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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

           Wednesday, August 8, 2018, Vol. 21, No. 156


                            Headlines


A U S T R A L I A

ABCD Group: First Creditors' Meeting Set for August 16
ATHESSA CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 14
BUMPER TO BUMPER: First Creditors' Meeting Set for August 17
CREATIVE COMMERCIAL: First Creditors' Meeting Set for Aug. 16
GOGNOS HOLDINGS: CA Upholds Orders to Wind Up Investment Firms

SAAFIN CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 15
YORK CIVIL: Placed in Voluntary Administration


C H I N A

GCL NEW: Moody's Cuts CFR to 'Ba3' & Sr. Unsec. Rating to 'B1'
GUIRENNIAO CO: Moody's Withdraws B2 CFR for Business Reasons


I N D I A

AARYAMAN RECREATION: CARE Lowers Rating on INR7.50cr Loan to D
ADARSHA INTERNATIONAL: CARE Assigns B Rating to INR5.20cr Loan
ADITYA PROMOTERS: Ind-Ra Migrates BB- Rating to Non-Cooperating
ALI AGENCY: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
AMARAVATHI TOURISM: CARE Assigns B+ Rating to INR7.90cr Loan

ATIBIR HI-TECH: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
B S BUILDTECH: CARE Lowers Rating on INR45cr LT Loan to B+
BHUSHAN POWER: Deadline for Submitting Bids Extended to Aug. 13
BIPIN ENGINEERS: CARE Assigns B+ Rating to INR5.03cr Loan
BIR STEELS: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating

COLD STORAGE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
DILIP ROAD: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
DIMYRA INTERNATIONAL: CARE Assigns B Rating to INR5.91cr Loan
EXCEL GENERATORS: CARE Raises Rating on INR3cr LT Loan to BB-
IRIS BUSINESS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable

MA CHANDI: CARE Assigns D Rating to INR7.49cr LT Loan
MA MAHAMAYA: CARE Assigns B+ Rating to INR11.30cr LT Loan
MAHAMAYA INFRASTRUCTURE: CARE Cuts Rating on INR70cr Loan to D
MAHAVIR ENTERPRISES: Ind-Ra Migrates D Rating to Non-Cooperating
MC SPINNERS: Ind-Ra Maintains D Issuer Rating in Non-Cooperating

PANKAJ ISPAT: CARE Migrates B- Rating to Not Cooperating
PROGRESSIVE EXIM: CARE Lowers Rating on INR24.5cr Loan to D
RAMSWAROOP SHIVHARE: CARE Moves B+ Rating to Not Cooperating
RANKAS TEXFAB: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
RELIANCE INFRA: Ind-Ra Downgrades LT Rating to 'D'

RELIANCE INFRASTRUCTURE: CARE Cuts Rating on INR3,700cr Loan to B
RUI LABORATORIES: CARE Assigns B+ Rating to INR30cr LT Loan
SARVOTTAM POULTRY: CARE Reaffirms B Rating on INR15.30cr Loan
SHRI JINESHWAR: CARE Lowers Rating on INR5cr LT Loan to B
SIGMA-C INFRASTRUCTURE: CARE Cuts Rating on INR8cr Loan to D

SRI DHANDAYUTHAPANI: CARE Hikes Rating on INR14.83cr Loan to B+
SWAAA CORPORATION: Ind-Ra Withdraws 'D' Long Term Issuer Rating
TECH INDIA: CARE Assigns B+ Rating to INR5cr LT Loan
THEOS IMAGING: CARE Lowers Rating on INR15cr LT Loan to D
UMASHREE RICE: CARE Assigns B Rating to INR13.44cr LT Loan

V.R. INDUSTRIES: CARE Lowers Rating on INR10cr LT Loan to B+
VENKATA BHAGYALAKSHMI: Ind-Ra Keeps B Rating in Non-Cooperating
VENKETSWAR AGRO: CARE Assigns B+ Rating to INR6.63cr LT Loan
VIRAL CORPORATION: CARE Reaffirms B Rating on INR6.50cr LT Loan
VSP UDYOG: CARE Migrates D Rating to Not Cooperating Category


N E W  Z E A L A N D

EVOLVED LEADERSHIP: Life Coach Shuts Business; Declared Bankrupt
ORANGE-H GROUP: Owes NZ$30 Million to Unsecured Creditors
STONEWOOD HOMES: Still Owes NZ$11.4MM to Unsecured Creditors


P H I L I P P I N E S

TIAONG RURAL: Placed Under PDIC Receivership


S O U T H  K O R E A

* 32 Listed Firms Received 'Adverse' Audit Opinions in 2017


                            - - - - -


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


ABCD Group: First Creditors' Meeting Set for August 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of ABCD Group
Holdings Australasia Pty Ltd will be held at Level 11, 127 Creek
Street, in Brisbane, Queensland, on Aug. 16, 2018, at 10:30 a.m.

Ginette Muller of Jirsch Sutherland was appointed as
administrator of ABCD Group on Aug. 3, 2018.


ATHESSA CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Athessa
Constructions Pty Ltd will be held at the boardroom of Servcorp
Level 26, 44 Market Street, in Sydney, NSW, on Aug. 14, 2018, at
3:00 p.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of Athessa Constructions on Aug. 2, 2018.


BUMPER TO BUMPER: First Creditors' Meeting Set for August 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bumper to
Bumper Paint Repairs Pty Limited will be held at the offices of
Bernardi Martin, 195 Victoria Square, in Adelaide, SA, on
Aug. 17, 2018, at 10:00 a.m.

Hugh Sutcliffe Martin and Michael Dirk Hawker van Dissel of
Bernardi Martin were appointed as administrators of Bumper to
Bumper on Aug. 7, 2018.


CREATIVE COMMERCIAL: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Creative
Commercial Interiors Pty Ltd will be held at the offices of BCR
Advisory (SA) Pty Ltd, Level 2, 139 Frome Street, in Adelaide,
SA, on Aug. 16, 2018, at 11:00 a.m.

Stephen Glen James of BCR Advisory was appointed as administrator
of Creative Commercial on Aug. 6, 2018.


GOGNOS HOLDINGS: CA Upholds Orders to Wind Up Investment Firms
--------------------------------------------------------------
The Queensland Court of Appeal has dismissed an appeal against
orders appointing liquidators to Gognos Holdings Ltd and Dynamic
Agri Tech Ltd (DAT).

In dismissing the appeal, the Court referred to the companies'
'lamentable history of mismanagement of and misconduct'.  The
Court of Appeal endorsed the trial judge's conclusion that:

'. . . there is a well-founded and justified lack of confidence
in the conduct and  management of the companies' affairs, such as
to give rise to a real risk to the public interest that warrants
protection - to protect existing and the prospect of any future
investors, the public, and creditors, where the companies have
not carried on their business candidly and in a straightforward
manner with the public, and have been mismanaged, as well as to
prevent and condemn the repeated and continuing breaches of the
[Corporations Act 2001]. It is inappropriate that the respondents
be allowed to continue on the basis of what could be put no
higher than an "unknowable" prospect of potential commercial
success which may result in a return to investors, in the face of
past and continuing non-compliance with obligations,
mismanagement of the affairs of the companies, and misleading
representations to investors, and where those now presenting as
the "new management" are not "new" at all, but have long term
associations with the companies and the principal offender in
terms of the misleading conduct of the past, Mr. Manasseh, who
remains in the shadows of these companies.'

In particular, the Court noted that the trial judge was correct
to consider the protection of future investors.

The companies were ordered to pay ASIC's costs of the appeal.

The liquidators of the companies, Mr. Michael Hill and Mr.
William Harris of McGrathNicol, will now proceed with their
appointment.

On Sept. 25, 2017, ASIC obtained orders appointing Mr. Michael
Hill and Mr. William Harris, of McGrathNicol, as joint and
several liquidators of the companies. The liquidators'
appointment was stayed by the court pending an appeal by the
companies, which was filed on Oct. 9, 2017.

Gognos' sole business activity was raising funds from members of
the public through the issue of its shares. Those funds were on-
lent to Dynamic and related entities to fund their business
operations, which included the development of technology to
manufacture animal fodder in container modules.

Gognos raised approximately AUD7.7 million from more than 100
shareholders since 2008. ASIC filed its application to wind up
the companies on Sept. 21, 2016.


SAAFIN CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Saafin
Constructions Pty Ltd will be held at Level 15, 114 William
Street, in Melbourne, Victoria, on Aug. 15, 2018, at 10:30 a.m.

Matthew Kucianski and Ivan Glavas of Worrells Solvency were
appointed as administrators of Saafin Constructions on Aug. 3,
2018.


YORK CIVIL: Placed in Voluntary Administration
----------------------------------------------
Simon Evans at Australian Financial Review reports that
construction and engineering company York Civil has hit serious
strife, with Ferrier Hodgson appointed as voluntary
administrators to the firm that has a workforce of 400 people and
is involved in freeway and bridge construction, and mining
projects.

AFR relates that Ferrier Hodgson partner Martin Lewis said on
August 6 that a creditors' meeting would be held on August 16 but
the company would continue its work on all the contracts that it
was involved in while he conducts a review of the operations. The
company has grown from its South Australian base to have offices
in Perth, Brisbane and Sydney.

According to AFR, York Civil has been working in conjunction with
ASX-listed Downer EDI on the construction of four new tram stops
on North Terrace in the Adelaide CBD that has been hurt by delays
and faults after the contract was awarded in mid-July last year
to a joint venture between the two firms known as the Downer York
Joint Venture.

The report relates the company is also working on the
construction of an upgrade of a four-kilometre section of one of
Adelaide's busiest arterial roads, South Road, in what is known
as the "Torrens to Torrens" project.

York Civil was established in 1990 by Ian Tarbotton, who was
still the group managing director of the company until the
appointment of Mr. Lewis, AFR says.

"York Civil is an iconic business that undertakes engineering and
construction projects for both government and private clients
across defence, power, transport, resources, water and marine
sectors," the report quotes Mr. Lewis as saying.

He said talks were being held with the company's main customers
ahead of the creditors' meeting, AFR says.



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


GCL NEW: Moody's Cuts CFR to 'Ba3' & Sr. Unsec. Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of GCL New Energy Holdings Limited to Ba3 from Ba2 and the
senior unsecured rating on its USD bond to B1 from Ba3.

The ratings outlook is negative.

The rating actions conclude the review for downgrade initiated on
June 7, 2018.

RATINGS RATIONALE

"The downgrade reflects the reduced ability of GCL-Poly Energy
Holdings Limited, the parent company of GCL New Energy, to
provide extraordinary support to GCL New Energy in times of need,
due to the challenging operating conditions in the solar upstream
sector," says Ralph Ng, a Moody's Assistant Vice President and
Analyst.

"The negative outlook reflects our concerns over GCL New Energy's
heightened liquidity risk and the ongoing challenging operating
environment in solar upstream sector, which continues to
constrain the credit profile of GCL Poly and its ability to
provide support to GCL New Energy," adds Ng.

Moody's believes that GCL Poly's credit profile is weakened
because of the expected sluggish demand for solar upstream
components over the next 12 to 18 months, after the policy
announcement by the government in May regarding the sector.

Given the close linkage between GCL New Energy and GCL Poly, a
weakening in the parent's credit profile directly and negatively
challenges the subsidiary's ratings.

GCL New Energy's Ba3 CFR incorporates a one-notch parental uplift
by GCL Poly, compared to a two-notch uplift prior to the ratings
downgrade.

On May 31, 2018, China's National Development and Reform
Commission, the Ministry of Finance and the National Energy
Administration announced that targeted capacity additions for
utility-scale projects in 2018 would not be determined as yet.

The announcement has the effect of reducing growth of the solar
power industry, a credit negative for solar upstream companies,
such as GCL Poly.

Moody's believes the weak demand for solar equipment will
materially affect the profitability of GCL Poly at least over the
next 12 to 18 months.

The negative outlook on the ratings considers GCL New Energy's
tight liquidity as well as the continuous weakening of the credit
profile of GCL Poly and its ability to provide support to GCL New
Energy amid the challenging operating environment in the solar
upstream sector.

GCL New Energy has a tight liquidity profile, highlighted by
considerable amount of short term debt maturing and the delay in
cash receipt of government subsidies on new projects.
Consequently, Moody's expects the company's reliance on external
funding will remain high.

Furthermore, the intention of GCL Poly to dispose of its majority
stake in its solar upstream subsidiary indicates that the group's
business model could evolve more rapidly than Moody's had
previously envisaged.

In June, GCL Poly announced that it had entered into a framework
agreement with Shanghai Electric Group Company Limited (A2
stable) to dispose of a 51% equity interest in Jiangsu Zhongneng,
which is a core and significant cash contributing subsidiary.

However, GCL Poly and Shanghai Electric both announced last
Friday that both parties terminated the framework agreement
regarding the disposal of equity interest of Jiangsu Zhongneng by
GCL Poly.

Moody's will assess GCL Poly's ongoing intentions to dispose of
its core assets.

Moody's will also consider any changes to GCL New Energy's
position within the GCL Poly group, as well as the extent to
which its business and financial plans will change in response to
the recent regulatory announcements, including any overseas
expansion.

Given the negative ratings outlook, upward rating potential is
limited.

The outlook on GCL New Energy's ratings could change to stable,
if (1) the company strengthens its liquidity profile, and (2) GCL
Poly's credit profile strengthens and the negative impact from
the evolving industry policy is manageable to GCL Poly.

The rating could be downgraded if (1) the current supportive
regulatory environment for solar power generation shows further
material adverse changes; or (2) the credit profiles of GCL New
Energy or GCL Poly weaken materially, or both.

Financial indicators for a possible downgrade include funds from
operations (FFO) interest coverage below 1.8x and FFO/debt below
4.0% over a prolonged period.

Any implication of weakening support from the parent to GCL New
Energy, including (1) GCL Poly losing absolute management control
over the company, and/or (2) GCL Poly losing its status as the
single largest shareholder, will also exert downgrade pressure on
GCL New Energy.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

GCL New Energy Holdings Limited is a privately owned solar power
generation company in China. The company's installed capacity
totaled 5.9GW in 26 provinces in China and overseas at the end of
2017.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings
Limited at the end of 2017. Founded in 1996, GCL Poly is an
integrated solar photovoltaic company. GCL New Energy is the sole
downstream platform of the parent company.


GUIRENNIAO CO: Moody's Withdraws B2 CFR for Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn Guirenniao Co., Ltd.'s B2
corporate family rating and the negative outlook on the rating.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Headquartered in Jinjiang, Fujian Province, Guirenniao Co., Ltd.
is a Chinese sportswear apparel and footwear maker that designs
and produces its own-brand footwear, apparel and accessories.



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


AARYAMAN RECREATION: CARE Lowers Rating on INR7.50cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aaryaman Recreation Club Limited (ARCL), as:

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

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of ARCL is primarily due to
irregularity in servicing its debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There were instances of delay in
servicing of interest on term loan.

Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL)
is a closely held company, incorporated in 2014 is promoted by
Mr. Vimal Kalsariya, Mr. Ishwarlal Gehi , Mr. Kanaiyalal Gehi,
Mr. Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya
and Mr. Jayantilal Godhadara. ARCL is setting up a project to
establish a Recreational club. The club will have various
amenities such as follows Theatres, Eateries, Beauty
salon/Spa/Wellness centre, Guest rooms, Conference hall, Party
hall. The project will be executed in two phases wherein three
buildings namely Ruby, Sapphire and Emerald will be constructed.
In the first phase, ARCL is constructing Ruby building for which
the estimated cost is INR16.76 crore and the same is expected to
completed by September 2019. The Sapphire and Emerald will be
constructed in the second phase which is envisaged to start from
October 2019 and expected to be completed by March, 2021. Total
cost of project is INR29.93 crore which will be funded through
term loan of INR7.50 crore, equity capital of INR3.20 crore,
unsecured loans of INR0.44 crore and the rest amount will be
obtained through membership fees.


ADARSHA INTERNATIONAL: CARE Assigns B Rating to INR5.20cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Adarsha International (AIN), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.20       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of AIN is constrained
by small scale of operations with low profit margins,
proprietorship nature of business, geographical concentration and
geopolitical risk and presence in highly competitive & fragmented
industry. The rating, however, derives strength from its
experienced proprietor with long track record of operations and
strong capital structure with satisfactory debt coverage
indicators.

Going forward, the ability of the firm to increase its scale of
operation with improvement in profit margins and manage its
working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the firm was small marked by its total operating
income (TOI) of INR3.51 crore with a PAT of INR0.05 crore in
FY17. Furthermore the total operating income has been drastically
declining on y-o-y basis during last three financial years (FY15:
INR115.96 crore, FY16: INR39.28 crore and FY17: INR3.51 crore).
However the firm has reported turnover of INR54.71 crore in FY18.
Moreover, the profitability margins of the firm remained low
marked by PBILDT margin of 2.28% (FY16: 0.96%) and PAT margin of
1.35% (FY16: 0.28%) in FY17.

Proprietorship nature of business: AIN, being a proprietorship
firm, is exposed to inherent risk of the capital being withdrawn
at time of personal contingency and entity being dissolved upon
the death/insolvency of the proprietor. Further, proprietorship
firm has restricted access to external borrowing as credit
worthiness of the partners would be the key factors affecting
credit decision for the lenders.

Geographical concentration and Geo-Political Risk: AIN generates
100% revenue from export and the firm exports only to Bangladesh
and hence, a slump in the demand from this region might
significantly impact the revenue of the firm.

Presence in highly competitive & fragmented industry: AIN
operates in highly fragmented and competitive market marked by
the presence of numerous organized as well as unorganized players
in India. Low entry barriers and low investment requirements
makes the industry highly lucrative and thus competitive. Smaller
companies in general are more vulnerable to intense competition
due to their limited pricing flexibility, which constrains their
profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations.

Key Rating Strengths

Experienced proprietor with long track record of operations: AIN
was established as a proprietorship firm by Mr. Partha Saha since
April 2000 and engaged in trading of rice, dal and oil cake.
Accordingly, it has 18 years of long track record of operations
and has established good relationship with its clients. Currently
the firm is managed by Mr. Partha Saha (proprietor, aged about 44
years) is having over 18 years of long experience in the export
business. He looks after the overall management of the firm, with
adequate support from a team of experienced personnel.

Strong capital structure with satisfactory debt coverage
indicators: The capital structure of the firm was strong with nil
debt equity ratio and overall gearing ratio due to nil debt as on
March 31, 2017. Moreover the debt coverage indicators of the firm
were also satisfactory with interest coverage ratio of 3.42x and
nil total debt to GCA in FY17.

AIN was established in April 2000 as a proprietorship firm by Mr.
Partha Saha. The firm is engaged in exporting of nonbasmati rice,
dal and oil cake to Bangladesh. The registered office of the firm
is situated at North 24 Parganas, West Bengal.


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limit migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based limit migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aditya Promoters, incorporated in 1987, is engaged in the trading
of household goods such as gift articles, glassware, plastic
ware, and other crockery products.


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

The instrument-wise rating action is:

-- INR197 mil. Fund-based limit (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Ali Agency is a proprietorship firm engaged in the trading of
pulses, sugar and edible oil.


AMARAVATHI TOURISM: CARE Assigns B+ Rating to INR7.90cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Amaravathi Tourism Projects Limited (ATPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.90       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ATPL is primarily
tempered by Project implementation risk, Cyclicality and
seasonality associated with the hospitality service sector and
Significant competition from established properties in the area.
However, the rating derives comfort from vast experience of the
key promoter in managing business and locational advantage of the
property and achievement of financial closure.  Going forward,
the company's ability to complete the project on time without
cost over runs and achieve optimum occupancy levels and start
returning profits as envisaged are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: The property is spread over 3904.54
square yards of land in Nidamanuru, Andhra Pradesh. The
construction of the convention centre and restaurant commenced in
April 2017 and it is expected to be completed by October 2018.
The business operation is expected to commence from November
2018. The total project cost is estimated at INR13.06 crore and
it is planned to be financed through term loan of INR7.90 crore
from bank and promoter contribution of INR5.16 crore. Of the
total project cost, INR5.98 crore (46%) has been incurred as of
June 30, 2018. The term loan has been sanctioned and INR3.90
crore has been disbursed and utilized as of June 30, 2018.

Cyclicality and seasonality associated with the property: Family
events like weddings and other gatherings are conducted in
convention halls. The demand is high only during the peak seasons
and the occupancy level is around 40-50% every year. The business
in seasonal and the ability of the company to reap profits in
times of high demand is very crucial.

Significant competition from established properties in the area:
There are numerous established centres, restaurants and hotels
operating in the vicinity that compete with each other. Ability
of the firm to sustain competition by offering price discounts
and better amenities is important for the company to achieve its
envisaged profits.

Key Rating Strengths

Vast experience of the key promoter in managing business: The
Managing Director, Mr. Akkineni Bhavani Prasad retired after
working as a Training Officer for Andhra Pradesh State & Sub-
ordinate Services for a period of 25 years. . Later he worked in
different capacities as Administrative Manager at Nagarjuna
Hospitals Private Limited for 5 years, CEO of Srinivasa Minerals
& Traders Limited, Chennai for a few years, Deputy Director of
Gowtham Model Schools, Hyderabad for 4 years and he also served
as the Director of Admissions in Lingaya's Institute of
Management & Technology, Vijayawada for one year. The vast
managerial experience of the managing director across different
sectors is to benefit ATPL at large.

Locational advantage of the property and achievement of financial
closure: The property is located in Nidamanuru. Nidamanuru is a
neighbourhood of Vijayawada in Krishna district of the Indian
state of Andhra Pradesh. Nidamanuru is well connected to the rest
of the country by rail, road and air. Nidamanuru is situated just
beside Vijayawada and Amaravathi, which is the capital city of
the state of Andhra Pradesh. The Project site is the gate way to
the capital city from the Airport and is just 6.5 kms away from
the NTR Vijayawada International Airport and is also within 0.50
km radius from the Metro Terminal. A term loan of INR7.90 crore
has been sanctioned for the purpose of construction of convention
centre and restaurant and installation of furniture and fittings,
interiors and equipment.

Amaravathi Tourism Projects Limited (ATPL) was incorporated as a
public limited company on October 20, 2015. In 2017, ATPL
registered with the Government of Andhra Pradesh, Department of
Tourism. Mr. Akkineni Bhavani Prasad, Ms. Jammula Radhikamani and
Ms. Sameera Banu are the directors of the company. The company
proposes to establish a convention centre with a seating capacity
of 2000 people and a restaurant to cater to 250 people in
Vijayawada, Andhra Pradesh. The registered office and the
proposed property is located in Nidamanuru, Vijayawada.


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

The instrument-wise rating action is:

-- INR91 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Atibir Hi-Tech manufactures mild steel wires, mild steel nails,
galvanized wires, barbed wires and other products.


B S BUILDTECH: CARE Lowers Rating on INR45cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
B S Buildtech, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Bank
   Facilities         45.00     CARE B+; ISSUER NOT COOPERATING;
                                Revised from CARE BB; Issuer not
                                cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from B S Buildtech to monitor
the rating vide e-mail communications dated May 18, 2018 and
letter dated July 11, 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 B S Buildtech's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in March 28, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Project Construction Risk: The construction of the project
commenced in Q3FY14 and currently around 50% of the project is
completed in physical terms with almost all the necessary
approvals in place. The firm has expended around INR149.60 crores
till 31.3.2016 (~54%, against total project cost of INR280.40
crores)Till 31.3.2016, the firm has sold 425 flats (~44% of the
total saleable area) and with the repayment of the term loan
commencing form Q3FY17, there persists the risks/ concerns like
liquidity issues, project delays, and cost over-runs.

Greater reliance on customer advances and average sales: Around
53% of the project cost is being financed through customer
advances thereby exposing the project to risks/ concerns like
liquidity issues, project delays and cost over-runs. Moreover,
the firm has only booked ~44% of total saleable area [advance
received 79.98 crore till March 2016]; thereby adding to the risk
of timely and successful completion of the project. The promoters
have however infused its entire share of contribution (i.e
INR29.64 crore) and has availed term loan of INR40.0 crore (Rs.
45.0 sanctioned) till March 2016.

Financial closure: The total cost of the Project is INR280.40
crore, being financed through promoter contribution of INR29.16
crore, debt of INR45.00 crore and customer advances of INR206.24
crore. Debt portion has already tied up and the firm has already
drawn INR40.0 crore for the project. However, till March 31,
2016, the firm has sold ~44% of total saleable area at an
aggregate value of INR154.35 crore (with customer advances
received: INR79.98 crore) against project cost of INR280.40
crore. Till March 31, 2016, M/s BS Buildtech has incurred
INR149.6 on the project, which is mainly being financed through
promoter's contribution of INR29.64 crores, customer advance of
INR79.98 cr and debt to the tune of INR40 crore.

Increasing competition: Real estate sector in Noida is highly
fragmented .With plethora of on-going large size projects in and
around Greater Noida and in the vicinity of the project, the firm
faces strong competition.

Key Rating Strengths

Experienced promoters and satisfactory track record of the group
in real estate development: BCPL was incorporated in the year
1987 by Mr. BrajKishorSingh. BCPL has participated in the
construction of various civil and road construction works. Mr
Braj Kishor Singh (Chairman of BS Buildtech) possesses an
experience of more than 35 years in the field of civil
construction and real estate development. Mr Abhay Kumar Singh
(Managing Director of BS Buildtech) is a qualified engineer and
has over 15 years of experience in handling infrastructure
projects across Bihar, Jharkhand and Chattisgarh.SCTPL is a
partnership firm incorporated in the year 2000 by Mr. Rakesh
Ranjan. Mr. Ranjan (Managing Director of BS Buildtech) is a civil
engineer and has an experience of more than 15 years in the field
of civil, road and building construction.

Association with renowned architects and consultants: The firm is
associated with renowned architects, consultants and contractors.
These architects and consultants have sound track record and
execution capabilities.

Major regulatory approvals already in place for the Project: The
project plan has a total constructed area of 12.06lsf with
saleable area of 11.85 lsf over a land of 5 acres. Lease
Agreement with the GNIDA (Greater Noida Development Authority)
has already been executed and building permit has been obtained.
The firm has received all the major approvals from the
appropriate authority(s) (such as police department, airport
authority, urban land ceiling, height clearance, microwave,
water, electricity, fire & emergency,
environmental clearance).

Favorable location of the Project, equipped with all the modern
amenities: The proposed residential project is located in Greater
Noida which is considered to be a posh hub for residential and
commercial activities. Many premium category residential and
commercial projects of renowned builders are coming up in the
same location. Further the project has good road connectivity.
The proposed project is full of modern facilities and the project
will have an excellent view of the landscape and plains. The
facilities proposed to be provided in the project include
landscaped garden, beautiful park, and swimming pool with deck,
commercial complex with front plaza, sand pit and children ply
park. The project will also include jogging track, skating rink,
tennis court, badminton court, basketball and volley ball court,
cricket pitch , exercise station and yoga station coupled with
24hour water supply and 24-hour power back-up etc. The apartments
have been designed having modular kitchens, fire detection and
warning units.

M/s BS Buildtech, incorporated in 2011 is a joint venture between
Baibhaw Construction Pvt. Ltd (BCPL)-70% and M/s Seimens
Construction Tech Private Limited (SCTPL) -30%. M/s BS Buildtech
is constructing a Group Housing Residential Township real estate
project Vaibhav Heritage Height at Greater Noida (West). The
residential township project comprising of seven high rise towers
(B+22), spreading over 5 acres of land, involving 819 flats with
super built-up area of 11.85lsf is being developed at a total
project cost of INR280.40 crore. The project is expected to be
completed by Sept. 2018. The project cost is being financed
through promoter contribution of INR29.16 crore, debt of INR45.00
crore and customer advances of INR206.24 crore.

Till March 31, 2016, the firm has sold off around 420 flats (area
- 5.16lsf) comprising around 43.55% of total saleable area for
total consideration of INR154.35 crore. The firm has received
INR79.98 crore as advances from customers till March 2016 and has
expended around INR149.60 crore (~53% of the total project cost)
on the project.


BHUSHAN POWER: Deadline for Submitting Bids Extended to Aug. 13
---------------------------------------------------------------
Arpan Chaturvedi at BloombergQuint reports that the National
Company Law Appellate Tribunal on Aug. 5 extended the deadline
for submitting revised bids for debt-laden Bhushan Power and
Steel Ltd. till Aug. 13.

According to BloombergQuint, the appellate tribunal also added a
caveat saying that all the bids must be unconditional. After this
order, all three bidders -- Tata Steel Ltd., U.K.-based Liberty
House and JSW Steel Ltd. -- will be eligible to submit their
revised bids till next Monday [Aug. 13].

In a separate plea last week, Tata Steel had moved the Supreme
Court against the NCLAT's previous order that allowed the
submission of revised bids for the company, the report recalls.
The top court, while refusing to grant a stay, had fixed the date
of hearing on Aug. 10. Tata Steel had sought an urgent hearing on
the grounds that the committee of creditors may take a decision
before the apex court hears the case.

However with the latest order, the Supreme Court will be hearing
the case before the deadline for submission of the revised bids
ends, BloombergQuint relates.

BloombergQuint notes that Tata Steel, Liberty House and JSW Steel
had bid for Bhushan Power & Steel earlier. Those bids, however,
stand null and void after fresh bids were called on Aug. 1. In
the previous round a day earlier, Tata Steel was selected as the
highest bidder by Bhushan Power's CoC.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


BIPIN ENGINEERS: CARE Assigns B+ Rating to INR5.03cr Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bipin
Engineers Private Limited (BEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.03       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BEPL is constrained
on account of modest scale of operations with low profitability
margins, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations.
The rating is further constrained by susceptibility of margins to
commodity price fluctuation and presence of company in highly
fragmented industry. The rating however, is underpinned by the
extensive experience of the promoters with long track record of
operations of company of more than two decades in manufacturing
of solar products and food processing machinery, established
relationship with suppliers and customers, moderate order book
position and association with reputed suppliers and customers.

The ability of the company to increase its scale of operations,
improve its profitability margins and solvency position while
managing working capital requirements efficiently are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations and low profitability margins: The
scale of operations of BEPL stood modest as reflected by total
operating income (TOI) of INR10.88 crore in FY17 (refers to the
period from April 1 to March 31) . Furthermore, the company's net
worth base stood low at INR3.05 crore on March 31, 2017. The
small scale of operations of company restricts its financial
flexibility in times of stress and deprives it of scale benefits.
Further, the profitability margins were also low owing to limited
value addition nature of business and presence of BEPL in highly
fragmented industry, hence limiting its bargaining power.

Leveraged capital structure and debt coverage indicators: The
capital structure of BEPL was leveraged owing to the high
reliance on external borrowings to fund working capital
requirements. The overall gearing ratio stood at 2.36x as on
March 31, 2017. Furthermore, with low profitability and high
gearing levels, debt protection indicators were also weak as
indicated by a PBILDT interest coverage ratio of 1.32x as at the
end of FY17.

Working capital intensive nature of operations: The operations of
BEPL remained working capital intensive with gross current asset
days of 269 for FY17. The same is owing to delayed receipt of
payment from its customers on account of low bargaining power of
BEPL which resulted in high collection period of 217 days for
FY17. The working capital requirements of the company are met by
internal accruals.

Susceptibility of profitability margins to commodity price
fluctuation: The major inputs required by BEPL contribute ~90%-
95% of total inputs. The prices of these materials are highly
volatile in nature as they depend on global demand and supply
scenario .Hence, exposing the profitability margins to any
adverse fluctuation in raw material prices.

Presence in highly fragmented and competitive industry: BEPL
operates in highly fragmented and competitive industry,
which is marked by presence of large number of small sized
players operating on wafer thin margins on account of low
entry barriers in the industry.

Key Rating Strengths

Established track record and experience of the promoters in
poultry industry: The directors of BEPL have gained an average
experience of more than four decades in manufacturing of solar
and steel products through their association with BEPL and group
entities engaged in similar line of business. Being in the
industry for such a long period has helped the promoters in
gaining adequate acumen about the industry which aids the company
in running its operations smoothly.

Moderate and diversified order book position: The company has a
moderate and diversified outstanding order book (OB) position
reflecting 3.18x of total operating income of FY17, to be
executed for construction, railways and food segment over a
period of one year. The moderate order book position indicates
revenue visibility over the medium term, whereas diversified
order book position cushions the company against slowdown
operating in single industry.

Association with reputed suppliers and customers: The company
caters to well reputed domestic customers Indian Railways,
Railway Coach Factory, Tetra Pack India Private Limited and
Nanded City Development & Construction Company Limited. The long
track record of operations of BEPL has helped it in gaining
repeated orders from reputed clientele which limits the
counterparty risk.

Bipin Engineers Private Limited (BEPL) was incorporated in
September 1996 and is based out of Pune (Maharashtra). The
company is engaged in the manufacturing of solar system and food
processing machines.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bir Steels manufactures mild steel wires, mild steel nails,
galvanized wires, barbed wires and others, and sells these
products to hardware stores across India. The products are
marketed under the brand TRISHUL.


COLD STORAGE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M.S. Cold
Storage's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the surveillance
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 action is:

-- INR90.1 mil. Term loan maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M.S. Cold Storage owns and operates two cold storage units with a
total capacity of 10,000MT in Mettupalayam, near Coimbatore,
Tamil Nadu.


DILIP ROAD: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed DRS Dilip Road
Lines Private Limited's (DRSDRL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR150 mil. Fund-based facilities affirmed with IND BB-
/Stable rating.

KEY RATING DRIVERS

The ratings remain constrained by DRSDRL's tight liquidity
position, with the average maximum utilization of its working
capital limits being around 100% for the 12 months ended July
2018. Net working capital cycle deteriorated to 39 days in FY18
(FY17: 21 days) due to a decrease in creditor days to 14 (28) and
an increase in debtor days to 52 (49). FY18 are provisional in
nature.

The ratings factor in the company's RoCE of 6% and thus modest
profitability margins of 10.7% in FY18 (FY17: 7.7%). The
improvement in EBITDA margin was due to a reduction in vehicle
hire purchase.

The ratings also factor in DRSDRL's moderate credit metrics and
medium scale of operations. Interest coverage (operating
EBITDA/gross interest expense) was 4.8x in FY18 (FY17: 3.3x) and
net leverage (adjusted net debt/operating EBITDAR) was 3.1x
(4.1x). The improvement in the credit metrics was mainly due to
an increase in absolute EBITDA (FY18: INR152 million; FY17:
INR109 million). Revenue increased to INR1,422 million in FY18
(FY17: INR1,417 million), on account of an increase in household
demand for transportation services, which accounted for INR826
million of revenue (INR524 million).

The ratings are supported by the company's directors' more than
two decades of experience in the transportation of goods.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations while
maintaining EBITDA margin at the existing level leading to an
improvement in credit metrics, all on a sustained basis, could be
positive for the ratings.

Negative: A decline in the revenue and a significant fall in the
EBITDA margin leading to deterioration in the credit metrics, all
on a sustained basis, could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2009, DRSDRL is engaged in the transportation of
household items, commercial and industrial goods, and parcel
movement across the country. It operates through its 100 branch
offices and agencies. DRSDPL acquired its group company DRS
Warehousing (South) Private Limited in April 2017.


DIMYRA INTERNATIONAL: CARE Assigns B Rating to INR5.91cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dimyra
International (DNI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           5.91       CARE B; Stable Assigned

   Short term Bank
   Facilities           1.50       CARE A4; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of DNI are
constrained by its short track record and small scale of
operations with low net worth base & PAT margin, leveraged
capital structure, weak debt coverage indicators and elongated
operating cycle. The ratings are further constrained by
concentrated customer base, exposure to raw material price
volatility, foreign currency fluctuation risk, proprietorship
nature of constitution and highly competitive and fragmented
industry resulting in stiff competition coupled with changing
fashion trends. The ratings, however, derives strength from
experienced proprietor in the textile industry, association with
reputed customer base and favorable location of operations.

Going forward, the ability of the firm to increase the scale of
operations while improving its profitability margins and overall
solvency position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced proprietor in the textile industry: DIN was
established as a proprietorship firm in 2016 and it is currently
being managed by Mrs. Susheela Jain. The proprietor has a total
work experience of around 2 decades in the textile industry which
she has gained through DIN and Pushkar Knit, which is into
similar business since 1999. She is supported by a team of
experienced and qualified professionals having varied experience
in the technical, finance and marketing fields.

Association with reputed customer base though concentrated: The
firm is into manufacturing of readymade garments and is supplying
to various reputed players. However, the customer base is
concentrated with top 4 customers contributing ~40% of the total
sales in FY17. However, DIN has been able to receive repetitive
orders from these customers on account of quality products being
delivered. The association with reputed customers demonstrates
the firm's ability to provide quality products

Favorable location of operations: Ludhiana is a well-established
hub of manufacturing of textiles. The firm benefits from the
location advantage in terms of easy accessibility to large
customer base located in Ludhiana. Additionally, various raw
materials required in manufacturing of textiles are readily
available owing to established supplier base in the same location
as well.

Key Rating Weaknesses

Short track record and Small scale of operations with low net
worth base and low PAT margin: Owing to first year of operations,
the scale of operations of the firm stood low marked by total
operating income (TOI) of INR13.57 crore in FY17 and net worth of
INR1.83 crore as on March 31, 2017. The small scale limits the
firm's financial flexibility in times of stress and deprives it
of scale benefits. The PBILDT margin of the firm stood moderate
at 6.15% in FY17, however, PAT margin stood low at 0.91% in FY17
mainly on account of high interest costs.

Leveraged capital structure and weak debt coverage indicators:
The firm has a leveraged capital structure marked by overall
gearing ratio of 2.85x as on March 31, 2017. Further, interest
coverage ratio stood subdued at 1.49x in FY17 due to high
interest cost incurred by the firm. Also, total debt to GCA stood
high at 18.96x for FY17 due to high dependence upon borrowings to
meet the day to day requirements of the business.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 145 days for FY17. The firm maintains inventory in
the form of raw material and finished goods to ensure smooth
production process and to meet the demand of customers resulting
into average inventory period of 160 days for FY17. The firm
offers a collection period of one month to its customers
resulting into average collection period of 14 days for FY17. On
the procurement side, the firm gets a similar credit period from
its suppliers resulting into average credit period of 28 days for
FY17. The average utilization of working capital limits
remained around 80% for the last 12 months period ended January
2018.

Exposure to raw material price volatility: The entities in
textile industry are susceptible to fluctuations in raw material
prices. Cotton (one of the main raw material) being an
agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods. It
being a globally traded product, its price is very volatile
depending on the demand-supply situation in the global markets.
The price of other raw material, i.e. acrylic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.

Foreign currency fluctuation risk: The income from exports
constituted approx. 40% of the total income in FY17 while the raw
material procurement is done completely from the domestic market,
thereby exposing the firm to risks associated with adverse
fluctuations in the foreign currency. With cash outlay for sales
in domestic currency & chunk of sales realization in foreign
currency and in the absence of any hedging mechanism, the firm is
exposed to the fluctuation in exchange rates. The firm gained
INR0.01 crore in FY17 from foreign currency fluctuations.

Constitution of the entity being a proprietorship firm: DIN's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as the credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends: DIN operates
in a highly fragmented industry wherein there is presence of a
large number of players in the unorganized and organized sectors.
There are number of small and regional players catering to the
same market which has limited the bargaining power of the firm.
Further, the apparel sector is highly dependent on fashion
trends, consumer spending habits as well as economic cycles.
Therefore, the entities need to manage their inventories
according to fashion and changing trends. At times, a fashion is
short-lived, thus, there is a risk of inventory getting obsolete
and does not meet the taste and preferences of the customers
leading to adverse financial performance.

Dimyra International (DIN) is a proprietorship firm established
in April 2016 by Mrs. Susheela Jain. DIN is engaged in
manufacturing and trading of fabric and readymade garments for
women, men and kids at its manufacturing facility located at
Ludhiana, Punjab, which has a total installed capacity of
manufacturing 5.5 lakh pieces of textiles per annum, as on
January 31, 2018. The product line of the firm mainly comprises
sweaters, coats, jackets, tops, sports-wear, shirts, trousers,
kurtis, etc.


EXCEL GENERATORS: CARE Raises Rating on INR3cr LT Loan to BB-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Excel Generators Private Limited (EGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.00       CARE BB-; Stable Revised from
                                   CARE B+; Stable

   Short-term Bank
   Facilities           2.50       CARE A4 Reaffirmed

Detailed Rationale

The rating assigned to the bank facilities of EGPL are
constrained by small scale of operations with fluctuating total
operating income and profitability margins during review period,
moderate operating cycle, highly fragmented industry with intense
competition from large number of players, weak debt coverage
indicators, short-term revenue visibility from order book
position and profitability margins are susceptible to fluctuation
in foreign exchange prices. The ratings also factor in increase
in total operating income in FY18 [(prov.) refers to April 1 to
March 31].  The ratings are, however, underpinned by the long
track record and experience of promoters for more than two decade
in electrical equipment business, comfortable capital structure,
reputed and established customers.  Going forward, the ability of
the company to increase its scale of operations and profitability
margins in competitive environment and manage the working capital
requirement efficiently would be the key rating sensitivities.

Detailed Rationale & Key Rating Drivers

Key rating weakness

Small scale of operations with fluctuating total operating income
and profitability margins during review period The scale of
operations of the company marked by the total operating income
(TOI) has been fluctuating and remained small during the review
period. (TOI) declined to INR7.06 crore in FY17 due to slow down
in the market coupled with lower order from existing customers as
compared to INR14.61 crore in FY16. However, in FY18(Prov.), the
company registered INR15.30 crore on the account increase in
order execution. Furthermore, the net worth of the company
remained low at INR6.41 crore as on March 31, 2018 (Prov.).

The profitability margins are seen fluctuating during the review
period. The PBILDT margins are declined but stood at comfortable
at 6.95% in FY18 (prov.) as compared to 12.39% in FY17 due to
increase in cost of material consumed with increase in total
operating income. However, the PAT margins are improved and stood
at 2.52% in FY18 (prov.) as compared to 0.82% in FY17 on the
account of increase in absolute amount profits.

Short-term revenue visibility from order book position: The
company has moderate order book of INR10.00 crore and the same is
likely to be completed by FY19. The said order book provides
revenue visibility for short to medium term. Profitability
margins are susceptible to fluctuation in raw material prices and
foreign exchange price fluctuation EGPL has 70% import purchases
from Belgium so the profitability margins are susceptible to
fluctuate in foreign exchange price. The company has no hedging
policies against foreign currency fluctuations. Raw material cost
constituted around 70-80% of total cost. So, profitability
margins are susceptible to fluctuation in raw material prices.

Weak debt coverage indicators: The debt coverage indicators
marked by interest coverage and TD/GCA have remained weak due to
fluctuation in debt levels and resultant financial expenses. The
TD/GCA has improved and stood at 7.79x in FY18 (prov.) as
compared to 17.35x in FY17 due increase in GCA with increase in
TOI. Further, interest coverage improved from 1.48x in FY17 to
1.81x in FY18 (prov.) due to absorption of finance and bank
charges with increase in absolute amount of profits.

Working capital intensive nature of operations due to elongated
operating cycle: The company operates in working capital
intensive industry. The operating cycle stood satisfactory at 73
days in FY18 (Prov.) due to elongated creditor days. The company
is required to keep inventory levels of around 2-3 months to meet
customers' demand. The company receives 70% of the payment at the
time of installation works and remaining 30% will be received
after the closure of warranty period and the same is depending on
nature of work undertaken by the company. The company makes the
payment to its supplier within 2-3 months and sometimes depending
on the realization from the customer. In order to meet the above
gap, the company is dependent on the working capital bank
borrowings; the average utilization of CC was around 95% for last
12 months ended June 30, 2018.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in manufacturing of
generators related products, which is highly fragmented industry
due to presence of large number of organized and unorganized
players in the industry, the company faces huge competition.

Key Rating Strengths

Long track record and experience of the directors for more than
two decades in Electrical equipment business: EGPL has long track
record of more than two decade. EGPL is promoted by Mr. Madhavan
(Managing Director) and Mrs. Sheela Madhavan (Director). Both the
directors are qualified graduate and has more than two decades of
experience in electrical equipment of MTU powered generator sets.

Comfortable capital structure: The capital structure of the
company marked by overall gearing has been deteriorated
marginally and stood comfortable at 0.57x as on March 31, 2018
(prov.) as compared to 0.48x as on March 31, 2017 on the account
of increase in total debt levels and usage of working capital
borrowings to manage daily operations.

Reputed and established customers: The customer base of the
company is well established, as the director has been in this
line of business for more than two decades, as a result of which,
it has developed good contacts with the major buyers like Hospira
Healthcare India Private Limited (Chennai), LRDE-DRDO defense
(The Electronics and Radar Development Establishment - Defense
Research Development Organization) (Bangalore), Bangalore
International Airport Limited (Bangalore), BPCL, besides others.

Excel Generators Private Limited (EGPL) was incorporated in 1996,
promoted by Mr. Madhavan along with his spouse Mrs. Sheela
Madhavan. The company is engaged in assembling of DG sets and
providing services like installation, testing, commission and
annual maintenance services. EGPL is an authorized distributor
for rotary UPS from Euro-Diesel S.A., Belgium. The company
imports 70% of the goods like rotary UPS from Euro-Diesel S.A.,
Belgium and procures remaining 20% from Bangalore. The DG sets
ranges between 650KVA to 3500 KVA, L.T-415v/H.T- 3.3KV, 6.6KV,
11KV, 50Hz.


IRIS BUSINESS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Iris Business
Services Limited's (IBSL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. (reduced from INR70 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable/IND A4+ rating;

-- INR30 mil. (reduced from INR45 mil.) Non-fund-based limits
     affirmed with IND A4+ rating;

-- INR85.87 mil. (reduced from INR114.30 mil.) Long-term loan
     due on March 2022 affirmed with IND BB-/Stable rating; and

-- INR20 mil. Forward contract limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects IBSL's continued modest credit metrics
and operating EBITDA margins. The company reported an EBITDA
profit of INR8 million in FY18 as opposed to a loss of INR19
million in FY17 owing to a decrease in other expenses. However,
it continued to report EBIT losses leading to a negative RoCE of
9% in FY18. EBITDA margin was 2.3%, EBITDA interest coverage
(operating EBITDA/gross interest expense) was 0.4x and net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 13.2x
in FY18. IBSL's net debt reduced to INR159 million in FY18 (FY17:
INR175 million) owing to debt repayment. Ind-Ra expects the
credit metrics to improve in the near term with the repayment of
external debt coupled with absence of major debt-led capex plans.

The management expects the EBITDA margins to improve in the near
term due to improved contribution from create and collect
segments.

The ratings continue to factor in IBSL's medium scale of
operations as indicated by revenue of INR349 million in FY18
(FY17: INR272 million). The growth in revenue was attributed to
launch of new products and increased revenue contribution from
the collect and create segments.

The ratings continue to be constrained by the company's
susceptibility to foreign exchange fluctuations as it derives a
majority of its revenue from foreign markets.

The ratings also factor in IBSL's moderate liquidity position as
reflected by 96% average maximum utilization of the working
capital limits during the 12 months ended June 2018.

However, the ratings are supported by IBSL's expertise of more
than 10 years in the extensible Business Reporting Language
(XBRL) space.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
significant improvement in the scale of operations and operating
margins, along with an improvement in the overall credit metrics,
all on a sustained basis.

Negative: A decline in the revenue and operating profit, along
with continued net losses, leading to deterioration in the credit
metrics, all on a sustained basis, could result in a negative
rating action.

COMPANY PROFILE

Incorporated in 2000, IBSL is among India's leading XBRL company
with a comprehensive suite of XBRL-related software solutions and
services. It provides integrated chain of activities starting
from creation of documents in the XBRL format, collection of XBRL
data with the regulators and data analysis.


MA CHANDI: CARE Assigns D Rating to INR7.49cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ma
Chandi Rice Mill (MCRM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.49       CARE D Assigned

   Short-term Bank
   Facilities           0.25       CARE D Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Ma Chandi Rice
Mill (MCRM) are primarily constrained by the on-going delay in
debt servicing of the firm. Ability of the firm to serve its debt
obligation in timely manner will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: There are on-going delays in
debt servicing of term loan installments of the firm due to its
stressed liquidity position.

Ma Chandi Rice Mill (MCRM) was established as a partnership firm
in December 2000 by Mr. Rama Pada Shaw and Mr. Mukti Pada Shaw
for setting up a rice processing plant. The firm has commenced
its commercial operations from June 2006 onwards and it is
engaged in milling and processing of parboiled and raw rice. The
rice milling and processing plant of the firm is located at
Burdwan, West Bengal with a processing capacity of 150 tons per
day (TPD) which is in the vicinity to a major paddy growing area.
MCRM procure paddy from farmers & local agents and sells its
products through the wholesalers and distributors across West
Bengal.

The key partner, Mr. Rama Pada Shaw is associated with the firm
since its inception and he has over a decade of experience in
rice milling industry, looks after the day to day operations of
the firm supported by other partner Mr. Mukti Pada Shaw, who is
also having a decade of experience in this line of business.


MA MAHAMAYA: CARE Assigns B+ Rating to INR11.30cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ma
Mahamaya Rice Mill Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facility            11.30       CARE B+; Stable Assigned

   Short-term Bank
   Facility             0.37       CARE A4; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Ma Mahamaya Rice
Mill Private Limited are constrained by its small scale of
operation with low profitability margins, fragmented and
competitive nature of industry, regulated nature of industry and
High working capital intensity and exposure to vagaries of nature
and leveraged capital structure with moderate debt coverage
indicators. However, the aforesaid constraints are partially
offset by its experienced management with satisfactory track
record of operation, close proximity to raw material sources and
stable demand outlook of rice. The ability of the company to grow
its scale of operations and improve its profit margins and
ability to manage working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management with satisfactory track record of
operation: Ma Mahamaya Rice Mill Private Limited has been engaged
in rice milling and processing business since 2006. Hence, they
have a satisfactory track record of one decade. Mr. Sandip Hazra
(Director) and Mrs. Madhumita Hazra who have around 20 years and
15 years of experiences, respectively, in similar line of
business, are looking after the day to day operation of the
company.

Close proximity to raw material sources and stable demand outlook
of rice: Ma Mahamaya Rice Mill Private Limited's plant is located
in Burdwan District, West Bengal which is in close proximity to
the paddy growing areas of the state. The entire raw material
requirement is met locally from the farmers helping the company
to save simultaneously on transportation cost and paddy
procurement cost. Further, rice being a staple food grain with
India's position as one of the largest producer and consumer,
demand prospects for the industry is expected to remain good in
near to medium term. Rice, being one of the primary food articles
in India, demand is high throughout the country and with the
change in life style and health consciousness; by-products of the
same like rice bran oil etc. are in huge demand.

Key Rating Weaknesses

Small scale of operation with low profitability margins: Ma
Mahamaya Rice Mill Private Limited is a relatively small player
in the rice milling and processing business having total
operating income and PAT of INR46.48 crore (Rs.42.65 crore in
FY17) and INR0.57 crore (Rs.0.27 crore in FY17), respectively, in
FY18 (provisional). The PBILDT and PAT margins of the company
were also low at 4.28% (FY17: 4.85%) and 1.23% (FY17: 0.63) in
FY18 (provisional). The net worth of the company was low at
INR2.76 crore as on March 31, 2018 (provisional). Small scale of
operations with low net worth base limits the credit risk profile
of the company in an adverse scenario. This apart, the company
has achieved sale of INR10.45 crore during Q1FY19.

Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. There are several small scale
operators which are not into endto- end processing of rice from
paddy, instead they merely complete a small fraction of
processing and dispose-off semiprocessed rice to other big rice
millers for further processing.

Regulated nature of industry: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the company, especially in
times of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season
till the next season as the price and quality of paddy is better
during the harvesting season. Further, the millers are required
to extend a credit period of around 30 days to its customers.
Also, paddy cultivation is highly dependent on monsoons, thus
exposing the fate of the entities' operation to vagaries of
nature. Accordingly, the working capital intensity remains high
leading to higher stress on the financial risk profile of the
rice milling units. Furthermore, the average utilization of
working capital remained at about 90% during the last 12 months
ended June 30, 2018.

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the company remained leveraged
as marked by overall gearing ratio of 2.22x as on March 31, 2018
(provisional). However, the debt coverage indicators also
remained moderate with total debt to GCA ratio of 7.05x in FY18
(provisional). However, Interest coverage ratio remained
satisfactory at 2.37x in FY18 (provisional).

Ma Mahamaya Rice Mill Private Limited was incorporated in July
2006 with an objective to enter into the rice milling and
processing business. The manufacturing unit of the company is
located at Madhyamgram, Dist: Burdwan with an installed capacity
of 40000 metric tons per annum. The company sells its finished
product under the brand name of Mahamaya Bhog. The company is
procuring raw paddy from the local farmers and small paddy
agents. Mr. Sandip Hazra (Director) and Mrs. Madhumita Hazra who
have around 20 years and 15 years of experiences, respectively,
in similar line of business, are looking after the day to day
operation of the company.


MAHAMAYA INFRASTRUCTURE: CARE Cuts Rating on INR70cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahamaya Infrastructure Private Limited (MIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          70.00       CARE D Revised from CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
MIPL takes into consideration the delays in the servicing of
interest payments by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing Delays in Debt Servicing
The company has delays in the servicing of interest for the last
two months.

Key Rating Strengths

Resourceful and experienced promoters: MIPL has been promoted by
Mr. Amandeep Singh Bami and Mr. Karun Dube. Mr. Amardeep Singh is
having extensive experience in infrastructure development. Mr.
Singh also has experience in hospitality industry through the
franchisee of "Nirula" food chain. Mr. Karun Dube is having
diversified experience in International trading, project
management and sports. He was associated with Steel Authority of
India for two decades and has played Cricket at Ranji Trophy
level for Delhi & Assam.

Incorporated in October 2007, Mahamaya Infrastructure Private
Limited (MIPL) has been promoted by Mr. Amandeep Singh Bami and
Mr. Karun Dube. MIPL is setting up a resort cum hotel at Theog,
Shimla (Himachal Pradesh). MIPL has signed a Management and
Operational contract with The Indian Hotels Company Limited (Taj
Hotels) for a period of 25 years. The company is in process of
construction of 99 suites and villas. The resort has been
upgraded to the luxury brand of Taj resorts with facilities such
as most famous brand of Taj Spas, The Jiva, The gym and the
salon.  Since, the company is still under project stage, there is
no revenue being generated under the company. Hence, the
financials do not present a fair view.


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

The instrument-wise rating action is:

-- INR184 mil. Fund-based limit (long-term) migrated to Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Mahavir Enterprises is a part of the Jajodia group, headed by Mr.
Pawan Kumar Jajodia. Mahavir Enterprises is a proprietorship firm
engaged in the trading of pulses, sugar and edible oil.


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

The instrument-wise rating actions are:

-- INR256.5 mil. Term loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR150 mil. Fund-based limits (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR22 mil. Non-fund-based limit (Short-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M C Spinners is a cotton yarn manufacturer based in
Gobichettipalayam, near Coimbatore.


PANKAJ ISPAT: CARE Migrates B- Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Pankaj
Ispat Limited (PIL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           15.00      CARE B-; ISSUER NOT
COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PIL to monitor the rating
vide e-mail communications dated June 4, 2018, July 2, and 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. Further, Pankaj
Ispat Limited has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Pankaj Ispat Limited's bank facilities will continue to be
denoted as CARE B-; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Pankaj Ispat
Limited remain constrained by moderate capacity utilization,
Lack of backward integration vis-…-vis volatility in prices,
fragmented industry leading to intense competition, Moderate
financial performance in FY17 (refers to the period April 1 to
March 31) and Working capital intensive nature of
operations. The ratings, however, derive strength from long
experience of the promoters in steel industry andstategic
location of the plant.

Going forward, the ability of the company to improve the capacity
utilization & profitability margin and efficient management of
working capital would remain the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on March 27, 2017 the following were
the rating strengths and weaknesses (updated for the
information available from MCA website):

Key Rating Weaknesses

Moderate Capacity Utilization: Capacity utilization of the
company though remained moderate, deteriorated in FY14 vis-…-vis
FY13. The deterioration was mainly on account of closure of the
operations in the factory since June 2013 due to raid conducted
by Steel Authority of India (SAIL) along with the local police in
April 2013. However in FY15, the capacity utilisation improved.
The effective capacity utilisation of TMT Bars and M S Ingots
stood at 79.33% and 96.10% respectively in FY15 vis-…-vis 57.98%
& 69.26% in FY14.

Lack of backward integration vis-…-vis volatility in prices: Raw
material cost is the single largest cost component for PIL. With
company lacking backward integration for its primary raw
materials (such as coal, sponge iron), it has to resort to open
market purchases at the prevailing market prices. Hence, any
adverse movement in raw material price without any corresponding
movement in finished good price might affect the performance of
the company. Though, the prices of finished goods generally move
in tandem with that of raw materials; but with a time lag which
exposes the company to risk arising on account of volatility in
the raw material prices. Further, the company does not have the
captive power plant resulting in dependence on the grid so as to
meet its power requirement.

Fragmented industry leading to intense competition: PIL is
engaged in the manufacturing of TMT bars and ingots, the industry
of which is characterized by high fragmentation mainly due to
presence of a large number of unorganized players. The company
markets its products in Central India, which is a hub of steel
plants, on account of proximity to the mineral rich states of
Chhattisgarh. Low level of product differentiation further
intensifies the competition, leading to lower bargaining power
vis-a-vis the customers.

Moderate financial performance: The total operating income of the
company increased in FY17 and stood at INR99.58 crore in FY17
vis-…-vis INR88.52 crore in FY16. The PBILDT level and margin of
the company deteriorated in FY17 vis-…-vis FY16 on account of
higher material cost. Further, the PAT level and margin of the
company also deteriorated in FY17 on account of higher interest
cost.

Working capital intensive nature of operations: PIL operation is
working capital intensive in nature as it has to hold inventory
of more than one month of raw materials so as to ensure
uninterrupted production and also stocks finished goods inventory
which is used for trading. Further as a result of intense
competition in the industry, the company has to provide extended
credit days to its customers. On the other hand creditors have to
be paid within a very short span of time as a result of which the
liquidity remains stretched. Hence, the company has to rely upon
the bank borrowings to fund its working capital requirement.

Key Rating Strengths

Long track record of the company: PIL, belonging to Agrawal
family of Chhattisgarh, is promoted by Mr. Lalit Agrawal and Mr.
Pankaj Agrawal. The promoters of the company have an experience
of a decade as a manufacturer of steel products. Mr Lalit Agrawal
earlier was into trading of steel products and has an overall
experience of more than three decades in the steel industry.

Strategic location of manufacturing unit: The company's unit is
located at mineral rich state of Raipur, Chhattisgarh. The
company avails operational advantages from its strategic location
due to proximity to source of raw-materials (sponge iron, coal).
Sponge Iron and coal are procured from local players. Further,
its customers are also located in and around Raipur. Therefore,
proximity to the raw materials and customers leads to substantial
savings in the freight cost.

Pankaj Ispat Limited (PIL) was originally set up in 2006 as a
Private Limited company (Pankaj Ispat Private Limited) which was
reconstituted as a public limited company on October 05, 2011.
PIL commenced its production in 2007-08. The company has a
capacity of 24,000 MTPA each of MS ingots and TMT Bar. The
manufacturing facility of the company is located in Gogaon
Industrial Area, Raipur.


PROGRESSIVE EXIM: CARE Lowers Rating on INR24.5cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Progressive Exim Limited (PEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       0.66       CARE D; ISSUER NOT
COOPERATING;
   Facilities                      Revised from CARE BB+;
                                   Issuer Not Cooperating, Based
                                   on best available information

   Long term/Short      24.50      CARE D; ISSUER NOT
COOPERATING;
   term Bank                       Revised from CARE BB+/CARE
A4+;
   facilities                      Issuer not cooperating, Based
                                   on best available information

   Short term Bank      10.00      CARE D; ISSUER NOT
COOPERATING;
   Facilities                      Revised from CARE A4+; Issuer
                                   Not cooperating, Based on best
                                   available information

Detailed Rationale

CARE has been seeking information from Progressive Exim Limited
(PEL) to monitor the ratings vide e-mail communications/letters
dated April 30, 2018, July 25, 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 on PEL'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 ratings.

The rating has been revised on account of ongoing overdrawals in
the Cash Credit facility. The ratings continue to be constrained
by its small scale of operations, low operating margin due to
intense competition, profitability susceptible to volatility in
raw material prices, working capital intensive nature of
operation and weak capital structure.

Detailed description of the key rating drivers

The revision in the rating is on account of stretched liquidity
position leading to continuous overdrawals in the Cash Credit
facility.

Key Rating Weakness

Overdrawals in cash credit limit: The revision in the rating is
on account of stretched liquidity position leading to continuous
overdrawals in the Cash Credit facility. The banker has confirmed
that there are overdrawals in the Cash Credit facility of over 40
days.

Small scale of operations: Despite increase in the scale of
operations over the last few years, PEL has small scale of
operation with total income of INR132.8 crore in FY16. The small
scale of operations deprives it the benefits of economies of
scale and restricts the financial flexibility of the company in
times of stress.

Low operating margin due to intense competition: The Indian
edible oil industry is characterized by a high degree of
competition, resulting from high fragmentation due to the low
entry barriers and low capital intensity of the business. The
PBILDT margin of the company declined marginally from 6.28% in
FY15 to 5.83% in FY16 and continues to remain low. Also, the PAT
margin declined from 0.48% in FY15 to 0.38% in FY16.

Profitability susceptible to volatility in raw-material prices:
PEL operates at a low profitability margin due to intense
competition in the industry. Raw-material is the largest cost
component of PEL, accounting for 93% of cost of sales in FY15.
Given that raw-material is the major cost driver and the prices
of which are highly volatile in nature due to heavy dependency on
the vagaries of nature, the company's profitability is
susceptible to volatility in raw-material prices. Owing to the
fragmented nature of industry coupled with price sensitive
demand, the operating margin of smaller players is generally more
volatile in this industry.

Working capital intensive nature of operation: PEL's operation is
working capital intensive in nature as it has to maintain raw-
material inventory for smooth running of operation. Given that
most of the raw-material is seasonal in nature, the company has
to stock seeds during particular period and process it round the
year. The working capital requirement of the company is mainly
funded through bank borrowings.

Weak capital structure: The overall gearing ratio of the company
deteriorated from 1.90x as on March 31, 2015 to 2.61x as on March
31, 2016 on account of increase in debt. The Total debt/GCA also
remained high at 26.31x as on March 31, 2016.

PEL, promoted by Shrishrimal family of Raipur, is engaged in the
manufacture / processing of Specialty fats (application: bakery
and confectionery segment) and edible oils (soya bean oil, rice
bran oil etc) & by products (application: fishery, poultry,
cattle feed, fertilizers and detergents). The plant is located in
Raipur, Chhattisgarh and has total solvent extraction capacity of
130 tonnes per day (TPD), edible oil refining capacity of 20 TPD,
expellers of 70 TPD and acetone fractionation plant of 12 TPD.
The company specializes in the processing of specialty fats which
are exported to reputed chocolate manufacturers like Ferrero
Trading Lux S.A and Britannia Food Ingredients Ltd. Other
products includes processing of Shea Nuts, Soya Bean, Rice Bran,
Sal seed, Mowha, Sunflower, Mango, Cotton seed, Kokam, Karanj,
Kusum, Pulse, etc. It markets its Rice Bran Oil under the brand
name "Manmokah" and Soya Bean Oil as "Manbhavan". Other products
are sold in bulk in tankers. One of the group companies, AS Nutra
Tech Pvt Ltd (rated CARE D; Issuer Not Cooperating) is engaged in
manufacturing refined soya oil (27000 MTPA) and refined rice bran
oil (18000 MTPA).


RAMSWAROOP SHIVHARE: CARE Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Ramswaroop Shivhare to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      5.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 information

   Long-term/Short     5.00      CARE B+/CARE A4; Based on best
   Term Bank                     available information
   Facilities

CARE has been seeking information Ramswaroop Shivhare, to monitor
the ratings videe-mail communications dated June 4, 2018, June
21, 2018, July 11, 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. Furthermore,
Ramswaroop Shivhare 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 Ramswaroop
Shivhare bank facilities will now be denoted as CARE B+/A4;
ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Ramswaroop
Shivhare (RSH) continue to remain constrained on account of its
high business risk due to regulated nature of liquor industry and
its constitution as a partnership firm.

The ratings, however, continue to derive strength from
experienced promoter and Favourable demand outlook with steady
increase in consumption of alcohol.

Detailed description of the key rating drivers

At the time of last rating on March 04, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weakness

High business risk due to regulated nature of liquor industry
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The state
governments are also given liberty to enact the bye-laws for
liquor industry on their own hence any significant policy changes
adversely affect the whole industry.

Key Rating Strengths

Experienced Promoter: RSH has been in the liquor business from
the last 13 year. Currently, RSH has 18 licences in different
district of Madhya Pradesh for retailing of liquor. RSH is part
of the Shivhare Liquor Group which through its various associate
concerns has licence for around 73 liquor shops in various
districts of Madhya Pradesh as on March 31, 2015.

Favourable demand outlook with steady increase in consumption of
alcohol: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. In addition, changing consumer preference towards
premium varieties has resulted in improvement in sales mix of
industry. Hence, Indian liquor industry is envisaged to continue
the trend of steady growth supported by increasing demand led
volume growth.

Incorporated in 1990, M/s Ramswaroop Shivhare (RSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. RSH is part of Shivhare Liquor Group which is based out
of Madhya Pradesh. RSH undertakes retail trade of Indian made
foreign liquor (IMFL), country liquor (CL), wine etc. and holds
retail license for liquor shops in the state of MP. RSH has been
allotted retail liquor license for 18 shops in different
districts of Madhya Pradesh for FY15 (refers to the period April
1 to March 31) & FY16. The firm enters into open tendering
process every year to avail license for the retailing of the
liquor. Depending upon the allotment of shops during tendering,
the number of shops held by the company varies every year.
Shivhare Liquor group has other associate concern namely M/s
Kalpana Shivhare, M/s Gopal Shivhare, M/s Kamla Shivhare & M/s
Laxminarayan Shivhare which are also engaged in similar business
activity.


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

The instrument-wise rating actions are:

-- INR85.8 mil. Long-term loan due on November 2022 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR148 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR12 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rankas Texfab is involved in textile processing, dyeing,
printing, and stitching.


RELIANCE INFRA: Ind-Ra Downgrades LT 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;

-- INR1.75 mil. (reduced from 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 July 27, 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).


RELIANCE INFRASTRUCTURE: CARE Cuts Rating on INR3,700cr Loan to B
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Infrastructure Ltd (R-Infra), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      3,700       CARE B; Credit Watch with
   Facilities                      Developing Implications
                                   (Revised from CARE BBB+;
                                   Credit Watch with Developing
                                   Implications)

   Short-term Bank     1,500       CARE A4; Credit Watch with
   Facilities                      Developing Implications
                                   (Revised from CARE A2;
                                   Credit Watch with Developing
                                   Implications

   Long-term Non-        800       CARE B; Credit Watch with
   Convertible                     Developing Implications
   Debenture-1                     (Revised from CARE BBB+;
                                   Credit Watch with Developing
                                   Implications)

   Long-term Non-      1,200       CARE B; Credit Watch with
   Convertible                     Developing Implications
   Debenture-2                     (Revised from CARE BBB+;
                                   Credit Watch with Developing
                                   Implications)

    Long-term Non-        365       CARE B; Credit Watch with
   Convertible                     Developing Implications
   Debenture-3                     (Revised from CARE BBB+;
                                   Credit Watch with Developing
                                   Implications)

The ratings on the bank facilities/instruments of Reliance
Infrastructure Ltd (R-Infra) have been put on 'Credit Watch with
Developing Implications' in view of announcement by R-Infra
entering into a definitive agreement with Adani Transmission
Limited for 100% sale of its integrated Mumbai power business.
The agreement includes R-Infra's integrated assets in power
generation, transmission and distribution businesses at Mumbai.
CARE would take a view on the ratings on conclusion of the
transaction and after analyzing impact of the above transaction
on the business and financial profile of R-Infra.

Detailed Rationale & Key Rating Drivers

The revision in the ratings on the bank facilities/instruments of
R-Infra takes into account the deterioration in the liquidity
profile of the company on account of delay in the sale of its
integrated Mumbai power business. As per disclosure by the
company on the exchange there has been delay in the interest
payments/redemptions in Non-Convertible Debenture Issues (NCD's)
due on July 26, 2018 and July 27, 2018. The said NCD's were not
rated by CARE Ratings. As per the company, the proceeds from the
sale of the Mumbai power business have been earmarked for the
payment of various debts including final redemption of the above
mentioned NCD's. The company expects to complete the transaction
by mid-August 2018.

The ratings on the bank facilities/instruments of R-Infra
continues to be tempered by exposure to group/associate entities
in the form of loans and advances extended by R-Infra and delay
in the proposed debt reduction plan of R-Infra which had impacted
the financial profile and liquidity profile of R-Infra leading to
elevated re-financing risk.

The ratings factor in the substantial increase in the order book
position in the EPC (Engineering Procurement and Construction)
business thereby providing revenue visibility in the near term.
The timely completion of the Mumbai power business without
further delay and the performance of the EPC business segment
remains a key rating moniterable.  Timely realization of funds
extended to group companies (loans and advances and investments)
and reduction in debt as envisaged are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances continued to
remain high at around INR13,558 crore as on March 31, 2018 which
has impacted the liquidity profile and financial risk profile of
R-Infra. Timely and complete recovery of the same is a key rating
sensitivity. Delay in receipt of arbitration money from DMRC
(Delhi Metro Rail Corporation): R-Infra had won Delhi Metro
arbitration award against DMRC worth INR5,300 crore including
interest of which R-Infra received INR306 crore as immediate
relief to ensure than no account of lenders of DAMEPL (Delhi
Airport Metro Express Private Limited) turns NPA. Hon'ble Delhi
HC has directed DMRC to service entire debt of DAMEPL worth
INR1,618 crore. The timely receipt of DMRC award is a key rating
moniterable.

Elevated re-financing risk: R-Infra had received INR2,600 crore
in Q4FY18 as advance money from Adani Transmission Limited (ATL)
for the integrated Mumbai power business transaction. R-Infra had
projected principal repayments of INR4,175 crore in FY19. The
delay in the conclusion of the Mumbai power business and support
extended to group companies had led to deterioration in the
financial and liquidity profile of the company.

Key Rating Strengths

Proposed debt reduction: R-Infra has entered into a definitive
agreement with Adani Transmission Limited for 100% sale of its
integrated Mumbai power business. The agreement includes R-
Infra's integrated assets in power generation, transmission and
distribution businesses at Mumbai. The transaction remains
subject to lenders and regulatory approvals. The company has
received approvals from its shareholders and from the Competition
Commission of India. Maharashtra Electricity Regulatory
Commission (MERC) concluded its hearing in regards this
transaction on June 14, 2018 and has reserved its order. The
proposed transaction may significantly reduce the debt and thus
improve the capital structure of R-Infra. The ratings are
sensitive to any further delay in timelines for completion of
sale of power business and concomitant reduction in debt of the
company.

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on June 30, 2018, R-Infra
has an order book position exceeding INR20,500 crore as the
company was awarded EPC contracts of ~Rs.15,700 crore in last one
year. The improvement in the order book position provides revenue
visibility in the EPC segment in the near term.

R-Infra is the flagship company of the Reliance ADAG (Anil
Dirubhai Ambani Group). R-Infra's (along with its subsidiaries)
key business areas can be divided into the following three
buckets:

a) Power- Generation, transmission, distribution and trading
(forming around 88% of total standalone revenues in FY18).
Owns and operates 5 power stations (plants located at
Maharashtra, Goa, Kerala, Karnataka and Andhra Pradesh) with
aggregate generation capacity of 941 MW; distributes more than 27
billion units of electricity to over 6 million consumers
in Mumbai and Delhi. R-Infra subsidiary companies have
commissioned three transmission projects by installing eight
national grid lines, being the first set of lines commissioned in
India by the private sector.

b) EPC - for power and infra sectors, including R-Infra's own
infrastructure projects and for its associate Reliance Power
Limited (R-Power, 42.21% holding) (accounted for around 12% of
the standalone FY18 revenues)

c) Infrastructure - Roads, Metros, Cement, Airports. The company,
through its various subsidiaries structured as SPVs, is
executing projects in various infrastructure segments such as
roads, metros, power transmission and cement. The company has
executed a metro rail project in Mumbai, eleven road projects
with total length of 1,000 kms.


RUI LABORATORIES: CARE Assigns B+ Rating to INR30cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RUI
Laboratories Private Limited (RUI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       30.00      CARE B+; Stable Assigned
   Facilities-
   Fund based

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of RUI Laboratories
Private Limited (RUI) are tempered by business and project
implementation risk, financial closure of the project yet to be
achieved, stringent pricing regulations affecting the
profitability of pharmaceutical companies and fragmented nature
of the pharmaceutical sector with intense competition from
established players. The rating, however, derives its strengths
from the long term experience of the promoter in the
pharmaceutical industry, location advantage of the manufacturing
facility and stable outlook of the pharmaceutical industry.

Going forward, the ability of the company to initiate the
commercial operations as envisaged, sans any time and cost
overruns and its ability of the company to stabilize the business
operations post initiation and achieve profitability as projected
shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Business implementation and project implementation risk: The
company is exposed to business implementation risk with respect
to being exposed to delays in project completion due to cost
and/or time overruns, delay in acquiring approvals, inability to
find suitable clientele, inability to penetrate market as
foreseen due to several reasons such as economic uncertainty,
loss of key supplier, etc. However the company has acquired all
licenses for the project and almost 70% of the civil work is
completed.

Financial closure yet to be achieved: The total project cost of
setting up the manufacturing unit is estimated to be INR32.37
crore and the Debt Equity Ratio of the project works out to 0.56:
1. As on June 04 2018, the promoters have infused INR5.71 crore
against procurement of land, civil work and other pre-operative
expenses. The promoters have approached Andhra Bank for a term
loan of INR12 crore in order to partially fund the project and
the same is under appraisal.

Stringent pricing regulations affecting the profitability of
pharmaceutical companies: While government across the world is
working on aspects such as shortening periods of exclusivity and
making approvals of generics more rapid, it also focuses on using
its powers to form and implement regulatory tools such as price
controls, for the common. Over the years, experts have believed
that it is more important to lay out an optimal balance between
protecting industry innovation and ensuring adequate access to
effective treatments. Thus, drug pricing models and policies
around the world are assumed to have a direct impact on the
profitability of the pharmaceutical industries.

Fragmented nature of the pharmaceutical sector with intense
competition from established players: Due to presence of several
players in the market, the pharmaceutical industry is highly
fragmented. There is intense price competition as the ultimate
users have an array of variants, thereby giving them a superior
bargaining power. This attributes to pricing inflexibility
amongst manufacturers. Also, the competitive landscape a new
business is constantly changing. New competitors enter the
market. Existing competitors launch new products and services and
take aggressive steps such as cutting prices. RUI would have to
adjust its strategies and implementation steps to counter actions
taken by its competitors.

Key Rating Strengths

Long term experience of the promoter in the pharmaceutical
industry: The promoters of RUI have been associated with the
pharmaceutical industry in various capacities for more than two
decades. RUI is the brain child of Mr. Kolli Sitarama Krishna
Reddy, Managing Director of RUI, who has over 35 years of
experience in API marketing across the globe. He started his
career with Dr. Reddy's Laboratories Limited-DRLPL in 1984, where
he was responsible for domestic marketing and sales of API and
bulk drugs. In 1992, he undertook the responsibility of
International marketing as well. In 2007, Mr. Krishna Reddy
joined as the Executive Director of MSN Laboratories Group and
took charge of both domestic and international marketing.

Location advantage of the manufacturing facility: RUI has
location advantage in terms of its manufacturing facility having
proximity to the leading pharmaceutical companies based in Andhra
Pradesh and Telangana which are the major clients for the
contract manufacturing segments. Further, the unit is well
located to road, with availability of effluent treatment plant,
and proximity to the Visakhapatnam port.

Stable outlook of the pharmaceutical industry: The Indian
pharmaceutical industry (IPI) is ranked 14th in value terms and
3rd in volume terms. It manufactures about 60,000 generic brands
across 60 different therapeutic categories, about 500 bulk drugs
and almost the entire range of formulations. The industry
constitutes about 2.5% of the global pharmaceutical production in
value terms. The industry has been growing at a healthy rate of
11-13% annually over the last few years with the growth in
exports outstripping steady growth in the domestic market.
Moreover, the Indian pharmaceutical formulation industry is set
to benefit from the impending patent expiry in the regulated
markets. Patent expiry of branded drugs will boost the demand for
Indian generic products. On the domestic front, the demand will
be driven by increasing per capita income, shift in disease
profile from acute to chronic diseases and huge potential for
expanding lower health insurance penetration in the country.

Visakhapatnam based, RUI Laboratories Private Limited (RUI) was
incorporated on November 16th 2017 as a private limited company
by Kolli Sitarama Krishna Reddy (Managing Director), his wife,
Mrs. Kolli Geeta Vani (Director) and friends, with registered
office at Plot No. 865,, Vasanth Nagar Colony, Hyderabad,
Rangareddi, Telangana - 500085, in order to undertake
manufacturing of bulk drugs (APIs- Active Pharmaceutical
Ingredients) at its manufacturing facility at: 4J & 4K APIIC -
Denotified Area-SEZ, Lalam Koduru, Atchutapuram, Vishakhapatnam -
531011, with a proposed capacity of 73,650 kilograms per annum.
The company has availed the Consent for Establishment (CFE) for
the following 10 drugs: Alfuzosin, Clopidogrel F1, Clopidogrel F
2, Dabigatran, Ezetimibe, Febuxostat, Montelukast, Prazosin,
Sitagliptin, Moxifloxacin and Rosuvastation. Further, the company
shall sell these drugs, initially to domestic clientele and the
raw material shall be procured from Southern India.


SARVOTTAM POULTRY: CARE Reaffirms B Rating on INR15.30cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sarvottam Poultry Feed Supply Centre Private Limited (SPF), as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank       15.30    CARE B; ISSUER NOT COOPERATING;
   Facilities                    Reaffirmed at CARE B; Issuer Not
                                 cooperating on the basis of best
                                 available Information

Detailed rationale and key rating drivers

CARE has been seeking information from SPF to monitor the
rating(s) vide e-mail communications/letters dated June 27, 2018,
June 22, 2018, June 19, 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.
CARE's rating on Sarvottam Poultry Feed Supply Centre Private
Limited bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

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

The rating has been reaffirmed by taking into account small scale
of operations, weak financial risk profile and raw material price
fluctuation. However the risk is mitigated by experienced
promoters in poultry feed business, and positive demand outlook
of poultry industry.

Detailed description of the key rating drivers

At the time of last ratings on March 24, 2017 the following were
the rating strengths and weaknesses (Updated for the information
available from the registrar of companies).

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
continues to remain small during last three financial years FY15-
FY17 (refers to the period April 1 to March 31). The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Weak financial risk profile: Profitability margins of the company
continues to remain low for the last three financial years i.e.
FY15-FY17 (refers to period April 1 to March 31) owing to the low
value addition coupled with high competition. The capital
structure continues to remain leveraged marked by overall gearing
ratio which stood above 4.50x as on balance sheet dates of last
three financial years i.e. FY15-FY17 on account of high debt to
meet capex and working capital requirements coupled with low net
worth base. The coverage indicators continues to remain low
marked by interest coverage ratio which stood below 2x for the
last three financial years i.e. FY15-FY17. The operating cycle of
the company elongated and stood at 123 days in FY17.

Raw material price fluctuation: The major raw material for the
company consists of soyameal, bajra, corn, peanuts which
constituted major proportion of the total cost of sales. The
prices of the raw material are highly fluctuating because of the
irregularity of climatic condition to unpredictable yields.
Moreover, soyameal, bajra, prices are regulated by government
policies. The company has low bargaining power towards increase
in final product prices.

Key Rating Strengths

Experienced promoters in poultry feed business: SPF is currently
being managed by Mr. Satpal Singh and his son, Mr. Abhimanyu. Mr.
Satpal Singh is a graduate and have an experience of more than a
decade in manufacturing of poultry feed through his association
with group concern "NPF". Mr. Abhimanyu is a graduate by
qualification and has an experience of around half a decade. They
both look after the overall operations of the company.

Positive demand outlook of poultry industry: Poultry products
like eggs have large consumption across the country in the form
of bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The potential in poultry sector is
increasing due to a combination of factors - growth in per capita
income, growing urban population and falling real poultry prices.

Sarvottam Poultry Feed Private Limited (SPF) was incorporated in
2011 by Mr. Satpal Singh and Mr. Abhimanyu. The concern is
engaged in the manufacturing of poultry feed which includes layer
feed and broiler feed and it commenced operations in 2011. The
main raw material required for manufacturing and processing of
poultry feed is soyameal, bajra, corn, peanuts, mustard, maize,
etc. The company procures its raw materials from dealers located
in Delhi and nearby region. The company sells its products under
the brand name "Sarvottam" to poultry farms located in Punjab,
Uttar Pradesh and nearby region. SPF has one associate concern
namely Nirmal Poultry Farm which is also engaged in similar
business.


SHRI JINESHWAR: CARE Lowers Rating on INR5cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Jineshwar Buildcon LLP (SJB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B; ISSUER NOT
COOPERATING;
   Facilities                      Revised from CARE B+; Issuer
                                   Not Cooperating; on the basis
                                   of best available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Shri Jineshwar Buildcon
LLP (SJB), to monitor the ratings vide e-mail communications/
letters dated July 19, 2018, June 21, 2018, June 05, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, Shri Jineshwar
Buildcon LLP 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 SJB's bank facilities
will now be denoted as CARE B; Stable: ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Shri Jineshwar
Buildcom LLP (SJB) is primarily constrained on account of risk
associated with the implementation of its ongoing debt funded
real estate residential project and saleability risk associated
with unbooked units in view of subdued outlook for the cyclical
real estate sector. The rating is, further, constrained on
account of low booking status with low booking advances and its
constitution as a Limited Liability Partnership (LLP).  The
rating, however, derives strength from the experience of the
partners in the real estate sector.

The ability of firm to successfully complete its on-going
projects without any time and cost overrun along with the timely
booking of un-booked flats are the key rating sensitivities.

Detail description of the key rating drivers

At the time of last rating on March 28, 2016 the following were
the rating strengths and weaknesses.

Key rating weaknesses

Low booking status and low booking advances and project
implementation risk: Till January 31, 2016, 32 flats (30% of
total flats) which includes 17 flats of 2 BHK specification and
15 flats of 3 BHK specification has been booked in Jineshwar
project thereby indicating weak booking status in the project.
Further, the flow of customer advances in the project is low as
the company envisaged 39% funding of the project cost through
customer advances. Further, timely completion of the project
within envisaged time and cost parameter would be key risk.

Subdued outlook for the cyclical real estate sector: The real
estate industry in India is highly fragmented with most of the
real estate developers having a city-specific or region-specific
presence. The risks associated with real estate industry are -
cyclical nature of business (linked to economic cycle), interest
rate risk, roll back of income tax benefits etc. Further, in
light of the ongoing economic downturn, the sector is facing
issues on many fronts.

Key rating strengths

Experienced management: The promoters of SJB have wide experience
of more two decades in the real estate sector. Mr. Om Prakash
Chhajer, partner, looks after overall affair of the firm and has
more than two decade of experience in the industry.

SJB was incorporated by Mr. Gautamchand Jain, Mr. Suresh
Sanklecha, Mr. Vinod Jain, Mr. Omprakash Chhajer, Mr. Kishore
Singh Chouhan, Mr. Jaswant Singh and Mr. Narendr Dakalia as a
limited liability partnership concern in June 1, 2012. SJB had
working on a residential project on land measuring 34704 square
feet (Sq ft) situated at Khasra no. 115/4, Village Pal, Pal
Gangana Road, Jodhpur which consists of construction of having
108 flats (9 floors and 12 flats on each floor).


SIGMA-C INFRASTRUCTURE: CARE Cuts Rating on INR8cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sigma-C Infrastructure Private Limited (SCIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           8.00       CARE D, ISSUER NOT
COOPERATING;
                                   Revised from CARE BB, Issuer
                                   not cooperating; on the basis
                                   of best available information

   Long term Bank
   Facilities          24.00       CARE D, ISSUER NOT
COOPERATING;
                                   Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCIPL to monitor the
ratings vide e-mail communications/letters dated April 30, 2018;
July 13, 2018; July 17, 2018; July 19, 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. Further, SCIPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SC`IPL'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 ratings.

The rating has been revised on account of ongoing delays in debt
servicing by the company. The ratings continue to be constrained
by small scale of operations, working capital intensive nature of
business, weak financial performance in FY17 (refers to the
period from April 1 to March 31), high concentration of water
resource project and intense competition. The ratings, however
draws strength from experienced promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: SCIPL's operates at a relatively small
scale with total operating income of around INR42.99 crore in
FY17. Relatively small scale of operation restricts the financial
flexibility of SCIPL in time of stress and hinders the benefits
of economies of scale.

Working capital intensive nature operations: The operations of
the company are working capital intensive in nature marked by
operating cycle of 214 days in FY17. The operating cycle was high
mainly due to high collection and inventory period of 180 days
and 55 days respectively in FY17.

Weak financial performance: The financial performance of the
company continued to remain weak with total operating income of
INR42.99 crore in FY17 vis-a-vis INR38.93 crore in FY16. The
company reported loss at PBILDT level in FY16 and FY17.

High concentration of water infrastructure projects: The order
book (as on November 30, 2015) is skewed towards water
infrastructure projects to the extent of 69%.

Intense competition: The construction industry is characterized
by large number of small and medium-sized players working at the
regional level and orders are generally tender driven.

Key Rating Strengths

Experience of the promoters: Mr. A. K. Bhasin, the promoter of
SCIPL, is highly experienced with more than 50 years of
experience in the power industry.

SCIPL was established as a sole proprietorship firm, Sigma
Construction, in 1993 by Mr. A K Bhasin (Chairman) and the same
was later reconstituted as a private limited company in September
2012, whereby its name was changed to its current name. SCIPL is
engaged in the execution of turnkey contracts for the power
industry whereby it undertakes supply, erection, testing, and
installation of equipment, auxiliaries, and motors for generating
stations and switch yards and also undertakes the civil works.
The company is also involved into underground cable laying and
jointing works, installation of third rail and traction
substations for the Metro Railways and diversified into water
distribution and drainage projects in Assam since FY14. The
company has been executing power projects across various
locations in India and has been carrying out construction work
primarily for various government entities. The power sector
continued to remain the core area of operation for SCIPL
accounting for about 85% of its total revenue in FY15.


SRI DHANDAYUTHAPANI: CARE Hikes Rating on INR14.83cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Dhandayuthapani Spinners Private Limited (SDSP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      14.83       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable and removed
                                   from Issuer not cooperating

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of Sri
Dhandayuthapani Spinners Private Limited (SDSP) factors in growth
in total operating income and comfortable profitability margins
albeit fluctuations.

The rating continues to be tempered by working capital intensive
nature of operations, profitability susceptible to volatile raw
material prices, intense competition and fragmented nature of
industry and leveraged capital structure and satisfactory debt
coverage indicators.

The rating continues to derive strength from, long-standing
experience of the promoters in the textile industry and
established relationship with customers and suppliers. Going
forward, the ability of the company to improve its scale of
operations, capital structure and to efficiently manage its
working capital requirements will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Profitability susceptible to volatile raw material prices: The
spinning units are exposed to the price risk of raw material.
These units also tend to purchase cotton when the prices are
relatively favourable and build up the stock. Also the price
fluctuation linked to monsoon, increasing manufacturing cost and
the demand & supply dynamics causes cotton prices tend to move
sharply. Hence SDSP's profitability is exposed to price risk.

Intense competition and fragmented nature of industry: The
textile and spinning industry has many large players with higher
capacities and large scale of integrated operations. SDSP is a
relatively small player in this space, thereby lacking the
benefits of economies of scale. The intense competition in highly
fragmented textile industry also restricts its ability to
completely pass on volatility in input cost to its customers
unless other organized dominant players in the market also
increase the prices.

Leveraged capital structure and satisfactory debt coverage
indicators: The overall gearing stood leveraged during the review
period. The overall gearing marginally improved from 6.45x as of
March 31, 2016 to 6.29x as of March 31, 2017 on the back of
increase in tangible networth due to accretion of profits. The
company availed interest free loans from promoters for business
operations. This coupled with higher utilization of working
capital facilities as on balance sheet dates, led to
deterioration in overall gearing to 6.85x as of March 31, 2018
(Prov.). The total debt/GCA fluctuated in line with the overall
gearing and stood at 7.15x and 7.33x respectively in FY17 and
FY18 (Prov.). Due to increase in working capital utilization the
finance charges increased and the interest coverage ratio
deteriorated and stood at 2.25x in FY17. Due to increase in
absolute profit, the ratio also improved and stood satisfactory
at 2.68x in FY18 (Prov.).

Working capital intensive nature of operations: On purchases, the
company avails credit up to 20 days while on sales, the customers
are given credit up to 30 days. Yarn units are required to keep
stock of sufficient cotton inventory to meet the demand. These
units also tend to purchase cotton when the prices are relatively
favourable and stock up the raw material. Hence the closing stock
of raw materials was seen increasing in absolute terms during the
last two financial years. Also the finished yarn is sold based on
the prevailing market price and the goods are stocked until the
market prices improve. This led to elongated inventory days at
102 days and 140 days respectively during FY17 an FY18 (Prov.)
increased from 48 days in FY16. With elongated inventory period,
the working capital cycle also stood elongated at 144 days in
FY18 (Prov.) The average utilization of the working capital
limits stood at 85% for the last 12 month ended June 2018. The
current ratio stood below unity on account of increase in working
capital borrowings and current portion of long term liability.
However it improved from 0.60 in FY16 to 0.66 and 0.84
respectively in FY17 and FY18 (prov.) on account of increase in
receivables and short term loans sourced to related parties.

Key Rating Strengths

Growth in operating income and comfortable profitability margins
albeit fluctuations: During FY17, SDSP's production increased
from 4.79 lakh kilogram to 5.71 lakh kilogram, which increased
the operating income from sale of yarn by 43% from INR8.41 crore
in FY16 to INR12.02 crore in FY17. The company modernized its
machinery to manufacture 60's, 74's and 84's count yarn apart
from 40's and 32's count yarn due to increase in demand for finer
variety. Also, the installed capacity increased from 18432
spindles in FY17 to 25344 spindles in FY18. This coupled with
product diversification, increased the actual production from
5.71 lakh kilogram in FY17 to 6.03 lakh kilogram in FY18. Though
the sales volume declined marginally by 6% from 5.69 lakh
kilogram in FY17 to 5.33 lakh kilogram in FY18 (Prov.), the
higher market price of finer count yarn, increased the sales by
21% to INR14.49 crore. The PBILDT margin improved from 11.02% in
FY16 to 22.41% in FY17. The margin declined by 262 bps to 19.79%
in FY18 (Prov.) due to increase in manufacturing and employee
costs associated with increase in scale of production. With the
increase in depreciation charges and interest costs the net
profit of the company declined and the PAT margins also declined
to 0.25% in FY17. However the increase in scale of operations led
to absorption of fixed costs and the margin improved by 110 bps
to 1.34% in FY18 (Prov.).

Long-standing experience of the promoters in the textile industry
Mr. S Saravanbhavan has more than 25 years of experience in the
textile field mainly in spinning and weaving. He along with his
wife Mrs. V Jagadhambal is also engaged in transport business in
the name of SSS Transports with passenger buses running in Erode.
The day to day activities of the company is handled by Mr. S
Saravanbhavan along with his son Mr. S Sanjith who is a graduate
with more than 4 years of experience in textile filed and other
experienced staff.

Established relationship with customers and suppliers: The
company has established good relationship with customers and
suppliers leveraging on the decades long experience of Mr. S
Saravanbhavan. SDSP manufactures 40's, 60's, 74's, and 84's count
yarn which is sold in local markets through agents as well as
directly to fabric manufacturers/dealers/wholesalers. SDSP has
established relationship with more than 15 customers.

Sri Dhandayuthapani Spinners Private Limited (SDSP) was
established in 2003 by Mr. S Saravanabhavan (Managing Director).
SDSP let out the factory premises on lease for a period of 5
years i.e. up to FY 2015. In 2013, the company installed two
windmills for captive consumption. In FY16 SDSP has undertaken
capital expansion in its spinning unit at total cost of INR13.7
crore to modernize the machineries and has commenced the
commercial operations from November 2015. The day to day
management of the company is looked after by Mr. S Saravanbhavan
supported by experienced staff. As on July 24, 2018 the company
has an installed capacity of 2534 spindles. SDSP has captive
power supply through its windmills with capacity of 950 KVA.


SWAAA CORPORATION: Ind-Ra Withdraws 'D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Swaaa
Corporation Private Limited's Long-Term Issuer Rating of 'IND D
(ISSSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND D (ISSSUER NOT COOPERATING) rating on the INR36.6
    mil. Term loan is withdrawn; and

-- The IND D (ISSSUER NOT COOPERATING) rating on the INR42.5
    mil. Fund-based working capital limit is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Swaaa Corporation was incorporated as a partnership firm in 2011.
It was converted into a private limited company in April 2013.
The company manufactures and exports beauty soaps. Its
manufacturing facility, located in Gandhidham, Gujarat, commenced
operations in June 2013.


TECH INDIA: CARE Assigns B+ Rating to INR5cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tech
India Enterprises (TIE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.0        CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of TIE is constrained
by its short track record and small scale of operations with
moderate profitability margins, proprietorship nature of
constitution, volatility in input prices, working capital
intensive nature of operation, moderate capital structure and
debt coverage indicators and its presence in a highly competitive
industry with tender driven process risk. The rating, however,
derives strength from experienced proprietor and satisfactory
order book position.  The ability to increase its scale of
operations by execution of orders in hand within stipulated time
period, timely receipts of contract proceeds and effective
management of working capital will be the key ratings
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with moderate
profitability margins: TIE has started operations from June 2017
onwards and thus has very short track record of operations. TIE
is a small player vis-a-vis other players in the domestic
construction industry marked by its total operating income of
INR3.82 crore with a PAT of INR0.30 crore in 10MFY18,
Provisional. The profitability margins of the entity remained
moderate marked by PBILDT margin of 13.30% and PAT margin of
7.84% in FY18, provisional.

Proprietorship nature of constitution: TIE, being a
proprietorship entity, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship entity has restricted access to external borrowing
as credit worthiness of the partners would be the key factors
affecting credit decision for the lenders. Volatility in input
prices: The major inputs for any civil contractors are bitumen,
cement, bricks, asphalt, stone chips and metals, the prices of
which are highly volatile and some of the orders executed by the
entity contains price escalation clause, which mitigates the risk
to a certain extent. Moreover the entity is exposed to volatility
in the prices of input materials for some contracts. This apart,
it does not enter into any agreement with contractees to
safeguard its margins against any increase in labour prices and
being present in a highly labor-intensive industry, it remains
susceptible to the same.

Working capital intensive operations nature of operation: The
operations of the entity remained working capital intensive in
nature. The entity mainly deals with government units. The
average utilization of its fund-based limit was on the higher
side at around 80% during last 12 months ended in June 30, 2018.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the entity remained moderate
marked by overall gearing ratio at 1.43x as on March 31, 2018.
The debt coverage indicators of the entity also remained moderate
marked by interest coverage ratio of 2.45x and total debt to GCA
of 15.06x in FY18, provisional.

Presence in an intensely competitive industry and tender driven
process risk: The entity has to bid for the contracts based on
tenders opened by the Government of West Bengal, Government of
Jharkhand, Central Coalfields Limited and South Eastern Railway.
Upon successful technical evaluation of various bidders, the
lowest bid is awarded the contract. Since the type of work done
by the entity is mostly commoditized, the entity faces intense
competition from other players. Furthermore, orders are generally
tender driven floated by the government departments indicating a
risk of nonreceipt of contract.

Key Rating Strengths

Experienced proprietor: The key promoter Mr. Shailen Tiwari has
around 20 years of experience in civil construction business in
Abu Dhabi (Dubai), looks after the day to day operations of the
entity.

Satisfactory order book position: The entity has an order book
position of INR9.56 crore (2.50x of revenue of FY18) as on July
16, 2018 which is to be executed by March 2019. The revenue
visibility seems to be satisfactory in near to medium term as
revealed from its satisfactory order book position.

Tech India Enterprises (TIE) was established in June 2017 as a
proprietorship entity. The entity has been engaged in civil
construction activities in the segment like roads, buildings etc.
TIE secures work contracts through tender and executes orders
mainly for Central Coalfields Limited, South Eastern Railway etc.
TIE has an unexecuted order book of INR9.56 crore (2.50x of
revenue of FY18) as on July 16, 2018 which is to be executed by
March 2019.


THEOS IMAGING: CARE Lowers Rating on INR15cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Theos Imaging and Diagnostics LLP (TID), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       15.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B+; Stable:
                                  Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TID to monitor the rating
vide e-mail communications/ letters dated July 10, 2018, July 11,
2018, July 13, 2018 and July 18, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Theos Imaging
and Diagnostics LLP'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

At the time of last rating on June 14, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Project implementation risk: TID has proposed to set up an
imaging and diagnostic unit with a land area of about 12000 sq.
ft. The project was started in February 2017, by taking the
building on lease from CHPL and partly started the commercial
operations i.e., MRI section and CT scan from April, 2017. The
total proposed cost of project is INR35 crore which is proposed
to be funded through bank term loan of INR24 crore and partners'
capital of INR11 crore. As on April 30, 2017, the firm has
incurred expenses of INR26 crore (around 74.29% of total project
cost) and the same is funded by the partner's capital (Rs.7
crore) and term loan (Rs.19 crore). About 25.71% of project
completion depends on the bank loan which is yet to be disbursed.
Therefore, the ability of the firm to complete the project
without any cost or time over run will remain critical from
credit perspective.

Highly regulated nature of healthcare industry: The healthcare
industry is regulated by several policies and bodies in terms of
pricing, quality control, safety and health standards and several
other certifications and control standards. The company has to
undergone for the necessary approvals and certifications.
Furthermore, the same has to be regularly upgraded for smooth
functioning of their business. Any changes or regulations by the
regulatory bodies may hamper the business of the companies
prevailing in the industry.

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in healthcare services
which are highly fragmented industry due to presence of large
number of organised and unorganised players in the industry
resulting in huge competition.

Partnership nature of constitution with inherent risk of
withdrawal of capital: The partners typically make all the
decisions and run the entire business operations. If they become
ill or disabled, there may be nobody else who can step in and
keep the business going. Furthermore, constitution of the entity
as a partnership has the inherent risk of possibility of
withdrawal of the capital at the time of personal contingency
which can adversely affect its capital structure.

Key Rating Strengths

Experienced and qualified promoters for more than two decades in
healthcare industry: TID was established in the year 2016 as
Limited Liability Partnership by Dr. Bobby Jose, Mr Manoj Kumar
and Mrs Rosemary Manjooram. Mr Bobby Jose is MBBS by
qualification and has more than two decades of experience in
healthcare industry. Mr. Bobby Jose was the chief of Neuro
intervention & Professor of Neurosurgery, MOSC Medical College,
Kolencherry. Mr P V Manoj Kumar is the administrative manager of
chazhikattu hospital and post graduate by qualification. Mrs
Rosemary Manjooram is the wife of Mr Bobby Jose and graduate by
qualification.

Financial closure of the project achieved with 74.29% of the
project completed: The total proposed cost of project is INR35
crore which is proposed to be funded through bank term loan of
INR24 crore and partners' capital of INR11 crore. The company has
its term loan sanctioned from State Bank of India with INR19
crore disbursed till date.  As on April 30, 2017, the company has
incurred expenses of INR26 crore (around 74.29% of total project
cost) towards the equipments and interiors of building. The said
expenses are funded by the partners' capital (Rs.7 crore) and
term loan (Rs.19 crore).

Stable outlook of Healthcare sector: Indian healthcare industry
operates in both of the private and public sectors. In the years
to come, the healthcare industry in India is reckoned to be the
engine of the Indian economy. Today, the healthcare industry in
India is worth $17 billion and there are anticipation &
expectation of it to grow by 13% every year.

Theos Imaging and Diagnostic LLP (TID) was established in the
year 2016 as Limited Liability Partnership by Mr Dr. Bobby Jose,
Mr Manoj Kumar and Mrs Rosemary Manjooram. The firm has proposed
to set-up an imaging and diagnostic center in the compound of
super speciality 700 bedded Chazhikattu Hospital Private Limited
(CHPL), at Thodupuzha, Idukky district, Kerala with the most
advanced MRI scan, CT scan, Cath lab, Ultra sound scan,
Mammography and EEG equipment under an arrangement with the
hospital to provide imaging & diagnostic services as part of the
hospital as well as on reference by other doctors. TID has
entered into an agreement with CHPL to set up an imaging and
diagnostic center within the compound of CHPL to meet hospital
diagnostic requirements. CHPL, in turn, is providing 12000 sq.
ft. space in its main building to house the imaging and
diagnostic center on lease. The project was started in February,
2017. TID commenced its operations from April 2017, with purchase
and installation of Magnetic Resonance Imaging (MRI) scan and
Computed Tomography (CT) scan. The total cost proposed for
setting up the unit is INR35 crore funded by equity share capital
of INR11 crore and remaining through term loan of INR24 crore.
The firm has incurred INR26 crore as on April 30, 2017, funded by
partners' capital of INR7 crore and long-term loans of INR19
crore.


UMASHREE RICE: CARE Assigns B Rating to INR13.44cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Umashree Rice Mills Private Limited (URMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          13.44       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of URMPL are
constrained by its short track record and small scale of
operation with low profitability margins, regulated, fragmented
and competitive nature of the industry, high working capital
intensity with exposure to vagaries of nature and leveraged
capital structure with moderately weak debt coverage indicators.
However, the aforesaid constraints are partially offset by its
experienced promoters, close proximity to raw material sources
and stable demand outlook of rice.  The ability of the company to
grow its scale of operation and profitability margins and ability
to manage its working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Mr. Bimal Kishor Kehtan (aged, 60 years),
having more than two decades of experience in the rice milling
industry, looks after the day to day operations of the company
along with other director Mr. Shambhu Tekriwal (aged, 55 years)
with adequate support from a team of experienced professionals
who have rich experience in the similar line of business.

Close proximity to raw material sources and stable demand outlook
of rice: URMPL's plant is located in Raipur District,
Chhattisgarh which is in close proximity to the paddy growing
areas of the state. The entire raw material requirement is met
locally from the farmers (or local agents) helping the entity to
save simultaneously on transportation cost and paddy procurement
cost. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term. Rice, being one of the primary food articles in
India, demand is high throughout the country and with the change
in life style and health consciousness; by-products of the same
like rice bran oil etc. are in huge demand.

Key Rating Weaknesses

Short track record and small scale of operations and low
profitability margins: The company was incorporated in the year
2013, however the company has started commercial production from
March 2015 and thus has short track record of operations. The
company achieved revenue and PAT of INR44.28 crore and INR0.06
crore respectively, in FY17. Further, the capital base and total
capital employed was low at INR4.75 crore and INR19.21 crore,
respectively, as on March 31, 2017. This apart, the PBILDT and
PAT margins were low at 4.54% and 0.14%, respectively, during
FY17. This apart, the company has achieved total operating income
of around INR25.52 crore during FY18. The small size restricts
the financial flexibility of the company in times of stress and
it suffers on account of economies of scale.

Regulated nature of the industry: The Government of India (GoI)
decides a minimum support price (MSP- to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the company, especially in
times of high paddy cultivation.

Fragmented and competitive nature of the industry: URMPL's plant
is located in Raipur district which is in close proximity to hubs
for paddy/rice cultivating region of Chhattisgarh. Owing to the
advantage of close proximity to raw material sources, large
number of small units is engaged in milling and processing of
rice in the region. This has resulted in intense competition
which is also fuelled by low entry barriers. Given that the
processing activity does not involve much of technical expertise
or high investment, the entry barriers are low.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season
till the next season as the price and quality of paddy is better
during the harvesting season. Also, paddy cultivation is highly
dependent on monsoons, thus exposing the fate of the company's
operation to vagaries of nature. Accordingly, the working capital
intensity remains high leading to higher stress on the financial
risk profile of the rice milling units. Accordingly, the average
utilization of working capital limits was around 85% during last
12 months ended May, 2018.

Leveraged capital structure with moderately weak debt coverage
indicators: The capital structure of the entity remained
leveraged marked by long term debt-equity ratio and overall
gearing ratio of 1.48x and 3.05x, respectively, as on March 31,
2017. Moreover, the debt coverage indicators also remained
moderately weak as marked by high total debt to GCA ratio of
23.31x and interest coverage ratio of 1.44x in FY17.

Umashree Rice Mills Private Limited (URMPL) was incorporated in
September 2013 although started its commercial operations from
March 2015. The company is engaged in milling of non-basmati
rice, rice bran, husk and broken rice rice on job-work basis for
Food Corporation of India and also sells in the open market
(around 57%). The milling unit of URMPL is located at Pikridih,
Raipur district of Chhattisgarh with processing capacity of
48,000 metric ton per annum (MTPA). The company is promoted by
Mr. Bimal Kishor Kehtan and Mr. Shambhu Tekriwal. URMPL procures
paddy from local farmers and government and sells its products
were made through the wholesalers and distributors located in
Chhattisgarh. Mr. Bimal Kishor Kehtan (aged, 60 years), having
more than two decades of experience in the rice milling industry,
looks after the day to day operations of the company along with
other director Mr. Shambhu Tekriwal (aged, 55 years) with
adequate support from a team of experienced professionals who
have rich experience in the similar line of business.


V.R. INDUSTRIES: CARE Lowers Rating on INR10cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
V.R. Industries Private Limited (VPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     10.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE BB-; Issuer
                                 Not Cooperating on the basis of
                                 best available information

Detailed rationale and key rating drivers

CARE has been seeking information from VPL to monitor the
rating(s) vide e-mail communications/letters dated June 27, 2018,
June 22, 2018, June 19, 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.
CARE's rating on V.R. Industries Private Limited bank facilities
will now be denoted as CARE B+ ; ISSUER NOT COOPERATING*. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account no due-
diligence conducted due to non-cooperation by V.R. Industries
Private Limited. Further, the ratings take into account small
scale of operations with low networth base, customer
concentration risk and raw material price fluctuation risk.
However the risk is mitigated by experienced promoters having
long track record of operations, positive outlook for FMCG sector
and average financial risk profile.

Detailed description of the key rating drivers

At the time of last ratings on March 31, 2017 the following were
the rating strengths and weaknesses (Updated for the information
available from the registrar of companies).

Key Rating Weaknesses

Small scale of operations with low networth base: Despite being
operational for two decades, the scale of operations has remained
small marked by total operating income and gross cash accruals of
INR37.77 crore and INR1.91 crore respectively during FY17.
Further, the company's capital base was relatively small at
INR11.53 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits.

Customer concentration risk: VPL caters its products mainly to
canteen store departments (CSD) of Indian Armed Forces across
India and has its revenue stream attached to it. Although the
company has been catering CSD for more than two decades, but
still the company is exposed towards customer concentration risk.
Any change in the procurement policy of the customer would have
direct and significant impact on the future prospects of the
company as well.

Raw material price fluctuation risk: The raw materials for the
company are various agri-based products such as soya, wheat, rice
etc. Agro industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. The prices of agri-
based raw materials also depends upon factors like area under
cultivation, vagaries of the monsoon, prices of other competing
crops, MSP and various other incentives offered by the Govt. of
India. This makes the prices of these raw materials volatile in
nature which in turn could adversely impact VPL's margins.

Key Rating Strengths

Experienced promoters and long track record of operations: VPL
was incorporated in 1994 and has a track record of more than two
decades. The company is promoted by Mr. Rahul Bakshi and Mr.
Vishal Bakshi. Mr. Rahul Bakshi is a graduate and holds two
decade of experience in manufacturing of FMCG products through
his association with VPL since its inception. He looks after the
overall operations of the company. Mr. Vishal Bakshi is also a
graduate and holds one and a half decade of experience with VPL.
He is also engaged in the day to day activities of the company.
Further, the directors of the company are also supported by Major
S.K Bakshi who is an ex-serviceman in Indian Army. He supports
the company in procuring orders from army canteen stores
departments across India.

Positive outlook for FMCG sector: The Indian FMCG sector is the
fourth largest sector in the economy with a total market size in
excess of US$ 13.1 billion. Availability of key raw materials,
cheaper labour costs and presence across the entire value chain
gives India a competitive advantage. Penetration level as well as
per capita consumption in most product categories in India is low
indicating the untapped market potential. Increasing
urbanization, rising disposable income, larger percentage of
younger people, expanding presence of organized retail chains are
some of the reasons for steady growth in demand in FMCG sector.

Average financial risk profile: The profitability of the company
continues to remain moderate marked by PBILDT margin of above 7%
in past three financial years i.e. FY15-FY17. Further, due to
relatively low financial and depreciation expenses, the net
profitability also remained moderate marked by PAT margin of
4.09% in FY17. The capital structure of the company continues to
remain moderate as marked by overall gearing which stood below
unity as on the balance sheet dates of past three financial years
i.e. FY15-FY17. Owing to moderate profitability margins the
coverage indicators of the company continues to be comfortable
marked by interest coverage and total debt to GCA of 3.25x and
4.13x respectively for FY17.

VPL was incorporated in 1994 by Mr Rahul Bakshi and Mr Vishal
Bakshi. VPL is engaged in the manufacturing of FMCG products in
two major segments i.e. household care and packaged food
products. The company manufactures detergents, soaps and toilet
cleaners under household care segment and breakfast cereals, nuts
and snacks in the packaged food segment. The manufacturing
facility of the company is located in Manesar, Gurgaon (Haryana).
The main raw material for the company includes agro food items
such as corn, nuts, soya, rice as well as other chemical products
such as sodium bicarbonate, soda ash etc. for manufacturing of
detergents. The company procures these materials from domestic
dealers and distributors across various states. The company
mainly caters to Canteen Stores Departments (CSD) of Indian Armed
Forces located all over the India. The company sells its products
under various brands such as 'Admiral' for detergents and
toiletries; '8 AM' for breakfast cereals and 'Golden Gate' for
nuts and snacks. The operations of the company are ISO 9001: 2000
certified. The company has also obtained Hazard Analysis &
Critical Control Points (HACCP) and BSCIC Certifications for the
quality processes.


VENKATA BHAGYALAKSHMI: Ind-Ra Keeps B Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Venkata
BhagyaLakshmi Raw & Boiled Rice Mill's Long-Term Issuer rating in
the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND B (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR61 mil. Term loan maintained in non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     / IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Venkata BhagyaLakshmi Raw & Boiled Rice
Mill is a partnership concern engaged in the business of rice
milling.


VENKETSWAR AGRO: CARE Assigns B+ Rating to INR6.63cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Venketswar Agro, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facility             6.63      CARE B+; Stable Assigned

   Short-term Bank
   Facility             0.27      CARE A4; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Venketswar Agro
are constrained by its constitution as a partnership entity,
project implementation risk, fragmented and competitive nature of
industry, regulated nature of the industry, high working capital
intensity and exposure to vagaries of nature. However, the
aforesaid constraints are partially offset by its experienced
partners, locational advantage and close proximity to raw
material sources and favourable industry scenario and stable
demand of rice.  The ability of the entity to complete the
project without any cost & time overrun, ability to achieve the
projected scale of operations and profitability as envisaged and
ability to manage working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners: Mr. Samar Kumar Nandi (Partner) along with
Mrs. Chhanda Rani Nandi (Partner), Mr. Siddhanta Kumar Pal
(Partner), Mr. Samir Kumar Nandi (Partner), Mr. Chanchal Kumar
Nandi (Partner), and Mr. Jagadishwar Konar (Partner) who have
around 16 years, 12 years, 16 years, 15 years, 16 years, and 15
years of experiences, respectively, in similar line of business,
will look after the day to day operation of the entity.

Close proximity to raw material sources and favourable industry
scenario: Venketswar Agro's plant proposes to be located in Purba
Bardhaman District, West Bengal which is in close proximity to
the paddy growing areas of the state. The entire raw material
requirement is met locally from the farmers (or local agents)
helping the entity to save simultaneously on transportation cost
and paddy procurement cost. Further, rice being a staple food
grain with India's position as one of the largest producer and
consumer, demand prospects for the industry is expected to remain
good in near to medium term.

Stable demand outlook of rice: Rice, being one of the primary
food articles in India, demand is high throughout the country and
with the change in life style and health consciousness; by-
products of the same like rice bran oil etc. are in huge demand.

Key Rating Weaknesses

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

Project implementation risk: Venketswar Agro is establishing a
rice milling and processing unit to produce Boiled rice, Rice
bran with an installed capacity of 28800 metric tons per annum
with an aggregate project cost of INR6.13 crore, which is
proposed to be financed by way of partner's contribution of
INR2.50 crore and balance will be financed from Term Loan of
INR3.63 crore. The financial closure of the bank facilities for
project has not been achieved yet. The entity has already spent
around INR2.50 crore towards land & site development, building,
civil works, machinery etc. till July 25, 2018 which is met
through partner's contribution. The project is expected to be
operational from April 2019.

Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. There are several small scale
operators which are not into end-toend processing of rice from
paddy, instead they merely complete a small fraction of
processing and dispose-off semiprocessed rice to other big rice
millers for further processing.

Regulated nature of industry: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the entity, especially in times
of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season
till the next season as the price and quality of paddy is better
during the harvesting season. Further, the millers are required
to extend a credit period of around 30 days to its customers.
Also, paddy cultivation is highly dependent on monsoons, thus
exposing the fate of the entities' operation to vagaries of
nature. Accordingly, the working capital intensity remains high
leading to higher stress on the financial risk profile of the
rice milling units.

Venketswar Agro was established in January 2018 as a partnership
entity by six partners namely, Mr. Samar Kumar Nandi, Mrs.
Chhanda Rani Nandi, Mr. Siddhanta Kumar Pal, Mr. Samir Kumar
Nandi Mr. Chanchal Kumar Pal and Mr. Jagadishwar Konar with an
objective to enter into rice milling and processing business.
Currently, the entity is setting up a rice mill at Bajekumarpur
in the district of Purba Bardhaman, West Bengal with an installed
capacity of 28800 metric ton per Annum. The aggregate cost of the
project is INR6.13 crore which is to be financed from term loan
of INR3.63 crore and partner's contribution of INR2.50 crore.
This apart, the entity has also applied for cash credit of
INR3.00 crore and bank guarantee of INR0.27 crore to the bank.
The financial closure of the project has not been achieved. The
registered address of the entity is located at Vill & PO:
Bajekumarpur, Purba Bardhaman, West Bengal. The unit is expected
to be operational from April 2019. The day to day operations of
the entity will be looked after by Mr. Samar Kumar Nandi
(Partner) along with Mrs. Chhanda Rani Nandi (Partner), Mr.
Siddhanta Kumar Pal (Partner), Mr. Samir Kumar Nandi (Partner),
Mr. Chanchal Kumar Nandi (Partner), and Mr. Jagadishwar Konar
(Partner) who have significant experience in similar line of
business.


VIRAL CORPORATION: CARE Reaffirms B Rating on INR6.50cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Viral Corporation India Private Limited (VCIPL), as:

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

   Short Term Bank
   Facilities           6.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities VCIPL continue to be
constrained by small scale of operations coupled with negative
profit margins, leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of
operations. The rating further continues to be constrained by
susceptibility of margins to volatility in raw material prices
and presence in the highly competitive and fragmented industry.
The above weaknesses are partially offset by the strength derived
from well-established track record of the promoters in
manufacturing of prefabricated engineered buildings (PEBs),
demonstrated financial support and association with reputed
clientele.

Ability of the VCIPL to improve its overall scale of operation
with strengthening of order book and improvement in profit
margins amidst intense competition along with continuity of
financial support from the promoters are the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Small scale of operations coupled with negative profit margins
during FY17 (A) & FY18 (Prov.): The total operating income of
VCIPL has sharply declined during the period FY16 to FY18 as
production was stalled at their plant located in Valsad, Gujarat
since FY16, on account of dispute with labour union. Nevertheless
the scale of operations continued to remain small thereby
limiting financial flexibility of the company. Further owing to
lower realization coupled with increase in employee cost the
company posted net operating & profit losses during FY17 (A) and
FY18 (prov.)

Leveraged capital structure and weak debt coverage indicators:
VCPL's capital structure is leveraged primarily on account of
net-worth erosion due to net losses occurred in FY17 as well as
in FY18. Furthermore, company is highly dependent on its working
capital bank borrowings to support liquidity requirements. The
aforementioned reason leads to high interest costs and
subsequently weak debt coverage indicators.

Working capital intensive nature of operations: VCPL's operations
are working capital intensive in nature due to funds being
blocked in inventory and receivables. Due to the unique nature of
products manufactured, turnaround time is between 1-2 months.
Further as mentioned above the production was closed during FY16
which leads to increase its inventory period.

Key Rating Strengths:

Well established track record of promoters in manufacturing of
prefabricated engineered buildings (PEBs): Viral Corporation was
incorporated in the year 1984 and has a rich business vintage of
more than 20 years. The promoter, Mr. Jyotin Sheth has an
experience of over 3 decades in the industry. All promoters are
actively and have significant experience in the business.

Reputed clientele: VCPL over the years of its operations has
established strong business relations with reputed clientele in
construction and its ancillary industries, thereby facilitating
repeat orders from them.

Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth
& family and reconstituted as a private limited company in May
2011, Viral Corporation (India) Private Limited (VCPL) is engaged
in the manufacturing (contributing ~75% to TOI) and renting (~25%
to TOI) of prefabricated engineered building (PEB) and portable
cabins. VCPL caters to the needs of clients belonging to oil &
gas, infrastructure industries (including private companies,
multinationals and government organizations) such as L&T, ABB and
Cairn Energy India.


VSP UDYOG: CARE Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of VSP
Udyog Private Limited (VUPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          200.31      CARE D; ISSUER NOT COOPERATING

   Short term Bank
   Facilities           29.00      CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VSP Udyog Private Limited
to monitor the ratings vide e-mail communications dated May 5,
2018, June 4, 2018, July 9, 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 VSP Udyog
Private Ltd.'s bank facilities will continue to 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

The bankers have categorised the VSP Udyog Private Limited
account as NPA.

VSP Udyog Pvt Ltd (VUPL), incorporated in 2002 by Mr. Om Prakash
Agarwala, is engaged in the manufacturing of billets & TMT
bars/rounds at Durgapur, West Bengal. In 2005, VUPL set up its
first induction furnace for manufacturing billets with a capacity
of 22,800 MTPA. The company has operating billet capacity of
1,15,200 MTPA and TMT bar/rounds capacity of 2,23,000 MTPA.



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


EVOLVED LEADERSHIP: Life Coach Shuts Business; Declared Bankrupt
----------------------------------------------------------------
Christel Yardley at Stuff.co.nz reports that controversial life
coach Sally Anderson has closed her business and been declared
bankrupt, blaming months of "cyber attack and media
annihilation".

Ms. Anderson and her business Evolved Leadership were the subject
of a Stuff investigation in April, which revealed how her former
business partners had been left hundreds of thousands of dollars
out of pocket as her various ventures hit the rocks.

Her education was described as overpriced - she charged up to
NZ$50,000 for coach training, Stuff says.

Stuff relates that Ms. Anderson was also accused of a bullying
coaching style, breaking people down in order to build them up,
and booting out of her community anyone who disagreed with her.

She then made headlines when she was accused of using her moko
kauae (chin tattoo) for commercial gain, the report says.

Stuff, citing the New Zealand Insolvency and Trustee Service
website, discloses that Ms. Anderson was adjudicated bankrupt on
August 6, on a debtor's application.

According to Stuff, sources said members of her senior management
team asked Evolved coaches gathered at a hotel for a training
retreat two weekends ago if they would collectively donate
NZ$50,000 to keep the company from going under.

"They'd already put in 50 grand each, what more are they going to
give? They said no," Stuff quotes a source as saying.  "Sally
came back into the room, they told her 'no' . . . she said
'right, the room's paid for, the food is paid for, see you later'
and walked out."

It is understood she will be putting her company, Evolved
Leadership, into liquidation, although it is still listed as
registered by the Companies Office, Stuff notes.

Stuff says several people who left her coach training this year
because of concerns about her methods have been trying to get
their money back.

In a social media post, Ms. Anderson said it was with "great
sadness" that she was closing her business after 16 years,
effective immediately, Stuff relays.

"After months of cyber attack, media annihilation, subsequent
defamation of my reputation to the extreme and non debtor payment
we are being forced to surrender to the impact," she wrote.

She thanked her supporters and said she was "proud of the
contribution we have made to improving the human condition".

She added that the "universe, in its wisdom and by divine
intervention is presenting a new path.

"Those associated are in the process of going through their own
recalibration and it will all just take time to rebuild," Ms.
Anderson, as cited by Stuff, said.


ORANGE-H GROUP: Owes NZ$30 Million to Unsecured Creditors
---------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that small sub contractors
and suppliers of goods and professional services are bearing the
brunt of losses from construction company collapses.

Stuff, citing latest figures from the liquidators of Orange-H
Group (ex-Hawkins) and Stonewood Homes, discloses that the larger
number of smaller creditors will miss out on any recovery of
money.

According to Stuff, receiver and liquidator Andrew Grenfell of
McGrath Nicol's report on last month's Orange-H collapse showed
the main secured creditor was McConnell owed NZ$14.1 million -
but unsecured mostly smaller creditors were owed about NZ$30
million.

Stuff relates that Mr. Grenfell said it was too early to
determine what amounts, if any, would become available to the
unsecured creditors.

The NZ$30 million owed to unsecured creditors included about
NZ$12.5 million due to trade sub contractors and the balance to
other creditors such as professional services firms, Stuff says.

Stuff relates that Mr. Grenfell said Orange-H's physical assets
have been sold and recovery of money would come from final
payments on projects, sub contractor retention payments held by
the company, and performance bonds worth NZ$15.9 million over
remaining projects.

There were 26 related Orange-H companies with just over half in
receivership or liquidation. Some overseas subsidiaries were
unaffected so far, the report notes.

Most employees were taken over by construction company Downer and
remaining staff claims had been paid, and PAYE and employment
taxes were up to date, Stuff adds.

Orange H Group, previously Hawkins, was New Zealand's second-
largest builder.



STONEWOOD HOMES: Still Owes NZ$11.4MM to Unsecured Creditors
------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that small sub contractors
and suppliers of goods and professional services are bearing the
brunt of losses from construction company collapses.

Stuff says the liquidators of the Stonewood Homes group which
collapsed in December 2015 have revealed the main winner - or
creditor who lost the least - was ASB owed NZ$8.5 million and
repaid NZ$5.4 million.

Other secured creditors owed NZ$6.7 million have been repaid
NZ$695,581. Employee claims of NZ$260,293 were satisfied along
with Inland Revenue's claims of approximately NZ$785,144.

But unsecured creditors made up of smaller suppliers and trades
companies were still owed NZ$11.4 million, Stuff relates.

Stuff meanwhile reports that the liquidator of the other big
collapse of the month, Maven Interiors, is due to publish an
initial report.

It was a sub contractor to Southbase Construction in Christchurch
whose chief executive Quin Henderson said was working to
establish work contracts with the mainly Filipino workers, Stuff
notes.

It would require re-costing some projects and would take two or
three weeks, he said.

According to unconfirmed sources, an Auckland agency that
provided labour to Maven may have been most affected by its
liquidation, Stuff adds.

Stonewood Homes New Zealand Ltd and Stonewood Homes Ltd were
placed in receivership in February 2016 and liquidation in
April 2016, owing companies and contractors nearly NZ$20 million.

The Stonewood Homes franchise chain continues to operate under
new owners, the Chow Brothers, according to Stuff.



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


TIAONG RURAL: Placed Under PDIC Receivership
--------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Tiaong Rural Bank, Inc. from doing business in the
Philippines. Under Resolution No. 1240 dated August 2, 2018, the
MB directed the Philippine Deposit Insurance Corporation (PDIC)
as Receiver to proceed with the takeover and liquidation of the
bank. PDIC took over the bank on August 3, 2018.

Tiaong Rural Bank is an eight-unit rural bank with Head Office
located at #2497, Maharlika Highway, Brgy. San Antonio, Santo
Tomas, Batangas. Its seven branches are located in Batangas City
and Lipa City in Batangas; Imus, Cavite; Calamba, San Pablo City
and Sta. Rosa City in Laguna; and in Tiaong, Quezon.

Latest available records show that as of June 30, 2018, Tiaong
Rural Bank had 18,471 deposit accounts with total deposit
liabilities of PHP891.7 million. Total insured deposits amounted
to PHP794.2 million equivalent to 89.1% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Individual depositors with valid deposit accounts
with balances of PHP100,000.00 and below shall be eligible for
early payment and need not file deposit insurance claims,
provided they have no outstanding obligations with Tiaong Rural
Bank or have not acted as co-makers of these obligations. These
individual depositors must ensure that they have complete and
updated addresses with the bank. They may update their addresses
until August 17, 2018 using the Mailing Address Update Forms to
be distributed by PDIC representatives at the bank premises.

For business entities and all other depositors who are required
to file claims for deposit insurance, the schedule for filing of
claims will be announced as soon as possible through posters in
the bank premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Tiaong Rural Bank and to transact
only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for
filing claims for deposit insurance and settlement of loan
obligations, all depositors and borrowers of the bank are
enjoined to attend the Depositors-Borrowers' Forum which will be
held in venues near the premises of the bank on August 15 to 17,
2018. Details will be posted in the bank premises and in other
public places.

Depositors and borrowers may communicate with PDIC Public
Assistance personnel stationed at the bank premises or call the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631
or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those
outside Metro Manila. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account www.facebook.com/OfficialPDIC.



====================
S O U T H  K O R E A
====================


* 32 Listed Firms Received 'Adverse' Audit Opinions in 2017
-----------------------------------------------------------
According to Yonhap News Agency, the Financial Supervisory
Service (FSS) disclosed that a total of 32 listed firms in South
Korea received "adverse" audit opinions last year, and six of
them were dropped from stock markets.

An "adverse" opinion suggests that a company may violate
accounting standards or significantly misstate their financial
records, Yonhap says.

Yonhap relates that a survey of 2,155 listed firms by the FSS
showed that 98.5 percent of the firms received clean opinions in
their audit results.

The 32 firms were given "adverse" opinions due to violations of
accounting standards, insufficient cooperation from management or
uncertainties over business perspectives, the FSS said, Yonhap
relays.

The report says the nation's top four accounting firms -- Samil
PwC, Samjong KPMG, Deloitte Anjin and EY Hanyoung -- accounted
for 44.7 percent of the auditor market share.

In terms of market capitalization of auditees, the four
accounting firms took 89.2 percent of the market, according to
the FSS.

Yonhap adds that the market share of Deloitte Anjin plunged to
4.9 percent in 2017 from 10.7 percent in 2016 after it was
ordered to suspend new audits for one year in April last year.

The punishment came after Deloitte Anjin was found to have
committed accounting irregularities for the troubled Daewoo
Shipbuilding & Marine Engineering Co., Yonhap says.



                             *********

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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