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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

            Friday, June 15, 2018, Vol. 21, No. 118

                            Headlines


A U S T R A L I A

ALCOM COMMERCIAL: First Creditors' Meeting Set for June 22
BAR MACHIAVELLI: First Creditors' Meeting Set for June 21
CAPITAL MINING: Second Creditors' Meeting Set for June 21
D & C BUILDING: First Creditors' Meeting Set for June 22
G & N STRANG: First Creditors' Meeting Scheduled for June 22

IMMERSIVE SOLUTIONS: In Liquidation; Owes AUD3.4MM to ATO
INTEGRITY PROPERTY: Second Creditors' Meeting Set for June 21
QUINTIS LTD: ASIC Launches Civil Suit vs. Ex-Managing Director
RCS MANAGEMENT: Second Creditors' Meeting Set for June 20


C H I N A

CHINA ENERGY: Roils Asia's Dollar-Bond Market With Default
FRESTECH CO: Sells Equities Via Online Auction in Liquidation
IRC LTD: Gets Bridge Loan from Petropavlovsk to Meet ICBC Payment
ZHENJIANG TRANSPORTATION: S&P Places 'BB' ICR on Watch Negative


I N D I A

ABHILASH CHEMICALS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
AIR INDIA: Government Mulls Considering IPO as an Option
ARUN INTERNATIONAL: CRISIL Migrates B- Rating to Not Cooperating
BSCPL AURANG: Ind-Ra Retains B+ Issuer Rating in Non-Cooperating
DECO GOLD: CRISIL Reaffirms B- Rating on INR6.0MM LT Loan

FOODS AND INNS: CRISIL Lowers Rating on INR65.05MM Loan to D
GVRMP WHAGDHARI: CRISIL Migrates B Rating to Not Cooperating
HAIL TEA: CRISIL Migrates Rating to B Issuer Not Cooperating
INCAP LTD: CRISIL Migrates B+ Rating to Not Cooperating Category
INDUSTRIAL EQUIPMENTS: CRISIL Assigns B+ Rating to INR3MM Loan

JAI JALPESH: CRISIL Assigns B+ Rating to INR5.5MM LT Loan
JAYPEE PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
JENIOUS CLOTHING: CRISIL Migrates B- Rating to Not Cooperating
JUBILEE INFRATECH: CRISIL Migrates Rating to B+ Not Cooperating
KBR HOMES: CRISIL Migrates B+ Rating to Not Cooperating Category

KUNTAL GRANITES: CRISIL Migrates B+ Rating to Not Cooperating
LARSON CERAMIC: CRISIL Migrates B Rating to Not Cooperating
MAGIC AUTO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
MANGALAGIRI TEXTILE: CRISIL Migrates D Rating to Not Cooperating
MOISTOP ENTERPRISES: CRISIL Assigns B+ Rating to INR3.25MM Loan

NAVBHARAT NIRMAN: CRISIL Reaffirms B Rating on INR2.58MM Loan
P. MURUGESAN: CRISIL Migrates 'B+' Rating to Not Cooperating
PAREKH PETROCHEMICALS: CRISIL Moves B+ Rating to Not Cooperating
RAICHUR LABORATORIES: CRISIL Assigns D Rating to INR15MM Loan
RAM SARUP: CRISIL Hikes Rating on INR1.75MM Cash Loan to B+

RAVI INDUSTRIES: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
REVATHI GOLD: CRISIL Migrates B+ Rating to Not Cooperating
S. M. SHANKARRAO: CRISIL Assigns B- Rating to INR300MM Cash Loan
S R HAPPY: CRISIL Migrates B Rating to Not Cooperating Category
SHREE GANESH: CRISIL Moves B Rating to Not Cooperating Category

SINGHAL BUSINESS: CRISIL Migrates B+ Rating to Not Cooperating
SITARA JEWELLERY: CRISIL Reaffirms B Rating on INR7.5MM Loan
SRI VEERESHWARA: CRISIL Migrates B+ Rating to Not Cooperating
THEJA JYOTHI: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
TRINITY EYE: CRISIL Moves B+ Rating to Not Cooperating Category

VIDEOCON INDUSTRIES: Court Denies Bid to Object to Bankruptcy
WORKSPACE METAL: Ind-Ra Assigns BB Issuer Rating, Outlook Stable


                            - - - - -


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A U S T R A L I A
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ALCOM COMMERCIAL: First Creditors' Meeting Set for June 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Alcom
Commercial Windows Pty Ltd, trading as Alcom Fabrications, will
be held at Tower 2, Brookfield Place, Auditorium, Ground Floor,
123 St Georges Terrace, in Perth, WA, on June 22, 2018, at
9:30 a.m.

Matthew Donnelly of Deloitte was appointed as administrator of
Alcom Commercial on June 12, 2018.


BAR MACHIAVELLI: First Creditors' Meeting Set for June 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bar
Machiavelli Pty Ltd will be held at Level 3, 65 York St, in
Sydney, NSW, on June 21, 2018, at 11:00 a.m.

David Anthony Hurst of Hurst Recovery was appointed as
administrator of Bar Machiavelli on June 12, 2018.


CAPITAL MINING: Second Creditors' Meeting Set for June 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Capital
Mining Limited has been set for June 21, 2018, at 9:30 a.m. at
the offices of BRI Ferrier, Level 30, Australia Square, 264
George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2018, at 4:00 p.m.

Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were
appointed as administrators of Capital Mining on May 16, 2018.


D & C BUILDING: First Creditors' Meeting Set for June 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of D & C
Building Careers Pty Limited, trading as Design and Construct
Building Careers, will be held at Suite 2, Level 9, 213 Miller
St, in North Sydney, NSW, on June 22, 2018, at 10:00 a.m.

Martin Walsh of Walsh and Associates was appointed as
administrator of D & C Building on June 13, 2018.


G & N STRANG: First Creditors' Meeting Scheduled for June 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of G & N
Strang Holdings Pty Ltd, trading as Queensland National Hotel
Laidley, and G & N Strang Properties Pty Ltd will be held at the
offices of McGrathNicol, Level 7, 175 Eagle Street, in Brisbane,
Queensland, on June 22, 2018, at 11:00 a.m.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of G & N Strang on June 12,
2018.


IMMERSIVE SOLUTIONS: In Liquidation; Owes AUD3.4MM to ATO
---------------------------------------------------------
Samira Sarraf at ARN reports that Immersive Solutions has been
placed into liquidation owing AUD3.4 million to the Australian
Taxation Office (ATO).

Immersive Solutions, which has changed the company name to A.C.N.
136 616 889 PTY LTD in May, was registered with the Australian
Securities and Investments Commission (ASIC) in 2009, according
to ARN.

The software developer had several customers, including
government departments, ARN discloses.

According to the report, the company stopped trading in November
2017, with all staff being terminated at the time. At one point,
the company counted 40 engineers among its ranks.

In March 2018, an application to wind up the company was
commenced by human resources consultancy Sirius Technology, ARN
discloses.

James Koutsoukos and David Coyne from Frenkel Partners were
appointed administrators in May.

According to ARN, the director of the company informed the
administrators that the reason for the company's failure was the
disallowance by the ATO of R&D (research and development) tax
offset claims that Immersive Solutions had lodged.

It is understood that the company was initially placed under
administration to allow the director time to raise funds to
propose a deed of company arrangement which would involve
challenging the ATO disallowances and lodgement of subsequent
years R&D claims, ARN relates.

At the committee of inspection meeting held on June 4, the
administrators suggested the company be wound up. ARN adds that
the administrators also said that they had received limited
cooperation from the director, which included not being provided
with the company's intellectual property.

Mr. Coyne advised at the meeting that the company had failed to
maintain proper books and records, the report notes.

On June 6, the Victoria Supreme Court appointed Geoffrey Niels
Handberg -- ghandberg@rodgersreidy.com.au -- from Rodgers Reidy
as the company liquidator.


INTEGRITY PROPERTY: Second Creditors' Meeting Set for June 21
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Integrity
Property Investor Services Pty Ltd has been set for June 21,
2018, at 11:00 a.m. at the offices of Level 11, 127 Creek Street,
in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2018, at 4:00 p.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Integrity Property on May 18, 2018.


QUINTIS LTD: ASIC Launches Civil Suit vs. Ex-Managing Director
--------------------------------------------------------------
The Australian Securities and Investments Commission has
commenced civil penalty proceedings in the Federal Court of
Australia against Frank Cullity Wilson, former managing director
of Quintis Limited, for failing to discharge his duties as a
director under section 180 of the Corporations Act 2001 (Cth).

ASIC is alleging that by failing to disclose to the Quintis Board
of directors that key contracts with Nestle-owned Galderma
(Galderma agreements) had been terminated, Mr. Wilson did not
discharge his duties to Quintis with the degree of care and
diligence that a reasonable person in the position of managing
director would exercise.

ASIC alleges that Mr. Wilson was aware that the Galderma
agreements had been terminated in early 2017 but the Quintis
board of directors did not become aware until May 9, 2017.

ASIC further alleges that when Quintis responded to an ASX query
on March 27, 2017, Mr. Wilson allowed Quintis to release
information regarding the status of the Galderma agreements that
was misleading or deceptive.

ASIC is seeking against Mr. Wilson declarations of contravention,
civil penalty orders and an order prohibiting Mr. Wilson from
managing corporations for such period as the Court thinks fit.
Quintis, the company, is not a defendant to the proceedings.

The matter has been listed for a further hearing on June 28,
2018.

ASIC's investigation is ongoing.

On May 10, 2017, Quintis released an announcement to the
Australian Securities Exchange disclosing that the Galderma
agreements had been terminated and that the termination had taken
effect on Jan. 1, 2017.

The announcement stated that the directors of Quintis had been
advised of the termination on May 9, 2017, and were previously
unaware. The Quintis share price dropped 43.93% on opening for
trading after the announcement was released.

Quintis shares were voluntarily suspended from official quotation
on May 15, 2017 and have not traded since.

                          About Quintis

Quintis is Australia's largest sandalwood forestry management
company and manages 17 separate managed investment schemes.

Quintis employs approximately 500 staff at various locations
throughout Australia. Quintis manages nearly 13,000 hectares of
sandalwood plantations in northern Australia and owns a
distillery and pharmaceutical company to process the sandalwood
for the cosmetics, well-being and pharmaceutical industries. The
company was formed in 1997 and listed in 2007.

KordaMentha Restructuring partners Richard Tucker, Scott Langdon,
and John Bumbak were appointed as Voluntary Administrators of the
Quintis Group on Jan. 20, 2018 after Asia Pacific Investments DAC
exercised an option requiring Quintis to acquire 400 hectares of
plantations at a pre-determined price of AUD37 million, with
settlement required totake place on Feb. 2, 2018.  Quintis did
not have the financial resources to pay the put option.

As a result of the appointment of Administrators, on Jan. 23,
2018, the secured bondholders appointed Jason Preston, Shaun
Fraser and Robert Brauer of McGrathNicol as Receivers and
Managers.


RCS MANAGEMENT: Second Creditors' Meeting Set for June 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of RCS
Management Group Pty Ltd, trading as Lacantina on Kent, has been
set for June 20, 2018, at 10:30 a.m. at Suite 1, Level 15,
9 Castlereagh 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 19, 2018, at 4:00 p.m.

Christopher Darin of Worrells Solvency & Forensic Accountants was
appointed as administrator of RCS Management on May 15, 2018.



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C H I N A
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CHINA ENERGY: Roils Asia's Dollar-Bond Market With Default
----------------------------------------------------------
Bloomberg News reports that before it led a buyout deal for one
of Li Ka-shing's Hong Kong skyscrapers last year, few had heard
of China Energy Reserve & Chemicals Group Co. Now it's getting
famous for the wrong reasons, roiling the $1 trillion Asian
dollar-bond market with a default.

China Energy blamed the delinquency on about $2 billion of notes
on a "tightening in credit conditions" that most other borrowers
have so far weathered while making their payments, the report
says. According to Bloomberg, the unlisted Beijing-based oil-and-
gas company jolted investors with the news in a statement that
appeared on the Hong Kong exchange on May 27, three months after
it had pulled out of the $5.2 billion Hong Kong office-tower
deal.

Bloomberg relates that the default has spurred some investors to
reassess risks with Chinese firms that had previously been seen
as solid bets, amid signs that authorities are more comfortable
with letting borrowers renege on payments both in the domestic
market and offshore.

Three days before a principal payment of $350 million was due on
May 11, China Energy tapped South Korean investors for a new $150
million bond, attempting to gather funds to repay the maturing
debt, Bloomberg says. On May 25, Lin Jianbang, China Energy's
executive president, spurred investor confidence saying the
company's offshore unit expected to receive funds from its
onshore parent by noon, enabling it to pay the debt.

Bloomberg says when those funds didn't arrive, the securities
tumbled that afternoon. Two days later, on May 27, China Energy
declared it had indeed missed principal payments on the $350
million of bonds, triggering so-called cross-defaults on its
other overseas notes.

According to the report, the securities are now indicated at less
than 40 cents on the dollar. The default had broader implications
as well -- average yields on Chinese junk-rated dollar bonds have
surged by about 1 percentage point since then, to around 9
percent, near a three-year high.

The company has about $2 billion in offshore notes outstanding,
including the $150 million sold in South Korea, Bloomberg
discloses.  A Shanghai unit issued a syndicated loan of $400
million in the international market arranged by UBS Group AG.
China Energy has CNY7.2 billion ($1.1 billion) in bank borrowings
onshore and offshore, according to 2017 annual financial records
seen by Bloomberg.

To restructure its debt, the company has hired financial adviser
FIT Consulting, and will meet with bondholders in coming weeks,
Lin said last week, the report notes. A capital injection is
under consideration to pay back the $150 million securities sold
in South Korea, Korean rating firm NICE Investors Service Co.
said it was told.

For one, South Korean investors are unlikely again to readily
trust debt ostensibly guaranteed by onshore Chinese parent
companies, Kim Sang-hun, a credit analyst at Shinhan Investment
Corp. said. That's after they took up China Energy's bond in
early May without full realization of the company's financial
woes, Bloomberg says.

More broadly, gauging government support for Chinese companies
that claim links to the state has become "a very subjective
task," CreditSights Inc. strategists wrote this month. And the
China Energy case has made clear the importance of due diligence
to determine the ownership structure of bond issuers to allow for
a better assessment of likely parent support, Bloomberg relates.

"Investors would need to pay more attention to fundamental
analysis, and they should dive deeper into the credit terms of
the bond offerings," Bloomberg quotes James Arnold, head of Asia
Pacific debt capital markets at Citigroup Inc. in Hong Kong, as
saying. "It is only reasonable for investors to start thinking
more rigorously on terms and covenants."

China Energy Reserve & Chemicals Group Co describes itself as a
state-controlled energy trading, logistics and distribution
company, with operations in China and overseas, Bloomberg
discloses a 2017 bond prospectus. Trading in energy products,
including fuel oil and gas, accounted for the majority of its
operating revenue the last few years through June of 2017,
according to the bond document cited by Bloomberg. The company's
operating revenue was CNY37 billion last year, according to
annual financial results seen by Bloomberg News.

The top two shareholders are China National Friend Industry Corp.
and China Overseas Holding Group Co., its bond prospectus and the
2017 annual report showed, Bloomberg discloses. However, records
of the two firms aren't apparent in China's official corporate
registry, known as the National Enterprise Credit Information
Publicity System. Lin, China Energy's executive president, said
by phone last week that all the shareholders have proper records
on government websites, without giving directions of how to find
them, Bloomberg adds.


FRESTECH CO: Sells Equities Via Online Auction in Liquidation
-------------------------------------------------------------
Global Times, citing news site huanqiu.com, reports that Chinese
refrigerator maker Frestech Co (Xinfei) is selling its equities
via an online auction as part of a liquidation process after an
April pull out by its Singaporean investor.

According to Global Times, a Chinese expert said the rise and
fall of Frestech, which was once a top household appliance
company in China, showed what happens when a foreign stakeholder
could not achieve enough synergy with a domestic manufacturing
company.  The public auction is set to begin on June 28, the
report discloses.

Global Times relates that the company will sell all its stakes in
three affiliates including Xinfei Electronics Co for a starting
price of CNY450 million ($70.3 million). At the same time, Xinfei
Electronics Co will sell its buildings, land and equipment for
CNY115 million.

The report recalls that the company ran into a cash crunch in
November last year amid fierce market competition and declining
revenue, and it halted production.

On April 13, Singapore-based Hong Leong Asia (HLA) said that as
the company has been booking losses since 2011 and the Chinese
refrigerator industry is experiencing overcapacity, and would
pull out of the company as it spun off unprofitable assets, the
report relates.

Liang Zhenpeng, a home appliance expert, told the Global Times on
June 11 that after HLA acquired a majority stake from State
shareholders about 10 years ago, the company's strength - which
lies in hotels and tourism - could not support the development of
a leading refrigerator maker such as Frestech in terms of
patents, talent and experience.

"The weakness was coupled with a cyclical feature that saw
refrigerators turning from a high-growth industry to one of
white-hot competition, and the exodus of Frestech's top talent in
recent years brought the company to bankruptcy," the report
quotes Liang as saying.

At the turn of the century, many State stakeholders of domestic
companies in non-strategic industries sold their stakes to
foreign investors, the report states. In its heyday, Frestech was
listed as a top 500 domestic industrial company, holding as much
as 19 percent of the domestic market for refrigerators in 2002,
according to huanqiu.com.

According to a verdict on the reorganization plan of Xinfei
approved by the Xinxiang Intermediate People's Court, Central
China's Henan Province, posted on the asset auction site
sf.taobao.com, the company's debt exceeded its assets by
CNY1.13 billion, Global Times discloses.


IRC LTD: Gets Bridge Loan from Petropavlovsk to Meet ICBC Payment
-----------------------------------------------------------------
Henry Sanderson at The Financial Times reports that Russian gold
miner Petropavlovsk, which is battling a shareholder attempt to
remove its board, has agreed to provide a last minute bridge loan
to a Hong Kong iron ore company in which it owns a 31 per cent
stake.

The FT relates that the London-listed company said it would
provide $29.75 million to IRC to enable it to meet a June payment
on a loan to ICBC, which was used to fund a mine near the border
of China. Petropavlovsk also said it is in "advanced" talks with
a major Russian bank to refinance the entire $340 million project
loan.

The report says Petropavlovsk is a guarantor to the ICBC loan,
which was used to build the K & S mine in Russia's far east.
According to the FT, IRC said on June 13 it is unable to meet
payments to ICBC and that "if a missed repayment of the ICBC
facility occurs, this would result in a default under the
facility and would create broader problems for Petropavlovsk."

Petropavlovsk's relationship to IRC was a key criticism of
shareholders who helped ouster the company's co-founder and
chairman Peter Hambro last year, the FT notes. The chairman of
IRC is Jay Hambro, Mr. Hambro's son.

The FT notes that Petropavlovsk is currently led by chief
executive Roman Deniskin, a former consultant for McKinsey & Co
and Boston Consulting Group, who was appointed in April. It is
chaired by Ian Ashby, a former executive at BHP Billiton.

"We are focused on resolving the situation that we inherited from
the previous board regarding IRC by helping IRC to refinance
their ICBC loan facility so we can eventually monetise our equity
stake in this non-core business," the report quotes Mr. Deniskin
as saying. "Together with IRC, we have been pursuing various
refinancing alternatives, and we are making good progress with a
major Russian bank."

According to the FT, the loan comes as the miner is engaged in a
bitter dispute with two new shareholders, who have launched a
resolution to fire the entire Petropavlovsk board and bring in
three directors, including the company's former chief executive
Pavel Maslovskiy and the UK's ex-ambassador to Russia.

The report relates that the motion, which will be put before the
company's annual general meeting on June 29, has been bought by
CABS Platform and Slevin, which together own 9.1 per cent of the
company.

The two shareholders said the current board of Petropavlovsk has
not gained the confidence of the market and caused the former CEO
Mr. Maslovskiy to abruptly depart last year following the ouster
of Mr. Hambro, the FT relays.

The FT adds that Petropavlovsk has said the two companies have
not properly revealed their true owners or identities.

IRC Limited is a mineral exploration and production company. The
Company is focused on exploring for, developing and operating
industrial commodity projects in the Russian Far East and the
north-eastern region of China.


ZHENJIANG TRANSPORTATION: S&P Places 'BB' ICR on Watch Negative
---------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term issuer credit rating
on Zhenjiang Transportation Industry Group Co. Ltd. on
CreditWatch with negative implications. At the same time, S&P
also placed the 'BB' long-term issue rating on the company's
outstanding U.S. dollar-denominated senior unsecured bonds on
CreditWatch with negative implications.

Zhenjiang Transportation is a local government financing vehicle
(LGFV) for the Zhenjiang municipal government.

S&P said, "We placed the ratings on CreditWatch because Zhenjiang
Transportation's liquidity profile is weakening. In our view,
this may signal a deterioration in the municipal government's
administrative capacity or willingness to provide timely and
sufficient support to the company under a financial stress
scenario. The rating on Zhenjiang Transportation is highly
dependent on the government's effective support when needed.

"We have also revised our liquidity assessment of Zhenjiang
Transportation to weak from less than adequate in view of the
heightened refinancing pressure on its short-term debt. The
company has been seeking to secure bank loan financing and lift
its domestic bond quota on the basis of an improved operating
performance in 2017. However, Zhenjiang Transportation's overall
funding costs have surged faster than most of its LGFV peers'
since the beginning of 2018. The coupon for its Chinese renminbi
(RMB) 500 million bond issued in March this year reached 8%.

"In our view, Zhenjiang Transportation's funding costs will
remain high over the next 12 months should it continue to
substantially tap its current financing channels. Zhenjiang
Transportation relies heavily on local trusts and financial
leases, which the financial sector regulator in China defines as
non-standard debt. Such financing is generally more expensive,
and has higher renewal risks when the financing market is
tightening.

"Given Zhenjiang Transportation's weakening liquidity, we need to
review our assessment that there is an extremely high likelihood
that the company could receive timely and sufficient
extraordinary support from Zhenjiang municipal government when
needed. While the company's policy role for the municipal
government does not appear to have changed, we are uncertain
about the municipal government's control mechanisms and capacity
to provide timely support to state-owned enterprises.

"We expect to resolve the CreditWatch within three months after
we clarify the government's administrative mechanisms and
capacity to support the company's coming debt refinancing plan.

"We could lower the rating by one or more notches if we assess
the likelihood of Zhenjiang Transportation obtaining
extraordinary government support has weakened materially.

"We may affirm the rating if: (1) Zhenjiang Transportation's
refinancing capability improves and new refinancing costs
stabilize; and (2) we assess the likelihood of extraordinary
government support remains extremely high."



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ABHILASH CHEMICALS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abhilash
Chemicals and Pharmaceuticals Pvt. Ltd. (ACPPL) a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.64 mil. Term loan due on April 2021 assigned with IND
     BB+/Stable rating;

-- INR160.0 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR52.5 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ACPPL's increasing, albeit moderate scale of
operations. Revenue grew at a CAGR of around 6.40% over FY15-FY18
(Provisional) to INR766 million (FY17: INR674 million) on account
of an increase in orders from existing customers.

The ratings are also constrained by the company's volatile EBITDA
margins, which ranged between 11.2% and 13.1% over FY14-FY18P
owing to foreign currency fluctuations (FY18P: 11.2%, FY17:
11.9%, FY16: 12.8%, FY15: 13.1%).

The ratings also reflect ACPPL's working capital intensive nature
of operations leading to elongation of working capital cycle to
166 days in FY18P (FY17:156 days). The stretch in the working
capital cycle resulted from an increase in debtor collection
period to 193 days in FY18P (FY17: 186 days).

Despite the medium scale of operations and volatile margins,
ACPPL had healthy credit metrics owing to lower debt levels.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 9.2x in FY18P (FY17: 10.0x) and net leverage
(total adjusted net debt/operating EBITDAR) to 1.5x (0.6x) due to
debt-led capex, resulting in an increase in interest expense.
Ind-Ra expects the credit metrics to deteriorate further in FY19
owing to an increase in the use of its working capital limits.

The ratings are also supported by ACPPL's comfortable liquidity
position as indicated by 17.3% use of the fund-based limits
during the 12 months ended April 2018. The ratings also benefit
from the promoter's more than two decades of experience in the
pharmaceutical industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the credit metrics could lead to a positive rating
action.

Negative: A substantial increase in the debt-led capex or margin
pressure leading to deterioration in the credit metrics could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1989, ACPPL is a Madurai-based specialty chemical
manufacturer. The company manufactures active pharmaceutical
ingredient, metformin hydrochloride, used as an oral antidiabetic
agent. It derives 80% of its revenue from the pharma division and
remaining 20% from non-pharma division (leather chemical
manufacturing, textile chemical manufacturing) ACPPL generates
75% of its revenue from exports.


AIR INDIA: Government Mulls Considering IPO as an Option
--------------------------------------------------------
The Times of India reports that the government is considering
listing of debt-laden Air India (AI) after the proposal for 76%
strategic stake sale failed to attract any bidders, a source said
on June 13.

The source in the government said various options, including
possible listing of the national carrier, are being looked at,
the report relates. By selling shares in an initial public
offering (IPO), the state can retain control of Air India and
also raise cash to fund its operations, a senior government
official told reporters in New Delhi, asking not be identified
citing rules, TOI relays.

According to the report, the official said a group of ministers
formed by the Ministry of Finance is considering other options as
well, but is not in favor of giving control to a foreign entity.

In a setback, the government on May 31 said no initial bids were
received for the proposed stake sale in AI and various options
would be explored for the airline's future, TOI recalls.

TOI says the listing option is also being considered as there
have been concerns among potential bidders about government
retaining 24% stake post disinvestment. Under the proposed plan,
around INR33,000 crore debt would have remained with AI. AI's
debt burden was about INR50,000 crore at the end of March 2017.

Air India has debts to the tune of INR50,000 crore and is
surviving on a taxpayer-funded bailout, according to TOI. The
carrier hasn't made money since its 2007 merger with another
state-run domestic operator Indian Airlines, the report notes.

Following the debacle last month, the government is planning to
revive the process with new guidelines, including re-examining a
clause requiring a minority state stake, Subhash Chandra Garg, a
senior official in the Ministry of Finance, said in an interview
on June 11, adds TOI.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports.  It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times


ARUN INTERNATIONAL: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Arun
International to CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.
                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.5       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Packing Credit       7.5       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Working     7.0       CRISIL B-/Stable (Issuer Not
   Capital Facility               Cooperating; Rating Migrated)

CRISIL has been consistently following up with Arun International
(AI) for obtaining information through letters and emails dated
January 29, 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 Arun International, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Arun International 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 ratings on bank
facilities of Arun International to CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 1999 as a partnership firm by Mr. Deoki Nandan Bagla
and his son, Mr. Hemant Bagla, AI manufactures kitchenware and
also trades in stainless steel coils and circles. Facility is in
Wazirpur, New Delhi.


BSCPL AURANG: Ind-Ra Retains B+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BSCPL Aurang
Tollway Limited's bank loan 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 action is:

-- INR8.560 bil. Long-term senior bank loans maintained in Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

BSCPL Aurang Tollway, a special-purpose vehicle, has been
incorporated to implement a 150.40km lane expansion (four laning)
between Sambalpur in Odisha and Aurang in Chhattisgarh on
National Highway 6, under a 28-year concession from National
Highways Authority of India ('IND AAA'/Stable).


DECO GOLD: CRISIL Reaffirms B- Rating on INR6.0MM LT Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Deco
Gold Glazed Tiles Limited (DGGTL) at 'CRISIL B-/Stable/CRISIL
A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        1.5      CRISIL A4 (Reaffirmed)

   Cash Credit           5.0      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    6.0      CRISIL B-/Stable (Reaffirmed)

The ratings reflect DGGTL's large working capital requirement and
small scale of operations in the fragmented tiles industry.
Financial risk profile remains constrained by small networth.
Also, liquidity remained stretched, with high bank limit
utilisation. Moreover, operations remain highly working capital
intensive, with high debtor and inventory days. These weaknesses
are partially offset by promoters' experience and established
relationships with clients.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and low operating profitability
margin in a fragmented industry: Operating revenue was modest at
INR25.31 crore in fiscal 2017 and INR24.42 crore in fiscal 2018.
The margin declined to 10.6% in fiscal 2018 from 11.3% in fiscal
2017. The scale of operations and profitability are likely to
remain at similar levels over the medium term.

* Working capital-intensive operations: Working capital
requirement should remain large, with gross current asset being
around 200-210 days in the past owing to higher level of debtor
and inventory days. Although operations are supported by
creditors, it remains on higher side affecting liquidity of
company. Going ahead CRISIL expect the working capital
requirement to remain high in the medium term.

Strength:

* Promoter's extensive experience: Promoter has extensive
experience in the ceramic industry and has longstanding
relationships with customers and suppliers which help manage its
working capital cycle.

Outlook: Stable

CRISIL believes DGGTL will continue to benefit over the medium
term from the extensive experience of promoter. The outlook may
be revised to 'Positive' in case of strong accrual and
improvement in working capital cycle. Conversely, the outlook may
be revised to 'Negative' if decline in accrual, large, debt-
funded capital expenditure, or increase in working capital
requirement, weakening the financial risk profile.

DGGTL was established in 1999; Mr Dinesh Kundariya manages
operations. The company manufactures non-vitrified floor tiles at
its facility in Morbi, Gujarat.


FOODS AND INNS: CRISIL Lowers Rating on INR65.05MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Foods
and Inns Ltd (FIL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       1.4       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Cash Credit         15.9       CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

   Export Packing       9.0       CRISIL D (Downgraded from
   Credit                         'CRISIL BB+/Stable')

   Inland/Import        2         CRISIL D (Downgraded from
   Letter of Credit               'CRISIL A4+')

   Letter of Credit    28.5       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Packing Credit      65.05      CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Pre Shipment        15         CRISIL D (Downgraded from
   Credit                         'CRISIL BB+/Stable')

   Pre Shipment        20.85      CRISIL D (Downgraded from
   Facility                       'CRISIL A4+')

   Term Loan           11.12      CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Packing Credit       7.43      CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

The downgrade reflects FIL weakened liquidity as reflected in the
instance of overdrawal in the fund-based limit for over 30 days.
The overdrawal has been a result of delay in realization of
receivables leading to a stretch in working capital cycle.
Overdrawal were regularized in May 2018.

Analytical Approach

CRISIL has consolidated the business and financial risk profiles
of FIL and Finns Frozen Foods (India) Ltd (FFFIL), collectively
referred to as the Foods and Inns group as both the companies are
under a common management and have operational and financial
linkages.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: There were overdrawal in fund-based limit for
over 30 days due to delay in realization of receivables leading
to a stretch in working capital cycle.

* Working capital-intensive operations: Working capital
requirement of group is large as reflected in high estimated
gross current assets of over 220 days as on March 31, 2018 driven
by inventory of 140 days. The requirement is majorly funded
through bank lines and customer advances.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of four decades, diverse product portfolio
that includes processed vegetables, frozen foods, and powders and
established relationships with customers and suppliers should
support the business.

Established in 1971, the Foods and Inns group processes fruit
pulp, concentrates, fruit/vegetable powders and frozen foods. It
operates through two entities, FIL and FFFIL.

FIL, a public-limited company incorporated in 1971, processes and
markets fruit pulps, purees, concentrates and spray dried fruit
and vegetable powders both in domestic and international markets.
The company processes mango, guava, banana, and tomato pulp.

FFFIL, incorporated in 1982, manufactures frozen fruit
pulps/dices/slices, frozen vegetables, snacks and naans.


GVRMP WHAGDHARI: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facility of GVRMP
Whagdhari Ribbanpally Tollway Private Limited (GVRMP) to CRISIL
B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Long Term Loan       202      CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with GVRMP for
obtaining information through letters and emails dated December
31, 2017 and April 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GVRMP is a special purpose vehicle (SPV) set up as a joint
venture in 2010 by GVR Infra Projects Ltd, RMN Infrastructures
Ltd, and the Prathyusha group (51:25:24) to improve and widen a
141.2-kilometre stretch (from Maharashtra border to Andhra
Pradesh [Whagdhari-Ribbanpally]) of State Highway-10 on build-
operate-transfer toll basis. Commercial operations began in
September 2012.


HAIL TEA: CRISIL Migrates Rating to B Issuer Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Hail
Tea Limited (HTL) to 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating'.

                   Amount
   Facilities     (INR Mln)    Ratings
   ----------     ---------    -------
   Bank Guarantee    0.35      CRISIL A4 (Issuer Not Cooperating;
                               Migrated from 'CRISIL A4+')

   Cash Credit       9.50      CRISIL B/Stable (Issuer Not
                               Cooperating; Migrated from
                               'CRISIL BB-/Stable')

   Proposed Long     0.65      CRISIL B/Stable (Issuer Not
   Term Bank Loan              Cooperating; Migrated from
   Facility                    'CRISIL BB-/Stable')

   Term Loan         1.50      CRISIL B/Stable (Issuer Not
                               Cooperating; Migrated from
                               'CRISIL BB-/Stable')

CRISIL has been consistently following up with (HTL) for
obtaining information through letters and emails dated May 18,
2018 and May 23, 2018, apart from telephonic communication.
However, the issuer remains non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of HTL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes the information available for HTL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information'.

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

HTL (formerly known as Hanuman Texnit and Industries Ltd),
incorporated in 1997 at Hattikhira (Assam), manufactures black
crush, tear and curl tea. Mr Anil Kanoria and Mr Anjan Kanoria
are the promoters.


INCAP LTD: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Incap
Ltd (Incap) to 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4'.

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

   Cash Credit           6.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit      4.0      CRISIL A4 (Issuer Not
                                  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 Incap for
obtaining information through letters and emails dated March 13,
2018, and April 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
is yet to receive any information on either the financial
performance or strategic intent of Incap, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Incap is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information. Based on the last available
information, CRISIL has migrated the ratings on the bank
facilities of Incap to 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4'.

Incap, set up in 1993 by Mr. C Bhagvantha Rao, manufactures
aluminium electrolyte capacitors. The company also provides
logistical support for transport of insulators from ports to
Power Grid Corporation of India Ltd's project locations for
Chinese suppliers.


INDUSTRIAL EQUIPMENTS: CRISIL Assigns B+ Rating to INR3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Industrial Equipments & Services (IES).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Packing
   Credit                 .75       CRISIL A4 (Assigned)

   Proposed Letter
   of Credit             6.05       CRISIL A4 (Assigned)

   Bank Guarantee        0.20       CRISIL A4 (Assigned)

   Cash Credit           3.00       CRISIL B+/Stable (Assigned)

The ratings reflect below-average financial risk profile because
of a weak capital structure, working capital intensive operations
and a small scale of operations. These strengths are partially
offset by extensive industry experience of promoters and
established relations with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operation: Estimated revenue of INR11.1 crore in
fiscal 2018 reflect a small scale of operations. Further the
scale also fluctuates based on orders.

* Below financial risk profile: Networth was small at INR1.7
crore and total outside liabilities to tangible networth (TOLTNW)
ratio high at 7.3 times, as on March 2018. Debt protection
metrics were average, with interest coverage and net cash accrual
to total debt ratios of 2.08 times and 0.1 time, respectively,
for fiscal 2018.

* Large working capital requirement: Gross current assets have
been 170-340 days over the three years ended March 31, 2018, due
to large debtors 233 days due to high credit extended to
customers. Hence, dependence on short-term working capital debt
remains high to manage working capital requirements.

Strengths:

* Extensive experience of promoters and established relationship
with customer and suppliers: The promoter has been involved in
the trading of welding equipments for more than 3 decades. IES is
engaged in the trading and distribution of high-end
welding/cutting equipments. IES has a strong supplier base that
includes leading players General Electric and Honeywell etc. Also
the company has strong customer base like Hindustan Shipyard,
Kuwai Oil Company and Kuwait National Petroleum Corporation etc.

Outlook: Stable

CRISIL believes that IES will benefit over the medium term from
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of significant and sustained
increase in scale of operations and stable profitability leading
to higher cash accruals together with efficient working capital
management. Conversely, the outlook may be revised to 'Negative
'in case of any decline in the operating margins/cash accruals,
stretch in working capital cycle leading to weakening of the
financial risk profile and liquidity.

Incorporated in 1990, IES trades in welding equipments. It is
promoted by Mr. Rakesh Sharma and is based in Vishakapatnam
(Andhra Pradesh).


JAI JALPESH: CRISIL Assigns B+ Rating to INR5.5MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Jai Jalpesh Flour Mills Private Limited.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Long Term Loan      5.5       CRISIL B+/Stable (Assigned)
   Bank Guarantee      0.5       CRISIL A4 (Assigned)
   Cash Credit         3.4       CRISIL B+/Stable (Assigned)

The rating reflects JJFPL's moderate scale of operations in the
fragmented industry and weak liquidity position. These weaknesses
are partially offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operations amid intense competition: Intense
competition may continue to restrict the scalability of
operations and limit the pricing power with suppliers and
customers, thereby constraining profitability. Revenue was
moderate at around INR40 crores in fiscal 2018.

* Weak liquidity position: JJFPL's liquidity profile is stretched
with high bank limit utilization (around 95%) throughout the year
and tightly matched net cash accruals against its repayment
obligation.

Strengths:

* Experience of promoters: The company is promoted by West Bengal
Based Ghosh and Sharma family. Mr. Sharma has over 25 years of
experience and Mr. Ghosh has experience of around 15 years.
CRISIL believes, extensive experience of promoter the company
would help the company scale up their operation over the medium
term.

Outlook: Stable

CRISIL believes that JJFPL will continue to benefit from its
promoters long standing experience in the agro related industry.
The outlook may be revised to 'Positive' if there is an
improvement in firm's scale of operations and financial risk
profile led by improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if there is a deterioration
in its financial risk profile either on account of lower than
expected profitability, more than expected drawing of capital
from business by the partners, larger than expected working
capital requirements or any major debt-funded capex thus
resulting in higher than expected debt in the capital structure.

Incorporated in the year 2012, JJFPL is engaged in manufacturing
of flour milling products - maida (refined all-purpose flour),
atta (whole wheat flour), suji (semolina), and bran from wheat.
The company is promoted by Mr. Rajkumar Sharma, Ms Anuj Sharma,
Mr. Bratati Ghosh and Ms. Chmapa Ghosh who have prior experience
in dealing and carrying of food grains. Currently, the company
has a wheat grinding capacity of 54000 tonnes per annum. The
manufacturing facility is located at Jalpaiguri district in West
Bengal.


JAYPEE PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Jaypee
Projects Limited (JPL) to 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating'.

                   Amount
   Facilities     (INR Mln)    Ratings
   ----------     ---------    -------
   Bank Guarantee      12      CRISIL A4 (Issuer Not Cooperating;
                               Rating migrated)

   Cash Credit          6      CRISIL B+/Stable (Issuer Not
                                Cooperating; Rating migarted)

   Proposed Long Term   3      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility          Cooperating; Rating migarted)

CRISIL has been consistently following up with JPL for obtaining
information through letters and emails dated May 18, 2018, and
May 23, 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 JPL. 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
JPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with 'CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2000 by Mr. Jayprakash Mehta, JPL undertakes mainly
building construction projects along with other projects like
roads, air conditioning, water treatment plants, etc in various
parts of India. The company has been undertaking key projects in
the north-eastern region of India for reputed educational
institutes. It has also undertaken projects for the Kolkata
Public Works Department (PWD) and the Government of Tripura. The
company is a 'Class 1' contractor for public works and is
registered with the Central PWD.


JENIOUS CLOTHING: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jenious
Clothing Private Limited (JCPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           30       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Corporate Loan        63       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with JCPL for obtaining
information through letters and emails dated April 24, 2018,
May 18, 2018 and May 23, 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 Jenious Clothing Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jenious Clothing Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in 2011, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.


JUBILEE INFRATECH: CRISIL Migrates Rating to B+ Not Cooperating
---------------------------------------------------------------
CRISIL is migrating the rating on Jubilee Infratech Private
Limited (JIPL)'s bank facility from 'CRISIL BB-/Stable; Issuer
not cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Long Term Loan       1.4      CRISIL B+/Stable (Migrated from
                                 'CRISIL BB-/Stable Issuer Not
                                 Cooperating')

   Proposed Long Term   4.6      CRISIL B+/Stable (Migrated from
   Bank Loan Facility            'CRISIL BB-/Stable Issuer Not
                                 Cooperating')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the bank facility of JIPL to 'CRISIL BB-/Stable/CRISIL A4+
Issuer not cooperating'. However, management has subsequently
started sharing information necessary for carrying out a
comprehensive review of the rating.

The rating reflects JIPL's extensive industry experience of the
promoters in the residential real estate development business,
strategic location of the project and its limited exposure to
funding and implementation risk for its project. These rating
strengths are partially offset by JIPL's exposure to risks
associated with the demand of its project and to risks and
cyclicality inherent in the real estate sector in India.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the promoters in the
residential real estate development business: The company is
promoted by Mr. Ch. Shyam Kiran and Mr. Ch. Srinivas. Mr Ch.Shyam
Kiran is an MBA graduate and has extensive experience of more
than two decades in the real estate industry. He has been
involved in more than 20 projects during these periods.

* Strategic location of the project: The current projects are
located strategically surrounded by residential projects and
malls that uptick the demand for these projects

* Limited exposure to funding and implementation risk for its
project: The project has assured funding in place in terms of
promoters equity infusion and debt that mitigates the funding
risk and hence implementation

Weakness

* Risks associated with the demand of its project and to risks
and cyclicality inherent in the real estate sector in India: The
real estate sector in India is cyclical and is marked by sharp
movements in prices and a highly fragmented market structure. The
execution of the real estate projects in India is affected by
multiple property laws and non-standardized government
regulations across the states.

Outlook: Stable

CRISIL believes JIPL will benefit over the medium term from its
promoter's extensive experience in real estate industry. The
outlook may be revised to 'Positive' in case of significant
booking of units and receipt of customer advances for its ongoing
projects, leading to better-than-expected cash inflows and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the company's liquidity, either
because of lower-than-expected customer advances or significant
cost overrun in its upcoming projects.

JIPL was set up in 2007 by Mr. Srinivas and Mr. Shyam Kiran. The
company is into residential real estate development in Hyderabad,
Telangana.

JIPL has recorded PAT of INR2.69 Cr on Operating Income of
INR8.12 Cr for the FY 17 vis-a-vis PAT of INR0.32 Cr on Operating
Income of INR9.07 Cr for the FY 16.


KBR HOMES: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KBR Homes
India Private Limited (KHIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            23.8      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with KHIPL for
obtaining information through letters and emails dated April 25,
2018, May 18, 2018 and May 23, 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 KBR Homes India Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on KBR Homes India Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2012, KBR Homes India Private Limited (KHIPL) is
promoted by Mr. Konduru Babu Raju and Mrs. Konduru Rajeswari
head-quartered in Bangalore. The company is engaged in real
estate development.


KUNTAL GRANITES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kuntal
Granites Private Limited (KGPL) to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       0.3       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Export Packing      17.0       CRISIL B+/Stable (Issuer Not
   Credit                         Cooperating; Rating Migrated)

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

   Proposed Long Term   1.87      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan            6.33      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with KGPL for obtaining
information through letters and emails dated March 26, 2018,
April 26, 2018, May 14, 2018 and May 21, 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 Kuntal Granites Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Kuntal Granites 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 Kuntal Granites Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Set up in 1988 and based in Hosur (Tamil Nadu), KGPL processes
and exports granite slabs. It is promoted by Mr. M C Gandhi.


LARSON CERAMIC: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Larson
Ceramic (LC) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         2.75       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           7.00       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with LC for obtaining
information through letters and emails dated October 23, 2017,
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 Larson Ceramic, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Larson Ceramicis 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 Larson Ceramicto CRISIL B/Stable Issuer not
cooperating'.

LC was set up in 2016, by partners, Mr Jagdish Patoilya, Mr
Bharatbhai Detroja and Mr Diwij Gami and their family members.
The wall tile manufacturing plant, at Morbi, is likely to
commence operations in October 2016.


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

The instrument-wise rating action is:

-- INR600 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
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 1989, Magic Auto is an authorized dealer of
Maruti Suzuki India Limited in Delhi.


MANGALAGIRI TEXTILE: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mangalagiri
Textile Mills Private Limited to CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       14        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Mangalagiri
Textile Mills Private Limited (MTMPL) for obtaining information
through letters and emails dated April 25, 2018, May 16, 2018 and
May 21, 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 Mangalagiri Textile 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 Mangalagiri Textile Mills
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

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

MTMPL was incorporated in 2006, promoted by Dr G Nagasaina Rao
and his family. Based in Mangalagiri, Andhra Pradesh, the company
primarily produces cotton yarn.


MOISTOP ENTERPRISES: CRISIL Assigns B+ Rating to INR3.25MM Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' its rating to the long
term bank loan facilities of Moistop Enterprises Private Limited
(MEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     3.25       CRISIL B+/Stable (Assigned)

   Cash Credit            1          CRISIL B+/Stable (Assigned)

   Long Term Loan          .75       CRISIL B+/Stable (Assigned)

The rating reflects MEPL's modest scale of operations, Customer
and Geographic concentration in its revenue profile and large
working capital management. These rating weaknesses are partially
offset by the extensive experience of promoters and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operations: Scale of operations is modest,
reflected in revenue of INR6.28 Cr in fiscal 2017 and estimated
revenue of INR14.6 Cr in fiscal 2018. Modest scale exposes it to
competition, leading to limited bargaining power with customers,
and also limits the company's ability to enjoy benefits
associated with economies of scale.

* Customer and Geographic Concentration: MEPL derives its
majority of revenues from the Hetero labs limited. MEPL's heavy
dependence on single customer and concentration of business
operation in a single state exposes it to very high customer as
well as geographic concentration risk.

* Large Working Capital Management: Working capital intensive
nature of operations as indicated in its GCA of 184 days as on
March 31 2017 on the account of higher debtor days.

Strengths

* Extensive experience of promoters: MEPL was promoted by Mr.
B.V. Satyanarayana and Mrs. B. Rajakumari. The promoters of MEPL
have experience of more than a decade in the same line of
business. Due to the promoters' strong background, MEPL sources
and sells its products smoothly and has established relationship
with its customers. The promoters' extensive experience, coupled
with established relations with customers, has resulted in repeat
orders from clients

* Moderate financial risk profile: The Company has modest net
worth of around INR2.12 crores as on March 31, 2017 and estimated
networth of INR4.85 Cr as on March 2018. The gearing stood at
around 0.57 times as on March 2017 and estimated gearing of 0.49
times as on March 2018. The company has above average debt
protection metrics as indicated by its NCATD and interest
coverage ratio of 1.07 and 33.03 times for fiscal 2017 and
estimated NCATD and interest coverage ratio of 1.20 and 18.28
times for fiscal 2018.

Outlook: Stable

CRISIL believes that MEPL will benefit from the extensive
promoter experience over the medium term. The outlook may be
revised to 'Positive' if the company's revenues improve
significantly, while maintaining its operating profitability and
working capital management. Conversely, the outlook may be
revised to 'Negative' if revenues or profits drop, resulting in
lower-than-expected cash accruals or if there is stretch in the
working capital cycle or if the company undertakes a large debt-
funded capital expenditure program resulting in weakening of its
liquidity profile.

MEPL is a Hyderabad based company, incorporated in 2012 and is a
professional desiccant manufacturing company engaged in
manufacturing of silica gel desiccant canisters catering to food
and beverages, electronics and pharmaceutical industries. The
company is promoted by Mr B.V. Satyanarayana and Mrs. B.
Rajakumari.


NAVBHARAT NIRMAN: CRISIL Reaffirms B Rating on INR2.58MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
bank facilities of Navbharat Nirman Company (NNC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5.3       CRISIL A4 (Reaffirmed)

   Cash Credit            2.58      CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      .12      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations in the competitive civil construction industry,
exposure to geographical concentration risk, and large working
capital requirement. These weaknesses are partially offset by the
proprietor's extensive experience and strong track record in the
industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in competitive industry:
The firm was set up in 1989, but its scale of operations remains
small, indicated by estimated revenue of INR7-8 crore for fiscal
2018. Small scale limits bargaining power with suppliers and
customers. While the scale is expected to increase over the
medium term backed by orders of INR131.82 crore to be executed in
three years, it will remain small in the fragmented and
competitive construction industry.

* Exposure to geographical concentration risk: The firm
undertakes construction projects primarily in Kota (Rajasthan),
and is exposed to geographical concentration risk. Any political
instability, change in government policies, or natural calamity
in the region will affect the firm's operations.

* Large working capital requirement: The working capital-
intensive operations are reflected in gross current assets of 314
days on account of large receivables of 150 days as on March 31,
2018. Operations will remain working capital intensive over the
medium term.

Strength

* Extensive experience of the proprietor in the construction
industry: Mr Ajay Bakliwal, the proprietor has been in the
construction business for more than two decades. He is an
experienced architect and is also the proprietor of Ajay Bakliwal
'N' Associates. His extensive experience has led to established
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes NNC will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in revenue and profitability, and if a sizeable equity
infusion leads to a better capital structure. The outlook may be
revised to 'Negative' if working capital management weakens,
leading to higher debt, constraining the capital structure.

NNC is a sole proprietorship firm set up in 1989. The firm
constructs and develops amenities for residential and commercial
projects. It has developed colleges, complex hospitals, coaching
institutes, schools, temples, and affordable housing.


P. MURUGESAN: CRISIL Migrates 'B+' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P. Murugesan
(PM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

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

   Cash Credit          4.5      CRISIL B+/Stable (Issuer Not
                                 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 PM for obtaining
information through letters and emails dated April 26, 2018,
May 14, 2018 and May 21, 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 P. Murugesan. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on P.
Murugesan 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 P. Murugesan to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

PM was established by Mr. P.Murugesan as a proprietary firm and
is a contractor for Southern Railways and Southern Western
Railways and is engaged in laying of blue metal (Jalli Kallu) on
railway tracks.


PAREKH PETROCHEMICALS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Parekh
Petrochemicals (PP) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

   Letter of Credit     10        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

CRISIL has been consistently following up with Parekh
Petrochemicals (PP) for obtaining information through letters and
emails dated May 21, 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 PP. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information' corresponding to 'CRISIL
BBB' rating category or lower. Therefore, on account of
inadequate information and lack of management cooperation, CRISIL
has migrated the ratings on the bank facilities of PP to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

Established as a proprietary concern in 2001 by Parekh family, PP
trades in polymers.


RAICHUR LABORATORIES: CRISIL Assigns D Rating to INR15MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Raichur Laboratories Private Limited (RLPL). The
rating reflects delays in servicing term loan because of weak
liquidity.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Proposed Cash
   Credit Limit          1.5      CRISIL D (Assigned)

   Long Term Loan       15.0      CRISIL D (Assigned)

   Overdraft             2.5      CRISIL D (Assigned)

The rating also factors in RLPL's nascent stage and modest scale
of operations, its weak financial risk profile marked by low net
worth and high gearing and weak debt protection measures. These
weaknesses are partly offset by the promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in debt servicing: The company has been delaying its
term loan interest and repayment obligation. The delays have been
caused by weak liquidity.

* Nascent stage and modest scale of operations: RLPL commenced
commercial operations in December 2016 and ever since the order
flow has been weak. The company reported revenues of INR4.4
million in fiscal 2017.

* Weak financial risk profile marked by low net worth and high
gearing and weak debt protection measures: The financial risk
profile is weak marked by negative net worth and negative cash
accrual in fiscal 2017. This is on account of low revenues and
high cost. The revenue was INR4.4 million in fiscal 2017 with net
loss of INR105 million. This resulted in weak gearing and debt
protection metrics.

Strength:

* Promoters' extensive experience: RLPL's promoters have been in
the bulk drugs industry for more than 20 years and have developed
deep understanding of the dynamics of the industry and local
market over the years.

Established in 2013 as a private limited company, Raichur
Laboratories Private Limited (RLPL) is engaged manufacturing
Active pharmaceuticals intermediates (APIs) and its
intermediates. It has a manufacturing unit at Raichur, Karnataka.
The company is promoted by Mr.Giridhar Gopal. The company started
its commercial operations in December 2016.


RAM SARUP: CRISIL Hikes Rating on INR1.75MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ram Sarup Murari Lal (RSML) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming the short-term rating at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         1.75       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')


   Letter of Credit   11.00       CRISIL A4 (Reaffirmed)

The upgrade reflects improved financial risk profile with
moderate total outside liabilities to adjusted networth (TOLANW)
of 2.3 times as on March 31, 2018, (2.8 times as on March 31,
2017). The improvement in financial risk profile is backed by
continued funding support of INR4 crore from promoter and his
relatives through unsecured loans and cash accrual. It is
expected to strengthen further over the medium term with adequate
funding support and consistent profitability.

The ratings also factor in modest scale of operations in the
fragmented timber industry, exposure to foreign exchange (forex)
risk, and limited ability to pass on the price increase to
customers. These weaknesses are partially offset by moderate
financial risk profile and comfortable liquidity profile, backed
by low bank limit utilisation, absence of debt obligation, and
support in the form of unsecured loans.

Analytical Approach

CRISIL has treated unsecured loans of INR4 crore as 75% equity
and 25% debt. This is because these loans have supported the
business for more than 5 years, are subordinate to external debt,
interest charged on them is ploughed back into the business, and
are hence, expected to remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The scale of operation remains
modest as reflected in the revenue of INR44 crore in fiscal 2018,
and has been at INR40-45 crore over the past 4 fiscals. The
fragmented nature of the timber industry, intense competition
from domestic and foreign (mostly Chinese) players, restricts the
firm's bargaining power and hence the scale of operations is
expected to remain modest over the medium term.

* Exposure to forex risk and limited ability to pass on prices to
customers: RSML imports timber from Malaysia and Suriname, thud
being exposed to fluctuations in foreign currency rates. The firm
hedges forex risk through forward contracts on a case-to-case
basis. Furthermore, due to modest scale of operations in a
fragmented industry, its ability to pass on any increase in
material cost to its customers is limited.

Strengths

* Promoter's experience in timber industry: Benefits from
promoter's experience of over three decades in the timber
processing industry has helped to successfully establish a
supplier network in Malaysia ensuring regular supply. On the
marketing front, the firm has also developed healthy
relationships with its domestic customers based in North India
(Haryana, Rajasthan, and Himachal Pradesh). The operations will
continue to benefit from its promoter's extensive experience in
the timber industry.

* Moderate financial risk profile: Moderate financial risk
profile is supported by TOLANW ratio of 2.3 times as on March 31,
2018 as compared to 2.8 times a year earlier. Though interest
cover is 1.5 times in fiscal 2018, in the absence of debt-funded
capital expenditure (capex) it is expected to improve to 1.7'2
times over the medium term.

Outlook: Stable

CRISIL believes RSML will continue to benefit from the
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability, or significant capital infusion by the promoter
leads to sizeable cash accrual and a better financial risk
profile. The outlook may be revised to 'Negative' if aggressive,
debt-funded capex, or any substantial decline in revenue and
profitability, or a stretch in the working capital cycle, weakens
the financial risk profile.

RSML was established in 1976 by Mr Satya Narayan Bansal. The firm
trades in and saws imported timber. It is based in Jind, Haryana
and has sawing mills in Gandhidham, Gujarat.


RAVI INDUSTRIES: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ravi Industries'
(RI) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR0.786 mil. (reduced from INR2.24 mil.) Term loans due on
     February 2019 affirmed with IND B+/Stable rating; and

-- INR60.0 mil. Fund-based facilities affirmed with IND
     B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects RI's continued small scale of operations
and weak credit metrics. As per FY18 provisional financials,
revenue grew to INR233 million (FY17: INR206 million) driven by
an increase in orders. However, EBITDA margin declined to 4.8% in
FY18P (FY17: 5.7%) on account of fluctuations in prices of cotton
seeds.

Despite the decline in the margin, net leverage (total Ind-Ra
adjusted net debt/operating EBITDA) improved to 5.8x in FY18P
(FY17: 6.0x) owing to a reduction in debt. EBITDA interest cover
(operating EBITDA/gross interest expense) was stable at 1.3x in
FY18P (FY17: 1.3x). Ind-Ra expects the credit metrics to improve
due to scheduled repayment of the term loans and absence of debt-
led capex.

The ratings are also constrained by RI's tight liquidity position
as indicated by about 99% average utilization of the cash credit
limits during the 12 months ended May 2018.

The ratings, however, remain supported by the founders'
experience of more than three decades in the cotton oil
extraction business.

RATING SENSITIVITIES

Negative: Decline in the revenue and profitability, resulting in
deterioration in the credit metrics would be negative for the
ratings.

Positive: A substantial improvement in the top line and operating
profitability, leading to an improvement in the credit metrics
would be positive for the ratings.

COMPANY PROFILE

RI is a partnership firm engaged in expelling cotton oil cake
(82% of total production) and oil (12%) from cotton seeds.


REVATHI GOLD: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Revathi Gold
Agro Products to CRISIL B+/Stable Issuer not cooperating'.

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

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

CRISIL has been consistently following up with Revathi Gold Agro
Products (RGAP) for obtaining information through letters and
emails dated April 26, 2018, May 14, 2018 and May 21, 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 Revathi Gold Agro Products,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Revathi Gold Agro Products 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 Revathi Gold Agro Products to CRISIL B+/Stable
Issuer not cooperating'.

Established in 2010 as a partnership firm by Mr R P
Chandirasekaran based RGAP processes paddy to produce rice,
broken rice and husk.


S. M. SHANKARRAO: CRISIL Assigns B- Rating to INR300MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to
the long-term bank facilities of S. M. Shankarrao Mohite Patil S.
S. K. Ltd (SM).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Sugar Pledge
   Cash Credit         300        CRISIL B-/Stable (Assigned)

   Short Term Loan       6.28     CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility    3.73     CRISIL B-/Stable (Assigned)

   Medium Term Loan     36.48     CRISIL B-/Stable (Assigned)

   Bill Discounting     22.47     CRISIL B-/Stable (Assigned)

   Long Term Loan       31.04     CRISIL B-/Stable (Assigned)

The rating reflects weak financial risk profile because of
subdued capital structure and debt protection metrics, large
working capital requirement, and exposure to regulatory risks and
cyclicality in the sugar industry. These weaknesses are partially
offset by established relationships with farmers, and promoter's
extensive experience in the sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: The capital structure is weak with
gearing and total outside liabilities to total debt of 20.37
times and 25.93 times respectively as on March 31, 2018. Debt
protection metrics is subdued marked by interest coverage of 1.6
times and net cash accruals to total debt of 0.05 times in fiscal
2018. Liquidity is stretched, as reflected in almost fully
utilised bank limit, and net cash accrual is likely to be
inadequate to meet debt obligation which shall necessitate
refinancing.

* Large working capital requirement: Operations are working
capital intensive as the business is seasonal. Crushing season
starts in November-December and ends by April. The inventory is
high, over 500 days at the end of the fiscal, because of stocking
of sugar produced during the season to be sold the next year.

* Exposure to regulatory changes and cyclicality in sugar
industry: Regulatory mechanisms and dependence on monsoon cause
cyclicality in the sugar industry. The government regulates the
domestic demand-supply scenario by restricting import and export.
While input prices are determined by the government, sugar prices
are driven by open market prices, which depend on production.
Operating margin varied sharply in the three fiscals through
2018, because of volatile sugar prices.

Strengths:

* Promoter's extensive experience in sugar industry: Promoters'
extensive experience of more than 50 years in the sugar industry
and has established relationships with cane producers in its
command area. The production of electricity using bagasse (a
byproduct in the production of sugar) supports the business risk
profile.

Outlook: Stable

CRISIL believes SM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company reports substantial
improvement in sugar cane crushing which leads to higher cash
accrual and improved liquidity. The outlook may be revised to
'Negative' if liquidity and debt servicing ability weaken due to
lower cash accrual driven by low sugar cane crushing, or
unanticipated, debt-funded capital expenditure.

SM set up in 1960 by the late Mr. Shankarrao Mohite-Patil. The
society operates a single-unit sugar factory at Akluj in Solapur
(Maharashtra) with a cane crushing capacity of 7500 tcd and a co-
gen plant of 30MW. The company is managed by Mr. Jaysinh Mohite-
Patil and Mr. Vijaysinh Mohite-Patil.


S R HAPPY: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of S R Happy
Valley Farms (SRH) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Long Term Loan       4.5      CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with SRH for obtaining
information through letters and emails dated April 26, 2018,
May 14, 2018 and May 21, 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 S R Happy Valley Farms, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
S R Happy Valley Farms 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 S R Happy Valley Farms to CRISIL B/Stable Issuer not
cooperating'.

SRH was set up in 2016 as a partnership firm and is currently
constructing a 35 room resort in Anaikatti, near Coimbatore
(Tamil Nadu). The resort is expected to be operational from May
2017. The firm is promoted by Mr. T Janardhan and Mr.
Shanmugavel.


SHREE GANESH: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ganesh
Industries (SGI) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Cash         3        CRISIL B/Stable (Issuer Not
   Credit Limit                   Cooperating; Rating Migrated)

CRISIL has been consistently following up with Shree Ganesh
Industries (SGI) for obtaining information through letters and
emails dated April 26, 2018, May 16, 2018 and May 21, 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 Ganesh Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Shree Ganesh Industries 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 Shree Ganesh Industries to CRISIL B/Stable Issuer
not cooperating'.

Established in 2000 and promoted by Mr Sanjay Bachuwar, SGI
executes cotton ginning business in Nizamabad, Telangana.


SINGHAL BUSINESS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Singhal
Business Private Limited to CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           9       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

CRISIL has been consistently following up with Singhal Business
Private Limited (SBPL) for obtaining information through letters
and emails dated April 26, 2018, May 14, 2018 and May 21, 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 Singhal Business Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Singhal Business Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in October 2010, SBPL in engaged in domestic trading
of iron ore fines, coal, mill scale and other steel products. The
company is promoted by Raipur-based Mr Rahul Agarwal and his
brother Mr Ram Awatar Agrawal, who also manage operations.

SITARA JEWELLERY: CRISIL Reaffirms B Rating on INR7.5MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Sitara Jewellery Private Limited (SJPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Export Packing
   Credit                7.5      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's large working
capital requirement and modest scale of operations in the highly
fragmented jewellery industry. These weaknesses are partially
offset by promoters' extensive experience and established client
relationship.

Analytical Approach

Unsecured loans of INR5.94 crore from promoters as on March 31,
2017, have been treated as neither debt nor equity since these
are subordinate to bank debt and are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets are
estimated at over 550 days as on March 31, 2018, on account of
large inventory and receivables.

* Modest scale of operations in the intensely competitive
jewellery industry: With estimated revenue of INR25 crore in
fiscal 2018, scale remains small in the intensely competitive
gems and jewellery industry, which has an unorganised sector on
account of low entry barrier.

Strength

* Promoters' extensive experience and established relationship
with customers: Presence of over 20 years in the jewellery
business has enabled the promoters to establish healthy
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes SJPL will continue to benefit from promoters'
extensive experience and healthy client relationship. The outlook
may be revised to 'Positive' in case of a sustained improvement
in scale of operations and profit margin, or better working
capital management. The outlook may be revised to 'Negative' in
case of a steep decline in profit margins, or if capital
structure deteriorates significantly due to stretch in working
capital cycle.

Established in 2006 by Ms Amita Lavlakha and her son, Mr Divanshu
Lavlakha, SJPL manufactures and exports diamond-studded gold
jewellery; it also deals in gold, silver, and other jewellery.
Facility is in SEEPZ, Mumbai.


SRI VEERESHWARA: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of
Sri Veereshwara Agro Agencies (SVA) to 'CRISIL B/Stable/CRISIL
A4/Issuer not cooperating'.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit          5        CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable Issuer Not
                                 Cooperating')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India (SEBI) guidelines, had migrated the
rating on the bank facilities of SVA to 'CRISIL B+/Stable Issuer
Not Cooperating'. However, the management has subsequently
started sharing the requisite information for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

The rating reflects the modest scale of operations of the firm
and low operating margin on account of limited value addition.
The rating also factors in the average financial risk profile of
the firm. These weaknesses are partially offset by the extensive
experience of the proprietors.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: SVA's scale of operations has been
range-bound at under INR30 crore in the last four fiscals. This
results in limited bargaining power for the firm with its
suppliers, which consist of prominent names in the industry.

* Low operating margin: SVA's earns operating margin of about
3.5%, due to limited value addition in its operations. Moreover,
fertilizers, a relatively low margin product, accounts for almost
80% of its revenue as against pesticides, which fetches a higher
margin but contributes only 20% to the firm's revenue.

Strength:

* Extensive experience of proprietors: Mr Bheemana Gouda and Mr
Devendra Gouda have an experience of more than two decades in the
trading of fertilizers and pesticides, which has enabled the firm
to develop a diversified customer network of almost 1500 farmers.

Outlook: Stable
CRISIL believes SVA will continue to benefit in the medium term
from the extensive experience of its proprietors. The outlook may
be revised to 'Positive' if there is a sharp increase in the
revenue, leading to higher cash generation and resultantly,
better liquidity position. Conversely, the outlook may be revised
to 'Negative' if a stretch in the working capital cycle, or
prolonged stagnation in the revenue, leads to further
deterioration in the liquidity position of the firm.

Established in 2004 and based in Raichur (Karnataka), SVA, a
partnership between Mr Bheemana Gouda and Mr Devendra Gouda,
trades in chemical fertilisers and pesticides.


THEJA JYOTHI: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Theja Jyothi Sri Cashew Industries (TJSCI).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             3        CRISIL B/Stable (Assigned)

   Cash Credit           3        CRISIL B/Stable (Assigned)

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

The rating reflects TJSCI's exposure to risks related to project
implementation and stabilization of operations. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to project implementation and
stabilization of ongoing project: TJSCI is expected to risks
related to project implementation and stabilization of the on-
going project.

Strengths

* Extensive industry experience of the promoters: TJSCI is aided
by the extensive experience of its promoters who are in
distribution and marketing of cashew nuts for last 5 years.

Outlook: Stable

CRISIL believes the TJSCI will remain exposed to timely
completion of its proposed capex. It is also exposed to project-
related risks, including cost and time overruns, during
implementation. The rating may be upgraded in case of timely
completion of development of molecules and successful
stabilisation of operations leading to improvement in business
risk profile. Conversely, the rating outlook may be downgraded if
there are delays in project implementation leading to a cost
overrun and necessitating additional debt funding, or if the
offtake from the new capacity is lower than expected thereby
adversely affecting liquidity.

TJSCI was incorporated in 2018 in Andhra Pradesh. The company is
promoted by Nallamilli Chandana and Karri Kavitha. The company is
in the process of setting-up a 1200 MT per annum of raw cashew
unit. The unit will be located on highway connecting Kakinada and
Rajahmundry in Andhra Pradesh.


TRINITY EYE: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trinity Eye
Hospital (TEH) to CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        12        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

   Proposed Long Term    31.5      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

CRISIL has been consistently following up with TEH for obtaining
information through letters and emails dated April 26, 2018,
May 14, 2018 and May 21, 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 Trinity Eye Hospital, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Trinity Eye Hospital 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 Trinity Eye Hospital to CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has consolidated the financial
and business risk profiles of TEH with Trinity Eye Centre '
Alathur and Trinity Eye Centre ' Mannarkad. This is because the
three firms, together referred to as the Trinity group, have
common promoters, senior management. Moreover the group plans to
merge these entities in to a private limited company going
forward.

Established in 1999, the Trinity group has 1 specialty hospital
and 4 sub-centres in Kerala. The operations of the group are
managed by Dr. Sunil Sreedhar.


VIDEOCON INDUSTRIES: Court Denies Bid to Object to Bankruptcy
-------------------------------------------------------------
LiveMint reports that the Bombay high court on June 11 disposed
of a petition filed in January by Videocon Industries Ltd,
objecting to the initiation of bankruptcy proceedings against the
company.

According to LiveMint, the Venugopal Dhoot-controlled company
approached the court against the Reserve Bank of India (RBI),
which had referred it for insolvency proceedings, State Bank of
India (SBI) which had filed the bankruptcy petition, and the
Union government. Videocon is on the so-called second list of 28
defaulters that RBI had directed for early resolution under the
new bankruptcy code. Videocon and Dhoot had sought a stay on
initiating bankruptcy proceedings, the report says.

Since the National Company Law Tribunal (NCLT) has already
admitted the bankruptcy petition, nothing is left in the current
case, senior counsel Rafique Dada and counsel Shyam Kapadia,
appearing for SBI and RBI, respectively, informed the court,
according to LiveMint.

LiveMint says Videocon had challenged RBI's decision not to
extend the timeline as requested by SBI and the Joint Lenders'
Forum to re-rate Videocon's restructuring proposal following
changes in cash flows after subsequent changes in government
import duty policy.

A division bench of justices Shantanu Kemkar and Nitin Sambre
disposed of the petition. However, the court has kept the
contentions of the company open. This means the company can
approach the court again if it feels prejudice, the report
states.

Law firm Kanga & Co. is advising Videocon and Dhoot, while law
firms Cyril Amarchand Mangaldas and AZB & Partners are
representing SBI and RBI, respectively, LiveMint notes.

According to Videocon's FY17 annual report, the company is liable
to repay the liabilities of other group companies to the extent
of INR5,082 crore as on March 31, 2017. The company's total debt
stood at INR19,506 crore as of March last year, LiveMint
discloses. The company has made an offer to the lenders to sell
its assets to pay its domestic debt.

The tribunal has also approved Anuj Jain as interim resolution
professional for Videocon Industries as well as its unit Videocon
Telecommunications, adds LiveMint.

                     About Videocon Industries

Videocon Industries sells consumer products like color
televisions, washing machines, air conditioners, refrigerators,
microwave ovens and many other home appliances in India.

The company was admitted to NCLT on June 8 for defaulting on
INR1,700 crore of debt, LiveMint discloses.


WORKSPACE METAL: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Workspace Metal
Solutions Private Limited (WMSPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR18.00 mil. Term loan due on February 2019 assigned
    with IND BB/Stable rating;

-- INR25.00 mil. Fund-based limits assigned with IND BB/
    Stable/IND A4+ rating; and

-- INR35.00 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect WMSPL's small scale of operations with
revenue of INR311.74 million in FY18 (FY17: INR104.79 million).
The improvement in revenue is attributed to an increase in
customer orders, backed by the introduction of a new product
segment i.e. kiosk, on account of the e-mitra initiative
implemented by the Rajasthan government. Ind-Ra expects a
marginal improvement in revenue on the basis of an order book of
INR485.87 million for execution till FY19. The ratings are
constrained by WMSPL's short track record of profitability.

The ratings, however, are supported by the company's strong
EBITDA margins of 12.65% in FY18 (FY17: 7.41%), on account of the
launch of kiosks which fetch high margins. Also, credit metrics
are strong with high interest coverage (operating EBITDA/gross
interest expense) of 5.76x (FY17: 0.87x) and low net leverage
(adjusted net debt/operating EBITDAR) of 1.47x (8.38x). The sharp
improvement in metrics was supported by improved absolute EBITDA
and a lower debt level.

The ratings are also supported by WMSPL's comfortable working
capital cycle of 5 days in FY18 (FY17: 26 days). Being part of
Pyrotech group, the company has the flexibility to demand a long
payable period from its suppliers.

The ratings factor in the moderate liquidity of the company with
average maximum utilization of its fund-based limits being 90.12%
for the 12 months ended April 2018.

The ratings also factor in WMSPL's promoters' experience of more
than a decade in manufacturing metal-based furniture.

RATING SENSITIVITIES

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

Negative: Any decline in the revenue and operating profitability
further leading to deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2011 in Udaipur, WMSPL manufactures metal base
furniture, kiosk, office furniture, partitions, and retail
furniture desk and hospital operation theatre furniture. The
company is managed by Mr. Puneet Talesara, Mr. Aditya Kochar and
Mrs. Kanishka Talesara.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***