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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 15, 2018, Vol. 21, No. 161

                            Headlines


A U S T R A L I A

DAMM FINE: First Creditors' Meeting Set for August 21
KNIGHT & DAY: First Creditors' Meeting Set for August 21
MUNGINDI RSL: First Creditors' Meeting Set for August 23
OROTONGROUP: Delisted From Australian Stock Exchange on Aug. 10
SNJ TRANSPORT: First Creditors' Meeting Set for August 23

SONICO PTY: Second Creditors' Meeting Set for August 22
WISE REALTY: First Creditors' Meeting Set for August 22
YORK CIVIL: Stadium Footbridge Subcontractors to Get Payment


C H I N A

XINJIANG PRODUCTION: Defaults on CNY500 Million Notes


H O N G  K O N G

WTT INVESTMENT: Fitch Puts B+ IDR & BB- Sr. Notes on Watch Pos.


I N D I A

ANILA SEED: CARE Assigns 'B' Rating to INR6.00cr LT Loan
BHARGAVA EDUCATIONAL: Ind-Ra Keeps B+ Rating in Non-Cooperating
COIRFOAM INDIA: ICRA Maintains B+ Rating in Not Cooperating
DASHMESH EDUCATIONAL: Ind-Ra Moves BB+ Rating to Non-Cooperating
DEEPAK FOODS: ICRA Withdraws D Rating on INR3.5cr Term Loan

DEMPO SHIPBUILDING: ICRA Lowers Rating on INR50cr Loan to D
ERA INFRA: NHAI Files Complaint Over Bareilly-Sitapur Incident
GAUTAMBUDH CARS: CARE Raises Rating on INR16cr LT Loan to B+
JAI MAAKALI: ICRA Maintains B- Rating in Not Cooperating
JR TOLL: CARE Lowers Rating on INR389cr LT Loan to B(SO)

K. PHILIP: CARE Lowers Rating on INR0.50cr LT Loan to B+
K.B. BOARD: CARE Assigns B+ Rating to INR5.0cr Long Term Loan
KAALENDI VENTURES: CARE Reaffirms B+ Rating on INR16.46cr Loan
KASHVI POWER: CARE Lowers Rating on INR17.41cr LT Loan to B+
KUNDAN INTERNATIONAL: Ind-Ra Withdraws BB Long Term Issuer Rating

L.C. FOODS: CARE Lowers Rating on INR19cr LT Loan to D
LAKSHMI PRECISION: CARE Reaffirms D Rating on INR115.5cr Loan
LAKSHMI VACUUM: CARE Raises Rating on INR5.37cr LT Loan to BB-
LIFELINE MULTI: Ind-Ra Raises Long Term Issuer Rating to BB+
MAHAVIR METAL: CARE Assigns B+ Rating to INR13.66cr LT Loan

MANISHA ENGINEERS: CARE Assigns B+ LT Rating to INR3cr Loan
METRO ECO: CARE Lowers Rating on INR119cr LT Loan to B
MGG INFRA: CARE Assigns 'B' Rating to INR4cr LT Loan
MILAN PIPE: CARE Reaffirms B+ Rating on INR8.62cr LT Loan
NAVAMI PLAZA: CARE Assigns B+ Rating to INR10cr LT Loan

PRAKASH PLASTIC: CARE Lowers Rating on INR7.50cr Loan to D
PRATIBHA ELECTRICAL: CARE Assigns B+ Rating to INR6cr Loan
SHIV MAHIMA: CARE Hikes Rating on INR16.30cr LT Loan to BB-
SHRI KRISHNASHRAY: CARE Hikes Rating on INR10.09cr Loan to C
ROOP TECHNOLOGY: ICRA Reaffirms B Rating on INR14.37cr LT Loan

TEXTURE CLOTHING: ICRA Assigns B Rating to INR1.20cr LT Loan
TURQUOISE & GOLD: ICRA Lowers Rating on INR10cr Loan to D
VEERA ASSOCIATES: CARE Lowers Rating on INR8.50cr Loan to B+
VNV STEEL: CARE Assigns B+ Rating to INR6cr LT Loan


I N D O N E S I A

SOECHI LINES: Moody's Alters Outlook to Negative & Affirms B1 CFR


M A L A Y S I A

PERISAI PETROLEUM: Restraining Order Extended by 9 Months
PETROL ONE: To be Delisted From Bursa Malaysia on August 24


N E W  Z E A L A N D

JB HI-FI: NZ Unit Loss Widens to NZ$2.9MM in Year Ended June 30


P A K I S T A N

PAKISTAN: Gains Guarantee of Financial Backing From China


V I E T N A M

VIETNAM: Moody's Hikes LT Issuer & Sr. Unsec. Rating to Ba3


                            - - - - -


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A U S T R A L I A
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DAMM FINE: First Creditors' Meeting Set for August 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Damm Fine
Food Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Level 15, 114 William Street, in Melbourne,
Victoria, on Aug. 21, 2018, at 10:30 a.m.

Ivan Glavas and Con Kokkinos of Worrells Solvency were appointed
as administrators of Damm Fine on Aug. 9, 2018.


KNIGHT & DAY: First Creditors' Meeting Set for August 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Knight &
Day Property Painting Pty Ltd will be held at the offices of PCI
Partners Pty Ltd, Level 8, 179 Queen Street, in Melbourne,
Victoria, on Aug. 21, 2018, at 4:00 p.m.

Philip Newman of PCI Partners was appointed as administrator of
Knight & Day on Aug. 10, 2018.


MUNGINDI RSL: First Creditors' Meeting Set for August 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Mungindi
R S L Club Ltd will be held at the offices of Rapsey Griffiths
Turnaround + Insolvency, Level 5, 55-57 Hunter Street, in
Newcastle, NSW, on Aug. 23, 2018, at 12:00 p.m.

Chad Rapsey of Rapsey Griffiths was appointed as administrator of
Mungindi RSL on Aug. 13, 2018.


OROTONGROUP: Delisted From Australian Stock Exchange on Aug. 10
---------------------------------------------------------------
Inside Retail reports Oroton officially ended its public company
life on Aug. 10 when it delisted from the Australian Securities
Exchange at the close of trade.

According to the report, the 80-year-old company, which slipped
into administration in November amid declining sales, has been
transferred into the private ownership of major shareholder Will
Vicars.

Oroton is to continue trading as a non-listed company, a
statement on the ASX website stated, according to Inside Retail.

Earlier this month, an entity controlled by Will Vicars has
completed the acquisition of OrotonGroup.  All company shares in
Oroton have been transferred to Manderrah, Vicars' associated
business and now that the company is no longer subject to the
DOCA, the deed administrators have retired, Inside Retail states.

Inside Retail says the completion of the DOCA comes after months
of difficulty from the retailer after falling into administration
last November.

"This is a pivotal moment for the brand as it celebrates its 80th
anniversary this year," Inside Retail quotes a spokesperson for
Vicars as saying.  "Australians have a deep emotional connection
to Oroton and we will invest in this brand to ensure it remains
as one of Australia's most iconic and desired luxury fashion
brands.

"We will nourish the business through investment in talent,
design and omnichannel capability whilst streamlining operations
to make it more agile and innovative as it becomes a single brand
entity for the first time in 40 years".

Ross Lane - grandson of Oroton founder Boyd Lane - will continue
as CEO and as a director on the Oroton board, joined by Will
Vicars, Sophie Holt and Matthew Moses - who will assume the role
of non-executive chairman, Inside Retail adds.

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

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


SNJ TRANSPORT: First Creditors' Meeting Set for August 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of SNJ
Transport Pty Ltd will be held at Suite 1103, Level 11
147 Pirie Street, in Adelaide, SA, on Aug. 23, 2018, at
10:30 a.m.

Dominic Charles Cantone and Nicholas David Cooper of Worrells
Solvency were appointed as administrators of SNJ Transport on
Aug. 13, 2018.


SONICO PTY: Second Creditors' Meeting Set for August 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Sonico Pty
Ltd has been set for Aug. 22, 2018, at 3:00 p.m. at the
Conference Room, BGC Conference Centre, 28 The Esplanade, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 21, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Sonico Pty on Jan. 17, 2018.


WISE REALTY: First Creditors' Meeting Set for August 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wise
Realty, Management & Development Pty. Ltd will be held at the
offices of PKF Hacketts, Level 6, 10 Eagle Street, in Brisbane,
on Aug. 22, 2018, at 10:30 a.m.

Glenn Jeffrey Franklin and Petr Vrsecky of Wise Realty were
appointed as administrators of Wise Realty on Aug. 13, 2018.


YORK CIVIL: Stadium Footbridge Subcontractors to Get Payment
------------------------------------------------------------
ABC News reports that subcontractors working on the Perth Stadium
footbridge have been reassured they will be paid, despite the
collapse of a major civil engineering company leaving some
chasing payments of hundreds of thousands of dollars.

ABC relates that York Civil, which entered voluntary
administration last week, is involved in major projects across
Australia, and was recently awarded a contract worth tens of
millions of dollars for an upgrade at Port Hedland's wharf.

It is also a joint partner in the Matagarup Bridge connecting
Perth Stadium to East Perth, which was opened last month, the
report says.

According to ABC, the WA Government said it was trying to work
out its full exposure after the company went into administration,
with staff informed at a meeting on Aug. 6.

Subcontractors still working on the footbridge told ABC Radio
Perth they were owed hundreds of thousands of dollars.

One bridge subcontractor, who only wanted to be identified as
Noel, said York Civil owed his company around AUD100,000, the
report relates.

He said his suspicions were raised last week by an "inspection,"
relays ABC.

"We were interested last week [first week of August]. There was a
push onsite to have all product or equipment onsite for some sort
of inspection, which we thought was interesting," the report
quotes Msaid.

He started chasing late payments on Aug. 6, but was yet to
receive a response, the report relates.

ABC says a significant number of workers remained on the bridge
site on Aug. 7, with substantial work still to be done to clean
up the area around the bridge itself.

Workers were also seen holding a meeting at the site, the report
says.

                        About York Civil

York Civil provides engineering and construction services for
infrastructure across Australia. Timothy David Mableson and
Martin David Lewis of Ferrier Hodgson were appointed as
administrators of York Civil on Aug. 6, 2018. The Voluntary
Administrators now control the Company's operations and are
assessing the Company's financial position and the status of its
contracts. York Civil ceased trading on Aug. 13, 2018.



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C H I N A
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XINJIANG PRODUCTION: Defaults on CNY500 Million Notes
-----------------------------------------------------
Bloomberg News reports that a rally in bonds from China's local
government finance vehicles, sparked by the recent easing
measures, may be at risk of losing momentum after a surprise bond
default by a state-owned firm on Aug. 13.

Bloomberg relates that Xinjiang Production Construction 6th Shi
State-owned Assets Management, a cotton trader owned by the local
government, missed interest and principal on a CNY500 million
(US$72.6 million) note on Aug. 13.  The company has features
similar to an LGFV, which raises funds for local authorities and
carries out infrastructure investments, Bloomberg relates citing
analysts. According to Bloomberg, SWS Research Co said the
default has dampened investors' belief that the Chinese
government would bail out such funding platforms.

Bloomberg adds that China last month introduced a package of
fiscal policies aimed at supporting the economy, while a State
Council meeting also urged financial institutions to ensure
reasonable borrowing demand from LGFVs. Those steps buoyed risk
appetite for corporate bonds, so the timing of the missed
payments from Xinjiang Production is a surprise, Bloomberg says
citing a report from TF Securities Co.

Bloomberg relates that bonds from China's financing vehicles have
been among the top performers in the local market as a result of
the easing measures. However, cracks began to appear after the
latest default with selling seen in LGFV bonds from Xinjiang
region, Chen Su, bond trader at Qingdao Rural Commercial Bank,
said, Bloomberg relays. Dollar LGFV bonds sold by Yunnan Energy
Investment (HK) Co. and Qinghai Provincial Investment Group Co.
also fell on Aug. 14, according to Bloomberg-compiled prices.

"We are likely to see some sell-off in LGFV bonds after Xinjiang
missed payment," Bloomberg quotes Li Qilin, the chief
macroeconomic researcher at Lianxun Securities Co, as saying.
"The market will also probably reprice LGFV notes to factor in
more default risks."

The company has about CNY2 billion of bonds maturing before mid-
March next year, among which CNY500 million short-term notes will
mature next week, according to Bloomberg-compiled data. The
company said in an announcement on Aug. 14 that it faces
difficulty in raising funds to repay the CNY500 million bond due
on Aug. 19, according to Bloomberg.

"LGVFs in Xinjiang region may be affected badly by the latest
default," Huang Weiping, chief fixed income analyst Industrial
Securities Co., wrote in a report on Aug. 14, Bloomberg relays.
"Many LGFVs in Xinjiang are very weak financially and lack of
investor confidence may result in a sharp fall in demand for
their notes."



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


WTT INVESTMENT: Fitch Puts B+ IDR & BB- Sr. Notes on Watch Pos.
---------------------------------------------------------------
Fitch Ratings has placed WTT Investment Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'B+'
and its USD670 million 5.5% senior unsecured notes due 2022 rated
at 'BB-' with a Recovery Rating of 'RR3' on Rating Watch Positive
(RWP) .

The RWP follows an announcement of an all-stock merger between
Hong Kong Broadband Network (HKBN) and WTT Holding Corp, WTT's
100% parent. HKBN will issue new shares at HKD11.6 per share to
Twin Holdings Limited, an affiliate of MBK Partners, and TPG
Wireman, an affiliate of TPG Capital. MBK and TPG Capital each
hold a 50% stake in WTT Holding and will each receive pro forma
ownership of 11.66% in HKBN's issued share capital and an
additional HKD970 million zero-coupon vendor loan convertible
notes as consideration.

WTT Holding will become a wholly owned, fully consolidated
subsidiary of HKBN once the transaction is completed. The
transaction is subject to HKBN's shareholder and regulatory
approval and is planned to close in 1Q19. HKBN's two major
shareholders - Canada Pension Fund and GIC Private Ltd - have
given irrevocable undertakings to vote in favour of the
transaction. HKBN will pay a break-up fee of HKD350 million to
MBK and TPG Capital if the transaction is unsuccessful.

The RWP reflects Fitch's assessment that the combined entity's
strong business-risk profile - which is characterised by large
scale, network and market position - and an ability to increase
revenue and EBITDA by a mid-single-digit percentage will offset
the company's high pro forma FFO adjusted net leverage of 4.5x-
4.7x in 2020. Fitch expects to assess WTT's ratings based on
HKBN's consolidated credit profile as the two entities are likely
to have strong operational and strategic linkages.

The RWP will be resolved once the transaction receives the
necessary approvals and all significant conditions precedent for
the merger are fulfilled. This may take more than six months.

Fitch has also placed WTT's unsecured notes on RWP as Fitch
believes the company's IDR may be upgraded by two notches to 'BB'
once the transaction is completed. Fitch would then apply the
generic notching approach for unsecured debt of issuers with IDRs
above 'B+', resulting in the notes being rated at the same level
as the IDR. Therefore, if the IDR is upgraded by two notches to
'BB', the notes are likely be upgraded by a single notch to 'BB'.

KEY RATING DRIVERS

WTT Credit-Linked to HKBN: Fitch will assess WTT's credit profile
based on the consolidated profile of HKBN once the transaction is
completed, given strong linkages between the two entities. The
two businesses will be managed on a common basis. WTT will
contribute about 34%-40% of HKBN's consolidated pro forma revenue
and EBITDA for the financial year ending August 2020 (FY20). One
nominee each from MBK and TPG Capital will join HKBN's board of
directors on deal completion.

Improved Business-Risk Profile: WTT's and HKBN's businesses are
complimentary, as they serve different markets and customers.
HKBN had a 37% market share in residential broadband and a 22%
share in residential voice as of end-February 2018, while WTT
commands a market share of around 16%-17% in the stable
enterprise market, with its fibre coverage to over 5,400
commercial buildings in Hong Kong. The combined entity is likely
to use its better network coverage and capacity to enhance
service quality and widen its customer base. The merger will
double HKBN's enterprise revenue. HKBN diversified into the
enterprise business segment with the acquisition of New World
Telecom in 2016.

Revenue Diversity: The combined entity's FY20 revenue will be
around HKD6.6 billion and its operating EBITDAR at around HKD2.8
billion, with 60% of revenue from enterprise customers and 37%
from the residential segment. Fitch has not factored in merger
synergy benefits, as Fitch believes management's estimate of
synergy benefits in the form of capex savings of HKD60 million
and 7%-10% opex savings may only be fully realisable during FY21-
FY23.

Slightly Better Leverage: Fitch forecasts the combined entity's
FY20 FFO adjusted net leverage on a pro forma basis to be around
4.5x-4.7x; slightly better than its estimates for WTT's
standalone net leverage. The combined entity will have total
adjusted debt of around HKD12.9 billion, including lease-adjusted
debt of HKD3.8 billion, and operating EBITDAR of around HKD2.8
billion in 2020. Fitch has treated HKBN's proposed vendor loan
notes of HKD1.9 billion as equity, as the notes are perpetual,
non-voting, zero-coupon instruments and are only convertible into
HKBN shares. Vendor loan notes are subordinated and rank behind
all of HKBN's present and future unsecured obligations.

Mid-Single-Digit Growth: Fitch forecasts that the combined
entity's revenue and EBITDA will increase by around 5%-6% during
2020-2021, driven by residential broadband and SME consumer
demand for connectivity. Fitch expects an operating EBITDAR
margin of around 41%-43%, gradually benefitting from savings on
bandwidth and staff cost as the two businesses integrate and
achieve cost savings. However, the combined entity may face a
one-time integration cost in 2019, which could see a slight and
temporarily depression of margins.

Fitch expects capex/revenue of around 11%-12% to expand network
coverage and maintain existing networks. Fitch also expects HKBN
to pay most of its free cash generation in dividends.

DERIVATION SUMMARY

Fitch assesses that WTT and HKBN will have strong operational and
strategic linkages and that Fitch will therefore base WTT's
credit profile on HKBN's consolidated credit profile once the
merger is completed. Fitch believes the combined entity's
business-risk profile will be better than that of TalkTalk
Telecom Group PLC (BB-/Stable) and Axtel, S.A.B. de C.V. (BB-
/Stable) in light of its better market position, diversified
revenue base with a healthy mix of consumer and enterprise
business and lower competition. The combined entity will become
Hong Kong's second-largest fixed integrated telco by revenue,
behind market-leader PCCW Ltd. It will be able to offer a full
suite of services spanning residential broadband as well as SME,
enterprise and wholesale-carrier business in Hong Kong. Fitch
will rate the combined entity at the 'BB' level if it achieves
FFO adjusted net leverage lower than 4.5x by FY20.

KEY ASSUMPTIONS

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

  - HKBN's acquisition of WTT Holding to be completed in 1Q19
    based on announced terms and conditions.

  - The combined entity to pay all of its free cash flow in
    dividends.

  - The combined entity's revenue and EBITDA to increase by a
    mid-single-digit percentage from 2020.

  - Capex/revenue of around 11%-12%, with some synergy benefits.

  - Vendor loan treated as 100% equity.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to an
Upgrade

  - Achievement of required regulatory and shareholder approvals
    will likely lead to an upgrade by two notches to 'BB',
    assuming the combined entity achieves FFO adjusted net
    leverage below 4.5x by FY20.

Developments that May, Individually or Collectively, Lead to the
Outlook being Revised to Stable

  - Non-completion of the transaction will lead us back to the
    original guidelines for WTT's ratings on a standalone basis.
    Fitch would revise its Outlook on WTT to Stable from Positive
    based on following negative guidance:

   - failure to achieve FFO adjusted net leverage of below 4.8x
     by 2020 on a forecast basis

   - failure to maintain FFO fixed-charge cover at or above 2.5x
     by 2020 on a forecast basis

   - deterioration in WTT's market position or ability to
     generate positive pre-dividend free cash flow as Fitch
     currently expects.

LIQUIDITY

Adequate Liquidity: The combined entity will have total on-
balance-sheet debt of about HKD9.2 billion, including HKD3.9
billion of debt at the HKBN level and HKD5.3 billion (USD670
unsecured notes) at WTT's level. Liquidity will be adequate, with
the combined entity's cash balance at about HKD958 million in
2019 and no short-term debt maturities. HKBN's debt of HKD 3.9
billion has a bullet maturity in 2023, while WTT's bonds mature
in 2022.



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ANILA SEED: CARE Assigns 'B' Rating to INR6.00cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Anila
Seed Processing Industries (ASPI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           6.00        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ASPI are tempered
by small scale of operations with satisfactory profitability
margins and fluctuating total operating income, leveraged capital
structure and weak debt coverage indicators, elongated operating
cycle days, seasonal nature of availability of agriculture seeds
resulting in working capital intensive nature of operations
highly fragmented industry with intense competition from large
number of players and constitution of the entity as
proprietorship firm with inherent risk of withdrawal of capital.
The ratings are, however, underpinned by satisfactory track
record of the entity and vast experience of the proprietor in the
agro industry and healthy demand outlook of seed market.

Going forward, ability of the firm to improve its scale of
operations, increase profitability margins and improve capital
structure, debt coverage indicators and ability to utilize the
working capital requirements efficiently will be the key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with satisfactory profitability margins
and fluctuating total operating income: Though the firm has been
operational for about a decade, scale of operations remained
small marked by a total operating income (TOI) of INR10.90 crore
in 11MFY18 (Prov.). The TOI was seen fluctuating during the
review period. The TOI declined from INR13.93 crore in FY15 to
INR10.24 crore in FY16 on the back of decrease in orders from
associate concern. However in the subsequent years the TOI
improved and stood at INR10.34 crore and INR10.90 crore
respectively in FY17 and 11MFY18 (Prov.) on account of increase
in orders from associate concerns. ASPI's revenue is dependent on
the operations of its associate concern as 100% revenue received
from its SSPL. The profitability margins of the firm was seen
improving during the period FY16-11MFY18 (Prov.) The PBILDT
margin of the firm increased from 5.33% in FY16 to 9.46% in
11MFY18 (Prov.) mainly on account of decline in other expenses
(Labour charges). The PAT margin of the firm has increased from
1.22% in FY16 to 1.71 % in 11MFY18 (Prov.) on account of increase
in PBILDT absolute terms coupled with decline in depreciation
provision. However the margins remained thin during review period
due to trading nature of business operations.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged during the
review period. The debt equity ratio of the firm remained below
unity for the last three balance sheet date ended March 31, 2018
(Prov.), due to absence of long term loans. The overall gearing
ratio deteriorated from 0.21x as on March 31, 2016 to 28.20 as on
February 28, 2018, due to utilization of working capital bank
borrowing coupled with lower tangible networth. The firm has weak
debt coverage indicators during review period. Total debt/GCA of
the firm deteriorated from 3.94x in FY16 to 23.41x in 11MFY18 due
to full utilization of working capital bank borrowing. The PBILDT
interest coverage ratio of the firm deteriorated from 1.86x in
FY16 to 1.43x in FY18 due to increase in interest cost associated
with working capital borrowings.

Elongated operating cycle days: The operating cycle of the firm
remained elongated during the review period and stood at 89 days
in 11MFY18 (provisional). The firm receives the payment from its
customers within 90-110 days. However, the credit period is
extended for a few customers depending on the quantum of sales
made. Furthermore, the firm makes the payment to its suppliers
within 100-125 days. The firm sometimes avail extension in credit
period from its suppliers due to long standing relationship.
Moreover, the seeds are procured from the farmers generally
against cash payments or with a credit period of 6-8 months, as
the firm maintains an average inventory of 40-60 days.

Seasonal nature of availability of agriculture seeds resulting in
working capital intensive nature of operations: Paddy, maize,
jowar, bajra and among others. India is harvested mainly at the
end of two major agricultural seasons Kharif (June to September)
and Rabi (November to April). During this time, the working
capital requirements of the farms are generally on the higher
side. Majority of the firm's funds of the firm are blocked in
inventory and with customers reflecting the working capital
intensity of business. The average utilization of fund based
working capital limits of the firm was utilized (95%) during the
last 12 months period ended June 30, 2018.

Highly fragmented industry with intense competition from large
number of players Indian Agro Industry is highly fragmented in
nature with several organized and unorganized players. High
dependence on agro sector, Lower productivity, Unfavorable Labor
Laws are a few drawbacks of the industry from which it has to
overcome. The biggest challenge facing the Indian agro industry
is competition from the other low cost neighbouring countries
which attract more business from the international market because
of lower production costs, ease in doing business and easier
trade routes.

Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital: The firm being a proprietorship
firm is exposed to inherent risk of capital withdrawal by
proprietor due its nature of constitution. Any substantial
withdrawals from capital account would impact the net worth and
thereby the gearing levels. The proprietor has withdrawn the
capital of INR4.54 crore in FY17 and invested the same in its
associate concern. However, the firm has infused amount of
INR0.05crore in 11MFY18 (prov).

Key Rating Strengths

Satisfactory track record of the entity and vast experience of
the proprietor in the agro industry: Anila Seed Processing
Industries (ASPI) was established in 2009 and promoted by Mr.
Vidyanath Reddy. The proprietor has around 30 years of experience
in trading of seeds. Through his vast experience in trading
business, they have established healthy relationship with key
suppliers, customers, local farmers, dealers and also with the
brokers facilitating the ease in sale of products.

Healthy demand outlook of seed market: Global Seeds market to
grow at a CAGR of 11.04 percent during the period 2014-2019. Seed
is the most basic unit for cultivation of crops. It is a
fertilized ripened ovule, capable of reproducing and developing
into a plant. Seeds include cereals, pulses, vegetables, and
fruits. Innovations in technology have improved the quality of
seeds and provided a wide variety with desired characteristics
and suited to specific conditions and geographies. This
development is necessary for ensuring the best-quality crop
production and meeting the growing demand for food worldwide. The
Global Seeds market is highly dependent on the demand for
agricultural products. With a rise in global population, a 60
percent increase in food production is to be attained by 2050 to
keep up with the food demand.

Telangana based, Anila Seed Processing Industries (ASPI) was
established as a proprietorship concern in 2009 by Mr. Vidyanath
Reddy. ASPI is engaged in processing and trading of seeds like
paddy, maize, jowar, bajra and among others. The firm procures
the different varieties of seeds from framers located at
Karimnagar, Metpally, Eluru, Giddaluru and etc. The firm sells
its products to its associate concern Shakthi Seeds Private
Limited (SSPL), located at Hyderabad (ACUITE B outlook: stable
reaffirmed on September 26, 2017). The installed capacity of firm
has 120 tons per day.


BHARGAVA EDUCATIONAL: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the ratings on
Bhargava Educational Society's bank facilities 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 continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR58 mil. Term loan maintained in non-cooperating category
    with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Working capital facility maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE

Bhargava Educational Society has a registered office in Banga,
Punjab and was established in 2011 under the Societies
Registration Act, 1860. It runs one school - Darrick
International School - in Gunachaur, Punjab.


COIRFOAM INDIA: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR8.00 crore bank facilities of
Coirfoam India Private Limited (CIPL) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable) and [ICRA]A4; ISSUER NON-COOPERATION."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund      7.00      [ICRA]B+ (Stable) ISSUER NON-
   Based-Cash Credit              COOPERATION; Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Short Term: Non-     1.00      [ICRA]A4 ISSUER NON-
   Fund Based-Bank                COOPERATION; Continues to
   Guarantee                      remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available and
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

CIPL was initially constituted as a partnership firm in 1977 and
was converted into a private limited company in June 1978. The
firm, originally promoted by the Agarwal family, was taken over
by Mr. Inderjeet Khurana and Mr. Sukhdeep Khurana in 1997. CIPL
is involved in manufacturing of rubberized coir mattresses and
has an installed capacity of 2500 metric tonnes per annum (MTPA).
In addition to it, the company has installed new machines having
capacity of 1000 MTPA for manufacturing of spring mattress. CIPL
is also involved in trading of home products such as pillows,
cushions, spring mattresses, blanket, bed sheet towel and others.


DASHMESH EDUCATIONAL: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dashmesh
Educational Charitable Trust's bank facilities 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 website.

The instrument-wise rating actions are:

-- INR1,383.6 bil. Term loans due on October 2023 migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR150 mil. Fund-based working capital facility migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR177 mil. Non-fund-based facility migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR389.40 mil. Proposed fund-based working capital facility
    migrated to non-cooperating category with Provisional IND BB+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The Rating was last reviewed on
August 9, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Dashmesh Educational Charitable Trust was incorporated under the
Societies Registration Act, 1860. The trust commenced operations
with a Shree Guru Gobind Singh Tricentenary dental college in
2002, and went on to open a 300-bed general hospital in 2005, a
medical college in 2010 and a nursing college in 2012. Shree Guru
Gobind Singh Tricentenary attained private university status in
2013 under the name of Shree Guru Gobind Singh Tricentenary
University.


DEEPAK FOODS: ICRA Withdraws D Rating on INR3.5cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING for the INR0.50-crore cash credit facility and the
INR3.74-crore term loans facility of Deepak Foods. ICRA has also
withdrawn the short-term rating of [ICRA]D ISSUER NOT COOPERATING
for the INR1.50-crore fund based EPC cum FBP/FBD facility of DF.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-        0.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Withdrawn

   Fund-based-        0.24      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan I                  Withdrawn

   Fund-based-        3.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan II                  Withdrawn

   Fund Based-        1.50      [ICRA]D ISSUER NOT COOPERATING;
   EPC cum FBP/                 Withdrawn
   FBD

Rationale

The ratings assigned to DF have been withdrawn at the request of
the firm, based on the no-objection certificate provided by its
banker.

DF was established as a proprietorship firm in 1997. Initially a
service provider, the firm eventually became a major labour
supplier. Gradually, it commenced manufacturing and supplying
pre-processed seafood. In October 2012, the firm commenced
manufacturing fish paste, which is used as animal feed. In the
current fiscal, DF will start manufacturing surimi.


DEMPO SHIPBUILDING: ICRA Lowers Rating on INR50cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B to [ICRA]D
to the INR8.00 crore fund-based facility and INR50.00 crore non-
fund based facility of Dempo Shipbuilding and Engineering Private
Limited. ICRA has also downgraded the short-term rating from
[ICRA]A4 to [ICRA]D to the INR50.00 crore fund-based/non-fund
based facility of DESPL. The short-term fund based/non-fund based
facility of INR50.00 crore is a sub-limit of long-term non-fund
based facility of INR50.00 crore.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      8.00       [ICRA]D; downgraded from
   Based/ CC                      [ICRA]B (Stable)

   Long Term-Non      50.00       [ICRA]D; downgraded from
   Fund Based                     [ICRA]B (Stable)

   Short Term-       (50.00)      [ICRA]D; downgraded from
   Interchangeable                [ICRA]A4

Rationale

The ratings revision takes into consideration the excess drawing
of working capital facility by DSEPL owing to stretched
liquidity. ICRA also notes that the company is affected by the
downturn in the shipbuilding industry and it remains vulnerable
to input price variations owing to the fixed-price nature of its
contracts.

Key rating drivers

Credit strengths

Extensive experience of promoters in the shipbuilding industry:
Incorporated in 1974, DSEPL is involved in the construction and
repair of barges, utility vessels and pontoons. The company has
two shipbuilding yards: one at Old Goa on the banks of Mandovi
river and the other at Undir on the banks of the Zuari river.

Status of DSEPL as a part of the Dempo Group in Goa, which
continues to provide significant financial support: DSEPL is
promoted by the Dempo Group through VS Dempo Holdings Private
Limited, which holds a 100% stake in DSEPL. In view of the
downturn in shipbuilding industry and deteriorating financial
position of DSEPL, the parent company VSDHPL has supported the
operations of DSEPL by way of interest-free unsecured loans in
the last few years.

Credit challenges

Weakened financial position of the company resulting in excess
drawing in working capital facility: Due to prolonged weakness in
the shipbuilding industry, the operating performance of the
company has deteriorated during the past three fiscals with
company reporting operating and net losses. This resulted in
excess drawing of working capital facility.

Large investments and advances extended to its subsidiary: DSEPL
has invested INR93.68 crore and extended advances of INR190.35
crore to its subsidiary, Modest Infrastructure Private Limited
(MIPL) as on March 31, 2018. MIPL remains a loss-making entity
with a negative net worth, which adversely impacts the
consolidated financial risk profile of DSEPL.

Exposure to raw material price risk: The company's margins are
exposed to fluctuations in input material price given the fixed-
price nature of contracts.

Incorporated in 1974, Dempo Shipbuilding & Engineering Private
Limited (DSEPL) is a wholly-owned subsidiary of V. S. Dempo
Holdings Private Limited (VSDHPL), which is an investment company
of the Dempo Group. The company has two shipbuilding yards: one
at Old Goa on the banks of Mandovi river and the other at Undir
on the banks of the Zuari river. DSEPL has the capacity to
undertake new construction of 10-12 vessels per annum of up to
4,000 Deadweight Tonnage (DWT) and carry out the repair work of
around 36 vessels of 350-2,000 DWT. In July 2012, DSEPL had
received approval from the Gujarat Maritime Board for acquisition
of a majority stake in Modest Infrastructure Private Limited, and
consequently, MIPL became a subsidiary of DSEPL. MIPL is a ship-
building and repairing company, which undertakes projects of
building small to medium-sized product tankers, bulk carriers and
offshore survey vessels in addition to executing ship-repairing
activities from its shipyard facility at Ramsar in Bhavnagar
(Gujarat).


ERA INFRA: NHAI Files Complaint Over Bareilly-Sitapur Incident
--------------------------------------------------------------
The Times of India reports that the National Highways Authority
of India (NHAI) has filed a police complaint against Era Infra
Engineering Limited, the firm which was assigned construction of
the 134km Bareilly-Sitapur stretch of NH-24, a portion of which
caved in on Aug. 4. The stretch opened to public in April became
the second such incident earlier this month after a portion of
the Agra-Lucknow expressway caved in on Aug. 1 plunging an SUV
into a 60-foot-deep sinkhole, 35 km from Agra city.

Police officials, however, said that they had received a
complaint from NHAI, but there were hardly any allegations into
it to book anyone in an FIR, TOI relates. Inspector general DK
Thakur told TOI, "We are discussing with legal experts to find
out under what sections an FIR should be lodged since it seems to
be a civil matter, and not a criminal case."

While giving details of the complaint filed with police by NHAI's
project manager Mukesh Sharma, the IG said, "In his complaint,
the NHAI's project manager stated that Era Infra Engineering
Limited had stopped construction and didn't carry out any repair
work. On these charges, no FIR can be lodged until we come to
know what agreement they had signed before giving contract to the
company. In his three-paragraph complaint, he didn't mention if
there were any clauses to lodge an FIR if the work is abandoned,"
TOI relays.

Speaking to TOI, NHAI's Sharma said, "Era Infra Engineering
Limited had stopped working four months ago. We issued several
notices to them and approached police last week after the firm
didn't make any reply to our notices. Now, we have given two
complaints to police, but an FIR is yet to be lodged. Now, it is
their job to find sections under which an FIR could be
registered." He also said that Rs 1,450 crore had been lent to
the firm by bankers for this project.

Notably, NHAI terminated its contract with Era Infra Engineering
Limited only on Aug. 4, TOI says.  According to the report, the
highways authority said the firm had stopped construction for
several months without giving any information to the authority
and made no reply to notices issued to it over the past three
months.

TOI says the firm's owner, Delhi-based industrialist Hem Singh
Bharana, 55, is facing a multi-agency probe by CBI, ED and others
for allegedly duping several leading Indian banks and other
lending institutions to the tune of over Rs 15,000 crore. Bharana
has been accused of borrowing money from banks, defaulting
payments and laundering money, the report notes.

                       About Era Infra

Era Infra Engineering Limited engages in the execution of
construction contracts involving engineering, procurement and
construction projects across a range of sectors, such as roads
and highways, power, railways, metro, aviation, industrial,
institutional and related segments. Its principal business
activities are to carry on the business of builders, civil
contractors, and sanitary engineers, architects, town planners
and to submit tenders for the aforesaid business; to layout,
develop, construct, build, erect, demolish, re-erect, repair,
remodel, execute or do any other work in connection with any
industrial complex/parks, flyovers, ports, airports, highways,
roads, railways, irrigation, dam and canals, among others, and to
act as manufacturer, trader, dealer, importer, exporter, buyer,
seller of all any type/kind of material used in the construction/
infrastructure industry, including setting up of ready mix plant
in India or abroad.

Eighteen winding-up petitions filed by various operational and
financial creditors against Era Infra Engineering are pending
before the Delhi High Court, Livemint.com reported. Union Bank of
India is not among them. Era Infra Engineering owes more than
INR10,000 crore to its creditors.

Era is one of the 12 bad loan accounts that have been directed by
the central bank to be referred under IBC, Livemint.com said.


GAUTAMBUDH CARS: CARE Raises Rating on INR16cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gautambudh Cars Private Limited (GCPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank         16        CARE B+; Stable Revised from
   Facilities                       CARE B; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating of GCPL takes into consideration
growth in scale of operations. The rating continues to draw
comfort from experienced promoters. However, the rating is
constrained by low profitability margins, leveraged capital
structure and weak coverage indicators, working capital intensive
nature of operations and pricing constraints and margin pressure
arising out of competition from various commercial auto dealers
in the market.

Going forward; ability of GCPL to increase its scale of
operations while registering improvement in its profitability
margins and capital structure alongside effective management of
working capital requirements shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations coupled with low net worth base:
GCPL's scale of operations has remained modest as evident from
total operating income and gross cash accruals of INR104 crore
and INR0.49 crore, respectively, for FY18 (refers to period from
April 1 to March 31, based on provisional results). Further,
despite accretion of profits to reserves during FY18, the net
worth continues to remain low. Modest scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits.

Low profitability margins, leveraged capital structure and weak
coverage indicators: An automotive dealer's revenues are driven
by volumes while the profits are driven by sale of spares and
service income as the latter fetch higher profit margins. The
company has limited negotiating power with manufactures and has
no control over the selling price of the vehicles as the same is
fixed by the manufacturers. Further, high interest expense
restricts the net profitability of the company. PAT margin stood
below 0.30% for the past two financial years FY17-FY18. The
capital structure of the company marked by overall gearing stood
highly leveraged at above 15x as on past two balance sheet dates
ending March 31'17-'18, owing to high reliance of external
borrowings to meet working capital requirement coupled with low
net worth base. Moreover, the debt coverage indicators of the
company as marked by interest coverage ratio and total debt to
GCA continue to remain weak owing to high debt levels against low
profitability position. Interest coverage ratio stood below 1.30x
and total debt to GCA stood above 35x for past two financial
years i.e FY17-FY18.

Working capital intensive nature of operations: The company needs
to stock different models of vehicles and spares in the showrooms
in order to ensure ample availability and visibility, which leads
to inventory holding days of around 2 months. Though the sales to
customers are made on "Cash and Carry" basis however, around 70%
of the cars are bought on vehicle financing basis through banks.
The said phenomenon resulted in a collection period of around a
week and debtors are mainly the financial institutions. Further,
the company has to make advance/cash payments to the
manufacturers for procurement. Besides this, the large working
capital requirements are met through bank borrowings which
remained almost fully utilized for the last 12 months ended June,
2018.

Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: The margin
on products is set at a particular level by Ford India Limited
thereby restricting the company to earn incremental income. With
the large dealership network of Ford India Limited, the
bargaining power of the dealer with the customer is further
reduced. The market also faces aggressive competition from
various other established automobile dealers of companies like
Maruti Suzuki India Limited and Tata Motors Limited etc. In order
to capture the market share, the auto dealers have to offer
better buying terms like providing credit period or allowing
discounts on purchases which create margin pressure and
negatively impact the earning capacity of the company.

Key Rating Strengths

Experienced Promoters: The company is managed by Mr. Parveen Goel
and Mr. Rama Murti. Mr. Parveen Goel is a chartered accountant by
qualification and has an experience of more than two decades in
the dealership business through his association with GCPL and
other group concerns. Mr. Rama Murti has an experience of more
than five decades in the dealership business through his
association with GCPL and other group concerns. Further, company
has a dedicated team of marketing and sales professionals,
service in-charge and customer relation officers, who have more
than one and half decade of experience in their respective
fields.

Growth in scale of operations: The total operating income (TOI)
of GCPL has increased significantly from INR64.14 crore in FY16
to INR104 crore in FY18 (based on provisional results)
registering a CAGR of 27.34% on account of increase in number of
vehicles sold. The company has achieved a TOI of ~Rs. 30 crore
for 3MFY19 (refers a period of April 1 to June 30).

Noida (Uttar Pradesh) based, Gautambudh Cars Private Limited
(GCPL) was incorporated in March 2013. The company is currently
being managed by Mr. Parveen Goel and Mr. Rama Murti. GCPL is an
authorized dealer of Ford India Limited (FIL) vehicles since
2013. The company operates though its 3S (Sales, spare service)
facility located in Noida, Uttar Pradesh.

Rama Motors Services Private Limited (an authorized dealer of
Ford India Limited; est. in September, 2000) and Sharnam Motor
Services Private Limited (authorized dealer of Chevrolet India;
est. in September, 2000) are the other associate concerns of GCPL
engaged in the business of auto dealership.


JAI MAAKALI: ICRA Maintains B- Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR45.00 crore bank facilities of
Jai Maakali Fish Farms Private Limited (JMFFPL) continue to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         45.00      [ICRA]B-(Stable) ISSUER NOT
                                  COOPERATING; Rating continuous
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the
Jai Maakali Group of companies based at Tanuku, West Godavari
district. JMFFPL was incorporated in2003 and is engaged in fish
farming. The company is engaged in cultivation of fish such as
Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages
in West Godavari District (Andhra Pradesh). The annual production
capacity is around 10000 tonnes.


JR TOLL: CARE Lowers Rating on INR389cr LT Loan to B(SO)
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
JR Toll Road Pvt. Ltd. (JR Toll Road), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          389.00      CARE B (SO); Credit Watch with
   Facilities                      Developing Implications
   (Long term)                     Revised from CARE A-(SO);
                                   Credit Watch with Developing
                                   Implications

Detailed Rationale & Key Rating Drivers

The revision in the ratings on the bank facilities of JR Toll
Road on account of the revision in the ratings assigned to the
guarantor i.e. Reliance Infrastructure Limited (R-Infra).

Detailed Rationale

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.

It is one the of 11 toll road projects executed by R-Infra.
R-Infra has 48% stake in JR Toll road project. The project
commenced commercial operations in July 2013 and was set up with
the objective to design, build, operate and transfer 52 km long
four lane NH11 road connecting Reengus in northern part of
Rajasthan to its capital city, Jaipur.


K. PHILIP: CARE Lowers Rating on INR0.50cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
K. Philip D'Costa as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      0.50      CARE B+; Issuer Not Cooperating;
   Facilities                    Revised from CARE BB; ISSUER NOT
                                 COOPERATING

   Short-term Bank     5.00      CARE A4; Issuer Not Cooperating
   Facilities

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from K. Philip D'Costa to
monitor the rating vide e-mail communications/letters dated
April 25, 2018, May 10, 2018, May 11, 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, the rating on K. Philip D
Costa's bank facilities will now be denoted as CARE B+; Issuer
not Cooperating/CARE A4 Issuer Not Cooperating.

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

Detailed Description of the Key Rating Drivers

At the time of last rating on March 25, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small order book position:  As on June 30, 2015, the firm had
outstanding order book of INR16 crore which comprises of harbour
contracts to be completed by FY16 (refers to the period April 1
to March 31); providing limited revenue visibility for the firm.
These contracts are running as per the schedule.

Client concentration risk:  Firm's income is predominately
derived from contracts from the government of Karnataka (mainly
PWD), exposing it to substantial client concentration risk. The
ability of the firm to diversify its revenue base would help
reduce the risk of client concentration at present.

Key Rating Strengths

Experienced proprietor along with registration of firm as a
class:  The proprietor, Mr Philip D'Costa, has more than four
decades of work experience in civil construction business.
Moreover, the firm is registered as a PWD contractor with the
Government of Karnataka by virtue of which it is eligible to
undertake all types of civil work in Karnataka.

Partial Comfort from price escalation mitigating the risk arising
out of adverse movement in raw material prices and labour cost:
The contracts above the value of Rs 1 crore have built in price
escalation clauses, pertaining to delays arising due to
encroachment on land, design and funds disbursal. The escalation
amount is pegged to the price of construction commodities. This
mitigates the risk arising out of adverse movement in raw
material price and labour cost to a certain extent.

Comfortable profit margins despite competitive nature of
operations:  Though the firm incorporated in 1975, its scale of
operations has remained small with revenue of INR18.53 crores in
FY15 (Prov) (Rs.16.46 crore as on March 31, 2014). PDC operates
in competitive segment of the construction industry which is
characterized by low entry barriers and the presence of a large
number of unorganized players in the industry. Nevertheless, the
firm has maintained comfortable profit margins with PBILDT margin
of 9%-10% and PAT margin of 4%-6%.

Moderately leveraged capital structure:  With minimal debt on
firm's balance sheet, its capital structure is moderately
leveraged with an overall gearing of 0.77x as on March 31, 2015
(0.84x as on March 31, 2014). However considerable non-fund based
limit is utilised by the company.

Set up in 1973, M/s K. Philip D'Costa (PDC), based out of Karwar,
Karnataka is a proprietorship firm involved in executing civil
construction contracts such as construction of ship harbours,
roads etc. The firm is a registered contractor with public
works department (PWD) of Karnataka.

The firm achieved a Total Operating Income of INR18.41 crore in
FY15 (Prov.) and PAT of INR0.88 crore in FY15 (Prov.).


K.B. BOARD: CARE Assigns B+ Rating to INR5.0cr Long Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K.B.
Board Mills LLP (KBLP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             5.00      CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of KBLP is constrained
by small scale of operations with moderate profit margins,
moderate solvency position and working capital intensive nature
of operations. The rating is further constrained by its presence
in highly competitive industry along with susceptibility of
profit margins to volatility in prices of raw material and
partnership nature of constitution. The rating, however, draw
strength from extensive experience of the promoter with long
track record of operations and favorable demand outlook for paper
industry.

The ability of the firm to increase its scale of operations,
improve profit margins along with efficiently managing its
working capital requirement are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profitability: The firm's
total operating income grew y-o-y at 13.67% and stood at INR32.76
crore in FY17. Moreover, the entity has achieved a turnover of
INR39.92 crore in FY18 provisional. Small scale of operations
limits the financial flexibility of the entity in times of
stress. Furthermore, the profitability margins of the entity
remained moderate during the year.

Moderate solvency position: The capital structure of the entity
remained moderate with overall gearing ratio of 1.59x as on
March 31, 2017. Moreover, with moderate profit margins and
gearing levels, the debt coverage indicators stood moderate
during FY17.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature with gross
current asset days of 140 days in FY17 with funds majorly blocked
in receivables. The working capital requirements are met by cash
credit facility, average utilization of which remained high.

Constitution as a partnership firm limiting financial
flexibility: KBLP, being a limited liability partnership concern,
is exposed to inherent risk of partner's capital being withdrawn
at times of personal contingency and limited ability to raise
capital. Moreover, poor succession planning may result in
dissolution of firm.

High degree of competition of the paper industry along with
susceptibility of profit margins to volatility in prices of raw
material: KBLP operates in a competitive segment of kraft paper
industry which is affected from low profitability due to highly
fragmented industry, high waste paper prices, low entry barriers,
presence of large number of unorganized players with capacity
additions by existing players as well as new entrants. This
situation is likely to increase the level of competition which
might put further pressure on profitability of paper
manufacturers.

Key Rating Strengths

Experienced partners and long track record of operation: KBLP is
currently managed by Mr. Dinesh Kochar (Managing Partner) and is
well versed with the intricacies of the business on the back of
more than two decades in paper product manufacturing industry. He
is ably supported by Mrs. Rakhi Dinesh Kochar (Partner) and a
team of experienced professionals. Long experience of the
partners has supported the business risk profile of the entity to
a large extent.

Favorable demand outlook for paper industry: India is the
greatest growing market for paper in the world with a growth rate
of about 6 percent yearly. India's per capita utilization
requirement is set to rise from the present 13 MT to an estimated
20 MT by 2020.

Hinganghat (Maharashra) based KBLP was established in August 2009
and is engaged in the business of manufacturing of paper and
paper based products with an installed capacity of 60,000 pieces
of paper tubes per day and 125,000 pieces of paper cones per day.
The entity procures the raw material i.e. waste papers from
Maharashtra based dealers and sell its final products i.e. paper
tubes and paper cones to the customers located at domestic as
well as international market. The major export destinations of
the entity are Srilanka and Dubai.


KAALENDI VENTURES: CARE Reaffirms B+ Rating on INR16.46cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kaalendi Ventures LLP (KV), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facility              16.46      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of KV is constrained by
its small scale of operations with low profit margins, lack of
backward integration vis-a-vis volatility in raw material prices,
stiff competition due to fragmented nature of the industry with
presence of many unorganized players and leveraged capital
structure with weak debt service coverage indicators. However,
the aforesaid constraints are partially offset by its experienced
partners and strategic location of the plant.

Going forward, ability of the entity to grow its scale of
operations and profitability margins and ability to manage
working capital effectively are the key rating sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Strengths

Experienced partners:  Shri Binay Kumar Singh (aged about 55
years, Graduate) is the Managing Partner of KV. Shri Singh has
experience of around three decades in the iron and steel industry
through its associate entities. He will be actively involved in
the day to day operations of the entity with adequate support
from the other partners along with a team of experienced
personnel.

Strategic location of the plant:  KV has its manufacturing
facility at Fatuha, keeping logistics and target market in mind
as it is in the vicinity of Patna.

Fatuha is an industrial town in the city of Patna and is well
connected through roads and railways. There are several
companies, in and around the town, manufacturing steel products
and, resultantly, KV's manufacturing facility is in close
proximity of its suppliers and also target customers in the
automobile, construction industry etc.

Key Rating Weaknesses

Small scale of operations with low profit margins: Kaalendi
Ventures LLP (KV) is a relatively small player in the
manufacturing of MS pipes and other structural steel products
business having total operating income and net loss of INR37.74
crore and INR1.56 crore, respectively, in FY18. This apart, the
entity has achieved turnover of around INR34.00 crore during
4MFY19. The total net worth base was low at INR2.33 crore as on
March 31, 2018. Small scale of operations with low net worth base
limits the credit risk profile of the entity in an adverse
scenario.

Lack of backward integration vis-a-vis volatility in raw material
prices:  The degree of backward integration defines the ability
of the firm to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry. KV
does not have any backward integration for its raw materials and
will procure the same from outside, exposing the firm to price
volatility risk.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players:  The spectrum of the steel
pipe industry in which the firm operates is highly fragmented and
competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, KV's products being steel
related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Leveraged capital structure with weak debt service coverage
indicators:  Capital structure of the entity remained leveraged
as marked by long term debt equity ratio and overall gearing
ratio of 4.99x and 6.58x, respectively, as on March 31, 2018.
Moreover, the debt coverage indicators also remained weak as
marked by high total debt to GCA ratio of 306.6x in FY18.
Interest coverage ratio remained low at 1.03x in FY18.

Kaalendi Ventures LLP. (KV) was established on February 12, 2016
as a Limited Liability Partnership. Currently Mr. Binay Kumar
Singh and Mr. Pradip Kumar Gupta are the partners of the entity
having profit sharing ratio of 77.42% and 22.58%, respectively.
KV is currently engaged in manufacturing of MS pipes and
structural steel products at Fatuha, Patna with installed
capacity of 60000 MTPA and 30000 MTPA respectively. Shri Binay
Kumar Singh, the Managing Partner, will look after the day to day
operations of the entity along with other partners and a team of
experienced personnel.


KASHVI POWER: CARE Lowers Rating on INR17.41cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kashvi Power & Steel Private Limited (KPSPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     17.41      CARE B+; Issuer not cooperating;
   Facilities                    Revised from CARE BB-; ISSUER
                                 NOT COOPERATING on the basis of
                                 best available information

   Short term Bank    15.00      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPSPL to monitor the
ratings vide e-mail communications/letters dated June 4, 2018 &
July 12, 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, KPSPL has
not paid the surveillance fees for the rating exercise as agreed
to in its Rating Agreement. The rating on Kashvi Power & Steel
Private Limited's bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of deterioration in
capital structure, elongation of operating cycle and lower
revenue achieved in FY17 (refers to the period from April 1 to
March 31) vis-a-vis envisaged in the past. The ratings are
constrained by exposure to risks inherent in the iron ore trading
segment and its susceptibility to regulatory changes,
susceptibility of profitability to volatility in price of traded
goods and intense competition. However the ratings derive
strength from experienced promoters with long track record of
operation and improvement in gross cash accruals in FY17.

Detailed description of the key rating drivers

The ratings have been revised on account of deterioration in
capital structure, elongation of operating cycle and lower
revenue achieved in FY17 (refers to the period from April 1 to
March 31) vis-a-vis envisaged in the past.

Key Rating Weaknesses

Leveraged capital structure: The capital structure of the company
deteriorated as overall gearing increased from 2.38x as on March
31, 2015 to 3.11x as on March 31, 2017. Profitability susceptible
to volatility in price of traded goods and intense competition:
KPSPL operates at low operating profit margin due to trading
nature of its business and intense competition in the industry.
The profit margins are further susceptible to volatility in price
of traded goods. Elongation of operating cycle: The working
capital cycle of the company has deteriorated significantly in
FY18 due to increase in average collection period and average
inventory period from 3 days and 14 days in FY15 to 78 days and
89 days respectively.

Exposure to risks inherent in the iron ore trading segment and
its susceptibility to regulatory changes: Iron ore fines trading
space is highly exposed to market risk arising out of volatility
in iron-ore prices largely influenced by international commodity
prices, demand-supply dynamics and macro-economic trends. Iron-
ore mining ban in India has affected the business risk profile of
the players operating in iron ore trading space during recent
past. Moreover, this sector is highly prone to regulatory changes
in iron ore mining space amidst recent environment and forest
clearances issues.

Key Rating Strengths

Experienced promoters with long track record of operation: Orissa
based Kashvi group was founded by Mr. Debabrata Behera, a first
generation entrepreneur. Mr. Behera has more than two and half
decades of experience in the business of iron ore trading and
exporting, manufacturing of sponge iron, billet and ingots. He
looks after the day-to-day operations of the company.

Improvement in gross cash accruals in FY17: Although the total
operating income of the company has witnessed an erratic trend in
last two years, the operating margin has improved from 9.79% in
FY15 to 14.97% in FY17. Interest coverage ratio also improved
accordingly. The company reported GCA of INR4.78 crore in FY17 as
against GCA of INR1.32 crore in FY15.

KPSPL was promoted in November 2009 by Mr. Debabrata Behera of
Keonjhar, Orissa. The company is a part of Kashvi group of
Orissa. Since inception, KPSPL is engaged in trading/exporting of
iron ore fines. It purchases iron ore fines locally (from Orissa)
and sells it to domestic as well as foreign customers (mainly in
China). However, in FY16 owing to weak market conditions the
company only traded in the domestic market. In order to diversify
its operations, KPSPL developed a shopping cum entertainment mall
- Kashvi Taj Mall in Keonjhar, Orissa. Commissioned in May,
2016, the mall has total built-up area of 82,688 square feet (sq.
ft.) with a rentable area of about 59,500 sq. ft. and comprises
retail shops, a three-screen multiplex, food court and a gaming
zone.

In FY17, KPSPL achieved PAT of INR1.67 crore (as against PAT of
INR0.06 crore in FY16) on total operating income of INR57.61
crore (INR43.16 crore in FY16).


KUNDAN INTERNATIONAL: Ind-Ra Withdraws BB Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kundan
International Private Limited's Long-Term Issuer Rating of 'IND
BB'. The Outlook was Negative.

The instrument-wise rating actions are:

-- The IND BB rating on the INR450 mil. Fund-based working
    capital limits are withdrawn; and

-- The IND BB rating on the INR1.25 bil. Non-fund-based working
    capital limits are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 2016, Kundan International is engaged in the
trading of chemicals.


L.C. FOODS: CARE Lowers Rating on INR19cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
L.C. Foods Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term Bank     19.00      CARE D; Issuer Not Cooperating;
   Facilities                    Revised from CARE B+; Issuer Not
                                 Cooperating Based on best
                                 available information

   Short Term Bank     2.00      CARE D; Issuer Not Cooperating;
   Facilities                    Revised from CARE A4; Issuer Not
                                 Cooperating Based on best
                                 available information

Detailed Rationale and key rating drivers

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

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

The ratings take into account the delay in repayment of term loan
owing to stressed liquidity position.

Allahabad, U.P based, L.C. Foods Private Limited (LCF) was
originally incorporated as a private limited company in 2003 by
Mr. Shobhit Kesarwani and with support of his father Mr. Sanjay
Kesarwani. In 2006, it was reconstituted to public limited
(closely held) and the company's name changed to L.C. Foods
Limited. The current directors of the LCF constituted of
Mr.Sanjay Kesarwani and Mr. Shobhit Kesarwaniand handles the
overall operations of the company. The company is engaged in
processing of wheat grains into wheat flour (atta), refined wheat
flour (maida), bran, semolina (suji) and choker. The company has
installed capacity of 47,000 quintals per month as on March 31,
2016 from its processing unit at Allahabad, U.P. The main raw
material of the company is wheat which is procured from traders,
wholesalers and farmers located in M.P, Bihar and U.P as per the
prevailing market price. The company also procures wheat from
Food Corporation of India (FCI). LCF sells its products to local
manufacturer and traders in PAN India through brokers and
distributors. The company has a customer's like Britannia
Industries and ITC Limited food division etc.


LAKSHMI PRECISION: CARE Reaffirms D Rating on INR115.5cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Lakshmi Precision Screws Limited (LPS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           115.50      CARE D Reaffirmed

   Short Term Bank
   Facilities            77.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of LPS take into
account on-going delays in the servicing of the debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by the company on account of
its weak liquidity position. The company has been classified as
Non-Performing Asset (NPA) by the banks.

Initiation of Corporate Insolvency Resolution Process (CIRP): By
the order of the National Company Law Tribunal (NCLT), CIRP has
been initiated against LPS under the provisions of Insolvency and
Bankruptcy Code, 2016 (IBC). The petition for initiation of the
CIRP was filed by an operational creditor of the company. An
Insolvency Resolution Professional (IRP) has also been appointed
by the NCLT, with respect to the company.

Lakshmi Precision Screws Ltd (LPS) was incorporated in January
1968 as a private limited company. Subsequently, the company was
reconstituted as a public limited company in 1972. LPS is engaged
in the manufacturing of high-tensile fasteners with total
installed capacity of 28,432 Metric Tonnes Per Annum (MTPA), as
on March 31, 2017. The company currently has four manufacturing
units, three are situated in Rohtak and one in Gurgaon, Haryana.
The company caters to various sectors such as wind Energy, Oil &
Gas, Locomotives, Automobiles, Agriculture Equipments (tractors)
and different industrial requirements. Apart from this, the
company is also engaged in trading of high-tensile fasteners.


LAKSHMI VACUUM: CARE Raises Rating on INR5.37cr LT Loan to BB-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lakshmi Vacuum Heat Treaters Private Limited (LVHTPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        5.37       CARE BB-; Stable Revised from
   Facilities                       CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LVHTPL takes into
account growth in total operating income and PAT margins, and
financial risk profile marked by improved capital structure and
interest coverage. The rating continues to be tempered by short
track record and small scale of operations and working capital
intensive nature of operations. The rating is, however,
underpinned by satisfactory track record and long experience of
promoters in the vacuum heat treatment services, geographical
diversification with plants based in the vicinity of customers
and well established customer relationship. Going forward, the
ability of the company to increase its scale of operations and
improve profitability margins in competitive environment, improve
its capital structure, debt coverage indicators and improve
working capital cycle would be the key rating factors.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations:  Despite the company has a track
record of one decade, the total operating income (TOI), remained
at INR18.83 crore in FY18 (Prov.) with low net worth of INR4.32
crore as on March 31, 2018 as compared to other peers in the
industry.

Working capital intensive nature of operations:  Operating cycle
of the company remained negative at -30 days due elongated
creditor days of 113 days in FY18. The current ratio of the
company has deteriorated from 1.20x as on March 31, 2017 to 0.42x
as on March 31, 2018 due to increase in creditors level.

Key Rating Strengths

Satisfactory track record and long experience of promoters in
vacuum heat treatment services: LVHTPL has been in the vacuum
heat treatment services for the last 10 years and has established
a reasonable track record of operations with its ability to bag
repeated orders from its existing customers and acquire new
customers. Mr. L N Prasad, promoter of the company, has been in
this field for more than 20 years and is well acquainted to carry
out the business. The company has also appointed metallurgists
with considerable experience, which makes LVHTPL technically
strong.

Geographical diversification with plants based in the vicinity of
customers:  LVHTPL is geographically well-diversified with its
heat treatment services located in seven different locations viz.
Bangalore, Hosur, Delhi, Coimbatore, Chennai, Hyderabad, and
Pune. The company typically tries to set up facility closer to
its customer's plants in order to attain competitive advantage
and ensure faster turnaround of orders.

Well established customer relationship:  Over his two decades of
operations in the similar line of business, the promoter has
developed good long-term relationship with many of the company's
existing customers. Some of the major customers that the company
caters to are, Bosch Limited, Rico Auto Industries Ltd, Bajaj
Auto Ltd, Larsen & Tourbo Limited, Endurance Group, Bill Forge
Private Limited and Sundaram Clayton.

Growth in total operating income and strong profit margins:  The
total operating income of the company grew by 10.19% from
INR17.09 crore in FY17 to INR18.83 crore in FY18 on account of
year on year increase in orders from existing clients and
addition of new customers. However, the PBILDT margin of the
company has declined by 362 bps from 21.43% in FY17 to 17.81% in
FY18 due to increase in other manufacturing expenses coupled
along with increase in power & fuel cost. The PAT margin of the
company increased by 85 bps from 3.53% in FY17 to 4.38% in FY18
due to decrease in interest cost and depreciation expenses.

Favorable financial risk profile marked by comfortable gearing
and interest coverage:  The capital structure of the company
marked by debt equity ratio and overall gearing ratio improved
from 3.53x and 3.62x as on March 31, 2017 to 1.46x and 1.86x as
on March 31, 2018 due to decrease in total debt levels on account
of repayment of debts and accretion of profit to reserves. The
debt coverage indicators of the company marked by TD/GCA and
interest coverage have improved from 8.08x and 2.22x respectively
in FY17 to 4.86x and 3.04x respectively in FY18 (Prov.) due to
increase in cash accruals along with reduction in debt levels and
financial expenses.

Lakshmi Vacuum Heat Treaters Private Limited was incorporated in
the year 2008 and promoted by Mr. L N Prasad and Ms. K S
Varalakshmi. LVHTPL is engaged in providing heat treatment
services to attain different levels of hardness. The company's
customers mainly belong to automobile engineering, textile
engineering, medical engineering, aerospace, and other allied
engineering industries. Ms. K S Varalakshmi, director of the
company, is also a director at Lakshmi Vacuum Technologies
(LVTPL) engaged in manufacturing of vacuum furnaces. The Company
is a sole supplier of furnaces to LVHPL.


LIFELINE MULTI: Ind-Ra Raises Long Term Issuer Rating to BB+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Lifeline Multi
Ventures Private Limited's (LMVPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR350 mil. Term loan due on December 2025 upgraded with
    IND BB+/Stable rating.

Ind-Ra has taken the support of LMVPL's parent, D.N. Homes
Private Limited (DHPL), for the ratings on account of strong
operational and financial linkages between the entities in terms
of common promoters and fungible cash flows.  Both entities have
been collectively referred to as the DN Group.

KEY RATING DRIVERS

The upgrade reflects LMVPL's association with DHPL. The cash flow
of the DN group has been comfortable, indicated by a debt service
coverage ratio of above 2.0x for FY19-FY22.

The ratings are supported by a low construction risk, as almost
95% of the civil works have been completed. The company expects
to complete the project by mid-September 2018. The project
(retail space, a hotel, a restaurant and office space) is likely
to commence commercial operations from October 2018. About 55.0%
of the total leasable area of the mall has been leased out. The
remaining area is likely to be leased out by end-October 2018,
given the company is in advanced stages of discussion with a few
brands. The multiplex is likely to come online in January 2019,
and the hotel is likely to come online in October 2019.

The rating continues to benefit from the promoters' experience of
more than two decades in the real estate industry.

RATING SENSITIVITIES

Negative: Any delay in the commercialization of the hotel will be
negative for the ratings.

Positive: Timely project completion within projected cost outlay
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, Bhubaneswar-based LMVPL is engaged in the
construction of a commercial project on a leasehold 2.71-acre
land. It is managed by Mr. Jagadish Prasad Naik, Mrs. Ratnamala
Swainand and Mrs. Shyam Sundar Padhy.


MAHAVIR METAL: CARE Assigns B+ Rating to INR13.66cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahavir Metal Depo (MMD), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           13.66       CARE B+; Stable Assigned

Detailed Rational and key rating drivers

The ratings assigned to the bank facilities of MMD is tempered by
modest scale of operations with low profitability margins,
project risk emanating from the debt funded cap-ex undertaken,
weak solvency position and working capital intensive nature of
operations. The rating is further constrained by risk associated
with volatility in key traded goods, presence in highly
competitive and fragmented industry and partnership nature of
constitution. The ratings, however, draw strength from
experienced promoters, association with diversified clientele and
established supplier base.  The ability of the firm to increase
its scale of operations, improve its profitability margins and
solvency position along with efficient management of working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profitability: The scale of
operation of the firm remained modest with total operating income
(TOI) of INR88.47 crore and capital employed of INR13.56 crore as
on March 31, 2018(Provisional) thus limiting financial
flexibility of the entity in times of stress. Furthermore, the
profitability margins of the firm reflected a declining trend and
stood low during the past three years ending FY18.

Weak solvency position: The relatively high debt profile of the
firm as against the low net worth base resulted in weak capital
structure for the firm. Moreover, with high gearing levels and
low cash accruals, the debt coverage indicators stood weak.

Working capital intensive nature of operations: The operations of
the firm remained working capital intensive in nature with gross
current asset of 60 days in FY18 (Provisional), the working
capital requirements are managed by unsecured loans and cash
credit facility availed by the firm. This led to higher
utilization of working capital borrowings.

Project risk emanating from the debt funded cap-ex undertaken:
The firm is currently setting up a new manufacturing unit to
start a new product line i.e. pre-engineered buildings
(structures and columns) in FY19 at the same premises. The
commercialization and stabilization of the said cap-ex will be
critical from credit perspective.

Risk associated with volatility in key traded goods: MMD is
engaged in trading of iron and steel products, prices of which
are highly volatile in nature. Thus, the firm is exposed to
inherent risk associated in cost of key traded goods i.e. Thermo
Mechanically Treated (TMT) bars, CR sheet, HR sheet, cutting
structure, Mild steel angles and channels due to volatile
nature and low bargaining power against its customers and
suppliers which may impact the profitability.

Presence in highly fragmented and competitive industry: MMD
operates in a fragmented and unorganized market for steel
products with presence of large number of small sized players as
the industry is characterized by low entry barriers.

Partnership nature of constitution: Being a partnership firm, MMD
is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to
limited growth potential. This also limits the firm's ability to
meet any financial exigencies.

Key Rating Strengths

Experienced promoters: MMD is currently managed by Mr. Kirti
Parakh, Mr. Khushalchand Parakh, Mr. Sumit Parakh and Mr. Paras
Parakh who are associated with trading of iron and steel products
and food product industry for more than two decades through its
other sister concerns namely Mahavir Dal Centre, Mahavir Ghar
Sansaar (rated as CARE B; Stable as on February 2018) and Mahavir
Rice Centre. The partners look after the overall management of
the firm with adequate support from a team of experienced
professionals. Being in the industry for more than two decades
will help the promoter to gain adequate acumen about the business
which will aid in smooth operations of MMD.

Association with diversified clientele and established supplier
base: The firm has a revenue stream that is diversified with the
top five customers contributing ~15% to the TOI of FY18. Further,
the firm is associated with reputed suppliers who have
established position in their respective industries. The top five
suppliers of the MMD include New Pashchim Maharashtra Patra
Depot, Prismatic Coated Private Limited, JSW Steel Coated Product
Limited, Black Stone Multi Trading Limited and Grow Well
Mercantile Private Limited in FY18(Provisional).

CARE has taken a combined view of Mahavir Patra Depo (MPD) and
Mahavir Metal Depo( MMD). Both the firms are operating under
Mahavir Metal Depo since March 2018.

Aurangabad (Maharashtra) based MMD was established as a
partnership firm in October, 2012 and is currently managed by Mr.
Kirti Parakh, Mr. Khusalchand Parakh, Mr. Sumit Parakh and Mr.
Paras Parakh. Recently in March 2018, MMD has taken over the
assets and liabilities of its group entity namely Mahavir Patra
Depo (MPD) which was engaged in trading of iron and steel
products The firm is engaged into manufacturing of color coated
sheets and trading of iron and steel products which includes
Thermo Mechanically Treated (TMT) bars, CR sheet, HR sheet,
cutting structure, M.S. Angles and channels and other steel and
iron products. The manufacturing facility of the entity is
located at Aurangabad with an installed capacity of 18250 tones
per annum spread over 35000 square ft.


MANISHA ENGINEERS: CARE Assigns B+ LT Rating to INR3cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Manisha Engineers Private Limited (MEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long/Short term
   Bank Facilities       3.00      CARE B+; Stable/CARE A4
                                   Assigned

   Short term Bank
   Facilities            5.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MEPL is
constrained on account of small scale of operations with low
profit margins, moderate capital structure, weak debt coverage
indicators and working capital intensive nature of operations.
The rating is further constrained by customer concentration risk,
susceptibility of margins to volatile raw material prices and
presence of company in highly fragmented and competitive
industry. The rating however, is underpinned by the extensive
experience of the promoters with long track record of operations
of company, moderate order book position and association with
reputed clientele.

The ability of the company to increase its scale of operations,
improve its profit 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

Small scale of operations with low profit margins: The scale of
operations of MEPL stood small as reflected by total operating
income (TOI) of INR14.45 crore and capital employed of INR15.11
crore as on March 31, 2018 (Provisional). The small scale of
operations of company restricts its financial flexibility in
times of stress and deprives it of scale benefits. Furthermore,
the profitability margins of the company remained erratic and
stood low over the past four years ended in FY18.

Moderate capital structure and weak debt coverage indicators: The
capital structure of MEPL stood moderate as reflected by an
overall gearing ratio of 1.12x as on March 31, 2018(Prov.).
Furthermore, with low profitability and moderate gearing levels,
the debt protection indicators stood weak as indicated by a
PBILDT interest coverage ratio and total debt to GCA of 1.66x and
20.01x respectively as at the end of FY18(Prov.).

Working capital intensive nature of operations: Operations of
MEPL are working-capital-intensive in nature as reflected by high
gross current asset days of 203 in FY18 (provisional) with funds
majorly blocked in inventory and receivables. The working capital
requirements are met through cash credit facility, the average
utilization of which remained high for the last 12month ended
June 30, 2018.

Susceptibility of profitability margins to fluctuation in raw
material price: The prices of major raw materials used for
manufacturing of transformers like copper and CRGO (Cold Rolled
Grain Oriented), lamination steel fluctuate due to their global
linkages. Also, CRGO is mostly imported as the production
technology is not widely available in India resulting in added
volatility in its prices due to movement in the foreign exchange
rates. The margins are also susceptible to the time lag
difference. Furthermore, the company has also been exporting to
Spain and other countries, although the contribution is low.
However, the company does not have any hedging policy with
respect to the same.

Presence of the company in highly fragmented and competitive
industry: MEPL's business is tender-based which is characterized
by intense competition resulting into moderate operating margins
for the firm. The growth of business depends entirely upon the
company ability to successfully bid for tenders and emerge as the
lowest bidder.

Key Rating Strengths

Established track record and experience promoters: The directors
of MEPL have gained an average experience of more than three and
half decades in electrical contracting industry through their
association with MEPL and 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 order book position: The company has an outstanding
order book to sales ratio of 1.52x of total operating income of
FY18 as on July 17, 2018, to be executed within a period of one
year. The moderate order book position indicates revenue
visibility over the short term.

Association with reputed clientele: The company has a revenue
stream that is moderately concentrated with the top four
customers contributing ~85% to the TOI of FY18. Further, the
company is associated with reputed customers like Bharat
Electronics Limited, Jakson Limited (rated CARE AA-; Stable/CARE
A1+ in April-2018) and Indian Cables & Electricals Private
Limited. Because of the reputed clientele, the credit risk
remains low. Moreover, MEPL has been able to get repeat orders
from these clients over the years.

MEPL was incorporated in 1993 by Ms. Neelambari Milind Deshpande
and Ms. Nalini Sharad Deshpande. The company is engaged in
manufacturing of electrical transformers as well as panels and
other allied devices such as high tension and low tension panels,
load banks and power transformers rewinding. Furthermore, MEPL
also undertakes service activities like erection, installation
and testing of transformers, repairs and maintenance of the same.


METRO ECO: CARE Lowers Rating on INR119cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Metro Eco Green Resorts Limited (MEGRL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       119.00      CARE B; Stable; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE B+; Stable On the basis
                                    of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MEGRL to monitor the
rating vide e-mail communications dated July 11, 2018; June 19,
2018; June 14, 2018; June 12, 2018; June 8, 2018, May 29, 2018,
May 25, 2018, May 15, 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. The
rating on Metro Eco Green Resorts Limited'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 rating.

The rating has been revised on account of high competition from
the existing and upcoming hotels in the vicinity. The rating
continues to remain constrained by the ramping up risk associated
with the newly operational resort coupled with cyclical nature of
the hospitality industry. These constraints are, however,
partially offset by the strength derived from MEGRL's operating
and marketing arrangement with one of the leading hotel chains,
EIH Ltd. (operating Oberoi group of hotels) and favorable
location of the resort.

Detailed description of the key rating drivers

Key Rating Weaknesses

High competition from the existing 5-star hotels in the vicinity:
There are existing 5-star hotels in the vicinity including The
Taj, JW Marriott, The Lalit, and the Mount View. Furthermore,
there are many other upcoming 5 star hotels, in the near
vicinity, which can lead to increased competition in the next
five years.

Ramping up risk associated with the newly operational resort:
Though the resort has commenced its operations from December-16,
the ramping up risk associated with the new project will remain a
key rating sensitivity.

Cyclical and competitive nature of hospitality industry: The
performance of the hospitality sector is driven by macroeconomic
factors like prospects of Indian tourism industry (which in turn
is dependent on the overall economy and disposable incomes),
competitiveness of Indian tourism, business and leisure travel.

Key Rating Strengths

Resourceful promoters: MEGRL is promoted by Mr. Sukhbir Singh,
former Deputy Chief Minister of Punjab and his family members. He
is a prominent political leader in Punjab and is currently also
the President of Shiromani Akali Dal. Mr. Sukhbir Singh Badal and
his family also promote Orbit Resorts Ltd. (ORL; CARE D; Issuer
Not Cooperating), the company that owns the The Oberoi Hotel and
Trident Hotel, both in Gurugram (Haryana).

Agreement with a renowned hotel chain: MEGRL has entered into a
management contract with EIH Ltd. (operating Oberoi group of
hotels), a leading hotel and leisure company, for operations and
management of the resort. The above agreement will be valid for
an initial period of 25 years from the date of commencement of
operations of the resort.

Metro Eco Green Resorts Limited (MEGRL) was originally
constituted as Continental Hatcheries Pvt. Ltd., in August 1985,
to carry out the hatchery business. However, the same was
discontinued in November-1990 and a fresh certificate of
incorporation was issued in June-2008 vide which the name and
objective of the company was changed.

MEGRL has set-up a premium resort in Pallanpur (near Chandigarh),
Punjab, by the name- 'Oberoi Sukhvillas'. The resort has 46
villas, 11 tents, one presidential suite and two executive
suites. Besides, it also has a restaurant, a bar, a spa, swimming
pool, a banquet facility and a business centre. The operations of
the resort started from Dec-16.


MGG INFRA: CARE Assigns 'B' Rating to INR4cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of MGG
Infra Project Private Limited (MGG), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities            2.00       CARE A4 Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of MGG are primarily
constrained on account of its modest scale of operations and low
order book position in the highly competitive civil construction
industry with tender driven nature of business. The ratings are,
further, constrained on account of weak solvency position and
stressed liquidity position.

The ratings, however, favorably take into account of long track
record of operations with experienced management. The ratings,
further, derive strength from stable and range-bound
profitability.

The ability of the company to increase its scale of operations by
securing more contracts along with speedy execution of same and
better management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with low order book position: The
scale of operations of the company stood modest with Total
Operating Income (TOI) and PAT of INR8.75 crore and INR0.10 crore
respectively in FY17. As per the provisional results of FY18, it
has registered TOI of INR8.32 crore with PAT of INR0.10 crore.
TOI of MGG has witnessed continuous decline over last three
financial years ended FY18 mainly due to lower orders received
from client. In FY18, TOI of the company has declined by 4.96%
over FY17 and 15.28% over FY16.

As on April 17, 2018, MGG has an outstanding order book position
of INR7.35 crore with five projects in hand reflecting low order
book position. However, the on-going projects of the firm are
likely to be executed over a period of 3-4 months, providing
medium term revenue visibility.

Weak solvency and liquidity position: The capital structure of
the firm stood moderate with an overall gearing of 1.37 times as
on March 31, 2017, improved from 13.00 times as on March 31, 2016
mainly on account of unsecured loans of INR3.54 crore are
subordinated to bank borrowings and hence considered as quasi
equity in FY17 and lower utilization of working capital bank
borrowings. The debt coverage indicators stood weak with total
debt to GCA of 18.79 times as on March 31, 2017 and interest
coverage ratio stood at 1.36 times during FY17.

The liquidity position of the company stood stressed with full
utilization of its working capital bank borrowings in last
twelve month ended April, 2018. Further, the company recognizes
revenue from government department according to the invoice
generated after completion of work proportionately. The operating
cycle stood elongated at 201 days mainly on account of higher
inventory and collection period. The company gets the payment
from customers in around 75-80 days and makes the payment to its
suppliers within 25-30 days.

High competitive intensity in the government civil construction
segment and tender driven industry: The construction industry is
highly fragmented in nature with presence of large number of
unorganized players and a few large organized players coupled
with the tender driven nature of construction contracts poses
huge competition and puts pressure on the profitability margins
of the players. Further, as the firm participates in tenders
invited by large lead contractor, high competition and lower
bargaining power restricts its profitability margins.

Key Rating Strengths

Long track record of operations with experienced management: The
firm was formed in 1979 and hence, has a track record of more
than four decades in the civil construction industry. Mr. Nitin
Goyal and Mr. Aakash Goyal, Directors, have more than a decade of
experience in the industry and looks after overall affairs of the
firm. Further, Mr. Suresh Goyal, Director, has experience of more
than two decade in the industry.

Stable and range-bound PBILDT margin: PBILDT margin of the
company stood stable and range-bound at 11.22%-12.42% during last
three financial years ended FY17. During FY17, PBILDT margin of
the company has marginally declined by 52 bps over FY16 mainly
due to increase in employees cost as well as other manufacturing
expenses. Despite decline in PBILDT margin, PAT margin of the
company has improved by 92 bps in FY17 over FY16 mainly on
account of lower depreciation cost.

Ajmer-based (Rajasthan) MGG Infra Projects Private Limited (MGG)
was formed in 1979 by Goyal family as a partnership concern under
the name of "Mukesh G Goyal". Subsequently on April 3, 2012, the
constitution of the firm was converted into a private limited
company and the name of the company was changed to MGG Infra
Projects Private Limited. MGG is mainly engaged in the business
of developing and maintenance of roads and highway projects. MGG
is registered 'AA' class (in the scale of AA to E) approved
contractor with Public Works Department (PWD), Rajasthan. The
company takes tenders from government department as well as work
on sub-contract basis from private players. As per provisional
results of FY18, the company has achieved TOI of INR8.32 crore
with PAT of INR0.10 crore.


MILAN PIPE: CARE Reaffirms B+ Rating on INR8.62cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Milan Pipe Industries (MPI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            8.62      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            1.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MPI continues to
remain constrained on account of financial risk profile marked by
small scale of operations, thin profitability, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The rating is further constrained on account of its
presence in a presence in in fragmented and competitive PVC pipe
industry, susceptibility of its margins to raw material price
fluctuation and its partnership nature of constitution. The
ratings, however, derives strength from experienced partners. The
ability of MPI to increase the scale of operations with
improvement in profitability in light of fluctuating raw material
prices with improvement in capital structure, debt coverage
indicators and efficient working capital management are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile marked by small scale of operations, thin
profitability, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position The scale of operation
stood small marked by total operating income of INR15.83 crore
during FY18. Profitability stood thin during FY18 marked by
PBILDT margin and PAT margin of 9.24% and 1.47% respectively. On
account of higher total debt pertains to higher working capital
utilization (hiving high average utilisation of its working
capital limit at 85% for past one year ended June, 2018) with
lower net worth base, capital structure stood leveraged marked by
overall gearing ratio of 5.60 times as on March 31, 2018. On
account of higher total debt coupled with low profitability
during FY18 the debt coverage indicators stood weak marked by
total debt to GCA ratio of 14.62 times and interest coverage
ratio of 1.80 times during FY18. Liquidity position also stood
moderate marked by current ratio of 1.11 times as on March 31,
2018.

Presence in fragmented and competitive PVC pipe industry: MPI is
operating in highly fragmented industry having low entry barriers
and presence of numerous smaller entities in the unorganized
sector. Furthermore, the presence of larger established players
in the industry also restricts the bargaining power of smaller
players such as MPI.

Vulnerability of its profit margins to fluctuation in raw
material prices: The key raw material is PVC Resins, which being
derivatives of crude oil the prices of the same remains highly
fluctuating in nature. Hence, any adverse fluctuation in the raw
material price will have direct impact on the operating margins
of the firm.

Partnership nature of constitution: MPI being a partnership firm
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of key partner.

Key Rating Strengths

Experienced promoters: Mr. Haresh Kalaria, Mr Pareshkumar Patel
and Mr. Utkarsh Naidu are the key partners of MPI, who possess
more than 15 years of experience in the industry.

MPI was established in 2016 as a partnership firm by eight
partners and managed by five partners named Mr. HareshKalaria,
Mr. Pareshkumar Patel, Mr. Utkarsh Naidu, Mr. NimoshKalaria and
Mr. Jay Patel. MPI is engaged into business of manufacturing PVC
Pipes. MPI is operating from its sole manufacturing plant located
in Bavla-Ahmedabad (Gujarat) having an installed capacity of 360
MTPA (Metric Tonnes Per Annum) as on March 31, 2018. The products
manufactured by MPI i.e. PVC pipes find its application in
agriculture sector. The company has commenced commercial
operation from April 2017.


NAVAMI PLAZA: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Navami
Plaza Private Limited (NPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.00      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of NPPL are tempered
by small scale of operations, thin PAT margins and declining
PBILDT margins, Leveraged capital structure, working capital
intensive nature of operations, highly fragmented industry with
intense competition from large number of players. The rating,
however, derive strength by Established track record of the
company and experience of the promoters for more than three
decades in hotel and travel business, growth in total operating
income, Moderate debt coverage indicators, and Stable industry
outlook and growth prospects.

Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment and manage working capital requirements effectively
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with declining profitability PBILDT
margins and fluctuating PAT margins: NPPL was established in the
year 1991. Thus, the company has long track record of operations.
However, the total operating income of the company remained small
at INR24.98 crore in FY17 with low net worth base of INR1.78
crore as on March 31, 2017 when compared to other peers in the
industry. The profitability margins of the company were declining
during the review period. PBILDT margin has marginally declined
from 8.25% in FY16 to 8.17% in FY 17 due to increase in
advertisement expenses, repairs and maintenance to plant and
machinery and administrative expenses. PAT margins of the company
has also declined from 1.24% in FY 16 to 0.77% in FY17 due to
increase in depreciation provision and finance cost at the back
of addition of fixed assets (like furniture and fittings, plant
and machinery).

Leveraged Capital Structure: The capital structure of the company
has been leveraged. However, the debt-equity ratio has been
improved from 0.41x in FY 16 to 0.27x in FY 17 on account of
repayment of term loan and remained below unity. The overall
gearing ratio of the company has deteriorated from 4.04x in FY 16
to 4.37x in FY 17 due to increase in utilization of working
capital bank borrowings to manage increasing business operations.

Working capital intensive nature of operations: The company
operates in working capital intensive nature of operations.
However, the operating cycle of the company remained satisfactory
during the review period. The company is required to maintain
inventory of groceries, provisions, cosmetics, food items,
textiles and ready-made garments about 2-3 months to meet
customers taste and preference being a retail nature of business.
However, the cash and carry business model of retail business; as
reflected by collection period of nil days during review period
helps in managing working capital to an extent. The company makes
payment to its suppliers within 10-20 days. The average
utilization of CC was almost 90% for last 12 months ended
March 31, 2018.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in retail trading of
Groceries, Provisions, Cosmetics, food items, Textiles, Home
needs and providing lodging on rental basis which is highly
fragmented industry due to presence of large number of organized
and unorganized players in the industry resulting in huge
competition. However, NPPL able to withstand in the market
through its vast experience and established track record.

Key Rating Strengths

Established track record of the company and experience of the
promoters for more than three decades in hotel and travel
business.

NPPL has a track record of more than two decades and was promoted
by Mr. Nanda Kumar N Kudva along with his wife Mrs. Rashmi N
Kudva who are qualified graduates and having experience of about
three decades in Hotel and travel business. The directors are
also engaged in other business like real estate, travel and hotel
business. All the four directors belongs to the same family and
are actively involved in day to day operations of the company.

Growth in total operating income during review period: The total
operating income of the company grew at Compounded Annual Growth
Rate (CAGR) of 36.13% i.e., from INR13.48 crore in FY15 to
INR24.98 crore in FY17 due to year on year increase in sales of
retail goods and increase of customers. Furthermore, the company
has achieved total operating income of INR24.58 crore during
11MFY18 (Prov., during April to February 2018). The company
derives 96% of the revenue from business unit Navmi lifestyle &
Navmi Walk In Mart, 2% from the unit Navami lodging and comfort
and remaining 2% from other income which mainly consists of cash
discounts from suppilers due to prompt payment by NPPL.

Moderate debt coverage indicators: The debt coverage indicators
of the company has moderate during the review period. The total
debt/GCA of the company has deteriorated from 8.35x in FY16 to
8.70x in FY17 due to increase in utilization of working capital
bank borrowings, however remained moderate. Furthermore, the
PBILDT interest coverage ratio has also deteriorated to 2.13x in
FY17 as against 2.50x in FY16 due to increase in interest cost.

Stable industry outlook and growth prospects: Today's retail
trends are driven by the anticipation that consumers will spend
confidently throughout 2018. Market growth is projected to reach
a healthy 3.2 to 3.8 percent, with heated competition among store
formats, channels, and players expected to continue. Consumers
are enjoying an ever-increasing proliferation of choices --
larger established brands reforming with both online and in-store
operations; and newer online or application-based only entrants
are emerging. Consumers continue to hold elevated expectations
for their shopping experience.

Navami Plaza Private Limited (NPPL) was established in the year
1991. NPPL was promoted by Mr. Nanda Kumar N Kudva along with his
wife Mrs. Rashmi N Kudva at Modibidri (Karnataka). Mr. Nanda
Kumar has started a lodging business in 1991 with the name Navami
Shopping Plaza Private Limited, later in November 1992 the
company name changed to current nomenclature Navami Plaza Private
Limited. In 2012 the company expands its business operations and
started Navmi Walk In Mart and Navmi Lifestyle which are into
retail trading of food and grocery and garments business
respectively. Currently, the Company is engaged in Retail Trading
of food and grocery (fresh fruits & vegetables, groceries,
personal care, home care, general merchandise and a basic range
of apparels, besides a large range of products across fruit &
vegetables, groceries, FMCG products, retailing of textiles and
readymade garments (Sarees, suiting & shirting, dress material,
handlooms, men's, ladies and kids wear) and providing rooms on
rental basis under the name Navami Lodging & Comfort consists of
40 rooms including A/c and Non A/c at Moodabidri with occupancy
ratio of 90-95% during season i.e. March-May & October- December
and 60-70% during non-season i.e. June- September, January and
February.


PRAKASH PLASTIC: CARE Lowers Rating on INR7.50cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prakash Plastic Industries (PPI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term/Short       7.50       CARE D/CARE D Revised from
   Term Bank                        CARE BB-; Stable/CARE A4
   Facilities

   Short Term Bank       6.40       CARE D Revised from CARE A4
   Facilities

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
PPI is primarily due to irregularity in servicing its debt
obligations owing to weak liquidity position.  Establishing a
clear debt servicing track record with improvement in the
liquidity position remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position of
the firm.

Dadra, Silvassa (Union Territory) based PPI was formed in March
2003 in the name of Prakash Plastic Industries by Bhimrajka
family. PPI is into the business of manufacturing of HDPE/PP
Woven Fabric/Bags. PPI is operating from its sole manufacturing
plant located in Dadra with an installed capacity of 2700 metric
tonnes per annum (MTPA) as on March 31, 2017.


PRATIBHA ELECTRICAL: CARE Assigns B+ Rating to INR6cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Pratibha Electrical Contractors LLP (PEC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             6         CARE B+; Stable Assigned

   Short-term Bank
   Facilities            16         CARE A4 Assigned

Detailed Rationale

The ratings assigned to the bank facilities of PEC is constrained
by its relatively small scale of operations with moderate profit
margins, moderate solvency position and working capital intensive
nature of operations. The ratings are further constrained on
account of susceptibility of margins to volatile raw material
prices, its presence in highly competitive industry with tender
based business and partnership nature of constitution.  The
ratings, however, draw strength from the long operational track
record of the firm, extensive experience of the promoter and
moderate order book position providing short term revenue
visibility.

The ability of the entity to timely execute the projects in hand
and strengthen its order book thus increasing its scale of
operations, improve profitability while managing working capital
requirements effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profit margins: The scale
of operation of the firm remained small with total operating
income (TOI) of INR24.05 crore and total capital employed of
INR18.74 crore as on March 31, 2018 (provisional), thus limiting
financial flexibility of the firm in times of stress. Further,
the profit margins of the firm have remained moderate.

Moderate solvency position: The relatively low net worth base of
the firm led to increased reliance on external debt to support
its business operations, hence resulting in moderate capital
structure. Moreover, due to moderate profitability and debt
profile, the debt coverage indicators also remained moderate.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature with gross
current asset days of 379 days during FY18 with funds majorly
blocked in inventory holding and receivables. The working capital
requirements are met by cash credit facility, average utilization
of which remained high.

Susceptibility of margins to volatile raw material prices: The
raw materials required by the firm are steel, cement, and pipes
which accounted for approximately 50% to 65% of the total cost of
sales in last three years ending FY18. The prices of these
materials are volatile in nature and depend on global demand and
supply scenario. Further, PEC does not have any price escalation
clauses in its contract and hence the margins are exposed to any
sudden spurt in the raw material prices.

Intense competition due to exposure to tender driven nature of
business: The initial capital expenditure requirement for this
industry is not very high, and on account of the same, the
industry is abundant with a number of players both in organized
and unorganized sector. The firm also faces competition from
large players who have integrated operations in transmission and
distribution infrastructure industry. PEC business is tender-
based, hence, the growth of business depends entirely upon the
firm's ability to successfully bid for tenders and emerge as the
lowest bidder. Further, the high concentration of execution of
projects for Maharashtra State Electricity Distribution Company
Limited and Maharashtra State Electricity Transmission Company
Limited makes the entity's revenues and profitability susceptible
to any drop in the tenders awarded by the client.

Constitution as a partnership firm limiting financial
flexibility: PEC, being a partnership concern, is closely held
and is subject to limited disclosure norms. Further, owing to the
constitution of the entity, it is exposed to the risk of
withdrawal of capital as well as long-term existence of business
operations under the entity.

Key Rating Strengths

Experienced promoter and long track record of operation: PEC has
an operational track record of about three decades. Operations of
the entity are managed by Mr. Hrishikesh L. Joshi and Mrs. Anita
H. Joshi who has an average experience of two and a half decades
in electrical contractor business. The partners are assisted by a
team of technical personnel. Being in the industry for about
three decades helps the promoter to gain adequate acumen about
the business which will aid in smooth operations of PEC.

Moderate order book position: PEC has an outstanding order book
to sales ratio of 121.62% of FY18 total operating income as on
July 30, 2018, which is to be executed over a period of 9 months
providing revenue visibility only for short term.

PEC was established in the year 1987 as a proprietorship firm.
The entity was reconstituted as a partnership firm in June 2014.
The firm undertakes electrification projects and undertakes
implementation of lighting systems and power distribution of the
factory premises, process plants, and commercial complex &
residential colonies.


SHIV MAHIMA: CARE Hikes Rating on INR16.30cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shiv Mahima Milk Products Private Limited (SMMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-Term Bank       16.30       CARE BB-; Stable Revised from
   Facilities                       CARE B+; Stable

   Short-Term Bank
   Facilities            1.00       CARE A4; Reaffirmed

Detailed Rationale & Key rating Drivers

The revision in the long-term rating of SMMPL takes into account
infusion of share capital by the promoter in FY18 (FY refers to
the period April 1, to March 31) which leads to improvement in
solvency position and significant growth in Total Operating
Income (TOI) in FY18 over FY17. The ratings, however, continue to
remain constrained on account of continuous net loss, weak debt
coverage indicators and moderate liquidity position. The ratings
are, further, constrained on account of susceptibility of profit
margins to fluctuation in raw material prices and its presence in
the fragmented industry with low entry barriers. The ratings,
however, continue to derive strength from the experienced
management and reputed customer base. The ability of the company
to increase its scale of operations along with improvement in its
profitability in light of the competitive nature of the industry
and improvement in solvency position would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with moderate profitability
margins: FY18 is the first full year of operation of the company
and TOI of the company stood modest at INR50.46 crore in FY18,
however, increased by 29.95% over FY17. Within short period of
time, it has established reputed customer base and clientele of
the company includes Indian Army, Britannia Industries Limited,
Parly and Rich Field. It generated around 52.50% of its TOI from
these customers.

During FY18, PBILDT margin of the company has improved by 117 bps
over FY17 mainly due to lower other manufacturing expenses. In
line with improvement in PBILDT margin, the company has register
lower net losses in FY18 as against FY17. The company has
registered net loss of INR0.08 crore in FY18as against INR0.20
crore in FY17. Net loss is mainly due to deferred tax.

Improvement in solvency position although stood weak and moderate
liquidity position: The capital structure of the company has
improved with improvement in overall gearing ratio from 2.67
times as on March 31, 2017 to 1.77 times as on March 31, 2018
owing to higher proportionate increase in net worth than increase
in total debt. Increase in net worth mainly due to share
application money pending allotment of INR2.45 crore and infusion
of capital of INR0.31 crore. The reason for infusion of share
capital was mainly due to support its increasing scale of
operations. Further, debt coverage indicator of the company has
also improved although stood weak with total debt to GCA stood at
18.72 times as on March 31, 2018 and interest coverage ratio of
1.43 times in FY18.

The operating cycle of the company remained moderate at 41 days
in FY18 due to higher inventory holding and receivables. The
company maintains inventory of 20-25 days, makes payment to its
suppliers in 10-12 days and receives payment from customers
within 10-20 days. The current ratio of the company stood below
unity at 0.96 times as on March 31, 2018.

Susceptibility of profit margins to fluctuation in raw material
prices: SMMPL is primarily engaged in the processing of wheat.
Wheat being an agricultural produce and staple food, its price is
subject to intervention by the government. In the past, the
prices of wheat have remained volatile mainly on account of the
government policies with respect to Minimum Support Price (MSP) &
controls on its exports. The prices are also sensitive to
seasonality in wheat production, which is highly dependent on
monsoon. Any volatility in the wheat prices will have an adverse
impact on the performance of the flour mill and consequently
their profit margins.

Presence in a fragmented industry with low entry barriers
The commodity nature of the product makes the industry highly
fragmented with more than two-third of the total number of
players being in unorganized sector with very less product
differentiation. Due to the fragmented nature and low entry
barriers in the industry, the flour mill units have limited
flexibility over pricing their products which also results in low
profit margins.

Key Rating Strengths

Experienced management: The overall operations of SMMPL are
looked after by Mr. Bharat Mittal, who is M.com by qualification.
He has around 4 years of experience in the industry. Mrs. S.D.
Pandey looks after accounts department. He has 4 years of
experience working with SMMPL. Mr. Vyas, General Manager-
Production, looks after the production function of the company.

Jaipur (Rajasthan) based SMMPL was established in 2013 as a
private limited company by Mr Bharat Mittal and Mrs. Mukta
Mittal. SMMPL is engaged in the processing of grain mill products
(wheat flour, maida, suji, basen and cattle feed).The company
earlier envisaged to commence its manufacturing operations from
FY16 but due to delay in import of plant ,the company commenced
its operations from July 2016. The manufacturing facility of
SMMPL is located at Bharatpur District with installed capacity of
150 Metric Tonne Per Day (MTPD) of maida, 50 Metric Tonne Per Day
(MTPD) of wheat flour and 75 Metric Tonne Per Day (MTPD) of basen
as on March 31, 2017. The main raw material for the company is
wheat and chana, which is procured directly from nearby mandi and
brokers.


SHRI KRISHNASHRAY: CARE Hikes Rating on INR10.09cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Krishnashray (India) Private Limited (SKIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       10.09     CARE C; Stable Revised from
   Facilities                     CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SKIPL factors in clear debt servicing track record. The rating
however, continues to be constrained by modest & fluctuating
scale of operations, low profitability coupled with net losses
during last 4 years ended FY18 (refers to the period April 1 to
March 31), highly leveraged capital structure & weak debt
coverage indicators, working capital-intensive nature of
operations and significant customer concentration risk.

The rating, however, derives strength from company's long track
record of over two decades of operations in manufacturing of
modular switches, step lights & LED lights, highly experienced &
resourceful promoters with an average of three decades of
experience in the aforementioned activities. The ability of SKIPL
to increase the scale of operations and improve profit margins
and also improve capital structure and liquidity position by
efficiently managing working capital requirement is the key
rating sensitivity.

Detailed description of the key rating drivers

Key rating Weakness

Modest & fluctuating scale of operations: The scale of operations
of SKIPL has marginally improved and stood modest with total
operating income of INR19.09 crore in FY18 (prov.) {vis-a-vis
INR18.11 crore in FY17 (A)} on account of introduction of new
product namely VECTA Modular Switches & accessories and coupled
with addition of new customers. Nevertheless, the scale of
operations continues to remain modest. Given this, coupled with
accumulated losses over the past, the tangible net-worth has
eroded.

Low profitability coupled with net losses during last 4 years
ended on FY18 The operating margin of the company has remained
fluctuating in the range of 9% to 25% during last four years
ending FY18 on account of volatile prices of raw materials viz.
brass, poly carbonate (derivative of petroleum), silver, etc.,
Moreover, led by higher depreciation & interest costs, given the
high capital intensity coupled with high reliance on external
debt, the company posted a net losses during last four years
ended on FY18.

Leveraged capital structure and weak debt coverage indicators:
SKIPL's capital structure is leveraged due to high dependence on
external borrowings to support the operation. 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: SKIPL's
operations are working capital intensive in nature due to funds
being blocked in inventory and receivables. The collection period
elongated on account of delayed payments received primarily from
those customers belonging to the real estate sector, further
company is required to maintain raw materials as well as finished
goods stock of varieties of switches available in its product
portfolio, to meet the anticipated future demand, thereby
resulting in elongated operating cycle. On account of this, the
utilization of the working capital limit remained high.

Key Rating Strengths:

Long track record of the operations: SKIPL possesses a long track
record of over two decades of operations in the manufacturing
activities of modular switches, step lights and LED lights at its
manufacturing facility located at Bhimpore, Nani Daman. The
various types of modular switches manufactured by it are sold
under the brands 'Jewelite', 'Aryan', 'Jash' and 'Vesta'
depending upon the type and the end-user class catered to.

Highly experienced promoters: The overall operations of SKS is
looked after by Mr. Jagat Killawala with his wife Mrs. Charu
Killawala. Mr. Jagat Killawala possesses a total experience of
over four decades mainly into the manufacturing activities of
various types of switches. On the other hand, Mrs. Charu
Killawala possesses a total experience of over 19 years in the
same field.

Incorporated in 2001 by Mr. Jagat Killawala with his wife Mrs
Charu Killawala, SKIPL (erstwhile Shri Krishnashray,
proprietorship entity established in 1996, later converted into a
private limited company in 2001) is engaged in the manufacturing
of modular switches, step lights and LED lights at its
manufacturing facility located at Bhimpore, Nani Daman,
possessing a capacity to manufacture approx. one crore switches
per annum. The modular switches and LED lights find a wide range
of applications in the residential & commercial real estate
sector, whereas the step lights find application in the theaters
and auditoriums. Further the company procures its raw materials
viz. electronic components, solid brass components, hardware,
polymer & plastic granules, etc., from the local players mainly
based out of Mumbai.


ROOP TECHNOLOGY: ICRA Reaffirms B Rating on INR14.37cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR14.37-crore (enhanced from nil) long-term fund and non-fund
based facilities of Roop Technology Private Limited. ICRA has
also reaffirmed the long-term rating of [ICRA]B for the INR14.37-
crore (enhanced from nil) and the short-term rating of [ICRA]A4
for the INR7.57-crore (enhanced from nil) interchangeable
facilities of RTPL. Further, ICRA has reaffirmed the long-term
rating of [ICRA]B and the short-term rating of [ICRA]A4 for the
INR0.63-crore (enhanced from nil) unallocated limits of the
company. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund-      14.37     [ICRA]B (Stable); reaffirmed
   based/non-fund-
   based

   Long-term/Short-      0.63     [ICRA]B (Stable)/[ICRA]A4;
   Term-unallocated               Reaffirmed

Rationale

The ratings reaffirmation favorably factors in the extensive
experience of the promoters along with the operating track record
of the company for nearly 20 years in the distributorship
business. The ratings also note the company's authorised
distributorship for prominent LCD monitor brands, projectors and
security systems, and its established dealers network across
India.

However, the ratings continue to remain constrained by the
company's leveraged capital structure, weak debt coverage
indicators and high working capital intensity of operations due
to elongated receivables. The ratings also consider the low
profit margins because of the low value addition in the nature of
the business and intense competition in the sector. ICRA further
notes the vulnerability of profitability to fluctuations in
foreign exchange rates, given the sizeable imports, though the
risk is mitigated to the extent of forward cover booked by the
company.

Outlook: Stable

ICRA believes Roop Technology Private Limited will continue to
benefit from the extensive experience of its promoters in the
distribution business. The outlook may be revised to Positive if
sustained growth in revenue and increased profitability margins,
coupled with improvement in capital structure and debt coverage
indicators, strengthens the financial risk profile. The outlook
may be revised to Negative if lower than expected cash accruals,
or stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the distribution
business: RTPL was incorporated in 1998 by Mr. Umang Mehta for
distributing ViewSonic monitors and security related products.
Mr. Mehta has an extensive experience of nearly 20 years in this
field. RTPL has diversified its product portfolio in the last
decade, which now consists LCDs, LED TVs, projectors, security
systems, etc.

Authorised distributor of prominent LCD monitor brand, security
systems and projectors: RTPL is a distributor of several IT and
security related products, LCDs and projectors. The company is an
authorised distributor of View Sonic for its LCD monitors, ZICOM
for security products, TP-Link for networking products, Godrej
and Boyce for security safes and Optoma for projectors.

Established dealers network across India: The company has an
established dealer base across India. It has 10 branches in the
country and supplies to around 1,200 dealers in the southern and
western regions. In the northern and eastern regions, the company
generally deals with clearing and forwarding agents for its
sales.

Credit challenges

Leveraged capital structure and weak debt coverage indicators:
The company's capital structure remained leveraged with gearing
of 7.87 times as on March 31, 2017 because of high debt levels.
The same declined to 6.29 times as on March 31, 2018 owing to
equity infusion of INR1.00 crore in FY2018. The company's debt
coverage indicators remained weak as on March 31, 2018 with
interest coverage of 1.28 times, TD/OPBITDA of 20.95 times and
NCD/TD of 1.0% as compared to interest coverage of 0.81 time,
TD/OPBITDA of 26.23 times and NCD/TD of 1.0% as on March 31,
2017.

Weak profitability due to low-value added nature of the business:
RTPL's operating profitability has historically remained weak
owing to low-value addition in the distributorship business. The
operating profit margins declined to 1.80% in FY2018 from 4.45%
in FY2016, due to increased traded goods costs. RTPL's net
profitability has also remained weak in the range of 0.10-0.40%
during the last six years.

Vulnerability of profitability to fluctuations in foreign
exchange rates: The company imports around 50-60% of its traded
goods, against which there are no export sales. This exposes RTPL
to fluctuations in foreign exchange rates. Nonetheless, the
company tries to mitigate this risk by hedging most of its
imports.

High working capital intensity of operations due to elongated
receivables: The working capital intensity of the firm has
remained on the higher side due to its elongated receivable days.
RTPL offers a credit period of 90-120 days to its clients, given
the intense competition in the Indian market, while its purchases
are majorly made on cash payment or against 90 days' letter of
credit. The receivable days stood at 86 days as on March 31,
2018, which resulted into high working capital intensity of
operations of 43%.

Intense competition given the low complexity of work involved:
The distribution industry is highly fragmented with many
unorganised as well as established organised players, given the
low complexity of work involved. Intensive competitive pressures
impact the pricing flexibility and profitability of the company
to an extent.

Incorporated in 1998, RTPL is a distributor of several IT and
security-related products, LCDs and projectors. It is an
authorised distributor of View Sonic for its LCD monitors, ZICOM
and Dahua for security products, TP-Link for networking products,
Godrej and Boyce for security safes and Optoma for projectors.
RTPL has 10 branches across southern and western India.
In FY2017, RTPL reported a net profit of INR0.11 crore on an
operating income (OI) of INR43.77 crore, as compared to a net
profit of INR0.07 crore on an OI of INR51.26 crore in the
previous year. Further, in FY2018 on a provisional basis, RTPL
reported an OI of INR61.21 crore and a net profit of INR0.18
crore.


TEXTURE CLOTHING: ICRA Assigns B Rating to INR1.20cr LT Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR1.20
crore1 fund based facilities of Texture Clothing Company. ICRA
has assigned the short-term ratings of [ICRA]A4 to the INR5.00
crore of fund-based facility and INR1.80 crore short-term un
allocated limits of TCC. The outlook on the long-term rating is
'Stable'.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term fund
   Based-Term loan     1.20       [ICRA]B (Stable); assigned

   Short-Term-Fund
   Based               5.00       [ICRA]A4; assigned

   Short-Term-
   Unallocated         1.80       [ICRA]A4; assigned

Rationale

The assigned ratings favorably factor into consideration the
long-standing experience of the partners in apparels export
business over three decades and its established client
relationship based out of Spain and United Kingdom aiding in
repeat orders. However, the assigned ratings are constrained by
the stretched working capital position due to elongated
receivables cycle and its small scale of operations being exposed
to forex fluctuations. The ratings are further constrained by the
high customer and geographical concentration risk and the intense
competition prevalent in the fragmented apparel export industry.

Outlook: Stable

The stable outlook reflects ICRA's expectation that the TCC's
performance will continue to benefit from its long-standing
experience of promoters. The outlook will be changed to positive
if the TCC's scale of operations and profitability metrics and
liquidity position improve. The outlook will be changed to
negative if there is further deterioration in the liquidity or
profitability metrics of the firm.

Key rating drivers

Credit strengths

Experience of promoters in the textile industry: TCC was
stablished in 2006 as partnership firm to manufacture and export
apparels to Spain and UK. The firm largely caters to women's
summer wear.

Established relationship with reputed clientele: TCC has
established a relationship with reputed customers based out of
Spain and United Kingdom which aids in repeated order flows
ensuring revenue visibility for the firm.

Credit weaknesses

Stretched working capital intensity characterised by elongated
receivables period: The working capital intensity was high at 61%
as on March 31, 2018 primarily due to stretched debtor days. The
firm offers credit period of 90 to 120 days nevertheless the
debtor days stood at 143 days as on March 31, 2018 and 206 days
as on March 31, 2017. Further, the working capital limits are
fully utilised on several occasions and the firm had utilised
over its limits with ad-hoc sanctions owing to its stretched
liquidity scenario.

Revenues exposed to high customer and geographical concentration
risk: The firm generates its entire revenue from two customers
based out of Europe, hence any changes in demand trends will have
a direct implication on the operations of the firm.

Margins susceptible to fluctuation raw material prices and Forex
rates: The primarily raw material being cotton yarn/fabric
exposes the firm's margin to fluctuation in raw material prices.
Further, any fluctuation in forex will also impact the
profitability of the firm.

Intense competition in highly fragmented industry limiting price
flexibility: The firm faces stiff competition with several
players exporting apparels to the Europe market which limits
price flexibility and further puts pressure on the firm's revenue
and operating margins.

Texture Clothing Company is a partnership concern established in
the year 2006. The firm is in the business of exporting readymade
garments (Mens' Kids' wear & Women's wear), primarily to European
countries. The Firm has 2 manufacturing facilities located in
Tirupur with a capacity of 350 sewing machines and capacity of
3.5 lakh pieces per month. The garments are produced on a made-
to-order basis and design specifications by the customer.


TURQUOISE & GOLD: ICRA Lowers Rating on INR10cr Loan to D
---------------------------------------------------------
ICRA said the rating for the INR14.70-crore bank facilities of
Turquoise & Gold Apparels Private Limited (TGPL) has been revised
to [ICRA]D from [ICRA]BB (Stable)/[ICRA]A4 and continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING". ICRA had earlier
moved the ratings of TGPL to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         10.00      Revised from [ICRA]A4 to
   Fund based                     [ICRA]D; ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Long Term-Term       1.50      Revised from [ICRA]BB (Stable)
   Loan                           to [ICRA]D; ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Unallocated Limits    3.20     Revised from [ICRA]BB
                                  (Stable)/A4 to [ICRA]D;
                                  ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  in 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Rationale

The revision in rating factors in the delays in servicing of bank
debt obligations by the company.

Incorporated in 2008, Turquoise & Gold Apparels Private Limited
is promoted and managed by Ms. Dimple Varma along with her
sisters, Ms. Samara Mahindra and Ms. Natasha Mahindra. The
company is engaged in manufacturing readymade garments,
specializing in children's wear and women's wear, primarily for
the exports market. It is also present in the domestic market
through its showrooms in Bangalore and Goa. It has three
manufacturing facilities in Bangalore, with a total workforce of
around 1,700 and a total production capacity of 20 lacs garments
per annum.


VEERA ASSOCIATES: CARE Lowers Rating on INR8.50cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Veera Associates as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       8.50      CARE B+; Revised from CARE BB-;
   Facilities                     ISSUER NOT COOPERATING

   Long-term/Short-     4.00      CARE B+/CARE A4; ISSUER NOT
   term Bank                      COOPERATING Revised from
   Facilities                     CARE BB-/CARE A4; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Veera Associates to
monitor the ratings vide e-mail communications dated July 3,
2018, June 15, 2018, April 18, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Veera Associates' bank facilities will now
be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Strengths

Experienced promoters: VA's partners have been involved in the
cotton industry since last two decades. The business operations
of the firm have benefited from their long and established track
record and the vast industry network developed over the years.

Key Rating Weaknesses

Risk associated with volatility in raw material prices: The raw
material prices being highly volatile subjects the profitability
to risk associated with adverse movement of prices.

Working capital intensive nature of business with increase in
operating cycle: The firm operates in a working capital intensive
industry with associated high working capital requirements.

Intense competition in the industry: The Indian cotton ginning
industry is highly competitive with the presence of a large
number of units.

Veera Associates (VA) was incorporated in 2005 and is based in
Guntur, Andhra Pradesh. The firm was started as a proprietary
concern under the name of Sarika Cotton Traders before being
incorporated as a partnership firm and renamed to current
nomenclature. VA is engaged in the manufacturing and trading of
polyester viscose yarn & cotton yarn and providing job work for
cotton yarn suppliers.


VNV STEEL: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VNV
Steel, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Assigned

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of VNV Steel is
constrained by short track record and modest scale of operations,
low profitability margins and leveraged capital structure. The
rating is further constrained on account of VNV Steel's presence
in a highly fragmented and competitive industry. The rating,
however, draws comfort from experienced management and
comfortable operating cycle.

Going forward, the ability of the firm to increase the scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and modest scale of operations: The firm
commenced operations in October, 2016 and has short of track
record in this industry as compared to other established players.
FY18 (refers to period starting from April 1 to March 31; based
on provisional results) was its first full year of operations.
The scale of operations of the firm stood modest as marked by
total operating income and gross cash accruals of INR69.86 crore
and 0.35 crores respectively in FY18. The modest scale deprives
the firm of scale benefits and restricts flexibility in times of
stress.

Low profitability margins and leveraged capital structure: The
profitability margins of VNV Steel stood low owing to low value
addition and its presence in a highly fragmented and competitive
industry as marked by PBILDT margin and PAT margin of 0.91% and
0.50% respectively in FY18. The capital structure of the firm
stood leveraged owing to high dependence on external borrowings
coupled with low net worth base of INR1.81 crore. The overall
gearing stood at 3.41x as on March 31, 2018.

Presence in a highly fragmented and competitive industry: The
firm is engaged in trading of iron sheets which is highly
fragmented and competitive due to numerous players in the
unorganized and organized sector which increases the level of
competition. Besides this, presence of number of players
restricts the bargaining power, which exerts pressure on its
margins. In order to sell their products, small players has to
offer better buying terms like allowing discounts, extended
credit period etc. to capture the market share which, in turn,
creates margin pressure and negatively impact the earning
capacity of the firm. This makes the industry more competitive.
Smaller firms in general are more vulnerable to intense
competition due to their limited pricing flexibility, which
constrains their profitability as compared to larger firms who
have better efficiencies and pricing power considering their
scale of operations.

Key Rating Strengths

Experienced Management: The operations of VNV Steel are being
managed by Mr. Vikas Jain and Mr. Vishal Jain. Both of them are
graduates by qualification and have an experience of three
decades in trading through their association with other family
business. They look after the overall business operations and are
supported by a team of experienced professionals.

Comfortable operating cycle: The operating cycle of the firm
stood comfortable at 22 days in FY18. The firm provides a credit
period of around a month to its customers and receives a similar
payable period from its suppliers. The average collection period
and average creditor period stood at 29 days and 20 days
respectively for FY18. Further, the firm maintains inventory of
traded goods to meet the immediate demands of the customers
resulting in an average inventory period of 12 days for FY18. The
working capital limits remained around 75% utilized for the past
12 months, period ended June 30, 2018.

Delhi based, VNV Steel (VNV) was established in October 2016 by
Mr. Vikas Jain and Mr. Vishal Jain as a partnership firm
who are currently sharing profits and losses in the ratio of
50:50. VNV is engaged in the trading of iron sheets; cold rolled
coils being the main product in which the firm deals. The firm
procures the traded goods from wholesale traders located
in unorganized mandis and sells to domestic traders and dealers
located in and around Delhi.



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


SOECHI LINES: Moody's Alters Outlook to Negative & Affirms B1 CFR
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of
Soechi Lines Tbk. (P.T.) (Soechi) and Soechi Capital Pte. Ltd to
negative from stable.

Moody's has also affirmed the B1 corporate family rating (CFR)
and B1 senior unsecured rating on the $200 million notes due
2023, issued by Soechi Capital Pte. Ltd., a wholly owned
subsidiary of Soechi.

The notes are unconditionally and irrevocably guaranteed by
Soechi and all its material subsidiaries, which own all of
Soechi's vessels and its shipyard.

RATINGS RATIONALE

"The negative rating outlook reflects Soechi's weak credit
metrics, resulting from a more aggressive debt-funded growth
strategy than was previously anticipated," says Brian Grieser a
Moody's Vice President and Senior Credit Officer.

Soechi increased its balance sheet debt by $49 million to $296
million in the first six months of 2018, driving its adjusted
debt/EBITDA to 5.5x on a trailing 12-month basis.

The debt was primarily used to finance the acquisition of its
first very large gas carrier (VLGC) and the conversion of one of
its Aframax's into a floating storage and offloading vessel
(FSO).

Moody's expects the earnings from these two transactions to
meaningfully add to EBITDA in the second half of 2018 and in
2019, which should allow Soechi to reduce debt/EBITDA to between
4.5x and 5.0x in 2019.

While both the new FSO and the VLGC are tied to long-term
contracts, which will improve Soechi's business profile, the
upfront costs of Soechi's investments are increasing.

"The negative outlook also incorporates Moody's view that
management may be taking a more aggressive approach to growth,
which will have a permanent impact on the company's longer-term
credit quality," adds Grieser.

While Soechi's growth strategy is pressuring ratings, Moody's
recognizes that the underlying business continues to perform
within expectations. EBITDA margins remain stable and above 40%,
time charter contract renewals are occurring in a timely manner
and at competitive rates, and the relationship with Pertamina
(Persero) (P.T.) (Baa2 stable) is supporting its existing
business and growth opportunities.

Soechi's B1 CFR continues to reflect its (1) high degree of
revenue visibility, around 90% of shipping revenue underpinned by
long-term time charter contracts; (2) its strong margins and
leading market position; (3) high entry barriers for new
competition, resulting from favorable industry regulations,
particularly the cabotage laws; and (4) a strong relationship
with Pertamina.

Further, the CFR reflects Soechi's (1) relatively small scale of
operations globally; (2) the company's significant reliance on
its two very large crude carriers (VLCCs), which account for 38%
of its dead weight tonnage; (3) increased leverage and weaker
interest coverage; and (4) the still formative stage of its
shipbuilding operations, which continues to be a drag on earnings
and cash flows.

The rating could be downgraded if EBITDA growth from ongoing
vessel conversions and recent vessel purchases do not
materialize, resulting in debt/EBITDA remaining above 5.0x over
the next 12 months or cash flow weakens, such that interest
coverage, (FFO + Interest)/interest, falls below 2.25x.

Furthermore, downward pressure on the ratings could build if (1)
any legislative development arises that would loosen cabotage
laws; (2) Pertamina shifts management of its fleet such that it
reduces its exposure to Soechi; or (3) Soechi begins paying
larger, debt-funded dividends.

A rating upgrade is unlikely over the next 12-18 months, given
its negative outlook.

The rating could be upgraded over time, if management grows its
shipping business, while lowering its leverage profile. Given
Soechi's small scale, and customer and vessel concentration,
Moody's would expect leverage to be maintained around 3.0x and
interest coverage of over 4.0x on a sustained basis before
considering an upgrade.

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

Soechi Lines Tbk. (P.T.), headquartered in Jakarta, is mainly
engaged in the business of providing crude oil, petroleum
products and liquefied petroleum gas (LPG) shipping and shipyard
services principally to companies operating in the domestic oil
and gas and chemical sectors in Indonesia (Baa2 stable). Soechi
operates a fleet of 40 vessels.

The company has also ventured into the ship-building and
maintenance business through its 99.99% subsidiary PT Multi Ocean
Shipyard.

Soechi is a family owned business with the members of the Utomo
family holding an approximate 85% stake and the public the
remaining 15%.



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


PERISAI PETROLEUM: Restraining Order Extended by 9 Months
----------------------------------------------------------
theedgemarkets.com reports that Perisai Petroleum Teknologi Bhd
has received a nine-month extension from the Kuala Lumpur High
Court to restrain all proceedings and actions brought against the
Practice Note 17 (PN17) company.

In a filing with Bursa Malaysia on Aug. 8, the loss-making oil
and gas provider said the restraining order is to facilitate its
plan to regularise its financial condition through a proposed
scheme of arrangement, theedgemarkets.com relates.

On Aug. 1, Perisai had submitted the application in relation to
the proposed regularisation plan to Bursa Securities for
approval, according to theedgemarkets.com.

"The order will not have any material effect on the earnings and
net assets of Perisai Group for the financial year ended June 30,
2018," Perisai, as cited by theedgemarkets.com, said.

theedgemarkets.com says Perisai's restraining order was first
granted in January last year, as part of the company's plan to
regularise its financial condition through a proposed scheme of
arrangement.

                    About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.


PETROL ONE: To be Delisted From Bursa Malaysia on August 24
-----------------------------------------------------------
Samantha Ho at theedgemarkets.com reports that Petrol One
Resources Bhd is slated to be delisted from the Main Market of
Bursa Malaysia on Aug. 24 after the company failed to implement
its regularisation plan by Aug. 11.

This is unless the Practice Note 17 (PN17) company submits an
appeal against the delisting to the regulator by Aug. 20,
according to Petrol One's announcement with the stock exchange.

"In the event Petrol One submits an appeal to Bursa Securities
within the appeal timeframe, the removal of the securities of the
company from the official list of Bursa Securities on Aug. 24
shall be deferred pending the decision on the company's appeal,"
it said.

According to the report, the group had previously been granted
numerous extensions to implement its regularisation plan after
falling into PN17 status on Aug. 30, 2012, after auditors
expressed a disclaimer of opinion on the audited accounts for the
group's 2011 financial year and a default in payment by its major
subsidiaries.

theedgemarkets.com notes that the bunkering and storage company
previously said that among the issues it has faced is the
inability to fully secure suitable places for the entire tranche
of its placement shares, as well as a challenging equity market
condition currently.

Trading in Petrol One shares has been suspended since 2014,
theedgemarkets.com discloses.

Petrol One Resources Berhad is engaged in investment holding and
provision of management services to the subsidiaries. The
Company's main commercial activities are centered on storage of
crude oil and its derivative products such as fuel oil and
petrochemicals both in onshore facilities, as well in floating
storage units; oil terminal support services; leasing and
operating standby safety vessels for rig support; ship-to-ship
transfer operations.

The company slipped into Practice Note 17 (PN17) status on
Aug. 30, 2012, after the shareholders' equity of the group on a
consolidated basis was less than 25% of its issued and paid-up
capital, which was also less than MYR40 million.



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


JB HI-FI: NZ Unit Loss Widens to NZ$2.9MM in Year Ended June 30
---------------------------------------------------------------
BusinessDesk reports that JB Hi-Fi expects to see another year of
declining revenues on this side of the Tasman as the ASX-listed
discount consumer electronics retailer attempts to drive
profitability in its New Zealand unit.

According to BusinessDesk, the New Zealand division of the
Melbourne-based company widened its loss before interest and tax
to NZ$2.9 million in the 12 months ended June 30 from an ebit-
loss NZ$2.7 million a year earlier. Not only did margins shrink,
but revenue dipped 1.1 per cent to NZ$231.5 million with the
closure of one store and exit from whiteware goods, the report
says. JB Hi-Fi closed another unprofitable New Zealand store last
month and forecasts revenue of NZ$220 million for the local unit
in the 2019 financial year, BusinessDesk discloses.

"The JB Hi-Fi New Zealand business continues to be repositioned
to improve performance, with the exit of whitegoods and
rebranding of the four stores to JB Hi-Fi completed in FY18," it
said in presentation slides on the ASX, BusinessDesk relays. The
company will "continue to execute on strategy to improve
performance" in the New Zealand unit, it said.

BusinessDesk says the discount retailer signalled the shift for
the New Zealand division in 2016, taking a AUD15.8 million
impairment charge on the business after reviewing the unit and
deciding on a way to revive sales and fatten margins. Consumer
electronics retailers have faced skinnier margins as vendors
contend with the global availability of goods and accelerating
obsolescence.

While the New Zealand division struggled, JB Hi-Fi's group sales
climbed 22 per cent to AUD6.9 billion, underpinning a 12 per cent
gain in profit to AUD233.2 million. The board declared a final
dividend of 46 Australian cents per share, taking the annual
return to AUD1.32, up from AUD1.18 a year earlier, BusinessDesk
discloses.

"We are pleased to have delivered another year of record sales
and earnings in FY18," BusinessDesk quotes chief executive
Richard Murray as saying in a statement. "It was another strong
result from JB Hi-Fi business in Australia as we continue to
delight our customers and deliver our strategic objectives."

BusinessDesk discloses that the Australian retailer forecasts
group sales of AUD7.1 billion for the 2019 financial year with
just the New Zealand division set to register shrinking revenue.

Still, the signs are promising for the Kiwi turnaround with
online sales almost doubling to NZ$9.6 million and accounting for
about 4.1 per cent of the unit's revenue. Sales slipped 2.1 per
cent in July, capturing the impact of the recently closed store,
and on a comparable basis were up 3.4 per cent, BusinessDesk
adds.

JB Hi-Fi retails consumer goods, specialising in video games,
Ultra HD Blu-rays, Blu-rays, DVDs, CDs, electronics/hardware,
electrical home appliances, mobile phones and a number of Telstra
services.



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


PAKISTAN: Gains Guarantee of Financial Backing From China
---------------------------------------------------------
The Financial Times reports that Pakistan has been guaranteed
financial backing from Beijing, senior officials said, as the
incoming government of Imran Khan looks to avoid having to go to
the IMF to solve its foreign exchange crisis.

Senior members of Mr. Khan's Pakistan Tehreek-e-Insaf party have
told the Financial Times they have been assured they will get
further loans from Beijing over the coming months as one way to
keep their currency stocks topped up.

Chinese state-backed banks have lent Pakistan more than $5
billion in the past financial year as Islamabad has become
increasingly reliant on its northern neighbor to secure its
finances, the FT says.

One prospective cabinet minister told the FT: "China has promised
to continue helping Pakistan overcome the crunch on foreign
payments."

Another senior party leader said: "The Chinese have signalled
their intent to keep helping Pakistan avoid a crisis, a default."
But he added that Chinese officials have urged their Pakistani
counterparts "to take steps to reduce the large deficit".

According to the FT, Mr. Khan, Pakistan's former cricket captain,
is hoping to be sworn in as the country's new prime minister
within days following last month's election, at which his party
won the most seats. New MPs took their oaths on Aug. 13, with the
opposition Pakistan Muslim League-Nawaz and Pakistan People's
party promising to provide a unified opposition to Mr. Khan's
PTI.

One of his first tasks will be to repair the country's balance of
payments problem, with high imports and low exports having left
it with only $10.4 billion in foreign currency, the FT discloses
citing the latest published statistics -- enough to cover two
months' worth of imports.

The FT relates that officials have drawn up plans for the new
government to approach the IMF for a bailout worth up to $12bn,
which would be Pakistan's 13th bailout from the fund and its
largest ever.

But the US, which is the IMF's biggest shareholder, has urged the
fund not to issue a loan unless Pakistan publishes full details
of the loans it has taken from China to pay for a $60bn
infrastructure scheme, the FT says.

With Islamabad and Beijing reluctant to reveal loan details,
officials in the Pakistani government have begun to explore other
sources of funding. Last week the FT revealed that the Saudi-
backed Islamic Development Bank has agreed in principle to lend
Pakistan more than $4 billion - though this will be insufficient
to avoid further assistance.

The FT says Asad Umar, Mr Khan's proposed finance minister, told
the Dawn newspaper on Aug. 13 he saw turning to the IMF as
a "fallback option", to be sought once other routes had been
explored.

One finance ministry official told the FT: "Clearly, we mustn't
put all our eggs in the IMF basket. At least for the sake of
argument, our future plans should also include a back-up which is
built on Chinese money."

Beijing has not told Islamabad how much it might be willing to
lend, or whether it will be enough to avoid an IMF bailout. But
Mr Umar told reporters last week the Chinese ambassador to
Pakistan had given the incoming government "his assurance that
China is a friend that Pakistan can count on," the FT relays.



=============
V I E T N A M
=============


VIETNAM: Moody's Hikes LT Issuer & Sr. Unsec. Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has upgraded the Government of
Vietnam's long-term issuer and senior unsecured ratings to Ba3
from B1 and changed the outlook to stable from positive.

The upgrade to Ba3 is underpinned by strong growth potential,
supported by increasingly efficient use of labor and capital in
the economy. A long average maturity of government debt and a
diminishing reliance on foreign-currency debt point to a stable
and gradually moderating government debt burden, particularly if
strong growth is sustained over time. The structure of Vietnam's
government debt also limits susceptibility to financial shocks.
The upgrade also reflects improvements in the health of the
banking sector that Moody's expects to be maintained, albeit from
relatively weak levels.

The stable outlook reflects balanced risks at the Ba3 rating
level. While downside risks may arise from persisting weaknesses
in the banking system or if the ongoing trade dispute between the
US and China resulted in a sharp slowdown in global trade, there
are upside risks from further improvements in debt affordability
and better trade performance than Moody's currently projects.

Moody's has also raised Vietnam's long-term foreign currency (FC)
bond ceiling to Ba1 from Ba2 and its long-term FC deposit ceiling
to B1 from B2. The short-term FC bond and deposit ceilings remain
unchanged at Not Prime. Vietnam's local currency bond and deposit
ceilings remain unchanged at Baa3.

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO Ba3

STRONG GROWTH POTENTIAL AND ONGOING MOVE UP THE VALUE CHAIN
SUPPORT ECONOMIC STRENGTH

Moody's estimates that Vietnam's growth potential is strong, at
around 6.5%, supported by increasingly efficient use of labor and
capital in the economy. Globally, strong growth potential tends
to be associated with relatively low competitiveness. However,
Vietnam's economic strength combines high growth and high
competitiveness as shown in the economy's ongoing shift towards
high value-added sectors.

With an average GDP growth rate of over 6% over the past decade,
Vietnam has climbed up the manufacturing value chain within a
short span of time, gaining competitiveness in the assembly of
higher value-added electronic products - such as smartphones -
while continuing to retain its comparative advantage in the
export of labor-intensive goods, such as textiles and garments.
Rising competitiveness and a further transition towards higher-
value added industrial activity will support growth at high
levels in the medium term. Moody's projects GDP growth of 6.4% in
2018-2022, higher than the median for B1-rated sovereigns at
3.7%, and Ba-rated sovereigns at 3.5%.

Potential growth is supported by strong investment, including
Foreign Direct Investment in high-value added manufacturing. As
Vietnam continues to move up the value-chain and the contribution
of the private sector to total value-added grows, Moody's expects
productivity growth to drive the economy's growth potential.

Moreover, according to the World Economic Forum's Global
Competitiveness Index, Vietnam is much more competitive than most
other Ba-rated or B-rated sovereigns. Moody's expects Vietnam to
retain relatively high competitiveness as the shift up the value
chain gives room for relatively rapid income and wage increases.

One factor weighing on Vietnam's economic strength is the
economy's reliance on credit. Demographic trends, including a
sizeable share of working age population -- with relatively
higher spending power -- in the overall population, and
increasing urbanization have contributed to strong consumption
and credit growth. Corporate debt is also relatively high and has
been rising in recent years. Previous periods of rapid credit
growth have weakened bank solvency and raised contingency risks
for the sovereign. While Moody's estimates that credit allocation
has improved somewhat and poses lower risks to the sovereign,
rapid credit growth sustained beyond the pace warranted by
financial deepening trends raises the risk of a correction that
would amplify the negative impact of an economic shock.

STRONG GROWTH STABILISES DEBT BURDEN; DEBT STRUCTURE LOWERS
SENSITIVITY TO FINANCIAL SHOCKS

Sustained strong growth contributes to a stable and gradually
moderating government debt burden over time. The structure of
government debt enhances stability through its long average
maturity and declining share of foreign-currency debt. These
features mitigate Vietnam's exposure to a potential sudden
increase in the cost of debt and/or a sharp currency
depreciation. Resilience of fiscal strength to financial shocks
supports the Ba3 rating.

Fiscal deficits, which averaged 4.4% of GDP between 2008-17, have
persistently been above the median for Ba- and B-rated
sovereigns. However, deficits have narrowed since 2014. Going
forward, Moody's expects that deficits will hover around 4.0% of
GDP. While the government is taking steps to shore up revenue,
such as through some improvements in tax administration and
amendments to natural resource and property taxes, Moody's does
not expect these measures to narrow the deficit markedly.
Moreover, proceeds from sales of State Owned Enterprises equity
stakes were sizeable in 2017, but are not likely to be as
significant in the coming years as smaller, less profitable
companies are privatized.

Combining deficits and growth trends, Moody's expects that
government debt will remain broadly stable around the current
levels, at close to 52% of GDP in 2017, compared with a median
level of 47% for Ba-rated sovereigns. The debt burden should
gradually moderate after 2020.

Vietnam's funding profile indicates that the government's debt
burden would be relatively stable in the face of financial
shocks. To reduce reliance on foreign currency financing, the
government has increasingly resorted to local currency bond
issuance. By the end of 2017, the share of FX-denominated debt
fell to around 40%, from 61% in 2011. The government has also
benefited from a deepening of onshore capital markets and a shift
in domestic investors' risk appetite towards longer duration
assets, consistent with better-anchored inflation expectations.
While Moody's assumes that debt affordability will weaken
somewhat as interest rates rise, an average maturity of
government debt at close to 7 years significantly slows the
transmission of a potential sudden rise in financing costs.

Contingent liabilities posed by State-Owned Enterprises (SOEs)
could potentially raise the government's debt burden. Some SOEs
are likely financially weak and the government may need to bear a
portion of their overall debt. However, Moody's baseline
expectations do not include a material crystallization of
contingent liabilities, since at this point, the degree of
support that may be provided is not likely to be substantial.

AN ABATEMENT OF BANKING SYSTEM RISKS, ALBEIT FROM RELATIVELY HIGH
LEVELS

The rating upgrade to Ba3 also reflects somewhat lower risks to
the sovereign's creditworthiness from the banking sector.

In the past, rapid credit growth coupled with fragilities in the
banking system resulted in destabilizing macro-financial
conditions for the sovereign, and acted as a credit constraint.
While Moody's continues to view the banking system as the primary
source of event risk, banking sector systemic risks have abated
somewhat.

The improvements in the banking system are reflected in the rise
in the average baseline credit assessment of Vietnamese banks to
b2 from b3, that reflect improvements in asset quality,
stabilizing capitalization, and recovering profitability for
several banks. Non-performing loans moderated to 5.9% of total
loans at end 2017 on average for Moody's-rated banks, from 7.3% a
year earlier. Write-offs and recoveries of problem assets, as
well as an improvement in the quality of new credit have
contributed to better asset quality.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Vietnam's
credit metrics will be broadly stable in the next few years, with
positive or negative shocks unlikely to significantly alter the
current mix of credit strengths and challenges.

Sources of downside risks include remaining weaknesses in the
banking system from still-weak profitability and capitalization
for some state-owned banks, as well as the possibility that rapid
credit growth starts to threaten macro-financial stability.

Downside risks also stem from a potential significant slowdown in
global trade and disruptions of the regional production chain
that would affect Vietnam's large export sector, a scenario to
which Moody's currently assigns a low probability.

Vietnam has for the past decade employed an export-led growth
strategy. While Moody's baseline assumption is that global trade
continues to grow at a relatively robust rate, regional trade
flows could be more severely affected by the ongoing dispute
between the US and China than Moody's currently expects. As a
very open economy, a significant slowdown in global trade
potentially involving severe disruptions to Asia's supply chains
would have a marked and lasting negative impact on Vietnam's GDP
growth. In this scenario, and unless the government were able to
offset the negative consequences for government revenue, the debt
burden would rise further, undermining fiscal strength.

These sources of downside risks are balanced by upside risks to
fiscal strength and creditworthiness from potential further
improvements in debt affordability or a more positive impact of
the baseline projections of strong growth than Moody's currently
expects.

FACTORS THAT COULD LEAD TO AN UPGRADE

An upgrade to Vietnam's rating would likely result from: (1) an
increased likelihood of material and sustained progress on fiscal
consolidation that facilitates deficit reduction and a more
marked decline in government debt; (2) a sustained improvement in
the intrinsic financial strength of the banking system, such as
through the continued clean-up of legacy problem assets, build-up
of capital buffers, and improvements in transparency and
governance that significantly diminishes contingent risks to the
government and lowers macro-financial risks; (3) signs of
improvement in institutional strength, including through a more
effective policy framework and improvements in data transparency
that raise the credibility and effectiveness of policy.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on Vietnam's rating would result from: (1) a
material and durable weakening in economic performance for
instance either as a result of a prolonged trade slowdown or an
erosion in competitiveness; (2) a reemergence of financial
instability, leading to higher inflation, a rise in debt-
servicing costs, and/or a worsening of the country's external
payments position; (3) signs of reversal of the current
stabilization in the debt and deficit trajectory potentially
partly as a result of a sizeable crystallization of contingent
risks from either the banking system or State-Owned Enterprises.

GDP per capita (PPP basis, US$): 6,913 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 6.8% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.6% (2017 Actual)

Gen. Gov. Financial Balance/GDP: -3.5%(2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 2.9% (2017 Actual) (also known as
External Balance)

External debt/GDP: 48.8% (2017 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On August 7, 2018, a rating committee was called to discuss the
rating of the Vietnam, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer has become less susceptible to event risks.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2016.



                             *********

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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