           3.55       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital     2.56       CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GNP for obtaining
information through letters and emails dated June 18, 2018,
July 30, 2018, August 7, 2018 and August 13, 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 G. N. Pet. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on G. N.
Pet is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of G. N. Pet to 'CRISIL D Issuer not cooperating'.

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

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP,
which is in the same line of business and commenced commercial
operations in 2011. Both entities' manufacturing facilities are
in Baddi

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNP and Garib Nawaz Polymers Private
Limited (GNPPL). This is because the two entities, together
referred to as the GN group, are in the same line of business,
have close operational and financial linkages, and are under a
common management.


GARIB NAWAZ: CRISIL Migrates D Rating to Non-Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Garib Nawaz
Polymers Private Limited (GNPPL; part of the GN group) to 'CRISIL
D Issuer not cooperating'.

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

   Funded Interest      1.14      CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

   Proposed Long        1.24      CRISIL D (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Term Loan            2.42      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital      2.70      CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GNPPL for
obtaining information through letters and emails dated June 18,
2018, July 30, 2018, August 7, 2018 and August 13, 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 Garib Nawaz Polymers Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Garib Nawaz Polymers Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Garib Nawaz Polymers Private Limited to 'CRISIL D
Issuer not cooperating'.

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

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP,
which is in the same line of business and commenced commercial
operations in 2011. Both entities' manufacturing facilities are
in Baddi.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNPPL and G.N. Pet (GNP) This is
because the two entities, together referred to as the GN group,
are in the same line of business, have close operational and
financial linkages, and are under a common management.


H.P. ZALATO: CRISIL Migrates B- Rating to Non-Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of H. P. Zala
(HPZ) 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee        2        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit           5        CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HPZ for obtaining
information through letters and emails dated May 31,2018,
July 9, 2018, August 7, 2018 and August 13, 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 H. P. Zala. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on H. P.
Zalais consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of H. P. Zalato 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

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

HPZ was set up in 1976 as a proprietorship concern by Mr H P
Zala. Operations were taken over by Mr. Naresh H Zala. It
undertakes civil construction activities, such as drainage work
and sewerage lines, in Gujarat, mainly for state government
entities.


HINDUSTAN CONSTRUCTION: CRISIL Moves B Rating to Non-Cooperating
----------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Hindustan
Construction - Raebareli (HC) from 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating' to 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee        1        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit           6        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             0.47     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of HC to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently shared information necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating from 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating' to 'CRISIL B/Stable/CRISIL A4'.

The ratings reflect a modest scale and tender-based nature of
operations in a highly fragmented industry, and a weak financial
risk profile. These rating weaknesses are partially offset by the
extensive experience of the proprietor in the civil construction
business.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the proprietor as neither debt nor equity as these loans are
at a lower-than-market interest rate and should remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and tender-based nature of operations in a highly
fragmented industry: Revenue is dependent on the ability to bid
successfully for tenders. On a provisional basis, revenue was
INR6.76 crore in fiscal 2018, and should remain modest over the
medium term.

* Weak financial risk profile: The networth was small at INR2.53
crore and the gearing high at 3 times, as on March 31, 2018
(provisional). The debt protection metrics remained muted, with
interest coverage and net cash accrual to total debt ratios
estimated at 1.49 times and 0.05 time, respectively, for fiscal
2018.

Strength

* Extensive industry experience of the proprietor: The proprietor
has an experience of around 15 years as an approved government
civil contractor in Raebareli, Uttar Pradesh. Over the years, he
has developed a healthy relationship with various government
organisations such as the Public Works Department (PWD) and the
Irrigation Department, and with raw material suppliers.

Outlook: Stable

CRISIL believes HC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of substantial growth in the scale of
operations and profitability while the working capital cycle is
maintained. The outlook may be revised to 'Negative' in case of
unexpected capital outflow through withdrawals, worse-than-
expected working capital management, or reduction in cash
accrual, resulting in deterioration in the financial risk
profile.

HC was established as a proprietorship firm in 2005 by Mr
Pushpendra Singh. It is an A class approved government contractor
working for the PWD, AA class approved contractor for the
Irrigation Department, and a contractor for Power Corporation of
India to undertake projects related to construction of roads,
buildings, drainage, and other works. The registered office is at
Raebareli.


HK INFRAVENTURES: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of HK
Infraventures Private Limited (HKIPL) to 'CRISIL B/Stable Issuer
not cooperating'.

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

CRISIL has been consistently following up with HK for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 HK Infraventures Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on HK Infraventures Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

HKIPL promoted in 2011 by Mr Hemant Kumar Sindhi and his family,
undertakes residential real estate development. It is
constructing a residential real estate project, Sunshine Royal
Place, at Dandi Rewa Road, Allahabad (Uttar Pradesh). The project
has 56 units, including 44 and 12 units of two- and three
bedroom-hall-kitchen flats, respectively.


JALDHAKA COLD: CRISIL Cuts Rating on INR7.14cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jaldhaka Cold Storage Private Limited (JCSPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      0.3        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit         7.14       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Term Loan           6.56       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

The downgrade reflects the company's overutilization of its bank
limits for more than 30 days and delays in repayment of long-term
debt.

The rating continues to reflect the company's small scale of
operations and below-average financial risk profile. The rating
also factors in susceptibility to regulatory changes and to
intense competition in the cold storage industry in West Bengal
(WB). These weaknesses are partially offset by the extensive
experience of its promoters.

Key Rating Drivers & Detailed Description

* Stretched liquidity: Liquidity has been weak, owing to low cash
generation ability of the company.

Weakness

* Weak financial risk profile: The financial risk profile is
likely to be constrained, given the muted accretion to reserves,
leading to small net worth and high gearing over the medium term.
Net worth and gearing were at INR2.9 crore and 3.9 times,
respectively, as on March 31, 2017.

* Highly regulated and competitive industry: The potato cold
storage industry in the state is regulated by the West Bengal
Cold Storage Association. Rental rates are fixed by the state's
department of agricultural marketing, thereby limiting the
ability of players to make profit based on their strengths and
geographical advantages. Furthermore, intense competition limits
pricing power with suppliers and customers, and forces players to
offer discounts to ensure healthy utilization of capacity.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' 15 years of experience in the industry and healthy
relationships with traders and farmers, should support business.

Incorporated in 1997, JCSPL provides cold storage facilities to
potato farmers and traders. It also trades in potatoes. Its
current owners-directors, Mr Gobinda Das Pal and Mr Pradyut Kumar
Pal, purchased JCSPL on January 1, 2010. The cold storage at
Jalpaiguri has a capacity of 21,900 tonne.


JASMER FOODS: CRISIL Moves C Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jasmer Foods
Private Limited (JFPL) to 'CRISIL C Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long        23.2      CRISIL C (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Term Loan             6.8      CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JFPL for obtaining
information through letters and emails dated June 18, 2018,
July 30, 2018, August 7, 2018 and August 13, 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 Jasmer Foods Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Jasmer Foods Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Jasmer Foods Private Limited to 'CRISIL C Issuer
not cooperating'.

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

JFPL commenced operations in June 2011, with an integrated rice
milling unit with capacity of six tonne per hour. The company's
manufacturing facility is in Kurukshetra (Haryana).


K B A INFRASTRUCTURE: Ind-Ra Lowers Long Term Issuer Rating to B+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K B A
Infrastructure Private Limited's (KBA) Long-Term Issuer Rating to
'IND B+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities downgraded with
    IND B+/Stable/IND A4 rating; and

-- INR61.146 mil. (reduced from INR130 mil.) Non-fund based
    facilities downgraded with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a fall in KBA's revenue and EBITDA margin
in FY18. Its revenue fell to INR230 million in FY18 from INR246
million in FY17 due to a low number of orders received and
executed. The scale of operations continued to be small. As on
June 1, 2018, KBA had an order book of INR682.34 million
(government tenders and private contracts). The management
expects to execute the order book in the next two-three years,
indicating a modest medium-term revenue visibility. Its EBITDA
margin declined to, but stayed modest at, 10.19% in FY18 from
14.39% in FY17 due to an increase in low-margin subcontract work.
Moreover, its return on capital employed was 5.0% in FY18 (FY17:
8.0%). FY18 financials are provisional.

The ratings reflect KBA's modest liquidity, indicated by average
fund-based and non-fund-based facility utilization of 63.1% and
88.6% for the 12 months ended July 2018, respectively.

The ratings factor in KBA's continued modest credit metrics.
KBA's interest coverage (operating EBITDA/gross interest expense)
improved to 2.5x in FY18 from 2.3x in FY17, with net leverage
(total adjusted net debt/operating EBITDAR) enhancing to 1.5x
from 2.8x. The improvement in the metrics was primarily driven by
a reduction in debt and the resultant fall in interest expenses.

The ratings continue to be supported by the promoters' experience
of over two decades in civil construction.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or profitability
and deterioration in the credit metrics, on a sustained basis,
will lead to a downgrade.

Positive: A substantial rise in the revenue and the
profitability, leading to an improvement in the credit metrics,
on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, KBA is an engineering, procurement, and
construction contractor that executes government projects and
subcontract works. KBA operates in Mumbai, Maharashtra.


KAMDHENU COTTON: CRISIL Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamdhenu
Cotton and Spinning Mills Private Limited (KCSM) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      0.5        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit         5.8        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit    1.0        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long       2.75       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Standby Line         .75       CRISIL B+/Stable (ISSUER NOT
   of Credit                      COOPERATING; Rating Migrated)

   Term Loan          17.20       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCSM for obtaining
information through letters and emails dated June 18, 2018,
July 30, 2018, August 7, 2018 and August 13, 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 Kamdhenu Cotton and Spinning
Mills Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Kamdhenu Cotton and Spinning
Mills Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kamdhenu Cotton and Spinning Mills Private
Limitedto 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

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

Incorporated in 2008 and promoted by Ludhiana-based Dhir and
Johar families, KCSM manufactures synthetic yarn (polyester,
polyester-blended, and acrylic yarn) on jobwork basis.
Operations, which began in January 2013, are managed by Mr.
Puneet Dhir and his brother-in-law, Mr. Manav Johar.


KOPARGAON AHMEDNAGAR: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kopargaon
Ahmednagar Tollways Phase 1 Private Limited's senior project 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 D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.560 bil. Senior project bank loan (long-term) migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Kopargaon Ahmednagar Tollways Phase 1 is a special purpose
vehicle that was incorporated to implement the expansion of a
42.6km stretch on the Kopargaon Ahmednagar section of State
Highway 10 in Maharashtra to four lanes from two under a seven-
year concession from the state government.


KOTAK URJA: ICRA Withdraws 'D' Rating on INR22cr Cash Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING and the short-term rating of [ICRA]D ISSUER NOT
COOPERATING outstanding on the INR58.57-crore bank facilities
of Kotak Urja Private Limited (KUPL).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         22.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Withdrawn

   Long Term-          8.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Withdrawn

   Short Term-         5.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of                      Withdrawn
   Credit

   Short Term-         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                 Withdrawn

   Long Term/Short    16.57      [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated               COOPERATING; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no objection certificate provided by its banker.

Kotak Urja Private Limited (KUPL) is a Bangalore based company
and was incorporated in 1997. It is engaged in the design,
development, manufacture, integration, installation,
commissioning and after sales service of various solar
photovoltaic (lighting) and solar thermal (heating) applications.
KUPL has the facilities to manufacture solar water heating
systems and solar photo-voltaic modules. The company also has a
R&D facility to design & develop new solar photo-voltaic products
and provide customized solutions to customers to suit their
requirements.


M C MEDICAL: CRISIL Reaffirms 'B' Rating on INR8.2cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of M C Medical Services Private Limited
(MCMS). The rating continues to reflect the company's nascent
stage and modest scale of operations in the multi-speciality
hospital segment, and below-average financial risk profile
because of small networth and modest debt protection
metrics.These weaknesses are partially offset by the extensive
experience of its promoters and their funding support.

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

   Long Term Loan          8.2       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.3       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographical concentration in
revenue: The scale remains small due to start-up phase of
operations. Revenue was modest at INR19 crore in fiscal 2018, the
company's second full year of operations. Business risk profile
will remain constrained due to geographical concentration in
revenue.

* Below-average financial risk profile: Negative accretion in
fiscal 2018 led to a small networth of INR6.3 crore as on
March 31, 2018. Debt protection metrics were moderate, indicated
by interest coverage of 2.02 times and net cash accrual to total
debt ratio of 0.32 time for fiscal 2018. Gearing was comfortable
at 1.08 times as on March 31, 2018.

Strength

* Extensive experience of promoters: Longstanding presence in the
healthcare industry has enabled the promoters, who are seasoned
doctors, to develop a strong reputation in Coimbatore (Tamil
Nadu).

Outlook: Stable

CRISIL believes MCMS will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
cash accrual leads to improvement in the financial risk profile
and liquidity. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual weakens the capital structure and
liquidity.

Incorporated in 2009 and promoted by Dr K Chockalingam and Dr K
Madeswaran, MCMS operates a multi-speciality hospital in
Coimbatore.


MAA BHAGWATI: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maa Bhagwati
Rice Mill (MBRM) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term   4.9      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MBRM for obtaining
information through letters and emails dated June 29, 2018,
August 7, 2018 and August 13, 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 Maa Bhagwati Rice Mill. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Maa Bhagwati Rice Mill is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

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

MBRM was set up as a partnership firm by Mr Pawan Kumar Goyal and
Mr Joginder Pal in 2006. The firm mills and processes basmati
rice at its facility in Cheeka, Haryana.


MAA CHINNAMASTA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maa Chinnamasta
Food Processor Private Limited's (MCFPPL) Long-Term Issuer Rating
at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based limits affirmed with IND BB-/Stable
     rating; and

-- INR20 mil. Long-term Loan due on March 2021 affirmed with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The affirmation reflects MCFPPL's modest scale of operations and
continued modest credit metrics. MCFPPL's revenue fell to
INR596.11 million in FY18 from INR611.65 million in FY17 due to
the execution of a lower number of orders.  Its gross interest
coverage (operating EBITDA/gross interest expense) deteriorated
to 2.82x in FY18 from 3.04x in FY17 owing to a proportionately
higher rise in interest cost than that in absolute EBITDA. On the
other hand, its net leverage (total adjusted net debt/operating
EBITDAR) improved to 3.65x in FY18 from 4.75x in FY17 on account
of a decline in the short-term borrowing and the rise in absolute
EBITDA. FY18 financials are provisional.

The ratings are constrained by MCFPPL's tight liquidity,
indicated by an average 95.82% use of the working capital limits
for the 12 months ended July 2018. Its net working capital cycle
was elongated at 100 days in FY18 (FY17: 85 days). The
deterioration in the cycle was due to the seasonal nature of its
raw material.

The ratings continue to factor in the short operating track
record of MCFPPL, given it commenced commercial operations in May
2015.

The ratings, however, are supported by MCFPL's healthy EBITDA
margin, which rose to 6.48% in FY18 from 5.08% in FY17 due to a
decline in raw material cost. Its return on capital employed was
16.18% in FY18 (FY17: 14.19%).

The ratings continue to be supported by the location advantage of
MCFPPL's plant in terms of easy availability of raw material.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin, leading to any
deterioration in the credit metrics, could lead to a downgrade.

Positive: Revenue growth, along with an improvement in the credit
metrics, on a sustained basis, could lead to an upgrade.

COMPANY PROFILE

Incorporated in July 2013 by Mr. Rahul Kumar and Mr. Raju Kumar
Singh, MCFPPL operates rice milling unit with a production
capacity of 32,659 metric tons per annum in the Rohtas district
of Bihar. In addition, it has a wheat flour production site with
a capacity of 34,200 metric tons per annum.


MONNET ISPAT: JSW Steel Buys 88% Stake After Insolvency Completed
-----------------------------------------------------------------
BloombergQuint reports that JSW Steel and its promoters have
acquired around 88 percent stake in the Monnet Ispat and Energy
Ltd following completion of the insolvency resolution
proceedings, an exchange filing by MIEL said.

According to BloombergQuint, the National Company Law Tribunal
had earlier approved a INR2,875 crore bid by a consortium of Aion
Investments and JSW Steel to acquire the bankrupt Monnet Ispat &
Energy, which owes over INR11,000 crore to a clutch of lenders.

The Aion-JSW consortium was the sole bidder for the 1.5-million-
tonne asset in Chhattisgrah, the report says.

BloombergQuint, citing a filing by MIEL, says JSW Steel Ltd,
Crexient Special Steel Ltd, JTPM Atsali Ltd, AION Investments
Private II Limited and JSW Techno Projects Management Ltd have
been allotted around 87.52 crore equity shares and compulsorily
convertible preference shares representing 87.91 percent
shareholding of the company.

BloombergQuint relates that MIEL had recently said the insolvency
resolution plan approved by NCLT had been completed under which
JSW Steel provided a working capital advance of INR125 crore. It
had also said INR2,457 crore has been paid to the secured
financial creditors.

                        About Monnet Ispat

Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.

Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2018, BloombergQuint said Monnet Ispat's committee of
creditors on April 10 approved a resolution plan submitted by a
joint venture between AION Investments Pvt Ltd and JSW Steel Ltd.
The plan was approved by lenders with a 98.97 percent majority.
The bid will now be placed before the National Company Law
Tribunal for final approval, before being implemented.

On Feb. 27, BloombergQuint had reported that the JSW-AION
consortium had made a INR3,700 crore offer for Monnet Ispat. Of
this, INR2,650 crore were to be used to repay lenders against
admitted claims worth INR10,000 crore. That would mean that the
financial creditors would take a 76 percent haircut on their
exposure.


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

The instrument-wise rating actions are:

-- INR85.53 mil. Term loan maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR300 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR37.5 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, NKCM Spinners manufactures cotton,
polyester, viscose and blended yarn.


OMAR INTERNATIONAL: CRISIL Cuts Rating on INR14.5cr Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Omar
International Private Limited (OIPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        0.5       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Packing Credit       19.0       CRISIL A4 (Downgraded from
   in Foreign                      'CRISIL A4+')
   Currency

   Proposed Short       16.0       CRISIL A4 (Downgraded from
   Term Bank Loan                  'CRISIL A4+')
   Facility

   Term Loan            14.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects deterioration in OIPL's business risk
profile because of a steep decline in revenue - from INR309 crore
in fiscal 2017 to INR90.75 crore in fiscal 2018 - due to the
impact of ban on unregistered slaughter houses in Uttar Pradesh,
because of which operations were hampered. Consequently this led
to a decline in profitability and stretched working capital
cycle.

The ratings continue to reflect OIPL's exposure to changes in
government policies and environmental conditions, and working-
capital-intensive operations. These weaknesses are partially
offset by an established market position, and the promoters'
extensive experience and healthy relations with customers.

Analytical Approach

Unsecured loans (estimated at INR93 lakh as on March 31, 2018)
extended by the promoters have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to changes in government regulations and
environmental conditions: The processed meat industry is
sensitive to changes in government policies. Furthermore, like
all other meat products, the quality of buffalo meat is
influenced by environmental conditions, which can make cattle
susceptible to several livestock diseases.

* Working-capital-intensive nature of operations: Operations are
working capital intensive, with gross current assets of 129 days
as on March 31, 2018, driven by debtors and inventory of 94 and
11 days, respectively. However, the company has the flexibility
to stretch payments to creditors (19 days as on March 31, 2018).
Working capital requirements should remain large over the medium
term, and will continue to be monitored.

Strengths

* Extensive experience of the promoter in the meat processing
business: The promoter's experience of close to two decades
should continue to support business risk profile.

* Comfortable debt protection metrics: The metrics have been
comfortable, with interest coverage and net cash accrual to
adjusted debt ratios of 4.6 times and 0.26 time, respectively, in
fiscal 2018.

Outlook: Stable

CRISIL believes OIPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if improvement in capital structure, or better
operating margin and working capital management strengthens
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected profitability, or large debt-funded capex
weakens financial risk profile.

Established in 2012 and promoted by Mr Ateeq Ahmed, Bijnor (Uttar
Pradesh)-based OIPL processes and exports frozen buffalo meat.
The integrated processing capacity is 75 tonne per day.


OME SREE: ICRA Assigns 'C' Rating to INR3.85cr Term Loan
--------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]C to the INR1.50-
crore cash credit, INR3.85-crore term loan and INR1.65-crore
unallocated limits of Ome Sree Sai Ganesh Poultries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.50       [ICRA]C; assigned
   Term Loan            3.85       [ICRA]C; assigned
   Unallocated Limits   1.65       [ICRA]C; assigned

Rationale

The assigned rating takes into account the modest scale of
operations in the poultry-farming business with weak financial
profile as reflected by losses till FY2017, highly geared capital
structure, and stretched coverage indicators. The rating is
further constrained by the stretched liquidity position of the
company given the high repayment obligations in the next five
years. The rating factors in the cyclical nature associated with
the poultry industry, resultant table egg price volatility and
vulnerability of profits to fluctuation in prices of feed
(primarily maize, broken rice and soya), which accounts for more
than 80% of production cost. The rating, however, draws comfort
from the healthy demand outlook for layer eggs due to increasing
acceptance of eggs as a daily meal component.

Key rating drivers

Credit strengths Healthy demand outlook for the layers segment of
the industry: Demand for eggs is expected to increase with
increase in acceptance of eggs as a daily meal component.

Credit weaknesses Modest scale of operations: The firm operates
at a small scale of operations with revenues of INR9.07 crore in
FY2018 limiting its financial flexibility. The firm generates
majority of revenue from the sale of table eggs.

Weak financial profile of the firm: The firm's financial profile
is characterised by losses till FY2017 eroding the net worth
which resulted in high gearing of 8.25 times as on March 31, 2018
and stretched coverage indicators with Total Debt/OPBITDA of 6.25
times and NCA/total debt of 11% in FY2018.

Stretched liquidity owing to high repayments: The liquidity
position is constrained given the weak accruals of the firm and
high debt repayment obligations over the next five years.

Vulnerability to rise in feed prices and cyclicality associated
with the Indian poultry industry: Maize and soya forms the major
raw material for feed which account for more than ~80% of raw
material consumption. Thus, fluctuation in price of these agro
commodities would impact profitability of the firm. The firm is
also affected by the cyclicality associated with the Indian
poultry industry and resultant volatility in prices of eggs.
Partnership nature of the firm: Given OME's constitution as a
partnership firm, it is exposed to risks including the
possibility of withdrawal of capital by the partners.

Incorporated in 2015 as a partnership firm, Ome Sree Sai Ganesh
Poultries (OME) is engaged in commercial layer poultry farming.
The poultry farm is located in West Godavari district of Andhra
Pradesh with a total installed capacity of 100,000- layer birds.
In FY2018, the company reported a net profit of INR0.15 crore on
an operating income of INR9.07 crore as per provisional
financials, compared to a net loss of INR0.19 crore on an
operating income of INR9.48 crore in the previous year.


OMEGA DESIGNS: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Omega
Designs (OD) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       3.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        .50      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         3.25      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-         4.50      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OD for obtaining
information through letters and emails dated June 28, 2018,
July 31, 2018, August 7, 2018 and August 13, 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 Omega Designs. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Omega
Designs is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

OD, a partnership concern set up in 1995 by Mr Dilip Dugar and
his wife Ms Kavita Dugar, manufactures ready-made garments
(cotton skirts, tops, caps, and capris for kids), and sells to
department stores such as TJ Maxx, Max Holdings & Investments
Ltd, Kirei Ltd, and Memo Fashions. The firm's production unit is
in Gurgaon, Haryana.


PCK COTTON: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PCK Cotton
Private Limited (PCK) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee       .01       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit         8.50       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Packing Credit      4.00       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Packing Credit     11.49       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PCK for obtaining
information through letters and emails dated June 28, 2018,
July 31, 2018, August 7, 2018 and August 13, 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 PCK Cotton Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on PCK Cotton Private Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

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

PCK, incorporated in 1998 and promoted by Mr. Chetan Mehta,
commenced operations in 2004 at Jalgaon, Maharashtra. The company
gins and presses cotton.


PRECISION ENG'G: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long term and short-term ratings for the bank
facilities of Precision Engineering Corporation (PEC) to the
'Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]D /[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        9.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund based-        1.08       [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               Rating moved to the 'Issuer Not
   Term Loan                     Cooperating' category

   Non-Fund based-    0.80       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating moved to the 'Issuer Not
                                 Cooperating' category

   Non-Fund based-    1.12       [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating moved to the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/limited
information on the issuer's performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit-risk profile of the entity.

Set up in 1982 as a proprietorship firm, PEC was converted into a
partnership firm in 2009. The firm is involved in the
manufacturing of tubular pressure parts, steam pipe lines,
bridges and structures for the Indian Railways and other
engineering products as well as execution of construction
projects for thermal and co-generation power plants. PEC has
manufacturing facility in Bhilai, Chhattisgarh.


RAJENDRA KUMAR: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajendra Kumar
Surekha & Others' 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:

-- INR97.5 mil. Term loan due on December 2023 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Rajendra Kumar Surekha & Others is engaged in the lease rental
business.


ROSE INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rose
Industries (RI) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan           1.6        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RI for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 Rose Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Rose Industries is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

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

RI is a proprietorship firm based in Kota, Rajasthan. The firm
was established in 2015 and processes (mills, polishes, and
sorts) wheat. The firm was established by Mr Gulab Chand Jain.


SANGAM CONSTRUCTION: CRISIL Assigns D Rating to INR6.2cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Sangam Construction (SC). The rating reflects
overutilization in cash credit limit due to delay in realisation
of receivables.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          6.2       CRISIL D (Assigned)

SC has modest scale of operations, large working capital
requirements and subdued financial risk profile. These weaknesses
are partially offset by extensive industry experience of the
promoter.

Key Rating Drivers & Detailed Description

Weakness

* Overutilization in cash credit limit: The firm has over
utilised its cash credit limit for more than 30 days, due to
delay in payments from counter party. The working capital
requirement is high marked by gross current assets of 315 days as
on March 31, 2017.

* Modest scale of operation: SC has modest scale of operations as
reflected in revenue of around INR9.6 crore in fiscal 2017, due
to tender based business and intense competition from other
players.

* Subdued financial risk profile: SC has a modest net worth base
of INR2.64 crore and total outside liabilities to adjusted
networth of 2.98 times as on March 31, 2017. The firm has funded
majority of its working capital requirements by stretching its
creditors and high reliance on debt. Debt protection metrics
remained subdued as reflected in the interest coverage and net
cash accrual to total debt ratios of 1.9 times and 0.08 time
respectively in fiscal 2017.

Strengths

* Extensive industry experience of the promoter: SC benefits from
the promoter's experience of over a decade in the construction
industry.

Established in the 2004, SC is proprietorship firm of Mr. Shanker
Bajirao. The firm is engaged in executing civil construction
contracts mainly for Government of Goa.


SARVESHWARI EXPORTS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Sarveshwari
Exports Private Limited (SEPL) continue to remain under 'Issuer
Not Cooperating' category. The ratings are now denoted as
"[ICRA]B+ (Stable) / [ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          5.50       [ICRA]B+ (Stable) ISSUER NOT
   Export Packing                  COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Foreign Bill                    COOPERATING; Rating continues
   Discounting                     to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          0.95       [ICRA]B+ (Stable) ISSUER NOT
   Standby Line                    COOPERATING; Rating continues
   of Credit                       to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      0.38       [ICRA]A4 ISSUER NOT
   Forward Contract                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated Limit    0.17        [ICRA]B+ (Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating continues to remain
                                    under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/limited
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit-risk profile of the
entity.

Incorporated in March 2011, SEPL is involved in processing and
export of shrimps. In December 2012, the company took over the
entire business of the partnership firm, M/s Sarveshwari Exports
which was also engaged in the same line of business since 2002.
The company exports the shrimps under the registered brand names
of 'Mizu Fresh', 'Udori Ebi' and 'Max Ultra'.


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

The instrument-wise rating action is:

-- INR220 mil. Fund-based working capital limits (long-and
    short-term) maintained in Non-Cooperating Category with IND D
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Incorporated in 2000, Mumbai-based Shital Gems is engaged in the
import and export of rough, cut and polished diamonds.


SOWBHAGYA BIOTECH: ICRA Cuts Rating on INR7.95cr Loan to B+
-----------------------------------------------------------
ICRA has revised the rating on the bank facility of Sowbhagya
Biotech Private Limited (SBPL) to [ICRA]B+ (Stable) and moved to
the non-cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-Cash      7.95       [ICRA]B+ (Stable); ratings
   Credit                          revised from [ICRA]BB-
                                   (Stable); Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based-          1.87       [ICRA]B+ (Stable); ratings
   Term Loan                       revised from [ICRA]BB-
                                   (Stable); Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Long Term:           0.18       [ICRA]B+ (Stable); ratings
   Unallocated                     revised from [ICRA]BB-
                                   (Stable); Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The ratings for the INR10.00-crore bank facilities of SBPL are
moved to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

The rating downgrade takes into account drop in revenues to
INR24.5 crore in FY2018 owing to lower orders; weak debt
protection metrics and stretched liquidity profile with average
working capital utilisation of ~100% during the period between
April 2017 and March 2018. ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been
taken by ICRA basis best available information on the issuers'
performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

Sowbhagya Biotech Private Limited (SBPL) was established in the
year 2003 as a partnership firm named Sowbhagya Amino Inputs and
later converted into a private limited company - Sowbhagya Amino
Inputs Private Limited in August 2005. Further, the company's
name was changed to Sowbhagya Biotech Private Limited in 2012.
The company is engaged in the manufacturing of specialized
organic plant growth promoters, micronutrient mixtures, zinc and
organic fertilizers. The company has two manufacturing
facilities, one at Choutuppal, Nalgonda district (50 km from
Hyderabad and other at Cherlapally, Hyderabad with aggregate
installed capacity of 7500 metric tons per annum. The company
sells its products under various brand names for different
products, such as Srimin for organic plant growth promoters,
mostly in Telangana and Andhra Pradesh. SBPL is also an ISO 9001,
14001 & OHSAS 18001 certified company.


SUBHANG CAPSAS: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR6.50-crore fund-based bank limits of Subhang Capsas Pvt. Ltd.
The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Fund-
   based/Cash
   Credit               4.50       [ICRA]B+ (Stable); Assigned

   Long-term Fund-
   based Term Loan      1.46       [ICRA]B+ (Stable); Assigned

   Long-term
   Unallocated          0.54       [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by the small scale of
operations of SCPL with the firm registering an operating income
(OI) of INR19.71 crore in FY2018. The rating also takes into
account the firm's leveraged capital structure with the gearing
at 1.93 times as on March 31, 2018 on account of its high working
capital loan and weak tangible net worth as well as weak debt
coverage ratios as indicated by OPBDITA/interest charges of 1.55
times in FY2018. ICRA also notes SCPL's stretched liquidity owing
to its high working capital intensity with the NWC/OI at 54% and
47% in FY2017 and FY2018, respectively, thus leading to full
utilisation of its working capital bank limits. The rating also
considers the susceptibility of the firm's profitability to
fluctuations in raw material prices and to stiff competition in
the highly fragmented plastics industry, having low entry
barriers.

The rating, however, favourably factors in the extensive
experience of SCPL's promoters with more than three decades
of experience in the plastics industry. ICRA also notes the
firm's ability to cater to diverse sectors such as chemicals,
pesticides, food and processing and lube oil, coupled with
established relations with a few reputed customers leading to
repeat business.

Outlook: Stable

ICRA believes SCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
Positive, if the company is able to report substantial growth in
its revenue and profitability, trim down its debt as well
as efficiently manage the working capital requirement. The
outlook may be revised to Negative if the firm's revenues
decline or if there is an increase in debt levels or a stretch in
the working capital cycle weakening its liquidity further.

Key rating drivers

Credit strengths

Extensive experience of promoters in the plastics industry: SCPL
was incorporated in December 2011 and its operations are managed
by Mr. Jasbir Singh Arora and Mr. Angad Arora. The promoters have
vast experience of more than three decades in the plastics
industry, which has enabled SCPL to establish its position in the
market.

Revenue stream diversified across various sectors aided by
established relations with few customers: SCPL caters to
end-users from chemicals, pesticides, food and processing and
lube oil, which are mainly located in Gujarat, Maharashtra,
Madhya Pradesh, Silvassa, Haryana and Delhi. The firm also caters
to reputed customers associated with it since inception.

Credit challenges

Small scale of operations: SCPL has been growing at a compounded
annual growth rate (CAGR) of 29.5% since the last five years.
Yet, the firm has been able to register an OI of only INR14.90
crore and INR19.71 crore in FY2017 and FY2018, thus reflecting
its small scale of operations vis-a-vis other major players in
the plastics industry.

Leveraged capital structure due to high working capital
borrowings and weak credit metrics: The firm's capital structure
stood highly leveraged with its gearing at 1.93 times as on
March 31, 2018 owing to high working capital utilisation and weak
tangible net worth. High debt levels, coupled with moderate
profit levels have also led to weak credit metrics.

High working capital intensity due to stretched receivables
leading to full utilisation of working capital bank limits: The
firm's debtor days have remained high at 146 days and 165 days in
FY2017 and FY2018, respectively translating into high working
capital intensity with the NWC/OI at 54% and 47% in FY2017 and
FY2018, respectively. This has led to a stretched liquidity which
has, in turn, necessitated full utilisation of the working
capital bank limits.

Vulnerability of margins to fluctuations in crude oil prices and
stiff competition in the industry: SCPL's raw materials, which
form the largest component of its cost structure, are crude oil
derivatives and thus the margins remain vulnerable to any adverse
movement in crude oil prices. Moreover, with the presence of many
organised and unorganised players in the plastics industry, the
firm's margins also remain exposed to the intense competition.

Incorporated in December 2011, SCPL is in the business of
manufacturing moulded products for packaging solutions. It
manufactures blow moulded containers with capacity ranging from 1
litre to 120 litres. The firm caters to customers across various
business segments such as chemicals, pesticides, food and
processing and lube oil.

In FY2018, the firm reported a net profit of INR0.27 crore on an
OI of INR19.73 crore, as compared to a net profit of INR0.20
crore on an OI of INR14.90 crore in the previous year.


SUNTANA TEXTILE: ICRA Moves B-/A4 Ratings to Non-Cooperating
------------------------------------------------------------
ICRA said the long-term and short term ratings of INR12.95 crore
fund based bank facilities of Suntana Textile Mills Private
Limited has been moved to 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B- (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-FBP/       12.95      [ICRA]B- (Stable)/[ICRA]A4
   FBD/FCBP/FCBD                    'ISSUER NOT COOPERATING';
   Cum PC/PCFC/PSCL                 Rating Moved to Issuer Not
                                    Cooperating Category

   Fund Based-PF/        (9.75)     [ICRA]B- (Stable)/[ICRA]A4
   PCFC (Sublimit)                  'ISSUER NOT COOPERATING';
                                    Rating Moved to Issuer Not
                                    Cooperating Category

   Fund Based-PSDL       (2.25)     [ICRA]B- (Stable)/[ICRA]A4
   (Sublimit)                       'ISSUER NOT COOPERATING';
                                    Rating Moved to Issuer Not
                                    Cooperating Category

   Fund Based-PSDL       (0.80)     [ICRA]B- (Stable)/[ICRA]A4
   (Against Government              'ISSUER NOT COOPERATING';
   incentives)                      Rating Moved to Issuer Not
   (Sublimit)                       Cooperating Category

   Fund Based-Direct     (2.00)     [ICRA]B- (Stable)/[ICRA]A4
   Bills (Sublimit)                 'ISSUER NOT COOPERATING';
                                    Rating Moved to Issuer Not
                                    Cooperating Category

   Fund Based-Cash       (0.95)     [ICRA]B- (Stable)/[ICRA]A4
   Credit (Sublimit)                'ISSUER NOT COOPERATING';
                                    Rating Moved to Issuer Not
                                    Cooperating Category

The rating is based on limited cooperation from the Company since
the time it was last rated in February 2017. As part of its
process and in accordance with its rating agreement with Suntana
Textile Mills Private Limited, ICRA has been sending repeated
reminders to the company for payment of surveillance fee that
became due. However, despite multiple requests by ICRA, the
company's management has remained non-cooperative. In the absence
of requisite cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's ratings have been moved to the "Issuer Not Cooperating"
category.

Suntana Textile Mills Private Limited came into existence in 2006
by merging 'Sunil Textile Industries' and 'Sushil Textile
Industries', which were incorporated in 1979 and 1985,
respectively as a proprietorship concern of Mr Chirnajilal
Agarwal and Mrs Bharti Agarwal. Sunil Textile Industry and Sushil
Textile Industry were engaged in manufacturing grey cloth.
However, since 1995, both the firms gradually ceased its in-house
fabric manufacturing operations and commenced manufacturing
fabrics for formal suitings by assigning job works to various
companies located in Bhilwara (Rajasthan) and Bhiwandi
(Maharashtra). Mr Sunil Agarwal, Mr Chiranjilal Agrawal and Mrs
Bharti Agrawal are the directors of the company handling its
overall operations. The company's administrative office and
factory are located at Bhiwandi in Maharashtra.


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

The instrument-wise rating actions are:

-- INR49 mil. Term loan maintained in Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR55 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund based limit maintained in Non-Cooperating
    Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Surya Metalloys manufactures mild-steel ingots at its 20,760
Metric Ton Per Annum facility in Nasirabad, Rajasthan.


SUS AGRO: CRISIL Migrates B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SUS Agro
Foods India Private Limited (LLLDPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          3.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long        0.22      CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Term Loan            8.28      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LLLDPL for
obtaining information through letters and emails dated May 31,
2018 and June 30, 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 SUS Agro Foods India Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on SUS Agro Foods India Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2013 and promoted by Mr. Sanjeev Arora, Mr. HS
Dureja, and Mr. Virender Kumar, SAFPL processes milk into skimmed
milk powder and ghee at its plant in Kathua, Jammu and Kashmir.
SAFPL also does job work for various local milk associations.


SUVEERA AGRO: CRISIL Lowers Rating on INR5cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Suveera Agro Industries (SAR) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee        3        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit           5        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The ratings downgrade reflects overdrawals in the cash credit
facility for more than 30 days. The overdrawals are due to SAR's
weak liquidity owing to large working capital requirement.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: In the absence of capacity addition
plans over the medium term, business risk profile will continue
to be constrained by modest scale of operations in the highly
competitive rice milling industry. Scale remains small with
operating income of INR32 crore in fiscal 2017 and milling
capacity of 50-70 tonne per hour. While large players have better
efficiencies and pricing power, small players are exposed to
intense competition.

* Average financial risk profile: Networth was modest at INR3.8
crore as on March 31, 2017 due to minimal accrual. The domestic
rice industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism, which
affects the credit quality of players. Nevertheless, gearing was
low at 0.44 time as on March 31, 2017 due to little reliance on
debt.  Debt protection metrics were average with interest
coverage and net cash accruals to total debt ratios of 1.9 times
and 0.15 time, respectively.

Strength

* Extensive experience of the partners: Benefits from the
partners' experience of over two decades and established
relations with farmers, traders and wholesalers should support
the business.

Set up in 2010, SAR is a partnership firm of Mr. NVV Prasada Rao,
Mr Gadde Srinivasa Rao, Mr. Gadde Chakradhar and Mr. Naga Bhirava
Krishna Phanendra. The mill, located in Hanuman Junction (Andhra
Pradesh), processes paddy into rice, bran, broken rice and husk.


SWAJIT ENGINEERING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swajit
Engineering Private Limited (SEPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      2.5        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit         5.5        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Rupee Term Loan     2.0        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 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 Swajit Engineering Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Swajit Engineering Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Incorporated in 1991 and promoted by Mr. Anil V Chavan, SEPL
manufactures specialised transmission chains. These are roller
chains that are mainly used in material handling systems/machines
for sugar, cement, fertiliser, and allied industries. Facility is
in Aurangabad.


SWASTIK PANELS: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
Panels Private Limited (SPPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit           3        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit      3        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated July 27, 2018,
August 7, 2018 and August 13, 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 Swastik Panels Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Swastik Panels Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2002, SPPL is promoted by Mr Ashok Jain (managing
director). The company manufactures veneer and trades in timber.
Its manufacturing facility is in Jaipur.


V.N. PETHE: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of V. N. Pethe
Bros (VN) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         4.55       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan           1.45       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VN for obtaining
information through letters and emails dated July 11, 2018,
August 7, 2018 and August 13, 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 V. N. Pethe Bros. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
V. N. Pethe Bros is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

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

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

Incorporated in 1957, V N Pethe Bros (VN) is a partnership
concern. The firm trades in grocery items such as wheat, sugar,
pulses and maida, in addition to pesticides and fertilisers. The
firm also grows mango, coconut and cashew in its farms.


VIKAS HOME: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vikas Home
Furnishing (VHF) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          2.6       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long        4.4       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Term Loan            3.0       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VHF for obtaining
information through letters and emails dated June 29, 2018,
August 7, 2018 and August 13, 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 Vikas Home Furnishing. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Vikas Home Furnishing is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

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

Vikas Home Furnishing (VHF); incorporated in 2016; is established
as a partnership firm for manufacturing of polyester bed sheets.
The plant is established at Panipat with capacity of about 40000
meters per day. The firm is promoted by Mr. Anuj Goel, Mr. Navin
Goel, Mr. Anuj Bajaj and Anubhav Bajaj who gain expertise through
family business in the similar line.


VISA COKE: ICRA Hikes Rating on INR24cr Cash Loan to B-
-------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR24.0-
crore (revised from INR50.0 crore) fund-based limits to [ICRA]B-
from [ICRA]D of Visa Coke Limited (Erstwhile Visa SunCoke
Limited) (VCL). ICRA has also upgraded the short-term rating
assigned to the INR140.0 crore (revised from INR200 crore) non-
fund based limits to [ICRA]A4 from [ICRA]D. The outlook on the
long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   LT-Fund Based-       24.00      [ICRA]B-(Stable) upgraded from
   Cash Credit                     [ICRA]D

   ST-Non-fund         140.00      [ICRA]A4 upgraded from [ICRA]D
   Based

Rationale

The ratings action primarily considers VCL's regularisation in
debt servicing, supported by improvement in liquidity position
due to recovery from receivables of Visa Steel Limited (VSL).
ICRA notes that the outstanding receivables from VSL is getting
adjusted against procurement of coking coal from Visa Minmetal
Limited (VML). In lieu of such arrangement, the current
outstanding balance has come down to a large extent. In addition,
the dependence on VSL for supply of metcoke has also reduced in
the current year with the addition of new clients. ICRA has also
considered the change in raw material procurement through traders
in smaller lots against the earlier policy of directly importing
full ship load, which is likely to result in lower volatility in
raw material cost. In addition, the renegotiation of rates for
supply of steam to VSL is likely to improve the cash accruals of
the company. However, the counterparty credit risks remain high,
considering the stretched financial condition of VSL, and thus
timely recovery of receivables from VSL would remain the key
rating determinant. The ratings further consider the cyclical
nature of the steel industry as well as exposure to fluctuation
in coking coal and coke prices, leading to volatility in
profitability and cash flows of the company. ICRA, however,
continues to acknowledge the long experience of the promoters and
key operating personnel in operating coke oven plants.

Outlook: Stable

ICRA believes that VCL will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to Positive in case of improvement in financial performance of
VSL, thus ensuring timely recovery of dues from them. Conversely,
the outlook may be revised to Negative in case of a considerable
delay in payment from VSL, leading to stretched liquidity
position of the company.

Key rating drivers

Credit strengths

Experience of the promoters and key operating personnel in
operating coke oven plants: VCL was established in 2012 to
manufacture coke through 4 lakh-tonne-per-annum (LTPA) metcoke
plant at Kalinganagar in Odisha. The promoters as well as key
operating personnel have extensive experience in the steel and
related industry.

Improvement in liquidity profile post recovery from receivables
of VSL: As per internal arrangement, the outstanding receivables
from VSL is getting adjusted against procurement of coking coal
from Visa Minmetal Limited (VML). In lieu of such arrangement,
the current outstanding balance has come down to a large extent,
thus improving the liquidity position of the company leading to
regularisation in debt-servicing in recent months.

Renegotiation of agreement with VSL for steam supply: VSL
procures steam from VCL for operating its captive power plant. In
recent months, with renegotiation of rates for supply of steam,
the cash accruals are likely to improve in the current financial
year. In July 2018, the company has received payment from VSL at
revised rates. However, continuous timely receipt of payment from
VSL would be essential to support the liquidity position of the
company.

Credit weaknesses

Weak financial profile of VSL, its group company and the major
client for the steam generated, exposes VCL to counterparty
credit risks: VSL is the sole client for the steam generated
during the coke production, which exposes the company to
significant counterparty credit risk, given the stretched
financial condition of VSL, led by significant losses from its
core operation. Thus, timely recovery of dues from VSL would
remain the key rating determinant, going forward.

Exposure to fluctuation in coking coal and coke prices, which is
likely to keep the profitability and cash flows volatile: Given
the lead time of more than one month for the entire process of
ordering coking coal and selling coke, VCL remains vulnerable to
any downward movement in coking coal and coke prices in the
interim period, exposing it to risks of inventory write-downs.
However, as a strategic change from January 2018, the company
started procuring the raw material through traders in smaller
lots, which is likely to result in lower volatility in raw
material cost.

Exposure to cyclical risks inherent in the steel industry: The
inherent cyclicality in the steel industry, the key consuming
industry of coke, is likely to keep the cash flows and
profitability of the company volatile.

Incorporated in 2012, VCL manufactures metcoke through the 0.4-
mtpa heat recovery coke plant at Kalinganagar in Odisha.


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

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR127.5 mil. Non-fund-based working capital limit migrated
    to Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1996, Westwell Iron and Steel operates and
maintains a toll plaza on National Highway 2 in Jharkhand. It
also operates a stone crushing unit in Rajgram, West Bengal.


ZAIBUNCO INDUSTRIES: CRISIL Reaffirms B Rating on INR13cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Zaibunco Industries Private Limited (ZIPL) at 'CRISIL
B/Stable'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         10         CRISIL B/Stable (Reaffirmed)
   Term Loan           13         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the slow ramp-up of operations
and susceptibility to any unfavourable impact of regulatory
changes. These weaknesses are partially offset by the extensive
experience of the promoters in the leather goods industry through
an associate concern.

Key Rating Drivers & Detailed Description

Weakness

* Slow ramp-up of operations: The company is exposed to
stabilisation and demand risk in the intensely competitive
leather goods industry. As commercial operations started from May
2017, revenue was modest at around INR11 crore for fiscal 2018.
The pace of ramp-up in operations and will remain a key rating
sensitive factor.

* Susceptibility to any unfavourable impact of regulatory
changes: The company will remain exposed to the policies and
quality standards of importing countries, if the goods are
exported.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over four decades in the leather tanning
and leather goods manufacturing industry through a group concern,
Karamat Tanning Industries (rated 'CRISIL BB+/Stable/CRISIL
A4+').

Outlook: Stable

CRISIL believes ZIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if higher sales and profitability lead to
substantial cash accrual. The outlook may be revised to
'Negative' if financial risk profile and liquidity weaken due to
debt-funded capital expenditure, stretched working capital cycle
or constrained profitability.

ZIPL, formerly Karamat Tanning Private Limited, was established
in 2010. The company is promoted by Mr Malik Kaleemullah and Mr
Malik Barakat Ullah to manufacture leather products such as bags,
belts, and wallets. The manufacturing facility is in Kanpur,
Uttar Pradesh.



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


CHINA AUTOMOBILE: Bursa Fines Three Directors for Breaches
----------------------------------------------------------
theedgemarkets.com reports that Practice Note 17 (PN17) company
China Automobile Parts Holdings Ltd, together with three of its
directors - including executive chairman Wang YuYun - have been
publicly reprimanded by Bursa Malaysia Securities for breaching
the Main Market listing requirements.

Wang, alongside executive director Chen XunZe and independent
non-executive director Zhu GuoHe, were also fined a total of
MYR1.52 million, theedgemarkets.com relates citing Bursa in a
statement on Sept. 4.

According to the report, Bursa said China Automobile's breaches
were in relation to failing to announce its quarterly reports and
Annual Report 2017, besides a slew of corporate governance and
foreign listing requirement breaches.

Specifically, it said CAP failed to announce its quarterly
results (QR) from the quarter ended March 2017 onwards till the
quarter ended March 2018, within the stipulated timeframes. To
date, the reports have yet to be announced, theedgemarkets.com
relates.

It also did not reissue its audited financial statements (AFS)
for its financial year ended Dec 31, 2015 (FY15) by July 4, 2017.
The AFS FY15 was only issued on Jan 11 this year. The group also
failed to issue its Annual Report 2017 for the 18-months ended
June 30, 2017 by Oct. 31 that year, theedgemarkets.com says.

theedgemarkets.com notes that to date, China Automobile has yet
to publish its corporate earnings after it last reported a net
loss of MYR77.12 million in FY16.

"As executive directors, they (Wang and Chen) were in a position
but had failed, refused and/or neglected to address or resolve
the audit issues with the external auditors, and were
lackadaisical in the appointment of the company secretary and
settlement of the outstanding fees to the external auditors to
enable timely announcement or issuance of the financial
statements and material disclosures to Bursa Malaysia
Securities," the statement, as cited by theedgemarkets.com, read.

"Zhu had failed to demonstrate that he had taken reasonable
efforts to inquire, follow-up, monitor and supervise the
resolution of the audit issues and appointment of the company
secretary/agent towards the company's timely re-issuance of the
AFS 2015 and the announcement/issuance of the QR March 2017, QR
June 2017 and AR 2017," it added.

China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its
subsidiaries, is principally engaged in the manufacturing of
chassis components used in automobiles for transporting goods.
Its product portfolio consists of five categories: wheel-hub
bolts, wheel axles, steel pins, u-bolts and torque-rod bushings.
The Company's products are supplied for aftermarket repair,
maintenance and modification segment, with an emphasis towards
catering for replacement components in heavy commercial vehicles.
The Company's subsidiaries include CAP-HK, an investment holding
company, and FenSun, a manufacturer, marketer and trader of
automobile chassis components.

China Automobile Parts Holdings Ltd slipped into Practice Note 17
(PN17) after its external auditor Messrs PFK expressed an audit
disclaimer of opinion in the company's latest audited financial
statements for financial year ended Dec. 31, 2015 (FY15) on
undisclosed material liabilities.



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


STEEL & TUBE: Raises NZ$42.3MM in Discounted Retail Rights Offer
----------------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Steel & Tube Holdings
said 71 percent of its deeply discounted 1-for-1.9 pro rata
rights offer was taken up by shareholders and the stock has been
halt for a shortfall bookbuild to raise another NZ$17.8 million.

BusinessDesk relates that shareholders bought about NZ$42.3
million of new shares at NZ$1.05 in the offer, a 28 percent
discount to the NZ$1.46 price they were trading at prior to the
announcement. The shares closed at NZ$1.23 on Sept. 4 having
dropped 37 percent so far this year.

According to BusinessDesk, the company said the uptake
"represents approximately 70.7 percent of the new shares
available to eligible shareholders under the rights offer. In
addition, applications totalling approximately NZ$5.6 million
were received for additional new shares attributable to rights
not taken up," Lower Hutt-based Steel & Tube said in a filing to
the stock exchange.

BusinessDesk says the offer is part of an NZ$80.9 million capital
raise to shore up the steel products maker's balance sheet after
a major restructure at the steel building products supplier. A
NZ$20.8 million placement was completed on Aug. 7, with strong
support from existing and new institutional investors.

While Steel & Tube needed a waiver from its banks earlier this
year after writedowns and impairments meant it breached at least
one lending covenant, last month the company said improving sales
continued into the current financial year and it expects to
resume dividends as restructuring begins to pay off, according to
BusinessDesk.

"The funds raised will strengthen our balance sheet and provide
us with financial flexibility to implement our business
transformation initiatives and achieve our longer-term strategic
objectives," BusinessDesk quotes chair Susan Paterson as saying.

A shortfall bookbuild was conducted by First NZ Capital
Securities on Sept. 5, the report notes.

According to the report, Steel & Tube said shareholders who did
not take up their full entitlements, and those ineligible to
participate in the rights offer will receive a share of any
premium achieved - the amount by which the shortfall bookbuild
price exceeds the application price for new shares of NZ$1.05 per
new share - for the rights which they did not take up.

"There is no guarantee that the shortfall bookbuild will result
in a premium," it said.

The new shares under the rights offer are expected to be allotted
on Sept. 7, the report adds.

Based in New Zealand, Steel & Tube Holdings Limited ((STU:NZE) --
https://steelandtube.co.nz/ -- engages in the business of
distribution, processing and fabrication of steel, plastic and
allied products. The Company's segments are steel and stainless
distribution and processing roofing products, reinforcing and
wire businesses and fastenings and plastics businesses.



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


GSIS FAMILY: PDIC to Hold Public Bidding on October 4
-----------------------------------------------------
A total of 768 assets owned by the closed GSIS Family Bank (A
Thrift Bank) with an aggregate minimum disposal price of PhP184.9
million is set to be disposed by the Philippine Deposit Insurance
Corporation (PDIC) via a public bidding on an "as-is, where is"
basis. The bidding will be held on October 4, 2018 at the PDIC
Training Room, 9th Floor, SSS Bldg., 6782 Ayala Ave. corner
Rufino St., Makati City.

Sealed bids shall be accepted by the PDIC Real and Other
Properties Acquired (ROPA) Disposal Committee from direct buyers
only between 9:00 A.M. and 1:45 P.M. at the venue. Bids will be
opened at 2:00 P.M.

Up for bidding are 749 residential lots and 19 residential lots
with improvements located in Metro Manila, Bataan, Bulacan,
Cavite, Marinduque, Nueva Ecija and Tarlac.

The complete list of properties is posted in the PDIC website,
www.pdic.gov.ph, under Assets for Disposal. Prospective bidders
may also visit the Asset Management and Disposal Group at the 7th
Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St.,
Makati City for details on the assets. For further information,
interested buyers may call the PDIC Public Assistance Department
at (02) 841-4630 to 31. Those outside Metro Manila may call the
PDIC toll-free hotline at 1-800-1-888- PDIC or 1-800-1-888-7342.
Inquiries may also be sent via e-mail to pad@pdic.gov.ph or by
private message to PDIC's Facebook page, @OfficialPDIC.

Each bid should be accompanied by a bond/deposit equivalent to at
least 10% of the submitted bid, in cash or Manager's Check, or a
combination thereof. The Manager's Check should be issued by a
reputable universal or commercial bank and payable to "Philippine
Deposit Insurance Corporation" or "PDIC". The winning bidder
should pay the balance of the bid/purchase price in full within
15 calendar days from the receipt of the Certificate of Award or
not later than October 19, 2018. The PDIC ROPA Disposal Committee
shall automatically cancel the award once the issued checks are
not cleared.

Bidders are advised to physically inspect the properties they are
interested to buy, examine and verify the titles and other
evidence of ownership, and determine any unpaid taxes, fees,
charges and/or expenses before submitting their bids. Bidders are
likewise required to bring proper identification document (ID)
with photo and to register at least one hour prior to the
deadline for submission of bids. Bid documents such as Bid Forms,
Conditions of Bid, and the required format of the Special Power
of Attorney and Secretary's Certificate may be downloaded free of
charge from the PDIC website, www.pdic.gov.ph. PDIC reserves the
right to withdraw without prior notice any or all of the
properties offered for sale any time before the deadline for
submission of bids.

The expeditious conversion and resolution of assets are among the
strategic directions outlined in PDIC's Roadmap. PDIC, as
liquidator of closed banks, holds various asset disposal
initiatives such as biddings, auctions and negotiated sale.
Proceeds from the sale of closed banks' properties are added to
the pool of liquid assets of these banks for distribution to
uninsured depositors and other creditors in accordance with the
rules on concurrence and preference of credits. The disposal of
these assets increases the chances of recovery of uninsured
depositors and creditors of their trapped funds.

GSIS Family Bank (A Thrift Bank) was ordered closed by the
Monetary Board (MB) through Resolution No. 826.A dated May 13,
2016.



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


NAM CHEONG: Confident it Can Avoid Another Debt Revamp
------------------------------------------------------
The Business Times reports that Nam Cheong is emerging from a
debt revamp with negative equity on its books, but its management
is confident that with continuing shareholders' support, the
company's book value stands to improve as the offshore support
vessel (OSV) market recovers.

Nam Cheong's CEO Leong Seng Keat told The Business Times the
liabilities of the OSV-focused firm, which totalled over MYR2.12
billion (SGD705 million) as at June 30, 2018, will be reduced in
the third quarter once the conversion of over MYR500 million of
debt - mainly unsecured bank loans and notes - into equity takes
effect.

The debt forgiveness as implied in these equity swaps will result
in a paper gain that will also surface in the firm's Q3 report
card, the report says.

Additionally, the firm has gone ahead as planned to launch on
Tuesday a one-for-one renounceable rights issue that is expected
to raise MYR88 million in new equity. That's a drop of ocean
compared to its negative equity of over MYR1 billion as at the
end of first half, says The Business Times.

Yet, Mr. Leong held steadfastly to the view that the firm would
not require a new round of debt revamp or another cash call after
the current rights shares issuance to ride through the rest of an
industry downturn, according to The Business Times.

He argued that the firm's net asset value, which stood at
negative 53.6 sen as at June 30, 2018, will improve as valuation
for its OSV fleet increases along with vessel day rates.

He projected that vessel day rates will inch up as contracting
activity continues to rise with oil prices stabilising in a
healthier band.

In this respect, Nam Cheong appeared on course to expand the
topline contribution from its vessel chartering business with
newbuild contracts getting difficult to come by, the report says.

For the six months ended June 30, 2018, vessel chartering
contributed 27 per cent of the firm's revenue, up from 16 per
cent for a year-ago period, The Business Times discloses.

The Business Times relates that utilisation of its 24-strong
fleet averaged about 60 per cent during the first half, still
falling short of the assumed 65 per cent fleet utilisation for
the projections outlined in its debt revamp plan.

But its gross margin from vessel chartering of 39 per cent for
the second quarter and 25 per cent for the first half, vastly
out-performed the industry average. With the OSV sector still
troubled by vast overcapacity, vessel day rates are mostly only
enough to cover operating expenses, analysts have said, adds The
Business Times.

Nam Cheong Ltd is an investment holding company. The Company and
its subsidiaries operate as an offshore marine company. It
operates through two segments: Shipbuilding and Vessel
chartering. The Company's business is the construction and supply
of offshore support vessels (OSVs) used in the offshore oil and
gas exploration and production, and oil services industries,
including safety standby vessels, anchor handling tug supply
(AHTS) vessels, accommodation work barges and maintenance work
vessels. AHTS vessels are designed to provide anchor handling for
offshore drilling rigs, tow offshore drilling rigs, barges and
other types of OSVs. Accommodation Work Barges are vessels
designed to house and accommodate crew. Maintenance Work Vessel
are vessels designed as a platform for the loading and unloading
of cargo. Platform Supply Vessel is designed for the
transportation of supplies and equipment to and from offshore oil
and gas support production platforms and offshore drilling rigs.




                             *********

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

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

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


                            *********


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

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

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

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

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



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