---

        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

           Thursday, June 21, 2018, Vol. 21, No. 122

                            Headlines


A U S T R A L I A

ARON TRADER: Second Creditors' Meeting Set for June 26
FASHIONOID PTY: Second Creditors' Meeting Set for June 29
GRACE HOSPITALITY: Second Creditors' Meeting Set for July 5
LEVEL CLOTHING: First Creditors' Meeting Slated for June 27
QUADRATUS PTY: Second Creditors' Meeting Set for June 26

STOCK GROUP: Second Creditors' Meeting Slated for June 27
TOYS R US: Australia Stores to Shut with 700 Jobs Lost


C H I N A

HUAI AN TRAFFIC: Fitch Lowers IDR and US$300M Notes Rating to BB
HUAI'AN DEVELOPMENT: Fitch Cuts IDRs to BB-, Outlook Stable
HUIYUAN JUICE: Fitch Cuts LT IDR to CCC+, Put on RWN
JIANGSU HANRUI: Fitch Cuts IDRs to B+, Removes Ratings from RWN
JIANGSU NEWHEADLINE: Fitch Cuts LT IDRs to BB; Maintains RWN

SUQIAN ECONOMIC: Fitch Cuts LT IDRs to BB-, Outlook Stable


H O N G  K O N G

NOBLE GROUP: Wins Goldilocks Backing for Sweetened Restructuring


I N D I A

AMAR COTTEX: CARE Migrates D Rating to Not Cooperating Category
B.S. AGRICULTURE: CARE Assigns B+ Rating to INR4.19cr LT Loan
CHAYAGRAPHICS HEALTHCARE: CARE Assigns B+ Rating to INR6.5cr Loan
CHEMSOL LABS: CARE Lowers Rating on INR3.00cr LT Loan to B+
D.M. JEWELLERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable

ENN TEE INTERNATIONAL: CARE Cuts Rating on INR9.91cr Loan to D
FRANSKO AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
GEETA EDUCATIONAL: CARE Assigns B+ Rating to INR7.75cr Loan
GOOD MEDIA: CRISIL Reaffirms B- Rating on INR8.15cr LT Loan
HI-TECH AGRO: CRISIL Reaffirms B+ Rating on INR8.25cr Cash Loan

J. K. RICE: CRISIL Reaffirms B Rating on INR14.75cr Cash Loan
JAI SHANKER: CRISIL Moves B+ Rating From Not Cooperating Category
JAWAHAR SAHAKARI: Ind-Ra Affirms B+ Loan Ratings, Outlook Stable
KABIR RICE: CARE Migrates B+ Rating to Not Cooperating Category
KIA TEXTILES: CRISIL Lowers Rating on INR9.5cr Cash Loan to D

KISAN PROTEINS: CARE Migrates B+ Rating to Not Cooperating
LANCO INFRATECH: NCLT to Hear Insolvency Case on July 6
N SWARNA: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
NATRAJ HOME: CRISIL Reaffirms B+ Rating on INR5cr Loan
NIRMALA POLYROPES: Ind-Ra Migrates BB+ Rating to Non-Cooperating

PRACHEE POLYFIMS: CARE Lowers Rating on INR14.06cr Loan to D
PRADHAMA MULTI: CRISIL Lowers Rating on INR131cr LT Loan to D
PRIMORDIAL SYSTEMS: CARE Assigns B+ Rating to INR11.02cr Loan
PROGRESSIVE HOMES: Ind-Ra Assigns 'B' LT Rating, Outlook Stable
RAMGO MODERN: CRISIL Reaffirms B Rating on INR5cr Cash Loan

RAVI TEXO: CRISIL Assigns B- Rating to INR6.5cr Cash Loan
RIGA SUGAR: CARE Lowers Rating on INR104.14cr LT Loan to D
RIVU ENTERPRISES: Ind-Ra Maintains 'D' Rating in Non-Cooperating
SAIFUDDIN APPALAL: CARE Lowers Rating on INR0.6cr LT Loan to B
SAXENA MARINE-TECH: CRISIL Assigns B+ Rating to INR21cr Loan

SHRI MAHARANA: CRISIL Reaffirms B Rating on INR5.9cr Cash Loan
SONAI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR6cr Loan
SRI LAKSHMI: CRISIL Moves B+ Rating From Not Cooperating Category
SRI RAJA: CARE Lowers Rating on INR24.07cr LT Loan to B+
SUPER PLATECK: CRISIL Reaffirms B- Rating on INR3.75cr Cash Loan

SURYA ELECTRICALS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan
TARINI AGRO: CRISIL Moves B+ Rating From Not Cooperating Category
TECHNOBIT INDUSTRIES: CARE Migrates B Rating to Not Cooperating
TULIPS AMBBIENCE: CRISIL Reaffirms D Rating on INR4.2cr Loan
VISHAL INFRAGLOBAL: CRISIL Lowers Rating on INR47cr Loan to D

YUVARAJ CABLE: CARE Moves B+ Rating to Not Cooperating Category


I N D O N E S I A

GEO ENERGY: Fitch Cuts LT IDR to B on Delayed Mine Acquisition


J A P A N

KOBE STEEL: Egan-Jones Hikes FC Senior Unsecured Rating to BB+


N E W  Z E A L A N D

KERERU INVESTMENT: In Liquidation; Leaves Creditors Out of Pocket
OPI PACIFIC: Debenture Holders Get Further NZ$3.9 Million


P H I L I P P I N E S

UNITED COCONUT: Moody's Assigns B1 Counterparty Risk Rating


S I N G A P O R E

HYFLUX LTD: High Court Grants 6-Month Break from Creditors


                            - - - - -


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


ARON TRADER: Second Creditors' Meeting Set for June 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Aron Trader
Pty Ltd has been set for June 26, 2018, at 10:00 a.m. at the
offices of WJ Hamilton & Co., Suites 508-509, 147 King 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 26, 2018, at 9:00 a.m.

William James Hamilton of WJ Hamilton was appointed as
administrator of Aron Trader on May 21, 2018.


FASHIONOID PTY: Second Creditors' Meeting Set for June 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Fashionoid
Pty. Ltd. has been set for June 29, 2018, at 10:30 a.m. at the
offices of PKF Melbourne, Level 13, 440 Collins Street, in
Melbourne.

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 28, 2018, at 4:00 p.m.

Jason G. Stone and Stirling L. Horne of PKF Melbourne were
appointed as administrators of Fashionoid Pty on May 2, 2018.


GRACE HOSPITALITY: Second Creditors' Meeting Set for July 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Grace
Hospitality Group Pty Ltd has been set for July 5, 2018, at
May 31, 2018, at the offices of SM Solvency Accountants,
Level 8/490, Upper Edward Street, in Spring Hill, 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 July 4, 2018, at 4:00 p.m.

Brendan Nixon of SM Solvency was appointed as administrator of
Grace Hospitality on May 31, 2018.


LEVEL CLOTHING: First Creditors' Meeting Slated for June 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Level
Clothing Pty Ltd will be held at the offices of Jones Partners
Insolvency & Business Recovery, Level 13, 189 Kent Street, in
Sydney, NSW, on June 27, 2018, at 11:00 a.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Level Clothing on June 15, 2018.


QUADRATUS PTY: Second Creditors' Meeting Set for June 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Quadratus Pty
Limited has been set for June 26, 2018, at 11:00 a.m. at the
offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 25, 2018, at 4:00 p.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Quadratus Pty on July 27, 2017.


STOCK GROUP: Second Creditors' Meeting Slated for June 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Stock Group
Investments Pty. Ltd. has been set for June 27, 2018, at
1:00 p.m. at the offices of Deloitte Financial Advisory Pty Ltd,
Level 17, 11 Waymouth Street, in Adelaide, SA.

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 26, 2018, at 4:00 p.m.

Neil Robert Cussen of Deloitte Financial Advisory was appointed
as administrator of Stock Group on May 25, 2018.



TOYS R US: Australia Stores to Shut with 700 Jobs Lost
------------------------------------------------------
9NEWS reports that Toys R Us and Babies R Us stores around
Australia will be shut down, putting 700 people out of work,
after administrators failed to find a buyer for the failed
business.

9NEWS relates that the chain of 44 toys and baby goods stores has
been trading since entering voluntary administration in May but
on June 20 administrators McGrathNicol said all potential buyers
had pulled out and the business will be wound down.

According to 9NEWS, McGrathNicol said stock will now be
liquidated through sales at existing stores before they, along
with the head office and Sydney-based distribution centre close
"in coming weeks".

Toys R Us's online ordering system will be closed on Friday, June
22, with the administrators saying open online orders will be
delivered to customers in cases where they have paid in full and
stock is available, the report relates.

McGrathNicol told Toys R Us employees about the impending closure
on June 20, 9NEWS adds.

It is expected workers will receive all their entitlements from
the proceeds of the liquidation and asset sales, the report says.

The administrators said people holding gift cards for the stores
will be able to use them until July 5, provided they spend an
additional amount equal to the value of the card, 9NEWS relays.

Lay-bys will also be honored until July 5, the report states.

9NEWS says the collapse of the Australian stores follows the
failure of the US Toys R Us business in March.

The group's 885 US stores were slated for closure after it was
unable to meet the payments on billions of dollars in debt
accumulated since it was bought by a real estate investor and two
private equity firms in 2005, according to 9NEWS.

Jason Preston, Keith Crawford, and Barry Kogan of McGrathNicol
were appointed as administrators of Toys "R" Us (Australia) Pty.
Ltd. and Babies "R" Us (Australia) Pty. Ltd. on May 21, 2018.

                        About Toys R Us, Inc.

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise was sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise was also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, were not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis as
their legal counsel; Kutak Rock LLP as co-counsel; Alvarez &
Marsal North America, LLC as restructuring advisor; Lazard Freres
& Co. LLC as investment banker; Prime Clerk LLC as claims and
noticing agent; Consensus Advisory Services LLC and Consensus
Securities LLC as sale process investment banker; and A&G Realty
Partners, LLC as real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee
retained Kramer Levin Naftalis & Frankel LLP as its legal
counsel; Wolcott Rivers, P.C. as local counsel; FTI Consulting,
Inc. as financial advisor; and Moelis & Company LLC as investment
banker.

On May 29, 2018, the Office of the U.S. Trustee appointed Elise
S. Frejka, Esq., as the consumer privacy ombudsman.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                   Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

                         Propco I Debtors

Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States.  The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for
all of TRU's North American businesses, which operates the
majority of the properties as Toys "R" Us stores, Babies "R" Us
stores or side-by-side stores, or subleases them to alternative
retailers.

Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey.  Toys 'R' Us Property operates as a subsidiary
of Toys "R" Us Inc.

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC (collectively,
"Propco I Debtors") sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March
20, 2018.  The Propco I Debtors sought and obtained procedural
consolidation and joint administration of their Chapter 11 cases,
separate from the Toys "R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1
billion and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors'
cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP.  They hired Goldin
Associates, LLC, as financial advisors.

An official committee of unsecured creditors has been appointed
in the Propco I Debtors' cases.



=========
C H I N A
=========


HUAI AN TRAFFIC: Fitch Lowers IDR and US$300M Notes Rating to BB
----------------------------------------------------------------
Fitch Ratings has downgraded Huai An Traffic Holding Co., Ltd's
(HATH) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'BB' from 'BB+'. The Outlook is Stable.

Fitch has also downgraded HATH's US$300 million 4.95% notes due
2019 to 'BB' from 'BB+'. The bonds are issued by Huai An Traffic
and constitute the company's direct, unconditional,
unsubordinated and unsecured obligations and rank pari passu with
all its other senior unsecured obligations.

The downgrade reflects the revision of Fitch's perception of the
ability of the Huai'an municipality, in eastern China, to provide
legitimate support. The bonds were downgraded because they are
rated in line with HATH's Long-Term Foreign-Currency IDR.

KEY RATING DRIVERS

The ratings on HATH are assessed under the Government-Related
Entities (GRE) Rating Criteria, reflecting Huai'an municipality's
ownership of the entity, and the municipality's direct control
and strong support track record of HATH. Fitch has also factored
in the strategic importance of HATH to Huai'an municipality.

'Very Strong' Legal Status and Control: HATH is registered as a
100% municipality-owned limited liability company under the
China's company law. Under the company's current legal status,
its major decisions (e.g. M&A, spin-offs, bankruptcy and
liquidation) would require verification and approval from the
municipal government. The Huai'an municipal government sets the
course of HATH's strategic development, appoints most of its
senior management, and signs off on its major decisions. Its
financing plan and debt level are also closely monitored by the
municipality. HATH is also required to report its operational and
financial results to the government on a regular basis.

'Strong' Support Track Record and Expectation: The government
supports HATH mainly via land and asset transfers. Annual
subsidies provided by the government (mainly to subsidise HATH's
airport operation and tram services) as well as subsidies related
to other transportation facilities were limited relative to the
company's total revenue. There were no capital injections in 2017
by the government. Asset purchases from the government help to
fund HATH's operations and capital spending for transportation-
related infrastructure development. However, delayed settlement
has impaired cash flow generation.

'Moderate' Social-Political Impact of Default: HATH is a major
investment and financing platform for transportation-related
infrastructure in the municipality and its major activities
include developing, financing, operating and managing toll roads,
airports and ship locks in Huai'an. Nevertheless, essential
services can still be provided even if a default has occurred.
HATH's businesses are relatively diversified, and include
construction, trading, logistics, shipping, catering, and
tourism, which may undermine the company's strategic importance
to the government.

'Strong' Financial Consequences of Default: A default by HATH
will have negative consequences for Huai'an municipality as it
may reduce its access to funding from banks and capital markets.
The financial implications for Huai'an municipality, in case of a
default by HATH, are also limited due to the company's
diversified business model.

Maximum 'B' Category Financial Profile: HATH's financial profile
in the previous five years has been characterised by large capex,
negative free cash flow and high leverage. Fitch expects this
trend to continue in the medium-term due to HATH's ongoing
transportation infrastructure investments. HATH's total assets
increased by 15.5% in 2017, while total debt rose by 16.6%.
Debt/Fitch-calculated EBITDA reached more than 45x and cash flow
from operation/debt service coverage remained below 1x.

Fitch expects debt servicing ability to stay weak in the medium
term. An extended settlement period after project completion and
large account receivables due from various government departments
would further constrain HATH's liquidity position.

RATING SENSITIVITIES

The ratings on HATH could change if Fitch revises its perception
of Huai'an Municipality's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations.

An increase in incentive for Huai'an Municipality to provide
support to HATH, including stronger socio-political and financial
implications of a default by HATH and a stronger track record of
support, may trigger positive rating action on HATH. In contrast,
the rating may be downgraded if there is a significant weakening
in the socio-political and financial implications of a default by
HATH, a weaker track record of support by the municipality, or a
dilution of in the government's shareholding.

An improvement or deterioration of the standalone credit profile
or the liquidity position of HATH would also affect the ratings.

Any change in HATH's IDR will result in a similar change in the
rating of the notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle GREs from public-sector balance sheets,
address indiscriminate GRE debt growth, and encourage greater
market discipline.

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of HATH will
only have recourse to HATH's assets and not those of HATH's
shareholders. The debts incurred by HATH are not HATH's
shareholder's debts or guaranteed by its shareholders and shall
be repaid by HATH as an independent legal person. Huai'an
municipal government, as HATH's shareholder, only has limited
liability in the form of its equity contribution in HATH.

Following the issuance of a new directive by the Chinese
authorities aimed at tightening the access of local government
financing vehicles and state-owned enterprises (collectively,
GREs) to offshore bond markets, Fitch Ratings is reviewing the
directive for evidence of any change in practical support as
measured by its criteria. The directive may limit or restrict the
channels through which the local governments can provide support
to the GREs that raised borrowing in order to finance public
policy investments. Fitch is seeking to clarify this important
point with the authorities, as well as the broader question of
where the cumulative policy directives on this topic place
Chinese local and regional governments and GREs on its support
spectrum. In the meantime, Fitch will continue to apply its
global criteria.


HUAI'AN DEVELOPMENT: Fitch Cuts IDRs to BB-, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded Huai'an Development Holdings Co.,
Ltd's (HAD) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'BB-' from 'BB+'. The Outlook is Stable. Fitch
has also downgraded to 'BB-', from 'BB+', the US$300 million
4.75% senior unsecured notes due 2019 issued by HAD's wholly
owned subsidiary, Xiangyu Investment (BVI) Co., Ltd. All ratings
have been removed from Rating Watch Negative (RWN).

The downgrade was based on Fitch's assessment of HAD following
the publication of its Government-Related Entities Rating
Criteria (GRE criteria) on February 7, 2018 as well as a revision
of Fitch's perception of Huai'an municipality's ability to
provide legitimate support. The bonds were downgraded because
they are rated in line with HAD's Long-Term Foreign-Currency IDR
as they constitute HAD's direct, general, unsubordinated,
unconditional and unsecured obligations. Both IDRs and bond
ratings were put on RWN on December 20, 2017 after the release of
the GRE criteria exposure draft.

KEY RATING DRIVERS

The ratings on HAD are assessed under the GRE Criteria,
reflecting Huai'an municipality's ownership of the entity, and
the municipality's direct control and strong support track record
of HAD. Fitch has also factored in the strategic importance of
HAD to Huai'an municipality.

'Strong' Legal Status and Control: HAD is registered as a 100%
municipality-owned limited liability company under the China's
company law. The company's financing plan and debt levels are
closely monitored by the government, and the company is required
to report its operational and financial results to the government
on a regular basis. Major decisions (e.g. M&A, spin-offs,
bankruptcy and liquidation) would require verification and
approval from the municipal government. According to the Huai'an
State-owned Assets Supervision and Administration Commission, the
government has no plan to dilute its shareholding in HAD, as of
May 2017.

'Strong' Support Funding Track Record: The municipal government
has provided significant capital injections, subsidies and
purchase of government services to support HAD's business. The
fiscal support aims to partly fund HAD's capital expenditure and
debt servicing. In 2017, the Huai'an government further injected
CNY2 billion in the company.

'Moderate' Social-Political Impact of Default: HAD is one of the
urban development companies in Huai'an Municipality and the sole
investment and financing platform in the municipal government's
flagship economic and technology development zone, Huai'an
Economic and Technology Development Zone (HAETZ). The company has
been designated to develop large-scale urban infrastructure
projects in the zone. HAD is integral to the zone and plays an
important role in implementing the blueprint of the municipal
government.

'Strong' Financial Consequences of Default: HAD is the sole
government investment and financing vehicle for primary land
development, key infrastructure project development and
development of social and commercial housing in HAETZ. HAD is
also the sole entity commissioned by government to invite
investment to HAETZ to develop the industrial cluster and promote
industry upgrade within the zone. A default by this GRE will
impair government creditability and result in significant impact
on the availability and cost of domestic and foreign financing
options.

Maximum 'B' Category Financial Profile: HAD's financial profile
in the previous five years has been characterised by large capex
and high leverage. Operating revenue and net profit dropped in
2017 due to reduced revenue recognition from project construction
and primary land development. Revenue recognition of core
activities is highly dependent on the timing and amount of
government reimbursement and repurchasing and Fitch expects cash
flow from operations to continue fluctuating. HAD's financial
profile is likely to remain weak in the medium-term as it
continues to make infrastructure investments in the zone.

RATING SENSITIVITIES

The ratings on HAD could change if Fitch revises its perception
of Huai'an municipality's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations.

An increase in incentive for Huai'an municipality to provide
support to HAD, including stronger socio-political and financial
implications of a default by HAD and a stronger track record of
support, may trigger positive rating action on HAD. In contrast,
the rating may be downgraded if there is a significant weakening
in the socio-political and financial implications of a default by
HAD, a weaker track record of support by the municipality, or a
dilution of the government's shareholding.

An improvement or deterioration of the standalone credit profile
or the liquidity position of HAD would also affect the ratings.

Any change in HAD's IDR will result in a similar change in the
rating of the notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle GREs from public-sector balance sheets,
address indiscriminate GRE debt growth, and encourage greater
market discipline.

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of HAD will only
have recourse to HAD's assets and not those of HAD's
shareholders. The debts incurred by HAD are not HAD's
shareholder's debts or guaranteed by its shareholders and shall
be repaid by HAD as an independent legal person. Huai'an
municipal government, as HAD's shareholder, only has limited
liability in the form of its equity contribution in HAD.

Following the issuance of a new directive by the Chinese
authorities aimed at tightening the access of local government
financing vehicles and state-owned enterprises (collectively,
GREs) to offshore bond markets, Fitch Ratings is reviewing the
directive for evidence of any change in practical support as
measured by its criteria. The directive may limit or restrict the
channels through which the local governments can provide support
to the GREs that raised borrowing in order to finance public
policy investments. Fitch is seeking to clarify this important
point with the authorities, as well as the broader question of
where the cumulative policy directives on this topic place
Chinese local and regional governments and GREs on its support
spectrum. In the meantime, Fitch will continue to apply its
global criteria.


HUIYUAN JUICE: Fitch Cuts LT IDR to CCC+, Put on RWN
----------------------------------------------------
Fitch Ratings has downgraded China Huiyuan Juice Group Limited's
Long-Term Foreign-Currency issuer Default Rating (IDR) to 'CCC+'
from 'B'. Fitch has also downgraded the senior unsecured rating
and the rating on its US$200 million 6.5% senior notes due 2020
(US dollar notes) to 'CCC+' from 'B' with a Recovery Rating of
'RR4'. All ratings are still placed on Rating Watch Negative
(RWN).

The downgrade reflects significant growing liquidity risk. A
further delay in the publishing the annual accounts beyond June
29, 2018 could diminish its liquidity headroom to a barely
adequate level, while offshore liquidity risk may intensify. The
rating is supported by a liquidity buffer - which Fitch
understands had been bolstered further from its end-2017 level -
to address any immediate repayment needs. Huiyuan Juice had about
CNY5.9 billion in liquid assets based on its end-2017 management
account. This included the related-party receivables already
repaid to Huiyuan Juice before end-March 2018. Its short-term
debt was CNY6.8 billion, but not all of which will be immediately
due and repayable since CNY1.3 billion of its total debts are
secured with most had receivables as securities.

The ratings are on Watch Negative because the company faces a
potential failure to meet the conditional waiver for its EUR180
million syndicated loan by June 29, 2018; and this could result
in an acceleration of that loan. A payment acceleration as a
result of an event of default would trigger an event of default
of its US dollar notes, and if the noteholders accelerate this
would add another CNY1.3 billion of debt coming due. The
occurrence of such an event would mean that Huiyuan Juice no
longer has sufficient liquidity to meet its debt repayment. The
company remains in discussion with the syndicated loan banks, but
the result of such negotiation is uncertain.

KEY RATING DRIVERS

HKEX Investigation Disrupts Waiver Condition: Huiyuan Juice
announced on June 11 that the Hong Kong Stock Exchange has set
conditions to resume the company's share trading - including a
forensic investigation into the company's related-party loan and
review on internal controls. It is highly likely that the
investigation and review process will be protracted and extend
beyond June 2018.

This would cause the company to breach the previously obtained
waiver on its EUR180 million syndicated loan. The conditional
waiver requires the company to release its 2017 audited report
and resume share trading by 29 June 2018. Failure to obtain a
second waiver could lead to full repayment of an EUR180 million
syndicated loan or trigger cross-default clauses of Huiyuan
Juice's other debt if the company is unable to repay as required.

Highly Challenging Liquidity Position: Huiyuan Juice had total
debt of CNY8.35 billion at end-2017, according to management
accounts. The company is still seeking a waiver from its HKD1
billion convertible bondholder, and Fitch expects deteriorating
liquidity and reduced funding access. Fitch also believes the
company could incur difficulties in moving a large amount of
onshore cash to offshore for loan-repayment purposes. Fitch sees
challenges over its operation and general working-capital needs -
again due to tight liquidity.

Loan Negotiation Result Crucial: Failure to reach an agreement
with creditors - including the syndicated loan banks and the
convertible bondholders - could lead to potential default and
trigger an event of default on Huiyuan Juice's other debt,
including the rated US dollar senior notes. Occurence of such
event would heighten the potential risk of default and could lead
to multiple-notch downgrades.

Annual Result Announcement: Huiyuan Juice did not announce its
2017 financial results through the Hong Kong Stock Exchange
website on 29 March 2018 as expected. The company says it is
working with its auditor and will delay the release of the
results. The RWN could be resolved if the company publishes its
audited accounts with no qualified findings; if it deals with the
covenant breaches; and can demonstrate that access to funding
remains intact.

DERIVATION SUMMARY

Huiyuan Juice's rating reflects its questionable liquidity,
limited funding access and weak corporate governance.

KEY ASSUMPTIONS

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

  - Low-digit revenue growth in the next couple of years

  - EBITDA margin at around 18% in the next couple of years

  - Capital expenditure to remain at CNY200 million per annum

  - No common dividend pay-out

  - The recovery rate is now 34% based on the end-2017 balance
sheet of management accounts, using the liquidation value
approach, compared with the 40% previously based on the end-June
2017 balance sheet. The Recovery Rating remains at 'RR4'.

RATING SENSITIVITIES

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

Publication of the company's audited accounts with no qualified
findings; resolution of its covenant breaches; and intact funding
access could resolve the RWN.

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

Failure to come to a resolution with its creditors which
heightens the risk of potential default.


JIANGSU HANRUI: Fitch Cuts IDRs to B+, Removes Ratings from RWN
---------------------------------------------------------------
Fitch Ratings has downgraded Jiangsu HanRui Investment Holding
Co., Ltd.'s (Hanrui) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'B+' from 'BB+' and removed the ratings
from Rating Watch Negative (RWN). The Outlook is Stable.

The agency has also downgraded Hanrui's US$490 million 4.9% notes
due 2019 and US$110 million 6.25% notes due 2020 to 'B+' from
'BB+' and removed the ratings from RWN. The notes are issued by
Hanrui Overseas Investment Co., Ltd.

The rating action comprises a two-notch downgrade due to the
application of Fitch's new Government-Related Entities (GRE)
Rating Criteria, and a further one-notch downward revision
following the deterioration in Fitch's assessment the
creditworthiness of Hanrui's sponsor, the Zhenjiang municipal
government. Fitch revised its view on the Zhenjiang government
due to its worse-than-expected budgetary performance and
continued concerns over high contingent liabilities arising from
the city's GREs that may limit the city's financial flexibility.

KEY RATING DRIVERS

The ratings on Hanrui are assessed under the GRE Criteria,
reflecting Zhenjiang municipality's full ownership of the
company, indirect control of and strong track record of support
for the company. Fitch has also factored in the strategic
importance of Hanrui to the Zhenjiang government.

Status, Ownership, and Control 'Strong': Hanrui is under the
direct administration of the Zhenjiang New Zone Management
Committee, which acts on behalf of the Zhenjiang municipal
government. Zhenjiang State-owned Assets Supervision and
Administration Commission (SASAC) is its sole shareholder. The
municipal government, via Zhenjiang New Zone Management
Committee, appoints the company's senior management, and
supervises and approves the company's major strategic and
financing decisions. The company's breach of land use planning
rules and the resulting penalty in 2017 reflects weakness in
Hanrui's corporate governance and government supervision.

Support Track Record and Expectations 'Strong': Hanrui's revenue
comes mainly from reimbursements related to government-mandated
projects, sales of land use right, and its commercial businesses.
Government subsidies were equivalent to 165% of cumulative net
profit in 2015-2017. In 2018, the Zhenjiang government provided
CNY3.5 billion of debt swap income to Hanrui out of a CNY4
billion quota received by the municipality. This shows that
Hanrui is more strategically important to the government than
other GREs.

Social-Political Implications of Default 'Moderate': There are
five major local-government financing vehicles under the
Zhenjiang government, and Hanrui was the largest in terms of
asset size in 2017. The company is the key platform to develop
urban infrastructure within Zhenjiang New Area, a national-level
economic and technological development zone. Should Hanrui be
unable to perform its functions, the government may be obliged to
minimise service disruption on existing or planned projects
through tangible fiscal support or seeking a substitute within
the region.

Financial Implications of Default 'Strong': Hanrui plays an
important role in developing the social infrastructure for
Zhenjiang New Area. The government has a high incentive to
provide timely support, as a failure to do would hint at
financial difficulties for the government and impair financing
channels and raise costs for both the government and its related
entities.

Very Weak Standalone Credit Profile: In 2017, Hanrui's total
Fitch-classified debt reached CNY82.3 billion, with CNY30.9
billion is short-term debt due within one year. Fitch believes
there is increasing pressure on the company to refinance its
short-term debt, as the company relies on short-term debt and
non-standard financing, such as trust and investment funds. The
company's liquidity could also be constrained by delays in cash
disbursement from the government. Its CNY30.9 billion external
guarantee also increased its risk exposure to related parties.

RATING SENSITIVITIES

A change in Fitch's perception of Zhenjiang municipality's
ability to provide subsidies, grants or other legitimate
resources allowed under the policies and regulations would affect
Hanrui's ratings.

Stronger socio-political and financial implications of default on
the municipality and a better track record of support from the
government, which enhance Zhenjiang municipality's incentives to
provide such legitimate support, may trigger positive rating
action on Hanrui. In contrast, a significant weakening of
Hanrui's socio-political and financial implications to the
municipality, or a dilution of government shareholding, may
result in a downgrade.

An improvement or deterioration of its standalone credit profile,
including its refinancing and liquidity position, would affect
the ratings on the company.

Any change in Hanrui's IDR will result in a similar change in the
rating of the US$490 million and US$110 million senior unsecured
notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle GREs from public-sector balance sheets,
address indiscriminate GRE debt growth, and encourage greater
market discipline.

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of Hanrui will
only have recourse to Hanrui's assets and not those of Hanrui's
shareholders. The debts incurred by Hanrui are not Hanrui's
shareholder's debts or guaranteed by its shareholders and shall
be repaid by Hanrui as an independent legal person. Zhenjiang
municipal government, as Hanrui's shareholder only has limited
liability in the form of its equity contribution in Hanrui.

Following the issuance of a new directive by the Chinese
authorities aiming at tightening the access of local-government
financing vehicles and state-owned enterprise (collectively,
GREs) to offshore bond markets, Fitch is reviewing the directive
for evidence of any change in practical support as measured by
its criteria. The directive may potentially limit or restrict the
channels through which the local governments can provide support
to the GREs that raised borrowing in order to finance public
policy investments. Fitch is seeking to clarify this important
point with the authorities, as well as the broader question of
where the cumulative policy directives on this topic place
Chinese local and regional governments and GREs on its support
spectrum. In the meantime, Fitch will continue to apply its
global criteria.

JIANGSU NEWHEADLINE: Fitch Cuts LT IDRs to BB; Maintains RWN
------------------------------------------------------------
Fitch Ratings has downgraded Jiangsu NewHeadLine Development
Group Co., Ltd.'s (Jiangsu NHL) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) to 'BB', from 'BB+', upon
adopting new criteria, and has maintained the ratings on Rating
Watch Negative. This reflects a delay in the receivables
settlement by the government, which may affect the issuer's debt
servicing capacity.

KEY RATING DRIVERS

Jiangsu NHL's ratings are assessed under Fitch's Government-
Related Entities Rating Criteria, reflecting Lianyungang
municipality's ownership via the Lianyungang Economic and
Technological Development Zone's (ETDZ) management committee and
the municipality's control and support record of Jiangsu NHL.
Fitch also factors in the strategic importance of Jiangshu NHL
and Lianyungang ETDZ to Lianyungang municipality.

Status, Ownership and Control "Strong": Jiangsu NHL is wholly
owned by the Lianyungang municipal government, which delegates
the supervision of Jiangsu NHL to the Lianyungang ETDZ management
committee. The company's major decisions, including investment
and financial plans, require approval from the committee. Fitch
considers the status, ownership and control attribute as "Strong"
in light of the committee's full ownership and control of Jiangsu
NHL.

Support Track Record and Expectation "Strong": Jiangsu NHL
received capital injections from Lianyungang ETDZ's management
committee during 2016 and its paid-up capital increased to
CNY12.2 billion by end-October 2016, from CNY10.5 billion a year
earlier. Furthermore, Jiangsu NHL received government subsidies
of CNY1.8 billion in aggregate between 2015 and 2017. Subsidies
account for about 20% of Jiangsu NHL's annual turnover, which is
consistent with Fitch's expectation that Lianyungang ETDZ will
provide at least CNY400 million in subsidies per year to support
the entity's operation and debt servicing. Fitch considers the
support record and expectation attribute as "Strong" in light of
regular financial support, but this is offset by a lack of a debt
guarantee.

Socio-Political Implications of Default "Moderate": Jiangsu NHL
is an important entity for developing large-scale urban
infrastructure projects and providing ancillary services in
Lianyungang ETDZ. It helps implement the blueprint of Lianyungang
municipality and Lianyungang ETDZ's management committee.
Nonetheless, maintenance of existing infrastructure would require
limited funding if Jiangsu NHL were to default and any disruption
would be temporary given the availability of substitutes.

Financial Implications of Default "Strong": Jiangsu NHL
undertakes urban development projects in Lianyungang ETDZ, with a
significant amount of receivables from Lianyungang ETDZ and its
finance bureau. If the company was to default it would hint that
the government found it difficult to provide timely support, and
would therefore be likely to significantly limit the availability
and cost of domestic and foreign financing options for other
enterprises owned by the municipal government.

Maximum 'B' Category Standalone Credit Profile: Jiangsu NHL has
incurred large capex, negative free cash flow and high leverage
over the previous few years and Fitch expects this trend to
continue in the medium term, driven by ongoing infrastructure
construction and a long receivables settlement period. An
extension in receivable settlement could adversely affect the
issuer's liquidity. Fitch sees ongoing subsidies and capital
injections as potential mitigants to Jiangsu NHL's liquidity
risk.

RATING SENSITIVITIES

Any change in Jiangsu NHL's IDRs will result in a similar change
in the rating of its existing and proposed notes.

Any change in Fitch's perception of Lianyungang municipality's
ability to provide subsidies, grants or other legitimate
resources allowed under the policies and regulations.

Stronger socio-political and financial implications as well as
track record and expectations of support, enhancing Lianyungang
municipality's incentive to provide such legitimate support, may
trigger positive rating action on Jiangsu NHL. In contrast, a
significant weakening of Jiangsu NHL's socio-political and
financial implications to the municipality, support record or
expectations, or a dilution of the government's shareholding, may
result in a downgrade.

An improvement or deterioration of Jiangsu NHL's standalone
credit profile or liquidity position may result in rating action
on its IDRs.

Fitch published new criteria for government-related entities
(GRE) on February 7, 2018, which applies to Jiangsu NHL.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle GRE from public-sector balance sheets,
address indiscriminate GRE debt growth, and encourage greater
market discipline.

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of Jiangsu NHL
will only have recourse to Jiangsu NHL's assets and not those of
Jiangsu NHL's shareholders. The debts incurred by Jiangsu NHL are
not Jiangsu NHL's shareholders' debts or guaranteed by its
shareholders and shall be repaid by Jiangsu NHL as an independent
legal person. Lianyungang municipal government, as Jiangsu NHL's
shareholder, only has limited liability in the form of its equity
contribution in Jiangsu NHL.

Following the issuance of a new directive by the Chinese
authorities aiming at tightening the access of local government
financing vehicles and state-owned entities (collectively, GREs)
to offshore bond markets, Fitch is reviewing the directive for
evidence of any change in practical support as measured by its
criteria. The directive may potentially limit or restrict the
channels through which local governments can provide support to
the GREs that raised borrowing in order to finance public policy
investments. Fitch is seeking to clarify this important point
with the authorities, as well as the broader question of where
the cumulative policy directives on this topic place Chinese
local and regional governments-GREs on its support spectrum. In
the meantime, Fitch will continue to apply its global criteria.

FULL LIST OF RATING ACTIONS

Jiangsu NewHeadLine Development Group Co., Ltd.

Long-Term Foreign-Currency IDR downgraded to 'BB' from 'BB+';
Rating Watch Negative maintained

Long-Term Local-Currency IDR downgraded to 'BB' from 'BB+';
Rating Watch Negative maintained

ZHIYUAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)

US$300 million 6.2% senior unsecured notes due 2019 downgraded to
'BB' from 'BB+'; Rating Watch Negative maintained

XINHAILIAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)

Proposed US dollar bonds to be guaranteed by Jiangsu NHL
downgraded to 'BB(EXP)' from 'BB+(EXP)'; Rating Watch Negative
maintained


SUQIAN ECONOMIC: Fitch Cuts LT IDRs to BB-, Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded Suqian Economic Development
Corporation's (SEDC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'BB-' from 'BB', and removed the
ratings from Rating Watch Negative (RWN). The Outlook is Stable.

SEDC's IDRs were put on RWN on December 20, 2017 after the
release of Fitch's exposure draft for its Government-Related
Entities (GRE) Rating Criteria. The criteria were published in
February 2018.

SEDC is a state-owned enterprise, and it is mainly engaged in
infrastructure construction in the Suqian Economic and
Technological Development Zone (ETDZ), which is in eastern
China's Jiangsu province.

KEY RATING DRIVERS

The ratings on SEDC are assessed under the GRE criteria,
reflecting the Suqian municipality's ownership of the entity via
the Suqian ETDZ's management committee, and the municipality's
control and support track record of SEDC. Fitch has also factored
in the strategic importance of SEDC and Suqian ETDZ to Suqian
municipality.

'Strong' Status, Ownership and Control: SEDC is a limited
liability company directly and wholly owned by Suqian ETDZ
management committee and ultimately by the Suqian municipal
government. Its major decisions including mergers and
acquisitions, restructuring or spin-offs, major investments or
financing require approval from the Suqian ETDZ management
committee. Considering the full government ownership and control
by the Suqian ETDZ management committee, Fitch considers this
attribute to be 'Strong'.

'Strong' Support Track Record and Expectation: Most of SEDC's
revenue is generated from infrastructure construction in the
Suqian ETDZ, hence SEDC's profitability is dependent on the
government's schedule for the repurchase of projects and
settlement of payment. SEDC also heavily relies on government
subsidies to finance its operations and debt servicing. SEDC has
swapped about CNY3.8 billion of debt as of end-2016 into
government debt. Furthermore, SEDC received subsidies of CNY370
million in 2015, CNY413 million in 2016 and CNY309 million in
2017. Subsidies received account for around 13% of annual
turnover. Fitch assesses this attribute as 'Strong' because SEDC
has received regular and consistent financial support from the
government, but the government does not offer any debt
guarantees.

'Moderate' Socio-Political Implications of Default: In case of a
potential default of SEDC, existing infrastructure would require
limited additional funding. Nonetheless, given SEDC is the sole
company providing infrastructure and social housing construction
in the Suqian ETDZ, Fitch expects temporary disruption in the
construction if the issuer faces any financial difficulties.

'Strong' Financial Implications of Default: SEDC is the largest
public-sector entity in Suqian municipality, with the majority of
its profit generated from services to the government. Thus, its
potential default is likely to have a significant impact on the
availability and cost of both domestic and foreign financing
options for the enterprises owned by SEDC's shareholder, Suqian
municipal government.

Maximum 'B' Category Standalone Credit Profile: SEDC's financial
profile is characterised by large capex, negative free cash flow
and high leverage. Fitch expects this trend to continue in the
medium term, driven by the issuer's project pipeline. Also, any
extension in settlement of project buybacks or receivables from
Suqian municipal government could adversely affect SEDC's
liquidity.

RATING SENSITIVITIES

Any change in Fitch's perception of Suqian Municipality's ability
to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would affect the
ratings.

Stronger socio-political and financial implications of default as
well as track record and expectations of support that enhance
Suqian municipality's incentives to provide such legitimate
support may trigger positive rating action on SEDC. In contrast,
a significant weakening of SEDC's socio-political and financial
implications to the municipality, or support track record or
expectations, or a dilution of government shareholding, may
result in a downgrade.

An improvement or deterioration of the standalone credit profile
or the liquidity position of SEDC might lead to change in SEDC's
IDRs.

Any change in SEDC's IDRs will result in a similar change in the
rating of the existing notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle government-related entities (GREs) from
public-sector balance sheets, address indiscriminate GRE debt
growth, and encourage greater market discipline.

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of SEDC will
only have recourse to SEDC's assets and not those of SEDC's
shareholders. The debts incurred by SEDC are not SEDC's
shareholder's debts or guaranteed by its shareholders and shall
be repaid by SEDC as an independent legal person. Suqian
municipal government, as SEDC's shareholder only has limited
liability in the form of its equity contribution in SEDC.

Following the issuance of a new directive by the Chinese
authorities aiming at tightening the access of local-government
financing vehicles and state-owned enterprises (collectively,
GREs) to offshore bond markets, Fitch is reviewing the directive
for evidence of any change in practical support as measured by
its criteria. The directive may potentially limit or restrict the
channels through which the local governments (LGs) can provide
support to the GREs that raised borrowing in order to finance
public policy investments. Fitch is seeking to clarify this
important point with the authorities, as well as the broader
question of where the cumulative policy directives on this topic
place Chinese local and regional governments and GREs on its
support spectrum. In the meantime, Fitch will continue to apply
its global criteria.

FULL LIST OF RATING ACTIONS

Suqian Economic Development Corporation

Long-Term Foreign-Currency IDR downgraded to 'BB-' from 'BB', off
Rating Watch Negative; Outlook Stable

Long-Term Local-Currency IDR downgraded to 'BB-' from 'BB', off
Rating Watch Negative; Outlook Stable

Suqian Economic Development (BVI) Co., Limited

US$150 million 5.375% senior unsecured bonds downgraded to 'BB-'
from 'BB', off Rating Watch Negative


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


NOBLE GROUP: Wins Goldilocks Backing for Sweetened Restructuring
----------------------------------------------------------------
Noble Group Limited on June 20 said it secured shareholder
Goldilocks' support for the proposed financial restructuring of
the Company.

Unless otherwise indicated, capitalised words and phrases used in
this announcement have the meaning provided in the RSA.

Mr. Paul Brough, Chairman of the Company commented:

"We are pleased to have secured Goldilocks' support for the
Restructuring. The Strategic Partnership Agreement announced
today will create real opportunities for New Noble in the Middle
East. We firmly believe that the RSA represents the best and most
fair deal for all parties, and is the only way to preserve value
in the Group. By reaching agreement with Goldilocks, the Company
is now able to move into the final stages of its Restructuring
and looks forward to executing the RSA. New Noble, will be
strongly positioned to capitalise on the positive dynamics in
Asian and Middle Eastern commodities markets."

Mr. Joseph Swanson, Senior Managing Director, Houlihan Lokey
(financial advisor to Ad Hoc Group), commented:

"The Ad Hoc Group has consistently maintained its position that
the RSA is both the only viable path to retaining value in Noble,
and the fairest possible outcome for all stakeholders. We are
therefore very pleased to have reached this agreement with
Goldilocks, which represents a significant milestone to the
completion of the Restructuring and enabling New Noble to focus
on delivering on its long term growth strategy."

Revised Equity Structure

Following further engagement between the Company, the Ad Hoc
Group and Goldilocks Investment Company Limited ("Goldilocks"),
the Company is pleased to announce that Shareholders will be
provided with a revised 20% in aggregate of the equity in New
Noble subject to the resolutions to approve the Restructuring
being passed at a Special General Meeting of Shareholders to be
convened to approve the Restructuring (the "SGM"). This
represents a 5% increase to the equity share that Shareholders
are entitled to in New Noble and accordingly replaces the
previous proposal to provide Shareholders with 15% equity in New
Noble.

The Company confirms that the remaining equity in New Noble will
be held 70% by the Senior Creditor SPV and 10% by the Management
SPV.

Irrevocable Undertaking and Board Representation

Goldilocks has provided the Company with an irrevocable
undertaking, in respect of its entire shareholding in the
Company, to support the Restructuring on the revised terms.
Goldilocks currently holds approximately 8.1% of the Company's
issued shares.

Furthermore, it has been agreed that Goldilocks shall be entitled
to nominate one person to be appointed to the board of directors
of New Noble.

Middle East Strategic Partnership with Abu Dhabi Financial Group

The Company and Abu Dhabi Financial Group ("ADFG", which the
Company understands is the ultimate parent entity of the fund
manager of Goldilocks) have agreed to work together to enhance
and expand the Group's footprint in the Middle East. In this
regard, the Company announces that its subsidiary Noble Resources
International Pte. Ltd. ("NRIPL") has entered into a strategic
partnership agreement with ADCM Resources Ltd ("ADCM Resources",
an affiliate of ADFG) (the "Strategic Partnership Agreement")
pursuant to which it will become NRIPL's strategic partner in the
Middle East with respect to new business opportunities and will
assist in developing and maintaining new customer relationships
in the Middle East.

The Company believes the Strategic Partnership Agreement will be
a constructive and cost effective way to expand the Group's
business activities in the Middle East. The Middle East is an
attractive market for Noble: the region's economies are reducing
their oil dependency and businesses are seeking to diversify
their interests and investments internationally. The Strategic
Partnership Agreement with a strong local partner will enable the
Group to develop its network of customer, supplier and financier
relationships in this key region. The Company believes that
together with relationships and expertise of ADFG, the Group will
be able to take advantage of new short-term trading opportunities
and generate additional long-term business opportunities.

Under the terms of the Strategic Partnership Agreement, ADCM
Resources will, among other things, work with the Group on
business development activities in the Middle East region,
providing access to its customer base and relationships to
strengthen the Group's client base. ADCM Resources will also work
to introduce, develop, strengthen and maintain business
connections with trading partners by leveraging its long-term
experience and market presence. ADCM Resources will also help to
actively identify and facilitate the origination of new business
opportunities with a view to strengthening the Group's commodity
flows. ADCM Resources will also assist the Group in sourcing new
regional commodity flows, capital formation and financing of
regional investment projects.

The Strategic Partnership Agreement will be for an initial term
of four years and may be extended by mutual agreement for an
additional four years on terms to be mutually agreed at the end
of the initial four-year term.

In consideration for the services to be provided by ADCM
Resources pursuant to the Strategic Partnership Agreement, ADCM
Resources shall be entitled to: (i) a fee of US$3.5 million in
respect of the initial four year term; (ii) an annual payment of
5% of the net profits derived from sales generated as a result of
the services provided by ADCM Resources with respect to new
business ("Net Profits"); and (iii) following the Restructuring
Effective Date, further payments of US$750,000 on each of the
earlier of (a) Net Profits reaching US$5 million or 20 December
2018 and (b) Net Profits reaching US$10 million or 20 December
2019. This structure ensures that the interests of both parties
are well aligned in pursuit of a successful partnership.

If the Strategic Partnership Agreement is extended for an
additional four year term, NRIPL and ADCM Resources shall in good
faith agree an additional retainer in respect of such additional
four year term.

To facilitate the strategic partnership, the Group and ADCM
Resources have further agreed to establish within 90 days a new
joint venture entity (the "Joint Venture") to source new supply
contracts with a term of two years or more in respect of new
business opportunities entered into as a result of the services
provided by ADCM Resources under the Strategic Partnership
Agreement. The Group and ADCM Resources shall within 90 days
enter into a joint venture agreement setting out each of their
respective rights and obligations in respect of the Joint
Venture, which shall include: (i) the Group and ADCM Resources
each owning 50% of the Joint Venture, each shall appoint an equal
number of directors and ADCM Resources shall provide local
management; (ii) on the Restructuring Effective Date, the Group
shall contribute US$4 million in funding to the Joint Venture
(the "Initial Contribution"); and (iii) ADCM Resources shall be
entitled to receive the first US$3 million in net profits
generated by the Joint Venture, following which net profits shall
be shared equally by the parties, or should the Joint Venture not
achieve net profits of US$3 million within 2 years, ADCM
Resources may, at its election, terminate the Joint Venture, in
which case ADCM Resources shall be entitled to an amount equal to
the Initial Contribution less any costs and expenses incurred by
the Joint Venture.

The Company wishes to announce that the Group will be closing its
Dubai office. In 2017, the Group's Dubai office recorded
approximately US$4 million in SAO and compensation expenses.
During the term of the Strategic Partnership Agreement, ADCM
Resources will make its offices and infrastructure in the Middle
East available to the Group.

Settlement Agreement

The Company, Goldilocks and members of the Ad Hoc Group have
entered into a settlement agreement (the "Settlement Agreement")
pursuant to which: (i) Goldilocks has agreed to discontinue each
of the claims brought by Goldilocks against the Company, certain
current and former directors and officers of the Company and the
Ad Hoc Group in the High Court of Singapore in connection with
the Restructuring (the "Goldilocks Claims"); and (ii) the Company
has agreed to discontinue the claim brought against Goldilocks in
the Supreme Court of Bermuda (the "Noble Claim"). The Company has
agreed to pay Goldilocks up to US$5 million as a reimbursement of
documented legal costs and expenses incurred by Goldilocks in
connection with the Goldilocks Claims and the Noble Claim. The
Settlement Agreement is not an admission of liability or wrong
doing on the part of any of the parties thereto.

Next steps

The Company believes that the revised equity structure, providing
an additional 5% equity to Shareholders, and the Middle East
strategic partnership with ADFG, represents the best possible
outcome for Shareholders, Senior Creditors and the Company. In
particular, the Settlement Agreement reached with Goldilocks will
enable the management team to focus on expeditiously implementing
the Restructuring and delivering value for all stakeholders.

The Company continues to engage with the SGX on the
Restructuring. A circular to Shareholders containing further
information on the Restructuring, together with a notice of SGM,
will be despatched to Shareholders in due course.

The Company will make additional announcements when there are
further developments in relation to the proposed restructuring
and/or the other matters contemplated by this announcement.

Shareholders, Existing Senior Creditors and potential investors
and holders of the other existing debts and securities of the
Group are advised to exercise caution when dealing in the
securities of the Group. There is no certainty and assurance as
at the date of this announcement that the proposed restructuring
will be completed or that no changes will be made to the terms
thereof.

Shareholders, Existing Senior Creditors and potential investors
and holders of the other existing debts and securities of the
Group should consult with their own legal advisors, financial
advisors, stockbrokers, bank managers and/or other professional
advisors if they have any questions in relation to their
investments in the securities of the Group and/or the terms of
the RSA.

                        About Noble Group

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

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

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

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



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


AMAR COTTEX: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Amar
Cottex Private Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     7.00        CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Amar Cottex Private
Limited to monitor the ratings vide e-mail communications/
letters dated April 23, 2018, April 26, 2018 and May 23, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Amar Cottex Private Limited bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating done on March 29, 2017, the following
were the rating strengths and weaknesses:

Delay in debt servicing: The rating has been reaffirmed since the
account has become NPA on the back of ongoing delay in its debt
servicing due to weak liquidity position.

Rajkot-based ACPL was incorporated in March 2011, by Mr. Nilesh
Devjibhai Sakhiya and Mr. Naranbhai Karsanbhai Ramani as a
private limited company. ACPL is engaged in the cotton ginning
and pressing activity and started commercial production from
November 2011. Mr. Jayraj Vekariya is managing the overall
business operation of ACPL. ACPL has installed capacity of 6,800
metric tonnes per annum (MTPA) as on March 31, 2015, for cotton
bales at its sole manufacturing facility located at Rajkot
(Gujarat).


B.S. AGRICULTURE: CARE Assigns B+ Rating to INR4.19cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of B. S.
Agriculture Industries (India) (BSA), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.19       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            3.75       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to BSA are constrained by its small and
fluctuating scale of operations, leveraged capital structure,
working capital intensive nature of operations and foreign
exchange fluctuation risk. The ratings are further constrained by
BSA's presence in a competitive industry. The ratings however
draw comfort from experienced management and moderate
profitability margins. Going forward; the ability of the company
to increase its scale of operations in highly competitive
industry while maintaining its profitability margins and
improving its capital structure shall be its key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Small and fluctuating scale of operations: The scale of
operations stood small as marked by a total operating income and
gross cash accruals of INR 24.66 and INR0.87 crore respectively
for FY17 (refers to the period April 01 to March 31). The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits. Further the total operating
income has been fluctuating during FY15-FY17 due to order-based
nature of business operations of the firm. The total income of
the firm grew in FY16; however, declined by 26%% in FY17 due to
fewer orders executed. During 7MFY18 (refers to the period from
April 01 to October 31; based on provisional results) the firm
has achieved a total operating income of INR 17.00 crores.

Leveraged capital structure: The capital structure of the firm
stood leveraged owing to high dependence on external borrowings
coupled with low capital base as marked by overall gearing of
around 4x as on balance sheet dates of the past three financial
years (FY15-FY17).

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature as reflected by
almost full utilization of its sanctioned working capital limits
for the past 12 months period ending October 31, 2017. The
operating capital cycle however appears to be comfortable
primarily as the company receives a high payable period of around
2 months from its suppliers. BSA extends a credit period of one
month to its customers resulting in an average collection period
of 27 days for FY17. The firm maintains inventory in the form of
raw material at both the manufacturing sites for smooth execution
of the production process which resulted in an average inventory
period of 80 days for FY17.

Foreign exchange fluctuation risk: BSA's operations are dependent
on the export market as industry's revenue is mainly driven by
the overseas market than the domestic market. Therefore, BSA's
profitability margins are exposed to volatility in foreign
exchange.

Competitive nature of industry: BSA operates in a highly
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. Further, the
presence of various players, limits the bargaining power of the
firm, which exerts pressure on its margins.

Key Rating Strengths

Experienced management: The operations of B.S. Agriculture
Industries (India) are currently managed by Mr. Mohan Singh, Mr.
Laxman Singh, Mr. Narinder Singh and Mr. Lovemeet Singh. Mr.
Mohan Singh, Mr. Laxman Singh, Mr. Narinder Singh are post
graduates by qualification and have an experience of around two
decades in the manufacturing industry though their association
with BSA while Mr. Lovemeet Singh is a graduate with five years
of experience in manufacturing of engines, generators and pumps
through his association with BSA.

Moderate profitability margins: The profitability margins of the
firm stood moderate as marked by its PBILDT margin of 6.57% in
FY17. Further, low depreciation and interest cost resulted in PAT
of more than 2% for FY17.

Agra based, B.S. Agriculture Industries (India) (BSA) is a
partnership firm established in 1996 by Mohan Singh, Mr. Laxman
Singh, Mr. Narinder Singh and Mr. Lovemeet Singh. The firm is
engaged in the manufacturing and export of diesel engines,
pumping sets, pumps, generating sets and spares. BSA has
manufacturing units in Agra & Ludhiana; and one sales office in
Patna; which have a combined annual production capacity of 1200
units for centrifugal water pumps, 800 units of P.D. pump set and
11 units of mono pump sets as on October 31, 2017.


CHAYAGRAPHICS HEALTHCARE: CARE Assigns B+ Rating to INR6.5cr Loan
-----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Chayagraphics Healthcare Private Limited (CHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            0.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CHPL are primarily
tempered by small scale of operations with fluctuating total
operating income and declining profitability margins and weak
debt coverage indicators, fragmented and competitive business
segment, working capital intensive nature of operations and
prevailing risk of foreign exchange fluctuation. However, the
ratings derive comfort from long operational track record of the
company and experienced promoters in medical equipment industry,
positive outlook for medical equipment industry and comfortable
capital structure. Going forward, the company's ability to make
profits, maintain its capital structure and improve its debt
coverage indicators, expand its scale of operations and
efficiently utilize its working capital requirements would be its
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with fluctuating total operating income
and declining profitability margins and weak debt coverage
indicators: The company has small size of operations marked by
low networth of INR5.73 crore as on March 31, 2017 declined from
INR5.90 crore as on March 31, 2016. The total operating income of
the company was fluctuating during the review period mainly due
to the fluctuating prices of the consumables sold in the market.
Also, of the total sales made, 75% pertains to sale of Contrast
media, whose margin on sale is very less. Whereas on the other
consumables sold, the margins are higher. This further led to
fluctuations in the revenue generated. However, the company's
quantum of goods traded kept increasing, which led to increase in
the associated costs. Hence the company's absolute profits kept
declining during the review period. Hence the PBIDLT margins
declined and stood in the range of 1%-2% during the review
period. At the time of demerger of CHPL from CIPL, the goodwill
of the latter was transferred. Hence the company had to provide
for amortization expenses by way of writing off 1/10th of the
total intangible assets. Due to this the company reported a net
loss during the review period. Hence the PAT margins also stood
negative. The interest coverage ratio stood weak, however stable
at 0.87x in FY17. On the back of repayment of term loans the
interest and finance charges also declined by 9.3% during FY17.
On account of cash loss, the total debt to GCA stood negative
during the review period.

Fragmented and competitive business segment: The company is into
a fragmented business segment and competitive industry. The
market consists of several small to medium-sized companies that
compete with each other along with several large enterprises.

Working capital intensive nature of operations: The company is
engaged in trading hence the operations are working capital
intensive in nature. The goods traded by CHPL are manufactured
overseas, which are being sold through the export units in India.
CHPL imports injector tubes from Hong Kong and disinfectant
chemicals from the USA which comprises of 20% of the total
purchases made. The company imports thrice in a year. It avails
credit upto 45 days from its suppliers and on sales gives credit
upto 45-60 days and occasionally extends it upto 90 days for a
few customers. CHPL requires to hold sufficient level of
inventory at all times in order to meet the demands from the
hospitals. Hence the inventory holding perioid stood elongated at
55 days. Due to elongated collection period, the operating cycle
also stood elongated at 83 days during FY17. The average
utilization stood at 60% for the 12 months ended February 2018.

Prevailing risk of foreign exchange fluctuation: Since the
company is engaged in international business transaction such as
importing, fluctuations in the currency value has a significant
impact on the bottom line. When exchange rates take an
unfavourable turn, it results in the company paying more to its
suppliers. Since the quantum of foreign currency transaction is
less, the company has not availed any hedging facility from any
financial institutions. CHPL incurred a foreign exchange loss of
INR5018 during FY17 as against INR3314 in FY16.

Key Rating Strengths

Long operational track record of the company and experienced
promoters in medical equipment industry: The company has a long
operational track record of about three decades. Mr. Ashok
Prahalad, Mr. Sridhar Srinivas Haruva, Mr. Krishna Prasad V and
Mr. M.S. Keshava have been engaged in the medical equipment
industry since 1996, thus having an experience of more than two
decades. Mr. Mayur Anand Sirdesai and Mr. Avinash Anand Kenkare
have joined the board post the purchase of stake by Somerset
Indus Capital in 2014. Both of them have more than two decades of
experience in the field of finance. Positive outlook for medical
equipment industry India is fast growing as a key market for
medical devices outsourcing. The industry has seen tremendous
growth over the last decade and the current development trends
indicate even greater potential in the coming years. Several
joint ventures, agreements and loan licensing procedures have
influenced the market. The government has also taken several
reforms to develop the market by regulating it to bring out more
transparency and by allowing foreign investments in the industry.

Comfortable capital structure: The capital structure of the
company marked by overall gearing stood comfortable at 0.84x as
of March 31, 2017, however deteriorated from 0.56x as of March
31, 2016 on the back of higher levels of working capital
utilization as on balance sheet dates.

Chayagraphics Healthcare Private Limited (CHPL) was initially
established in 1990s as a partnership concern. In the year 1996
it was converted into Chayagraphics India Private Limited (CIPL)
which was engaged in trading of medical consumables and also had
a stake in the Prognosys Medical Systems Private Limited. Later
on February 10, 2014 Somerset Indus Capital Partners (SIC) bought
a stake in the company and the trading operations of the company
was demerged and CHPL was incorporated with the promoters of both
CIPL and SIC on board. CIPL continues to hold stake in Prognosys
Medical Systems Private Limited. CHPL is engaged in trading of
medical consumables and devices like contrast media, ultra sound
equipment, X-ray accessories etc. The company is an authorised
distributor of Wipro GE Healthcare, Samsung and Cantel. The
company's head office is located in Bengaluru, Karnataka and has
three other branches in Chennai (Tamil Nadu), Kolkata (West
Bengal) and Mumbai (Maharashtra). The clientele base of CHPL
includes Apollo group of hospitals, Narayana Healthcare and
Fortis Healthcare Limited (CARE BBB+; CARE A2; under credit
watch) among others.



CHEMSOL LABS: CARE Lowers Rating on INR3.00cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chemsol Labs Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     3.00       CARE B+; Revised from CARE BB-,
   Facilities                    Issuer not cooperating; based on
                                 the basis of best available
                                 information.

   Short term Bank    4.18       CARE A4; Issuer not cooperating;
   Facilities                    based on the basis of best
                                 available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Chemsol Labs Private
Limited to monitor the rating vide e-mail communications/ letters
dated 26 April 2018, 10 May 2018, 21 May 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Chemsol Labs
Private Limited's bank facilities will now be denoted as CARE BB-
; Issuer not cooperating/CARE A4; ISSUER NOT COOPERATING* Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on April 10, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Small scale of operation with low margins owing to trading nature
of activity: The size and scale of company's operation remains
small with total operating income of INR25.20 crore for FY15
(refers to the period April 1 to March 31) and relatively low net
worth base of INR4.37 Crore as on March 31, 2015.. However, the
scale of operation has been gradually increasing over the last
few years as represented by the increase in total operating
income
from INR22.40 crore in FY13 to INR25.20 crore in FY15 at a CAGR
of 6.07%. The profitability margins are on lower side due to the
trading nature of business which contributed around 61.31% to
revenue in FY15.

Working capital intensive nature of business: The nature of
business in which the company operates is working-capital
intensive. In view of the fact that collections of payments from
clients have a longer tenure as compared to payments to vendors
and suppliers, the company relies on working capital bank
borrowings to bridge the gap. Also the company is going for
exports the company needs working capital in the form of packing
credit to procure raw materials convert it into finished goods
under contract basis and dispatch it to respective clients. As a
result, there is dependence on working capital borrowings, with
average working capital utilisation standing at around 62% during
the last 12 months ended April, 2015. Given the increase in the
scale of operations, the company is expected to continue its
reliance on working-capital bank borrowings and prudent working
capital management will be important from credit perspective.

Key rating strengths

Considerable experience of its promoters: Chemsol is promoted by
Mr. Vamsi Krishna and his wife Mrs Swarna Kumari. Mr. Krishna has
around 25 years' of market experience. He started his career as a
marketing and sales associate with Chemplast Sanmar Limited (part
of Sanmar group). The business operations of Chemsol benefits
from his track record and the industry network developed over the
years in the Pharma industry. Mrs. Swarna Kumari, the Director-
commercial of Chemsol has experience of 10 years in the market.
She has brought in various innovative systems in place to
maintain and track the accounts more effectively and efficiently.

Diverse product portfolio and recent commencement of export
sales: Chemsol is primarily engaged in trading of pharma
products. The company also undertakes manufacturing of
formulations, intermediates, celluloses and pharma pellets. The
company's products which find applications in various industries
such as textiles, food, paper, ceramics, cosmetics, adhesives,
detergents and oil drilling industries. Chemsol has around 70
products in its portfolio, out of which the company engages in
manufacturing of around 20 branded products which includes 17
formulations (trademarked and registered) and 3 conversion based
intermediates. The company does not have its own manufacturing
facilities and enters into conversion contract (job work) with
various manufacturing players like M/s Srivasta Life Sciences
Private Limited etc. under loan license.

The company's manufacturing/conversion products include Cis Bromo
Benzoit, which is an intermediate of Itracanjole for fungal
infections manufactured by Piramal Health Care-part of Piramal
group. Chemsol has wide customer base and income generated is not
concentrated with few customers. Total operating income of the
company for FY15 was INR25.20 crore which comprises of trading
activity (61.32%) and manufacturing activity (36.68%) and rest is
from exports (2%) to Australia, Europe and Germany. The company's
revenue generated from top 10 customers was INR14.28 crore
(58.14% of total revenue generated INR25.20 crore for FY15).The
company has recently commenced export sales to Bangladesh and
Pakistan. Chemsol exported products worth INR0.35 crore and
INR0.49 crore in FY14 and FY15 respectively and has current
export order in hand of INR3 crore for FY16 constituting of
11.10% of projected income for FY16.

Revenue break up for FY15 Satisfactory capital structure and debt
coverage indicators but constrained by a low net worth: The
capital structure of the company is satisfactory, marked by
overall gearing level of 0.85x as on March 31, 2015. Gearing
levels improved from 2.83x as on March 31, 2013 to 2.42x as on
March 31, 2014 and to current level backed primarily by equity
infusion of INR2 crore (including share application money of
INR0.25 crore) and repayment of loans. The debt coverage
indicators have been also satisfactory. The PBILDT interest
coverage stood at 1.55x in FY15.As on March 31, 2015, the net
worth of the company has increased to INR4.37 crore compared to
INR2.36 crore as on March 31, 2014, at the back of infusion of
equity of INR1.75 crore and accretion of profit to the net worth.
Debt as on March 31, 2015, comprises of unsecured loans from
related parties and working capital borrowings. It also has
negligible term loan which comprises of vehicle loans.

Incorporated in August, 2006 as "Chemsol Labs Private Limited"
(Chemsol), by Mr. Vamsi Krishna (Managing Director) and his wife
Mrs Swarna Kumari (Director), to carry on trading of
pharmaceuticals (Pharma) products. The company also undertakes
manufacturing of certain pharmaceutical products (APIs and
formulations) and chemicals which is in the nature of conversion
under loan licenses. The company does not have its own
manufacturing facilities and gets the manufacturing done by way
of job work. Chemsol deals with around 70 pharma products
(trading and manufacturing).

Currently Chemsol exports to Bangladesh, Pakistan Australia,
Europe and Germany.


D.M. JEWELLERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings has assigned D.M. Jewellers (DMJ) a Long-Term
Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR187 mil. Fund-based working capital limits assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect DMJ's small scale of operations and weak
credit metrics. In FY18, its revenue was INR751.82 million (FY17:
INR512.72 million), interest coverage (operating EBITDA/gross
interest expense) was 1.44x (1.61x) and net financial leverage
(total adjusted net debt/operating EBITDAR) was 6.18x (5.30x).
The improvement in the revenue was due to stable market
conditions and the decision to start selling to gold to small
jewelry shops across rural Gujrat. On the other hand, the credit
metrics deteriorated due to higher debt and interest expenses,
and lower EBITDA. FY18 financials are unaudited.

The ratings also reflect DMJ's modest EBITDA margin, which was
4.5% in FY18 (FY17: 7.13%), due to the trading nature of the
business. The margin declined in FY18 as DMJ sold jewelry at a
lower margin to increase sales.

The ratings further reflect DMJ's tight liquidity, indicated by a
95.71% utilization of its fund-based facilities over the 12
months ended May 2018.

However, the ratings draw comfort from DMJ's presence, as well
the proprietors' experience, of nearly two decades in the retail
jewelry segment in Navsari, Gujrat.

RATING SENSITIVITIES

Negative: Any decline in the revenue and any further fall in the
profitability, leading to any further deterioration in the credit
metrics, or any deterioration in the liquidity may result in a
negative rating action.

Positive: Any rise in the profitability, leading to any
improvement in the credit metrics, and any enhancement in the
liquidity position will be positive for the ratings.

COMPANY PROFILE

DMJ is a Gujarat-based proprietorship firm that trades gold,
diamond and silver jewelry. It has a 1,200 square foot showroom
in Navsari, Gujrat.


ENN TEE INTERNATIONAL: CARE Cuts Rating on INR9.91cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Enn Tee International Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        9.91       CARE D; Revised from CARE B+;
   Facilities                       Issuer not cooperating on the
                                    basis of best available
                                    information.

   Short-term Bank       0.10       CARE D; Revised from CARE A4;
   Facilities                       Issuer not cooperating on the
                                    basis of best available
                                    information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Enn Tee International
Limited to monitor the rating(s) vide e-mail communications/
letters dated June 6, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Enn Tee International Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of ongoing delays in
meeting the debt obligations.

Enn Tee International Limited (ETIL), a closely held public
limited company was initially incorporated as a private limited
company (Enn Tee International Private Limited) in February,
1999. Later on, the constitution was changed in June, 2014. The
company started its commercial productions in 2000 and is
currently being managed by Mr. Harish Chander. The company is
engaged in manufacturing and trading of poly propylene (PP) yarn
at its manufacturing facility located at Haridwar, Uttrakhand.
Earlier ETIL had its manufacturing facility located in Ludhiana,
Punjab which was discontinued in 2005 and shifted to Haridwar in
September, 2009. ETIL was involved in trading of yarn between
2005 and 2009. The company sells its products through a network
of around 10 dealers mainly in the states of Delhi, Uttar Pradesh
and West Bengal to the manufacturers of garments, elastics, tape
and other textiles products.


FRANSKO AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Fransko Agro
Foods (FAF) from 'CRISIL B+/Stable/CRISIL A4; Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       1.5       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit          7.0       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan       0.15      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term   1.35      CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of FAF to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of FAF from 'CRISIL B+/Stable/CRISIL A4; Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

The rating reflects sharing of requisite information by the
company. CRISIL had on May 29, 2018, migrated the rating to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4' as the client was not cooperating for the
rating exercise. FAF has now shared the required information,
enabling CRISIL to assign a revised rating to the bank
facilities.

The ratings continue to reflect the firm's modest scale of
operations and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoters in the construction segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The firm has modest scale of
operations as indicated by the estimated revenue for fiscal 2018
is INR27 crores. The scale is expected to remain modest in an
intensely competitive industry.

* Large Working Capital Requirements: The operations of the
company were working capital intensive in nature as indicated by
the Gross Current Asset (GCA) days of 194 during fiscal 2017. The
GCA days were high due to rise in inventory levels.

Strength

* Extensive experience of promoters: The promoter of the firm Mr.
Francis Kottackal has been in the rice milling business since
last 25 years, which has helped him in establishing relationships
with suppliers across India.

Outlook: Stable

CRISIL believes that FAF will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile or in case of significant infusion of
capital into the firm resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt-funded expansions, or if its revenues
and profitability declines substantially or if the promoter draws
capital from the firm leading to deterioration in its financial
risk profile.

Set up in 2013, FAF is a partnership firm, engaged in milling and
processing of paddy into boiled rice, rice bran, broken rice and
husk. The firm is promoted by Mr. Francis Kottackal and his
family and is based out of Ernakulam (Kerala).


GEETA EDUCATIONAL: CARE Assigns B+ Rating to INR7.75cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Geeta
Educational Trust (GET), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.75       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GET is constrained
by its declining scale of operations coupled with low surplus
margins & low enrolment ratio, weak debt coverage indicators and
increasing competition & limited reach of the society. The rating
is also constrained by highly competitive & regulated nature of
industry. The rating, however, derives strength from experienced
promoters with competent teaching staff, wellestablished
infrastructure, moderate capital structure and buoyant prospects
of higher/professional education sectors. Going forward, the
ability of the society to improve the enrolment ratio in a highly
competitive scenario would be the key rating sensitivities.

Detailed description of the key rating drivers

Weaknesses

Declining scale of operations coupled with low surplus margins
and low enrolment ratio: The Total operating income (TOI) of the
society declined to INR 5.71 crore in FY18 (Prov.) (refers to the
period April 1 to March 31) on account of decline in the number
of students enrolled on y-o-y basis due to increasing
competition. Also, the sanctioned seats declined in AY17-18 due
to a decline in demand. The small scale of operations limits the
society's financial flexibility in times of stress and deprives
it of scale benefits. The enrolment ratio stood low at around 20%
during the last three academic sessions. The SBID margin of the
society stood moderate at 25.98% in FY18 (Prov.). The surplus
margin however, stood low at 0.90% in FY18 (Prov.).

Weak debt coverage indicators: The society had weak interest
coverage ratio of 1.44x in FY18 (Prov.). The same deteriorated
from 1.92x in FY17 due to a decline in SBID in absolute terms in
FY18 (Prov.). Further, total debt to GCA stood high at 15.12x for
FY18 (Prov.).

Increasing competition and limited reach of the society: GET is
located in Kurukshetra, Haryana which limits the penetration
level for the society to tap opportunities. Further, due to
increasing focus on technical education in India, a number of
colleges have been opened up in the close proximity. This exposes
the revenue of GET to competition from other colleges like O.P
Jindal Global University, Maharishi Dayanand University, Deen
Bandhu Chhotu Ram University of Science and Technology, Maharishi
Markandeshwar University, Manav Rachna International University
etc.

Highly competitive and regulated industry: The educational
institutes are regulated by respective state governments with
respect to the number of management seats, amount of the tuition
fees charged for the government quota and management quota. The
factors have a significant impact on the revenue and
profitability of the institutions. The state and central
government have provided thrust to demand for colleges by
introducing policy changes like abolition of entrance exams for
admission in professional course. However, the education industry
remains highly regulated industry with constant intervention from
the central state government and other regulatory bodies.

Strengths

Experienced promoters: The society is managed by Mr. Rakesh Goel,
Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg and Mr. Ramesh
Goel as its trustees. All the trustees have a work experience of
around one and a half decades through their association with GET.
GIMT has employed experienced and qualified teaching staff to
support the academic requirements of the institutions. Apart from
the above key faculty members, GIMT have employed competent and
well qualified academic staff to run the day-to-day operations of
the university.

Well-established infrastructure: The society established its
college in 2007. The facilities provided by the society at its
institution include laboratories, computer centers, conference
halls, well stocked libraries, gymnasium, auditorium, cafeteria,
Wi-Fi campus, ATM etc. The society is also providing hostel
facility and transport facility to its students. GIMT also has a
placement cell. Students enrolled in different courses are
assisted by the placement team through which they are placed in
various corporates.

Moderate capital structure: The capital structure of the society
stood moderate with overall gearing ratio of 1.69x as on
March 31, 2018 (Prov.). The same deteriorated from 1.55x as on
March 31, 2017 owing to infusion of additional unsecured loans in
FY18 (Prov.). Buoyant prospects of higher/professional education
sectors GET is primarily engaged in providing higher education
which comprises of graduation and post-graduation courses. Demand
for these courses is growing at a phenomenal pace in India. The
increase in government spending on education over the years has
provided an impetus to the growth of higher education in India.
Higher governmental expenditure is propelling the growth of
universities and with the growing number of universities, the
number of colleges affiliated to these universities also
witnessed a rise which has facilitated more and more
opportunities to students spread across the nation. The enrolment
across all courses in higher education has grown over the years.
In an effort to expand the reach to tier- III cities and rural
areas of the country and thereby spur enrolments, the central
government's revenue expenditure allocation towards higher
education has grown in the past few years.

Geeta Educational Trust (GET) got registered under the Society
Registration Act- 1860 in 2007 and is currently being managed by
Mr. Rakesh Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg
and Mr. Ramesh Goel as the trustees. The society was formed with
an objective to provide higher education in the field of
engineering, computer science and management. The society has
established a college, namely, Geeta Institute of Management and
Technology (GIMT) in Kurukshetra, Haryana in the year 2007. GIMT
offers B.Tech, BCA, BBA, M. Tech, MCA and MBA. The different
courses offered are duly approved by AICTE (All India Council of
Technical Education). GIMT is also affiliated to Kurukshetra
University, Kurukshetra (KUK).


GOOD MEDIA: CRISIL Reaffirms B- Rating on INR8.15cr LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Good Media News Private Limited (GMN) at 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.85       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       8.15       CRISIL B-/Stable (Reaffirmed)

The rating reflects modest networth and leverage, and intense
competition and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by extensive
promoter experience and their funding support.

Analytical Approach

As on March 31, 2018, unsecured loan from promoters were
outstanding at INR2 crores and has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest networth and leverage: GMN's financial risk profile is
constrained by modest networth of INR2.59 crores as on March 31,
2017. Leverage is high too, reflected from total outside
liabilities to adjusted networth ratio (TOLANW) of 8.8-10.3 times
over the three fiscals ended 2017. Both are expected to remain
modest over the medium term in the absence of equity infusion and
high dependence on external debt, respectively.

* Intense competition and susceptibility to adverse regulatory
changes: The Indian cable television distribution industry is
highly fragmented and intensely competitive. Apart from large
number of unorganized cable operators, the company also faces
competition from Direct to Home (DTH) service providers. The
Telecom Regulatory Authority of India (TRAI) regulates the cable
television industry. The regulator has considered a number of
measures to deal with issues such as the rampant under-
declaration in subscriber base and poor quality of service. In
case of changes that require large capex, smaller players may not
be able to comply, leading to their exit from the industry.

Strength

* Extensive promoter experience and their funding support: GMN is
an established cable television service provider, and the largest
multiple service operator, in Himachal Pradesh (with market share
of around 70%), rest are all small unorganised players and DTH
players. The promoters of GMN have over three decades of
experience in the cable television industry, which has helped GMN
in diversifying to newer geographies like rural and remote areas
of Himachal Pradesh apart from urban cities and towns.  Further
in order to support the liquidity, they have extended unsecured
loan. Over the medium term, promoter experience is most likely to
help company in maintaining its business risk profile.

Outlook: Stable

CRISIL believes that GMN's business risk profile will be
supported by the extensive experience of its promoters in the
cable television distribution business. The outlook may be
revised to 'Positive' if GMN achieves and sustains higher-than-
expected growth in its revenues and profitability, and
successfully expands its operations to other geographies.
Conversely, the outlook may be revised to 'Negative' in case of
weakening of the financial risk profile, most likely because of
large debt-funded capital expenditure, low revenue and
profitability, or deterioration in working capital management.

GMN was formed in 2001 to carry out the operations of a multi
system operator in Himachal; the company was set up by Mr. Mukesh
Malhotra. GMN's registered office is in Himachal. The company has
around 150 local offices across Himachal Pradesh.


HI-TECH AGRO: CRISIL Reaffirms B+ Rating on INR8.25cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facility of Hi-Tech Agro Food Private Limited (HAPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           8.25      CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations, and exposure
to intense competition, adverse change in regulations and
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the promoters and
their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive rice
industry: The company had a modest scale of operations as
indicated by the revenue of INR37 crores in fiscal 2017. Intense
competition in the rice industry and small milling capacities
have kept the scale of operations modest in comparison to other
large players.

* Susceptibility to adverse change in regulations and volatile
raw material prices: Stringent regulations on paddy prices,
export/import policies for rice, and the rice release mechanism,
affect the credit quality of players. The minimum support price
of paddy and prevailing rice prices mainly determine the
profitability of rice mills.

Strength

* Extensive experience of the promoters and their funding
support: Benefits from the four decade-long experience of the
promoters (Mr B Rajendran and Mr. D Ravi) in the rice milling
business, and their funding support via unsecured loans, will
continue. Operations are currently being managed by the third
generation of the promoters' family.

Outlook: Stable

CRISIL believes HAPL will continue to benefit from the extensive
experience of its promoters, and their funding support. The
outlook may be revised to 'Positive' in case of an improvement in
scale of operations and profitability, leading to sizeable cash
accrual. The outlook may be revised to 'Negative' if a decline in
operating margin, a stretch in the working capital cycle or any
large, debt-funded capital expenditure, weakens liquidity.

HAPL was incorporated in 2005 by Mr. B Rajendran and Mr. D Ravi
and their family members. The company mills non-basmati rice in
Trichy (Tamil Nadu).


J. K. RICE: CRISIL Reaffirms B Rating on INR14.75cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of J. K. Rice Mills (JKRM).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.75       CRISIL B/Stable (Reaffirmed)
   Warehouse Receipts      .75       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect JKRM's large working capital
requirement, weak financial risk profile, and exposure to intense
competition. These weaknesses are partially offset by the
experience of the partners in the rice industry, and absence of
long-term debt repayment obligation.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Estimated gross current
assets were 178 days as on March 31, 2018, driven by large
debtors and high inventory of 37 days and 145 days, respectively.
Inventory is sizeable as paddy, the key raw material, is only
available during the crop season, (October to December) each
year.

* Weak financial risk profile: Estimated total outside
liabilities to adjusted networth ratio was high at 6.28 times as
on March 31, 2018, while networth was modest at INR5.37 crore.
This trend should continue over the medium term. Further, debt
protection metrics were weak marked by interest coverage and net
cash accrual by adjusted debt of 1.2 times and 0.01 times
respectively, in fiscal 2018

* Exposure to intense competition: Intense competition may
continue to restrict scalability of operations and limit pricing
power with suppliers and customers, thereby constraining
profitability.

Strengths

* Experience of partners: Benefits from the partners' experience
since 1998, their strong understanding of the local market
dynamics, and healthy relations with customers and suppliers
should continue to support the business.

* No long-term obligation: Absence of debt repayment obligation
over the medium term ensures the entire cash accrual be used as
working capital, thus enhancing liquidity.

Outlook: Stable

CRISIL believes JKRM will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial increase in scale of operations and profitability
along with prudent working capital management strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if steep decline in profitability, or stretch in
working capital cycle weakens financial risk profile.

JKRM was set up in 1998 at Jalalabad (Punjab) as a partnership
between Mr. Vijay Kumar and Mr. Amit Kumar. It processes paddy
into basmati rice.


JAI SHANKER: CRISIL Moves B+ Rating From Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jai Shanker
Rice and General Mills (JSRGM) from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan               3        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

Due to inadequate information, CRISIL, in-line with the
Securities and Exchange Board of India guidelines, had migrated
its rating on the long-term facilities of JSRGM to 'CRISIL
B+/Stable Issuer Not Cooperating'. However, management has
subsequently started sharing information necessary for carrying
out a comprehensive review of the ratings. Consequently, CRISIL
has migrated its rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

The rating reflects JSRGM's below-average financial risk profile
and working capital intensive business in the intensely
competitive rice industry. These weaknesses are partially offset
by the extensive experience of its promoters and their funding
support.

Analytical Approach

Unsecured loans of INR3.85 crore as on March 31, 2018 received
from the partners have been treated as debt for analytical
purposes.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Business is working
capital-intensive as reflected in estimated gross current assets
of 112 days as on March 31, 2018 (213 days a year ago), driven by
high inventory of 87 days (197 days). A substantial inventory of
paddy, the key raw material, is maintained as it's only available
during the crop season (October to December).

* Below-average financial risk profile: Estimated total outside
liabilities to tangible networth ratio was high at 10.2 times as
on March 31, 2018, due to large working capital debt. Networth
has remained modest, estimated at INR1.93 crore. Further,
interest coverage and net cash accrual to adjusted debt ratios
were 2.5 times and 0.08 time, respectively, in fiscal 2018.

* Intensely competitive industry: Intense competition limits the
bargaining power of individual players and also restricts their
ability to completely pass on the rise in raw material price to
customers

Strength

* Extensive experience of the partners: Benefits from the
partners' experience of over three decades, their strong
understanding of the local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business. Further, the partners are expected to continue
extending timely, need-based unsecured loans, which will aid
financial flexibility.

Outlook: Stable

CRISIL believes that JSRGM will continue to benefit from the
extensive experience of its partners. The outlook may be revised
to 'Positive' if increase in revenue or profitability leads to
improved cash accrual and strengthens liquidity and capital
structure. The outlook may be revised to 'Negative' if decline in
profitability and stretch in working capital cycle or any major
debt-funded capital expenditure plan weakens financial risk
profile, especially liquidity.

Set up in 1996, JSRGM, a partnership firm of Ms Vidya Devi and
her sons Mr. Ram Swarup, Mr. Ramesh Kumar, Mr. Hind Sarover, and
Mr. Prince Pal, has a rice milling and sorting unit with capacity
of 2 tonne per day in Cheeka, (Haryana). In 2016, the firm set up
a unit for rice bran oil extraction, which commenced operations
in November that year.


JAWAHAR SAHAKARI: Ind-Ra Affirms B+ Loan Ratings, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jawahar Sahakari
Soot Girni Ltd.'s (JSSG) bank facilities as follows:

-- INR286.26 mil. (reduced from INR300 mil.) Bank loans affirmed
    with IND B+/Stable rating;

-- INR90 mil. Fund-based working capital facilities affirmed
    with IND B+/Stable rating; and

-- INR25 mil. Non-fund-based working capital facilities affirmed
    with IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect JSSG's limited operational track record as it
commenced operations in October 2016. FY18 was the first full
year of operations. As per FY18 provisional financials, JSSG's
revenue was INR649.38 million (FY17: INR237.10 million) and
capacity utilization was about 82% (52%).

The ratings continue to be constrained by high debt burden as the
society availed INR300 million bank loans in FY16 for the setting
up a spinning unit in Amaravti, Maharashtra. JSSG's debt/CBBID
was 48.80x and debt/income was 289.13% in FY17.

The ratings also reflect JSSG's tight liquidity position as
available fund cover for operating expenditure and debt was 0.37%
and 0.68%, respectively, in FY17. Its average working capital
utilization was 85.29% during the 12 months ended May 2018. Ind-
Ra expects the liquidity profile to improve during FY19-FY20 due
to improved operating performance and absence of capex plans in
the near term.

The ratings, however, continue to benefit from the founders over
a-decade-long experience in the textile business.

RATING SENSITIVITIES

Negative: A downward rating momentum could stem from a
disproportionate increase in the debt in relation to the
operating income, resulting in weakening of the coverage ratios.

Positive: An expected increase in revenue and a sustained
improvement in the operational performance, resulting in an
improvement in the liquidity profile and debt metrics could be
positive for the ratings.

COMPANY PROFILE

JSSG was established in 1991 to manufacture cotton yarn. The
society has a spinning unit with a maximum capacity of 23,712
spindles. It was acquired by Meghe Group in 2013. The group
manages several educational institutions, cooperative banks,
cooperative societies, hospitals, real estate companies,
information technology companies, among others. JSSG is
registered under the Maharashtra Co-operative Society's Act,
1960.


KABIR RICE: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kabir
Rice Mill (KRM) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        5.33       CARE B+; Stable; Issuer not
   Facilities                       cooperating; based on best
                                    available information

   Short term Bank       0.25       CARE A4; Issuer not
   Facilities                       cooperating; based on best
                                    available information

Detailed Rationale and key rating drivers

CARE has been seeking information from KRM to monitor the ratings
vide letters/e-mails communications dated April 20, 2018, May 14,
2018, May 25 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of
the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on KRM's bank facilities will now be denoted as CARE B+;
Stable/CARE A4 ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating takes into account the proprietorship nature of
constitution, regulation by government in terms of minimum
support price for its basic raw material, seasonal nature of
availability of raw material resulting in high working capital
intensity and exposure to vagaries of nature and fragmented &
competitive nature of industry. However, the rating drives
strength from experience of the management, its close proximity
to raw material sources and favourable industry scenario.

Detailed description of the key rating drivers

Key Rating Weaknesses: Constitution as proprietorship entity:
KRM, being a proprietorship entity, is exposed to inherent risk
of the proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GOI), every year decides a minimum
support price (MSP-to be paid to paddy growers) for paddy which
limits the bargaining power of rice millers over the farmers.
Given the market determined prices for finished product vis-a-vis
fixed acquisition cost for raw material, the profitability
margins are highly vulnerable. Such a situation does not augur
well for the entity, especially in times of high paddy
cultivation.

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature:
Agro product processing business is working capital intensive as
the millers have to stock paddy by the end of each season till
the next season as the price and quality of agro products are
better during the harvesting season. Furthermore, while raw
material is sourced mainly on cash basis, the millers are
required to extend credit period of around three weeks to their
customers. Accordingly, the working capital intensity remains
high impacting entity's profitability. The average fund based
working capital utilisation remained high at 85% during the last
twelve months ended May 2018. Also, agro products cultivation is
highly dependent on monsoons, thus exposing the fate of the
entity's operation to vagaries of nature.

Fragmented and competitive nature of the industry: KRM's plant is
located in Dhamtari, Chhattisgarh which is in close proximity to
hubs for paddy/rice cultivating region of Chhattisgarh. This has
resulted in intense competition which is also fuelled by low
entry barriers. Given that the processing activity does not
involve much of technical expertise or high investment, the entry
barriers are low.

Key Rating Strengths

Experienced management: The proprietor, Mrs. Godawari Bai
Chenwani has around two years of experience in rice milling
business. She looks after the overall management of the entity
supported by her son Mr. Mahendra Chenwani (Manager) who has
around 15 years of experience in rice milling business. Mr.
Mahendra Chenwani looks after the day to day operations of the
entity.

Close proximity to raw material sources and favorable industry
scenario: KRM's plant is located in Dhamtari, Chhattisgarh which
is close to the vicinity to a major rice growing area of
Chhattisgarh, thus, resulting in logistic advantage. Furthermore,
the rice being a staple food grain with India's position as one
of the largest producer and consumer, demand prospects for the
industry is expected to remain good in near to medium term.

Kabir Rice Mill (KRM) was set up as a proprietorship entity in
October 2014 by Mrs. Godawari Bai Chenwani. Since its inception,
the entity has been engaged in processing and milling of non-
basmati rice. The manufacturing facility of the entity is located
at Dhamtari, Chhattisgarh with aggregate installed capacity of
67000 metric ton per annum. KRM procure paddy from kishan mandy
and sells its finished products through the wholesalers and
distributors across Chhattisgarh.


KIA TEXTILES: CRISIL Lowers Rating on INR9.5cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of KIA Textiles Private Limited (KTPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9.5       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating considers continuous overdrawan in cash credit limit
for over 30 days.

The rating also reflects the intense competition in the yard
trading industry. These weaknesses is partially offset by the
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Continuous overdrawal in cash credit limit: There has been
continuous overdrawn in the cash credit limit for above 30 days.

* Exposure to intense competition: The yarn trading industry is
highly fragmented because of low entry barriers owing to minimal
capital and technology requirements. Further, non-exclusivity of
contracts and commodity nature of products may continue to
restrict scalability and limit pricing power with suppliers and
customers, thereby constraining profitability.

Strength

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

KTPL, incorporated in 2010, is promoted by Mr. S K Bhatia and his
son, Mr. Jatin Bhatia. The company trades in cotton, polyester,
and blended yarn. About 20 per cent of KTPL's sales are made in
the export market, and the remaining in the domestic market. The
company is also a consignment agent for polyester-oriented yarn
manufactured by Indo Rama Ltd and Wellknown Polyesters Ltd.


KISAN PROTEINS: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kisan
Proteins Private Limited (KPPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term/Short      9.50       CARE B+/CARE A4; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPPL to monitor the
ratings vide e-mail communications/ letters dated April 23, 2018,
April 26, 2018 and May 23, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Kisan Proteins
Private Limited bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating done on April 27, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Thin profitability; albeit moderate leverage and weak debt
coverage indicators: KPPL's PBILDT margin declined from 6.85% in
FY15 (refers to the period April 1 to March 31) to 2.92% in FY16.
Its overall gearing continued to remain high at 2.07 as on
March 31, 2016. Furthermore, KPPL's interest coverage
(PBILDT/Interest) continued to remain low at 1.35x in FY16 (FY15:
1.29x).

Highly working capital intensive nature of operations: The
operations are working capital intensive in nature owing to bulk
purchase of raw material which is majorly financed through the
bank borrowings.

Inherent risk associated with agro commodity business: Being an
agro commodity availability of mustard seed is seasonal in
nature, marked by harvesting season between February and April
each year, like most agro-based commodities, its availability is
affected by natural and climatic conditions. The annual acreage
for mustard seeds cultivation have shown a fluctuating trend in
India depending upon the preferences of individual farmers which
may be affected by realizations of other competing crops.

Key Rating Strengths

Experienced promoters and established track record of operations:
The promoters of KPPL are experienced and well versed in the
business of mustard oil, regarding the procurement of raw
materials, processing and sale of final product. Mr. Manubhai
Karsanbhai Patel and Mr. Ramanbhai Kanjibhai Patel jointly
look after the overall operations of the business. The company
has established track record of operations of 12 years, during
which the company has established good relations with customers,
farmers, mandis and intermediaries for procurement which has
helped KPPL to grow its scale of operations.

Proximity to raw materials source: The manufacturing facility of
KPPL is located at Banaskantha district in Gujarat, which
facilitates the procurement of raw material i.e mustard cake from
nearby oil mills in Gujarat and Rajasthan, Bananskantha district
being in North Gujarat provides ease for procurement of raw
materials from both states.

Diversified product portfolio and diversified customer base
ensuring stable demand: KPPL's customer base is diversified which
includes customers from edible oil industry; cattle feed industry
and trading entities dealing in mustard oil and DOC, in both
domestic as well as export segments.

Kisan Proteins Private Limited (KPPL) is a group entity of
Palanpur-based (Gujarat) Kisan Group. KPPL is a private limited
company incorporated in 2005 by Mr. Manubhai Patel and other
members of Patel family. The company is primarily engaged in
solvent extraction from the rapeseed and mustard seed. It also
carries out the trading of caster seed, castor oil and castor
DOC. KPPL has an installed capacity of 6,000 Metric Tonnes Per
Annum (MTPA) for solvent extraction as on March 31, 2015.


LANCO INFRATECH: NCLT to Hear Insolvency Case on July 6
-------------------------------------------------------
BloombergQuint reports that the Hyderabad bench of the National
Company Law Tribunal has decided to hear on July 6 a case related
to Lanco Infratech Ltd., which is undergoing insolvency
proceedings.

According to a legal counsel of one of the creditors, clarity
would emerge on that day whether the company would go for
liquidation or the 270-day deadline would be extended, the report
says.

Lanco Infratech is part of the first 12 accounts that was listed
by the Reserve Bank of India under the Insolvency and Bankruptcy
Code proceedings. It owes an IDBI Bank-led lenders consortium
over INR44,000 crore.

The extended deadline of 270 days to come up with a resolution
ended on May 4.

According to BloombergQuint, the creditors of Lanco Infratech
earlier rejected the 'resolution plan' submitted by Thriveni
Earth Movers, a Tamil Nadu-based infra and mining firm.
Subsequently the latter submitted a revised "resolution plan" on
April 1.

"Since the corporate insolvency resolution period expires on
May 4, 2018, the necessary application is being filed by the
Resolution Professional with National Company Law tribunal
Tribunal, Hyderabad bench, for liquidation of the company or for
any other direction which NCLT may deem fit on account of the
revised proposal dated May 1, 2018 submitted by Thriveni
Earthmovers Pvt. Ltd.," Lanco earlier said in a regulatory
filing, BloombergQuint relays.

On Aug. 7, 2017, NCLT suspended the powers of the company's board
and appointed Savan Godiawala as interim resolution professional
as part of the corporate insolvency resolution process for the
company, BloombergQuint notes.

                       About Lanco Infratech

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.

NCLT had initiated insolvency resolution for Lanco on August 7,
2017, based on a petition filed by the company's lead lender IDBI
Bank, Business Standard discloses. Lanco has a debt of over
INR10,000 crore at the holding company level while the
consolidated debt was more than INR40,000 crore, according to
Business Standard.


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

The instrument-wise rating actions are:

-- INR15 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR85 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2000 as a proprietorship firm, N Swarna
Electricals & Contractors is a special class civil contractor and
Class 1 electrical contractor operating mainly in Telangana.


NATRAJ HOME: CRISIL Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Natraj Home Furnishings Private Limited
(NHFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Discounting            5         CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                0.5       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's small, though
increasing, scale of operations and weak financial risk profile
because of high gearing. These weaknesses are partially offset by
promoters' extensive experience in the textiles industry and
their funding support, and established customer relationship.

Analytical Approach

Unsecured loans from promoters have been treated as neither debt
nor equity as these are subordinate to bank loans, and interest
paid on them is ploughed back into the business.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations in fragmented industry: Intense
competition in a fragmented segment because of low entry barrier
has kept scale modest, reflected in an estimated operating income
of INR42 crore in fiscal 2018.

* Weak financial risk profile: Total outside liabilities to
adjusted networth ratio was high at 7.19 times as on March 31,
2018, because of large working capital debt and term loan to fund
capital expenditure (capex) incurred in fiscals 2017 and 2018.

Strengths

* Extensive experience of promoters: Experience of more than four
decades in the textiles and home furnishing segment through group
firm has enabled the promoters to establish strong relationship
with export customers.

* Funding from promoters: The company's promoters have extended
unsecured loans (estimated) of INR6.6 crore on March 31, 2018, to
support working capital requirement. They will continue to extend
need-based support.

Outlook: Stable

CRISIL believes NHFPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if the company scales up operations and generates
higher-than-expected cash accrual, and if capital structure
significantly improves with equity infusion and better working
capital management. The outlook may be revised to 'Negative' if
financial risk profile weakens further on account of decline in
revenue and profitability, or larger-than-expected, debt-funded
capital expenditure.

Incorporated in 2004 and promoted by Wadhwani family, NHFPL
manufactures and exports home furnishing items such as curtains,
cushions, and table cloth. It has four manufacturing units at
Barhi in Jharkhand and Kundli in Haryana, with weaving, dyeing,
and printing capabilities. The company was set up as a
proprietorship firm, Natraj Exports, in 2000 but was
reconstituted as a private limited company in 2004.


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

The instrument-wise rating actions are:

-- INR38 mil. Term loan due on March 31, 2018 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR35 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR34 mil. Non-Fund-based facilities migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 8, 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 2008, Nirmala Polyropes India is engaged in the
manufacturing of fishing nets, fishing lines and high-density
polyethylene ropes.


PRACHEE POLYFIMS: CARE Lowers Rating on INR14.06cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prachee Polyfims Private Limited (PPPL), as:
                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     14.06       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; ISSUER
                                  NOT COOPERATING; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PPPL to monitor the
rating(s) vide e-mail communications/letters dated April 3, 2018,
April 4, 2018, April 6, 2018, April 11, 2018, April 20, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating of Prachee
Polyfilms Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in rating takes into account ongoing delays in debt
repayment owing to weak liquidity position.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are ongoing delays in
servicing its debt obligation due to weak liquidity position of
the company.

Surat (Gujarat) based PPPL was incorporated in April 2009 under
the name of Prachee Filaments Yarns Private Limited by Poddar
family. The name of the company got changed to its current form
of PPPL in September 2015. PPPL is into the business of
manufacturing of Metalized and Holographic Films, Jari Badla
which find application in textile, food processing and fertilizer
industry. PPPL is operating from its sole manufacturing plant
located in Surat (Gujarat) with an installed capacity of 7200
metric tonnes per annum (MTPA) as on March 31, 2015. Rajesh
Filaments Private Limited is an associate entity of PPPL and both
entities are also engaged in plastic packaging industry.

During FY17(A)(refers to period April 1 to March 31) PPPL has
reported PAT of INR0.68 crore on total operating income(TOI) of
INR40.03 crore as against PAT of INR0.71 crore on TOI of INR39.13
crore during FY16(A).


PRADHAMA MULTI: CRISIL Lowers Rating on INR131cr LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facility of Pradhama Multi speciality Hospitals & Research
Institute Limited (PMSHRIL) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11.5      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan        131.0      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delays in servicing term debt obligations
owing to weak liquidity following stretched receivables.

The rating also reflects the company's nascent stage of
operations and its below-average financial risk profile because
of weak debt protection metrics. These weaknesses are partially
offset by its established regional presence in the healthcare
segment aided by the industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has delayed servicing term
loan obligations owing to stretched liquidity.

* Nascent stage of operations: The company started its operations
in July 2017 and its scale of operations remain modest, thus,
limiting cost efficiency.

* Below-average financial risk profile: PMSHRIL's financial risk
profile is marked by weak capital structure and debt protection
metrics.  The company high gearing of 4 times and negative net
worth as on March 31, 2017. The debt protection metrics were
weak.

Strengths

* Established regional presence in the healthcare segment aided
by the industry experience of the promoters: Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti have extensive
experience of more than three decades as leading doctors and also
first-generation entrepreneurs, already owning and operating two
general hospitals in Visakhapatnam.

Incorporated in 2014, PMSHRIL is setting up a 593-bed multi-
specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July, 2017.


PRIMORDIAL SYSTEMS: CARE Assigns B+ Rating to INR11.02cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Primordial Systems Private Limited (PSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            11.02      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of PSPL is constrained
by its small scale of operations, low PAT margin, leveraged
capital structure and its presence in a highly regulated
education sector. The aforesaid rating however draws comfort from
experienced management, association with Haryana Skill
Development Corporation and buoyant prospects of professional
education and skill development programs.  Going forward; ability
of the company to increase its scale of operations while
improving its net profitability and capital structure shall be
its key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations stood small as
marked by total operating income of INR8.52 crore and gross cash
accruals of INR 1.73 crore in FY17 (FY refers to the period from
April 1 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Further, the company has achieved total operating
income of ~INR9.10 crore for FY18 (based on provisional results).

Low PAT margin and leveraged capital structure: Though PBIDLT
margins of the company stood moderate, the PAT margin stood low
at below 1% owing to high interest and depreciation expense
during the past 3 financial years (FY15-FY17). The capital
structure of the company marked by debt equity and overall
gearing stood leveraged at around ~3.70x and ~5.50x as on balance
sheet dates of past three financial years i.e. FY15-FY17 owing to
debt funded capex undertaken, high dependence on external
borrowings to meet working capital borrowings coupled with
relatively low net-worth.

Highly regulated educational sector in India: The education
industry remains highly regulated with the constant intervention
from the central government, state government and other
regulatory bodies with respect to the number of seats,
admissions, amount of the tuition fees charged, applicable
government and management quotas, etc. Any change in policy by
the government may adversely impact the business risk profile of
the company.

Key Rating Strengths

Experienced management: The overall operation of the company is
being managed by Mr. K. Parijaat and Ms. Sangeeta Parijaat. Mr.
K. Parijaat is an MBA from the University of Michigan and has
extensive experience of around two decades in education and
corporates. Dr. Sangeeta Parijaat is a doctorate by qualification
and has around two decades of experience in the education
industry through her association with PSPL and Jawaharlal Nehru
University.

Association with Haryana Skill Development Corporation and
buoyant prospects of professional education PSPL is operating as
a Center of Excellence for Haryana Skill Development Corporation
(HSDC), which benefits the business risk profile of the company.
Further, PSPL is primarily engaged in providing skill development
courses with the objective of increasing employability. Demand
for these courses is growing at a phenomenal pace in India. The
awareness has increased for vocational education in India in
recent times and there is a tremendous skilled manpower
requirement from the industry.

Delhi based, Primordial Systems Private Limited (PSPL) was
incorporated in 1999. PSPL is managed by Mr. K. Parijaat and
Dr. Sangeeta Parijaat. PSPL was incorporated with an aim to
provide educational services and it provides courses in the
fields of event management, health care management, advertising
and public relations etc. The company also provides vocational
training under the Pradhan Mantri Kaushal Rin Yojna, operating as
a Centre of Excellence for Haryana Skill Development Corporation.


PROGRESSIVE HOMES: Ind-Ra Assigns 'B' LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Progressive
Homes a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR 220 mil. Proposed long-term loans* assigned with
    Provisional IND B/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect the salability risk associated with
Progressive Group's ongoing projects. The company has started
construction from December 2016 and booking for the units has not
yet started.

The ratings are constrained by the execution and financial risk
associated with the projects, as the firm has completed only 35%-
40% construction till May 2018. The infusion of funds from
advance booking becomes critical for project execution as no unit
has yet been sold. The total project cost of INR642.5 million is
being funded through a term loan of INR220 million and promoters'
contribution of INR141.2 million. The remaining amount of
INR281.3 million will be funded by advance bookings from
customers. Till May 2018, the firm has incurred a total cost of
INR140 million using promoters' funds.

The ratings however are supported by the firm's partners' more
than two decades of experience in the real estate business and
the project's strategic location in Ulwe, Navi Mumbai in view of
an upcoming an international airport, a trans harbor link and a
special economic zone.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Progressive home is a partnership firm incorporated in 2004. Mr.
Vinod Trivedi, Mr. Devang Trivedi, Mr. Jigar Trivedi and
Progressive Civil Engineers Pvt Ltd are partners in the firm. The
firm is involved in real estate business and till date has
completed a total of six projects.


RAMGO MODERN: CRISIL Reaffirms B Rating on INR5cr Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of Ramgo Modern Rice Mill (RMRM)

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile because of small networth and high gearing and modest
scale of operations in an intensely competitive industry. These
weaknesses are partially offset by the extensive experience of
its proprietor in the rice milling business and his funding
support.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: The financial risk
profile is below average, as reflected in high gearing and small
net worth of 4.42 times and INR1.23 crore respectively as on 31
March, 2017.

* Modest scale of operations amidst intense competition
The rice milling industry is highly competitive and RMMR is
exposed to intense competition. Also, the scale of operations
remains modest with revenues of around INR22.22 crore for fiscal
2017.

Strengths

* Extensive experience of proprietor: Presence of more than three
decades in the grain trading segment has enabled the proprietor
and his family to understand local market dynamics and establish
healthy relationship with customers and suppliers.

Outlook: Stable

CRISIL believes RMRM will continue to benefit from proprietor's
extensive experience. The outlook may be revised to 'Positive' in
case of a substantial improvement in revenue and profitability,
and better financial risk profile. The outlook may be revised to
'Negative' if lower-than-expected accrual, stretch in working
capital cycle, or any large, debt-funded capital expenditure
further weakens financial risk profile.

Set up in 1984 as a proprietorship concern by Mr. Ramaiah
Govindammal, RMRM mills and processes paddy into rice, rice bran,
and broken rice. It also trades in paddy for a commission.


RAVI TEXO: CRISIL Assigns B- Rating to INR6.5cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Ravi Texo Fab Private Limited (RTFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B-/Stable (Assigned)

The rating reflects RTFPL's large working capital requirement,
weak financial risk profile, and small scale of operations. These
weaknesses are partially offset by the experience of the
promoters in the fabric industry.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Gross current assets were
sizeable at 181 days as on March 31, 2017, driven by large
debtors of 173 days; however, inventory has been low at 5 days.
Debtors outstanding for more than six months account for more
than 25% of total receivables and top three debtors comprise 79%
of total receivables as on March 31, 2017. In order to manage the
working capital requirements, the company had received an adhoc
limit of INR35 lakhs in fiscal 2018.

* Stretched liquidity profile: RTFPL's liquidity remains
stretched with NCA of INR8-10 crore as compared to the repayment
of debt of INR12-14 crore in fiscal 2019. CRISIL expects the
company to manage liquidity requirements by stretching their
payables or unsecured loans from promoters.

* Weak financial risk profile: Adjusted gearing was high at 2.6
times as on March 31, 2017, while networth was low at INR2.6
crore. Interest coverage and net cash accrual to total debt ratio
were weak at 1.2 times and 0.01 time, respectively, in fiscal
2017 due to high debt levels and moderate profitability.

* Small scale of operations: Scale of operations (with revenue of
INR26 crore in fiscal 2017) may remain small over the medium
term, as there are no expansion plans yet.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over 25 years, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes RTFPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if there is substantial increase in revenue,
profitability, and cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile and liquidity
weaken due to lower-than-expected sales or modest profitably.

RTFPL, incorporated in November 1994 at Panipat, trades in all
types of yarn, fabrics, handloom goods and furnishing fabrics.
The company is managed by Mr. Vaibhav Khurana.


RIGA SUGAR: CARE Lowers Rating on INR104.14cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Riga Sugar Company Ltd (RSCL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           104.14      CARE D Revised from CARE B+

   Short-term Bank
   Facilities             5.00      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
RSCL takes into account the ongoing delays in interest servicing
due to tight liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in the account: The company has confirmed that
there are overdue/defaults on their debt obligations. The banker
has also confirmed that there are ongoing delays in the interest
servicing.

Riga Sugar Company Limited (RSCL), incorporated in Sept. 2, 1980,
the flagship company of DHANUKA GROUP, currently has Sugar (5000
TCD), Distillery (50 KLPD), Ethanol (45 KLPD), Power plant (8 MW)
& DAP/ Organic Fertilizer facilties in Riga, North Bihar. The
sugar factory is one of the oldest sugar factories in India which
was set-up in 1933 by The Belsund Sugar & Industries limited
under British Management before being taken over by Dhanukas in
1950 and was subsequently transferred w.e.f.1.10.1981 to Riga
Sugar Company Limited. During 9MFY18 RSCL reported a negative PAT
of INR23.68crore on a total operating income of INR72.51crore
vis-a-vis loss of INR9.05crore on total operating income of
INR126.53crore.


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

The instrument-wise rating actions are:

-- INR27.4 mil. Long-term loans (Long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR25 mil. Fund-based working capital limit (Long-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, REPL is engaged in chicken processing in
Kolkata, West Bengal.


SAIFUDDIN APPALAL: CARE Lowers Rating on INR0.6cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saifuddin Appalal Mulla, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      0.60      CARE B; Issuer not cooperating;
   Facilities                    Based on best available
                                 information. Revised from
                                 CARE B+; Issuer not cooperating

   Short-term Bank     6.00      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Saifuddin Appalal Mulla to
monitor the rating vide e-mail communications/letters dated May
1, 2018, May 10, 2018, May 15, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on Saifuddin Appalal Mulla's bank facilities will now be
denoted as CARE B; Issuer not Cooperating/CARE A4; Issuer not
cooperating* Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above rating.

Detailed description of the key rating drivers

At the time of last rating on April 12 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Small order book position: As on March 31, 2015, the firm had
modest outstanding order book of INR11.60 crore providing limited
revenue visibility for the firm. These contracts are running as
per the schedule. The firm typically has revenue visibility for
about 1 to 1.5 years. The management has in informed that the
firm has won contracts of about INR24 crore in H1FY16 executable
over
the next two years.

Leveraged Capital Structure: SAM has maintained leveraged capital
structure owing to its working capital borrowings and low net
worth base. The overall gearing of the firm stood at 1.65x as on
March 31, 2015, as against 1.98x as on March 31, 2014.

Stretched operating cycle: The firm generates its income entirely
from government projects, which often results in poor collection
efficiency. At the same time, the firm holds significant
inventory of construction material leading to stretched operating
cycle to about 120 days.

Key rating strengths

Experienced Proprietor: The founder, Mr. Saifuddin Mulla, has
more than three decades of experience as a civil contractor who
presently functions as an advisor to the firm. The firm is now
being managed by his son, Mr. Mainu Mulla, who has been actively
involved in the business for 15 years good understanding of
various aspects of operations.

Growth in operating income (albeit small scale of operations)
with healthy profitability: SAM's scale of operations has
remained small despite 25 years of operations. The firm's total
operating income witnessed y-o-y growth of 63% in FY15 (refers to
the period April 01 to March 31) (prov.) to INR11.43 crore
attributable to increase in contracts from Karnataka region for
construction of roads & canals. Major revenue contribution in
FY15 was from road construction order at Belgaum amounting to
INR12.66 crore. Profitability of the firm has been healthy
(despite presence of large number of small civil contractors in
the industry) with PBILDT margin of about 12% -15% and PAT margin
of about 6%-8%. The PBILDT margin of the firm was 13.17% for FY15
(15.31% for FY14) whereas PAT margin stood at 8.11% in FY15
(7.49% in FY14).

Partial Comfort from price escalation clause mitigating risk
arising out of adverse movement in raw material prices and
labour cost: Most contracts above the value of INR1 crore have
built in price escalation clauses, pertaining to delays arising
due to reasons beyond SAM's control such as encroachment on land
etc. The escalation amount is pegged to the price of construction
commodities. This mitigates the risk arising out of adverse
movement in raw material price and labour cost to a certain
extent.

Saifuddin Appallal Mulla (SAM) is a proprietorship firm based out
of Nipani, Karnataka. The firm was established in the year 1989
by Mr. Saifuddin Mulla and is presently being managed by his son
Mr. Mainu Mulla. SAM is a Class I government civil contractor and
is engaged in construction of roads, bridges, canals etc. in the
states of Karnataka and Maharashtra. The firm receives government
contracts on tender basis which are typically executable over the
span of 24 months. SAM has to deposit the EMD (Earnest money
deposit) amount i.e. 5% of the contract value with the government
and does not receive any mobilization advances. In FY15 (Prov),
SAM had a surplus of INR 0.93 crore on a total operating income
of INR 11.43 crore, as against PAT and TOI of INR0.52 crore and
INR6.99 crore respectively, in FY14.


SAXENA MARINE-TECH: CRISIL Assigns B+ Rating to INR21cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Saxena Marine-Tech Private Limited (SMPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       13.8       CRISIL A4 (Assigned)
   Cash Credit          21         CRISIL B+/Stable (Assigned)
   Letter of Credit      5         CRISIL A4 (Assigned)
   Long Term Loan        0.2       CRISIL B+/Stable (Assigned)

The rating reflects modest scale and working capital-intensive
operations coupled with a weak financial risk profile. These
weaknesses are partially offset by promoter's extensive
experience in the industry and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue of INR61.5 crore during
fiscal 2018, reflects modest scale of operations, thereby
restricting cost efficiencies and ability to bid for larger
orders.

* Large working capital requirement: Gross current assets (GCAs)
are estimated at 548 days as on March 31, 2018, driven by a
stretched receivable cycle, as majority of the revenue is
received post completion of the project (spanning over 2-3 months
on an average). Moreover, large inventory holding (work-in-
progress and finished products) also exerts further pressure on
the working capital needs.

* Weak financial risk profile: Networth was low at INR12.2 crore,
leading to high gearing and total outside liabilities to tangible
networth ratio at 2.5 times and 7.1 times, respectively, as on
March 31, 2018. Low accretion to reserves, due to small scale and
profitability, will keep the ratios weak over the medium term.

Strengths

* Promoter's extensive experience in the industry: Benefits of
over 4 decades of promoter and his family's industrial experience
leading to healthy customer and supplier relations, will continue
to support the business risk profile over the medium term.

* Promoter's funding support: Equity and unsecured loans of
INR2.1 crore and INR10.5 crore, respectively, were infused during
fiscal 2018. This need-based financial support from the promoter
should continue to aid the liquidity over the medium term.

Outlook: Stable

CRISIL believes SMPL will continue to benefit from its promoter's
extensive experience in the industry. The outlook may be revised
to 'Positive' if substantial improvement in scale and
profitability leads to higher-than-expected cash accrual, along
with efficient working capital management leading to reduced
dependence on working capital debt. The outlook may be revised to
'Negative' if slow-down in order book or more-than-expected
stretch in working capital requirement or any debt-funded capital
expenditure further deteriorates the financial risk profile.

Incorporated in 1973 by Mr. M S Saxena, SMPL manufactures
engineering products particularly pre engineering building (PEB)
structures for MES (Military Engineer Services) and other private
entities. The company has 2 divisions located in Ghaziabad and
Noida with a combined installed capacity of 1200 tonne per month.


SHRI MAHARANA: CRISIL Reaffirms B Rating on INR5.9cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Shri Maharana Chains (SMC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.9       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.1       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive jewellery segment and its
below-average financial risk profile because of small networth,
high total outside liabilities to adjusted networth (TOLANW)
ratio, and subdued debt protection metrics. These weaknesses are
partially offset by the proprietor's extensive experience in the
gold jewellery business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive domestic
jewellery industry: The firm's modest scale is reflected in
estimated turnover of INR50 crore for fiscal 2018. The gold
jewellery industry in India is fragmented and intensely
competitive.

* Below-average financial risk profile: The financial risk
profile is constrained by high TOLANW ratio of over 3 times and
small networth of INR1.5 crore as on March 31, 2018, and subdued
debt protection metrics indicated by interest coverage ratio of
less than 2.0 times in fiscal 2018.

Strength

* Proprietor's extensive experience in the gold jewellery
business: The proprietor, Mr. Chunasingh Dasana, has experience
of more than a decade in manufacturing gold chains.

Outlook: Stable

CRISIL believes SMC will maintain its business risk profile over
the medium term, backed by its proprietor's extensive industry
experience. The outlook may be revised to 'Positive' if there is
a significant growth in revenue and profitability, or a sizeable
equity infusion, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if a steep decline in
revenue and profitability or stretch in working capital cycle
leads to pressure on liquidity and financial risk profile.

Set up in 2006 and promoted by Mr. Chunasingh Dasana, SMC
manufactures gold chains at its facility in Mumbai.


SONAI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR6cr Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sonai Constructions Private Limited (SCPL) and
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
facilities. The rating was suspended on September 7, 2016, since
SCPL had not provided information required for a rating review.
SCPL has now shared the requisite information, enabling CRISIL to
assign the ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Assigned:
                                    Suspension Revoked)

   Cash Credit            6         CRISIL B+/Stable (Assigned:
                                    Suspension Revoked)

The ratings reflect SCPL's modest scale of operations and large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoter, Mr.
Ramesh Ahirrao, in the civil construction business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations - revenue was
estimated at INR14.4 crore in fiscal 2018 - may remain modest,
despite some increase over the medium term.

* Large working capital requirement: Work-in-progress inventory
and, therefore, working capital requirements, are sizeable, as
the company follows cash-based accounting. Internal accrual and
credit from suppliers will continue to support working capital.

Strengths

* Extensive experience of the promoter: Benefits from the
promoter's extensive experience of over 20 years, and his healthy
relations with customers, should continue to help the company
receive orders.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from its promoter's
extensive experience. The outlook may be revised to 'Positive' if
a substantial increase in revenue and stable operating
profitability result in higher-than-expected cash accrual, while
working capital cycle remains efficiently managed. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly capital structure and liquidity, weakens
considerably due to low sales, profitability and cash accrual, or
stretch in working capital cycle.

Incorporated in 2000, and promoted by Mr. Ramesh Ahirrao, SCPL
undertakes civil construction projects, especially in irrigation,
and involving masonry, earthen concrete dams and hydraulic
structures.


SRI LAKSHMI: CRISIL Moves B+ Rating From Not Cooperating Category
-----------------------------------------------------------------
CRISIL is migrating the rating of Sri Lakshmi Rice Industries
(SLRI) from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.69       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term    1.11       CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Long Term Loan        0.20       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 guidelines, had migrated the rating
on bank facilities of SLRI to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management subsequently started
sharing the information necessary 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 continues to reflect the firm's modest scale of
operations in the intensely competitive rice-milling industry,
and susceptibility of operating profitability to volatility in
raw material prices and to changes in government regulations.
These weaknesses are partially offset by the extensive industry
experience of the partners, and established relationships with
customers and suppliers and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a competitive industry: With
revenue of INR21.3 crore in fiscal 2017 and estimated revenue of
INR 26.4 crore in fiscal 2018, the firm's scale remains small in
the intensely competitive rice industry. The scale of operations
is expected to remain modest over the medium term, limiting
bargaining power with customers and restricting benefits of
economies of scale.

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

Strengths:

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

* Moderate financial risk profile: The Company has modest net
worth of around INR3.27 crores as on March 31, 2017 and estimated
networth of INR3.58 Cr as on March 2018. The gearing stood at
around 1.72 times as on March 2017 and estimated gearing of 0.42
times as on March 2018. The company has moderate average debt
protection metrics as indicated by its NCATD and interest
coverage ratio of 0.07 and 2.70 times for fiscal 2017 and
estimated NCATD and interest coverage ratio of 0.35 and 2.96
times for fiscal 2018.

Outlook: Stable

CRISIL believes SLRI will continue to benefit over the medium
term from the industry experience of promoter. The outlook may be
revised to 'Positive' in case of an increase in revenue and
significant improvement in profitability, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if a larger-than-expected, debt-funded capital
expenditure, sharp decline in sales volumes and profitability, or
a considerable stretch in working capital cycle, leads to
deterioration in the financial risk profile, especially
liquidity.

Established in 2002, SLRI, based in Nellore (Andhra Pradesh),
mills rice. The firm is promoted by Mr. VV Sesha Reddy.


SRI RAJA: CARE Lowers Rating on INR24.07cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Raja Vinayagar Mills (SRVM), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           24.07       CARE B+; Stable; Issuer not
                                    cooperating; Revised from
                                    CARE BB+; Stable

   Short term Bank
   Facilities            3.00       CARE A4; Issuer not
                                    cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sri Raja Vinayagar Mills
(SRVM) to monitor the rating vide e-mail communications/ letters
dated April 25, 2018, May 10, 2018, May 16, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, he rating on Sri
Raja Vinayagar Mills's bank facilities will now be denoted as
CARE BB+; Issuer not Cooperating/CARE A4+;Issuer not cooperating;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers

At the time of last rating on March 2016 the following were the
rating strengths and weaknesses.

Key Rating weakness

Relatively small albeit growing scale of operations and capital
withdrawal risk associated with partnership nature of the
Firm: The scale of operations of SRVM is relatively small with a
total income of INR74 crore during FY15. However, the total
revenue of the firm has increased over the years. With gradual
addition of capacity and improvement in utilisation levels, the
firm's total income increased from INR52.1 crore in FY12 to
INR74.3 crore in FY15 registering a CAGR of 12.56%. The present
manufacturing unit was set up as a green-field unit in 2003. The
firm being a partnership concern is exposed to inherent risk
of capital withdrawal by the partners, due to its business
constitution. However, the partners have not withdrawn capital in
the three years ended March 2014.

Going forward, ability of the firm to support its scale of
operations without hampering its leverage position will be
critical to the financial prospects of the firm. Any substantial
withdrawal of partners' capital account could impact the net
worth and thereby alter the financial profile of the firm.

Volatile raw material prices impacting profit margin: The prices
of cotton and cotton yarn are governed by various factors such as
area under cultivation, monsoon, export quota fixed by the
government, international demand-supply situation, etc. The firm
procures cotton mostly on cash basis from Andhra Pradesh,
Maharashtra, Karnataka etc. It also procures around 10% of its
raw material requirement through Letter of Credit (LC). Domestic
prices for various varieties of raw cotton have followed a
declining trend in the past mainly on account of decline in
exports due to falling demand from China. Cotton being the major
raw material of spinning mills like SVRM, movement in cotton
prices without parallel movement in yarn prices impact their
profitability. The cotton textile industry is inherently prone to
the volatility in cotton and yarn prices.

Competitive nature of the industry: SRVM operates in the textile
industry, with large number of organized and unorganized players.
This competitive nature of the industry segment restricts pricing
flexibility, entailing thin operating margins for the companies
present within this segment. Moreover, due to high degree of
fragmentation, small players hold very low bargaining power
against both its customers as well as its suppliers resulting in
such companies operating at very thin profit margins. Going
forward, ability of SRVM to manufacture value added fabrics and
integrate its production activity will have a positive impact on
its margins.

Key rating strengths

Experience of the partners in the textile business: The partners
of SRVM have around two decades of experience in the cotton
textile industry. Before starting SVRM, Mr. Saminthan was engaged
in merchant export of textile garments. The partners established
SVRM with an installed capacity of 6,000 spindles in November,
2003. The firm expanded its operations in three phases over the
years and the last expansion was completed in September 2011,
with an addition of 6,000 spindles. The day-to-day operations of
the firm are managed by Mr. Saminathan, who also oversees the
export sales. Mr. Palanisamy manages the domestic sales and Mr.
Thilak (son of Mr. Saminathan and partner in SRVM) takes care of
finance activities.

Established relationship with reputed clients: The firm has been
in this business for over a decade and over the period of time
has established good relationship with various reputed companies.
Furthermore, as a value addition process, the firm started
manufacturing of grey cotton fabric from the year 2009. Since
then, the firm has established good relationships with various
reputed garment companies based out of Tirupur and Kolkata.
During FY14 (refers to the period April 1 to March 31), the sale
of grey fabric contributed 49% to the total income of SRVM and
its share increased to 80% in FY15. The top 3 clients of the firm
generated around 50% of the total income during FY15. Added to
this, though export revenue contributes 16% of the total
revenues, the firm has strengthened its customer base over the
years in the export market as well.

Sri Raja Vinayagar Mills (SRVM) is a Coimbatore-based partnership
firm engaged in manufacturing and sale of cotton yarn and grey
cotton fabric. The firm was promoted in 2003 by Mr. R Saminathan
and his brother-in-law, Mr. C. Palanisamy, each with over 20
years of experience in cotton textile industry. SRVM started its
operations with an installed capacity of 6,000 spindles
and undertook expansion in a phased manner. The firm has an
installed capacity of 25,500 spindles as on March 31, 2015.
SVRM manufactures cotton yarn in the 40's count. The firm
outsources grey cotton fabric manufacturing to local job work
companies and supplies the final fabric to various knitting units
in Tirupur and Kolkata.

In FY15(Prov), SRVM had a Profit after Tax (PAT) of INR2.5crore
on a total operating income of INR74.30 crore, as against PAT and
TOI of INR2.3crore and INR71.20 crore, respectively, in FY14.


SUPER PLATECK: CRISIL Reaffirms B- Rating on INR3.75cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Super Plateck Private Limited (SPPL).
                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3.75      CRISIL B-/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee      2.25      CRISIL A4 (Reaffirmed)


The ratings continue to reflect the company's weak financial risk
profile, modest scale of operations, and large working capital
requirement. These weaknesses are partially offset by the
promoters' extensive experience in the industry and established
relationships with customers.

Analytical Approach

Unsecured loan from the promoters, estimated at INR51.9 lakh as
on March 31, 2018, has been treated as neither debt nor equity as
it will be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: SPPL's modest scale is reflected in
estimated operating income of INR26.52 crore in fiscal 2018.

* Large working capital requirement: The working capital-
intensive operations are reflected in gross current assets of 237
days as on March 31, 2018, (402 days a year earlier), driven by
sizeable receivables of 150 days. The company normally has
receivables of 135-257 days due to slow realisation from public
sector undertakings and as it has to maintain earnest money
deposit (EMD) because of its tender-based business. However,
ability to stretch payables'estimated at 180 days as on March 31,
2018, against 305 days a year earlier' supports liquidity.

* Weak financial risk profile: The financial risk profile is
constrained by modest estimated networth of INR1.20 crore as on
March 31, 2018, against INR1.04 crore a year earlier, due to low
accretion to reserves and profitability. Total outside
liabilities to adjusted networth (TOLANW) ratio was high at 13.32
times as on March 31, 2018, against 14.08 times as on March 31,
2017, but is expected to improve over the medium term in the
absence of any major debt-funded capital expenditure plan.

Strengths

* Promoters' extensive industry experience and established
relationships with customers: The promoters have been in the HDPE
pipes manufacturing segment for more than 20 years. This has
helped the company establish relationships with government
departments and suppliers, leading to healthy growth in topline.

Outlook: Stable

CRISIL believes SPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if significant increase in revenue and improvement in
working capital management lead to a better financial risk
profile, particularly gearing, and liquidity. The outlook may be
revised to 'Negative' if profitability is low, resulting in weak
cash accrual, or if working capital management weakens.

Established in 1990 and promoted by Mr. Dinesh Gupta and Mr.
Rajender Kumar, SPPL manufactures and supplies permanently
lubricated (PLB) high-density polyethylene (HDPE) pipes, telecom
ducts, medium density polyethylene (MDPE) pipes, duct pipes, drip
irrigation systems, sprinklers, and other such products. It has
installed capacity for manufacturing 4720 tonne of PLB HDPE pipes
per annum at Parwanoo (Himachal Pradesh).


SURYA ELECTRICALS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Surya
Electricals - Khurja (SEK) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.5        CRISIL A4 (Reaffirmed)

   Cash Credit           3.0        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          0.5        CRISIL B+/Stable (Reaffirmed)

The ratings reflect small scale of operations and stretched
working capital. The above weaknesses are partially offset by the
extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The small scale restricts ability
to bid for large projects. Moreover, given the low entry barrier
and tender-based business, the firm faces intense competition.
Also, revenue is susceptible to the quantum of tenders floated
and the firm's ability to bid successfully for them.

* Average financial risk profile: The financial risk profile is
constrained by high total outside liabilities to tangible
networth (TOLTNW) ratio, estimated at 4.6 times, as on March 31,
2018, mainly on account of modest networth. The ratio is expected
to improve to 3-4 times over the medium term in the absence of
debt-funded capex, supported by moderate incremental working
capital requirement.

* Geographical concentration in revenue: Operations are
concentrated in Uttar Pradesh, rendering the firm dependent on
local tenders and vulnerable to changes in state government
policies. Limited geographic and revenue diversity restricts
growth potential.

Strengths

* Proprietor's extensive experience in the electrical contracting
industry: Presence of almost three decades in the substation and
transmission line laying business has enabled the promoter to
develop strong relationships with customers and suppliers. The
promoter's extensive experience should support business risk
profile.

* Moderate working capital requirement: Operations are moderately
working capital intensive, indicated by estimated gross current
assets (GCAs) of 131 days as on March 31, 2018, driven by
receivables of 90 days and inventory of 2 days. Operations are
expected to be working capital intensive in the medium term.

Outlook: Stable

CRISIL believes SEK will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant and sustained
increase in revenue and improvement in profitability, working
capital cycle, and capital structure. The outlook may be revised
to 'Negative' if considerable decline in revenue or
profitability, stretched working capital cycle, or large, debt-
funded capital expenditure weakens financial risk profile.

SEK, established in 1988 as a proprietorship firm by Mr. Satyabir
Singh, sets up substations and transmission lines for state power
transmission and distribution utilities in Uttar Pradesh. It also
undertakes civil construction for substations and lying of cable
lines for residential and government projects.


TARINI AGRO: CRISIL Moves B+ Rating From Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tarini Agro
Foodprocess Private Limited (TAFPL) to CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.78       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term
   Bank Loan Facility     .57       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan             3.64       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 guidelines, had migrated the rating
of TAFPL to 'CRISIL B+/Stable/issuer not cooperating'. However,
TAFPL has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities
of TAFPL from 'CRISIL B+/Stable/issuer not cooperating' to
'CRISIL B+/Stable'.

The rating reflects TAFPL's weak financial risk profile, and
modest scale of operations in the intensely competitive packaged
foods industry. These weaknesses are mitigated by the experience
of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth was modest at INR0.41
crore as on March 31, 2018, with high gearing of 17.12 times.
Interest coverage and net cash accrual to total debt ratios were
2 times and 0.11 time, respectively, in fiscal 2018. This trend
may continue over the medium term.

* Small scale of operations amid intense competition: The
packaged foods industry comprises reputed players (Haldiram,
Bikanervala, and Frito-Lay India) which operate at Pan-India
level with strong brand name, established and wide marketing
network, and varied product mix. TAFDPL is still marking its way
for Pan-India reach with distribution limited to Odisha. Intense
competition may continue to restrict scalability of operations
and limit pricing power with suppliers and customers, thereby
constraining profitability. Revenue has been modest, estimated at
INR12 crore in fiscal 2018.

Strengths

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

Outlook: Stable

CRISIL believes TAFPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if substantial increase in scale of operations and
profitability strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if stretched working capital
cycle, steep decline in scale of operations or profitability
leading to considerably low cash accrual, or any large, debt-
funded capital expenditure weakens financial risk profile and
liquidity.

TAFPL, incorporated in 2008 at Odisha, manufactures corn flakes,
gram flour (besan powder) and potato chips; it commenced
commercial operation in 2013. Mr. Pratap Kumar Sahoo and his
wife, Ms Sasmita Sahoo, are the promoters.


TECHNOBIT INDUSTRIES: CARE Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Technobit Industries Private Limited to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.32      CARE B; Issuer Not Cooperating,
   Facilities                    Based on best available
                                 information

   Long-term/Short-    2.10      CARE B/CARE A4; Issuer Not
   Term Bank                     Cooperating, Based on best
   Facilities                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Technobit Industries
Private Limited to monitor the ratings vide e-mail
communications/ letters dated May 25, 2018, May 24, 2018, May 23,
2018, May 22, 2018, April 20, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Technobit Industries Private Limited's bank
facilities will now be denoted as CARE B/A4; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.

The ratings take into account its small scale of operations,
moderate capital structure, moderate liquidity position in FY17
(refers to the period April 1 to March 31), susceptibility of
margins to volatility in petro prices and exchange rate
fluctuation. The ratings, however, derive strength from
experienced promoters, comfortable profitability margins along
with comfortable debt coverage indicators. TIPL's ability to
increase its sales of operations along with improvement in
capital structure and liquidity position would be the key rating
sensitivities.

Detailed description of the key rating drivers

At the time of last rating on March 17, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of companies.)

Key Rating Strengths

Experienced Promoters: Mr. Sureshbhai Chaudhary has overall 13
years of experience of which nearly 10 years of experience as a
partner in M/s. Baroda Bitumen Company (the firm discontinued its
operations in 2011) in which was engaged in trading of industrial
bitumen. Since 2013, he is doing business of manufacturing of
industrial bitumen as a proprietor through M/s. Hindustan
Infra Product. He will look after the marketing of bitumen
products.

Another promoter, Mr. Ashokkumar Chaudhary also has overall
experience of 13 years. He was also working in Baroda Bitumen
Company as a partner till 2010. Since then he is working as a
proprietor in M/s. Arbuda Logistic which is into transport
services of bitumen products. He will look after manufacturing
operations of the business.

Comfortable profitability margins: PBILDT of the company remained
at INR2.11 crore and PAT of the company remained at INR0.92 crore
during FY17. PBILDT margin remain comfortable at 8.82% during
FY17 and PAT margin also remain comfortable at 3.84% during FY17.

Comfortable debt coverage indicators: Debt coverage indicators of
the company remained comfortable marked by total debt to GCA of
4.78 years as on March 31, 2017 and interest coverage of 3.08
times during FY17.

Key Rating Weaknesses

Small scale of operations: The company has achieved total
operating income of INR23.88 crore during FY17.

Moderate capital structure: Overall gearing of the company
remained moderate at 1.78 times as on March 31, 2017.

Moderate liquidity position: Liquidity position of company
remained moderate marked by current ratio of 1.48 times as on
March 31, 2017.

Operating cycle of the company remained comfortable at 26 days
during FY17.

Susceptibility of margins to volatility in petro prices and
exchange rate fluctuation: The key raw materials used for
manufacturing bitumen emulsion are Bitumen 60/70 grade (primarily
used as components of road construction) which are derivatives of
crude oil. The prices of raw materials reflect the volatility
associated with the crude oil and in the past few years there has
been wide fluctuations in raw material prices. TIPL plans to
imports raw material from Iran which is the base raw material for
manufacturing of Bitumen. TIPL plans to import 80% of the raw
material rest through domestic suppliers. Since the company does
not resort to any hedging mechanism for its imports, it is
exposed to risk on account of foreign exchange fluctuations.

Baroda-based (Gujarat) TIPL was incorporated in August 2015 as a
private limited company by Mr. Ashokkumar Chaudhary, Mrs Bhumika
Chaudhary, Mr. Sureshbhai Chaudhary, Mr. Devarsh M Pandya, and
Miss Mira D Pandya (Badiyani) with the main object to manufacture
petrochemicals products like bitumen road emulsions, industrial
asphalt and other products of bitumen emulsion. TIPL will import
bitumen 60/70 grade (key raw material) majority from Iran and to
some extent from domestic suppliers. The products manufactured by
the company will find its applications in road construction &
repairing, construction of water tank and bridges.


TULIPS AMBBIENCE: CRISIL Reaffirms D Rating on INR4.2cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Tulips Ambbience Private Limited (TAPL) at 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL D (Reaffirmed)
   Letter of Credit      0.3        CRISIL D (Reaffirmed)
   Term Loan             4.2        CRISIL D (Reaffirmed)

The ratings continue to reflect the firm's delays in servicing
its term debt due to weak liquidity. TAPL's scale of operation
remained modest in highly fragmented soft-furnishing industry and
the financial risk profile remained weak. However, it benefits
from the extensive experience of its promoter in in the soft
furnishing business.

Key Rating Drivers & Detailed Description

Weaknesses

* Subdued financial risk profile: The net worth was negative as
on March 31, 2017, leading to a weak capital structure. Low
profitability has also resulted in a modest interest coverage
ratio of 2 time in fiscal 2017.

* Modest scale of operations in the fragmented soft-furnishing
industry: Revenue was INR16.48 crore in fiscal 2017, and is
expected to remain modest due to the high degree of fragmentation
in the industry.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of nearly two decades in the soft furnishing
business. Benefits from this experience will continue to support
the business risk profile.

Incorporated in 2001, TAPL is promoted by Mrs Raajkumarri Mutha,
who has been in this line of business for over two decades. The
company designs and manufactures customised soft furnishings for
retail and corporate clients. It has a workshop in Pune and
showrooms in Pune, Bengaluru, and Delhi.


VISHAL INFRAGLOBAL: CRISIL Lowers Rating on INR47cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vishal Infraglobal Private Limited (VIPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         47        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            25        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING)

CRISIL has been consistently following up with VIPL for obtaining
information through letters and emails dated March 31, 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
has not received any information on either the financial
performance or strategic intent of VIPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity.

The downgrade reflects delays in repayment of debt obligations,
because of its stretched liquidity position.

VIPL was originally established as a proprietorship concern by
Mr. Virsangbhai F Chaudhary in 1990. The firm was reconstituted
as partnership firm in 2007 and subsequently as a private limited
company in 2012. The company undertakes construction of roads and
bridges and is recognized as an AA-class contractor by the
Government of Gujarat for the execution of road projects.

Status of non cooperation with previous CRA
VIPL has not cooperated with Brickwork Ratings India Private
Limited and has classified it as non-cooperative vide release
dated Feb 09, 2018. The reason provided by Brickwork Ratings
India Private Limited is absence of the requisite information
from the company.

VIPL has not cooperated with India Ratings And Research Private
Limited and has classified it as non-cooperative vide release
dated June 07, 2018. The reason provided by India Ratings And
Research Private Limited is absence of the requisite information
from the company.


YUVARAJ CABLE: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Yuvaraj
Cable Networks to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      5.87      CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Yuvaraj Cable Networks to
monitor the rating vide e-mail communications/ letters dated
April 27, 2018, May 10, 2018, May 15, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on Yuvaraj Cable Network's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on April 12 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Elongated operating cycle due to high inventory holding and
working capital intensive nature of operations: The operating
cycle of the firm was high at 241 days in FY15 compared to 375
days in FY14. High operating cycle of firm over the years was
mainly on account of high average inventory days. The firm is
required to hold inventory to meet customers demand and adhere to
operational procedures like activation, verification and other
internal checks of set top boxes. The firm makes the payment to
set top box supplier mostly in advance while receives payment
depending on the services subscribed by the customers (like
monthly, quarterly and annually). Due to the above said factor,
the business operations of the firm are highly dependent on
working capital bank borrowings. The average utilization of the
working capital limit is around 90% for the last 12 month ended
February 29, 2016.

Leveraged capital structure and weak debt coverage indicators:
The overall gearing ratio of the firm deteriorated to3.39x as on
March 31, 2014 as compared to 1.46x as on March 31, 2013 due to
the fact that the firm availed term loans coupled with
enhancement in working capital borrowings. However, the capital
structure of the firm improved to 2.74x as on March 31, 2015 on
account of repayment of term loan installments coupled with
increase in tangible networth. The capital structure of the firm
continues to be leveraged due to low networth base and high debt
levels. The debt coverage indicators of the firm marked by PBILDT
interest coverage ratio deteriorated from 16.90x in FY13 to 1.45x
in FY15 due to year-on-year significant increase in interest
expenses compared to moderate growth in PBILDT. Furthermore, the
total debt/GCA of the firm, though improved from 70.72x in FY14
to 14.70x in FY15 at the back of increase in cash accruals,
continues to remain weak due to high debt levels.

Constitution of the entity as a partnership firm: YCN, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

Key rating strengths

Experience of the partners for around two decades in the cable
network business: YCN is promoted by Mr. D Ramachandra Rao, his
family members and friends. Mr. D RamachandraRao and Mr. L
Sridhar have around seventeen years of experience in providing
cable television services. The firm is providing television
services through installation of set top boxes to six circles
located in and around Kovvur, Andhra Pradesh Growth in total
operating income along with increasing PBILDT margin during the
review period The total operating income of the firm increased at
a compounded annual growth rate (CAGR) of 84.15% from INR0.92
crore in FY13 to INR3.12 crore in FY15. The firm used to provide
television cable services till FY14.However, from FY15 onwards,
the firm started generating revenues from cable television
services through rental income as well as sale of set top boxes
through installation of set top boxes (each of INR1750/-)after
Government of India (GoI) had amended the Cable Television
Networks (Regulation) Act in 2011 making it mandatory for cable
television subscribers to install set top boxes for viewing
television which resulted in substantial increase in total
operating income to INR3.12 crore in FY15 compared to INR0.93
crore in FY14. Furthermore, the firm achieved sales of INR 7.00
crore during 11MFY16 (Provisional) due to increase in sale of set
top box. The PBILDT margin of the firm has been increasing y-o-y
and increased from 3.63% in FY13 to 15.68% in FY15 due to
relatively higher profit margin associated with the sale of set
top box service (i.e., installation of set top box and providing
television services) and absorption of fixed overheads due to
increase in scale of operations. However, the PAT margins of the
firm remained fluctuating year-on-year due to increase in
financial changes over the years. The PAT margin increased by 60
bps to 4.00% in FY14 over FY13 on account of healthy PBILDT
resulting in absorption of financial charges. However, the PAT
margin decreased by 232 bps to 1.68% in FY15 over FY14 due to
substantial increase in financial charges which remained
unabsorbed in spite of increase in PBILDT. There was enhancement
of bank facilities in the month of February 2014 to support
increase in scale of operations which led to substantial increase
in interest expenses during FY15.

Long track record of operations resulting in strong customer base
albeit supplier concentration risk: YCN was established in 1999
and has a track record of seventeen years. Over the years, the
firm was able to build relationships with the customers located
at Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and
Devarapalliin Andhra Pradesh. YCN has approx.40,000 members as on
February 29, 2016. However, the firm is exposed to supplier
concentration risk since YCN purchases entire set top box from
single supplier i.e. M/s Cyber Optic Solution Private Limited.

Stable demand outlook for digital television services: The
Direct-to-home (DTH) industry growth in India has surpassed all
expectations by growing at an unprecedented pace, recently. The
market has outpaced the analogue cables market in the country due
to a soaring number of televisions in households, introduction of
high definition (HD) services and various government
interventions. This recent momentum has made way for a
possibility that Indian DTH industry may supersede other global
DTH markets in terms of the number of subscribers in near future.
On the backdrop of all the above factors, the Indian DTH market
is expected to grow with CAGR of around 16% during the forecast
period of 2016 to 2020.According to the "Indian DTH Market
Outlook 2020", report, rising competition amongst various players
in Indian DTH market has led to a fall in installation prices and
availability of a wide range of channel subscription options for
users. The decline in Set-Top Box (STB) prices has also made DTH
services more viable for the Indian users. Besides, the mandated
introduction of digitization of distribution has proved promising
in bringing a large number of urban households within the ambit
of digital domain.

Yuvaraj Cable Networks (YCN) was established in the year 1999 and
promoted by Mr. D RamachandraRao, his family members and friends.
The firm is engaged in the business of providing television
services through installation of set top boxes (local cable
network) in and around Kovvur, Andhra Pradesh. The firm provides
television services to six circles (covering 80 villages) in A.P.
namely Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and
Devarapalli.

In FY15, YCN had a surplus of INR 0.05 crore on a total operating
income of INR 3.12 crore, as against PAT and TOI of INR 0.04
crore and INR 0.93 crore, respectively, in FY14.



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


GEO ENERGY: Fitch Cuts LT IDR to B on Delayed Mine Acquisition
--------------------------------------------------------------
Fitch Ratings has downgraded Geo Energy Resources Limited's Long-
Term Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook is
Stable. The agency has also downgraded Geo Coal International
Pte. Ltd.'s US$300 million senior unsecured guaranteed notes to
'B' from 'B+' with the Recovery Rating staying at 'RR4'.

The ratings were downgraded as Geo has taken longer than Fitch
expected to acquire a new coal mine. As a result, the company's
business profile is weaker than expected. Furthermore, Fitch
expects coal asset acquisitions would be costlier and scarcer now
given the rise in coal prices during the last year.

Geo's operational profile in terms of reserve life and production
is weaker than those of high 'B' rated coal mining peers. Geo's
coal reserves from its operational mines would be adequate to
support production for less than five years under its mining
plan, while peers have reserve life ranging from 10 years to 25
years. Geo's production of 7.6 million tonnes (mt) in 2017 is
smaller than the 16 to 35 mt of its peers. Geo's financial
profile remains strong with stable operating cash flows supported
by its low cost mines and comfortable near-term liquidity.

Geo would be required to repurchase the US$300 million notes that
were issued in October 2017 by April 2021 if it is unable to meet
certain conditions related to its reserves, which would be
achievable only with a coal asset acquisition. While the company
still has time to complete acquisitions, Fitch believes it faces
elevated execution risk in the current environment.

KEY RATING DRIVERS

Delay in Coal Asset Acquisition: Geo has not completed its
proposed investment in a coal asset. Most of the proceeds of
Geo's note issue in October 2017 were aimed at acquiring coal
assets to augment its reserves and production, which Fitch
factored in when ratings were assigned in July 2017. In Fitch's
view, the better access to financing and improved economics given
the strong coal prices are likely to limit the number of assets
available for acquisition. As a result, Fitch thinks Geo faces
considerable challenges in improving its operational profile,
especially in terms of maintaining reserves that can be extracted
profitably.

Small Scale of Operations: Geo's PT Sungai Danau Jaya (SDJ) and
PT Tanah Bumbu Resources (TBR) mines are adequate to continue
production until 2023 under its mining plans. The company has two
other mining concessions with about 10 mt of reserves, but one is
still under exploration and mining is not economically viable at
the other. As at end-2017, Geo had 85 mt of proved reserves, and
GEO expects production from its existing mines to increase to
over 13 mt by 2019, from 7.6 mt at end-2017.

Risk of Investments: Fitch believes Geo would need to acquire
multiple coal assets to maintain production volumes past 2022.
Geo's ratings also reflect the additional risks tied to any new
investments in coal assets, as a sizeable part of Geo's future
production will depend on this. Geo aims to mitigate this risk by
focusing on acquiring a producing or near-producing asset. In
addition, Fitch believes Geo may also need to consider investing
in higher-risk greenfield assets in the coming few years because
of the limited availability, strong demand and high prices for
acquisitions of relatively small-scale Indonesian coal assets
that are producing or near producing.

Strong Financial Profile: Geo's financial and liquidity profile
is strong for its rating. Fitch expects FFO gross leverage to
remain below 3.5x, FFO net leverage at less than 2x and FFO fixed
charge cover at about 4x until 2022, assuming multiple coal asset
acquisitions. Even excluding earnings generation from Geo's new
acquisitions, Fitch expects Geo to be able to maintain it FFO
fixed-charge coverage above 3x until 2022. Fitch expects coal
sales from Geo's existing mines alone (SDJ and TBR) to generate
an EBITDA of over US$100 million in 2018 and to range between
US$74 million and US$90 million until 2022, under its coal price
assumptions.

Moderate Sensitivity to Coal Prices: The cost position of Geo's
coal production is within the top 5% globally, due to a low strip
ratio of less than 4x. That said the calorific value of Geo's
coal is low compared to the Indonesian average, resulting in a
low selling price. The ratings reflect Fitch's EBITDA expectation
of US$10-11/tonne in 2018 under its price assumptions. Fitch also
assesses Geo's sensitivity to a decline in benchmark coal prices
to be higher than that of PT Golden Energy Mines Tbk (GEMS,
B+/Positive) and PT Indika Energy Tbk (Indika, B+/Positive).

Well-Managed Mining and Offtake: Geo's coal production and
overburden removal contracts are with Indonesia's second-largest
coal mining contractor, PT Bukit Makmur Mandiri Utama (BUMA, BB-
/Stable). Geo expects production from its mining concessions to
increase to over 13 mt by 2019 as TBR would commence production
in mid-2018 and gradually ramp up until 2021. TBR was acquired in
2017, and, as with SDJ, its coal mining is contracted to BUMA.
Geo has also entered into an offtake agreement for all coal
produced from SDJ with a coal trading company, minimising offtake
risks. While Geo is effectively exposed to a single customer,
Fitch thinks the commoditised nature of its coal offsets this
risk.

Exposure to Commodity, Regulatory Risk: Geo's earnings are linked
to the thermal coal industry and are vulnerable to commodity
cycles. The average monthly price for Newcastle 6,000kcal/kg coal
has fallen by 12% since peaking at US$106 tonnes in January 2018.
Fitch expects the decline to continue, with coal miners ramping
up supply and northern Asian power demand normalising after a
harsh winter in early 2018.

The coal industry is important to Indonesia in terms of national
energy security and its role in modulating domestic power prices.
Regulations passed in April 2018 cap the price of coal supplied
to the Indonesian power sector at US$70/tonne for two years based
on coal with a calorific value of 6,322kcal. Geo is not affected
as it does not supply to this sector. Fitch does not rule out the
imposition of a regulatory mechanism that could penalise
producers who supply a lower proportion of sales to the
Indonesian power sector than the national average, although the
impact of such a mechanism on Geo is unlikely to materially
impact its forecast financial profile.

DERIVATION SUMMARY

Geo's present operational profile in terms of reserve life is
weak compared with other Indonesian coal miners rated at 'B+'.
Geo's coal reserves from its operational mines would be adequate
to support production for less than five years under its mining
plan, compared with about 10 years at Indika and over 25 years at
GEMS. Geo is also more sensitive to a fall in benchmark coal
prices than Indika and GEMS, and is considerable smaller in terms
of EBITDA generation than the two peers. Geo's financial profile
is a strength, but the rating is constrained by the weak
operational profile.

KEY ASSUMPTIONS

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

  - Coal prices in line with Fitch's mid-cycle commodity price
assumptions, adjusted for the difference in calorific values
(average Newcastle 6,000 kcal FOB: US$88/Tonne in 2018,
US$79/tonne in 2019, US$77/tonne in 2020 and US$75/MT thereafter)

  - Coal production from SDJ and TBR increase to 10.5 mt in 2018
and 13 mt-14 mt a year until 2022

  - Investments in new coal assets of US$200 million in 2018, and
production from a new acquisition to commence from 2019

Fitch's key assumptions for bespoke recovery analysis include:

  - The recovery analysis assumes that Geo would be considered a
going concern in bankruptcy, and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Geo's going-concern EBITDA is based on expected EBITDA for
2018-2020, which incorporates some earnings generation from new
coal assets

  - The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which it bases
the valuation of the company. The going-concern EBITDA is 25%
below the mid-cycle EBITDA based on the long-term average thermal
coal price assumptions used by Fitch. The post-reorganisation
EBITDA assumes some post-default operating improvement, and is at
a level that may violate the intended covenants for its US dollar
notes.

  - Fitch generally assumes a fully drawn working-capital
facility of US$40 million - the extent allowed under the intended
covenants of the US dollar notes - in its recovery analysis,
since working-capital debt is tapped when companies are in
distress.

  - An enterprise value (EV) multiple of 4x is used to calculate
a post-reorganisation valuation, and reflects a derived EBITDA
multiple based on a distressed valuation metric of around US$3-
US$4 per tonne of Geo's proved reserves - including expected
acquisitions subject to adjustment. The historical EV multiple
for companies in the natural resources sector ranged from 5.8x-
11x, with a median of 8.7x. However, Fitch has used a
conservative multiple, due to the small size of Geo and its
limited concession period.

  - The waterfall results in a recovery of over 80% for the US
dollar note holders. However, Fitch applies a soft cap of 'RR4'
for the Recovery Ratings of Geo as all of its mining operations
are located in Indonesia, which Fitch classifies under Group D in
terms of creditor friendliness.

RATING SENSITIVITIES

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

  - An improvement in the reserve profile of Geo that allows it
to increase its long-term EBITDA generation through the cycle,
while maintaining FFO gross leverage below 3.0x and FFO fixed-
charge coverage above 3.5x. This could be achieved via a new
asset acquisition and Fitch would need to see a track record of
an overall earnings improvement before any positive ratings
action.

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

  - FFO gross leverage rising above 4.5x and FFO fixed-charge
cover falling below 2x. Negative rating action could also be
considered if there are any signs of weakening liquidity, which
could increase its refinancing risks.

LIQUIDITY

Comfortable Liquidity: Fitch thinks Geo's liquidity profile is
healthy for its rating. It currently has adequate cash for
potential investments to improve its reserve profile, and cash
generation from its existing mines provide FFO coverage of over
3x until 2022. Fitch also expects Geo to have adequate cash
balances to repurchase the US$300 million of notes by April 2021
in the event Geo is unable to execute its acquisitions, in line
with the note documents. At end-2017, Geo's debt comprised of
US$300 million of senior unsecured notes due in October 2022, and
cash balances amounted to US$262 million.



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


KOBE STEEL: Egan-Jones Hikes FC Senior Unsecured Rating to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on June 15, 2018, upgraded the
foreign currency senior unsecured ratings on debt issued by Kobe
Steel Ltd. to BB+ from BB.

Headquartered in Kobe, Hyogo Prefecture, Japan, Kobe Steel, Ltd.,
operating worldwide under the brand Kobelco, is a major Japanese
steel manufacturer headquartered in Chuo-ku, Kobe. Kobe Steel
also has a stake in Osaka Titanium Technologies.


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


KERERU INVESTMENT: In Liquidation; Leaves Creditors Out of Pocket
-----------------------------------------------------------------
Jono Galuszka at Stuff.co.nz reports that a postal company on the
wrong end of two employment disputes has been liquidated, owing
tens of thousands of dollars.

Stuff says the liquidation brings to an end a saga involving the
company withholding one employee's wages, paying another less
than minimum wage to work 72-hour weeks, and liquidators unable
to recover money from a former company director partly because he
was bankrupted.

Kereru Investments Ltd, a Feilding company directed by Scott and
Michelle Guthrie which ran a rural delivery service contracted to
New Zealand Post, folded in 2013 after three years in business,
the report recalls.

In its short life, the company was subject to two different
Employment Relations Authority decisions against it, the report
notes.

Stuff, citing final report from liquidator Marcus McMillan of
PricewaterhouseCoopers, released in June, discloses that
Scott Guthrie owed a Kereru company account money. But he was
made bankrupt and no distribution was made from the bankrupt
estate, Mr. McMillan said, Stuff relays.

The company owed NZ$107,000 to various creditors when it was
placed into liquidation, including the NZ$47,200 from the
Employment Relations Authority cases, Stuff discloses.

There was no chance everyone was going to be paid back, given
only NZ$92,761 was brought in during the liquidation to cover the
debts and liquidator's fees.

According to Stuff, Mr. McMillan said in his report all
preferential unsecured claims were fully paid back, which are
listed in his report as totalling NZ$37,592.  However, non-
preferential secured creditors were only able to be paid back at
about 24 cents for every dollar owed, he said.

A total of NZ$64,048 was paid to those owed money, Stuff notes.

The authority ordered the company to pay the driver NZ$38,000,
and the mail sorter NZ$9,200, adds Stuff.


OPI PACIFIC: Debenture Holders Get Further NZ$3.9 Million
---------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the receivers of
OPI Pacific Finance have paid a further NZ$3.9 million to out-of-
pocket debenture holders after receiving a 'dividend' from the
liquidators of its failed parent.

According to BusinessDesk, the payment in April brings the total
recovery to 32.9 cents in the dollar, based on balances owed when
the company put a moratorium on payments to its debenture
holders. In September 2009, sixteen months into the moratorium,
its trustee put OPI into receivership, the report recalls. That
had followed a Supreme Court ruling in Queensland that the parent
company be put into liquidation. At the time of moratorium, the
New Zealand firm owed NZ$256.7 million to secured debenture
holders and a further NZ$56.7 million to unsecured noteholders.

OPI had lodged an unsecured claim of NZ$372 million against its
failed parent, the MFS Group, formerly known as Octavia, as it
held a put option that would require Octavia to pay the face
amount of its loans in arrears for more than three months,
BusinessDesk relates. Last November Octaviar's liquidators
announced an interim dividend process including tranches of
NZ$2.9 million and NZ$1 million to OPI that were paid this year.

The MFS Group, formerly known as Octavia, collapsed in 2008 owing
AUD2.5 billion. Its OPI unit provided finance to commercial
property developers and investors, the report discloses.

According to BusinessDesk, receivers Colin McCloy and Maurice
Noone said in their latest six-monthly report that they
anticipated further recoveries from the parent once its
liquidators had wound up their administration.

"The timing and extent of these is unknown at present as
distributions are dependent on the outcome of recovery actions
and other creditor claim assessments being undertaken by the
liquidators," the receivers, as cited by BusinessDesk, said,
noting that the parent entities have other creditors "and the
assets in these companies appear to be insufficient to meet all
liabilities in full."

In November 2013, the Financial Markets Authority laid charges
against four directors, who all pleaded guilty to misleading
investors, the last being former director David Anderson in 2015
when he was sentenced to 300 hours community work and fined
AUD100,000 in reparations to investors. All four former directors
received community service sentences and total fines were
AUD400,000.

Receivership has been a costly exercise, BusinessDesk notes.
Receipts and payments for the entire period from September 2009
to March 14 this year show legal fees were NZ$3.1 million.
Receivers fees and disbursements have added up to NZ$2.9 million
and trustee fees were generated to the level of NZ$688,379. Total
payments were just under NZ$11 million and total receipts NZ$37.9
million, the report adds.

                         About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, was New Zealand-based finance company.  OPI Pacific was
a subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
September 15, 2009, by Perpetual Trust, the trustee for OPI's
secured debenture holders and unsecured note holders.  This ended
the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

At the time of the receivership it owed almost 11,000 investors
about NZ$256 million, of which 3.25 cents in the dollar has been
repaid, on top of the 22.19 cents investors received during the
moratorium, BusinessDesk said.


=====================
P H I L I P P I N E S
=====================


UNITED COCONUT: Moody's Assigns B1 Counterparty Risk Rating
-----------------------------------------------------------
Moody's Investors Service has assigned Counterparty Risk Ratings
(CRRs) to 10 banks in the Philippines (Baa2 stable).

The 10 Philippine banks comprise: 1) Bank of the Philippine
Islands (BPI), 2) BDO Unibank, Inc. (BDO), 3) China Banking
Corporation (China Bank), 4) Land Bank of the Philippines (LBP),
5) Metropolitan Bank & Trust Company (MBT), 6) Philippine
National Bank (PNB), 7) Rizal Commercial Banking Corporation
(RCBC), 8) Security Bank Corporation (Security Bank), 9) Union
Bank of the Philippines (Unionbank), and 10) United Coconut
Planters Bank (UCPB).

Moody's Counterparty Risk Ratings are opinions of the ability of
entities to honor the uncollateralized portion of non-debt
counterparty financial liabilities (CRR liabilities) and also
reflect the expected financial losses in the event such
liabilities are not honored. CRR liabilities typically relate to
transactions with unrelated parties. Examples of CRR liabilities
include the uncollateralized portion of payables arising from
derivatives transactions and the uncollateralized portion of
liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated
with covered bonds, letters of credit, guarantees, servicer and
trustee obligations, and other similar obligations that arise
from a bank performing its essential operating functions.

RATINGS RATIONALE

The CRRs assigned to the 10 banks are in line with the
Counterparty Risk Assessments (CRA) already assigned to the same
banks.

Because Moody's considers that the Philippines does not have an
operational resolution regime, in assigning CRRs to the
Philippine banks subject to this rating action, Moody's applies
its basic Loss Given Failure (LGF) approach. Moody's basic LGF
analysis positions CRRs in line with a bank's CRA, one notch
above its adjusted BCA, prior to government support.

The CRR also incorporates zero to two notches of uplifts due to
Moody's assessment of government support for the 10 banks in
times of need, based on the banks' systemic importance in the
Philippines. The uplifts are in line with those applied to the
CRA.

OUTLOOK

CRRs do not carry outlooks.

BPI - WHAT COULD CHANGE THE RATING UP

BPI's deposit rating of Baa2 is at the same level as the
sovereign rating of the Philippines. It is unlikely for BPI to be
rated above the sovereign, because Moody's views the correlation
of risk between the bank and the sovereign as high.

If the sovereign is upgraded, the following factors could result
in an upward revision of the bank's BCA and ratings: (1) a
consistent reduction in the bank's NPA; nonperforming loans (NPL)
and foreclosed assets; (2) a steady improvement in the bank's
profitability levels, as reflected by improvements in core
earnings and reductions in credit costs; or (3) higher levels of
loss-absorption capacity, as reflected by steady improvements in
the bank's capitalization.

BPI - WHAT COULD CHANGE THE RATING DOWN

Moody's could lower BPI's BCA if: (1) aggressive organic
expansion or acquisitions result in a significant increase in the
bank's risk profile; (2) the operating environment weakens
significantly or underwriting practices loosen, resulting in a
steady increase in NPAs, which in turn erode loss-absorbing
buffers; or (3) there is a material decline in the bank's capital
buffers, as a result of strong balance-sheet growth or credit
losses.

BDO - WHAT COULD CHANGE THE RATING UP

It is unlikely that BDO will be rated above the sovereign because
there is a high degree of risk correlation between the bank and
the sovereign.

If Moody's upgrades the sovereign's rating, the following factors
could result in an upward revision of BDO's ratings and BCA: (1)
the bank manages its growth, while maintaining stable asset
quality; (2) the bank maintains its profitability levels, as
reflected in its core earnings and credit costs; or (3) the bank
demonstrates a stable loss-absorption capacity, as reflected in
its loan-loss reserves and capitalization profile.

BDO - WHAT COULD CHANGE THE RATING DOWN

BDO's BCA and, consequently its ratings, could be lowered if: (1)
it demonstrates aggressive organic expansion, or its acquisitions
result in a significant increase in its risk profile; (2) the
bank's operating environment weakens significantly or its
underwriting practices loosen, resulting in a steady increase in
its NPAs that erode in turn its loss-absorbing buffers; or (3)
the bank's capital buffers fall materially, such that its Tier 1
ratio falls below 10%.

CHINA BANK - WHAT COULD CHANGE THE RATING UP

An upward revision of China Bank's BCA would likely lead to an
upgrade of its ratings, assuming that the bank's credit metrics
remain robust. The following factors could result in an upward
revision of the BCA: (1) The bank's proven ability to maintain
low levels of NPAs (NPLs and foreclosed assets) and keep credit
costs low; (2) its ability to reduce large-borrower concentration
risk; or (3) a proven ability to diversify funding sources and
reduce its dependence on high-cost corporate deposits.

CHINA BANK - WHAT COULD CHANGE THE RATING DOWN

China Bank's BCA, and consequently its ratings, could be lowered
because of the following factors: (1) aggressive organic
expansion or acquisitions that result in a significant increase
in the bank's risk profile; (2) a significant weakening in the
bank's operating environment or if its underwriting practices
become lax, resulting in a significant increase in NPAs; (3) the
bank's large-borrower concentration risk increases significantly;
(4) China Bank's reliance on corporate deposits creates
significant refinancing risks or liquidity issues; or (5) Moody's
lowers the Macro Profile for the Philippines. The Macro Profile
is a rating input used to determine a bank's BCA and is designed
to capture systemwide factors that are predictive of a bank's
propensity to fail.

LBP - WHAT COULD CHANGE THE RATING UP

LBP's deposit ratings of Baa2 are at the same level as the
Philippines' sovereign rating. It is unlikely for the bank's
deposit ratings to be positioned higher than the sovereign
rating, given the high correlation of credit risk between the
bank and the sovereign. Assuming LBP's credit metrics remain
robust, an upgrade of the sovereign rating would likely lead to
an upgrade of the bank's deposit ratings.

The following factors could result in an upward revision of LBP's
BCA: (1) improvements in the timeliness and transparency of the
bank's financial reporting; or (2) significantly lower credit
risk concentration in individual borrowers and industry groups.

LBP - WHAT COULD CHANGE THE RATING DOWN

LBP's BCA, and consequently its ratings, could be downgraded if:
(1) the operating environment weakens significantly or
underwriting practices become loose, resulting in a considerable
deterioration in the bank's asset quality; (2) the bank's NPLs
rise without a corresponding increase in loan-loss provisions; or
(3) its capital buffer declines materially as a result of balance
sheet or credit losses.

MBT - WHAT COULD CHANGE THE RATING UP

MBT's deposit rating of Baa2 is at the same level as the
Philippines' sovereign rating. It is unlikely that MBT's ratings
will be higher than that of the sovereign, given the high
correlation of risks between the bank and the sovereign.

An upgrade of the sovereign rating would likely lead to an
upgrade of the bank's deposit rating, assuming the bank's credit
metrics remain robust.

If the sovereign is upgraded, the following factors could result
in an upward revision of the bank's BCA: (1) a consistent
reduction in the bank's NPAs, as represented by NPLs and
foreclosed assets; (2) steady improvements in profitability
levels, as reflected by improvements in core earnings and
reductions in credit costs; and/or (3) higher levels of loss-
absorption capacity, as reflected by steady improvements in its
capitalization profile.

MBTs subordinated debt rating is linked to its BCA. Moody's could
upgrade this rating if it raises the bank's BCA.

MBT - WHAT COULD CHANGE THE RATING DOWN

MBT's BCA could be lowered if: (1) the bank demonstrates
aggressive organic expansion or acquisitions, resulting in a
significant increase in its risk profile; (2) its operating
environment deteriorates significantly or underwriting practices
loosen, resulting in a steady increase in NPAs; thereby eroding
the bank's loss-absorbing buffers; and/or (3) the bank shows a
material decline in its capital buffers, as a result of strong
balance-sheet growth or credit losses.

PNB - WHAT COULD CHANGE THE RATING UP

PNB's deposit rating of Baa2 is at the same level as the
Philippines' sovereign rating. It is unlikely that PNB will be
rated above the sovereign, because of the high correlation of
risk between the bank and the sovereign.

The following factors could result in an upward revision of PNB's
BCA: (1) a proven ability to maintain its asset quality metrics
and its loss absorption buffers (capital and loan loss reserves),
and (2) evidence that the bank can improve cost efficiency and
its risk-adjusted profitability on a sustained basis.

PNB - WHAT COULD CHANGE THE RATING DOWN

PNB's BCA and consequently its ratings could be lowered if: (1)
aggressive expansion or acquisitions result in a significant
increase in its risk profile; (2) its underwriting practices
become lax, resulting in a significant increase in nonperforming
assets (NPA); (3) its capital buffers fall materially; (4) the
operating environment for banks in the Philippines deteriorates,
as reflected by a slowdown in the country's economic growth or a
rapid increase in leverage and/or a deterioration in the funding
and liquidity conditions for the banking system.

A downgrade of the Philippines' sovereign rating will also result
in a downgrade of the bank's ratings.

RCBC - WHAT COULD CHANGE THE RATING UP

RCBC's deposit and debt ratings of Baa2 are at the same level as
the Philippines' sovereign rating. It is unlikely that RCBC will
be rated above the sovereign, because of the high correlation of
risk between the bank and the sovereign.

The following factors could result in an upward revision of the
bank's BCA: (1) its proven ability to maintain asset quality
metrics; (2) its ability to maintain capitalization levels and
loan loss reserves in line with that of its domestic peers; and
(3) evidence that the bank can continue to reduce its credit
costs and improve risk-adjusted profitability to support capital
generation.

RCBC - WHAT COULD CHANGE THE RATING DOWN

RCBC's BCA and consequently its ratings could be lowered if: (1)
aggressive expansion or acquisitions lead to a significant
increase in the bank's risk profile; (2) its operating
environment weakens significantly or underwriting practices
become lax, resulting in a significant increase in NPAs; (3) its
capital buffers fall materially; (4) the operating environment
for banks in the Philippines deteriorates, as reflected by a
slowdown in the country's economic growth or a rapid increase in
leverage and/or a deterioration in the funding and liquidity
conditions for the banking system.

SECURITY BANK - WHAT COULD CHANGE THE RATING UP

Security Bank's deposit rating of Baa2 is at the same level as
the Philippines' sovereign rating. It is unlikely that the bank's
ratings will be higher than the sovereign's rating because
Moody's views the correlation of risk between the bank and the
sovereign as high.

If the sovereign's rating or the bank's BCA (or both) is
upgraded, Security Bank's ratings could be upgraded.

The following factors could result in an upgrade of the bank's
BCA: (1) a proven ability to maintain low levels of NPAs (NPLs
and foreclosed assets) and keep credit costs low; (2) evidence
that the bank can increase the contribution of its core
commercial banking businesses to its overall profitability; and
(3) higher loss-absorption capacity.

SECURITY BANK - WHAT COULD CHANGE THE RATING DOWN

Security Bank's BCA and consequently its ratings could be lowered
if the following factors occur: (1) the bank undertakes
aggressive organic expansion or acquisitions in unfamiliar
markets, resulting in a significant increase in its asset risks;
(2) the bank's operating environment weakens significantly or
underwriting practices become lax, resulting in a significant
increase in NPAs; (3) the bank's capital buffers or core
profitability deteriorate materially; (4) the bank's reliance on
market funds creates significant refinancing risks or liquidity
issues; or (5) Moody's lowers the Macro Profile for the
Philippines. The Macro Profile is a rating input used to
determine a bank's BCA, and it is designed to capture system-wide
factors that are predictive of the propensity of banks to fail.

UNIONBANK - WHAT COULD CHANGE THE RATING UP

UnionBank's deposit rating of Baa2 is at the same level as the
Philippines' sovereign rating. It is unlikely that the bank's
ratings will be higher than that of the sovereign, given the high
correlation of risks between the bank and the sovereign.

If Moody's upgrades the sovereign's rating and UnionBank's BCA,
Moody's could upgrade the bank's ratings.

The following factors could result in an upward revision of the
bank's BCA: (1) a consistent improvement in UnionBank's asset
quality, as reflected in a stable or slower NPL formation rate;
(2) steady improvement in the bank's earnings quality, as
reflected in a sustained increase in its share of core recurring
earnings; (3) higher levels of loss-absorption capacity, as
reflected by a steady improvement in its capitalization; or (4) a
proven ability to diversify its funding sources and reduce its
dependence on high-cost corporate deposits.

UNIONBANK - WHAT COULD CHANGE THE RATING DOWN

UnionBank's BCA, and consequently its ratings, could be lowered
if: (1) continued rapid expansion or acquisitions result in a
significant increase in the bank's risk profile; (2) its
operating environment weakens significantly or underwriting
practices become lax, resulting in a significant increase in
NPAs; (3) large borrower concentration risks rise materially; (4)
the bank's reliance on corporate deposits rises further and
increases its vulnerability to significant deposit outflow or
liquidity issues; or (5) Moody's lowers the Macro Profile for the
Philippines. The Macro Profile is a rating input used to
determine a bank's BCA and is designed to capture systemwide
factors that are predictive of the bank's propensity to fail.

UCPB - WHAT COULD CHANGE THE RATING UP

Moody's could raise UCPB's BCA or upgrade its deposit rating if
the bank adheres to its rehabilitation plan and displays an
ability to increase its profits, such that it can absorb the
growing amortizations required under its rehabilitation plan
through earnings, and if the bank maintains strong liquidity.

UCPB - WHAT COULD CHANGE THE RATING DOWN

Moody's could lower UCPB's deposit rating if: (1) the bank
demonstrates a deterioration in its already weak loss-absorption
capacity, such that its earnings fail to increase and are
insufficient to absorb the amortizations required under its
rehabilitation plan; thereby requiring a new bail-out or
restructuring of the current plan; (2) UCPB's liquidity levels
deteriorate, such that the bank's economic insolvency becomes a
more pressing credit factor; or (3) Moody's assesses that
systemic support for the bank has weakened.

The following ratings were assigned:

Bank of the Philippine Islands

Local currency long-term Counterparty Risk Rating of Baa1

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa1

Foreign currency short-term Counterparty Risk Rating of P-2

BDO Unibank, Inc.

Local currency long-term Counterparty Risk Rating of Baa1

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa1

Foreign currency short-term Counterparty Risk Rating of P-2

China Banking Corporation

Local currency long-term Counterparty Risk Rating of Baa2

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of P-2

Land Bank of the Philippines

Local currency long-term Counterparty Risk Rating of Baa2

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of P-2

Metropolitan Bank & Trust Company

Local currency long-term Counterparty Risk Rating of Baa1

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa1

Foreign currency short-term Counterparty Risk Rating of P-2

Philippine National Bank

Local currency long-term Counterparty Risk Rating of Baa2

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of P-2

Rizal Commercial Banking Corporation

Local currency long-term Counterparty Risk Rating of Baa2

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of P-2

Security Bank Corporation

Local currency long-term Counterparty Risk Rating of Baa2

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of P-2

Union Bank of the Philippines

Local currency long-term Counterparty Risk Rating of Baa2

Foreign currency long-term Counterparty Risk Rating of Baa2

United Coconut Planters Bank

Local currency long-term Counterparty Risk Rating of B1

Local currency short-term Counterparty Risk Rating of NP

Foreign currency long-term Counterparty Risk Rating of B1

Foreign currency short-term Counterparty Risk Rating of NP

The principal methodology used in these ratings was Banks
published in June 2018.

Bank of the Philippine Islands, headquartered in Manila, reported
total assets of PHP1.9 trillion (USD 36.7 billion) at March 31,
2018.

BDO Unibank, Inc., headquartered in Manila, reported total assets
of PHP2.8 trillion (USD53.6 billion) at March 31, 2018.

China Banking Corporation, headquartered in Manila, reported
total assets of PHP723 billion (USD13.9 billion) at March 31,
2018.

Land Bank of the Philippines, headquartered in Manila, reported
total assets of PHP1,617 billion (USD32.4 billion) at March 31,
2018.

Metropolitan Bank & Trust Company, headquartered in Manila,
reported total assets of PHP2.1 trillion (USD39.6 billion) at
March 31, 2018.

Philippine National Bank, headquartered in Manila, reported total
assets of PHP851 billion (USD16.3 billion) at March 31, 2018.

Rizal Commercial Banking Corporation, headquartered in Manila,
reported total assets of PHP586 billion (USD11.2 billion) at
March 31, 2018.

Security Bank Corporation, headquartered in Manila, reported
total assets of PHP703 billion (USD13.5 billion) at March 31,
2018.

Union Bank of the Philippines, headquartered in Manila, reported
total assets of PHP608 billion (USD11.7 billion) at March 31,
2018.

United Coconut Planters Bank, headquartered in Manila, reported
total assets of PHP309 billion (USD6.2 billion) at March 31,
2018.



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


HYFLUX LTD: High Court Grants 6-Month Break from Creditors
----------------------------------------------------------
The Straits Times reports that the High Court has granted Hyflux
a six-month lifeline to stave off its creditors.

Now the struggling water project firm must find a buyer for its
stake in the giant Tuaspring asset and seek offers from rescue
financiers, the report says.

According to the report, Hyflux is seeking to raise about $200
million in rescue financing after the court on June 19 granted it
a six-month reprieve from creditors to work out a survival plan
and reorganise its debts.

Without the debt moratorium, Hyflux would "run out of cash in the
next four to five weeks", WongPartnership partner Manoj
Sandrasegara told the court, the Strait Times relays.

Hyflux's bank debt is $1.84 billion. That excludes $265 million
in outstanding medium-term notes, $400 million in outstanding
retail perpetual preference shares and $500 million in retail
perpetual securities, the report discloses.

The Straits Times says Hyflux and its units under the moratorium
had a cash balance of just $18.6 million as of June 4. That
represents a net cash outflow of $300,000 since May 18.

Hyflux founder Olivia Lum did not attend the hearing, but wrote
in a June 14 affidavit that if the firm can get a $200 million
cash injection, it would help fund construction at Hyflux's
ongoing TuasOne and Qurayyat projects, according to the report.
It would also assist it to secure new projects.

The report notes that Hyflux is in preliminary talks with 27
potential financiers. If these express concrete interest after
having seen limited data about Hyflux, they will proceed to more
advanced talks, said Ms Lum.

Hyflux estimates that it will cost $132 million to complete the
TuasOne waste-to-energy plant in May next year. It will then
enjoy a net cash inflow of $291 million.

The Qurayyat desalination project in Oman is expected to cost
US$28 million (SGD38 million) to complete. Hyflux will get a net
cash inflow of US$5.6 million once commercial operations commence
in September, the report states.

According to the Strait Times, the six-month lifeline gives
Hyflux's interested rescuers the time to "get their act together"
and arrange a $200 million syndicated loan, Mr. Sandrasegara
said. Such a loan may be disbursed over time as milestones are
reached, he added.

Another priority for Hyflux is the sale of the Tuaspring
Integrated Water and Power Project - its largest but loss-making
asset that will be returned to national water agency PUB in 2038,
the report notes. Hyflux is in talks with four parties on a
possible sale, Ms Lum wrote, noting that it could "be divested at
a price around or above its present $1.3 billion book value".

The report relates that although Tuaspring had been put on the
market last year, low power prices then meant it would not have
served Hyflux's stakeholders to accept the early bids, she wrote.

If Tuaspring is sold at book value or higher, Hyflux would have
about $900 million left after paying off secured project finance
lender Maybank, Ms Lum wrote. That money could be used to settle
other debt, the report says.

Maybank is Hyflux's largest secured creditor. The moratorium
granted June 19 did not extend to Tuaspring. The court will hear
Tuaspring's application for a separate moratorium in two weeks,
the report states.

Hyflux has 29 bank lenders. Among the six banks that did support
its moratorium were Mizuho, which is owed $235.2 million, and
DBS, which is owed $93.6 million.

Besides the Tianjin Dagang plant in China (net book value of
$139.8 million), Hyflux is not considering a sale of any other
assets at this time.

According to the report, Ms. Lum held that if Hyflux is
liquidated, unsecured creditors are likely to suffer a 72 per
cent to 85 per cent loss in face value.

Hyflux and the Securities Investors Association (Singapore) will
conduct town hall meetings for investors on July 19 and 20, the
report discloses.

The court told Hyflux to provide an update in three months, adds
the Strait Times.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.



                             *********

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 ***