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        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, April 25, 2018, Vol. 21, No. 081

                            Headlines


A U S T R A L I A

CELLAR MANAGEMENT: First Creditors' Meeting Set for May 4
JAM 2010: First Creditors' Meeting Set for May 3
MOSSGREEN PTY: Second Creditors' Meeting Set for May 4
SPV OPERATING: First Creditors' Meeting Set for May 3
WDS OPERATIONS: Second Creditors' Meeting Set for May 2


H O N G  K O N G

NOBLE GROUP: Case to Test SGX's Handling of Dispute


I N D I A

ABG SHIPYARD: Liberty House Emerges as Sole Bidder in Third Round
A R S FABRICS: CRISIL Lowers Rating on INR10MM Term Loan to D
AGGARWAL COTTON: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
CLASSIC FOODS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
DAWER SONS: Care Assigns 'BB-' to Long-term Bank Facilities

DIPU ENTERPRISES: CRISIL Migrates B+ Rating from Not Cooperating
ESSAR STEEL: JSW Urges CoC to Invite Fresh Bids for Business
GAYATRI AGRO: CARE Assigns 'BB-' Rating to LT Bank Facilities
GOEL AND ASSOCIATES: CRISIL Moves B Rating to Not Cooperating
GR CONSTRUCTIONS: ICRA Withdraws D Rating on INR26cr Loan

HI ROCK CONSTRUCTION: Ind-Ra Puts BB- LT Rating, Outlook Stable
ICOAT PROJECTS: CARE Assigns 'BB-' Rating to LT Bank Facilities
KR ANAND: ICRA Moves BB- Rating From Issuer Not Non-Cooperating
MAHANAGAR TELEPHONE: Telecom Department Discusses Revival Options
MAHITECHS: Ind-Ra Withdraws 'B+' Long Term Issuer Rating

METAL'S & METAL: CARE Assigns 'BB-' Rating to LT Bank Facilities
MUGHALSARAI NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
NAINITAL MOTORS: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
NEC PACKAGING: CRISIL Withdraws B Rating on INR4MM Cash Loan
NEELKANTH YARN: Ind-Ra Assigns BB+ Rating on INR28MM Loan

RELIANCE NAVAL: Auditors Raise Going Concern Doubt, Losses Widen
RK BABU: ICRA Moves BB- Rating on INR11cr Loan to Non-Cooperating
RSV CONSTRUCTIONS: CARE Rates LT Bank Facilities 'BB+'
RTM REAL: CRISIL Withdraws B+ Rating on INR9MM Long Term Loan
SAISREE ENGINEERS: CRISIL Moves D Rating to Not Cooperating

SAPTAM DECORE: Care Assigns ' BB-' Rating to INR40cr Bank Loan
SIKKO INDUSTRIES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SIVASAKTHI EXPORTS: CRISIL Assigns B+ Rating to INR2.5MM Loan
SKY ALLOYS: CARE Assigns 'D' to Long-Term Bank Facilities
STARWING PLASTIC: Ind-Ra Moves 'B' LT Rating to Non-Cooperating

SULTANPUR NAGAR: Ind-Ra Withdraws 'BB-' LongTerm Issuer Rating
SUNIL HITECH: CARE Assigns 'BB' Rating to LT Bank Facilities
SUPREME HOUSING: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
TRINITY GROUP: CARE Assigns 'BB' to Long-term Bank Facilities
UNIMARK REMEDIES: ICICI Can Initiate Corporate Insolvency Process

VARDHMAN CABLES: CRISIL Withdraws B+ Rating on INR2MM Cash Loan
ZETATEK INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.50cr Loan


I N D O N E S I A

MNC INVESTAMA: Moody's Affirms Caa3 CFR, Outlook Still Negative


M O N G O L I A

MONGOLIA: S&P Affirms B- Sovereign Credit Rating, Outlook Stable


                            - - - - -


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


CELLAR MANAGEMENT: First Creditors' Meeting Set for May 4
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cellar
Management Services Pty Ltd will be held at the offices of BPS
Recovery, Level 18, 201 Kent Street, in Sydney, NSW, on May 4,
2018, at 10:00 a.m.

Daniel John Frisken and Mitchell Warren Ball of BPS Recovery were
appointed as administrators of Cellar Management on April 23,
2018.


JAM 2010: First Creditors' Meeting Set for May 3
------------------------------------------------
A first meeting of the creditors in the proceedings of JAM 2010
Pty Ltd, trading as Hairhouse Warehouse Gatewayswill, will be
held at the offices of HLB Mann Judd (Insolvency WA), Level 3, 35
Outram Street, in West Perth, WA, on May 3, 2018, at 2:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd (Insolvency WA) was
appointed as administrator of JAM 2010 on April 23, 2018.


MOSSGREEN PTY: Second Creditors' Meeting Set for May 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Mossgreen Pty
Ltd has been set for May 4, 2018 at 12:00 p.m. at the offices of
Melbourne Convention and Exhibition Centre, Clarendon Room A,
Level 5, 2 Clarendon Street, in South Wharf, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2018, at 12:00 p.m.

James Michael White and Andrew Sallway Nicholas Martin were
appointed as administrators of Mossgreen Pty on Dec. 21, 2017.


SPV OPERATING: First Creditors' Meeting Set for May 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of SPV
Operating Pty Ltd will be held at the offices of BPS Recovery,
Level 18, 201 Kent Street, in Sydney, NSW, on May 3, 2018, at
11:00 a.m.

Daniel John Frisken and Mitchell Warren Ball of BPS Recovery were
appointed as administrators of SPV Operating on April 24, 2018.


WDS OPERATIONS: Second Creditors' Meeting Set for May 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of WDS
Operations Pty Ltd has been set for May 2, 2018 at 2:30 p.m. at
the offices of Worrells Solvency & Forensic Accountants, Level
15, 114 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 1, 2018, at 5:00 p.m.

Matthew Kucianski and Nathan Deppeler of Worrells Solvency were
appointed as administrators of WDS Operations on March 16, 2018.



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


NOBLE GROUP: Case to Test SGX's Handling of Dispute
---------------------------------------------------
Krystal Chia at Bloomberg News reports that Noble Group Ltd.
dissident shareholder Goldilocks Investment Co. says the
Singapore regulator's handling of the trader's drawn-out battle
for survival is being closely followed by overseas investors,
highlighting the importance of the case for the city-state's
reputation as a financial hub.

"This was our first investment into Asia: we were looking at this
as making an investment into Asia, especially in Singapore,"
Bloomberg quotes Ajit Vijay Joshi, a fund manager at Abu Dhabi-
based Goldilocks, as saying in a phone interview.  He added: "I'm
sure a lot of other people are watching what they will do."

Once Asia's largest commodity trader, Noble Group has imploded
over the past three years, losing billions, defaulting on $3.4
billion of debt, and shredding its market value, Bloomberg
relates.  That decline has been marked from the outset by
allegations of improper accounting by long-time foe Iceberg
Research, which the company has denied, Bloomberg notes.
According to Bloomberg, while Noble Group Chairman Paul Brough is
now pushing a debt-for-equity rescue, Goldilocks is resisting,
saying it's unfair in its current form, and appealing to
Singapore Exchange Ltd. to address its concerns.

"We're closely watching how the whole regulatory regime responds
to the minority shareholder rights," Mr. Joshi, as cited by
Bloomberg, said on April 23 in his first media interview on the
dispute.  "I'm sure a lot of other people are looking at SGX's
response to some of the allegations that have been put forward."

Earlier on April 23, an SGX spokesperson said the exchange
remains in active engagement with Noble Group when asked about
the fight between the company and Goldilocks, Bloomberg recounts.

In that note, Mr. Brough said if shareholders don't approve the
plan, the company would opt for a pre-packaged administration in
the U.K. to implement the restructuring, Bloomberg relays.

Goldilocks bought into Noble Group in mid-2017, and now has 8.1%,
the largest holding after founder Richard Elman and China's
sovereign wealth fund, Bloomberg states.  Since then,
Goldilocks's relationship with Noble Group has soured as it
objected to the rescue plan, according to Bloomberg.  In March,
it sued the company and its executives, alleging managers paid
themselves inflated salaries and then attempted a cover-up,
Bloomberg relates.

Noble said while the fund has been battling the debt-for-equity
proposal, more than 80% percent of senior creditors are in
support, Bloomberg notes.

According to Bloomberg, Goldilocks says Mr. Brough's plan will
leave existing equity holders with too small a share of a new
company.

                      About Noble Group

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

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

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

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




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


ABG SHIPYARD: Liberty House Emerges as Sole Bidder in Third Round
-----------------------------------------------------------------
P. Manoj at The Hindu Business Line reports that London-based
metals group Liberty House has emerged the sole bidder yet again
in a third round of bidding for ABG Shipyard Ltd when the
deadline for submission of resolution plan for the debt-laden
shipbuilder ended on April 23.

According to The Hindu Business Line, a person briefed on the bid
submitted by Liberty House said the bid was accepted by the
interim resolution professional (IRP) from BDO India LLP tasked
with overseeing the process for ABG Shipyard, which is facing
bankruptcy proceedings under the Insolvency and Bankruptcy Code
(IBC).

Liberty House has cleared some $2.8 million it owed Exim Bank to
become eligible to bid for the shipyard, The Hindu Business Line
discloses.  Non-payment of the amount was cited by the committee
of creditors to reject the bid, under Section 29 (a) of the IBC,
submitted by the Liberty House on April 16 during an earlier
round of bidding, The Hindu Business Line notes.

The resolution of ABG Shipyard has to be completed by April 30,
according to the time-line set by the National Company Law
Tribunal (NCLT), which was set up to oversee the bankruptcy law
aimed at fixing the country's mounting bad bank loans, The Hindu
Business Line relays.

The lenders have set a liquidation value of Rs 2,200 crore for
the yard that owes some Rs 18,245 crore to a clutch of banks led
by ICICI Bank, The Hindu Business Line states.

BusinessLine could not ascertain the details of the resolution
plan/bid submitted by the Liberty House led by Indian-born
businessman Sanjeev Gupta, in the latest round of bidding.

The person mentioned earlier, as cited by The Hindu Business
Line, said the bid will be referred to the committee of creditors
for a decision.

ABG Shipyard is among the list of 12 large companies that the RBI
had identified in June 2017 for banks to refer to the bankruptcy
court immediately.


A R S FABRICS: CRISIL Lowers Rating on INR10MM Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating to 'CRISIL D' from
'CRISIL B+/Stable' on the bank facility of A R S Fabrics Private
Limited.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             10       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The Downgrade of rating reflects delays in interest servicing of
debt obligations due to weak liquidity.

The rating also reflects its below average financial risk
profile. This weakness is offset by its promoter's extensive
experience in textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: ARS has reported below
average financial risk profile as reflected in its modest
networth of around 6 crores and high total outside liability to
tangible networth of 1.7 time in fiscal 2017.

Strength

* Extensive experience of promoters: ARS is promoted by Mr.
Vasudevan. He has over a decade experience in the textile
industry. Over the years, promoter has established healthy
customer relationships, reflected in repeat orders from them.

ARS was incorporated in 2005, in Namakkal (Tamil Nadu) by
Mr.Vasudevan. The company undertakes job work to process yarn
into fabrics.


AGGARWAL COTTON: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Aggarwal Cotton and General Mills (PPPL) following a
request from the company and on receipt of a 'no dues
certificate' from the banker. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           10        CRISIL B+/Stable (Withdrawn)

   Proposed Long Term
   Bank Loan Facility     4        CRISIL B+/Stable (Withdrawn)

ACGM, established in 1992 as a partnership firm, gins and presses
cotton, and extracts cotton seed oil at its unit in Sirsa,
Haryana. The firm is owned and managed by Mr. Sumer Chand Garg
and his family members.


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

The instrument-wise rating actions are:

-- INR68 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) /IND A4
(ISSUER
     NOT COOPERATING) rating; and

-- INR3.4 mil. Long-term loans due on July 2018 migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2000, Classic Foods is engaged in the trading of
agriculture products mainly nutmeg, nutmeg mace and pepper.


DAWER SONS: Care Assigns 'BB-' to Long-term Bank Facilities
-----------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Dawer Sons Private Limited (DSPL) as:


                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    7.00          CARE BB-;
                                     Stable
                                    (Double B Minus; Outlook:
                                     Stable)


Detailed Rationale and key rating drivers

The ratings assigned to Dawer Sons Private Limited (DSPL) are
constrained by its small scale of operations, leveraged capital
structure, working capital intensive nature of operations and
susceptibility to volatility in raw material prices. The ratings
are further constrained by DSPL's presence in a highly fragmented
and competitive industry. The rating however, draw, comfort from
experienced promoters with long track record of operations,
growing scale of operations and moderate profitability margins.

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

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations

Despite being operational for more than two decades the scale of
operations remain small as evident from total operating income
and gross cash accruals of Rs.45.03 crore and Rs.1.37 crore,
respectively in FY17. The small scale of operations limits the
company's financial flexibility in times of stress and deprives
it from scale benefits.

Leveraged capital structure

The capital structure of the company stood leveraged as marked by
overall gearing of 2.20x as on March 31, 2017 as against 1.92x on
previous balance sheet date. The deterioration in capital
structure was on account of infusion by the promoters in the form
of unsecured loans coupled with higher utilization of the working
capital borrowings as on the balance sheet date to support the
growing scale of operations.

Working capital intensive nature of operations

Operations of the company are working capital intensive marked by
average operating cycle of 151 days for FY17 on account of high
collection and inventory holding period. The company had high
inventory holding period of around 96 days for FY17 due to varied
range of products manufactured by the company. In order to ensure
uninterrupted production processes, company needs to maintain
adequate inventory of raw material and finished goods of all the
products to meet the immediate demand of its customers. Being a
small player in the industry company possess low bargaining power
with its customers. The company offers credit period of around 3-
4 months to its customers resulting in average collection period
of 103 days for FY17. DSPL has long standing relationship with
its suppliers resulting in average creditor period of 48 days.
The sanctioned working capital limits remained around 95%
utilized for the past 12 months period ended February, 2018.
Susceptibility to volatility in raw material prices

Poly Vinyl Chloride (PVC), chemicals, resins, cotton sheets and
BOP reagent is name of few major raw materials for the company,
which they procure from players operating in domestic market. Raw
material costs has always been a major contributor to total
operating cost constituting around 85% in past two years, thereby
making profitability sensitive to raw material prices. The
company is small player and has low bargaining power with its
customers, which limit the ability of the company to entirely
pass on any increase in the raw material costs. Thus, any adverse
change in the prices of the raw material may affect the
profitability margins of the company.

Highly fragmented and competitive industry

DSPL's products find its application in various industries viz.
footwear, leather products and home furnishing. The industry is
highly fragmented and has various organized and unorganized
players. The industry requires low capital investment which
resulted into low entry barriers. Further there is a low product
differentiation among the players. These factors resulted into
high competition. Being a small player in the industry the
company is not able to increase the price of its products which
affect the profitability margins of the company.

Key Rating Strengths

Experienced promoter with long track record of operations

DSPL was incorporated in 1993 as a private limited company by Mr.
Vikas Dawer and other members of his family. The directors are
responsible for supervising designated verticals of the company
while Mr. Dawer looks after the overall operations. He has more
than two decades of experience in the business thorough the
association with DSPL. The directors are also supported by
professional team of management and technicians which enhances
the business risk profile of the company.

Growing Scale of operations

During the past three financial years (FY15-FY17), DSPL's total
operating income grew from Rs.41.55 crore in FY15 to Rs.45.03
crore in FY17 reflecting a compounded annual growth rate (CAGR)
of around 4% owing to higher number of products sold. Further,
during 11MFY18 (refers to period from April 01 to February 28; as
per provisional results) the company has achieved total operating
income of Rs.43.00 crore.

Moderate profitability margins

The profitability margin of the company stood moderate as marked
by PBILDT margin and PAT margin of 5.86% and 1.76% respectively
in FY17 as against 5.30% and 1.38% respectively in FY16. PBILDT
margin improved owing to decline in cost of production mainly
decrease in other manufacturing expenses while PAT margin
improved in line with PBILDT margin coupled with decrease in
interest expenses.

Delhi based, Dawar Sons Private Limited (DSPL) was incorporated
in October 1993. The company is engaged in manufacturing of
artificial leather (rexine) which finds its application in
manufacturing of footwear, leather bag, sofa etc. The
manufacturing facility of the company is located at Mayapuri in
New Delhi with the installed capacity of 5,00,000 meter of
artificial leather per month as on February 28, 2018. DSPL sells
its products under the network of more than 15 dealers and
distributors spread over Haryana, Uttar Pradesh, Mumbai and
Patna, Chennai and Jaipur. The company procures the raw material,
i.e. poly vinyl chloride (PVC), chemicals, resins, cotton sheets,
and other different raw domestically from local manufactures and
dealers.


DIPU ENTERPRISES: CRISIL Migrates B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated
the long-term rating of Dipu Enterprises Private Limited (DEPL)
to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating from
'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL B+/Stable (Migrated
                                  from 'CRISIL B+/Stable'
                                  Issuer Not Cooperating)

   Proposed Long Term    7        CRISIL B+/Stable (Migrated
   Bank Loan Facility             from 'CRISIL B+/Stable'
                                  Issuer Not Cooperating)

   Term Loan             1        CRISIL B+/Stable (Migrated
                                  from 'CRISIL B+/Stable'
                                  Issuer Not Cooperating)

The rating continues to reflect DEPL's modest scale of operation
in the highly competitive readymade garment industry, large
working capital requirement, and average financial risk profile.
These weaknesses are partially offset by the experience of the
promoters.

Analytical Approach

Unsecured loans (outstanding at INR1.75 crore as on March 31,
2017) extended to DEPL by promoters have been treated as debt.
That's because these loans are not sub ordinated to bank debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Small scale
of operations, with revenue of INR36.9 crore in fiscal 2017, amid
intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.

* Large working capital requirement: Gross current assets were
sizeable at 183 days as on March 31, 2017, driven by moderate
receivables and large inventory of 60 days and 113 days,
respectively.

* Average financial risk profile: Total outside liabilities to
adjusted networth ratio was weak at 5.55 times as on March 31,
2017, with modest networth of INR3.33 crore. Interest coverage
ratio was average at 1.7 times in fiscal 2017.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over a decade, 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 DEPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if significant and sustained increase in
profitability or sizeable equity infusion strengthens capital
structure. Conversely, the outlook may be revised to 'Negative'
if steep decline in profitability, any large, debt-funded capital
expenditure, or stretch in working capital cycle weakens
financial risk profile.

DEPL was established in 2005 with the merging of three family-run
firms -- Dipu Enterprises (formed in 1985), Dipu Fab (1994), and
Dipu Handloom (1997) -- all in the same line of business. Mumbai-
based DEPL manufactures women's dress material and kurtis, which
it sells in the organised retail market.


ESSAR STEEL: JSW Urges CoC to Invite Fresh Bids for Business
------------------------------------------------------------
Ishita Ayan Dutt at Business Standard reports that Sajjan Jindal-
controlled JSW Steel has written to the committee of creditors
(CoC) of Essar Steel on inviting fresh bids for the bankrupt
firm.

About a month ago, JSW Steel had written to the committee,
expressing its interest in taking part in bidding for Essar
Steel, Business Standard recounts.

However, the CoC had decided not to invite fresh bids owing to
time constraints, Business Standard notes.

The CoC, after rejecting the first round of bids of ArcelorMittal
and Numetal on grounds of eligibility under Section 29A of the
Insolvency and Bankruptcy Code (IBC), decided to invite bids from
only those whose expressions of interest (EoIs) had been
shortlisted, Business Standard relates.

Six companies had submitted EoIs for Essar Steel, Business
Standard discloses.  JSW Steel, which was focusing on bidding for
assets in eastern India, had stayed away, Business Standard
states.

                      About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $ 450.67 million to Standard Chartered Bank (SCB) in
debt.


GAYATRI AGRO: CARE Assigns 'BB-' Rating to LT Bank Facilities
-------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Gayatri Agro Oil and Food Products (GAOFP) as:


                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    12.61          CARE BB-;
                                     Stable/CARE A3
                                    (Double B; Outlook:
                                     Stable)

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Gayatri Agro Oil
and Food Products (GAOFP) is constrained by its relatively small
scale of operations with moderate profitability margins,
vulnerability of its margins due to the presence in the highly
volatile agro-commodity business, working capital intensive
nature of business, geographical concentration risk, leveraged
capital structure with moderate debt coverage indicators and
intensely fragmented and competitive nature of the industry. The
aforesaid constraints are partially offset by the established
brand name, extensive experience of the partners in the industry,
proximity to raw material sources and favorable demand outlook
for edible oil industry.

Ability of the firm to increase its scale of operations with
improvement in profitability margins and ability to manage
working capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations with moderate profitability
margins: GAOFP is a relatively small player visa-vis other
players in the extraction and refining of edible refined rice
bran oil industry marked by total operating income of Rs.70.15
crore (Rs.60.28 crore in FY16) with a PAT of Rs.0.55 crore
(Rs.0.36 crore in FY16) in FY17. Moreover, the firm has reported
turnover of Rs.77.00 crore in 11MFY18. The profitability margins
of the firm remained moderate marked by PBILDT margin of 6.21%
(4.69% in FY16) and PAT margin of 0.79% (0.60% in FY16) in FY17.

Vulnerability of its margins due to the presence in the highly
volatile agro-commodity business: GAOFP's profitability is highly
susceptible to the movement in prices of rice bran. Prices of
these agro-commodity products are governed by the demand-supply
dynamics prevalent in major crop growing regions, favorable
weather condition and prices of substitute edible oils. Domestic
production of these crops, in turn, is dependent on area under
cultivation, vagaries of monsoon, prices of other crops, minimum
support price (MSP) and other incentives offered by Government of
India (GOI). Any unprecedented increase in the raw material
prices might adversely impact GAOFP's profitability margins.

Working capital intensive nature of business: GAOFP's business
operations are working capital intensive in nature. Being in the
agro-commodity sector, the firm has to keep buffer stock of both
the raw materials to get the benefit of price adjustments in the
market and carry out its production activities uninterruptedly.
Accordingly, the average working capital utilization remained
high at around 90% during the last twelve month ending February
28, 2018.

Geographical concentration risk: With operation of the firm being
primarily concentrated to a single State, the growth
opportunities stands curtailed. Though the manufacturing activity
has to be in rice growing areas like Orissa & West Bengal in
order to enjoy the cost advantage, the firm needs to reach out to
newer geographies as regards marketing of its produce in order to
capitalize on opportunities available & reap benefits of scale.
Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the firm remained leveraged
owing to its working capital intensive nature of operations
resulting in higher dependence on bank borrowings. The overall
gearing ratio remained leverage at 2.71x (2.64x as on March 31,
2016) as on March 31, 2017. The debt coverage indicators also
improved and the same remained moderate marked by interest
coverage of 2.18x (2.12x in FY16) and total debt to GCA of 8.20x
(12.68x in FY16) in FY17. Furthermore, the total debt to GCA also
improved owing to improvement in cash accruals as on March 31,
2017.

Intense competition due to the fragmented nature of the industry:
Due to low entry barriers, the Indian edible oil processing
segment is highly fragmented and competitive due to presence of
various small players. Most of the manufacturers offer similar
products with little difference which competes with each other
resulting in lower margins for most of the players. Further,
availability of varieties of edible oils such as mustard oil,
sunflower oil, soya bean oil etc., which can be substituted for
one another also adds to the competition.

Key Rating Strengths

Established brand and experienced partners: The firm is into same
line of business since its inception and thus has satisfactory
operational track record. The firm sells its products under the
brand name 'Shankh' and "Sobha". The said brands are established
brands in the State of Odisha, having been into existence for
over a decade.  Furthermore, the key promoter, Mr. Amit Agrawal,
has more than a decade of experience in rice mill industry. He
will look after the overall management of the firm. He will be
supported by other partners who also have more than a decade of
business experience.

Proximity to raw material sources: Rice bran, the primary raw
material, is sourced from local rice mills. The firm does not
have any long term supply contract as the same is available in
plenty with rice mills operating in areas in proximity to GAOFP's
plant. Though the availability shall be an issue in case of poor
monsoons resulting in lower cultivation of rice, any tie-up with
rice mills for the bran will not be effective in view of lack of
availability of paddy. Majority of its finished products is also
sold within the State of Odisha. Localized operation helps the
firm to minimize transportation cost and enjoy cost advantage
vis-a-vis larger players.

Strong growth prospect and favorable demand outlook for edible
oil industry: In view of significant health benefits in
comparison to other types of edible oils, rising health awareness
among Indian consumers and suitable substitute to other types of
edible oils like Palm oil, Mustard oil, Soya bean oil, Sunflower
oil etc. the growth prospect of the firm in the Indian edible oil
industry seems bullish. India is the third largest consumer of
edible oil after China and Europe. Demand for edible oil in India
has grown over the last ten years. Increasing per capita
consumption together with growing population, urbanization and
changing lifestyle will drive the growth in demand for edible
oils in future.

Established in January 2004, Gayatri Agro Oil and Food Products
(GAOFP) was promoted by Mr. Amit Agrawal, Mr. Pawan Kumar
Agrawaland Ms. Sarita Agrawal. The firm is engaged in the
extraction and refining of edible oil (mainly rice bran oil and
its by-product de-oiled cake from rice bran) with an edible oil
extraction capacity of 200 tons per day and refining capacity of
50 tonnes per day. The extraction cum refinery plant of the firm
is located at Kalahandi, Odisha. The firm sells its products
under the brand name 'Shankh' and "Sobha" in the state of Odisha.


GOEL AND ASSOCIATES: CRISIL Moves B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Goel and
Associates (Goel) for obtaining information through letters and
emails dated February 23, 2018, March 15, 2018 and March 20, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        3        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           3.8      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    1.2      CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Goel and Associates to CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Goel is a partnership firm formed in 1995 by Mr Navin Goel and
his father Mr R C Goel; currently, there are three partners in
the firm. It undertakes civil construction activities, such as
construction of housing complexes, in Chhattisgarh. It is a
registered contractor with Chhattisgarh Public Works Department
and Chhattisgarh Housing Board. The firm also constructs
hospitals with HSCC (India) Ltd, a consultancy company of the
Government of India.


GR CONSTRUCTIONS: ICRA Withdraws D Rating on INR26cr Loan
---------------------------------------------------------
ICRA withdraws the long-term rating of [ICRA]D (pronounced ICRA
D) outstanding on the Rs. 26.00-crore term loan facilities of G R
Constructions.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-Cash
   Credit               26.00        [ICRA]D; 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. There is no
amount outstanding against the rated facility.


HI ROCK CONSTRUCTION: Ind-Ra Puts BB- LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hi-Rock
Construction Private Limited (HRC) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR200 mil. Long-term loans due on June 2021 assigned with
IND
     BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect the high salability risk associated with Hi-
Rock's ongoing project Kinjal Nine. The company had started
construction on March 2017 and till February 2018; no unit was
sold due to a slowdown in the real estate industry after
demonetization and RERA implementation.

The ratings also reflect the moderate execution and financial
risk as the company has completed just 35% construction till
February 2018 and a major portion of the construction is still
pending. To fund the total project cost of INR416.6 million, a
bank loan of INR200 million was sanctioned; out of which, INR150
million has been disbursed. Also, the promoters have infused only
INR50 million as against the share of INR216.6 million towards
the project. Thus, the promoters' timely infusion of funds is
critical for project execution and loan repayment. The latter
will start from 30 April 2018.

The ratings, however, are supported by the company's experience
of more than a decade in completing several redevelopment
projects in and around Mumbai, and also project's strategic
location in Agripada, Mumbai which is in proximity to all basic
amenities such as railway station, schools, colleges, hospitals
and markets.

RATING SENSITIVITIES

Negative: A delay in project completion leading to additional
construction cost could result in a negative rating action.

Positive: Timely project execution without any additional debts
and considerable sale of housing units could result in a positive
rating action.

COMPANY PROFILE

Rock was incorporated in 2003. The company is involved in the
redevelopment of residential buildings. The company so far has
completed a total eight projects. The current residential project
has 24 stories and 48 flats.


ICOAT PROJECTS: CARE Assigns 'BB-' Rating to LT Bank Facilities
---------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of ICoat Projects Private Limited (IPPL)as:


                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    4.00           CARE BB-; Stable
       (Double B Minus;
       Outlook Stable)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ICoat Projects
Private Limited (IPPL) are tempered by small scale of operations,
fluctuating PBILDT Margin and Thin PAT margin during review
period, highly fragmented industry with intense competition from
other numerous players, short term revenue visibility from order
book and tender based nature of operation. The ratings are,
however, underpinned by the experienced partners with established
track record, growth in total operating income during review
period, financial risk profile marked by improving capital
structure, debt coverage indicators and satisfactory operating
cycle and moderate industry outlook and growth prospects.

Going forward, the ability of the company to increase its scale
of operations and improve its profitability margins and bag new
orders and maintain its capital structure while managing its
working capital efficiently would be the key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operation
Despite the company has more than decade of track record, the
scale of operations of the company remained small marked by total
operating income stood at Rs.22.37 crore in FY17 coupled with low
net worth of Rs.4.67 crore as on March 31, 2017 as compared to
other peers in the industry. Fluctuating PBILDT margin and thin
PAT margin during review period The PBILDT margin of the company
is fluctuating during review period due to fluctuation in raw
material prices on account of absence of price variation clause
in the projects received. The PBILDT margin is fluctuating in the
range of 1.75 %-2.68% during FY15-FY17. The PAT margin of the
entity is declining year on year from 1.36% in FY15 to 1.12% in
FY17 due to fluctuating interest cost coupled with variation in
PBILDT levels.

Short-term revenue visibility in order book
The company has an order book of Rs.36 crore as on February 28,
2018 which translates to 1.60x of total operating of FY17 and the
same is likely to be completed by FY19. The said order book
provides revenue visibility for short term. Highly fragmented
industry with intense competition from other players due to
tender based nature of operations.  The firm receives 100% work
orders from government organizations. All these are tender-based
and the revenues are dependent on the firm's ability to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the long industry experiences more than a decade mitigates this
risk to some extent. Nevertheless, there are numerous fragmented
& unorganized players operating in the segment which makes the
civil construction space highly competitive.

Key Rating Strengths

Experience of the promoters has more than one decade in trading
of electrical erection work

Icoat Projects Private Limited was incorporated in the year 2007
and has been in the Trading & Services of modular wall panels and
ceiling panels and also provides erection and installation works.
The company is managed by Mr. D. Vishnu Vardhan Reddy, Mrs. D.
Pranitha and Mr. B. Srinivas Rao.  Mr. D. Vishnu Vardhan Reddy is
a qualified graduate and has more than a decade of experience in
the electrical erection work. Due to long experience of
promoters, he was able to establish long term relationship with
customers and suppliers.

Growth in total operating income during review period

The total operating income of the firm increased at Compound
Annual Growth Rate (CAGR) of 34.75% i.e., from Rs.12.32 crore in
FY15 to Rs.22.37 crore in FY17 due to ability of the firm to bag
work orders regularly from various departments of Andhra Pradesh
state government along with timely execution of these orders. The
company was generated 80% revenue from trading and remaining 20%
revenue from services of erection and installation works.

Financial risk profile marked by comfortable capital structure,
debt coverage indicators and satisfactory operating cycle. The
capital structure of the company improved and remained
comfortable as on March 31, 2017. The debt equity ratio and
overall gearing ratio of the company improved from 0.88x and
1.51x respectively as on March 31, 2015 to 0.28x and 0.38x
respectively as on March 31, 2017, due to closure of vehicle loan
and lower outstanding working capital bank borrowings as on
closing balance sheet date ended March 31, 2017. Apart, company
has increased the equity share capital to the extent of Rs. 0.91
crore and share premium of Rs.1.82 crore.

The total debt/GCA deteriorated from 12.57x in FY15 to 17.72x in
FY16 due to increase in debt level on account of increase in
unsecured loans. However it is improved to 6.81x in FY17 due to
increase in gross cash accruals coupled with decrease in total
debt at the back of repayment of term loans. The PBILDT interest
coverage ratio deteriorated from 5.66x in FY15 to 3.28x in FY16
due to increase in interest cost. However it is improved from
4.42x in FY17 due to decrease in interest cost.

The operating cycle of the company remained satisfactory at 67
days in FY17. The company receives the payment from its customer
within 35-45 days from the date of bill raised and makes the
payment to its supplier within 35-45 days and sometimes depending
on the realization from the debtors, the company avails the
extension of credit period from its suppliers. The average
utilization of working capital limit stood at 90 % for the last
12 month ended February 28, 2018.

Moderate industry outlook and growth prospects

Indian EPC market is poised to see north bound trend in coming
years. Infrastructure sector being the key corner stone for
driving progress, Government of India has spearheaded huge
investment plan in recent Budget 2017-18. For transportation
sector as a whole, including rail, roads, shipping, GOI has
planned for whopping Rs 2,41,387 crores in 201718. The total
capital and development expenditure of Railways has been pegged
at Rs 1,31,000 crores. This will provide substantial impetus to
corresponding EPC segment. However this planned infrastructure
targets of Govt. requires a robust and growing EPC services
industry for spreading and management of risks, efficiency and
productivity in engineering and construction and supplementing
the management band width of project developers. This research
has conducted exhaustive primary and secondary market surveys to
project the inherent opportunity for EPC industry participants in
different sectors of India. In this report we aim to have forward
looking view on EPC Industries in India to shape future business
strategies and government enablement in the sector. This report
also discusses about past trend of investment in EPC segment and
extrapolated future investment outlook in respective sectors.
This dossier encompasses balance sheet and cash flow analysis of
key market participants to investigate financial health as well
as operational efficiency of various companies which will assist
in taking key strategic decision by value chain partners.

Analytical Approach: Standalone

Icoat Projects Private Limited (IPPL) was incorporated in the
year 2007 (erstwhile Icoat technologies India Pvt. Ltd, the
company's name has changed to current nomenclature IPPL in 2012).
IPPL is promoted by Mr.s Pranitha Kumari, Mr. D.Vishnu Vardhan
Reddy and Mr. B. Srinivas Rao. The company is engaged in the
trading of modular wall panels and ceiling panels and also
provides erection and installation works for transmission towers
and substations within the range of 33kv to 132kv. Furthermore,
the company also undertakes electrical works for commercial
buildings government while participating in tenders.


KR ANAND: ICRA Moves BB- Rating From Issuer Not Non-Cooperating
---------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]BB (Stable)/[ICRA]A4
from the 'ISSUER NOT COOPERATING' category as the company has now
submitted its 'No Default Statement' ("NDS") which validates that
the company is regular in meeting its debt servicing obligations.
The company's rating was moved to the 'ISSUER NOT COOPERATING'
category in November 2017.

The current rating derives comfort from the long experience of
the promoters in the civil construction industry as also the
status  of  the  firm  as  Class -1  contractor in NCR enabling
it to bid for various government projects. The rating also takes
into account the reputed customer base consisting of various
reputed government and private entities which limits the counter
party credit risk and the comfortable capital structure of the
firm as on March 31, 2017.

The rating however remains constrained by the modest financial
profile of the firm characterized by low profitability and weak
debt coverage indicators; and its moderate unexecuted order book
position of 1.18 times the FY2017 operating income, with some of
the projects running behind schedule.  The rating also factors in
the limited geographical diversification with most of the
projects being executed in NCR region and exposure to high
competitive pressures from other organized and unorganized
players in the construction industry.  ICRA also notes that the
company has advanced around Rs.9.52 crore of loans to its
associate concern for  a Bangalore based Build Operate Transfer
project, which has constrained its liquidity in the past two
fiscals. Given the sizeable repayments falling due in the near to
medium term, the addition of new projects, timely completion of
the ongoing projects and recovery  of the advances  extended  to
group concern would remain crucial for timely debt servicing.


MAHANAGAR TELEPHONE: Telecom Department Discusses Revival Options
-----------------------------------------------------------------
PTI reports that Mahanagar Telephone Nigam Limited chief P K
Purwar on April 24 said an internal panel of Telecom Department
is meeting on regular basis to discuss the revival options for
the ailing state-owned firm, and ruled out any talks on closure
of the company at this point.

". . . all the discussions that MTNL had with Department of
Telecom (DoT) or in the government is about MTNL's revival, and
manner in which the legacy issues can be addressed . . .there is
neither any proposal nor discussion about closure of MTNL, in any
manner," Mr. Purwar, CMD of MTNL, told PTI.

In September, DoT constituted an internal panel to carve out a
future path for the debt-laden MTNL and Mr. Purwar said the
committee continues to meet at regular intervals to discuss
various options for revival, PTI recounts.

According to PTI, Telecom Minister Manoj Sinha in a written reply
to Lok Sabha in February had pointed that both BSNL and MTNL have
been incurring losses for a number of years, and therefore, have
been declared as 'incipient sick' as per Department of Public
Enterprises (DPE) guidelines.

Mr. Sinha had also said that the revival plan of MTNL prepared by
its consultant "is under consideration" in DoT, PTI notes.

The recommendations include defending current revenue and
additional revenue streams, asset monetisation, lowering
retirement age from 60 to 58 years for employees, Voluntary
Retirement Scheme (VRS), debt restructuring and finding synergy
in operations of MTNL and BSNL, PTI discloses.

MTNL's debt stands at a staggering INR17,000 crore, and its
annual interest burden is close to INR1,450 crore, PTI states.
Bruised by a fierce competition from private sector players,
MTNL's losses were pegged at INR2,893 crore in 2014-15,
INR2,005 crore in 2015-16, and INR2,970 crore in 2016-17, PTI
relays.

Mahanagar Telephone Nigam Limited offers telephony services in
Mumbai and Delhi circles.


MAHITECHS: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahitechs'
Long-Term Issuer Rating of 'IND B+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR27.5 mil. Fund-based working capital withdrawn and the
     rating is withdrawn; and

-- INR70.0 mil. Non-fund-based working capital withdrawn and the
     rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, based on
the firm's request to withdraw the ratings and the lender's
feedback that Mahitechs' limit utilization is INR20 million and
external rating is not required. This is consistent with the
Securities and Exchange Board of India's circular dated March 31,
2017 for credit rating agencies. Ind-Ra will no longer provide
analytical and rating coverage for Mahitechs.

COMPANY PROFILE

Established in 2010, Mahitechs is a Mumbai-based firm engaged in
the execution of civil construction work for semi-government
authority and non-government authorities. The firm also takes job
work as sub-contractor.


METAL'S & METAL: CARE Assigns 'BB-' Rating to LT Bank Facilities
----------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Metal's & Metal (Electric) Private Limited (MMPL), as:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    13.00          CARE BB-;
                                     Stable
                                    (Double B Minus; Outlook:
                                     Stable)


Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Metal's & Metal
(Electric) Private Limited (MMPL) are tempered by moderate scale
of operations, fluctuating PBILDT margins and thin PAT margin and
highly fragmented industry with intense competition from large
number of players. The ratings are, however, underpinned by the
established track record and experience of the promoter, growth
in total operating income, established relationships with
clientele, comfortable capital structure, debt coverage
indicators and working capital cycle days along with Stable
business outlook for the electrical products.

Going forward, the ability of the company to increase its revenue
while maintaining the profit margins amidst competition, and
manage working capital requirements efficiently are the key
rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations

MMPL scale of operations remained moderate although the total
operating income has been increasing at a CAGR of 19.61% during
last three years ended FY17. The company achieved Rs.158.63 crore
revenue from trading of electrical products FY17 against
Rs.145.34 crore in FY16.

Fluctuating PBILDT margin and thin PAT margin during review
period

The profitability margins of the company has been satisfactory,
however, seen fluctuating during the review period. The PBILDT
margins declined from 2.62% in FY15 to 1.69% in FY16, due to
increase in cost of goods and other expenses (travelling exp,
vehicle maintenance and etc.,). However, PBILDT margin increased
to 1.83% in FY17 due to increase in total operating income and
decrease in overheads. The PAT margins declined from 0.50% in
FY15 to 0.47% in FY16 on account of increase in depreciation at
the back of addition of fixed assets (computers). However, the
PAT margin improved to 0.54% in FY17 over FY16 on account of
increase in PBILDT in absolute terms.

Highly fragmented industry with intense competition from large
number of players
The company is engaged in trading of electrical products, which
is highly fragmented industry due to presence of large number of
organized and unorganized players in the industry

Key Rating Strengths

Established track record and experience of the promoter for more
two decade in trading business

MMPL is promoted by Mr. Kantilal Jain, Mr. Gouthamchand Jain and
other family members. Both Mr. Kantilal Jain and Mr. Gouthamchand
have more than two decades in the trading of electrical products.
They look after all the financial, technical and marketing
matters of the company.  Furthermore, due to long term presence
in the market, the promoter has established relation with
customer and supplier

Growth in total operating income during review period

The total operating income (TOI) of the company grew
significantly by Rs.110.88 crore and Rs.145.34 crore in FY15-FY16
respectively as the company faced stiff competition from its
peers in the market. However, TOI grew to Rs.158.63 crore
achieving a CAGR of 19.61% during the review period.
Financial risk profile marked by comfortable capital structure,
debt coverage indicators and working capital cycle days.

The capital structure of the company remained comfortable during
review period. The debt equity ratio of the company has been
improving year-on-year and remained below unity for the last
three balance sheet date ended March 31, 2017 on account of
absence of term loan from banks and NBFCs. The overall gearing
ratio improved from 2.71x as on March 31, 2015 to 0.99x as on
March 31, 2017 due to increase in tangible net worth on account
of unsecured loans to the tune of Rs. 2.86 crore in FY16 and Rs.
3.70 crore in FY17 subordinated to bank facility.

The debt coverage indicators of the company remained comfortable
in FY17 marked by total debt/GCA which improved from 22.20x in
FY15 to 13.88x in FY16due to increase in cash accruals coupled
with decrease in total debt then it improved to 9.98x in FY17 due
to increase in cash accruals at the back of increase in profit
levels. Furthermore, the PBILDT interest coverage ratio, improved
from 1.40x in FY15 to 1.91x in FY 17due to increase in PBILDT
absolute terms.

The operating cycle of the company remained comfortable during
review period and stood at 37 days in FY17. The company receives
the payment from its customer within 90-110 days. However, the
credit period get stretched up to 120 days from few customers
depending on relationship with customer and bulk type order.
Furthermore, the company makes the payment to its suppliers
within 100-125 days and sometimes depending on the realization
from debtors. The company sometimes avail the extension in credit
period from its suppliers due to long standing relationship.

Stable outlook of Indian electrical equipment industry

The Indian electrical equipment segment is one of the major
vertical of capital goods industry in the country which comprises
of heavy electrical and power plant equipment etc. The industry
is highly diverse and manufactures a wide range of high & low
technology products. EE occupies a large share in the total
market size of the capital goods in the country. The IEE industry
can be broadly classified into two sectors - generation equipment
and transmission & distribution equipment. The demand for
electrical equipment in India is expected to encounter
significant expansion visa-vis growth of the power sector. The
IEE industry has shown positive prospects of growth in past 5-6
years basis which itis expected that it will meet the aggressive
market expansion target of USD 100 billion by the end of 2022.

Tamil Nadu based, Metal's & Metal (Electric) Private Limited
(MMPL) was incorporated in the year 1995 by Mr. Kantilal Jain and
associate family concerns. MMPL is engaged in trading of
electrical products like wires and cables. The company purchases
the products like switchboards, house wires, PVC & XLPE, and
cables among others from local suppliers. The company sells its
products all over India. MMPL is an authorized distributor of
wires and cables of Paragon Power Cables
Limited (PARAGON), KEI Industries Limited (KEI) and Polycab Wires
Private Limited (POLYCAB)


MUGHALSARAI NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mughalsarai
Nagar Palika Parishad's (MNPP) Long-Term Issuer Rating of 'IND
BB'. The Outlook was Stable.

PROFILE

Mughalsarai is located in the Chandauli district of Uttar
Pradesh. This town is located at a distance of 16km away from
Varanasi. Mughalsarai is an important railway junction in Uttar
Pradesh, with about 125 passenger trains passing through this
junction. Two important railway lines intersect at the junction.
Mughalsarai is known for its railway yard and railway colonies.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) programme and no
specific debt was issued against the rating.


NAINITAL MOTORS: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nainital Motors
Private Limited's (NMPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital affirmed with IND
     BB+/Stable/IND A4+ rating; and

-- INR10 mil. (reduced from INR14 mil.) Term loan due on March
     2020 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects NMPL's continued thin operating margins
(FY17: 1.45%; FY16: 1.40%). due to the trading nature of its
business and high discounts offered to increase the top line.
Also, its scale of operations remains moderate, with revenue
growing to INR2,049.31 million in FY17 (FY16: INR1,594.37
million), driven by higher sales volume.

The ratings are supported by NMPL's comfortable credit metrics
and liquidity position, because the company manages its cash
conversion cycle efficiently, leading to low utilization of the
fund-based limit and low interest expense. In FY17, net interest
coverage (operating EBITDA/gross interest expense) was 3.09x
(FY16: 2.73x) and net leverage (adjusted net debt/operating
EBITDAR) was 1.69x (5.44x). The improvement in credit metrics was
supported by an increase in absolute EBITDA and lower utilization
of the fund-based limits. The company reported positive cash flow
from operations during FY16-FY17. Moreover, its average peak
utilization of the working capital facility was 51% during the 12
months ended March 2018.

Moreover, NMPL's directors have a decade-long experience in the
automobile business and the company is an authorized dealer of
Maruti Suzuki India Limited, a leading player in the passenger
vehicle segment in India, in Uttarakhand.

RATING SENSITIVITIES

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

Positive: Revenue growth, along with an improvement in EBITDA
margin, leading to an improvement in credit metrics on a
sustained basis could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2008, NMPL is an authorized dealer of Maruti
Suzuki India in Uttarakhand. In addition, it provides car repair,
auto finance and car insurance services. NMPL booked INR2.238
million in revenue for 11MFY18 (provisional).


NEC PACKAGING: CRISIL Withdraws B Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with NEC
Packaging Limited (NEC) for obtaining information through letters
and emails dated September 19 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Cash Credit         4       CRISIL B/Stable (Issuer Not
                               Cooperating; Rating Withdrawal)

   Letter of Credit    1       CRISIL A4 (Issuer Not Cooperating;
                               Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NEC. This restricts CRISIL's
ability to take a forward NEC is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of NEC
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of NEC on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 1979, NEC manufactures packaging materials such
as printed corrugated cartons, unprinted laminated films, blister
foils and bulk drug bags, printed poly vinyl chloride shrink
labels, and cold formed foils. It has its manufacturing unit in
Mohali (Punjab) and is managed by Mr. Vivek Kumar Gupta.


NEELKANTH YARN: Ind-Ra Assigns BB+ Rating on INR28MM Loan
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Neelkanth Yarn's
(NEEL) additional bank facilities as follows:

-- INR62 mil. Non-fund based limit assigned with IND A4+ rating;
     and

-- INR28 mil. Fund-based working capital limit assigned with IND
     BB+/Stable/IND A4+ rating.

RATING SENSITIVITIES

Negative: A significant decline in the EBITDA margin, leading to
deterioration in the credit metrics and/or liquidity position on
a sustained basis could lead to a negative rating action.

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

COMPANY PROFILE

NEEL was established in 2009 as a partnership firm by Mr. Anil
Rungta and Mr. Arun Aggarwal. The firm is engaged in the trading
of various varieties of yarns, cotton and polyester fiber.


RELIANCE NAVAL: Auditors Raise Going Concern Doubt, Losses Widen
----------------------------------------------------------------
PTI reports that auditors of Reliance Naval and Engineering
raised doubts about the Anil Ambani-led firm's ability to
"continue as a going concern".

In its notes to the company's 2017-18 earnings statement,
auditors Pathak H.D. & Associates listed cash losses, erosion of
network, loans being called back by secured lenders, current
liabilities being substantially higher than assets and winding up
petitions being filed by few operating creditors to raise its
doubts, PTI relates.

"These conditions indicate the existence of a material
uncertainty that may cast significant doubt on the company's
ability to continue as a going concern," PTI quotes the auditor
as saying in the note.

The company on April 23 reported widening of its net loss to
INR408.68 crore in January-March quarter of 2017-18 fiscal year
from INR139.92 crore net loss in the same period of the previous
financial year, PTI discloses.

According to PTI, for the full year 2017-18, it had posted a net
loss of INR956.09 crore compared with a net loss of INR523.43
crore in the previous year.

Reliance Defence and Engineering Limited (RNAVAL) (formerly
Reliance Defence and Engineering Limited / Pipavav Defence and
Offshore Engineering Company Limited) (PDOECL) has the largest
engineering infrastructure in India and is one of the largest in
the world. RNAVAL is the first private sector company in India to
obtain the licence and contract to build warships.


RK BABU: ICRA Moves BB- Rating on INR11cr Loan to Non-Cooperating
-----------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of R
K Babu Trading Private Limited (RKB or the company) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]BB-(Stable) ISSUER NOT COOPERATING". ICRA has also moved
the short-term ratings for the company to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-Cash
   Credit                11.00       [ICRA]BB-; Issuer Not
                                     Cooperating; Rating Moved
                                     to Issuer Not Cooperating
                                     Category

   Fund-based-Term
   Loan                   1.20       [ICRA]BB-; Issuer Not
                                     Cooperating; Rating Moved
                                     to Issuer Not Cooperating
                                     Category

   Non-fund Based
   Limit                  1.20       ICRA]BB-; Issuer Not
                                     Cooperating; Rating 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/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 2012, RK Babu Trading Private Limited ('RKB',
'the Company') is based out of Jalna (Maharashtra), involved  in
trading  of  cement  and  fertilizers  and  has  distributorship
of  renowned  fertilizer  and  cement  manufacturing companies.
The company is promoted by Mr. Rajendra Jindal who has experience
of more than two decades in fertilizers and cement trading
business.  Till FY2013, Mr. Jindal was operating the
distributorship business under his own proprietorship concern
however the business has been transferred to RKB from FY2014
onwards.


RSV CONSTRUCTIONS: CARE Rates LT Bank Facilities 'BB+'
------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of RSV Constructions Private Limited (RSV), as:


                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    18.50          CARE BB+;
                                     Stable
                                    (Double B Plus; Outlook:
                                     Stable)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RSV Constructions
Private Limited (RSV) are tempered by geographical concentration
risk, volatility in profit margins, moderate capital structure
with marginal deterioration in overall gearing as on March 31,
2017, working capital intensive nature of industry, tender based
nature of operations and intense competition in the civil
construction sector due to the fragmented industry structure. The
ratings are however, underpinned by experienced promoters and
management team, growing scale of operations with increase in
total income in FY17 (refers to the period April 01 to March 31),
moderate order book, decline in reliance on sub-contracting
expenses and stable industry outlook. The ability of the company
to execute the works on hand in a timely manner, improve scale of
operations while maintaining the profitability, manage working
capital requirements efficiently and maintain comfortable capital
structure are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Geographical concentration risk: The order book of RSV is spread
across five states namely Andhra Pradesh (AP), Telangana, Assam,
Mizoram and Karnataka with majorly concentrated in Andhra Pradesh
and Telangana which constitute around 81% of total order book.

Volatile profitability margins: PBILDT margin of RSV have been
volatile during FY15-FY17. However, PBILDT margin improved to
7.72% in FY17 from 6.66% in FY16 on account of decreasing
reliance on sub-contracting work. PAT margin also registered
improvement of 135 bps (from 1.78% in FY16 to 3.13% in FY17).

Moderate capital structure: The capital structure of the company
marked by overall gearing continues to remain moderate with
marginal deterioration as on March 31, 2017. Overall gearing
ratio of the company deteriorated from 0.95x as on March 31, 2015
to 1.12x as on March 31, 2016 with further deterioration to 1.16x
as on March 31, 2017 on account of increase in total debt level.

Working capital intensive nature of industry: The operating cycle
of the company is moderate at 62 days primarily on account of
high collection period. The company's collection period is around
109 days for FY17. The average working capital utilization was
high at around 90% for the last 12 month period ended on February
28, 2018.

Tender-based nature of operations and intensely competitive civil
construction industry: The Company receives all its work orders
from government companies and private players, constituting 100%
of its order book position. All these are tender-based and the
revenues are dependent on the company's ability to bid
successfully for these tenders. There are numerous fragmented &
unorganized players operating in the segment which makes the
civil construction space highly competitive.

Key Rating Strengths

Experienced promoter & management team: The founder of RSV, Mr.
Radha Krishna Rao has vast experience in civil construction and
infrastructure industry. Mr. Rao's experience in handling roads
and building projects and long track record has helped the
company to receive orders from the state governments. Mr. Rao has
been succeeded by his sons Mr. Vijay Kumar Atluri and Mr.
Srinivas Atluri.

Growing scale of operations: The Total Operating Income (TOI) of
the company has increased from Rs.74.67 crore in FY15 to Rs.78.35
crore in FY17 with a y-o-y increase of around 13.80% during FY17
vis-a-vis FY16 backed by execution of orders in hand. Further,
during 9MFY18 (Prov.), the company has reported a TOI of Rs.77.80
crore.

Moderate order book position: RSV has a moderate order book
position with outstanding orders in hand aggregating to Rs.365.67
crore as on February 21, 2018. The present order book of the
company translates to 4.67 times the revenue for FY17 and
provides revenue visibility for short-medium term.

Declining trend in reliance on sub-contracting: Sub-contracting
expenses constituted one of the major cost elements for the
company, however, the same has been continuously declining y-o-y.
In FY17, subcontracting expenses as a percentage of cost of sales
stood at 38%.

Stable industry outlook: The focus of the government on
infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies.

RSV Constructions Private Limited (RSV) was incorporated in
October 1995 and has been promoted by Mr. Radha Krishna Rao and
his sons, Mr. Vijay Kumar Atluri and Mr. Srinivas Atluri. The
company is engaged in civil construction work with major focus on
railways, roads & buildings and irrigation. The company is based
in Hyderabad and is registered as contractors in the state of
Karnataka, Andhra Pradesh, Telangana and Tamilnadu.



RTM REAL: CRISIL Withdraws B+ Rating on INR9MM Long Term Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with RTM Real
Estates (RTM) for obtaining information through letters and
emails dated December 18, 2017 and January 17, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Long Term Loan        9         CRISIL B+/Stable (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL B+/Stable'; Rating
                                   Withdrawal)

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 RTM. 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
RTM is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of RTM to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
B+/Stable'.

CRISIL has withdrawn its rating on the bank facilities of RTM at
the company's request and after receiving a no-objection
certificate from Bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

Set up as a partnership concern in 2011 by Mr. Chandra Prakash
MV, Ms. R Lalitha and Mr. T Ramakrishnan, RTM has constructed a
school that it has leased to Narayana Educational Society for 15
years. Operations are managed by Mr. T Ramakrishnan.


SAISREE ENGINEERS: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Saisree
Engineers Private Limited (SSEPL) for obtaining information
through letters and emails dated December 18, 2017 and January
17, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        5        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           5        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan        5        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Saisree Engineers Private Limitedto CRISIL D/CRISIL
D Issuer not cooperating'.

Incorporated in 2010, Hyderabad-based SSEPL undertakes coal
mining works (digging and dumping) and civil construction works.
The company is promoted by Mr. Suryanarayana Raju and his family.


SAPTAM DECORE: Care Assigns ' BB-' Rating to INR40cr Bank Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Saptam Decore Private Limited (SDPL)as:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    40.00          CARE BB-;
                                     Stable
                                    (Double B Minus; Outlook:
                                     Stable)



Detailed Rational and key rating drivers

The ratings assigned to the bank facilities of Saptam Decore
Private Limited (SDPL) are primarily constrained by project
execution and stabilization risk associated with debt funded
project coupled with debt funding yet to be tied up and highly
competitive industry. The rating, however, draws comfort from
experienced promoters in industry, and favorable manufacturing
location.
Going forward; ability of SDPL to completion of project with in
timelines and cost as envisaged, achieve the envisaged scale of
operations and profitability margins shall be the key rating
sensitivities.

Key description and key rating drivers

Key rating weakness

Project execution and stabilization risk with debt funding yet to
be tied up: SDPL is setting up green field project for
manufacturing of bagasse/ wood based particle board in
Muzzafarnagar, Uttar Pradesh with total project cost of Rs.46.40
crore. The project is proposed to be funded through term loan of
Rs.30 crore and balance through promoters' contribution. The debt
funding is yet to be tied up. The production is expected to
commence from October, 2019. This exposes the company towards
project execution in terms and completion of the project with-in
the envisaged time and cost. Furthermore, project stabilization
risk of the manufacturing facilities to achieve the envisaged
scale of business and salability risk associated with the
products in the light of competitive nature of industry remains
crucial for the company.
Also, the capital structure of the company is expected to remain
leveraged due to debt funded capex to be undertaken for setting
up new manufacturing facilities.

Highly competitive industry: The Company will operate in a highly
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector which limits
bargaining power and exerts pressure on the margins.

Key rating strengths

Experienced directors: SDPL business risk profile will be
benefitted from the extensive experience of promoters in the
field of manufacturing specifically in manufacturing of
Bagasse/wood based particle board the company is primarily being
managed by Mr. Prashant Agarwal and Mrs. Rachna Agarwal. Mr.
Prashant Agarwal is a mechanical engineer with around one and
half decade of experience in manufacturing of Kraft paper &
Duplex Board through his association with the group. Mrs. Rachna
Agarwal; another director of SDPL has around one and half decade
of experience in the industry through his association with the
group. This long-standing experience and expertise in the
industry has enabled them to establish good relationship with
customers and suppliers.
Besides, the promoters of SDPL are also handling other companies
like Tirupati Balaji Fibres Limited (CARE BBB-; Stable/A3), Tehri
Pulp & Paper Limited (CARE BB-; Stable/A4), Bindals Papers Mills
Limited (CARE BB+; Stable/A4+) are into existence for more than
two decades which aided into creating its image in regional
market.

Location advantage: SDPL's manufacturing facility will be located
in Pargana, Muzzafarnagar (Uttar Pradesh). The Industrial belt
will ensure easy availability of manpower and procurement of raw
material on favorable pricing terms.

                       About the company

Muzaffarnagar, Uttar Pradesh based Saptam Decore Private Limited
(SDPL; CIN: U20100UP1995PTC099365) was incorporated in the name
Shikhar Capital Services Private Limited in February 1995. In
2016, the name changed to TCMC Merchandise Private Limited.
Further in 2017, the name changed to present one. SDPL Is setting
up new manufacturing unit which would be located at Pargana,
Muzaffarnagar (Uttar Pradesh) and the proposed installed capacity
to manufacture the board would be 42,240 TPA. The main raw
material for manufacturing would be bagasse, wood and chemicals
which company will procure from local manufacturers and
suppliers.


SIKKO INDUSTRIES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sikko Industries
Limited's (Sikko) 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 are:

-- INR70 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) /IND A4
(ISSUER
     NOT COOPERATING) rating; and

-- INR30 mil. Proposed fund-based limit migrated to Non-
     Cooperating Category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sikko was founded by Mr. Jayantibhai Kumbhani in 1997 as a
proprietorship firm in Ahmedabad, Gujarat. Initially, it operated
as Sikko Sprayers & Export Company and manufactured knapsack
sprayers for spraying pesticides. In 2000, it was renamed Sikko
Sprayers Private Limited. In 2009-10, it was renamed Sikko
Industries Limited.


SIVASAKTHI EXPORTS: CRISIL Assigns B+ Rating to INR2.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Sivasakthi Exports (SE). The
ratings reflect the modest scale and working capital-intensive
nature of operations. These rating weaknesses are partially
offset by extensive experience of the partners in the textile
processing industry.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan           1.75       CRISIL B+/Stable
   Export Packing Credit    2.50       CRISIL B+/Stable
   Bank Guarantee           1.75       CRISIL A4
   Cash Credit              1.00       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition from several
small unorganised players in the textile processing industry, has
kept the scale of operations modest, with expected revenue of
around INR19 crore in fiscal 2018, and limits the bargaining
power with customers.

* Working capital intensity in operations: Operations are working
capital-intensive with gross current assets (GCA) of 136 days in
fiscal 2017, due to inventory stocking of 74 days

Strength

* Extensive experience of partners in the textile industry and
established relationships with customers: The three decade-long
experience of the partner, Mr Sivakumar and his family members,
in the textile processing business, and their established
clientele, both in Europe and the domestic market, will continue
to support the business risk profile.

Outlook: Stable

CRISIL believes SE will continue to benefit from the extensive
experience of its promoters and its established relationships
with customers. The outlook may be revised to 'Positive' if
substantial revenue growth and stable profitability lead to a
sizeable cash accrual, while the capital structure remains
comfortable. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual, stretch in working capital cycle, or
large, unanticipated, capital expenditure, weakens the financial
risk profile, especially liquidity.

SE, which was formed as a partnership firm at Tirupur in 2000,
manufactures grey fabric and printed fabric, and made ups like
shopping bags. The firm has a production capacity of 10 lakhs
metres of fabric per month.



SKY ALLOYS: CARE Assigns 'D' to Long-Term Bank Facilities
---------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Sky Alloys & Power Pvt. Ltd. (SAPP) as:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    15.00           CARE D



Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Sky Alloys & Power
Pvt. Ltd. (SAPP) takes into account the on-going delays in debt
servicing arising out of stretched liquidity position.
Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
debt servicing on account of stretched liquidity position from
FY15 onwards in view of under-utilization of existing capacities.

Small scale of operations: SAPPL is a relatively small sized
player in the iron and steel industry with installed capacity of
sponge iron of 60,000 MTPA, ingot of 48,000 MTPA, 2x6 MVA ferro-
alloy furnaces and power plant of 16 MW. Thus, it suffers from
lack of economies of scale in an industry marked by presence of
large organized players. Furthermore, the small size restricts
the financial flexibility of the company in times of stress.

Financial risk profile: SAPPL's total operating income remained
stable at around Rs.130 cr in both FY15 & FY16 whereas it
witnessed an y-o-y increase of 25.36% in FY17 to Rs.161.74cr. The
company reported operating profit of Rs.0.36 cr in FY17 vis-a-vis
operating losses in earlier years. The company has been incurring
cash losses since last three years. The company has been
servicing debt obligation with a delay mainly out of equity
infusion from the promoters and unsecured loans.

The entity remains highly leveraged with an overall gearing of
23.16x as on March 31, 2017 (25.94x as on March 31,
2016).

Key Rating Strengths

Experienced Promoters: Shri Ravi Singhal has more than a decade's
experience in steel manufacturing business. Besides, he is also
involved in other business activities such as transportation and
trading of iron-ore. Other directors of the company also have
rich experience in related business activities.

Analytical approach: Standalone

About the Company

Sky Alloys and Power Private Limited (SAPPL), incorporated in
2009, had set up a 60,000 MTPA sponge iron, 48,000 MTPA ingot and
16 MW captive power plant [of which 4 MW is based on Waste Heat
Recovery Boiler (WHRB)] in Raigarh, Chhattisgarh. The sponge iron
unit along with 4 MW WHRB commenced operation from Apr 2013,
ingot facility got commissioned in Jun 2013 and 12 MW coal-based
power plant from Oct 2013. The company also set up a 2x6 MVA
ferro alloy furnaces (with an annual capacity of 19,000 MTPA of
silico manganese & 25,000 MTPA of ferro manganese) by
October, 2014.

The company is promoted by Shri Ravi Singhal along with his
friends and family members - Shri Sankar Hari Aggarwal, Shri
Sandeep Aggarwal, Shri Vinay Aggarwal, Shri Sumeet Kukerja and
Shri Arun Singhal. Shri Ravi Singhal has an experience of more
than a decade in steel manufacturing.


STARWING PLASTIC: Ind-Ra Moves 'B' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Starwing Plastic
and Chemicals Private Limited's (SPCPL) 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 are:

-- INR40 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 9, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2013, SPCPL is a trading company specializing in the
import and distribution of plastics and chemicals and specialty
additives. SPCPL imports raw materials from various countries and
sells it in the domestic market. The company is currently
concentrating on Maharashtra, Gujarat, Jharkhand and Madhya
Pradesh.


SULTANPUR NAGAR: Ind-Ra Withdraws 'BB-' LongTerm Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sultanpur Nagar
Palika Parishad's (SNPP) Long-Term Issuer Rating of 'IND BB-'.
The Outlook was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT) programme and no specific debt
was issued against the rating.

COMPANY PROFILE

SNPP was constituted as per the constitutional provisions in the
Constitution of India. The 74th amendment promulgated by
Parliament in 1992 has provided the framework for its existence.
The district is a part of the Faizabad division.


SUNIL HITECH: CARE Assigns 'BB' Rating to LT Bank Facilities
------------------------------------------------------------
CARE Ratings has assigned ratings to the long term bank
facilities of The Trinity Group (TTG) as:

                     Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    20.00          CARE BB; Negative
   (TL)

   Long-term
   Bank Facilities    392.00         CARE BB; Negative
   (CC)

   Long/Short Term
   Bank Facilities    1138.00        CARE BB; Negative
   (CC)


Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Sunil Hitech Engineers Ltd. (SHEL) factors in the liquidity
issues faced by the company on account of inability to tie-up
bank lines for working capital requirement, increased delay in
payments by clients as well as the ongoing disputes with some of
the clients. The ratings also continue to remain constrained by
working capital intensive nature of operations, susceptibility to
delays in projects executed by the company and increasing
exposure towards group companies in the form of contingent
liability.

However, the ratings continue to derive comfort from long track
record of operations as well as healthy outstanding order book
position.

The ability of the company to improve the liquidity position
mainly based on receipt of claims as per the arbitration
proceedings as well as by efficiently managing working capital
cycle will be the key rating sensitivities.

Outlook: Negative

The outlook has been revised from 'stable' to 'negative' as the
liquidity position is expected to worsen further if there is a
delay in receipt of claims under arbitration and also if the
delay in payment from clients continues.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in the liquidity position: A combination of
increasing working capitals requirements to support increasing
turnover and order-book, inability of the company to secure
additional bank lines (to fund the same) and slowdown in receipts
from clients has resulted in increasing liquidity tightness for
the company.

Delay in payments by SHEL's clients as well as litigation and
arbitration with the clients

Overall debtors' position had been comfortable till the last
review exercise. Average collection period for FY17 had increased
marginally to 97 days as against 91 days for FY16. Also, as per
the data given by the company during the last review, around 51%
of debtors as on March 31, 2017 were due for less than 60 days as
against 35% as on March 31, 2016. Total debtors as on Sep 30 2017
was Rs. 597 crore as against Rs. 582 crore as on Mar 31,
2017.SHEL now advised that an amount of Rs. 1,173 crore is
involved in litigation and arbitration with various clients.
Among them, major client is MAHAGENCO with claim amount of Rs.
787crore. On account of the ongoing litigation and arbitration,
such clients have delayed their payments. Till the last review,
there was no mention about any arbitration with any of the
clients. There has also been an increased delay in payments from
clients leading to liquidity mismatch. During FY18, the promoters
have reportedly infused equity of Rs. 89.30 crore (Rs. 45crore
infused till Sep 2017) as against Rs. 126 crore projected at the
time of review in September 2017.

Inability to tie-up additional funds - To support the healthy
order book and increasing turnover, the company had projected to
borrow additional fund based and non-fund based limits. However,
the banks have not enhanced the limits resulting in liquidity
stress, despite the equity infusion of Rs. 89 crore by promoters
during FY18. The existing fund based limit utilization, which
remained at an average of 85% for the 12 months during the last
review, now appears to been fully utilized as on date. As per the
management, many of its bankers are in Prompt Correction Action
(PCA) because of which they have stopped further lending. Also,
banks are being cautious to lend to EPC infrastructure projects.

Moderate financial risk profile marked by modest profitability
margins and solvency ratios:

During FY17, the total operating income increased by 14% y-o-y to
Rs 2102 crore However, the PBILDT margins declined by 133 bps to
9% in FY17 (10.33% FY16) mainly on account of old receivables
amounting to Rs 19.50 crore written off. These are old
receivables of more than five years which had to be written off
as per new accounting policies. During 9MFY18, the company
registered total operating income of Rs. 1,663.92 crore (12.20%
Y-o-Y increase) as compared to Rs. 1482.93 crore in 9MFY17.
SHEL's PBILDT margins were at 9.96% for 9MFY18 as against 10.56%
for 9MFY17 and 9.92% for 9MFY18 (before accounting for write-
offs). The performance of the company during 9MFY18 has largely
been in line with the projected performance for FY18.

Key Rating Strengths

Long track record of operations and comfortable order book
position

SHEL was incorporated in 1984 and has a long track record in
executing various EPC projects. Its order book increased
significantly from Rs. 3,421 crore as on September 2016 to Rs.
5,189crore as on March 31, 2017 and the same has remained strong
at Rs. 5,062 crore (2.41x of FY17 total operating income). The
comfortable order book position provides medium to long term
revenue visibility. However, timely execution of the same would
remain crucial for the company going forward.

SHEL was incorporated as a proprietorship concern under the name
of Sunil Engineering Works in 1984 and was reconstituted as a
private limited company in 1998. The company changed its name to
the current one in August 2005. SHEL commenced operations in 1984
as a contractor securing and executing small works of
fabrication, erection and other commissioning related works of
thermal power plants. Over a period of time, the company has
grown as a medium sized player in the infrastructure space and
undertakes works related to civil and structural work,
transmission and distribution, balance of power plants and
operations and maintenance, installation of boilers and
auxiliaries, civil and institutional buildings and roads. Since
FY15, company selected to focus on road building and civil
construction projects while moderating exposure to Balance of
Plant power projects.


SUPREME HOUSING: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
--------------------------------------------------------------
This announcement corrects the commentary published on 30 March
2017 that incorrectly stated ratings for December 30, 2013 in the
history table. An amended version is as follows:

India Ratings and Research (Ind-Ra) has migrated Supreme Housing
and Hospitality Private Limited's (SHHL) Long-Term Issuer Rating
to the non-cooperating category. The issuer did not participate
in the rating exercise, despite continuous requests and follow-
ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating action is:

-- INR3,900 bil. Long-term loan migrated to Non-Cooperating
     Category IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SHHL was incorporated as a private limited company on November
20, 2006. The company is engaged in real estate development. The
company is in the process of developing a commercial and
residential complex in Mumbai (Supreme City) and has acquired the
development rights for the project. The commercial complex
comprises an IT Park and a residential complex of villas and
service apartments. SHHL has no ongoing projects other than
Supreme City.


TRINITY GROUP: CARE Assigns 'BB' to Long-term Bank Facilities
-------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of The Trinity Group (TTG) as:

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term
   Bank Facilities    0.50           CARE BB; Stable
       (Double B;
       Outlook Stable)


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of The Trinity Group
(TTG) are tempered by modest scale of operations along with
fluctuating total operating income, tender based nature of
operations, constitution of the entity as partnership firm with
inherent risk of withdrawal of capital, customer and geographic
concentration risk and highly fragmented and competitive civil
construction industry. The ratings, however, derives its
strengths from long track record with experienced partners for
more than a decade in construction industry, satisfactory
profitability margins albeit fluctuating during the review
period, comfortable capital structure and debt coverage
indicators, medium to long-term revenue visibility from order
book position and stable outlook of construction industry.

Going forward, the ability of the firm to increase its scale of
operations, execute the projects in timely manner and timely
receipt of contract proceeds are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with fluctuating total operating
income

Despite the long track record, the scale of operations of the
firm is modest marked by total operating income (TOI) of Rs.60.29
crore in FY18 (Prov.). Furthermore, the total operating income of
the firm is seen fluctuating during the review period. The
revenue decreased from Rs. 37.04 crore in FY16 to Rs. 26.80 crore
in FY17. However, in FY18 (Prov.), the firm has achieved total
operating income of Rs. 60.29 crore. Apart, the net worth of the
company is small at Rs. 14.64 crore as on March 31, 2018 (Prov.)
as compared to other peers in the industry.

Tender based nature of operations

The firm receives most of its work orders from government
departments which are tender- based and are procured online. The
revenues of the firm are dependent on its ability to bid
successfully for the tenders and execute the same effectively.
However, the promoter's experience in the construction industry
mitigates the risk to an extent.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital

Constitution as a partnership has the inherent risk of
possibility of withdrawal of the capital at the time of personal
contingency which can adversely affect its capital structure.
Furthermore, partnerships have restricted access to external
borrowings as credit worthiness of the partners would be key
factor affecting credit decision for the lenders.

Customer and geographic concentration risk
The firm is a contractor for various departments of state
government of Karnataka. TTG participates in tenders for
receiving work orders from departments of government of Karnataka
such as Karnataka Housing Board (KHB), Karnataka Public Works
Department (PWD), Karnataka Industrial Area Development Board
(KIADB) etc.  The geographic presence of these customers are
restricted to various districts of Karnataka which reflect high
geographical concentration risk along with customer concentration
risk.

Highly fragmented and competitive civil construction industry

The firm is operating in highly competitive and fragmented
industry. The firm witnesses intense competition from both the
organized and largely unorganized players as the projects are
tender-based and the revenues are dependent on the firm's ability
to bid successfully for these tenders. This fragmented and highly
competitive industry results into price competition thereby
affecting the profitability margins of the companies operating in
the industry.

Key Rating Strengths

Long track record with experienced partners for more than a
decade in construction industry

The Trinity Group is a partnership firm started by Mr. Sanjeev R
Naik and Mr. Praveen R Naik in the year 2000. Mr. Sanjeev R Naik
is a civil engineer with rich experience in this field whereas
Mr. Praveen R Naik is a MBA degree holder who looks after finance
and marketing of the firm. Both the partners look after day to
day activities of the firm. Due to reasonable track record in the
construction industry, the promoters have established relations
with its customers which has benefitted in terms of bagging new
orders in competitive.

Satisfactory profitability margins albeit fluctuating during the
review period

The firm has satisfactory profitability margins due to better
margin associated with projects under execution. However, the
PBILDT margin of the firm has been fluctuating in the range 9%-
12% during the review period FY16-18 due to the fluctuation in
raw material prices. Also, the margins associated with each
projects varies with the size and from client to client which has
resulted in fluctuations in PBILDT margins.

PAT margin improved marginally from 5.67% in FY16 to 6.01% in
FY17 owing to decrease in interest cost as a result of structured
repayment of debt obligations. However, PAT margin marginally
decreased by 36 bps to 5.65% in FY18 (Prov.) due to increase in
interest cost.

Comfortable working capital cycle

The firm has comfortable working capital cycle on account of
comfortable collection days and creditor days. The firm receives
the payment from its customers within a week from the date of
bill raised. Furthermore, the average creditor's period remains
satisfactory as a result of the firm making payment to its
creditors within 30 days. Also, the firm doesn't hold inventory
for more than a week. Due to the above said factors, the working
capital of the firm remains comfortable, at a negative value of
19 days in FY18 (Prov.). The average utilization of the bank
overdraft facility was 70%-75% for the last 12 month ended March
28, 2018.

Comfortable capital structure and debt coverage indicators
The capital structure of the firm remained comfortable during the
review period. Debt equity ratio of the firm remained below unity
for the last three balance sheet date ended March 31, 2018
(Prov.) on account of increase in tangible net worth due to year-
on-year accretion of profits to net worth along with low term
loans in the books of firm. Furthermore, overall gearing ratio of
the firm improved from 0.16x as on March 31, 2016 to 0.07x as on
March 31, 2018 (Prov.) due to decrease in debt levels on account
of repayment of term loan obligations coupled with increase in
tangible net worth. The debt coverage indicators of the firm also
remained comfortable during review period. Total debt/GCA
improved from 0.54x in FY16 to 0.28x in FY18 (Prov.) due to
increase in gross cash accruals. The PBILDT interest coverage
ratio also stood comfortable during the review period. However,
PBILDT interest coverage ratio decreased from 7.25x in FY16 to
6.66x in FY18 (Prov.) due to increase in interest cost (mainly
pertaining to bank guarantee charges).

Medium to long-term revenue visibility from order book position
The firm has a healthy order book of Rs. 146 crore as on February
28, 2018 which translates to 5.45x of total operating income of
FY17. The said order book provides revenue visibility for medium
to long- term period.

Stable outlook of construction industry

The construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. The Government of India has undertaken
several steps for boosting the infrastructure development and
revives the investment cycle. The same has gradually resulted in
increased order inflow and movement of passive orders in existing
order book. The focus of the government on infrastructure
development is expected to translate into huge business potential
for the construction industry in the long-run.

Analytical Approach: Standalone

The Trinity Group (TTG) was established in the year 2000 as a
partnership firm. The firm is a class I civil contractor and has
its registered office located at Hubli. TTG is engaged in civil
construction of buildings and road works for clients in the state
of Karnataka. The clientele of the firm includes Karnataka
Housing Board (KHB), Karnataka Public Works Department (PWD),
Karnataka Industrial Area Development Board (KIADB), Medical
Education department of Karnataka, Rail India Technical and
Economic Service (RITES), Jindal Steel works, Akshay Patra(ISCON)
and National Highway Authority of India (NHAI).


UNIMARK REMEDIES: ICICI Can Initiate Corporate Insolvency Process
-----------------------------------------------------------------
The Hindu Business Line reports that the Mumbai Bench of the
National Company Law Tribunal has admitted ICICI Bank's plea to
initiate corporate insolvency resolution process against Unimark
Remedies Ltd to recover an outstanding loan of about INR149
crore.

According to The Hindu Business Line, once admitted, CIRP will
commence on the date of admission (insolvency commencement date)
and has to be completed within 180 days from this date.

ICICI Bank has sought CIRP against Unimark Remedies (corporate
debtor) on the ground that it had committed default from
December 31, 2015 onwards in repayment of various facilities
granted to it to the extent of about INR149 crore, The Hindu
Business Line discloses.  This is as per the proof of debt and
default submitted by the bank to NCLT, The Hindu Business Line
notes.

The facilities sanctioned to the Mumbai-headquartered healthcare
company by the bank amounted to about INR132 crore (principal
sanctioned amount) and the outstanding as at January-end 2018
amounted to about INR149 crore, The Hindu Business Line states.

NCLT has appointed Amit Gupta (Amit H Gupta & Co Chartered
Accountants) as interim resolution professional (IRP) to carry
out the process as mentioned in the IBC, The Hindu Business Line
relates.  The estimated date of closure of CIRP is September-end
2018, according to The Hindu Business Line.

Under IBC, the IRP will manage the operations of the corporate
debtor as a going concern, The Hindu Business Line relays.  He
will take control of assets of the corporate debtor, The Hindu
Business Line says.

Unimark Remedies is a vertically integrated healthcare company
with a business portfolio that includes products ranging from
diagnostics, devices, finished formulations, cosmeceuticals,
animal healthcare products and active pharmaceutical ingredients.
It has manufacturing plants at Ahmedabad, Vapi (both in Gujarat),
and Khopoli (Maharashtra).


VARDHMAN CABLES: CRISIL Withdraws B+ Rating on INR2MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vardhman
Cables and Conductors (VCC) for obtaining information through
letters and emails dated August 23, 2017, and September 8, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         7        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Bill Discounting      21        CRISIL A4 (Issuer Not
   under Letter of                Cooperating; Rating Withdrawal)
   Credit

   Cash Credit            2        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Letter of Credit       9        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VCC. This restricts CRISIL's
ability to take a forward VCC is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of VCC
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of VCC on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

VCC, set up in 1993, manufactures cables and conductors. Under
the conductor segment, the firm manufactures steel reinforced
aluminium conductors and aluminium conductors of various
measurements; its manufacturing unit is in Kolhapur district
(Maharashtra).


ZETATEK INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ (pronounced
ICRA B plus)assigned to Rs.5.50 crore cash credit limits, Rs.
10.00 crore Bank Guarantee limits (revised from Rs. 14.00 crore)
and Rs. 5.50 crore unallocated limits (revised from Rs.1.50
crore) of Zetatek Industries Limited (ZIL).  ICRA has also
reaffirmed the short-term rating of [ICRA]A4 (pronounced ICRA A
four) to the Rs. 2.00 crore LC limits of ZIL. The outlook on the
long term ratings is 'Stable'.

   Facilities       (INR crore)     Ratings
   ----------       -----------     -------

   Cash Limit         5.50      [ICRA]B+ (Stable); Reaffirmed


   LC                 4.00      [ICRA]A4; Reaffirmed

Rationale

The rating reaffirmation continues to be constrained by the weak
financial profile of the company with muted growth in revenues in
FY2016 owing to delay in execution of order from its largest
customer on the back of changes in product specifications by the
end customer. The ratings is also constrained by the stretched
liquidity position as indicated in high utilization of working
capital limits on account of significant increase in working
capital intensity owing to longer collection periods and higher
inventory.

The rating continues to be constrained by the high sector
concentration with the aerospace and defense industries being its
primary end user industries.  ICRA also notes the high order book
concentration with about 48% of the outstanding order book from a
single customer.  The rating, however, favorably factors in the
indigenous product development capabilities of the company backed
by focused Research and Development as well as its established
track record and experience in the testing equipment industry.
ICRA also draws comfort from the prequalified vendor status of
the company with leading government research organizations
indicating product acceptability and conformance to quality
standards.  ICRA also notes that the high entry barriers in the
industry in terms of technological capability, initial capital
and due approvals from clients protects it from increased
competition.

Key rating drivers

Credit Strengths

Indigenous product development capabilities backed by focused R&D
and established track  record and experience of the company in
the testing equipment industry

Prequalified vendor status with leading government research
organizations indicates product acceptability and conformance to
quality standards and high entry barriers  in  the  industry in
terms of technological capability, initial capital and
approvals/affiliation from clients

Credit Weakness

Modest scale of operations with an operating income of Rs. 8.63
crores in FY2016

Significant revenue de-growth in FY2015 and muted growth in
FY2016 owing to slow movement in orders from its top customer
with change in product specification by end client

High utilization of working capital limits. Long lead time of
manufacturing and installation, and stretched receivables from
its top customer result in elongated cash conversion cycle, high
working capital intensity and constrained liquidity position

High sector concentration with the aerospace & defense being the
primary end user industry.



=================
I N D O N E S I A
=================


MNC INVESTAMA: Moody's Affirms Caa3 CFR, Outlook Still Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed the Caa3 corporate family
rating (CFR) of MNC Investama Tbk. (P.T.) (BHIT) and the Ca
rating on the senior secured rating notes issued by its wholly-
owned subsidiary, Ottawa Holdings Pte. Ltd. ("Ottawa"), and
unconditionally and irrevocably guaranteed by BHIT.

The outlook on the ratings remains negative.

At the same time, Moody's has also assigned a (P)Caa1 rating to
the proposed million new senior secured notes due 2021 to be
issued by BHIT.

The rating action follows BHIT's announced exchange offer on
April 17, 2018 - with respect to Ottawa's $365 million 5.875%
senior secured notes -- of up to $250 million for new senior
secured notes due 2021 and a cash tender payment.

BHIT is a listed investment holding company with core holdings in
operating companies primarily in the Indonesian media and
financial services sectors.

Through its 52.85% stake in PT Global Mediacom Tbk (BMTR), BHIT
has a 62.84% stake in Media Nusantara Citra (P.T.) (MNCN),
Indonesia's leading free-to-air broadcast company, and a 92.41%
stake in MNC Sky Vision Tbk (P.T.) (SkyVision), Indonesia's
leading pay-TV operator. BHIT also owns a 69.88% stake in PT MNC
Kapital Indonesia Tbk (MKAP), a leading financial services
company in Indonesia.

RATINGS RATIONALE

"BHIT's proposed exchange is necessary as it does not have
sufficient funds on its balance sheet to repay its maturing $365
million senior secured notes due 16 May 2018. If the exchange
offer is completed as outlined, it will constitute a distressed
exchange, which is an event of default under Moody's definition
of default," says Annalisa DiChiara, Moody's Vice President and
Senior Credit Officer.

Upon the successful completion of the proposed transaction as
outlined such that the 2018 notes are fully repaid, BHIT's CFR
will likely be upgraded to B3, reflecting its improved debt
maturity profile and expected interest coverage -- based on
dividends from operating subsidiaries - of at least 1.0x. The
rating on the 2018 notes would also be withdrawn.

The (P)Caa1 rating on the proposed senior secured notes reflects
the complex organizational and legal structure existent, and thus
factors in structural subordination, similar to the existing 2018
notes. As a holding company, BHIT is entirely reliant on
dividends.

The claims of BHIT's creditors on the assets and cash flows of
BHIT's operating units are subordinate to those of the direct
creditors of the operating units, as the majority of the group's
debt is incurred at the operating unit level with dividends up-
streamed from key operating assets to service its obligations.

According to the company's announcement, holders of the 2018
notes will be eligible to receive an exchange consideration of
$880 in principal amount of new notes and $120 of cash for each
$1,000 in principal amount of the 2018 notes.

A shareholder loan of $30 million and BHIT's existing cash and
sale of marketable securities will provide funds necessary for
the cash portion of the exchange offer and the redemption of the
holdings of non-participating bondholders. The shareholder loan
is expected to convert into equity upon satisfaction of certain
conditions, including the successful completion of the exchange
offer. The shareholder loan will be non-interest bearing and will
remain deeply subordinated until conversion.

Prior to the commencement of the exchange offer, in a separately
privately negotiated transaction, BHIT and the holder of an
aggregate $115 million of the existing 2018 senior secured notes
agreed to convert initially into subordinated debt of the
company, which will remain deeply subordinated and be non-
interest bearing.

This debt will be subsequently converted into the capital stock
of BHIT, upon satisfaction of certain conditions, including the
successful completion of the exchange offer for the remaining
balance of the existing 2018 senior secured notes.

Under the terms, BHIT will issue new shares to the converting
holder on or before 30 September 2018.

"Although, the proposed exchange will ultimately reduce debt
levels and extend the debt maturity profile to 2021 at the
holding company level, its liquidity position will remain
fragile, reflecting its reliance on dividends from subsidiaries -
- primarily MNCN - to satisfy its cash obligations, including
interest expenses on the proposed notes and operating costs,"
adds DiChiara, also Moody's lead analyst for BHIT.

MNCN is Indonesia's leading free-to-air broadcast company and
contributes around 52% and 75% of the BHIT's consolidated
revenues and EBITDA, respectively, providing an anchor for BHIT's
credit profile. It is also the primary source of dividend income
for BHIT.

BHIT's organizational structure is complex with its holdings in
the operating companies in the media sector held through an
intermediary holding company -- BMTR -- which is 52.85% owned.
BMTR's 62.84% stake in MNCN means BHIT's economic interest in
MNCN is only around 33%.

Although Moody's financial analysis of BHIT considers its
consolidated financial position, we also analyze BHIT as a
holding company and its ability to utilize dividend income to
service its debt obligations. Based on this analysis and our
assumptions for dividend receipts from MNCN, we forecast
dividend/interest cover of approximately 1.0x

At the same time, BHIT's credit profile continues to reflect the
credit quality and risk factors associated with its other
strategic assets and portfolio investments outside of the core
media business, including Indonesian financial services, energy
and real estate sectors.

In Moody's view, the non-media-related businesses, separately and
collectively, have weaker market positions, lower margins and
higher associated cash flow volatility, which translate into
higher business and financial risks for BHIT.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

BHIT is a listed investment holding company in Indonesia with
core holdings in operating companies primarily in the Indonesian
media and financial services sectors. The company also holds
other strategic subsidiary and portfolio investments in the
Indonesian property development and mining sectors.



===============
M O N G O L I A
===============


MONGOLIA: S&P Affirms B- Sovereign Credit Rating, Outlook Stable
----------------------------------------------------------------
On April 20, 2018, S&P Global Ratings affirmed its 'B-' long-term
sovereign credit rating on Mongolia. The outlook on the long-term
rating is stable. At the same time, S&P affirmed its 'B' short-
term credit rating on Mongolia. The transfer and convertibility
assessment remains unchanged at 'B'.

OUTLOOK

S&P said, "The stable outlook balances our expectation that
Mongolia limits its government deficit against the risks
associated with the country's elevated current account deficit,
and its associated gross external financing needs.

"The rating's upside potential could build if the economy
outperforms our current projections over the next 12 months,
likely on the basis of stronger external demand dynamics, more
favorable commodity prices, and faster-than-anticipated
development of the Oyu Tolgoi Phase 2 and Tavan Tolgoi
megaprojects.

Downward pressure could emerge if Mongolia's macroeconomic
settings weaken materially, such that we assess external and
fiscal pressures to have dramatically deteriorated. This could
lead to renewed repayment pressures on the sovereign's
obligations. S&P considers this scenario as highly unlikely over
the next 12 months.

RATIONALE

The rating reflects Mongolia's high fiscal debt burden, nascent
political institutions, and the volatile nature of its economy
due to its dependence on commodity exports. Mongolia also has
high external debt levels and limited monetary flexibility.

Institutional and Economic Profile: Institutions, policy
environment remain credit weaknesses despite recent improvements

-- Economic growth in Mongolia accelerated in 2017, and S&P
    expects solid real GDP growth over the coming years as
    investment and mining activity accelerate.

-- Nevertheless, Mongolia's nascent policy institutions and
    relatively low income continue to constrain the rating.

-- The volatile nature of Mongolia's economy creates significant
    challenges for policymaking.

Mongolia's economy bounced back strongly in 2017, with real GDP
growth of 5.1%, due to a sharp rise in prices and volumes of coal
and copper exports. This performance was significantly stronger
than S&P's expectations, underscoring the dependence of
Mongolia's economy on commodities.

S&P forecasts the Mongolian economy to achieve average real GDP
growth of 5.5% from 2018-2021, based on the continued expansion
of production from large resource projects and robust investment
and consumption growth.

In view of its 10-year weighted average real GDP per capita
growth of 3.4% per year, S&P assesses Mongolia's economic
performance to be roughly similar to that of other countries with
similar GDP per capita.

S&P said, "We expect the supportive mining policies under the
Mongolian People's Party (MPP) government to continue, given the
important role played by the mining sector in Mongolia's economic
development. The country's two megaprojects are making progress.
The first is the second phase of the Oyu Tolgoi gold and copper
mine located in the South Gobi region of Mongolia. The US$5.4
billion project will be one of the world's largest new copper-
gold mines. The government of Mongolia owns approximately one-
third of the project, which is operated by Rio Tinto PLC. The
second project is Tavan Tolgoi, which the Mongolia government
proposes to be a US$4 billion coal mine located in the same
region and will be operated by the Mongolian Mining Corp., China
Shenhua Energy Co. Ltd., and Sumitomo Corp. Although these two
projects could significantly boost Mongolia's income level, our
ratings also reflect the risks associated with these projects
while they are still in the development phase."

Mongolia's fiscal outturns improved considerably in 2017, but
continued volatility in the government's accounts reflects high
revenue dependence on the resource sector.

Pressing infrastructure needs represent risks to fiscal accounts.
That said, an estimated general government fiscal deficit of only
1.9% of GDP in 2017 has alleviated Mongolia's rapid growth of
public debt obligations relative to GDP.

S&P acknowledges the constructive impact of the wide-ranging
creditor support program, which was approved for Mongolia in mid-
2017. The IMF-led program will provide approximately US$5.5
billion in creditor support. This program has mitigated acute
external and budgetary pressures, and has provided a degree of
confidence to foreign investors.

In March 2017, the Mongolian government assumed a US$580 million
obligation on behalf of the Development Bank of Mongolia via a
debt exchange program. The government also conducted a successful
liability-management exercise in the fourth quarter of 2017,
mainly raising funds to retire U.S. dollar bonds due in January
2018. These instances suggest that Mongolia retains strong market
access despite the difficulties it has faced over recent years.
Nevertheless, key rating weaknesses will take time to address,
from both a structural reform and credit metrics perspective.

The MPP, which convincingly won the June 2016 general elections,
lost a key presidential election in 2017, and in October 2017 the
Prime Minister and key ministers of his cabinet were removed
following a no-confidence motion. No Mongolian prime minister has
completed a four-year term since 2004. This track record presents
risks to policy continuity and predictability.

The current administration's openness to working with donors to
improve public finances, however, is generally consistent with
the position of the previous MPP administration. The previous
administration had already consolidated into the budget heavy
spending on the price stabilization program (a concessional
lending facility of the Bank of Mongolia to subsidize prices for
food, fuel, and consumption goods), and capital spending through
the Development Bank of Mongolia (DBM). The new DBM Law, passed
by the government in 2017, has effectively curtailed non-
commercial spending by the bank.

Flexibility and Performance Profile: Fiscal position has
improved, but vulnerabilities remain

-- Mongolia's fiscal performance improved substantially in 2017.

-- Nevertheless, the government's fiscal position remains
    vulnerable to a high reliance on commodity revenues and
    pressing infrastructure needs.

-- High public and external indebtedness are additional
    constraints on the ratings.

Despite the aforementioned improvements over the past year,
Mongolia's public finances remain a key risk factor for the
sovereign. Mongolia's net general government indebtedness remains
very high, at 85% of GDP in 2017. The high share of foreign
currency debt, along with risks associated with the quality of
banking sector assets, represent additional risks to the
government's debt position. Although S&P forecasts fiscal
deficits and the associated creation of new government debt to
remain contained over the coming years, these risks are unlikely
to recede meaningfully.

Mongolia's external position remains weak. S&P projects the
country's current account deficit will return to double digits as
a percentage of GDP from 2018-2020. The high import content of
the mining projects, combined with rising income payments to
foreign investors, will more than offset rapid growth in current
account receipts. As a result of historical and projected current
account deficits, plus the financing for the second stage of the
Oyu Tolgoi megaproject, Mongolia's external debt net of public
and financial sector external assets will hit 194% of current
account receipts (CARs) this year. With strong export growth,
this metric should improve somewhat and S&P forecasts it to
decline gradually to 139% by 2021. Mongolia also faces elevated
risks to its external position stemming from its volatile terms
of trade.

S&P said, "Meanwhile, we project the ratio of gross external
financing needs to CARs plus usable reserves at 126% this year.
Although this marks an improvement from the estimated ratio of
161% previously, it nevertheless reflects considerable liquidity
pressures. We forecast liquidity needs to gradually decline to
102% by 2021 as liquidity pressures ease with stability in
commodity prices and big projects near completion."

Central bank reserves have risen considerably over the past year,
reflecting a recovery in external demand, more favorable terms of
trade, as well as fund inflows from the multilateral donor
program. S&P believes the central bank, the Bank of Mongolia,
will continue to focus on boosting its reserves over the coming
years, in accordance with the IMF program.

Although the risks to Mongolia's external position are partly
attenuated by a floating currency regime, the togrog is not an
actively traded currency, and the central bank occasionally
intervenes in the market to reduce volatility. Well over half of
government debt and a third of banking system loans are in
foreign currency, suggesting balance sheet vulnerabilities.

Mongolia's central bank has in recent years executed quasi-fiscal
spending programs on behalf of the government, and therefore its
independence is deemed to be limited. Although the central bank
has reshuffled its leadership since mid-2016 and it is making an
effort to reform its operations, its track record of operational
independence remains limited.

S&P Global Ratings considers the DBM as part of the general
government, given its past quasi-fiscal activity and the
government's provision of extraordinary support to meet the DBM's
debt repayments in 2017. The adoption and ongoing implementation
of more robust laws for DBM and the Deposit Insurance Corp. of
Mongolia should curtail fiscal risks in the future. S&P expects
the revised DBM law to have successfully addressed the quasi-
fiscal nature of the DBM's operations, but the track record on
this front remains limited due to the recent adoption of these
reforms.

S&P said, "We view the rest of the financial and public
enterprise sectors as posing moderate contingent liabilities to
the government, largely due to the size of Mongolia's financial
sector. Mongolia's banks remain exposed to vulnerabilities
associated with the undeveloped, primarily commodity-based, low-
income economy. The recently completed Asset Quality Review has
helped to quantify the banking sector's capital needs, and we
view this as a positive development. Nevertheless, we also
observe continued weaknesses in Mongolia's regulatory framework,
transparency, and disclosures. Our Bank Industry Credit Risk
Assessment for Mongolia is '10' (with '1' being the highest
assessment and '10' being the lowest)."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.

At the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Mongolia
   Sovereign Credit Rating                B-/Stable/B
  Transfer & Convertibility Assessment
    Local Currency                        B
  Mongolia
   Senior Unsecured                       B-
  Trade and Development Bank of Mongolia LLC
   Senior Unsecured                       B-



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
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                            *********


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

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

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

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