/raid1/www/Hosts/bankrupt/TCRAP_Public/180716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, July 16, 2018, Vol. 21, No. 139

                            Headlines


A U S T R A L I A

COOMBOONA DAIRIES: Receivers Put Dairy Farm Up for Sale
D & C BUILDING: Second Creditors' Meeting Set for July 18
MESOBLAST LIMITED: Signs $50M Financing with NovaQuest Capital
MESOBLAST LIMITED: Shawn Cline Tomasello on Board as Director
MOTH PROJECTS: First Creditors' Meeting Set for July 23

NAKAMA GROUP: Puts Australian Business Into Liquidation
REFTEKE PTY: Second Creditors' Meeting Set for July 18
ROSSAIR CHARTER: Goes Into Voluntary Administration
UWE - GRIFFITH: Second Creditors' Meeting Set for July 18
WARAPAR RESOURCES: Second Creditors' Meeting Set for July 23


C H I N A

BEIJING KUNLUN: S&P Assigns BB- Issuer Credit Rating
BIOSTAR PHARMACEUTICALS: CEO Agrees to Sell His 426,999 Shares
CHINA COMMERCIAL: Completes Disposition of BVI Business
LODHA DEVELOPERS: Moody's Alters Outlook to Pos. & Affirms B2 CFR
TUNGHSU GROUP: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B'

* CHINA: Rising Defaults Bring More Safeguards to Yuan Bonds


I N D I A

ABANI RICE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
ADMACH AUTO: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
ALLIED ASSOCIATES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
AMARAVATHI GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating
ANGAYARKKANNI ENTERPRISES: CRISIL Moves B+ Rating to Not Coop.

BRAND ALLOYS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
BRILLIANT SPACES: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
BUSTHAN AL: CRISIL Migrates D Rating to Not Cooperating Category
CAPITAL INFRAPROJECTS: Ind-Ra Affirms BB+ Rating, Outlook Stable
CENTURY TEXOFIN: Ind-Ra Maintains BB LT Rating in Non-Cooperating

COCHIN FROZEN: CRISIL Assigns B+ Rating to INR15cr Loan
CORUM HOSPITALITY: CARE Keeps D Rating in Not Cooperating
DEVANGI CONSTRUCTION: CARE Assigns B+ Rating to INR7.50cr Loan
DOLPHIN OFFSHORE: CRISIL Migrates D Rating in Not Cooperating
FORTPOINT AUTOMOTIVE: CRISIL Moves B- Rating to Not Cooperating

GALI BHANU: CARE Assigns B+ Rating to INR5.53cr LT Loan
GLENMARK PHARMACEUTICALS: Fitch Affirms 'BB' IDR, Outlook Stable
GTC OILFIELD: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
H. K. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
HARIOM PROJECTS: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable

IMSONG SUPPLIER: CRISIL Assigns B+ Rating to INR4.5cr Cash Loan
JADWET RESORTS: CRISIL Migrates B Rating to Not Cooperating
LAXMI MEGHAN: CRISIL Maintains B+ Rating in Not Cooperating
LOHITHA LIFESCIENCES: CRISIL Keeps B+ Rating in Not Cooperating
LOTUS MOTORS: CRISIL Assigns B+ Rating to INR6.0cr Cash Loan

MEGHAAARIKA INT'L: Ind-Ra Affirms BB- LT Rating, Outlook Stable
MOBILE NEXT: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
MOBILITY SOLUTIONS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
NIKUNJ SALES: CRISIL Assigns B Rating to INR3.5cr Cash Loan
OCTAL SALES: Ind-Ra Maintains B Issuer Rating in Non-Cooperating

P.S. ASSOCIATES: CARE Assigns B+/A4 Rating to INR8cr Loan
PILANIA INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
ROYALE MANOR: Ind-Ra Raises Long Term Issuer Rating to BB+
SABAR FLEX: CARE Moves CARE B/CARE A4 Ratings to Not Cooperating
SAPTHAVARNA BUILDERS: CRISIL Reaffirms B+ Rating on INR3.3cr Loan

SATELLITE CABLES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
SGM PACKAGING: CRISIL Maintains D Rating in Not Cooperating
SHINE FLEXIBLE: CRISIL Lowers Rating on INR5cr Cash Loan to D
SHIVAM PROTEIN: CARE Lowers Rating on INR9.69cr Loan to B
SHREE MANDVI: CARE Maintains D Rating in Not Cooperating

SHRI SANKALP: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SRE PARTHASARATHI: CRISIL Maintains B Rating in Not Cooperating
SUN REALTY: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
SUNPAUL PROPERTIES: CARE Migrates B+ Rating to Not Cooperating
SURGICARE CENTRE: CRISIL Maintains B+ Rating in Not Cooperating

TEAM INTERVENTURE: CRISIL Maintain D Rating in Not Cooperating
TEXAS LIFESTYLE: CRISIL Maintains D Rating in Not Cooperating
TICEL BIO: CARE Assigns 'D' Rating to INR61.32cr LT Loan
UNITON ENTERPRISE: CRISIL Reaffirms B+ Rating on INR8cr Loan
V. A. PRODUCTS: CARE Maintains B Rating in Not Cooperating

VALLEY FRESH: CRISIL Maintains B Rating in Not Cooperating
VARIETY POLYESTERS: CRISIL Moves B Rating to INR6.5cr Cash Loan
VITAL HEALTHCARE: CRISIL Reaffirms B Rating on INR34.78cr Loan
YASIKA STEELS: CRISIL Maintains D Rating in Not Cooperating


M A L A Y S I A

MULTI SPORTS: Clarifies Confusion Over SC Reprimand
SCOMI GROUP: Unit Faces Winding Up Petition


N E W  Z E A L A N D

HAWKINS GROUP: Former Companies Owe NZ$41 Million to Creditors


P A K I S T A N

PAKISTAN MOBILE: S&P Affirms Then Withdraws 'B' ICR


T H A I L A N D

KTB SECURITIES: Fitch Affirms 'BB(tha)' National LT Rating


                            - - - - -


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


COOMBOONA DAIRIES: Receivers Put Dairy Farm Up for Sale
-------------------------------------------------------
Xavier Duff at The Weekly Times reports that one of Australia's
biggest dairy farms is for sale as receivers look for a buyer for
the founders' failed foray into mega dairying.

According to the report, Coomboona Dairies near Shepparton, owned
by retailing giant Harvey Norman and businessman Alex Arena and
comprising 1816ha and a 2500 cow milking herd, went into
voluntary administration in March after major financial losses.

The administration leaves dozens of unsecured creditors owed in
excess of $4 million, the report says.

The Weekly Times relates that the NAB was owed AUD36 million but
this was transferred in May to Network Consumer Finance, a Harvey
Norman subsidiary. Harvey Norman is claiming it is owed another
AUD37.9 million.

The Weekly Times says Elders Real Estate is offering the farm on
a walk in, walk out basis, including the land, all facilities,
plant and equipment, a Holstein herd originating from some of the
world's highest profile registered Holstein genetics and 3461
megalitres of water entitlements and 650 ML of dam storage.

Expressions of interest closing is on August 16, the report
discloses.

The joint venture set up in 2015 with issued capital of AUD68
million is 49.9 per cent owned by Harvey Norman through its
subsidiary HNM Galaxy and 50.1 per cent owned by Mr. Arena's
Eternal Sound Limited.

Coomboona has continued to trade since going into administration,
as the receivers Ferrier Hodgson seek a buyer for the business,
the report notes.

"It is very rare for an asset of this scale and quality to be
offered for sale," the report quotes Elders Real Estate state
manager Nick Myer as saying.  "The existing owners have
implemented a vision which positions an incoming purchaser to
fully realise the potential of this unique asset."

The Weekly Times relates that Elders agent Anthony Stevens said
the sale was an opportunity to acquire a genuine state of the art
operation, enjoying the efficiencies of a modern dairy and
economies of scale that could not be achieved through any other
current opportunities.

Mr. Myer would not comment on what the expected price was for the
business, the report adds.

Stewart Alexander McCallum and Ryan Reginald Eagle of Ferrier
Hodgson were appointed as administrators of Coomboona Dairies on
March 23, 2018.


D & C BUILDING: Second Creditors' Meeting Set for July 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of D & C
Building Careers Pty Limited, trading as Design and Construct
Building Careers, has been set for July 18, 2018, at 10:00 a.m.
at D&C Building Careers, Suite 2, Level 9, 213 Miller St, in
North 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 17, 2018, at 5:00 p.m.

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


MESOBLAST LIMITED: Signs $50M Financing with NovaQuest Capital
--------------------------------------------------------------
Mesoblast Limited has entered into a US$50 million financing from
NovaQuest Capital Management, L.L.C. for the continued
development and commercialization of its allogeneic product
candidate remestemcel-L (MSC-100-IV) for children with steroid
refractory acute Graft versus Host Disease (aGVHD). NovaQuest was
formed in 2000 as a strategic investment unit within Quintiles
(now IQVIA), the world's largest clinical research organization,
and became an independent firm in 2010.

Mesoblast Chief Executive Dr Silviu Itescu stated: "We are
pleased to have NovaQuest's support for our plans to bring
remestemcel-L to market. This transaction is underpinned by the
strength of our GVHD Phase 3 clinical trial results. This trial
is being managed in partnership with IQVIA, the clinical research
organization that provides trial oversight and global development
experience."

NovaQuest partner Matthew Bullard said, "NovaQuest has been
providing novel solutions to the biopharmaceutical industry to
fund the development and commercialization of strategic assets
for two decades that reduce the cost of care, meet unmet medical
needs, improve efficacy and improve quality of life of patients.

"Our extensive diligence leveraging our life science expertise
and network of industry experts gives us confidence in the
ability of Mesoblast to reach FDA approval and launch in the US
for the treatment of aGVHD. We believe Mesoblast's disruptive
technology platform has the potential to be transformational in
treatment of severe and life-threatening diseases such as aGVHD."

NovaQuest will provide a non-dilutive US$40 million, eight-year
term loan and purchase US$10 million of Mesoblast common shares.
The per share equity purchase price will represent a 5% premium
to the 10-day volume weighted average price at the time of
execution of the equity purchase agreement. Mesoblast will issue
the shares and draw the first tranche of the loan in the amount
of US$30 million on closing, with an additional US$10 million to
be drawn on marketing approval of remestemcel-L by the United
States Food and Drug Administration (FDA).

Prior to maturity in July 2026, the loan is only repayable from
net sales of remestemcel-L in the treatment of pediatric patients
who have failed to respond to steroid treatment for acute GvHD,
in the United States and other geographies excluding Asia.
Interest on the loan will accrue at a rate of 15% per annum with
the interest only period lasting 4 years. Interest payments will
be deferred until after the first commercial sale. The financing
will be subordinated to the senior creditor, Hercules Capital,
Inc.

Mesoblast's open-label Phase 3 trial enrolled 55 children with
steroid-refractory aGVHD (aged between two months and 17 years)
in 32 sites across the United States, with 89% of patients
suffering from the most severe form, grade C/D aGVHD. The trial
was performed under an United States Food and Drug Administration
(FDA) Investigational New Drug Application (NCT#02336230). This
trial previously met the primary endpoint of Day 28 overall
response rate (69% versus 45% historical control rate, p=0.0003).
Top line Day 100 results demonstrated 87% survival rate for Day
28 responders to remestemcel-L treatment (33/38), and an overall
survival rate of 75% (41/55). The multi-infusion regimen of
remestemcel-L was well tolerated.

Based on interactions with the FDA, Mesoblast believes that
successful results from the completed Phase 3 trial, together
with Day 180 safety, survival and quality of life parameters in
these patients, may provide sufficient clinical evidence to file
for accelerated approval of remestemcel-L in the United States,
where there are currently no approved products for steroid-
refractory aGVHD.

                      About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.  Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015.  As of March 31, 2018, Mesoblast
had US$677.85 million in total assets, US$121.72 million in total
liabilities and US$556.13 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


MESOBLAST LIMITED: Shawn Cline Tomasello on Board as Director
-------------------------------------------------------------
Shawn Cline Tomasello has joined Mesoblast Limited's Board of
Directors.  With more than 30 years' experience in the
pharmaceutical and biotech industries, Ms. Tomasello brings
substantial commercial and transactional experience to the
Mesoblast board.

Since 2015, Ms. Tomasello has been chief commercial officer at
immuno-oncology cell therapy company Kite Pharma, where she
played a pivotal role in the company's acquisition in 2017 by
Gilead Sciences for $11.9 billion.  Prior to this she served as
chief commercial officer at Pharmacyclics, Inc., which was
acquired in 2015 by AbbVie, Inc. for $21 billion.  Ms. Tomasello
previously was president of the Americas, Hematology and Oncology
at Celgene Corporation where she managed over $4 billion in
product revenues, and was instrumental in various global
expansion and acquisition strategies.  She has also held senior
positions at Genentech, Pfizer Laboratories, Miles
Pharmaceuticals and Procter & Gamble. Ms Tomasello currently
serves on the Board of Directors of Centrexion Therapeutics,
Oxford BioTherapeutics and Diplomat Rx.

Commenting on her appointment, Ms. Tomasello said, "I have been
extremely impressed by Mesoblast's technology and the rigor with
which the company has moved its programs towards
commercialization.  Mesoblast's cellular medicines have the
potential to make a substantial impact on the treatment of life-
threatening conditions in a way not possible with traditional
approaches.  I look forward to making an important contribution
to Mesoblast's commercial and strategic objectives."

Mesoblast Chief Executive Dr. Silviu Itescu stated: "Shawn's
substantial commercial experience will be invaluable to the
Mesoblast product launch team as we transition to a commercial-
stage company.  As important, Shawn's unparalleled transactional
experience will greatly strengthen our ability to execute on our
strategic objectives."

Ignite Partners advised Mesoblast on the appointment of Ms
Tomasello.

                      About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.  Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015.  As of March 31, 2018, Mesoblast
had US$677.85 million in total assets, US$121.72 million in total
liabilities and US$556.13 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


MOTH PROJECTS: First Creditors' Meeting Set for July 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Moth
Projects Creative Pty Ltd will be held at the offices of William
Buck, Level 29, 66 Goulburn Street, in Sydney, NSW, on July 23,
2018, at 10:30 a.m.

Robert Whitton -- robert.whitton@williambuck.com -- and Sean
Wengel -- sean.wengel@williambuck.com -- of William Buck were
appointed as administrators of Moth Projects on July 11, 2018.


NAKAMA GROUP: Puts Australian Business Into Liquidation
-------------------------------------------------------
Shares Magazine reports that recruitment agency Nakama Group said
it had placed its Australian business into liquidation after
losses mounted.

At a group-wide level, trading during the first three months of
the financial year had been flat, the company said.

According to Shares, Nakama said it had seen a return to
profitability in a number of its subsidiaries, but not at its
Melbourne-based unit in Australia.

It was currently in the process of appointing a liquidator to
assist with the wind-up process, the report notes.

Shares relates that the liquidation would reduce the group's
Australian tax liabilities by about AUD190,000.

Shares adds that Nakama also announced that Paul Goodship had
resigned as managing director of the company's London business.
He would remain with the group until later in the year, but would
step down from the board with immediate effect, the report says.

Chief executve Andrea Williams, who was currently based in Dubai,
would be relocating back to the UK in September to focus on
growing the business there, Shares states.

"I have had the pleasure of founding and working in the Nakama
business for nine years and will follow its successes with
interest," Shares quotes Mr. Goodship as saying. "I am fully
supportive of the CEO and board on their plans for the future and
would like to thank them and all of the broader Nakama family for
all their efforts and support during my tenure."

Nakama Group PLC is a recruitment company of two branded
solutions placing people into specialist and management
positions. The Company provides permanent, temporary and contract
recruitment services. The Company operates through three
segments: Asia Pacific, which includes Australia, Hong Kong and
Singapore; UK, which includes candidates placed in the United
Kingdom and Europe, USA, which includes candidates placed in the
United States.


REFTEKE PTY: Second Creditors' Meeting Set for July 18
------------------------------------------------------
A second meeting of creditors in the proceedings of Refteke Pty
Ltd, trading as John Ayres Electrical and Refteke Labour Hire,
and John Ayres Electrical Pty Ltd, trading as Sigmalec, has been
set for July 18, 2018, at 11:00 a.m. and 11:30 a.m.,
respectively, at the offices of SV Partners, Sydney, Level 7, 151
Castlreagh 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 17, 2018, at 4:00 p.m.

Ian Purchas and Jason Porter of SV Partners were appointed as
administrators of Refteke Pty on June 13, 2018.


ROSSAIR CHARTER: Goes Into Voluntary Administration
---------------------------------------------------
Australian Associated Press reports that the regional airline
involved in a fatal crash in South Australia last year has gone
into voluntary administration, raising concerns for the future of
Australia's longest running charter service.

A Rossair plane crashed in the state's Riverland in May, 2017,
killing chief pilot Martin Scott, 48, fellow pilot Paul Daw, 65,
and Civil Aviation Safety Authority inspector Stephen Guerin, 56.

According to the news agency, the group, which includes AE
Charter Ltd and Rossair Charter Ltd, said it had endured 12
months of "extreme adversities" stemming from the crash which
grounded its planes.

AAP relates that a Rossair spokesperson said the company was a
proud South Australian-based business with more than 50 years of
operations in the regional aviation sector.

"However, these recent challenges have brought high levels of
uncertainty and material costs to the group's operational
businesses," a statement released on July 3 said, the report
relays.

"These have had, and will continue to have, an adverse impact on
the company's 'cash flow position.

"In light of the board's continuous assessment of the group's
financial position and as part of its ongoing efforts to optimise
business operations and preserve stakeholder value,
administrators have today been appointed."

AAP adds that Rossair said it had done everything possible to
provide for a sustainable future for the group, but an inability
to recommence operations had meant its efforts had failed.

"At this stage, limited, non-flying activities will continue to
be conducted at the company's Adelaide office during which time
the directors of AE Charter will work with the administrators as
they seek to put the business on a sustainable footing for the
future," the company, as cited by AAP, said.

Rossair is an air charter company based in Adelaide, Australia.
It was established in 1963.


UWE - GRIFFITH: Second Creditors' Meeting Set for July 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of UWE -
Griffith Property Pty Ltd and UWE Hay Pty Ltd has been set for
July 18, 2018, at 4:00 p.m. at the offices of PKF, Level 8, 1
O'Connell 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 17, 2018, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of UWE -
Griffith on June 13, 2018.


WARAPAR RESOURCES: Second Creditors' Meeting Set for July 23
------------------------------------------------------------
A second meeting of creditors in the proceedings of Warapar
Resources Pty Ltd has been set for July 23, 2018, at 11:00 a.m.
at the offices of REGUS - BRISBANE, Level 27, 127 Creek Street,
in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 20, 2018, at 4:00 p.m.
Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Warapar Resources on June 18, 2018.



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C H I N A
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BEIJING KUNLUN: S&P Assigns BB- Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Beijing Kunlun Tech Co. Ltd. (Kunlun), a China-based
mobile game developer and publisher, and owner of Grindr. The
outlook is stable.

S&P said, "The rating reflects our expectation that Kunlun will
maintain its leading market position in the niche local mahjong
app segment, and that Grindr will retain its entrenched and
engaged user base over the next 12-24 months. We also expect the
company to sustain its moderate debt leverage and good cash
flows. However, these strengths are overshadowed by Kunlun's
short record of operations, small scale, and concentrated revenue
sources. The company acquired two of its three current business
units in the past two to three years, and these businesses don't
exhibit clear synergies with each other.

"We estimate that the niche local mahjong app segment will
account for 80%-90% of Kunlun's EBITDA over 2018-2019.
Xianlaihuyu, a 58%-owned subsidiary of Kunlun, operates the
company's local mahjong apps. These apps are social games that
users play online with their family and friends, a feature that
heightens user engagement. The social networking aspect of these
apps makes it difficult to displace entrenched competitors.
Xianlaihuyu has a 30%-40% market share in several very strong
provincial markets. We expect Xianlaihuyu to gain share in these
markets, but to lose market share in provinces where the company
wasn't the first mover. Therefore, Xianlaihuyu could reach
saturation over the next two to three years. Additionally, some
regulatory risk exists. We see a possibility that the Chinese
government could view such apps as more than a game of skill or
entertainment, and tighten regulation.

"In our view, Grindr is likely to expand its geographical
presence and take on more advertisement partners over the next
12-24 months. The social network benefits from its loyal target
customer base of the LGBT community, with membership fees
contributing to 50%-60% of its revenue. We forecast Grindr's
EBITDA contribution to be limited at 7%-12% in 2018-2019, despite
its robust growth.

"We expect Kunlun.com, the mobile gaming arm of Kunlun, to remain
a small player in the highly competitive gaming industry and
contribute 6%-8% to the company's EBITDA in 2018-2019. Kunlun.com
is undergoing a transition, shifting from licensed games to self-
developed games.

"Kunlun could raise its 48% ownership stake in Opera, a web and
mobile browser with some users in Europe, Africa, and Southeast
Asia. We will fully consolidate Opera in our analysis of Kunlun
if the company raises its interest in Opera to more than 51%.
Currently, a pro forma consolidation doesn't significantly alter
Kunlun's credit metrics. Meanwhile, Opera has filed for an IPO on
Nasdaq in June 2018. We believe this could somewhat delay
Kunlun's plan to acquire a majority stake in the entity.

"We forecast Kunlun's revenue will increase by 8%-13% in 2018 and
5%-10% in 2019, primarily due to the growth of Xianlaihuyu and
Grindr. We expect the company's EBITDA margin to stay at 30%-35%
during 2018-2019, slightly lower than the 35% in 2017, due to
potentially greater competition in the local mahjong app market.
We estimate that Kunlun's EBITDA will grow by up to 5% in 2018
and 10%-15% in 2019.

"We expect a temporary spike in Kunlun's debt-to-EBITDA ratio to
3.7x in 2018, from 1.8x in 2017, due to cash outflows for its
increased ownership in Grindr and Opera during the first quarter
of the year. The ratio will then decline to 2.9x in 2019, given
Kunlun's strong cash flow and minimal working capital
requirement. In terms of financial policy, we expect the company
to be acquisitive.

"The stable outlook reflects our expectation that Kunlun will
maintain its good market position in the local mahjong app
segment over the next 12 months. The outlook also takes into
account the likely temporary spike in the debt-to-EBITDA ratio to
3.7x in 2018 as Kunlun increases its stakes in Grindr and Opera.

"We could lower the rating if Kunlun's debt-to-EBITDA ratio
approaches 4.0x, possibly from the company adopting an aggressive
debt-financed acquisition strategy. We could also lower the
rating if the company's competitive position deteriorates as
indicated by a declining market share or a significant drop in
the EBITDA margin. We could also lower the rating in case of any
negative regulatory changes for the mahjong segment."

Rating upside is limited in the coming 12 months. S&P could raise
the rating if Kunlun diversifies its product offerings, with
Grindr or Kunlun.com becoming meaningful profit contributors, and
if the company can maintain a debt-to-EBITDA ratio of less than
2.0x.


BIOSTAR PHARMACEUTICALS: CEO Agrees to Sell His 426,999 Shares
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc., disclosed in a Form 8-K filed with
the Securities and Exchange Commission that Ronghua Wang, the
Company's chairman of the Board and chief executive officer of
the Company, entered into a share purchase agreement, dated as of
June 2, 2018, with Waiping Liu. Under the terms of this
Agreement, Ronghua Wang agreed to sell his 426,999 shares of the
Company's common stock in a private sale to Waiping Liu at the
purchase price of $1.57 per share. The Agreement contains certain
representations and warranties by the parties that are customary
to the agreements of this nature. Waiping Liu (which is Hong Kong
spelling of Liao Huiping's name) is a Board member at large
appointed to the Board on Jan. 29, 2018 to fill the vacancy on
the Board.

                   About Biostar Pharmaceuticals

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

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

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


CHINA COMMERCIAL: Completes Disposition of BVI Business
-------------------------------------------------------
As previously disclosed in the Current Report on Form 8-K filed
on June 25, 2018, on June 19, 2018, China Commercial Credit,
Inc., HK Xu Ding Co, Limited, a private limited company duly
organized under the laws of Hong Kong (the "Purchaser") and CCCR
International Investment Ltd., a business company incorporated in
the British Virgin Islands with limited liability entered into a
share purchase agreement pursuant to which the Purchaser agreed
to purchase CCC BVI in exchange of cash purchase price of
$500,000.

On July 10, 2018, the parties completed all the share transfer
registration procedure as required by the laws of British Virgin
Islands and all the other closing conditions have been satisfied,
as a result, the Disposition contemplated by the Purchase
Agreement is completed.

Upon completion of the Disposition, the Company's sole business
became the leasing of used luxurious car carried out by the
Company's VIE entity, Beijing Youjiao Technology Limited.

The used luxurious car business is conducted under the brand name
"Batcar" by Beijing Youjiao. Beijing Youjiao has purchased 6
luxurious cars including Ferrari, Mai Karen, Martha Lahti, Tesla
and Land Rover. The total asset value of cars is over $1.5
million. Since the inception of this business in May, Beijing
Youjiao has generated nearly $63,000 in revenue.

These luxurious cars are purchased from used luxury car dealers
after being hand-picked and negotiated by the Company's
specialists who has years of experience in luxurious car
dealership. The Company's customers are mainly high net worth
individuals who have special preferences for luxurious cars. The
term of the lease could be as short as one day or as long as two
months and choose to pay daily or monthly. Daily rental varies
from $300 to $1,200.

The Company markets its services via online or offline channels.
Currently the Company has one store in Beijing, China.

                  About China Commercial Credit

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

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

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


LODHA DEVELOPERS: Moody's Alters Outlook to Pos. & Affirms B2 CFR
-----------------------------------------------------------------
Moody's Investors Service has affirmed Lodha Developers Limited's
(LDL) B2 corporate family rating (CFR).

At the same time, Moody's has affirmed the B2 backed senior
unsecured debt rating of the US-dollar denominated bonds issued
by Lodha Developers International Limited and guaranteed by LDL.

Moody's has also changed the outlook on the ratings to positive
from stable.

RATINGS RATIONALE

"The positive outlook on LDL's ratings reflect its expectation
that the improvement in the company's operating sales and
collections will be sustained and will lead to an improvement in
its financial profile, such as to support a higher rating over
the next 12-18 months," says Saranga Ranasinghe, a Moody's
Assistant Vice President and Analyst.

LDL continued to deliver strong operating results from its Indian
operations during the fiscal year ended March 31, 2018 (FY2018)
despite less than ideal market conditions in India. Operating
sales in India increased by around 16% in FY2018 compared to an
8% growth in FY2017.

LDL's two projects in London secured development finance
facilities last year and have begun construction. As of March
2018, the company estimates that it has sold 130 units at both
developments and achieved operating sales of around GBP400
million (around INR36 billion).

Moreover, cash collections improved around 16% in FY2018 compared
to FY2017. However, cash flows from operations remained negative
in FY2018 given the high construction and interest costs in
relation to cash collected during the period.

"We expect LDL's operating sales to further improve by 15%-18% in
F2019. Further, we expect the increase in its cash collections,
largely driven by London projects, to be higher than increase in
its construction spending, such that company will report a
positive cash flow from operations," says Ranasinghe, who is
Moody's lead analyst for LDL.

LDL's debt/homebuilding EBITDA should improve in FY2019 towards
the upgrade trigger of 4x. The reduction in leverage will be
driven by a) recognition of revenue from projects launched over
the last two to three years in India, and b) recognition of
revenue and earnings from its projects in London.

LDL is in the process of launching an initial public offering
(IPO). Moody's estimates that the company will raise total
proceeds of around INR55 billion, the majority of which the
company will apply to debt reduction. Following through with this
plan would be credit positive for LDL because it would
meaningfully reduce debt and improve leverage. However, the
change in outlook to positive does not factor in any proceeds
from the possible IPO.

LDL's B2 CFR is supported by its position as the largest
developer of residential properties in India in terms of
residential sales, and the size of the company's land bank. As
mentioned, the company also has development projects in London.

In addition, the rating is supported by the diversity of the
company's project portfolio, with projects in multiple phases and
multiple price points contributing to sales over the next five
years.

LDL's CFR is constrained by the company's high leverage and weak
liquidity position because it may have to rely on external
sources of funding to repay debt maturing over the next 18-24
months. Apart from the debt maturities in India, LDL has a USD
325 Million facility maturing in March 2020. Further, LDL has
facilities of GBP 290 million and GBP 519 million which are due
for maturity in August 2019 and March 2021 respectively assuming
these are fully drawn down. Given these are construction finance
facilities, Moody's expectation is that the two facilities will
be fully drawn down at maturity.

The rating also reflects the recent challenges faced by the
Indian real estate market, owing to regulatory changes and soft
market conditions. Moreover, the rating takes into account the
concentration risk of most of LDL's projects being in the Mumbai
Metropolitan Region with Indian operations continuing to generate
around 75% of expected operating sales, as well as the company's
primary focus on residential development.

The ratings could be upgraded if LDL is able to demonstrate
sustained improvements in its sales performance and positive free
cash flow generation. Credit metrics that will support an upgrade
include adjusted debt/homebuilding EBITDA below 4.0x and adjusted
homebuilding EBIT/interest coverage above 2x on a sustained
basis.

A ratings upgrade will also require improvement in company's
liquidity profile such that cash balances and committed
facilities are sufficient to cover debt maturing over 12 months.

Given the positive ratings outlook, it is unlikely that Moody's
will downgrade LDL's ratings over the next 12-18 months.

However, the ratings outlook could return to stable if the
company's leverage, operating performance and liquidity position
fail to improve, or if it engages in any material debt-funded
land acquisitions, such that adjusted debt/homebuilding EBITDA
stays above 5.0x and/or homebuilding EBITA/interest below 1.5x.

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

Lodha Developers Limited is the largest real estate developer in
India by sales of residential apartments. The company is focused
on residential development in the Mumbai Metropolitan Region,
with some projects in nearby Pune. The company and its promoters
expanded into the London market by acquiring two properties, now
in the process of development.


TUNGHSU GROUP: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Tunghsu Group Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B' from 'B+'.
The agency has also downgraded Tunghsu's senior unsecured rating
to 'B' from 'B+' with a Recovery Rating of 'RR4'. All ratings
have been placed on Rating Watch Negative (RWN).

The downgrade reflects the China-based company's sharply rising
leverage due to acquisitions and capital expenditure. The company
has continued to increase its gross debt while keeping a large
amount of cash on its balance sheet, resulting in a very high
interest burden and weak interest-coverage metrics. The downgrade
is also driven by Fitch's view that Tunghsu may face increasing
difficulty in obtaining external funding in the coming year in
light of its already-high debt burden.

The RWN indicates the prospect for further negative rating action
if the company fails to reduce holding company-level gross debt
to CNY45 billion by the end of the year, as indicated by
management. Its failure to cut debt may indicate the company's
inability to access its large cash balance for debt repayment and
this will change Fitch's view of its liquidity adequacy. Fitch
will resolve the Negative Watch in accordance with the company's
progress in paying down its debt as discussed in the rating
sensitivities.

KEY RATING DRIVERS

Rising Leverage, Weak Holding Company: Tunghsu's leverage has
been rising over the past two years due to its property-
development acquisitions and high capital expenditure. Net debt
to EBITDA on a proportionately consolidated basis rose to 3.7x by
end-2017 from around 1x at end-2016. Most of the incremental debt
was raised at the holding-company level, which excludes Tunghsu's
two main listed subsidiaries and 47%-owned Tibet Leasing, with
gross debt rising by more than 70% yoy and net debt almost
tripling.

Tunghsu's holding company has the weakest standalone credit
profile within the group. At end-2017, it accounted for more than
50% of total debt but less than 40% of consolidated EBITDA, and
its EBITDA/gross interest fell below 1.0x. This is partially
mitigated by the company's ample cash balance, which allows for
comfortable debt servicing.

High Gross Debt, Cash: Tunghsu has maintained very high gross
debt and cash levels compared with other Chinese corporates.
Reported cash and cash equivalents on a consolidated basis rose
to CNY85 billion at end-2017 from CNY66 billion a year earlier,
relative to an increase in total debt to CNY112 billion from
CNY76 billion. Management has said the main reason for the high
cash balance is a timing mismatch between fundraising activities
and actual investment plans, some of which have been delayed due
to regulatory approvals and other business reasons.

The large gross debt balance is the main reason for Tunghsu's
high interest burden and weak coverage ratios. Persistently high
cash and debt balances are not reflective of prudent capital
management and may signal that the cash has restrictions on its
use and is not necessarily available for debt repayment.

Structural Subordination: Tunghsu operates two of its four key
business segments, optoelectronic displays and solar farms,
through two listed affiliates, obtained through backdoor
listings. It owns 30.98% of Tunghsu Azure Renewable Energy Co Ltd
(DXLT), which operates the solar energy-related business, and 22%
of Dongxu Optoelectronic Technology Co Ltd (DXGD), China's
largest glass-substrate producer. Tunghsu's access to its listed
affiliates' cash is limited by their dividend policies due to
material minority interests. Therefore, Fitch has taken a
proportionate consolidated approach to evaluate Tunghsu's
financial profile.

Deleveraging Plan in Place: The founding family injected CNY10
billion of new equity into Tunghsu at end-June 2018. Tunghsu also
used cash on hand to reduce holding company-level debt by CNY5
billion during 1H18. The company plans to repay another CNY15
billion in 2H18 using excess cash on the balance sheet. Fitch
estimates the planned reduction in gross debt would allow the
company to bring EBITDA/gross interest closer to 1.0x, the level
at which Fitch considers supportive of its current rating.

Additional Liquidity from Property Sales: In 1Q18, Tunghsu
acquired the property-development business of DXLT for CNY2.1
billion. The company also bought a number of other property-
development projects over the past year. Management expects to
generate around CNY3 billion in cash inflow in 2018 after
subtracting planned outflow. Fitch does not include these
projects in EBITDA as they are not sustainable and subject to
cash flow fluctuations during the property-development cycle.
Tunghsu also has a limited track record as a property developer.
However, Fitch has included the property cash flows in Fitch's
projections and consider these projects to be an additional
source of liquidity for the parent.

Deteriorating Funding Access: Credit conditions in China have
tightened considerably in the past six months, particularly for
privately owned companies with weaker credit profiles. Fitch
believes Tunghsu may face increasing difficulty in obtaining
external funding in the next year or so even though the company
has established diversified funding channels in recent years.

Tunghsu has historically pledged a large portion of its listed
affiliates' shares to banks. The 30% decline in the share prices
of these affiliates since the beginning of the year may also
limit Tunghsu's ability to refinance these loans, or require the
company to post additional margin to lenders.

Recovery Rating of 'RR4': Fitch's Recovery Rating is based on the
break-up value of Tunghsu's various listed subsidiaries and
investments against the debt at the holding-company level as of
end-2017. Fitch has taken a 60% discount to the listed
subsidiaries' market value and estimated a going-concern
enterprise value for the non-listed business using a 5x EVEBITDA
multiple.

In line with Fitch's criteria, Fitch has not given credit to the
high cash balance in Fitch's recovery analysis. Fitch estimates
that only 40% of secured claims have priority over unsecured
creditors due to the relatively weak collateral package
comprising cash pledges and shares in certain subsidiaries.
Fitch's recovery analysis treats the company's offshore bonds as
pari passu to onshore unsecured debt as they are fully guaranteed
by Tunghsu.

DERIVATION SUMMARY

Tunghsu is structurally subordinated to its operating
subsidiaries as it owns a relatively small stake in them but they
generate a large portion of the group's consolidated earnings and
cash flows. DXGD has the strongest business and financial profile
within the group, while its other operations have business and
financial profiles that are more comparable with 'B-' category
peers.

Compared with 'B' rated peers such as Shandong Yuhuang Chemical
Co., Ltd (B/Negative) and Jiangyin Chengxing Industrial Group
Co., Ltd. (B/Stable), Tunghsu has a larger operating scale and
slightly lower net leverage on a proportionately consolidated
basis, but much higher gross leverage and weaker interest
coverage. Tunghsu's rating also reflects the group's structural
subordination issues and weak holding-company EBITDA/interest
coverage. No country-ceiling, parent/subsidiary or operating
environment aspects have an impact on the rating.

KEY ASSUMPTIONS

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

  - Stable revenue and margins at holding-company level

  - Consolidated EBITDA margin of 18%-20% in 2018-2020

  - No common dividends at holding-company level

  - Consolidated capex of CNY15 billion and CNY18 billion in 2018
    and 2019, respectively

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Resolving the RWN with No Downgrade

  - Recurring EBITDA/gross interest expense sustained above 1.0x
    at the holding-company level

Developments that May, Individually or Collectively, Lead to
Resolving the RWN with Negative Rating Action

  - Recurring EBITDA/gross interest expense sustained below 1.0x
    at the holding-company level

  - Failure to reduce debt below CNY45 billion at the holding-
    company level by the end of the year may result in a
    multiple-notch downgrade and the rating may be withdrawn

  - A significant increase in gross debt may result in rating the
   bonds below the IDR

LIQUIDITY

Cash Sufficient for Current Liabilities: After adjusting the
company's bonds for an early put option in 2018, Fitch has
calculated that at end-2017, Tunghsu had CNY52.7 billion of debt
maturing in 2018 on a consolidated basis and CNY38.2 billion
excluding the two listed companies. This is more than covered by
the company's cash on hand - at end-2017, Tunghsu had CNY85.2
billion in unrestricted cash on a consolidated basis and CNY46.5
billion excluding the two listed subsidiaries and Tibet Leasing.

FULL LIST OF RATING ACTIONS

Tunghsu Group Co., Ltd

  - Long-Term Foreign-Currency Issuer Default Rating downgraded
    to 'B' from 'B+' and placed on RWN

  - Senior unsecured rating downgraded to 'B' from 'B+' with
    Recovery Rating of 'RR4' and placed on RWN

Tunghsu Venus Holdings Limited

  - Rating on USD420 million 7% notes due 2020 downgraded to 'B'
    from 'B+' with Recovery Rating of 'RR4' and placed on RWN

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a
rating action that is different from the original rating
committee outcome.


* CHINA: Rising Defaults Bring More Safeguards to Yuan Bonds
------------------------------------------------------------
Lianting Tu at Bloomberg News reports that a record pace of
defaults in China has triggered greater application of safeguards
to local bonds, a silver lining for investors looking for some
protection.

Bloomberg says the ratio of domestic bonds with a cross-default
covenant, which puts a borrower in default of other debt if it
fails payment on one bond, has surged to 82 percent of all
company notes sold this year. That's up from almost zero five
years ago. According to the report, China has been encouraging a
market-driven approach to the pricing of risk in its bond market
-- the world's third largest -- and inclusion of the provisions
bring onshore practices closer to international ones.

"The proliferation of cross-default clauses is in line with
investors' increasing awareness of credit risk in recent years,"
Bloomberg quotes James Hu, a senior portfolio manager at Income
Partners Asset Management (HK) Ltd, as saying. "As the onshore
bond market opens to foreign investors, the market practice
becomes more internationalized and matured."

Bloomberg notes that bonds sold offshore typically come with
safeguards or covenants that protect investor interest by
limiting the amount of debt a firm is allowed to borrow,
potentially curbing losses. Over the past few years, more yuan
corporate-bond issuers have added debt covenants, but it's the
cross-default clause that's seen the highest adoption rate. About
half of the local company bonds sold this year contain debt
provisions, Bloomberg-compiled data show.

A recent example of such a clause being activated was the case of
Wintime Energy Co, the report says. Its default on a CNY1.5
billion ($225 million) bond on July 5 triggered cross-default on
13 of its bonds, totaling CNY9.9 billion, Bloomberg relates
citing a public filing. Last year, missed payments by companies
such as Dalian Machinery Tools Group Corp. and Yiyang Group
Holdings prompted defaults on their other debt, Bloomberg notes.

Bloomberg lists some perspectives on bond protections in China:

Ivan Chung, head of greater China credit research in Hong Kong at
Moody's Investors Service:

* The cross default clause puts bond investors on equal footing
with other creditors in taking actions against issuers.

* The provision can also "aggravate the financial plight and
bankruptcy risk of the defaulted issuers, as one default will
trigger early repayment of all debt obligations with this clause"

* The contagion impact on related companies will be much larger
through cross-default clause, including those that financially
stronger and have little debt due in the short term

Cary Yeung, Hong Kong-based head of greater China debt at Pictet
Asset Management:

* The increasing use of cross-default clauses will bring "more
participation from foreign investors in the long run."

Edmund Goh, Asia fixed-income investment manager at Aberdeen
Standard Investments in Singapore:

* It's particularly advantageous when the cross-default clauses
are attached to onshore bonds issued by the corporate entity that
holds the group's core assets.



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


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

The instrument-wise rating actions are:

-- INR57 mil. Fund-based working capital limit migrated to Non
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR6 mil. Term loan due on September 2018 migrated to Non
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR4 mil. Non-fund-based working capital limit migrated to
    Non Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Abani Rice Mill is engaged in rice
processing and milling. It has a plant in Malada, West Bengal,
with a capacity of 43,200 metric tons per annum.


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

The instrument-wise rating actions are:

-- INR162 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR68 mil. Term Loan maintained in Non-Cooperating Category
    IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Admach Auto India manufactures components of automotive braking
systems for original equipment manufacturers, such as drum back
plate, brake shoes, backing plate and backing plate accessories.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based working capital limit migrated
    to Non-Cooperating Category with Provisional IND B+ (ISSUER
    NOT COOPERATING)/Provisional IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Allied Associates is an authorized distributor of Hero MotoCorp
Limited's spare parts in the Agra region, covering eight
districts of Uttar Pradesh.


AMARAVATHI GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Amaravathi
Garments Manufacturing Company (AGMC) for obtaining information
through letters and emails dated December 31, 2017 and May 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        4.5        CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING)

   Foreign Bill
   Discounting           3.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    1.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Standby Line
   of Credit             1.0        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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 AGMC. This restricts CRISIL's
ability to take a forward looking view on the credit quality.
CRISIL believes that the information available for AGMC is
consistent with 'Scenario 1' outlined in 'Framework for Assessing
Consistency of Information with BB' rating category or lower'.

Based on the last available information, the ratings on bank
facilities of AGMC continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'

AGMC was set up as a proprietorship firm in 1973 by the Chennai-
based Mr. P K M Durai. It was reconstituted as a partnership firm
in 1995. The current partners include Mr. P K M Durai, his wife,
Ms. Kousalya Devi, and son, Mr. Sabari Kumar. The firm
manufactures and exports ready-made garments for kids, men, and
women.


ANGAYARKKANNI ENTERPRISES: CRISIL Moves B+ Rating to Not Coop.
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Angayarkkanni Enterprises (AE) to CRISIL B+/Stable Issuer not
cooperating'.

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

   Working Capital       18.5       CRISIL B+/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AE for obtaining
information through letters and emails dated April 9, 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 Angayarkkanni Enterprises,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Angayarkkanni Enterprises 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 Angayarkkanni Enterprises to CRISIL B+/Stable
Issuer not cooperating'.

AE, set up in 1988, is a proprietorship firm established by Mr
Kannan. The firm undertakes civil works such as construction of
roads, bridges, canals, and water tanks for government agencies.


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

The instrument-wise rating actions are:

-- INR115 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR235 mil. Long-term loans due on February 2021 migrated to
     Non Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR100 mil. Non-fund-based working capital limit migrated to
     Non Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Brand Alloys manufactures steel billets, casnub bogies and
related components, coupler components, thermo mechanical
treatment bars and stainless steel castings for Indian Railways.


BRILLIANT SPACES: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brilliant
Spaces Limited's Long-Term Issuer Rating of 'IND B+'. The Outlook
was Stable.

The instrument-wise rating action is:

-- INR1,249.79 bil. Term loan due on December 2032 withdrawn and
    the rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Brilliant Spaces is engaged in the lease rental business.


BUSTHAN AL: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Busthan Al
Wathaniya (BAW) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                 2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Bill
   Negotiation            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAW for obtaining
information through letters and emails dated April 20, 2018,
May 18, 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 Busthan Al Wathaniya. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Busthan Al Wathaniya 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 ratings on bank
facilities of Busthan Al Wathaniya to 'CRISIL D/CRISIL D Issuer
not cooperating'.

Set up in 2013, BAW, a partnership between Mr KV Ismail and Mr
Nazari Ismail, manufactures and exports a range of processed
food, including vegetables, Indian pickles, spices, chocolates,
and canned and frozen food. It is based in Kerala.


CAPITAL INFRAPROJECTS: Ind-Ra Affirms BB+ Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Capital
Infraprojects Private Limited's (CIPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions is:

-- INR1.0 bil. Term loan due on December 2019 affirmed with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects the time and cost overrun risks in
CIPL's ongoing project, The Golden Palms in Noida. As of June
2018, 1,019 flats were sold out of the total of 1,408 units
(3Q17: 901 flats). The project is in the advance stage of
completion with major expenses already incurred. According to the
management, CIPL has already incurred INR5,819.19 million (87.5%)
of the total cost and will spend additional INR831.74 million
(12.5%).

The ratings are supported by CIPL's promoter's experience of over
four decades in the residential and commercial real estate space
and the entity being a joint venture between IITL Projects
Limited, a subsidiary of Industrial Investment Trust Limited, and
Nimbus Group. The ratings are further supported by the project
being located just 7km from a market area on the Greater Noida
Expressway. The project is in the vicinity of a hospital, school
and university.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of the sold
units, leading to stressed cash flows, could lead to a negative
rating action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to a
positive rating action.

COMPANY PROFILE

CIPL was incorporated in 2010 as a private limited company and
constructs residential and commercial real estate projects.

Upon completion, the project will have one, two, three and four
BHK units, spread across 13 towers with areas ranging from 506sf
to 2,473sf. The complex will have a commercial area, club house,
gym, play area, community hall, business lounge and space for
yoga/meditation.


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

The instrument-wise rating actions are:

-- INR210 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60.50 mil. Term loan maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Century Texofin processes cotton fabrics and produces dyed poplin
and lining rubia at its 72-million-metre plant in Balotra,
Rajasthan.


COCHIN FROZEN: CRISIL Assigns B+ Rating to INR15cr Loan
-------------------------------------------------------
CRISIL assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Cochin Frozen Food Exports Private Limited
(CFFEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       15        CRISIL B+/Stable (Assigned)

   Packing Credit         27        CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility      3        CRISIL B+/Stable(Assigned)

The ratings reflect below-average financial risk profile because
of high gearing and subdued debt protection metrics, moderate
scale of operations, susceptibility to inherent risks in industry
and working capital intensive operations. These weaknesses are
partially offset by its promoter's extensive industry experience.

Analytical Approach

Unsecured loans of INR16.59 crore is treated as neither debt nor
equity.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operations: Moderate scale of operations as
reflected in estimated revenues of INR97 crore in fiscal 2018,
restricts bargaining power with customers and suppliers. There is
intense competition in seafood-processing industry, marked by the
presence of several small players operating in India's coastal
areas and competition from neighboring countries. This will
restrict any sharp improvement in revenues over the medium term.

* Below-average financial risk profile: Financial risk profile is
constrained by high gearing and total outside liabilities to
adjusted net worth (TOLANW), estimated at 3.60 times and 3.8
times, respectively, as on March 31, 2018. Debt protection
metrics were subdued with interest coverage and net cash accrual
to total debt ratios of 1.7 times and 0.05 time respectively in
fiscal 2018. Financial risk profile will continue to remain at
similar levels over the medium term.

* Susceptibility to inherent risks in the seafood industry: The
supply of fish exposed to the risk of changes in climatic and
aquatic conditions, which alters the breeding seasons and affects
the populations of the marine species. Any decline in
availability of fish can impact the revenues and the
profitability of the players like CFFEPL.

* Working capital intensive operations: Operations are working
capital intensive, reflected in gross current assets of 148 days
as on March 31, 2018. This is on account of high inventory days.
Moreover, the bank lines are almost fully utilised over the last
twelve months. Management of working capital will be key
monitorable.

Strength:

* Promoter's extensive industry experience: Promoter's extensive
experience of over 22 years, has helped build strong supplier and
customer relationships and ensure repeat orders from them. CFFEPL
exports nearly 100 per cent of its products to a diversified
customer base across the US, Europe, China, Japan, and Vietnam.

Outlook: Stable

CRISIL believes that CFFEPL will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if sustained revenue growth and profitability, leads to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in decline in revenue or profitability, a stretched
working capital cycle, or any large capital expenditure, weakens
financial risk profile, especially liquidity.

Set up in 1992 by Mr. K Prabhakaran, CFFEPL exports shrimps and
fishes to the US, Europe, Vietnam, China, and Japan. Its
processing plant in Kochi (Kerala) Operations are managed by Mr.
P Dinesh (son of Mr. Prabhakaran).


CORUM HOSPITALITY: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------
CARE has been seeking information from M/s. Corum Hospitality
(CH) to monitor the rating(s) vide e-mail communications/ letters
dated May 2, 2018, May 3, 2018 and June 6, 2018 and numerous
phone calls. However, despite CARE's repeated requests, Corum
Hospitality (CH) has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Corum Hospitality's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term bank
   Facilities         10.86       CARE D; Issuer not Cooperating

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

The rating takes into account ongoing delays in debt servicing.
Detailed description of the key rating drivers

At the time of last rating on May 08, 2017, the following were
the rating strengths and weaknesses

Key rating weaknesses:

Delay in debt servicing: As per interaction with the banker,
there have been delays in debt servicing and the account has been
classified as NPA.

M/s. Corum Hospitality (CH), a partnership firm, established in
the year 2009 by Mr. Mihir Desai and Mr. Amit Singh. The entity
operates seven restaurants in Mumbai namely, Masala Zone at
Bandra and Dadar and Bar Stock Exchange at Bandra, Sakinaka,
Andheri, Bandra-Kurla Complex and Colaba.


DEVANGI CONSTRUCTION: CARE Assigns B+ Rating to INR7.50cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Devangi Construction (DVGC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DVGC is constrained
on account of implementation risk associated with on-going
project; risk related to timely receipt of advances, constitution
as a partnership firm coupled with presence in a cyclical and
highly fragmented real estate industry.

The rating, however, derives comfort from experienced partners,
location advantage and established presence of Solanki group into
real estate.

The ability of DVGC to complete its on-going project and sale of
its units at envisaged prices along with timely realization of
sales proceeds is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

High project implementation risk: DVGC started construction
activities of 'Shree Ram Complex' from May 2017 and it is
expected to be completed by end of June 2019. Till March 31,
2018, the firm has incurred cost to the extent of 35% out of
total project cost of INR13.88 crore. With balance major costs
yet to be incurred, DVGC is exposed to project implementation
risk.

Risk related to timely receipt of advances: Till March 31, 2018,
DVGC has received booking for 64 units which formed 34% of total
units towards the project and received booking advances of
INR0.02 crore against the same, which forms 0.31% of sales value
of booked units against 35% cost incurred of 'Devangi
Construction' reflecting lower receipt of advances against cost
incurred and thereby timely receipt of remaining booking advances
remains crucial.

Constitution as a partnership firm: DVGC being a partnership firm
is exposed to inherent risk of the partner's capital being
withdrawn at the time of contingency thereby affecting overall
financial flexibility of the firm.

Presence in a cyclical and highly fragmented real estate
industry:
The life cycle of a real estate project is long and the state of
the economy at every point in time, right from land acquisition
to construction to actual delivery, has an impact on the project.
This capital intensive sector is extremely vulnerable to the
economic cycles. Currently, slowdown in sales and volatile input
costs has increased liquidity concerns for highly leveraged
players.

Key Rating Strengths

Experienced Partners: DVGC has been established by Mr Kishorsinh
Solanki, Mr Mahendrasinh Solanki, Mrs Anila K. Solanki and Mrs
Pragna M. Solanki. All the partners are holding healthy
experience.

Established presence of Solanki Group into real estate: DVGC
belongs to Solanki group which has a strong presence in the
Surat's market by completing more than 11 real estate projects
which comprised of residential as well as commercial buildings.

Surat based (Gujarat) based, Devangi Construction (DVGC) was
established as a partnership firm in 2010 by Mr Kishorsinh
Solanki, Mr Mahendrasinh Solanki, Mrs Anila K. Solanki and Mrs
Pragna M. Solanki. DVGC has executed one project under its name
and currently executing a residential cum commercial project
named 'Shree Ram Complex' (RERA registered with registration
number: SuratCity/SUDA/MAA02003/150318) with 97 flats and 89
shops at Surat consisting total saleable area of 81,700 square
feet. The project consists of three buildings (Block A, B and C)
with ground floor and other four floors. DVGC is part of 'Solanki
group' which has strong presence in Surat. Over the period, the
group has completed 11 projects.


DOLPHIN OFFSHORE: CRISIL Migrates D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has migrated its rating on the bank facilities of Dolphin
Offshore Enterprises India Limited (DOEIL) to 'CRISIL D/FD Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            54       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Fund & Non Fund        75       CRISIL D (Issuer Not
   Based Limits                    Cooperating; Rating Migrated)

CRISIL has been consistently following up with DOEIL for
obtaining information through letters and emails dated May 29,
2018, and June 1, 2018, 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 DOEIL. 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
DOEIL 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 its rating on the bank facilities of DOEIL to
'CRISIL D/FD Issuer Not Cooperating'.

DOEIL is the flagship company of the Dolphin group and is in the
business of providing a complete range of offshore support
services to the oil and gas industry. The services include diving
and underwater engineering services, marine operations and
management (vessel management), fabrication and installation,
ship repairs, geo-technical services, Engineering, Procurement
and Construction activities (EPC), etc.


FORTPOINT AUTOMOTIVE: CRISIL Moves B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Fortpoint
Automotive (Cars) Private Limited (FACPL) to 'CRISIL B-/Stable
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          13       CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Cash Credit/
   Overdraft facility    5       CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Inventory
   Funding Facility     49.25    CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   16.68    CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Term Loan            16.07    CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FACPL for
obtaining information through letters and emails dated June 13,
2018 and June 17, 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 Fortpoint Automotive (Cars)
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Fortpoint Automotive (Cars)
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 Fortpoint Automotive (Cars) Private Limited to
'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 2001, FACPL is an authorised dealer for MSIL for
sale of its passenger cars in Mumbai. FCAPL operates through two
showrooms and three service centres across Mumbai. The company is
promoted and managed by Mr. Sundeep Bafna and family.


GALI BHANU: CARE Assigns B+ Rating to INR5.53cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gali
Bhanu Prakash (GBP), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            5.53      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GBP are tempered by
small scale of operations, declining profitability margins,
highly fragmented industry with intense competition from large
number of players, constitution of the entity as a proprietorship
firm with inherent risk of withdrawal of capital. The ratings
are, however, underpinned by experience of proprietor for more
than one decade, growth in total operating income during review
period, comfortable capital structure and debt coverage
indicators, and stable outlook of warehousing industry.

Going forward, ability of the firm to increase scale of
operations and profitability margins are the key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: The firm has
limited track record of 6 years. GBP was established in the year
2002. Further, the scale of operations of the entity marked by
total operating income (TOI), remained small at INR5.79 crore in
FY17 coupled with low net worth base of INR0.22 crore as on
March 31, 2017 as compared to other peers in the industry.

Declining profitability margins during review period: The
profitability margin of the firm has been declining during review
period. The PBILDT margin declined from 11.94% in FY15 to 7.72%
in FY17 due to increase in expenses like Handling charges and
transportation charges. The PAT margin declined from 9.03% in
FY15 to 5.90% in FY17 due to decrease in PBILDT margin.

Geographic concentration risk: The client profile of GBP is
limited to the state of Andhra Pradesh, exposing the firm to
geographical concentration risk. The two godowns of the firm are
all located in Andhra Pradesh and concentrated in area
surrounding chittor District.

Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital: The firm being a proprietorship
firm is exposed to inherent risk of capital withdrawal by
proprietor due its nature of constitution. Any substantial
withdrawals from capital account would impact the net worth and
thereby the gearing levels.

Highly competitive and fragmented nature of business: The company
is engaged into the business of providing cold storage facilities
on rental basis to farmers where the profitability margins
comparing to other industry will be low. Apart from that there
are numerous organized and unorganized players entering into the
market which makes the industry competitive nature.

Key Rating Strengths

Reasonable track record of the entity and experience of the
proprietor for more than two decades: Gali Bhanu Prakash was
established in 2002 promoted Mr. G. Bhanu Prakesh. The proprietor
of the firm has more than two decades of experience in
agricultural industry. Through their vast experience in
agricultural business, the proprietor has been able to establish
healthy relationship with farmers and local traders.

Growth in total operating income during review period: The total
operating income of the GBP increased from INR2.59 crore in FY15
to INR5.79 crore in FY17 due to increase in price per bag from
INR 3 to INR 4.25. During FY18 (Prov.), the firm has achieved
total operating income of INR 7.10 crore.

Comfortable capital structure and operating cycle during review
period: The capital structure of the firm remained comfortable
during review period. The firm does not have any long term and
short term loans from banks or financial institution as on March
31, 2017. The operating cycle of the firm remained comfortable
during review period. The firm is engaged in providing warehouse
for rental purpose hence there will not be any creditors.
Further, the firm receives the payment from its customers in the
first week of every month. Due to the above said factor, the
operating cycle remained comfortable during review period.

Stable outlook of warehousing industry: Warehousing Market in
India states that the demand for good quality state-of-the-art
warehouses will be a major requirement in the country given the
growing logistics industry. The evolution from storage godowns to
multipurpose logistic centers is highly desired. Warehouses form
a crucial supply chain element which is key to both customer
satisfaction and cost reduction. Warehouses today serve as a
stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to
retail distributors, sorting centers for customer deliveries, and
assembly facilities for final packaging and bundling. The
organized sector has a minor market share, but claims a major
portion of the revenue. The warehouse market is subjected to
stringent regulations and policies regarding licensing,
performance, and accountability. The current fragmented state of
the sector coupled with growth in the overall economy provides
tremendous potential for the warehousing sector to flourish.

Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as
a proprietorship firm in the year 2002 and promoted by Mr. G.
Bhanu Prakesh. The firm is engaged in providing ware house on
lease rental to Andhra Pradesh State Civil Supplies Corporation
Limited (APSCSCL). The property is built on total land area of 30
acres comprising of 2 godowns having storage capacity for food
crops like rice around 10000MT and 15000MT respectively. Term
loan has been taken for the proposed construction of a godown
with the capacity of 15000MT.


GLENMARK PHARMACEUTICALS: Fitch Affirms 'BB' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook
is Stable. The agency also affirmed the rating on Glenmark's
USD200 million 4.50% senior unsecured notes due 2021 at 'BB'.

Glenmark's rating incorporates its geographic diversification and
strong track record of regulatory compliance, which help to
mitigate business risks arising from its small size relative to
other global generic drug makers. The rating also reflects
Glenmark's healthy product pipeline, which will support revenue
and profitability despite continued pricing pressure in the US
generic pharmaceutical market. Glenmark has adequate in-house R&D
capabilities and financial flexibility to support its novel drug
development programme.

The Stable Outlook reflects Fitch's expectation that new product
launches and cost efficiency measures will support Glenmark's
profitability amid pricing pressure in the US. Free cash
generation will be largely neutral after a moderate level of
capex and stable dividend payout, limiting any material
improvement in leverage over the medium term.

KEY RATING DRIVERS

Financial Profile to Remain Stable: Fitch expects Glenmark's
financial leverage, measured by adjusted net debt/operating
EBITDAR, to remain at 2.0x-2.3x and fixed-charge coverage above
4.5x over the medium term. Leverage increased to 2.3x in the
financial year ended March 31, 2018 (FY18) from 2.0x at FYE17 due
to lower EBITDAR after the six-month exclusivity period for
Ezetimibe ended in 1QFY18 and continued pressure on generic drug
prices in the US, even as improved free cash generation helped
reduce net debt.

Fitch believes new product launches, cost efficiency measures and
steady growth in other markets will support a gradual increase in
EBITDAR over the next two to three years. Glenmark's free cash
generation is likely to remain largely neutral over the medium
term after R&D spending on novel drugs, a moderate level of capex
and stable dividend outflow, which will limit deleveraging.

Small but Diversified: Glenmark's revenue and operating EBITDAR
are small compared with those of global major generic drug
makers, but the risk of its small size is counterbalanced by its
geographic diversification across pure and branded generic
markets globally - including USA (35% of revenue in FY18), India
(28%), Europe (10%), LATAM (4%) and Others (23%). Scale and
diversification are important for generic drug companies to
maintain stable margins. The company also has a good competitive
position in its core therapy areas of dermatology and
respiratory.

Adequate Product Pipeline: Glenmark received 21 abbreviated new
drug application (ANDA) approvals (including three tentative
nods) from the US Food and Drug Administration (FDA) in FY18. The
company has 62 ANDAs in various stages of the approval process
with the US FDA, 28 of which are Paragraph IV applications
(implying a challenge to existing patents). In Fitch's view,
Glenmark's healthy product pipeline will enable a steady flow of
new product launches, particularly in the US, which will support
sales growth and protect margins amid pricing pressure.

Progress in Novel Drug Programme: Fitch believes success in
Glenmark's strategy to build presence in speciality and novel
drugs will help reduce its dependence on the highly competitive
generic drugs business over the long term. Glenmark aims to
launch some R&D assets in advanced stages of development in the
medium term, which could provide significant earnings. Fitch's
rating case does not include any launches given uncertainty in
the approval process. Fitch believes Glenmark has adequate
financial flexibility to fund its novel drug programme given the
R&D budget is at 12% of sales and its willingness to partly
license out product rights for molecules to meet shortfalls.

Good Compliance Track Record: Glenmark has continued to remain
compliant with the standards set by various regulatory agencies
(such as US FDA and the UK's Medicines and Healthcare products
Regulatory Agency) over the years. This has helped Glenmark to
avoid any disruptions in its business as well as in getting new
ANDA approvals in a timely manner. In Fitch's view, this also
helps to mitigate regulatory risks arising from a lower degree of
production facility diversification compared with larger global
pharmaceutical companies.

Robust Domestic Position: Glenmark is the 13th-largest drug maker
by revenue in the highly fragmented Indian market, with a market
share of 2.29% in FY18. Glenmark continued to grow faster than
the domestic market in FY18 and strengthened its market shares in
its focus areas of respiratory (4.75% versus 4.52% in FY17),
cardiovascular (4.26% versus 3.97% in FY17) and dermatology
(9.20% versus 9.17% in FY17). The Indian market continues to
remain physician-driven and focused on branded generics.
Pharmaceutical companies tend to compete through focused
marketing efforts in certain therapies rather than using a
volume-based strategy.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification compared to large
generic pharma companies such as Mylan N.V. (BBB-/Stable) and
Teva Pharmaceuticals Industries Limited (BB/Negative). Large
companies like Teva and Mylan also benefit from their larger
launch pipelines that are also focused on more complex products,
which mitigate the price erosion risk. Glenmark is rated at the
same level as Teva as Teva's stronger business profile is
counterbalanced by its acquisitions, which have led to high
leverage and limited financial flexibility in view of pricing
pressure for its top product. Glenmark is rated two notches below
Mylan due to Glenmark's weaker business profile and free cash
generation, which are partly counterbalanced by Mylan's higher
leverage due to its acquisitive focus. Glenmark compares
favourably with other peers such as Ache Laboratorios
Farmaceuticos S.A. (BB/Stable) and Jubilant Pharma Limited (BB-
/Stable) with its bigger scale and diversified geographic
presence. No country-ceiling, parent/subsidiary or operating
environment aspects impact the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch's Rating Case for the Issuer

  - Consolidated revenue to increase by 8% to 10% annually over
    FY19-FY21

  - EBITDAR margin to remain between 18% and 19% as new product
    launches and cost-efficiency measures help counterbalance the
    ongoing pricing pressure in the US

  - Annual capex of INR9 billion-10 billion during FY19-FY21

  - Annual dividend payout of up to 10% of net income

RATING SENSITIVITIES

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

  - Maintaining EBITDAR margin in excess of 21%

  - Sustained free cash flow generation

  - Financial leverage (adjusted net debt to EBITDAR) sustained
    at less than 1.5x (FY18: 2.3x)

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

  - Weakening of competitive position or any adverse US FDA
    action

  - Deterioration in financial leverage (adjusted net debt to
    EBITDAR) to more than 3.0x

LIQUIDITY

Robust Liquidity: Glenmark's readily available cash balance as of
March 31, 2018 of INR12.3 billion was more than sufficient to
meet INR5.0 billion of debt maturities and INR1.6 billion of FCF
deficit expected by Fitch in FY19. Annual debt maturities in FY20
and FY21 were manageable at below INR8 billion. Moreover,
Glenmark has refinanced a portion of it since March 2018. Fitch
believes Glenmark's improving free cash generation and leverage
will support its refinancing ability over FY22 and FY23 when
annual debt maturities will exceed INR13 billion.

FULL LIST OF RATING ACTIONS

Glenmark Pharmaceuticals Ltd

  -- Long-Term IDR affirmed at 'BB'; Outlook Stable

  -- Rating on USD200 million 4.50% senior unsecured notes due
     2021 affirmed at 'BB'


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

The instrument-wise rating actions are:

-- INR243.1 mil. Term loans due on March 2021 migrated to Non-
    Cooperating Category with IND BBB+ (SO) (ISSUER NOT
    COOPERATING) rating;

-- INR269.7 mil. Term loans due on March 2021 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR70 mil. Fund-based cash credit limits migrated to Non-
    Cooperating Category with IND BBB+ (SO) (ISSUER NOT
    COOPERATING) rating; and

-- INR146 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A2 (SO) (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GTC Oilfield Services provides onshore drilling and work over
rigs to public and private exploration and production operators.


H. K. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facility of H. K.
Industries (HK, part of the HK group) 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 HK for obtaining
information through letters and emails dated April 24, 2018,
May 8, 2018, June 13, 2018 and June 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HK International (HKI), AEL and HK
Industries (HK), as the three firms have merged into one entity
but further details from the management is awaited. HKI and HK
will seize to exist.

AEL and HKI were set up in 2008, by Mr Anil Anand and his family
members. The Delhi-based group trades in railway parts,
lubricants and hosiery goods. HK, set up in 2014, by Mr Anand as
a proprietorship firm, trades in copper and its allied products.


HARIOM PROJECTS: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hariom Projects
Private Limited's (HPPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR110 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The ratings continue to reflect HPPL's moderate scale of
operations and modest credit metrics due to the slow execution of
orders. According to the FY18 provisional financials, revenue was
INR579 million (FY17: INR578 million), net interest coverage
(operating EBITDA/gross interest expense) was 2.5x (2.4x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was 4.7x (5.3x).

Moreover, EBITDA margin is unlikely to improve (FY18: 7.2%; FY17:
7.2%), as the company executes similar types of orders issued by
a single customer i.e. Garrision Engineers (Military Engineering
services).

Also, the company faces high customer concentration risk, as all
orders issued by a single customer.

The ratings factor in HPPL's moderate liquidity profile, as
reflected in 96% utilization of the working capital limits during
the 12 months ended June 2018.

The ratings, however, are supported by HPPL's directors' around
three decades of experience in the construction business.

RATING SENSITIVITIES

Positive: An increase in the revenue along with maintenance of
the credit metrics on a sustained basis would be positive for the
ratings.

Negative: A decline in the profitability leading to deterioration
in the credit metrics on a sustained basis would be negative for
the ratings.

COMPANY PROFILE

The company was incorporated in April 1989 as a partnership firm
under the name Hariom Builders. It was converted into a private
limited company under the name Hariom Projects Private Limited in
2003. HPPL is promoted by Mr. Haresh Bhagchand Sangtani and his
family members, based out of Ahmedabad (Gujarat).


IMSONG SUPPLIER: CRISIL Assigns B+ Rating to INR4.5cr Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Imsong Supplier and Co. (ISC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Assigned)
   Cash Credit            4.5       CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations, smaller order
pipeline and working capital-intensive nature of operations. The
ratings also factor in risks related to revenue concentration,
tender-based nature of business and intense competition. The
above-mentioned weaknesses are partially offset by the extensive
experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: Estimated revenue of INR7.08 crore
in fiscal 2018, much lower than INR17.13 crore in fiscal 2015,
reflects the modest scale of operations. The firm has orders
worth only INR5 crore in hand, but has applied for a tender
valued at INR100 crore. If this order is received, it will help
scale up the business significantly, and hence, it remains a key
rating sensitivity factor.

* Exposure to risks related to revenue concentration and intense
competition: The firm, which operates only in Nagaland, derived
nearly 90% of revenue from Ramky Enviro Engineers Ltd, over
fiscals 2016 to 2018. Furthermore, intense competition in the
construction industry, marked by low entry barriers, and the
tender based nature of business, may continue to restrict
scalability.

* Working capital-intensive nature of operations: Operations are
highly working capital intensive, as indicated by gross current
assets of 671 days estimated as on March 31, 2018 (583 days a
year before). This is mostly due to a stretch in receivables,
estimated at 215 days, and work-in-progress stock leading to
inventory of 362 days.

Strength

* Extensive experience of the proprietor: The three decade-long
experience of the proprietor, Mr Lima Imsong in the construction
industry, has helped the firm improve its operating margin over
the years. The margin rose to 20.5% in fiscal 2018, from 19.9% in
the previous fiscal. Healthy relationships with suppliers have
ensured timely supply of raw material, and helped the firm
maintain a lean raw material stock.

Outlook: Stable

CRISIL believes that ISC will continue to benefit from the
extensive experience of its partners. The outlook may be revised
to 'Positive' if revenue increases, customer base is diversified
and improving working capital management while maintaining
operating profitability. The outlook may be revised to 'Negative'
if stretch in working capital cycle, or decline in revenue or
profitability weakens financial risk profile, especially
liquidity.

ISC was set up as a proprietorship firm of Mr Lima Imsong in
1995. The Nagaland-based firm constructs roads, buildings, water
tanks, and integrated solid waste management treatment plants. It
is registered as Class 1 contractor with the Public Works
Department (PWD) of Assam.


JADWET RESORTS: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jadwet
Resorts and Leisure Private Limited (JRLPL) to 'CRISIL B/Stable
Issuer not cooperating'.

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

CRISIL has been consistently following up with JRLPL 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 Jadwet Resorts and Leisure
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Jadwet Resorts and Leisure
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 Jadwet Resorts and Leisure Private Limited to
'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), JRLPL is based in Port Blair (Union Territory of
Andaman & Nicobar Islands) and is promoted by Mr. Mohamed Jadwet
and Mr. Zakir Jadwet.

The company is undertaking a project for setting up a high-end
spa resort on 9200 square metres on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-
room resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is INR16 crore.


LAXMI MEGHAN: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Laxmi Meghan
Speciality Hospital (LMSH) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              .25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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 LMSH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LMSH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facility of LMSH continues to be CRISIL B+/Stable Issuer not
cooperating'.

Set up in 1994, Kerala based LMSH operates a hospital in
Kanhangad with 80 beds; SCH also operates a 80 bed hospital in
Kanhangad. The day-to-day operations of the group are managed by
the partners Dr. M V Sasidharan his wife, Dr. C M Sathidevi and
his daughter, Dr. Sheetal.


LOHITHA LIFESCIENCES: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Lohitha
Lifesciences Private Limited (LLSPL) for obtaining information
through letters and emails dated December 31, 2017 and May 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        2.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)


   Proposed Cash
   Credit Limit          1.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

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 LLSPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on LLSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of LLSPL continues to be CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in December 2010, LLSPL is engaged in manufacturing
of active pharmaceutical ingredients (API) and intermediaries.
The company is promoted by Mr. Bapi Raju and family. The
manufacturing facility of the company is located at
Vishakhapatnam (Andhra Pradesh).


LOTUS MOTORS: CRISIL Assigns B+ Rating to INR6.0cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Lotus Motors (LM).

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility       2.1       CRISIL B+/Stable (Assigned)

   Cash Credit              6.0       CRISIL B+/Stable (Assigned)

   Long Term Loan           1.9       CRISIL B+/Stable (Assigned)

The rating reflects the weak financial risk profile and modest
scale of operations, amidst intense competition. These weaknesses
are partially offset by healthy profitability and experience of
partners in the automotive (auto) dealership business.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
marked by total outside liabilities to tangible networth ratio of
3.62 times and weak debt protection metrics, owing to low
accretion to reserve. Improvement in scale of operations and cash
accrual is likely to strengthen the financial risk profile in the
medium term.

* Modest scale of operations amidst intense competition: Intense
competition from other auto manufacturers such as Maruti Suzuki
India Ltd, Tata Motors Ltd, and Mahindra & Mahindra Ltd, forces
the principal, Tata Motors Ltd to cut cost by trimming commission
paid to dealers. As a result, the scale of operations remains
modest, as reflected in revenue of Rs 17 crore in fiscal 2018.
Presence of another dealer in Bhilwara and Rajsamand also
aggravates competition. Though LM has met its sales targets
consistently, business risk profile will remain constrained by
intense competition.

Strengths

* Experience of partners in the automotive (auto) dealership
business: Experience of the partners in the auto dealership
business has helped the firm establish its market position and
gain expertise. This is reflected in annual sales of 450-550
vehicles, aided by three extension counters and service centers,
apart from the main showroom.

* Healthy profitability: Operating margin has been in the range
of 5-6.3% over the three fiscals through March 2018. Net profit
margin stood at 0.9% in fiscal 2017, aided by increase in income
from spare parts and services, and incentives from the principal.
Spares and services offer a higher margin of 15-20%, while sale
of vehicles yield a far lower margin of 2-3%. Though
profitability may remain stable aided by other income, it will be
constrained by the trading nature of business.

Outlook: Stable

CRISIL believes LM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' in case of a significant and sustained growth in
revenue and profitability, and improvement in capital structure.
The outlook may be revised to 'Negative' if any large capital
expenditure or stretch in working capital cycle weakens the
financial risk profile, particularly liquidity.

LM was set up as a partnership concern in 2007, by Mr Pawan
Agarwal. The firm runs a dealership for vehicles of Tata Motors
Ltd at Bhilwara and Rajsamand. It operates one 3S (sales, service
and spare parts) showroom and four other outlets.


MEGHAAARIKA INT'L: Ind-Ra Affirms BB- LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meghaaarika
International Private Limited's (MIPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable/IND A4+ rating; and

-- INR430 mil. Non-fund-based working capital limits affirmed
    with IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects MIPL's continued weak, albeit improved,
credit metrics and thin and volatile EBITDA margin in FY18. In
FY18, its gross interest coverage (operating EBITDA/gross
interest expense) was 1.6x (FY17: 0.98x) and gross leverage
(total adjusted debt/operating EBITDAR) was 10.0x (22.61x). The
improvement in the credit metrics was primarily due to an
increase in operating profits. FY18 financials are provisional.

MIPL's EBITDA margin was 1%-2% over FY14-FY18 owing to the
trading nature of the business, price volatility in the goods
traded and an unhedged foreign exchange exposure. The margin
improved to 1.92% in FY18 from 0.87% in FY17 on account of a
reduction in cost of goods sold due to a change in the product
mix.

The ratings continue to be constrained by MIPL's medium scale of
operations. Its revenue increased about 2.0% to INR2,330 million
in FY18.

The ratings also continue to be constrained by a high customer
concentration risk, considering the top five customers accounted
for almost 100% sales in FY18 (FY17: 96%). However, the company
has an informal tie-up for at least 30% of its output with group
companies. In FY18, MIPL made 40% sales to group companies (FY17:
31%).

The ratings, however, are supported by a modest liquidity
position, indicated by an average peak utilization of 96% and 60%
of the fund-based and non-fund-based working capital limits for
the 12 months ended May 2018, respectively. However, the net
working capital cycle remained elongated at 93 days in FY18
(FY17: 92 days) due to high receivables days.

The ratings continue to be supported by the promoters' three-
decade operating experience in the chemical industry.

RATING SENSITIVITIES

Positive: Customer diversification, along with an increase in the
scale of operations and profitability and/or an improvement in
the net working capital cycle, leading to an improvement in the
interest coverage, on a sustained basis, will be positive for the
ratings.

Negative: Any deterioration in the profitability and/or the net
working capital cycle, leading to any deterioration in the
interest coverage, could result in a negative rating action.

COMPANY PROFILE

Incorporated in 2007, MIPL is engaged in the trading of chemicals
and plasticizers.


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

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2008, Mobile Next is a proprietorship unit,
engaged in the distribution of Samsung mobiles and accessories
between Vasai and Virar, Maharashtra.


MOBILITY SOLUTIONS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mobility
Solutions Limited (MSL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating;

-- INR75 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating; and

-- INR28 mil. Term loans due on August 2022 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings are constrained by MSL's medium scale of operations
and tight liquidity, due to the tender based nature of business,
as the company operates in the railway and bus ancillaries
industry. Provisional FY18 numbers indicated revenue of INR773.97
million (FY17: INR471.04 million). The company almost fully
utilized its working capital limits in the 12 months ended June
2018.

The ratings, however, are supported by MSL's strong EBITDA margin
of 14.12% in FY18 (FY17: 6.73%), as the company manufactures
high-margin products. The sharp improvement in margins is also
attributed to a reduction in raw material prices. Consequently,
the company's credit metrics are comfortable with interest
coverage (operating EBITDA/gross interest expense) of 4.19x in
FY18 (FY17: 1.45x) and net leverage (adjusted debt/operating
EBITDAR) of 1.78x (4.63x).

The ratings are further supported by over two decades of
experience of MSL's promoters in the auto ancillaries industry.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margins leading to
deteriorated credit metrics on a sustained basis will be negative
for the ratings.

Positive: A significant improvement in the revenue, driven by a
strong order book position, an improvement in the liquidity
position while maintaining and/or improving credit metrics, all
on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

MSL was incorporated in 1998 as an ancillary for manufacturing
ready-to-use sub-assemblies of window frames, regular deluxe and
semi-deluxe seats. The manufacturing plant is located on the
Chandigarh - Ambala highway at Mohali, Punjab.


NIKUNJ SALES: CRISIL Assigns B Rating to INR3.5cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Nikunj Sales Corporation (NSC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B/Stable (Assigned)
   Letter of Credit       1.5       CRISIL A4 (Assigned)

The rating reflects modest scale of operation in an intensely
competitive industry and below-average financial risk profile.
These weaknesses are partially offset by extensive experience of
the promoters in the synthetic rubber industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation in an intensely competitive industry:
NSC have reported revenue of about Rs 13.10 crore in 2016-17
(refers to financial year, April 1 to March 31). The revenues had
remained modest on account of trading business industry is
fragmented due to low capital intensity and limited value
addition that results in low entry barriers. Therefore, there is
high competition among the local players and the large organised
players. The fragmented nature of the industry and the modest
scale of operations limit the firm's ability to negotiate on
prices with its suppliers and customers leading to thin operating
profitability.

* Below average financial risk profile: The firm has below
average financial risk profile marked by high gearing of 9.74
times and low net worth of INR 94 lakhs as on March 31, 2017. NSC
has subdued debt protection metrics with net cash accrual to
Total debt (NCATD) and interest coverage ratios of over 0.02 and
1.17 times, respectively, for 2016-17. CRISIL believes the
financial risk profile may remain below average over the medium
term constrained by low net worth and high gearing.

Strengths:

* Extensive experience of the promoters in the industry: The
business was established by Mr. Nikunj Kothari's father Mr.
Jaswantlal Kothari 45 years back. In 2008, it was converted into
a partnership firm, wherein the partners were Mr. Jaswantlal
Kothari, Mr. Nikunj Kothari and Mrs. Nainaben Kothari (Nikunj
Kothari's mother). In 2014, the partnership was dissolved and
thereafter Mr. Nikunj runs the business as a sole proprietor.
Over the years, the promoter have established a strong
relationship with customers and suppliers. The promoters
understanding of the industry and the market dynamics has also
helped to expand operations by starting the import of its
products. The firm is also supported by sound industry and
business knowledge of its promoters. CRISIL believes NSC will
benefit over the medium term from the extensive experience of the
promoter in the industry.

Outlook: Stable

CRISIL believes NSC will continue to benefit over the medium term
from its promoters extensive experience in the trading industry.
The outlook may be revised to 'Positive' in case of a significant
improvement in the scale of operations and profitability, and in
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-anticipated cash accrual, or
larger-than-expected working capital requirement, or sizeable,
debt-funded capital expenditure, exerting pressure on liquidity.

Established in 2014, NSC is Proprietorship firm promoted by Mr.
Nikunj Kothari. The firm is engaged into trading of synthetic
rubber. The day to day operations are managed by Mr. Nikunj
Kothari.


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

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Octal Sales is engaged in the mining of stones. It is 99.99%
owned by Kishanganj Jute Mills Limited and is managed by Mr.
Sajan Bajaj. Its registered office is in Chhattisgarh.


P.S. ASSOCIATES: CARE Assigns B+/A4 Rating to INR8cr Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of P.S.
Associates (PSA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/Short       8.00      CARE B+; Stable/CARE A4
   term bank                       Assigned
   facilities

   Short term bank
   Facilities          2.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of PSA are primarily
constrained by the small scale of operations coupled with risk
associated with tender based nature of business. The ratings are
further constrained by its presence in the highly competitive
construction industry and leverage capital structure and coverage
indicators. The ratings, however, draw comfort from its
experienced partners, moderate profitability margins and
comfortable operating cycle.

Going forward; ability of the company to improve its scale of
operations while maintaining net profitability, capital structure
and timely execution of contracts while managing its working
capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations: PSA is a small regional player in
business of construction of roads. The ability of the firm to
scale up to larger-sized contracts having better operating
margins is constrained by its comparatively low capital base of
INR 2.07 crore as on March 31, 2017 and total operating income of
INR 25.80 crore in FY17 (refers to the period of April 01 to
March 31). The small scale of operations in a fragmented industry
limits the pricing power and benefits of economies of scale.
Though, the risk is partially mitigated by the fact that the
scale of operation is growing continuously. For the period FY15-
FY17, PSA's total operating income grew from INR20.00 crore in
FY15 to INR25.80 crore in F17 reflecting a compounded annual
growth rate (CAGR) of 12%. The company has already achieved
revenues of INR26 crores in FY18 (based on provisional results).
Furthermore, the firm has pending order book of around Rs7.13
crores as on April 30, 2018.

Business risk associated with tender-based orders: The firm
undertakes government projects from government entities like PWD
(Public Works Department) in Haryana which are awarded through
the tender-based system. The firm is exposed to the risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder. Furthermore, any changes in the government policy
or government
spending on projects are likely to affect the revenues of the
firm.

Highly fragmented and competitive industry: Indian construction
industry is characterized as fragmented and competitive nature as
there are a large number of players at the regional level. Hence,
going forward, due to increasing level of competition, the
profits margins are likely to be range bound. Also, the
construction industry plays an important role in the development
of a country's infrastructure, which is a key engine of economic
growth. Further, the award of contracts is under bidding process
and lowest bidder
gets the work.

Project execution risk: Given the nature of projects awarded, PSA
is exposed to inherent risk in terms of delays in certain
projects undertaken by the company due to delay in approvals and
sanction from regulatory bodies, etc. thus exposing PSA towards
the risk of
delay in projects resulting in a delay in the realization of
revenue growth. Furthermore, the company ability to execute a
project in timely manner would be led by its own operational
efficiency and timely stage payments received from clients.

Leverage capital structure and coverage indicators: The capital
structure of the firm stood leveraged as on the balance sheet
date of the past three financial years (FY15-FY17) on account of
high mobilization advances coupled with dependence on external
borrowings to meet working capital requirements. Overall gearing
stood at 3.28x as on March 31, 2017 showing improvement from
4.42x as on March 31, 2016 on account of decline in mobilization
& secured advances. Though overall gearing improved, it continued
to
remained high. Further, the debt service coverage indicators of
the firm stood modest as marked by interest coverage and total
debt to GCA stood at 1.84x and 13.16x, respectively for FY17.

Key rating Strengths

Experienced partners: PSA was established in 2009 by Mr. Pankaj
Singh, Mr. Nikhil Jain and Mr. Bharat Pahwa. All the partners are
graduates by qualification and has almost one and a half decades
of experience in the civil construction industry through their
association with the firm and other family business. All the
partners look after the overall business operations of the firm.
They are assisted by a team of managers who have requisite
experience in their respective fields.

Moderate profitability margins: The profitability margins stood
moderate as marked by PBILDT and PAT margins of 5.94% and 1.60%
respectively for FY17 as against 4.63% and 1.73% respectively for
FY16. The profitability varies with the project due to tender
driven nature of the business owing to varying margins in the
different projects undertaken by the company. Though the PBIDLT
margin improved on y-o-y basis in the last 3 FY's (FY15-FY17);
however, PAT margin declined during the said period on account of
increase in finance expenses. Though declined it continues to
reamnin at moderate levels.

Comfortable operating cycle: PSA had a moderate operating cycle
and stood below 50 days the past two financial years (FY16-FY17).
The firm maintains minimum inventory in the form of raw materials
at different sites for smooth execution of contracts, which is
normally supported by the credit period received by the company
from its suppliers. The firm raises a bill for the material used
spontaneously resulting in 48 days average inventory period for
FY17. The firm raises bills on monthly / milestone basis i.e. on
the completion of certain percentage of work i.e. 5% and certain
portion of the same is kept as retention money (ranging from 2-5%
of bill amount) and due to procedural delays, the firm receives
payment in ~2 months (maximum) by deducting certain percentage of
bill raised in the form of retention money, which gets refunded
after completion of contract. The average collection period stood
45 days for FY17.

Delhi based P.S. Associates (PSA) was incorporated in 2009 as a
partnership firm Mr. Pankaj Singh, Mr. Bharat Pahwa and
Mr. Nikhil Jain. They manage the overall business operations of
the firm. PSA is engaged in execution of civil construction
projects such as construction of roads and bridges, building
mainly for PWD (Public Works Department) in Haryana, Delhi
and Uttar Pradesh.


PILANIA INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with Pilania Industries
(India) Pvt Ltd (PIIPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Term Loan              10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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 PIIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on PIIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of PIIPL continues to be CRISIL B/Stable Issuer not
cooperating.

PIIPL, incorporated in 2006, manufactures thermo-mechanically
treated (TMT) bars. The company commenced its commercial
operations from May 2010 onwards. Mr. Manish Agrawal, Mr. Kailash
Chand Agrawal, Mr. Ram Bhagat Agarwal, and Mr. Sanjay Agarwal are
the directors of the company. PIIPL was initially manufacturing
TMT bars under the Prime Gold' brand. From 2013 onwards, it has
been manufacturing TMT bars for Jindal Saw Ltd.


ROYALE MANOR: Ind-Ra Raises Long Term Issuer Rating to BB+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Royale Manor
Hotels and Industries Limited's (Royale Manor) Long-Term Issuer
Rating to 'IND BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR74.38 mil. (reduced from INR79.55 mil.) Fund-based working
    capital limits Long-term rating upgraded; Short-term rating
    affirmed IND BB+/Stable/IND A4+ rating; and

-- INR1.94 mil. (reduced from INR9.28 mil.) Term loan due on
    September 2018 upgraded with IND BB+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in Royale Manor's revenue and
credit metrics in FY18. Its revenue raised to INR220 million in
FY18 from INR181 million in FY17, driven by an increase in the
room occupancy rate. Its interest coverage (operating
EBITDA/gross interest expenses) improved to 3.8x in FY18 from
1.9x in FY17, with net leverage (adjusted net debt/operating
EBITDA) enhancing to 1.2x from 2.6x. The improvement in the
credit metrics wad due to an increase in absolute EBITDA, a low
utilization of the working capital limits and a fall in interest
expense (due to the scheduled repayment of the long-term loan).
The credit metrics continue to be modest. Moreover, its operating
margin was comfortable and stable at 23.8% in FY18 (FY17: 23.8%).

The ratings are supported by a comfortable liquidity position,
indicated by an 80% average maximum utilization of its fund-based
limits for the 12 months ended May 2018. Moreover, its cash flow
from operations turned positive in FY18 at INR22 million (FY17:
negative INR11 million) due to a rise in absolute EBITDA and a
fall in interest expenses.

The ratings continue to be supported by the company's operational
track record of more than two decades.

The ratings, however, are constrained by a modest occupancy rate
of 60% and Royale Manor's small scale of operations.

RATING SENSITIVITIES

Negative: Any deterioration in the overall credit profile, on a
sustained basis, could be negative for the ratings.

Positive: A substantial increase in the revenue and the credit
metrics, on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

Royale Manor is listed entity on Bombay Stock Exchange. It
operates a 91-room five-star hotel in Ahmedabad (The Ummed
Ahmedabad) and is primarily engaged in the hospitality business.


SABAR FLEX: CARE Moves CARE B/CARE A4 Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sabar
Flex Industries to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities            7.47     CARE B; Issuer not cooperating

   Short term Bank
   Facilities            0.50     CARE A4; Issuer not cooperating

Detailed Rationale & Key Rating Drivers

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

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Moderate profit margins, capital structure and debt coverage
Indicators: Profitability margins deteriorated but remain
moderate marked by PBILDT and PAT margin of 6.75% and 1.25%
respectively in FY16. Capital structure remained moderately
leveraged marked by overall gearing of 1.21x as on March 31, 2016
against 1.38x as on March 31, 2015. It improved mainly on account
of decline in total debt. Debt coverage indicators also improved
and remained moderate marked by total debt to GCA of 8.95x as on
March 31, 2016 against 11.78x as on March 31, 2015. It improved
on account of increase in cash accruals and decline in total
debt.

Stretched liquidity position amidst working capital intensive
nature of operations: Operating cycle improved but still remained
elongated at 135 days during FY16. Working capital utilization
remained high at 85% during last 12 months ended January 31,
2016. However, current ratio remained moderate at 1.31 times as
on
March 31, 2016.

Key Rating Strengths

Experienced Partners: The partners of the firm have vast
experience in the manufacturing of packaging material since have
been involved in the same for decades.

Modest scale of operations: SFI witnessed a y-o-y growth of
43.10% in TOI in FY16. TOI increased from INR23.32 crore in FY15
to INR33.37 crore in FY16.

Established during March2007, Sabar Flex Industries (SFI) is a
partnership firm promoted by Mr Udesinh A. Parmar, Mr Prakash C
Shah, Mr Pruthvisinh A Parmar, Mrs Varshaben P Shah, Mr
Chandrakant Patel, Mr Himatbahadur Kunwar, Mr Ashoksinh Bhati, Mr
Bankim Chaudhary, Mr Bharatbhai Patel, Mr Vishal Patel. SFI is
engaged in manufacturing of packaging material like multi-layer
laminated wrappers, stand up pouches for all type of FMCG
products, cosmetic products, automobile lubricant packaging, etc.
SFI's manufacturing is located at Himatnagar and has an installed
capacity of 2300 Metric Tonne Per Annum (MTPA) of L.D. Films and
2425 MTPA of laminated pouch printed bags as on March 31, 2015.
L.D. films are mainly used for manufacturing of printed bags and
pouches which in turn find application as a packing material for
salts, pesticides, insecticides and other agri-products.


SAPTHAVARNA BUILDERS: CRISIL Reaffirms B+ Rating on INR3.3cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank
facilities of Sapthavarna Builders Private Limited (SBPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              3         CRISIL B+/Stable (Reaffirmed)
   Overdraft
   Facility

   Long Term Loan         1.7       CRISIL B+/Stable (Reaffirmed)

   Overdraft              2         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     3.3       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating continues to reflect SBPL's exposure to risks related
to implementation and offtake of ongoing projects and significant
dependence on customer advances for timely completion of its
projects. These weaknesses are partially offset by the promoters'
extensive experience in real estate development and the company's
established track record in timely execution of projects.

Key Rating Drivers & Detailed Description

Weakness

* Implementation and offtake risk: SBPL is exposed to risks
related to the execution and sale ability of its ongoing and
upcoming projects, especially given the slowdown in the real
estate segment following demonetization of high value currencies
in 3rd quarter of fiscal 2017.

* Significant dependence on Customer advances: SBPL faces high
funding risk as more than 70 percent of the project is funded
through customer advances and any delay would lead to delay in
completion of its projects.

Strength

* Extensive experience of promoters and established track record:
SBPL has an established track record in the residential real
estate development, backed by its promoters' extensive experience
in the construction business and healthy execution capabilities.

Outlook: Stable

CRISIL believes SBPL will benefit over the medium term from its
promoters' extensive experience in residential real estate
development. The outlook may be revised to 'Positive' if the
company completes its projects earlier than expected or in case
of more-than-expected sales realisations from ongoing projects,
leading to substantial cash flow. Conversely, the outlook may be
revised to 'Negative' if there are delays in project completion
or in the receipt of advances from customers or if SBPL
undertakes a large, debt-funded project.

SBPL, incorporated in 2008, undertakes residential real estate
development. The company is located in Thrissur (Kerala).


SATELLITE CABLES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on long-term bank
facilities of Satellite Cables Private Limited (SCPL), and has
assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
facilities. CRISIL had suspended the rating on November 29, 2016,
as the company had not provided information required for a rating
review. It has now shared this information, enabling CRISIL to
assign a rating to the facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5        CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit      5        CRISIL A4 (Assigned; Suspension
                                  Revoked)

The ratings reflect SCPL's modest scale of operations amidst
intense competition, and a large working capital requirement.
These weaknesses are partially offset by the experience of the
promoters and an established customer base.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: The
power cable wires industry is highly competitive due to low entry
barriers such as negligible capital expenditure (capex) and
technology requirement. Intense completion may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability. Hence, revenue has been modest, provisionally at
INR54.17 crore in fiscal 2018.

* Large working capital requirement: Gross current assets were
339 days as on March 31, 2018, driven by large debtors and
inventory of 150 days and 172 days, respectively.

Strengths

* Experience of promoters and established clientele: Satellite
has an established track record of about two and a half decades.
Over the years, it established a strong customer base, which is
reflected from the repeat orders despite the tender-based nature
of operations. State electricity boards and other government
entities are major contributors to the company's revenue profile,
while engineering, procurement, and construction contractors
contribute the rest.

Outlook: Stable

CRISIL believes Satellite will continue to benefit over the
medium term from the established track record in the industry.
The outlook may be revised to 'Positive' if a substantial
improvement in working capital management strengthen the
liquidity. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile weakens because of large, debt-
funded capex or higherthan-expected working capital debt.

Satellite, established in 1986, was taken over by the current
management in 2007. The company manufactures low- and high-
tension power cables such as polyvinyl chloride cables and
crosslinked polyethylene cables at its facility at Bhiwadi
(Rajasthan). Mr Vinay Gupta and Mr Vikas Goel manage the
operations.


SGM PACKAGING: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with SGM Packaging
Industries (SGM) for obtaining information through letters and
emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        1.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           3.50      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit       .25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    2.00      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             0.50      CRISIL D (ISSUER NOT
                                   COOPERATING)

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 SGM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SGM continues to be CRISIL D/CRISIL D Issuer not
cooperating'

Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan,
SGM manufactures wooden crates, corrugated paper boxes, and
plastic pallets at its facility in Gurgaon.


SHINE FLEXIBLE: CRISIL Lowers Rating on INR5cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Shine
Flexible Print And Packs Private Limited (SFP) to 'CRISIL D' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan              1.64     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects its delays in debt servicing due to weak
liquidity and stretch in receivables.

The rating also reflects its working capital intensive
operations. This weakness is partially offset by its promoters
extensive in packing Industry.

Key Rating Drivers & Detailed Description

Weakness

* Working-capital-intensive operations: Gross current asset was
high and was around 214 days as on March 31, 2017, primarily on
account of a stretched collection cycle and large inventory.

Strength

* Extensive industry experience of the promoters: The promoters,
Mr K S Lal, Mrs Bisha Lalu, and Mr K Rajan Nair, have been
involved in the packaging business since 2006. This has enabled
the maintenance of a long relationship with key customers.

SFP, established in 2006, manufactures flexible packaging
materials such as polyester laminated rolls, pouches, and
polyester and poly vinyl chloride (PVC) twist wrap film. The
company's manufacturing facility is in Aluva, Kochi.


SHIVAM PROTEIN: CARE Lowers Rating on INR9.69cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shivam Protein Products Private Limited (SPP), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      9.69      CARE B; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE B+; Issuer not
                                 cooperating; Based on best
                                 available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Shivam Protein Products
Private Limited (SPP) to monitor the ratings vide e-mail
communications/letters dated April 24, 2018, May 23, 2018,
May 24, 2018, May 28, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Shivam Protein Products Private Limited's bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.

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

The revision in long term rating takes into account decline in
scale of operations, its thin profitability margins, leveraged
capital structure and weak debt coverage indicators as along with
moderate liquidity position in FY17 (refers to the period April 1
to March 31). The rating further takes into account highly
competitive and fragmented agro processing industry and exposed
to commodity price fluctuation risk. The rating, however, derives
strength from vast experience of the promoters in agro processing
industry.

Detailed description of the key rating drivers

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

(Updated for information available from ROC)

Key Rating Weaknesses

Decline in scale of operations: During FY17, TOI declined
significantly by 39.05% y-o-y to INR38.17 crore as against
INR62.63 crore during FY16.

Financial risk profile marked by, thin profitability, leveraged
capital structure, weak debt coverage indicators and weak
liquidity profile: During FY17, PBILDT margin improved marginally
and stood at 4.53% during FY17 as against 4.46% during FY16.
However, PAT margin declined and stood at 0.10% in FY17 as
against 0.50% during FY16. As on March 31, 2017, capital
structure of SPP stood leveraged marked by overall gearing ratio
at 2.85 times as against 2.54 times as on March 31, 2016.
Further, debt coverage indicators as marked by Total Debt to GCA
deteriorated significantly and stood weak as on March 31, 2017
owing to low cash accruals. Interest coverage ratio has
deteriorated and stood at 0.90 times during FY17 as against 1.74
times in FY16.

Weak liquidity position: During FY17, liquidity position of SPP
stood moderate marked by current ratio of 1.18 times as against
0.94 times during FY16. Working capital cycle has stood elongated
at 109 days during FY17 as against 48 days during FY16.

Key Rating Strengths

Vast experience of promoters in Agro Processing Industry: The
promoters of SPP have vast experience in agro processing with key
promoter; Mr Brijlal Jethwani having more than four decades of
experience in the industry. He is supported by his two sons (Mr
Ashok Jethwani and Mr Naresh Jethwani), both having around a
decade of experience in agro processing and trading industry.

Incorporated in 2003, SPP is engaged in processing of turdal and
trading of rice and wheat since October 2013. The processed
products are sold entirely in the domestic market. Moreover, SPP
is a part of Shivam group, which has other entities (namely M/s.
Santosh Pulse Mill and Shivam Enterprise) engaged in similar line
of business.


SHREE MANDVI: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE has been seeking information from Shree Mandvi Vibhag
Sahakari Khand Udyog Mandli Limited (SMSKL) to monitor the rating
vide e-mail communications dated May 16, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the society has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on SMSKL's bank facilities will continue to be denoted as
CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     53.91      CARE D; Issuer not cooperating,
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating on March 16, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Depressed sugar scenario led stressed liquidity position: Delay
in the commencement of operations of the manufacturing facility,
lower than envisaged generation of cash accruals during FY16
owing to depressed sugar prices and lower level of sanctioned
working capital facility when compared with its scale of
operations resulted in cash-flow mismatch and delays in its debt
servicing. The account has been classified as a non-performing
asset (NPA) since June 2, 2016.

Post demonetization, due to liquidity crunch, the co-operative
society was not able to make spot payments to farmers for
procurement of sugarcane and the unit was unable to achieve
break-even levels. The society discontinued manufacturing
operations and its facility remained non-operational during FY18.

Key Rating Strengths

Experienced promoters: SMSKL is promoted by the sugarcane growers
of Mandvi Taluka in Surat District of Gujarat. Mr Babubhai Badan,
aged 73 years, is the Chairman of the Society and has been on the
Board since its inception. Mr Ravindra Vallabhbhai Patel,
Managing Director, holds a Master Degree in Social Work and has
an experience of over two decades with various sugar factories in
India. The Vice-Chairman, Mr Balubhai Gamit, is a retired
Mamlatdar (Taluka revenue-collector) of the Government of
Gujarat. The society has approximately 35,000 members out of
which approximately 25,000 are sugarcane growers.

SMSKL (erstwhile known as Shree Surat Jila Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) was formed in 1994 as a co-
operative society registered under The Gujarat Co-operative
Society Act 1961. Initially, the society was engaged in the
trading of sugarcane, procuring sugarcane from farmer members and
supplying to sugar mill in the vicinity.

During FY15 (refers to the period April 1 to March 31), SMSKL has
set-up a green-field sugar manufacturing unit with an installed
capacity of 2,500 tonnes of sugarcane crushing per day (TCD) and
a godown with a capacity of 24,000 metric tonnes (MT; two godowns
of 12,000 MT each) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project becomes
operational from February 2015 with delay of about 8 months as
against its envisaged completion timeline of May 2014.


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

The instrument-wise rating actions are:

-- INR112.5 mil. Term loan due on June 2026 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Sankalp Medical and Research Institute are constructing a
100-bed hospital in Raipur, Chhattisgarh. It is managed by Dr.
Shailendra Kumar Upadhya.


SRE PARTHASARATHI: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Sre Parthasarathi
Hotels Private Limited (SPHPL) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Term Loan         13       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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 SPHPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SPHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of SPHPL continues to be CRISIL B/Stable Issuer not
cooperating'

Based in Chennai and set up in 2012, SPHPL is engaged in the
hospitality industry. It is setting up a hotel Mowbrayen, on
Bangalore Trunk Road, Chennai, which is to commence operations in
2015.


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

The instrument-wise rating action is:

-- INR130 mil. Term loan due on March 31, 2027 migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Sun Realty is engaged in the leasing of
land and building. The company has leased its 0.46 hectares land,
along with a building, in Indore to Shanti Educational Society
for running a school.


SUNPAUL PROPERTIES: CARE Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE has been seeking information from Sunpaul Properties Private
Limited to monitor the rating vide e-mail communications/ letters
dated April 27, 2018, May 29, 2018, June 04, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. The rating on Sunpaul Properties Private Limited's bank
facilities will now be denoted as CARE B+; Issuer not
Cooperating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      9.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                    based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating on April 19, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Short track record of operations: SPPL started its operations
from October 2013 and FY15 is the first full year of operation.
SPPL's operations are small as measured by small size of networth
of INR0.61 cr as of March 31, 2015 and revenues of INR18.11 cr in
FY15. PBILDT margin and PAT margin remained thin in FY15.

Elongated operating cycle: The construction materials are
purchased (from within the state) by SPPL for the contract
construction work. SPPL enjoys credit period of 30-45 days from
the suppliers. SPPL holds inventory (construction material) for
around 3 months. SPPL raises stage wise invoices and the payment
is normally received within 15 days from the date of raising the
invoice. Although a predominant portion of the revenues are from
group companies, the collection is significantly delayed
resulting in elongated collection of nearly five months. As a
result, the operations are working capital intensive with full
utilization of working capital limits.

Exposure on real estate development: SPPL also ventured into real
estate business and has commenced constructing two residential
buildings projects named 'GIFTY' and 'ALNA',in Kerala in FY16.
Both the projects are under construction and 32% work is
completed in GIFTY and 8% in ALNA respectively as on
September 21, 2015. The projects are primarily funded through
unsecured loans extended by promoter directors. The same amounts
to INR8.33 cr as on March 31, 2015.

Stressed capital structure: Debt equity ratio and overall gearing
ratio reflect a highly stressed capital structure at 13.66 x and
28.36 x respectively as on March 31, 2015. Total debt/GCA stood
high at 29.05 times in FY15 primarily due to unsecured borrowings
from Directors (to the tune of INR8.33 cr as on March 31, 2015)
for development of the real estate projects.

Presence in the highly fragmented and competitive construction
industry along with geographical and customer concentration risk:
Indian construction industry is a highly competitive and
fragmented industry due to the presence of large number of
players present at regional levels in the industry. High
competition intensity and the medium complexity of work in the
sector impacts the pricing flexibility of the players and
increases competitive risks. Currently SPPL is a regional player.
Given the nature of business, SPPL continues to be exposed to
inherent risks associated with execution of construction
projects.
Key Rating Strengths

Long experience of the promoter: Mr Sunny Paul (48 years) is the
Managing Director of the SPPL and has got an overall experience
of more than 25 years in real estate industry and Mr Milil
Pottayil Sunny (23 years), S/o Mr Sunny Paul, Director, completed
his Master's in Business Administration and is currently looking
after the marketing activities of the companies belonging to the
Sunpaul group of companies.

Moderate order book position: SPPL has a moderate order book of
INR78 crore as on September 19, 2015, for civil construction, to
be executed by April 2018. Of the total order book, 61% of the
total order book is from the group companies reflecting high
level of concentration and dependence on the groups real estate
projects.

Sunpaul Properties Private Limited (SPPL) was incorporated on
June 18, 2012 and the operation commenced in October 2013. The
key promoter is Mr.Sunny Paul. SPPL belongs to Sunpaul Group of
Companies which has interest in construction and real estate
businesses. Associate concerns Dezira Projects & Realtors Pvt.
Ltd. (DPR) and Sunpaul Dezira Projects Pvt. Ltd (SDP) are
property developers in the Kerala. Mr.Sunny Paul is the Managing
director of the group companies as well. SPPL is engaged in civil
construction of residential and commercial business buildings for
developers. SPPL is a regional player in Kerala state. The
company is also engaged in property development.


SURGICARE CENTRE: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Surgicare Centre &
Hospital (SCH) for obtaining information through letters and
emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft            0.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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 SCH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of SCH continues to be CRISIL B+/Stable Issuer not
cooperating'

Set up in 1994, Kerala-based SCH operates a hospital in Kanhangad
with 80 beds; LMG also operates an 80 bed hospital in Kanhangad.
The day-to-day operations of the group are managed by the
partners Dr. M V Sasidharan his wife, Dr. C M Sathidevi and his
daughter, Dr. Sheetal.


TEAM INTERVENTURE: CRISIL Maintain D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Team Interventure
Exports India Private Limited (TIEIPL) for obtaining information
through letters and emails dated December 31, 2017 and May 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          127        CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Proposed Short Term    13        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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 TIEIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on TIEIPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of TIEIPL continues to be CRISIL D Issuer not
cooperating'

Incorporated in 1990 in Mumbai and promoted by Mr. Suresh
Agarwal, Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL
exports cotton yarn and fabric.


TEXAS LIFESTYLE: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Texas Lifestyle
Furniture Private Limited (Texas) for obtaining information
through letters and emails dated December 31, 2017 and May 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      1        CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         3        CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan      4.3      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long Term
   Bank Loan Facility   .3      CRISIL D (ISSUER NOT COOPERATING)

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 Texas, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Texas is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of Texas continues to be CRISIL D/CRISIL D Issuer not
cooperating'

Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.


TICEL BIO: CARE Assigns 'D' Rating to INR61.32cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of TICEL
Bio Park Limited (TICEL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           61.32       CARE D Assigned

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of TICEL factors in
ongoing delays in debt servicing due to strained liquidity
position of TICEL arising from lower occupancy levels in 'TICEL
II' developed by the company.

Detailed description of Key Rating Drivers

Key Rating Weaknesses

Ongoing Delays in debt servicing due to strained liquidity
position arising from lower occupancy level of TICEL II: The
company has been irregular in meeting its debt commitments due to
highly strained liquidity position. The liquidity position has
been stressed due to factors including lower occupancy in TICEL
II and bullet repayment of land loan during FY16 to Government of
Tamil Nadu (GoTN).

Lower occupancy due to slowdown in industry: TICEL was promoted
with the vision to encourage R&D in bio tech sector and has been
leasing out only to Bio Tech companies. TICEL I, with 1.43 lsf of
leasable area, was commissioned during 2004 and had maintained
about 90% occupancy levels since inception. TICEL II,
commissioned during FY15, has a leasable area of 3.15 lsf has an
occupancy of 60% for the past three years. Due to overall
slowdown in industry, the occupancy levels remained flat at 60%.

Key Rating Strengths

Strategic location of Bio Tech Park: TICEL Bio Park is located
along the IT corridor near Taramani, one of the important
commercial hubs of the city. The place is well connected to
various part of the city through road and rail network. Major IT
parks like Tidel Park, ASCENDAS, Elnet Software City are situated
in the vicinity.

TICEL was set up in 2004 by Govt. of Tamil Nadu with financial
support from Govt. of India. Tamil Nadu Industrial Development
Corporation Limited (TIDCO, A Govt. of Tamil Nadu enterprise),
TIDEL Park Limited (TIDEL, jointly promoted by TIDCO and
Electronics Corporation of Tamil Nadu Limited, another Govt. of
Tamil Nadu enterprise), Indian Bank, Karur Vysya Bank and Indian
Overseas Bank are the shareholders of the company as on March 31,
2018. TICEL is engaged in development and maintenance of
commercial real estate spaces with specific infrastructure and
facilities required for bio-tech companies. As on May 2018, TICEL
I with a leasable area of 1.43 lsf and TICEL II with leaseable
area of 3.15 lsf has an occupancy of 87% and 60% respectively.


UNITON ENTERPRISE: CRISIL Reaffirms B+ Rating on INR8cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Uniton Enterprise Private Limited (UEPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility       2       CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   Facility                 8       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect UEPL's limited track record of
operations in trading of cooking oil and bio-diesel, its below-
average financial risk profile marked by high gearing, modest
debt protection metrics and net worth. These rating weaknesses
are partially offset by the benefits derived from the extensive
entrepreneurial experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Limited track record of operations: UEPL has limited track
record of operations with its venture into new segment for
trading of used cooking oil, and bio-diesel oil. The commercial
operations commenced in December 2017 and revenues are estimated
at Rs 6.70 crore for fiscal 2018. Until fiscal 2017, it was
engaged in providing consultancy services. CRISIL believes that
the limited track record of operations into new segment would be
constraining the business risk profile of the company.

* Below-average financial risk profile: UEPL has below average
financial risk profile marked by small net worth of Rs 3.08
crores, high expected gearing estimated at 2.2 times as on march
31, 2018 and modest debt protection metrics with interest
coverage and net cash accrual to adjusted debt estimated at 1.91
times and 0.05 time respectively. CRISIL believes that with
higher dependence on its external debt to fund the new venture
operations, the financial risk profile would remain below-average
over the medium term.

Strengths
* Extensive entrepreneurial experience of the promoters: UEPL
benefits from extensive entrepreneurial experience of the
promoters. The company is promoted and managed by Mr. Mahesh
Bigala who has more than a decade of entrepreneurial experience.
UEPL's business risk profile would benefit from the extensive
entrepreneurial experience of the promoters over the medium term.

Outlook: Stable

CRISIL believes UEPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of a significant
and sustained increase in revenue, along with improvement in
margins, working capital cycle, and capital structure.
Conversely, the outlook may be revised to 'Negative' if a
significant decline in revenue or margins, a stretched working
capital cycle, or any large, debt-funded capital expenditure,
weakens the financial risk profile.

Established in 2012 as a private limited company, UEPL was
engaged in providing consultancy and education services. It has
entered into trading of used cooking oil, purified used cooking
oil and conversion into bio-diesel oil. Based in Hyderabad
(Telangana), the company is promoted and managed by Mr. Mahesh
Bigala.


V. A. PRODUCTS: CARE Maintains B Rating in Not Cooperating
----------------------------------------------------------
CARE has been seeking information from V. A. Products to monitor
the rating vide e-mail communications/ letters dated May 28,
2018, June 1, 2018, June 4, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on V. A. Products's bank facilities will now be denoted as
CARE B; Issuer not Cooperating/CARE A4; Issuer not cooperating.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       1.50       CARE B; Issuer Not Cooperating
   Facilities                      based on best available
                                   information

   Short-term Bank      4.50       CARE A4; Issuer Not
   Facilities                      Cooperating based on best
                                   available information

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

Detailed description of the key rating drivers

At the time of last rating on April 21, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations albeit growth in total operating income
during FY15: VAP's scale of operations has remained small with a
modest income and very low networth base. The firm's operating
income grew by 38.73% in FY15 to INR5.01 crore from INR3.61 crore
in FY14 mainly on account of favorable demand and addition of new
customers.

Weak capital structure with low capital base: The firm has
considerable working capital requirements with high level of
debtors which is predominantly debt funded. This, along with low
net worth base, resulted in high overall gearing of 6.28x as on
March 31, 2015.

Stretched operating cycle: VAP's operating cycle remains
significantly stretched at about 200 days mainly on account of
elongated collection period of 250-300 days as the firm has to
extend long credit periods to the OEMs due to steep competition
and low bargaining power. The firm procures about 70% of its raw
material from the local market and avails credit period of about
90 days from the local suppliers. However, the firm receives no
credit from overseas suppliers.

Foreign currency risk: The firm being an EOU generates about 98%
of its revenue from export markets and imports about 30% of its
procurements. Thus, VAP is exposed to foreign currency risk with
no hedging measures being taken by the firm.

Key Rating Strengths

Experienced partners: VAP is promoted by two partners Mr J
Nandish (Managing Partner) and Mr Babu Jayaram. Both the partners
have more than two decades of experience in the engineering
industry. Over the past decade, the firm has developed healthy
relations with its clients.

Healthy operating profit margins, albeit thin PAT margins: The
key raw materials used by VAP are mild steel, stainless steel,
brass, copper, and aluminum which constitute around 60% of the
total cost of sales during the last three years. The prices of
these raw materials are governed by global demand-supply dynamics
and are highly volatile in nature resulting in volatile
profitability. Notwithstanding the volatility, the firm's
operating margins have been healthy with PBILDT margin of about
15%-20%. Despite healthy PBILDT margin, the firm's PAT margins
are very thin owing to significantly high interest cost with high
level of borrowings.

Incorporated in the year 1994, VAP is a 100% export oriented unit
(EOU) engaged in manufacturing of precision machined components.
The firm's existing range of products includes hollow screws,
spacer rings, round nuts, bushes, bolts, alternator and starter
motor, sockets, sleeves, housings, pins and bushes. The firm's
customers mainly belong to automobile engineering, aerospace, and
other allied engineering industries. VAP has its warehouses in
the U.S.A. and the U.K.; and caters to numerous international as
well as domestic clients spread across America & Europe.


VALLEY FRESH: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Valley Fresh Cold
Chain Pvt. Ltd. (VFCCPL) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          3.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term   6.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING)

   Term Loan           30.0       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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 VFCCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on VFCCPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of VFCCPL continues to be 'CRISIL B/Stable Issuer not
cooperating'

VFCCPL is a Srinagar-based company that provides controlled
atmosphere storage facility for apples, with an installed
capacity of 5000 tonnes per annum. The company is promoted and
managed by Mr. Farooq Wani and Mr. Tawheed Mir.


VARIETY POLYESTERS: CRISIL Moves B Rating to INR6.5cr Cash Loan
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Variety
Polyesters Private Limited (VPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.4       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.9       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VPL for obtaining
information through letters and emails dated March 22, 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 Variety Polyesters Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Variety Polyesters 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 Variety Polyesters Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Variety Polyesters Limited (VPL) was incorporated in the year
2003 and is being promoted by Mr. V. Vishnachari, Mr. R. Anna
Rao, and Mr. Yalamanchilisatish. The company started its
operations with manufacturing of Polyester fibres, however now
company is engaged in the execution of turnkey projects.


VITAL HEALTHCARE: CRISIL Reaffirms B Rating on INR34.78cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on long-term bank facilities of
Vital Healthcare Private Limited (Santacruz) (VHPL) at 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         7        CRISIL A4 (Reaffirmed)

   Bill Negotiation       2        CRISIL A4 (Reaffirmed)

   Cash Credit            8.5      CRISIL B/Stable (Reaffirmed)

   Letter of Credit       5.72     CRISIL A4 (Reaffirmed)

   Proposed Long Term    34.78     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              2        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect VHPL's modest business risk
profile because of working capital-intensive operations and
modest scale of operations and intense competition. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at Rs 6.57 crore
as on March 2016) extended to VHPL by promoters as neither debt
nor equity since these loans have interest rates lower than the
marker and are expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Modest
scale of operations, reflected in revenue of Rs 14.84 crore
estimated in fiscal 2018, limits bargaining power with suppliers
and customers, in the highly fragmented pharmaceutical
formulations industry.

* Large working capital requirement: Operations are working
capital intensive, reflected in gross current assets of 519 days
as on March 31, 2017, driven by stretched receivables of 296 days
due to delayed payments from government agencies.

Strength

* Experience of promoters: The promoters' two-decade experience
helped build strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes VHPL will maintain the stable business risk
profile over the medium term, backed by experience of promoters.
The outlook may be revised to 'Positive' if significant and
sustainable increase in revenue and margin strengthens capital
structure and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if significant, debt-funded capital
expenditure or decline in cash accrual weakens financial risk
profile.

Incorporated in 1992, VHPL manufactures and markets
pharmaceutical formulations and healthcare products. The company,
which commenced operations in 1997, has its manufacturing
facilities in Nashik (Maharashtra).


YASIKA STEELS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Yasika Steels
Private Limited (YSPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          3        CRISIL D (ISSUER NOT
                                 COOPERATING)

   Funded Interest      1.51     CRISIL D (ISSUER NOT
   Term Loan                     COOPERATING)

   Proposed Long Term   5.06     CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING)

   Term Loan             .68     CRISIL D (ISSUER NOT
                                 COOPERATING)

   Working Capital      4.75     CRISIL D (ISSUER NOT
   Demand Loan                   COOPERATING)

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 YSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Based on the last available information, the rating on bank
facilities of YSPL continues to be 'CRISIL D Issuer not
cooperating'

YSPL, incorporated in 2005 and promoted by Mr Viral R Malaviya
and his wife, Ms Poonam Viral Malaviya, manufactures and trades
in steel products, mainly bright steel bars.



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


MULTI SPORTS: Clarifies Confusion Over SC Reprimand
---------------------------------------------------
Sulhi Azman at theedgemarkets.com reports that Multi Sports
Holdings Ltd has clarified that the reprimand it received from
Securities Commission Malaysia (SC) for knowingly furnishing
financial statements that were false or misleading to Bursa
Malaysia was related to five quarterly earnings.

theedgemarkets.com relates that the Practice Note 17 (PN17) shoe
manufacturer said the five quarterly earnings were for the first
quarter of 2015 (1Q15), 2Q15, 3Q15, 4Q15 and 1Q16, which were
prepared and submitted prior to the appointment of new directors
on Oct. 4, 2016.

"The new directors, in the course of their investigation, had
discovered information on litigation in China involving the
subsidiaries of Multi Sports and SC relates to these
litigations," Multi Sports said in a bourse filing, the report
relays.

According to theedgemarkets.com, Multi Sports said the new
directors had also disclosed this litigation in the annual
reports that were issued after their appointments.

In addition, Multi Sports said the new directors clarified that
SC's reprimand is not related to the audited financial statements
issued for financial year 2015 (FY15), FY16 and FY17, and that
the directors are still actively pursuing a regularisation plan
for the company, theedgemarkets.com relates.

theedgemarkets.com says Multi Sports had on July 3 announced that
it was reprimanded by SC for knowingly submitting false and
misleading financial statements to the stock exchange regulator,
which violated Sections 353 and 369 of the Capital Markets and
Services Act (CMSA) 2007.

Multi Sports said its announcement to Bursa on July 10 was to
resolve confusion over which financial statements the SC
reprimand relates to and whether it refers to misreporting in the
Annual Report 2015 (AR2015), AR2016 and AR2017, the report adds.

                        About Multi Sports

Multi Sports Holdings Ltd is a Malaysia-based investment holding
company. The Company is engaged in footwear production. The
Company has five segments; TPR shoe soles, RB shoe soles, MD1
shoe soles, MD2 shoe soles and Apparels and accessories. TPR shoe
soles are a physical mix of polymers, usually rubber and plastic.
The RB shoe soles are waterproof and weatherproof. Natural and
synthetic rubbers are used in the production of RB shoe soles.
The MD1 shoe soles are lightweight, soft, flexible, elastic,
resistant to wear and tear. The main components of MD2 shoe soles
are similar to MD1 shoe soles. Apparels and accessories segment
comprise the main component is men's fashion wear and
accessories. The Company's subsidiaries include Pak Sing Shoe
Material (H.K.) Limited, Jinjiang Baixing Shoe Material Co., Ltd,
Fujian Evidoma Ltd., Fujian Qingte Investment Ltd and Quanzhou
Sente Trading Ltd.

Multi Sports slipped into PN17 status on Nov. 13, 2017, after its
external auditor Messrs RT LLP issued a disclaimer of opinion in
respect of AR2015.

Among the concerns highlighted by the external auditor were its
inability to obtain sufficient audit evidence with regards to
inventories, investment in subsidiaries, tax provisions,
litigation and risk to fraud, theedgemarkets.com discloses.

In AR2017, Multi Sports said it has until November 2018 to submit
its plan to Bursa to regularise its PN17 status.


SCOMI GROUP: Unit Faces Winding Up Petition
-------------------------------------------
The Sun Daily reports that Scomi Group Bhd's (SGB) unit Scomi
Special Vehicles Sdn Bhd (SSVSB) has been served with a winding-
up petition over a MYR1.09 million claim by Alexander Dennis
(Malaysia) Sdn Bhd (ADM) and Alexander Dennis Ltd (ADL).

According to Sun Daily, SGB said in a statement with Bursa
Malaysia that SSVSB was served with the petition dated April 23,
2018 over the disputed sums which ADM and ADL alleged totalled
RM1.09 million together with interest.

Sun Daily relates that the debt arose from bus bodies provided by
ADM with support from ADL in the UK. SGB noted that the debt had
been progressively reduced under a consent order (CO) dated
Nov. 3, 2017, the report relays.

"Subsequently SSVSB had defaulted payments under the CO", it
added.

Sun Daily adds that SGB highlighted that its unit was in active
negotiations with ADM and ADL to withdraw the petition and
reinstate the installments under the CO, however it said the
"negotiations were protracted and an amicable settlement could
not be reached".

Following that, it said an order was made on July 10 for the
winding-up of SSVSB by ADM and ADL in the High Court of Malaya,
Commercial Division and the extraction of the sealed order is now
in progress, the report relays.

"In the interim, SSVSB has sought legal advice on its next course
of action. Based on such advice, SSVSB has instructed its lawyers
to file an appeal to the Court of Appeal against the order.

"Furthermore, in order to maintain status quo, SSVSB shall also
file an application to stay the order, to facilitate settlement
of the claim by ADL," SGB, as cited by Sun Daily, added.

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and
downstream oil and gas industry.



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


HAWKINS GROUP: Former Companies Owe NZ$41 Million to Creditors
--------------------------------------------------------------

Matt Nippert at the New Zealand Herald reports that about a
thousand creditors are owed NZ$41 million from construction
companies formerly part of the Hawkins Group, liquidators said.

In an unusually complex report, covering ten companies from the
group, BDO's Andrew Bethell and Andrew McKay outline a lattice of
NZ$400 million in related-party lending and NZ$37.5 million owed
for retention payments or to trade creditors, the Herald
discloses.

The Herald relates that a separate report by the same liquidators
into related party H Constructions Schools 2 PPP - established
build four schools in Auckland, Queenstown and Christchurch - and
H Construction North Island found unsecured third-party creditors
were owed another NZ$3.9 million.

According to the Herald, the vast majority of unsecured creditors
- a listing of which fills more than ten pages of the report into
the group of ten - are owed by treasury company Orange H
Construction, and two H Construction companies established to
respectively manage projects in the north and south islands.

Outside of related-party loans payable, assets of the group and
school-building company amount to NZ$2.9 million, the Herald
discloses.

"It is too early to estimate what funds, if any, will be
available for unsecured creditors," liquidators said in their
report, the Herald relays.

The Herald adds that liquidators were yet to quantify the amount
owed to secured creditors but noted they had been informed by
receivers that "substantial amounts" were owed to parent
McConnell Group - not in liquidation or receivership - under a
general security arrangement.

The amount owing to preferential creditors - including Inland
Revenue - were also yet to be confirmed, the Herald notes.

According to the Herald, most of the business and assets of the
group had been sold to Downers in March 2017 for NZ$60m,
resulting in a winding down of the company's New Zealand
construction activities.

The Herald says the remaining rump of the company suffered a blow
in the High Court in May, when it was ruled H Construction North
Island must pay NZ$13.4 million over leaky building defects at
Botany Downs Secondary College. This sum is in addition to the
NZ$41 million owed to other unsecured creditors. The company had
previously been paid NZ$28 million to building the school.

Liquidators said they would review related-party transactions,
and the sale to Downer, as part of their investigation, adds the
Herald.

More information about the financial structure of Hawkins is
expected to come next week when receivers McGrathNicol -
appointed to much of the group in May - publish their first
report, the Herald says.



===============
P A K I S T A N
===============


PAKISTAN MOBILE: S&P Affirms Then Withdraws 'B' ICR
---------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Pakistan Mobile Communications Ltd. (Jazz). S&P then
withdrew the rating at the company's request.

S&P said, "At the time of withdrawal, our rating reflected our
view of Jazz' No. 1 position in Pakistan's competitive cellular
market, nationwide coverage, good brand presence, and healthy
profitability. Jazz is likely to use its strong operating cash
flows for capital outlays, resulting in moderate leverage.
However, we expect the company's operations in a single country,
and Pakistan's country and macroeconomic risks to continue to
offset these strengths.

"In our view, a proposal by Jazz' ultimate parent, Veon Ltd., to
take over the assets of Global Telecom Holding S.A.E (GTH) in
Pakistan is likely to be credit neutral for Jazz. Veon holds
57.7% stake in GTH, which in turn owns 85% of Jazz. The proposed
transaction re-emphasizes Jazz's importance to Veon's growth
strategy in emerging markets. Our sovereign credit rating on
Pakistan continues to constrain the issuer credit rating.

"Our stable outlook at the time of withdrawal reflected the
outlook on our sovereign credit rating on Pakistan."



===============
T H A I L A N D
===============


KTB SECURITIES: Fitch Affirms 'BB(tha)' National LT Rating
----------------------------------------------------------
Fitch Ratings (Thailand) has affirmed KTB Securities (Thailand)
Public Company Limited's (KTBST) National Long-Term Rating at
'BB(tha)' with a Stable Outlook and National Short-Term Rating at
'B(tha)'.

KEY RATING DRIVERS

KTBST's National Ratings are based on its standalone financial
profile and reflect its small domestic franchise, with less than
1.5% market share in 1Q18, and weak financials compared with
other Fitch-rated Thai securities peers. The ratings are
supported by a new management team that has turned around the
company's successive net losses prior to 2016. Nonetheless, Fitch
expects KTBST's improving performance to remain more volatile
than that of domestic rated peers over the medium-term due to its
weaker franchise, as reflected in its less diversified and
developing business model, and higher costs.

KTBST has weaker capitalisation than domestic peers, but its
planned 2019 stock market listing and improving performance could
strengthen its capital position at the current rating. KTBST is
more exposed to funding and liquidity risk due to its unproven
funding stability and limited history of capital market access.
The company plans to reduce its reliance on short-term funding
and broaden its funding sources by issuing subordinated
debentures.

RATING SENSITIVITIES

Fitch believes near-term rating upside is limited. The current
ratings reflect KTBST's improving trend in its financials and a
significant and sustained improvement in its scale, domestic
franchise and financial profile is unlikely to be achieved in the
short term. Better revenue diversification and key financial
ratios should strengthen its current rating level.

A reversal of the improving financial trends, such as a
significant weakening in capitalisation, profitability or
liquidity, which deviates from Fitch's expectations and industry
trends could put downward pressure on the ratings.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***