TCRAP_Public/180912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 12, 2018, Vol. 21, No. 181

                            Headlines


A U S T R A L I A

ALL CITY: First Creditors' Meeting Set for Sept. 20
B.A.E.C. ELECTRICAL: First Creditors' Meeting Set for Sept. 18
HICKORY GROUP: Unit Administration Move Halts 2nd Cladding Claim
ONTILT AUSTRALIA: Second Creditors' Meeting Set for Sept. 19
TASMAN MARKET: Butcher Falls Into Voluntary Administration

YORK CIVIL: Unsecured Creditors Unlikely to Get Repayment


C H I N A

CHINA COMMERCIAL: Fails to Comply with Nasdaq's Bid Price Rule
SEVEN STARS: Acquires Grapevine, an Influencer Marketing Company


I N D I A

AASTHA FASHIONS: ICRA Maintains B+ Rating in Not Cooperating
AGHARA KNITWEAR: ICRA Reaffirms B+ Rating on INR6.51cr Loan
AGRAWAL SOYA: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
AIBEL APPARELS: CRISIL Assigns B+ Rating to INR5.42cr LT Loan
AKSHAR COTTON: ICRA Maintains B+ Rating in Not Cooperating

ALFA TRANSFORMERS: CRISIL Lowers Rating on INR10.04cr Loan to B
ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
AMRITVARSHA INDUSTRIES: Ind-Ra Affirms BB+ Rating, Outlook Stable
ANANDESHWAR INDUSTRIES: CRISIL Ups Rating on INR5.75cr Loan to B
ANNUR A P A: CRISIL Lowers Rating on INR8.6cr LT Loan to D

ANSHULA TECHNOLOGICAL: CRISIL Cuts Rating on INR0.18cr Loan to B+
ANUP MALLEABLES: CRISIL Maintains B+ Rating in Not Cooperating
ARCHID POULTRY: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
CHANDRALOK TEXTILE: ICRA Lowers Rating on INR9.32cr Loan to D
CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR8cr Cash Loan

CONCORD DRUGS: CRISIL Maintains B- in Not Cooperating Category
DARVESH CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR30cr Loan
DAYANA POLYPLAST: Ind-Ra Moves BB- LT Rating to Non-Cooperating
DECCAN POLYPACKS: CRISIL Maintains D Rating in Not Cooperating
EMINENT TRADE: CRISIL Hikes Rating on INR5cr Cash Loan to B+

G.D. METSTEEL: ICRA Keeps B Rating in Not Cooperating Category
GAJRA DIFFERENTIAL: CRISIL Reaffirms C Rating on INR10.1cr Loan
GSN FERRO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
HARIKRUSHNA COTTON: ICRA Maintains B Rating in Not Cooperating
INDIRA ENTERPRISES: CRISIL Assigns B+ Rating to INR3cr Term Loan

JAIPRAKASH ASSOCIATES: ICICI Bank Files Insolvency vs. Firm
JYOTI STEEL: CRISIL Raises Rating on INR10cr Cash Loan to B+
KOBE SUSPENSION: ICRA Reaffirms B+ Rating on INR0.55cr Loan
KRANTHI EDIFICE: ICRA Moves D Rating to Not Cooperating Category
KUMAR MOTOR: ICRA Withdraws B Rating on INR3.90cr LT Loan

LANCO BABANDH: NCLT Appoints U Balakrishna Bhat as IRP
NOVA-TECH REFRACTORIES: CRISIL Rates INR5.75cr Term Loan B+
OM AGROENERGY: CRISIL Reaffirms 'B' Rating on INR7.85cr LT Loan
PINK ROSE: CRISIL Lowers Rating on INR9cr Cash Loan to D
RAGHUNANDAN JEWELLER: Ind-Ra Moves B+ Rating to Non-Cooperating

RANJIT KUMAR: CRISIL Migrates Rating to B+/Not Cooperating
ROBOMATIC PRECON: CRISIL Assigns B+ Rating to INR11cr LT Loan
SANGAM PREFAB: CRISIL Assigns B+ Rating to INR6.6cr LT Loan
SARATHY CARS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
TERRA ENERGY: ICRA Moves D Rating to Not Cooperating Category

THIRU AROORAN: ICRA Moves D Rating to Not Cooperating Category
VIRINCHI HEALTHCARE: Ind-Ra Raises LongTerm Issuer Rating to 'B'
VIRINCHI LIMITED: Ind-Ra Affirms 'BB' LT Rating, Outlook Positive
VISHVAS POWER: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating


M A L A Y S I A

1MDB: Singapore Court Orders SGD15MM Returned to Malaysia


N E W  Z E A L A N D

WYNYARD GROUP: Liquidators Say Shareholders May Get "Very Small"


                            - - - - -


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


ALL CITY: First Creditors' Meeting Set for Sept. 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of All City
Paper Pty Ltd will be held at the offices of McLeod & Partners
Hermes Building, Level 1, 215 Elizabeth Street, in Brisbane,
Queensland, on Sept. 20, 2018, at 10:00 a.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of All City on Sept. 10, 2018.


B.A.E.C. ELECTRICAL: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of B.A.E.C.
Electrical Pty Ltd will be held at the offices of Morton's
Solvency Accountants, Level 11, 410 Queen Street, in Brisbane,
Queensland, on Sept. 18, 2018, at 11:00 a.m.

Leon Lee and Gavin Morton of Morton's Solvency were appointed as
administrators of B.A.E.C. Electrical on Sept. 7, 2018.


HICKORY GROUP: Unit Administration Move Halts 2nd Cladding Claim
----------------------------------------------------------------
Michael Bleby at Australian Financial Review reports that defects
and recladding claims worth AUD4 million in a second apartment
project have been frozen after Melbourne builder Hickory's
subsidiary was placed into voluntary administration.

According to AFR, owners of 105 apartments in the Anstey Square
development in the inner northern suburb of Brunswick had
commenced proceedings in the Victorian Civil and Administrative
Tribunal seeking the rectification of defects but also replacement
of the combustible polyethylene core panels covering the building.

AFR relates that Hickory's decision last month to put unit H
Buildings into administration had the same effect on the Brunswick
apartment owners as it did on a separate group of owners in a
Richmond development also constructed by H Buildings
-- it stopped the action completely.

"As administrators have been appointed to this company, no further
legal action or steps can be taken by the Owners Corporation
against this company in the VCAT proceedings without the consent
of the administrators," owners corporation manager Koula Houridis
wrote to apartment owners last month, the report relays.

"We appreciate this is very upsetting news given the long battle
the Owners Corporation has entered into with this builder. It was
only a short time ago that the builder participated in a
compulsory conference in VCAT and subsequently filed an
application in VCAT to join other parties to the proceedings."

Anstey Square apartment owners, ordered by the local Moreland
Council in December last year to replace their cladding, got
little positive news at a meeting to update them on Sept. 4.

"It's not looking great," one said, AFR relays.

AFR says recent decisions by governments in Victoria and NSW to
retrospectively ban the use of polyethylene-core cladding on
residential buildings - even if their use complied with building
regulations at the time of construction - create a potential
liability for apartment owners in what could be thousands of
buildings across the country.

According to the report, the situation is made worse by the fact
that no builders warranty insurance applies on buildings generally
higher than three storeys, in the way that the owners of new
detached houses are protected against defects by their builder
even after occupation. That means owners' corporations seeking to
claim damages can only go after the builder itself - unless it is
in administration.

AFR relates that Hickory general counsel Poly Kiosses on Sept. 5
said the company put H Buildings into administration after it
incurred significant costs in a WA case over a preferential
payment matter related to the insolvency of the developer of The
Landing hotel project in Port Hedland.

In Melbourne, Hickory bore no liability over the cladding because
the material H Buildings used complied at the time, Ms. Kiosses
said.

"The way the regulations and legislation [are] interpreted now is
a lot stricter and with some heavy guidance the industry never had
before," the report quotes Ms. Kiosses as saying. "They are
applying the new interpretations to old buildings and saying 'This
is how cladding should have been interpreted'. How are we supposed
to know?"

While polyethylene-core cladding was allowed previously in high-
rise residential construction, it was not necessarily used in
compliance with the Building Code of Australia, AFR notes.


ONTILT AUSTRALIA: Second Creditors' Meeting Set for Sept. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Ontilt
Australia Pty Ltd, trading as The Boatshed Currumbin, has been set
for Sept. 19, 2018, at 11:30 a.m. at the offices of Hall Chadwick
Chartered Accountants, Level 4, 240 Queen Street, in
Brisbane, Queensland.

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.


TASMAN MARKET: Butcher Falls Into Voluntary Administration
----------------------------------------------------------
Matthew Elmas at SmartCompany reports that Victoria's largest
independent butcher, Tasman Market Fresh Meats Pty Ltd, has fallen
into voluntary administration.

The company, which traded as Tasman Butchers, appointed
administrators David McEvoy and Martin Ford of
PricewaterhouseCoopers Australia last Friday.

An urgent sale process is now underway, while the company's
network of 17 stores in Melbourne and regional Victoria will
continue to trade in the interim, according to SmartCompany.

The butcher, known for its big box formats, has been operating for
more than 30 years and employs around 150 full-time staff as well
as a similar number of casual employees.

According to the report, administrator David McEvoy said he is
confident a buyer will be found for the business.

"We intend to continue trading the majority of the store network,
with a view to selling the business as a going concern. We are
confident that there will be strong interest from prospective
buyers and we hope to preserve jobs for the majority of the
company's employees," he said in a statement provided to
SmartCompany.

The first meeting of the company's creditors will be held next
Wednesday, September 19, with creditors asked to provide
documentation ahead of the meeting, SmartCompany notes.

Tasman Butchers is majority owned by Singapore-based private
equity firm Equity Partners, which purchased its stake in August
2013 from businessman Joe Catalfamo.


YORK CIVIL: Unsecured Creditors Unlikely to Get Repayment
---------------------------------------------------------
Nick Harmsen at ABC News reports that unsecured creditors of
construction company York Civil are unlikely to see any returns
from the business.

Creditors voted unanimously to liquidate the company at its second
creditors' meeting on Sept. 10, the report says.

ABC News relates that in a report provided to creditors, the
company's administrators, Martin Lewis and Timothy Mableson from
accounting firm Ferrier Hodgson blamed York Civil's failure on a
number of joint venture projects, which placed a strain on the
company's financial position and time of senior management.

The report says the joint venture projects included Adelaide's
Torrens to Torrens road upgrade, East Link tram extension and
Perth's Swan River pedestrian bridge.

According to the report, employee creditors may be able to recover
their outstanding entitlements under the Federal Government's
entitlement safety net, the Fair Entitlements Guarantee.

York Civil ceased trading in August and was placed into voluntary
administration, the report notes.

The administrators estimated the company has AUD43.6 million in
liabilities, but holds just AUD7.8 million in assets.

The liabilities include AUD7.9 million in employee claims and
AUD15.9 million owed to unsecured creditors, ABC News discloses.

ABC News relates that the administrators' report showed that prior
to that date, the company was actively negotiating with two ASX-
listed entities regarding the potential sale of the company's
business and assets.

But no sale proceeded, the report states.

According to ABC News, the administrators said the company
recorded trading losses of AUD14.6 million for last financial
year, forcing a reduction in the company's net assets from AUD21.2
million to AUD6.5 million in a year.

They said the company's cash position had deteriorated from AUD5
million cash on hand to an overdraft of AUD10 million in a little
over two years.

York Civil is also in dispute with a major client over an AUD11
million debt, the report adds.

Ferrier Hodgson indicated the company may have been trading
insolvent for several months, ABC News discloses.

"We are of the opinion that the company may have insolvent from
May 31, 2018," the report said, ABC News relays.  "Given the
complexity of the company's business, it would be necessary for
the future liquidators to reconstruct the status and circumstances
of each creditor's debt (on an individual basis) in order to
better determine the amount of any claim for insolvent trading,"
the report said.

                       About York Civil

York Civil provides engineering and construction services for
infrastructure across Australia. Timothy David Mableson and
Martin David Lewis of Ferrier Hodgson were appointed as
administrators of York Civil on Aug. 6, 2018. The Voluntary
Administrators now control the Company's operations and are
assessing the Company's financial position and the status of its
contracts. York Civil ceased trading on Aug. 13, 2018.



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C H I N A
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CHINA COMMERCIAL: Fails to Comply with Nasdaq's Bid Price Rule
--------------------------------------------------------------
China Commercial Credit, Inc., received on Sept. 5, 2018, a
notification letter from the Nasdaq Listing Qualifications Staff
of The NASDAQ Stock Market LLC notifying the Company that the
minimum bid price per share for its common shares has been below
$1.00 for a period of 30 consecutive business days and the Company
therefore no longer meets the minimum bid price requirements set
forth in Nasdaq Listing Rule 5550(a)(2).

The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Under the Nasdaq Listing
Rules, the Company has until March 4, 2019 to regain compliance.
If at any time during such 180-day period the closing bid price of
the Company's common shares is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the Company written
confirmation of compliance.

If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing
Rule 5550(a)(2), and provide a written notice of its intention to
cure this deficiency during the second compliance period, by
effecting a reverse stock split, if necessary.

                   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.


SEVEN STARS: Acquires Grapevine, an Influencer Marketing Company
----------------------------------------------------------------
Seven Stars Cloud Group, Inc., has acquired Grapevine Logic Inc.,
which acquisition will play a pivotal role in SSC's consumer asset
digitization strategy.

This acquisition is integrally linked with SSC's 4+2+1 Strategy to
drive growth across its core product areas, which are: 1)
Fixed Income-based Financial Digital Assets, 2) Consumer Tech
Digital Assets, 3) Commodity and Energy Digital Assets, and 4)
TradeTech Digital Assets.

Targeting the Social Media Influencer market, estimated to have
reached a market size of $2 billion in 2017, Grapevine has become
"a world leader in facilitating the collaboration between
advertisers/brands and video-based social influencers/content
creators."  Through the Grapevine platform, more than 4,700 brands
-- including many of today's leading Fortune 500 consumer brands
in Beauty, Fashion, Women's Lifestyle, Gaming, Consumer
Electronics, Cooking, Nutrition, Menas Lifestyle, Sports, Exercise
and several other secondary verticals -- have been able to engage
with over 177,000 social influencers, reaching more than 3.2
billion followers, ultimately helping these companies promote
their products and strengthen their brands.

Grapevine's core business model thrives on brands spending their
marketing dollars on Grapevine's web-based platform.  These brands
essentially hire social media influencers to deliver specific
marketing requirements.  Through bookings, Grapevine captures fees
from brands as well as a service fee from hired influencers.
Additionally, Grapevine provides a white glove Agency model where
the Company works closely with big brands to deliver high quality
marketing results with leading influencers.

Blockchain and Artificial Intelligence technology, core assets for
SSC, enable seamless and decentralized collaboration between
counterparties, eliminating the need for a central authority.
Blockchain can be used for a wide variety of applications, such as
tracking the ownership of digital assets, keeping decentralized
transactional records and establishing verified consensus.

By applying blockchain-enabled technologies such as smart
contracts and the tokenization of assets to Grapevine's existing
ecosystem and existing social media influencer business model, SSC
looks to revolutionize the way influencers and celebrities alike,
engage with fans, brands and communities on a global scale.

By empowering influencers via a token-based model, they will be
able to more effectively build their brands, monetize their work,
and engage with their audiences.  The ability to provide
influencers with new monetization paths, as well as fans and
brands with exclusive access to these influencers and their
services, is a massive opportunity.

Additionally, the acquisition of Grapevine allows for unique
access to high impact influencers from top celebrities through
micro-influencers.  SSC will be pursuing celebrity tokenization
opportunities that may include and facilitate access to
merchandise, exclusive interactions, and other value added
services as influencers grow in popularity.  With Grapevine,
tokenized celebrity influencer monetization opportunities can be
taken to new heights.

Further, Grapevine will accelerate SSC's penetration into customer
loyalty programs, consumer financing, and the asset securitization
market.  The combination of loyalty management programs and
blockchain technology can bring immense efficiencies to cash
rewards, pre-paid cards and coupons bringing numerous market
efficiencies, cost reductions, and enhanced brand loyalty.  In the
U.S. alone, customer loyalty memberships have reached 3.8 billion.

Also, of note, the integration of AI for risk management and
blockchain technology into Grapevine's core business model will
act as a force enabler for Grapevine and also provide strategic
capability for SSC.  The Company will leverage the global reach of
Grapevine's growing social media follower network that is accessed
by Grapevine's Social Media Influencers.  This reach provides for
enhanced consumer marketing as well as digital asset creation and
sales. Furthermore, as blockchain-based transactions become more
prolific and asset digitization of securities and non-securities
grow, the ability to access large audiences will continue to be of
incredible value.

"We are very excited to welcome Grapevine and its robust and
vibrant network of influencers and brands to the SSC family," said
Bruno Wu, executive chairman & CEO of SSC.  "We believe
Grapevine's existing global ecosystem will be the foundation for a
broad application of blockchain technologies throughout the media
and entertainment industry and be the cornerstone of our consumer
digital asset business line.  We look forward to working closely
with Grapevine's team to expand the platform, enhance the
interactions between the participants and help identify and
compensate major up-and-coming stars."

"Our goal from day one was to help social influencers unlock value
through brand collaborations while staying true to their
audiences," said Grant Deken, Grapevine co-founder and CEO.
"Joining Bruno and the rest of the talented team at SSC
accelerates our ability to innovate and provide new ways to create
value and empower influencers, celebrities, and advertisers to
more deeply connect and engage with audiences.  We are excited
about the opportunity that blockchain and AI offer, and we look
forward to integrating these technologies together to expand our
market impact and reach."

                         About Grapevine

Grapevine is an end-to-end influencer marketing platform that
enables collaboration between advertisers and social media content
creators to produce promotional content at scale.  The Grapevine
network includes more than 177,000 creators who generate more than
6 billion monthly views.  Advertisers leverage Grapevine's
workflow management software and proprietary tracking and
analytics to measure direct response and conversion rates from
promotional content on YouTube, Facebook, and Instagram. Learn
more at https://www.grapevinelogic.com/

                         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.



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AASTHA FASHIONS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR8.92 crore bank facilities of
Aastha Fashions Pvt. Ltd. continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]
B+(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund        6.00       [ICRA]B+ (Stable) ISSUER NOT
   based: Cash Credit                COOPERATING; Rating
                                     continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

   Long-term, fund        2.92       [ICRA]B+ (Stable) ISSUER NOT
   based: Term Loan                  COOPERATING; Rating
                                     continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

   Short-term, non-      (2.00)      [ICRA]A4 ISSUER NOT
   fund based                        COOPERATING; Rating
                                     continues to remain in 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/dated/
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.

Founded in 2002, Aastha Fashions Pvt. Ltd. (AFPL) is engaged in
the fabric processing business, mainly in printing greige fabric
(sarees and dress material) on a job-work basis. It has a fabric
processing facility at Surat, Gujarat. AFPL's clientele provide
the fabric and it processes the same in-house. The major raw
materials used are colors and chemicals, which the company
procures locally. AFPL markets its products directly to its
customers, and mainly operates in the domestic market in Surat.


AGHARA KNITWEAR: ICRA Reaffirms B+ Rating on INR6.51cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR6.51-crore long-term fund-based facilities of Aghara Knitwear
Pvt. Ltd. (AKPL). ICRA has also reaffirmed the short-term rating
of [ICRA]A4 for the INR0.15-crore non fund-based facilities of
AKPL. ICRA has also reaffirmed the long-term rating at [ICRA]B+
and the short-term rating at [ICRA]A4 for the INR0.04-crore
unallocated limits of AKPL. The outlook on the long-term rating is
'Stable'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based limits     6.51      [ICRA]B+(Stable); reaffirmed

   Non-fund-based        0.15      [ICRA]A4; Reaffirmed
   limits

   Unallocated limits    0.04      [ICRA]B+(Stable)/A4;
                                   Reaffirmed

Rationale

The rating reaffirmation considers the company's modest scale of
operations, despite the growth in scale of operations in FY2018.
Further, the ratings reflect the aggressive capital structure and
the moderate operating margin caused by high raw material cost
which could not be passed on fully due to competition. ICRA also
notes the highly fragmented nature of the knitting manufacturing
industry, which results in intense competitive pressures, and the
exposure of the company's profitability to volatility in raw
material prices.

The ratings, however, continue to favourably factor in the
location advantage enjoyed by the company on account of its
proximity to the major cotton manufacturing region. Moreover, the
various fiscal benefits available to the company is expected to
support profitability, going forward.

Outlook: Stable

ICRA expects AKPL to continue to benefit from the location
advantage of the plant. The outlook may be revised to Positive if
significant increase in sales and profitability improves the
liquidity profile and strengthens the financial profile. The
outlook may be revised to Negative if any further decline in
profitability and cash accruals causes a stretch in liquidity.

Key rating drivers

Credit strengths

Location advantages by virtue of proximity to raw material
sources: AKPL unit's location in the Morbi region of Gujarat
enables easy access to cotton yarn, its chief raw material. It
also saves transportation cost for AKPL.

Beneficiary of various fiscal benefits: AKPL is a beneficiary of
various fiscal schemes under the Technology Up-gradation Fund
Scheme (TUFS) and textile policy of the Gujarat government. Some
of the benefit are 10% capital subsidy and 5% interest subsidy,
and indirect tax refund towards eligible fixed assets over a
period of eight years. These benefits are expected to support the
profitability, going forward.

Credit challenges

Modest scale of operations; high gearing and average coverage
indicators: Though the company's operating income grew by 34% to
INR21.7 crore in FY2018 from INR15.8 crore in FY2017, it still
remains modest. Further, the operating margin declined to 5.8% in
FY2018 from 7.9% in FY2017 because of higher raw material price
and company's inability to pass on the price hike to end
customers. The debt-funded capex coupled with the modest net worth
base resulted in aggressive capital structure - as reflected in
the gearing of 1.9 times as on March 31, 2018, though it improved
from 2.3 times as on March 31, 2017. The coverage indicators
remained moderate, with interest coverage of 2.5 times and debt-
service coverage ratio of 1.0 times in FY2018.

Highly fragmented and competitive industry structure: The fabric
manufacturing industry is highly fragmented as the Government
promotes the textile industry through various tax and fiscal
incentives. This has led to intense competition in the fabric
manufacturing industry, resulting in pricing pressures.

Vulnerability to raw material price fluctuations: Raw material
cost accounts for ~85% of the total manufacturing cost of the
cotton fabric. Additionally, cotton yarn, being an agro-based
commodity, is exposed to the cotton price fluctuation. The
profitability of AKPL is hence exposed to raw material price
fluctuation.

The Gujarat-based Aghara Knitwear Private Limited (AKPL) was
established in June 2015 as a greenfield project for manufacturing
knitted fabric from cotton yarn. It commenced commercial
operations in April 2016. The manufacturing facility is equipped
with 15 knitting machines with an installed capacity of 1,700
MTPA. The company is managed by the Aghara family.


AGRAWAL SOYA: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Agrawal
Soya Extracts Private Limited (ASEPL) at 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.84      CRISIL B+/Stable (Reaffirmed)

   Term Loan              3.16      CRISIL B+/Stable (Reaffirmed)

The ratings reflect ASEPL's its below average financial risk
profile marked by low net worth and high gearing. These weaknesses
are partially offset by stable operating margins due to easy
access to raw material sources and extensive entrepreneurial
experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: ASEPL has average
financial risk profile marked by estimated low net worth at around
INR 3 crores and high TOL/TNW of 13.52 times as on March 31, 2018.
The working capital cycle has witnessed a sharp increase marked by
increase in gross current assets to 138 days as on 31st March,
2018 from 38 days as on 31st March, 2017. The debt protection
metrics are strained with estimated Net Cash Accruals to Total
Debt (NCATD) of 0.09 times and interest coverage of 1.82 times in
2017-18. CRISIL believes that the company's financial risk profile
is expected to remain constrained over the medium term.

Strengths

* Promoter's extensive industry experience: Mr Deepak Sinhal and
his father Mr Gopal Sinhal, promoters of ASEPL have been engaged
in agro trading business for around 3 decades. The promoters'
healthy business relationships with various players in the agro
porducts industry have been built on their extensive experience in
the business, which has enabled them to develop a keen insight and
market knowledge of the industry. CRISIL believes that the company
will continue to benefit from the experience of its promoters over
the medium term.

* Stable operating margins: ASEPL's scale of operations has fallen
in FY 2017-18, as reflected in its revenues of INR105 cr as
compared previous year's levels of INR193 cr. However, the company
has been able to maintain its operating margins due to easy access
to raw material and high utilization rates.

Outlook: Stable

CRISIL believes that ASEPL will maintain its credit risk profile
backed by its strategic location in the soy seed growing belt of
India. The outlook may be revised to 'Positive' if significant
fund infusion from promoters shores up its liquidity while
maintaining its business risk profile. Conversely, the outlook may
be revised to 'Negative' in case of higher-than-expected debt-
funded capex or/and significant decline in operating margins
leading to deterioration in the debt protection metrics of the
company.

ASEPL incorporated in April 2013 by the Sinhal family. The day-to-
day operations are managed by Mr Deepak Sinhal. The company is
engage in manufacture of soya bean oil and soya de-oiled cake
(DOC), with capacity of crushing 300 metric tonnes of oil seeds
per day (TPD) in Neemuch, Madhya Pradesh.


AIBEL APPARELS: CRISIL Assigns B+ Rating to INR5.42cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aibel Apparels (AA).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Demand Loan            2          CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     5.42       CRISIL B+/Stable (Assigned)

   Cash Credit            2          CRISIL B+/Stable (Assigned)

   Long Term Loan         0.58       CRISIL B+/Stable (Assigned)

The ratings reflect modest scale of operations amidst competition
and below-average financial risk profile. These weaknesses are
partially offset by extensive experience of the proprietor and her
family along with their fund support.

Analytical Approach

Unsecured loans of INR1.71 crore (as on March 31, 2018) has been
treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue of INR20.35 crore in fiscal
2018 reflects modest scale of operations. Low entry barriers have
brought in several players in the readymade garment segments,
thereby inducing immense competition in the industry. This further
limits the bargaining power of the firm with suppliers and
customers, which continues to constrain scalability.

* Below-average financial risk profile: Gearing is high estimated
at 3.79 times as on March 31, 2018. However, the ratio has
improved from 6 times as on March 31, 2017 to current level,
driven by equity infusion in fiscal 2018. Debt protection metrics
are average with interest coverage ratio of around 2 times for
fiscal 2018. Financial metrics are estimated to remain moderate
over the medium term. Liquidity is stretched with minimal cushion
between accrual and debt obligation along with high bank limit
utilisation. However, support from the proprietor and her family
in the form of unsecured loans and equity infusion in 2018 has
aided liquidity. Extent of support from the proprietor will remain
a key rating sensitivity factor.

Strengths:

* Experience of the proprietor: Benefits from the proprietor's
experience of about 15 years in the readymade garments industry
should continue to support the business. The proprietor and family
have been successfully running two other companies in similar
business and have established strong relationships with customers
and suppliers. They have also successfully increased their brand
penetration reflected in compounded annual growth rate of 40% over
last 4 years through fiscal 2018. Furthermore, promoter family has
aided liquidity in the form of unsecured loans.

Outlook: Stable

CRISIL believes AA will continue to benefit from its proprietor's
extensive experience and established client relations. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations, while maintaining the profitability, leading to a
better financial risk profile. The outlook may be revised to
'Negative' if there is considerable decline in revenue or
profitability, or inefficient working capital management,
resulting in stretched liquidity or if the firm undertakes a
large-debt funded capital expenditure, thereby weakening the
financial risk profile, particularly liquidity.

Established as a proprietorship firm, in 2011, AA manufactures
readymade garments and is promoted by Ms Linta Jose.


AKSHAR COTTON: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR11.42-crore bank facilities of
Akshar Cotton Industries continues to remain under the 'Issuer Not
Cooperating' category. The rating is now denoted as
'[ICRA]B+(Stable) ISSUER NOT COOPERATING'.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund-based-         0.03         [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund-based-        10.00         [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated         1.39         COOPERATING; Rating continues
   Limits                           to remain under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance and had also sent repeated reminders to
the company for payment of surveillance fee that became overdue.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA based of the best available/dated/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 it may not adequately reflect
the credit risk profile of the entity.

Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm is owned and managed by three partners
Mr. Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and Mr.
Narendrabhai Virani. ACI is engaged in ginning and pressing of raw
cotton. ACI's manufacturing facility is located at Kalavad in
Jamnagar District of Gujarat. It is equipped with 18 double roller
ginning machines and one pressing machine to produce cotton bales
and cottonseeds.


ALFA TRANSFORMERS: CRISIL Lowers Rating on INR10.04cr Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Alfa Transformers Limited (ATL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8.46       CRISIL A4 (Reaffirmed)

   Cash Credit           10.04       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Exchange
   Forward                 .13       CRISIL A4 (Reaffirmed)

   Letter of Credit       5.25       CRISIL A4 (Reaffirmed)

   Proposed Long Term      .62       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects continuous cash losses in the last two
fiscals through 2018. The company incurred net cash loss of
INR1.58 crore in fiscal 2018 against INR1.63 crore in the previous
fiscal. This was mainly due to a sharp decline in operating margin
to 0.4% in fiscal 2018 from 0.7% in fiscal 2017 and 8.3% in fiscal
2016. Taking the first quarter of fiscal 2019 into consideration,
it is estimated that losses will continue in the current fiscal.
The downgrade also factors in the company's weak debt protection
metrics, reflected in an interest coverage ratio of below 1 time.

The ratings reflect ATL's average financial risk profile because
of modest networth and weak debt protection metrics, and small
scale of operations in the intensely competitive tender-based
business. These weaknesses are partially offset by established
track record and adequate technical competence in the transformers
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Despite improving marginally to
INR15.51 crore as on March 31, 2018, from INR14.31 crore in last
year, networth remained modest. However, equity infusion of
INR1.03 crore and premium of INR1.44 crore supported networth even
after loss of INR2.05 crore in the fiscal. Debt protection metrics
were weak, with interest coverage and net cash accrual to adjusted
debt ratios of 0.1 time and -0.2 times, respectively, in fiscal
2018. However, gearing was healthy at 0.52 time as on March 31,
2018.

* Exposure to risks inherent in tender-based business: Since
entire revenue is tender-based, income depends on ability to bid
successfully. Furthermore, tender-based business restricts pricing
power and hence profitability. This is compounded by competition
from both large and local, unorganised players.

* Inadequate cash accrual to meet debt obligation: ATL will suffer
cash losses in fiscal 2019 against nominal debt repayment of INR11
lakh. However, the same will be supported by capital infusion by
promoter.

Strengths

* Established track record and adequate technical competence: The
company has been in the transformers industry for more than 30
years, during which it has acquired technologies to manufacture
specialised transformers such as furnace, stabilised output,
single-phase, and amorphous metal alloy transformers.

Outlook: Stable

CRISIL believes ATL will continue to benefit from promoter's
extensive experience and technical expertise. The outlook may be
revised to 'Positive' in case of sustained increase in scale of
operations and profitability, along with improvement in debt
protection metrics and liquidity. The outlook may be revised to
'Negative' if low revenue or profitability or stretched working
capital cycle further weakens financial risk profile, particularly
liquidity.

Set up by Mr. D K Das in 1982, ATL manufactures small distribution
transformers and offers related technical assistance and services,
including repair work. Units are in Bhubaneswar and Vadodara.


ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Allied Medical
Limited's (AML) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable.

The Instrument-wise rating actions are:

-- INR100 mil. Fund-based limits affirmed with IND BB/Stable/
    IND A4+ rating; and

-- INR50 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects AML's continued small scale of operations
and modest credit metrics. AML's revenue rose to INR355.30 million
in FY18 from INR301.07 million in FY17 on account of the addition
of new customers and products. Moreover, AML's interest coverage
(operating EBITDA/gross interest expense) improved to 4.16x in
FY18 from 3.01x in FY17, with net financial leverage (total
adjusted net debt/operating EBITDAR) deteriorating to 2.07x from
1.98x. The improvement in the coverage was due to a rise in
absolute EBITDA and a decline in gross interest expenses. On the
other hand, the deterioration in the leverage was due to a
proportionately higher increase in debt than that in absolute
EBITDA.

The ratings reflect AML's modest EBITDA margin, which fell to
14.68% in FY18 from 15.70% in FY17 owing to an increase in
manufacturing and administrative expenses. Moreover, its return on
capital employed was 3.86% in FY18 (FY17: 3.37%).

The ratings, however, continue to be supported by AML's
comfortable liquidity, indicated by an average 63.0% utilization
of the working capital limits for the 12 months ended August 2018.

The ratings also continue to be supported by the promoters' over
30 years of operational experience in the life-saving equipment
manufacturing business and the company's strong ties with
customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the revenue due to a fall in orders,
along with any decline in the EBITDA margin that result in any
deterioration in the credit metrics, will be negative for the
ratings.

Positive: Any significant revenue growth, while maintaining or
improving the credit metrics at the current levels, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, AML manufactures and trades life-saving
equipment, surgical and hospital equipment such as anesthesia
machines and anesthesia vaporizers. Its manufacturing facility is
in Gurugram, Haryana.


AMRITVARSHA INDUSTRIES: Ind-Ra Affirms BB+ Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amritvarsha
Industries Limited's (Amritvarsha) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR185 mil. (reduced from INR200 mil.) Fund-based working
     capital limit affirmed with IND BB+/Stable/IND A4+ rating;
     and

-- INR45 mil. Non-fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Amritvarsha's continued small-to-moderate
scale of operations. The revenue increased to INR872.11 million in
FY18 (FY17: INR797.20 million) due to the addition of new
customers and an increase in sales realization. The ratings
continue to reflect the company's low operating margins due to
intense competition in the iron and steel industry. EBITDA margins
declined slightly to 5.03% in FY18 (FY17: 5.53%), due to
fluctuations in raw material prices and ROCE was 7%. FY18
financials are provisional.

Moreover, the company's credit metrics remain moderate, with
interest coverage (operating EBITDA/gross interest expense) of
1.84x in FY18 (FY17: 1.64x) and net leverage (adjusted net
debt/operating EBITDA) of 3.01x (4.31x). Ind-Ra expects the credit
metrics to remain stable in the absence of any debt-led capex
plans over the medium-term.

The ratings are constrained by Amritvarsha's moderate-to-tight
liquidity position, as reflected by its 93% average use of the
fund-based limits during the 12 months ended July 2018, due to a
long working capital cycle (FY18: 130 days; FY17: 126 days).

The ratings, however, continue to be supported by over a decade of
experience of Amritvarsha's promoters in the iron and steel
industry.

RATING SENSITIVITIES

Negative: Any decline in the revenues and/or operating margins
leading to deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: Any increase in the revenue while maintaining the credit
metrics on a sustained basis will be positive for the rating

COMPANY PROFILE

Incorporated in 1995, Amritvarsha manufactures small-sized iron
garters, channels and angels which are used in construction
activities. The company has a 40,000tpa plant in Dadri, Uttar
Pradesh.


ANANDESHWAR INDUSTRIES: CRISIL Ups Rating on INR5.75cr Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Anandeshwar Industries Private Limited (AIPL) to 'CRISIL B/Stable'
from 'CRISIL D'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.85       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan            5.75       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade is driven by Anandeshwar's improved liquidity
position indicated in track record of timely repayment of interest
and principal over the past 10 months ended July 2018, sufficient
expected cash accrual generation against debt obligation over the
medium term.

The rating also factor in large working capital requirement and
high leverage. However, the company benefits from extensive
experience of the promoters in the kraft paper manufacturing
industry, and their established relationship with customers and
suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Working capital-intensive
operations are reflected in gross current assets of 212- 280 days
over the three fiscals ended March 31, 2018, driven by stretched
receivables (120-140days) and moderate inventory (90-175
days).working capital requirement is supported by high creditors
(300-350 days) and working capital short term borrowing.
Operations are expected to remain working capital intensive over
the medium term.

*High leverage: High reliance on external debt because of large
working capital intensity has resulted in total outside
liabilities to total net worth ratio (TOLTNW) of 9.5-10.5 times
over the 3 fiscals ended March 31, 2018 and is expected to remain
high over the medium term.

* Extensive industry experience of the promoters: The promoters
have an experience in paper manufacturing through their group
entity, Shree Nageshwar Paper Ltd, located in Raipur,
Chhattisgarh. Moreover, one of the directors, Mr D K Singhal, has
an experience of more than three decades in the industry. The
company will continue to benefit from the industry experience of
its promoters.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if the company reports significantly better-
than-expected cash accruals or receives substantial fresh capital
infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected accruals or if its working
capital management weakens, leading to further pressure on its
liquidity and capital structure.

AIPL was incorporated in 2010 by Mr. Sanjeev Agarwal, Mr. Vikas
Bansal, and Mr. D K Singhal. The company manufactures kraft paper
at its facility in Kanpur (Uttar Pradesh).


ANNUR A P A: CRISIL Lowers Rating on INR8.6cr LT Loan to D
----------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Annur A P A
Spinners Private Limited (ASPL) to 'CRISIL D' from 'CRISIL B-
/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8.6       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL in line with SEBI
guidelines, had migrated the rating of ASPL to 'CRISIL B-/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of rating. Consequently, CRISIL is downgraded
the rating on bank facilities of ASPL to 'CRISIL D' from 'CRISIL
B-/Stable Issuer Not Cooperating'.

The rating downgrade reflects delay in repayment of bank debt by
ASPL. These delays have been due to stretch in receivables.

The rating continues to reflect ASPL's below-average financial
risk profile. This rating weakness is partially offset by the
benefits that ASPL derives from the extensive experience of its
promoters in the cotton yarn industry.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: ASPL's financial risk
profile is below-average marked by modest net worth and high
gearing. The net worth is estimated at INR 4.88 crore and gearing
of about 2.30 time for the fiscal 2018. The capital structure is
expected to be leveraged over the medium term owing to nascent
stages of operations and limited accretion to reserves.

Strength

* Extensive experience of promoters in the cotton yarn industry:
ASPL is promoted by Mr. A P Annamalai and his wife Mrs. A Kokila.
The promoters have been in the cotton spinning segment over the
last three decades. ASPL is expected to continue to benefit over
the medium term from its promoters' extensive industry experience
in the cotton yarn industry and the need-based funding support
extended by them.

Incorporated in 2014, ASPL is engaged in the manufacturing of
cotton yarn. The manufacturing unit is located in Tamil Nadu. The
company is promoted by Mr. A P Annamalai, and his wife Mrs. A
Kokila.


ANSHULA TECHNOLOGICAL: CRISIL Cuts Rating on INR0.18cr Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Anshula Technological Engineering Consultants Private Limited
(ATECPL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        16        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     0.18     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

The downgrade reflects deterioration in the business risk profile
on account of a substantial decline in revenue to INR7.5 crore in
fiscal 2018 from INR51 crore in the previous fiscal. In the
absence of any confirmed orders to be serviced over the medium
term, revenue from the project segment is expected to decline
further. The engineering consultation segment is expected to be
the only stable revenue source over the medium term.

The ratings reflect a modest scale of operations and uncertainty
of revenue. These weaknesses are partially offset by the extensive
experience of the promoters in the manufacturing services
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation and uncertainty of revenue: Revenue
was modest in fiscal 2018, and has been volatile, ranging from
INR1.83 crore to INR51 crore in the five fiscals through 2018,
owing to the tender-based nature of operations.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of four decades in the manufacturing services
industry. They have served in top executive positions, with
specialisation in design, engineering, execution and management of
large-scale petrochemical and other industrial sector projects.

Outlook: Stable

CRISIL believes ATECPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is substantial and sustained improvement in
the scale of operations, while profit margins and the financial
risk profile are maintained. The outlook may be revised to
'Negative' in case of a steep decline in profit margins, or
significant deterioration in the capital structure caused most
likely by a stretched working capital cycle.

ATECPL was set up in 2006 in Mumbai by Mr Trinetra Bajpai and Mrs
Kanika Bajpai. The company provides engineering, project
management, inspection, procurement, technical auditing, and
commissioning services mainly for the petrochemical and steel
industries.


ANUP MALLEABLES: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Anup Malleables
Limited (AML) for obtaining information through letters and emails
dated March 31, 2018 and August 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        3         CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Cash Credit           6         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             5.36      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AML is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

AML was incorporated as a public limited company (closely held) in
fiscal 1985 in Dhanbad, Jharkhand, to continue the business of the
partnership firm, Anup Malleables, which was established in 1972.
The company manufactures locomotive parts such as co-co bogies,
flexi coil bogies, and flexi coil bogie bolsters. It is managed by
Mr Ashok Khaitan and Mr Ayush Agarwalla.


ARCHID POULTRY: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Archid Poultry
Products Private Limited (APPPL) a Long-Term Issuer Rating of 'IND
B'. The Outlook is Stable.

The instruments-wise rating actions are:

-- INR11.3 mil. Fund-based limit assigned with IND B/Stable
    rating; and

-- INR52.0 mil. Term loans due on March 2025 assigned with
    IND B/Stable rating.

KEY RATING DRIVERS

The ratings reflect APPPL's time and cost overrun risks associated
with its under-construction poultry farm. According to the
management, the project is in line with schedule and is likely to
commence commercial operations by end-October 2018. The total
project cost is INR90 million, which is funded by a term loan and
equity.

The ratings also reflect APPPL's lack of operating track record in
poultry farm operations, given it is yet to commence commercial
operations.

The ratings factor in a study on demand for eggs in Odisha
conducted by APPPL and its association with Eastern Hatcheries
Private Limited, a part of the VH group, also known as Venky's.

The ratings, however, are supported by the promoter's diversified
experience of more than a decade across many industries.

RATING SENSITIVITIES

Positive: The timely commencement of commercial operations and the
subsequent achievement of a stable operating profitability will be
positive for the ratings.

Negative: Any additional debt-led capex and/or any delay in
achieving stability in operating performance after the
commencement of commercial operations, affecting the debt
serviceability capability of the company, could be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2012, APPPL is a project stage entity. It proposes
to provide eggs and allied-agro products. Its poultry farm
operations are likely to commence by end-October 2018. According
to the management, the farm will have a processing capacity of
28.35 million eggs per annum and house 154,656 birds when
commercial operations commence.


CHANDRALOK TEXTILE: ICRA Lowers Rating on INR9.32cr Loan to D
-------------------------------------------------------------
ICRA has revised the rating of bank facilities of Chandralok
Textile Industries Private Limited (CTIPL) to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B- ISSUER NOT COOPERATING. Rating continues
to remain under the 'Issuer Not Cooperating' category. The rating
is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based        9.32       [ICRA]D ISSUER NOT COOPERATING;
   Limited                      Downgraded from [ICRA]B-
                                (Stable), Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by CTIPL
to the lender(s), as confirmed by them to ICRA.

Chandralok Textile Industries Private Limited, incorporated in
2003, is in the business of processing grey cloth for the
production of fabric used in making suitings, shirtings and dress
materials. The company's registered office is in Mumbai and its
manufacturing unit is in Bhiwandi (Maharashtra). Mr. Chandramohan
Chaudary is the key director of the company, with more than four
decades of experience in the textile industry.


CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR8cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facility of Chemtrols Samil India Private Limited
(CSIPL), and reassigned the short-term rating of 'CRISIL A4'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       2         CRISIL A4 (Reassigned)

   Cash Credit          8         CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
and stretch in liquidity, owing to a large working capital
requirement. These weaknesses are partially offset by the
established track record of the parent companies in the industrial
components industry.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: Operations were highly working capital
intensive, as reflected in gross current assets of 379 days as on
March 31, 2018, driven by large receivables, owing to retention
deposits and sizeable inventory. This led to full utilisation of
bank limit and thus, constrained liquidity.

* Modest scale of operations: Revenue of INR26 crore in fiscal
2018 reflects the modest scale of operations.

Strength

* Established track record of parent companies: CSIPL will
continue to benefit from the parent companies' strong track record
spanning several decades in the industrial components industry.

Outlook: Stable

CRISIL believes CSIPL will continue to benefit from the
established track record of the parent companies. The outlook may
be revised to 'Positive' if sustained and significant growth in
revenue and profitability, leading to sizeable net cash accrual,
strengthens the financial risk profile, especially liquidity. The
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of a significant
decline in cash accrual, stretch in the working capital cycle, or
any debt-funded capital expenditure.

CSIPL was set up in 2001, as a joint venture of the Chemtrols
group of India and Samil Industry Company Ltd, Korea. Mr K
Nandakumar is the chairman of the company. It manufactures
industrial components such as level gauges, level switches,
valves, spray nozzles, and gas conditioning and dust suppression
systems.


CONCORD DRUGS: CRISIL Maintains B- in Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with Concord Drugs
Limited (CDL) for obtaining information through letters and emails
dated May 31, 2018 and August 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Letter of Credit        0.5       CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Term Loan               8.5       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Working Capital         2.5       CRISIL B-/Stable (ISSUER NOT
   Demand Loan                       COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CDL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CDL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

CDL, based in Hyderabad and incorporated in 1995, manufactures
bulk drugs and active pharmaceutical intermediates. Its operations
are managed by promoter-director Mr. S Nagi Reddy.


DARVESH CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR30cr Loan
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING, outstanding on the INR30.00-crore bank facilities of
Darvesh Constructions Projects Private Limited (DCPL).

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       30.00      [ICRA]B+(Stable) ISSUER NOT
   Based-Term Loan                 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 dues certificate provided by its banker.

Incorporated in 1993, Darvesh Constructions Private Limited
(DCPL), part of the MAK India Group of entities, is involved in
real estate development in the Mangalore real estate market since
1993. The MAK Group started its operations in 1982 with the
formation of National Wood Products (NWP) which is into
manufacturing and trading of face veneer and branded plywood
(under the name 'Trojan') in Kerala. The group also has
significant presence in residential and commercial real estate
development mainly in Kerala and Karnataka through different
entities, which besides DCPL, include MAK India Constructions
(MIC) and MAK Infra Reality Private Limited (MIRPL). Since its
inception, DCPL has completed five projects encompassing ~0.41
million sq. ft. of constructed area.


DAYANA POLYPLAST: Ind-Ra Moves BB- LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dayana Polyplast
Pvt Ltd.'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:

-- INR100 mil. Long-term loans due on March 2025 migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR120 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING)/ IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 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 2009, Dayana Polyplast manufactures woven sacks
including high density polyethylene and polypropylene woven bags
as well as biaxially oriented polypropylene bags.


DECCAN POLYPACKS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Deccan Polypacks
Limited (DPL) for obtaining information through letters and emails
dated May 31, 2018 August 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          .3         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit            5.5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Letter of Credit       5.5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term
   Bank Loan Facility     1.0         CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

DPL was set up in 1984 as a private limited company, and was
reconstituted as a public limited company in 1985. The company
manufactures polypropylene woven bags and polyethylene woven
sacks. Its manufacturing unit is in Medak (Telangana).


EMINENT TRADE: CRISIL Hikes Rating on INR5cr Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Eminent Trade & Export Private Limited (ETEPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        1.97      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    3.03      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects adequate ramp-up in sales demonstrated by the
company in fiscal 2018 and belief that the company will continue
to record strong revenue growth over the medium term. Revenue
increased to INR17.2 crore in fiscal 2018 from INR5.6 crore in the
previous fiscal, driven by ramp-up in sales from aluminium
container manufacturing facility. The extent of revenue growth
along with improvement in profitability will remain critical over
the medium term.

The rating continues to reflect the company's improving yet modest
scale of operations, and continued below-average financial risk
profile. These rating weaknesses are partly offset by promoters'
extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Improving yet modest scale of operation: ETEPL trades bitumen
and has recently forayed into manufacturing of aluminium
containers. The revenue although improved was modest at about
INR17.2 crore in fiscal 2018. Furthermore, the operating
profitability has been average at 5% in fiscal 2018. The scale is
expected to increase with full commercialisation of aluminium
container capacities and resultant ramp up in sales, driven by
increasing demand for such containers. The revenue growth and
profitability over medium term will be closely monitored and may
provide positive direction to the ratings.

* Below-average financial risk profile: The networth though
improved, remained small at INR2.26 crore as on March 31, 2018.
The gearing remained high at 2.62 times, due to the working
capital debt and is expected to improve over the medium term with
gradual repayment of term debt. Debt protection metrics remained
average with interest coverage and net cash accrual to adjusted
debt ratios at 1.97 times and 0.06 time, respectively, for fiscal
2018.

Strength:

* Promoters' extensive entrepreneurial experience and recently
established distribution network for aluminium container business:
The company benefits from promoters' extensive entrepreneurial
experience in varied industries, such as cotton ginning,
hospitality and real estate development. The company is also
likely to benefit from the distribution network set up in over 20
states for the new aluminium container business and from the
resultant ramp-up in sales. Furthermore, the demand for aluminium
containers is set to increase with ban on plastic bags in few
states which could benefit the company over the medium term.

Outlook: Stable

CRISIL believes ETEPL will benefit from its promoters' extensive
entrepreneurial experience. The outlook may be revised to
'positive' if there is significant increase in revenue and
profitability, leading to sizeable cash accrual and improved
capital structure. The outlook may be revised to 'Negative' if
lower cash accrual or large working capital requirement and any
major capital expenditure, weakens the financial risk profile and
liquidity.

Established in September 2013 in Bhubaneswar, Odisha, ETEPL is
promoted by Mr Ashish Kumar Agarwal, Mr Karun Agarwal, and Mr
Dhiraj Goyal.  The company currently trades in bitumen. It also
manufactures and sells aluminium foils and containers.


G.D. METSTEEL: ICRA Keeps B Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the bank facilities of G.D. Metsteel
Private Limited (GDMPL) continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Fund      15.00       [ICRA]B (Stable) ISSUER NOT
   based limits-                   COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long term Fund       5.00       [ICRA]B (Stable) ISSUER NOT
   based limits-                   COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long term-           3.00       [ICRA]B (Stable) ISSUER NOT
   Unallocated Limits              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/dated/
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.

Incorporated in 1984, G.D. Metsteel Private Limited (GDMPL) is
engaged in the manufacturing of rolled steel products like angles,
channels, flat and beams which find end usage in auto, electrical
manufacturing and construction companies. The company has an
installed capacity of 42,000 TPA for the manufacturing of rolled
products. The promoters of the company have over two decades of
experience in the steel industry.


GAJRA DIFFERENTIAL: CRISIL Reaffirms C Rating on INR10.1cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL C' rating on the proposed long
term bank loan facility of Gajra Differential Gears Limited
(GDGL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      10.1       CRISIL C (Reaffirmed)

The rating continues to reflect GDGL's working capital intensive
operations leading stretched liquidity scenario, modest scale of
operations and susceptibility of GDGL's margins to volatility in
raw material prices. These rating weaknesses are partially offset
by established track record coupled with extensive experience of
promoters in the auto component industry and average financial
risk profile driven by moderate net worth and debt protection
metrics.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive nature of operations: The operations
of the company are working capital intensive as indicated by high
gross current asset of about 237 days as on March 31, 2018. This
is primarily attributable to high estimated inventory about of 239
days as on March 31, 2018. The large working capital requirements
have led to stretched liquidity condition, for the company.

* Modest scale of operations: Company operates in highly
fragmented and competitive auto-component industry. Further, the
scale of operations remained modest marked by estimated revenues
of INR31 Cr. in fiscal 2018.

* Susceptibility of GDGL's margins to volatility in raw material
prices: The margins of the company will remain susceptible to
volatility in prices of forged steel, which is a principal raw
material for GDGL, in the medium term.

Strengths

* Established track record coupled with extensive experience of
the promoters in the auto component industry: GDGL benefit from
the extensive experience of promoters of over 6 decades in auto
component industry. Its business risk profile will continue to
benefit from the extensive experience of promoters coupled with
established relationships of GDGL with its customers and suppliers
on account of its presence in the industry since 1962.

* Average financial risk profile: Moderate networth and total
outside liabilities to adjusted networth (Rs 11.89 Cr and 2.48
times respectively, as on March 31, 2018) along with satisfactory
interest coverage ratio of 2.49 times for fiscal 2018 represents
average financial risk profile.

Established in 1991, GDGL is engaged in manufacturing of wide
range of differential gears which includes crown wheel and
pinions, bevel gears, bevel pinions, spider kit assemblies and
differential cages for commercial vehicles. The company is a part
of Gajra group which, apart from GDGL, consists of Elve
Corporation, set up in 1950, which is an exporter of diesel
engines, spares and automotive transmission gears and differential
gears and Gajra Gears Private Limited, set up in 1962, which
manufactures automotive transmission gears such as engine gears,
gear box assemblies, and castings. GDGL is promoted by Mrs. Rita
Gajra who is a whole time director of the company and looks after
its day to day operations supported by a team of experienced and
qualified professionals from relevant fields.


GSN FERRO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GSN Ferro
Alloys Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B- (ISSUER NOT COOPERATING)'. The
issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR668.7 mil. Term loan (long-term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR222.5 mil. Fund-based facilities (long- and short-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR57.5 mil. Non-fund-based facilities (short-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by GSN Ferro
Alloys, the details of which are not available.

COMPANY PROFILE

Incorporated in August 2005, GSN Ferro Alloys manufactures ferro
alloys such as silico manganese at its facility in the Medak
district, Telangana.


HARIKRUSHNA COTTON: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings of INR9.76 crore bank facilities of Shree
Harikrushna Cotton Industries (SHCI) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit          8.00        [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Term Loan            1.76        [ICRA]B (Stable) 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 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.

Shree Harikrushna Cotton Industries (SHCI) is a partnership firm
engaged in cotton ginning and pressing activity at its facility
located at Kadi, Mehsana in Gujarat. The commercial operations
started in May 2013 and the plant is equipped with 30 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 182 bales per day and 36 MT Oil per day.
The promoters of the firm have an experience of 5-7 years in the
cotton industry.


INDIRA ENTERPRISES: CRISIL Assigns B+ Rating to INR3cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indira Enterprises (IE).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Term Loan       3         CRISIL B+/Stable (Assigned)

   Proposed Bank
   Guarantee                2         CRISIL A4 (Assigned)

   Proposed Overdraft
   Facility                 3         CRISIL B+/Stable (Assigned)

The ratings reflect modest scale of IE's operations in an
intensely competitive industry and a below-average financial risk
profile. These weaknesses are partially offset by the experience
of the proprietor in the civil construction segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: IE scale of operations is small in
the highly competitive construction industry. The firms's revenues
stood at INR12 crores for fiscal 2018. The modest scale of
operations constrains the business risk profile and also
constrains benefits associated with economies of scale.

* Below average financial risk profile: Financial risk profile is
below average marked by modest net worth. Net worth was low at
less than INR1 crore as on March 31 2018. Debt protection metrics
was moderate as reflected in net cash accruals to adjusted debt of
around 0.38 times for fiscal 2018. The company is yet to avail
debt and has applied for working capital debt of INR5 crore and
term loan of INR3 crore.

Strength

* Experience of proprietor: The proprietor has over 20 years of
experience in the civil construction business and her strong
understanding of the local dynamics, healthy relations with
customers and suppliers should continue to support the business.

Outlook: Stable

CRISIL believes IE will continue to benefit from the extensive
experience of the proprietor. The outlook may be revised to
'Positive' if there is substantial increase in revenue and
profitability along with prudent working capital management
resulting in an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if steep decline in revenue
or profitability weakens financial risk profile.

IE, set up in 1995 at Chennai by Ms Indira Thiyagarajan,
undertakes civil construction works for private companies.


JAIPRAKASH ASSOCIATES: ICICI Bank Files Insolvency vs. Firm
-----------------------------------------------------------
BloombergQuint reports that ICICI Bank Ltd. moved the National
Company Law Tribunal with an insolvency petition against the debt-
ridden infrastructure services firm Jaiprakash Associates Ltd.

The private lender has filed a corporate insolvency petition
against the company under section 7 of the Insolvency and
Bankruptcy Code, BloombergQuint discloses citing a stock exchange
filing by the infrastructure firm. The petition was filed at the
Allahabad bench of the tribunal.

BloombergQuint says lenders to the Manoj Gaur-led firm have been
forced to invoke insolvency proceedings after the Reserve Bank of
India rejected a request for restructuring the company's debt
outside the bankruptcy court. According to BloombergQuint,
Jaiprakash Associates was part of the RBI's second list of
stressed assets, sent in August 2017, that needed immediate
insolvency action. The Supreme Court had stayed insolvency
proceedings as the tribunal was already dealing with one of the
firm's subsidiaries, Jaypee Infratech Ltd. Earlier this month, the
apex court allowed the central bank to continue with the
insolvency process.

The report relates that the firm said it has been given seven days
to reply to the petition. The matter has been listed at the
tribunal for hearing on Sept. 17.

The infrastructure firm owed Rs 31,522 crore to its lenders as on
March 31, 2017, according to its annual report, BloombergQuint
relays. In June 2017, it had sold its cement units to UltraTech
Cement Ltd., which is likely to have reduced debt by at least
Rs10,000 crore.

                    About Jaiprakash Associates

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.

JAL reported a consolidated net loss of INR2,596.62 crore for the
year ended March 31, 2018 compared with a net loss of INR9,412.59
crore in the previous year.


JYOTI STEEL: CRISIL Raises Rating on INR10cr Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Jyoti Steel Industries (JSI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable,' while reaffirming the short-term rating at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             10         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit        15         CRISIL A4 (Reaffirmed)

   Term Loan                2         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects improvement in liquidity, aided by
enhancement in working capital limit, and also factors in absence
of any instance of LC devolvement in the six months through
July 2018.

The ratings continue to reflect the average financial risk profile
and large working capital requirement. These weaknesses are
partially offset by extensive experience of the partners and their
funding support.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Financial risk profile is marked
by a modest networth and average total outside liabilities to
adjusted networth ratio of INR13.59 crore and 4.83 times as on
March 31, 2018. Debt protection metrics are also average as
reflected in interest coverage ratio of 1.6 times and adjusted
debt to networth ratio of 2.02 times in fiscal 2018.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 116
days as on March 31, 2018, led by inventory of 67 days.

Strength

* Extensive experience of the partners and their funding support:
Longstanding presence in the steel industry has helped the
partners, Mr Pankaj Chadha and Mr Manoj Chadha, gain strong
understanding of the value chain. This has enabled JSI to align
its product portfolio so to tap new customers, and source raw
material at competitive rates. The partners' ability to offer
need-based funding will continue to support liquidity.

Outlook: Stable

CRISIL believes JSI will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if higher cash accrual or an equity infusion by
promoters leads to an improvement in liquidity. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretch in the working capital cycle weakens liquidity.

JSI was set up as a partnership between Mr Pankaj Chadha and his
brother Mr Manoj Chadha in 1973. The firm manufactures stainless
steel and mild steel long products, which are mainly exported to
Latin America, Europe, Africa, Middle East Asia, and South-East
Asia. Two manufacturing facilities, with installed capacities of
19,000 tonne per annum each, are located at Dahisar (Mumbai) and
Khopoli (Maharashtra).


KOBE SUSPENSION: ICRA Reaffirms B+ Rating on INR0.55cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR0.55-crore fund-based limits of Kobe Suspension Company Private
Limited (KSCPL). ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR4.50-crore short-term facilities of the
company. ICRA has also reaffirmed the long-term and short-term
ratings at [ICRA]B+ and [ICRA]A4 on the INR1.95-crore unallocated
facilities of KSCPL. The outlook on the long-term rating is
Stable.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term: Fund
   Based/Cash Credit     0.55       [ICRA]B+ (Stable); reaffirmed

   Short-Term:
   Fund Based            4.50       [ICRA]A4; reaffirmed

   Long Term/Short
   Term-Unallocated      1.95       [ICRA]B+ (Stable)/[ICRA]A4;
                                    reaffirmed

Rationale

The ratings reaffirmation continues to factor in the promoter's
three-decade-long experience in the manufacture and export of
trailer components. The ratings, however, remain constrained by
the company's small scale of operations with modest revenue growth
in FY2018. There was a steady decline in operating income (OI)
over the previous two fiscal years due to a major decline in
export sales. ICRA also notes the expectations of subdued revenue
and earnings growth in the near term on account of a relatively
lower order book position, especially in the export market. The
ratings also factor in the company's average financial risk
profile characterised by relatively high gearing levels and modest
debt protection metrics. The rating considers the company's low
net worth and the limited cushion available in fund-based limits
for securing further orders. The ratings also factor in the
vulnerability of profitability to fluctuations in raw material
prices and foreign currency exchange rate movements, along with
the competitive pressures from large organised players as well as
the unorganised segment.

Outlook: Stable

ICRA believes that KSCPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if substantial growth in revenues and profitability,
improvement in the net-worth base and better working capital
management strengthen the financial risk profile. The outlook may
be revised to Negative if cash accrual is lower than expected or a
stretch in the working capital cycle weakens liquidity.

Key rating drivers

Credit strength

Established operational track record; extensive experience of
promoters: KSCPL has an operational track record since 1980.
Moreover, the company's promoters have several decades of
experience in the manufacture and export of trailer components.

Credit challenges

Small scale of operations: Despite the marginal revenue increase
in FY2018, the company's scale of operations remains relatively
small. Moreover, its revenues have remained low in the past two
years after a major decline in FY2017. KSCPL's top line witnessed
continuous deterioration on account of the decline in the order
book position. The operating income (OI) declined to INR22.59
crore in FY2018 from INR49 crore in FY2015.

Average financial risk profile: Despite its long operational track
record the company has not been able to significantly shore up its
reserves, as reflected in its modest net worth of INR3.59 crore as
on March 2018, with relatively high gearing of 1.16 times as on
the same date. Its debt protection metrics also remained modest.
Its financial risk profile is expected to remain average in the
medium term due to modest profitability, with moderate accretion
to reserves.

Order book exposed to inherent cyclicality in end-user industries:
KSCPL's performance remains exposed to slowdown/cyclicality
associated with the automobile industry to which it has sizeable
exposure.

Profitability remains moderately exposed to raw material
fluctuations and adverse currency volatility: ICRA notes the
vulnerability of profitability to raw material price fluctuations
and foreign currency exchange rate volatilities in the absence of
price variation clause and adequate hedging mechanism.

Kobe Suspension Company Private Limited (KSCPL) manufactures and
trades in trailer components such as leaf springs, suspension kits
and trailer assemblies and spare parts. It sells the products in
the domestic markets and also exports to South Africa. KSCPL's
manufacturing facility is located at Faridabad in Haryana.


KRANTHI EDIFICE: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has revised the rating of bank facilities of Kranthi Edifice
Private Limited (KEPL) to [ICRA]D from [ICRA]BB). ICRA has also
moved the ratings to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       12.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Revised from [ICRA]BB (Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Non fund based   110.00       [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]BB (Stable)
                                 and moved to '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 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, despite
the downgrade.

Rationale

The rating downgrade follows the delays in debt servicing by KEPL
to the lender(s), as confirmed by them to ICRA.

Kranthi Edifice Private Limited (KEPL), formerly Kranthi
Constructions a partnership firm formed in 1983 and converted to
private limited company in May 2012. KEPL is promoted by Mr. M
Pratap Reddy and is in to the construction business for the past
30 years. KEPL is predominantly into irrigation projects and has
executed contracts for various dams, lift irrigation projects,
canals, aqueducts etc. Kranthi is Special Class & Class I
contractor for Andhra Pradesh, Telangana and Karnataka Government
state irrigation projects.


KUMAR MOTOR: ICRA Withdraws B Rating on INR3.90cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with stable
outlook, and short-term rating of [ICRA]A4 outstanding on the
INR5.50-crore long-term fund-based facility, INR0.31-crore short-
term non-fund-based facility and long-term/ short-term unallocated
limits of Kumar Motor Corporation Private Limited (KMCPL).

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund       3.90        [ICRA]B (Stable); Withdrawn
   Based TL

   Long Term-Fund       1.60        [ICRA]B (Stable); Withdrawn
   Based CC

   Short Term-Non-      0.31        [ICRA]A4; Withdrawn
   Fund Based BG

   Long Term/Short     10.69        [ICRA]B (Stable)/[ICRA]A4;
   Term-Unallocated                 Withdrawn

Rationale

The long-term and short-term ratings assigned to KMCPL have been
withdrawn at the request of the company, based on the no-dues
certificate provided by its banker, upon closure of the
outstanding limits with the Bank.

Incorporated in 2009, Kumar Motor Corporation Private Limited
(KMCPL) is an authorized dealer for passenger cars of Volkswagen
India Private Limited for the entire North Karnataka region. The
target market of the company includes Davangere, Dharwar, Karwar,
Haveri, Gadag, Koppal, Bellary, Raichur, Belgaum and Hubli. KMCPL
presently has two showrooms, one each at Hubli and Belgaum, with
3S (i.e. sales, spares and service) facility. In addition, the
company also has two stockyards, one each at Hubli and Belgaum.
The company was promoted by Mr Shashikumar Desai who has more than
23 years of experience in the automotive dealership business.


LANCO BABANDH: NCLT Appoints U Balakrishna Bhat as IRP
------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal, Hyderabad, has admitted an application for corporate
insolvency resolution against Lanco Babandh Power Limited.

NCLT Judicial Member Bikki Ravindra Babu admitted the petition by
ICICI Bank for insolvency proceedings under Section 7 of the
Insolvency and Bankruptcy Code, 2016 and directed issue of notices
to various parties, including the financial creditor, corporate
debtor and the interim insolvency resolution professional, says
BusinessLine.

According to the report, the NCLT appointed U Balakrishna Bhat as
the insolvency resolution professional and directed him to make a
public announcement of the corporate insolvency resolution process
initiated against the power company, a subsidiary of Lanco
Infratech Limited, which is facing a liquidation process order.

BusinessLine relates that the tribunal ordered that moratorium
shall be in force from the date of order till the completion of
corporate insolvency resolution process.

Lanco Babandh is developing a 1,320 MW coal-fired project in
Odisha, which it claimed is 60 per cent complete.  But the lenders
maintain that the progress was sluggish and there were defaults.

Even though the debtor contended that it had presented a
comprehensive business reorganisation scheme, which was agreed to
by the seven top lenders, and approval from other lenders in the
consortium had not forthcoming, this resulted in breach of terms
and conditions of the agreements, BusinessLine notes.


NOVA-TECH REFRACTORIES: CRISIL Rates INR5.75cr Term Loan B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Nova-Tech Refractories Private Limited
(NRPL).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            5.75       CRISIL B+/Stable (Assigned)
   Bank Guarantee       0.50       CRISIL A4 (Assigned)
   Secured Overdraft
   Facility             1.50       CRISIL B+/Stable (Assigned)

The ratings reflect a low scale of operations, large working
capital requirement, and average financial profile. These
weaknesses are partially offset by the experience of the promoters
in the refractory industry, and their established relationship
with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Low scale of operations:  NRPL reported low a turnover of
INR0.46 crore in fiscal 2018, due to discontinuation of operations
to install new machinery. However, revenue is likely to improve
with better capacity utilisation but will remain at modest level
over the medium term.

* Large working capital requirement: Operations are working
capital intensive, driven by large inventory of around 875 days as
on March 31, 2018. This includes raw material due to
discontinuation of production for installing of a new machine.
Receivables are also stretched at the yearend in the initial
stages to boost the scale of operations.

* Average financial risk profile: The modest networth of INR2.23
crore as on March 2018, resulted in high gearing at 2.52 times.
However, debt protection metrics   is moderate due to a healthy
operating margin.

Strength

* Experience of the promoters: The decade-long presence of the
promoters in the refractory manufacturing business and their
healthy relationship with customers should help to get repeat
orders.

Outlook: Stable

CRISIL believes NRPL will continue to benefit from the extensive
industry experience of its promoters and established clientele.
The outlook may be revised to 'Positive' in case of significant
revenue growth, while a maintaining profitability. The outlook may
be revised to 'Negative' if any large capital expenditure or
stretch in the working capital cycle weakens the financial risk
profile, especially liquidity.

Incorporated in 2006, NRPL manufactures ceramic refractory
rollers. The plant in Morbi, Gujarat, has a production capacity of
18400 rollers per month.


OM AGROENERGY: CRISIL Reaffirms 'B' Rating on INR7.85cr LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facility of Om Agroenergy Private Limited (OAE).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.85       CRISIL B/Stable (Reaffirmed)

The rating reflects the company's modest scale of operations in
the highly fragmented edible oil industry and modest financial
risk profile. These weaknesses are partially offset by the
extensive industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Company reported sales of INR41.67
crores in fiscal 2018, being first full year of operations and is
expected to continue to grow over the medium term.

* Modest financial risk profile: Financial risk profile is modest
as reflected from modest networth (INR5.33 crores as on march 31,
2018), moderate debt protection metrics (interest coverage ratio
was 2 time and net cash accrual to adjusted debt ratio of 0.10
times, respectively, in fiscal 2018 and moderate total outside
liabilities to adjusted networth ratio of 2.12 times over the
medium term. Financial risk profile is expected to improve over
the medium term driven by repayments.

Strength

* Extensive experience of the promoters in the agricultural
industry: The promoter family has been in the agricultural
business for over 5 decades through group companies which has
enables them establish healthy relations with customers and
suppliers.

Outlook: Stable

CRISIL believes OAE will continue to benefit from its promoters'
extensive experience in the edible oil industry. The outlook may
be revised to 'Positive' if more than expected revenue or
profitability, results leading to higher net cash accrual. The
outlook may be revised to 'Negative' if the financial risk profile
weakens because of a sharp decline in revenue and profitability,
or large, debt-funded capital expenditure, or diversification into
unrelated businesses.

OAE manufactures rice bran oil and mustard oil in Maharajganj,
Uttar Pradesh. OAE was set up in 2013 but started operations in
October 2016. The company is promoted by Mr Murli Manohar Jaiswal,
Mr Sudhakar Jaiswal, Mr Devendra Kumar Jaiswal, and Mr Vipin Kumar
Jaiswal.


PINK ROSE: CRISIL Lowers Rating on INR9cr Cash Loan to D
--------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Pink Rose
Lingerie Private Limited (PRLPL) to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating', as the company has failed to pay interest on Cash
Credit limit on time.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B-/Stable
                                   ISSUER NOT COOPERATING')

   Letter of Credit      2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL A4 ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with PRLPL for obtaining
information through mails 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 PRLPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
PRLPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower. Based on the last available information and banker
feedback, CRISIL has downgraded the rating to 'CRISIL D/CRISIL D
Issuer not cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating', as the company has failed to pay interest on
Cash Credit limit on time.

PRLPL is a private limited company incorporated in 2008. The
company is engaged in manufacturing of women's lingerie
undergarments in woven, knitted and hosiery fabric under its own
brands 'Laavian' and contract manufacturing for other leading
brands in the country. The group is promoted by Bangalore based Mr
Santosh Kumar and has been in the business for over past 2 decade.
The registered office of the company is Bangalore where its
manufacturing facility is located.


RAGHUNANDAN JEWELLER: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raghunandan
Jewellers (Delhi) 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions is:

-- INR90 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Raghunandan Jewellers operates a jewelry
showroom in Pitampura, New Delhi.


RANJIT KUMAR: CRISIL Migrates Rating to B+/Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Ranjit Kumar
Dandapat (C.S. Bottling Plant Cum Ware House) (RKD) from 'CRISIL
B/Stable/CRISIL A4; issuer not cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.1         CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit           2.69        CRISIL B+/Stable (Migrated
                                     from 'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Term Loan             2.56        CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the ratings on
the bank facilities of RKD to 'CRISIL B/Stable/CRISIL A4 issuer
not cooperating'. However, the management has subsequently started
sharing the requisite information for carrying out a comprehensive
review of the ratings. Consequently, CRISIL is migrating the
ratings from 'CRISIL B/Stable/CRISIL A4; issuer not cooperating'
to 'CRISIL B+/Stable/CRISIL A4'.

The upgrade reflects improvement in the business and financial
risk profiles, driven by an increase in the scale of operations
following stabilisation of the bottling plant, higher
profitability, a rise in the networth, and a better capital
structure. The firm is likely to sustain the improvement in its
financial risk profile over the medium term supported by
consistent growth in its networth and the absence of any large,
debt-funded capital expenditure (capex) plan. Liquidity may
continue to be supported by adequate cash accrual against maturing
debt.

The ratings reflect exposure to risks related to the stringent
regulations in the liquor industry and a weak capital structure.
These rating weaknesses are partially offset by the
entrepreneurial experience and financial standing of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stringent industry regulations: The
Indian spirits and wine industry is regulated by the state and
central governments. Government regulations have a significant
effect on the industry's profitability, particularly in states
where the government controls pricing. Furthermore, distilleries
and breweries are required to operate under licence from the state
government, which limits free interstate movement. The licence
requirement caps RKD's annual volume of liquor production. Any
change in government regulation can impact profitability.

* Weak capital structure

Small networth and high gearing: The networth was INR1.33 crore as
on March 31, 2018. Though this is expected to improve, it will
remain modest due to low accretion to reserves given the high
initial interest and depreciation outgo. The gearing was 5.62
times as on March 31, 2018, but is expected to improve from fiscal
2019 on account of gradual repayment of term debt and increase in
the networth. The modest networth will make the credit profile
susceptible to small changes in market conditions, while the high
gearing will constrain financial flexibility to contract more debt
to fund incremental working capital requirement or any capex.

Strengths

* Entrepreneurial experience of the promoters: The promoters, Mr
Ranjit Kumar Dandapat and his family members, have significant
experience in managing businesses and establishing and stabilising
new ones. They already have interests in multiple cold storages,
trade in fertilisers and seeds, and own a warehouse.

Outlook: Stable

CRISIL believes RKD will continue to benefit from the considerable
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' in case of an increase in the scale of
operations, profitability, and cash accrual, and improvement in
working capital management, leading to stronger credit metrics.
The outlook may be revised to 'Negative' if low revenue and
profitability, large working capital requirement, or sizeable,
debt-funded capex weakens the financial risk profile.

RKD is a proprietorship firm established in 2001. The firm has
recently set up a country spirit bottling plant at Paschim
Medinipur, West Bengal, which has commenced its operation from
November 2017. The promoters have interests in many cold storages
through other entities. The firm also trades in fertilisers and
seeds, and owns a small warehouse, which is leased out.


ROBOMATIC PRECON: CRISIL Assigns B+ Rating to INR11cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Robomatic Precon Private Limited (RPPL).

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2        CRISIL B+/Stable (Assigned)
   Long Term Loan       11        CRISIL B+/Stable (Assigned)

The rating reflects the exposure to start-up phase of operations
along with expected modest revenue and below-average financial
risk profile because of a small networth and weak capital
structure. These rating weaknesses are partly offset by promoters'
extensive experience in the construction material industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to initial phase of operations: RPPL has begun
commercial sales in July 2018. Start-up phase of operations and
limited track record may lead to small revenues during initial
phase. Adequate ramp-up in sales and profitability remain critical
and hence shall be closely monitored.

* Below-average financial risk profile: With debt funded of
project capital expenditure and debt contracted to fund working
capital requirements, the capital structure and overall financial
risk profile is estimated to remain constrained over medium term.

Strength

* Promoters' extensive experience and minimum competitive
pressure: The company benefits from promoters' extensive
experience in the construction materials businesses like
manufacturing of sand, aggregates and mining etc. Promoters'
established relations with customers and limited competition in
hollow core wall panels is expected to enable the company to
stabilise its operations rapidly.

Outlook: Stable

CRISIL believes RPPL will benefit over medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'positive' if there is significant increase in revenue
and profitability, leading to sizeable cash accrual during initial
phase. The outlook may be revised to 'Negative' if lower-than-
expected ramp up in sales and cash accrual or stretch in working
capital cycle weakens the financial risk profile especially
liquidity.

Established in August 2016 in Hyderabad, RPPL is promoted by Mr.
Vijay K Kosaraju and Mr. Anand Kumar Yerra.  The company has set
up a facility to manufacture Concrete Hollow Core Wall Panels.
Commercial operations have commenced recently.


SANGAM PREFAB: CRISIL Assigns B+ Rating to INR6.6cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sangam Prefab Concrete Products Private Limited
(SPCPPL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility     6.6         CRISIL B+/Stable (Assigned)

   Cash Credit             .5         CRISIL B+/Stable (Assigned)

   Long Term Loan          .9         CRISIL B+/Stable (Assigned)

The rating reflects SPCPPL's weak financial risk profile and
modest scale of operations. These weaknesses are partially offset
by the experience of the promoters in the concrete industry

Key Rating Drivers & Detailed Description

Weakness

* Modest Financial Risk Profile: Networth has been modest at
INR0.99 crore as on March 31, 2018, with gearing at 1.93 times.
However the debt protection metrics remained above average on
account of healthy operating margins, interest coverage and net
cash accrual to total debt ratios were 2.31 times and 0.08 times,
respectively, in fiscal 2018.

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was INR4.27 crore in fiscal 2018.

Strength

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

Outlook: Stable

CRISIL believes SPCPPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if there is substantial increase in revenue and
profitability, led by offtake of new products, along with prudent
working capital management. Conversely, the outlook may be revised
to 'Negative' if delays in stabilisation of operations from newly-
added capacities significantly lowers revenue or profitability, or
if funding support from promoters declines.

SPCPPL, incorporated in 2008 at manufactures reinforced cement
concrete blocks, fencing walls, and interlocking tiles.


SARATHY CARS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sarathy Cars
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:

-- INR19 mil. Term loan due on January 2022 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR80 mil. Fund-based working capital limits migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 10, 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 August 2016, Sarathy Cars is engaged in trading of
premium Maruti Suzuki Cars launched by NEXA.


TERRA ENERGY: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Terra Energy Limited (TEL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-        9.89      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating moved to the 'Issuer Not
                                Cooperating' category

   Fund-based-        8.95      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

   Short-term        11.00      [ICRA]D ISSUER NOT COOPERATING;
   Non-fund Based-              Rating moved to the 'Issuer Not
   Working Capital              Cooperating' category
   Facilities

   Unallocated       20.16      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating moved to the 'Issuer Not
                                Cooperating' category

The rating reflects the continued delays in debt servicing by the
entity. 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 based on the 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.

Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of Thiru Arooran Sugars
Limited (TASL). It has an installed capacity of 47.1 MW. TASL is
the holding company of TEL with 66% shareholding. These
cogeneration plants are located adjacent to the sugar plants of
TASL. TEL has barter arrangement with TASL for supply of steam and
power in lieu of bagasse. TEL exports surplus power to Tamil Nadu
Generation and Distribution Corporation (TANGEDCO).


THIRU AROORAN: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long-term and the short-term ratings for the
bank facilities of Thiru Arooran Sugars Limited (TASL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         29.70      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund-based         56.84      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category

   Long-term Non-    235.03      [ICRA]D ISSUER NOT COOPERATING;
   fund Based                    Rating moved to the 'Issuer Not
   Working Capital               Cooperating' category
   Facilities

   Short-term Non-    1.50       [ICRA]D ISSUER NOT COOPERATING;
   fund Based-                   Rating moved to the 'Issuer Not
   Working Capital               Cooperating' category
   Facilities

   Unallocated       16.11       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating moved to the 'Issuer Not
                                 Cooperating' category

The rating reflects the continued delays in debt servicing by the
entity. 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 based on the 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.

Incorporated in 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD
of cane crushing capacity in its two plants, and a 60-KLPD
distillery. The plants are integrated with a 47.10-MW cogeneration
unit of the company's subsidiary Terra Energy Limited (TASL holds
66.19% stake in Terra Energy Limited), with which it has barter
arrangement for supply of steam and power.


VIRINCHI HEALTHCARE: Ind-Ra Raises LongTerm Issuer Rating to 'B'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Virinchi
Healthcare Private Limited's (VHPL) term loans as follows:

-- INR640.21 mil. (reduced from INR679.5 mil.) Term loans due on
     November 2025 upgraded with IND B/Stable rating.

KEY RATING DRIVERS

The upgrade reflects timely debt servicing by VHPL for the three
consecutive months ended July 2018. The debt servicing was
supported by a cash infusion by Virinchi Limited (VL; 'IND
BB'/Positive), which wholly owns VHPL.

The rating is supported by VHPL's strong strategic and financial
linkages with VL, which has extended an unconditional and
irrevocable corporate guarantee for the entire debt of VHPL.
Moreover, VL provided tangible support in the form of unsecured
loans totaling INR224.6 million in FY18.

The rating, however, reflects VHPL's small scale of operations.
VHPL's revenue was INR674 million (FY17: INR251 million), and
EBITDA of INR99 million (FY17: INR25 million). FY18 was the first
full year of operations of VHPL. The management expects the
operating performance to improve in the medium term in view of a
likely increase in the occupancy level at its 350-bed multi-
specialty hospital in Banjara Hills, Hyderabad.

The rating also reflects VHPL's weak credit metrics owing to its
high reliance on debt to meet capex requirements. Its net leverage
was 8.7x in FY18 (FY17: 25.4x) and interest coverage was 1.0x
(0.6x). The management expects the credit metrics to improve in
the medium term in view of scheduled debt repayments and the
absence any debt-led capex.

The rating continues to reflect VHPL's tight liquidity, indicated
by the fund-based working capital limit utilization of 97.7% over
the 12 months ended July 2018.

RATING SENSITIVITIES

Negative: A decline in the revenue and the operating
profitability, leading to deterioration in the liquidity and
credit metrics, on a sustained basis, will be negative for the
rating.

Positive: A substantial rise in the revenue and operating
profitability, along with an improvement in the liquidity and
credit metrics, on a sustained basis, will be positive for the
rating.

COMPANY PROFILE

Incorporated in 2013, VHPL operates a multi-specialty hospital in
Banjara Hills, Hyderabad, which was commissioned on August 2016.


VIRINCHI LIMITED: Ind-Ra Affirms 'BB' LT Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Virinchi Limited's
(VL) Outlook to Positive from Negative while affirming its Long-
Term Issuer Rating at 'IND BB'.

The instrument-wise rating action is:

-- INR130 mil. Fund-based working capital limit affirmed;
    Outlook Revised to Positive from Negative with
    IND BB/Positive/IND A4+ rating.

Ind-Ra continues to take a consolidated view of VL and its
subsidiaries, including Virinchi Healthcare Private Limited
(VHPL), while affirming the ratings.

KEY RATING DRIVERS

The Outlook Revision reflects timely debt servicing of the
guaranteed debt by VHPL during the last three months ended July
2018. VL has extended an unconditional and irrevocable corporate
guarantee for the entire debt of VHPL. Moreover, VL provided
tangible support in the form of unsecured loans totaling INR224.6
million in FY18.

The ratings are supported by a 19.1% increase in VL's revenue to
INR3,414 million in FY18, driven by a rise in contribution from
its IT product and healthcare businesses. However, the scale of
operations continues to be medium.  As per 1QFY19 provisional
financials, revenue was INR963.3 million. Ind-Ra expects VL's
revenue to rise in the medium term in view of its strong business
profile and long-term contracts with customers under the IT
business.

The ratings are also supported by VL's continued healthy EBITDA
margin, which rose to 28.1% in FY18 from 22.3% in FY17 on account
of better cost absorption. According to 1QFY19 provisional
financials, the margin was 28.8% and is likely to improve in view
of higher earnings expected from the IT division. Return on
capital employed increased to 16.0% in FY18 from 13.0% in FY17 on
account of an increase in operating profit.

The ratings, however, reflect VL's modest credit metrics. In FY18,
VL's interest coverage (operating EBITDA/gross interest expense)
was 5.3x (FY17: 5.5x) and net leverage was (total adjusted net
debt/operating EBITDAR) was 2.3x (2.8x). The marginal
deterioration in the coverage was due to a proportionately higher
rise in interest expenses than that in EBITDA. On the other hand,
the improvement in the leverage was driven by the rise in EBITDA
and a fall in debt. According to 1QFY19 provisional financials,
its interest coverage was 5.4x.

The ratings also reflect VL's elongated working capital cycle of
325 days in FY18 (FY17: 131 days). The elongation was due to
higher stocking up of pharmaceuticals for the hospital business.
Despite the rise in operating profitability, VL's cash flow from
operations fell to INR352 million in FY18 from INR584 million in
FY17 owing to the stretch in the cycle. The working capital limits
was utilized fully over the last 12 months ended July 2018.

RATING SENSITIVITIES

Positive: Any improvement in the consolidated business profile
will lead to a positive rating action.

Negative: Any deterioration in the consolidated business profile
and/or any delay in the repayment of the guaranteed debt by VHPL
will lead to a negative rating action.

COMPANY PROFILE

Founded in 1991, Hyderabad-based VL, a part of Virinchi Group, has
a capability maturity model integration certification. It provides
information and communications technology products and services.
It employs over 1,000 employees across three offshore development
centers in Hyderabad that have 100,000 square feet of ready-to-
plug-in workspace. Its clients are majorly from North America.


VISHVAS POWER: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vishvas Power
Engineering Services Private Limited (VPESPL) Long-Term Issuer
Rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB/Stable'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while
using these ratings. The rating will now appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR4 mil. Long-term loan (Long-term) due on April 28, 2020
     downgraded & migrated to non-cooperating category with IND D
     (ISSUER NOT COOPEARTING) rating;

-- INR75 mil. Fund-based working capital (Long-term/Short-term)
     downgraded & migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR120 mil. Non-fund-based working capital (Long-term)
     downgraded & migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Proposed long-term loan* (Long-term) downgraded &
     migrated to non-cooperating category with Provisional IND D
     (ISSUER NOT COOPERATING) rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
VPESPL to the satisfaction of Ind-Ra.

Note: ISSUER NOT COOPERATING: The rating is based on the best
available information.

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by VPESPL,
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, Nagpur-based VPESPL is engaged in the
manufacturing, repair, remanufacturing, refurbishment and
servicing of power transformers up to 220kV.



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


1MDB: Singapore Court Orders SGD15MM Returned to Malaysia
---------------------------------------------------------
The Business Times reports that a Singapore court ordered the
return to Malaysia of about SGD15.3 million, the first time the
city-state has repatriated assets to its neighbor following a
globe-spanning probe into transactions linked to scandal-hit state
fund 1MDB.

BT relates that Tan, Rajah and Cheah, a Singapore-based law firm,
said in a statement that the monies were recovered in various
currencies from 1Malaysia Development Berhad (1MDB) and its former
subsidiary, SRC International.

The funds will be transferred to a special 1MDB recovery account
in Kuala Lumpur, the report says.

"Efforts to recover other unlawfully misappropriated assets are
ongoing," the firm said.

According to the report, Singapore is among at least six countries
investigating claims that about US$4.5 billion was siphoned off
from 1MDB, a fund founded by former Malaysian prime minister Najib
Razak.

In 2016, Singapore authorities said they had seized SGD240 million
in cash and properties as a result of investigations into 1MDB-
related fund flows through Singapore, the report recalls.

In May, Singapore and Malaysia agreed to cooperate on returning
the funds to the Malaysian government, and the court order cleared
the way for the first repatriation of funds from Singapore.

BT says Malaysian Prime Minister Mahathir Mohamad has said he
wants the return of a US$35 million Bombardier Global 5000 jet
parked in Singapore. The plane belongs to financier Low Taek Jho,
described by investigators as a key character in the probe. The
man who is more commonly known as Jho Low has consistently denied
wrongdoing. Singapore said last month that it had not received a
formal request from Malaysia for the return of the jet.

It has taken action against several banks and bank officials for
violating money-laundering controls over transactions related to
1MDB, including the closure of units of BSI Bank and Falcon Bank,
the report says.

                            About 1MDB

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

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

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

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

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

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

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



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


WYNYARD GROUP: Liquidators Say Shareholders May Get "Very Small"
----------------------------------------------------------------
BusinessDesk reports that Wynyard Group shareholders whose
investments were all-but written off when the intelligence
software company went bust two years ago, may get a "very small"
respite, the firm's liquidators said.

In their latest six-monthly report, KordaMentha's Neale Jackson
and Grant Graham said they "anticipate there may be a very small
amount of funds available to be distributed to shareholders" once
the software developer's creditors are paid, BusinessDesk
discloses. In May, the High Court upheld a NZ$171 million
creditor's claim by the liquidators against related party Wynyard
(NZ), the group's New Zealand trading entity.

Once that unit has resolved its own outstanding issues including
claims against subsidiaries in Australia and the UK, Wynyard Group
will be in a position to make a payment to its creditors, the
liquidators said, BusinessDesk relays. Wynyard Group received
claims from unsecured creditors totalling NZ$423,000.

According to BusinessDesk, a separate report on Wynyard (NZ) said
that unit's last asset is NZ$5.9 million receivables from its
subsidiaries. That unit paid NZ$2.1 million of preferential claims
in full and has received almost NZ$7 million of claims from
unsecured creditors. It's closing bank balance as at Aug. 7 was
NZ$777,000.

Because "a small distribution for shareholders is now
foreseeable," Jackson and Graham want investors to provide them
with updated contact details, BusinessDesk says.

Wynyard Group shares were delisted on May 31, the report notes. It
listed on the NZX in 2013, with investors paying NZ$1.15 a share.
The stock closed as high as NZ$3.12 in March 2014 but shares were
worth just 21.5 cents when the company eventually went under, says
BusinessDesk.

BusinessDesk notes that the KordaMentha pair were appointed
voluntary administrators in October 2016 after failing to secure
emergency funding from UK lender Skipton Building Society.
Creditors voted to put the company into liquidation at a watershed
meeting last February.

BusinessDesk adds that the liquidators' report said they
investigated the trading and financial affairs of the companies,
including potential voidable transactions, and "were not aware of
any insolvent and/or breaches of legislation occurring".

                        About Wynyard Group

Based in Auckland, New Zealand, Wynyard Group Limited (NZE:WYN)
-- https://www.wynyardgroup.com/ -- provides software and
solutions to help protect companies and countries from threat,
crime and corruption. The Company has designed and developed
software to operate and connect three mission cycles: Risk
Management, Intelligence and Investigations. Wynyard products and
solutions are used by fortune 500 companies, national security
agencies and critical infrastructure operators across government,
financial services and infrastructure sectors. The Company
provides consulting and bureau services to government agencies
and financial institutions engaged in software to help protect
companies and countries from threat, crime and corruption. The
Company's solutions include risk management, intelligence,
investigations and digital forensics.

On Oct. 26, 2016, Wynyard Group Limited was placed into voluntary
administration (VA), along with its trading subsidiary Wynyard
NZ.  KordaMentha partners, Grant Graham and Neale Jackson were
appointed Administrators. The Administrators have taken full
control of the company.

On Feb. 8 at the Watershed Meeting, held as part of the Voluntary
Administration requirements for Wynyard Group Limited, the
creditors resolved to place the company into liquidation.
KordaMentha partners Grant Graham and Neale Jackson are the
Liquidators of the company.

The company's subsidiary, Wynyard (NZ) Limited was also placed
into liquidation by its creditors, with Messrs. Graham and
Jackson being appointed as liquidators.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***