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

                      A S I A   P A C I F I C

             Monday, July 2, 2018, Vol. 21, No. 129

                            Headlines


A U S T R A L I A

AUSTRALIAN NATIONAL: Is at "Major Risk" of Insolvency
AVOCARE LIMITED: First Creditors' Meeting Set for July 10
BLOO MOONS: First Creditors' Meeting Set for July 9
DRONROD PTY: First Creditors' Meeting Set for July 6
HENNINGS PTY: First Creditors' Meeting Set for July 9

JPD MEDIA: Calls in Lawyers to Dispel Insolvent Trading Claim
QUINTIS: Growers Group Steps Up Campaign Over Sandalwood Projects
SAINT MARYS: First Creditors' Meeting Set for July 6
WATCH WORKS: First Creditors' Meeting Set for July 9


B A N G L A D E S H

BANGLALINK DIGITAL: S&P Affirms 'BB-' ICR, Outlook Stable


C H I N A

CHINA JINJIANG: S&P Alters Outlook to Negative & Affirms 'BB' ICR
GUIRENNIAO CO: Moody's Cuts CFR to B2; On Review for Downgrade


H O N G  K O N G

LIONBRIDGE CAPITAL: Fitch Affirms 'B+' LT IDR, Outlook Stable


I N D I A

BATLIBOI LIMITED: Ind-Ra Migrates B- LT Rating to Non-Cooperating
BHAVIN IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
DEVANS MODERN: CRISIL Maintains D Rating in Not Cooperating
GANESH TAMULI: CRISIL Migrates B+ Rating to Not Cooperating
GOLDEN DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating

GURUDEVA TRUST: CRISIL Reaffirms B Rating on INR8.2cr Term Loan
H.P. INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
HIND HYDRAULICS: CRISIL Migrates B+ Rating to Not Cooperating
J C CONSTRUCTION: Ind-Ra Migrates BB LT Rating to Non-Cooperating
KALINGA BHARATI: Ind-Ra Affirms 'B' Rating on INR55.00MM Loan

MAHADEV STEEL: CRISIL Assigns B+ Rating to INR8cr Cash Loan
PATWA MARKETING: CRISIL Migrates D Rating to Not Cooperating
PUNE TUBES: CRISIL Migrates D Rating to Not Cooperating Category
RAGHAV INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR411.45cr Loan

RANK CRANES: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
RK-CPR (JV): CRISIL Reaffirms B+ Rating on INR30cr Cash Loan
SAMI UMAYAAL: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
SANDOZ MERCHANTS: CRISIL Migrates B+ Rating to Not Cooperating
SATYAM PULSE: CRISIL Migrates B+ Rating to Not Cooperating

SEAGULL TRUST II: Ind-Ra Affirms 'B+' Rating on INR301.3MM Loan
SHANTINIKETAN ASHRAYA: CRISIL Moves B+ Rating to Not Cooperating
SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75cr Cash Loan
SHRI JAGADGURU: Ind-Ra Maintains BB LT Rating in Non-Cooperating
SITARAM HISSARIA: CRISIL Migrates B Rating to Not Cooperating

SOOD STEEL: CRISIL Migrates B+ Rating to Not Cooperating Category
SRI NACHAMMAI: CRISIL Withdraws B+ Rating on INR20cr Cash Loan
SRI S.R. MILL: CRISIL Migrates B+ Rating to Not Cooperating
SRI SIDDHI: CRISIL Migrates B+ Rating to Not Cooperating Category
SWASTIK DENIM: CRISIL Migrates B+ Rating to Not Cooperating

VEGA CONTROLS: CRISIL Reaffirms B+ Rating on INR1.25cr Cash Loan
VISA POWER: IRP Invites Resolution Plans from Bidders


P H I L I P P I N E S

PHILIPPINE TELEGRAPH: Sets Out to Save Rehabilitation Plan


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A U S T R A L I A
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AUSTRALIAN NATIONAL: Is at "Major Risk" of Insolvency
-----------------------------------------------------
Xinhua News Agency reports that the Australian National Gallery
(NGA), home to one of the country's premier art collections, is
at "major risk" of insolvency, according to an auditor's report
released on June 27.

Xinhua relates that the audit into the management of collections
at the NGA suggested cash flow issues were putting the gallery's
assets, worth 4.5 billion U.S. dollars, in jeopardy.

According to Xinhua, the Australian National Audit Office (ANAO)
found in February that the NGA's "planned conservation activities
exceed the current resources allocated by management" and that
the gallery's strategic direction was poor.

The report found that the 3.4 million-U.S. dollar sculpture
Habakuk, by Max Ernst, was "unsafe" outside the gallery -- where
it had been moved in 2016 -- but it was not returned inside until
February 2018, despite warnings, according to Xinhua.

Xinhua says the NGA in Canberra collects emblematic paintings
such as Sidney Nolan's Ned Kelly series, a major collection of
watercolors by Albert Namatjira and Jackson Pollack's Blue Poles.

But the condition of the gallery's storage facilities posed a
potential risk to the collection, according to the A-NAO report
cited by Xinhua.

"The condition of the NGA's storage arrangements and backlog of
remedial work present a risk to workplace health and safety and
to the optimal maintenance of the collection if not addressed and
resourced in a timely manner," the report, as cited by Xinhua,
said.

Xinhua relates that the gallery has played down the ANAO's
findings, with Assistant Director Adam Worrall saying they are
not a surprise and they are already working on some of the
changes recommended.

"There's never been an issue with solvency at the gallery, and
it's not a secret that the NGA and many arts organizations in
this country are grappling with budget issues," Xinhua quotes Mr.
Worrall as saying. "It was added to the risk register so that it
was something that everyone in the institution would be aware of
when we were doing our forward planning."

The gallery has also used government funding that was meant to be
used for acquiring and maintaining new works to prop up its
operating budget, adds Xinhua.

The report came just two weeks before incoming director Nick
Mitzevich is due to take on the helm of the institution, Xinhua
reports.


AVOCARE LIMITED: First Creditors' Meeting Set for July 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Avocare
Limited will be held at the offices of Worrells Insolvency &
Forensic Accountants, Level 15, 114 William Street, in Melbourne,
Victoria, on July 10, 2018, at 2:30 p.m.

Matthew Jess and Con Kokkinos of Worrells Solvency & Forensic
Accountants were appointed as administrators of Avocare Limited
on June 28, 2018.


BLOO MOONS: First Creditors' Meeting Set for July 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bloo Moons
Pty Ltd as Trustee for the Bloo Moons Trust, trading as Ahoy
Buccaneers, will be held at Mercure Broome, 1/79 Weld St, in
Broome, WA, on July 9, 2018, at 2:30 p.m.

Matthew David Woods and Hayden Leigh White of KPMG were appointed
as administrators of Bloo Moons on June 27, 2018.


DRONROD PTY: First Creditors' Meeting Set for July 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Dronrod
Pty Ltd, trading as Farmer's Daughter Wines, will be held at the
offices of SV Partners Sydney, Level 7, 151 Castlereagh Street,
in Sydney, NSW, on July 6, 2018, at 11:00 a.m.

Ian Purchas of SV Partners was appointed as administrator of
Dronrod Pty on June 26, 2018.


HENNINGS PTY: First Creditors' Meeting Set for July 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Hennings
Pty Limited will be held at the offices of Pitcher Partners,
Level 22 MLC Centre, 19 Martin Place, in Sydney, NSW, on July 9,
2018, at 11:00 a.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Hennings Pty on June 28, 2018.


JPD MEDIA: Calls in Lawyers to Dispel Insolvent Trading Claim
-------------------------------------------------------------
The Sydney Morning Herald reports that Jamie Durie has been
forced to engage lawyers to dispel claims made by the
administrator of his private company that the celebrity gardener
may have traded his company while it was insolvent for nearly two
years.

Court documents and creditors reports shine a light on the messy
fallout of the collapse of JPD Media & Design, stemming from
legal action launched by Mr. Durie's former licensing agent Mike
Curnow, SMH says.

SMH relates that Mr. Durie, a former Manpower dancer who became a
gardening presenter on Channel Nine's Backyard Blitz, brought in
lawyers to address concerns from administrator Simon Cathro of
Worrells Solvency & Forensic Accounting.

In late May, Mr. Cathro wrote to creditors of Mr. Durie's JPD
Media & Design that "preliminary investigations have identified a
possible insolvent trading claim against the Director [Mr Durie]
and potential voidable transactions," SMH recalls.

And in documents filed with the corporate regulator, ASIC, the
administrator ticked "Yes" in a box alongside the question --
"have I found any offence committed by the officers of the
company," according to SMH.

Mr. Durie was sole shareholder and director, SMH notes.

Mr. Curnow and Mr. Durie fell out around 2012 when
Mr. Durie's company was under financial pressure, SMH discloses
citing court documents.

According to SMH, Mr. Curnow launched legal action when his
services were terminated. The NSW Supreme Court ruled in
Mr. Curnow's favor this year after a five-year battle, leading
him to issue a demand for payment.

The day before the payment period lapsed Mr. Durie put the
company into voluntary administration, SMH relates. The company
owes Mr. Curnow more than AUD563,000 and the Australian Taxation
Office as much as AUD215,000. Mr Curnow was later awarded costs
taking his claim to more than AUD1 million.

The company had AUD1 in the bank, SMH discloses.

Documents lodged with ASIC detail creditors' meetings, revealing
the administrator's concerns from preliminary investigations
about the business' solvency, according to SMH.

SMH adds that Mr. Cathro told creditors his initial view was the
company may have been insolvent by February 28, 2018 when a tax
bill fell due. But the tax office had since divulged that
garnishee notices were issued on January 24, 2018.

Simon Cathro of Worrells Solvency was appointed as administrator
of JPD Media on May 3, 2018.


QUINTIS: Growers Group Steps Up Campaign Over Sandalwood Projects
-----------------------------------------------------------------
Sean Smith at The West Australian reports that bondholders may
have won control of Quintis, but the company's sandalwood
investment schemes are the subject of an escalating war of words
between receivers and the Frank Wilson-linked group of growers
seeking to carve out a new business.

The West Australian says the Sandalwood Growers Co-operative and
insolvency firm McGrathNicol have gone head to head in tit-for-
tat "updates" to scheme investors before meetings to be called by
the co-op.

According to the report, the group, whose directors include Mr.
Wilson, Quintis' former chief executive, is attempting to win
control of a second scheme next month as part of a plan to roll
up all of Quintis' sandalwood projects.

In its latest notice, the co-op stepped up its criticism of the
management of the northern Australian plantations, rejecting what
it says is McGrathNicol's implication "that Quintis is the only
manager capable of managing investor plantations in a proper
manner," the West Australian notes.

The West Australian relates that McGrathNicol had earlier
dismissed claims by the co-op that the bondholders behind the
recapitalised Quintis business would seek to recover their AUD530
million of existing and new investment in the sandalwood play by
"squeezing" growers.

According to the report, creditors last month approved a deed of
company arrangement that will see the bondholders take control of
the Quintis' business under a AUD175 million privatisation.

The report relates that the DOCA was announced just before after
growers backed the co-op by voting to replace a Quintis
subsidiary as the responsible entity of the 2002 MIS scheme with
Huntley Management. The co-op was voted management
responsibilities over the project.

The 2003 scheme will go to the vote on July 23, with the co-op
already telling growers that proxies indicate "a comfortable win"
for Huntley, the report states.

It is also cautioned growers that co-op will have to run any
schemes they recover without the irrigation systems and other
infrastructure owned by Quintis, which are not transferable to a
replacement manager, adds the West Australian.

                          About Quintis

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

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

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

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


SAINT MARYS: First Creditors' Meeting Set for July 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Saint
Marys Reliance Group Pty Ltd will be held at the offices of Cor
Cordis, One Wharf Lane, Level 20, 171 Sussex Street, in Sydney,
NSW, on July 6, 2018, at 10:00 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Saint Marys on June 26, 2018.


WATCH WORKS: First Creditors' Meeting Set for July 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Watch
Works Australia Pty Ltd and Cobbler Plus Services Pty Ltd will be
held at the offices of FTI Consulting, Level 6, 30 The Esplanade,
in Perth, WA, on July 9, 2018, at 11:00 a.m.

Ian Francis, Kathryn Warwick and Daniel Woodhouse of FTI
Consulting were appointed as administrators of Watch Works on
June 27, 2018.



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B A N G L A D E S H
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BANGLALINK DIGITAL: S&P Affirms 'BB-' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Banglalink Digital Communications Ltd. The outlook is
stable. At the same time, S&P affirmed its 'BB-' long-term issue
rating on the Bangladesh-based telecom operator's senior
unsecured notes.

S&P said, "We affirmed the rating because we expect support from
Banglalink's ultimate parent to offset a deterioration in the
company's financial position over the next two years.

"We believe Banglalink's elevated capital spending amid
moderating cash flows will weaken its financial metrics over the
next two years. We have therefore revised our assessment of the
company's stand-alone credit profile (SACP) to 'b+' from 'bb-'.

"We expect Banglalink to benefit from management, technical, and
financial support from VEON Ltd. (BB/Stable/-), which has a 57.7%
stake in Banglalink's parent Global Telecom Holding. The rating
on Banglalink therefore incorporates a one-notch uplift from the
company's SACP to reflect our assessment of the company's
moderately strategic status within the group.

"Banglalink is likely to maintain its market position as the
third-largest operator in Bangladesh. We understand that the
company's subscriber growth in 2017 was muted due to spectrum
shortage. Its market share weakened to about 22% of the country's
mobile subscribers in 2017, from 24% in the previous year.
However, the launch of 4G data services in 2018 and improving 3G
data penetration should help the company accelerate its
subscriber growth rate and sustain low-to-moderate revenue growth
over the next two years.

"We forecast Banglalink's EBITDA margin at 37%-39% over the next
two years, lower than our earlier expectation of more than 40%.
Intense price competition will likely keep voice and data tariffs
for Banglalink under pressure. This, coupled with increasing
marketing spending and operating expenditure on 4G services, will
constrain margins amid suppressed revenue growth."

Banglalink's capital expenditure is likely to remain high over
the next two years, driven by spectrum investment and network
expansion. In February 2018, the company purchased technology-
neutral spectrum that will allow it to double its 3G data network
capacity. The company also acquired the 4G/LTE (long-term
evolution) license simultaneously and launched its 4G data
services. These investments remain crucial for Banglalink to
bring its coverage in line with peers such as Grameen Phone Ltd.
and Robi Axiata Ltd.

Banglalink is likely to continue to partly finance this capital
expenditure, as well as its upcoming bullet debt maturity in
2019, with term facilities from local banks. The company's debt
should therefore stay elevated at Bangladeshi taka (BDT) 58
billion-BDT60 billion in 2018 before gradually declining to BDT55
billion-BDT58 billion in 2019. S&P had expected the debt to be
BDT30 billion-BDT40 billion over this period. The company has
availed term facilities of about BDT29.3 billion for its capital
spending with an option to increase the amount to BDT40 billion.
This should be sufficient to meet refinancing requirements over
the next 12 months.

S&P said, "We believe suppressed margins and the higher cost of
local currency debt will weigh on Banglalink's cash flows over
the next three years. We estimate that the company's ratio of
funds from operations (FFO) to debt will average 22%-25% in 2018
and 2019, compared with our earlier estimate of more than 40%. We
have therefore revised our assessment of Banglalink's financial
risk profile to significant from intermediate.

"Banglalink's small scale of operations continue to make the
company vulnerable to one-off event risks in a volatile political
and regulatory environment, in our view. This, along with a
depreciating local currency and frequent tax changes, could
increase cash flow uncertainties for the company."

S&P's base case assumes:

-- Bangladesh's GDP to grow at 6%-7% over 2018-2020.

-- Bangladesh's mobile industry will witness data-led growth in
    mid-single digits over this period, partly offset by high
    competitive pressures on tariffs.

-- Banglalink's subscriber volume-led revenue growth will be 1%
    in 2018 and gradually scale up to about 5% in 2020. This rate
    is slower than growth in GDP and the industry.

-- The company's capital spending on spectrum and 4G/LTE license
    will be about BDT27.5 billion in 2018 and its deferred
    spectrum-related charges will be about BDT3 billion annually
    in 2019 and 2020.

-- Banglalink's capital expenditure will average 18% of revenues
    in 2018 and 15% of revenues thereafter for network expansion
    and maintenance.

-- Banglalink will not pay any dividends over the next two
    years.

Based on these assumptions, S&P arrives at the following credit
measures:

-- FFO-to-debt ratio of 22%-25% in 2018 and 2019, gradually
    improving toward 30% in 2020, compared with 69% in 2017.

-- Debt-to-EBITDA ratio of 3.0x-3.5x in 2018 and 2019, improving
    to 2.5x-3.0x in 2020, compared with 1.2x in 2017.

S&P said, "The stable outlook reflects our expectation that
Banglalink will maintain its market position over the next 12-24
months despite a 4G-led increase in capital spending.

"The outlook on Banglalink also reflects the outlook on the
sovereign credit rating on Bangladesh. We also expect VEON Ltd.
to continue to extend necessary support to Banglalink.

"We may downgrade Banglalink if: (1) the company's operating and
financial performances deteriorate significantly, such that the
ratio of FFO to debt falls below 20% on a sustained basis; (2) we
lower the rating on VEON; or (3) we lower the sovereign credit
rating on Bangladesh.

"In a remote scenario, we could raise the rating on Banglalink
if: (1) our assessment of the company's SACP improves to 'bb',
possibly due to stronger operating and financial performances
than we expect, with enhanced liquidity; and (2) we upgrade
Bangladesh."



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C H I N A
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CHINA JINJIANG: S&P Alters Outlook to Negative & Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on China Jinjiang
Environment Holding Co. Ltd. (CJE) to negative from stable. At
the same time, S&P affirmed its 'BB' long-term issuer credit on
the company and its 'BB-' long-term issue rating on the company's
senior unsecured notes.

CJE is one of the largest waste-to-energy (WTE) companies in
China.

The outlook revision mainly reflects CJE's reducing financial
buffer for the rating over the next few quarters because of the
company's weakening cash flows and increasing capital
expenditure.

In S&P's view, CJE's technological upgrade of its eight existing
WTE facilities (representing approximately half of its existing
capacity) since the third quarter of 2017 will weigh on its cash
flows. It could also push up the company's capital expenditure by
about Chinese renminbi (RMB) 1 billion.

In addition, CJE's accelerating overseas expansion in developing
countries such as Indonesia and Brazil could constrain its credit
profile. As a result, S&P expects the CJE's ratio of funds from
operations (FFO) to debt to deteriorate to 13%-15% over the next
12-24 months, from around 17% in 2017.

CJE expects the capacity upgrade to help it to meet the
increasing demand for waste treatment in large cities due to the
continuous net inflow of population. The capacity upgrade should
increase CJE's waste treatment volume by about 5,000 tons per day
(tpd) from 28,280 tpd as of end-2017. The upgraded facilities
will also have lower emissions and coal usage, thereby improving
cost efficiencies, as well as help to meet tightening emission
standards.

S&P said, "We believe CJE's capacity utilization will remain low
at about 75% in 2018, compared with about 80% in 2017 and about
90% in 2016. This is based on our expectation that capacity at
each of the affected plants will fall by a third during the
upgrade process. However, the phased implementation of the
upgrade will minimize the impact on the overall utilization.

"We anticipate that CJE's cash flow will remain flattish in 2018.
The company plans to complete the majority of the upgrade this
year, with the rest in 2019. Partly moderating the negative
impact is the commissioning of a few new WTE facilities in
Shangdong, Heilongjiang, and Ningxia over the past few quarters,
with an expected waste treatment capacity of 2,800 tpd."

CJE has executed its overseas expansion plan faster than our
original expectation. The company announced two overseas
acquisitions in the second quarter of 2018. This includes a WTE
project company in Brazil (the final terms are still under
negotiation) and a WTE project company in Indonesia with 1,000
tpd capacity for a total investment of US$120 million. S&P
believes CJE's overseas expansion plan is to diversify its
geographic exposure as the WTE market in China is becoming
saturated. CJE plans to enter overseas markets such as India,
which has a large population, similar demand for waste treatment
facilities as in China, and a favorable policy.

S&P said, "We estimate that CJE will have negative free operating
cash flows over the next 12-24 months despite the completion of a
Singapore dollar (S$) 107 million share placement in May 2018 and
disposal of two subsidiaries. CJE sold the shares due to its high
capital commitment for new WTE projects and the considerable time
required for these WTE facilities to generate cash flows.

"We affirmed the rating because we expect a recovery in CJE's
financial metrics over the next 12-24 months. In addition, the
rating is supported by CJE's stable business model with
contractually-protected long-term concessions, favorable
regulatory framework, leading market position, broad geographical
exposure, and good service quality record. This is despite the
persistent pressure from increasingly stringent environmental
standards and execution risk in new projects in China and
overseas.

"We assess CJE's stand-alone credit profile as 'bb'. We view the
company as a strategically important and insulated subsidiary of
the parent group, Hangzhou Jinjiang Group Co. Ltd. (HJG). CJE is
the primary platform for the group's pillar energy and
environmental segment. It has a close association with the
group's brand name and a record of support from the group.
However, its earnings contribution to the group is insignificant,
compared to the core alumina and aluminum production business of
the group.

"Our assessment on HJG's credit quality mainly reflects our view
of the group's high exposure on non-ferrous metals production and
trading. We believe HJG has a weaker credit profile than CJE
because its businesses are subject to commodity-price
volatilities and overcapacity in China's aluminum industry.
Moreover, HJG's financial leverage is elevated owing to its
historical capital spending on capacity expansion, and its
dependence on short-term financing. We assess the group is facing
the refinancing pressure, given its large maturing debt in 2018
and its narrow and high-cost financing channels. Nevertheless,
HJG's is one of China's largest private alumina producers. It has
effective cost controls, mainly from satisfactory self-
sufficiency on power usage, and benefits from a recent recovery
in aluminum and alumina prices following China's efforts to
reduce excess capacity."

The negative outlook on CJE reflects the risk that the company's
FFO-to-debt ratio may stay below 15% over the next 12 months
owing to weakening cash flows and higher capital expenditure from
capacity upgrade projects.

The outlook also reflects the company's accelerating overseas
expansion plan, which may burden its weakening financial metrics.
It also reflects the refinance risk of the parent group amid
gradually tightening liquidity in the onshore market.

S&P may lower the rating on CJE if the company's FFO-to-debt
ratio stays consistently below 15%. This could happen if:

-- The execution risk with the company's facilities upgrade plan
    limits the recovery in the WTE business;

-- More stringent environmental standards by governments affect
    the company's businesses, resulting in a weakening in the
    business or financial risk profile; or

-- CJE makes any large acquisitions or investments that are
    beyond S&P's expectation.

S&P said, "We may also lower the rating on CJE if the parent
group's FFO cash interest coverage consistently stays below 2.5x.
This could be due to: (1) the group continuing to rely on short-
term borrowing and facing heightened liquidity and payment risk,
such that its borrowing rate continue to increase; or (2) the
group's cash flows declining due to weakening industry conditions
or larger capital expenditure than we expect.

"We may also downgrade CJE if the likelihood of negative
intervention from the parent group increases."

S&P may revise the rating outlook on CJE to stable if it expects:

-- CJE to sustain its ratio of FFO to debt at more than 15% over
    the next 12-24 months. This could happen if CJE's facilities'
    upgrade goes on smoothly, such that the utilization rate and
    gross margin recover gradually over the next few quarters;
    and

-- The parent group to maintain its FFO cash interest coverage
    consistently above 2.5x, successfully refinance its large
    maturing debt, and improve its capital structure by replacing
    short-term borrowing with long-term debt.


GUIRENNIAO CO: Moody's Cuts CFR to B2; On Review for Downgrade
--------------------------------------------------------------
Moody's has downgraded the corporate family rating of Guirenniao
Co., Ltd. to B2 from B1.

At the same time, Moody's has placed the rating on review for
downgrade.

RATINGS RATIONALE

"The rating downgrade and review for further downgrade reflect
our concern over Guirenniao's increased refinancing risk amid
tighter funding market conditions in China," says Stephanie Lau,
a Moody's Vice President and Senior Analyst.

At the end of 1Q 2018, the company's RMB891 million of cash was
insufficient to cover its debt obligations maturing over the next
12 months, including RMB1.3 billion in short-term borrowings and
RMB900 million of short-term notes payable in 2018.

In addition, the company has to refinance RMB1.1 billion of
private and public onshore bonds due in 2019.

Given this material amount of debt maturing over the next 12-18
months, the company may have to seek alternate sources of
liquidity beyond its current banking facilities.

Moody's is concerned that Guirenniao's high refinancing risk will
continue against a backdrop of tight credit conditions in China
(A1 stable), which are likely to persist over the next 6-12
months. Such a situation puts pressure on its single B rating.

Moody's review will focus on: (1) any concrete actions Guirenniao
takes to refinance its short-term debt; and (2) the ability of
its major shareholder to offer additional equity or financial
resources.

Moody's would likely downgrade the rating if Guirenniao is
unlikely to reverse its current weak liquidity.

The principal methodology used in this rating was Apparel
Companies published in December 2017.

Founded in 2004 and headquartered in Jinjiang, Fujian, Guirenniao
Co., Ltd. listed on the Shanghai Stock Exchange (CH:603555) in
2014 and was 77% owned by Chairman and CEO Mr. Tianfu Lin at the
end of March 2018. The company posted revenues of RMB3.3 billion
(USD0.5 billion) in the 12 months ended 31 March 2018. As of
June 27, 2018, Guirenniao had a market capitalization of around
RMB8 billion.



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


LIONBRIDGE CAPITAL: Fitch Affirms 'B+' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Lionbridge Capital Co., Limited's
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook. Fitch has also affirmed the 'B' rating with a Recovery
Rating of 'RR5' on the USD160 million 9.75% senior unsecured note
due 2020 issued by New Lion Bridge Co., Ltd. and guaranteed by
Lionbridge Capital.

Lionbridge Capital is a holding company incorporated in Hong Kong
in 2011 with Lionbridge China, a wholly owned operating company,
accounting for 97% of its total assets as at end-2017.

Lionbridge China provides commercial-vehicle financing and is
developing a niche franchise in the truck-leasing market in
China. The company recalibrated its business strategy in 2017 by
focusing on truck leasing, where it has an established franchise
and market position, while gradually exiting the passenger-
vehicle and equipment-leasing business. Lease receivables from
truck leasing increased to more than 75% of total lease
receivables by end-2017 from 42% a year earlier.

KEY RATING DRIVERS

IDR - Lionbridge Capital

Lionbridge Capital's 'B+' IDR reflects the company's elevated
leverage, reliance on wholesale funding, and modest
profitability, which are counterbalanced by its rapidly
developing niche retail franchise in truck leasing together with
a risk appetite that is still to be tested and satisfactory asset
quality. The rating is based on its consolidated profile, which
considers the high integration between Lionbridge Capital and
Lionbridge China and limited restrictions on the flow of funds
between the two companies.

The Stable Outlook reflects Fitch's view that the company's
credit profile is well-balanced as the company seeks to
demonstrate it can successfully establish a competitive franchise
in the truck-leasing market while maintaining an adequate risk
appetite.

Senior Debt and Recovery Rating

The senior notes issued by New Lion Bridge constitute general,
unsecured and unsubordinated obligations of Lionbridge Capital.
The notes rank pari passu with Lionbridge Capital's other
unsecured and unsubordinated obligations, and are subordinated to
the secured debt of Lionbridge Capital and all the debt
obligations of Lionbridge China. The issuer also has options to
redeem and repurchase the notes. If there is a change of control
event, where majority shareholder Bain Capital's voting power in
Lionbridge Capital drops to below 50.1% and the bond rating is
downgraded, the issuer or the guarantor will be required to offer
to purchase all the outstanding notes above the face value.

The notes are rated one notch below Lionbridge Capital's Long-
Term IDR, with a Recovery Rating of 'RR5', to reflect the below-
average recovery prospects and structural subordination. The debt
issued by New Lion Bridge is structurally subordinated to the
debt of Lionbridge China and the recovery of Lionbridge Capital's
equity investment in Lionbridge China will be limited in the
event of liquidation as nearly all the operating assets are on
Lionbridge China's books.

RATING SENSITIVITIES

IDR, SENIOR DEBT AND RECOVERY RATING

Notable and sustained improvement of Lionbridge Capital's
franchise in truck leasing, and a demonstrated ability to manage
the growth while maintaining a satisfactory risk appetite with
managed leverage below 7x and a strengthened balance sheet would
be positive for its ratings.

On the other hand, an increasing risk appetite characterised by
aggressive growth with leverage consistently above 7x, or
mismanagement of its underwriting and asset quality, could
trigger a downgrade. Unexpected liquidity events such as a severe
capital market dislocation and loss of access to the asset-backed
securities market, which disrupt the company's funding, could
also lead to a rating downgrade.

The rating on the notes would be sensitive to changes in the
Recovery Rating, which depends on the balance sheet structures of
both Lionbridge Capital and Lionbridge China, as well as
Lionbridge China's asset quality. Any worsening of the structural
subordination that causes the bond's recovery rate to drop to or
below 10% will trigger a downgrade in the bond rating.



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


BATLIBOI LIMITED: Ind-Ra Migrates B- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Batliboi
Limited's Long-Term Issuer Rating to 'IND B-' from 'IND B'. The
Outlook is Stable. The rating has also been migrated to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow ups
by the agency. Thus, the rating is on the basis of best available
information. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR186 mil. Fund-based facilities downgraded and migrated to
    non-cooperating category with IND B- (ISSUER NOT COOPERATING)
    /Stable rating; and

-- INR541.5 mil. Non-fund-based facilities affirmed and migrated
    to non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a breach of Ind-Ra's negative rating
guidelines. Batliboi continued to incur EBITDA-level loses in
FY18 whereas revenue improved. According to FY18 financials,
EBITDA was negative INR42 million (FY17: negative INR59 million,
FY16: negative INR28 million) and revenue was INR2,140 million in
(INR2,048 million; INR2,166 million). Net cash conversion cycle
was 97 days in FY18 (FY17: 78 days; FY16: 134 days). Cash flow
from operation was negative INR30 million in FY18 (FY17: negative
INR122 million; FY16: INR60 million).

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with a management certificate
regarding timely debt servicing for the last 12 months and
information related to working capital utilization for the last
two months, despite continuous requests and follow-ups.

RATING SENSITIVITIES

Positive: An improvement in the profitability, leading to an
improvement in the credit metrics, on a sustained basis, will be
positive for the ratings.

Negative: Inability to improve the operating profitability
leading to stretch in the liquidity will be negative for the
ratings.

COMPANY PROFILE

Established in 1892, Batliboi manufactures machine tools, textile
air engineering machinery and air-conditioning.


BHAVIN IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhavin Impex
Private Limited (BIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash         9.5        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper
alloys and brass fittings since more than a decade. BIPL
manufactures, exports, and trades in brass ingots, billets, brass
extrusion, brass fasteners and fittings.


DEVANS MODERN: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Devans Modern
Breweries Ltd (DMBL) continues to be 'CRISIL D/CRISIL D/FD Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           45         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    22.3       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             50.7       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL has been following up with DMBL for obtaining information
through letters and emails (dated December 31, 2017 and April 30,
2018, among others), apart from telephonic communication.
However, the issuer continues to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DMBL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity DMBL scores low ('L') on availability of past
information. It scores low ('L') on future information due to
unavailability of management's public stated stance on future
expectations, strategic decisions, and capital expenditure
(capex), and low ('L') on the stability attributes listed in
CRISIL's criteria for surveillance of ratings of non-cooperative
issuers. On the basis of the aforementioned, CRISIL believes the
available information is consistent with a 'CRISIL D' category
rating. Based on the last available information, the rating on
bank facilities of DMBL continues to be 'CRISIL D/CRISIL D/FD
Issuer Not Cooperating'.

DMBL, set up as a liquor-bottling unit in 1962, manufactures malt
spirit, beer, and Indian-made foreign liquor.


GANESH TAMULI: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesh
Tamuli Engineering Private Limited (GTEPL; part of Tamuli group)
to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee        5.3      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit           2.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    2.2      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GTEPL for
obtaining information through letters and emails dated April 24,
2018, May 8, 2018, June 6, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ganesh Tamuli Engineering Private Limited to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GTEPL and Ganesh Tamuli (GT). That's
because both the entities, together referred to as the Tamuli
group, have common directors, are in the same line of business,
and have operational synergies.

GTEPL, a proprietorship concern established in 1983, undertakes
infrastructure development activities such as construction of
buildings and roads for government entities. Due to expansion of
operations and requirement of financial institutions, the
promoters incorporated GTEPL in December 2006. The Tamuli group
currently executes only building construction contracts,
including water supply and sewage systems, and roads and
compounds for government offices.


GOLDEN DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Golden
Developers (GD) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan               6       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GD for obtaining
information through letters and emails dated April 24, 2018,
May 8, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Golden Developers (GD), incorporated in 2013, is engaged into
real estate development in Ankleshwar, Gujarat. The firm is
promoted by Mr. Manish Kachchhi and Mr.Harshad Padsala. The firm
is currently constructing one residential Project- Golden Point.


GURUDEVA TRUST: CRISIL Reaffirms B Rating on INR8.2cr Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Gurudeva Trust (GT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             3          CRISIL A4 (Reaffirmed)
   Term Loan             8.2        CRISIL B/Stable (Reaffirmed)

The ratings reflect modest liquidity risk profile and geographic
concentration in revenue in a highly competitive education
sector. These weaknesses are partially offset by the extensive
experience of promoters and management in the education sector
and their fund support.

Key Rating Drivers & Detailed Description

Weakness

* Modest liquidity risk profile: Low unencumbered cash and bank
balances and high bank limit utilizations. The timely fund
support from the promoters shall remain a key rating sensitivity
factor.

* Geographic concentration in revenue in highly competitive
education sector: The trust operates all of its institutions in
Ernakulam, Kerela, exposing it to geographical concentration in
revenues. The trust also faces competition from other
institutions in the region.

Strengths

* Extensive experience of the promoters and their fund support:
The trust is managed by Mr K R Kusuman, along with other partners
and trustees. They had established the trust in January, 2001,
and have been closely involved with its activities since
inception. The trust has been able to establish a brand name in a
short span of time backed by strong focus on quality education.
The promoters have also provided fund support in the form of
unsecured loans in the past and are expected to continue to
provide fund support on need basis.

Outlook: Stable

CRISIL believes GT will continue to benefit from the extensive
experience of its promoters in the education sector. The outlook
may be revised to 'Positive' in case of higher-than-expected
growth in revenue and profitability, leading to improvement in
cash accrual and thereby strengthening the financial risk
profile. The outlook may be revised to 'Negative' in case of
unexpected debt-funded capital expenditure and/or any adverse
impact of regulatory changes relating to educational
institutions.

GT was established in January 2001 by Mr K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University,
Kottayam, Kerala.


H.P. INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of H.P.
International - Chandigarh (HPI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          11.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HPI for obtaining
information through letters and emails dated April 24, 2018,
May 18, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Set up in 2015 as a proprietorship concern by Mr. Nishant Kumar,
HPI trades in PET granules and bottles, master batches,
chemicals, mono cartons, and corrugated boxes that are majorly
used in the pharmaceutical industry. Commercial operations began
in April 2015.


HIND HYDRAULICS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hind
Hydraulics and Engineers (Prop. Hind Fluid Power Private Limited)
to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        5         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           4.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    9.89      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             0.61      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HHE for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Hind Hydraulics and Engineers(Prop. Hind Fluid
Power Private Limited) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

Established in 1973 as a proprietorship firm by Mr. Sucha Singh,
HHE manufactures presses, special-purpose presses, tools, and
automation products for press-based machines, which are used by
the automotive components, defence, energy, and rubber
industries; and in railways. Facility is in Faridabad, Haryana.


J C CONSTRUCTION: Ind-Ra Migrates BB LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated J C Construction
Private Limited's (JCCPL) 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 as follows:

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

-- INR9.39 mil. Term loan due on September 30, 2020 migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 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 1974, JCCPL undertakes various civil construction
projects in Assam and Arunachal Pradesh.


KALINGA BHARATI: Ind-Ra Affirms 'B' Rating on INR55.00MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kalinga Bharati
Foundation's (KBF) bank facilities as follows:

-- INR55.00 mil. Bank loans affirmed with IND B/Stable rating.

KEY RATING DRIVERS

The affirmation continues to reflect KBF's small scale of
operations as indicated by total income of INR17.60 million in
FY17, and lack of programme diversity offered by its
institutions. This is despite a decade of operational track
record of the society's institutions.

College student headcount declined to 546 in FY18 (FY17: 578),
due to a decline in enrolment for auxiliary nursing midwifery
course to 8 students (40 students), leading to a decline in
capacity utilization to 93.61% (98.80%). However, the overall
student headcount (including school) increased to 606 in FY18
(FY17: 578) owing to commencement of a new school in the academic
year 2017-18.

The rating continues to factor in KBF's high debt burden as
reflected by an increase in debt including rent to current
balance before interest, depreciation and rent ratio to 9.09x in
FY17 (FY16: 7.09x), due to a rise in debt to INR28.76 million
(INR14.58 million). KBF's debt comprised of unsecured loans
(58.28%) and secured term loans (41.72%) in FY17. Ind-Ra expects
the debt burden to remain high in the near-to-medium term, due to
INR92 million capex incurred during FY17-FY18.

The operating margins (excluding rent) remained weak, despite an
improvement to 18.59% in FY17 (FY16: 13.14%). The increase was
due to a 9.45% yoy decline in key expenditures (staff cost and
operating expenditure).

The rating benefits from KBF's comfortable coverage ratios as
reflected by debt service coverage ratio (including rent) of
1.61x and interest service coverage ratio (including rent) of
2.70x in FY17 (FY16: 1.27x). However, Ind-Ra believes the
coverage ratios are unlikely to remain comfortable owing to
commencement of debt repayments from FY19.

The society's liquidity position improved due to an increase in
available funds to INR7.59 million in FY17 (FY16: INR0.64
million). Available funds (cash and unrestricted investments)
covered 25.48% of its total debt in FY17 (FY16: 3.93%) and 52.96%
of its operating expenditure (4.25%). However, Ind-Ra expects the
liquidity position to remain tight in the near-to-medium term on
account of its ongoing capex of INR92 million incurred during
FY17-FY18 for construction of the existing college and building.

RATING SENSITIVITIES

Negative: Any unexpected fall in the student strength leading to
a fall in the operating profitability and coverage ratios, would
trigger a negative rating action.

Positive: A substantial growth in the revenue, leading to an
improvement in the operating performance and debt ratios could
trigger a positive rating action.

COMPANY PROFILE

Established in 1995 in Bhubaneswar, KBF is a charitable society
and registered under the Societies Registration Act, 1860. The
society manages four institutes under its aegis which are part of
Manjari Devi Group of Institutions. Its nursing college (started
in 2005) offers graduate and post-graduate courses. It also
manages a nursing school (started in 2005), which offers diploma
courses in nursing. It started a college - Manjari Devi College
of Science and Technology - in FY17 and offers Bachelor of
Physiotherapy. The society also started a new school - Manjari
Devi Public School - in the academic year 2017-18, which offers
classes KG to VII grade.


MAHADEV STEEL: CRISIL Assigns B+ Rating to INR8cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Mahadev Steel Industries (MSI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (Assigned)

The rating reflects low and volatile operating profitability
susceptible to raw material/traded goods price fluctuations and a
constrained financial risk profile because of a modest networth
and average debt protection metrics. These weaknesses are offset
by extensive experience of the partners in the steel industry and
their fund support.

Analytical Approach

The unsecured loans of INR3.07 crores (as on March 2018) extended
by promoters are treated as neither debt nor equity. These loans
are expected to be maintained in business over medium term and
carry nominal interest rate.

Key Rating Drivers & Detailed Description

Weakness

* Low operating profitability: The operating margins has been low
and fluctuated in the range of 0.8% to 1.5% for last four years
through 2018. Contribution from trading business and intense
competition constrain the margin.

* Susceptibility to volatility in raw material/traded goods
prices: The prices of steel products had been volatile in the
past. The firm maintains inventory of 15-30 days and hence
remains susceptible to adverse changes in prices.

* Constrained financial risk profile: A modest networth of
INR3.60 crore and average debt protection metrics have
constrained the financial risk profile. Low cash accruals and
moderate debt level have led to average interest coverage and net
cash accruals to total debt of 1.9 and 0.08 time respectively for
fiscal 2018.

Strengths

* Partners' extensive experience in steel industry and their fund
support: The firm is managed by Mr. Davinder Jaidka who has an
experience of around four decades in steel industry. This has
helped the firm to establish strong relationships with customers
and suppliers over the years and scale up the operations. Also
the infusion of unsecured loans by promoters support the working
capital management amid growing scale.

Outlook: Stable
CRISIL believes that MSI will benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' if higher revenue growth and
improved profitability leads to increased cash accruals.
Conversely, the outlook may be revised to 'Negative' if lower
cash accruals or stretch in working capital cycle weakens the
financial risk profile and liquidity.

MSI was setup in 1980 by Mr. Mangat Rai Jaidka and his brother
Mr. Davinder Jaidka. The firm is engaged in manufacturing and
trading of MS Bars and ERW pipes having its units at Mandi
Gobindgarh, Punjab with installed capacity of 100 Metric Tonnes
Per Day (MTPD) and is currently managed by Mr. Davinder and his
son Mr. Puneet Jaidka.


PATWA MARKETING: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Patwa
Marketing Private Limited (PMPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PMPL for obtaining
information through letters and emails dated June 13, 2018, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

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

UANPL and PMPL were incorporated in 1989 and 1995, respectively,
and are promoted by Mr Surendra Patwa. The companies are del
credere agent (DCAs) for RIL's polymer products. PMPL is also a
carry and forwarding agent for Torrent Pharma Limited (TPL).
Registered office is in Indore. The promoter is also engaged in
automobile dealership through other entities.


PUNE TUBES: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pune Tubes
Manufacturing Private Limited (PTMPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          7.25     CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Term Loan              8.25     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PTMPL for
obtaining information through letters and emails dated April 26,
2018, May 11, 2018, June 6, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

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

Established in 2011, PTMPL, promoted by Mr Prakash Saxsena, Mr
Atul Dudhe, Mr Nitin Sathe, and Mr NM Parande, was set up a plant
for manufacturing ERW pipes in Pimpari Saandas near Pune
(Maharashtra). Commercial operations began October 2016. Its
registered office is in Pune.


RAGHAV INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raghav
Industries (RI) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Packing Credit       2        CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Cash        2        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RI for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

RI, set up in 2005, processes basmati rice. The firm is promoted
by Mr Rakesh Garg and his brother, Mr Mukesh Garg. The milling
and sorting unit in Karnal (Haryana) has milling and sorting
capacities of 3 and 10 tonne per hour, respectively.


RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR411.45cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rajshree Sugars and Chemicals Limited (RSCL) at 'CRISIL D'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility      169.89      CRISIL D (Reaffirmed)

   Rupee Term Loan         411.45      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan                62.66      CRISIL D (Reaffirmed)

CRISIL's ratings continue to reflect instances of delay by RSCL
in servicing its term debt obligations.

The ratings also factors RSCL's weak financial risk profile,
marked by high gearing and below average debt protection metrics,
and the company's susceptibility to regulatory risks in the sugar
industry. However, these rating weaknesses are partially offset
by the promoters' extensive industry experience and availability
of diverse revenue streams.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Company's financial risk
profile continue to be weak marked by high gearing and subdued
debt protection metrics. Substantial losses incurred in the past
and sizeable debt has resulted in leveraged capital structure.
Debt protection metrics remains subdued marked by interest
coverage of 0.58 times for fiscal 2018.

Strengths

* Established regional presence and diverse revenue streams: RSCL
has established presence in sugar industry as reflected from its
healthy scale of operations in the range of Rs 560 to 660 crore
over the 3 years ended fiscal 2018. The company has integrated
operations with bagasse-based cogeneration plant of 57MW and
distillery capacity of 125 kilo litres per day.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1986
and is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. The company's operations are managed
by chairman-cum-managing director, Ms Rajshree Pathy.


RANK CRANES: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rank Cranes
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 as follows:

-- INR30 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rank Cranes manufactures and assembles industrial cranes and
other material handling equipment used in various industries such
as engineering, cement, coal, steel and power. Its manufacturing
facility is in Bollaram (Telangana).


RK-CPR (JV): CRISIL Reaffirms B+ Rating on INR30cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of RK-CPR (JV) (RK-CPR) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          30        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its high implementation risk
associated with its on-going project named 'Bella Vista' and its
exposure to cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the benefits derived
from the extensive experience of its partners in the real estate
industry and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* High implementation risks related to 'Bella Vista' project: RK-
CPR faces high project risk marked by high funding and demand
risk for 'Bella Vista' project. Against modest construction of
around 35%-40%, the company has received booking for around 33%
of the villas. However the other project, Palm Ridge, has been
constructed up to an extent of 90% against complete booking
supporting the business profile

* Exposure to risks relating to cyclicality in the industry
RK-CPR's business risk profile is susceptible to slowdown in the
Indian real estate market. The real estate sector in India is
cyclical and is marked by volatile prices, opaque transactions,
and a highly fragmented market structure. The execution of the
real estate projects in India is affected by multiple property
laws and non-standardised government regulations across the
states. CRISIL believes that RK-CPR will remain susceptible to
risks arising out of slowdown in the Indian real estate market
over the medium term.

Strengths

* Partner's extensive experience in real estate development
business: RK-CPR benefits from the partner's extensive experience
in the residential real estate business. The company is promoted
and managed by Mr. K V Chalapati Reddy who has almost one decade
of industry experience. CRISIL believes that the company's
business risk profile benefits from the extensive industry
experience of its partners in the residential real estate
development business.

* Moderate financial risk profile: Rk-CPR has moderate financial
risk profile as reflected in average Debt Service Coverage Ratio
(DSCR) of around 1.4 times, estimated over the next two years.
Financial risk profile is further supported by cushion in bank
limits.

Outlook: Stable

CRISIL believes that RK-CPR will continue to benefit over the
medium term from its partners' extensive experience in the real
estate industry. The outlook may be revised to 'Positive' in case
of a considerable increase in bookings of units and in receipt of
customer advances, leading to substantial cash inflows.
Conversely, the outlook may be revised to 'Negative' if the firm
faces significant pressure on its liquidity because of low
customer bookings or delayed receipt of customer advances for its
ongoing as well as new projects and substantial increase in debt.

Established in 2012, RK-CPR is engaged in residential real estate
construction business in Hyderabad, Telanagana. It is joint
venture between CPR Construction Pvt Ltd and R.K.Infracorp Pvt
Ltd. The firm has two on-going projects under the name
'Palmridge' and 'BellaVista'. The firm is promoted and managed by
Mr.K V Chalapati Reddy.


SAMI UMAYAAL: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Sami Umayaal Traders (SUT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)

   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Key Cash Credit        0.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       0.5       CRISIL B+/Stable (Reaffirmed)

The ratings reflect firm's modest scale of operation with low
margin, its below-average financial risk profile marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by promoter's extensive
experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly competitive market with
low margin: SUT, a modest player in agro commodities trading
industry, is exposed to intense competition thereby restricting
the pricing power resulting in low operating margin of around 0.5
per cent over the past three years through fiscal 2017. Revenue
is estimated to be modest at around Rs.87 crores for fiscal 2018.
The firm is also exposed to high volatility in agro-commodity
prices.

* Below-average financial risk profile: The firm's networth is
low and gearing is high on account of low accretion to reserves
arising out of low profitability. Gearing is estimated over 3
times for fiscal 2018. Low profitability has also resulted in
average interest cover estimated at around 1.7 times for fiscal
2018.

Strength

* Long standing experience of its promoters: The promoter, Mr. S
P Baskar has been in the agro commodities trading industry for
over two decades and has developed a robust demand base. Further,
established relationships with suppliers and agents provides a
better understanding of the market trends, and help the firm in
generating growth.

Outlook: Stable

CRISIL believes that SUT will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if the firm achieves higher-than-
expected revenues and profitability, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
if there is further deterioration in its financial risk profile
due to on account of larger-than-expected working capital
requirement, or if the firm undertakes a large debt-funded capex
programme, or if there are significant withdrawals by the
partners.

Thenkasi (Tamil Nadu)-based SUT is a proprietorship firm of Mr. S
P Baskar, trades majorly in rice, pulses and primarily supplies
to Kerala civil supplies department. The operations are managed
by the promoter, Mr. SP Baskar.


SANDOZ MERCHANTS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sandoz
Merchants Private Limited (SMPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            3.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)


CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

SMPL, incorporated in 1995, stitches jute bags and trades in jute
products, including bags, yarn, and cloth, and in hessian sheet
and cotton fabric. Directors, Mr Sajjan Agarwal and Mr Amit
Agarwal manage operations.


SATYAM PULSE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Satyam Pulse
Mill (Satyam) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             0.93       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Satyam for
obtaining information through letters and emails dated April 26,
2018, May 18, 2018, June 7, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

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

Satyam Pulse Mills a partnership concern was established by the
Patel family in 1991 are engaged in trading and processing of
various types of pulses and agricultural goods including peas,
maize, moong, toor, toor dal, bardana and wheat.

Satyam has processing capacity to process 30 tonnes per day and
the actual utilization varies as per the demand.


SEAGULL TRUST II: Ind-Ra Affirms 'B+' Rating on INR301.3MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on Seagull Trust II (an ABS transaction):

-- INR855.70 mil. Series A1 pass-through certificates (PTCs)
    issued on September 22, 2017 with a coupon rate of 8.88 due
    on February 22, 2019 upgraded with IND AAA(SO)/Stable rating;
    and

-- INR301.3 mil. Series A2 PTCs issued on September 22, 2017
    with a coupon rate of 10.0 due on February 22, 2019 affirmed
    with IND B+ (SO)/Stable rating.

The microloan pool assigned to the trust has been originated by
L&T Finance Limited (LTFL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The upgrade is driven by the adequate levels of credit
enhancement (CE) provided in the transaction, and the
origination, servicing, collection and recovery expertise of
LTFL. LTFL provides micro loans for income-generating purposes to
joint liability groups (JLGs), comprising women, typically in the
groups of five to 16 and in the age limit of 20 to 60. As of
4QFY18, JLG loans comprised 19.28% of the gross loan book of
LTFL. The sourcing is directly conducted by in-house front line
sales staff with employee strength of 3,000, consisting primarily
of front line officers. There is no separate team for servicing &
collection, and the collection of loans originated is done by the
front line officers themselves. Collections for JLG loans are
done at meeting centers and every member is required to pay
installments in the meeting. If a member is not present or unable
to repay, the other members under JLG are required to adhere to
the joint liability commitment.

Strong Collection Efficiency: The rating upgrade is also driven
by the upright pool performance in the last eight months since
the issuance as the rated pool has seen a cumulative collection
efficiency of 99.84% and amortization of 61.48%. According to the
payout report dated 21 May 2018, the available CE was INR195.84
million and the current pool principal outstanding (POS)
including principal overdue was INR1,160.5 million. There has
been no use of the CE until date, as the excess spread and
subordination in the transaction have been sufficient to absorb
the shortfalls. The current CE for PTCs increased to 16.88% of
the current POS including over dues at end-April 2018 from 6.50%
at issuance. The CE is in the form of a fixed deposit with IDFC
Bank in the name of the originator with a lien marked in favor of
the trust. The transaction is further supported by the level of
subordination available to Series A1 PTCs at 25.96%, of the
current POS as of April 2018 collection month, which provides
additional cushion to the Series A1 PTCs.

Key Pool Characteristics: As of May 21, 2018 payout date, the
total POS was INR1,160.5 million, signifying an amortization of
61.48% of the pool, implying a moderate repayment track record of
the underlying borrowers. The zero plus days past due delinquency
bucket was around 0.35% of the original POS and 0.91% of the
current POS and the 90 plus days past due delinquency bucket was
around 0.13% of the original POS and 0.33% of the current POS. On
May 21, 2018, the pool consisting 162,547 loans had a weighted
average seasoning of 17.8 months. Also, the average current loan
balance was INR7,118 with a weighted average internal rate of
return of 24.0%.

Key Assumptions: At the time of the initial rating, Ind-Ra had
derived a base case gross default rate of 3%-4%. The agency had
analyzed the characteristics of the pool and established its base
case assumptions through four key performance variables, viz.
default rate, recovery rate, recovery timeline and prepayment
rate, which collectively affect the credit risk in a transaction.
The current available CE can absorb stressed defaults in the
range of 25%-35% of future POS.

RATING SENSITIVITIES

Ind-Ra has conducted rating sensitivity tests. If the assumptions
of both base case default rate and base recovery rate were
simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of PTCs will not be
downgraded.

COMPANY PROFILE

LTFL was established as Family Credit Ltd. (erstwhile Apeejay
Finance Group Ltd.) in 1993. LTFL is a registered and
systemically important non-banking financial corporation. Its
registered office is in Kolkata. LTFL is a wholly owned
subsidiary of L&T Finance Holdings Limited (LTFHL) which is a
subsidiary of Larsen & Toubro Limited and is the flagship holding
company for the financial services business of the L&T Group.

LTFHL completed the amalgamation of its wholly owned subsidiaries
LTFL and L&T Fincorp Ltd. with Family Credit in February 2017.
Family Credit was subsequently renamed L&T Finance Limited.

In FY18, the total microloan book of LTFL stood at INR75.49
billion, up 113% yoy.

LTFL classifies any loan as a non-performing asset (NPA) if it is
overdue for over 90 days. As of FY18, gross NPA and net NPA of
the rural finance business segment (46% of which comprises
microloans) were 6.43% and 2.56%, respectively.


SHANTINIKETAN ASHRAYA: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Shantiniketan Ashraya (SA) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SA for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Set up in 2010, SA is engaged in real estate development. The
operations are managed by Mr. Anil Kumar Seth. the company


SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Shiv Durga Constructions and Engineerings
Private Limited (SDC).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        8         CRISIL A4 (Reaffirmed)

   Cash Credit           2.75      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.25      CRISIL B/Stable (Reaffirmed)

   Term Loan             0.50      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's small scale of
operations with high geographical concentration, and its large
working capital requirement. The weaknesses are partially offset
by the promoter's extensive experience in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and high geographical concentration:
Despite being operational for about a decade, SDC's scale of
operations remains small because of exposure to intense
competition and high geographical concentration in revenue. Low
entry barriers in the civil construction sector and tender-based
business expose the company to competitive pressure. Also,
operations are confined to Bihar and Jharkhand, and the company
depends on infrastructure investment and new government projects
in the region.

* Large working capital requirement: SDC has substantial
receivables, and has to maintain performance guarantee deposits
and fixed deposits against bank guarantee and cash credit limits.
It receives payments from government authorities in 45-60 days
after raising bills. However, inflow of funds at the year-end
keeps receivables low then.

Strength

* Promoter's experience in the construction industry: The
promoter, Mr Sanjeev Chowdhary, has been in the construction
business since 2001. He began operations by setting Shiv Durga
Stone Industries in 2001 for undertaking small projects. Over the
years, he has increasingly undertaken large projects. SDC
generally executes World Bank-sponsored contracts for Rural Works
Department (RWD), Bihar.

Outlook: Stable

CRISIL believes SDC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if significant ramp-up of operations and stable
profitability lead to stronger cash accrual and improved
liquidity. The outlook may be revised to 'Negative' if liquidity
weakens because of low cash accrual, or large working capital
requirement, or significant, debt-funded capital expenditure.

SDC was incorporated in 2011 to take over the business of Shiv
Durga Stone Industries. The company is promoted by Mr Sanjeev
Chowdhary. It undertakes road construction contracts in Jharkhand
and Bihar, primarily for Rural Engineering Organisation and RWD
of Bihar, and National Building Constructions Corporation Ltd.


SHRI JAGADGURU: Ind-Ra Maintains BB LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Jagadguru
Co-operative Hospital Society Ltd.'s term loan rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR65 mil. Term loan maintained in Non-Cooperating Category
    with IND BB (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Shri Jagadguru Co-operative Hospital Society runs a 150-bed
allopathy hospital and a 220-bed Ayurvedic hospital, and manages
an Ayurvedic medical college, a nursing college and a nursing
school. In addition, it runs a naturopathy center. Its hospitals
and colleges are spread across an area of 68 acres in the
Ghataprabha town in the Belgavi district, Karnataka.


SITARAM HISSARIA: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sitaram
Hissaria Guwar Gum Industries (SRHGGI) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     3.2      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              0.8      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRHGGI for
obtaining information through letters and emails dated April 26,
2018, May 11, 2018, June 7, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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


Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sitaram Hissaria Guwar Gum Industries to 'CRISIL
B/Stable Issuer not cooperating'.

SRHGGI was incorporated in 2012 as a partnership firm by the
Rajasthan-based Hissaria family. The manufactures guar gum and
its by products, guar korma and guar churi.


SOOD STEEL: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sood Steel
Industries (SSI) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         7.5        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSI for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 06, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

SSI was set up in 2010 by the Kangra, Himachal Pradesh-based Sood
family as a partnership firm by Mrs Meenakshi Sood, her son Mr
Sidharth Sood, and daughter Mrs Naina Sood. The firm manufactures
TMT bars from mild steel billets and ingots.


SRI NACHAMMAI: CRISIL Withdraws B+ Rating on INR20cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sri Nachammai Cotton Mills Ltd (SNCML) and subsequently withdrawn
the ratings at the company's request and on receipt of no-
objection certificate from the banker. The withdrawal is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.2        CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Cash Credit          20.0        CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

   Letter of Credit     20.0        CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Long Term Loan        6.95       CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

   Proposed Long Term    2.25       CRISIL B+/Stable (Rating
   Bank Loan Facility               reaffirmed and Withdrawn)

Incorporated in 1980 in Tamil Nadu and promoted by Mr P
Palaniappan, SNCML manufactures cotton yarn in three varieties-
hosiery, warp, and hank-with counts ranging from 10-80s. Unit has
capacity of 53,604 spindles and 504 rotors.


SRI S.R. MILL: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri S.R.
Mill (SR) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             1.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SR for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri S.R. Mill to 'CRISIL B+/Stable Issuer not
cooperating'.

SR was established in 2004 by Mr Praveen Reddy. The firm
manufactures knitted garments for men at its facility in Tanuka,
Andhra Pradesh.


SRI SIDDHI: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Siddhi
Freezers and Exporters Private Limited (SSFEPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              0.1       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit        13.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      .4       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSFEPL for
obtaining information through letters and emails dated April 26,
2018, May 11, 2018, June 6, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri Siddhi Freezers and Exporters Private Limited
to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

SSFEPL, incorporated in 1992 by Udupi (Karnataka)-based Mr. Ramu
N Chandan (managing director and chairman) and his family,
exports processed frozen marine products such as fish, shrimp,
and squid. Mr. Chandan and his son, Mr. Rajesh Chandan (executive
director), manage the operations.


SWASTIK DENIM: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
Denim Private Limited (SDPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             7.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SDPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

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

SDPL, incorporated in 2012, is promoted by Mr Sandeep Patani, Mr
Sanjay Patani, Mr Chhogalal Vadera, Mr Kishor Mundra and Mr
Sachin Zanwar. The company is engaged sizing of raw cotton on a
job work basis and started commercial production in April 2015.
Its manufacturing unit is in Kolhapur (Maharashtra).


VEGA CONTROLS: CRISIL Reaffirms B+ Rating on INR1.25cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Vega Controls Private Limited (VCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B+/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee      4.75       CRISIL A4 (Reaffirmed)

   Term Loan             0.10       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations and end-user industry concentration in revenue. These
weaknesses are partially offset by extensive experience of the
promoters in the electrical industry, and moderate financial risk
profile.

Analytical Approach

Unsecured loans of Rs 0.39 crore from the promoters as on
March 31, 2018, have been treated as neither debt nor equity, as
they are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Estimated revenue of Rs 34.8 crore
in fiscal 2018 indicates the modest scale of operations.

* End-user industry concentration in revenue: With almost all
revenue coming from steel roller mills, any downturn in the steel
rolling industry could adverse impact the company's revenue
growth.

Strengths

* Extensive experience of the promoters in the electrical
industry: The promoters' experience of two decades in the
electrical industry, and their established relationships with
suppliers and customers, will continue to support the business
risk profile.

* Moderate financial risk profile: Financial risk profile is
supported by comfortable networth estimated at Rs 6.1 crore and
healthy gearing of 0.32 time as on March 31, 2018, and
comfortable debt protection metrics, with interest coverage and
net cash accrual to total debt ratios at 6.1 times and 0.68 time,
respectively, in fiscal 2018.

Outlook: Stable

CRISIL believes VCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a substantial and sustained growth in revenue and
profitability leads to better cash accrual. The outlook may be
revised to 'Negative' if profitability declines, or if a stretch
in working capital cycle weakens the capital structure and
liquidity.

VCPL was established as a partnership firm in 1997 by Mr
Purandare and his family members in Pune, and was reconstituted
as a private limited company in 2004. As a channel partner of ABB
Ltd, VCPL offers customised control panel and automation system
solutions to customers, primarily steel players, across India.


VISA POWER: IRP Invites Resolution Plans from Bidders
-----------------------------------------------------
Shritama Bose at Financial Express reports that the interim
resolution professional (IRP) for Visa Power has invited
resolution plans for the company from interested bidders under
the corporate insolvency resolution process (CIRP).

On December 22, 2017, the Kolkata bench of the National Company
Law Tribunal (NCLT) had admitted a petition filed by Bank of
Maharashtra (BoM) to initiate insolvency proceedings against Visa
Power, which was setting up a 2x270-megawatt (MW) coal-fired
independent power plant at Raigarh in Chhattisgarh. The tribunal
had appointed Anil Goel the IRP.

FE, citing the order admitting the insolvency petition, says Visa
Power owes a consortium of lenders INR1,964 crore, while the
total project cost is INR2,619 crore.  The order states that a
facility agreement dated March 5, 2010, was executed between Visa
Power and the consortium of lenders, where Punjab National Bank
(PNB) was the lead bank, FE relates.

Failing to recover INR94.08 crore, inclusive of interest and its
principal exposure to the company, BoM dragged it to the
insolvency court, the report notes. According to BoM, Visa Power
had not submitted any restructuring plan for its debt. The last
joint lenders' forum (JLF) meeting before BoM moved NCLT was held
on August 5, 2017. At the meeting, it was proposed that PNB
Investment Services may be appointed to identify an alternate use
for the assets of the Raigarh project and to find a strategic
investor, financial investor or buyer for it, FE relays.

In May 2016, BoM had also issued a loan recall notice following
defaults in repayments and servicing of credit facilities by the
company, adds FE.

Based in Kolkata, India, VISA Power Limited owns and operates
coal based thermal power plants. It operates coal based thermal
power projects in Chhattisgarh, Odisha, Jharkhand, Madhya
Pradesh, and Gujarat.  VISA Power Limited is a subsidiary of Visa
International Limited.



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


PHILIPPINE TELEGRAPH: Sets Out to Save Rehabilitation Plan
----------------------------------------------------------
Miguel R. Camus at Inquirer.net reports that Philippine Telegraph
and Telephone Corp. (PT&T), the former telco giant that fell on
hard times but is now vying to become the country's third major
player under a new set of owners, is moving to save a
rehabilitation plan implemented in 2011.

This came after creditors holding about PHP12.4 billion of PT&T's
debts succeeded in convincing the Court of Appeals last year to
dismiss the company's petition for rehabilitation, arguing that
the plan was not viable and was thus "almost impossible to
implement," Inquirer.net relates. Another option, they said, was
to liquidate PT&T's assets, the report says.

In a disclosure to the Philippine Stock Exchange on June 27, PT&T
said it filed an appeal before the Supreme Court (SC) in a bid to
reverse the appellate court's decision, Inquirer.net discloses.

According to Inquirer.net, the third telco initiative launched by
the Duterte administration has also opened up a new opportunity
for PT&T to settle the score with its creditors.

In the same disclosure, PT&T said Asset Pool A, one of the seven
creditors that challenged its rehabilitation plan, had asked the
SC to suspend further proceedings in PT&T's appeal, Inquirer.net
says.

Inquirer.net relates the creditor wanted to review the business
plans of PT&T's new owners, which included expanding the
company's fixed-internet services and possibly taking in a new
foreign partner.

"With the possibility that petitioner PT&T will recover from its
financial misfortunes, respondent Asset Pool is now studying
whether the business plan of the new ownership and management
group of PT&T will be successfully implemented to the benefit of
all creditors," Asset Pool said in its letter dated June 20,
2018, Inquirer.net relays.

The company again made news when it was acquired in August last
year by businessmen Salvador Zamora II and Benjamin Bitanga, who
committed to turn PT&T around and restore its status as a major
telco player in the country.

PT&T was established in 1962 and was once considered a rival of
PLDT. It took a hit during the 1997 Asian Financial Crisis and
sought corporate rehabilitation a decade later.

Makati City-based Philippine Telegraph & Telephone Corp. --
http://www.ptt.com.ph-- operates as a telecommunications company
in the Philippines. It has three segments: Local Exchange
Carrier, Business Convergence, and Retail Distribution Network.
The Local Exchange Carrier segment offers basic telephone
services and long distance (incoming and outgoing domestic and
international calls). The Business Convergence segment provides
broadband/Internet-based services and traditional bandwidth
services. The broadband/Internet-based services include frame
relay, asynchronous transfer mode, Internet protocol-virtual
private network, digital subscriber lines, and wireless gigabit
ethernet technologies.



                             *********

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 ***