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

                      A S I A   P A C I F I C

           Friday, August 3, 2018, Vol. 21, No. 153

                            Headlines


A U S T R A L I A

611 PTY: Zumbo Pastry Shops Placed Into Voluntary Administration
AUZCORP PTY: Second Creditors' Meeting Set for August 9
COOPER & OXLEY: Pledge to Win Back Subcontractors' Trust
DLM FURNITURE: Second Creditors' Meeting Set for August 8
KATANNING BKW: Coop Shop Goes Into Voluntary Administration

KITTOCHSIDE PHARMACY: Second Creditors' Meeting Set for Aug. 9
PEPPER RESIDENTIAL 21: S&P Assigns B(sf) Rating to Class F Notes
R D KERRIDGE: First Creditors' Meeting Set for August 9
SCOUT ENTERTAINMENT: First Creditors' Meeting Set for Aug. 9


C H I N A

SHANDONG ENERGY: S&P Affirms 'BB' ICR, Outlook Stable


I N D I A

AAA PAPER: CRISIL Lowers Rating on INR28cr Cash Loan to D
ABM INTERNATIONAL: CRISIL Reassigns B Rating on INR2cr Loan
AISHWARYA TECHNOLOGIES: CARE Lowers Rating on INR7.11cr Loan to C
ANANT RAM: CRISIL Lowers Rating on INR10cr Cash Loan to D
ARORA INDUSTRIES: CRISIL Lowers Rating on INR34.2cr Loan to D

ARORA KNIT: CRISIL Lowers Rating on INR38cr Cash Loan to D
AKANSHA SHIPBREAKING: Ind-Ra Affirms 'B-' LT Issuer Rating
ATLANTIC PROJECTS: CARE Moves D Rating to Not Cooperating
BAJAJ SINDHUDURG: CRISIL Reaffirms B Rating on INR10cr Loan
BHAGWAT PARDESHI: CRISIL Lowers Rating on INR7.5cr Loan to D

BRAHMA TEJA: CARE Assigns 'D' Rating to INR5.45cr LT Loan
CHERUSSERY CREDITS: CRISIL Reaffirms B Rating on INR1.5cr Loan
CORAL TELECOM: CARE Lowers Rating on INR7cr Loan to D
DEULPARA KRISHAK: CRISIL Assigns B- Rating to INR8.49cr Term Loan
ERA SHIPPING: Insolvency Resolution Process Case Summary

GALAXY MICA: CRISIL Reaffirms B+ Rating on INR6.66cr LT Loan
GCL PRIVATE: CARE Migrates D Rating to Not Cooperating Category
HAIGREEVA INFRATECH: Ind-Ra Moves BB+ Rating to Non-Cooperating
INFRAHITE INFRASTRUCTURE: CRISIL Rates INR2cr Cash Loan 'B+'
IREO GRACE: CARE Lowers Rating on INR497.50cr Loan to D

JAYA INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr Cash Loan
JAYPEE INFRATECH: Posts INR298.33cr Net Loss in Q1 Ended June 30
KANDAGIRI SPINNING: CARE Lowers Rating on INR39.03cr Loan to D
KHWAHISH MARKETING: CARE Lowers Rating on INR7.5cr Loan to D
LAKSHMI PRECISION: Insolvency Resolution Process Case Summary

LION INSULATION: CARE Moves D Rating to Not Cooperating Category
LMJ INTERNATIONAL: Ind-Ra Migrates 'D' Rating to Non-Cooperating
MITTAPALLI AUDINARAYANA: CRISIL Ups Rating on INR56cr Loan to B+
NANDI GRAIN: CARE Migrates D Rating to Not Cooperating Category
NAVYA BAKE: CRISIL Assigns B Rating to INR14cr Long Term Loan

NEERA BHIMA: CRISIL Assigns B+ Rating to INR22cr Capital Loan
OM SUGARS: CARE Migrates D Rating to Not Cooperating Category
PARAYIL FOOD: Ind-Ra Affirms BB LT Issuer Rating; Outlook Stable
PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR6cr Loan
PICSON CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR6cr Loan

QUADROS AUTOMARK: CARE Moves D Rating to Not Cooperating Category
RADIUS INFRATEL: Insolvency Resolution Process Case Summary
RELIANCE INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'
RICHA PETRO: CARE Migrates D Rating to Not Cooperating Category
RISING HOTEL: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

S.S. INFRAZONE: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
SAARTH ENTERPRISES: CARE Moves D Rating to Not Cooperating
SANTHAGARIK AGRO: CRISIL Hikes Rating on INR5cr Cash Loan to B+
SINGAN PROJECTS: CARE Moves D Rating to Not Cooperating Category
TARACHAND INTERNATIONAL: CARE Cuts Rating on INR50cr Loan to D

VATSA AUTOMOBILES: CARE Migrates D Rating to Not Cooperating
VESTA EQUIPMENT: CARE Migrates D Rating to Not Cooperating
XALTA FOOD: Insolvency Resolution Process Case Summary


I N D O N E S I A

TOBA BARA: Fitch Withdraws 'B-(EXP)' Rating on Proposed Bond


M A L A Y S I A

LENDINGSTAR MALAYSIA: Securities Commission Issues Cease Order


S I N G A P O R E

PACIFIC RADIANCE: Sets Aug. 24 Date for Vote to Restructure Notes
PACIFIC RADIANCE: Granted Moratorium on Creditors' Actions


                            - - - - -


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A U S T R A L I A
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611 PTY: Zumbo Pastry Shops Placed Into Voluntary Administration
----------------------------------------------------------------
Dominic Powell at SmartCompany reports that famous celebrity
pastry chef Adriano Zumbo's businesses are reportedly facing a
AUD10 million debt to creditors after three of his sweets-serving
companies have entered voluntary administration.

SmartCompany says the companies, 611 Pty Ltd, Mel611 Pty Ltd and
I'm So Fancy Pty Ltd had administrators DW Advisory appointed on
July 22. The first two companies operate eight Zumbo confectionery
and pastry shops, where the last company was behind a tea room
that reportedly shut down a year ago.

According to the company's website, Zumbo operates just eight
stores across Melbourne and Sydney, SmartCompany relays.

Administrator Justin Holzman told SmartCompany the stores will
continue to trade throughout the administration process, and at
this point it was too early to determine the reason for the
companies' collapse.

"We have been investigating the affairs of the companies and we
will be reporting to creditors in two weeks as to the outcome of
the investigation," SmartCompany quotes Mr. Holzman as saying. "We
are hopeful of there being a restructuring proposal by way of a
deed of company arrangement that we intend to provide to creditors
in late-August."

SmartCompany relates that Fairfax reported creditors were told at
a creditor meeting on Aug. 1 the companies had an outstanding debt
of around AUD10 million, however, those debts could reportedly be
offset by the companies' assets, which are estimated to be valued
around AUD8 million.

Mr. Holzman would not confirm the AUD10 million amount to a point,
but said it would be "fair to say the exposure is about that
amount," the report says.

According to SmartCompany, the chef, dubbed the "sweet assassin",
"the Dark Lord of the Pastry Kitchen" and "Lord Voldecake", among
other nicknames, is best known for his extravagant and difficult
dessert dishes.

Along with his range of high-end patisseries, Mr. Zumbo rose to
prominence thanks to a continued set of appearances on Channel
Ten's Masterchef, including the famous season one croquembouche
challenge, an iconic episode of Australian television.

The chef has also starred in his own TV show, Zumbo's Just
Desserts, and a Netflix-produced cooking show called Sugar Rush,
adds SmartCompany.


AUZCORP PTY: Second Creditors' Meeting Set for August 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

     * Auzcorp Pty Ltd
     * Auzcorp Accommodation Pty Ltd
     * Morgan Street Pty Ltd
     * Mia Mia Port Hedland International Airport Pty Ltd
     * Auzcorp Australia Pty Ltd
     * Mia Mia House in the Desert Pty Ltd
     * Auzcorp Developments Pty Ltd
     * Mia Mia Executive Apartments Pty Ltd
     * Modular Accommodation Pty Ltd

has been set for Aug. 9, 2018, at 2:30 p.m. at Level 28, 108 St
Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 8, 2018, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of Auzcorp Pty on July 5, 2018.


COOPER & OXLEY: Pledge to Win Back Subcontractors' Trust
--------------------------------------------------------
Helen Shield at The West Australian reports that Cooper & Oxley's
newly appointed chief executive Bob Hudson has promised the
builder is entering a new era of transparency and will earn back
the confidence of subcontractors working on its projects.

Mr. Hudson, speaking to The West Australian less than two months
into his new job, admitted there were "continuing issues" emerging
about how Cooper & Oxley projects were running.

The company, which was given a lifeline by its creditors in
February after it went into administration owing unsecured
creditors AUD27 million, returned from voluntary administration on
May 25.

After a spate of collapses, it is the only WA building company to
emerge from voluntary administration.

"There has been absolute confusion in everyone's minds about
elements of the voluntary administration process," the report
quotes Mr. Hudson as saying. "Since we have come out we have been
scrupulous in how we have been dealing with subcontractors."

However, Subcontractors WA chairwoman Louise Stewart said a number
of subcontractors had contacted her to complain about Cooper &
Oxley, with complaints ranging from late and non-payment to a
failure to write letters releasing bank guarantees linked to 500
Hay Street, Subiaco, a project Cooper & Oxley is no longer working
on, according to The West Australian.

The West Australian relates that Mr. Hudson said some of those
issues related to the administration period.

Cooper & Oxley had processed June payment claims and
subcontractors had been paid early on the Meath aged care project
in Como, he said.

"It's not a big mess," the report quotes Mr Hudson as saying. "It
has become incredibly confusing in the time between February (when
Cooper & Oxley entered voluntary administration appointing Hall
Chadwick) and May 25.

"We have restarted and set up project bank accounts.  We are going
to run this business the way it should be run, with transparency
and surety of payment."

According to the report, Mr. Hudson said Cooper & Oxley was
committed to setting a higher building industry standard, paying
quicker, quarantining disputed funds and holding retention monies
in trust.

The report relates that Ms. Stewart said that some subcontractors
had been told by Cooper & Oxley representatives that they would
not be paid if they used ProjectPay, a system designed to help
them keep track of expenditure, work flows and work done.

"I don't care if they (subcontractors) do it on an abacus," Mr.
Hudson, as cited by The West Australian, said. "When they submit a
valid invoice with verified details behind it and the client
checks the claim is valid, we will pay it.

"The only way I can manage (subcontractors concerns about risk) is
by paying them when we say we are going to pay them.

"We will win trust back by doing what we actually say."

The West Australian adds Mr. Hudson has confirmed Cooper & Oxley
was searching for a new chief financial officer after Shayne
Hampel left on July 27. His departure was flagged before Mr
Hudson's appointment. His brother David Hampel remains with Cooper
& Oxley as new business manager.

Mr. Hudson said Shayne Hampel's hard work had been critical to
ensuring a smooth handover. George Hampel remains Cooper & Oxley
director, the report notes.


DLM FURNITURE: Second Creditors' Meeting Set for August 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of DLM Furniture
Vanlines Pty Ltd has been set for Aug. 8, 2018, at 11:00 a.m. at
the offices of Chartered Accountants Australia and New Zealand
Level 13, 1 Eagle 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 Aug. 7, 2018, at 5:00 p.m.

Trajan John Kukulovski of Chan & Naylor was appointed as
administrator of DLM Furniture on July 4, 2018.


KATANNING BKW: Coop Shop Goes Into Voluntary Administration
-----------------------------------------------------------
Saskia Adysti at Albany Advertiser reports that Katanning BKW Co-
Operative shop has gone into voluntary administration.

In a letter to members BKW Co-op chairman Norm Flugge said the
board was calling for expressions of interest in the business,
which has operated for 96 years, the report says.

"The board has arrived at this decision with heavy hearts," the
report quotes Mr. Flugge as saying. "But after a review of our
financial position and facing another substantial loss, the
reality is that we cannot continue to sustain further losses
without placing the business at the risk of trading insolvent."

Albany Advertiser relates that the board has since appointed Neil
Cribb from RSM Australia Partners as their voluntary
administrator.

The BKW Co-Op was formed in 1921 by a small group of local farmers
and residents in Broomehill and has since become an iconic local
shop in the great southern region.

Albany Advertiser says the co-op also appointed a new management
team last December to revitalise their look and brand to compete
with large supermarket chain in town, which has recently allowed
to trade for seven days.


KITTOCHSIDE PHARMACY: Second Creditors' Meeting Set for Aug. 9
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Kittochside
Pharmacy Pty Ltd, trading as Port Coogee Discount Drug Store, has
been set for Aug. 9, 2018, at 10:30 a.m. at Fraser Room 4, Fraser
Suites Perth, 10 Adelaide Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 8, 2018, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Kittochside Pharmacy on July 5, 2018.


PEPPER RESIDENTIAL 21: S&P Assigns B(sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No. 21. Pepper Residential Securities
Trust No. 21 is a securitization of nonconforming and prime
residential mortgages originated by Pepper HomeLoans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying
    collateral portfolio, including its view that the credit
    support is sufficient to withstand the stresses it applies.
    The credit support for the rated notes comprises note
    subordination. Subordination provided to the 'AAA (sf)' rated
    notes is in excess in S&P's opinion of the minimum 'AAA (sf)'
    level of credit support.

-- The underwriting standard and centralized approval process of
    the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
    and yield reserve, which will all be funded by excess spread,
    but at various stages of the transaction's term. They will
    have separate functions and timeframes, including reducing
    the balance of senior notes, reducing the balance of the most
    subordinated notes, and paying senior expenses and interest
    shortfalls on the class A notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
    assets.

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

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

  RATINGS ASSIGNED

  Class      Rating         Amount (mil.)
  A1-s       AAA (sf)        A$150.0
  A1-u       AAA (sf)       US$250.0
  A1-a       AAA (sf)        A$210.0
  A2         AAA (sf)        A$141.0
  B          AA (sf)          A$73.0
  C          A (sf)           A$31.0
  D          BBB (sf)         A$21.0
  E          BB (sf)          A$14.0
  F          B (sf)           A$10.0
  G          NR               A$10.0

  NR--Not rated.

The exchange rate applicable to the class A1-u notes is US$0.7353
per Australian dollar.


R D KERRIDGE: First Creditors' Meeting Set for August 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of R D
Kerridge Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 4, 240 Queen St, in Brisbane,
Queensland, on Aug. 9, 2018, at 11:00 a.m.

David Allan Ingram of Hall Chadwick was appointed as administrator
of R D Kerridge on July 31, 2018.


SCOUT ENTERTAINMENT: First Creditors' Meeting Set for Aug. 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Scout
Entertainment Pty Ltd will be held at the offices of WA Insolvency
Solutions, Level 49, 108 St Georges Terrace, in
Perth, WA, on Aug. 9, 2017, at 12:00 p.m.

David Hurt and Greg Prout of WA Insolvency Solutions was appointed
as administrator of Scout Entertainment on July 30, 2018.



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C H I N A
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SHANDONG ENERGY: S&P Affirms 'BB' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit
rating on Shandong Energy Group Co. Ltd. (Shandong Energy), a
China-based coal producer. The outlook is stable. S&P also
affirmed its 'BB' issue rating on the outstanding senior unsecured
notes that the company guarantees.

S&P said, "We affirmed the ratings on Shandong Energy. Despite the
company's better-than-expected 2017 financial results and our
expectation for further improvement in 2018, we think the company
has yet to demonstrate a record of sustained deleveraging. The
improvement in 2017 financials came primarily from higher-than-
expected coal prices, which in our view are cyclical and volatile.
We expect Shandong Energy's financial metrics to continue to
improve in 2018 on higher coal prices and increasing sales volume.
We forecast the company's leverage to rise slightly in 2019, based
on our assumption of declining coal prices, but we expect it to
keep its debt-to-EBITDA ratio below 5.0x.

"We anticipate new coal capacity in China will gradually ramp up
from 2019 onward. This, together with our expectation of slowing
economic growth in China, would exert downward pressure on coal
prices. The shift in China's energy consumption mix away from
fossil fuels is also likely to further constrain coal prices in
the longer term. However, we do not expect coal prices to return
to the previous trough in 2015, with China continuing to implement
supply-side reforms. Benefiting from efforts to cut industry
capacity, coal prices rebounded significantly in the second half
of 2016 and have fluctuated at high levels since 2017. Decapacity
remains a key focus in the coal industry and the Chinese
government aims to close another 150 million tons of capacity in
2018.

"On the other hand, we expect Shandong Energy to further enlarge
its operational scale, and our rating contains a buffer for high
capital expenditure on organic growth and potential acquisitions.
We anticipate that the company's coal sales volume will grow 6%-9%
annually in 2018-2019. The volume growth mainly comes from the
ramp-up of its new mines in China. The company is also pushing
forward the construction of a 5.0-million-ton coking coal project
in Australia. In addition, Shandong Energy's subsidiary, Zaozhuang
Mining Group Co. Ltd., has entered into a letter of intent on
strategic cooperation with Meijin Energy Group Co. Ltd., a coking
coal and coke producer in Shanxi province. The cooperation
involves a potential capital injection into and the acquisition of
shareholding in Meijin Energy Group. We have not factored this
transaction into our base case, given that it is pending Shandong
Energy Group and Shandong State-owned Assets Supervision and
Administration Commission (SASAC) approval and the details are not
yet finalized.

"We foresee that Shandong Energy will continue to take measures to
deleverage. The company closed 5.1 million tons of capacity in
2017 and it also shut down some "zombie" subsidiaries in 2017,
which helped it to enhance operating efficiency and reduce its
debt burden.

"The company and its subsidiaries entered into a debt-to-equity
swap agreement with China Construction Bank in 2016. As of end
2017, the company has received Chinese renminbi (RMB) 7.1 billion
of funds in exchange for shareholdings in its subsidiaries.
However, we still treat this as debt due to embedded repurchase
obligations."

S&P's rating on Shandong Energy includes three notches of uplift
due to extraordinary government support. S&P believes there is a
high likelihood that the government of Shandong province would
extend extraordinary support to the company if needed based on the
following company characteristics:

-- A very strong link with the Shandong provincial government.
    Shandong provincial government wholly owns Shandong Energy
    via Shandong SASAC (70% shareholding), Shandong Guohui
    Investment Co. Ltd. (20% shareholding), and Shandong
    Provincial Council for Social Security Fund (10%
    shareholding). Shandong SASAC appoints the company's board
    members and senior management. In S&P's view, the local
    government has strong influence on the company's strategy and
    business plans and it has procedures in place to continuously
    monitor the company. In addition, Shandong Energy transformed
    into a state-owned assets investment company in 2015,
    partially shouldering the responsibility of Shandong SASAC,
    including the supervision of state-owned assets and to
    conserve or increase the value of state-owned assets. S&P
    believes that a considerable deterioration in the
    creditworthiness of Shandong Energy would significantly
    affect Shandong government's reputation. It would also
    negatively affect other government-related entities that the
    local government controls to access the debt capital market.

-- An important role to the Shandong provincial government.
    Shandong Energy operates as a profit-seeking entity in the
    competitive coal industry. It is the third-largest coal
    producer in China and the largest in Shandong. Moreover,
    Shandong Energy Group is one of the coal companies identified
    by the government to be a consolidator of the fragmented coal
    industry in China. It also plays an important role in helping
    the government secure more coal resources worldwide. As such,
    S&P views its credit standing to be important for the
    Shandong government. S&P believes a credit stress or default
    by the company would have a significant impact on the local
    coal sector.

S&P said, "The stable outlook reflects our view that Shandong
Energy's leverage will remain largely stable in the next 12
months, with increasing volume partially offsetting coal price
declines. We also believe that Shandong Energy's likelihood of
receiving extraordinary government support will remain unchanged
in the next 12-24 months.

"We may upgrade Shandong Energy if the company's financial
leverage improves significantly on a sustainable basis. An
indication would be its debt to EBITDA ratio falling below 5.0x
and that its free operating cash flow to debt remains positive for
an extended period. This could happen if coal prices remain
relatively stable, and this allows the company to maintain steady
cash flows and continuously reduce debt.

"We could lower the ratings on Shandong Energy if the company's
financial metrics deviate significantly from our forecasts such
that it becomes deeply leveraged for an extended period. This may
happen if coal prices are 15%-20% below our expectations. We could
also lower the ratings on Shandong Energy if the likelihood of
extraordinary government support weakens, which we view as
unlikely in the near term."



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AAA PAPER: CRISIL Lowers Rating on INR28cr Cash Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facility of
AAA Paper Limited (APL) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            28        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The ratings reflect delays by the APL in servicing of interest on
its cash credit facilities, modest debt protection metrics and
exposure to intense competition in the paper trading industry.
These strengths are partially offset by extensive experience of
the promoters in the waste paper trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing of interest: APL has deferred in servicing
of interest on cash credit facility because of weak liquidity. The
interest due on June 2018 is still overdue and is yet to be
serviced. Further the interest which of February 2018 was serviced
on May 30, 2018. This trend should continue over the medium term.

* Modest debt protection metrics: In fiscal 2017, the interest
coverage and net cash accrual to total debt ratios were 1.2 times
and 0.01 time, respectively, in line with fiscal 2016, and are
expected to remain modest over the medium term.

* Exposure to intense competition: The paper trading industry is
highly fragmented due to the presence of many small and medium
sized players as the entry barriers are low. This restricts
bargaining power, resulting in a low operating margin of 2.1-2.7%
over the three fiscals through 2017

Strengths

* Extensive industry experience of the promoters: The promoters
have been in the waste paper trading industry for over two
decades, enabling them to establish a healthy relationship with
customers and suppliers.

APL was incorporated in 1995 as Shardaji Duplex Boards Ltd, which
was renamed in 2005. The company, promoted by Mr Pramod Agarwal
and his son Mr Apuve Goel. APL trades in waste paper, which it
procures from both the domestic and international markets.


ABM INTERNATIONAL: CRISIL Reassigns B Rating on INR2cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the short term bank facilities
of ABM International Limited (ABM) at 'CRISIL A4' while assigning
the rating at 'CRISIL B/Stable' on the long term bank loan
facility.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       2         CRISIL B/Stable (Reassigned)

   Letter of Credit      40         CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     8         CRISIL A4 (Reaffirmed)

The rating continues to reflect ABM's modest scale of operations
in a competitive industry, moderate working capital requirement,
and vulnerability to volatility in raw material prices and
fluctuations in foreign exchange (forex) rates. These weaknesses
are partially offset by the extensive experience of promoters and
established customer base, no term debt obligation, and above
average financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a competitive industry: Scale is
modest as reflected in revenue estimated at INR88.6 crore for
fiscal 2018. Modest scale limits bargaining power with suppliers
as well as customers.

* Moderate working capital requirement: Working capital
requirement is moderate, as reflected in estimated gross current
assets (GCAs) of 84 days as on March 31, 2018, because of
receivables at 42 days. CRISIL believes working capital
requirement will remain at similar levels over the medium term.

* Low operating profitability and vulnerability to volatility in
raw material prices and fluctuations in foreign exchange (forex)
rates: ABMIL remains vulnerable to foreign currency risk and
registered operating margin of 0.7 percent in 2017-18. Operating
margins are expected to remain at similar level over the medium
term.

Strength

* Extensive experience of promoters in polyvinyl (PVC) resin
industry and established customer base: The Gandhi family has been
associated with the PVC resin industry for more than three
decades. As a result, ABMIL has established healthy relationships
with its customers and suppliers. Its customers include a mix of
end users as well as distributors. Some of the end users include
Finolex Industries Ltd, Responsive Industries Ltd, Kisan
Irrigation Ltd, and Action Footwear Pvt Ltd. Extensive industry
experience of promoters should help maintain the business risk
profile over the medium term.

* No long-term debt obligation: With nil long-term debt, most of
the debt is short-term in nature. This enhances the financial
flexibility. CRISIL believes accrual generated by ABM will solely
be utilised to meet working capital requirement.

* Above average financial risk profile: Financial risk profile is
expected to remain above average, with estimated low total outside
liabilities to tangible networth ratio of 0.81 times as on March
31, 2018, and above average debt protection metrics as reflected
in interest coverage and net cash accrual to total debt ratios of
4.30 times and 0.02 time, respectively, in fiscal 2018.

Outlook: Stable

CRISIL believes that ABM will benefit from its promoter's
extensive experience in polymer trading business and established
relations with suppliers. The outlook may be revised to 'Positive'
if there is a sustained and substantial increase in scale of
operations and profitability leading to improvement in cash
accruals and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the firm reports lower than expected
accruals due to decline in revenues or profitability level, or if
the company's working capital requirement deteriorates leading to
deterioration in liquidity profile of the firm or if the firm
undertakes any debt funded capex.

Incorporated in 1965 and promoted by Mr. V K Gandhi, ABMIL imports
PVC resin, polypropylene, and high-density polyethylene. The
company is based in New Delhi.


AISHWARYA TECHNOLOGIES: CARE Lowers Rating on INR7.11cr Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aishwarya Technologies & Telecom Limited (ATTL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.11      CARE C; Issuer not cooperating;
   Facilities                     Revised from CARE B- on the
                                  basis of best available
                                  information

   Short term Bank      4.50      CARE A4; Issuer not
   Facilities                     cooperating; Based on best
                                  available Information

   Long-term/Short-     6.00      CARE C/CARE A4; Issuer not
   Term Bank                      cooperating; Revised from
   Facilities                     CARE B-/CARE A4 on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ATTL to monitor the ratings
vide email communications dated April 18, 2018, June 15, 2018 &
July 3, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings of ATTL's
bank facilities will now be denoted as CARE C/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(s).

The ratings have been revised on account of significant decline in
the operating income in FY18 (period refers to Apr 1 to
Mar 31) and stretched collection period that led to liquidity
stress in the business. However, the ratings draw comfort
from satisfactory experience of the promoters in the telecom
equipment industry and exclusive distributorship from
reputed clients and comfortable gearing position.

Detailed description of the key rating drivers

At the time of last rating on February 27, 2017 the following were
the rating strengths and weaknesses [updated for the
information available from Bombay Stock Exchange (BSE)]

Key Rating Strengths

The promoters of ATTL, Mr. G Rama Krishna Reddy, Rama Manohar
Reddy and Mrs. G Amulya Reddy have more than two decades of
experience in the telecom sector.

Exclusive distributorship from reputed clients: ATTL has exclusive
distributorship from Sumitomo Electric Industries, Japan for
India, Bangladesh & Sri Lanka for entire range of splicing
machines. The company has further appointed re-sellers in various
parts of India, Sri Lanka & Bangladesh, for promoting these
splicing machines.

Key Rating Weaknesses

Decline in total operating income: The total operating income of
the company declined significantly by around 53% in FY18 (Rs.26.24
crore), y-o-y over FY17 (Rs.55.86 crore). Low operating income led
to under-recovery of expenses and ATTL reported operating loss
(INR9.82 crore) in FY18 as against PBILDT of INR3.03 crore in
FY17. The company also reported net loss and cash loss during the
year.

Small scale of operation: The scale of operation of the company
has remained moderate with a net worth base of INR25.70 crore as
on March 31, 2018 (INR33.96 crore as on March 31, 2017). Due to
huge loss incurred, the net worth base eroded significantly as on
March 31, 2018.

Elongated working capital cycle: The operating cycle stretched
further to 393 days in FY18 compared to 167 days in FY17 due to
high collection period (308 days in FY18).

Aishwarya Technologies & Telecom Limited (ATTL) was promoted by Mr
G Rama Manohar Reddy and Mrs G Amulya Reddy as a partnership firm
named Advanced Electronics & Communications System. ATTL was
formed by taking over the business of the said partnership firm.
ATTL is a ISO 9001:2008 certified company, which manufactures
testing & measuring equipments like data and cable fault locators
for telephone service providers, defence sector, cable TV
operators and railways. The company has its manufacturing
facilities situated at Hyderabad and it supplies a wide range
of telecom & fibre optic products to Bharat Sanchar Nigam Limited,
Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam
Limited, railways & defence sectors in India.


ANANT RAM: CRISIL Lowers Rating on INR10cr Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating of bank facilities of Anant Ram
Bhatia Oils Private Limited (ABPL)to 'CRISIL D/Issuer not
cooperating' from 'CRISIL B/Stable Issuer not cooperating', as
there has been continuous overdrawals in the cash credit limit for
more than 30 days.

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

   Proposed Long Term    2        CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Downgraded
                                  from 'CRISIL B/Stable ISSUER
                                  NOT COOPERATING')

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated May 24, 2017,
June 7, 2017 and April 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anant Ram Bhatia Oils Private
Limited. 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 Anant Ram Bhatia Oils Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Based on the last available information and banker feedback,
CRISIL has downgraded the rating to 'CRISIL D/Issuer not
cooperating' from 'CRISIL B/Stable Issuer not cooperating', as
there has been continuous overdrawals in the cash credit limit for
more than 30 days.

ABPL was originally established by Mr. Anant Ram as a proprietary
firm in 1950; the firm was reconstituted as a private limited
company in 2012. ABPL trades in rice, edible oil, Vanaspati, ghee,
sugar, and other commodities. It is planning to set up an oil
refinery in Khandsa, Haryana, in the near term, to produce refined
oil.


ARORA INDUSTRIES: CRISIL Lowers Rating on INR34.2cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arora
Industries (AI; a part of the Arora group) to 'CRISIL D/CRISIL D'
from 'CRISIL BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           34.2       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Export Performance     0.6       CRISIL D (Downgraded from
   Guarantee                        'CRISIL A4+')

   Letter of Credit       5.1       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     3.1       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Stable')

   Rupee Term Loan        7.0       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

The ratings reflect delays by the Arora group in servicing debt,
susceptibility to volatility in raw material prices and modest
debt protection metrics. These strengths are partially offset by
the experience of the promoters and a comfortable networth.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AI and Arora Knit Fab Pvt Ltd (AKFPL).
This is because the two entities, together referred to as the
Arora group, have common promoters, are in the same line of
business, and have operational and financial fungibilities.

Unsecured loans (outstanding at INR0.1 crore as on March 31, 2017,
extended to the Arora group by the promoters have been treated as
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing term loan: The group has deferred in
repaying maturing debt because of weak liquidity, caused, in turn,
by inadequate cash accrual and fully utilised bank lines. This
trend should continue over the medium term.

* Susceptibility to fluctuations in raw material prices: Intense
competition and highly volatile raw material prices may continue
to restrict scalability and limit pricing power, thereby
constraining profitability. Operating margin has been modest at
4.9-5.5% over the three fiscals through 2017.

* Modest debt protection metrics: Interest coverage and net cash
accrual to adjusted debt ratios were 1.9 times and 0.10 time,
respectively, in fiscal 2017 due to low profitability. The metrics
may remain weak even over the medium term.

Strengths

* Experience of promoters: Benefits from the promoters' experience
of over three decades, their strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business. The product
profile has also been consistently diversifying. Hence, revenue
reported a compound annual growth rate of 9% over the three
fiscals through 2017.

* Comfortable networth: Networth increased to INR62.8 crore as on
March 31, 2017, from INR50.6 crore a year ago due to equity
infusion of INR9.5 crore in fiscal 2017. Networth is expected to
further improve over the medium term, driven by moderate accretion
to reserve.

AI, a partnership firm set up in 2007, manufactures polyester
fabric, mink blankets, and garments. AKFPL, incorporated in 2000,
is in a similar line of business. The group is based in Ludhiana,
Punjab, and Mr Mohinder Singh Arora and his elder brother, Mr
Ravinder Pal Singh, are the promoters.


ARORA KNIT: CRISIL Lowers Rating on INR38cr Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arora
Knit Fab Private Limited (AKFPL; a part of the Arora group) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           38         CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Export Performance     0.5       CRISIL D (Downgraded from
   Guarantee                        'CRISIL A4+')

   Inland/Import          1.75      CRISIL D (Downgraded from
   Letter of Credit                 'CRISIL A4+')

   Proposed Long Term     1.05      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Stable')

   Term Loan              8.70      CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

The ratings reflect delays by the Arora group in servicing debt,
susceptibility to volatility in raw material prices and modest
debt protection metrics. These strengths are partially offset by
the experience of the promoters and a comfortable networth.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AKFPL and Arora Industries (AI). This
is because the two entities, together referred to as the Arora
group, have common promoters, are in the same line of business,
and have operational and financial fungibilities.

Unsecured loans (outstanding at INR0.1 crore as on March 31, 2017)
extended to the Arora group by the promoters have been treated as
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing term loan: The group has deferred in
repaying maturing debt because of weak liquidity, caused, in turn,
by inadequate cash accrual and fully utilised bank lines. This
trend should continue over the medium term.

* Susceptibility to fluctuations in raw material prices: Intense
competition and highly volatile raw material prices may continue
to restrict scalability and limit pricing power, thereby
constraining profitability. Operating margin has been modest at
4.9-5.5% over the three fiscals through 2017.

* Modest debt protection metrics: Interest coverage and net cash
accrual to adjusted debt ratios were 1.9 times and 0.10 time,
respectively, in fiscal 2017 due to low profitability. The metrics
may remain weak even over the medium term.

Strengths

* Experience of promoters: Benefits from the promoters' experience
of over three decades, their strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business. The product
profile has also been consistently diversifying. Hence, revenue
reported a compound annual growth rate of 9% over the three
fiscals through 2017.

* Comfortable networth: Networth increased to INR62.8 crore as on
March 31, 2017, from INR50.6 crore a year ago due to equity
infusion of INR9.5 crore in fiscal 2017. Networth is expected to
further improve over the medium term, driven by moderate accretion
to reserve.

AI, a partnership firm set up in 2007, manufactures polyester
fabric, mink blankets, and garments. AKFPL, incorporated in 2000,
is in a similar line of business. The group is based in Ludhiana,
Punjab, and Mr Mohinder Singh Arora and his elder brother, Mr
Ravinder Pal Singh, are the promoters.


AKANSHA SHIPBREAKING: Ind-Ra Affirms 'B-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Akansha
Shipbreaking Pvt Ltd.'s (ASBPL) Long-Term Issuer Rating at 'IND B-
'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR350 mil. Non-fund-based limits affirmed with IND B-
     /Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings continue to reflect ASBPL's small scale of operations,
despite a significant improvement in the top line in FY18 to
INR212.34 million according to provisional financials (FY17:
INR36.93 million).

The ratings also reflect ABSPL's tight liquidity position with
negative cash flow from operations of INR18.32 million in FY18.

Moreover, ASBPL's return on capital employed turned negative 3.84%
in FY18 (FY17: 1.09%) as the company incurred an operating loss of
INR2.11 million (positive INR0.78 million), due to price
fluctuations in metals, raw material costs and personnel expenses.

The ratings, however, are supported by ASBPL's continued high
interest income over the years (FY18: INR7.76 million, FY17:
INR2.28 million; FY16: INR11.00 million) on its fixed deposits,
which has helped the company serve its interest expenses (INR2.40
million; INR3.01 million; INR5.95 million).

RATING SENSITIVITIES

Positive: Revenue growth, along with improvement in the credit
metrics, on a sustained basis, could lead to a positive rating
action.

COMPANY PROFILE

ASBPL, incorporated in 1999, is engaged in shipbreaking activity.
The company owns a plot in the Alang-Sosiya belt of the Bhavnagar
district. It is managed by Mr. Amit Kumar Deshraj Jain and Ms.
Kamladevi Jain.


ATLANTIC PROJECTS: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Atlantic
Projects Limited (APL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      123.45     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from APL to monitor the rating
vide e-mail communications/letters dated July 12, 2018, May 2,
2018, January 2, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. 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 APL's bank facilities is denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating for the bank facilities of APL factors in the ongoing
delays in debt servicing by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: There are ongoing delays
in servicing of debt obligations by APL.

APL was incorporated in October, 1999, promoted by Mr Siddharth
Mehra and his brother Mr Kapil Mehra. The company commenced
commercial operation in 2005 by venturing into the cotton trading
business. The company trades in raw cotton, cotton yarn and
fabrics and it caters to both the domestic and export market. In
FY13, the company forayed into executing civil construction work
for public sector enterprises and was awarded contracts for
construction of multipurpose cyclone shelters and food godowns.

In FY15 (refers to the period April 1 to March 31), APL reported a
net profit of INR3.94 crore on a total operating income of
INR311.24 crore. In 9MFY16, the company reported total operating
income of INR198.48 crore.


BAJAJ SINDHUDURG: CRISIL Reaffirms B Rating on INR10cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility and assigned short term rating of 'CRISIL A4'
on the short-term bank facility of Bajaj Sindhudurg Rice Mills
Limited (BSRML).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Assigned)
   Cash Credit            5         CRISIL B/Stable (Reaffirmed)
   Term Loan             10         CRISIL B/Stable (Reaffirmed)
   Short Term Loan       10         CRISIL A4 (Assigned)
   Pledge Loan           18         CRISIL A4 (Assigned)
   Long Term Loan         5.35      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the nascent stage of operations,
subdued financial risk profile, and debt-funded capital
expenditure (capex). The rating also factors the working capital-
intensive nature of operations, and susceptibility to volatile raw
material prices. These rating weaknesses are partially offset by
extensive experience of the promoters, in successfully operating
and managing another business, Bajaj Healthcare Ltd.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR6.33 crore extended by BSRML's promoters, as on March 31, 2018,
as neither debt nor equity.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the promoters: The two decade-long
experience of the promoters, of successfully operating and
managing another group company, Bajaj Healthcare Ltd, will support
the business risk profile, going forward.

Weakness:

* Nascent stage of operations: Commercial operations began in July
2017. Timely implementation of the proposed project, stabilisation
of operations, and commensurate ramp-up of sales will remain
critical to achieve growth in revenue and profitability.

* Subdued financial risk profile: Financial risk profile will be
constrained by small networth (despite equity infusion of INR10
lakh by the promoters), and the leveraged capital structure, with
the recently established unit. Gearing is likely to be high at
3.59 times, over the medium term.

* Working capital-intensive nature of operations: Operations are
highly working capital intensive, due to the seasonal nature of
the business. Gross current assets were around 1,004 days as on
March 31, 2018, led by inventory of 661 days.

Outlook: Stable

CRISIL believes BSRML will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
stabilisation of operations over the medium term leads to
anticipated revenue, profitability, and cash accrual in the
initial phase. The outlook may be revised to 'Negative' if delay
in stabilisation impacts growth in revenue and cash accrual, or if
large working capital requirement or any major capex, weakens the
financial risk profile, especially liquidity.

BSRML was set up as a closely-held limited company in 2015. The
company processes and sells rice, and has a facility in Sindhudurg
district (Maharashtra). Commercial operations began in July 2017.


BHAGWAT PARDESHI: CRISIL Lowers Rating on INR7.5cr Loan to D
------------------------------------------------------------
CRISIL has downgraded the rating of bank facilities of Bhagwat
Pardeshi Realty (BPR) to 'CRISIL D/Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating', as there has been delay
in repayment of term loan since 31 March 2018.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          7.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with BPR for obtaining
information through mails dated August 18, 2017 and September 8,
2017 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 BPR. 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 BPR
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information and banker
feedback, CRISIL has downgraded the rating to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating', as
there has been delay in repayment of term loan since 31 March
2018.

BPR was set up on Jan 28, 2013 by Bhagwat and Pardeshi family of
Pune. The firm is the part of Janki construction group and Bhama
Constructions group and is engaged in real estate development
largely in Pune.


BRAHMA TEJA: CARE Assigns 'D' Rating to INR5.45cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Brahma
Teja Paper Products (BTPP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.45       CARE D Assigned

   Short-term Bank
   Facilities           4.55       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BTPP is tempered by
ongoing delays in meeting debt obligation on time due to stressed
liquidity position owing to delays in collection from debtors
coupled with funds being blocked in inventory.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations: The firm has ongoing
delays in term loan installment repayments along with servicing of
interest obligations due to stressed liquidity position at the
back of delays in collection of payments from debtors coupled with
the funds being blocked in inventory.

Small scale of operations with fluctuating total operating income:
BTPP had a small scale of operations marked by a Total Operating
Income (TOI) of INR9.24 crore in FY17 and a low net worth base of
INR3.14 crore as on March 31, 2017. Being dependent on tender
driven process for receipt of orders, the TOI declined from
INR12.98 crore in FY16 to INR9.24 crore in FY17 due to lower
orders secured.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged marked by
debt to equity and overall gearing ratio. However the debt to
equity and overall gearing ratio of the firm has improved from
2.14x and 2.89x respectively as on March 31, 2016 to 1.65x and
2.53x respectively as on March 31, 2017 at the back of repayment
of term loan installments. The debt coverage indicators of the
firm remained weak during the review period. The total debt to GCA
and interest coverage ratio of the firm has deteriorated from
13.79x and 1.99x respectively in FY 16 to 17.82x and 1.68x
respectively in FY17 due to decrease in gross cash accruals and
increase in interest cost at the back of increase in working
capital utilization.

Working capital intensive nature of business operations: The firm
is operating in working capital intensive nature of business. The
working capital cycle of the firm is elongated and stood at 342
days in FY17 as compared to 192 days in FY16. The increase in
operating cycle days was mainly due to elongated average
collection period and average inventory days at 262 days and 221
days respectively in FY17. Further, as the funds of the firm are
blocked majorly in debtors and inventory, the creditor's payment
period is also elongated and stood at 142 days in FY17.

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

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in Manufacturer of paper
products and paper goods; also offering paper printing services,
which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry, the
firm faces huge competition.

Key Rating Strengths

Experience of the proprietor about two decades in manufacturing of
paper products and printing: The firm was established in 1998 by
Mrs. Janaki Paruchuri (proprietor) who has about two decades of
experience in manufacturing of paper products and printing. Due to
long term experience in the paper business, the promoters have
good relations with suppliers and customers. Further, Mrs. Janaki
has received "Best Woman Entrepreneur award"from Khadi and Village
Industries Board and from All India Manufacturers organization
(Andhra Pradesh state board) and National award from Government of
India for production of best quality note books and for providing
employment to 30 women.

Satisfactory profitability margins although fluctuating during
review period: The PBILDT margin of the firm has been fluctuating
during the review period in the range of 11%-19% due to variation
in margins associated with orders received from state departments
and educational institutes through tender based process
along with fluctuating scale of operations impacting absorption of
fixed overheads. Furthermore, the PAT margin of the
firm though stood satisfactory fluctuated in the range of 3%-5%
during review period due to fluctuating operating profit
and financial expenses.

Hyderabad based, Brahma Teja Paper Products (BTPP) was established
in the year 1998 by Mrs. Janaki Paruchuri under
Khadi and Village Industries Board margin scheme. The firm is
engaged in manufacturing of paper products and paper goods and
also offering paper printing services. The raw material used in
manufacturing paper products includes paper, chemicals & inks,
duplex board, art cards, which the firm procures from dealers and
distributors located in Telangana region. The firm procures its
orders through tenders majorly from Andhra Pradesh, Telangana and
Karnataka state government departments for printing of text books.
Furthermore, the customer base of the firm also includes
educational institutions to which it supplies note books.


CHERUSSERY CREDITS: CRISIL Reaffirms B Rating on INR1.5cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank loan facilities and non-convertible debentures (NCD) of
Cherussery Credits Private Limited (Cherussery).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B/Stable (Reaffirmed)

The rating reflects small scale of operations with geographical
concentration, and weak though improving earnings profile. These
weaknesses are partially offset by adequate capitalisation.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with geographical concentration: The
scale is small, with a loan portfolio of INR2.25 crore as on March
31, 2018 (INR2.1 crore as on March 31, 2017). Cherussery has seven
branches, all are located in Thrissur. The loan portfolio mainly
comprises gold loan of 47% and small business loan (SBL) of 53% of
the total loan portfolio as on March 31, 2018. Since fiscal 2018,
company has increased its focused on SBL, the contribution of
which increased to 53% as on March 31, 2018 from 11% as on March
31, 2017.

* Weak though improving earning profile: Profitability is weak
with negative return on asset in the last two fiscal. The company
had a net loss of INR10 Lakh on a total income of INR49 Lakh for
fiscal 2018 which has improved from loss of INR82 Lakh on total
income of 16 Lakh in fiscal 2017. Since the company is in a growth
phase its profitability is expected to remain modest over the
medium term.  With the increase in portfolio the company expects
to become profitable during the current fiscal.

Strength

* Adequate capitalization: Capitalisation is adequate with
networth of INR2.96 crore and low gearing of 0.04 times as on
March 31, 2018. Promoters intend to infuse capital of INR2 crore
during the current fiscal. Gearing is expected to remain
comfortable at around 1 time over the medium term.

Outlook: Stable

CRISIL believes Cherussery will maintain adequate capitalisation.
Its scale of operations will remain small and profitability will
remain modest over the medium term. The outlook may be revised to
'Positive' if the company significantly improves its
capitalisation and profitability while maintaining sound asset
quality. The outlook may be revised to 'Negative' if
capitalisation is affected significantly because of deterioration
in asset quality and capitalisation.

Cherussery group was established in 1955 and has been in the
financing business since then. Incorporated on December 27, 1989,
Cherussery, a non-deposit-taking NBFC licensed by the Reserve Bank
of India, was taken over by the Promoter Mr Cherussery Velayudhan
Raveendran in 2016. The company provides gold loan, property
loans, SBLs, and international/domestic money transfer services.
With seven branches in Thrissur, Cherussery plans to expand its
business in Tamil Nadu. It has a customer base of around 25,000
members.


CORAL TELECOM: CARE Lowers Rating on INR7cr Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Coral Telecom Limited (CTL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.65      CARE D; Issuer Not Co-operating;
   Facilities                    Revised from CARE B+; Stable
                                 on the basis of best available
                                 information

   Short term Bank     7.00      CARE D; Issuer Not Co-operating;
   Facilities                    Revised from CARE A4 on the
                                 basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CTL to monitor the ratings
vide emails dated June 22, 2018, June 19, 2018, May 30, 2018,
May 15, 2018 and numerous phone calls. E-mail communications
seeking information are attached as Annexure C. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In-line with the
SEBI guidelines, CARE has reviewed the rating on the basis of
publicly available information which however, in care's opinion is
not sufficient to arrive at fair rating. CARE's rating on Coral
Telecom Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING. The ratings have been revised on account
of account of ongoing delays in meeting the debt obligations.

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

The rating has been revised on account of ongoing delays in debt
servicing due to stretched liquidity position.

CTL was incorporated in 1996 and is currently being managed by Mr
Rajesh Tuli, Mr Vinod Kumar Pabreja, Mr Raj Kumar Sethi and Ms
Poonam Tuli. CTL is primarily engaged in designing and
manufacturing of telecom equipment, development & re-engineering
of Internet Protocol (IP), Global System for Mobile communication
(GSM), and data switching products, etc. CTL also develops
associated embedded and application software required for these
communication networks. CTL has implemented telecom projects both
in the private and government sectors. The key materials consumed
are of varied nature such as resistors, capacitors; printed
circuit board, integrated circuit, etc, and the same are procured
domestically.


DEULPARA KRISHAK: CRISIL Assigns B- Rating to INR8.49cr Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Deulpara Krishak Bandhu Himghar Private
Limited (DKBHPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            8.49        CRISIL B-/Stable
   Bank Guarantee        .16        CRISIL A4
   Cash Credit           .40        CRISIL B-/Stable

The ratings reflect susceptibility to change in regulations and
intense competition in the West Bengal cold-storage industry, and
the company's weak financial profile. These rating weaknesses are
partially offset by extensive experience of the promoters in the
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to change in regulations and intense competition
in the West Bengal cold-storage industry: The company's cold
storage facility is located in the Hooghly district (West Bengal).
The regional potato cold storage industry is regulated by the West
Bengal Cold Storage Association. Fixed rentals curb's JMCSPL's
ability to leverage its strengths and favourable location, to
generate profit. Furthermore, intense competition from nearly 400
players in the state, restricts the bargaining power of players,
who need to offer discounts to ensure healthy capacity
utilisation.

* Weak financial risk profile: The company started offering cold
storage facilities only from March 2017, and thus, has a small
track record of operation. The small scale of operations, along
with initial low equity capital, have led to a low networth of
around INR2.70 crore as on March 31, 2018. Term loan availed for
setting up the facility has resulted in high gearing of around
3.70 times on March 31, 2018.

Strengths:

* Extensive experience of the promoter: The two-decade-long
experience of the promoter, Mr Balaram Ghosh, in the potato
stocking and trading business, will continue to support the
business risk profile.

Outlook: Stable

CRISIL believes DKBHPL will continue to benefit from the
longstanding experience of its promoter in the cold storage
business. The outlook may be revised to 'Positive' if the company
ensures efficient management of farmers financing, and reports a
significant ramp up in scale of operations and profitability. The
outlook may be revised to 'Negative' if delay in repayments by
farmers, lower-than-expected cash accrual, or any major capital
expenditure, weakens liquidity.

DKBHPL, which was set up in 2005, operates a cold storage unit
(primarily for storing potatoes) at Hooghly district. The storage
currently has a capacity of 1,86,000 quintals. Mr Balaram Ghosh
and his family members are the directors of the company.


ERA SHIPPING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Era Shipping Private Limited
        Registered Office:
        21-N, Lokmanya Tilak Marg,
        Pirpur House Lucknow UP - 226001
        Works Office:
        205, Shree Prasad Prasad House, 35th Road, TPS III,
        Bandra (W), Mumbai - 400050

Insolvency Commencement Date: July 26, 2018

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: January 22, 2019
                               (180 days from commencement)

Insolvency professional: CA Sumit Bansal

Interim Resolution
Professional:            CA Sumit Bansal
                         B-11, First Floor, RDC, Raj Nagar,
                         Court Road, Ghaziabad, Uttar Pradesh,
                         201002
                         E-mail: sumibans@gmail.com

Last date for
submission of claims:    August 10, 2018


GALAXY MICA: CRISIL Reaffirms B+ Rating on INR6.66cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Galaxy Mica Private Limited (GMPL) at 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        6.66       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .33       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect working capital-intensive
operations and a below-average financial risk profile. These
weaknesses are partly offset by the extensive experience of the
promoters in the laminates industry, their funding support.

Analytical Approach

CRISIL has treated unsecured loans as neither debt nor equity as
these are from the promoters and are expected to be retained in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The networth was modest at
INR8.16 crore and the gearing moderate at of 1.14 times, as on
March 31, 2018. The debt protection metrics were average: the
interest coverage ratio was 1.78 times and the net cash accrual to
total debt ratio 0.11 time in fiscal 2018. The financial risk
profile is expected to be in the range of 1.14-1.72 times over the
medium term.

* Working capital-intensive operations: Extension of significant
credit to customers and modest inventory results in high working
capital requirement. Gross current assets are estimated at over
six months as on March 31, 2018.

Strength

* Extensive Industry experience of the promoters and their funding
support: The promoters have more than 15 years of experience in
the laminates industry through a group firm. This has enabled a
strong relationship with customers and suppliers. Moreover, the
promoters have extended funding support and are expected to
continue to do so over the medium term if required.

Outlook: Stable

CRISIL believes GMPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' in case of a significant
increase in the scale of operations with sustained profitability,
and improvement in the financial risk profile most likely due to
substantial capital infusion or sustained cash accrual. The
outlook may be revised to 'Negative' if the financial risk profile
deteriorates because of a stretch in the working capital cycle or
any large, debt-funded capital expenditure.

GMPL was incorporated in 2012, promoted by Ahmedabad-based Mr
Ashwin Patel, Mr Gautam Patel, and Mr Suresh Patel. The company
manufactures laminates used for furnishing.


GCL PRIVATE: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of GCL
Private Limited (GPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       17.71      CARE D; ISSUER NOT COOPERATING
   Facilities                      Reaffirmed

   Short-term Bank       4.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GPL to monitor the rating
vide e-mail communications/letters dated April 30, 2018, May 10,
2018, May 14, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of
publicly available information, which however, in CARE's opinion
is not sufficient to arrive at fair rating. The rating on GCL
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of GCL Private Limited
takes into account ongoing delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The company has
ongoing delays in servicing of debt obligations owing to the
stretched liquidity position of the company.

Key Rating Strengths

Established track record and experienced promoters: GPL was
established in the year 1985 and hence has an operational track
record of close to three decades Mr. Harish Kamath, Mr. Girish
Kamath and Mrs. Sangeeta Kamath has 25 years and 20 years of
experience respectively in manufacturing of capital goods. The
company has strong management team. Mr. Narendra Kumar, a
Chartered Accountant has 19 years of experience and looks after
financial activities. Mr. Narayan Bhat, B.E. has 18 years of
experience and looks after production activities.

Mr. Venkatesh has 25 years of experience and is actively involved
in the marketing activities.

GCL Private Limited (GPL) formerly known as Girish Circular Looms
Private Limited (GCLPL), was established in -by Mr. Harish Kamath,
Mr. Girish Kamath and Mrs. Sangeeta Kamath in June, 1985. In 2013,
the company was renamed GPL.GPL is engaged in manufacturing
circular weaving machine, tape extrusion line and conversion
machinery with an installed capacity of 1000, 50 and 100(no's per
annum) respectively, which are installed in Knitted fabric,
Flexible bulk containers tarpaulins PP/PE woven fabric cutting,
bag/cover manufacturing units. More than 90% of the revenue
generated through circular weaving machine. Apart from Bengaluru,
the company has its branches at Delhi, Ahemdabad, Mumbai and
Kolkata. The company sells its machinery in the domestic (65%) and
exports (35%) markets .The export markets include Saudi Arabia,
Russia, Egypt and Pakistan. GPL procures its raw material, namely
steel, and iron (Mild Steel, Flats, Sheets, Cold Roll, Seamless
pipes) predominantly from the domestic market (95%).

In FY17, GPL had a net loss of INR2.74 crore on a total operating
income of INR57.26 crore, as against PAT and TOI of INR0.94
crore and INR47.87 crore, respectively, in FY16.


HAIGREEVA INFRATECH: Ind-Ra Moves BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Haigreeva
Infratech Projects Limited's (HIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB', while migrating the rating to the non-
cooperating category. The Outlook was Stable. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. 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:

-- INR750 mil. Fund-based working capital limits downgraded and
     migrated to Non-Cooperating Category IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR1.400 bil. Non-fund-based working capital limits
    downgraded and migrated to Non-Cooperating Category with IND
    A4+ (ISSUER NOT COOPERATING) rating;

-- INR33 mil. Term loan due on September 2021 downgraded and
    migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR100 mil. Proposed fund-based working capital limits
    downgraded and migrated to Non-Cooperating Category with IND
    BB+ (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR617 mil. Proposed non-fund-based working capital limits
    downgraded and migrated to Non-Cooperating Category with
    Provisional IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate, based on
the best available information

KEY RATING DRIVERS

The downgrade reflects HIPL's net leverage (total adjusted net
debt/operating EBITDAR) staying above 3.0x, on a sustained basis,
at 3.6x in FY18 and 3.4x in FY17 (FY16: 2.4x). FY18 provisional
financials are provisional. Moreover, in FY18, its interest
coverage (operating EBITDA/gross interest expense) was 2.6x (FY17:
2.3x; FY16: 1.9x). Meanwhile, its net cash conversion cycle
continued to deteriorate (FY18: 136 days; FY17: 121 days; FY16: 90
days) and cash flow from operations was negative in FY17 and FY18.
Better management of the net cash conversion cycle will be crucial
for the company's liquidity.

HIPL's revenue increased to INR4,054.9 million in FY18 from
INR3,309.7 million in FY17, with its profitability rising to 8.6%
from 8.1%.

The ratings have been migrated to the non-cooperating category, as
the company did not provide Ind-Ra updated order book, projections
for the next four years and management certificate detailing
timely debt servicing and working capital utilization for the last
12 months, despite continuous requests and follow-ups by the
agency.

RATING SENSITIVITIES

Negative: Any further deterioration in the credit metrics and the
liquidity will be negative for the ratings.

Positive: An improvement in the credit metrics and the liquidity,
on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2001, HIPL executes road, building and irrigation
projects.


INFRAHITE INFRASTRUCTURE: CRISIL Rates INR2cr Cash Loan 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Infrahite Infrastructure Private Limited
(IIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3          CRISIL A4 (Assigned)
   Cash Credit           2          CRISIL B+/Stable (Assigned)

The ratings reflect the company's small scale of operations in the
intensely competitive civil construction industry, exposure to
geographical concentration risk and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amid intense competition: Intense
competition may continue to restrict scalability and limit the
pricing power with suppliers and customers, thereby constraining
profitability. Revenue is estimated at INR5.75 crore in fiscal
2018.

* Exposure to geographical concentration risk: As revenue is
solely generated from Kerala, risks related to geographical
concentration may continue to constrain the business.

* Working capital-intensive operations: Gross current assets (GCA)
are estimated at 189 days as on March 31, 2018, due to large
inventory resulting in large working capital requirement. The GCA
days have been at around 180-300 days depending on the nature of
work.

Strength

* Extensive experience of the promoters: Presence of around three
decades in the civil construction segment has enabled the
promoters to establish strong relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes IIPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue, profitability, and
cash accrual along with prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if steep
decline in revenue and profitability or stretched working capital
cycle weakens financial risk profile and liquidity.

IIPL, established in 2012, undertakes roads and bridge
construction activities in Kerala. The company is promoted by Mr.
P Niyas Babu.


IREO GRACE: CARE Lowers Rating on INR497.50cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ireo Grace Realtech Private Limited (IGRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      497.50      CARE D Revised from CARE BB;
   Facilities                      Negative

Detailed Rationale & Key Rating Drivers

The revision in the ratings of IGRPL takes into account the delay
in repayment of its debt obligations for the month of June 2018.
The delays were largely attributable to slow sales momentum and
lower sales realization which adversely impacted the liquidity of
the company leading to delays.

Going forward, the company's ability to service the debt
obligations in a timely manner, completion of ongoing projects
without time and cost overrun leading to higher booking status,
stage payments and thereby improving the overall liquidity profile
of the company shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: The company has delayed in debt repayment
on account of cash flow mismatches on the back of subdued real
estate scenario, significant drop in sales momentum and sales
realizations.

Project execution risk: IGPRL has revised its construction plan
and has decided to execute the project in a phased manner. While
the Phase 1 of the project is at advanced stage of execution; only
basement work is completed in Ph-2. The company would be
developing Ph-2 once Ph-1 is successfully completed and delivered.

The company has revised the total project cost which is now being
envisaged at INR1,572 crore as against INR1,419 crore envisaged
earlier. The revision in the cost is mainly on account of
increased interest expenses. Earlier IGRPL had planned to fund the
project 'The Corridor Phase-1' with a debt of INR350 crore;
however, IGRPL now has revised the funding pattern with project to
be funded by a debt of INR450 crore. IGRPL has also revised the
envisaged overall revenue from the project to INR2,090 crore as
against INR2,364 crore envisaged earlier on account of falling
realizations with the slowdown in the real estate market.

Arbitration Proceedings: A criminal case has been filed in India
besides arbitration proceedings in New York and Mauritius with
respect of siphoning of funds by Ireo's top management. The matter
is currently subjudice and the company has denied any wrong doing
in this regard in their reply to the Economic Offences Wing. Any
adverse outcome of the same will further weaken the credit profile
of the company.

Subdued industry scenario: The real estate market in Delhi-NCR has
seen slow-down in the sales in past few quarters. Competitive
pricing, increased transparency, speedy approvals process, clear
land titles, improved delivery and project execution are expected
to support growth of the real estate sector. While the sector
continues to remain troubled with issues of high unsold inventory,
delayed delivery of projects and financial stress on developers,
the only segment that showed some signs of a rebound was the
affordable housing category in the peripheries of the major
markets. The broader market opinion is that while the long term
story for residential market remains strong; the short term is
expected to be sluggish.

Key Rating Strengths

Experienced promoters and management team: IGRPL is promoted by
IREO, a private equity fund with assets of approx. USD1.7 billion
invested in India. IGRPL is managed by professionals with
experience in the real estate industry. The overall operations of
the company are managed by team of professionals which includes
Mr. Anupam Nagalia (Chief Operating Officer), who is a qualified
Chartered Accountant and Company Secretary. Before joining IGRPL,
he has worked with Vatika Group. Mr. Jai Bharat Aggarwal (Director
Finance) is responsible for making financial decisions for the
company. IREO group has established its track-record of delivery
with completion of two group housing projects in group company
Ireo Private Limited having more than 27.59 lakh square feet (lsf)
of saleable area in Gurgaon region. Furthermore, IREO Group has
also handed over 22 villas, 17 floors and 205 plots
in township project at Ludhiana developed under group company Ireo
Waterfront Private Limited and handed over 200 plots in Mohali
developed under group company Puma Realtors Private Limited.

Incorporated in 2010, Ireo Grace Realtech Private Limited (IGRPL)
is part of the IREO group, a real estate private equity fund with
investable assets of ~USD 1.7 billion. Presently, IGRPL is
developing a residential group housing project in Gurgaon under
the name of 'IREO The Corridors'. IGRPL has accumulated land bank
in Gurgaon region and proposes to launch more projects going
forward. Presently, IGRPL has launched one GH housing project (The
Corridors) on a land area of 37.5 acres comprising of 2,009 units.


JAYA INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4' on
the bank facilities of Jaya Industries (Jaya).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL A4 (Assigned)
   Cash Credit            1         CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations,
volatile operating profitability, large working capital
requirement, and modest networth. These above weakness are
partially offset by the partners' extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation and volatile operating profitability:
Despite longstanding presence in the business. Jaya's scale of
operation has remained modest, with revenue of INR14-16 crore in
recent years, except for fiscal 2017, when revenue was INR21.94
crore. Also, profitability varies from product to product.
Profitability has remained volatile at 2-5.8% in the four fiscals
through March 2017 (estimated at around 7% in fiscal 2018).
Revenue should remain modest despite some improvement, and
operating margin volatile over the medium term.

* High working capital requirements: Operations are working
capital intensive with gross current assets estimated at 247 days
as of March 2018, and debtors and inventory at 90 and 15 days,
respectively. Current assets of INR1.83 crore, with INR1.34 crore
as free fixed deposit, add to the pressure on working capital.

* Modest networth restricting scalability: Networth is modest
around INR2.37 crore as of March 2018, restricting financial
flexibility and ability to ramp up scale. The low initial capital
and accretion to reserve will, likely, continue to constrain
networth.

Strengths:

* Partners' extensive experience: Mr. Sukhendu Barui, with his
experience of around 15 years in the industry, and healthy
relations with customers and suppliers should continue to help
Jaya receive repeat orders, and negotiate credit terms.

Outlook: Stable

CRISIL believes Jaya's business risk profile will continue to
benefit from its promoters' industry experience. The outlook may
be revised to 'Positive' if a significant improvement in operating
margin results in increase in cash accrual and networth. The
outlook may be revised to 'Negative' if low cash accrual or
increase in working capital requirement leads to pressure on
liquidity.

Set up in 1969, Jaya manufactures capital equipment such as
homogenisers, pasteurisers, paneer maker, bulk milk coolers, and
pressure vessels, and undertakes projects for dairy, ice cream,
and food and beverages plant. The three manufacturing facilities
in Kolkata, have ISO 9001: 2008 certification.


JAYPEE INFRATECH: Posts INR298.33cr Net Loss in Q1 Ended June 30
----------------------------------------------------------------
Moneycontrol.com reports that bankruptcy-bound Jaypee Infratech
has reported a net loss of Rs 298.33 crore for the first quarter
this fiscal. Its net loss stood at Rs 44.78 crore in the year-ago
period, the company said in a regulatory filing.

Moneycontrol.com says total income from operations, however, rose
to Rs355.39 crore during April-June quarter compared to Rs320.10
crore in the corresponding period previous year.

The standalone result of the company comprise of only one segment
'Yamuna Expressway Project' which is an integrated project that
inter-alia includes construction, operation and maintenance of
Yamuna Expressway and rights for land development of 25 million
square metres along the expressway, the report relates.

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Moneycontrol said the Allahabad bench of the
National Company Law Tribunal (NCLT) on Aug. 9, 2017, accepted
lender IDBI Bank's plea and classified JIL as an insolvent
company. With this, the board of directors of the company remains
suspended.

The NCLT had appointed Anuj Jain as Interim Resolution
Professional (IRP) to manage the company's business. The IRP had
invited bids from investors interested in acquiring JIL and
completing the stuck real estate projects in Noida and Greater
Noida.

On Sept. 4, 2017, the apex court stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose
their apartments and not get any compensation, according to
Livemint.  The stay was later revoked by the court, which
directed the resolution professional to submit an interim
resolution plan that takes into account the interest of
homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers. Out of
this, only INR750 crore has been deposited so far, Livemint says.

JIL features in the Reserve Bank of India's first list of non-
performing assets accounts and had debt exposure of over INR9,783
crore as of September 2017.  The parent company, JAL owes more
than INR29,000 crore to various banks, Livemint discloses.


KANDAGIRI SPINNING: CARE Lowers Rating on INR39.03cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kandagiri Spinning Mills Limited (KSML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      39.03       CARE D Revised from
   Facilities                      CARE B+; Stable

   Short term Bank      1.00       CARE D; Revised from
   Facilities                      CARE A4

   Long/Short term      0.50       CARE D; Revised from
   Bank Facilities                 CARE B+; Stable/CARE A4

   Fixed deposit       14.01       CARE D (FD) Revised from
                                   CARE B+ (FD)

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities and
fixed deposits of KSML takes into account the delays in repayment
of debt.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing debt obligations: The company has delayed in
repayment of its debt obligations as stated by the auditor in
their report forming part of the annual report uploaded on the
company's website.

Decline in operational and financial performance during FY18:
During FY18, the operating income has declined by 30.3% to
INR53.62 crore from INR78.02 crore in FY17 due to lower production
and sales owing to drop in capacity of spindles. The company
reported loss after tax of INR11.63 crore (PY: INR10.61 crore) in
FY18.

Key Rating Strengths

KSML's long standing track record and promoter's vast experience:
KSML has been in operation since 1976 and belongs to the
'Sambandam' Group which is primarily involved in the business of
textile spinning, besides NBFC and Healthcare.

Promoters of the group belong to a family who were traditionally
yarn merchants.

KSML was originally incorporated in 1976 in Salem, Tamil Nadu,
under the name of 'The Ammapet Sizing Mills Private Limited'. The
company took its current name in 1978 and became a public limited
company in 1995. KSML is engaged in textile spinning with an
aggregate capacity of 54,428 spindles (as on March 31, 2018)
spread across two units in Salem.


KHWAHISH MARKETING: CARE Lowers Rating on INR7.5cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Khwahish Marketing Private Limited (KMP), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.50      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+ on the
                                  Basis of best available
                                  Information

   Short-term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KMP to monitor the
rating(s) vide e-mail communications/letters dated July 20, 2018,
June 1, 2018, May 28, 2018, May 15, 2018, etc. and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Khwahish Marketing Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

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

KMP was incorporated in 2004 and is currently being managed by Mr.
Prashant Sharma. The company is engaged in the trading of iron and
steel products such as hot rolled coils. The company procures the
product from manufacturers located in Delhi and nearby regions.
The company sells its products through commission agents as well
as directly to traders located in Delhi and nearby regions.

Status of non-cooperation with previous CRA: CRISIL has conducted
the review and has classified Khwahish Marketing Private Limited
as "Not Cooperating"vide its press release dated March 28, 2018.


LAKSHMI PRECISION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Lakshmi Precision Screws Limited

        Registered Office:
        46/1 Mile Stone, Hissar Road, Rohtak,
        Haryana - 124001

        Works Office:
        46/1 Mile Stone, Northern Bye Pass,
        Hissar Road, Rohtak - 124001
        Haryana, India
        Tel No: +91-1262-248856 - 249927
        Fax No: +91-1262-248863 - 249929 - 248695
        E-mail: lpsrtk@lpsmkt.com

        Plant 3:
        Plot No-153, Sector-3, IMT Manesar, Gurgaon - 122050
        Haryana, India
        Tel No: +91-0124-2291781.

        Plant 4:
        N.H. 10, Delhi Road, Kharawar By Pass, Rohtak - 124001,
        Haryana, India
        Tel No: +91-1262-305231/305232

           - and -

        Plot No. 257, Sector-6, IMT Manesar, Gurgaon - 122050,
        Haryana, India
        Tel No: +91-0124-4009860.

Insolvency Commencement Date: July 18, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: January 13, 2019
                               (180 days from commencement)

Insolvency professional: Deepak Thukral

Interim Resolution
Professional:            Deepak Thukral
                         H.NO.237/1, 44-A, Chandigarth - 160047
                         E-mail: deepakthukral1@gmail.com

                           - and -

                         SCO 131, 2nd floor, Sector 5, MDC
                         Panchkula, Haryana - 134114
                         E-mail: ip.lakshmiprecision@ducturus.com

Last date for
submission of claims:    August 6, 2018


LION INSULATION: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Lion
Insulation Private Limited (LIPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank
   Facilities            7.33      CARE D; Issuer not cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information LIPL, to monitor the ratings
vide-mail communications dated July 6, 2018, June 21, 2018,
June 14, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm 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. Further, LIPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI
guidelines CARE's rating on LIPL bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on May 2, 2017, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Delay in Debt Servicing: There was ongoing delay in debt
servicing.

Lion Insulation Private Limited (LIPL) was incorporated in 2011.
LIPL had set up a manufacturing plant located at Guna, Madhya
Pradesh with total capacity of 9000 MTPA for manufacturing thermal
and acoustical insulation products like Rockwool mattress,
Rockwool slabs and pipe section, which will be used in refineries,
chemicals plants and malls where temperature control is required.
LIPL has commenced commercial production from December, 2013. LIPL
procures its raw material from Dhanbad (Coal mines), Bhilai (steel
plants and iron ore plants) and from various local markets. LIPL
has been supplying its product to the reputed clients like Lloyd
Insulation (India) Limited and National Thermal Power Corporation
Limited and is also targeting various government agencies like
Bharat Heavy Electricals Limited.


LMJ INTERNATIONAL: Ind-Ra Migrates 'D' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded LMJ
International Limited's Long-Term Issuer Rating to 'IND D' from
'IND BBB+' while resolving the Rating Watch Negative (RWN). The
agency has simultaneously migrated the rating to the non-
cooperating category, as the issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR1.840 bil. Fund-based limits (long-/short-term)
    downgraded; Off RWN; migrated to Non-Cooperating Category
    with IND D rating; and

-- INR3.600 bil. Non-fund-based limits (short-term) downgraded;
    Off RWN; migrated to Non-Cooperating Category with IND D
    rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing due to a tight
liquidity, following the imposition of a penalty on LMJ
International by the Income Tax Department. Moreover, LMJ
International did not provide the no-default statements for the
months of April, May and June 2018 to Ind-Ra.

COMPANY PROFILE

LMJ International is engaged in the trading of agricultural and
non-agricultural commodities in domestic and international
markets. In addition, it is engaged in the processing of agro
products such as rice, pulses, tea and coffee, and provides
warehousing and logistics services.


MITTAPALLI AUDINARAYANA: CRISIL Ups Rating on INR56cr Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facility of
Mittapalli Audinarayana Enterprises Private Limited (MAEPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit        56       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects MAEPL's sustained operating
performance and working capital management which is expected to
continue over the medium term. The company booked revenues of
Rs.57 crores in fiscal 2018 with operating margins estimated at
around 8% which has been sustained at similar levels in the past 2
years. The GCA days stood at 488 days as on March 31, 2018 against
515 days as on March 31, 2017.

The ratings reflect the extensive experience of its promoters in
the tobacco industry and below average financial risk profile
marked by its modest net worth, high gearing, and below average
debt protection metrics, constrained on account of its large
working capital requirements and its exposure to intense
competition and regulatory risks in the tobacco industry, and the
susceptibility to fluctuations in foreign exchange rates. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the tobacco-processing industry, and
established relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With revenue of Rs.57 Cr in the
Fiscal 2018 the scale of operations remains small. Small scale of
operations limits company's ability to take advantages associated
with economies of scale that other players with large scale of
operations are able to enjoy.

* Below average financial risk profile: Company's financial risk
profile is marked by modest net worth, high gearing and below
average debt protection metrics. Gearing is expected to remain
high on account of small scale of operation, hence small accretion
to reserves and high working capital requirements resulting in
dependence upon cash credit limits. Debt protection metrics are
below average and are expected to remain so over the medium term.

* High working capital requirements: Working capital requirement
for the company remains high on account of stretched debtors and
increasing inventory requirement of the company. Working capital
requirements of the company are partially assuaged by the credit
period of 3 to 4 months that the company is able to get from local
raw material suppliers and stretched liquidity of credit period 3
to 4 months, Furthermore comfortable current ratio and no major
long term debt gives some comfort to the liquidity position.

* Exposure to intense competition and regulatory Risk: Company's
business risk profile remains constrained on account of intense
competition in the tobacco processing industry. Furthermore as the
industry in many aspects are controlled by the government of India
any non-favourable regulation may adversely impact the business
risk profile of the company

Strengths

* Extensive experience of promoters: Mittapalli was promoted in
the year 1964 by Mr. Mitapalli Rama Rao. It gives the promoter an
extensive experience in the tobacco processing industry which has
enabled the firm to establish strong relationships with the
customers and suppliers which ensures steady procurement of raw
material and repeated orders from the customers. CRISIL believes
that Mittapalli will continue to benefit from the extensive
industry experience of promoters.

Outlook: Stable

CRISIL believes that Mittapalli will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its working capital cycle, resulting in improved
liquidity or there is a substantial improvement in its capital
structure on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the company's profitability, or
significant deterioration in its capital structure caused most
likely because of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

MAEPL was set up as a partnership firm in 1964 by Mr. Mittapalli
Rama Rao and his sons Mr. Mittapalli Umamaheswar Rao and Mr.
Mittapalli Siva Kumar. The firm was reconstituted as a private
limited company in 2006. The company is engaged in tobacco leaves
trading and is based in Guntur, Andhra Pradesh.


NANDI GRAIN: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Nandi
Grain Derivatives Private Limited (NGDPL) to Issuer Not
Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term Bank     69.30     CARE D; ISSUER NOT COOPERATING;
   Facilities                   Based on best available
                                Information

   Short term Bank     0.50     CARE D; ISSUER NOT COOPERATING;
   Facilities                   Based on best available
                                Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NGDPL to monitor the
ratings vide e-mail communications/letters dated April 18, 2018,
July 13, 2018, July 16, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Nandi Grain Derivatives Private Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating in February 2017, the following were
the rating strengths and weaknesses:

Key rating Strengths:

Experienced promoter group: The company is a part of Nandyal based
Nandi group of companies which has diversified business interest
and long presence in the industry.

Key rating weakness:

Stretched liquidity position: The company has been facing liquidty
stretch with delays in debt servicing obligation.

Established in June 2010, Nandi Grain Derivatives Private Limited
(NGDPL) is part of Nandi Group of Industries based out of Nandyal
in Andhra Pradesh. The group since 1978 has built a diversified
presence of businesses such as cement, dairy, PVC pipes,
construction, TMT bars etc. NGDPL is engaged in manufacturing of
liquid starch using maize (wet milling process) as raw material
with an installed milling capacity of 400 tons per day. Gluten,
germs, corn steep soluble and fiber are the other by-products
produced in the wet milling process which constitutes about 35% of
the throughput.


NAVYA BAKE: CRISIL Assigns B Rating to INR14cr Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
facility of Navya Bake Shop And Restaurant (NBSR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         14        CRISIL B/Stable (Assigned)

The rating reflects the exposure to implementation and
stabilisation risks associated with the upcoming bakery and
restaurant and intense competition in the bakery and restaurant
business. These weaknesses are partially offset by the extensive
experience of the partners and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to implementation risks: The firm is constructing a
bakery cum restaurant cum lodging hall in Kerala. Around 70% of
the work is complete and operations are expected to commence from
January 2019. Timely completion and stabilisation of operations
will be a key rating sensitivity factor.

* Exposure to intense competition: The bakery and restaurant
business exhibits intense competition due to the presence of
several unorganised players.

Strength:

* Extensive experience of partners and their funding support:
Benefits from the partners' experience of more than two decades
through 20 shops owned by them in Kerala should support the
business. Further, their ability to bring in funds in case of need
to ensure timely repayment aids liquidity.

Outlook: Stable

CRISIL believes NBSR will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if more-than-expected cash accrual is generated. The
outlook may be revised to be 'Negative' if project is not
completed on time or cash accrual generated is lower-than-
expectation.

Established in 2015, NBSR, a partnership firm, is constructing a
bakery cum restaurant cum hotel. The total area of the building is
1946.82 Square Meter including basement and terrace hall.


NEERA BHIMA: CRISIL Assigns B+ Rating to INR22cr Capital Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Neera Bhima S.S.K.Ltd. (NBSSKL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Loan                   22       CRISIL B+/Stable (Assigned)

The rating reflects the society's large working capital
requirement, below-average financial risk profile, and exposure to
regulatory changes and cyclicality in the sugar industry. These
weaknesses are partially offset by established presence and
extensive experience of the promoters in the sugar industry, and
fully integrated operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets are
estimated at 219 days as on March 31, 2018, due to sizeable
inventory.

* Below-average financial risk profile: The financial risk profile
is constrained by weak capital structure (gearing of over 5 times
as on March 31, 2018) and modest interest coverage ratio of 1.5
times in fiscal 2018. Liquidity is constrained by tightly matched
cash accrual and debt obligation, but is supported by funding
support from society members and healthy cash balance.

* Exposure to regulatory changes and cyclicality in the sugar
industry: The sugar industry is highly regulated and exposed to
risks related to seasonality in sugar cane production, which may
constrain revenue and operating margin.

Strengths

* Established position in the sugar industry, and healthy
relationships with member farmers: The society has been
operational since 2001, and has integrated operations. It has
sugarcane crushing capacity of 3500 tonne per day, a distillery
with output of 30 kilolitre per day, and a co-generation unit with
18-megawatt capacity. The integrated operations support revenue
and profitability.

Outlook: Stable

CRISIL believes NBSSKL will continue to benefit from its
established relationships with farmers in its command area, and
from its integrated operations. The outlook may be revised to
'Positive' if sustained increase in revenue and profitability
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if lower cash accrual, a stretch in working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile and liquidity.

NBSSKL is a cooperative sugar mill based at Indapur in Pune
(Maharashtra). It was set up in 2001 by Mr Harshwardhan Patil, and
is currently chaired by Mr Lalasaheb Pawar.


OM SUGARS: CARE Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Om Sugars
Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      28.27      CARE D; Issuer not cooperating,
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Om Sugars Limited to
monitor the rating vide e-mail communications dated July 19, 2018,
July 11, 2018, July 6, 2018, July 4, 2018, July 2, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings and the company has not been submitting
monthly 'No Default Statement' (NDS). In the absence of requisite
information 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 publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Om Sugars
Ltd.'s bank facilities and will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 6, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing by the company: The company is faced with
acute liquidity issues due to lower scale of operations owing to
low availability of sugarcane due to drought like situation in the
Karnataka region during the sugar season SS16-17. This resulted in
relatively shorter duration of crushing of 61 days in FY17 as
against 110 days in FY16. The total sugarcane crushed remained low
at 0.64 lakh MT in FY17 (PY: 1.60 lakh MT) leading to lower sugar
production. During FY17(Prov.) the company reported net loss of
INR 17.56 crore as against a net loss of INR3.08 crore in FY16,
resulting in stressed liquidity and on-going delays in servicing
debt obligations.

Om Sugars Limited (OSL) is promoted by Mr. Mallikaarjun S.
Dandinawar is engaged in the production of white crystal
sugar & molasses from sugarcane.


PARAYIL FOOD: Ind-Ra Affirms BB LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parayil Food
Products Private Limited's (PFPPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. (reduced from INR15.17 mil.) Term loan due on
    March 2021 affirmed with IND BB/Stable rating;

-- INR120 mil. Fund-based working capital limit affirmed with
    IND BB/Stable/INDA4+ rating; and

-- INR5 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PFPPL's continued small scale of
operations, though revenue raised to INR331 million in FY18 from
INR283 million in FY17 due to an increase in orders and new
product addition. FY18 financials are provisional. PFPPL's revenue
increased at a CAGR of 8.81% over FY14-FY18. PFPPL booked INR3
million in revenue for 1QFY19. As of July 2018, it had an order
book of about INR118.7 million that is likely to be completed by
end-October 2018.

The ratings continue to be constrained by PFPPL's modest credit
metrics, which deteriorated in FY18 compared with the levels in
FY17. PFPPL's net leverage ratio (total adjusted net debt /
operating EBITDAR) was 7.6x in FY18 (FY17: 6.6x) and coverage
ratio (operating EBITDA/gross interest expense) was 3.0x (3.1x).
The deterioration in the metrics was primarily owing to a decline
in EBITDA margin to 5.9% in FY18 from 7.1% in FY17, largely due to
an increase in the prices of its key raw material, and a rise in
the short-term debt. The margin was modest in FY18, as return on
capital employed was 5.0% in FY18 (FY17: 6.0%).

The rating continues to be constrained by PFPPL's tight liquidity,
indicated by a maximum fund-based limit utilization of 98.0% for
the 12 months ended June 2018.

The ratings, however, continue to be supported by the promoter's
experience of more than a decade in the processed food exporting
industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue and the EBITDA margin,
leading to any further deterioration in the overall credit
metrics, would be negative for the ratings.

Positive:  Any significant rise in the revenue and the EBITDA
margin, along with any improvement in the overall credit metrics,
would be positive for the ratings.

COMPANY PROFILE

Kerala-based PFPPL is engaged in the processing and export of
marine and agro foods such as frozen fish, vegetables, and rice
and flour items. It largely exports to Germany, Switzerland, the
UK and the US.


PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR6cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Perfect Engineers & Contractors (PEC) at 'CRISIL B+/Stable/CRSIL
A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         4        CRISIL A4 (Reaffirmed)
   Cash Credit            6        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operation and its
susceptibility to risk related to tender based nature of
operations. These weaknesses are partially offset by partners
extensive in civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and susceptibility to intense
competition in the civil construction industry: Intense
competition in the domestic civil construction sector, from large
players and small regional players, keeps the scale of operations
modest, and constrains profitability. This is reflected in
turnover of INR13 crore for fiscal 2018. Moreover, the operations
are focused only in Kerala and any slowdown in industry or force
majeure event in Kerala could adversely impact the business risk
profile.

* Susceptibility to risks related to tender based nature of
operations: PEC operates in a tender-based business. Because of a
tender-based business model, the firm faces competition from a
number of companies based in Kerala and outside. As majority of
sales of PEC are tender-based, revenues depend on the firm's
ability to bid successfully for tenders. Furthermore, the tender-
based business model also restricts PEC's pricing power and hence
profitability.

Strength

* Extensive experience of the partners in the civil construction
industry: The two decade-long experience of the managing partners,
Mr M Suneel and Mr M Sajeevan, and their established track record
of executing civil contracts for public works departments of the
Kerala state government and other private players, has resulted in
repeat orders and will continue to support the business risk
profile.

Outlook: Stable

CRISIL believes PEC will continue to benefit from the extensive
experience of its promoters over medium term. The outlook may be
revised to 'Positive' if significant growth in revenue and
profitability leads to substantial cash accrual and strengthens
the financial risk profile. The outlook may be revised to
'Negative' if the firm reports low revenue or profitability, or if
a stretch in the working capital cycle, or any major capex plans,
weakens the financial risk profile, particularly liquidity.

PEC was set up as a partnership firm in 1993. Operations of the
Palakkad (Kerala)-based firm, are managed by Mr Sunil and Mr
Sajeevan.


PICSON CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR6cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the long-term bank facilities of Picson Construction Equipments
Private Limited (PCEPL).

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

   Inland/Import
   Letter of Credit       1.5       CRISIL A4 (Reaffirmed)

The rating continues to reflect modest-yet-growing scale of
PCEPL's operations in the highly fragmented engineering goods
industry, large working capital requirement, and susceptibility to
fluctuations in raw material prices. These weaknesses are
partially offset by the experience of the promoters.

Analytical Approach

Unsecured loans extended to PCEPL by the promoters have been
treated as neither debt nor equity. That is because these loans
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest-yet-growing scale of operations amid intense competition:
Intense competition may continue to restrict scalability and limit
pricing power, thereby constraining profitability. Revenue (Rs 35
crore in fiscal 2018) is expected to increase over the medium
term, with the launch of new products.

* Large working capital requirement:  PCEPL will have large
working capital requirement, with gross current assets expected at
205-300 days, mainly because of substantial amount of inventory
maintained. These working capital requirement will be funded
partly through credit from suppliers.

* Susceptibility to fluctuations in raw material prices:  As price
of the key raw material (casting and steel) accounts for over 70%
of operating cost, even a slight variation in their prices
drastically impact profitability.

Strengths

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

Outlook: Stable

CRISIL believes PCEPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
there is significant improvement in scale of operations or capital
structure. Conversely, the outlook may be revised to 'Negative' if
any major, debt-funded capital expenditure, or stretched working
capital cycle weakens financial risk profile and liquidity.

PCEPL, incorporated in 2010 at Vadodara (Gujarat), is one of the
leading manufacturers and suppliers of various sizes and types of
reduction, mining, crushing machineries and other allied products
under the brand, Pics International; it is a familiar name in
reduction technology, both locally and globally. Mr G Nair and Mr
K Shah are the promoters.


QUADROS AUTOMARK: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Quadros
Automark Private Limited (QAPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term
   facility            10.68      CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from QAPL to monitor the rating
vide e-mail communications/letters dated May 28, 2018, June 19,
2018 and June 25, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. The rating on
QAPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes into account the delays in servicing of debt
obligations by the company.

Detailed description of the key rating drivers

At the time of last rating on May 2, 2017, the following were the
rating weakness.

Key Rating Weaknesses

Delays in debt servicing: There are ongoing delays in servicing of
bank debt obligations with respect to interest and principal
payment on term loan facility and cash credit limits.

QAPL incorporated in the year 2012 and is authorized dealer for
Renault India Private Limited (Renault) and covers the south Goa
region. QAPL is promoted by Mr Evencio Quadros and Mr Ramchandra
Shirodlar and are first generation entrepreneurs. QAPL being an
authorised dealer for Renault, also provides its spares and
services by virtue of being a '3-S' dealer. QAPL has three other
group concerns engaged in similar nature of operations viz; M/s
Quadros Moto Ride is an authorised dealer for Yamaha Motor Company
Limited, M/s Qudaros Motocorp Co, is an authorized dealer for
Piaggio Vehicles Private Limited and Quadros Motors Private
Limited (QMPL) which is an authorized dealer for Suzuki Motors
India Private Limited.


RADIUS INFRATEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Radius Infratel Private Limited

        Registered Office Address:
        Tricone Tower, Plot no. 4B, 2nd Floor,
        Mayur Vihar District Center,
        Mayur Vihar Extension, Delhi 110091

        Principal Office Address:
        Plot No. 13, Third Floor, Bansal Plaza,
        Dwarka Sector 6, New Delhi - 110 075.

Insolvency Commencement Date: July 23, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 19, 2019

Insolvency professional: Arvind Garg

Interim Resolution
Professional:            Arvind Garg
                         302-A, Palmohan Plaza,
                         Deshbandhu Gupta Road, Karol Bagh,
                         New Delhi - 110 005
                         E-mail: arvindgarg31@gmail.com
                                 radius.arvind@gmail.com

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anil Kumar Parmar
                         Mr. Harish Chander Arora
                         Mr. Navneet Arora

Last date for
submission of claims:    August 6, 2018


RELIANCE INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Reliance
Infrastructure Limited's (R-Infra) Long-Term Issuer Rating to 'IND
D' from 'IND BBB+' while resolving the Rating Watch Negative
(RWN).

The instrument-wise rating actions are:

-- INR180 mil. Bank facilities downgraded; Off RWN with
    IND C/IND A4 rating;

-- INR11.25 mil. Non-convertible debentures (NCDs) downgraded;
     Off RWN with IND C rating;

-- INR13 mil. Short-term debt/commercial paper (CP) due on May-
     August 2018 downgraded; Off RWN with IND A4 rating;

-- INR2.25 mil. NCDs* downgraded; Off RWN with IND BBB-
     (SO)/Negative rating;

-- INR6.7 mil. Term loans* due on September 2019 downgraded; Off
     RWN with IND BBB-(SO)/Negative rating; and

-- INR5 mil. CP# due on May - October 2018 affirmed with IND A1+
     (SO) rating.

* Secured against regulatory asset collection (RAC) in R-Infra's
Mumbai distribution business

# Backed by an irrevocable, unconditional and non-transferable
standby letter of credit from ICICI Bank Ltd (ICICI, Fitch Ratings
Ltd: Issuer Default Rating: BBB-/Stable/F3). The payment
mechanism, as defined in the transaction documents, provides for
the payment through the invocation of the standby letter of credit
to the beneficiary's account before/on the due date of the
proposed CP.

KEY RATING DRIVERS

Ind-Ra has downgraded the Long-Term Issuer Rating to 'IND D'
according to Ind-Ra's 'Rating Criteria for Distressed Debt
Exchanges'. On 27 July 2018, R-Infra informed the stock exchanges
about the non-payment of interest and principal obligations on
Series 13A INR549 million NCDs (ISIN: INE036A07237) and Series 5
INR6,157 million NCDs (ISIN: INE036A07104) - both not rated by
Ind-Ra - on the due dates of July 26, 2018 and July 27, 2018,
respectively. The company expects to repay these NCDs in early
August 2018 from the proposed sale of the Mumbai power business to
Adani Transmission Limited.

The agency has downgraded its ratings on R-Infra's bank facilities
and NCDs to 'IND C' to reflect the company's weakened liquidity
profile and risk of default before the completion of the proposed
sale.

The NCDs and term loans secured against RAC have been downgraded
to 'IND BBB-(SO)' with a Negative Outlook. Ind-Ra derives comfort
from the debt programme being backed by the first and exclusive
charge of the investors on the proceeds of RAC approved by the
regulatory commission to be recovered over 2014-2019. Also, the
essential nature of the underlying business, identified stream of
unencumbered cash flow, absence of any refinancing risk on account
of matched cash flows, presence of a debt service reserve account
of slightly over a quarter's debt service and amortization of the
debt by close to 67% provide strength to the debt servicing
ability of the debt programme. A significant portion of RAC
collections first comes in the company's cash management account
before being transferred to the escrow account, resulting in
commingling risk, which reflects the Negative Outlook. Any
depletion in debt service reserve for servicing the NCDs and term
loan facilities would result in a further negative rating action.

R-Infra expects to receive a total deal value of INR132.5 billion
from the sale of Mumbai Power business to Adani Transmission,
which includes businesses worth INR121 billion and approved
regulatory assets of INR11.5 billion. The government of
Maharashtra has filed an intervention application for the receipt
of taxes of over INR21 billion collected by R-Infra, but not paid
to the government. This could reduce amount available to R-Infra
for debt repayment.

In addition, the company has about INR50 billion of regulatory
assets under approval. Thus, the total consideration value is
estimated at INR188 billion. The company has received approvals
from its shareholders, Competition Commission of India and
Maharashtra Electricity Regulatory Commission for the said
transaction. As stated in the regulatory filing, R-Infra has
received a no objection certificate from 70% of lenders by value.

RATING SENSITIVITIES

Positive: Timely debt servicing on a sustained basis and
successful deal completion resulting in the deleveraging of the
company could lead to a positive rating action.

Negative: The instrument rating could be downgraded further in
case of default on any of the facilities.

COMPANY PROFILE

R-Infra is the flagship company of the India-based Reliance Group,
led by Anil Dhirubhai Ambani, active in the energy and
infrastructure businesses. R-Infra's standalone operations
constitute a vertically integrated power generation, transmission
and distribution business catering to parts of Mumbai city. R-
Infra also has an in-house engineering-procurement-construction
division active in power and road segments. Its total generating
capacity is 941MW, consisting of four thermal-based plants and a
small wind power facility.

The company's revenues declined to INR92.6 billion in FY18 (FY17:
INR95.1 billion) due to a fall in engineering-procurement-
construction segment revenue to INR8.9 billion (INR15.7 billion)
and a fall in regulatory income to INR2.9 billion (INR7.5
billion).


RICHA PETRO: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Richa
Petro Products Limited (RPPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      12.58      CARE D; Issuer Not Cooperating;
   Facilities                     Based on no available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPPL to monitor the rating
vide e-mail communications/letters dated May 7, 2018, June 21,
2018, June 28, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on RPPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

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

Key Rating Weaknesses:

The rating takes into account ongoing delay in the servicing of
the bank debt obligations on account of the stretch liquidity
position of the company.

Richa Petro Products Private Limited (RPPPL) (erstwhile, Richa
Pipes & Fittings Private Limited, name changed in 2011) was
incorporated in the year 2010 by Mr. Ramesh Chandra Parida of
Bhubaneswar, Odisha. The company has been engaged in manufacturing
of pipes, pipe fittings, furniture, and water tanks of PVC
(Polyvinyl Chloride). The main raw materials used in the
production activity are Linear low-density polyethylene (LDPE),
High-density polyethylene (HDPE), Polypropylene (PP) and PVC
resin. The raw materials are procured mainly from Haldia
Petrochemicals Limited and Reliance Industries Limited. The
manufacturing plant of the company is located at Bhubaneshwar,
Odisha and it is well equipped with modern amenities along with
ISO 9001:2008 certification. RPPPL sells its products under the
brand name of "Richa"(unregistered) through its established dealer
network covering the state of Odisha only.


RISING HOTEL: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rising Hotel
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:

-- INR261.4 mil. Term loan due on July 2021 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR40 mil. Proposed fund-based working capital limits
    migrated to non-cooperating category with Provisional IND BB-
    (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 5, 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 1991, Rising Hotel is involved in the operations
and management of Country Inns & Suites in partnership with
Carlson group.


S.S. INFRAZONE: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) downgrades S.S. Infrazone
Private Limited's (SSIPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based limits Long-term rating downgraded;
    Short-term rating affirmed with IND BB/Stable/IND A4+ rating;
    and

-- INR495 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The downgrade reflects a substantial decline in SSIPL's revenue
leading to deterioration in its credit metrics. As per FY18
provisional financials, revenue almost halved to INR782.63 million
(FY17: INR1,474.71 million) owing to delays in receipt of payments
from customers. Operating EBITDA fell to INR116.75 million in
FY18P (FY17: INR155.09 million) due to an increase in
administrative expenses. Consequently, interest coverage
(operating EBITDA/gross interest expense) deteriorated to 4.55x in
FY18P (FY17: 9.80x) and net leverage (net debt/operating EBITDA)
to 1.82x (1.41x).

The ratings are further constrained by the company's stressed
liquidity position as evident from full utilization of the fund-
based limits during the 12 months ended June 2018.

The ratings, however, is supported by the company's healthy EBITDA
margins of 14.92% in FY18P (FY17: 10.52%) with healthy return on
capital employed of 15% (34%). Despite the fall in revenue, the
margins increased owing to execution of high-margin projects.

The ratings also benefit from SSIPL's promoters' experience of
more than two decades in the construction business and strong
order book of INR3,200 million as on May 2018, which is to be
executed by March 2020.

RATING SENSITIVITIES

Positive: Sustained growth in the revenue and sustained strong
order book while maintaining the credit metrics, along with an
improvement in the liquidity position could be positive for the
ratings.

Negative: A further decline in the revenue or operating
profitability leading to a sustained deterioration in the credit
metrics could be negative for the ratings.

COMPANY PROFILE

Formed in 2012, SSIPL undertakes construction contracts mainly for
Jhansi Public Works Department, Gorakhpur Public Works Department
and Luck now Irrigation Authority. The company has been classified
as Class-I under Central Public Works Department, India (B&R)
since 1990 and Class-IA Municipal Corporation of Delhi since 1981.


SAARTH ENTERPRISES: CARE Moves D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Saarth
Enterprises Private Limited (SEPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank        8.00     CARE D; Issuer not cooperating;
   Facilities                     Based on the best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SEPL to monitor the rating
vide e-mail communications/ letters dated April 30, 2018,
June 25, 2018, June 26, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the firm 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 SEPL's bank facilities will now
be denoted as CARE D; Issuer Not Cooperating.

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

The ratings take into account the delay in servicing of debt
obligations and classification of the company's account as
Non-Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating in April 19, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Banker).

Key rating weakness

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

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading of
construction materials in Maharashtra. The company
trades in various construction materials viz. clay and ancillary
materials such as Geo Textiles & Geo Synthetics used for
road construction. The company runs its operations from its office
located at Powai, Mumbai.


SANTHAGARIK AGRO: CRISIL Hikes Rating on INR5cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Santhagarik Agro Private Limited (SAPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Term Loan              2.55     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile, due to
enhanced capacity to 10 tonne per hour (tph) from 5 tph earlier.
Also, the improvement in financial risk profile is reflected in
total outside liabilities to tangible networth (TOLTNW) ratio of 3
times as on March 31, 2018 and comfortable debt protection metrics
with  interest coverage ratio and net cash accrual to adjusted
debt of 2.5 times and 0.14 time, respectively, in fiscal 2018.

The rating also reflects a modest scale in the intensely
competitive industry and working capital-intensive operations.
These weaknesses are partially offset by the promoters' extensive
experience in the rice milling industry.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
(INR1.94 crore estimated as on March 31, 2017) extended by the
promoters as neither debt nor equity in calculating the financial
ratios. This is because these loans are interest-free and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale in a highly fragmented industry: Operating income
though improved, yet remains modest at INR32.9 crore for fiscal
2018 in the competitive rice industry and is expected to remain at
similar level over the medium term.

* Working capital-intensive operations: Gross current assets
(GCAs) are estimated at 120- 160 days, driven by inventory and
receivables of 100-130 and 20-30 days, respectively, as on March
31, 2018. Moreover, payables are at an estimated 25-40 days, over
three years through fiscal 2018. Operations are likely to remain
moderately working capital intensive over the medium term.

Strengths

* Promoters' extensive experience: Benefits of extensive
experience of the promoters over eight year in the rice milling
industry has helped the company establish strong relationships
with customers and suppliers.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if better-than-expected revenue and profitability
strengthens cash accrual and hence, the financial risk profile.
The outlook may be revised to 'Negative' if aggressive, debt-
funded capital expenditure or a stretch in working capital cycle,
weakens the financial risk profile.

Incorporated in 2003, SAPL mills and process paddy into parboiled
rice, rice bran, broken rice, and husk. It has an installed paddy
milling capacity of 10 tph. The current capacity utilisation is at
70-80%. The manufacturing facility is located at Maharajganj,
Uttar Pradesh.


SINGAN PROJECTS: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Singan
Projects Limited (SPL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      33.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term Bank     21.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPL to monitor the ratings
vide e-mail communications/letters dated April 18, 2018, July 13,
2018, July 16, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Singan Projects Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating in February 2017, the following were
the rating strengths and weaknesses:

Key rating Strengths:

Experienced promoter: Singan Projects Limited is promoted by Mr. S
Narayana Reddy who has been present in the construction industry
for about more than four decades and has significant experience in
working for various projects for the government departments.

Key rating weakness:

Stretched liquidity position: The company has been facing liquidty
stretch with delays in debt servicing obligation.

Singan Projects Limited (SPL), incorporated in 2002, is promoted
by Mr. S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is
engaged in the business of water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects etc. majorly through direct contracts, awarded by the
State and Central Government departments.

The promoter; Mr. S. Narayana Reddy (CMD) has been present in the
construction industry for more than four decades and has
significant experience in working for various projects under the
Government department of AP.


TARACHAND INTERNATIONAL: CARE Cuts Rating on INR50cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tarachand International Private Limited (TIPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long term/        50.00       CARE D; Issuer not cooperating;
   short Bank                    Based on the best available
   Facilities                    information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TIPL, to monitor the rating
vide e-mail communications/ letters dated April 30, 2018, June 25,
2018, June 26, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company 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 RKE's bank
facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account the delay in servicing of debt
obligations and classification of the company's account as
Non-Performing Asset (NPA).

Detailed description of the key rating drivers

At the time of last rating in April 19, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Banker):

Key rating weakness

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

Tarachand International Private Limited (TIPL) was set-up in 2011
by Mr. Vinod Kariya and Mrs Sunita Kariya. The company
is into the business of steel trading (viz. sheets, plates,
channels, angels & others) and ship breaking. TIPL has its
registered office in Mumbai and carries out the ship breaking
activity from the Mumbai port.


VATSA AUTOMOBILES: CARE Migrates D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Vatsa
Automobiles Pvt. Ltd. (VAPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      12.04      CARE D; Issuer Not Cooperating;
   Facilities                     Based on no available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VAPL to monitor the rating
vide e-mail communications/letters dated May 9, 2018, May 21,
2018, May 28, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. 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 VAPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account its ongoing delays in debt
servicing, lack of experience of the promoters in automobile
dealership business, pricing constraints and margin pressure
arising out of competition from various auto dealers in the
market, linkage to the fortunes of M&M, working capital intensive
nature of business and renewal based dealership agreements. The
ratings, however, derive strength from its benefits arising out of
owned premises, integrated nature of business and sole authorized
dealer of M&M in Bhagalpur (Bihar) for full range of products.

Detailed description of the key rating drivers

At the time of last rating in March 22, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Delays in debt servicing: Ongoing delays in debt servicing as the
company has not payed the term loan installment over last three
months and the respective account has been classified as NPA.

Incorporated on April 10, 2012, Bhagalpur (Bihar) based Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr. Shailesh Singh with
his wife Mrs. Kiran Singh and son Mr. Chandra Prakash Singh. VAPL
is an authorized dealer of Mahindra & Mahindra Ltd (M&M: Rated
CARE AAA/A1+) for its commercial and passenger vehicle segment. It
also offers spare parts, accessories, lubricants& aftersales
services (repair and refurbishment) for its vehicle sold. The
commercial operation of VAPL was started since September 13, 2013.
VAPL has one showroom at Bhagalpur (Bihar) equipped with 3-S
facilities (Sales, Service and Spare-parts) which covers Munger,
Naogachia and Bhagalpur area of Bihar.


VESTA EQUIPMENT: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Vesta
Equipment Private Limited (VEPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      3.45       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

   Short term Bank     8.50       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VEPL to monitor the rating
vide e-mail communications/letters dated April 25, 2018, May 11,
2018, July 5, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines, the rating on Vesta Equipment Private Limited
bank facilities will now be denoted as CARE D; Issuer not
Cooperating; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 15, 2015, the following
were the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key rating Weaknesses

Ongoing delays in debt servicing: The banker has confirmed that
there are ongoing delays in repayment and interest payment.

Key rating strengths

Experienced promoters

The company is being promoted by Mr. R. Balasubramanian and Mr.
Sam Alumkal Thampi of Bangalore, Karnataka. Mr. R. Balasubramanian
(aged 54 years), Managing Director, is an Engineer, having around
three decades of experience in manufacturing of industrial
machineries and was associated with various heavy equipment
manufacturing companies like Ingersoll-Rand (India) Ltd as a
strategic business unit head, Thermo King India Pvt Ltd as a
country head and also worked in Doosan Infracore's Construction
Equipment (India) as CEO. While Mr. Sam Alumkal Thampi (Director,
aged 44 years, Post Graduate), having more than two decades of
experience in sales and marketing with several companies (like
Voltas Ltd, Ingersoll-Rand (India) Ltd, Volvo India Pvt. Ltd.
etc), looks after the marketing aspect of the company. They are
actively supported by a team of experienced personnel.

Vesta Equipment Private Limited (VEPL) was incorporated in May,
2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA.  Currently the company manufactures
three kinds of air screw compressors which are utilized in water
well drilling, coal bed methane drilling, geothermal,
underbalanced drilling etc. The manufacturing unit of the company
is situated at Bangalore and having a capacity to produced 690
units of machines per annum.


XALTA FOOD: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Xalta Food and Beverages Private Limited

        Registered Office:
        RZ-37A, Naya Bazar, Rati Ram Park,
        Najafgarh, New Delhi South West Delhi
        DL 110043 IN

        Principal Office:
        161, B/4, 4th Floor Gulmohar House, Gautam Nagar,
        Yusuf Sarai New Delhi 110049 DL IN

Insolvency Commencement Date: July 25, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 20, 2019
                               (180 days from commencement)

Insolvency professional: Naveen Kumar Jain

Interim Resolution
Professional:            Naveen Kumar Jain
                         F-1, Milap Nagar, Uttam Nagar,
                         New Delhi - 110059
                         E-mail:
                         insolvencyprofessional@rediffmail.com

                            - and -

                         NK & Partners Law Offices
                         F-1, Ram Chandra Gehlot Marg,
                         Milap Nagar, Uttam Nagar,
                         New Delhi - 110059
                         E-mail: ip.xalta@rediffmail.com

Last date for
submission of claims:    August 8, 2018



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


TOBA BARA: Fitch Withdraws 'B-(EXP)' Rating on Proposed Bond
------------------------------------------------------------
Fitch Ratings has withdrawn the 'B-(EXP)' expected rating and
Recovery Rating of 'RR4' assigned to Indonesia-based coal producer
PT Toba Bara Sejhatra Tbk's (TOBA, B-/Stable) proposed US dollar
senior unsecured notes.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as TOBA's proposed debt
issuance is no longer expected to convert to final ratings, as the
company does not intend to proceed with the notes issue within the
previously envisaged timeline. The expected rating on the proposed
notes was assigned on February 23, 2018.

RATING SENSITIVITIES

Not applicable as the rating is being withdrawn.



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


LENDINGSTAR MALAYSIA: Securities Commission Issues Cease Order
--------------------------------------------------------------
The Sun Daily reports that Lendingstar Malaysia Sdn Bhd has been
directed by the Securities Commission Malaysia (SC) to cease all
its activities with immediate effect.

According to the report, SC said the directive was issued on
July 23 after an inquiry found that Lendingstar is not registered
to operate a recognised market and is providing auto invest
facilities without licence or registration from the SC, as
required under the securities law.

To date, the SC has registered seven equity crowdfunding and six
peer-to-peer platform operators, the report notes.

It advised issuers and investors to exercise diligence and verify
the legitimacy of platform operators before participating in any
fundraising or investment activities, the Sun Daily relates.
Investors may access the full list of registered platform
operators here https://www.sc.com.my/digital/list_rmo/.

The Sun Daily adds that the SC urged members of the public who
have come across any suspicious capital market activities and
services to alert the commission by contacting them at
+(603)6204-8999 or e-mail at aduan@seccom.com.my



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


PACIFIC RADIANCE: Sets Aug. 24 Date for Vote to Restructure Notes
-----------------------------------------------------------------
The Strait Times reports that holders of Pacific Radiance's
$100 million of 4.3 per cent notes due Aug. 29 will meet on
Aug. 24 to vote on the offshore and marine contractor's proposed
restructuring of their bonds.

According to The Strait Times, the company will conduct informal
clinic sessions for noteholders on Aug. 8 and 10, from 4:00 p.m.
to 6:00 p.m. at the office of Dentons Rodyk & Davidson to address
any queries from noteholders in relation to the consent
solicitation exercise.

Pacific Radiance has asked bondholders to swap out their bonds for
warrants and either of two options: cash and equity, or
convertible bonds, the report relays.

The Strait Times relates that under the cash-and-equity option,
bondholders will receive $37,500 in cash and 2.104 million Pacific
Radiance shares for every $250,000 of notes held, in addition to
125,000 four-year warrants with a strike price of 2.8 cents. The
cash component is to be paid out in three installments over seven
years.

Under the convertible bond option, bondholders will receive
$250,000 of 0.25 per cent nine-year convertible bonds for every
$250,000 of straight bonds held, the report discloses. The
convertibles will have an initial conversion price of $0.112 per
share, and the coupon will step up at 25 basis points after every
three years. As with the other option, bondholders will also
receive 125,000 four-year warrants with a 2.8 cent strike price
for every $250,000 of bonds held.

Among other conditions, the company also is seeking to waive the
non-payment of the principal amount of the notes, and to postpone
the maturity date of the notes until Sept. 30, 2019, The Strait
Times adds.

Trading of Pacific Radiance shares has been voluntarily suspended
since Feb. 28, The Strait Times notes.

                       About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three
divisions: Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

As reported in the Troubled Company Reporter-Asia Pacific on
July 25, 2018, Pacific Radiance Ltd on July 23 made an application
to the Singapore High Court under section 211B(1) of the Companies
Act (Cap.50) to seek interim protection against legal proceedings
that will regress the Group's ongoing discussions with the various
stakeholders.

The Application sought, inter alia, orders that:

(a) no appointment shall be made of a receiver or manager over
any property or undertaking of the Company

(b) except with the leave of Court,

    (i) no legal proceedings may be commenced or continued
    against the Company,

    (ii) no execution, distress or other legal process against
    any property of the Company shall be commenced, continued
    or levied,

    (iii) no steps to enforce any security over any property of
    the Company or to repossess any goods held by the Company
    under any chattels leasing agreement, hire-purchase agreement
    or retention of title agreement shall be taken or continued
    and

   (iv) no right of re-entry or forfeiture under any lease in
    respect of any premises occupied by the Company may be
    enforced (collectively the relief sought in (a) and (b), the
    "Moratorium") for a period from the date of the grant of the
    Application until December 11, 2018 or until further order.

Pursuant to section 211B(8) of the Companies Act, during the
period commencing on the filing of the Application and ending on
the earlier of 30 days after the Application is made and the date
on which the Application is decided by the Court, the Moratorium
takes effect automatically and no order may be made for the
winding up of the Company (the "Automatic Moratorium").

Pacific Radiance said the Automatic Moratorium and the
Moratorium, if granted, will allow the Group an opportunity and
adequate time to continue to finalise the restructuring and
investment.


PACIFIC RADIANCE: Granted Moratorium on Creditors' Actions
----------------------------------------------------------
Janice Heng at The Business Times reports that Pacific Radiance
has been granted a moratorium on legal actions taken by its
creditors, the offshore marine services company announced after
the market closed on July 31.

Its application, made on July 24, was to protect Pacific Radiance
against any attempts by its creditors to enforce their claims
while the company is in discussions with stakeholders on
restructuring, according to the report.

In granting the moratorium on July 31, the court further ordered
that the moratorium does not preclude DBS Trustee Limited from
enforcing its rights regarding SGD100 million 4.30 per cent notes
due 2018, for which it is trustee, BT relates.

According to BT, the court also ordered Pacific Radiance to submit
a report on the valuation of its significant assets, in support of
its intended application for a scheme of arrangement, as well as
to submit information on any acquisition, disposal or grant of
security no later than 14 days afterwards.

When Pacific Radiance sends documents on its proposed
restructuring scheme to creditors, it must also provide forecasts
of profitability and cash flow from operations on a consolidated
basis, the report says.

                      About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three
divisions: Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

As reported in the Troubled Company Reporter-Asia Pacific on
July 25, 2018, Pacific Radiance Ltd on July 23 made an application
to the Singapore High Court under section 211B(1) of the Companies
Act (Cap.50) to seek interim protection against legal proceedings
that will regress the Group's ongoing discussions with the various
stakeholders.

The Application seeks, inter alia, orders that:

(a) no appointment shall be made of a receiver or manager over
    any property or undertaking of the Company

(b) except with the leave of Court,

    (i) no legal proceedings may be commenced or continued
    against the Company,

    (ii) no execution, distress or other legal process against
    any property of the Company shall be commenced, continued
    or levied,

    (iii) no steps to enforce any security over any property of
    the Company or to repossess any goods held by the Company
    under any chattels leasing agreement, hire-purchase agreement
    or retention of title agreement shall be taken or continued
    and

   (iv) no right of re-entry or forfeiture under any lease in
    respect of any premises occupied by the Company may be
    enforced (collectively the relief sought in (a) and (b), the
    "Moratorium") for a period from the date of the grant of the
    Application until December 11, 2018 or until further order.

Pursuant to section 211B(8) of the Companies Act, during the
period commencing on the filing of the Application and ending on
the earlier of 30 days after the Application is made and the date
on which the Application is decided by the Court, the Moratorium
takes effect automatically and no order may be made for the
winding up of the Company (the "Automatic Moratorium").

Pacific Radiance said the Automatic Moratorium and the
Moratorium, if granted, will allow the Group an opportunity and
adequate time to continue to finalise the restructuring and
investment.



                             *********

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.



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