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

                      A S I A   P A C I F I C  
  
             Friday, July 13, 2018, Vol. 21, No. 138

                            Headlines

A U S T R A L I A

BAR MACHIAVELLI: Second Creditors' Meeting Set for July 17
GOLDFIELDS EQUIPMENT: First Creditors' Meeting Set for July 23
INTERNATIONAL PIPING: Second Creditors' Meeting Set for July 18
JMIE AUSTRALIA: First Creditors' Meeting Set for July 20
NORTH CITY: First Creditors' Meeting Set for July 19

OROTONGROUP LIMITED: Equity Valued at Nil, Expert's Report Shows
ORSON & BLAKE: Second Creditors' Meeting Set for July 19
TRITON TRUST 2018-1: S&P Puts Prelim BB+ (sf) Rating to E Bonds
XTV NETWORKS: First Creditors' Meeting Set for July 20


C H I N A

AGILE GROUP: Moody's Assigns Ba3 Sr. Unsec. Rating to USD Notes
AGILE GROUP: S&P Assigns BB Rating to New US Dollar Unsec. Notes
HNA GROUP: Airbus Faces A330 Delivery Delays Amid HNA Woes


I N D I A

ANNUR A P A: CRISIL Moves B- Rating to Not Cooperating Category
BABA STRUCTURAL: CRISIL Migrates B+ Rating to Not Cooperating
BATLIBOI LIMITED: CRISIL Assigns B Rating to INR18.60cr Loan
BINANI CEMENT: NCLAT Moves Insolvency Case Hearing to July 20
BOSTIN ENGINEERS: CRISIL Reaffirms B- Rating on INR6cr Cash Loan

CHENAB INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
COASTAL CONSOLIDATED: ICRA Assigns B Rating to INR2cr Loan
DUSMER TOOLS: ICRA Lowers Rating on INR3cr Loan to C+
EPLUS PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
GEMINI EQUIPMENT: CRISIL Reaffirms D Rating on INR10.45cr Loan

GOYAL RICE: CRISIL Migrates B Rating to Not Cooperating
JANA SMALL: ICRA Cuts Rating on INR6.41cr Loan to D(SO)
JKR MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
JMK ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
KALINGA COMMERCIAL: CRISIL Hikes Rating on INR33.87cr Loan to B-

LEMOSA TILES: ICRA Raises Rating on INR6cr Term Loan to B+
M. M. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
MAHAMAYA CASTING: CRISIL Migrates B+ Rating to Not Cooperating
MORAJ BUILDING: ICRA Withdraws B+/A4 Rating on INR11cr Loan
MOTILAL DHOOT: CRISIL Migrates D Rating to Not Cooperating

NANDANAM SANITARIES: CRISIL Moves B+ Rating to Not Cooperating
NUPUR HEIGHTS: CRISIL Migrates B+ Rating to Not Cooperating
PARA ENTERPRISES: CRISIL Migrates D Rating to Not Cooperating
PRAPALSHA AGROS: ICRA Cuts Rating on INR11cr Cash Loan to B
RAJA RAJESWARI: CRISIL Migrates B+ Rating to Not Cooperating

RAJSHREE SUGARS: ICRA Reaffirms D Rating on INR334.42cr Loan
SAHARA POULTRY: CRISIL Migrates B+ Rating to Not Cooperating
SANTHIRAM WIND: CRISIL Migrates B+ Rating to Not Cooperating
SHREE GOPINATHJI: ICRA Moves B+ Rating to Not Cooperating
SHUBH GRAH: CRISIL Assigns 'B' Rating to INR6.62cr Overdraft

SILICA INFOTECH: ICRA Reaffirms B+ Rating on INR7cr LT Loan
SMN POULTRY: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
SRIGDHAA BEVERAGES: CRISIL Assigns B Rating to INR7.29cr LT Loan
SUN PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
SUPREME MANOR: CRISIL Reaffirms D Rating on INR377cr Term Loan

SURBHI INDUSTRIES: CRISIL Reaffirms B Rating on INR6cr Cash Loan
VISHAAL PROMOTERS: CRISIL Migrates B- Rating to Not Cooperating


I N D O N E S I A

ANTAM TBK: S&P Alters Outlook to Positive & Affirms 'B-' ICR


J A P A N

JAPAN DRILLING: Begins Corporate Reorganization Process


P H I L I P P I N E S

RURAL BANK OF INITAO: Creditors' Claim Deadline Set for July 17


T A I W A N

JIH SUN: Fitch Affirms 'BB+' LT FC IDR; Outlook Stable


                            - - - - -


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A U S T R A L I A
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BAR MACHIAVELLI: Second Creditors' Meeting Set for July 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of Bar
Machiavelli Pty Ltd has been set for July 17, 2018, at 11:00 a.m.
at Wesley Conference Centre, 220 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 16, 2018, at 4:00 p.m.

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


GOLDFIELDS EQUIPMENT: First Creditors' Meeting Set for July 23
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Goldfields
Equipment Pty Ltd will be held at Level 5, 11 Mounts Bay Road, in
Perth, WA, on July 23, 2018, at 10:30 a.m.

Samuel John Freeman and Justin Walsh of Ernst & Young were
appointed as administrators of Goldfields Equipment on July 11,
2018.


INTERNATIONAL PIPING: Second Creditors' Meeting Set for July 18
---------------------------------------------------------------
A second meeting of creditors in the proceedings of International
Piping Products (Australia) Pty Ltd, trading as International
Piping Products, has been set for July 18, 2018, at 11:00 a.m. at
the offices of Cor Cordis, Mezzanine Level, 28 The Esplanade,
Perth WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 17, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of International Piping on June 14,
2018.


JMIE AUSTRALIA: First Creditors' Meeting Set for July 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of JMIE
Australia Pty Ltd will be held at the offices of Grant Thornton
Australia Limited, Level 17, 383 Kent Street, in Sydney, NSW, on
July 20, 2018, at 10:00 a.m.

John McInerney of Grant Thornton Australia Limited was appointed
as administrator of JMIE Australia on July 10, 2018.


NORTH CITY: First Creditors' Meeting Set for July 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of North City
Cycles Pty Ltd will be held at the offices of Mackay Goodwin
9/440 Collins Street, in Melbourne, Victoria, on July 19, 2018,
at 12:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of North City on July
11, 2018.


OROTONGROUP LIMITED: Equity Valued at Nil, Expert's Report Shows
---------------------------------------------------------------
InsideRetail reports that Oroton has prepared and circulated an
independent expert's report to creditors and shareholders that
sets out the valuation of the equity in Oroton, concluding that
it has nil value - a conclusion that will be presented to the NSW
courts.

Oroton Group has been tentatively given a July 27 court hearing
to determine its future, the report says.

InsideRetail notes that the struggling accessories retailer
entered into a Deed of Company Arrangement (DOCA) with Manderrah
Pty Ltd (Manderrah) in April, under the condition that Oroton
obtain leave from the Supreme Court of New South Wales to
transfer 100 per cent of shares in Oroton to Manderrah for nil
consideration.

"The value of equity implied by the selected value range for
OrotonGroup's operating business is below its market
capitalisation on the last trading day prior to the announcement
that the Administrators had been appointed," the report, as cited
by InsideRetail, said.

"We have assumed that the more realistic scenario would be a
distressed sale basis (which assumes that secured creditors would
fund ongoing trading to the extent necessary to effect the sale
on a going concern basis) rather than a 'break up' sale.

"Accordingly, on a distressed sale basis, the assessed value of
OrotonGroup's equity is nil."

According to InsideRetail, the DOCA will secure the future of the
business, which initially fell into administration last November
due to declining sales and high rental cost.

InsideRetail relates that administrator Vaughan Strawbridge
believed the DOCA would "deliver a better outcome compared to
other offers received, including the best possible financial
return as well."

"Just as importantly, a recapitalised OrotonGroup business means
continued employment for staff across the operations."

OrotonGroup Limited (ASX:ORL) -- http://www.orotongroup.com.au/
-- is an Australia-based retail company. The Company's segments
include Oroton and Gap brands. The Company is engaged in
retailing and wholesaling of leather goods, fashion apparel and
related accessories under the OROTON brand. It is engaged in
retailing of fashion apparel under the GAP label. It is also
engaged in licensing of the OROTON brand name. The Company
operates over 80 stores across Australia, New Zealand, Singapore,
Malaysia and China. Its Gap brand includes GapKids and babyGap,
and offers wardrobe essentials. Its Oroton sells a range of
products for men and women. Oroton's offerings for women include
bags, wallets, jewelry, beauty, gifts, sunglasses and
accessories. Its offerings for men include bags, wallets,
accessories, apparel, sunglasses and gifts. The Company has a
presence as a multi-channel retailer, including online, first
retail stores, concessions, factory outlets and wholesale for
both owned brand and licensed partnerships.

Vaughan Neil Strawbridge of Deloitte was appointed as
administrators of OrotonGroup on Nov. 30, 2017.


ORSON & BLAKE: Second Creditors' Meeting Set for July 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Orson & Blake
Pty Ltd has been set for July 19, 2018, at 11:00 a.m. at the
offices of DW Advisory, Level 2, 32 Martin Place, Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2018, at 5:00 p.m.

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Orson & Blake on June 14,
2018.


TRITON TRUST 2018-1: S&P Puts Prelim BB+ (sf) Rating to E Bonds
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eleven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee for Triton
Trust No.8 Bond Series 2018-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises
    mortgage insurance covering 56.5% of the loans in the
    portfolio, accrued interest, and reasonable costs of
    enforcement, as well as note subordination for all rated
    notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 1.2% of the invested amount of
    all notes, principal draws, a yield reserve, and a loss
    reserve that builds from excess spread, are sufficient under
    its stress assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$250,000, funded from
    day one by Columbus Capital Pty Ltd., available to meet
    extraordinary expenses. The reserve will be topped up via
    excess spread if drawn.

-- The benefit of a fixed-to-floating interest-rate swap
    provided by National Australia Bank Ltd. (NAB) to hedge the
    mismatch between receipts from any fixed-rate mortgage loans
    and the variable-rate RMBS.

-- The benefit of a cross-currency swap provided by NAB to hedge
    the mismatch between the Australian dollar receipts from the
    underlying assets and the U.S. dollar payments on the class
    A1-US notes.

  PRELIMINARY RATINGS ASSIGNED
  Class      Rating        Amount (mil.)
  A1-MM      AAA (sf)        A$46.00
  A1-US      AAA (sf)      US$100.00
  A1-AU      AAA (sf)       A$185.00
  A1-5Y      AAA (sf)        A$65.00
  A2         AAA (sf)        A$25.00
  A3         AAA (sf)        A$20.50
  AB         AAA (sf)         A$8.50
  B          AA (sf)         A$10.00
  C          A+ (sf)          A$6.25
  D          BBB+ (sf)        A$2.00
  E          BB+ (sf)         A$1.25
  F          NR               A$1.50
  NR--Not rated.


XTV NETWORKS: First Creditors' Meeting Set for July 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of XTV
Networks Ltd will be held at the offices of Ferrier Hodgson
Level 28, 108 St Georges Terrace, in Perth, WA, on July 20,
2018, at 11:00 a.m.

Wayne Rushton and Martin Jones of Ferrier Hodgson were appointed
as administrators of XTV Networks on July 10, 2018.



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C H I N A
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AGILE GROUP: Moody's Assigns Ba3 Sr. Unsec. Rating to USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the USD notes to be issued by Agile Group Holdings
Limited (Ba2 stable).

Agile plans to use the proceeds from the proposed notes to
refinance existing indebtedness.

The notes' rating reflects Moody's expectation that Agile will
complete the issuance upon satisfactory terms and conditions, and
proper registrations with the National Development and Reform
Commission.

RATINGS RATIONALE

"The proposed notes issuance will improve the company's liquidity
and lengthen its debt maturity profile, because it will use the
proceeds to refinance its short-term debt," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

Moody's expects the company's revenue/adjusted debt will rise to
around 80% and EBIT/interest to around 5.0x-5.5x over the next
12-18 months from 74% and 4.9x respectively in 2017, supported by
growth in revenue and EBIT. These ratios well position the
company at its Ba2 corporate family rating (CFR).

Moody's further expects Agile's presales, including those of
joint ventures and associates, to grow by around 15%-20% year on
year to around RMB105-110 billion in 2018 . The company recorded
around RMB46.6 billion presales in the first six months of 2018,
which should support its future revenue growth.

Agile's liquidity position is adequate. Its cash holdings of
RMB30.1 billion at the end of December 2017 covered 111% of its
short-term debt.

Agile's Ba2 CFR reflects its strong track record of property
development in Guangdong and Hainan Provinces, disciplined
financial management, track record of equity injections from its
largest shareholder in times of need, adequate liquidity, good
access to the offshore debt and banking markets, and low land
costs.

At the same time, Agile's CFR is constrained by the company's
material exposure to Guangdong and Hainan Provinces, the impact
of potential regulatory tightening on property sales in its key
operating cities, and execution risks associated with its fast
expansion in property and new businesses.

Agile's Ba3 senior unsecured rating is one notch lower than its
CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over
Agile's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that Agile will
maintain a disciplined approach to land acquisitions and business
expansion, moderate growth in scale, stable financial metrics and
an adequate liquidity position over the next 12-18 months.

Upward rating pressure could develop if Agile grows its scale
while maintaining (1) a strong liquidity position; and (2) sound
credit metrics, with adjusted revenue/debt above 95%-100% and
EBIT/interest coverage above 5.0x-5.5x on a sustained basis.

Downward rating pressure could emerge if Agile's contracted sales
fall and credit metrics weaken, with EBIT/interest coverage
falling below 3.5x or adjusted revenue/debt falling below 70%-
75%.

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

Agile Group Holdings Limited is a major property developer in
China, operating in the mid- to high-end segment. At December 31,
2017, the company had a land bank with a total gross floor area
of 34.1 million square meters.


AGILE GROUP: S&P Assigns BB Rating to New US Dollar Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Agile Group Holdings Ltd. (BB/Stable/--). Agile intends to use
the net proceeds primarily to refinance existing debt. The rating
is subject to S&P's review of the final issuance documentation.

S&P said, "We equalize the issue rating to the issuer credit
rating on Agile because the proposed notes are not significantly
subordinated to other debt in the company's capital structure.
Agile's capital structure consists of Chinese renminbi (RMB) 31.0
billion of secured debt, RMB33.8 billion of unsecured debt and
other borrowings issued by the company, and RMB5.0 billion of
unsecured debt issued by the company's subsidiaries. Agile has
further drawn down parent-level syndicated loans of Hong Kong
dollar (HK$) 8.8 billion and US$200 million in 2018.

"The stable outlook on the issuer credit rating reflects our
expectation that Agile will maintain steady sales growth and good
margins in 2018, with contracted sales increasing by about 15% in
the first half of the year. We also believe that the company will
only moderately increase its leverage over the period because its
margins and fast revenue growth will offset the impact of rising
expenditure."


HNA GROUP: Airbus Faces A330 Delivery Delays Amid HNA Woes
----------------------------------------------------------
Reuters reports that Airbus faces a logjam of undelivered A330
jets worth well over $1 billion for airlines affiliated to
China's debt-laden HNA Group following a stand-off over late
payments, according to industry sources and a Reuters examination
of parked aircraft.

Companies belonging to the troubled Chinese aviation-to-finance
conglomerate have delayed payments for several months, leading
Airbus to withdraw deliveries rather than step in to finance the
aircraft itself, the sources told Reuters.

"After six months of talks, Airbus took the decision to withdraw
the planes as it does not want to play the financier," Reuters
quotes a person familiar with the discussions as saying on
July 11.

However, another person involved in the matter cautioned: "It is
in the process of being resolved," Reuters relays.

An Airbus spokesman said: "We keep our talks and contractual
terms with customers confidential."

Reuters says the cluster of undelivered A330 aircraft came to
light on the sidelines of a ceremony to present Airbus's smallest
new jet.

Reuters journalists counted five A330s dotted around the delivery
center and another parked further away -- some with reflective
sunshade protectors taped to the cockpit windows and all painted
in the flame-red liveries of HNA Group airlines.

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.



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ANNUR A P A: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Annur A P A
Spinners Private Limited (ASPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan      8.6       CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated May 22, 2018,
June 8, 2018 and June 12, 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 Annur A P A Spinners Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Annur A P A Spinners 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 Annur A P A Spinners Private Limited to 'CRISIL B-
/Stable Issuer not cooperating'.

Incorporated in 2014, Annur A P A Spinners Private Limited (ASPL)
is currently setting up cotton spinning unit constituting 9600
spindles in Tamil Nadu. The company is promoted by Mr. A P
Annamalai, and his wife and is closely held. The project for
setting up the spinning mill commenced in December 2015 and
operations have commenced from February 2017.


BABA STRUCTURAL: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Baba
Structural Private Limited (BSPL) to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee     0.6        CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

   Proposed Long      6.76       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                COOPERATING; Rating Migrated)
   Facility           
   
   Term Loan           .14       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSPL for obtaining
information through letters and emails dated May 31, 2018 and
June 4, 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 Baba Structural Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Baba Structural Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

BSPL, established in 2011 by the Agarwal family, is a part of the
Baba group. It manufactures mild steel (MS) angles, MS channels,
MS strips, and electric resistance welded pipes at its facility
in Raniganj (West Bengal).


BATLIBOI LIMITED: CRISIL Assigns B Rating to INR18.60cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Batliboi Limited (Batliboi).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility     10.25      CRISIL B/Stable (Assigned)

   Cash Credit            18.60      CRISIL B/Stable (Assigned)

   Letter of credit &
   Bank Guarantee         43.90      CRISIL A4 (Assigned)

The ratings reflect the company's large working capital
requirements, low operating margins and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of its promoters and funding support from them.

Analytical Approach

For arriving at its ratings, unsecured loans of INR13 crore from
promoters as on March 2017, have been treated as quasi-equity.
This is because the loans carry no interest rate, and are
subordinate to bank loan and expected to remain in business over
the medoum term.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Batliboi, Quickmill Inc. and AESA Air
Engineering Ltd. This is because both companies are is its
subsidiaries and have operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets are
estimated at 140-150 days as on March 31, 2018, because of
inventory and receivables of about 60-75 days.

* Weak financial risk profile: The debt protection metrics are
weak marked by estimated interest coverage of around 1-1.2 times
during FY 2018 and high gearing of around 2.5-2.75 times as on
March 31, 2018.

* Low operating margins: The operating margins had remained low
in range of -0.5 to -3 percent for the past three years ended
fiscal 2018. This is mainly on account of high fixed cost.
However, expected to improve in fiscal 2018 but will remain
modest.

Strengths

* Extensive experience of promoters: Presence of more than seven
decades in the manufacturing segment has enabled the promoters to
establish strong relationship with customers and suppliers.

* Funding support from promoters: The partners have been
continuously supporting operations by infusing unsecured loans.
They infused about INR19 crore in past three years ended
March 31, 2017.

Outlook: Stable

CRISIL believes Batliboi will continue to benefit over the medium
term from extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of a significant improvement in
the company's operating margins and financial risk profile,
driven most likely by higher than-expected cash accruals, along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of lower-than
anticipated cash accruals, or larger-than-expected working
capital requirements, or large, debt-funded capital expenditure,
exerting further pressure on firm's liquidity.

Incorporated in 1941, Batliboi is engaged in manufacturing of
Machine Tools, Air Engineering, Textile Machinery, Environmental
Engineering, Wind Energy, Motors, International Marketing and
Logistics. The machines tools division manufactures both
conventional and computer numerical controlled machines. The
textile engineering division provides equipment and designs for
climate control in the textile manufacturing units.


BINANI CEMENT: NCLAT Moves Insolvency Case Hearing to July 20
-------------------------------------------------------------
Livemint reports that the National Company Law Appellate Tribunal
(NCLAT) on July 10 deferred the hearing of Binani Cement Ltd
insolvency case till July 20.

According to Livemint, a two-judge NCLAT bench headed by justice
S.J. Mukhopadhyay deferred the hearing which was scheduled on
July 10 as the file related to the case had not been sent by
National Company Law Tribunal (NCLT) Kolkata, which was hearing
the matter before NCLAT.

Earlier this month, the Supreme Court directed NCLAT to
adjudicate upon all issues in the Binani Cement insolvency case,
including the question of UltraTech Cement's eligibility under
Section 29A as well the legality of its bid, at the earliest, the
report recalls.

In doing so, the apex court transferred the matter from NCLT's
Kolkata bench, which was set to hear the issues on July 9, to the
insolvency appellate authority in New Delhi, relates Livemint.

Livemint say Dalmia Bharat-controlled Rajputana Properties Pvt.
Ltd had moved NCLAT in May against the May 2 order of NCLT, which
allowed the resolution professional and committee of creditors
(CoC) for Binani Cement to consider the revised resolution plan
submitted by UltraTech, while offering Rajputana Properties an
opportunity to revise its resolution plan of INR6,930 crore.

UltraTech Cement's revised offer was at INR7,900 crore, against
its earlier bid of INR7,200 crore, the report notes.

Livement adds that NCLAT on May 15 refused to stall the
insolvency process and asked the resolution professional to
continue with the resolution process by submitting the revised
resolution plans for the corporate debtor in a sealed cover
before the CoC, along with his opinion on questions pertaining to
conformity with the Insolvency and Bankruptcy Code (IBC).

                        About Binani Cement

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

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

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

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


BOSTIN ENGINEERS: CRISIL Reaffirms B- Rating on INR6cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Bostin Engineers Private Limited (BEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6.5        CRISIL A4 (Reaffirmed)

   Cash Credit           6.0        CRISIL B-/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      2.4        CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's exposure to the
project execution timelines of its clients, relatively small
player in a competitive industry, large working capital
requirement, and weak financial risk profile because of modest
networth, high gearing and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Revenue linked to project execution timelines of clients:
Installation and commissioning of boiler parts occur at a later
stage of setting up a manufacturing facility, which exposes BEPL
to uncertainty in revenue as erection and commissioning work may
get delayed.

* Relatively small player in increasingly competitive segment:
The boiler industry has several small units with capacities to
execute medium-sized projects, which intensifies competition and
leads to pricing pressure.

* Large working capital requirement: Gross current assets were
high at 342 days as on March 31, 2018 (314-695 days in the past
three years), on account of stretched receivables and sizeable
inventory (mostly work-in-progress) of 82 days and 205 days,
respectively. Inventory is large as fabrication process is long
and varies from order to order due to complexity of design and
materials to be used. Operations are expected remain working
capital intensive over the medium term.

* Weak financial risk profile: Networth is estimated to be small
at INR2.20 crore as on March 31, 2018, while gearing was high at
4.6 times due to large working capital debt. Also, debt
protection metrics remained weak, with interest coverage and net
cash accrual to total debt ratios of 1.05 times and 0.03 time,
respectively, for fiscal 2018. The financial risk profile of the
company is expected to remain weak over the medium term.

Strengths

* Extensive experience of promoters: Presence of more than two
decades in the boiler industry has enabled the promoters to
successfully bid for tenders and efficiently execute orders.

Outlook: Stable

CRISIL believes BEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a sustained increase in profitability,
while maintaining steady revenue growth, or if capital structure
improves significantly with equity infusion. The outlook may be
revised to 'Negative' if financial risk profile weakens further
because of lower-than-expected profitability, increase in working
capital requirement, or large, debt-funded capital expenditure.

Incorporated in 1990 and promoted by Mr Dilip Bose and Mr Deepak
Bose, BEPL manufactures and installs pressure boilers, boiler
parts, heat exchangers, steam pipe lines, pressure vessels, and
pipe fittings for players in the power industry. It also installs
process equipment at customer's site. Facility is in Howrah.


CHENAB INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chenab
Industries Private Limited (CIPL) to CRISIL B/Stable Issuer not
cooperating'.
                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        4.00      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)


CRISIL has been consistently following up with CIPL for obtaining
information through letters and emails dated April 24, 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 Chenab Industries Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Chenab Industries Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information.

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

Promoted by Mr. Kush Aggarwal and Mr. D S Rana, CIPL is setting
up a plant in Govindsar Industrial Area in Kathua, Jammu, to
manufacture nylon and Poly Propylene yarn. Operations are likely
to begin by April 2017.


COASTAL CONSOLIDATED: ICRA Assigns B Rating to INR2cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR2.00-
crore cash-credit facility of Coastal Consolidated Structures
Pvt. Ltd. ICRA has also assigned the long-term rating of [ICRA]B
and short-term rating of [ICRA]A4 to the INR8.00-crore
unallocated limit of CCSPL. The outlook on the long-term rating
is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.00       [ICRA]B(Stable); assigned
   Unallocated Limits    8.00       [ICRA]B(Stable)/[ICRA]A4;
                                    Assigned

Rationale

The ratings assigned are constrained by tight liquidity position
of the company, as reflected by 100% average utilisation of its
fund-based limits between March 2017 and May 2018 owing to
delayed payments from clients, modest execution progress, given
the nascent stage of a large portion of work orders and small
scale of operations with operating income of INR15.49 crore in
FY2018. The ratings also consider weak financial risk profile,
characterised by total Debt-to-OPBDITA of 3.93 times and NCA to
total debt of 8.46% in FY2017.

The ratings, however, positively factor in CCSPL's long track
record in the construction industry, specifically in the
construction of marine structures and its association with
reputed clients such as L&T Limited, GMR Projects Pvt. Ltd., BGR
Energy Systems Limited (BGR), Afcons Infrastructure Limited
(AIL), Hindustan Construction Company Ltd. etc.

Going forward, the ability of the company to improve its scale of
operation while managing its working capital requirements would
remain the key rating drivers.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that CCSPL will
continue to benefit from the extensive experience of the
management in the construction industry and healthy order book
position, providing revenue visibility in the medium term. The
outlook may be revised to Positive if substantial growth in
revenue and profitability, and better working capital management,
strengthen the financial risk profile. The outlook may be revised
to Negative if further slowdown in order execution or cost
escalation results in lower-than-expected cash accruals, or if
any major capital expenditure, or a stretch in the working
capital cycle, further weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the construction industry
spanning over two decades: CCSPL was established by Mr. M V Ranga
Prasad in 1996 to execute civil work. The promoter has more than
three decades of experience in executing contract work and
specialises in marine structures like break water construction,
jetties, slipways and in various civil and structural work such
as excavation, dredging, road and port work.

Reputed client portfolio: The client portfolio of the company
consists of reputed companies such as L&T Limited, GMR Projects
Pvt. Ltd., BGR, AIL, reducing the counterparty risk. At present,
the company has four orders, one each from BGR, Hindustan
Construction Company Ltd. (HCC), Goa State Infrastructure
Development Corporation Limited (GSIDCL) and AIL.

Credit challenges

High working capital intensity; delayed payments from clients
constrained the liquidity position: CCSPL's working capital
intensity has remained high between 61% and 85% over the past
five years, except in FY2017, owing to high debtors on the back
of delayed payments from clients. The company has around INR14.50
crore of debtors outstanding for more than three years primarily
from MARG Ltd. and Bharati Defence and Infrastructure Limited
(formerly Bharati Shipyard Limited). Due to high pending
receivables, the company's average limit utilisation has been at
100% between March 2017 and May 2018.

Modest execution progress of current order book: The execution
progress of the current order book is modest given the nascent
stage of work orders due to pending clearances from customers.
However, the company has an outstanding order book of INR186.19
crore (12.02 times of operating income of FY2018) as on May 31,
2018 providing revenue visibility for the medium term.

Decline in operating income over past two years: The operating
income has declined from INR30.76 crore in FY2015 to INR23.94
crore in FY2016 and further to INR7.98 crore in FY2017 owing to
slow movement of the order book. The operating income, however,
increased to INR15.49 crore in FY2018 albeit on a low base, owing
to improved order execution.

Weak financial risk profile: The financial risk profile of the
company was weak with moderate debt coverage ratios, as indicated
by NCA/TD% of 8.46%, Total Debt to OPBDITA of 3.93 times and an
interest coverage of 1.58 times in FY2017 owing to lower scale of
operations and higher working capital requirement.

CCSPL, based out of Vijayawada, Andhra Pradesh, was established
in 1996 by Mr. M V Ranga Prasad and undertakes civil work such as
excavation, dredging, road and ports work. The company also
specialises in marine structures like break water construction,
jetties, slipways etc. CCSPL's operations are overseen by its
Managing Director Mr. M V Ranga Prasad, who is a mechanical
engineer and has been involved in the construction industry for
the past three decades.


DUSMER TOOLS: ICRA Lowers Rating on INR3cr Loan to C+
-----------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR3.00-
crore cash-credit facility of Dusmer Tools Pvt. Ltd. to [ICRA]C+
from [ICRA]B. ICRA has reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR3.00-crore bank-guarantee facility of
DTPL. ICRA has also removed the ratings from the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limit      3.00      [ICRA]C+; Downgraded from
                                   [ICRA]B (Stable) and removed
                                   from the 'Issuer Not
                                   Cooperating' category

   Non-fund based        3.00      [ICRA]A4; Reaffirmed and   
   Limit                           removed from the 'Issuer Not
                                   Cooperating' category

Rationale

The downward revision in the long-term rating considers the
significant debt-repayment obligations in the near future, which
may lead to cash flows mismatch. The ratings also consider DTPL's
relatively small scale of current operations and weak financial
profile, characterised by an aggressive capital structure and
subdued coverage indicators. The ratings also consider low order
book position, which provides limited revenue visibility in the
near term, and high working capital intensity of the business due
to a sizeable inventory holding that exerts pressure on the
liquidity position of the company. The ratings further note the
company's exposure to high customer concentration risk with
subsidiaries of Coal India Limited accounting for a major part of
the company's sales and order book.

The ratings, however, derive comfort from the promoters' long
experience in the supply and installation of machines, and a
reputed client base, which mitigate the counterparty credit risk
to a large extent.

In ICRA's opinion, the ability of the company to scale up its
operations while improving the capital structure, and the
coverage indicators, and manage its liquidity position
efficiently would remain key rating sensitivities, going forward.

Key rating drivers

Credit strengths

Long experience of the promoters: The company was incorporated by
the Kolkata-based Chakravarti family in 1991. The promoters have
an experience of more than two decades in the supply and
installation of machines. It started with a dealership of Hytorc,
U.S. for selling hydraulic torque wrench to mining companies, oil
companies, railways, etc. Over the years, the company has
diversified its product line and started assembling and trading
of various products.

Reputed customer profile reduces counterparty risk to an extent:
The promoters of the company have established relationships with
the subsidiaries of Coal India Limited and have availed repeat
orders from them. The counterparty risk reduces to a large extent
due to a reputed client base.

Credit challenges

Significant debt-repayment obligations in the near future: The
repayment obligation of the company stands at INR3.30 crore in
FY2019, INR2.85 crore in FY2020 and INR2.31 crore in FY2021.
Historically, the cash accruals of the company have remained low,
given the small scale of operations. Significant debt-repayment
obligations in the near future and low cash accruals of the
company may lead to cash flow mismatch.

Relatively small scale of current operations: The company's
operating income declined substantially to INR1.78 crore in
FY2017 from INR11.75 crore in FY2016, depicting a de-growth of
~85% on the back of lower receipt of orders from the customers in
comparison to the previous fiscal. The company's scale of
operations continued to remain relatively small, notwithstanding
an increase witnessed in the operating income to INR9.70 crore in
FY2018.

Low order book provides limited revenue visibility: The order
book of the company stands low at INR4.56 crore (~0.47 times of
FY2018 revenues) as on June 25, 2018, which provides limited
revenue visibility in the near term, at least.

Weak financial profile characterised by an aggressive capital
structure and subdued coverage indicators: The capital structure
remained aggressive, as depicted by a gearing of 6.25 times as on
March 31, 2018. High debt levels coupled with low profits kept
the debt coverage indicators depressed.

High working capital intensity of the business exerts pressure on
the liquidity of the company: The company's working capital
intensity of operations has remained high, as reflected by net
working capital relative to operating income (NWC/OI) of 91% in
FY2018. This in turn, has stretched its liquidity position and
resulted in high utilisation of cash-credit limit as reflected by
an average utilisation of ~99% in the last six months, which also
restricts its financial flexibility.

Exposure to high customer concentration risk: A major portion of
the company's revenues and the current order book are contributed
by the subsidiaries of Coal India Limited, which exposes the
company to high client-concentration risk.

Incorporated in 1991, Dusmer Tools Private Limited (DTPL) is
promoted by the Kolkata-based Chakravarti family. It is involved
in assembling of tyre dismantling machines and trading of
hydraulic torque wrenches, laser proximity warning systems and
portable oil filtration machines. It started with a dealership of
Hytorc, U.S. for selling hydraulic torque wrench to mining
companies, oil companies, Indian Railways, etc. Over the years,
the company has diversified its product line and has started
assembling and trading of various products.


EPLUS PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL is migrating the ratings of Eplus Projects Private Limited
(EPPL) to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8         CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            6.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Cash
   Credit Limit           0.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL had, on March 31,
2017, migrated the ratings on the bank facilities of EPPL to
'CRISIL B+/Stable/CRISIL A4; issuer not cooperating'. However,
the management has subsequently shared the requisite information
for carrying out a comprehensive review of the ratings. Hence,
CRISIL is migrating the ratings to 'CRISIL B+/Stable/CRISIL A4'.

The ratings continue to reflect the company's working capital
intensive operations and modest financial risk profile. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the civil construction business.

Analytical Approach

Unsecured loans (INR5.6 crore outstanding as on March 31, 2018)
have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Eplus continues to have
high working capital requirement, with inventory and receivables
estimated at 574 and 230 days, respectively, as on March 31,
2018. The receivables mainly comprise payment due from
Vishakhapatnam Municipal Corporation which has been pending from
last 2 years. Also, as revenue against completed projects could
not be recognised since the company was not able to raise the
bills for the completed projects, inventory was higher.

* Modest financial risk profile: The net cash accrual to total
debt and interest coverage ratios were modest at 8% and 1.62
times, respectively, in fiscal 2018, due to low cash accrual of
around INR1 crore and large debt of INR12 crore which includes
INR9 crore of short term debt. The financial risk profile is
expected to remain modest over the medium term due to continued
reliance on external debt and a stretched working capital cycle.
The company's liquidity position continues to be tight with
almost fully utilised bank limits and high debt repayment
obligations. However, the promoters are expected to provide
financial support as demonstrated in the past.

Strength

* Extensive industry experience of the promoters in civil
construction business: The promoters have an experience of over
four decades in the civil construction business. This has given
them an understanding of local market dynamics, and enabled a
healthy relationship with suppliers and customers. The company
has an established customer base, and a wide network of trusted
dealers and distributors, in Vijayawada, Andhra Pradesh. The
company has order book of Rs. 15 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes EPPL will continue to benefit over the medium
term from the industry experience of its promoters and order
book. The outlook may be revised to 'Positive' if substantial and
sustainable improvement in business performance and prudent
working capital management strengthen the key credit metrics,
particularly liquidity. The outlook may be revised to 'Negative'
if a stretch in the working capital cycle, large, debt-funded
capital expenditure, or a decline in revenue and profitability
weakens the financial risk profile.

EPPL was set up in 2005 by Mr Ramanatha Reddy and Mr S Rama
Krishna Raju. The company undertakes civil contracts and provides
consultancy services to infrastructure projects for government
bodies, urban development authorities, and corporate
organisations, mostly in Andhra Pradesh, where it is based.


GEMINI EQUIPMENT: CRISIL Reaffirms D Rating on INR10.45cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating 'CRISIL D' on the long term bank
facility of Gemini Equipment and Rentals Private Limited (GEAR).
The rating continues to reflect instances of delay in debt
servicing, because of weak liquidity on account of stretched
working capital cycle. These weaknesses are partially offset by
extensive experience of the promoters.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility     10.45       CRISIL D (Reaffirmed)

   Term Loan               4.55       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Stretched working capital cycle leading to delay in repayment
of term loans: Delay in realisation from debtors continues to
result in delay in debt servicing.

Strengths:

* Extensive experience of promoter: GEAR benefits from its
promoter industry experience of over decade, which has resulted
in established relations from customers and suppliers.

Established in 2007, GEAR rents out construction and material-
handling equipment. The company is based in Mumbai and has
regional offices in seven cities across India. Investment funds,
Berggruen Holdings and Cycladic Capital, hold about 54.5 and
45.5%, respectively, of the equity.


GOYAL RICE: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goyal Rice
Mills - Moonak (Punjab) (GRM) 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             1.4       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Warehouse Financing   8.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GRM for obtaining
information through letters and emails dated May 28, 2018 and
June 1, 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 Goyal Rice Mills - Moonak
(Punjab). Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Goyal Rice Mills - Moonak (Punjab) 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 Goyal Rice Mills - Moonak (Punjab) to 'CRISIL
B/Stable Issuer not cooperating'.

GRM was established in 1997 and is currently being managed by Mr
Rajesh Kumar, Mr Raj Kumar, Mr Rakesh Kumar, and Mr Suresh Kumar.
The firm primarily mills and sorts basmati rice, which is sold in
the domestic market. The manufacturing unit, based in Moonak,
Punjab, has a capacity of 3 tonne per hour for milling and 4
tonne per hour for sorting.


JANA SMALL: ICRA Cuts Rating on INR6.41cr Loan to D(SO)
-------------------------------------------------------
ICRA has downgraded the ratings for PTCs issued under a
securitisation transaction originated by Jana Small Finance Bank
Limited (erstwhile Janalakshmi Financial Services Limited
(JFSL)). The transaction is backed by the Jana Kisan (JK) loan
contracts offered by JFSL. The transaction involved 'at Par'
transfer of receivables to the trust. The PTCs carried an
eventual promise of principal payouts and monthly promise of
interest payouts. PTC Series A2 is subordinate to PTC Series A1.

   Raphael IFMR Capital 2016

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   PTC Series A1        6.41        Rating downgraded to
                                    [ICRA]D(SO) from [ICRA]C+(SO)

   PTC Series A2        2.06        Rating downgraded to
                                    [ICRA]D(SO) from [ICRA]C-(SO)

Rationale

The rating downgrade reflects the inadequacy of the pool
collections and the credit enhancement available in the
transaction to meet the promised payouts to the PTC investors on
the scheduled maturity date.

Key rating drivers

Credit challenges

* Sustained weak collection performance in the pool leading to
higher than expected delinquency levels;

* Pool collections together with the available credit
enhancements is insufficient to meet the promised payout to the
PTC Series A2 investors on the maturity date

Description of key rating drivers highlighted above:
The collection performance of the underlying loans was healthy
till October 2016 collection month. However, post the
demonetisation event, the monthly collection level declined
significantly. Collection from overdue contracts has also been
poor. Due to the sustained weaker-than-expected pool performance,
there has been a shortfall in meeting the scheduled payouts to
the PTC investors even after the utilisation of the entire credit
enhancement available in the transaction.

Jana Small Finance Bank (Erstwhile Janalakshmi Financial Services
Ltd (JFSL)) is a Bangalore-based NBFC-MFI catering to the
financial needs of urban poor women through the Joint Liability
Mechanism. The company was founded in 2006 by Mr. Ramesh
Ramanathan as Janalakshmi Social Services (JSS), whose portfolio
was taken over by JFSL in 2008. The promoter shareholding
continues to be in JSS (now called Jana Urban Foundation or JUF);
the corpus funds in JUF are used for social activities.
As on February 2018, JFSL had a portfolio of about INR7,742
crore. The company has a diversified presence across 18 states
and 2 union territories in India with the share of the top 3
states of Tamil Nadu, Karnataka and Maharashtra comprising of
about 50% of the overall portfolio as on February 2018. JFSL
registered a high compounded growth of 110% over the last four
years ended FY2017. The company raised INR1,030 crore equity
during Apr-Nov 2017 from existing and new investors.

In FY2017, JFSL reported a net profit of INR170.0 crore on a
total managed asset base of INR15,729.8 crore as against a net
profit of INR160.3 crore on a total managed assets base of
INR13,345 crore during FY2016. During H1FY2018, JFSL reported a
loss of INR1,192 crore on a managed asset base of INR10,332
crore.

ICRA has rated twelve standalone JFSL transactions till date
backed by Small Group (SG) loans, Enterprise Financial Services
(EFS) loans, Nano loans and Jana Kisan (JK) loans. Out of these,
three transactions have matured.


JKR MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JKR Motors
Private Limited (JKRMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with JKRMPL for
obtaining information through letters and emails dated May 28,
2018 and June 1, 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 JKR Motors Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on JKR Motors Private Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

JKRMPL was incorporated in 2009, by Mr. Joginder Goel, Mr. Kunal
Goel and Mr. Tushar Goel. The company operates a dealership of
passenger cars (PC) manufactured by TML, and has one showroom-
cum-workshop and service centre at Kangra.


JMK ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JMK
Enterprises Private Limited (JEPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Channel Financing       9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Drop Line Overdraft
   Facility                1.3      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          3.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      4.3      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JEPL for obtaining
information through letters and emails dated May 28,2018 and
June 1, 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 JMK Enterprises Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on JMK Enterprises Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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


KALINGA COMMERCIAL: CRISIL Hikes Rating on INR33.87cr Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Kalinga Commercial Corporation Limited (KCCL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        15         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           30.28      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Funded Interest       33.87      CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

   Working Capital       15.85      CRISIL B-/Stable (Upgraded  
   Term Loan                        from 'CRISIL D')

The upgrade reflects timely servicing of debt by the company. The
rating also reflects company's moderate working capital intensive
nature of operation. These weaknesses are partially offset by
extensive experience of promoters in the mining industry and
healthy order book position ensuring revenue visibility over the
medium term.

Key Rating Drivers & Detailed Description

Strengths

* Working capital-intensive operations: KCCL's business is
moderately working capital intensive as reflected in gross
current asset (GCA) days of 150-200 days over last three fiscals
through fiscal 2018. The GCA days are estimated to remain at
around 148 days as on March 31, 2018. High GCA days are primarily
driven by higher debtor days which ranged from 70-80 days over
last three fiscals.

* Customer and sectoral concentration in revenue; susceptibility
to regulatory changes: Majority of orders are from Orissa Minning
Corporation Limited, SAIL, Coal India Limited  which exposes the
company to any change in investment plans of its key clients, or
to any revision in government policies related to the mining
industry.

Strengths

* Extensive experience of promoters: The promoter has nearly
three decades of experience in transportation, mining and
construction industries. Over the years, the promoter has gained
in-depth insight in to the industry and has established healthy
relationship with suppliers, customers and logistics providers.
Benefits from the extensive experience of promoter is expected to
support business risk profile.

Outlook: Stable

CRISIL believes that KCCL will continue to benefit over the
medium term form longstanding experience of the promoters. The
outlook can be revised to positive if there is significant
increase in scale of operation along with stable profitability or
if the working capital management improves. The outlook may be
'Negative' if stretch in working capital cycle, lower-than-
expected accrual, or sizeable debt-funded capital expenditure
weakens financial risk profile and liquidity.

KCCL was set-up in 1991 as Kalinga Commercial Corporation (KCC),
a proprietorship entity fully owned by Mr Soumya Ranjan Samal. It
was reconstituted in to a limited company in fiscal 2010. KCCL
primarily trades in iron ore and it is also involved in civil
construction and transportation businesses.


LEMOSA TILES: ICRA Raises Rating on INR6cr Term Loan to B+
----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
assigned to the INR6.00-crore term loan facility and INR3.00-
crore cash credit facility of Lemosa Tiles LLP.  The outlook on
the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan             6.00      [ICRA]B+(Stable) upgraded
                                   from [ICRA]B(Stable);
                                   removed from 'Issuer Not
                                   Cooperating' category

   Cash Credit           3.00      [ICRA]B+(Stable) upgraded
                                   from [ICRA]B(Stable);
                                   removed from 'Issuer Not
                                   Cooperating' category

Rationale

The upgrade in the long-term rating takes into account the timely
commissioning of the project, within the estimated cost,
alongside the achievement of the estimated operating parameters
in terms of scale and profitability. Nonetheless, the ratings
continue to remain constrained by the firm's relatively moderate
scale, average capital structure and debt coverage indicators.
Further, the ratings factor in the highly fragmented nature of
the tiles industry resulting in intense competition and the
exposure of LTL's profitability to volatility in raw material and
fuel prices. The ratings are also constrained by the linkage of
its business operations to the cyclical nature of real-estate
industry, which is the main consuming sector.

The ratings, however, continue to favorably factor in the
extensive experience of LTL's partners in the ceramic industry
and its proximity to raw material sources, by virtue of its
presence in Morbi (Gujarat).

Outlook: Stable

ICRA believes LTL will continue to benefit from the extensive
experience of its partners in the ceramic industry and expects
its scale of operations to grow with an improvement in the
capacity utilisation levels. The outlook may be revised to
Positive if substantial growth in revenue and profitability and
better working capital management strengthens the financial risk
profile. The outlook may be revised to Negative if cash accrual
is lower than expected resulting in any delay in servicing debt
obligations or an adverse capital structure, or if any major
debt-funded capex, or a stretch in working capital cycle weakens
liquidity.

Key rating drivers

Credit strengths

Extensive experience of the partners in the ceramic tiles
industry: The partners of the firm have extensive experience in
the ceramic industry through their associations with other
companies in the ceramic industry.

Timely commissioning and stabilisation of operations: The firm
completed the project within the estimated cost and commissioned
production in a timely manner in January 2017. LTL has been able
to successfully stabilise its operations as reflected by revenues
of INR26.47 crore in FY2018 (provisional figures).

Location-specific advantage: The manufacturing facility of the
firm is located in the ceramic hub of Morbi (Gujarat), which
provides easy access to quality raw materials like body clay,
feldspar and glazed frit in Gujarat and Rajasthan.

Credit challenges

Limited track record of operations with moderate financial risk
profile: LTL commenced production of glazed ceramic wall tiles
from January 2017 and reported a moderate operating income (OI)
of INR26.47 crore in FY2018. The firm reported an operating
margin of 10.23% and a net margin of 3.98%, as per the
provisional figures in FY2018. The financial risk profile
remained moderate marked by a gearing of 1.05 times as on
March 31, 2018 and average debt coverage indicators with interest
coverage of 3.27 times, NCA/Debt of 13% and TD/OPBDITA of 3.05
times in FY2018. Its liquidity position also remained modest as
evident from the almost high utilisation (~85%) of working
capital limits in the last 12 months.

Margins subject to pressure from intense competition and
cyclicality in the real-estate industry: The ceramic tile
manufacturing industry remains highly fragmented with competition
from the organised as well as the unorganised segments, most of
which are located in Gujarat and operate on low-cost structures,
creating a pressure on the prices. Further, the real-estate
industry accounts for the maximum consumption of ceramic tiles,
and hence LTL's profitability and cash flows are likely to remain
vulnerable to the cyclicality in the real-estate industry.

Vulnerability of profitability to fluctuations in raw material
and energy costs: Raw material and fuel are the two major
components determining the cost competitiveness in the ceramic
industry. The firm can, however, exercise little control over the
prices of its key inputs such as natural gas/coal and raw
materials. Thus, LTL's margins are expected to remain exposed to
the movement in raw material and gas/coal prices and the ability
to pass on any upward movements to its customers.

LTL was established in April 2016 and is involved in
manufacturing glazed ceramic wall tiles in two sizes viz. 10 X 30
inches and 12 X 24 inches. The manufacturing facility of the firm
is located at Morbi with an installed capacity to manufacture
30,000 metric tonne (7,000 boxes per day) of glazed ceramic wall
tiles per annum. The unit became fully operational from January
2017.


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

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Letter of Credit       10      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term      2      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MMI for obtaining
information through letters and emails dated May 31, 2018 and
June 4, 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 M. M. Industries - Ramgarh,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on M. M. Industries - Ramgarh is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

Established in 1997 in Ramgarh, Jharkhand, as a proprietorship
firm by Mr. Ghanshaym Agarwal, MMI trades in coal, coke, and
manganese ore.


MAHAMAYA CASTING: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahamaya
Casting Private Limited (MCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .81       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          8.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Exchange
   Forward              5.00       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    .94       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MCPL for obtaining
information through letters and emails dated May 28, 2018 and
June 1, 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 Mahamaya Casting Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Mahamaya Casting Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Established in 2004 in Delhi, MCPL is promoted by Mr Bhir Bhan
Jindal. It manufactures stainless steel bright bars, which find
application in the construction, automotive, and engineering
sectors.


MORAJ BUILDING: ICRA Withdraws B+/A4 Rating on INR11cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ Issuer Not
Cooperating1 with Stable outlook and the short-term rating of
[ICRA]A4 Issuer Not Cooperating, outstanding to the INR11.00
crore fund-based limits of Moraj Building Concepts Pvt Ltd.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-Term      11.00     [ICRA]B+ (Stable)/[ICRA]A4;
   Loan                           ISSUER NOT COOPERATING;
                                  Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

Established in 1994, Moraj Building Concepts Pvt Ltd (MBCPL) is a
part of the Moraj Group of Companies, involved in the real estate
development of residential and commercial projects. The group
consists of several companies - Moraj Infratech Private Limited,
Moraj Buildicon Private Limited, Moraj Construction Private
Limited, Moraj Group Hospitality Inc., Nandu Builders and
Promoters Private Limited, Priyaa Gurnani Interior Private
Limited and a few more with a longstanding history in the real
estate sector. MBCPL has also executed several residential and
commercial projects in Navi Mumbai and Nagpur. Mr. Mohan Gurnani
is the key management personnel of the firm.


MOTILAL DHOOT: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Motilal
Dhoot Infrastructure Private Limited (MDIPL) to 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        3.25      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           4.15      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.60      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MDIPL for
obtaining information through letters and emails dated April 25,
2018, May 9, 2018, June 8, 2018 and June 12, 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 Motilal Dhoot Infrastructure
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Motilal Dhoot Infrastructure
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 Motilal Dhoot Infrastructure Private Limited to
'CRISIL D/CRISIL D Issuer not cooperating'.

MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and
was acquired by its current promoters, Mr Sushil Dhoot and
family, in fiscal 2010. MDIPL manufactures ready-mix concrete and
supplies aggregates such as crushed stone and dust obtained from
stone crushing. It also undertakes civil construction activities.


NANDANAM SANITARIES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nandanam
Sanitaries (NS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           12.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      12        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     2.05     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)


   Term Loan              3.45     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NS for obtaining
information through letters and emails dated April 25, 2018,
May 9, 2018, June 8, 2018 and June 12, 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 Nandanam Sanitaries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Nandanam Sanitaries 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 Nandanam Sanitaries to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Formed in 1997 as a proprietorship firm, NS is engaged in trading
of tiles and sanitary ware. The firm is based out of Kerala and
has 28 showrooms spread across the state. NS is promoted by Mr
Sandeep.


NUPUR HEIGHTS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facility of Nupur Heights
Private Limited (NHPL) to CRISIL B+/Stable Issuer not
cooperating.

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

CRISIL has been consistently following up with NHPL for obtaining
information through letters and emails dated May 31, 2018 and
June 4, 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 Nupur Heights Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Nupur Heights Private Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.

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

NHPL was incorporated on February 28, 2013, promoted by Ms Nupur
Singhania and Mr Arunesh Kishorepuria; it started operations in
March 2016. The company, based in Patna, is a tractor distributor
for John Deere India Private Limited. It currently caters to 24
dealers across Uttar Pradesh.


PARA ENTERPRISES: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Para
Enterprises Private Limited (PEPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           28        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     8.1      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital
   Term Loan             13.9      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PEPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 8, 2018 and June 12, 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 Para Enterprises Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Para Enterprises 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 Para Enterprises Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in December 1996, PEPL is a Chennai based company
engaged in undertaking wind EPC contracts in  the 250 Kw and 750
Kw windmills segment (around 70 percent of revenue) and
manufacturing and export of match sticks and skillets (around 30
percent of revenue).


PRAPALSHA AGROS: ICRA Cuts Rating on INR11cr Cash Loan to B
-----------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]B from [ICRA]B+
to the INR11.00 crore bank facility of Prapalsha Agros Limited.
The outlook on the long-term rating is 'Stable'. ICRA has removed
the ratings from Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        11.00       Downgraded to [ICRA]B (Stable)
   Cash Credit                    from [ICRA]B+ (Stable); Removed
                                  from issuer not cooperating
                                  category

Rationale

The revision in the rating takes into account the company's small
scale of operations with revenues of INR26.5 crore in FY2017 in a
competitive tobacco trading industry, limiting the financial
flexibility. Moreover, the company's revenues witnessed
significant revenue de-growth of 62.8% in FY2018 on account of
limited order inflows. The rating is further constrained by the
weak financial profile characterized by low profitability
inherent to the trading nature of operations, high gearing of 2.4
times as on March 31, 2017 and weak debt coverage indicators with
NCA/total debt of 2.5%, interest coverage of 1.0 times and DSCR
of 1.1 times in FY2017. Further, the rating considers the working
capital-intensive nature of the business on account of high
inventory due to seasonality associated with the tobacco
availability. The rating also factors in regulatory risks as
production and auctioning are controlled by the Tobacco Board of
India.

However, the rating draw comfort from the promoter's vast
experience in tobacco processing and trading industry. ICRA also
considers the locational advantage being located in the major
tobacco growing area of Guntur district resulting in easy
availability of tobacco.

Outlook: Stable

ICRA believes Prapalsha Agros Limited will continue to benefit
from the extensive experience of its promoters in the tobacco
cultivation and trading business. The outlook may be revised to
'Positive' if healthy order inflow results in substantial growth
in revenue and profitability, strengthening the financial risk
profile. The outlook may be revised to 'Negative' if the cash
accruals are lower than expected impacted by low order inflow, or
if any major capital expenditure, or stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Long experience of the promoters: The promoters have extensive
experience in the tobacco processing and trading
industry resulting in established relationship with customers and
suppliers.

Strategic location of the unit: The favourable location of the
unit in Guntur district of Andhra Pradesh with proximity to
major tobacco producers and aggregators results in easy access to
raw materials.

Credit weaknesses

Small scale of operations and significant revenue de-growth in
FY2018: PAL is small sized company engaged in processing and
trading of tobacco, limiting the financial flexibility. Moreover,
the company's revenues declined from INR26.5 crore in FY2017 to
INR9.9 crore in FY2018 on account of lower order inflow.

Financial profile characterised by leveraged capital structure
and weak coverage indicators: The financial profile of the
company remains weak with high gearing of 2.4 times as on March
31, 2017 on account of high working capital borrowings,
constrained liquidity and weak coverage indicators. with
NCA/total debt of 2.5%, interest coverage of 1.0 times, DSCR of
1.1 times and Total debt/OPBDITA of 6.2 times for FY2017.

Intense competition in the industry: The tobacco processing
industry is very competitive with presence of a large
number of organized and unorganized players, impacting the
margins.

High working capital intensity resulting from high inventory,
which impacts liquidity: The working-capital intensity remains
high due to high inventory-holding owing to seasonality
associated with cultivation of tobacco owing. This has
constrained the liquidity as reflected in full utilization of
100.0% of the drawing power for the period May-17 to Apr-18.

Vulnerable to regulatory risks pertaining to tobacco cultivation:
The company's performance remains exposed to regulatory risks as
the Tobacco Board dictates the price and the quantity to be
procured in a given year. As India is a signatory of WHO's
Framework Convention on Tobacco Control (FCTC), it needs to
reduce production of tobacco over the long term.

Prapalsha Agros Limited (PAL) was incorporated in the year 1998
as a public limited company by Mr. M. Venkateswara Rao and
family. The company is based out of Guntur district of Andhra
Pradesh and is primarily engaged in procuring, processing and
trading in tobacco. The unit is registered with the Tobacco Board
as a tobacco dealer & exporters and can participate in the
auctions conducted by the same.

As per provisional financials, the company reported a net profit
of INR0.1 crore on an operating income of INR9.9 crore in
FY2018 as compared to a net profit of INR0.2 crore on an
operating income of INR26.5 crore in FY2017.


RAJA RAJESWARI: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raja
Rajeswari Krafts Private Limited (RKPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Exchange    
   Forward                2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

   Long Term Loan         3.74     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RKPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 8, 2018 and June 12, 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 Raja Rajeswari Krafts Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Raja Rajeswari Krafts 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 Raja Rajeswari Krafts Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

RKPL is engaged in the manufacture of kraft paper, which is used
to manufacture corrugated boxes, grocery bags, multiwall sacks,
envelopes and other packaging materials.


RAJSHREE SUGARS: ICRA Reaffirms D Rating on INR334.42cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]D for the
INR417.26-crore bank facilities of Rajshree Sugars & Chemicals
Limited. The rating has been removed from the 'Issuer Not Co-
operating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans          334.42     [ICRA]D; reaffirmed; removed
                                  from 'Issuer Not Co-operating'
                                  category

   Cash Credit          82.84     [ICRA]D; reaffirmed; removed
                                  from 'Issuer Not Co-operating'
                                  category

Rationale

The rating reaffirmation reflects the continuous delays in the
company's debt servicing because of inadequate cash accruals. The
decrease of ~54% YoY in cane crushing volume (5.5 lakh metric
tonne) in sugar year (SY) 2018, has adversely impacted RSCL's
profitability and debt coverage metrics in FY2018. Further, the
sugar prices have been under pressure since Q4 FY2018 because of
its oversupply in the domestic market. The ratings remain
constrained by the weak financial profile, the vulnerability of
sugar operations to agro-climatic risks and regulatory risks
inherent in the sector with respect to Government policies on
cane pricing, sugar exports etc.

ICRA, however, takes note of the fully-integrated sugar plants
(with both cogeneration and distillery units) which cushions the
margins during downturn.

Key rating drivers

Credit strengths

Forward-integrated nature of operations: RSCL has three sugar-
manufacturing units with combined cane-crushing capacity of
11,500 tonne crushed per day (TCD). These units are forward
integrated with total distillery capacity of 125 kilo litre per
day (KLPD) and total co-generation capacity of 54.5 megawatt
(MW). This provides an alternate revenue source and cushions
profitability against cyclicality in sugar business.

Credit challenges

Delays in debt servicing: The company is continuously delaying
the servicing of its debt obligations because of inadequate cash
accruals. This is due to sub-optimal cane crushing volume of 5.5
lakh MT in SY2018 against crushing volume of 12 lakh MT in SY2017
(~54% YoY decrease), along with subdued sugar prices in Q4
FY2018. These factors have adversely impacted the profitability,
cash accruals and debt coverage metrics.

Weak financial profile: RSCL's weak financial profile is
characterised by losses at the net level, high gearing and weak
debt coverage metrics FY2018. This is mainly due to low cane
crushing volumes.

Vulnerability of profitability to agro-climatic and regulatory
risks: Profitability of sugar mills is exposed to the cyclicality
of the sugar industry, agro-climatic risks associated with cane
production and Government policies related to cane pricing and
sugar trade.

High sector-concentration risk: The ratings continue to factor in
the high sector-concentration risk as most of the company's
revenues are derived from the sugar segment. In case of any
further downturn in this sector, the financial parameters may be
impacted adversely.

Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by
Late Shri. G. Varadaraj, is an integrated sugar company with
three units at Theni, Villupuram, and Gingee in Tamil Nadu. It
also has a subsidiary sugar mill, namely Trident Sugars (TSL), at
Zaheerabad in the Medak district of Andhra Pradesh. The company
has a combined crushing capacity of 11,500 TCD. It also has a
total distillery capacity of 125 kilo litres per day (KLPD; 45
KLPD in Theni unit and 80 KLPD in Gingee unit) and a total
cogeneration capacity of 54.5 MW (12 MW in Theni unit, 22 MW in
Villupuram unit and 20.5 MW in Gingee unit).


SAHARA POULTRY: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sahara
Poultry Farm (SPF) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Credit Limit
   Under Gold Card        1.1      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Short Term
   Bank Loan Facility     0.9      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPF for obtaining
information through letters and emails dated May 28, 2018 and
June 1, 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 Sahara Poultry Farm. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sahara Poultry Farm is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

SPF, set up as a partnership firm in 1998, operates a poultry
farm in Barwala, Haryana, with 250,000 layer birds. The firm is
promoted by Ms Kusum Mittal, Ms Anita Mittal, Mr Ram Kumar, and
Mr Rupak.


SANTHIRAM WIND: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Santhiram
Wind Power Private Limited to 'CRISIL B+/Stable Issuer not
cooperating'.

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


CRISIL has been consistently following up with Santhiram Wind
Power Private Limited (SWPPL) for obtaining information through
letters and emails dated February 21, 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 Santhiram Wind 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 Santhiram Wind Power Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in June 2013, SWPPL generates wind energy. The
company operates a windmill with capacity of 2 megawatts at
Vajrakarur in Ananthpur (Andhra Pradesh). The company is promoted
by Mr. P Ravi Babu and Mrs. M Madhavilatha.


SHREE GOPINATHJI: ICRA Moves B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has revised the rating of INR24.51 crore bank facilities of
Shree Gopinathji Cars Pvt. Ltd. to [ICRA]B+ from [ICRA]BB). ICRA
has also moved the ratings to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable); ISSUER
NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based-          16.11       [ICRA]B+ (Stable) ISSUER NOT
   EDFS/Cash Credit                 COOPERATING; Revised from
                                    [ICRA]BB (Stable) and moved
                                    to 'Issuer Not Cooperating'
                                    category

   Fund based-           8.40       [ICRA]B+ (Stable) ISSUER NOT
   Term Loans/                      COOPERATING; Revised from
   Asset backed                     [ICRA]BB (Stable) and moved  
   Loans                            to 'Issuer Not Cooperating'
                                    category

Rationale

The rating downgrade follows lower than anticipated performance
of the company with net losses reported in FY2017 and its weak
financial profile characterised by high debt levels, weak
coverage indicators and low accruals which results in a tight
liquidity position given the impending debt repayments.
ICRA has been trying to seek information from the entity so as to
monitor its performance and had also sent repeated reminders to
the company for payment of surveillance fee that became overdue.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/ limited information on
the issuers' performance. Accordingly the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

Outlook: Stable

ICRA believes Shree Gopinathji Cars will continue to benefit from
the extensive experience of the promoters in the auto dealership
business. The outlook might be revised to positive if the company
is able to improve its margins and coverage indicators.
Conversely, the outlook may be revised to negative if the
margins, capital structure or coverage indicators weaken.

Shree Gopinathji Cars Pvt. Ltd., a private limited company,
commenced operations in October 2014. SGCPL is engaged in the
sale of passenger vehicles of Honda Cars India Limited and has an
authorised dealership in Bharuch and Baroda. It is promoted by
Mr. Mayur C Gandhi along with other directors. Mr Gandhi has
extensive experience in the auto dealership business.


SHUBH GRAH: CRISIL Assigns 'B' Rating to INR6.62cr Overdraft
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shubh grah Metals Private Limited (SMPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             6.62       CRISIL B/Stable (Assigned)
   Proposed Letter
   of Credit              .38       CRISIL A4 (Assigned)

The rating reflects large working capital requirement and a weak
financial risk profile. These weaknesses are partially offset by
extensive experience of promoters in diversified businesses.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets
(GCAs) are estimated at 180-200 days as on March 31, 2018, driven
by high debtors of 150 days and order-backed moderate inventory
of 10 days as on March 31, 2018. However, it is supported by
creditors of 50 days. Due to stretch in debtors, the company
remains dependent on bank limit. Receivables have been realised
gradually with no instances of bed debt. Operations are expected
to remain capital intensive over the medium term.

* Weak financial risk profile: Financial risk profile is marked
by estimated total outside liabilities to tangible networth ratio
of 5.66 times as on March 31, 2018, on account of modest networth
and subdued debt protection metrics with estimated interest
coverage ratio of around 1 time and net cash accrual to total
debt ratio of xx times for fiscal 2018. The financial risk
profile is expected to gradually improve over the medium term,
owing to improved accretion to reserves.

Strength

* Experience of promoters in diversified businesses: The
promoters, Mr Babulal Motawat, Mr Rohit Motawat and Mr Pankaj
Kothari have more than 10 years of experience in the diversified
business activities through their other group concerns, Shubh
Mangal Marbles and Granite Pvt Ltd, engaged in trading of marbles
along with Shubh Builders and Developers involved in the real
estate, which has enabled them to have better relationships and
an established reputation.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit from the long-
standing experience of its promoters in diversified businesses.
The outlook may be revised to 'Positive' if the business risk
profile sustains and profitability increases, leading to healthy
cash accrual, while improving its working capital management and
financial risk profile. The outlook may be revised to 'Negative'
if decline in profitability, resulting in low accrual, or a
stretched working capital cycle, or large debt-funded capital
expenditure, weakens the financial risk profile.

SMPL, an Udaipur, Rajasthan based company, was incorporated in
2012 by Mr Babulal Motawat, Mr Rohit Motawat and Mr Pankaj
Kothari, and is involved in trading of aluminum scrap.


SILICA INFOTECH: ICRA Reaffirms B+ Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term of [ICRA]B+ and short-term
rating of [ICRA]A4 to the INR19.50-crore Line of Credit of Silica
Infotech Private Limited. The outlook on the long-term rating is
Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-Fund
   based/ CC             7.00      [ICRA]B+ (Stable); reaffirmed

   Long term-Fund
   based TL              1.25      [ICRA]B+ (Stable); reaffirmed

   Short term-Fund
   Based                 0.75      [ICRA]A4; reaffirmed

   Short term-
   Unallocated           0.50      [ICRA]A4; reaffirmed

   Short term-Non-
   fund based           10.00      [ICRA]A4; reaffirmed


Rationale

The ratings reaffirmation continues to favourably factor in the
promoter's extensive experience in the information technology
(IT) and liquid petroleum gas (LPG) bottling business. The
director is also involved in LPG bottling business - Urmila
Petroleum (a proprietorship of the director's spouse) - under a
contractual agreement with Bharat Petroleum Company Limited.
The ratings, however, are constrained by SIPL's modest scale of
operations as sales growth is impacted by order inflow and
contracts renewal from its customers under the IT segment. Though
the company has diversified into LPG bottling, the pace of
operations currently remains small. Two out of seven bottling
units are not operational at present. Moreover, the ratings
continue to factor in SIPL's average financial profile
characterised by modest accruals, weak coverage indicators,
leveraged capital structure, and weak debt protection metrics in
FY2018. Further, in the near term, the company's capital
structure and coverage indicators are expected to remain
stretched, given the debt-funded capex incurred and the impending
debt repayments. The ratings are further affected by the high
working capital intensity of its operations, driven by elongated
receivables levels. This has resulted in a stretched liquidity
position as evident from the near-to-full utilisation of working
capital limits. The IT hardware industry is characterised by
various local and regional players with limited areas of
differentiation and trend of competitive pricing, limiting the
company's pricing power.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SIPL will
benefit from the director's prior industry experience and his
continued financial support extended. The outlook may be revised
to Positive if substantial growth in revenues and profitability
and better working capital management strengthen the financial
risk profile. The outlook may be revised to Negative if cash
accruals are lower than expected to meet the debt obligations, or
a stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Significant experience of the management in the industry: The
director, Mr. Amrendra Kumar, has an experience of about 15 years
in the IT and LPG bottling business. He looks after the overall
administration and management functions. He is also involved in
LPG bottling business under a contract agreement with Bharat
Petroleum Company Limited in Urmila Petroleum (a proprietorship
of the director's spouse).

Reputed and established client relationships: The company has
established relations with its customers, including several
reputed Government organisations such as Air India, Indian
Railways, Centre for Railway Information Systems (CRIS) etc.

Credit challenges

Modest scale of operations: The scale of operations for the
company's IT segment remains moderate with revenues of INR46.81
crore in FY2018 from this segment. The segmental revenues also
witnessed a year-on-year decline of 8%. Though the company
diversified into LPG bottling, the pace of operations currently
remains small. Two out of seven bottling units are not
operational at present due to non-receipt of the requisite
licences.

Average financial risk profile: The company undertook a debt-
funded capital expenditure in FY2017. This, in conjunction with a
modest net worth of INR8.06 crore as on March 2018, translated
into a leveraged capital structure as reflected by high gearing
of 2.79 times as on the same date. The large debt repayment
obligations, coupled with the increase in working capital
requirements of the business, is expected to keep the liquidity
position of the company stretched in the near term.

Moderation in operating margin, given the increase in low value-
added trading operation: The company's operating margin has
moderated in the recent years on account of an increase in the
low value-added trading operations contributing considerably to
total revenue.

Moderate working capital intensity led by high debtor days: The
firm's debtor days have remained high at 145 days and 142 days in
FY2017 and FY2018, respectively, translating into moderate
working capital intensity.

Fragmented industry and intense competition: The IT hardware
industry is characterised by various local and regional players
with limited areas of differentiation and trend of competitive
pricing, limiting the company's pricing power.

Silica Infotech Private Limited (SIPL) provides information
technology (IT) services to various customers belonging to
different sectors. The company supplies and installs routers,
switches, firewalls, access points etc. After installing these
devices, the company also provides annual maintenance contract
services. In FY2017, the company diversified into bottling of LPG
cylinders, under a contract agreement with Hindustan Petroleum
Company Limited. SIPL has set up seven units, of which three each
are in Uttar Pradesh and Bihar, and one in Himachal Pradesh.


SMN POULTRY: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
-----------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of SMN
Poultry Farms (SMN) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B+/Stable'; Rating
                                   Withdrawn)

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

CRISIL has been consistently following up with SMN for obtaining
information through letters and emails dated June 8, 2018 and
June 12, 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 SMN. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SMN is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SMN to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
B+/Stable'.

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

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


SRIGDHAA BEVERAGES: CRISIL Assigns B Rating to INR7.29cr LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Srigdhaa Beverages (SB). The rating reflects
SB's nascent stages of operations and its exposure to intense
competition in the packaged water segment. These weaknesses are
partially offset by the extensive industry experience of
promoters.

                          Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      0.61      CRISIL B/Stable (Assigned)

   Cash Credit             1.10      CRISIL B/Stable (Assigned)

   Long Term Loan          7.29      CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Nascent stages of operations: SB has recently commenced
operations in its purified drinking water and soda facility.
Hence the firm's revenues and profitability would depend upon
timely ramp up and stabilisation of its facility.

* Exposure to intense competition in the segment: The domestic
packaged water industry is fragmented with organized and
unorganized players. In addition, competition could intensify in
the long run due to aggressive pricing strategies followed by
mid-sized companies impacting the pricing flexibility of players.

Strengths

* Extensive industry experience of promoters: The promoters, Mr.
Dumbla Vijender Reddy and Mrs. Dumbla Balajyothi, have around 2
decades of experience in the FMCG distributorship. With their
experience and the contacts built over the years, marketing would
not pose significant challenges to the company.

Outlook: Stable

CRISIL believes that SB would benefit from its promoters'
extensive industry experience. The outlook would be revised to
positive if the firm's operations ramp up substantially resulting
in healthy revenues and profitability while maintaining its
capital structure at moderate levels. Conversely the outlook
would be revised to negative if the expected improvement in
revenue profile and capital structure is not achieved owing to
delays in stabilisation of project, or if the company's financial
risk profile, particularly liquidity, deteriorates owing to
higher working capital intensity.

SB, established as a partnership firm in Feb, 2016 by Mr. Dumbla
Vijender Reddy and Mrs. Dumbla Balajyothi, is currently setting
up a unit in Hyderabad for processing of purified drinking water
& soda.


SUN PROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of Sun
Projects (India) Private limited (SPIL) to 'CRISIL B+/Stable'
Issuer Not Cooperating' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/           1         CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)
                                       
   Long Term Loan         3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPIL for obtaining
information through letters and emails dated May 22, 2018,
June 8, 2018 and June 12, 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 SPIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SPIL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower.' Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SPIL to
'CRISIL B+/Stable' Issuer Not Cooperating' from 'CRISIL
B+/Stable'.

CRISIL has withdrawn its rating on the Rs.3 crore Long Term Loan
and Rs. 3 crore overdraft facilities of SPIL on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

Established in 1998, SPIL-promoted by Mr V Sanjeev-is involved in
residential real estate construction business in Kerala.


SUPREME MANOR: CRISIL Reaffirms D Rating on INR377cr Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the bank facility
and non-convertible debentures (NCDs) of Supreme Manor Wada
Bhiwandi Infrastructure Private Limited (SMWBIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              377       CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by the company
in servicing its debt, caused by weak liquidity primarily because
of continued low toll collection caused by weak freight traffic
volume and delay in completion of by-pass construction.
Furthermore, strategic debt restructuring (SDR), started in
November 2016, remains in process, resulting in no fund infusion
by external investors. Also, non-receipt of full compensation
from the government of Maharashtra (GoM) hit revenue in fiscal
2018.

SMWBIPL continues to face project implementation risk as it is
yet to gain access to land critical for construction of by-pass,
and remains susceptible to volatility in traffic and to any delay
in receipt of annuity payments from GoM. However, the company
benefits from the strategic location of the project highway.

Key Rating Drivers & Detailed Description

* Continued delays in debt servicing: SMWBIPL's liquidity is weak
on account of weak cash accrual because of low toll collection
and non-receipt of annuity payments in full from GoM. Hence,
there have been continued delays in debt servicing by the
company. Interest accrued and due on borrowings as of March 31,
2018 stood at INR58.87 crore. Furthermore, lenders, who had
acquired controlling stake of around 51% (the process of change
in management under 'outside SDR' mechanism is ongoing) are still
in the process of selling their stake to external investors.

Weaknesses

* Vulnerability to volatility in traffic volume, on account of
delay in completion of by-pass construction: Traffic at the
Manor-Wada and Wada-Bhiwandi sections of the toll-road project
has been significantly lower than expected, leading to low
revenue and cash accrual, in the past three years. The decline in
traffic volume was partly on account of the delay in completion
of the by-pass construction starting from Wada-Bhiwandi road on
State Highway (SH)-35 at Vishwabharti Phata and going up to the
Bhinar and Vadpa junction. These delays are primarily on account
of right-of-way (ROW) issues. Weak revenue was aggravated as toll
collected from multi-axle vehicles, which is the major revenue
contributor, declined steeply.

* Susceptibility to any delay in receipt of annuity payments from
GoM: In fiscal 2016, GoM had decided to exempt passenger and
light Motor vehicles from paying toll on select SHs. SMWBIPL's
project was part of the SHs where toll had been discontinued. In
lieu of this exemption, GoM is to provide compensation to the
company in the form of fixed annual payment. However, the company
has not been receiving compensation in full from GoM. Any delay
in receipt of pending and future annuity payments will impact
cash flow, as these payments form an integral part of total
revenue, and will remain a key rating sensitivity factor.

Strength

* Strategic location of project highway: The project highway
connects major production centres in Maharashtra, especially
Mumbai, Kalyan, and Thane. Furthermore, it provides connectivity
to major national corridors such as National Highway (NH)-3 and
NH-8. The project highway traverses through Thane, the third most
industrialised district in Maharashtra, and caters to around 1500
large and medium scale enterprises and around 18,000 small scale
industries. The main products of these industries include drugs,
textiles, adhesives, plastics, rubber, iron and steel,
pharmaceuticals, engineering, fertilizers, electronics, and
chemicals.

SMWBIPL has been incorporated as a special-purpose vehicle for
four-laning of the 54.32-km Manor-Wada section of SH-34, and the
40.07-km Wada-Bhiwandi section of SH-35, on a build, operate, and
transfer (BOT) toll basis. The scope of work includes widening of
the existing 94.39-km two-lane road stretch and its improvement,
and operations and maintenance. The entire project highway is
located in the district of Thane.


SURBHI INDUSTRIES: CRISIL Reaffirms B Rating on INR6cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Surbhi Industries - Morbi (SI). The
rating continues to reflect the firm's modest scale of operations
in the highly competitive cotton ginning industry, its below-
average financial risk profile, and susceptibility to volatility
in cotton prices. These weaknesses are partially offset by the
extensive experience of the promoters.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL B/Stable (Reaffirmed)
   Term Loan              1.8      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly competitive industry: The
scale is small, reflected in estimated revenue of INR12 crore in
fiscal 2018 against INR5 crore for fiscal 2017, on account of
small capacity and high fragmentation in the cotton ginning
business. Revenue is susceptible to climatic conditions and
government regulations, which affect availability and prices of
agricultural commodities.

* Below-average financial risk profile: SI had a small networth
of INR2.58 crore and high gearing of 2.25 times as on March 31,
2018. Gearing should improve to less than 2.50 times over the
medium term with gradual repayment of long-term debt. Debt
protection metrics were below average, indicated by net cash
accrual to total debt ratio of 0.02 times and interest coverage
of 1.4 times in fiscal 2018.

* Vulnerability to changes in cotton prices: Since cotton is an
agricultural commodity, its availability depends on the monsoon.
Furthermore, government interventions and fluctuations in global
cotton output have resulted in volatility in cotton prices,
affecting profitability of cotton ginners. CRISIL believes SI's
ability to manage volatility in cotton prices will remain a key
sensitivity factor.

Strength

* Extensive experience of the promoters in the cotton industry
The firm benefits from the extensive industry experience of its
promoters, their understanding of the dynamics of the local
market, and their established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes SI will continue to benefit from its promoters'
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if steady
sales growth and better profitability lead to higher cash accrual
and improved key credit metrics. The outlook may be revised to
'Negative' if decline in accrual; large, debt-funded capital
expenditure; or increase in working capital requirement weakens
the financial risk profile and liquidity.

Established in 2013, SI is promoted by Mr Manoj Panara, Mr Bipin
Kasundra, and their family members it commenced its operation
since March 2015. The firm is engaged in manufacturing of cotton
bales.


VISHAAL PROMOTERS: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Vishaal
Promoters Private Limited (VPPL) to CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Lease Rental          35        CRISIL B-/Stable (ISSUER NOT
   Discounting Loan                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VPPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 8, 2018 and June 12, 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 Vishaal Promoters Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Vishaal Promoters Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

VPPL was set up in 2001 as a partnership firm by Mr Ilankovan and
his wife. The firm was reconstituted as a private limited company
in 2004. The company, based in Madurai, undertakes real estate
development.



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


ANTAM TBK: S&P Alters Outlook to Positive & Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its rating outlook on PT ANTAM
(Persero) Tbk. (ANTAM) to positive from stable. At the same time,
S&P affirmed its 'B-' long-term issuer credit rating on the
Indonesia-based metals and mining company.

The outlook revision reflects S&P's view that ANTAM will continue
to expand its operations and execute its downstream projects,
thereby reducing leverage.

S&P said, "We believe progressing toward completion of a new
ferronickel plant, renewing or obtaining additional export
quotas, and managing the ownership and operations of its
subsidiary PT Indonesia Chemical Alumina (PT ICA) are important
milestones for enhancement of the company's credit profile. We
expect ANTAM will maintain sufficient liquidity while focusing on
these projects, which will sustainably improve earnings.

"We affirmed the 'B-' rating because we still expect ANTAM's debt
levels to remain elevated, which we view as a continuing risk;
lower leverage will be driven by stronger earnings, in our view.
We expect debt to EBITDA ratios to range from 4.0x-4.5x in 2018
and 2019, which is high considering the volatility inherent in
ANTAM's business. Still, this continues a marked reduction in
leverage over 2016 (when it was 14x) and 2017 (6.6x).

"We anticipate that ANTAM will continue to de-risk its major
projects as it progresses in its investments. The company
completed the expansion of its nickel plant in Pomalaa in 2017,
bringing the maximum capacity to 27,000-30,000 tons per year,
from 18,000-20,000 tons previously. Additionally, the 13,500-ton
first phase of the Halmahera ferronickel plant is proceeding as
planned, and was 55% complete at the end of the first quarter of
2018. The plant is likely to begin operations in 2019."

ANTAM's cost position in likely to improve along with the
increase in volumes. ANTAM completed a coal-fired 2x30 megawatt
power plant in late 2016 to support the Pomalaa ferronickel
plant. The Pomalaa facility's power plant was then retrofitted
with an option to use gas, which should help lower input costs.
Additionally, the company has shifted from diesel to marine fuel
where possible. Finally, although S&P expects the reorganization
of ANTAM's ownership, with PT Indonesia Asahan Aluminium (Inalum)
taking a 65% stake, to be neutral overall, it could allow for
better pricing on fuel purchases.

S&P said, "Obtaining additional export quotas will be important
for a sustainable improvement of ANTAM's earnings profile, in our
view. The company's nickel ore export quota has increased to 3.9
million tons in 2018 from 2.7 million tons in 2017 as the
downstream projects have progressed. We expect the government to
renew these quotas. ANTAM may also look to obtain more export
quotas. Additionally, we understand that management may increase
domestic ore sales, which would also support volumes. The
company's gold-trading capacity has also increased and supports
gold refining volumes.

"We anticipate discussions around the ownership of PT ICA will
conclude later this year. The subsidiary is a joint venture
between ANTAM (80%) and Showa Denko K.K. (20%). The PT ICA plant
is not yet profitable, and Showa Denko has decided to terminate
the partnership and sell its shares to ANTAM. We do not expect
ANTAM to assume more debt than the existing Japanese yen-
denominated loans it guarantees on behalf of PT ICA. ANTAM
expects the PT ICA plant to resume operations and generate enough
cash flow to cover its costs.

"We expect ANTAM's EBITDA interest coverage to remain above 4x
and do not expect the company's liquidity to constrain
operational improvements over the next 12 months. The company had
a sizable cash balance of about Indonesian rupiah (IDR) 6
trillion at the end of the first quarter. We expect that about
IDR2 trillion of this is from a rights issuance and is reserved
for capital spending to develop downstream capacity.

"We continue to regard ANTAM as a government-related entity,
given that Inalum, which is wholly owned by the Indonesian
government, owns 65% of the company. Government ownership is
credit neutral for the company, in our view. The company does not
provide essential infrastructure, goods, or services to the
economy, in our view. About 80% of ANTAM's sales are export-
oriented, supporting our view that its products, mainly
ferronickel and gold, are not central to the political and
economic objectives of the government. Despite effective control
of the board by the government, ANTAM's operations are largely
run independently.

"In our view, the government's cash injections in many state-
owned firms, including ANTAM, were intended to help these
companies to fund additional capacity rather than repair their
leveraged balance sheets. We do not view these injections as a
form of exceptional government support.

"The positive outlook reflects our view that ANTAM has good
prospects to improve its credit ratios while maintaining a sound
liquidity position over the next 12 months. We anticipate the
company will execute its investments and expand the scale of its
operations. We also expect ANTAM to maintain a substantial cash
balance, good headroom under its financial covenants, and
continued access to domestic banks over the period.

"We could revise the outlook to stable if: (1) ANTAM does not
continue on its path to permanently improve cash flows and
operations, leading to leverage well above 5.0x; or (2) the
company's liquidity deteriorates."

A reduction or a loss of nickel ore export quotas, or a
disruption at the Pomalaa plant could seriously undermine
earnings. Additionally, significant new investments beyond S&P's
base case of IDR3 trillion on average over 2018-2019 or impaired
access to banks and capital markets would pressure liquidity.

S&P said, "We could upgrade ANTAM if the company continues to
sustainably improve earnings. This could be achieved if ANTAM
obtains higher nickel ore export quotas, increases domestic
nickel ore sales, resolves the capital structure at PT ICA, and
continues to execute the development of the Halmahera nickel
plant. We would also expect the company to maintain sources of
liquidity that cover uses, with cash balances sufficient to repay
short-term liabilities without refinancing.

"Additionally, we could raise the rating if we assess that the
likelihood of extraordinary government support to the company has
increased. This would entail our belief that the government is
likely to financially support ANTAM to preserve its credit
standing instead of focusing only on its operational continuity."



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


JAPAN DRILLING: Begins Corporate Reorganization Process
-------------------------------------------------------
Russell Searancke at Upstream Online reports that Japan Drilling
Company (JDC) said it has become insolvent and has begun a
process of "corporate reorganisation" while continuing to
operate.

Upstream relates that the company said the reorganisation process
began with an application to the Tokyo District Court, which
issued a variety of orders regarding JDC's financial status.

According to the report, JDC said it became insolvent following
three consecutive operating losses in the past financial periods,
as well as recognising impairment losses for the newbuild jack-up
Hakuryu-14, and transferring a loss provision for the under-
construction jack-up Hakuryu-15 in the period ended 31 March
2018.

"This made the business environment surrounding our company even
more severe, leading to our decision this time to file a petition
for legal proceedings to reconstruct the business of our
company," Upstream quotes Yuichiro Ichikawa, JDC's president and
representative director, as saying.  "Our company intends to
continue the offshore drilling business in the future and make
our best effort to offer our clients service in the same manner
as we have done so far."

Japan Drilling Co. Ltd. -- http://www.jdc.co.jp/en/news/index.php
-- is an offshore drilling contractor that also provides
Engineering Services, R&D in relation to offshore drilling as
well as oil and gas exploration and development, and Horizontal
Directional Drilling (HDD) services.



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


RURAL BANK OF INITAO: Creditors' Claim Deadline Set for July 17
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
creditors of the closed Rural Bank of Initao (Misamis Oriental),
Inc. to file their claims against the bank's assets on or before
July 17, 2018. PDIC reiterated that claims filed after said date
shall be disallowed. Creditors refer to any individual or entity
with a valid claim against the assets of a closed bank and
include depositors with uninsured deposits that exceed the
maximum deposit insurance coverage (MDIC) of PhP500,000.

PDIC announced that creditors of the closed bank may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except
holidays. Creditors may also file their claims through mail
addressed to the PDIC Public Assistance Department, 6th Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City.
The prescribed Claim Form against the assets of the closed bank
may be downloaded from the PDIC website, www.pdic.gov.ph. PDIC
called on creditors to transact only with authorized PDIC
personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Creditors whose claims are denied or
disallowed may file their claims with the liquidation court
within sixty (60) days from receipt of final notice of denial of
claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims
for the insured portion of their deposits as of July 17, 2018 are
deemed to have filed their claims for the uninsured portion or
the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Initao was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on April 30, 2018 and as
the designated Receiver, PDIC was directed by the MB to proceed
with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank is located in Poblacion, Initao, Misamis
Oriental.

All requests and inquiries relating to the closed Rural Bank of
Initao should be addressed to the PDIC Public Assistance
Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, or through telephone
numbers (02) 841-4630 or 841-4631. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at 1-
800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday,
8:00 AM to 5:00 PM, except holidays.



===========
T A I W A N
===========


JIH SUN: Fitch Affirms 'BB+' LT FC IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Jih Sun Financial
Holding Co., Ltd (JSH) and its subsidiaries, Jih Sun Securities
Co.,Ltd (JSS) and Jih Sun International Bank (JSIB). The Outlook
on all three entities is Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND VIABILITY RATING

The Issuer Default Ratings (IDR), National Ratings and Viability
Rating reflect a consolidated assessment of JSH's credit-risk
profile and that of its two fully owned subsidiaries. The
profiles of the three entities are closely linked via high
integration, consolidated supervision and limited restriction of
capital fungibility within the group.

The affirmation reflects the group's stable credit profile,
underpinned by its moderate franchise, conservative risk appetite
and strong capitalisation. JSS's franchise has been stabilising
after suffering market-share shrinkage in the previous few years.
Its brokerage market share increased to 3.5% in 2017, from 3.2%
in 2016, following higher retail flow. JSIB's franchise is
weaker, with loan market share of only 0.5%. JSH's total assets
have increased at a modest CAGR of 4.6% from 2015 to 2017 to
reach TWD296 billion at end-2017. Asset quality has been
improving, with its impairment ratio declining to 1.65% in 2017,
from 1.82% in 2015, reflecting reversals from its legacy
portfolio and limited new impairment.

Fitch considers JSIB's underwriting standards as adequate and in
line with similarly rated peers; 70% of its loan book is secured
and over 30% consists of residential mortgages that have a
loan/value ratio of 40%. JSIB has intentionally increased its
exposure to SMEs to improve its net interest margin; its SME
exposure accounted for 20% of its loan book in 2017, from 12% in
2014. JSH has a low-risk appetite in its investment portfolio,
which mainly consists of government and investment-grade bonds
and high-quality dividend yielding stocks.

JSH has above-peer-average capitalisation, although profitability
has historically been below peer average. Return on assets
improved to 0.8% in 2017, from 0.5% in 2016, thanks to the
improved trading environment, yet, profitability remained below
peers. This was partly due its conservative risk taking, low use
of leverage and lack of economies of scale.

The Stable Outlook reflects Fitch's expectation that the group
will continue expanding its balance sheet moderately and maintain
strong capitalisation with manageable asset quality.

The National Ratings of the three entities correspond to their
IDRs and reflect moderate default risk relative to domestic
issuers in Taiwan.

JSIB's Support Rating and Support Rating Floor reflect Fitch's
belief of a low likelihood of sovereign support due to its small
deposit franchise and limited systemic importance.

SUBORDINATED DEBT

JSIB's non-Basel III-compliant subordinated bond is rated one
notch below its National Long-Term Rating to reflect its
subordinated status and the absence of going-concern loss-
absorption features. Its Taiwanese Basel III Tier 2 (BIIIT2)
capital is rated two notches below its anchor rating - the
National Long-Term Rating. This comprises of zero notching for
non-performance risk and two notches for loss severity. Wider
notching than Fitch's base case of one notch reflects the poor
recovery prospects for Taiwanese BIIIT2 debt at the point of non-
viability or government receivership. Taiwan's authorities would
only move a bank into insolvency administration when it reaches a
very low capital level or a 2% capital adequacy ratio, reducing
recovery prospects for BIIIT2 debt.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND VIABILITY RATING

The IDRs, National Ratings and Viability Ratings are sensitive to
a change in Fitch's assumptions around JSH's franchise and
profitability. The ratings could be upgraded if the group can
strengthen its franchise and sustainably improve its
profitability while maintaining stable risk appetite. The ratings
could be downgraded upon large unexpected proprietary trading
losses or if loan quality significantly weakens and leads to
impairment and capital reduction.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of
Taiwan's government to provide timely support to JSIB.

SUBORDINATED DEBT

The JSIB's subordinated debt ratings will move in tandem with its
National Long-Term Rating.

The rating actions are as follows:

JSH

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

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

Viability Rating affirmed at 'bb+'

JSIB

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

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'

Viability Rating affirmed at 'bb+'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'NF'

Subordinated debt (non-Basel III-compliant) rating affirmed at
'BBB+(twn)'

Subordinated debt (Basel IIIT2 capital) rating affirmed at
'BBB(twn)'

JSS

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

Short-Term Foreign-Currency IDR affirmed at 'B'

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable

National Short-Term Rating affirmed at 'F2(twn)'



                             *********

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.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***