/raid1/www/Hosts/bankrupt/TCRAP_Public/180913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 13, 2018, Vol. 21, No. 182

                            Headlines


A U S T R A L I A

ARTFORM LIVING: First Creditors' Meeting Set for Sept. 20
ICAPSULATE PTY: First Creditors' Meeting Set for Sept. 20
K2 TECHNOLOGY: First Creditors' Meeting Set for Sept. 19
NORTHERN TRAILER: Second Creditors' Meeting Set for Sept. 28
PENTASTAR PARTS: First Creditors' Meeting Set for Sept. 19

TERRIGAL DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 19


C H I N A

HOPSON DEVELOPMENT: Moody's Hikes CFR to B2, Outlook Stable
SHARING ECONOMY: EC Tech Inks Services Agreement with Coassets


I N D I A

AANANDA LAKSHMI: CRISIL Migrates D Rating to Not Cooperating
ADS DIAGNOSTIC: CARE Assigns B+ Rating to INR1.45cr LT Loan
ANAHITA HOSPITALITY: CRISIL Assigns B Rating to INR46.48cr Loan
ANAND EDUCATION: CRISIL Reaffirms B Rating on INR7cr LT Loan
ARAVIND CERAMICS: Ind-Ra Migrates BB LT Rating to Non-Cooperating

ARYA SHIP: Ind-Ra Affirms 'D' LT Issuer Rating on INR2.04MM Loan
ASMITHA MICROFIN: CRISIL Reaffirms D Rating on INR988.35cr Loan
BAJAJ AGRO: CRISIL Lowers Rating on INR5.5cr Cash Loan to D
CAMSON AGRI-VENTURES: CARE Moves B(SO) Rating to Not Cooperating
CLASSY SANITARYWARES: CRISIL Reaffirms B+ Rating on INR3.9cr Loan

CRBR INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to 'BB'
GHANSHYAM PULSES: Ind-Ra Maintains B+ Rating in Non-Cooperating
GREENCARE AGROVET: CRISIL Assigns D Rating to INR8.35cr Term Loan
HIMALAYA FOOD: CRISIL Maintains D Rating in Not Cooperating
IL&FS FINANCIAL: ICRA Sees Caution in Money Market on Default

IL&FS FINANCIAL: Ind-Ra Lowers Long Term Issuer Rating to 'C'
IL&FS LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
INDIGO COLLECTIONS: CARE Assigns D Rating to INR5.50cr ST Loan
KAILASH CASTINGS: CRISIL Reaffirms B+ Rating on INR5.5cr Loan
KALLADA GENERAL: CRISIL Reaffirms B+ Rating on INR15cr LT Loan

KAMESHWAR INDUSTRIES: CARE Cuts Rating on INR8.45cr Loan to D
LTS PLASTICS: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
MICRO LOGISTICS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
MOUNT SHIVALIK: CRISIL Maintains D Rating in Not Cooperating
NAMOKAR ENTERPRISES: CARE Assigns B+ Rating to INR10cr LT Loan

OM AASTHA: CARE Lowers Rating on INR7cr Long-Term Loan to D
POLO HOTELS: CRISIL Migrates D Rating to Not Cooperating Category
R.M. AUTOMOBILES: CARE Assigns B+ Rating to INR4.95cr LT Loan
RAJVIR INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
RAMGARH SPONGE: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating

RAVILEELA GRANITES: CRISIL Migrates D Rating to Not Cooperating
RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR31cr NCD
RISHI TRADERS: Ind-Ra Maintains B+ Rating in Non-Cooperating
SANGAM HEALTH: CRISIL Maintains D Rating in Not Cooperating
SHESHADRI INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating

SHREE OM: CARE Reaffirms B+ Rating on INR9cr LT Loan
SHREE RADHA: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
STARLIT POWER: CRISIL Maintains D Rating in Not Cooperating
STELLAR MARINE: CRISIL Withdraws B+ Rating on INR7.1cr Loan
SRI SESHASAI: CARE Assigns 'B+' Rating to INR18.24cr LT Loan

SUPERTECH AGROGRAIN: Ind-Ra Moves BB- Rating to Non-Cooperating
SUZUKI TEXTILES: CARE Migrates D Rating to Not Cooperating
SWAMIJI TRANSMISSION: Ind-Ra Keeps B+ Rating in Non-Cooperating
TATWA TECHNOLOGIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
TENTIWALA METAL: CRISIL Maintains D Rating in Not Cooperating

TRIJAL ENTERPRISE: Ind-Ra Migrates BB Rating to Non-Cooperating
TRIMULA G: CRISIL Migrates B+ Rating From Not Cooperating
UDAYAKUMAR MODERN: CARE Assigns B+ Rating to INR14.34cr LT Loan
UTTORAYON TEA: CRISIL Reaffirms B+ Rating on INR5.75cr LT Loan
VICHITA ESTATE: CARE Migrates B+ Rating to Non-Cooperating


J A P A N

PIONEER CORP: Secures $540MM Rescue from Baring Private Equity


N E W  Z E A L A N D

IRA NRG: Liquidation Ends After Eight Years


S I N G A P O R E

OBIKE SINGAPORE: Probed for Misappropriation of Funds
TT INTERNATIONAL: Big Box Unit Starts Liquidation Process


                            - - - - -



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


ARTFORM LIVING: First Creditors' Meeting Set for Sept. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Artform
Living Pty Ltd will be held at the offices of Hayes Advisory,
Level 16, 55 Clarence Street, in Sydney, NSW, on Sept. 20, 2018,
at 11:00 a.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Artform Living on Sept. 10, 2018.


ICAPSULATE PTY: First Creditors' Meeting Set for Sept. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of iCapsulate
Pty Ltd and iCapsulate Holdings Pty Ltd will be held at Wills
Room, Chartered Accountants Australia and New Zealand, 33 Erskine
Street, in Sydney, NSW, on Sept. 20, 2018, at 10:00 a.m.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of iCapsulate Pty on Sept. 10, 2018.


K2 TECHNOLOGY: First Creditors' Meeting Set for Sept. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of K2
Technology Pty Ltd will be held at the offices of BRI Ferrier
Western Australia, Level 1, 99-101 Francis Street, in Northbridge
Western, Australia, on Sept. 19, 2018, at 10:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of K2 Technology on Sept. 10, 2018.


NORTHERN TRAILER: Second Creditors' Meeting Set for Sept. 28
------------------------------------------------------------
A second meeting of creditors in the proceedings of Northern
Trailer Hire and Sales Pty Ltd, trading as Redback Trailers &
Parts, has been set for Sept. 28, 2018, at 9:00 a.m. at Perth
Ascot Central Hotel, 308 Great Eastern Highway, in Ascot, 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 Sept. 27, 2018, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Northern Trailer on Aug. 24, 2018.


PENTASTAR PARTS: First Creditors' Meeting Set for Sept. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pentastar
Parts and Restoration Pty Ltd, trading as "Retro-Classic Vintage
Car Audio", "Retro-Sound Australia" and "Pentastar Parts And
Restoration Pty Ltd" will be held at Level 2, 10 Bridge Street, in
Sydney, NSW, on Sept. 19, 2018, at 11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Pentastar Parts on
Sept. 9, 2018.


TERRIGAL DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 19
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Terrigal
Developments Pty. Ltd has been set for Sept. 19, 2018, at 11:00
a.m. at the offices of Amos Insolvency, 25/185 Airds Road, in
Leumeah, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 18, 2018, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Terrigal Developments on Aug. 15, 2018.



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


HOPSON DEVELOPMENT: Moody's Hikes CFR to B2, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded Hopson Development Holdings
Limited's corporate family rating to B2 from B3.

The rating outlook is stable.

RATINGS RATIONALE

"The upgrade reflects our expectation that Hopson's property sales
execution will continue to improve and that its credit metrics
will improve to levels that are appropriate for a B2 corporate
family rating over the next 12-18 months," says Cedric Lai, a
Moody's Assistant Vice President and Analyst, who is also the lead
analyst for Hopson.

Specifically, Moody's expects Hopson will grow its contracted
sales by 50%-60% year-on-year to RMB15 billion in 2018, supported
by its established market position and sizable available-for-sale
resources in its core markets in the Pearl River Delta, Bohai Area
and Yangtze River Delta. Hopson's contracted sales reached RMB7.6
billion in first seven months of 2018, up 49.9% year-on-year from
the same period in 2017.

Consequently, Hopson's debt leverage -- as measured by
revenue/adjusted debt -- will improve toward 40% over the next 12-
18 months from around 27.2% for the 12 months ended June 2018, and
its interest coverage -- as measured by adjusted EBIT/ interest --
will strengthen to around 2.5x from about 2.2x over the same
period.

In addition, Moody's expects that the company's annual rental
income will grow by 40%-50% year-on-year to HKD1.8-HKD2.0 billion
over the next 12-18 months, driven in part by the completion of
two new investment properties in Beijing and Shenzhen in 2017.

As a result, Hopson's adjusted rental income/interest coverage
will further improve to 0.5x-0.6x over the next 12-18 months from
0.4x in 2017.

Hopson's B2 corporate family rating reflects its track record of
developing properties in the Pearl River Delta and Yangtze River
Delta area. The rating also considers the company's ability to
generate recurring income streams from its investment properties,
which improves the stability of its debt servicing.

However, its credit profile is constrained by its weak liquidity
profile, as evidenced by its high proportion of short-term debt.
The company's cash balance - including restricted cash - of HKD4.5
billion at the end of June 2018 is insufficient to cover its
short-term debt of around HKD15.8 billion. However, refinancing
risk is mitigated by the company's long-standing banking
relationships, the availability of investment properties and its
high-quality land bank that can be pledged as collateral for
loans.

At the end of June 2018, the company's sizeable land bank of 29.4
million square meters was sufficient to support its property
development plans over the next five to seven years.

A large portion of the company's land bank is well-located in
higher-tier cities. Specifically, half of its land bank was
located in Guangzhou, Huizhou and Zhongshan in the Pearl River
Delta at the end of June 2018. Another 35% is distributed in the
Bohai area, with the remaining 15% in the Yangtze River Delta.
These regions are among the most affluent parts of China with
strong housing demand.

The stable ratings outlook reflects Moody's expectation that
Hopson will be able to: (1) maintain its improved sales execution;
(2) ramp up its investment properties portfolio and grow its
rental income; and (3) successfully refinance its short-term bank
loans.

Hopson's rating could be upgraded if it: (1) executes its business
plan such as to grow its scale; (2) strengthens its financial
profile, with adjusted EBIT/interest above 2.0x-2.5x and rental
income/interest above 0.6x; and (3) improves its liquidity profile
on a sustained basis.

On the other hand, downward rating pressure could emerge if: (1)
Hopson's liquidity position deteriorates, as evidenced by
declining cash or rising short-term debt levels; (2) the company
experiences material declines in its contracted sales and profit
margins; and (3) its financial profile weakens, with adjusted
EBIT/interest falling below 1.25x-1.50x and rental income/interest
declining below 0.3x.

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

Hopson Development Holdings Limited is a Chinese property
developer with sizeable land reserves of 29.4 million square
meters in gross floor area as of the end of June 2018. The company
develops primarily residential properties and commercial
properties in cities such as Guangzhou, Beijing, Shanghai, Tianjin
and Huizhou, and their surrounding areas. The company listed on
the Hong Kong Stock Exchange in 1998.

The company's chairman, Chu Mang Yee, owned a 55.22% stake in the
company at the end of 2017.


SHARING ECONOMY: EC Tech Inks Services Agreement with Coassets
--------------------------------------------------------------
EC Technology & Innovations Limited entered into a services
agreement with Coassets International Pte Ltd. on Sept. 6, 2018.
Pursuant to the Agreement, CAI will provide EC Tech with financial
technology services in consideration for 330,650 of shares of
common stock of Sharing Economy International Inc. at a par value
of US$0.001 per share.

EC Tech engages in technology investments and development and is a
wholly owned subsidiary of Sharing Economy International Inc.

CAI provides financial technology services and is a wholly owned
subsidiary of CoAssets Limited, whose shares are listed on the
Australian Securities Exchange.

CAI has been providing EC Tech with services including, but not
limited to, block-chain consultancy, ground work preparation for
online platform and other related services since March 1, 2018.

CAI will provide EC Tech with the Services to complete the ground
work preparation for EC Tech to build an online platform based on
Block-Chain technology in order to maximize system security,
privacy and standardize business operation flow and to enable
unified operation flow between business and currency.

A full-text copy of the Services Agreement is available at:

                       https://is.gd/qtSn57

                       About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry.  The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models.

Throughout 2017, the Company made significant changes in the
overall direction of the Company.  Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related rental
businesses within the company.  These initiatives are still in an
early stage.  The Company did not generate significant revenues
from its sharing economy business initiatives in 2017.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.  RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016.  As of June 30, 2018,
Sharing Economy had $74.97 million in total assets, $9.83 million
in total liabilities and $65.13 million in total stockholders'
equity.



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


AANANDA LAKSHMI: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aananda
Lakshmi Spinning Mills Ltd (ALSML) to 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           14.29      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        18.87      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     4.84      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ALSML for obtaining
information through letters and emails dated August 9, 2018, and
August 20, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL is
yet to receive any information on either the financial performance
or strategic intent of ALSML, which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality. CRISIL
believes information available on ALMSL is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ALSML to 'CRISIL D Issuer Not Cooperating'.

ALSML incorporated in 2013 is engaged in manufacturing of cotton,
blended polyster, polyster viscose, blended yarns etc at Bhongir
with a capacity of 40112 Spindles and Production capacity of 20
tons per day. The company manufactures 50 percent of cotton yarn
and 50 percent of polyester. The company is listed on the Bombay
Stock Exchange.


ADS DIAGNOSTIC: CARE Assigns B+ Rating to INR1.45cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of ADS
Diagnostic Limited (ADS), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            1.45       CARE B+; Stable Assigned

   Long-term/Short-
   term Bank
   Facilities           10.00       CARE B+; Stable/CARE A4
                                    Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of ADS are constrained
by its small and fluctuating scale of operations, leveraged
capital structure and working capital intensive nature of
operations. The ratings are further constrained from ADS's
presence in a fragmented and competitive industry. The aforesaid
ratings however draw comfort from an experienced management and
moderate profitability margins.
Going forward, ability of the company to scale up its operations
and improving its capital structure shall be its key rating
sensitivity.

Detailed Description of Key Rating Drivers

Key Rating Weakness

Small and fluctuating scale of operations: The scale of operations
stood small as marked by the total operating income of INR6.63
crore in FY18 (refers to period starting from April 01 to March
31). The small scale limits the company's financial flexibility in
times of stress and deprives it from scale benefits. Further, the
scale of operations has been fluctuating for the past three
financial years i.e FY16-FY18 owing to unstable demand for
equipments and their servicing. The total operating income
declined by around 52% in FY17 and registered a growth of around
17% in FY18. Furthermore, the company has achieved a total
operating income of INR1.22 crore in 3MFY19 (refers to period
starting from April 01 to June 30; based on provisional results).

Leveraged capital structure: The capital structure of ADS stood
leveraged owing to high dependence on the external borrowings
coupled with a small net-worth of INR2.14 crore as on March 31,
2018. The overall gearing stood at more than 1.77x on the balance
sheet dates of the past three balance sheet dates of FY16, FY17
and FY18.

Working capital intensive nature of operations: The business
operations of ADS are working capital intensive in nature as
reflected by higher utilization of sanctioned working capital
limits. Since ADS operates in a competitive industry and caters to
a reputed customer base, it has limited bargaining power and is
required to offer high credit period of 3-4 months to its
customers. Further, there is delay in realization of the
receivables owing to lengthy clearance process with the government
hospitals which resulted in an average collection period of 113
days for FY18. Being in the healthcare sector, ADS also maintains
substantial inventory of equipments and their spare parts to meet
the immediate needs of its customers. The company meets its
working capital requirements through the high payable period of
upto 300 days received from its suppliers and utilization of its
sanctioned working capital limits. The working capital limits
remained almost 90% utilized for the past 12 months, period ending
June 30, 2018.

Presence in competitive and competitive nature of industry: The
trading industry is highly unorganized & competitive in nature.
Due to low entry barriers, the trading Industry in the country is
flooded with many players. This has led to high level of
competition in the industry which exerts pressure on profitability
margins. The cost of goods purchased is the major cost component
for the trading industry. Availability of goods is not an issue
for the industry but procuring these goods at competitive prices
poses a challenge to maintain efficiencies of business.

Key Rating Strengths

Experienced management: The overall operations of the company are
managed by Dr. Gautam Sehgal and Mr. Ravi Kohli. Both of them are
graduates by qualification and have vast experience of around
three decades in trading of medical equipment through their
association with ADS and its group associate Ved Med Software and
Trading Private Limited which is also engaged in the same line of
business. They are further supported by other directors, members
of the board and a team of experienced.

Moderate profitability margins and interest service coverage
indictors: ADS offers installation, maintenance and servicing
facility of the medical equipment; which requires specialized
technical know-how. The profitability margins thus stood moderate
as marked by PBILDT margin and PAT margin of 14.77% and 3.19%
respectively in FY18. The company however suffered operational
losses in FY17 due to lower absorption of fixed costs. Further,
the interest coverage indicators also stood moderate owing to
moderate profitability; as marked by interest coverage ratio of
1.93x and total debt to gross cash accruals of 7.70 times for
FY18.

Delhi based ADS Diagnostics Limited (ADS) is a Public Limited
Company which was incorporated in June 1984 by Dr. Gautam Sehgal,
Dr. Vivek Sehgal, Dr. Versha Sehgal, Dr Arjun Dev Sehgal and Mrs.
Radhika Sehgal. ADS is engaged in the trading, installation and
servicing of medical equipment across India. The company imports
the equipments from United States of America and caters to
hospitals such as All India Institute of Medical Sciences, HLL
Lifecare Limited, and Lok Nayak Jai Prakash Narayan Hospital among
others.


ANAHITA HOSPITALITY: CRISIL Assigns B Rating to INR46.48cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Anahita Hospitality LLP (AHL).

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility       0.12       CRISIL B/Stable (Assigned)

   Term Loan               46.48       CRISIL B/Stable (Assigned)

The rating reflects the firm's exposure to risks related to
implementation of its ongoing hotel project and susceptibility to
cyclicality in the hospitality sector. These weaknesses are
partially by the extensive entrepreneurial experience of the
promoter and the favorable location of the hotel.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project implementation risks: AHL's upcoming hotel
is scheduled to commence operations in September 2019. The firm
has acquired land and commenced civil work. Of the project cost of
INR77.5 crore, INR46.5 crore is to be funded through a term loan
from the Union Bank, which has been sanctioned, leading to limited
funding risk. The hotel industry is highly fragmented because of
low entry barrier on account of small capital and technological
requirements. Hence, AHL will face intense competition from other
hotels in Lucknow. Timely completion and successful stabilisation
of operations will remain key rating sensitivity factors.

* Susceptibility to cyclicality in the hospitality sector: The
hotel industry is vulnerable to changes in the domestic and
international economies. Typically, the industry follows a six-
year cycle. It witnessed a reversal in trend in the wake of
international slowdown due to the global financial turmoil. During
lean periods, the revenue per available room for premium hotels is
affected more significantly than that of mid-scale or economy
hotels. On the other hand, costs remain high for premium
properties even during downward shifts in demand. Cash flow from
these properties is therefore more susceptible to downturns.

Strengths:

* Favorable location of the hotel: AHL's upcoming hotel is near
the proposed information technology (IT) park and near the
international airport in Lucknow, and hence, will attract leisure
as well as professional travelers.

* Extensive entrepreneurial experience of the promoter: The
promoter has experience of over two decades in diverse businesses
through group companies, which will help stabilise AHL's
operations and business risk profile.

Outlook: Stable

CRISIL believes AHL will benefit over the medium term from the
favorable location of its hotel and its promoter's extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the firm completes its project on time and ramps up
operations earlier than expected. The outlook may be revised to
'Negative' if there is a cost or time overrun in the project, or
if ramp-up in operations is not as expected.

AHL, set up in 2012 and promoted by Mr Sarvesh Kumar Goel, is
setting up a 57-room hotel, The Centrum, in Lucknow. The hotel is
expected to be operational from October 2019.


ANAND EDUCATION: CRISIL Reaffirms B Rating on INR7cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Anand Education Society (ANDEST) at 'CRISIL B/Stable'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Proposed Cash
   Credit Limit           3         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     7         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations with
geographic concentration in revenue, and vulnerability to
regulatory risks associated with educational institutions. The
rating also factors in weak liquidity due to cash flow mismatches
arising from difference between debt repayment and fee collection
schedules. These rating weaknesses are partially offset by an
established regional position in the education sector and low
gearing.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with geographic concentration in
revenue: Income is estimated at a modest INR31.79 crore for fiscal
2018, due to geographic concentration as the society only operates
one school in Delhi.

* Susceptibility to regulatory changes and to intense competition:
The education sector is highly regulated in India. The society has
to comply with specific operational and infrastructure norms laid
down by regulatory bodies. Further, the presence of various
schools in Delhi/NCR provides stiff competition to the society.

* Cash flow mismatches: The society collects fees every quarter
while it has monthly principal repayment and operating expenses.
This mismatch constrains liquidity.

Strengths

* Established regional position: The society's Lancer Convent
Senior Secondary School was stablished in 1985 and has a sound
regional reputation, reflected in high occupancy of 96% with
around 4,800 students.

* Low gearing: The gearing was 0.13 time as on March 31, 2018. In
the absence of plans for any major, debt-funded capital
expenditure, the gearing should remain stable over the medium
term.

Outlook: Stable

CRISIL believes AES will maintain an established position in the
education sector over the medium term, driven by a long track
record. The outlook may be revised to 'Positive' in case of an
increase in income and surplus, resulting in healthy cash
generation. The outlook may be revised to 'Negative' if large,
debt-funded capital expenditure, or a decline in student strength
resulting in lower surplus, weakens the financial risk profile,
particularly liquidity.

AES was set up over 30 years ago. The society runs the Lancer
Convent Senior Secondary School, a higher secondary school
affiliated to the Central Board of Secondary Education, in New
Delhi.


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

The instrument-wise rating action is:

-- INR360 mil. Fund-based working capital facility migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERTAING)
    /IND A4+ (ISSUER NOT COOPERTAING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 11, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, Aravind Ceramics is a family-owned tile and
sanitary fittings trading business.


ARYA SHIP: Ind-Ra Affirms 'D' LT Issuer Rating on INR2.04MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arya Ship
Charterers Private Limited's (ASCPL) Long-Term Issuer Rating at
'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the ratings are on the basis of best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The instrument-wise rating action is:

-- INR2.04 mil. Long-term loans affirmed with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

KEY RATING DRIVERS

The affirmation reflects ASCPL's continued delays in debt
servicing during the 12 months ended August 2018.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

ASCPL started commercial operations in April 2015 and has a
registered office in Mumbai. The company is engaged in the charter
of vessels to oil companies in the Middle East. It currently has
three charter vessels with a total charter capacity of 280,000mt.


ASMITHA MICROFIN: CRISIL Reaffirms D Rating on INR988.35cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating to the bank facilities
of Asmitha Microfin Limited (Asmitha).

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Long Term Bank
   Facility               988.35       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      11.65       CRISIL D (Reaffirmed)

The rating reflects instances of delay by Asmitha in servicing its
debt. The rating also factors in the company's weak financial risk
profile, constrained resource profile and inadequate liquidity.
The company, however, benefits from its management's extensive
experience in the microfinance business.

Asmitha received an approval from the High Court vide an order
dated April 18, 2017 for an application filed by the company to
implement demerger scheme of arrangement in the books with effect
from the appointed date (April 1, 2015).

As per the demerger scheme of arrangement:

All operations of Asmitha in the states other than Andhra Pradesh
(AP) and Telangana, are transferred, merged and vested with Share
Microfin Ltd (Share); and all operations of Share in the states of
AP and Telangana, are transferred, merged and vested with Asmitha.

Accordingly, the debt aggregating INR433 crore and optionally
convertible cumulative redeemable preference shares (OCCRPS)
aggregating INR574 crore of Share have been moved to Asmitha.
Similarly, from the existing restructured debt of INR423 crore on
the books of Asmitha as on the appointed date, an amount of INR247
crore is converted into OCCRPS and balance amount of INR116 crore
along with priority debt of INR175 crore is transferred from
Asmitha to Share. Post implication of all the movement of assets
and liabilities, the outstanding debt and OCCRPS in the books of
Asmitha stood at INR524 crore and INR1,125 crore, respectively, as
on March 31, 2018.

As per the scheme of arrangement, the debt allocated to the
company is repayable in 9 years including a moratorium of 3 years
with effect from the appointed date and the OCCRPS is repayable in
12 years including a moratorium of 9 years from the appointed
date. Since April 1, 2018, the company has begun repaying the
interest portion to the lenders.

Key Rating Drivers & Detailed Description

* Instances of delay in servicing debt: Asmitha has been selective
in its debt repayment in the last few years. Though the company
has repaid installments of priority debt on time, there have been
multiple instances of delay in repayments pertaining to other bank
facilities.

Weakness

* Weak financial risk profile: Financial risk profile has weakened
over the past few years because of minimal recoveries, and
substantial provisioning on delinquent loan assets in AP and
Telangana. Following the announcement of the AP ordinance,
collection efficiencies in both the states decreased to less than
10% from over 98%, resulting in a significant decline in the
company's interest income. Moreover, all operations in the states
other than AP and Telangana, are transferred, merged and vested
with Share as per the demerger scheme of arrangement.

* Constrained resource profile and weak liquidity: Since the
Government of AP promulgated the ordinance for microfinance
institutions (MFIs) operating in the state, limited incremental
funding has been made available to MFIs that opted for debt
restructuring. The company received temporary liquidity relief
after restructuring its debt obligation under corporate debt
restructuring in April 2011. Subsequently, it also received
priority debt from existing lenders. However, with the transfer of
assets and liabilities as per the demerger scheme of arrangement
and with commencement of repayments of principal on restructured
loans and limited availability of fresh funding, liquidity
position remains weak.

Strength

* Management's extensive experience in the microfinance business
The company's senior management largely comprises officials, who
have been with the company for a long time. Furthermore, most of
the members have more than a decade's experience in the
microfinance industry.

Set up in 2002 as a non-banking financial company, Asmitha is a
MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank, Bangladesh. As on March 31,
2018, the company had an outstanding loan portfolio of INR1,312
crore and the entire portfolio is based in AP and Telangana.


BAJAJ AGRO: CRISIL Lowers Rating on INR5.5cr Cash Loan to D
-----------------------------------------------------------
CRISIL has revised the rating on bank facilities of Bajaj Agro
Industries (BAI) to 'CRISIL D/Issuer not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       0.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Cash Credit          5.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

   Term Loan            2.51       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with BAI for obtaining
information through letters and emails dated March, August 28,
2018, among others, apart from telephonic communication. However,
the issuer remains non-cooperative.

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

Detailed Rationale

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

Based on best available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' as there was delay in
the repayment of the term loan in July 2018 and as the account has
not been regularised till date. Further, the cash credit account
is due for INR0.06 crore and is not regularised till date.

Set up in 2011, Kurud (Chhattisgarh)-based BAI, a proprietorship
firm of Mr Naresh Kumar Bajaj, is engaged in the processing and
domestic sale of basmati rice. Its unit, with capacity to process
4 lakh quintal of paddy per annum, is currently utilised at 75-
80%.


CAMSON AGRI-VENTURES: CARE Moves B(SO) Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Camson
Agri Ventures Pvt. Ltd. (CAV) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.00      CARE B (SO); Issuer not
                                    cooperating-based on best
                                    available information

   Short-term Bank
   Facilities             3.00      CARE A4 (SO); Issuer not
                                    cooperating-based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CAV to monitor the rating
vide e-mail communications/ letters dated May 2, 2018, May 29,
2018, June 4, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Camson
Agri-Ventures Private Limited's bank facilities will now be
denoted as CARE B(SO); Issuer not Cooperating/CARE A4(SO);Issuer
not cooperating; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Camson Agri-
Ventures Private Limited (CAPL) continue to remaine constrained by
significant decline in revenues and erosion of profits, continued
net losses, inadequate and weak debt coverage indicators,
stretched liquidity position, elongated operating cycle inherent
to the nature of business, vulnerability of sales and
profitability to agro climatic conditions and crop failure risk
and exposure to intense competition from chemical fertilizers
manufacturers. The rating, however continues to derive strength
from experienced management team.

Detailed description of the key rating drivers

Key Rating Weakness

Significant decline in revenues and erosion of profits: The total
operating income of CAV increased from INR29.91 crore in FY16 to
INR30.81 crore in FY17. However CAV has reported net loss of 1.06
crore in FY16 and 2.79 crore in FY17. The total operating income
of CBT reduced from INR25.53 crore in FY16 to INR12.79 crore in
FY17. However it improved to INR20.61 crore in FY18. CBT has
reported net loss of 37.84 crore, INR27.20 crore and INR11.22
crore in FY16, FY17 and FY18 respectively. Though the Total
operating income (TOI) for Q1FY19 increased compared to Q4FY18,
TOI declined by 89.21% from INR11.95 crore in Q1FY18 to INR1.29
crore in Q1FY19.

Stretched liquidity position: Current ratio of CAV stood
comfortable at 1.04x in FY16 and further improved to 1.12x in
FY17. Current ratio of CBT declined and stood at 0.48x in as on
March 31, 2016 and further declined to 0.28 as on March 31, 2017.
However the current ratio improved to 0.74x as on March 31, 2018.
Elongated operating cycle inherent to the nature of business
The operating cycle of CBT stood elongated at 1289 days in FY16,
469 days in FY17 and 418 days in FY18.

Vulnerability of sales and profitability to agro climatic
conditions and crop failure risk: CAV has reported negative PBILDT
margin of 0.28% in FY16 and 5.55% in FY17. CBT has reported
negative PBILDT margin of 55.76% in FY16 and 96.54% in FY17. There
was a turnaround from absolute loss to absolute profit and the
PBILDT margin stood at 6.46% in FY18.

Exposure to intense competition from chemical fertilizers
manufacturers: The industry is exposed to intense competition from
chemical manufacturers of chemical fertilizers due to its large
scale presence and easy availability. Also, slow effects of bio
tech products over chemical products and low adoption of bio
tech products is anticipated to hamper the growth of the market.

Key Rating Strengths

Experienced management team: Mr. Dhirendra Kumar, founder of
Camson group holds a M.Sc. in plant genetics and breeding and an
MBA in marketing from the Punjab Agricultural University. He also
holds an MBA in export management from IIFT, New Delhi. Mr. Kumar
has headed the development of 'Zero-residue' products, new
technological platforms and organically viable hybrid seeds. He
has previously worked with ITC Ltd, Pioneer Seeds Co, Ranbaxy and
Coromandal Indag at different positions. Mr. Rohit Sareen,
Managing Director, is an MBA graduate and has worked globally with
Merrill Lynch International and Citibank Singapore Ltd across
various leadership roles. At CAV he is responsible for managing
the company and taking the Fresh & Safe Brand to the end
customers.

Camson Agri Ventures Pvt. Ltd. (CAV) was incorporated on
January 25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson
Bio Technologies Limited (CBT) is a holding company with 65% stake
in CAV as on March 31, 2015 and balance with Mr. Rohit Sareen
(15%) and Mr. Nimir Mehta (20%). CAV is an integrated provider of
eco-friendly agricultural solutions. CAV is engaged in the
business of contract farming, food processing and trading of seeds
and biocides. Presently, the company is majorly engaged in trading
activity (agricultural goods viz. maize and paddy seeds) which
contributed to about 96% of revenue for FY15 (PY: 98%). The
balance revenue was derived from hybrid seeds and bio seeds.
However, CAV is expected to generate major revenue from contract
farming and food processing in coming years.Under contract
farming, CAV has taken the fallow land on joint development with
the owners and would use its inputs of biopesticides,
biofertilizers and hybrid seeds to grow zero residue produce. CAV
will be procuring biotech products and seeds from its parent
company. CAV has entered into JV with M/s. CAV Chepyala Farms in
October 2013 for seeds based products with around 40 acres of land
under management. CAV aims to acquire 1000 acres of farmland for
management in next two-three years.

In FY17, CAV had a net loss of INR2.79 crore on a total operating
income of INR30.81 crore, as against net loss and TOI of INR1.06
crore and INR29.91 crore respectively, in FY16. In FY18, CBT had a
net loss of INR11.22 crore on a total operating income (TOI) of
INR20.61 crore, as against net loss and TOI of INR27.20 crore and
INR12.79 crore respectively, in FY17. In Q1FY19, CBT had a net
loss of INR4.03 crore on a total operating income (TOI) of INR1.29
crore, as against net profit and TOI of INR1.82 crore and INR11.95
crore respectively, in Q1FY18.


CLASSY SANITARYWARES: CRISIL Reaffirms B+ Rating on INR3.9cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Classy Sanitarywares.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       .25       CRISIL A4 (Reaffirmed)
   Cash Credit         2.5        CRISIL B+/Stable (Reaffirmed)
   Term Loan           3.9        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect Classy Sanitarywares' below-
average financial risk profile, and exposure to risks related to
the initial stage of operations. These weaknesses are partially
offset by the experience of the promoters in the sanitary ware
segment, and favourable location of the plant.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial profile: Networth was modest at about
INR3.44 crore as on March 31, 2018, while gearing was high at
about 2.30 times. Interest coverage and net cash accrual to total
debt ratios were estimated to be about 1.28 times and 0.01 time,
respectively, in fiscal 2018.

* Exposure to risks related to initial stage of operations
The firm commenced operations from October 2017 and reported
revenue of about INR3.5 crore till March 2018. As fiscal 2019 will
be the first full year of operations, how the firm performs
remains the key moniterable.

Strengths

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

* Strategic plant location: As the manufacturing facilities are at
Morbi, the firm benefits from easy access to clay (main raw
material), infrastructure (such as gas and power), and
availability of contractors and skilled labourers. Transportation
costs are also low since the firm is located near major ports,
Kandla and Mundra.

Outlook: Stable

CRISIL believes Classy Sanitarywares will continue to benefit from
the experience of the promoters. The outlook may be revised to
'Positive' if substantial increase in revenue and profitability
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if steep decline in profitability, stretched
working capital cycle, or any large, debt-funded capital
expenditure weakens financial risk profile.

Classy Sanitarywares, established in 2016 at Morbi (Gujarat),
manufactures sanitary ware. Project installation work got
completed in September 2017 and sales commenced from October 2017.
Mr Arvind Vadhadiya and family are the promoters.


CRBR INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded CRBR Industries
Private Limited's (CIPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit Long-term rating
    upgraded; Short-term rating affirmed with IND BB/Stable/
    IND A4+ rating; and

-- INR55 mil. Non-fund-based working capital limit affirmed with
    IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects revenue growth in FY18, albeit the scale of
operations remained small, and an improvement in the credit
metrics to the modest level in FY18 from the weak level in FY17.
FY18 financials are provisional. CIPL's revenue increased to
INR336.89 million in FY18 from INR218.58 million in FY17, driven
by an increase in demand. Moreover, its net leverage (adjusted net
debt/operating EBITDA) improved to 0.02x in FY18 from 1.66x in
FY17 due to a decline in debt and a rise in EBITDA. During the
period, its gross interest coverage (operating EBITDA/gross
interest expense) enhanced to 3.38x from 1.42x due to the rise in
EBITDA and a decline in interest expenses.

The ratings continue to be supported by a comfortable liquidity
position of CIPL, indicated by a fund-based-limit utilization of
about 83% during the 12 months ended August 2018.

The ratings also continue to be supported by the promoter's
experience of around 18 years in the timber trading industry.

The ratings, however, are constrained by CIPL's volatile and
average EBITDA margin of 2.96% in FY18 (FY17: 2.58%; FY16: 3.62%;
FY15: 2.14%). The volatility in the margin is due to fluctuating
raw material prices. Its return on capital employed was 14% in
FY18 (FY17: 10%).

RATING SENSITIVITIES

Negative: A decline in the revenue and/or operating margin,
leading to deterioration in the credit metrics, on a sustained
basis, will be negative for the ratings.

Positive: Any substantial improvement in the revenue and
profitability leading to any improvement in the overall credit
metrics could lead to a positive rating action.

COMPANY PROFILE

CIPL commenced operations as a timber importer and later
diversified into the manufacturing and trading of wooden doors,
small furniture items, moldings, plywood for almirah and others.


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

The instrument-wise rating actions are:

-- INR87.5 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR17.5 mil. Term loan due on September 2022 maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ghanshyam Pulses is a proprietorship firm that was established in
1998 by Mr. Babulal Bansal. The firm's main business is processing
all types of pulses and gram flour. In addition, it is engaged in
the trading of cereals and others. The firm sells its products
under the brands Hathotda, Double Sher and Golden Coin.


GREENCARE AGROVET: CRISIL Assigns D Rating to INR8.35cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long-term
facilities of Greencare Agrovet (GA).

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Working Capital
   Demand Loan           1.1        CRISIL D (Assigned)
   Cash Credit           6          CRISIL D (Assigned)
   Term Loan             8.35       CRISIL D (Assigned)

The rating reflects instances of delay by GA in servicing its term
debt due to weak liquidity. The account has been marked as SMA-0
by the bank.

The rating also reflects GA's weak financial risk profile. This
weakness is offset by the industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

* Instances of delays in repayment of term debt obligations: A
term loan of INR8.35 crore was availed for expansion of poultry
business. The firm has been delaying the repayments of both
interest and principal over the last two months. The partial
installment of May 31, 2018 and the entire installment of
June 30, 2018 is pending as on July 30, 2018.

* Weak financial risk profile: The financial risk profile of GA is
weak marked by high TOL/TNW of 3.96 times and weak debt protection
metrics marked by interest coverage and net cash accruals to total
debt of 1.6 times and 0.02 times respectively as on March 31,
2017.

Strength:

* Industry experience of the proprietor: Benefits from the
proprietor's experience of five years and established relationship
with customers and suppliers should support the business.

Established in 2013, Lucknow (Uttar Pradesh)-based GA, a
proprietorship firm of Ms Rinkie Singh, is engaged in the trading
of poultry feed and in poultry business i.e. produces eggs from
layer chicken. Its farm has a layer bird capacity of 50,000 slayer
birds.


HIMALAYA FOOD: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Himalaya Food
International Limited (HIL) for obtaining information through
letters and emails dated May 31, 2018 and August 16, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          1.5        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit &          51.64       CRISIL D (ISSUER NOT
   Working Capital                    COOPERATING)
   demand loan

   Funded Interest        36.21       CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)

   Letter of Credit        0.50       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Letter of credit        5.0        CRISIL D (ISSUER NOT
   & Bank Guarantee                   COOPERATING)

   Term Loan              75.17       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Working Capital        24.31       CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

HIL was originally promoted by Mr. Man Mohan Malik (chairman and
chief executive officer) and Mr. Sanjay Kakkar (managing director)
in 1992 as Himalya Cement & Calcium Carbonate Pvt Ltd (HCC) for
manufacturing precipitated calcium carbonate and hydrate of lime.
It was reconstituted as a public limited company with the current
name in 1994. In 1998-99, these operations were discontinued. HIL
now cultivates mushrooms and baby potatoes, and manufactures food
items, such as indigenously processed Italian cheese, paneer,
yoghurt, sweets, snacks, and breaded appetisers (eggplant, cheese,
mushrooms). These products are sold under the Himalya Fresh brand.
The company has manufacturing facilities at Sirmaur in Himachal
Pradesh, and at Mehsana in Gujarat.


IL&FS FINANCIAL: ICRA Sees Caution in Money Market on Default
-------------------------------------------------------------
Saloni Shukla at Bloomberg News reports that a rare default in
India's corporate debt market may prompt households to scrutinize
the fine print on money-market funds, which have grown in
popularity over lower-yielding bank savings accounts as inflation
concerns spread.

IL&FS Financial Services, a unit of a infrastructure finance firm
that helped fund India's longest tunnel, last month missed a
payment on its short-term borrowings, Bloomberg relates citing a
filing. While it settled the obligations in full within days, the
default triggered a central bank rule that bans delinquent issuers
from the commercial paper market for six months, the report says.

The episode is a reminder that money-market funds that invest in
short-term instruments aren't completely risk free, according to
the Indian unit of Moody's Investors Service, Bloomberg relays.
Such funds account for about a fifth of the INR23 trillion ($320
billion) of industry assets, up from 15 percent four years ago,
Bloomberg discloses citing data from the Association of Mutual
Funds in India.

"In the near term, expect investors to look at the mutual fund
scheme fact sheet more closely before taking investment
decisions," Bloomberg quotes Karthik Srinivasan, the Mumbai-based
group head of financial sector ratings at ICRA Ltd, as saying.
"While there would be more caution after this rare default, we are
not expecting commercial paper rates to rise or markets to dry
up."

Bloomberg relates that ICRA said issuance of commercial papers
rose almost 50 percent from the previous year to a record INR4.9
trillion in June quarter, reflecting demand for shorter-term
instruments as surging bond yields make long-term debt
unattractive. The 10-year yield rose as much as five basis points
to 8.11 percent Sept. 5, the highest for a benchmark bond since
November 2014.


IL&FS FINANCIAL: Ind-Ra Lowers Long Term Issuer Rating to 'C'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Financial
Services Ltd.'s (IFIN) Long-Term Issuer Rating to 'IND C' from
'IND AA' and Short-Term Issuer Rating to 'IND A4' from 'IND A1+'
while resolving the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR49.850 bil. (reduced from INR50.350 bil.) Non-convertible
    debentures* (NCDs) downgraded; off RWN with IND C rating;

-- INR11.0 bil. Subordinated debt* downgraded; off RWN with
    IND C rating;

-- INR7,587.5 bil. Bank loans downgraded; off RWN with IND C
    rating; and

-- INR7.0 bil. Short-term debt/commercial paper programme^
    downgraded; off RWN with IND A4 rating.

*Details in annexure
^Unutilized

The downgrade reflects the sharp liquidity tightness at both the
parent (Infrastructure Leasing & Financial Services Limited's
(IL&FS; IND BB/RWN) and IFIN levels, which poses critical
challenges to their ability to meet their immediate debt
liabilities. As IL&FS struggles for liquidity, its ability to
support IFIN's obligations immediately is modest at the best.
Additionally, while IFIN faces regulatory constraints in accessing
the commercial paper market, Ind-Ra believes there may not be
sufficient appetite in the banking or capital markets to lend to
IL&FS group without clear visibility on funding support from their
shareholders. IFIN's ability to bring down its group exposure
within the regulatory limits could also face challenges and it may
be required to take haircuts on both its group and external
exposures. This would aggravate the already high leverage
situation.

KEY RATING DRIVERS

Depleted Liquidity Buffers: IFIN's liquidity situation has
significantly weakened since March 2018. Contractual debt
repayment (principal plus interest) obligations for September 2018
stand at INR17.2 billion (2HFY19: INR37 billion) as against the
on-balance sheet liquidity of INR2.0 billion. The liquidity
situation has worsened due to the delayed repayments of the loans
extended to group companies, which is 29% of the total credit
exposure at FYE18. Furthermore, the ability of parent to support
IFIN's payment obligations has deteriorated considerably.

There have also been delays in the mobilization of the much-needed
long-term debt which is critical in restoring the liquidity
situation.

Regulatory Overhang to Reduce Group Exposure: IFIN's exposure to
group companies over INR50 billion as of March 2018 needs to be
significantly brought down by March 2019. However, this is subject
to the planned injection of equity by IL&FS' shareholders as well
as the timely divestment of assets at the operating companies of
the group.

Deleveraging could be Challenging: IFIN's financial leverage is
higher than its peers', which the company plans to address through
a combination of paring group companies' exposure and equity
infusions. The execution of this plan is critical and involves
timely injections of equity and liquidity from its shareholders.

RATING SENSITIVITIES

IFIN's ability to manage its debt obligations over the next few
weeks and couple of months would remain a key rating trigger.
Funding support in the required quantum and timelines could be a
rating positive.

COMPANY PROFILE

IFIN is a systemically important non-banking finance company that
provides credit and other services such as debt syndication and
corporate advisory.


IL&FS LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Infrastructure
Leasing & Financial Services Limited's (IL&FS) Long-Term Issuer
Rating to 'IND BB' from 'IND AA+' and Short-term Issuer Rating to
'IND A4+' from 'IND A1+' while maintaining them on Rating Watch
Negative (RWN).

The instrument-wise rating actions are:

-- INR93,600.8 bil. (reduced from INR95,100.8 bil.) Long-term
    debt* downgraded & maintained on RWN with IND BB/RWN rating;

-- INR1.0 bil. Subordinated debt^ downgraded & maintained on RWN
    with IND BB/RWN rating;

-- INR12.250 bil. Short-term debt downgraded & maintained on RWN
    with IND A4+/RWN rating; and

-- INR3.0 bil. Bank loans downgraded & maintained on RWN with
    IND BB/RWN rating.

^Unutilized
*Details in annexure


The downgrade reflects the significant liquidity tightness at
IL&FS and its financing subsidiary IL&FS Financial Services Ltd
('IND C'), which poses challenges regarding the companies' ability
to meet their immediate debt liabilities. This is more so because
of the inconclusive shareholders meeting held on September 7,
2018, which has been adjourned by for a week. Also, Ind-Ra
believes that the possibility of roll over of its borrowings has
diminished significantly in the short-term. While the agency
understands that IL&FS plans to raise round INR80 billion of
funding in a combination of equity and debt, and monetize some of
its assets, the timeliness of the same is critical; the company
would require immediate liquidity support so as to honor its
obligations in a timely manner and the ability to do the same
would be an important monitorable in the near term.

Ind-Ra also believes that the developments over the last few weeks
may test IL&FS's positioning in the infrastructure development
space and could impact its ability to participate in new projects,
unless swiftly remedied. For example, its access to funding from
both banks and capital markets has taken a hit and the group's
plan to deleverage through asset sale could also face additional
challenges unless shareholder support is demonstrated immediately.

KEY RATING DRIVERS

Reduced Ability to Execute Projects in light of Deteriorated
Credit Profile: IL&FS is facing liquidity challenges across the
group and their ability to mobilize funds from banks and capital
markets has diminished considerably. Hence, in spite the group's
expertise in India's infrastructure space, with competencies
encompassing project advisory, sponsoring and development of
projects, their ability to execute projects in the pipeline and
take up new assignments may be impacted significantly in the near
term. The company plans to transform itself into a capital-light
business model and focus on pure play service offerings in the
infrastructure space - the execution of this plan will need the
support of all existing stakeholders, including shareholders and
lenders.

Constrained Funding; Reduction in On-Balance Sheet Liquidity
Buffers: IL&FS's liquidity buffers have depleted significantly in
the last two quarters. While there are sizeable payments falling
due in September 2018, the on-balance sheet liquidity is weak.
Also, its ability to rise new funding or roll over its existing
borrowings is compromised following the withdrawal of IFIN from
issuing commercial papers for the next six months pursuant to the
Reserve Bank of India regulations. The company has a board
approved plan of rising around INR45 billion of equity at IL&FS
level and INR100 billion of debt from shareholders at the overall
group level, and the immediate inflow of this money from
shareholders is critical to meet the scheduled outflows in a
timely manner.

Investments may Need to be Marked Down, Raising Tangible Leverage:
While the status as a core investment company caps financial
leverage (debt/adjusted net worth) at 2.5x, Ind-Ra believes that
in light of recent events the company may need to expedite sell of
its assets resulting in lower realization on its investments,
leading to a rise in tangible leverage and the need for immediate
injection of equity.

Ability to Support Diminishes: IL&FS's own challenges are likely
to reduce its ability to provide support to group companies. IL&FS
is exploring ways of divesting some of its large investments to
significantly reduce the consolidated debt of the group.

RATING SENSITIVITIES

IL&FS's ability to manage its debt obligations over the next few
weeks and couple of months would remain a key rating trigger.
Funding support in the required quantum and timelines could be
rating positive. Ind-Ra will resolve the RWN upon completion of
the proposed developments.

COMPANY PROFILE

IL&FS is one of the leading companies operating in the
infrastructure development space in India. The company has a
strong investor profile with LIC of India and ORIX Corporation,
Japan together holding a 49% stake. The company had restructured
its business in FY08 and converted itself into a holding company
after demerging its lending and advisory business to its
subsidiary, IL&FS Financial Services. The company received a core
investment company license in September 2012.


INDIGO COLLECTIONS: CARE Assigns D Rating to INR5.50cr ST Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Indigo
Collections Private Limited (ICPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             4.50      CARE D Assigned

   Short-term Bank
   Facilities             5.50      CARE D Assigned

Detailed Rational and key rating drivers

The ratings assigned to the bank facilities of ICPL are primarily
constrained by ongoing delays in debt servicing, small scale of
operations with negative net worth base, thin profitability
margins, leveraged capital structure and stressed coverage
indicators,. The ratings are further constrained by working
capital intensive nature of operations, obsolescence risk
associated with inventory, fluctuating raw material prices and
highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends. The rating,
however, draws comfort from the experienced directors.

Going forward; ability of the company to increase the scale of
operations while improving its profitability margins and capital
structure along with effective working capital utilization shall
be the key rating sensitivities.

Key description and key rating drivers

Key rating weakness

Ongoing delay in debt servicing: There have been delays for around
60-90 days in relation to the debt servicing. The delays were on
account of liquidity stress and cash flow miss match arising out
of delay in payment by customers.

Small scale of operations with negative net worth base: The scale
of operations has remained small marked by total operating income
and gross cash accruals of INR19.05 crore and cash losses
respectively during FY17 (period refers to April 1 to March 31).
The company's net worth stood negative at INR0.17 crore as on
March 31, 2017. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. The company has achieved the total operating income of
around INR17.00 crore in FY18 (period refers to April 1 to March
31; based on provisional results).

Low profitability margins, leveraged capital structure and
stressed coverage indicators: The company has incurred operational
losses in FY17 owing decline in scale of operations with lower
economies to scale The capital structure marked by debt equity
ratio and overall gearing was highly leveraged as on March 31,
2017 mainly on account of net losses which resulted in erosion of
net worth base coupled with low equity share capital. The average
working capital borrowings was fully utilized for 12 months period
ended July, 2018. Further, the debt coverage indicators marked by
interest coverage ratio and total debt to GCA stood weak due to
high interest & financial charges and cash losses during FY15.

Elongated inventory holding period: Being in manufacturing of
readymade garments, it is critical for ICPL to provide a wide
range designs to its customers. The company maintains adequate
level of inventory in the form of raw material for smooth
functioning of its manufacturing process as well as finished goods
inventory leading to high working capital intensity of business
operations. The company allows credit period of around a month to
its customers. Further, the company normally receives payable
period of around three months from its suppliers.

Fluctuating raw material prices: The main raw material of the
company is cotton fabric which consists of 60% of total cost of
production. The raw material prices are dependent on various
factors like government policies viz. export guidelines, and
regularity of monsoon; any change in the factors will lead to
fluctuation in the prices and volatility in the prices can have
direct impact on the profitability margins of the company.

Foreign exchange fluctuation risk: ICPL is an export oriented unit
whereas the raw material is mainly procured from domestic markets.
With initial cash outlay for procurement in domestic currency and
significant chunk of sales realization in foreign currency, the
firm is exposed to the fluctuation in exchange rates. Furthermore,
in absence of any hedging policies adopted by the firm, ICPL is
exposed to fluctuations in the value of rupee against foreign
currency which may impact its cash accruals.

Obsolescence risk associated with inventory: The apparel sector is
highly dependent on fashion trends. At times, such fashion trends
are short-lived, resulting into risk of inventory getting obsolete
if it does not meet the taste and preferences of the customers.
This could impact the financial profiles of entities operating in
the apparel retail business.

Highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends: ICPL operates
in a highly fragmented industry wherein there is presence of a
large number of players in the unorganized and organized sectors.
There are number of small and regional players catering to the
same market which has limited the bargaining power of the company
and has exerted pressure on its margins.

Key rating strengths

Experienced directors: The company is currently being managed by
Mrs Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh, and
Mrs. Seema Ghai. Mrs Upma Chandra and Mr. Manish K. Kochar are
associated with ICPL since its inception. All the directors hold
considerable experience in manufacturing of readymade garments
through their association with this entity.

Delhi based, Indigo Collections Private Limited (ICPL) was
incorporated on February 2, 2005. The company started its
commercial operations in April, 2008. ICPL is currently being
managed by Mrs. Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder
Singh and Mrs. Seema Ghai. It is a manufacturer and exporter of
readymade garments for ladies and children such as tops, blouses,
pants, shirts etc. The manufacturing facility is located in
Gurgaon, Haryana.


KAILASH CASTINGS: CRISIL Reaffirms B+ Rating on INR5.5cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Kailash Castings Limited (KCL).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the low operating margin and
modest scale, amidst intense competition in the steel industry.
These weaknesses are partially offset by extensive experience of
KCL's promoters, and the moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Intense
competition in the steel industry and KCL's manufacturing capacity
(25,000 tonnes per annum (tpa) of billets, and ingots) and
shortage of power have kept the scale of operations modest, also
reflected in decline in revenue to INR11 crore in fiscal 2018,
from INR51 crore in fiscal 2017.

* Susceptibility to cyclicality in demand from end-user
industries: The steel industry is inherently vulnerable to
economic cycles as demand depends on growth of primary end-user
segments such as construction, infrastructure, and real estate.

Strength

* Extensive experience of promoters: Presence of over a decade and
half in the steel ingots and billet industry, has enabled the
promoters to establish a strong relationship with suppliers and
traders, and manage working capital efficiently.

* Moderate financial risk: Financial risk profile is marked by a
healthy total outside liabilities to tangible networth ratio and
gearing of 0.51 and 0.13 time, respectively, as on March 31, 2018.
Liquidity is also aided by no outstanding debt, against the cash
generated.

Outlook: Stable

CRISIL believes KCL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company reports significant growth in revenue
and operating profitability, stronger debt protection metrics and
prudent working capital management. The outlook may be revised to
'Negative' in case of a decline in revenue and profitability, or
if any major capital expenditure, or stretch in the working
capital cycle, weakens the financial risk profile, particularly
liquidity.

Incorporated in 2004 by the promoters, Mr Abhay Kumar Singh, Mr
Arun Kumar Tayal, and Mr Sandeep Gupta, KCL began commercial
operations from 2005. The company manufactures mild steel ingots
with an installed capacity of 25,000 tpa.


KALLADA GENERAL: CRISIL Reaffirms B+ Rating on INR15cr LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the proposed long-term bank
loan facility of Kallada General Finance Private Limited (Kallada
Finance) at 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility      15       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations with regional concentration, and modest asset quality.
These weaknesses are partially offset by adequate capitalisation.

There was limited impact of the Kerala flood on the operations of
the company. Some of the branches were not operational for a few
days. All the branches are fully functional now. Asset quality
nevertheless remains a key monitorable over the near to medium
term considering the present situation in Kerala.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with regional concentration:
Operations are confined to 5 branches in Kerala. Portfolio size is
also relatively small at INR9 crore as on December 31, 2017.

* Modest asset quality: Although the company's asset quality
performance improved considerably in the 12 months through
December 2017, driven by increased focus on collections, asset
quality remains modest as reflected in gross non-performing assets
(180+ days past due [dpd]) of 12.9% as on December 31, 2017 (14.8%
as on December 31, 2016). The asset quality performance over the
medium term remains a key monitorable, considering the present
situation in Kerala and the inherently modest credit profile of
the borrowers.

Strength

* Adequate capitalisation: Networth was adequate at INR8.4 crore
and gearing comfortable at 0.2 times as on December 31, 2017.
Given the company's growth plans, gearing is unlikely to exceed
0.5 time and hence, capitalisation is expected to remain healthy
over the medium term.

Outlook: Stable

CRISIL believes Kallada Finance will maintain its adequate
capitalisation over the medium term. However, the company will
remain a small player in the non-banking finance segment, with
portfolio confined to a few districts in Kerala. The outlook may
be revised to 'Positive' if there is substantial increase in scale
and diversity of operations along with significant improvement in
asset quality and resource profile. The outlook may be revised to
'Negative' if a significant decline in asset quality or earnings
profile adversely affects capitalisation.

Kallada Finance started operations in 2010 with head office in
Irinjaladuda, Kerala. The company has five branches in
Irinjalakuda, Thodupuzha, Moonupeedika, Pallakkad and Ettumanoor,
and entered into the financing sector in fiscal 2015. In terms of
portfolio break-up, around 90% of the loans are towards financing
four-wheelers (both new and used), while the remaining towards
two-wheelers. The company is associated with the Kallada group,
which has established businesses in the hospitality and tourism
industries as well. The group also has various diversified retail
businesses.


KAMESHWAR INDUSTRIES: CARE Cuts Rating on INR8.45cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kameshwar Industries (KIND), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term Bank      8.45     CARE D; ISSUER NOT COOPERATING;
   Facilities                   Based on best available
                                Information Revised from CARE B+;
                                Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking monthly 'No Default Statements' from KIND
for month of February 2018, March 2018, April 2018, May 2018,
June 2018 and July 2018 to monitor the outstanding ratings vide e-
mail communications dated March 1, 2018, March 5, 2018, March 8,
2018, March 16, 2018, April 3, 2018, April 4, 2018, April 6, 2018,
April 11, 2018, April 18, 2018, May 3, 2018, May 7, 2018, May 9,
2018, May 11, 2018, May 16, 2018, June 4, 2018, June 6, 2018, June
11, 2018, June 22, 2018, July 2, 2018, July 3, 2018, July 4, 2018,
July 6, 2018, July 11, 2018, July 19, 2018,
August 1, 2018, August 3, 2018, August 16, 2018 along with
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information and monthly
NDS for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on KIND'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 rating has been revised on account of the delays in debt
repayments owing to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: KIND has been irregular in
servicing its debt obligation due to weak liquidity position of
the firm.

Kadi based (Gujarat) KIND was established in June, 2013 as a
partnership firm to carry on the business of cotton ginning and
pressing. It is currently managed by 6 partners and operates from
its sole manufacturing plant situated in Kadi, Gujarat with an
annual installed capacity of 66,00,000 Kg. of cotton bales and
1,25,00,000 Kg. of cotton seeds as on March 31, 2017. Partners
purchase raw material in bulk quantity from farmers locally.


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR61 mil. Non-fund based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1997, LTS Plastics (India) manufactures flexible
intermediate bulk container jumbo bags, wide-width films, pond
liners and jumbo bag liners. It procures raw material, mainly from
Saudi Arabia, and exports its products to Australia, France and
Japan. It commenced commercial operations in 2002.


MICRO LOGISTICS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the long-
term bank facilities of Micro Logistics India Private Limited
(MLPL; a part of the SJA group).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8         CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     2         CRISIL B+/Stable (Assigned)

The rating reflects average financial risk profile, large working
capital requirement, and exposure to intense competition. These
weaknesses are partially offset by the extensive experience of its
promoters in the logistics industry and their funding support.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SJ Logistics (India) Ltd (SJIL), Opus
Dei Logistics (India) Pvt Ltd (OPLIPL), MLPL, and Gulf Orient
Shipping LLP (GOSL). This is because all these entities,
collectively known as the SJA group, have significant operational
links and fungible funds. CRISIL has applied its homogenous group
criteria as these entities have common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Networth was small at INR2.5
crore as on March 31, 2018, while gearing was high at 3.89 times
due to large working capital debt and low equity. However,
interest coverage ratio was robust at 2.35 times for fiscal 2018.

* Large incremental working capital requirement: Companies
availing of transport services require high credit. MLPL gives
credit of up to 115 days to clients, leading to incremental debt.
Operations will remain working capital intensive over the medium
term.

* Exposure to intense competition: Since entry barrier to the
logistic business is low, the firm has to compete with numerous
small and large players. Also, business is conducted more on the
basis of relationship than contracts. Operating margin has been
low at 3-5% in the four fiscals through 2018.

Strengths

* Extensive experience of promoters: The company has been in the
freight forwarding business for around 15 years.

* Multi-modal freight forwarder and established and diversified
client base: As a freight forwarder, MLPL organises safe, time-
efficient, and cost-effective movement of goods on behalf of
shippers, from their warehouses to respective export destinations
through air, sea, and land. This has ensured an established and
diversified clientele.

Outlook: Stable

CRISIL believes MLPL will benefit from its promoters' experience
and funding support. The outlook may be revised to 'Positive' in
case of ramp up in cargo volumes handled while maintaining
realisation per TEU (twenty foot equivalent unit), and efficient
working capital management. The outlook may be revised to
'Negative' if overall financial risk profile deteriorates due to
weak accrual following lower-than-expected sales or profitability,
further stretch in working capital cycle, or a large, debt-funded
capital expenditure.

SJIL is the flagship company of the group and was incorporated in
2003, promoted by Mr Rajen Shah. It is engaged in the freight
forwarding business and clocked turnover of INR103 crore in fiscal
2018.

Incorporated in 2010, OPLIPL acts as a shipping agent for carrying
out non-vessel operating common carrier activities for the group.
It registered revenue of INR42.27 crore for fiscal 2018.

MLPL was set up in 2013 and handles project cargo (break bulk
containers). It achieved turnover of about INR37.85 crore in
fiscal 2018.

GOSL was incorporated in 2010 and caters to the group's inland
transportation business. It clocked sales of INR57.73 crore in
fiscal 2018.


MOUNT SHIVALIK: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Mount Shivalik
Industries Limited (MSIL) for obtaining information through
letters and emails dated May 31, 2018 and August 16,2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Bank Guarantee        0.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          10          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      3          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             6.22       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Established by Mr. B D Bali in 1995, MSIL manufactures and markets
beer. Its facility, located at Behror (Rajasthan), has an
installed capacity to produce 400,000 hectolitres of beer per
annum. Most of its beer sales are made under the Thunderbolt
brand.


NAMOKAR ENTERPRISES: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Namokar
Enterprises (NES), 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 NES is primarily
constrained on account of its fluctuating Total Operating Income
(TOI) and profitability margins, weak solvency position and
working capital intensive nature of operations. The rating is,
further, constrained on account of seasonality associated with
agro commodities, its presence in highly fragmented and government
regulated industry and its constitution as a proprietorship firm.
The rating, however, favorably takes into account the experienced
proprietor in the agro industry.

Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices and
improvement in the solvency and liquidity position are key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Fluctuating TOI and profitability margins: Being present in the
industry of trading of agriculture commodities, the revenue and
profitability of the firm is exposed to fluctuation in prices as
well as availability of agriculture commodities. During FY18 TOI
increased by 27.68% and stood moderate at INR35.67 crore.  The
profitability margins of the firm stood moderate with PBILDT and
PAT margin of 5.49% and 0.77% respectively in FY18 as against
6.18% and 0.83% respectively in FY17.

Weak solvency position: The capital structure of the firm stood
highly leveraged with an overall gearing of 6.09 times as on
March 31, 2018, improved significantly from 13.29 times as on
March 31, 2017 owing to schedule repayment of term loan as well as
lower utilization of working capital bank borrowings. Further, the
debt service coverage indicators of the firm stood weak with total
debt to GCA of 20.88 times as on March 31, 2018 and interest
coverage ratio stood moderate at 1.16 times as on March 31 2018.

Working Capital intensive nature of operations: The business of
the firm is working capital intensive in nature with high
inventory period, the operating cycle stood elongated at 80 days
in FY18. It has fully utilized its working capital bank borrowings
in last twelve month ended April 2018.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry and
constitution as a proprietorship concern: As the firm is engaged
in the business of trading of agriculture commodities, the prices
of agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the NES is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the firm is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the
industry do not have any pricing power. Furthermore, the
industry is characterized by high degree of government control
both in procurement and sales for agriculture commodities.
Government of India (GoI) decides the Minimum Support Price (MSP)
payable to farmers.

Constitution as a proprietorship concern with moderate net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor.

Key Rating Strengths

Experienced proprietor: Mr Narendra Kumar Jain, proprietor, is B.A
by qualification, and looks after the overall affairs of the firm
having around 6 years of experience in the industry.

NES based out of Jaipur (Rajasthan) was formed in 2013 as a
proprietorship concern by Mr. Narendra Kumar Jain. It is engaged
in the trading of variety of agriculture commodities such as
spices, pulses and oil seeds. It purchases the commodities from
local mandi and sells it to both customer and wholesaler majorly
within Rajasthan, Delhi and Gujarat.


OM AASTHA: CARE Lowers Rating on INR7cr Long-Term Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Om Aastha Indo Energy Private Limited (OAIEPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.00      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE B+; Stable;
                                  on the basis of best available
                                  information.

Detailed Rationale and key rating drivers

CARE has been seeking information from OAIEPL to monitor the
ratings vide email communications/letters dated May 2, 2018, June
5, 2018, June 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. In line with
the extant SEBI guidelines CARE's rating on OAIEPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The revision in rating assigned to the bank facilities of OAIEPL
takes into account the on-going delays in debt servicing of the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses: On-going delay in debt servicing: There are
on-going delays in debt servicing of the company.

OAIEPL was constituted as a private limited company in October
2011 by Mr. Shailesh Pratap, Mr. Bishwambar Singh and Mrs. Sudha
Pratap for setting up a rice milling unit. The company has started
its commercial operations from January 2014. The company has been
engaged in rice milling activities at its plant located at
Bhabhua, Bihar with aggregate installed capacity of 17400 MTPA.
The company procures its raw material from local market and sells
its finished products across Bihar.


POLO HOTELS: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Polo Hotels Limited
(PHL) for obtaining information through letters and emails dated
September 25, 2017, May 31, 2018 and August 16, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           30       CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PHL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PHL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information with '.

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

PHL was established in 1984 as Polo Estates Hotels and Investments
Pvt Ltd by Mr. Vikas Garg. It was reconstituted as a public
limited company and was renamed PHL in 1989. It was listed on the
Bombay Stock Exchange in 1992. The business, however, was taken
over by its present promoter, Mr. A R Dahiya, in 1998. PHL
presently owns and operates a three-star hotel named Hotel North
Park in Sector 32, Panchkula (Haryana). It was previously leased
out to Hot Million Food Products Pvt Ltd, a chain of fast food
restaurants, from 2001 to February 28, 2015. The company is
developing a new hotel in Panchkula.


R.M. AUTOMOBILES: CARE Assigns B+ Rating to INR4.95cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R. M.
Automobiles (RMA), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             4.95      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.05      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RMA are tempered by
small scale of operations for the period under review, financial
risk marked by leveraged capital structure and weak debt coverage
indicators, low profitability margins, due to trading nature of
business, working capital intensive nature of operations,
proprietary nature of constitution with inherent risk of
withdrawal of capital and fragmented nature of operations and
intense competition from other players in the region.

However, the ratings derive comfort from experienced management
with long operational track record, increasing trend in the total
operating income for the period under review and stable outlook
for the automobiles industry.

Going forward, ability of the firm to scale up the operations
while managing its working capital requirements and improving its
capital structure and debt coverage indicators and improve its
profitability margins, amidst competition are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations for the period under review: Despite of
being in business for more than four decades, the scale of
operations stood small with the total operating income of INR25.02
crore in FY17 and the low net worth base of INR1.48 crore. The
small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Financial risk marked by leveraged capital structure and weak debt
coverage indicators, low profitability margins, due to trading
nature of business: The capital structure of RMA remained
leveraged for the period under review marked by overall gearing
ratio of 4.12x as on March 31, 2017 due to high levels of working
capital bank borrowings as compared to a relatively low net worth
base. The total debt profile of the firm consists of interest free
unsecured loans taken from related parties and others, working
capital borrowings to manage day-to-day operations and vehicle
loans. The debt coverage indicators marked by total debt to GCA
and interest coverage stood weak and deteriorated from 15.03x and
2.20x in FY16 to 16.41x and 1.93x in FY17 due to increase in
finance charges with increase in total debt levels of the firm.

The profitability margin of the firm marked by the PBILDT margin
has been increasing y-o-y however remaining thin due to trading
nature of business. Th PBILDT was marked at 3.69% in FY17 as
compared to 2.79% in FY16 due increase in the total operating
income on the account increase in orders and favorable outlook for
automobile industry. In line with PBILDT, the PAT margin of the
firm has been increasing from 1.03% in FY16 to 1.23% in FY17 due
to increase in operating profit resulting in absorption of finance
cost and depreciation provisions.

Working capital intensive nature of operations: The operating
cycle of the firm stood moderate at 75 days as on March 31, 2018.
The firm receives payment from its customer on average of 30 days
and makes the payment to its suppliers in 30-45 days. The firm
holds average inventory, which is a diverse portfolio of products,
to around two months in order to meet the customer demand. On the
account of same, the average utilization of working capital limit
stood at 95% for last 12 months ended
July 31, 2018.

Proprietary nature of constitution with inherent risk of
withdrawal of capital: RMA, being proprietary firm, is exposed to
inherent risk of the capital being withdrawn at time of personal
contingency and firm being dissolved upon death. Moreover,
proprietary firm business has restricted avenues to raise capital
which could prove a hindrance to its growth. However, there has
been withdrawal of capital around INR0.49 crore during review
period.

Fragmented nature of operations and intense competition from other
players in the region: The Indian trading industry is highly
unorganized & fragmented in nature. Due to low entry barriers, the
trading Industry in the country is flooded with many unorganized
players. This has led to high level of competition in the industry
and players work on wafer-thin margins. The cost of goods
purchased is the major cost component for the trading industry,
accounting for about 90%-95% of the sales. Availability of goods
is not an issue for the industry but procuring these goods at
competitive prices poses a challenge to maintain margins.

Key Rating Strengths

Experienced management with long operational track record: RMA is
engaged in the business of auto parts dealership for over 42
years. The promoter, Mr. Tushar R Popat has more than four decades
of experience in auto spare parts dealership business. The firm is
an authorized dealer of Hyundai Motor Company, Chevrolet India,
Maruti Suzuki India Limited and ACDelco Corporation. RMA has
established presence in automobile spare parts segment in
Secunderabad (Telangana).

Increasing trend in the total operating income for the period
under review: Due to favorable outlook for the automobile industry
and resultant increasing orders from the customers, the total
operating income of the firm has been increasing for the last
three financial years at CAGR of 65.16% during FY15-FY17. RMA has
registered the total operating income of INR40.00 crore for FY18
(prov.).

Healthy outlook for automobiles industry: The Indian auto industry
became the 4th largest in the world with sales increasing 9.5 per
cent year-on-year to 4.02 million units (excluding two wheelers)
in 2017. It was the 7th largest manufacturer of commercial
vehicles in 2017. The initiatives by the Government of India and
the major automobile players in the Indian market are expected to
make India a leader in the two wheeler and four wheeler market in
the world by 2020. The auto industry is set to witness major
changes in the form of electric vehicles (EVs), shared mobility,
Bharat Stage-VI emission and safety norms. In order to keep up
with the growing demand, several auto makers have started
investing heavily in various segments of the industry.

Secunderabad (Telangana) bases R. M. Automobiles (RMA) was
established in the year 1970 as a proprietary concern by Mr.
Tushar R Popat. The firm is engaged in trading of automobile spare
parts, such as alloy wheels, car head lights, car antina etc. The
proprietor holds more than four decades of experience in the
automobile industry. RMA is an authorized dealer of Hyundai Motor
Company, Chevrolet India, Maruti Suzuki India Limited and ACDelco
Corporation.


RAJVIR INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Rajvir Industries
Limited (Rajvir) for obtaining information through letters and
emails dated May 31, 2018 and August 16, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit         49.52        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Corporate Loan       6.16        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest     14.34        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit    10           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Bank      51.26        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

   Working Capital     54.72        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajvir, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Rajvir is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Rajvir was set up in 2004 by Mr. U K Agarwal, Mr. Ritesh Kumar
Agarwal, and their family members. The company manufactures cotton
yarn, synthetic yarn, blended yarn, and melange yarn. It is based
in Hyderabad, Telangana.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating; and

-- INR26 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Ramgarh Sponge Iron manufactures sponge iron
at its facility in Jharkhand.


RAVILEELA GRANITES: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Ravileela Granites
Limited (RGL) for obtaining information through letters and emails
dated May 31, 2018 and August 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6         CRISIL D (ISSUER NOT COOPERATING)

   Foreign Bill
   Discounting        2         CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in 1980 Ravileela Granites Ltd is involved in
processing and export of granites.


RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR31cr NCD
----------------------------------------------------------
CRISIL has reaffirmed its rating on the non-convertible debentures
(NCDs) of Relisys Medical Devices Ltd (RMD) at 'CRISIL B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible
   Debentures-LT         31.00      CRISIL B-/Stable (Reaffirmed)

The rating reflects a small scale of operations, large working
capital requirement, exposure to high refinancing risk, and
constrained financial flexibility on account of large bullet
payment. The rating also factors in a below-average financial risk
profile, constrained by planned investment in another entity and
modest debt protection metrics. These weaknesses are partially
offset by the extensive experience of the promoters in the medical
devices manufacturing industry and a healthy operating margin.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Revenue was modest at INR42.2 crore
in fiscal 2018. Moreover, working capital requirement is large, as
indicated by gross current assets, inventory, and debtors of 313,
138, and 229 days, respectively, as on March 31, 2018.

* Exposure to high refinancing risk: The principal along with the
accumulated interest on the NCDs (about INR82 crore) is to be
repaid as a bullet payment in October 2019. This constrains the
financial flexibility and also exposes the company to high risk
related to timely refinancing of debt.

* Below-average financial risk profile: Equity infusion of about
INR29 crore in fiscal 2018 led to an increase in the networth to
INR27.2 crore as on March 31, 2018, from a negative INR5.64 crore
earlier. However, most of the funds infused will be utilised for
acquisition of another company. The interest coverage ratio was
also modest at 1.78 times in fiscal 2018.

Strengths

* Extensive industry experience of the promoters: RMD was
established in 1997, promoted by a group of doctors, including,
Dr. N.Krishna Reddy, Dr. B K S Sastry, and Dr. N Ramakrishna Rao.
Dr. Krishna Reddy has extensive experience in the healthcare and
medical devices manufacturing industry. Also Mr. Subramanian
Sivaraman, who is having over 24 years' experience in new product
development, production and finance in medical devices and other
industries has joined the business. He was a promoter and also ex-
Managing Director of a medical consumables manufacturing and
marketing company, with worldwide sales and had been instrumental
in the company's vertical integration in key product areas as well
as building the company into the second largest player in the
sutures market in India. Benefits from the extensive industry
experience of the promoters are expected to continue over the
medium term.

* Healthy operating margin: The margin was volatile because of a
change in the revenue mix and remains susceptible to fluctuation
in raw material prices and to government regulation on prices of
stent systems. However, the margin remained healthy at 24.5-49.1%
in the three fiscals through 2018.

Outlook: Stable

CRISIL believes the business risk profile will continue to be
supported by the extensive industry experience of the promoters.
The outlook may be revised to 'Positive' if significant equity
infusion, along with timely refinancing of debt at a lower rate of
interest, results in improvement in key credit metrics. The
outlook may be revised to 'Negative' in case of lower-than-
expected net cash accrual, or a significant stretch in
receivables, leading to deterioration in the financial risk
profile.

Set up in 1998, RMD designs, develops, and manufactures critical
care devices such as stents, catheters, and stent systems used to
treat cardiovascular, peripheral vascular, neurovascular (stroke),
and other life-threatening diseases. Operations are managed by Dr
N Krishna Reddy (Chairman & Managing Director) , and Mr.
Subramanian Sivaraman (Director-Operations). Mr. Subramanian is an
ex-Managing Director of reputed Medical Devices Company, and is
having rich experience in finance, manufacturing and operations.


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits maintained at Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR13 mil. Term loan maintained at Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2011, Rishi Traders is engaged in ginning and
pressing of raw cotton.


SANGAM HEALTH: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Sangam Health Care
Products Limited (SHCPL) for obtaining information through letters
and emails dated May 31, 2018 and August 16, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
   Cash Credit          5          CRISIL D (ISSUER NOT
                                   COOPERATING)

   Funded Interest      2.84       CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

   Long Term Loan       5          CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital     17.16       CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

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

Detailed Rationale

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

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

Established in 1993 as a private company, SHCPL is engaged in
manufacturing of healthcare equipments like IV sets, disposable
Syringes, etc. SHCPL is promoted by Mr. Addepalli Balagopal.


SHESHADRI INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sheshadri
Industries Limited (SIL) to 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         16.46       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan      34.54       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SIL for obtaining
information through letters and emails dated August 9, 2018, and
August 20, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL is
yet to receive any information on either the financial performance
or strategic intent of SIL, which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality. CRISIL
believes information available on SIL is consistent with 'Scenario
4' outlined in the 'Framework for Assessing Consistency of
Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SIL to 'CRISIL D Issuer Not Cooperating'.

SIL was incorporated in 2013 and manufactures and sells cotton,
blended polyester, polyester yarn, etc.; readymade garments for
men, ladies, and kids; and specialty yarn products, such as
melange, grindle, doubled, and slub/fancy yarns. Its manufacturing
unit is located at Rajna (Madhya Pradesh) with a capacity of 34608
spindles and garment manufacturing plant with a total capacity of
10000 pcs/day. The company is listed on the Bombay Stock Exchange.


SHREE OM: CARE Reaffirms B+ Rating on INR9cr LT Loan
----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Om Metals Pvt. Ltd. (SMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating for the bank facilities of SMPL continues to be
constrained by small scale of operations with thin profit margins,
susceptibility to volatility in raw material prices, working
capital intensive nature of operations, moderate capital structure
with weak debt coverage indicators and intensely competitive
industry with sluggish growth in end user industries and cyclical
industry. However, the aforesaid constraints are partially offset
by long track record of operations with wide experience of
promoters in the iron and steel industry.

Going forward, the company's ability to grow its scale of
operations and improve its profit margins with efficient
management of its working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record with wide experience of promoters in the iron
and steel industry: SMPL has a track record of more than two
decades. The company was promoted by Mr. Ramesh Kumar Agarwal and
Mr. Jawahar Lal Agarwal acting as the directors in the company.
Mr. Ramesh Agarwal (aged about 54 years) is having more than a
decade of experience in the steel industry. Mr. Jawahar Lal
Agarwal (aged about 64 years) is also having more than two decades
of experience in the steel industry. Both the directors look after
the day to day operations of the company. The experience of the
promoters in the steel industry supports the business risk profile
of the company.

Key Rating Weaknesses

Small scale of operation with thin profit margins: SMPL is a small
player in the steel industry in terms of installed capacity as
well as scale of operations with total operating income and PAT of
INR41.13 crore and INR0.47 crore respectively in FY18. Further,
the total operating income (TOI) of the company has registered
growth of 20.69% during FY18 as compared to FY17 (INR41.13 crore
in FY18 as against INR34.08 crore in FY17). SMPL has achieved
revenue of INR19.12 crore for 4MFY19. Apart from this, total
capital employed has declined at INR14.47 crore (INR14.70 crore as
on March 31, 2017) as on March 31, 2018. The small size restricts
the financial flexibility of the company in times of stress and it
suffers on account of lack of economies of scale. The PBILDT
margin of the company remained low over the past three years ended
in FY18 in the range of 3.47% to 3.75%. However, the same has
improved in FY18 due to better management of cost of operations.
Further PAT margin also remained thin over the past years ended
FY18 and the same remained at 1.15% in FY18.

Susceptibility to volatility in raw material prices: SMPL does not
have any backward integration for its basic raw material
(primarily sponge iron) and purchases the same from the open
market at spot rates. Since, the raw material is the major cost
driver and the prices of which are volatile in nature, the
profitability of the company is susceptible to fluctuation in raw
material prices.

Working capital intensive nature of operations: The business of
the company is working capital intensive in nature marked by its
high average collection period. The company allows long credit
period to its customers to boot up its scale of operations and
accordingly the average collection period remained on the higher
side i.e. 177 days. Further it also maintains inventory of raw
material as well as traded goods for smooth functioning of
production process and timely execution of client's orders
respectively. However the average inventory period remains high at
47 days during FY18. The average creditor's period has decreased
to 109 days in FY18 from 146 days in FY17. So the operating cycle
was high at 115 days in FY18 (FY17: 133 days). However the average
utilization of working capital limit was around 90% during last 12
months ended in July 2018.

Moderate capital structure with weak debt coverage indicators:
The capital structure of SMPL remained moderate as on March 31,
2018 marked by overall gearing of 1.51x. The interest coverage
ratio was improved from 1.29x in FY17 to 1.72x in FY18.
Furthermore the total debt to GCA has improved to 16.10x in FY18
from 54.96x in FY17 due to low debt level as on March 31, 2018.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: SMPL is engaged in the
manufacturing of M.S. ingots, trading of minerals and logistics
services. These sectors are primarily dominated by large players
and characterized by high fragmentation and competition due to the
presence of numerous players in India owing to relatively low
entry barriers. High competitive pressure limits the pricing
flexibility of the industry participants which induces pressure on
profitability. The fortunes of companies like SMPL from the iron &
steel industry are heavily dependent on the automotive,
engineering and infrastructure industries. Steel consumption and,
in turn, production mainly depends upon the economic activities in
the country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Shree Om Metals Private Ltd (SMPL) was incorporated in November
1995 by Mr. Ramesh Kumar Agarwal and Mr. Jawahar Lal Agarwal.
Since its inception, the company has been engaged in manufacturing
of MS ingots, trading of minerals, fabrics and providing logistics
and cargo handling services. The manufacturing unit of SMPL is
located at Saraikela in Jharkhand with aggregate installed
capacity of 9000 metric ton per annum. The company earns major
revenue from manufacturing activities accounting for around 66.53%
of total operating income in FY18 (the same was 50.33% of FY17
total operating income), around 33.26% from trading activities
(49.50% in FY17 total operating income) and rest 0.17% from
logistics & other activities.

Both the promoters are having over one and half decades of
experience in same line of business, and look after the day to day
operations of the company. The promoters are supported by a team
of experienced professional.


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

The instrument-wise rating actions are:

-- INR35 mil. Fund Based working capital Limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000 and managed by Mr. Rajesh Goyal and his son
Mr. Vikas Goyal, Shree Radha Vallabh Giriraj Marketing imports,
supplies and trades timber logs and ply.


STARLIT POWER: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Starlit Power
Systems Limited (SPSL) for obtaining information through letters
and emails dated June 22, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        2         CRISIL D (ISSUER NOT
   under Letter of                   COOPERATING)
   Credit

   Cash Credit             9.8       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      5.27      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               7.93      CRISIL D (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPSL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information '.

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SPSL, based in Delhi, manufactures refined lead, lead alloys, and
lead acid batteries. The manufacturing unit is located in Gurgaon
(Haryana). The company was started in 2008 by Mr. Sachin Sridhar,
Mr. Surinder Pal, and Mr. Yogesh Gupta.


STELLAR MARINE: CRISIL Withdraws B+ Rating on INR7.1cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank loan
facilities of Stellar Marine Foods (SMF), and subsequently
withdrawn the ratings at the company's request and on receipt of a
no-objection certificate from its banker. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Packing Credit       7.1        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

Set up 2009, SMF is promoted by Mr. Jayant Mirani. The firm
processes and exports various types of fishes, cephalopods and
crustacean shrimps.


SRI SESHASAI: CARE Assigns 'B+' Rating to INR18.24cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Seshasai Spinning Mills Private Limited (SSSMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            18.24      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSSMPL are
primarily tempered by small scale of operations with fluctuating
total operating income and profitability margins, leveraged
capital structure and weak debt coverage indicators, working
capital intensive nature of operations and highly fragmented and
competitive business segment due to presence of numerous players.
However, the ratings derive comfort from experienced promoters in
manufacturing cotton yarn and diversified clientele base in three
states.

Going forward, the company's ability to improve its scale of
operations, profitability, and capital structure and debt coverage
indicators and efficiently manage its working capital requirements
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and profitability margins: Though the company has been operational
for more than a decade, the scale of operations remained small
marked by a total operating income (TOI) of INR50.88 crore in FY18
(Prov.). The net worth of SSSMPL stood low at INR1.05 crore as of
March 31, 2018 with an increase from a negative net worth of
INR0.27 crore as on March 31, 2017. Furthermore, the total
operating income of the company has been fluctuating during the
review period depending upon receipt of orders and execution of
the same. However, the total operating income increased from
INR41.79 crore in FY16 to INR50.88 crore in FY18 (Prov.) on
account of increased orders of courser count yarn. The production
of courser count yarn is less time consuming and voluminous in
quantity. This was also backed by improved and automated machinery
installation. The PBILDT margin remained satisfactory though
fluctuated in the range of 9%-12% during the review period due to
fluctuating in cost of sales with volatile cotton prices which are
regulated by government and vagaries of weather. Due to decline in
depreciation and interest charges, the company achieved net profit
in FY18 (Prov.) from net loss in previous financial years ended
FY17.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company marked by overall gearing
stood leveraged at 34.93x as on March 31, 2018 (Prov.) due to low
net worth and high debt levels. However, it has improved from
112.05x as of March 31, 2017 on account of improvement in net
worth. The company had taken unsecured loans y-o-y from directors
for managing business operations. The company has weak debt
coverage indicators marked by interest coverage and TD/GCA of
1.51x and 19.28x respectively during FY18 (Prov.) due to high debt
levels compared to scale of operations which results in high
financial expenses with low profit levels and cash accruals.

Working capital intensive nature of operations: Being in the
textile industry, the company is engaged in a working capital and
labour intensive nature of operations. SSSMPL employs around 270
employees. The company avails credit period of about 30-45 days.
While on sales, it provides credit of around 20-35 days to its
customers. Since the manufacturing process has to undergo various
stages like blowing, cording, drawing, spinning, packing etc. the
inventory is stocked for 2-3 months period. Furthermore, the raw
materials are stocked up at the start of the harvesting season for
its fine quality. With increasing average creditors' days,
moderate debtors period and elongated inventory period, the
operating cycle of the company also stood elongated at 52 days in
FY18 (Prov.) as against 31 days in FY17. The working capital
utilization of SSSMPL stood at around 100% in the last one year
ended July 20, 2017.

Highly fragmented and competitive business segment due to presence
of numerous players: The company is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized companies that compete with each
other along with several large enterprises.

Key Rating Strengths

Experienced promoters in manufacturing cotton yarn: Mr. Jamili
Sarangapani, Chairman and Director, of SSSMPL have experience of
more than four decades in the cotton industry. Prior to
establishing SSSMPL in 2005, he was associated with his own firm
Sri Balaji and Company (SBC) which is engaged in manufacturing and
trading of cotton yarn. Mr. Jamili Pardha Saradhi, the Managing
Director of (SSSMPL), has experience of more than three decades in
the cotton industry. Prior to establishing SSSMPL 2005, he was
associated with his father's concern. Mr. Jamili Venugopal Rao and
Mr. Jamili Subbarao are directors of the company who have
experience of more than two decades in the cotton industry. The
vast experience of the promoters is to benefit the company at
large.

Diversified clientele base in three states: SSSMPL's clientele
base comprises of customers located in the states of Maharashtra,
Karnataka and Tamil Nadu.

Sri Seshasai Spinning Mills Private Limited (SSSMPL) was
incorporated in July 15, 2005 by Mr. Jamili Sarangapani, Mr.
Jamili Subbarao, Mr. Jamili Venu Gopal Rao, Mr. Jamili Pardha
Saradhi and Mrs. Jamili Aruna in Guntur, Andhra Pradesh. The
company is engaged in manufacturing cotton yarn which finds its
application primarily in manufacturing cotton cloths. SSSMPL
manufactures 40s and 50s count yarns. The installed capacity of
SSSMPL stood at Approx. 6,000 kilogram per day with capacity
utilization of 95% as of July 19, 2018. SSSMPL procures around 25%
of raw material, being raw cotton, from associate entity i.e. Sri
Balaji and Company in which directors of SSSMPL are partners and
balance raw cotton requirements are met through dealers located at
Andhra Pradesh and Karnataka. The yarn is supplied to different
states including Maharashtra, Tamil Nadu and Karnataka.


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

The instrument-wise rating actions are:

-- INR72.70 mil. Term loan due on February 2024 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR25 mil. Fund-based working capital facilities migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2015 in Gujarat, Supertech Agrograins runs a rice
processing business.


SUZUKI TEXTILES: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Suzuki
Textiles Limited (STL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     143.87     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

   Short term Bank
   Facilities          20.23     CARE D; Issuer not cooperating;
                                 Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STL to monitor the ratings
vide e-mail communications/letters dated June 27, 2018, July 4,
2018, July 24, 2018, July 31, 2018 and numerous phone calls.
However,  despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings.
Further, the company has not submitted the monthly Default if any,
statement (NDS) since more than past twelve months ended July
2018. 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 STL'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 rating assigned to the bank facilities of STL takes into
account of ongoing delays in servicing of its debt obligations as
a result of its stressed liquidity.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses (updated based on the
best available information).

Key Rating Weakness

Ongoing delays in debt servicing: Debt servicing of STL is
irregular as reflected by delays in servicing obligation. With
disrupted operations (post fire incident) has resulted into acute
liquidity stress which also led to delays in debt servicing
and there are ongoing delays.

Suspension of manufacturing operation due to fire leading to
stressed financial profile: STL is undergoing acute liquidity
stress as an aftermath of fire incident that had taken place at
its manufacturing facility during March 2016. The fire
incident had destroyed both raw material and finished goods
inventory at its premises along with substantial damage to
its factory building.

STL is a Bhilwara based closely held public limited company
incorporated in 1986 and has an operational track record of
more than two decades. STL has one of the largest installed
weaving capacities in India and also enjoys location
advantage being situated in Bhilwara, a hub for the textile
industry. STL operates in three basic segments - suiting &
shirting, yarn (polyester cotton & cotton) and readymade garments.


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

The instrument-wise rating actions are:

-- INR20 mil. Proposed Non-fund-based limits maintained in non-
     cooperating category with Provisional IND A4 (ISSUER NOT
     COOPERATING) rating.

-- INR65 mil. Proposed Fund-based limits maintained in non-
     cooperating category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Swamiji Transmission manufactures all types of insulator hardware
parts/fittings, conductors and earth wire accessories, clamps and
connectors, and others.


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

The instrument-wise rating actions are:

-- INR85.76 mil. Term loan due on March 2026 maintained in non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR70 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in January 2006 in Bhubaneswar, Orissa, Tatwa
Technologies provides voice-based business process outsourcing
services such as inbound/outbound call center services, software
design and development services, and packaged technology
solutions.


TENTIWALA METAL: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Tentiwala Metal
Products Limited (TMPL) for obtaining information through letters
and emails dated May 31, 2018 and August 16, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     4         CRISIL D (ISSUER NOT COOPERATING)
   Overdraft         17.3       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          8.15      CRISIL D (ISSUER NOT COOPERATING)

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 1994, TMPL is owned and managed by Mr. Radhapad
Tetiwala. It manufactures submersible copper winding wires,
aluminium extrusions, and enamelled copper wires. Its plant is in
Mathura, Uttar Pradesh.


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

The instrument-wise rating actions are:

-- INR300 mil. Proposed fund-based limits migrated in non-
    cooperating category with Provisional IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR500 mil. Proposed non-fund-based limits migrated in non-
    cooperating category with Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Trijal Enterprise is engaged in manufacturing and trading of gold
and silver jewelry.


TRIMULA G: CRISIL Migrates B+ Rating From Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trimula G
Basmati Pvt Ltd (TBPL) from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         14.25      CRISIL B+/Stable (Migrated
                                  from 'CRISIL B+/Stable ISSUER
                                  NOT COOPERATING')

Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of TBPL to 'CRISIL B+/Stable Issuer Not
Cooperating' on July 27, 2018. However, the management has
subsequently shared information necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

The rating reflects a modest scale and working capital-intensive
nature of operations, and a below-average financial risk profile.
These weaknesses are partially offset by the experience of
promoters in the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry:
Operating income was INR35.54 crore (provisionally) in fiscal 2018
and the capacity is small, at 5 tonne per hour (tph). Revenue is
expected to remain modest over the medium term amid intense
competition.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 559 days, driven by inventory and receivables of
414 and 77 days, respectively, as on March 31, 2018; payables were
160 days. Operations are likely to remain working capital
intensive over the medium term as well, with GCAs expected at 500-
600 days.

* Below-average financial risk profile: The total outside
liabilities to tangible networth ratio was high at 4.51 times as
on March 31, 2018, and the debt protection metrics weak, indicated
by an interest coverage ratio of 1.21 times in fiscal 2018 The
financial risk profile is likely to remain subdued due to sizeable
working capital debt.

Strength

* Industry experience of the promoters: The promoters' experience
of six years in the basmati rice industry has enabled the company
to establish strong relationships with customers and suppliers.

Outlook: Stable

CRISIL believes TBPL will continue to benefit from the experience
of its promoters and their funding support. The outlook may be
revised to 'Positive' if revenue increases and profitability
remains stable, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if the financial risk profile
deteriorates because of significant increase in inventory, leading
to large incremental debt, or substantial debt-funded capital
expenditure.

TBPL was established in 2009 by Mr Sudhir Kumar, Mr Shilpi Kumar,
and Mr Ankur Kumar. The company mills basmati rice at its unit in
Nehtaur, Uttar Pradesh, which has milling and sorting capacities
of 5 tph each.


UDAYAKUMAR MODERN: CARE Assigns B+ Rating to INR14.34cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Udayakumar Modern Rice Mill, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            14.34      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.26      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Udayakumar Modern
Rice Mill are tempered by small scale of operations, leveraged
capital structure and weak debt coverage indicator, thin PAT
margin albeit satisfactory PBILDT margin, working capital
intensive nature of operations due to seasonal availability of
paddy resulting in high inventory, monsoon dependent operations
and high-level of government regulations, fragmented nature of
industry and low entry barriers and partnership nature of
constitution. However, the ratings derive comfort from experienced
promoters in rice industry and high demand outlook for rice.

Going forward the ability of the firm to the ability of the firm
to increase its sales and profit margins and improve its
profitability margins in competitive market and to improve its
capital structure and debt coverage indicators with efficient
management of its working capital limits.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The firm has been in operation since
1981 as despite being in operation for about over three decades,
the scale of operations remained small at INR23.81 crore in FY17
marked by a small net worth base of INR3.63 crore as on March 31,
2017. The small scale limits the firm's financial flexibility in
times of stress and deprives it from its scale benefits.

Leveraged capital structure and weak debt coverage indicators:
The overall gearing of the firm remained leveraged and stood at
4.23x as on March 31, 2017 as compared to 2.64x as on March 31,
2016 due to increase in term loans and unsecured loans along with
decrease in net worth as a result of withdrawal of capital by the
partners. The debt profile of the firm consists of mainly working
capital borrowing of INR6.01 crore, rupee term loan of Rs 6.78
crore and interest free loans and advances from related party of
INR2.59 crore. The debt coverage indicators marked by total
debt/GCA improved from 25.36x in FY16 to 16.48x in FY17 due to
increase in cash accruals. The PBILDT interest coverage ratio,
improved from 1.38x in FY16 to 1.85x in FY17 due to increase in
PBILDT in absolute terms.

Thin PAT margin albeit satisfactory PBILDT margin: The PBILDT
margin the firm has been satisfactory although fluctuating in the
range of 6%-9% during review period due to intensely competitive
and fragmented rice milling business with presence of numerous
players along with fluctuation in the price of paddy. However, the
PAT margin remained thin (below 1%) during review period due to
high financial expenses. However, The PAT margin improved and
stood at 0.90% in FY17 as compared to 0.18% in FY16 due to
decrease in raw material cost during FY17.

Working capital intensive nature of operations due to seasonal
availability of paddy resulting in high inventory holding period:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The millers have to stock enough paddy by the end of
each season as the price and quality of paddy is better during the
harvesting season. During this time, the working capital
requirements of the rice millers are generally on the higher side.
On account of the same, working capital limits have been utilized
upto 90-95%% over the last 12 months ended May 31, 2018.

Monsoon dependent operations and high level of government
regulation: UMRM's operations are dependent on agro-climatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality. The rice industry is highly regulated by the
government as it is seen as an important sector which could affect
the food security of the country. The sale of rice in the open
market is also regulated by the government through levy quota and
fixed prices. Hence, the firm is exposed to the risk associated
with fluctuation in price of rice.

Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments. The high
level of competition has ensured limiting bargaining power, as a
consequence of which rice mills are operating at low to moderate
profitability margins.

Partnership nature of entity: Partnership nature of business has
an inherent risk of withdrawal of capital by the partners at the
time of their personal contingencies. It also has the inherent
risk of business being discontinued upon the death/insolvency of a
partner. The ability to raise funds is also very low as
partnership concerns have restricted access to external
borrowings. During the year, the partners have withdrawn capital
of up to INR0.51 crore during FY17.

Key Rating Strengths

Experienced promoters in rice industry: The firm has long track
record of over four decades. UMRM was started by Mr A. Duraisamy
along with his family members Mr D Udayakumar, Mr D Sukumar, Mr. D
Murugan, Mr. D Padmanabhan and Mr. S Raghunath. Due to long
term presence in the market; the partners have established
relations with its customers and suppliers for continuing its
operations.

Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the
rice millers and thus the demand is expected to remain healthy
over medium to long term. India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. With growing consumer class
and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market. Demand for non-
basmati segment is primarily domestic market driven in India.
Initiatives taken by government to increase paddy and better
monsoon conditions will be the key factors which will boost the
supply of rice to the rice processing units. Rice being the
staple food for almost 65% of the population in India, it has a
stable domestic demand outlook.

Salem, Tamil Nadu based Udayakumar Modern Rice Mill was
established by Mr. A Duraisamy in the year 1989, for the process
of rice, rice bran, broken rice and husk from paddy. The
operations of the firm are managed by his family members Mr. D
Udayakumar, Mr. D Sukumar, Mr. D Murugan, Mr. D Padmanabhan and
his grandson Mr. S Raghunath. The firm has its customers in
Kerala, Tamil Nadu, and Karnataka. The firm supplies rice on a
regular basis to Reliance Retail Limited (Reaffirmed CRISIL AAA;
Stable/CRISIL A1+ on April 27, 2018) in Tamil Nadu, NK
Internatinal, Pune, Max Hypermarket India Private Limited (CRISIL
BB+; Stable on September 11, 2017) under the brand name SPAR India
in Bangalore, Karnataka and supplies to Sri Lanka and other places
locally in Tamil Nadu. The firm procures the paddy from Andhra
Pradesh, Karnataka, Tamil Nadu and Madhya Pradesh.


UTTORAYON TEA: CRISIL Reaffirms B+ Rating on INR5.75cr LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Uttorayon Tea Industries Private Limited (UTIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       0.3        CRISIL A4 (Reaffirmed)

   Cash Credit          2.45       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       5.75       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .1       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect its weak financial profile on
account of low networth, exposure to seasonality in tea
production, and high operating leverage. These weaknesses are
partially offset by the extensive experience of its promoters.


Key Rating Drivers & Detailed Description

Weakness

* Exposure to seasonality in tea production and high operating
leverage: Tea production depends on monsoon and weather
conditions. Of a tea plantation's fixed costs, labour alone
accounts for nearly 40%. In case of lower production or reduction
in realisations, UTIPL may incur operating losses or witness
significant drop in profitability. Limited pricing power also
constrains operating margin.

* Weak financial risk profile: Networth is estimated to have been
modest at INR4.7 crore as on March 31, 2018, on account of muted
accretion to reserves. Networth is expected to remain small over
the medium term. Gearing was high at 1.16 times as on March, 2018,
but is expected to improve over the medium term with gradual debt
repayment. Debt protection metrics remained below average, with
interest coverage and net cash accrual to total debt ratios of
around 2 times and 10%, respectively, for fiscal 2018.

Strengths

* Promoters' extensive experience: Presence of more than four
decades in the tea industry has helped the promoters to increase
sales and develop strong relationship with tea planters and
wholesalers.

Outlook: Stable

CRISIL believes UTIPL will continue to benefit from promoters'
extensive experience in the tea industry. The outlook may be
revised to 'Positive' if scale of operations increases and
financial risk profile improves. The outlook may be revised to
'Negative' if liquidity and working capital management weaken,
affecting financial risk profile.

Incorporated in July 2012 in Siliguri and promoted by Mr. Neeraj
Poddar, UTIPL manufactures black CTC (crush, tear, curl) tea.


VICHITA ESTATE: CARE Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Vichita
Estate and Warehousing Private Limited (VEWPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.90       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on the best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VEWPL to monitor the rating
vide e-mail communications/ letters dated June 7, 2018, June 12,
2018, June 21, 2018, June 28, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on VEWPL'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(s).


The ratings take into account of ongoing project completion and
stabilization risk and its presence in competitive and
fragmented cold storage industry, experience of the promoters in
the cold storage industry, financial resourcefulness and
support from group entity and locational advantage of the unit.

Detailed description of the key rating drivers

At the time of last rating in July 24, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from banker):

Key rating weakness

Project completion and stabilization risk: VEWPL is setting up
cold storage plant at MIDC, TTC Industrial Area, Juinagar, Navi
Mumbai with a total project cost of INR8.40 crore which is being
financed through term loan of INR5.90 crore (already sanctioned)
and remaining from promoter's contribution (including unsecured
loans of INR2.12 crore). As on July 17, 2017, the company; has
already incurred 55% of its total cost towards construction of
building, land & site development and the commencement of
operations will be starting from October 2017. As 45% of work is
yet to complete, the entity faces risk of increase in prices of
material and labour for the balance cost of the project. Hence,
timely completion and stabilization of the project is critical
from the credit and business prospects of the company.

Presence in fragmented & competitive cold storage industry: VEWPL
faces competition from many other cold storage companies operating
in the same area. This has resulted into price competition for the
company. In spite of being capital intensive, the entry barrier
for new cold storage is low, backed by capital subsidy schemes of
the government. The cold storage industry is fragmented and full
of unorganized players with many players still to achieve
economies of scale.

Key Rating Strengths

Experienced promoters in the cold storage business, financial
resourcefulness and support from group entities: The main
promoters Mr. Virender Kumar Arora and Mr. Ravi Kumar Arora have
been in the business of cold storage since 1989 and having around
20 years of experience. Mr. Virendra K. Arora (Commerce graduate)
and Mr. Ravi K. Arora (Arts post graduate) are brothers and
jointly look after overall operations of the company. Furthermore
the top management is supported by personnel having adequate and
relevant experience in cold storage facility.

Furthermore, VEWPL is going to be benefited due to more than two
decades of existence of its group company in the same vicinity
namely M/s. Vishal Ice Factory and Cold Storage Pvt. Ltd. (VIFCS)
which is engaged in providing cold storage facilities of Dates,
Pulses & Potatoes. Furthermore, promoters and VIFCS are
continuously supporting the business through funding in the form
of unsecured loans.

Locational advantage of the unit: The company's cold storage unit
is strategically situated in the middle of MIDC Turbhe which is
near to Mumbai-Pune Highway and Thane Navi Mumbai Highway. It is
also nearby to the APMC market of Vashi which is a centralized
facility for marketing agricultural produce, foodgrains,
vegetables, fruits, oil and is one of the largest and cheapest
wholesale markets in Maharashtra.

Established in February 1989, Vichita Estate and Warehousing
Private Limited (VEWPL) as a private limited company and was
engaged in providing warehousing facility of Chemicals till 2006.
In the year 2006 the aforesaid company was taken over by Mr.
Varinderkumar Sohanlal Arora & Mr. Ravikumar Sohanlal Arora and
was kept idle from 2006 till March 2017. In April 2017, the
promoters of the company planned to set up a cold storage plant at
MIDC, TTC Industrial Area, Village Bonsari & Kukshet, Juinagar,
Navi Mumbai with an installed capacity to store around 2500 MT of
agricultural produce such as Dates, Pulses & Potatoes.



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


PIONEER CORP: Secures $540MM Rescue from Baring Private Equity
--------------------------------------------------------------
Reuters reports that Japan's Pioneer Corp said it had secured up
to JPY60 billion (US$540 million) with a planned share issue to
Baring Private Equity Asia - a lifeline after its bet on car
navigation systems to survive tumultuous times flopped.

According to Reuters, Pioneer's reliance on car GPS and audio
systems backfired amid fierce competition and higher development
costs as automakers demand systems with smartphone connectivity
and sophisticated mapping technology needed for self-driving cars.

The deal - potentially worth more than Japanese firm's current
market value - will see Pioneer issue around JPY50 billion to
JPY60 billion worth of stock to the Hong Kong-based fund by the
end of December, Reuters says.

"It is likely that Baring will become the top shareholder of
Pioneer," Reuters quotes a spokesman for Japanese company as
saying.  The exact size of the holding would be determined by the
end of October, he added.

Reuters notes that Pioneer will receive JPY25 billion in a bridge
loan on Sept. 18 to help it repay bank loans due this month and
which would be later paid back when the stock is issued.

Shares in Pioneer slid 8.5 percent on the planned dilution, giving
it a market capitalisation of just JPY45 billion (US$405 million),
Reuters discloses.

That represents a marked comedown from its heyday in the 1970s to
the 1990s, Reuters notes. It introduced the world's first
component car stereo in 1975 and followed that up with car CD
players in 1984. In the 1990s, it was the first to bring consumer
GPS navigation systems and DVD recorders to the market.

Reuters says the injection by Baring Private Equity Asia is the
latest in a string of deals by foreign equity firms in Japan - a
market which has grown as cash-strapped domestic firms seek to
offload operations ranging from memory chips to auto components.

In 2014, Baring Private Equity agreed to acquire Pioneer's home
electronics arm with Onkyo Corp but later withdrew from the deal
for undisclosed reasons. In the same year, KKR & Co Inc agreed to
buy Pioneer's DJ audio business, adds Reuters.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.



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


IRA NRG: Liquidation Ends After Eight Years
-------------------------------------------
Jono Galuszka at Stuff.co.nz reports that Ira NRG, an energy
company whose founder claimed he could turn sewage into
electricity, has finally met its demise, eight years after it was
banned for selling shares without a prospectus.

The liquidation of the company Ira NRG has left everyone involved,
even the liquidator, out of pocket, the report says.

According to Stuff, Ira NRG was founded in March 2010 by Simon
Romana, also known as Hai and Haimana, who claimed he could turn
sewage into electricity through a process called gasification.

He had previously founded a company in North America, First NRG,
under the same premise. A Listener article in 2006 said he gained
support from a wide range of people, including former Washington
DC mayor Marion Barry.

Stuff says Ira NRG had a short life, being banned in December that
year by the Securities Commission after it asked for investment
money without a prospectus.

But the ban came into effect after more than 200 investors poured
money into the company. One investor spoken to by Stuff estimated
the company pulled in at least NZ$1 million from investors.

Stuff relates that the investment money appears to have done
little for the company, which was placed into liquidation in 2011.

That liquidation ended in late August, with liquidator Clive
Johnson writing in his final report that no funds were realised
during the process, Stuff states.

That means no one, not even Mr. Johnson, was paid any money.

The reports notes Mr. Johnson was unable to get in touch with
Romana to discuss the company's affairs, but he did write in his
first report that Mr. Romana used salespeople paid on commission
to attract investors. Despite this, there was no other income
stream apart from the investments.

In his final report, Mr. Johnson said some funds were used for
company business, "but also for personal expenditure".

Mr. Romana left New Zealand after Ira NRG went into liquidation,
Mr. Johnson wrote.

According to Stuff, Mr. Romana, who has criminal convictions for
assault and fraud, ended up painting at an art school for people
with mental health problems in Winnipeg, Canada.  But it appears
he has not abandoned his technology plans. He recently posted a
video on his YouTube channel touting "no ignition technology".

The video contains little explanation of what the technology was
or did, Stuff says.

Instead, the five-minute, 28-second animated video shows off a "no
ignition plant" while an instrumental rock track plays in the
background, Stuff relates.



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


OBIKE SINGAPORE: Probed for Misappropriation of Funds
-----------------------------------------------------
Timothy Goh at The Straits Times reports that the police are
investigating oBike Singapore for misappropriation of funds, said
Law and Home Affairs Minister K. Shanmugam on Sept. 10.

But as investigations are ongoing, he was not able to provide
further comments on the matter, said Mr. Shanmugam in a written
parliamentary reply, the report relays.

He was responding to a question by Workers' Party Non-Constituency
MP Dennis Tan, who had asked whether the former directors and
management of oBike Singapore would be investigated by the
Commercial Affairs Department for any alleged improper transfer of
funds to oBike Hong Kong, according to the Strait Times.

oBike Singapore had allegedly transferred about $10 million
collected from users here to its Hong Kong operations, said the
company's liquidator FTI Consulting on Aug. 2, the Straits Times
relates.

The Straits Times relates that the pre-payment, purportedly for
the supply of bicycles, had not been returned at the time, and FTI
Consulting said that letters of demands would be issued to oBike
Hong Kong and its founder Shi Yi.

On Aug. 1, Mr Joshua James Taylor, FTI Consulting's senior
managing director, told reporters: "What we have found . . . is
that the deposit holders' money came into the Singapore bank
account and thereafter was transferred to oBike Hong Kong.

"What we've seen in the accounts and what they have done is netted
off the two amounts to say nothing's owed."

According to the Straits Times, Mr. Taylor added that this was
"not appropriate" and FTI Consulting would be looking at unwinding
this transaction, to show that money is being owed to oBike
Singapore and has to be paid back.

oBike Singapore collected $11.7 million from users here, which
included deposits to rent the bicycles and usage fees, the report
notes.

Mr. Taylor added besides the $10 million transferred to Hong Kong,
the remaining $1.7 million was used to refund customer deposits
and for other operational expenses, the report relays.

oBike abruptly ceased operations in June, citing difficulties in
meeting the new requirements and guidelines by the Land Transport
Authority to curb indiscriminate parking.

The Strait Times adds that the Chinese-founded company, which
started operations in Singapore in January 2017, chalked up losses
of $4.25 million in the financial year ending Dec. 31, 2017.

As reported in the Troubled Company Reporter-Asia Pacific on
June 26, 2018, the Strait Times said bicycle-sharing operator
oBike announced on June 25, 2018, that it will cease operations
immediately in Singapore.  In a statement shared via its app,
oBike cited difficulties in meeting the new requirements and
guidelines by the Land Transport Authority (LTA) to curb
indiscriminate parking.

Headquartered in Singapore, oBike is a stationless bicycle-
sharing system with operations in several countries.


TT INTERNATIONAL: Big Box Unit Starts Liquidation Process
---------------------------------------------------------
The Strait Times reports that Big Box Singapore (BBS), an indirect
wholly-owned subsidiary of TT International Limited, initiated
voluntary liquidation proceedings on Sept. 11.

Prior to the commencement of its liquidation, BBS's principal
activities were general retail trade under the warehouse retail
scheme (WRS), which included selling of goods on the ground floor
of the Big Box building and operating supermarkets in the
building, the report says.

According to the report, the Big Box building is an eight-storey
warehouse mall in Jurong East Regional Centre owned by Big Box, a
51 per cent subsidiary of struggling mainboard-listed consumer
electronics retailer TT International.

It was put up for sale in May by receivers and managers of Big
Box, the Strait Times notes.

The Strait Times relates that in a filing with the Singapore
Exchange on Sept. 11, TT International said: "The significant
winding down of the WRS retail activities at the Big Box building
as a result of the termination of the WRS has severely affected
the operations of BBS."

This has "led to the resultant cash flow constraints of BBS and
currently BBS cannot, by reason of its liabilities, continue its
business. Accordingly, the directors of BBS have decided to
liquidate BBS".

Mr. Abuthahir Abdul Gafoor of AAG Corporate Advisory has been
appointed provisional liquidator of BBS.

The report says the liquidation of Big Box Singapore is not
expected to have any material impact on the core businesses and
operations of other core subsidiaries of the group, and will
reduce the overall operational costs and expenses of the group, TT
International said.

The liquidation of BBS is not expected to have any material impact
on the core businesses and operations of other core subsidiaries
of the group, and will reduce the overall operational costs and
expenses of the group, TT International said.

TT International shares have been voluntarily suspended since
August 4 last year, the report notes.

IL&FS Financial Services Limited, a non-banking finance company,
provides a range of financial and advisory solutions in India. It
specializes in infrastructure financing transactions, with a
combination of investment banking skill sets, such as debt
syndication, corporate advisory, and lending capabilities. The
company offers asset and structured finance products, including
acquisition financing, special situation financing, mezzanine
finance/quasi equity structure, operating lease, structured debt
and asset-based finance, and debt capital markets; and project
debt syndication services for infrastructure, manufacturing, real
estate, and other sectors.

                      About TT International

Based in Singapore, TT International Limited trades, imports,
exports, distributes, wholesales, and retails electrical and
electronics products, general consumer goods, and sports goods.
The Company also owns and operates warehouse facilities and
provides third party warehousing and logistics services.
TT International is being restructured under a scheme of
arrangement since April 2010.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***