/raid1/www/Hosts/bankrupt/TCRAP_Public/180427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, April 27, 2018, Vol. 21, No. 083

                            Headlines


A U S T R A L I A

AESTHETIC ADVANCED: Second Creditors' Meeting Set for May 3
AUS STREAMING: Second Creditors' Meeting Set for May 7
BABBAR AGRO: CRISIL Moves B- Rating to Not Cooperating Category
D & M SUREWINNER: Second Creditors' Meeting Set for May 4
LIBERTY TRUST 2016-3: Moody's Hikes Class E Notes Rating to Ba1

NUFARM AUSTRALIA: Moody's Assigns (P)B1 to $450M Sr. Unsec. Notes
OZ DIGITAL: Second Creditors' Meeting Set for May 4
SPEEDCAST INT'L: Moody's Assigns First Time 'Ba3' CFR


C H I N A

FUTURE LAND: Moody's Assigns Ba2 Rating to New USD Notes
GUANGZHOU R&F: $600MM Notes Issue No Impact on Moody's Ba3 CFR
JIANGSU HUATONG: Files Bankruptcy Petition in Dantu Court
TONGYI INDUSTRIAL: Moody's Assigns First-Time B3 CFR


H O N G K O N G

NOBLE GROUP: Goldilocks File Two Suits Amid Restructuring Efforts


I N D I A

ASHUTOSH BANDYOPADHAYAY: ICRA Keeps B Rating in Not Cooperating
CHINTAMANI GEMS: ICRA Keeps D Rating in Not Cooperating Cat.
COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan
DEVEER DECOR: CRISIL Raises Rating on INR19.04MM Loan to B-
DR. M N TANDON: CARE Assigns B+ Rating to INR4.26cr Term Loan

EESAVYASA TECH: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
FIREFLY BATTERIES: CRISIL Cuts Rating on INR12.3MM Loan to D
H R V GEMS: Ind-Ra Assigns 'BB-' Long Term Issuer Rating
HARI KISHAN: CRISIL Assigns B Rating to INR15MM Cash Loan
HARIHARA METALLOYS: Ind-Ra Keeps BB+ Rating in Non-Cooperating

LICHCHHWI FOOD: Ind-Ra Moves 'BB-' LT Rating to Non-Cooperating
GLOBAL PACKAGING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
HONEY JEWELLERY: CARE Assigns B+ Rating to INR10cr Term Loan
JAIN PRINTS: CARE Assigns B Rating to INR8cr Term Loan
JIWANRAM SHEODUTTRAI: CRISIL Moves D Rating to Not Cooperating

KEYA BUILDTECH: CRISIL Assigns D Rating to INR25MM Term Loan
KIRPA RICE: ICRA Assigns B+ Rating to INR29cr Loan
LAKSHYA FOOD: CARE Assigns B+ Rating to INR26cr Term Loan
MANI MORE: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
MEGATON POLYPACK: ICRA Assigns B+ Rating to INR4.5cr Loan

MILLENNIUM VITRIFIED: ICRA Withdraws B+ Not Cooperating Ratings
NARAYAN COLD: ICRA Keeps B Rating in Not Cooperating Category
NICHEM INDUSTRIES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
OPTIFLEX INDUSTRIES: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
ORCHID PHARMA: Lenders Call for Second Rounding of Bidding

PRESTOGEM VEHICLES: CRISIL Reaffirms B Rating on INR10MM LT Loan
SHAGUN REALTY: CRISIL Lowers Rating on INR20MM LT Loan to B+
SHILPI CABLE: Resolution Professionals' Bid for Extension Okayed
SHRI KALKA: CARE Assigns B+ Rating to INR8.27cr Term Loan
SREE GENGA: CRISIL Migrates D Rating to Not Cooperating Category

SHREE HAREKRISHNA: CRISIL Migrates B+ Rating to Not Cooperating
SHREE RAJARAM: CRISIL Withdraws B Rating on INR10MM Cash Loan
SRI SRIDEVI: CRISIL Reaffirms B+ Rating on INR9.9MM Loan to B+
V.R.K.: ICRA Revises INR8cr Loan Rating to D, Not Cooperating

* INDIA: Must Allow Promoters of Stressed Assets to Bid, CII Says


I N D O N E S I A

LIPPO KARAWACI: S&P Lowers ICR to 'B-' on Weakening Liquidity


J A P A N

SOFTBANK GROUP: Moody's Adds Details to Rated Senior Notes


M A L A Y S I A

MALAYAN BANKING: S&P Assigns 'BB+' Rating to Add'l Tier-1 Notes


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Face Pressure on Gov't. Financing, Moody's Says


                            - - - - -


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


AESTHETIC ADVANCED: Second Creditors' Meeting Set for May 3
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Aesthetic
Advanced Technology Pty Ltd has been set for May 3, 2018, at
11:00 a.m. at Level 27, 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2018, at 4:00 p.m.

Daniel Jean Civil of Jirsch Sutherland were appointed as
administrators of Aesthetic Advanced on March 19, 2018.


AUS STREAMING: Second Creditors' Meeting Set for May 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Aus Streaming
Limited has been set for May 7, 2018, at 4:00 p.m. at the offices
of DW Advisory, Level 2, 32 Martin Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 4, 2018, at 5:00 p.m.

Ronald John Dean-Willcocks and Cameron Hamish Gray of DW Advisory
were appointed as administrators of Aus Streaming on Feb. 3,
2018.


BABBAR AGRO: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Babbar
Agro Industry (BAI) for obtaining information through letters and
emails dated February 7, 2018 and February 14, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          5.5        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan       1.5        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Warehouse Receipts   3          CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2010 as a proprietorship firm by Mr K L Babbar,
BAI, on April 1, 2016, was reconstituted as a partnership between
Mr Babbar and his son Mr Anmol Babbar. It processes both basmati
and non-basmati rice at its facility in Fazilka, Punjab.


D & M SUREWINNER: Second Creditors' Meeting Set for May 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of D & M
Surewinner Pty. Ltd. has been set for May 4, 2018, at 10:00 a.m.,
at Level 27, 259 George Street, in Sydney, NSW.

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

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

Amanda Young and Henry Peter McKenna of Jirsch Sutherland were
appointed as administrators of D & M Surewinner on March 20,
2018.


LIBERTY TRUST 2016-3: Moody's Hikes Class E Notes Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four
classes of notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2016-1 Trust

Class B, Upgraded to Aaa (sf); previously on Feb 9, 2017 Upgraded
to Aa1 (sf)

Issuer: Liberty Series 2016-3 Trust

Class C, Upgraded to Aa3 (sf); previously on Aug 29, 2017
Upgraded to A1 (sf)

Class D, Upgraded to Baa1 (sf); previously on Dec 21, 2016
Definitive Rating Assigned Baa2 (sf)

Class E, Upgraded to Ba1 (sf); previously on Dec 21, 2016
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrades were primarily prompted by an increase in the credit
enhancement available for the affected notes, stemming from an
increase in note subordination and the Guarantee Fee Reserve
Account.

The upgrades for Liberty Series 2016-3 Trust also reflect the
correction of a prior error. In the last rating action on 29
August 2017, incorrect note margins were considered. Today's
rating action reflects the corrected note margins, which had a
positive rating impact mainly on the Class E notes.

Sequential amortization of the notes since closing has led to the
increase in note subordination.

The Guarantee Fee Reserve Account is non-amortizing and can be
used to cover charge-offs against the notes, and liquidity
shortfalls that remain uncovered after drawing on the liquidity
facility and principal.

In addition, the portfolios of the two transactions have been
performing within Moody's expectations and the scheduled loan to
value ratios have decreased slightly.

Liberty Series 2016-1 Trust

Since closing, the note subordination available for the Class B
notes has increased to 13.9% from 6.7%.

In addition, the Guarantee Fee Reserve Account has accumulated
AUD1.2 million (0.83% of the current total current note balance)
from excess spread.

The performance of the transaction has been within expectations
since closing. As of February 2018, 6.8% of the outstanding pool
was 30-plus day delinquent and 3.8% was 90-plus day delinquent.
The portfolio has incurred AUD219,706 of losses to date, and all
realized losses have been covered by excess spread.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.4% as a percentage
of the original pool balance.

Moody's has decreased its MILAN CE assumption to 11.6% from 11.9%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2016-3 Trust

Since closing, the note subordination available for the Class C,
Class D and Class E notes has increased to 8%, 5.6% and 4% from
5.4%, 3.8% and 2.7%, respectively.

In addition, the Guarantee Fee Reserve Account has accumulated
AUD1.5 million (0.45% of the current total current note balance)
from excess spread.

The performance of the transaction has been within expectations
since closing. As of February 2018, 2.3% of the outstanding pool
was 30-plus day delinquent, and 0.8% was 90-plus day delinquent.
The portfolio has incurred AUD145,727 of losses to date, and all
have been covered by excess spread.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.4% as a percentage
of the original pool balance.

Moody's has decreased its MILAN CE assumption to 11.6% from 12.3%
since the last rating action, based on the current portfolio
characteristics.

For the two transactions, the MILAN CE and expected loss
assumption are the two key parameters used by Moody's to
calibrate the loss distribution curve, which is one of the inputs
into the cash-flow model.

The transactions are Australian residential mortgage backed
securities (RMBS) secured by a portfolio of prime and non-
conforming residential mortgage loans, originated by Liberty
Financial Pty Ltd, a large Australian non-bank lender. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories or made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include (1)
a performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
a performance of the underlying collateral that is worse than
Moody's expectations, (2) a decrease in the notes' available
credit enhancement, and (3) a deterioration in the credit quality
of the transaction counterparties.


NUFARM AUSTRALIA: Moody's Assigns (P)B1 to $450M Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to proposed US$450 million of senior unsecured notes to be issued
by Nufarm Australia Limited and Nufarm Americas Inc.

The Notes are guaranteed by Nufarm Limited (Nufarm) and by
certain of its subsidiaries. The proceeds will be applied to
refinancing existing debt.

RATINGS RATIONALE

Nufarm Limited (Ba3 stable) benefits from its (1) well-
established position in the off-patent crop protection segment;
(2) global scale, with strategically located downstream plants,
close to major customers and sales areas; and (3) operational,
product and geographic diversification. At the same time,
Nufarm's rating is constrained by its exposure to weather-related
risks and the threat of competition from low-cost producers in
the off-patent market.

However, this risk is offset by (1) Nufarm's expertise in
creating custom formulations for specific uses; (2) the company's
good distribution network; (3) the fast growth in the offpatent
segment globally; and (4) the degree of counter-cyclicality
present in off-patent products.

Moody's preliminary estimate of the company's financial leverage
as of H1 2018 on a last-12-month basis was good at 3.6x. However,
owing to the timing of its acquisitions, Moody's expects Nufarm's
financial leverage to increase to around 4.0x-4.5x in the fiscal
year ending 31 July 2018, before declining in fiscal 2019.

The notes are rated one notch below the rating for Nufarm Limited
as they rank junior to certain secured indebtedness.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

Nufarm is a crop protection company which manufactures and sells
a range of crop protection products including herbicides,
insecticides and fungicides.


OZ DIGITAL: Second Creditors' Meeting Set for May 4
---------------------------------------------------
A second meeting of creditors in the proceedings of Oz Digital
Solutions Pty Ltd, trading as OZ ComputerMates, has been set for
May 4, 2018, at 2:00 p.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 8, 102 Adelaide Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 3, 2018, at 5:00 p.m.

Lee Crosthwaite of Worrells Solvency was appointed as
administrator of Oz Digital on March 22, 2018.


SPEEDCAST INT'L: Moody's Assigns First Time 'Ba3' CFR
-----------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating (CFR) to Speedcast International Limited.

At the same time, Moody's has assigned a Ba3 rating to the
proposed senior secured term loan facility to be co-borrowed by
Speedcast International Limited and Speedcast Communications Inc.
and to be unconditionally guaranteed, jointly and severally, by
the co-borrowers and their wholly owned subsidiaries.

The ratings outlook is stable.

The proceeds from the term loan will be used to refinance
Speedcast's existing term loans that mature in December 2019.

The rating on the term loan facility is dependent upon
satisfactory documentation and successful completion of the
refinancing.

RATINGS RATIONALE

"The Ba3 ratings are supported by Speedcast's leading market
position, recurrent contractual revenue from its diversified
customer base, good liquidity and our expectations for healthy
financial leverage and positive free cash flow over the next 1-2
years," says Sean Hwang, a Moody's Analyst.

"At the same time, the ratings are constrained by Speedcast's
exposure to cyclicality in its key customer verticals, its
relatively small scale and potential event risk stemming from its
track record of actively pursuing acquisitions," adds Hwang.

Speedcast has grown -- through a series of acquisitions -- to
become the largest provider globally of satellite communications
services to maritime and energy customers in remote locations.

The company's extensive global coverage and networks provide a
degree of entry barrier and competitive advantage over the many
smaller competitors in its fragmented industry.

In addition, its long-term relationships with the diversified
customer base and a backlog of new orders provide some stability
and visibility to revenue. The company has a good track record of
renewing its expiring contracts with customers.

Speedcast expanded its adjusted EBITDA margin to 26% in 2017 from
17%-19% in 2014-16, on the back of its growing scale, cost
savings on the integration of acquired businesses, and the
falling costs of bandwidth capacities that it purchases from
satellite operators.

Moody's expects that these factors will continue to support its
profitability, which is higher than that of its key industry
competitors.

On the other hand, the company's credit quality is tempered by
its exposure to cyclicality in its key customer verticals, such
as the upstream oil and gas, shipping and cruise industries.

A prolonged downturn in these end-markets can lead to customer
losses and reduce Speedcast's revenue and profitability. That
said, Moody's expects that the conditions in the key end-markets
will be stable or favorable, at least over the next 12-18 months.
Speedcast's well-balanced mix of customer industries also partly
mitigates this risk.

Moody's expects the company's adjusted net debt/EBITDA to be
around 2.3x-2.6x over the next 12-18 months, down from the 3.1x
in 2017. This improvement will be mainly driven by (1) the full-
year EBITDA contribution from the UltiSat acquisition (completed
on 1 November 2017); (2) organic revenue and earnings growth
based on its backlog; and (3) positive free cash flow, given its
moderate capital spending and manageable dividend payout. This
level of leverage is supportive of the company's ratings and
mitigates its business risk.

Despite the company's history of frequent acquisitions, event
risk relating to potential future acquisitions is manageable, in
Moody's opinion. This is because of its already established
positions in its key markets and the fact that its balanced
funding mix -- between debt and equity -- for its acquisitions
has minimized the negative impact on its financial profile.

Speedcast's liquidity is adequate and will further improve upon
closing of the term loan facility issuance and refinancing. The
company will have no significant debt maturities over the next
few years and will maintain a committed revolving credit facility
of $100 million.

The Ba3 rating on the proposed senior secured term loan reflects
the fact that this debt constitutes effectively the only debt of
the company, which implies a limited junior cushion in its
liability structure.

The stable outlook reflects Moody's expectation that Speedcast's
business profile will remain stable and the company will steadily
grow earnings and improve financial leverage over the next 12-18
months.

Upward rating pressure could arise if Speedcast maintains its
sound business profile and achieves significant deleveraging,
such that adjusted net debt/EBITDA improves to below 2.0x on a
sustained basis.

Downward pressure on the ratings could emerge if (1) Speedcast's
competitive position or profitability erodes significantly, or
(2) Speedcast pursues an aggressive distribution or debt-funded
investment strategy.

Specific metrics that we will consider for a downgrade include
adjusted net debt/EBITDA above 3.0x or an adjusted EBITDA margin
below 18%-20%.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016. Please see
the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

Speedcast International Limited is a leading provider of
satellite communications and network services in remote locations
globally, mainly serving customers in the maritime, energy,
enterprise and government segments. Speedcast is a widely held
company listed on the Australia Stock Exchange since 2014.



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C H I N A
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FUTURE LAND: Moody's Assigns Ba2 Rating to New USD Notes
--------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed notes to be issued by New Metro Global
Limited, and to be guaranteed by Future Land Holdings Co., Ltd
(Ba2 stable).

The proceeds of the notes will be used mainly for Future Land
Holdings' onshore real estate project development and to repay
its existing indebtedness.

The proposed notes' rating reflects Moody's expectation that
Future Land Holdings will complete the issuance upon satisfactory
terms and conditions, including proper registrations with the
National Development and Reform Commission and the State
Administration of Foreign Exchange in China.

RATINGS RATIONALE

"The proposed notes will provide term funding for Future Land
Holdings to grow its business and improve its liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

"The proposed notes will not have a material impact on Future
Land Holdings' credit metrics, given that part of the proceeds
will be used for refinancing and the proposed issuance is in line
with our expectations on the company's funding plan for this
year," adds Tsang, also Moody's lead analyst for Future Land
Holdings.

Moody's projects that Future Land Holdings' adjusted revenue/debt
and adjusted EBIT/interest coverage -- including its share in
joint ventures - will measure around 95%-100% and 4.0x-4.5x over
the next 12-18 months. These ratios support the company's Ba2
corporate family rating (CFR).

Future Land Holdings' Ba2 CFR reflects its strong sales execution
and growing scale, and improving credit metrics. The rating also
considers the company's improved geographic diversification into
other cities in the Yangtze River Delta over the last few years
and its growing stream of non-development revenue, which will add
stability to its earnings and debt-service ability.

In addition, the Ba2 rating is supported by its adequate
liquidity position with its cash balance of RMB21.9 billion at
the end of 2017 covering 156% of its short-term debt.

However, the rating also factors in its exposure to the regional
economy of the Yangtze River Delta and its sizeable business
exposures to joint ventures.

Moody's has not notched down the Ba2 senior unsecured bond
rating. Although the majority of the company's claims are at the
operating subsidiary level, its diversified business profile --
with cash flow generation across a large number of operating
subsidiaries and different business segments covering property
development and property investment -- mitigates structural
subordination risks.

Future Land Holdings' ratings could be upgraded if the company
sustains resilient sales through cycles, strong liquidity and
prudent financial management.

Specifically, upward rating pressure could emerge if the
company's: (1) adjusted revenue/debt -- including its share in
joint ventures -- exceeds 100%-105%; and/or (2) EBIT/interest
coverage stays above 4.5x-5.0x on a sustained basis.

On the other hand, downward rating pressure could emerge if the
company's contracted sales growth slows and its credit metrics
weaken, with EBIT/interest coverage falling below 3.0x or
adjusted revenue/debt falling below 80%-85%.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Future Land Holdings Co., Ltd engages primarily in residential
development and was founded in 1993 by Wang Zhenhua, who is also
the chairman of the company.

Future Land Holdings is a 67.1%-owned subsidiary of Future Land
Development Holdings Limited (Ba2 stable), and the mainland-
listed holding company of Future Land Group. The company has
direct control over the group's assets, cash flow and operations.

As of the end of 2017, Future Land Holdings had a land bank
spread across in 62 cities in China, with a total land bank of
around 67.4 million square meters (sqm) of gross floor area
(GFA).


GUANGZHOU R&F: $600MM Notes Issue No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Guangzhou R&F Properties Co.,
Ltd.'s issuance of USD600 million notes due 2021 will not
immediately affect its Ba3 corporate family rating (CFR) or the
B1 CFR for the company's wholly owned subsidiary, R&F Properties
(HK) Company Limited.

The ratings outlooks remain negative.

The notes are issued by Easy Tactic Limited, a wholly owned
subsidiary of R&F Properties (HK). The notes are also guaranteed
by R&F Properties (HK) and supported by a keepwell deed and an
equity interest purchase undertaking between Guangzhou R&F, R&F
Properties (HK), and the trustee.

"The new notes issuance will moderately improve Guangzhou R&F's
liquidity and lengthen its debt maturity profile, while the
impact on the company's credit metrics will be limited because
the proceeds from the issuance will be used mainly for the
refinancing of short-term debt," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

Guangzhou R&F held RMB32.2 billion of cash on hand at the end of
2017, which covered 113% of its short-term debt as of that date.

Nevertheless, Guangzhou R&F's credit profile remains weak for its
Ba3 CFR, as reflected in its negative rating outlook, due to its
high debt leverage and high refinancing needs in 2018. The
associated financial risks add challenges to its operations if
the property market weakens in 2018.

Moody's also notes that the company had around RMB27.2 billion of
onshore bonds that will become puttable over the next six months.
While the company could have some flexibility to extend the
maturity of the bonds, the cost of funding would step up and
increase in turn its interest expenses. Partly mitigating this
concern is the fact that Guangzhou R&F's robust contracted sales
year-to-date will provide the company with operating cash flow to
service its debt.

Guangzhou R&F's contracted sales grew 51% year-on-year to RMB24.1
billion in the first three months of 2018, after growing 35%
year-on-year to RMB81.9 billion in 2017.

Moody's also expects that the company's growth in contracted
sales will support its revenue/adjusted debt in trending towards
50%-60% over the next 12-18 months from 40% for 2017, and
EBIT/interest to around 3x over the same period from 2.85x in
2017.

Guangzhou R&F's Ba3 CFR continues to reflect its sizeable scale
and track record of operating through the economic cycles, its
robust sales performance, and the growing income from its hotel
business that offer some benefit of business diversification. On
the other hand, the rating is constrained by its high debt
leverage, which limits the company's funding flexibility.

Guangzhou R&F's CFR could be downgraded if: (1) the company's
debt leverage is unlikely to decline due to aggressive debt-
funded acquisitions, or (2) its liquidity deteriorates because of
weak contracted sales or a significant increase in near-term
refinancing needs.

On the other hand, an upgrade of Guangzhou R&F's CFR is unlikely
in the near term, given the negative rating outlook.

Nonetheless, the rating outlook could return to stable if the
company: (1) reduces its debt leverage, (2) continues to generate
sales growth, or (3) maintains a strong liquidity position.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a mid-sized developer
in China's residential and commercial property sector.

At the end of 2017, the company's land bank totaled 51.4 million
square meters across 69 locations: 63 in China, two in Australia,
and one each in the UK, Korea, Cambodia and Malaysia. At the end
of 2017, Mr. Li Sze Lim and Mr. Zhang Li -- the company's co-
founders -- owned 33.52% and 32.02% of equity interest in the
company.


JIANGSU HUATONG: Files Bankruptcy Petition in Dantu Court
---------------------------------------------------------
Singapore Business Review reports that ST Engineering announced
Jiangsu Huatong Kinetics Co., Ltd and Jiangsu Huaran Kinetics
Co., Ltd (collectively JHK) have filed a bankruptcy petition to
the People's Court of Dantu District in Zhenjiang, Jiangsu.

This follows after JHK was placed under members' voluntary
liquidation, Singapore Business Review relates.

"The shareholders of JHK have agreed on this course of action to
avoid further cash outlay by the company, as JHK was not able to
dispose of its assets (land and buildings) despite its best
efforts for more than a year to secure buyers due to the weak
demand for industrial properties in the Zhenjiang area,"
Singapore Business Review quotes the company as saying.  "The
bankruptcy petition is not expected to have any material impact
on the consolidated net tangible assets per share and earnings
per share of ST Engineering for the current financial year."

Prior to this, the company had resolved staff matters, including
welfare, and compensation settlement, Singapore Business Review
notes.

JHK is the joint venture between ST Engineering's land systems
arm, ST Kinetics and China's state-owned enterprise Jiangsu
Huatong Machinery Co., Ltd.


TONGYI INDUSTRIAL: Moody's Assigns First-Time B3 CFR
----------------------------------------------------
Moody's Investors Service has assigned a first-time B3 corporate
family rating (CFR) to Tongyi Industrial Group Co., Ltd.

Moody's has also assigned a B3 senior unsecured rating to the
proposed USD bond to be issued by Tongyi (BVI) Limited and
guaranteed by Tongyi and Tongyi Group (HK) Limited. Tongyi Group
(HK) Limited is a subsidiary of Tongyi and directly wholly owns
Tongyi (BVI) Limited.

The ratings outlook is stable.

The bond rating reflects Moody's expectation that Tongyi will
complete the bond issuance on satisfactory terms and conditions,
including proper registration with the State Administration of
Foreign Exchange in China (A1 stable).

The proceeds from the notes will be used to refinance existing
debt and for general corporate purposes.

RATINGS RATIONALE

"Tongyi's B3 CFR considers its stable earnings, steady access to
raw materials, as well as its low-cost operations that support
its business profile and profitability," says Stephanie Lau, a
Moody's Vice President and Senior Analyst.

Tongyi's steady access to raw materials is backed by the long-
term relationships with its suppliers, including China's large
national oil companies and international enterprises, such as
China National Petroleum Corporation (CNPC; A1 stable), Mitsui,
Showa Denko and Hanwha Total Petrochemical Co., Ltd. (Baa1
stable).

The company also enjoys cost benefits from its joint venture with
CNPC - Fushun PetroChina Kunlun Gas Co., Ltd - which provides it
with stable and continued carbon 4 (C4) supply, a key feedstock
for the production of liquefied petroleum gas (LPG), methyl
tertiary butyl ether (MTBE) and propylene.

In addition, Tongyi's three production plants are located in
strategic locations that ensure transport cost efficiencies. For
instance, its petrochemical plant in Fushun has guaranteed
pipeline transport of raw materials between itself and a Fushun
petrochemical plant of CNPC -- a key LPG supply location -- thus
offering shorter transport distances than its competitors.

These strengths underpin Tongyi's good EBITDA margins, projected
at around 7.5%-8.0% in the next 12-18 months, levels comparable
to our rated commodity chemical peers. These margins would also
be largely stable compared to the 8.0% registered in 2017, as the
company's improved operational efficiency following production
upgrades was partly offset by higher raw material prices.

Moody's expects Tongyi's adjusted EBITDA will grow by about 10%
to RMB1.1-1.2 billion in the next 12-18 months from around RMB1.0
billion in 2017, underpinned by mild average selling price (ASP)
growth for its commodity chemical products, and improved
operational efficiency. Accordingly, Moody's expects Tongyi's
will register adjusted EBITDA/interest coverage of 3.0x-3.5x in
the next 12-18 months.

Tongyi's rating is constrained by its modest scale and production
capacity relative to other B-rated commodity chemical peers. Its
relatively small scale is reflected by its annual revenue size of
RMB13.5 billion in 2017.

The rating is also constrained by its high product, geographical
and customer concentration, leaving it vulnerable to potential
regional economic downturns or unfavorable local market trends .
The company's chemical manufacturing is focused on LPG, MTBE and
propylene, with LPG and MTBE accounting for about 47% and 37% of
overall chemical manufacturing revenue in 2017.

Tongyi's exposure to commodity chemical trading also raises
business volatility, and in particular pricing, and counterparty
risks. Tongyi's chemical trading business accounted for around
63% of its revenue but only about 48% of its gross profit in
2017.

Pricing risks are related to spot commodity price volatility,
arising from Tongyi's trading in chemical products, including
LPG, ethylene glycol, C4 and aromatics. There is also a degree of
product concentration, with around 40% and 27% of Tongyi's
trading revenue derived from LPG and ethylene glycol products in
2017.

Counterparty risks are highlighted by its customer concentration
among private enterprises in northeast China. In 2017, the top
five customers in its trading business contributed around 36% of
its trading revenue, and around 23% of its consolidated revenue.

These risks are partially mitigated by the fact that Tongyi
collects deposits from its customers ahead of transactions. In
addition, its vertical integration -- through its ownership of a
chemical manufacturing business -- mitigates the price volatility
inherent to its trading business. Tongyi's trading business also
helps to improve its bargaining power in the material procurement
process with suppliers, which in turn enhances its cost benefits
and profitability.

Moody's expects the company will record limited debt growth in
2018, as it has reduced its capex spending to around RMB430-450
million per annum, compared to over RMB1 billion in the last 12-
18 months for production upgrades.

Accordingly, Moody's expects Tongyi's debt leverage -- as
measured by adjusted debt/EBITDA (adjusted debt includes notes
payables which the latter is net off by pledged cash) -- will
peak at 4.5x in 2018 and subsequently fall to 3.0x-3.5x in 2019.
This level of leverage is low for its B3 rating, but is
counterbalanced by its small scale, high industry cyclicality and
limited financial flexibility.

The ratings also consider Tongyi's weak liquidity profile and
limited financial flexibility. As of the end of 2017, the
company's RMB829 million of unrestricted cash and expected
RMB500-550 million operating cash flow were insufficient to cover
its debt obligations maturing over the next 12 months, including
RMB1.5 billion in short-term borrowings and RMB1.0 billion
private onshore bonds puttable in 2018.

Given its private-owned status and high pledged-assets ratio, its
ability to refinance debt will largely depend on the successful
issuance of its proposed offshore bonds. A failure to complete
the issuance as planned could pressure the ratings.

These risks are somewhat mitigated by the company's track record
of successful short-term debt refinancing and its good access to
the domestic bond market.

The senior unsecured rating is not notched down from the B3
corporate family rating, reflecting Moody's expectation that the
majority of claims will be at the holding company level.

The ratings outlook is stable, reflecting Moody's expectation
that Tongyi will successfully refinances its short-term
obligations and sustain its earnings and margins in the next 12-
18 months, while remaining prudent in its expansion plans.

Upward ratings pressure could emerge over time if Tongyi: (1)
improves its liquidity and financial flexibility, such that its
unrestricted cash coverage to short-term debt remains above 1.0x;
(2) expands its scale while sustaining its profit margins, and
improves its business profile with better customer and
geographical diversification; (3) adheres to a prudent financial
policy.

On the other hand, Tongyi's ratings could be downgraded if: (1)
it fails to refinance its short-term obligations or its liquidity
weakens further due to a weakened operational performance or
elevated use of short-term debt to fund its operations; (2) its
revenue or EBITDA declines due to company-specific issues or a
weakening in its operating environment; (3) its credit metrics
materially deteriorate, such that adjusted debt/EBITDA exceeds
5.5x or EBITDA/interest expense falls below 2.0x; (4) it fails to
sustain prudent financial management and engages in aggressive
expansion.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

Established in 1997, Tongyi Industrial Group Co., Ltd. is a
private chemical company that engages in production and trading
of commodity petroleum chemicals. The company is based in Fushun,
Liaoning, China. Tongyi's major manufactured products include
liquefied petroleum gas (LPG), methyl tertiary butyl ether (MTBE)
and propylene, and its trading products include LPG, ethylene
glycol and C4.

The company generated RMB13.5 billion in revenue in 2017 and had
a total asset size of around RMB10 billion at year-end 2017.

As of December 31, 2017, Mr. Song Tieming, chairman of the
company, owned around 34% of the company and his wife, Ms. Li
Yuan, owned 66%.



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


NOBLE GROUP: Goldilocks File Two Suits Amid Restructuring Efforts
-----------------------------------------------------------------
The Straits Times reports that Goldilocks Investment Company has
launched lawsuits to stop Noble Group from holding its annual
general meeting next Monday, April 30, and from taking any action
to further its restructuring support agreement.

But the ad hoc creditor group's financial adviser warned on
April 25 that any delay in the timeline for Noble's restructuring
will cause the company "irreparable damage", The Straits Times
relates.

According to The Straits Times, Goldilocks, Noble's third-largest
shareholder, said in a statement on April 25: "The conduct of
Noble, its board and the supporting creditors has left Goldilocks
with no other alternatives but to pursue legal action, in order
to protect and preserve the rights of all shareholders."

In the first lawsuit, Goldilocks is seeking remedies, including
declarations that it is entitled to propose directors for
election to Noble's board, and to exercise its shareholder
rights, The Straits Times discloses.

The second suit asks to restrain Noble from taking any further
action to establish connections in Britain in its effort to move
its centre of interest there, The Straits Times states.

It also demands that the commodity trader stop moving ahead on
the restructuring support agreement, The Straits Times notes.

                      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
=========


ASHUTOSH BANDYOPADHAYAY: ICRA Keeps B Rating in Not Cooperating
---------------------------------------------------------------
The ratings for the INR20.00crore bank facilities of M/S.
Ashutosh Bandyopadhayay continue to remain under 'Issuer Not
Cooperating' category.  The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4ISSUER NOT COOPERATING".  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.


                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Action Fund          9.00       [ICRA]B(Stable)ISSUER NOT
   Based-Cash                      COOPERATING*; Rating continues
   Credit/ Dropline                to remain under 'Issuer Not
   Overdraft                       Cooperating' category

   Unallocated Limits  11.00       [ICRA]B(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING*;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

The current rating action has been taken by ICRA basis best
available information on the issuers' performance. Accordingly,
the lenders, investors and other market participants are advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Established in 1986 as a proprietorship concern, Ashutosh
Bandyopadhayay, converted into a partnership firm in the name of
M/s. Ashutosh Bandyopadhayay(AB) in April 2008.  The firm
undertakes projects involving construction of buildings, roads,
bridges, etc. in Tripura.  It is a class-I contractor for Public
Works Department, Central Public Works Department and National
Building Construction Corporation.  AB also runs a three-star
hotel in the name of 'Hotel Sonar Tori' in Agartala, Tripura.
The hotel was commercialized from April 2015 and has a total room
inventory of 36 along with two meeting rooms, two banquettes, one
multi-cuisine restaurant and one open restaurant at the roof.


CHINTAMANI GEMS: ICRA Keeps D Rating in Not Cooperating Cat.
------------------------------------------------------------
The rating of INR20.00-crore bank facilities of Chintamani Gems &
Jewellery Private Limited (CGJPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING"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.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based limit    20.00       [ICRA]D ISSUER NOT
                                   COOPERATING*; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category


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 up in September2012, Chintamani Gems & Jewellery
Private Limited (CGJPL) is a closely held company with 100%
holding with the promoter family.  The day-to-day operations are
managed by Mr. Balasaheb Kadam who has almost three decades of
experience in the industry. CGJPL is engaged in trading of gold
jewellery in the domestic market. The manufacturing is outsourced
to job workers in Zaveri Bazaar, Mumbai. The company has also set
upa manufacturing facility in Surat SEZ for manufacturing of gold
jewellery (bangles, chains, rings  etc.). However, the facility
is not operational at present.


COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ (pronounced
ICRA B plus) for the INR7.00-crore long-term fund and the INR1.50
crore non-fund based facilities of Cooldeck Industries  Private
Limited (the company or CIPL). ICRA has also reaffirmed the
short-term rating of [ICRA]A4 (pronounced ICRA A four) for the
INR3.00-crore letter of credit of CIPL. Further, ICRA has
reaffirmed the long-term rating of[ICRA]B+ and the short-term
rating of [ICRA]A4 for the INR3.90-crore (enhanced from Nil)
unallocated limits of the company. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund-based-Cash
   Credit                7.00       [ICRA]B+ (Stable); reaffirmed

   Non-fund Based
   Limit                 1.50       [ICRA]B+ (Stable); reaffirmed

   Non-fund Based        3.00       [ICRA]A4; reaffirmed
   Limit


   Unallocated           3.90       [ICRA]B+ (Stable); reaffirmed

The ratings reaffirmation favorably factors in the extensive
experience of the promoters along with the operating track record
of the company for nearly for twenty-five years in manufacturing
plastic components for cooling tower and water treatment plants,
and its established relationships with a reputed customer base.
However, the ratings are constrained by CIPL's weak financial
profile as reflected by its small scale of operations, highly
leveraged capital structure, and weak debt coverage indicators.
The ratings also take into account the high working capital
intensity of the company's operations due to high receivables
impacting its liquidity as is evident from the high utilization
of its working capital limits, and the exposure to intense
competition, which keeps its profitability under pressure.

Outlook: Stable

ICRA believes CIPL will continue to benefit from the extensive
experience of its promoters and the established customer base.
The outlook may be revised to Positive if substantial growth in
revenue and profitability, coupled with an improvement in the
company's capital structure and debt coverage indicators and
better working capital management, strengthens the financial risk
profile. The outlook may be revised to Negative if cash accrual
is lower than expected, or if any major debt-funded capital
expenditure, or a stretch in the working capital cycle, weakens
liquidity.

Credit Strengths

Extensive experience of the promoters of over two decades: The
Company started as a proprietorship concern in 1994 and was
converted into a private limited concern in 2005. The key
promoter, Mr. Harsh Bhargava handles CIPL's daily operations and
has more than two decades of experience in manufacturing plastic
components for cooling towers and water/waste water treatment
plants.

Established relationship with reputed customer base: CIPL has an
established customer base, primarily in the cooling tower segment
which accounts for50-60% of its total annual sales.  The company
enjoys an extensive relationship with most of its customers, with
numerous repeat orders. Its customer concentration risk remains
moderate with the top-five customers accounting for 28% of the
total sales in FY2017 and 23% of the total sales in FY2018.

Credit Challenges

Weak financial profile characterized by small scale of
operations, leveraged capital structure and weak debt coverage
indicators-CIPL is a modest: sized player in the plastic
component industry as reflected by its operating income (OI) of
Rs.37.43 crore in FY2017. The company's OI has exhibited
volatility in the last four fiscals depending upon the order flow
and has remained in the range of Rs. 34-38 crore; though the same
has increased to Rs.45.84 crore in FY2018. Its capital structure
continued to remain leveraged with a gearing of 6.18 times as on
March 31, 2017 (7.78 times as on March 31, 2016). The company's
total debt increased to Rs. 18.20 crore as on March 31, 2017from
Rs. 15.79 crore as on March 31, 2016.  The debt coverage
indicators also remained weak with interest coverage of 1.44
times, NCA/total debt of 6% and a total debt/OPBDTA of 6.28 times
as on March 31, 2017 as compared to interest coverage of 1.50
times, NCA/total debt of 7% and total debt/OPBDTA of 5.33 times
as on March 31, 2016. As on March 31, 2018, CIPL's total debt
declined to Rs. 14.64 crore due to the repayment of term loans.

High  working  capital  intensity  of  operations due  to  longer
receivable cycle impacting the liquidity: The company's working
capital intensity of operation tends to remain on a higher side
due to high receivables. Its debtor days increased to 91 days as
on March 31, 2017 as compared to 66 days as on the previous
fiscal-end resulting in an increased working capital intensity of
26% in FY2017 as compare to 25% in FY2016.  As on March 31, 2018,
the debtor days increased further to 106 days, while the working
capital intensity stood at 23%. CIPL's liquidity remains tight
due to high receivable days as reflected by high average monthly
utilization of cash credit limits of 95% during March 2017 to
March, 2018.

Intense competition in the plastic industry: CIPL is a modest-
sized player in the plastic industry and faces stiff competition
from large organized as well as small unorganized players across
the domestic markets.

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below.

CIPL, formerly known as Cooldeck Aqua Solutions Private Limited,
is involved in manufacturing of plastic components, primarily for
cooling towers and water/waste water treatment plants. The
company, started as a proprietorship concern in 1994, was
converted into a private limited concern in 2005.  It has
manufacturing plant in the union territory of Daman. In FY2017,
the company reported a net profit of Rs. 0.12 crore on an OI of
Rs. 37.43 crore, as compared to a net profit of Rs. 0.32 crore on
an OI of Rs. 36.18 crore in the previous year. In FY2018, on a
provisional basis, the company reported a profit before
depreciation and tax of Rs. 4.37 crore on an OI of Rs. 45.84
crore.


DEVEER DECOR: CRISIL Raises Rating on INR19.04MM Loan to B-
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Deveer Decor Private Limited (DDPL; part of the
Deveer Decor group) to 'CRISIL B-/Stable' from 'CRISIL D'.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          7.5        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan           19.04       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects improvement in the company's liquidity with
commencement of operations, resulting in timely servicing of term
loans.

The rating reflects the Deveer DÇcor group's modest scale of
operations in the intensely competitive furniture industry, its
large working capital requirement, and average financial risk
profile. These weaknesses are partially offset by the experience
of the promoters and their funding support.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DDPL and Devikkesh Nominate Boards Pvt
Ltd (DNBPL). Both the companies, together referred to as the
Deveer DÇcor group, are managed by the same promoters and have
business linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Small
scale, indicated by revenue of INR32.11 crore in fiscal 2018,
amid intense competition limits the group's pricing power with
suppliers and customers, thereby constraining profitability.

* Average financial risk profile: Networth was small at INR4.30
crore and gearing was high at 6.99 times as on March 31, 2018.
Debt protection metrics were average, with net cash accrual to
total debt of 0.10 time and interest coverage of 1.7 times in
fiscal 2018. Debt coverage is expected to improve with repayment
of term loans over the medium term, but will remain average

* Working capital-intensive operations: Gross current assets were
large at 326 days as on March 31, 2018, on account of sizeable
inventory. Working capital requirement will remain large over the
medium term.

Strengths

*Experience of the promoters and their funding support: Benefits
derived from the promoters' experience of two decades and,
healthy relationships with customers and suppliers, should
continue to support the business. Also, the promoters have
extended unsecured loans when required to support liquidity.

Outlook: Stable

CRISIL believes the Deveer DÇcor group will continue to benefit
from the experience of its promoters. The outlook may be revised
to 'Positive' if a substantial increase in revenue or
profitability, or capital infusion along with prudent working
capital management, strengthen the financial risk profile. The
outlook may be revised to 'Negative' if aggressive, debt-funded
expansion, significant decline in revenue and profitability, or
sizeable capital withdrawal weakens the financial risk profile.

The Deveer DÇcor group manufactures particle boards and
lamination of particle boards at its facilities at Tembhurni MIDC
in Solapur (Maharashtra). DDPL and DBNPL were set up in 2014 and
1997, respectively. However commercial operations of DDPL stated
from June 2017. Both companies have common directors Mr Devichand
Jain, Ms Hema Jain, and Mr Viren Jain.


DR. M N TANDON: CARE Assigns B+ Rating to INR4.26cr Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Dr. M N Tandon Memorial Charitable Trust as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       4.26     CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of Dr. M N Tandon
Memorial Charitable Trust (DMN) is primarily constrained on
account of its financial risk profile marked by operating loss
and net loss in FY17 (FY refers to the period April 1 to March
31), leveraged capital structure and stressed liquidity position.
The rating is, further, constrained on account of reputational
risk and its presence in the highly regulated and competitive
healthcare industry.

The rating, however, favorably takes into account experienced
management. The rating, further, derives strength from
diversified revenue streams and continuous infusion of funds by
the promoters.
The ability of the trust to increase its scale of operations with
continuous improvement in occupancy level and improvement in its
profitability margins in light of its presence in highly
competitive and fragmented industry are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Financial risk profile marked by operating loss, leveraged
capital structure and stressed liquidity position.

During FY17, the profitability of the trust has declined
significantly marked by operating loss of Rs. 0.33 crore mainly
due to higher employee cost as well as medicines cost. Further,
in line with operating losses along with higher depreciation,
interest and finance cost, trust has achieved net loss of Rs.
5.04 crore in FY17 as against net loss of Rs. 1.25 crore in FY16.
The capital structure of the hospital stood leveraged due to
negative net-worth base of the company.

However, during FY17, the promoters have infused unsecured loans
to support its scale of operations. Out of total debt of Rs.
18.81 crore, Rs. 10.60 crore is unsecured loans from promoters as
on March 31, 2017.

The liquidity position stood stressed with below unity level of
current and quick ratio as on March 31, 2017.
Reputational risk along with Fragmented nature of industry
leading to high competition with vigilant regulatory bodies
Healthcare is a highly sensitive sector where any mishandling of
a case or negligence on part of any doctor and/or staff of the
unit can lead to distrust among the masses. Thus, all the
healthcare providers need to monitor each case diligently and
maintain standard of services in order to avoid the occurrence of
any unforeseen incident. They also need to maintain high
vigilance to avoid any malpractice at any pocket.

The healthcare sector is highly fragmented with few players in
the organized sector. Barring a few, most of the organized sector
players have one or two hospitals only. All these lead to high
level of competition in the business. Further, healthcare sector
is highly regulated and kept under the close vigilance of various
regulatory bodies in India like, Ministry of Health & Family
Welfare, Central Drug Standard Control Organization etc.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB (ISSUER NOT
COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based working capital facility migrated
to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established on April 1, 2005, Hyderabad-based Eesavyasa
Technologies is engaged in the design, development and
implementation of water treatment (effluent and drinking water
projects) and nanotechnology solutions.


FIREFLY BATTERIES: CRISIL Cuts Rating on INR12.3MM Loan to D
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Firefly
Batteries Private Limited (FBPL) for obtaining information
through letters and emails dated February 20, 2018, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Bank Guarantee      1        CRISIL D (Issuer Not Cooperating;
                                Downgraded from 'CRISIL A4')

   Cash Credit         7.7      CRISIL D (Issuer Not Cooperating;
                                Downgraded from
                                'CRISIL B-/Stable')


   Term Loan          12.3      CRISIL D (Issuer Not Cooperating;
                                Downgraded from
                                'CRISIL B-/Stable')

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
has not received any information on either the financial
performance or strategic intent of FBPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL has downgraded its ratings on the bank
facilities of FBPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B-/Stable/CRISIL A4'.

The downgrade in the ratings reflect delay in debt servicing due
to stretched liquidity.

FBPL (formerly, Epsilon Batteries Private Limited) was
incorporated in 2011, and is managed by Mr Jinal Shah, Mr Satish
Mehta, and Mr Anand Pandya. The company manufactures
uninterruptible power supply (UPS) systems, inverters, advanced
lead-acid batteries, and carbon foam batteries providing
renewable energy storage solutions and load-shift applications.
It commenced commercial operations from December 2014; its
manufacturing facility in Bavla, Gujarat has an installed
capacity of 0.3 million batteries per annum. It has a technical
collaboration with Firefly International Energy - USA.


H R V GEMS: Ind-Ra Assigns 'BB-' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned H R V Gems (HRV)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60.00 mil. Fund-based limits assigned with IND BB-
     /Stable/IND A4+ rating; and

-- INR7.50 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect HRV's small scale of operations and low
EBITDA margin owing to the nascent stage of business. The firm
commenced commercial operations from February 2016. HRV's revenue
was INR472 million in 9MFY18 (FY17: INR305 million). Moreover,
its EBITDA margin was 2.5% in FY17. As on March 27, 2018, the
firm had an order book position of INR3 million due to be
completed in the next 15 days.

The ratings also reflect HRV's tight liquidity, indicated by an
average maximum fund-based limit utilization of 99.5% for the 12
months ended February 2018.

However, the ratings are supported by HRV's strong credit metrics
in FY17 due to the absence of a term loan. During the period,
HRV's interest coverage (operating EBITDA/gross interest expense)
was 4.9x and net leverage (total adjusted net debt/operating
EBITDAR) was 0.2x. However, Ind-Ra expects HRV's credit metrics
to deteriorate in FY19 in view of an increase in the firm's
short-term debt and the firm's capex of INR30 million (funded by
a debt of INR21 million and an equity of INR9 million) to be
undertaken for new machinery purchase.

The ratings are also supported by the promoters' experience of
more than a decade in the diamond industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue and the EBITDA margin
leading to weak credit metrics would be negative for the ratings.

Positive: Any rise in the revenue and the EBITDA margin leading
to any improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

HRV was registered in February 2016 by Pravinbhai Kevadiya,
Rajesh Vithalbhai Kevadiya and Valjibhai Vithalbhai Kevadiya. The
firm is engaged in the import, manufacture and sale of diamonds.


HARI KISHAN: CRISIL Assigns B Rating to INR15MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Hari Kishan Tejmal and Company
(HTC).

                     Amount
   Facilities       (INR Mln)       Ratings
   ----------       ---------       -------
   Cash Credit           15         CRISIL B/Stable
   Warehouse Receipts     7         CRISIL B/Stable

The rating reflects firm's modest scale of operations in the agro
commodity trading industry and weak financial risk profile. These
rating weaknesses are partly offset by extensive experience of
partners in the agro commodity trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in fragmented agro-commodities
trading business: HTC, a marginal player in agro commodities
trading industry, is exposed to intense competition thereby
restricting the pricing power resulting in low operating margin
of around 3 per cent over the past three years through fiscal
2017. The firm is also exposed to high volatility in agro-
commodity prices.

* Weak financial risk profile: Small networth of Rs. 2.50 crore,
total outside liabilities to tangible networth (TOLTNW) of 10
times and debt protection metrics marked by interest coverage and
net cash accrual to total debt ratios of 1.2 time and 0.03 time,
respectively, in fiscal 2018.

Strengths:

* Extensive experience of partners: The key partner, Mr. Rajesh
Nyati has been in the agro commodities trading industry for over
three decades and has developed customer base. Further,
established relationships with suppliers and agents provides a
better understanding of the market trends, and help the firm in
generating growth.

Outlook: Stable

CRISIL believes HTC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if substantial increase in revenue and margin leading
to high cash accrual or substantial capital infusion leading to
improvement its financial risk profile particularly interest
coverage and capital structure. The outlook may be revised to
'Negative' if decline in cash accrual, large working capital
requirement, or sizeable, debt-funded capital expenditure
constrains liquidity.

Established in 2006, HTC is engaged into trading of agro
commodities mainly including wheat, soyabean, sarso, paddy, rice,
urad, maize and dhania. The firm is also engaged into it is also
engaged in grading of wheat. The day to day operations of the
firm are managed by Mr. Rajesh Nyati.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB+ (ISSUER NOT CO-
     OPERATING) rating; and

-- INR40 mil. Non-fund-based working capital facility maintained
     in non-cooperating category with INR A4+ (ISSUER NOT CO-
     OPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Harihara Metalloys is involved in the
trading of various kinds of steel such as thermo mechanical
treatment bars, billets, scrap, sponge iron and ingots.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR31.4 mil. Long-term loans due on February  2017 - February
     2022 migrated to Non-Cooperating Category with IND BB-
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1998, LFIPL operates two multipurpose cold
storages with a total capacity of 13,000 metric tons (mt), a
flour mill, and a frozen unit with a 500mt capacity in Hajipur
since 1999. The company stores agricultural and horticultural
products, mainly potato, maize, peas, spices apples, butter and
other seasonal fruits. It is also engaged in the trading of
potato.

Its promoters are Mr. Avinash Kumar, Mr. Arun Kumar Singh and Mr.
Alok Kumar.


GLOBAL PACKAGING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Global Packaging
(GP) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR28.46 mil. Term loan due on October 2022 assigned with IND
     BB/Stable rating;

-- INR66.00 mil. Fund-based limits assigned with IND
     BB/Stable/IND A4+ rating; and

-- INR4.60 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of CMC group entities i.e.
GP, CMC Textiles Private Limited and Mani More Synthetics Private
Limited ('IND BB+'/Stable), to arrive at the ratings. All the
companies manufacture texturized yarn and fabrics.

The ratings are constrained by the modest consolidated margins
due to volatility in raw material prices in the textile industry.
According the FY18 provisional financials, EBITDA margins fell to
4.10% (FY17: 4.67%) on account of higher consumable expenses.
Also, the consolidated credit metrics are weak on account of high
debt levels. The interest coverage (operating EBITDA/gross
interest expense) improved to 2.58x in FY18 (FY17: 2.08x) due to
the benefit of interest subsidy and net leverage (adjusted net
debt/operating EBITDAR) increased to 5.69x (5.50x) because of the
high net debt level of the group.

The ratings are also constrained by the partnership nature of GP.

The ratings factor in the group's moderate liquidity, with
average maximum utilization of the fund-based limits being 95%
for the 12 months ended January 2018.

The ratings, however, are supported by the group's medium scale
of operations, marked by revenue of INR2,474.46 million in FY18
(FY17: INR2,187.74 million). The revenue improvement was on
account of an increase in production capacity. Also, the working
capital cycle is short at 73 days in FY18 (FY17: 75 days) on
account of low receivable and inventory days.

The ratings are also supported by CMC group's promoters'
experience of more than three decades in the yarn and fabric
manufacturing industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin leading to net
leverage reducing below 4.5x on a sustained basis would be
positive for the ratings.

Negative: Any deterioration in the revenue and EBITDA margin
and/or working capital cycle leading to net leverage being
sustained above 5.5x would be negative for the ratings.

COMPANY PROFILE

GP was incorporated in 2011 as a partnership firm by Mr. Kshitij
Ajeet Yadav and Mr. Sumit Brijpal Yadav. The firm has a 4,101
metric tons per annum texturized yarn and fabrics manufacturing
capacity in Dadra and Nagar Haveli.


HONEY JEWELLERY: CARE Assigns B+ Rating to INR10cr Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Honey Jewellery as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       10       CARE B+; Stable Assigned
   Facilities

The rating assigned to the bank facilities of Honey Jewellery
(HJ) is primarily constrained by small scale of operations with
low net worth base, low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by constitution of the entity being a
proprietorship firm, vulnerability of margins to gold price
fluctuations and competition from various organized or
unorganized players and unfavorable supply outlook. The rating,
however, draws comfort from experienced proprietor coupled with
long track record of operations, and moderate operating cycle.

Going forward; ability of HJ to increase its scale of operations
while registering improvement in its profitability margins and
capital structure shall be the key rating sensitivity

Key description and key rating drivers
Key rating weakness

Small though growing scale of operations: HJ's scale of
operations has remained small as evident from total operating
income (TOI) and gross cash accruals of Rs.58.49 crore and
Rs.0.52 crore, respectively, in FY17 (refers to the period April
1 to March 31). Further, the firm's capital base also stood
relatively small at Rs.2.21 crore as on March 31, 2017. The small
scale limits the firm's financial flexibility in times of stress
and deprives it of scale benefits.

Though, the risk is partially mitigated by the fact that the
scale of operations has been growing continuously. For the period
FY15-FY17, HJ's total operating income grew from Rs.39.37 crore
in FY15 to Rs.58.49 crore in FY17 reflecting a compounded annual
growth rate (CAGR) of around 22% attributable to higher quantity.
Furthermore, the firm has achieved TOI of ~ Rs.102 crore during
11MFY18 (refers to the period April 1 to February 28; based on
provisional results).

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
have been historically on the lower side for past three financial
years (FY15-FY17) owing to limited value addition and intense
market competition given the highly fragmented nature of the
industry. Further, high interest burden on its bank borrowings
also restricts the profitability of the firm. Furthermore, the
operating margins are also associated with the designing aspect
of the jewellery.  Normally designer jewellery fetches normally
high margins. PBILDT and PAT margin stood low at 1.90% and 0.79%
respectively in FY17.

The capital structure of the firm stood leveraged as on last
three balance sheet dates (FY15-FY17) on account of relatively
low net worth base against high debt levels owing to high
dependence on external borrowings to meet working capital
requirements. Overall gearing stood high at 3.41x as on March 31,
2017. The average working capital limits of the firm remained
almost fully utilized for past 12 months period ending February,
2018.

Further, owing to high debt levels against low profitability
position, the debt service coverage indicators stood weak as
marked by interest coverage and total debt to GCA stood weak at
1.88x and 14.51x during FY17.

Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past.

Therefore, any adverse change in prices of the same is likely to
have a significant impact on margins of the players in the
G&J industry. Further, the high price gold can also have an
adverse impact on the demand for jewellery, thereby exposing the
company to risk of decline in sales volume. The risk is more
evident now that the prices has registered considerable
volatility and could leave the company carrying costly inventory
in case of sudden decline in prices.

Competition from various organized or unorganized players and
unfavorable supply outlook: HJ operates in the Gems & Jewellery
(G&J) industry, which is a fragmented industry with a high level
of competition from both the organized and unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key rating strengths

Experienced proprietor coupled with long track record of
operations: Mr. Sumit Verma looks after the overall operations of
the firm. He is a graduate and has an accumulated experience of
more than one decade in gems & jewellery industry through his
association with this entity. HJ has considerable track record in
this business which has resulted in long term relationships with
both suppliers and customers.

Moderate operating cycle: Being a jewellery retailer, it is
critical for the firm to provide a wide range designs to its
customers to cater their immediate demand. This resulted in to
average inventory days of around 64 days for FY17.

Further, the firm sells mainly on cash basis; however, to few
customers it gives credit period of around 5-10 days. The firm
purchases on both cash and credit basis. The company purchases
gold on cash or on advance basis and gems and diamonds are
generally bought on credit of up to 2 months. The average payable
period stood at around 26 days for FY17. Entailing all led to
moderate operating cycle.


JAIN PRINTS: CARE Assigns B Rating to INR8cr Term Loan
------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Jain Prints and Packaging as:


                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      8        CARE B; Stable Assigned
   Facilities

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Jain Prints and
Packaging (JPP) is primarily constrained by the small scale of
operations with stretched working capital cycle in the highly
competitive packaging industry. The rating is further constrained
on account of its leveraged capital structure and proprietorship
nature of concern. The rating, however, draws comfort from its
experienced proprietor, moderate profitability margins.

Going forward; The ability of the company to improve its scale of
operations while managing its working capital requirements
alongside improving its capital structure shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations

The scale of operations has remained small marked by a total
operating income and gross cash accruals of Rs.8.66 crore and
Rs.0.80 crore respectively during FY17 (FY refer to the period
April 01 to March 31). Further, the company's net worth base was
relatively small at Rs1.49 crore as on March 31, 2017.

Furthermore, the scale of operations remained almost stable in
last 2 financial years (FY16-FY17).The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. During 10MFY18 (refers to the period
April 1 to January 31), the company has achieved total operating
income of Rs.9.5 crore.

Stretched working capital cycle
Though the working capital cycle appears to be moderate, the
liquidity profile of the firm is stretched. This is primarily
because the firm receives a high payable period of 307 days from
its suppliers for the raw material it purchases. The firm is
required to maintain adequate inventory of material to ensure
regular supply of its product for uninterrupted manufacturing
operations. Furthermore, being a manufacturing firm it also
maintains inventory of finished goods to meet the immediate
demand of its customers which lead to high inventory holding.
Being a highly competitive business and have low bargaining power
with its customers resulted into very high average collection
period remained at around 242 days during FY17. Combining all
entails high working capital requirements remained relatively
higher.
Leveraged capital structure.

The company had leveraged capital structure on account of high
requirements of working capital borrowings which is mainly funded
through bank borrowings coupled with low capital base. As on
March 31, 2017, the overall gearing ratio of the company stood
high at 3.73x Constitution of the entity being a partnership firm
JPP constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Competitive nature of the industry

The company is operating in a competitive industry wherein there
is presence of a large number of players in the unorganized and
organized sectors. The company is comparative a small players
catering to the same market which has limited the bargaining
power of the company and has exerted pressure on its margins

Key rating Strength

Experienced Proprietor

The operations of JPP are currently managed by Mr. Piyush Jain
having an experience of around two decades in manufacturing
industry. The day to day business is managed by him. Mr. Piyush
Jain has adequate acumen about various aspects of business which
is likely to benefit the firm in the long run. Furthermore, over
the years, the firm has established relationships with customers
and suppliers which has led to smooth procurement process and has
enabled it in getting repeat orders from the customers.

Moderate profitability margins
The firm has moderate product portfolio and margins varies based
of shape, design, size etc. Profitability margins of the firm
remained moderate marked by PBIDLT and Pat margins of 15.39 % and
5.33% respectively in FY17. The profitability margins have shown
improvement in Fy17 over previous year on account of change in
product mix. Due to the moderate profitability, debt coverage
indicators of the firm stood satisfactory with interest coverage
and TD/GCA at 2.51 times and 6.92 times respectively in FY17


JIWANRAM SHEODUTTRAI: CRISIL Moves D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jiwanram
Sheoduttrai Industries Private Limited (JSIPL) for obtaining
information through letters and emails dated January 15 and 2018
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          .25       CRISIL D (Issuer Not
                                     Cooperating; Rating
Migrated)

   Foreign Bill          28.00       CRISIL D (Issuer Not
   Discounting                       Cooperating; Rating
Migrated)

   Letter of Credit       1.00       CRISIL D (Issuer Not
                                     Cooperating; Rating
Migrated)

   Packing Credit        15.00       CRISIL D (Issuer Not
                                     Cooperating; Rating
Migrated)

   Proposed Short Term   22.14       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
Migrated)

   Term Loan              1.20       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 Jiwanram Sheoduttrai
Industries Private Limited. Which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Jiwanram Sheoduttrai
Industries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Jiwanram Sheoduttrai Industries Private Limited to
'CRISIL D/CRISIL D Issuer not cooperating'.

JSIPL was incorporated in 1997, promoted by Mr. Alok Prakash. The
Kolkata-based company manufactures and processes leather-based
protective gloves, garments, and accessories.


KEYA BUILDTECH: CRISIL Assigns D Rating to INR25MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its rating on the long term bank
facility of Keya Buildtech LLP (KB) to 'CRISIL D'.

                     Amount
   Facilities       (INR Mln)       Ratings
   ----------       ---------       -------
   Term Loan            25          CRISIL D

The rating reflects the weak liquidity marked by delays in debt
servicing and susceptibility to risks inherent in the real estate
sector. These rating weaknesses are partially offset by risk
averse nature of the promoter of KB along will its experience in
real estate industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile marked by delays in the debt
servicing: KB has not been servicing the interest of its term
loan in a timely manner and delays the same by around 20 to 30
days. The delays in the term loan servicing are mainly caused by
the liquidity mismatch. CRISIL believes that the timely
completion and ramp up of the offtake of its project would be key
monitorable for timely servicing of the bank term loan over the
medium term.

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly-fragmented
market structure. With increase in supply, attractive prices
offered by various builders, and constant regulatory changes,
profitability of real estate players is expected to come under
pressure over the medium term.

Strengths

* Promoters' extensive experience in real estate segment: KB is
established by Mr. Mahesh Patel in 2017. The promoters have been
in the industry for more than a decade. Over the medium term, KB
is expected to be benefitted by the extensive industry experience
of its promoters.

Incorporated in 2017, KB is a partnership firm engaged in the
development of residential real estate. The firm is mainly
present in Vadodara, Gujarat. KB is promoted and is currently
being run by Mahesh Patel.


KIRPA RICE: ICRA Assigns B+ Rating to INR29cr Loan
--------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+(pronounced ICRA
B plus) on the INR29.00-crore1bank facilities of M/S Kirpa Rice
Mills(KRM)2. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
  Long-Term Fund       29.00       [ICRA]B+ (Stable); Assigned
  Based/CC


The assigned rating factors in KRM's moderate scale of operations
in the rice milling and sorting business, which coupled with the
intense competition in the industry, has resulted in low
profitability and weak debt-coverage indicators.  The rating is
also constrained by the partnership nature of the firm which
exposes it to the risk of capital withdrawals etc. as well as the
working capital intensive nature of the operations because of the
need to maintain substantial inventories. The rating also
continues to be subdued on account of agro-climatic risks, which
affect paddy availability.  However, ICRA's rating derives
strength from the extensive experience of the promoters in the
rice-milling industry. Moreover, the rating considers the
proximity of the mills to major rice-growing areas, which ensures
low transportation cost. Going forward, the firm's ability to
profitably increase its scale of operations as well as improve
its capital structure and maintain optimal working-capital
intensity would remain the key rating sensitivities.

Outlook: Stable

ICRA believes that the firm will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if there is a substantial increase in the firm's
scale of operations and cash accruals alongside further decline
in gearing levels.  The outlook may be revised to Negative if
cash accrual is lower than expected, or there is any major
decline in sales turnover or stretch in the working capital cycle
weakens liquidity.

Credit Strengths

Experienced management provides competitive edge: The promoters
and their families are involved in the business of rice milling
for more than 40years and have gained a thorough knowledge of the
market.  Such a long presence in the industry has helped the firm
establish strong relationships with its suppliers and customers.

Presence in major rice-growing area ensures availability of rice:
The firm's key raw material is the Basmati variety of paddy,
which is mostly procured from the wholesale grain markets of
Punjab during the paddy-buying season-September to December.
However, if required, the firm buys paddy from the market during
the off season. The quality and price of paddy depend on the time
of procurement.

Credit Challenges

Intense competition in the industry: The rice industry is highly
competitive and fragmented in nature with numerous players. Given
the low capex and technical complexity of work, the entry
barriers have remained low, resulting in a large number of small-
to-medium scale enterprises.

Vulnerability to vagaries of monsoon and other agricultural
risks: Rice being an agricultural commodity remains exposed to
the vagaries of monsoon and other agricultural risks like
outbreak of diseases, lower/higher-than-projected production
levels impacting the supply and hence prices, damages caused by
poor storage capacities in the country and inconsistencies in
quality etc. The firm's ability to buy paddy of consistent
quality at the right price is the key to success in the Basmati
rice industry.

Moderate scale of operations: KRM has a moderate scale of
operations because of the highly competitive nature of the
industry. Further, the firm has no direct exports and all the
global sales are made through indirect exporters, this restricts
the firm's ability to substantially scale up its operations.

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below.

KRM, established in 1998, processes and sells Basmati rice. Its
facility in Ladhu Ka (district Firozpur), Punjab, has milling and
sorting capacity of 4 tons per hour.


LAKSHYA FOOD: CARE Assigns B+ Rating to INR26cr Term Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Lakshya Food India Limited as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      26        CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Lakshya Food India
Limited (LFIL) is constrained by its fluctuating scale of
operations, low profitability margins and working capital
intensive nature of operations. The rating is further constrained
by the seasonal nature of operations, presence in a highly
fragmented & competitive industry and susceptibility to changes
in government policies & environmental conditions.

The rating, however, derives strength from the established
procurement sources with self-owned dairy farm and established
selling network, experienced promoters, equity infusion in the
company during FY18 (refers to the period April 01 to March 31),
comfortable & improving capital structure and satisfactory debt
coverage indicators.

Going forward, the ability of the company to increase its scale
of operations while improving the profitability margins and the
overall solvency position and managing the working capital
requirements efficiently shall remain the key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses

Fluctuating scale of operations and low profitability margins:
The total operating income of the company has remained
fluctuating in nature. Though the operating income declined by
~11% in FY16, the same grew (though marginally) to Rs.154.24 Cr.
in FY17. In FY18, till March 30, 2018 (Prov.), the company has
achieved a total operating income of ~Rs.138.48 crore. Although,
the profitability margins of the company remained low, the same
improved in FY17 owing to higher contribution of better-margin
giving value added products, to the total income.

Working capital intensive nature of operations: The operating
cycle of the company stood at elongated around 84 days as on
March 31, 2017. The average cash credit limit utilization
remained ~87% for the 12 months period ended Feb-18.

Seasonal nature of operations: India being a tropical country
renders a hot and humid climate for the animals and thus there is
a fluctuation in the milk production. There is a flush season in
the cooler parts of the year whereas the production goes down in
the warmer months. LFIL converts the surplus milk during
November-April (flush season) into ghee, skimmed milk powder,
leading to high inventory/finished goods so as to maintain the
continuous supply of products round the year. This leads to
increased working capital requirement during the period leading
to high overall gearing at year end.

Highly fragmented industry with intense competition from large
number of players: LFIL faces stiff competition in the dairy
segment from established brands (such as Verka, Vita, etc.) in
the organized market and independent milk vendors in the
unorganized market. On the liquid milk front also, competition
gets strong with the presence of unorganized players and
independent milk vendors leading to pricing pressures.

Sensitivity to changes in government policies and environmental
conditions: The dairy industry has low profitability margins as
raw material costs (milk) form significant portion of the total
costs. Milk supply and its prices are exposed to several external
risks like government policies, cattle diseases, yield etc. Any
fluctuation in prices of milk will have a direct impact on the
profitability margins of the company.

Key Rating Strengths
Experienced promoters: LFIL was incorporated in 2007. Mr. Baljeet
Singh Redhu, who is the managing director of the company, has
been engaged in the dairy and poultry business for almost two
decades through other group concerns. The other directors of the
company include Mr. Pardeep Singh Redhu having ~10 years of
industry experience. Mr. Pardeep Singh has done a Diploma in
Dairy science from USA. Mr. Joel Rupani is a Bachelor of Science
in Food Technology from Wisconsin, United States of America (USA)
and looks after the production domain of the company. Lakshman
Joukani is a Master in Science in International Marketing from
United Kingdom (UK) and looks after the sales and marketing
domain of the company. The promoters are assisted by a team of
professionals which are highly experienced in their respective
domains.

Equity infusion in the company during FY18: In Oct-2017, the
company received an investment of Rs.16 cr. from two
Venture Capitalists (VC)- Bellamoosh Ventures LLP and Lalsham
Ventures LLP, in the form of equity share capital for which
12.34 lacs additional shares were allotted by increasing the
authorized share capital of LFIL. The capital brought in is being
utilized for increasing the installed capacity of curd processing
unit from 25,000 kg per day to 50,000 kg per day and replacement
of old livestock with new and high yielding livestock.

Comfortable & improving capital structure and satisfactory debt
coverage indicators: The capital structure of the company has
remained comfortable marked by overall gearing ratio of 0.83x, as
on March 31, 2017 which improved from previous year's levels on
account of increase in net worth due to accreted profits and
lower utilization of working capital limits. The debt coverage
indicators of the company remained satisfactory and also improved
from previous year's levels on account of lower utilisation of
working capital limits.

Established procurement sources with self-owned dairy farm: LFIL
has adequate arrangements in place for procurement of milk. The
company owns and operates with dairy farm with 1400 cattle
producing around 40 lac liters milk per annum.

Further, the company procures milk directly from farmers instead
of contractors to ensure the quality of milk. The company
procures approximately 250 lac liters milk per annum through its
890 Village level centres (VLCs) located primarily in milk
surplus region of Haryana.

Established selling network: The Company is engaged in the
selling of various value added products and packed milk under the
brand name "Lakshya". The brand is well accepted in Haryana and
nearby markets of Punjab, Chandigarh and Himachal Pradesh.
Furthermore, LFIL has a strong distribution network with 100+
distributors and 200+ booths in Haryana, Chandigarh Tri-city and
Himachal Pradesh.

                    About the Company

Haryana-based, LFIL was setup in 2007 as a private limited
company. However, it was reconstituted as a public limited
company in 2008. LFIL is promoted by Mr. Baljit Singh Redhu and
his nephew Mr. Pardeep Singh Redhu. The company has a dairy farm
with around 1400 cattle and a milk-processing unit in Jind
(Haryana) with an installed capacity of processing raw milk of
1.5 lakh liters per day (LLPD). It sells dairy products, such as
pasteurised milk, ghee, butter, curd, paneer, flavoured milk and
ice-cream, under the brand name- 'Lakshya'. LFIL is an ISO 22000-
2005 certified company for the purpose of Food Safety Management
System.

Group concerns of the company include Redhu Hatcheries Private
Limited, Redhu Farms Private Limited and JM Feed
Mills Private Limited, engaged in poultry business.


MANI MORE: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mani More
Synthetics Private Limited (MSPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR4.78 mil. Term loan due on April 2023 assigned with IND
     BB+/Stable rating;

-- INR60.00 mil. Fund-based limits assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR1.00 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of CMC group entities i.e.
MSPL, CMC Textiles Private Limited and Global Packaging ('IND
BB'/Stable), to arrive at the ratings. All the companies
manufacture texturized yarn and fabrics.

The ratings are constrained by the modest consolidated margins
due to volatility in raw material prices in the textile industry.
According the FY18 provisional financials, EBITDA margins fell to
4.10% (FY17: 4.67%) on account of higher consumable expenses.
Also, the consolidated credit metrics are weak on account of high
debt levels. The interest coverage (operating EBITDA/gross
interest expense) improved to 2.58x in FY18 (FY17: 2.08x) due to
the benefit of interest subsidy and net leverage (adjusted net
debt/operating EBITDAR) increased to 5.69x (5.50x) because of the
high net debt level of the group.

The ratings factor in the group's moderate liquidity, with
average maximum utilization of the fund-based limits being 95%
for the 12 months ended January 2018.

The ratings, however, are supported by the group's medium scale
of operations, marked by revenue of INR2,474.46 million in FY18
(FY17: INR2,187.74 million). The revenue improvement was on
account of an increase in production capacity. Also, the working
capital cycle is short at 73 days in FY18 (FY17: 75 days) on
account of low receivable and inventory days.

The ratings are also supported by CMC group's promoters'
experience of more than three decades in the yarn and fabric
manufacturing industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin leading to net
leverage reducing below 4.5x on a sustained basis would be
positive for the ratings.

Negative: Any deterioration in the revenue and EBITDA margin
and/or working capital cycle leading to net leverage being
sustained above 5.5x would be negative for the ratings.

COMPANY PROFILE

MSPL was incorporated in 1999 by Mr. Ajeet Udaiveersingh Yadav
and Mr. Pawan Yadav. The company has a total of 3,200 metric tons
per annum texturized yarn and fabrics manufacturing capacity,
with its units located across Daman and Dadra and Nagar Haveli.


MEGATON POLYPACK: ICRA Assigns B+ Rating to INR4.5cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ (pronounced ICRA
B plus) to the INR4.50-crore1term loan facility and the INR1.50-
crore cash credit facility of Megaton Polypack (MP or the firm).
The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based-         4.50         [ICRA]B+ (Stable); Assigned
   Term Loan

   Fund-based-         1.50         [ICRA]B+ (Stable); Assigned
   Cash Credit

The assigned rating favorably factors in the experience of key
promoters in the polypropylene(PP) woven fabric industry and the
fiscal incentives to be received by the firm from the Government.

The rating, however, remains constrained by the small envisaged
scale of operations and risk associated with the stabilization of
the plant as per the expected operating parameters.  Furthermore,
the assigned rating also takes into account the firm's financial
profile, which is expected to remain average in the near to
medium term, given the debt-funded nature of the project and the
impending debt repayments.  The rating is, moreover, constrained
by the intense competition and vulnerability of its profitability
to adverse movements in key raw material prices.

Outlook: Stable

ICRA believes that Megaton Polypack will benefit from the
experience of its promoters. The outlook may be revised to
Positive if stabilization of operations leads to substantial
growth in revenue and profitability, or reduction in debt levels,
or improvement in its net-worth base strengthens the financial
risk profile.  The outlook may be revised to Negative if cash
accrual is lower than expected, or if there are significant
capital withdrawals, or if any major debt-funded capital
expenditure, or a stretch in the working capital cycle, weakens
its liquidity.

Credit strengths

Experience of promoters in the PP woven fabric industry: The key
promoters, Mr. Dayarambhai R. Dadhaniyaand Mr. Niraj D. Dadhaniya
have extensive experience in the field of PP woven fabric
manufacturing.

Fiscal benefits of capital and interest subsidy from the
Government: The firm is eligible to receive interest subsidy and
capital subsidy under the Assistance of Capital and Interest
Subsidy for Micro, Small and Medium Enterprises (MSMEs) by
Gujarat Government under New Industrial Policy for 2015. The firm
is also eligible to receive a one-time subsidy from the Central
Government under the Revised Restructure Technology Upgradation
Fund (RR_TUF) scheme. These incentives would support the overall
returns from the project.

Credit challenges

Small scale and limited track record of the firm's operations:
The commercial operations for Megaton Polypack commenced from
March 2017.  The scale of operations for the firm remains small
with revenues of Rs.0.61 crore for FY2017 (~1 month of
operations) and Rs. 11.09 crore for 11MFY2018. The firm remains
exposed to the risks associated with stabilization and successful
scale up of operations of the plant as per expected parameters.

Average financial risk profile: The financial risk profile of the
firm remains average, with a small net-worth base and an
estimated gearing level of ~1.63 times as on March 31, 2018.
Further, the profitability margins of the firm are modest on
account of the intense competition in the PP woven fabric
business.  The debt protection metrics for the firm remain
average, because of moderate profitability and debt funded capex.

Intense competition: The competitive intensity of the PP woven
fabric industry remains high with a large number of players in
the small and medium scale categories.  The competition is
further intensified due to a large number of unorganized players
along with low capital investment and limited entry barriers in
the industry.

Profitability to remain susceptible to volatility in raw material
prices: PP is a derivative of crude oil, which is a volatile
commodity.  The prices of PP mirror the crude oil prices to some
extent and hence the profitability of the firm remains exposed to
any adverse fluctuations in crude oil prices. Analytical
approach: For arriving at the ratings, ICRA has applied its
rating methodologies as indicated below.

Megaton Polypack was established as a partnership firm in 2016.
It is promoted by Mr. Dayarambhai R. Dadhaniya and family. The
key promoters, Mr. Dayarambhai Dadhaniya and Mr. Niraj Dadhaniya,
have extensive experience in the PP woven fabric industry.  The
commercial operations of the firm commenced from March 2017. The
firm manufactures PP woven fabric, woven sacks, woven bags, etc,
used in the packaging of cement, pharmaceuticals, fertilizer,
chemicals, food grains, salt and animal feed, among others. The
firm has a manufacturing capacity of 3,240 MT of PP woven fabric
per annum.


MILLENNIUM VITRIFIED: ICRA Withdraws B+ Not Cooperating Ratings
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+(pronounced
ICRA B plus) with a Stable outlook and the short-term rating of
[ICRA]A4 (pronounced ICRA A four)assigned to the INR 36.15crore
bank facilities of Millennium Vitrified Tiles Pvt. Ltd. (MVTPL).

                     Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit         12.00        [ICRA]B+ (Stable) ISSUER
                                    NOT COOPERATING*; Withdrawn

   Term Loans          18.38        [ICRA]B+ (Stable) ISSUER
                                    NOT COOPERATING*; Withdrawn

   Bank Guarantee      5.18         [ICRA]A4 ISSUER
                                    NOT COOPERATING*; Withdrawn

   Credit Exposure     0.59         [ICRA]A4 ISSUER
   Limit                            NOT COOPERATING*; Withdrawn

The long-term and short-term ratings assigned to Millennium
Vitrified Tiles Pvt. Ltd. have been withdrawn at the request of
the company, based on the no-objection certificate provided by
its banker.

Outlook: Not applicable

Incorporated in January 2011, Millennium Vitrified Tiles Private
Limited (MVTPL) is primarily into manufacturing of 'Glazed
Vitrified Tiles'. Its production facility in Morbi, Gujarat has a
total manufacturing capacity of 82,800 Metric Ton per annum,
which translates into 26,70,968 boxes per year. The company
manufactures two sizes of vitrified tiles i.e. 600 mm X 600mm and
800mm X 800mm dimensions; the production of 800mmX800mm size
started from January 2015. Furthermore, the company is planning
to add one new larger size i.e. 800X1200 in its product
portfolio. The company has established "MILLENNIUM" as the brand
for selling its products in the market.  MVTPLis promoted by Mr.
Dinesh Patel, Mr.  Mansukh Koradiya, Mr.  Ramesh Aghara and Mr.
Rajesh Koradiya.  The promoters have a long experience in this
line of business.  The promoters of the company are also
associated with other group companies i.e. Millennium Papers
Private Limited, Silver Ceramic, Victory Floor Tiles Pvt Ltd.,
Kordiya Ceramic Pvt Ltd., Maruti Gold Industries, Lorenzo
Vitrified Tiles Pvt Ltd., Vrndavan Ceramic Pvt Ltd, Gokul Ceramic
Pvt Ltd. and Romil Impex.

NARAYAN COLD: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
The rating for the INR 9.00crore bank facilities of Narayan Cold
Storage (P) Ltd (NCSPL) continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based:         8.35        [ICRA]B(Stable)ISSUER NOT
   Drop-line                       COOPERATING*; Rating continues
   Overdraft Limit                 to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limit        0.65        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING*; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in October 1995, Narayan Cold Storage (P) Limited
(NCSPL) is promoted by the West Bengal-based Kundu family. The
company provides cold-storage facility to potato-growing farmers
and traders on a rental basis with a storage capacity of 29,844
metric tonnes (MT).  The cold-storage unit is located at Hooghly,
West Bengal.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB (ISSUER NOT
COOPERATING)
     rating; and

-- INR40 mil. Proposed fund-based working capital limit
     maintained in Non-Cooperating Category with Provisional IND
     BB (ISSUER NOT CO-OPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1988, Nichem is an Ahmedabad-based manufacturer of
reactive and synthetic organized dyes, with an annual installed
capacity of 1,560 metric tons per annum.


OPTIFLEX INDUSTRIES: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Optiflex
Industries' (Optiflex) Long-Term Issuer Rating to 'IND BB-' from
IND B+. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. (increased from INR55 mil.) Fund-based working
     capital limit upgraded with IND BB-/Stable rating; and

-- INR17.5 mil. Term loan due on March 2023 assigned with IND
BB-
     /Stable rating.

KEY RATING DRIVERS

The upgrade reflects Ind-Ra's view that Optiflex has achieved
modest revenue growth in FY18 and would continue to do so,
because the company has taken up the franchise of reputed brands
Crompton and Pluga. Also, it has diversified its product line to
include to unplasticized polyvinyl chloride column pipes. As per
FY18 provisional financials, revenue was INR276.74 million (FY17:
INR217 million; FY16: INR233 million). The revenue fell in FY17
because of a decline in selling price per unit of wires and
cables.

The margins improved to 7.2% in FY17 (FY16: 6.7%) due to lower
raw material prices, but are likely to have declined to 5.5% in
FY18 due to an increase in raw materials cost. The margins would
improve further in FY19 due to the product diversification.
However, absolute EBITDA is likely to have remained constant at
INR15.24 million in FY18 (FY17: INR15.63 million; FY16 : INR15.55
million), supported by revenue growth.

However, the scale of operations, margins and metrics remain
moderate because of the prevailing market conditions such as
heavy fluctuations in the price of the raw materials and
competition because of cheap availability of Chinese products in
the market.

The net leverage (Ind-Ra adjusted net debt/operating EBITDAR)
improved slightly to 5x in FY17 (FY16: 5.6x), supported by the
margins, though the company had taken an additional debt of
INR17.5 million for setting up a plant for manufacturing
unplasticized polyvinyl chloride pipes. The interest coverage
(operating EBITDA/gross interest expense) remained low at 1.5x in
FY17 (FY16: 1.5x) on account of a proportionate increase in
EBITDA and interest expense.

The ratings, however, are supported by Optiflex's comfortable
liquidity profile as indicated by its around 81.50% utilization
of the fund-based working capital limit during the 12 months
ended March 2018. Also, the company's promoters have almost a
decade-long experience in the wire and cable manufacturing
business.

RATING SENSITIVITIES

Negative:  Deterioration in the margins leading to a decline in
the credit metrics, on a sustained basis, would be negative for
the ratings.

Positive: A significant improvement in the top line and credit
metrics on a sustained basis would be positive for the ratings.

COMPANY PROFILE

Optiflex was established as a partnership firm in 2003, and
manufactures different kinds of wire and cables.


ORCHID PHARMA: Lenders Call for Second Rounding of Bidding
----------------------------------------------------------
Sangita Mehta and Divya Rajagopal at The Economic Times report
that lenders to bankrupt Orchid Pharma have called for a second
round of bidding for the drug maker after they found the offer
from the only eligible bidder in the first round -- Union Quimico
Farmaceutica -- to be too low.

According to The Economic Times, the two senior officials said
the resolution professional who is in charge of the management of
the Chennai-based company had set April 25 as the fresh date for
submitting binding bids for the firm.

Two bids in the first round -- from Ingen Capital and Fidelity
Trading Corporation -- were deemed ineligible, The Economic Times
discloses.

Orchid Pharma, which is facing financial claims of INR3,500
crore, was in the second list of 28 companies that the RBI had
mandated banks to refer to bankruptcy court by the end of
December if lenders are unable restructure the loan, The Economic
Times notes.

Orchid Pharma Limited is an integrated pharmaceutical company
with presence in bulk drug manufacturing, formulations and drug
discovery.  Orchid commenced its operations as a cephalosporin
Active Pharmaceutical Ingredient (API) manufacturer and largely
remained so till 2004 before moving to formulations.


PRESTOGEM VEHICLES: CRISIL Reaffirms B Rating on INR10MM LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Prestogem Vehicles Private Limited (PVPL) at 'CRISIL
B/Stable'. The rating continues to reflect exposure to project-
related risks. This weakness is partially offset by the extensive
experience of the promoters in the three-wheeler (3W) industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project-related risks: The company is setting up a
3W manufacturing unit in Maharashtra Industrial Development
Corporation (MIDC), Tembhurni. The factory construction and plant
installation are in the initial stages and there in no closure of
any financial tie up. This leads to high implementation and
funding risks.

Strength

* Extensive industry experience of the promoters: The promoters,
Mr Sunil Kumar Mittal and Mr Madhav Tukaram Khedekar, have more
than two decades of experience in the 3W industry.  Mr Mittal was
earlier employed with Atul Auto Ltd and Piaggio Vehicles Pvt Ltd,
where he played a crucial role in designing 3Ws and in vendor
development. Mr Khedekar has been running his own fabrication
units for more than a decade.

Outlook: Stable

CRISIL believes PVPL will benefit from extensive experience of
the promoters in the three wheelers industry over the medium
term. The outlook may be revised to 'Positive' upon completion
and stabilization of the project as per the expectations along
with scaling up of operations leading to generation of net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is any delay in project execution leading to delays in
commencement of operations.

PVPL was established in February 2012, by Mr Sunil Kumar Mittal
and Mr Madhav Tukaram Khedekar. The company intends to set up a
three-wheeler assembly unit at MIDC Tembhurni, Maharashtra.


SHAGUN REALTY: CRISIL Lowers Rating on INR20MM LT Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facility of
Shagun Realty (SR) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'. The rating downgrade reflects high dependence on
additional booking to ensure timely repayment of loan in a
sluggish real estate market.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Long Term Loan        20        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating continues to reflect the extensive experience of SR's
partners, moderate brand recognition in Navi Mumbai's real
estate, and successful track record of healthy bookings. The
rating also factors in moderate financial risk profile supported
by unsecured loans from promoters and affiliates. These strengths
are mitigated by its susceptibility to risks and cyclicality
inherent in the Indian real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented
market structure. Real estate projects are affected by multiple
property laws and non-standardised government regulations across
states, which is compounded by aggressive timelines for
completion and shortage of manpower (project engineers and
skilled labour). Recent slowdown adversely delayed execution and
salability of several ongoing and future projects across the
sector. With increase in supply, attractive prices offered by
various builders, and constant regulatory changes, profitability
of real estate players is expected to come under pressure over
the medium term

Strengths

* Partners' extensive experience and moderate brand in Navi
Mumbai's real estate segment: SR's six partners have jointly
developed real estate space of over 2.2 million square feet
through group firms and special-purpose vehicles in Dombivli and
Navi Mumbai regions. The partners had successfully sold about 20
projects in the area and have developed a repute for themselves.
The firm has benefited from partners established presence in the
Navi Mumbai area. The same is reflected in the fact that 20-30
percent of saleable area gets booked in the pre-launch and launch
stages.

* Comfortable capital structure: Networth was moderate led to
firm's very limited reliance on external debt so far; unsecured
loans will remain in the firm over the medium term, and partners
will infuse additional funds in case of exigency, thus supporting
overall financial risk profile.

Outlook: Stable

CRISIL believes SR will benefit over the medium term from
partners' experience. The outlook may be revised to 'Positive' if
sizeable increase in bookings and timely receipt of customer
advances lead to substantial cash inflow. Conversely, the outlook
may be revised to 'Negative' if liquidity is constrained by
slowdown in bookings and delay in customer advances amid time or
cost overruns in project execution, or if the firm simultaneously
undertakes large projects.

SR, a partnership firm based in Navi Mumbai, was established on
April 2013. The firm develops residential and commercial real
estate projects in Navi Mumbai. Currently, four projects are
being implemented in Ulwe, Navi Mumbai. The partners have jointly
constructed real estate spaces of over 2.2 million square feet,
although in various firms/special purpose vehicles.


SHILPI CABLE: Resolution Professionals' Bid for Extension Okayed
----------------------------------------------------------------
Reuters reports that Shilpi Cable Technologies Ltd. said the
National Company Law Tribunal via its order on April 19 acceded
to the resolution professional's request to grant extension of 90
days.

Shilpi Cable Technologies Limited (BOM:533389) --
http://www.shilpicables.com/-- is engaged in manufacturing
cables and wires.  The Company operates through Copper, Aluminium
Wire, Cables and accessories segment.

In 2017, an overseas bank filed a petition against Shilpi Cable
before the NCLT, under Section 8 & 9 of the Insolvency and
Bankruptcy Code, 2016.


SHRI KALKA: CARE Assigns B+ Rating to INR8.27cr Term Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the long term bank facilities
of Shri Kalka Agro Industries as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       8.27     CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Shree Kalka Agro
Industries is primarily constrained on account of its modest
scale of operations with thin profitability margins and weak debt
coverage indicators. The rating is, further, constrained on
account of its presence in the lowest segment of the textile
value chain coupled with highly competitive and fragmented cotton
ginning industry and vulnerability of its operating margins to
fluctuation in the cotton prices as well as seasonality
associated with the industry and constitution as a partnership
concern.

The rating, however, favorably takes into account the long track
record of operations with vast experience of the promoters in the
cotton ginning industry and established relations with customers
and suppliers. The rating, further, gets strength from location
advantage being situated in the cotton growing region and
moderate liquidity position.

Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices
and efficient management of working capital is key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations
The scale of operation of the firm stood modest; however, total
operating income (TOI) of the company has increased significantly
by 108% over FY16 and registered Rs. 42.62 crore in FY17 mainly
on account of increase in sales of cotton bales by and sale of
cotton seeds.

Till February 28, 2018, the firm has registered turnover of Rs.36
crore.

Financial risk profile marked by thin profitability margins,
leveraged capital structure and weak debt coverage indicators and
its constitution as a partnership concern

The profitability margins of the firm stood thin on account of
limited value addition and presence in the lowest segment of the
textile value chain. During FY17, the firm registered PBILDT and
PAT margin of 2.11% and 0.19% respectively.

The capital structure of the firm stood leveraged marked with an
overall gearing of 3.22 times as on March 31, 2017, deteriorated
from 1.88 times as on March 31, 2016 mainly on account of higher
utilization of working capital bank borrowings as well as
disbursement of new term loan for plant and machinery. The debt
service coverage indicators of the firm stood weak with total
debt to GCA at 27.71 times as on March 31 2017, deteriorated
significantly from 17.66 times as on March 31 2016 due to higher
debt level. However, the interest coverage indicators stood at
1.47 times in FY17.

Further, its constitution as a partnership concern restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of
proprietor.
Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry

Operations of cotton business are seasonal in nature, as sowing
season is done during March to July and harvesting cycle (peak
season) is spread from November to February every year. Prices of
raw material i.e. raw cotton are highly volatile in nature and
depend upon factors like monsoon condition, area under
production, yield for the year, international demand supply
scenario, export policy decided by government and inventory
carried forward of the last year. Ginners usually have to procure
raw materials at significantly higher volume to bargain bulk
discount from suppliers. Furthermore, cotton being a seasonal
crop, the inventory levels of the entity generally remains high
at the end of the financial year. Thus, aggregate effect of both
the above factors results in exposure of ginners to price
volatility risk.

Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry

High proportion of small scale units operating in cotton ginning
and pressing industry has resulted in fragmented nature of
industry leading to intense competition amongst the players. As
SKF operates in this highly fragmented industry wherein large
numbers of un-organized players are also present, it has very low
bargaining power against both its customers as well as its
suppliers. This coupled with limited value addition in cotton
ginning process results in the firm operating at very thin
profitability (PAT) margins.

Key Rating Strengths
Long track record of operations with experienced proprietor in
the cotton ginning industry and established relations with
customers and suppliers

The firm was established in 2005, hence, has a track record of
more than a decade in the industry. Mr. Dinesh M. Tayal, has more
than three decades of experience in the cotton ginning industry
and looks after overall affairs of the firm. Further, Mr. Rajesh
M. Tayal, has more than three decades of experience and looks
after purchase and sales function of the firm.

Being present in the industry since long period of time, the
partners has established relationship with the customers and
suppliers.

Strategically located in the cotton growing region
Gujarat, Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and
Tamil Nadu are the major cotton producer's states in India. The
plant of SKF is located in one of the cotton producing belt of
Sendhwa (Madhya Pradesh) in India. The presence of SKF in cotton
producing region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Moderate liquidity position
The liquidity profile of the firm stood moderate with 50-55%
utilization of working capital bank borrowings in last twelve
month ended February, 2018. The current ratio stood comfortable
at 1.58 times as on March 31, 2017 however, quick ratio stood
below unity at 0.69 times as on March 31, 2016.

Company Background

Sendhwa (Madhya Pradesh) based Shri Kalka Agro Industries (SKAI)
was formed in 2006 as a partnership concern by Mr. Dinesh M.
Tayal and Mr. Rajesh M. Tayal. The firm is engaged in the
business of cotton ginning and pressing along with the production
of cotton seed and cake. The manufacturing unit of the firm has
installed capacity to manufacture cotton bales of 12000 Bales per
annum (BPA) as on March 31, 2017. SKAI procures raw cotton
directly from farmers and local mandis and sells its finished
products mainly in Madhya Pradesh, Rajasthan, Gujarat and South
India.

The promoters are also associated with two other companies named
as 'Laxminarayan Fiber Private Limited' and 'Shree Kalka Fibers
Private Limited (CARE B+; Stable). The entities are associated in
same line of business and collectively, these three companies
fall under 'Kalka' group.


SREE GENGA: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sree Genga
Mills Private Limited (SGMPL) for obtaining information through
letters and emails dated January 15, 2018 and February 21, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       .2        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit         3.0        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           3.3        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Working Capital
   Term Loan           1.5        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 Sree Genga Mills Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Sree Genga Mills Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sree Genga Mills Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in 1999 and promoted by Mr.E Ramaswamy, SGMPL
manufactures cotton yarn. Operations are managed by Mr. R
Srinivasan.


SHREE HAREKRISHNA: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Shree Harekrishna
Cotton Industries - Jamnagar (SHKCI) for obtaining information
through letters and emails dated January 15, 2018 and February
21, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           6         CRISIL B+ (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Term Loan        1.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2.5       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 Shree Harekrishna Cotton
Industries - Jamnagar. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Shree Harekrishna Cotton
Industries - Jamnagar is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

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

Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm has started its
commercial operations from November 2014.


SHREE RAJARAM: CRISIL Withdraws B Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Rajaram Mills (SRM) for obtaining information through letters and
emails dated March 22, 2018 and March 27, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           10        CRISIL B/Stable (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

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 SRM. 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
SRM 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,
CRISIL has migrated the ratings on the bank facilities of SRM to
'CRISIL B/Stable' Issuer not cooperating' from 'CRISIL B/Stable'.

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

Established in 2007, SRM is a proprietorship firm of Mr Suresh
Chand Gupta. The firm bleaches, dyes and prints narrow-width
fabric. Its processing facility is in Pali, Rajasthan with
installed capacity of 70,000 metre per day.


SRI SRIDEVI: CRISIL Reaffirms B+ Rating on INR9.9MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Sri Sridevi Raw and Boiled Rice
Mill (SSRBRM).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           9.9       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .1       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive rice-milling industry,
and susceptibility of operating profitability to volatility in
raw material prices and to changes in government regulations. The
rating also factors in below-average financial risk profile
because of modest networth, high gearing, and weak debt
protection metrics. These weaknesses are partially offset by the
extensive industry experience of the partners, and established
relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a competitive industry: With
revenue of INR37.96 crore in fiscal 2017, the firm's scale
remains small in the intensely competitive rice industry. The
scale of operations is expected to remain modest over the medium
term, limiting bargaining power with customers.

* Susceptibility of operating profitability to volatility in raw
material prices and to changes in government regulations: Cost of
paddy accounts for 85-90% of the cost of producing rice. Hence,
operating profitability is highly susceptible to volatility in
paddy prices. Moreover, change in policy pertaining to rice
procurement and in other regulations may affect profitability.

* Below-average financial risk profile: Networth was modest at
INR4.00 crore, leading to high gearing of 3.03 times, as on March
31, 2017. Debt protection metrics were weak, indicated by net
cash accrual to total debt of 0.02 time and interest coverage of
1.80 times for fiscal 2017.

Strengths:

* Extensive experience of the partners and established
relationships with customers and suppliers: The partners'
extensive experience has helped the firm build strong
relationships with clients and suppliers, which ensures steady
supply of raw material and repeat orders.

Outlook: Stable

CRISIL believes SSRBRM will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if healthy revenue and profitability lead
to improvement in the financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of low revenue or profitability, weakening of working
capital management, or large, debt-funded capital expenditure.

SSRBRM was established as a partnership firm in 1986 by Mr V
Kishore Kumar, Mr V Srinivas Rao, Mr V Subbarao, and Ms V
Vijayalakshmi. The firm mills and processes paddy into rice at
its plant in Nellore, Andhra Pradesh.


V.R.K.: ICRA Revises INR8cr Loan Rating to D, Not Cooperating
-------------------------------------------------------------
ICRA has revised the rating of bank facilities of V.R.K.
Associates Private Limited (VAPL) to [ICRA]D (pronounced ICRA D)
from [ICRA]B (pronounced ICRA B). ICRA has also moved the ratings
to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D ISSUER NOT COOPERATING" 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, despite
the downgrade.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-Term    8.00        [ICRA]D ISSUER NOT
COOPERATING*;
   Loan                           Revised from [ICRA]B and moved
                                  to 'Issuer Not Cooperating'
                                  category


Rating Rationale

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

Incorporated in 2001 as a private limited company, VRK is
involved in various activities which include prepaid card
distribution of Vodafone, retailing of mobile phones and running
an eight-room hotel in Sarnath, Uttar Pradesh. In addition to
that, the company has an Indane Gas Agency business and a retail
jewelry shop. Furthermore, the company has been constructing a
new hotel in Sarnath for which it has taken the term loan.


* INDIA: Must Allow Promoters of Stressed Assets to Bid, CII Says
-----------------------------------------------------------------
PTI reports that Confederation of Indian Industry President
Rakesh Bharti Mittal on April 26 said promoters of stressed
assets should be allowed to bid under the Insolvency and
Bankruptcy Code in case they are not willful defaulters and the
company has suffered on account of sectoral reasons.

The government has prohibited promoters of loan-defaulting
companies from bidding under the insolvency process citing
ethical reasons, PTI notes.

"Where there is no willful default or fraud, my view is that the
promoter should be given a chance (to bid) if the loan default is
due to stress in the sector," PTI quotes the new CII president as
saying.

According to PTI, he further said the government is seriously
considering this issue "but we have to see what finally comes
out".

Terming the rising non-performing assets (NPAs) as serious
problem, Mr. Mittal, as cited by PTI, said if it is because of
the willful default, the government should take a strict action.

However, if the NPAs are on account of stress in the sector,
there is a need to address the problem in an amicable manner in
which bankers would have to take hair cut, PTI states.



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


LIPPO KARAWACI: S&P Lowers ICR to 'B-' on Weakening Liquidity
-------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term issuer
credit rating on Indonesia-based property developer PT Lippo
Karawaci Tbk. (Lippo) to 'B-' from 'B'. The outlook is negative.
S&P also lowered its issue rating on Lippo's outstanding
guaranteed senior unsecured notes to 'B-' from 'B'. These notes
were issued by special purpose vehicle Theta Capital Pte Ltd.

S&P said, "The downgrade reflects our view that Lippo needs to
dispose of assets to strengthen its liquidity. This is because we
expect modest operating cash flows, high financial charges,
maturing debt, and depleting cash balances over the next six
months.

"We estimate liquidity at Lippo's holding company will deplete in
the next six months, barring substantial and timely asset sales.
As of Dec. 31, 2017, cash and equivalents were about Indonesian
rupiah (IDR) 1 trillion, by our estimates, at Lippo's holding
level (which bears most of its consolidated debt, including the
company's US$835 million notes). In our view, this cash level is
modest compared with nearly IDR1 trillion in interest payments
annually, and the approaching maturity on a US$65 million term
loan in April 2019."

Lippo does not have multi-year committed credit facilities it can
draw upon and is unable to raise additional debt under the
covenants on its bonds. S&P also expects marginally negative
operating cash flows at the holding company level as master
leases and overheads more than offset recurring income.

S&P said, "In addition, Lippo's financial flexibility has
constricted, in our view, following the reduction of the
company's stake in its hospital operation subsidiary PT Siloam
Hospitals Tbk. to 51% in the fourth quarter of 2017.

"Against this backdrop of tightening liquidity and reduced
financial flexibility, Lippo is yet to execute a credible asset-
monetization plan to substantially and sustainably bolster its
liquidity position, which has deteriorated since the last rating
action we took on the company in December 2017, when we
downgraded the company."

Lippo has been contemplating the sale of its Puri Mall (a large
retail mall in the Jakarta area) to its listed retail REIT Lippo
Malls Indonesia Retail Trust (LMIRT). However, the asset, valued
at IDR5 trillion to IDR6 trillion, is large for LMIRT to absorb.
The mall would represent nearly 30% of the trust's book value and
nearly 60% of its current market capitalization. S&P also
believes LMIRT may elect to first refinance its own sizable debt
maturities (about Singapore dollar 270 million due in 2018)
before seeking additional debt funding for further acquisitions.
Debt financing will also depend on funding availability and
funding costs, noting that LMIRT no longer has a public credit
rating.

Lippo can also dispose of other assets including stakes in listed
REITs or landbanks. Proceeds from shares in First REIT, its
hospital REIT, were about IDR200 billion in the quarter ended
Dec. 31, 2017. But sizable divestments in its listed REITS may
lead to a reduced control by Lippo over the REIT strategy and
make it more difficult for the company to sell future
developments into these vehicles. Furthermore, meaningful land
sales could deplete the company's long-term income stream.
Finally, S&P believes Lippo is yet to demonstrate a willingness
to rapidly dispose of assets at discounted levels, even to
bolster liquidity.

S&P said, "We recognize that a monetization of assets at the
holding company is instrumental to Lippo's liquidity and interest
servicing capacity. A successful monetization of these assets,
with proceeds explicitly applied to bolster liquidity and repay
debt could create some upside rating momentum.

"We now only partially consolidate the group's financials, a
change in approach which has resulted in lower coverage ratios on
debt. This change comes in response to recent asset sales,
including the sale of 49% of the Meikarta project by PT Lippo
Cikarang Tbk. (LPCK), a 54%-owned subsidiary of Lippo, in 2017.
Lippo's consolidated financial statements are no longer
adequately representative of the underlying economic substance
following this additional disposal. As a result, we have started
assessing Lippo's balance sheet quality by consolidating LPCK and
Siloam's contributions to the group proportionately.

"Under this new scope of consolidation, we project Lippo's
consolidated EBITDA interest coverage to be below 1.0x for the
next 12 months at least, amid broadly stable consolidated debt
levels. We adjust our debt, EBITDA, and interest calculations to
factor in the company's sizable operating leases, especially in
its healthcare operations."

S&P's base case assumes:

-- Indonesia's real GDP growth of 5.3% in 2018, increasing to
    5.5% in 2019, from 5.1% in 2017.

-- A pick-up in Lippo's property sales to about IDR13 trillion
    in 2018 from about IDR8.8 trillion in 2017, most of which
    will come from marketing sales at Meikarta.

-- No retail asset sales in 2018.

-- Consolidated capital spending of about IDR2.7 trillion in
    2018 and IDR1.5 trillion in 2019, most of which is in the
    hospital operations.

-- Reported EBITDA margin of about 18.6% in 2017, declining to
    10%-12% in 2018 due to contributions from lower-priced
    projects from Meikarta. EBITDA margins could be slightly
    above 15% in 2019 if the company sells part of the Puri Mall.

Based on these assumptions and proportionate consolidation of
major subsidiaries, S&P arrives at the following credit measures:

-- The ratio of debt to EBITDA will exceed 7.5x in 2018 and
2019, in the absence of material asset sales.

-- EBITDA interest coverage will be below 1.0x in 2018 and 2019.

The above ratios include proportionate operating lease
adjustments arising from sale-and-leaseback arrangements between
Siloam and First REIT. The hospitals are sold by Lippo to the
REIT, and the REIT leases them back to Lippo and Siloam.

The negative outlook reflects the prospect of a further rating
downgrade within the next six months if cash balance continue to
deplete and barring material asset sales.

S&P said, "We may lower the rating on Lippo to the 'CCC' category
if the company does not complete asset sales within the next six
months, thereby weakening liquidity further.

"We could revise the outlook to stable if we assess the liquidity
of the company has improved substantially. Given our view of the
company's limited financial flexibility, we believe that this
would require asset sales exceeding IDR3 trillion, commensurate
with two years of cash flow requirements. If sizable asset sales
do materialize, a rating upgrade would be contingent upon
management demonstrating commitment to strengthening the
company's liquidity and balance sheet, rather than using the
sales proceeds for further expansion or working capital
purposes."



=========
J A P A N
=========


SOFTBANK GROUP: Moody's Adds Details to Rated Senior Notes
----------------------------------------------------------
Moody's Japan K.K. has added the details for the rated backed
senior unsecured notes to be issued by SoftBank Group Corp. (Ba1
corporate family rating, stable).

On April 16, 2018, Moody's had assigned a Ba1 backed senior
unsecured rating with a stable outlook to the new notes, which
will be issued to redeem the senior unsecured notes issued in
2013.

The details of the rated notes are as follows:

- USD300 million senior unsecured guaranteed notes due 2023

- USD450 million senior unsecured guaranteed notes due 2025

- EUR1 billion senior unsecured guaranteed notes due 2023

- EUR450 million senior unsecured guaranteed notes due 2025

The principal methodology used in this rating was
Telecommunications Service Providers (Japanese) published in
April 2017.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese
holding company with operations in mobile and fixed-line
telecommunications, broadband, Internet and other businesses. The
group owns SoftBank Corp., one of the three major mobile
telecommunications operators in Japan by number of subscribers.



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


MALAYAN BANKING: S&P Assigns 'BB+' Rating to Add'l Tier-1 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to
proposed Basel-III compliant Additional Tier-1 (AT1) notes, which
have been added to Malayan Banking Bhd.'s (Maybank: A-/Stable/A-
2) US$15 billion multicurrency medium-term note (MTN) program.
S&P has existing ratings on senior unsecured notes and
subordinated Tier-2 notes under the same MTN program.

S&P said, "We expect to view any potential AT1 drawdowns from
this program as having intermediate equity content, meaning that
issuances will count in our assessment of total adjusted capital
for Maybank. The rating and our views on the equity content are
subject to our review of the final issuance documentation."

S&P rates such AT1 notes four notches lower than Maybank's stand-
alone credit profile of 'a-'. The rating reflects:

-- One notch for subordination risk;
-- Two notches for a discretionary coupon cancellation clause;
-- One notch for a loss-absorbing feature at the point of
    nonviability, under which Maybank must write off the
principal
    or interest on such notes if a nonviability trigger is
    activated.

The AT1 notes and interest under this MTN program constitute
direct, unconditional, unsecured, and subordinated obligations of
the issuer, ranking equally without any preference among
themselves. In the event of a winding-up of the notes, the AT1
note holders' claims shall be subordinated in right of payment to
the claims of all senior creditors, which include, but are not
limited to, senior unsecured debt and Tier-2 note investors.

Similarly, the AT1 notes will rank senior to the rights and
claims of all junior obligations such as common shareholders.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Face Pressure on Gov't. Financing, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the credit profile of Papua
New Guinea (PNG, B2 negative) reflects significant pressure on
government financing stemming from large gross borrowing
requirements, and external liquidity challenges, as reflected by
a continuing foreign-exchange backlog.

In addition, weaknesses in governance and security, low incomes
and poor infrastructure also pose credit challenges.

Besides the tragic loss of life, the earthquake that struck the
country in February 2018 and significant aftershocks are likely
to take a temporary toll on the economy, public finances and the
current account position.

Moody's conclusions are contained in its just-released annual
credit analysis, "Government of Papua New Guinea -- B2 negative".
This analysis elaborates on PNG's credit profile in terms of
economic strength, Low (-); institutional strength, Very Low (+);
fiscal strength, Moderate (-); and susceptibility to event risk,
Moderate (+).

Balancing these challenges, PNG's credit strengths include strong
growth potential, supported by natural resources wealth, and low
(though rising) levels of government debt compared with similarly
rated sovereigns.

Moody's notes that realising these potential investments, if
accompanied by greater government revenue, will be key to
increasing the sovereign's debt-carrying capacity and relieving
both domestic and external liquidity constraints.

Moody's changed the outlook on PNG's rating to negative from
stable in March 2018, reflecting the elevated government
liquidity risks that hamper the country's fiscal strength,
despite reforms aimed at supporting government revenue in the
medium term. As they persist, liquidity constraints increase
refinancing risks.

Moody's note it could downgrade the rating if the government's
reliance on short-term domestic market funding at high local-
currency interest rates to fund fiscal deficits increases. This
would substantially increase refinancing risks, and result in
higher government funding costs and debt than Moody's currently
assume. Worsening foreign-currency shortages or a further decline
in foreign-currency reserves would heighten risks to external
debt-servicing and also put downward pressure on the rating.

Moody's note the negative outlook signals that an upgrade is
unlikely. Moody's could change the outlook to stable on evidence
of lower refinancing risks, which could result from the
government refinancing a significant portion of its short-term
domestic debt at longer maturities. An increase in non-debt-
creating external inflows that lead to a material build-up in
foreign currency reserves and strengthen reserve adequacy, while
boosting domestic economic output, would also support the credit
profile. Enhancements to potential growth through the development
of large projects, such as via significant additions to LNG and
gold production beyond what is currently assumed, should they
allow for the government to increase its revenue generation
capacity, could also lead to a stabilisation of the rating
outlook.


                             *********

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

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

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


                            *********


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

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

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

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

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



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