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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 6, 2018, Vol. 21, No. 111

                            Headlines


A U S T R A L I A

AFG 2018-1: S&P Assigns Prelim BB (sf) Rating to Class E Notes
ALEXANDRIA LIQUOR: Second Creditors' Meeting Set for June 12
ALL PRO: First Creditors' Meeting Scheduled for June 12
BBY LIMITED: ASIC Further Suspends AFS License
BORONIA CONCRETERS: Second Creditors' Meeting Set for June 18

CMJS NT: Second Creditors' Meeting Slated for June 13
KIRLEY ROOFING: First Creditors' Meeting Set for June 13
SMART STAY: Second Creditors' Meeting Set for June 13
TRITON TRUST 2014-P: Fitch Affirms 'BB+' Rating on Class E Notes
UNIVERSE INVESTMENTS: Second Creditors' Meeting Set for June 14


C H I N A

BIOSTAR PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
CHINA COMMERCIAL: Sells 1.64 Million Shares of Common Stock
CHINA FORTUNE: Fitch Corrects June 1 Ratings Release
DALIAN WANDA: Moody's Affirms Ba1 CFR; Alters Outlook to Stable


I N D I A

AARK INDIA: CRISIL Withdraws B Rating on INR5.5MM Loan
ADITYA HOUSING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
AIC INFRASTRUCTURES: Ind-Ra Retains B+ Rating in Non-Cooperating
ASTRA ROCKS: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
B.R. OIL: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating

BINANI CEMENT: Supreme Court Restrains Finalisation of Asset Sale
CRACKERS INDIA: CRISIL Migrates 'C' Rating to Not Cooperating
DEVANSHI POWERS: CRISIL Lowers Rating INR14MM Cash Loan to D
EASTERN COPPER: CRISIL Migrates D Rating to Not Cooperating
EPYGEN BIOTECH: CRISIL Raises Rating on INR25MM Term Loan to B+

FRESCO PLUS: CRISIL Migrates B Rating to Not Cooperating Category
GARVIT HOSPITALITY: CRISIL Moves B- Rating to Not Cooperating
GUPTA TRADING: CRISIL Withdraws B+ Rating on INR8.5MM Cash Loan
GYPSUM STRUCTURAL: Ind-Ra Maintains BB- Rating in Non-Cooperating
HARITHA BIO: Ind-Ra Maintains D Issuer Rating in Non-Cooperating

HECTOR ENTERPRISES: CRISIL Cuts Rating on INR22.5MM Loan to B-
HOPE HEALTHWAYS: Ind-Ra Maintains D LT Rating in Non-Cooperating
INNOVATION HOUSE: CRISIL Migrates B- Rating to Not Cooperating
JAY ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
K.P.I. GLOBAL: CRISIL Lowers Rating on INR12MM Term Loan to D

KARUPPASWAMY BUILDERS: CRISIL Moves B+ Rating to Not Cooperating
LOMINO CERAMIC: CRISIL Assigns B+ Rating to INR7MM Term Loan
M.G. INDUSTRIES: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
MOTOR AND GENERAL: CRISIL Assigns B+ Rating to INR10.73MM Loan
N.S.K. BUILDERS: CRISIL Moves D Rating to Not Cooperating

NAGABHUSHANAM & CO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
NANCY KRAFTS: CRISIL Reaffirms B Rating on INR6.04MM LT Loan
OMVIR SINGH: CRISIL Downgrades Rating on INR32.96MM Loan to D
PASUPATI RICE: CRISIL Migrates B+ Rating to Not Cooperating
PURITA WATER: CRISIL Migrates B+ Rating to Not Cooperating

RAJEEV KUMAR: CRISIL Migrates B+ Rating to Not Cooperating
RAJENDRAKUMAR & CO: Ind-Ra Maintains B+ Rating in Non-Cooperating
RATHNA STORES: CRISIL Migrates B Rating to Not Cooperating
RUDRANEE INFRA: CRISIL Migrates D Rating to Not Cooperating
SAAB ENGINEERING: Ind-Ra Maintains BB+ Rating in Non-Cooperating

SARWATI POLYMERS: CRISIL Withdraws B Rating on INR3MM Cash Loan
SATHYAM GREEN: Ind-Ra Maintains BB- Rating in Non-Cooperating
SHILPI CABLE: Ind-Ra Affirms 'D' LT Issuer Rating
SHREE BISHNU: CRISIL Migrates D Rating to Not Cooperating
SHRI NARAYANI: CRISIL Raises Rating on INR5.59MM Term Loan to B+

SRI GANESH: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SRINIVASA CONST: Ind-Ra Maintains BB Rating in Non-Cooperating
VALLABHANENI CONST.: Ind-Ra Retains BB Rating in Non-Cooperating
VEDANT TRADE: CRISIL Cuts Rating on INR15MM Proposed Loan to D
VIDHATRI MOTORS: CRISIL Hikes Rating on INR7.50MM Loan to B

VISION FREIGHT: CRISIL Withdraws D Rating on INR9.5MM Cash Loan
WRC ENGINEERING: Ind-Ra Maintains B- LT Rating in Non-Cooperating
ZIV HOTELS: CRISIL Assigns 'B' Rating to INR7MM Long Term Loan


I N D O N E S I A

BUKIT MAKMUR: Fitch Affirms 'BB-' LT IDR; Outlook Stable


J A P A N

TOSHIBA CORP: Plans to Sell PC Business to Sharp for JPY5 Billion
TOSHIBA CORP: Completes $18BB Sale of Chip Unit to Consortium
TOSHIBA CORP: S&P Raises Corp Credit Rating to 'BB', Outlook Pos.


M A L A Y S I A

TH HEAVY: Expects to Exit PN17 Status Early Next Year


S I N G A P O R E

BLUE OCEAN: Files Chapter 15 Bankruptcy Petition
BLUE OCEAN: Chapter 15 Case Summary
KS ENERGY: Added to SGX Watch-List Due to Losses
PACIFIC RADIANCE: Enters Terms to Place Up to US$85MM of Shares


                            - - - - -


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


AFG 2018-1: S&P Assigns Prelim BB (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of
the nine classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2018-1 Trust in respect of Series 2018-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses we apply. The credit
    support for the rated notes comprises note subordination,
    excess spread and lenders' mortgage insurance (LMI) on 46.9%
    of the portfolio.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 1.0% of the aggregate outstanding amount of
    the notes, and the principal draw function are sufficient to
    ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
    Securities Pty Ltd. on the closing date to meet extraordinary
    expenses. The reserve is to be topped up from excess spread,
    if any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
    liquidity facility provider and Australia and New Zealand
    Banking Group Ltd. as bank account provider. The transaction
    documents for the liquidity facility and bank account include
    downgrade language consistent with S&P Global Ratings'
    counterparty criteria.

  PRELIMINARY RATINGS ASSIGNED
  Class      Rating         Amount (mil. A$)
  A1         AAA (sf)        65.00
  A2         AAA (sf)       250.00
  A3         AAA (sf)        14.7
  AB         AAA (sf)         8.75
  B          AA (sf)          5.075
  C          A (sf)           3.675
  D          BBB (sf)         1.225
  E          BB (sf)          0.875
  F          NR               0.70


ALEXANDRIA LIQUOR: Second Creditors' Meeting Set for June 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Alexandria
Liquor Pty Limited has been set for June 12, 2018, at 11:00 a.m.
at the offices of DEM Australasia at Suite 4.02, Level 4, 249
Pitt 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 June 8, 2018, at 4:00 p.m.

Damien Hodgkinson of DEM Asia Group was appointed as
administrator of Alexandria Liquor on May 9, 2018.


ALL PRO: First Creditors' Meeting Scheduled for June 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of All Pro
Australia Pty Ltd will be held at the offices of Hamilton Murphy
Certified Practising Accountants, 237 Swan Street, in Richmond,
Victoria, on June 12, 2018, at 2:00 p.m.

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


BBY LIMITED: ASIC Further Suspends AFS License
----------------------------------------------
Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licences held by
SmarTrader Limited (SmarTrader) and BBY Advisory Services Pty Ltd
(BBY Advisory), effective from May 18, 2018 and May 22, 2018,
respectively.

ASIC has also decided to extend the suspension of the AFS licence
held by BBY Limited (BBY) until May 28, 2019.

The terms of the suspension allow the BBY AFS licence to continue
in effect for the following purposes only:

  -- to ensure that clients of BBY continue to have access to
     an external dispute resolution scheme;
  -- to ensure that clients of BBY continue to have access to
     the National Guarantee Fund;
  -- to ensure that the receivers and administrators have the
     legal authority to transfer a client's "holder
     identification number" to another market participant with
     instructions from the client or to convert a licensee
     sponsored holding to an issuer sponsored holding in
     accordance with the ASX Settlement Operating Rules; and

  -- to ensure BBY continues to be required to have arrangements
     for compensating retail clients for loss or damages suffered
     as a result of breaches of the Corporations Act by the
     companies or their representatives.

On May 28, 2015, ASIC suspended the AFS licences held by BBY, BBY
Advisory and SmarTrader for a period of three years.

This followed the appointment of Stephen Vaughan and Ian Hall as
joint administrators to these companies on May 17, 2015. Steven
Parbery and Brett Lord were appointed receivers and managers of
BBY and BBY Advisory on May 18, 2015.

Under the Corporations Act, ASIC has the power to suspend or
cancel an AFS licence, without holding a hearing, where the AFS
licence is held by a body corporate which is placed under
external administration.

The companies have a right to seek a review of ASIC's decision at
the Administrative Appeals Tribunal.

                           About BBY Ltd

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

BBY Ltd is the main entity of the BBY group and is headquartered
in Sydney with offices in Adelaide, Auckland, Brisbane, Gold
Coast, London, Melbourne, New York, Perth and Wellington. The BBY
group consisted of 10 entities and included two other financial
services licensees: BBY Advisory Services Pty Ltd and SmarTrader
Limited.

On May 17, 2015, Stephen Vaughan and Ian Hall of KPMG were
appointed as joint and several voluntary administrators of the 10
BBY companies, including BBY, BBY Advisory Services Pty Ltd and
SmarTrader Limited.

On May 18, 2015, Steven Parbery and Brett Lord of PPB Advisory
were appointed receivers and managers of BBY and BBY Advisory
Services Pty Ltd, and trading by BBY on the ASX, Chi-X Australia
and SSX markets was also suspended.

On May 28, 2015, the Australian Securities & Investments
Commission (ASIC) suspended the Australian financial services
(AFS) licences held by BBY, BBY Advisory Services Pty Ltd, and
SmarTrader Limited.

On June 22, 2015, BBY Limited was placed in liquidation.


BORONIA CONCRETERS: Second Creditors' Meeting Set for June 18
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Boronia
Concreters Pty Ltd has been set for June 18, 2018, at 10:30 a.m.
at the offices of Grant Thornton Australia Limited, Collins
Square Business Centre, Level 6, Tower 2, 727 Collins Street, in
Docklands, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 15, 2018, at 4:00 p.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Boronia Concreters on May 14,
2018.


CMJS NT: Second Creditors' Meeting Slated for June 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of CMJS NT Pty
Ltd, trading as "Flip Out Darwin" has been set for June 13, 2018,
at 11:00 a.m. at the offices of Rodgers Reidy, Unit 22, 16
Charlton Court, in Woolner, NT.

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 June 12, 2018, at 5:00 p.m.

Stuart George Reid of Rodgers Reidy was appointed as
administrator of CMJS NT on May 8, 2018.


KIRLEY ROOFING: First Creditors' Meeting Set for June 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kirley
Roofing Pty Ltd will be held at the offices of JHK Legal, Level
9, 470 Collins Street, in Melbourne, Victoria, on June 13, 2018,
at 11:00 a.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Kirley Roofing on June 1, 2018.


SMART STAY: Second Creditors' Meeting Set for June 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Smart Stay
Villages Pty Ltd has been set for June 13, 2018, at 11:00 a.m. at
the offices of Quest Mackay on Gordon, 27 Gordon Street, in
Mackay, 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 June 12, 2018, at 4:00 p.m.

Geoffrey Trent Hancock and Bradley Tonks of PKF were appointed as
administrators of Smart Stay on Feb. 13, 2018.


TRITON TRUST 2014-P: Fitch Affirms 'BB+' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed 27 note classes from seven Triton
trusts, which consist of notes backed by pools of first-ranking
Australian residential predominantly full-documentation mortgage
loans. The notes were issued by Perpetual Corporate Trust in its
capacity as trustee.

KEY RATING DRIVERS

Macroeconomic Factors: Fitch expects mortgage performance to
remain stable across all Triton trusts, supported by sustained
economic growth over the next 12-24 months in Australia that is
driven by stable forecast GDP growth of 2.7% in 2019 and no
significant change to the official cash rate in 2018.

Asset Analysis: In accordance with Fitch's APAC Residential
Mortgage Criteria, the default model was not re-run for Triton
2013-1 Trust, Triton 2014-1 Trust, Triton 2016-1 Trust, Triton
2017-1 Trust and Triton 2017-2 Trust as the outstanding ratings
are only 'AAAsf'; the transactions do not have revolving periods;
and a review of pre-determined performance triggers indicates
that the transaction displays stable asset performance. The
default model was run for the remaining two transactions. The
'AAAsf' weighted-average (WA) foreclosure frequency for Triton
2014-P Trust improved to 18.2%, from 20.9% at the last rating
action, and remained unchanged for Triton 2015-1 Trust compared
with the last rating action. Triton 2015-1 is currently in a
revolving period ending December 2018. The WA foreclosure was
calculated using a pool that was stressed to portfolio
parameters.

Transaction data for the March 2018 reporting period showed that
30+ day delinquencies for all trusts, except Triton 2014-1 Trust
and Triton 2014-P Trust, were below Fitch's 4Q17 Dinkum RMBS
Index of 1.01%. Triton 2014-1 Trust and Triton 2014-P Trust
reported 30+days arrears of 1.2% and 2.4%, respectively. Arrears
ratios are driven predominantly by the small outstanding
collateral balances of the portfolios. The transactions'
performance has been strong, with minimal losses which occurred
only in Triton 2013-1 Trust and Triton 2014-P Trust and have been
covered by LMI and excess spread.

Operational Risk: Columbus Capital is a non-bank lender. Fitch
undertook an onsite operational review and found that the
operations of the originator and servicer were comparable with
other conforming lenders.

Cash Flow Analysis: Cash flow modelling was completed for Triton
2014-P. Classes A1, A2, B, C and D are able to withstand all
relevant Fitch 'AAAsf' rating stresses while the class E notes
pass the 'BB+sf' rating stresses. An upgrade to the ratings on
classes C and D was taken into considerations, given the cash
flow modelling results, but was constrained by tail-end
concentration. Cash flow modelling was also completed for Triton
2015-1 trust, and all rated notes were able to withstand all
relevant Fitch rating stresses at their existing rating levels.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of downgrade is
remote, given the level of subordination to all rated notes, pool
performance and adequate excess spread. The class AB notes from
Triton 2014-1, Triton 2017-1 and Triton 2017-2 and all classes of
notes from the Triton 2015-1 Trust are LMI dependent - and
therefore sensitive to downgrades in the LMI providers' ratings.

Where models were run, Fitch conducted sensitivity analysis by
stressing the transaction's base-case assumptions. The results of
rating-sensitivity testing, excluding credit to excess spread,
are shown below. Fitch applies the recovery rate stress to the
pre-LMI recovery rate to isolate the effect of a change in
recovery proceeds at the borrower level. Fitch also undertakes
defined sensitivity testing to show the model-implied
sensitivities the transaction faces when recovery rate assumption
stresses are increased to a level that is required to reduce the
rating of the notes (i) by one full category, (ii) to non-
investment-grade and (iii) to 'CCCsf'.

Triton 2014-P Trust:

Impact on note ratings from increasing levels of foreclosure:
Original rating / increased by 15% / increased by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class A2: AAAsf / AAAsf / AAAsf
Class B: AAAsf / AAAsf / AAAsf
Class C: AAsf / AAsf / AAsf
Class D: Asf / Asf / Asf
Class E: BB+sf / BBsf / BB-sf

Impact on note ratings from decreased recovery rates:
Original rating / reduced by 15% / reduced by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class A2: AAAsf / AAAsf / AAAsf
Class B: AAAsf / AAAsf / AAAsf
Class C: AAsf / AAsf / AAsf
Class D: Asf / Asf / Asf
Class E: BB+sf / B+sf / NRsf

Impact on note ratings from a combination of increased rates of
foreclosure and decreased recovery rates:
Original rating / stress of 15% / stress of 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class A2: AAAsf / AAAsf / AA+sf
Class B: AAAsf / AAAsf / AAsf
Class C: AAsf / AAsf / AAsf
Class D: Asf / Asf / Asf
Class E: BB+sf / NRsf / NRsf

Fitch also determined the increase in charge-offs that would need
to occur to result in a rated note being downgraded by one
category, to sub-investment grade and to 'CCCsf'. The results are
shown below:

Class A1: >100% / >100% / >100%
Class A2: 60% / >100% / >100%
Class B: 41% / >100% / >100%
Class C: 85% / >100% / >100%
Class D: 100% / >100% / >100%
Class E: 15% / n.a. / 20%

Triton 2015-1 Trust:

Impact on note ratings from increasing levels of foreclosure:
Original rating / increased by 15% / increased by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AAsf / AAsf
Class C: Asf / Asf / Asf
Class D: BBBsf / BBBsf / BBBsf
Class E: BBsf / BBsf / BB-sf

Impact on note ratings from decreased recovery rates:
Original rating / reduced by 15% / reduced by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AA-sf / A-sf
Class C: Asf / BBBsf / BB-sf
Class D: BBBsf / Bsf / NRsf
Class E: BBsf / NRsf / NRsf

Impact on note ratings from a combination of increased rates of
foreclosure and decreased recovery rates:
Original rating / stress of 15% / stress of 30%:
Class A1: AAAsf / AAAsf / AAsf
Class B: AAsf / A+sf / BBBsf
Class C: Asf / BBB-sf / Bsf
Class D: BBBsf / NRsf / NRsf
Class E: BBsf / NRsf / NRsf

Fitch also determined the increase in charge-offs that would need
to occur to result in a rated note being downgraded by one
category, to sub-investment grade and to 'CCCsf'. The results are
shown below:

Class A1: 33% / >100% / >100%
Class B: 18% / 47% / >100%
Class C: 9% / 17% / 45%
Class D: 5% / 5% / 16%
Class E: 3% / n.a. / 7%

The full list of rating actions is:

Triton Trust No.2 Bond Series 2013-1:

AUD97.6m Class A notes affirmed at 'AAAsf'; Outlook Stable

AUD15.4m Class AB notes affirmed at 'AAAsf'; Outlook Stable

Triton Trust No.2 Bond Series 2014-P:
AUD37.0m Class A1 notes affirmed at 'AAAsf'; Outlook Stable

AUD8.3m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD2.5m Class B notes affirmed at 'AAAsf'; Outlook Stable

AUD1.9m Class C notes affirmed at 'AAsf'; Outlook Stable

AUD2.3m Class D notes affirmed at 'Asf'; Outlook Stable

AUD3.7m Class E notes affirmed at 'BB+sf'; Outlook Stable

Triton Trust No.2 Bond Series 2014-1:

AUD153.9m Class A notes affirmed at 'AAAsf'; Outlook Stable

AUD22.0m Class AB notes affirmed at 'AAAsf'; Outlook Stable

Triton Trust No.7 Bond Series 2015-1:

AUD600.0m Class A1 notes affirmed at 'AAAsf'; Outlook Stable

AUD0m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD28.1m Class B notes affirmed at 'AAsf'; Outlook Stable

AUD9.5m Class C notes affirmed at 'Asf'; Outlook Stable

AUD4.5m Class D notes affirmed at 'BBBsf'; Outlook Stable

AUD3.0m Class E notes affirmed at 'BBsf'; Outlook Stable

Triton Trust No.7 Bond Series 2016-1:

AUD171.9m Class A1-b notes affirmed at 'AAAsf'; Outlook Stable

AUD17.6m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD11.4m Class AB notes affirmed at 'AAAsf'; Outlook Stable

Triton Trust No.7 Bond Series 2017-1:

AUD328.4m Class A1-b notes affirmed at 'AAAsf'; Outlook Stable

AUD24.0m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD25.0m Class AB notes affirmed at 'AAAsf'; Outlook Stable

Triton Trust No.7 Bond Series 2017-2:

AUD12.2m Class A1-a notes affirmed at 'AAAsf'; Outlook Stable

AUD375.0m Class A1-b notes affirmed at 'AAAsf'; Outlook Stable

AUD25.0m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD15.0m Class A3 notes affirmed at 'AAAsf'; Outlook Stable

AUD18.0m Class AB notes affirmed at 'AAAsf'; Outlook Stable


UNIVERSE INVESTMENTS: Second Creditors' Meeting Set for June 14
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Universe
Investments Pty Ltd has been set for June 14, 2018, at 3:30 p.m.
at the offices of Jones Partners Insolvency & Business Recovery
Level 13, 189 Kent 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 June 13, 2018, at 5:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Universe Investments on May 10, 2018.



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C H I N A
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BIOSTAR PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc., received on May 23, 2018, a
notification letter from Nasdaq Listing Qualifications advising
the Company that, since it had not filed its Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31, 2018, the
Company was not in compliance with Nasdaq Listing Rule 5250(c)(1)
for continued listing.

As previously disclosed, on April 19, 2018, the Company received
a notification letter from Nasdaq advising the Company that,
since it had not filed its Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2017, the Company was not in
compliance with Nasdaq Listing Rules. In accordance with the
previously issued notification letter from Nasdaq, the Company is
required within 60 calendar days (or before June 18, 2018) to
submit a plan of compliance with its continued listing
deficiencies. If the Company's plan is approved by the Nasdaq
staff, the Company may be eligible for a listing exception of up
to 180 calendar days (or until Oct. 15, 2018) to regain
compliance. If the Nasdaq staff concludes that the Company will
not be able to cure the deficiency, or if the Company determines
not to submit the required materials or make the required
representations, the Company's common stock will be subject to
delisting by Nasdaq.

                   About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015. As of Sept. 30, 2017, the Company
had $41.42 million in total assets, $5.27 million in total
current liabilities, and $36.14 million in total stockholders'
equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31,
2016, stating that the Company had experienced a substantial
decrease in sales volume which resulted a net loss for the year
ended Dec. 31, 2016. Also, part of the Company's buildings and
land use rights are subject to litigation between an independent
third party and the Company's chief executive officer, and the
title of these buildings and land use rights has been seized by
the PRC Courts so that the Company cannot be sold without the
Court's permission. In addition, the Company already violated its
financial covenants included in its short-term bank loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


CHINA COMMERCIAL: Sells 1.64 Million Shares of Common Stock
-----------------------------------------------------------
China Commercial Credit, Inc., entered into securities purchase
agreements on May 25, 2018, with certain "non-U.S. Persons" as
defined in Regulation S of the Securities Act of 1933, as amended
pursuant to which the Company agreed to sell an aggregate of
982,996 shares of its common stock, par value $0.001 per share,
at a per share purchase price of $0.78.  The net proceeds to the
Company from the SPAs Offering will be approximately $750,000.

The May SPAs are part of the subscription the Company received in
a private placement offering of its Common Stock at a per share
purchase price of $0.78 up to an aggregate gross proceeds of two
million dollars ($2,000,000) to "non-U.S. Persons" as defined in
Regulation S.  The Offering will be on a rolling basis until
June 30, 2018 unless the Company extends for an additional 30
days at its sole discretion.

The net proceeds of the Offering will be used by the Company in
connection with the Company's operation of certain used luxurious
car leasing or other related business as approved by the board of
directors of the Company.

The parties to the May SPA have each made customary
representations, warranties and covenants.  The Shares sold
pursuant to the May SPA are subject to certain lock-up whereby
the 40% of the Share will be subject to a six-month lock-up from
the closing of the May SPA, 30% of the Shares a nine-month lock-
up from the closing and the last 30% of the Shares a twelve-
months lock-up from the closing.

On May 29, 2018, the Company issued 658,000 shares of the
Company's Common Stock pursuant to certain to certain securities
purchase agreements dated April 28, 2018 with certain "non-U.S.
Persons" as defined in Regulation S of the Securities Act.

On May 29, 2018, the Company issued 982,996 shares of the
Company's Common Stock pursuant to May SPA to certain "non-U.S.
Persons" as defined in Regulation S of the Securities Act.

These issuances and sales are exempt from the registration
requirements of the Securities Act pursuant to Regulation S
promulgated thereunder.

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of March 31, 2018, China
Commercial had US$7.31 million in total assets, US$11.76 million
in total liabilities and a total shareholders' deficit of US$4.45
million.

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


CHINA FORTUNE: Fitch Corrects June 1 Ratings Release
----------------------------------------------------
Fitch Ratings replaced a ratings release published on June 1,
2008 to correct the name of the issuer to China Fortune Land
Development Co., Ltd.

Fitch Ratings has published China-based city-district developer
China Fortune Land Development Co., Ltd.'s (CFLD) Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook. Fitch has also assigned 'BB+' ratings to CFLD
(Cayman) Investment Ltd.'s notes as they are unconditionally and
irrevocably guaranteed by CFLD.

CFLD's ratings are supported by its leading position in the
industrialisation and urbanisation of large districts in less-
developed counties in key economic regions such as the pan-
Beijing region, the Yangtze River Delta, central China, the
Sichuan-Chongqing Zone, and the Pearl River Delta. Its business
model is differentiated from most Chinese homebuilders as it uses
the operating cash flow derived from housing sales to fund its
district developments, which include investments in land and
infrastructure. CFLD is also tasked with providing services to
bring investments into the business parks it manages within the
districts. Local governments compensate the company for the
developments and the industry services it provides based on a
fixed formula of a 15% mark-up for district developments and 45%
of the completed investments that CFLD brings into the districts.
The industry service segment enjoys a high profit margin of over
90%.

CFLD's ratings are constrained by its exposure to the volatile
Chinese housing market, its high geographical concentration in
the pan-Beijing region, and relatively poor information
disclosure on its 62 massive development projects, each covering
2 sq km to 200 sq km, that have attracted an accumulated CNY461
billion in investment commitments at end-2017, of which over
CNY110 billion have been completed.

KEY RATING DRIVERS

Strong Project Performance: Revenues and receipts from the
government have risen to CNY28.5 billion and CNY19.4 billion
respectively, by Fitch's estimate, for the payment of district
development and industry services, or a CAGR of 51% and 50%
between 2012 and 2017. Fitch's estimate of the cash receipts from
the government was marginally lower than the company's publicly
disclosed figure of CNY20.5 billion in 2017. CFLD's projects take
at least three years to turn cash flow positive as increasingly
stable housing sales start to support the additional investments
required to attract businesses to its parks. These mature
projects rose to 13 by end-2017 from nine at end-2016. Mature
projects need more time to become established developments with
vibrant industries that generate healthy tax revenue for local
governments in order for CFLD to benefit from increasing industry
services revenue.

Positive Housing Cash Flow: Housing development is an important
source of income as local governments collect land sales proceeds
and taxes related to housing sales from the company. CFLD's 51%
CAGR in contracted housing sales is closely matched with the rate
of its revenue growth from local governments. Fitch estimates
CFLD's contracted housing sales collections exceeded its land and
property development expenditure in most years and the net cash
inflow totalled CNY22.6 billion between 2011 and 2017. This was
despite a net outflow of CNY13 billion in 2017 as sales
collection fell to 48% from a historical average of 78% between
2012 and 2016. The poorer cash collection in 2017 was due to more
stringent home purchase policies and Fitch believes the impact
will improve from 2018 and normalise by 2020.

Growth in Industry Services: CFLD's industry services revenue
rose by a strong CAGR of 72% between 2012 and 2017, outstripping
the 51% CAGR for revenue from local governments, reflecting the
rising pace of investment commitments in the business parks being
converted into actual investments. The ratio of accumulated
industry services revenue to accumulated investment commitments
rose to 10.7% in 2017 from the lowest level of 6.9% in 2013.

This business segment has a strong positive impact on CFLD's
business profile because gross margins are more than 90%. CFLD
only incurs expenditure to maintain an industry development team
of over 3,000 to attract and expand investments in its business
parks. As projects increase, the pace of investment commitments
will have good growth opportunities. Investment commitments rose
to CNY165 billion in 2017 from CNY112 billion in 2016 and CNY54
billion in 2015.

Healthy Credit Metrics: CFLD's leverage, which was 50% at end-
2017, was at Fitch's negative sensitivity threshold because of
its slower cash collection. Fitch believes the level to be
temporary and will improve as cash collections normalise. CFLD's
leverage averaged 39% between 2012 and 2016. The leverage measure
indicates net debt is rather low when compared with district
investments that are made up almost entirely of primary land
development expenditure and infrastructure investments, which it
can recoup from the governments over a period of time. The value
that CFLD can recoup is therefore highly certain even though
these assets cannot be immediately liquidated.

Having strong sales efficiency and cash flow measures is
important to ensure CFLD's financial flexibility given the lack
of liquidity from these assets. CFLD's sales efficiency in 2017
was strong at 2.2x despite its higher net debt level and was at
its lowest since 2012. This ratio can be compared with Fitch-
rated homebuilders' average contracted sales/gross debt of around
1.2x. CFLD's cash flow measure was 2.6x in 2017 compared with a
historical average of 1.8x. Fitch expects CFLD's net debt to peak
in 2019 although its overall credit metrics will be stronger than
in 2017.

High Geographical Concentration Risk: CFLD's dependency on
housing sales exposes its business model to the volatility of
China's housing market, which is subject to policy risks as there
have been frequent changes in recent years. This was demonstrated
in CFLD's poor cash collection in 2017. CFLD's revenue is highly
concentrated in the pan-Beijing region that contributed to 84% of
total revenue. The proportion of contracted housing gross floor
area sold in the pan-Beijing region fell to 44% in 1Q18 from 69%
in 2017 but most of CFLD's government revenue will still come
from this region. It will be years before a more balanced
regional business mix can be formed and CFLD remains highly
exposed to the economies of where its projects are located,
making high geographical concentration a key risk factor
constraining its business profile.

Weak Information Disclosure: The company's information disclosure
has been weak, especially for its district park development, as
it has devoted greater disclosure to its property business in
line with most China-listed homebuilders. As a result, investors
treat CFLD no differently from homebuilders and also led to a
Shanghai Stock Exchange (SSE) request on April 13, 2018 for an
explanation of its business operations and accounting treatments.

CFLD's bond and share prices have suffered as a result of the
SSE's queries. However, Fitch has received sufficient information
from the company to make its credit analysis and the company is
cooperative and responsive to its information requests. Fitch
believes the company can do more to improve on its information
disclosure especially since its district park development goes
beyond that of its housing projects and includes significant
investments made in each project and each district has large
business park operations.

DERIVATION SUMMARY

CFLD's business model is still materially dependent on China's
housing market environment and its large exposure in the pan-
Beijing housing market constrains its ratings below investment
grade. CFLD does have other non-property income from revenue from
government contracts and is thus less subject to counterparty
credit risk, especially when CFLD's business model includes
paying land premiums and taxes to local governments, which they
in turn use to pay CFLD. This significantly strengthens its
business profile relative to other homebuilders as it does not
need to lock up capital in holding land reserves that it does not
immediately need for development.

CFLD's business is unique and there are no similar peers.
However, given the asset trading/liquidation nature of its
business, Fitch has compared CFLD to Chinese homebuilders. CFLD
has higher leverage than 'BB-' rated and 'BBB-' rated
homebuilders. It has strong earnings from industry services
giving it an interest cover ratio that is 2x-3x higher than
Shimao Property Holdings Limited's (BBB-/Stable) recurring
EBITDA/interest cover of 0.5x and Sino-Ocean Group Holding
Limited's (BBB-/Stable; standalone: BB/Stable) 0.3x. The
recoverable value of CFLD's inventory is highly assured despite
its higher leverage of 50% versus Shimao's 28% and Sino-Ocean's
36%.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Housing sales gross floor area to increase 20% in 2018
    and 10% per annum thereafter

  - Districted-related inventory to grow 25% in 2018 and 2019

  - New investment commitment to rise 15% per annum, and
    accumulated completed investments to grow from 25% to 30%
    of accumulated commitments between 2018 and 2021

  - Gross margin of 40% in 2018 and dropping by 2 percentage
    points a year thereafter

RATING SENSITIVITIES

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

  - Sustained neutral to positive cash flow from operations

  - Greater geographical diversification of its businesses and
    cash flows

  - More detailed and publicly available disclosure of its
    businesses and operational information

  - Maintaining a healthy financial profile with low leverage and
    strong cash-flow-to-debt ratios

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

  - Material decline of housing contracted sales

  - Net debt/district-related inventory sustained above 50%

  - District contracted sales/net debt sustained below 2x

  - Changes to government policies affecting CFLD's rights in
    its projects

LIQUIDITY

Adequate Liquidity for Business Expansion: CFLD's available cash
of CNY64 billion at end-2017 is sufficient to meet its short-term
debt obligations of CNY34 billion and our expectations of
negative free cash flow of CNY9 billion. The slower cash
collection because of more restrictive home purchase policies in
its key housing sales market in the pan-Beijing area led to
negative operating cash flow but CFLD has built sufficient
liquidity to manage this transitory period. Fitch expects this
trend to see a significant reversal from 2020 and CFLD's cash
flow from operations will become more neutral compared with the
large outflow of CNY21 billion it faced in 2017, which has
continued in 2018.

FULL LIST OF RATING ACTIONS

China Fortune Land Development Co., Ltd.

  - Long-Term Foreign-Currency IDR published at 'BB+';
    Outlook Stable

  - Senior unsecured rating published at 'BB+'

CFLD (Cayman) Investment Ltd.

  - USD500 million 6.5% senior notes due 2020 assigned 'BB+'
    rating;

  - USD150 million 6.5% senior notes due 2020 assigned 'BB+'
    rating


DALIAN WANDA: Moody's Affirms Ba1 CFR; Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has revised the outlook of the
following companies to stable from negative:

  - Dalian Wanda Commercial Management Group Co., Ltd. (DWCM,
    formerly Dalian Wanda Commercial Properties Co., Ltd.);

  - Wanda Commercial Properties (HK) Co. Limited (Wanda HK);

  - Wanda Properties Overseas Limited; and

  - Wanda Properties International Co. Limited

At the same time, Moody's has affirmed the following ratings:

  - DWCM's Ba1 corporate family rating;

  - Wanda HK's Ba3 corporate family rating;

  - Wanda Properties Overseas Limited's and Wanda Properties
    International Co. Limited's Ba3 senior unsecured bond
ratings.
    Both companies are wholly owned subsidiaries of Wanda HK.

The rated bonds are guaranteed by Wanda HK and supported by deeds
of equity interest purchase undertakings and keepwell deeds
between DWCM, Wanda HK and the bond trustee.

RATINGS RATIONALE

"The change to a stable ratings outlook reflects our view that
the debt refinancing risk of both DWCM and Wanda HK has
substantially reduced after the repayment of the $1.7 billion
offshore bank loans," says Kaven Tsang, a Moody's Vice President
and Senior Credit Officer.

The offshore debt repayment was funded by disposals of offshore
businesses and transferring out onshore cash. This development is
positive to the company's funding management to service offshore
debt obligations.

Moreover, DWCM has a funding plan to repay Wanda HK's guaranteed
notes for $600 million due November 2018.

"The stable ratings outlook also reflects the fact that DWCM will
have adequate cash resources to maintain its onshore property
businesses," says Tsang who is also the Lead Analyst for DWCM.

At the end of 2017, DWCM reported RMB120.7 billion of cash on
hand. This cash balance and the estimated annual property
development cash inflow of around RMB60 billion over the next 12
months will be more than adequate to fund its annual construction
costs of around RMB78 billion for its property development
business and building new investment commercial properties.

DWCM's Ba1 corporate family rating (CFR) reflects the company's
established brand name, leading market position, and track record
of developing and managing commercial properties in China.

The Ba1 rating also considers the company's improving business
risk, given that it will exit the relatively more volatile
property development business at the end of the 2020.

During the transition period over the next 2-3 years, Moody's
expects that improvements to the company's credit metrics will
not be material, with debt/EBITDA and EBIT/interest registering
around 5.5x and 3x. Nevertheless, these levels will support its
CFR of Ba1.

DWCM's asset-light business model to grow fee revenues is exposed
to asset sell down risk, especially in a down market.
Nevertheless, the company has a good financial buffer against
such risk. Its scale is also large, as measured by total assets
of RMB689 billion ($109 billion) at December 31, 2017. And,
DWCM's liquidity levels are good, as measured by cash on hand of
RMB120 billion ($19 billion) at December 31, 2017, and high
rental income of around RMB24.7 billion ($3.9 billion) in 2017.

DWCM's Ba1 CFR could be upgraded if it achieves growth in rental
and management fee income, such that adjusted debt/EBITDA falls
below 4.5x-5.0x, EBIT/interest rises above 4.0x, and rental and
management fee income/interest register above 2.5x.

On the other hand, the Ba1 CFR could be downgraded if the company
shows: (1) a weak liquidity position; (2) slower-than-expected
growth in rental and management fee income; or (3) a
deterioration in its credit metrics.

Credit metrics indicating rating downgrade pressure include
adjusted debt/EBITDA rising above 6.0x-6.5x, and EBIT/interest
falling below 2.5x on a sustained basis.

Additionally, any evidence of a material leakage of funds from
DWCM, or a notable deterioration in the company's corporate
governance and transparency could pressure its rating.

Moody's has revised Wanda HK's rating outlook to stable from
negative, reflecting Moody's expectation that DWCM will provide
financial support to Wanda HK in times of stress, given the close
linkage between the two companies.

Wanda HK's Ba3 CFR and the Ba3 senior unsecured bond ratings of
its guaranteed bonds reflect the company's standalone credit
profile plus two notches of parental support, based on Moody's
assessment that Wanda HK will likely receive support from DWCM in
times of need.

Moody's expectation of support from DWCM to Wanda HK is based on:
(1) Wanda HK remaining 100% owned by DWCM and the parent
exercising management control over Wanda HK; (2) Wanda HK
continuing to demonstrate its position as the primary platform
for DWCM's offshore funding and international expansion; and (3)
DWCM showing a track record of extending support to Wanda HK's
offshore financing, through deeds of equity interest purchase
undertakings and keepwell deeds for its bonds, and guarantees to
its bank loans, as well as providing funding for the loan
repayment.

Wanda HK's standalone credit profile reflects its small scale,
weak credit metrics and thin equity base, given its role as the
group's core platform for offshore funding and overseas
investments. However, the fact that the company's operation and
financial management are directly controlled and managed by DWCM
could partly mitigate these challenges.

Upward pressure on Wanda HK's CFR could emerge if: (1) DWCM's CFR
is upgraded; and (2) Wanda HK maintains its strategic and
economic importance to DWCM.

On the other hand, a downgrade of DWCM's CFR will result in a
downgrade of Wanda HK's CFR and the ratings on Wanda HK's
guaranteed bonds.

Furthermore, Wanda HK's ratings could come under downgrade
pressure if its standalone credit profile deteriorates or there
is evidence of a reduction in: (1) the level of ownership held by
DWCM, or (2) the strategic and economic importance of the company
to DWCM.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Dalian Wanda Commercial Management Group Co., Ltd. (DWCM)
develops, operates and sells integrated properties in China,
including shopping malls, offices, residential properties and
hotels.

Wanda Commercial Properties (HK) Co. Limited was incorporated on
6 February 2013 as the primary offshore funding and investment
platform for DWCM. The company is also a wholly owned subsidiary
of DWCM.



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


AARK INDIA: CRISIL Withdraws B Rating on INR5.5MM Loan
------------------------------------------------------
CRISIL has withdrawn its rating on the bank facility of Aark
India Educational Trust (AARK) at the company's request and after
receiving a no-objection certificate from Bank. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft             5.5      CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with AARK for obtaining
information through letters and emails dated May 8, 2018 and
May 14, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AARK. 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
AARK is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of AARK to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

Set up in 2009 and based in Tirunelveli (Tamil Nadu), AARK runs a
school in Chennai. Dr. S Cletus Babu is the key promoter-trustee
who looks after the trust's operations.


ADITYA HOUSING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aditya Housing
and Infrastructure Development Corporation Private Limited
(AHIDCPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR330.00 mil. Term loan due on June 2019 assigned with IND
     BB/Stable rating; and

-- INR100.00 mil. Non-fund-based limits assigned with IND
     BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect AHIDCPL's tight liquidity situation as
reflected by overutilization of its cash credit limits for the 12
months ended April 2018.

The ratings are also constrained by risks of time and cost
overruns associated with AHIDCPL's two upcoming residential
projects in Kakinara and Guntur, which are likely to begin
construction from April 2018. More than 50% of the project costs
will be funded from customer advances.

However, the ratings are supported by near completion of its
three ongoing residential projects. Until February 2018, more
than 90% of the construction work was completed. AHIDCPL expects
the projects to achieve completion between September 2018 and
December 2018. About 90.51% of the flats are sold and the company
has achieved breakeven.

The ratings also draw comfort from the strategic location of all
the five projects, with proximity to schools, colleges, markets
and railway station.

The ratings also benefit from AHIDCPL's promoters' over 25 years
of experience in the real estate business. The promoters have so
far developed and sold a total area of 62,15,000 sf in Andhra
Pradesh and Telangana.

RATING SENSITIVITIES

Positive: Improvement in the liquidity position and substantial
rise in the units sold, leading to strong cash flow visibility
will be positive for the ratings.

Negative: Any slowdown in bookings, leading to lower-than-
expected cash flows will be negative for the ratings.

COMPANY PROFILE

Established in 2006, Hyderabad-based AHIDCPL is a 100% subsidiary
of Aditya Construction Company Private Limited.


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

The instrument-wise rating actions are:

-- INR140 mil. Fund-based facilities maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR60 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 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 1995, AIC Infrastructures is a Mumbai-based
partnership firm engaged in road construction.


ASTRA ROCKS: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facilities of Astra Rocks and Minerals Private Limited (ARMPL) at
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            12       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2       CRISIL B/Stable (Reaffirmed)

   Term Loan               1       CRISIL B/Stable (Reaffirmed)

The ratings continues to reflect the company's exposure to risks
related to stabilisation of operations, exposure to intense
competition in quarrying industry and below average financial
risk profile. These weaknesses are partially offset by the
extensive entrepreneurial experience of the promoters

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to stabilization of operations: The
company is still in nascent stages of operations and are yet to
stabilize. The operations are expected to stabilize over the next
12 months, supported by improvement in capacity utilizations and
demand. Stabilization of the project will remain a key
monitorable over the medium term.

* Exposure to intense competition in the quarrying industry:
The company faces competition from other granite quarrying
companies across Andhra Pradesh, Telangana, Tamil Nadu and
Karnataka. This is likely to limit its bargaining power with
customers.

* Below average financial risk profile: The company's financial
risk profile is marked by modest net worth of INR2.02 Cr and high
gearing of 5.00 times as on March 2017. Debt protection metrics
marked by interest coverage ratio and NCATD at 1.25 times and
0.01 times respectively for fiscal 2017.Owing to nascent stages
of operations, the company's financial metrics, such as net
worth, gearing and debt protection metrics, are likely to remain
weak over the medium term.

Strengths:

* Extensive entrepreneurial experience of promoters: The
promoters, Dr Satish Chandra and his wife Dr Swati have vast
entrepreneurial experience: doctors by profession, they set up a
hospital in Vijayawada. Experience in quarrying, however, is
limited.

Outlook: Stable

CRISIL believes ARMPL will continue to benefit from the extensive
entrepreneurial experience of the promoters. The outlook may be
revised to 'Positive' if operations stabilise as envisaged, and
support steady cash accrual and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
significant delay in stabilisation of operations, or low cash
accrual leads to stretched liquidity.

ARMPL is a Vijayawada-based company involved in quarrying and
selling of rough granite blocks. Incorporated in December 2014,
operations began in December 2016. The company is promoted by Dr.
Satish Chandra and his wife Dr. Swati.


B.R. OIL: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B.R. Oil
Industries 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 these ratings. The rating
will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.7 mil. Term loan due on July 2018 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR60 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 3, 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 October 2009, B.R. Oil Industries manufactures,
processes and trades edible oils.


BINANI CEMENT: Supreme Court Restrains Finalisation of Asset Sale
-----------------------------------------------------------------
BloombergQuint reports that the Supreme Court on June 4
restrained finalisation of sale of assets of Binani Cement Ltd.
without its prior approval but allowed the debt resolution
process to go on.

The top court also said that further proceedings will be subject
to its orders, the report relates.

According to BloombergQuint, a vacation bench of Justices Adarsh
Goel and Ashok Bhushan issued the notice on a petition filed by
Rajputana Properties Pvt Ltd. and restrained the committee of
creditors from taking any final decision. "Issue notice
returnable on July 2, 2018. In the meantime, no final order may
be passed. This order will not debar further proceedings subject
to orders of this Court," the bench, as cited by BloombergQuint,
said.

Rajputana Properties, a subsidiary of Dalmia Bharat Ltd, had
moved the apex court against a May 15 order of the National
Company Law Appellate Tribunal, which had asked resolution
professionals to consider the revised proposals made by UltraTech
Cement Ltd. for assets of Binani Cement, BloombergQuint recalls.

BloombergQuint notes that Dalmia Bharat had emerged as the top
bidder for acquisition of assets of Binani Cement, but
subsequently UltraTech, which was the second highest bidder, came
back with a revised higher offer, backed by original promoters of
Binani Cement.

At the outset during the hearing, Senior Advocate Gopal
Subramanium appearing for Rajputana Properties, said the court
should restrain lenders from taking any decision on the
finalisation of bids. "We want that no final decision is taken on
the bids till the top court takes up the matter on July 2," he
said, BloombergQuint relays.

According to the report, Senior Advocate AM Singhvi, appearing
for UltraTech, said they have offered INR1,000 crore more than
Dalmia Bharat's offer.

The bench said, "We have said that proceedings will continue but
no final decision will be taken." Dalmia Bharat in its bid had
offered to pay around INR6,930 crore for Binani Cement whereas
UltraTech has raised its bid to around INR7,960 crore, the report
notes.

Rajputana Properties had sought a stay on NCLAT's May 15 order by
which it had directed the resolution professionals and CoC to
consider the resolution plans as per its order saying that the
appellate tribunal had wrongly laid down a procedure unknown to
the statutory framework, adds BloombergQuint.

                        About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

On July 25, 207, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.

The company owes around INR6,500 crore to a consortium lenders.


CRACKERS INDIA: CRISIL Migrates 'C' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Crackers
India (Alloys) Limited to CRISIL C Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit           4      CRISIL C (Issuer Not Cooperating;
                                Rating Migrated)

   Proposed Long Term    3.98   CRISIL C (Issuer Not Cooperating;
   Bank Loan Facility           Rating Migrated)

   Working Capital       2.02   CRISIL C (Issuer Not Cooperating;
   Term Loan                    Rating Migrated)

CRISIL has been consistently following up with CIAL for obtaining
information through letters and emails dated April 23, 2018,
May 11, 2018 and May 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Crackers India (Alloys) Limited to CRISIL C Issuer
not cooperating'.

Established in 2005 by Mr. Srinibash Sahoo, CIAL manufactures
sponge iron, stone chips, iron fines, fly ash bricks, and coal
fines. Since January 2016, the company has also started trading
in high speed diesel, motor spirit, and lubricants of Reliance
Industries Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+').


DEVANSHI POWERS: CRISIL Lowers Rating INR14MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Devanshi Powers Limited (DPL) to 'CRISIL D' from 'CRISIL BB-
/Stable'. The rating downgrade has been because the cash credit
facility was continuously overutilised for couple of months
between January and March of 2018, on account of interest not
being serviced on time. The account was regularized in the first
week of April 2018. Also interest due for April 2018 was serviced
with a delay of about a week.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           14       CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')


   Proposed Long Term     2       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB-/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: Stretch in liquidity has led to continuous
overutilization of cash credit for couple of months between
January 2018 and March 2018. The overutilization was on account
of interest not being serviced.

Strengths

* Extensive experience of the promoters, and established
relationships with suppliers and customers: The three decade-long
experience of the promoters in the copper wire industry, and
their established relationships with customers and suppliers,
will continue to support the business.

DPL was set up as a partnership firm, Devanshi Electricals, by Mr
Pankaj Shah, Mr Pradip Shah, and Ms Varsha Shah, in July 2006,
and reconstituted as a closely held public limited company on
October 4, 2012. The company manufactures bare copper wires and
copper and aluminum-based household, industrial, and
instrumentation cables at its two units. The Shah family has been
in the copper products segment since 1982 through their group
concern in Jaipur. Operations were shifted to Anand, Gujarat, in
2006.


EASTERN COPPER: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Eastern
Copper Manufacturing Company Private Limited to CRISIL D/CRISIL D
Issuer not cooperating.

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

   Bill Discounting      2        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           3.88     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Foreign Discounting   3        CRISIL D (Issuer Not
   Bill Purchase                  Cooperating; Rating Migrated)

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

   Proposed Fund-        4.62     CRISIL D (Issuer Not
   Based Bank Limits              Cooperating; Rating Migrated)

   Working Capital       4.5      CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating Migrated)

CRISIL has been consistently following up with Eastern Copper
Manufacturing Company Private Limited (ECMC) for obtaining
information through letters and emails dated April 23, 2018,
May 11, 2018 and May 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Eastern Copper Manufacturing Company Private
Limited to CRISIL D/CRISIL D Issuer not cooperating'.

ECMC, established in 1997 by Mr Ravi Choudhary and Mr Rajiv
Choudhary, is a Kolkata- based manufacturer of critical
industrial copper semis. The Choudhary family has been in the
copper business since 1948.


EPYGEN BIOTECH: CRISIL Raises Rating on INR25MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Epygen
Biotech Private Limited (EBPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'. The upgrade reflects satisfactory progress of the
project in line with expectations; and low implementation and
funding risks.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             25       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The ratings continue to reflect risks relating to successful ramp
up of operations post implementation and susceptibility of
revenue and profitability to change in government regulations.
These weaknesses are offset by extensive experience of promoters
in the pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weakness

* Risks relating to ramp up of revenue and profitability: The
production is expected to commence in Sep-2018. CRISIL believes
timely completion of the project, without any significant cost
and time overrun and successful ramp up of operations in the
initial phase, will remain a rating sensitivity factor.

* Susceptible to changes in government regulations: EBPL is
setting up a facility for manufacturing the life-saving
thrombolytic enzyme drug - Recombinant- Streptokinase for the
cardiovascular market. Though the company has received the
government of India's approval for producing the drug, it remains
susceptible to any adverse change in government regulations.

Strengths:

* Extensive experience of the promoters: The principal director,
Mr Debayan Ghosh, has experience of over 15 years in the
pharmaceutical industry, and has executed various projects
successfully in the past which is expected to benefit the
business risk profile of the company over the medium term.

* Low funding and implementation risks: Out of total project cost
of about INR43 crores, project cost of about INR33 crores has
already been incurred ie. 77% of total cost. Major construction
work has been completed and orders have been placed for machinery
and equipments required. Hence, implementation risk is low since
project progress is satisfactory. Term loan has been disbursed to
the extent of INR15 crores out of total term loan of INR25
crores. Promoters have already infused funds their entire share
of contribution worth INR18 crores; hence funding risk is low.

Outlook: Stable

CRISIL believes the company will benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial improvement in revenue and
profitability, and a stable working capital cycle, strengthens
the financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability, stretch in the working capital cycle or any delay
or cost overrun in the project, weakens the financial risk
profile.

Incorporated in 2011, EBPL is setting up a manufacturing facility
for producing the life-saving thrombolytic enzyme drug-
Recombinant - Streptokinase for the cardiovascular market. The
company was incorporated by Mr Debayan Sukhamoy Ghosh and Mr
Ineeyan Ariyaratnam. The manufacturing facility has been set up
at Patalganga, Maharashtra and the incubation center is located
at Navi Mumbai.


FRESCO PLUS: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Fresco Plus
Ceramic Private Limited to CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee        .5      CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Cash Credit          2.25     CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Term Loan   3.75     CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Term Loan            6.00     CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with Fresco Plus
Ceramic Private Limited (FPCPL) for obtaining information through
letters and emails dated April 26, 2018, May 10, 2018 and May 15,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2013 and promoted by Mr. GhanshyamMaganDhoriyani
and others, FPCPL manufactures wall tiles and started commercial
operations in May 2014. Promoters have been in the ceramic tiles
industry for more than 10 years.


GARVIT HOSPITALITY: CRISIL Moves B- Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Garvit
Hospitality & Infracon Private Limited to 'CRISIL B-/Stable
Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.75      CRISIL B-/Stable (Reaffirmed)
                                  (Issuer Not Co-operating)

   Term Loan           13.25      CRISIL B-/Stable (Reaffirmed)
                                 (Issuer Not Co-operating)

CRISIL has been consistently following up with Garvit Hospitality
& Infracon Private Limited (GHIPL) for obtaining information
through letters and emails dated April 23, 2018, May 10, 2018 and
May 15, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in October 18, 2011, M/S. Garvit Hospitality & Infracon
Private Limited (GHIPL) is setting up a plant to manufacture
Autoclaved Aerated Concrete blocks to be used in building and
civil construction. It is based out of Jhansi, Uttar Pradesh and
is by Mr. Parvindar Singh and his father Mr. Bishan Singh.


GUPTA TRADING: CRISIL Withdraws B+ Rating on INR8.5MM Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Gupta
Trading Company (GTC) at the company's request and after
receiving a no-objection certificate from Bank. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          8.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

   Proposed Cash        5.5       CRISIL B+/Stable (Issuer Not
   Credit Limit                   Cooperating; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with Gupta GTC for
obtaining information through letters and emails dated April 24,
2018, May 10, 2018 and May 15, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GTC. 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
GTC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of GTC to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
B+/Stable'.

Set up in 1988, as a partnership in Delhi, GTC is engaged
primarily in trading of pulses like Rajma, Moong, Channna, Arhar.
The firm was started by Mr Rajkumar and the day to day operations
are currently being handled by his son, Mr Himanshu Gupta


GYPSUM STRUCTURAL: Ind-Ra Maintains BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gypsum
Structural India 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:

-- INR40 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 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 1993, Gypsum Structural India undertakes contract-
based construction work.


HARITHA BIO: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Haritha Bio
Products India 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 these ratings. The rating
will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND C (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR326 mil. Term loan (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 28, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in March 2009, HBPIPL manufactures extra neutral
alcohol/potable alcohol (non-molasses-based), pharma grade
absolute alcohol and ethanol fuel.


HECTOR ENTERPRISES: CRISIL Cuts Rating on INR22.5MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
Hector Enterprises Private Limited (HEPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      22.5      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                2.5      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in the business risk profile
as non-occupation of the rental property from July 2016 has
resulted in the absence of income from it. This has further led
to weakening of liquidity on account of insufficient cash accrual
to meet debt obligation. Liquidity has been supported by the
promoters' funding support via unsecured loans, however in the
absence of new tenant, business risk profile is expected to
remain weak over the medium term.

The rating reflects insufficient cash accrual against maturing
debt along with weak financial risk profile. The rating also
factors in modest scale of operations owing to discontinuation of
rent income. These weaknesses are partially offset by the funding
support received from the promoters.

Analytical Approach

Unsecured loans of INR6 crore as on March 31, 2018 received from
the promoters have been treated as debt as they are not
subordinated to bank debt and will be withdrawn when required.

Key Rating Drivers & Detailed Description

Weaknesses

* Insufficient accruals against maturing debt: In the absence of
permanent income from leased property, the accruals are likely to
remain in-sufficient against maturing debt. Thus need-based
funding support from the promoters should boost liquidity over
the medium term.

* Weak financial risk profile: Deterioration in business has led
to weak financial risk profile as reflected in interest coverage
of 0.8 time in fiscal 2018. Though interest income on business
loans granted aids interest servicing, sustenance of the same
will remain a rating sensitivity factor over the medium term.

* Modest scale of operations: Low operating income of INR7.8
crore during fiscal 2018 owing to no rental income from leased
property renders the scale modest, thereby restricting cost
efficiencies.

Strength

* Funding support from the promoters: Need-based funding support
from the promoters via unsecured loans (outstanding at INR6 crore
as at Mar 31, 2018) is expected to continue.

Outlook: Stable

CRISIL believes HEPL will continue to benefit from the funding
support from the promoters. The outlook may be revised to
'Positive' if cash inflows are sizable backed by increase in
revenue owing to improvement in stock and derivatives trading,
rental income and recovery of loans and advances. The outlook may
be revised to 'Negative' if any new real estate activity, larger-
than-expected exposure to trading in stock and derivatives, or a
significant increase in loans and advances to third parties
weakens financial risk profile.

HEPL, incorporated in 2000, was acquired by its current
management in 2005. The company has three sources of income:
rentals from a commercial real estate property in Gurgaon, stock
and derivatives trading, and interest income from loans and
advances to businessmen. Mr Subhash Gupta manages the operations.


HOPE HEALTHWAYS: Ind-Ra Maintains D LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hope
Healthways' 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 these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR80 mil. Long-term loan due on December 2018 maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Hope Healthways is planning to start a hospital in Badungar road
area of Patiala by end-2018.


INNOVATION HOUSE: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Innovation
House Industries Private Limited to CRISIL B-/Stable Issuer not
cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.5       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           13.5       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Innovation House
Industries Private Limited (IHIPL) for obtaining information
through letters and emails dated April 24, 2018, May 11, 2018 and
May 16, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Innovation House 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 Innovation House Industries
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' category or lower'.

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

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

Incorporated in January 2013 and promoted by Mr. Ravi Laddha, Mr.
Nakul Mundhada, and Ms. Sarita Kasat, IHIPL manufactures AAC
blocks at its unit in Amravati, Maharashtra. Operations commenced
from September 2015.


JAY ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jay
Enterprises - Mumbai to CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Cash        15        CRISIL B+/Stable (Issuer Not
   Credit Limit                   Cooperating; Rating Migrated)

CRISIL has been consistently following up with Jay Enterprises -
Mumbai (JE) for obtaining information through letters and emails
dated April 24, 2018, May 11, 2018 and May 16, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

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

JE, established in 1995 as a partnership firm, trades in iron and
steel products such as hot-rolled and cold-rolled coils, sheets,
and plates. The firm procures from importers in India, and sells
to traders in Maharashtra.


K.P.I. GLOBAL: CRISIL Lowers Rating on INR12MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K.P.I. Global Infrastructure Limited (KPIGIL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB+/Stable/CRISIL A4+'.

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

   Letter of Credit     2.0      CRISIL D (Downgraded from
                                 'CRISIL A4+')

   Term Loan           12.0      CRISIL D (Downgraded from
                                 'CRISIL BB+/Stable')

The downgrade reflects delay by the company in term loan
repayment on account of cash flow mismatch due to slowdown in
receipt from customers.

KPIGIL also faces risks related to timely implementation and
sales for phase II of its Solarism project alongwith slowdown in
flow of receipts from customers. However, the company benefits
from the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Offtake risk for phase II of Solarism project: KPIGIL is
developing a 25-megawatt (MW) solar power plant under phase II of
its Solarism project. Timely implementation and sale remains
critical.

* Risks pertaining to delays in flow of advances: KPIGIL has to
pay sizeable annual lease rental for plots leased for its solar
power plant and has considerable debt obligation over the medium
term. Slowdown in flow of receipts from customers can impact
liquidity.

Strengths:

* Extensive experience of the promoter: KPIGIL's business risk
profile is supported by its promoter's extensive experience in
the renewable energy sector and infrastructure segment.

Incorporated in February 2008, KPIGIL is promoted by Mr Farukbhai
Patel and is part of the KP group. The company develops land and
solar power projects for private customers, either on sale-and-
lease back basis or on complete sale basis under the concept and
name of Solarism. It has completed 2 solar power projects with
total capacity of 15 MW at Amod in Bharuch (Gujarat), and is
developing 25 MW under phase II of its Solarism project. The KP
group is also involved in the renewable energy and infrastructure
businesses through its group entities.


KARUPPASWAMY BUILDERS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Karuppaswamy
Builders Private Limited to 'CRISIL B+/Stable Issuer not
cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             5        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Karuppaswamy
Builders Private Limited (KBPL) for obtaining information through
letters and emails dated April 09, 2018, May 08, 2018 and May 14,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2000 as a proprietary concern and converted into a
private-limited company in 2016, KBPL develops residential real
estate in Chennai. The company is promoted by Mr Sivasaravanan.


LOMINO CERAMIC: CRISIL Assigns B+ Rating to INR7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Lomino Ceramic LLP (LCL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            7         CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit         2.5       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    .5       CRISIL B+/Stable (Assigned)

The rating reflects exposure to timely stabilisation and
commensurate ramp-up in sales and expected below-average
financial risk profile because of debt funded capital expenditure
and working capital requirements. These weaknesses are partially
offset by promoters' extensive experience in the tiles industry
and strategic location of plant ensuring availability of raw
materials and labor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to stabilisation and off take risks: Stabilisation and
commensurate ramp-up in sales during the initial phase of
operations, given the intense competition in the tiles industry,
will remain critical, and hence, be monitored closely. Also, the
firm is expected to face intense competition due to fragmented
nature of the industry.

* Expected below-average financial risk profile: Financial risk
profile may remain below-average on account of ongoing debt
funded capital expenditure; and debt funding of working capital
requirements leading to high gearing.

Strengths:

* Promoters' extensive experience in the tiles industry: Benefits
from the promoters' experience of around one decade, and healthy
relationships with dealers will continue to support the business
risk profile. Presence in the ceramic industry has enabled the
promoters to understand market dynamics and establish strong
relationship with clients and suppliers.

* Strategic location ensuring availability of raw material and
labour: The manufacturing facility is in the Morbi district of
Gujarat, which is a tile manufacturing hub and ensures easy
availability of raw materials and labour.

Outlook: Stable

CRISIL believes that LCL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if stabilisation of operations leads to
higher revenues and profitability leading to better financial
risk profile. The outlook may be revised to 'Negative' if delay
in stabilisation leads to lower revenue and cash accrual, or a
stretch in the working capital cycle weakens the financial risk
profile, especially liquidity.

LCL, was established as a partnership firm between Mr Rajeshbhai
Malasana, Mr Sanjaybhai Malasana, Mr. Prakash Metroja, and other
partners in 2017. It is engaged into manufacturing of vitrified
tiles. The facility is located at Morbi, Gujarat, with an
installed capacity to manufacture 80 tonnes of tiles per day.
The firm started operations from April 2018.


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

The instrument-wise rating actions are:

-- INR19.1 mil. Term loans maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR35.5 mil. Fund-based working capital maintained in Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based  working capital maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M.G. Industries manufactures fuel injectors, engine body (child
parts of engine) and pneumatic components (air components) and
construction equipment.


MOTOR AND GENERAL: CRISIL Assigns B+ Rating to INR10.73MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Motor and General Sales Private Limited
(MGSPL; part of the MGS group). The ratings reflect a weak
financial risk profile and large amount of loans and advances,
low bargaining power with the principal, Tata Motors Limited
(TML), and exposure to intense competition. These rating
weaknesses are partially offset by an established market
position, a strong relationship with TML, diversified revenue
streams, and efficient working capital management.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Long Term Loan     10.27      CRISIL B+/Stable (Assigned)

   Cash Credit        10.73      CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility            9.00      CRISIL B+/Stable (Assigned)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of MGSPL and Motor Fab Sales Private
Limited (MFSPL). That's because the two companies, together
referred to as the MGS group, are in similar businesses, and have
operational linkages and a common management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The gearing is high, estimated at
more than 20 times as on March 31, 2018. The gearing was 41.04
times, on account of large debt of INR134.15 crore against a
small networth of INR3.2 crore, as on March 31, 2017. The debt
protection metrics were also weak: The interest coverage and net
cash accrual to total debt ratios were 1.2 times and 0.05 time,
respectively in fiscal 2017. The metrics are expected to remain
weak over the medium term. Further, the group also has large
amount of loans and advances, constraining the liquidity.

* Low bargaining power with the principal and exposure to intense
competition: The low bargaining power is because of the strong
market position of TML; this constrains operating profitability.
While the group is one of the leading authorised dealers for
commercial vehicles (CVs) of TML, the principal faces competitive
pressures from other brands, such as Ashok Leyland Ltd and
Mahindra & Mahindra Ltd. The group too faces intense competition
from other dealers in its area of operations as principals have
been encouraging more dealerships (thereby increasing
competition) to improve penetration and sales. This has created
the need for differentiation, and hence dealers have to refurbish
their dealership outfits and service centres regularly. All these
demand constant expenditure, resulting in a lower margin as well
as higher overheads per vehicle, and may impact operating
profitability. The business risk profile will remain exposed to
risks relating to intense competition and low negotiating power
with the principal.

Strengths

* Established market position, strong relationship with TML, and
diversified revenue streams:  The group has been in operations
since 1955. Over the years, the promoters have gained
considerable industry experience, which has helped to scale-up
operations and expand. The group has a diversified revenue
profile through sales of CVs, spares, and accessories, workshop
service income, fabrication for CV bodies, a cinema theatre,
jewellery trading and other businesses.  On consolidated basis,
the group recorded operating income of 647 crores in 2016-17 and
is estimated to record around INR660 crores in 2017-18.
Diversified revenue streams and the strong relationship with the
principal should continue to support the business risk profile
over the medium term.

* Efficient working capital management: Gross current assets
(GCAs) were 61 days, due to low receivables and inventory of 3
days and 23 days, respectively, as on March 31, 2017. GCAs are
estimated at 70-80 days as on March 31, 2018. Working capital
management is likely to remain efficient over the medium term.

Outlook: Stable

CRISIL believes the MGS group will continue to benefit over the
medium term from its established market position and strong
relationship with TML. The outlook may be revised to 'Positive'
if increase in revenue and profitability leads to better-than-
expected cash accrual, or any equity infusion strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual or large, debt-funded capital expenditure
weakens the financial risk profile.

MGSPL, incorporated in 1955, is promoted by Mr Divas Gupta, Mr
Raghav Gupta, and Ms Shivani Gupta. The company is an authorised
dealer of CVs for TML. In addition, it sells automobile body
parts, does fabrication for CV bodies, and runs a cinema theatre.

MFSPL incorporated in 1991, has the same promoters. It is an
authorised dealer of CVs for TML and also trades in jewellery.


N.S.K. BUILDERS: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of N.S.K.
Builders Private Limited to CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        27       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit           15       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Open Cash Credit       8       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with N.S.K. Builders
Private Limited (NBPL) for obtaining information through letters
and emails dated, April 5, 2018, May 8, 2018 and May 14, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of N.S.K. Builders Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on N.S.K. Builders Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of N.S.K. Builders Private Limited to CRISIL D/CRISIL
DIssuer not cooperating'.

Formed in 1996 as a partnership entity, and later incorporated as
a private limited company in 2010, NBPL, promoted by Mr NSK
Kalairaja and Mr NSK Karunairaja, undertakes large infrastructure
projects such as roads and building construction.


NAGABHUSHANAM & CO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nagabhushanam
& Co's (NC) Long-Term Issuer Rating to 'IND D' from 'IND BB-
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR70 mil. (increased from INR34.5 mil.) Fund based working
    capital limit (Long-term/ Short-term) downgraded with IND D
    rating; and

-- INR225 mil. (increased from INR140 mil.) Non fund based
    working capital limit (Short-term) downgraded with IND D
    rating.

KEY RATING DRIVERS

The downgrade reflects NC's delays of over 30 days in servicing
short-term debt obligations. This was due to a stretched
liquidity owing to an elongated net working capital cycle of 15
days according to FY18 provisional from negative 40 days in FY17.

RATING SENSITIVITIES

Positive: A positive rating action could result from timely debt
servicing for at least three consecutive months.

COMPANY PROFILE

Incorporated in 2001, NC executes civil works for the government
of Telangana such as the construction and improvement of roads &
bridges. The firm is a partnership concern between Nagabhushana
Rao and Visweswara Rao.


NANCY KRAFTS: CRISIL Reaffirms B Rating on INR6.04MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Nancy
Krafts Private Limited (NKPL; part of the Nancy group) at 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         1.25     CRISIL A4 (Reaffirmed)

   Export Packing Credit   17.21     CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee           4.50     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       6.04     CRISIL B/Stable (Reaffirmed)

   Standby Line of Credit   1.00     CRISIL B/Stable (Reaffirmed)

The ratings continue to working capital-intensive operations and
stretched liquidity. However these weaknesses are partially
offset by promoters' extensive experience in garment business,
and well-established relationships with customers.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NKPL, Nancy Krafts (NK). This is
because the three entities, collectively referred to as the Nancy
group, are in the same line of business, with a common customer
base, and common promoters and management.

The unsecured loans from the promoters of Nancy group as on 31st
March 2017 of Rs. 1.18 crore is treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Operations are working
capital intensive, with gross current assets at 536 days as on
March 31, 2017, mainly driven by stretch in the group's debtor
days to 420 days in March 31, 2017 and is estimated to remain
along similar lines fiscal 2018. The increase in debtor days is
attributed to slow realisation from overseas markets.

* Stretched liquidity: The group's liquidity is stretched, with
almost fully utilised bank limits for the 12 months through April
2018, constraining its financial flexibility.

Strength

* Promoters' extensive experience in garment business, and well-
established relationships with customers: The Nancy group
manufactures ready-made garments, entirely for export. The
promoters, with over 30 years of business experience, along with
their family members, are personally involved in all aspects of
the business. They are also technically qualified and have a
sound understanding of the garment export industry.

Outlook: Stable

CRISIL believes the Nancy group will continue to benefit over the
medium term from its established relationships with customers.
The outlook may be revised to 'Positive' if improvement in
working capital management or in operating revenue and
profitability margins strengthens liquidity. Conversely, the
outlook may be revised to 'Negative' if more-than-expected
deterioration in working capital due to large working capital
requirement because of further stretch in its debtor days or
debt-funded capital expenditure, or a decline in profitability
margins puts pressure on its already weak liquidity.


NK was set up in 1980 as partnership firm.  NKPL was established
in 1981 as a partnership firm and later reconstituted as a
private limited company.

The two entities manufacture ready-made garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


OMVIR SINGH: CRISIL Downgrades Rating on INR32.96MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Omvir
Singh (OS) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee     32.96       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Overdraft           2.04       CRISIL D (Downgraded from
                                  'CRISIL A4+')

The downgrade reflects continuous overdrawing of overdraft
facility by the firm for more than 30 days due to weak liquidity.

OS also has modest scale of operations in the highly competitive
civil construction industry, and has limited pricing flexibility
because of its tender-based business. However, the firm benefits
from the extensive industry experience of its proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the competitive civil
construction industry: Modest scale, reflected in in estimated
turnover of INR45 crore in fiscal 2018, limits capability to bid
for large tenders.

*Tender-based business: Tender-based operations limit pricing
flexibility in the intensely competitive industry, which has
several unorganised players, and also results in volatility in
operating income.

Strengths

* Extensive industry experience of the proprietor: The
proprietor, Mr Omvir Singh, has been in the civil construction
for over 40 years. Since inception, OS has executed several
projects for public works departments and other government
agencies. His longstanding presence has also led to established
relationships with suppliers and easy availability of raw
material.

OS was set up in 1974 as a proprietorship firm by Mr Omvir Singh.
It undertakes civil construction works such as canal lining,
rural electrification, and construction of residential buildings
in and around Uttar Pradesh.


PASUPATI RICE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Pasupati Rice
Mills Private Limited (PRMPL) for obtaining information through
letters and emails dated April 26, 2018, May 11, 2018 and May 16,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           8       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 Pasupati Rice 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 Pasupati Rice Mills Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Pasupati Rice Mills Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in 2011, PRMPL has set up an 8-tonne-per-hour, non-
basmati rice mill in Patna. The mill commenced operations in
November 2014. The company is promoted by the Singh family (based
in Bihar) that also manages the operations.


PURITA WATER: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of
Purita Water Solutions Private Limited (Purita) to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       2.5       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

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

   Inland/Import        1.5       CRISIL A4 (Issuer Not
   Letter of Credit               Cooperating; Rating Migrated)

   Proposed Long Term   1.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

CRISIL has been consistently following up with Purita for
obtaining information through letters and emails dated April 26,
2018, May 11 2018 and May 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Incorporated in 2005 and promoted by Mr. Ravindra Wadel and Mr.
Harsh Wadel, Purita assembles and installs water treatment plants
for industrial use. It undertakes turnkey water treatment
projects that include designing, procurement, installation,
commissioning, and maintenance activity.


RAJEEV KUMAR: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Rajeev
Kumar - Patna to CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee        5       CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Overdraft             0.8     CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Long Term     .2     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility            Cooperating; Rating Migrated)

CRISIL has been consistently following up with RKP for obtaining
information through letters and emails dated April 26, 2018, May
11, 2018 and May 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2005 as a proprietary firm and based in Patna, RKP
undertakes civil construction, mainly related to roads, for the
governments of Bihar and Jharkhand. The firm is managed by Mr
Rajeev Kumar, who has been in civil construction business for
over a decade.


RAJENDRAKUMAR & CO: Ind-Ra Maintains B+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajendrakumar
& Co'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 these ratings. The rating will continue to appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR25 mil. Cash credit limits maintained in non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR95 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1990, Rajendrakumar & Co is a partnership firm
engaged in the trading of hot rolled coils, GP coils and sheets
and other steels products.


RATHNA STORES: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rathna
Stores to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          7.5       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            2.5       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Rathna Stores
(Firm) (RSFP; formally known as Rathna Stores Firm Purasai) for
obtaining information through letters and emails dated April 30,
2018, May 08, 2018 and May 14, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Established in 2014 by Mr. P.S. Siva Kumar, RSFP trades in home
appliances and consumer durables. Located in Puraswalkam,
Chennai, the store is spread 60,000 sq. feet. The day to day
operations of RSF are currently managed by Mr. S Siva Shankar.


RUDRANEE INFRA: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Rudranee
Infrastructure Limited to CRISIL D/CRISIL D Issuer not
cooperating.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee      40       CRISIL D (Issuer Not Cooperating;
                                Rating Migrated)

   Cash Credit         109      CRISIL D (Issuer Not Cooperating;
                                Rating Migrated)

   Proposed Cash        35      CRISIL D (Issuer Not Cooperating;
   Credit Limit                 Rating Migrated)

   Proposed Letter of   66      CRISIL D (Issuer Not Cooperating;
   Credit & Bank                Rating Migrated)
   Guarantee

CRISIL has been consistently following up with Rudranee
Infrastructure Limited (Rudranee) for obtaining information
through letters and emails dated April 26, 2018, May 11 and
May 16, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Rudranee Infrastructure Limited to CRISIL D/CRISIL
D Issuer not cooperating'.

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

Rudranee was originally set up in 1993 as a partnership firm,
which was reconstituted as a public limited company in 2007. On
June 30, 2011, Supreme Infrastructure India Ltd bought 51 per
cent of Rudranee's equity shares for Rs.180 million, thereby
making Rudranee its subsidiary. The companyexecutes projects in
the roads, irrigation, civil construction, and water management
segments.


SAAB ENGINEERING: Ind-Ra Maintains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SAAB
Engineering'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:

-- INR92.31 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR96.785 mil. Long-term loans maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 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 1992, Bengaluru-based SAAB Engineering was founded
by Ajay K Balagopal and Sanjiv K Balgopal. The firm manufactures
automobile components such as alternator pulleys, spark plug
housings, sintered gears, synchronizer hubs and forged gears.


SARWATI POLYMERS: CRISIL Withdraws B Rating on INR3MM Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sarwati
Polymers Private Limited (SPPL) at the company's request and
after receiving a no-objection certificate from Bank. The rating
action is in line with CRISIL's policy on withdrawal of its
ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           3        CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

   Proposed Long Term    2.8      CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

   Term Loan             1.2      CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated May 10, 2018 and
May 15, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPPL. 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
SPPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SPPL to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

SPPL was incorporated in 2002 by Mr. Jain and manufactures
plastic bags and allied products which find application in
diversified industries. SPPL's manufacturing facility is located
at Panipat (Haryana).


SATHYAM GREEN: Ind-Ra Maintains BB- Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sathyam Green
Power Private Limited's bank loans' ratings 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 these ratings. The ratings
will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR358.4 mil. Senior bank loans due on September 30, 2024
     maintained in Non-Cooperating Category with IND BB- (ISSUER
     NOT COOPERATING) rating; and

-- INR97.5 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was 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 rating.

COMPANY PROFILE

Sathyam Green Power operates a 10MW biomass power plant in the
Merta district of Rajasthan and is majorly held by Focal Biomass
Holdings Limited.


SHILPI CABLE: Ind-Ra Affirms 'D' LT Issuer Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shilpi Cable
Technologies Ltd.'s (SCTL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument wise rating actions are:

-- INR2.66 bil. Fund-based limit (Long-term/Short-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR7.79 bil. Non-fund-based limit (Long-term/Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2.05 bil. Proposed working capital limit (Long-term/Short-
    term) affirmed with Provisional IND D(ISSUER NOT COOPERATING)
    rating.

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

KEY RATING DRIVERS

The affirmation reflects SCTL's ongoing delays in debt servicing
that are likely to persist until a resolution strategy for the
recovery of pending dues is firmed up by the company's lenders.

COMPANY PROFILE

Incorporated in 2006, by Mr. Mukesh Gupta, SCTL manufactures RF
feeder cables, battery cables, auto cables, wiring harness sets,
house wires and copper conductors.


SHREE BISHNU: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facility of Shree Bishnu
Feed Industries (SBFI) to CRISIL D Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          8.35      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with SBFI for obtaining
information through letters and emails dated April 26, 2018,
May 10, 2018 and May 15, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Shree Bishnu Feed Industries to CRISIL D Issuer not
cooperating'.

SBFI was established in 1995 as a proprietorship concern by Mr
Bharatji Prasad. The firm produces poultry feed, cattle feed, and
hatched chicks. It also trades in maize grain and soya bean de-
oiled cakes. Its manufacturing facility is in Howrah, West
Bengal.


SHRI NARAYANI: CRISIL Raises Rating on INR5.59MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shri Narayani Tor Private Limited (SNTPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         2.25      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

   Term Loan           5.59      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile,
reflected in heathy year-on-year growth in revenue to an
estimated INR38 crore in fiscal 2018 from INR23.48 crore in
fiscal 2017 due to stabilisation of operations. This led to
higher cash accrual and supported increased working capital
requirement. Moreover, working capital management is efficient,
reflected in gross current assets (GCAs) of 31 days as on March
31, 2018.

The rating reflects SNTPL's below-average financial risk profile
because of small networth, average capital structure, and weak
debt protection metrics, modest scale of operations in the highly
fragmented mild steel (MS) ingots industry, low profitability,
and susceptibility to volatile steel prices. These weaknesses are
partially offset by the extensive experience of its promoters in
the steel industry and efficient working capital management.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth is estimated to
be small at INR2.45 crore as on March 31, 2018. Capital structure
and debt protection metrics are subdued on account of low
profitability and cash accrual.

* Modest scale of operations in intensely competitive segment:
Despite significant improvement, scale remains small, reflected
in estimated revenue of INR38 crore in fiscal 2018; mainly due to
nascent stage of operations. Furthermore, owing to modest
capacities, limited value addition in ingots manufacturing, and
low product differentiation, bargaining power with suppliers and
customers is restricted. This results in low operating margin.

* Susceptibility to volatile steel prices: Sharp changes in the
prices of key inputs, sponge iron and scrap, can adversely impact
profitability.

Strength

* Extensive experience of promoters: Benefits from promoters'
decade-long experience in the steel scrap trading business and
their established association with suppliers and customers should
continue to support operations.

* Efficient working capital management: The GCAs were 31 days as
on March 31, 2018, due to low receivables and inventory levels of
10 days and 22 days, respectively. Working capital requirement
will remain at a similar level over the medium term.

Outlook: Stable

CRISIL believes SNTPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if a
sustained and substantial increase in scale of operations and
profitability leads to higher-than-expected cash accrual, or if
improvement in networth and debt protection metrics leads to a
better financial risk profile. The outlook may be revised to
'Negative' if decline in cash accrual, stretch in working capital
cycle, or large, debt-funded capital expenditure further weakens
financial risk profile, especially liquidity.

Incorporated in 2012 and promoted by Mr Vijaya Agarwal and Mr
Surendra Agarwal, Bhilwara (Rajasthan)-based SNTPL manufactures
MS ingots from sponge iron/steel scrap, and has installed
capacity of 17,600 tonne per annum.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 19, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1988 as a partnership firm, Sri Ganesh Electricals
is engaged in the trading of electrical products, paints and
pigments, plumbing materials, home accessories, luminaries and
other hardware products.


SRINIVASA CONST: Ind-Ra Maintains BB Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Srinivasa
Construction Corporation 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:

-- INR500 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Srinivasa Construction Corporation executes works such as
excavation of earth, formation of concrete bank, measurement of
dams, construction of concrete linings and construction of
lifting irrigation scheme.


VALLABHANENI CONST.: Ind-Ra Retains BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vallabhaneni
Constructions 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 ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR260 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 3
December 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

The company undertakes civil and infrastructure construction,
primarily in the roads and bridges segments.


VEDANT TRADE: CRISIL Cuts Rating on INR15MM Proposed Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Vedant
Trade Impex Private Limited (VTIPL; a part of Aditya Group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Packing       15       CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

The downgrade reflects instances of bill overdue for more than 30
days. The same is on account of delay in realization of
receivables from the group's customers resulting in stretched
liquidity.

The ratings also factors below-average financial risk profile
marked by high total outside liabilities to total net worth
(TOLTNW) ratio and large working capital requirements. These
rating weaknesses are partially offset by extensive experience of
promoters in trading business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VTIPL and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade
Company Private Limited (AIETPL), Magdha Creative Merchant LLP
(MCML), Vaishnavi Exports and Import Co (VEIC), Veeaar Fabware
Private Limited (VFPL) and Vihaan Infin And Exim Private Limited
(VIEPL), collectively referred to as the Aditya group. This is
because all these entities, together referred to as the Aditya
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weaknesses

* Bills overdue for more than 30 days: Stretched liquidity caused
by delay in realization of receivables from the group's customers
have led to bills being overdue for more than 30 days

* Below-average financial risk profile: Owing to a stretched
working capital cycle, the group's total outside liabilities to
total net worth ratio remained high at around 13 times as on
March, 2017. With the expected improvement in working capital
management, the TOLTNW ratio is expected to improve however, will
remain high over the medium term. The debt protection metrics
remains moderate marked by moderate interest coverage ratio of
2.2 times in fiscal 2017.

* Large working capital requirements: The group's operations are
working capital intensive as indicated by high gross current
asset of 228 days as on March, 2017. This is primarily
attributable to the high credit extended to the customer.
However, against this, the group is able to get credit at the
similar level. CRISIL believes that the group's working capital
management is expected to improve over the medium term on account
of lower reliance on creditors to fund the working capital
requirements. The improvement of working capital management will
remain key rating sensitivity factor over the medium term.

Strength

* Extensive experience of promoters: The group benefits from the
extensive experience of promoters of over 3 decades in the
trading business. Over the years, the management has established
healthy relationship with the customers thus, resulting in
repeated orders.

Aditya Group was established by Mr Ramesh Singh in 2008. The
group is engaged into exports of food grains, coconuts,
confiseries (Stationery, Biscuits and Chocolates), Textiles
products (RMG, Shirting & Suiting and fabrics).  The group is
based out of Mumbai, Maharashtra.


VIDHATRI MOTORS: CRISIL Hikes Rating on INR7.50MM Loan to B
-----------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Vidhatri
Motors Private Limited (VMPL) to 'CRISIL D' from 'CRISIL
B+/Stable', and simultaneously upgraded the rating to 'CRISIL
B/Stable'. The rating revision to 'CRISIL D', takes into account
instances of delay in servicing of interest in December 2017 and
January 2018. The delays were caused by weakening liquidity.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit          .75      CRISIL B/Stable (Revised from
                                 'CRISIL B+/Stable' to 'CRISIL D'
                                 and Simultaneously Upgraded to
                                 'CRISIL B/Stable)

   Inventory Funding   7.50      CRISIL B/Stable (Revised from
   Facility                      'CRISIL B+/Stable' to 'CRISIL D'
                                 and Simultaneously Upgraded to
                                 'CRISIL B/Stable)

   Term Loan           1.75      CRISIL B/Stable (Revised from
                                 'CRISIL B+/Stable' to 'CRISIL D'
                                 and Simultaneously Upgraded to
                                 'CRISIL B/Stable)

However with enhancement in working capital limit by INR0.75
crore, the liquidity has improved marginally. The simultaneous
rating upgrade to 'CRISIL B/Stable' factors in expectation that
the improved cushion in bank lines will be sufficient to cover
the maturing debt of INR0.3 crore per annum over the medium term.

The rating continues to reflect VMPL's below-average financial
risk profile and exposure to intense competition. These rating
weaknesses are partially offset by the extensive experience of
the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Sizeable working capital
borrowings may keep financial risk profile weak, with a modest
networth, aggressive gearing, and weak debt protection metrics.

* Exposure to intense competition: Intense competition from
dealers of established automobile manufacturers such as Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'),
Tata Motors Ltd (TML), and Hyundai Motors India Ltd (HMIL) as
well as from the unorganised used-car market will continue to
constrain business risk profile. Geographic concentration risks
may also persist.

Strengths

* Extensive industry experience of the promoter: The promoter, Mr
M L Kantharaj Urs, began operations by acquiring a dealership of
Daewoo Motors India Pvt Ltd. Group company, Vidhatri Automobiles
Pvt Ltd (VAPL) has been a dealer for TML automobiles in Karnataka
for almost 10 years, and for Fiat since fiscal 2015. Benefits
from the extensive experience of the promoter should continue to
support the business.

Outlook: Stable

CRISIL believes VMPL will continue to benefit from the experience
of its promoter. The outlook may be revised to 'Positive' if
ramp-up in scale of operations and profitability strengthens
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile weakens further because of a
stretched working capital cycle, or any debt-funded capital
expenditure.

Incorporated in 2012, VMPL is a dealer of passenger vehicle
manufacturer Renault India Ltd in Mysuru, Karnataka. The company
has a showroom and a workshop in Hinkal, Mysuru.


VISION FREIGHT: CRISIL Withdraws D Rating on INR9.5MM Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Vision
Freight Solutions India Private Limited (VFSIL) at the company's
request and after receiving a no-objection certificate from Bank.
The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.5       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Cash Credit          9.5       CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Long Term Loan       2.42      CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

   Proposed Cash        2.08      CRISIL D (Issuer Not
   Credit Limit                   Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)
   Standby Line
   of Credit            1.00      CRISIL D (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with Vision Freight
Solutions India Private Limited (VFSIL) for obtaining information
through letters and emails dated May 10, 2018 and May 15, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VFSIL. 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
VFSIL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of VFSIL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL
D'.

VFSIL was incorporated in 2005, by promoters, Mr Sunil Gupta and
Mr Anil Gupta, who currently manage operations, along with Mr
Yogendra Pratap Singh. The Jaipur-based company offers
warehousing and transportation services.


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

The instrument-wise rating actions are:

-- INR3 mil. Term loans maintained in Non-Cooperating Category
    with IND B- (ISSUER NOT COOPERATING) rating;

-- INR28 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 7, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

WRC Engineering Company is engaged in the design and manufacture
of dust control equipment.


ZIV HOTELS: CRISIL Assigns 'B' Rating to INR7MM Long Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ziv Hotels Private Limited (ZHPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan        7        CRISIL B/Stable (Assigned)

The rating reflects the company's yet-to-start operations and
exposure to project-related risks. These weaknesses are partially
offset by the experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Yet-to-start operations: Unit is under construction and
operations are expected to commence from August 2019. Hence,
business risk profile will remain constrained.

* Exposure to project-related risks: As project is under
construction, the company remains exposed to risks related to
timeliness in project completion, and demand thereafter. With
estimated project cost of around INR14 crores to be funded by
term loan and promoters funding in equal proportion; the
sanctioning and subsequent disbursement of first instalment of
loan reduces funding risk.

Strength

* Experience of promoters: Benefits from promoters' experience of
around a decade, their strong understanding of local market
dynamics, and healthy relationship with customers and suppliers
should continue to support business.

Outlook: Stable

CRISIL believes ZHPL will continue to benefit from the experience
of its promoters. The outlook may be revised to 'Positive' if
timely stabilisation of project leads to higher-than-expected
revenue and profitability in the initial years, aiding
substantial cash accrual and strengthening financial risk
profile. The outlook may be revised to 'Negative' if delayed
project execution leads to lower-than-expected cash accrual, or
stretched working capital cycle weakens financial risk profile,
especially liquidity.

Incorporated in 2015 and promoted by Mr Panna Lal Anand and Mr
Vikas Sehrawat, ZHPL is setting up a hotel in Candolim, Goa.
Apart from basic facilities, the hotel will also offer services
such as camping, spa, and health club. Project is under
construction and is likely to turn operational effective August
2019.



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


BUKIT MAKMUR: Fitch Affirms 'BB-' LT IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Bukit Makmur
Mandiri Utama's (BUMA) Long-Term Issuer Default Rating (IDR) at
'BB-'. The Outlook is Stable. The agency has also affirmed the
rating of BUMA's USD350 million 7.75% senior notes due 2022 at
'BB-'.

BUMA's rating reflects its leading position as Indonesia's second
largest mining contractor, with a 20% market share and proven
record in winning and renewing customer contracts. However, the
company faces high concentration risk, with about 92% of revenue
dependent on only four counterparties.

KEY RATING DRIVERS

Rising but Lagging Volume: Fitch expects volume to increase by
around 32% by 2019, driven by new customers; Pada Idi (contract
signed in 2017), Tanah Bumbu Resources (contract signed in 2018),
Insani Baraperkasa (contract signed in 2018) and Indonesia
Pratama (contract signed in 2018). Further ramp up at the PQRT
pit owned by PT Berau Coal will also contribute to volume growth.
BUMA expects minimal consequences from the increased lead time
for equipment delivery by suppliers, as most orders for the new
sites were made well in time.

Volume rose by about 13% in 2017. This was lower than Fitch's
expectation of 30% on account of slower ramp-up of operations
greenfield sites along with operational issues and unfavourable
weather conditions. One of the new sites, owned by TAM Coal,
which was to contribute around 5% of 2017 volume, was put on hold
due to unresolved internal issues at the customer's end. This was
partly offset by higher volume from other customers, including PT
Adaro Indonesia, Geo Energy Resources Limited (B+/Stable) and PT
Kideco Jaya Agung, as the coal market recovered. Fitch expects
BUMA to reach its target production levels for the newer sites by
2020.

Resilient Margins on Coal Recovery: Fitch expects BUMA's EBITDA
margin to remain resilient at above 34% during the next two to
three years following a coal market recovery given Fitch's coal-
price assumptions. BUMA benefits from the recovery as its
contracts link mining fees to the three-month rolling-average
coal price based on a tier pricing scheme. Fitch also expects
BUMA to benefit from continuous implementation of its cost-
efficiency initiatives with further technological integration and
improving equipment lifecycle along with favourable equipment
supply terms, including extended warranties.

Fitch believes these benefits should remain available even during
industry downturns, particularly given the flexibility BUMA's
large scale provides compared with smaller peers. The company's
foreign-exchange risk is mitigated by US dollar-denominated cash
flow.

Customer Concentration: BUMA's management has been reducing
customer concentration by increasing its customer base, adding
four new customers since 2017. Still, BUMA's revenue is dependent
on only eight counterparties, with about 92% of revenue coming
from only four counterparties in 2017. However, the risk of a
major contract not being renewed is mitigated by high customer
switching costs and long transition periods. In addition, BUMA
has a strong record of meeting customer expectations, leading to
long relationships and high contract renewal rates. Fitch expects
BUMA to be selective in adding new customers in light of its
strategy of having a small number of quality customers with long-
term contracts and current equipment-supply constraints.

High Growth Capex Ahead: Fitch expects BUMA's capital expenditure
to increase substantially, remaining above USD200 million over
the next three years as it establishes operations at the three
new sites. FFO net leverage is likely to increase to about 2.7x
in 2018, but remain below Fitch's negative rating guideline of
3.0x. Fitch forecasts leverage to improve thereafter, supported
by EBITDA contribution from the new sites. Most of BUMA's capex
is for medium-sized equipment which provides greater flexibility
in terms of deployment and reallocation.

Established Coal Contractor: BUMA is Indonesia's second-largest
mining contractor, with a 20% market share and proven record of
winning and renewing customer contracts. Its top-four customers
are Indonesia's major and lowest-cost coal producers with higher
calorific value; Berau Coal, Geo Energy, Adaro and Kideco. BUMA's
secured and potential contracted revenue base over the next
decade has an average contract length of five years, including
life of mine contracts, providing some earnings and cash flow
visibility.

Strong Management and Shareholders: BUMA benefits from a strong
management team with extensive mining-sector experience as well
as previous experience working for large, internationally
renowned multinationals. BUMA is wholly owned by PT Delta Dunia
Makmur Tbk, which is 38.2% owned by Northstar Tambang Persada
Ltd, comprising of TPG Capital, Northstar Pacific Partners, GIC
Private Limited and China Investment Corporation. The remainder
is owned by the public.

DERIVATION SUMMARY

BUMA's closest rated peers are PT ABM Investama Tbk (BB-/Stable)
and Emeco Holdings Limited (B/Stable).

ABM benefits from a more diversified business than BUMA, but BUMA
has a stronger mine contracting business in terms of efficiency,
with a higher EBITDA margin, and market share. BUMA is
Indonesia's second-largest mining contractor, against ABM's
fourth position, in an industry where scale is important. The
financial profiles of BUMA and ABM are similar in terms of
leverage metrics, but ABM's adjusted fixed-charge coverage ratio
is weaker than BUMA's on account of ABM's high operating lease
expense, as it pursues an asset-light strategy.

BUMA also has a larger scale and superior earning visibility
compared with Emeco, which is a mining-equipment rental provider
in Australia. Fitch expects Emeco to deleverage and improve its
financial profile by increasing its scale and profitability over
the next two to three years, but BUMA has a stronger business
profile and benefits from high switching costs as a mining
contractor. It also benefits from the long-term nature of its
contracts with miners, justifying the two-notch differential.

KEY ASSUMPTIONS

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

  - Contract pricing reflecting Newcastle coal prices as per
    Fitch's price deck; USD88 per tonne in 2018, USD79 in 2019,
    USD77 in 2020 and USD75 longer term

  - Volume growth of about 10%-20% in 2018, 2019 and 2020, with
    about 3% growth thereafter

  - Capex to be partially funded by internal cash from 2018 to
    2021. Average annual capex of USD220 million over 2018-20Y21
    (2017: USD186 million)

  - Dividend pay-out ratio of 30%

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:

Fitch does not expect positive rating action in the near-term due
to BUMA's exposure to the cyclical coal industry, customer
concentration and counterparty credit risk. However, developments
that may, individually or collectively, lead to positive rating
action:

  - FFO adjusted net leverage below 2.0x on a sustained basis

  - Reduced customer concentration risk with a higher revenue
    contribution from a more diverse and stable set of
    counterparties

Developments that may, individually or collectively, lead to
negative rating action:

  - Weakening of BUMA's market position, including failure to
    retain major customers, contract volume falling short of
    Fitch's expectations or weaker-than-Fitch-expected cash flow
    generation, leading to deteriorating credit metrics

  - FFO adjusted net leverage above 3.0x for a sustained period

LIQUIDITY

Adequate Liquidity: BUMA has adequate liquidity in light of its
internal cash generation and long-term debt-maturity profile. Its
debt-maturity profile further improved following a USD350 million
bond issuance in early 2017, with a bullet payment due in 2022,
to refinance an amortising term loan. BUMA's cash flow from
operations was USD 163 million as of end-2017, with a cash
balance of USD52 million. This was against debt of USD67 million
maturing in 2018. Fitch also expects BUMA to benefit from
improving cash flow from operations, supported by its expanding
operations and robust industry conditions.



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


TOSHIBA CORP: Plans to Sell PC Business to Sharp for JPY5 Billion
-----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. plans to sell its
loss-making personal computer business to Sharp Corp. for around
JPY5 billion as part of its reconstruction efforts, according to
sources.

The two companies are likely to sign the deal soon, the sources
said May 25, the report relays.

According to the report, Toshiba has been looking for a potential
buyer of Toshiba Client Solutions Co. since last year as it aims
to improve its financial standing after massive losses at its
now-bankrupt U.S. nuclear subsidiary.

The Japan Times says Sharp withdrew from the PC business in 2010.
But since it was acquired by Taiwan's Hon Hai Precision Industry
Co. in 2016, the company has been looking to expand its reach
under Chief Executive Officer Tai Jeng-wu.

It posted its first group net profit in four years in fiscal
2017, the report notes.

Tai has also expressed willingness to re-enter the information
technology equipment business, with Hon Hai strong in contract
manufacturing of personal computers.

The Japan Times relates that Toshiba on June 1 completed the sale
of its lucrative NAND flash memory chip unit, Toshiba Memory
Corp., to a Japan-U.S.-South Korean consortium led by U.S.
private equity firm Bain Capital and sold its home appliance
business to Midea Group Co. in 2016.

The conglomerate said it will now focus on the energy and social
infrastructure sectors and review its non-core operations as it
aims to achieve sustainable growth, the Japan Times relays.

Toshiba Client Solutions, which manufactures the Dynabook line of
laptops, has struggled to make a profit amid competition from
Chinese and Taiwanese rivals and the spread of smartphones and
tablet PCs, according to the Japan Times. Its development base in
Ome, west Tokyo, was closed in March 2017.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2018, Moody's Japan K.K. has placed Toshiba Corporation's
Caa1 corporate family rating and senior unsecured debt rating, as
well as its Ca subordinated debt rating on review for upgrade.
At the same time, Moody's has affirmed Toshiba's commercial paper
rating of Not Prime.

The rating review follows Toshiba's announcement that it has
received all regulatory approvals and satisfied all conditions
for the JPY2 trillion sale of Toshiba Memory Corporation (TMC).

TOSHIBA CORP: Completes $18BB Sale of Chip Unit to Consortium
-------------------------------------------------------------
Reuters reports that Toshiba Corp. said on June 1 it had
completed the $18 billion sale of its chip unit to a consortium
led by U.S. private equity firm Bain Capital.

The completion of the deal, initially aimed for by end-March, had
been delayed due to a prolonged review by Chinese antitrust
authorities. China approved the deal last month, the report says.

According to Reuters, the Bain consortium last year won a long
and highly contentious battle for Toshiba Memory, the world's No.
2 producer of NAND chips. Toshiba put the business up for sale
after billions of dollars in cost overruns at its Westinghouse
nuclear unit had plunged it into crisis, the report notes.

The consortium includes South Korean chipmaker SK Hynix, Apple
Inc, Dell Technologies, Seagate Technology and Kingston
Technology.

Under the deal with Bain, Toshiba repurchased 40 percent of the
unit, it said in a statement, Reuters adds.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2018, Moody's Japan K.K. has placed Toshiba Corporation's
Caa1 corporate family rating and senior unsecured debt rating, as
well as its Ca subordinated debt rating on review for upgrade.
At the same time, Moody's has affirmed Toshiba's commercial paper
rating of Not Prime.

The rating review follows Toshiba's announcement that it has
received all regulatory approvals and satisfied all conditions
for the JPY2 trillion sale of Toshiba Memory Corporation (TMC).


TOSHIBA CORP: S&P Raises Corp Credit Rating to 'BB', Outlook Pos.
-----------------------------------------------------------------
S&P Global Ratings said it has raised three notches to 'BB' from
'B' its long-term corporate credit and senior unsecured debt
ratings on Japan-based capital goods and diversified electronics
company Toshiba Corp. We also removed the ratings from
CreditWatch with positive implications. We have affirmed our 'B'
short-term corporate credit and commercial paper program ratings
on Toshiba. The outlook on the long-term corporate credit rating
is positive.

S&P said, "We base the upgrades on our view that key financial
metrics for Toshiba, together with its liquidity, are likely to
improve substantially because it has received about JPY2 trillion
for the sale Toshiba Memory Corp., completed today.

"We placed our long- and short-term corporate credit ratings,
senior unsecured debt rating, and commercial paper program
ratings on Toshiba on CreditWatch with positive implications on
Nov. 21, 2017. This reflected our view that the company's
decision to conduct a large capital raising heightened its
likelihood of avoiding a negative net worth as of the end of
fiscal 2017 (ended March 31, 2018) and of substantially improving
its financial health. We continued to place the long-term ratings
on CreditWatch positive even after raising the long-term ratings
on Jan. 19, 2018, and after raising the long- and short-term
ratings on May 16, 2018."

Toshiba has drastically improved its financial standing through a
large capital infusion and the sale of assets related to its U.S.
nuclear power business. S&P said, "As a result, we estimate that
its debt to EBITDA was below 5x as of March 31, 2018. Thanks to
the recent stable performance of main businesses that Toshiba
continues to possess following the sale of its memory business,
such as infrastructure and energy, and the relatively low capital
intensity of its main businesses, we view Toshiba's financial
standing as likely to stabilize. Its financial standing will
likely further improve significantly because it has received
proceeds from its sale of Toshiba Memory. Even if Toshiba directs
a certain amount of funds toward shareholder returns or
investments for growth, we believe it can maintain a net cash
position (cash and deposits exceeding debt) in the coming year or
two. Accordingly, we assess Toshiba's financial risk profile as
intermediate."

With the sale of Toshiba Memory, Toshiba's main businesses will
center on the relatively stable fields of infrastructure and
energy. S&P said, "However, we think the competitiveness and
profitability of each business compares very unfavorably with
those of its large peers in the capital goods industry. Toshiba's
elevator and escalator business and its public infrastructure
business enjoy a constant level of market share and
competitiveness but are likely to continue to face a fierce
struggle for customers globally, in our view. Its energy
businesses also face worsening market conditions amid a global
shift away from carbon-emitting activities. We also expect a drop
in overall demand for hard disk drives to weigh on the earnings
of its storage business, separate from the memory business it has
sold. We expect Toshiba's EBITDA margin to stabilize, but its
absolute EBITDA margin in these businesses, which we assume will
be about 6%, is likely to fall short of the industry average,
reflecting weak competitiveness of each business. Accordingly, we
assess Toshiba's business risk profile as weak."

S&P said, "We assess Toshiba's liquidity as adequate. This
assessment reflects our view that its liquidity has improved
materially because a capital infusion and the sale of Toshiba
Memory are likely to substantially boost its cash and deposits to
levels far exceeding its debt.

"The outlook is positive. We expect Toshiba to invest in growth
fields to boost its business competitiveness and also to swiftly
carry out specific measures to improve its business, for example
by reducing costs. Accordingly, we see a more than one-in-three
chance that Toshiba will improve its EBITDA margin materially.

"We will consider upgrading Toshiba in the coming year or two if
we see a heightened likelihood that it will focus heavily on
reducing costs and improving its operating efficiency, resulting
in an EBITDA margin steadily approaching 7%. We will also
consider an upgrade if Toshiba demonstrates more stable financial
management, including in its approach to growth investments and
shareholder returns, and we believe that it will continue to
maintain sound financial standing. Conversely, we will consider
revising the outlook to stable if we expect its EBITDA margin to
hover at about 5% despite various measures to improve its
business amid fierce competition.

"We rate Toshiba's senior unsecured debt equivalent to our long-
term corporate credit rating on the company and remove the rating
from CreditWatch with positive implications. We estimate the
company's secured debt, which has higher priority than its senior
unsecured debt, accounts for slightly more than 50% of Toshiba's
total debt on a consolidated basis. Accordingly, we notch down
the senior unsecured debt rating one notch from the long-term
corporate credit rating. Meanwhile, we believe the company is
likely to receive a waiver for borrowings from major creditor
banks while continuing to pay other debt in a timely manner.
Consequently, we incorporate one notch of uplift in the issue
rating on the senior unsecured debt."



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


TH HEAVY: Expects to Exit PN17 Status Early Next Year
-----------------------------------------------------
The Sun Daily reports that TH Heavy Engineering Bhd (THHE)
expects to exit its PN17 status by early next year as it inches
closer to completing its regularisation plan.

Group CEO Suhaimi Badrul Jamil said with the completion of the
novation contract for the Layang production storage and
offloading facility on June 1, the proceeds will be used to pay
its creditors, the Sun Daily relates.

"We hope to complete the scheme of arrangement and by the time
the audited account is completed, we can get out of PN17," he
told reporters after its AGM, the report relays.

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel
structures and the provision of other related offshore oil and
gas engineering services in Malaysia. The Company operates
through three segments: Construction services, Offshore crane
works and Others. The Construction services segment includes
engineering, procurement, construction, installation and
commissioning (EPCIC) capabilities. Its EPCIC activities include
fabrication, construction and maintenance of offshore structures;
construction and maintenance of onshore plants; offshore and
onshore crane manufacturing and servicing; marine operations and
support services; hook-up and commissioning (HUC), and engineered
packages. The Others segment includes management services and
transportation services. Its subsidiary, O&G Works Sdn. Bhd.,
produces a range of marine and offshore pedestal cranes.

TH Heavy slipped into Practice Note 17 (PN17) status in
April 2017 after the company's independent auditors expressed a
disclaimer opinion on its accounts for the financial year ended
Dec. 31, 2016.

The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.



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


BLUE OCEAN: Files Chapter 15 Bankruptcy Petition
------------------------------------------------
Bill Heltzel at Westfair Online reports that White Plains lawyer
Michael E. Foreman has been appointed to help a Singapore company
restructure $325 million in debt in a rare Chapter 15 cross-
border bankruptcy.

Blue Ocean Resources Pte. defaulted on notes due in 2020 and has
filed a "scheme of arrangement" under the Companies Act in the
Republic of Singapore, the report says.

Westfair Online relates that creditors have approved the
reorganization plan proposed in Singapore. The Chapter 15
petition, filed on May 25 in U.S. Bankruptcy Court, White Plains,
is a mechanism for getting U.S. courts to recognize the plan and
make it binding on American creditors and bondholders.

Any asset, such as a local bank account, is enough for foreign
companies to establish jurisdiction and get access to the U.S.
bankruptcy system, Westfair Online says.

According to Westfair Online, White Plains is a popular place to
file foreign bankruptcies because local U.S. Bankruptcy Judge
Robert D. Drain has a reputation for being well versed in cross-
border financial restructuring.

Meanwhile, Mr. Foreman describes himself as first and foremost "a
restructuring lawyer," on his website, with expertise in
corporate bankruptcies, mergers and acquisitions, governance and
dispute resolution, the report adds.

Blue Ocean Resources Pte. Ltd. is a private company limited by
shares incorporated under the laws of the Republic of Singapore.
The company is a wholesale supplier of fish and seafood.  Blue
Ocean operates as a wholly-owned subsidiary of PT Central
Proteina Prima, Tbk.


BLUE OCEAN: Chapter 15 Case Summary
----------------------------------
Chapter 15 Debtor:         Blue Ocean Resources Pte. Ltd.
                           16 Gemmill Lane
                           Singapore, 069254

Business Description:      Blue Ocean Resources Pte. Ltd. is a
                           private company limited by shares
                           incorporated under the laws of the
                           Republic of Singapore.  The company
                           is a wholesale supplier of fish and
                           seafood.  Blue Ocean operates as a
                           wholly-owned subsidiary of PT Central
                           Proteina Prima, Tbk.

Chapter 15 Case No.:       18-22806

Chapter 15 Petition Date:  May 25, 2018

Court:                     United States Bankruptcy Court
                           Southern District of New York
                          (White Plains)

Judge:                     Hon. Robert D. Drain

Chapter 15 Petitioner:     Martial Jean Francois Nicolas

Foreign Proceeding
in Which Appointment
of the Foreign
Representative
Occurred:                  Proceeding before the High Court of
the

                           Republic of Singapore

Chapter 15 Petitioner's:   Michael E. Foreman, Esq.
Counsel                    FOREMAN LAW PLLC
                           11 Martine Ave., 12th Floor
                           White Plains, NY 10606
                           Tel: 914-684-1600
                           Email: michael@foremanlawpllc.com

Estimated Assets:          Unknown

Estimated Debts:           Unknown

A full-text copy of the Chapter 15 petition is available for free
at: http://bankrupt.com/misc/nysb18-22806.pdf


KS ENERGY: Added to SGX Watch-List Due to Losses
------------------------------------------------
Rachel Mui at The Strait Times reports that Singapore Exchange
(SGX) added 12 mainboard-listed companies to its watch list for
potential delisting and removed one company on June 5 following a
mid-year review.

According to the report, the market operator placed KS Energy,
China Great Land Holdings, CosmoSteel Holdings, Plastoform
Holdings and BM Mobility on the watch list for recording pre-tax
losses for the three most recently completed consecutive
financial years and having a six-month average daily market
capitalisation below SGD40 million (financial criteria).

The Strait Times relates that Global Invacom Group, GRP, China
Yuanbang Property Holdings, Hiap Seng Engineering, Sunvic
Chemical Holdings, and Debao Property Development joined the
watch list for failing to maintain a volume-weighted average
price of at least 20 Singapore cents and an average daily market
cap of less than SGD40 million over the last six months (minimum
trading price or MTP criteria).

SGX also added Abterra and Sunvic Chemical Holdings to the watch
list under both the Financial Entry and MTP criteria, the report
says.

The Place Holdings, meanwhile, has been removed from the watch
list, the Strait Times adds

Mainboard-listed companies that are on the watch list have 36
months to resolve the criteria that led to their inclusion, the
report notes. They risk being delisted if they fail to cure their
status during that window. There are currently 82 companies on
the watch list, the Strait Times discloses.

Headquartered in Singapore, KS Energy Limited operates as an
energy services provider primarily to the oil and gas, marine,
and petrochemical industries in Kurdistan, Egypt, Pakistan,
Vietnam, Indonesia, Malaysia, and internationally. KS Energy
Limited is a subsidiary of Pacific One Energy Limited.


PACIFIC RADIANCE: Enters Terms to Place Up to US$85MM of Shares
---------------------------------------------------------------
Pacific Radiance Ltd said the Company on June 4 entered into a
non-binding term sheet with potential anchor investors for the
equity injection of up to US$85 million by way of a subscription
by the Investors of new shares in the Company through a private
placement to be undertaken by the Company.

The Company said it intends to raise another US$35 million
through private placement and/or rights issue to be undertaken by
the Company, bringing the total Investment to approximately
US$120 million.

The Investment is conditional upon, inter alia, the completion of
the Restructuring and the approval of shareholders of the Company
at a general meeting.

Trading of the Company's securities on the SGX-ST has been
voluntarily suspended by the Company on February 28, 2018.

As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2018, the board of directors of Pacific Radiance Ltd. and
together with its subsidiaries, intends to pursue restructuring
by way of schemes of arrangement to be proposed between the
relevant entities of the Group and its creditors under section
210(1) of the Companies Act (Cap.50).

In order to preserve the proposed restructuring and investment,
Pacific Crest Pte Ltd ("PCPL"), a wholly-owned subsidiary of the
Company, has on May 16, 2018 made applications to the Court to
seek interim protection against legal proceedings that will
regress the Group's ongoing discussions with the various
stakeholders.

The Application seeks, inter alia, orders that (a) no appointment
shall be made of a receiver or manager over any property or
undertaking of PCPL (b) except with the leave of Court, (i) no
legal proceedings may be commenced or continued against PCPL,
(ii) no execution, distress or other legal process against any
property of PCPL shall be commenced, continued or levied, (iii)
no steps to enforce any security over any property of PCPL or to
repossess any goods held by PCPL under any chattels leasing
agreement, hire-purchase agreement or retention of title
agreement shall be taken or continued and (iv) no right of re-
entry or forfeiture under any lease in respect of any premises
occupied by PCPL may be enforced (collectively the relief sought
in (a) and (b), the "Moratorium") for a period of six (6) months
from the date of the grant of the Application or until further
order.

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three
divisions: Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.



                             *********

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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