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

                      A S I A   P A C I F I C

           Friday, September 21, 2018, Vol. 21, No. 188

                            Headlines


A U S T R A L I A

BIG UN: Second Creditors' Meeting Set for Sept. 27
FOLD CONSULTING: Second Creditors' Meeting Set for Sept. 26
FLOODLIGHT DISTRIBUTION: 2nd Creditors' Meeting Set for Sept. 28
GOODCHILD ABATTOIR: Second Creditors' Meeting Set for Sept. 25
IMPERIAL EAGLE: Second Creditors' Meeting Set for Oct. 2

WINBROCK PTY: First Creditors' Meeting Set for Sept. 28


C H I N A

GUANGZHOU R&F: Fitch Assigns BB-(EXP) Rating to New USD Notes
HNA GROUP: In Talks with Banks on Sale of CWT Logistics Unit
ZHENRO PROPERTIES: Moody's Assigns B3 Rating to Sr. Unsec. Notes
* CHINA: Sets New Debt Reduction Targets for 30 State Firms


I N D I A

AHITRI SPINNING: ICRA Assigns B+ Rating to INR18cr Term Loan
ALAKNANDA SPONGE: Ind-Ra Maintains BB+ Rating in Non-Cooperating
AMT INTERNATIONAL: Ind-Ra Maintains B- Rating in Non-Cooperating
AUTOPAL INDUSTRIES: Ind-Ra Retains BB- Rating in Non-Cooperating
BHRAMARI STEELS: Ind-Ra Maintains BB+ Rating in Non-Cooperating

BUILD WALLINFRA: Ind-Ra Maintains D LT Rating in Non-Cooperating
DEE-TECH: Ind-Ra Maintains BB LT Issuer Rating in Non-Cooperating
DURGA MARBLE: Ind-Ra Retains B+ Issuer Rating in Non-Cooperating
EASTERN AUTOMOTIVE: CARE Assigns B Rating to INR8cr LT Loan
FAMOUS STATIONERY: Ind-Ra Maintains B+ Rating in Non-Cooperating

GHANSHYAM DALL: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
HARRIN POULTRY: CARE Reaffirms B+ Rating on INR11cr LT Loan
IL&FS CLUSTERS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
IL&FS SKILLS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
IMPERIAL TUBES: Ind-Ra Maintains B+ LT Rating in Non-Cooperating

INDIAN STEEL: ICRA Reaffirms D Rating on INR1,046.82cr Loan
ISHWAR CABLES: ICRA Migrates B Rating to No Cooperating
ISHWAR METAL: ICRA Migrates B+ Rating to Not Cooperating
J.G. RICE: CARE Reaffirms B+ Rating on INR7.49cr LT Loan
LINUS AGROVENTURES: Ind-Ra Affirms 'D' Long Term Issuer Rating

K S INFRA: ICRA Migrates B Rating to Not Cooperating Category
K P BUILDCON: ICRA Migrates B+ Rating to Not Cooperating
KADVANI FORGE: ICRA Maintains 'B' Rating in Not Cooperating
KERALA INFRASTRUCTURE: Fitch Assigns BB LT Issuer Default Ratings
MADHAV STORES: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
MAHESHWARI TECHNOCAST: CARE Reaffirms B+ Rating on INR6.9cr Loan

MANJEERA CONSTRUCTIONS: ICRA Withdraws C Rating on INR30cr Loan
MS HANDLOOM: CARE Lowers Rating on INR9cr LT Loan to B
OYSTER STEEL: CARE Lowers Rating on INR100cr LT Loan to D
PERMALI WALLACE: ICRA Migrates D Rating to Not Cooperating
PARAS COMMERCIAL: Ind-Ra Maintains 'B' Rating in Non-Cooperating

R R PRESTRESS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
R. AYUSH: CARE Assigns 'B' Rating to INR10cr Long-Term Loan
R.S.H. AGRO: ICRA Maintains B Rating on INR5cr Term Loan
RAMA PAPER: ICRA Maintains D Rating in Not Cooperating Category
RAMESHWAR INDUSTRIES: ICRA Cuts Rating on INR7.67cr Loan to D

RHC HOLDINGS: Daiichi Sankyo Moves NCLT to Stay Proceedings
SANJAY AGRAWAL: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
SAS INTERNATIONAL: Ind-Ra Maintains BB Rating in Non-Cooperating
SELEO CERAMIC: ICRA Maintains B Rating in Not Cooperating
SHAKUN GASES: Ind-Ra Maintains 'B-' LT Rating in Non-Cooperating

SHIVA POLYTUBES: Ind-Ra Retains BB+ LT Rating in Non-Cooperating
SHIVSHAKTI BARRELS: Ind-Ra Maintains B+ Rating in Non-Cooperating
SMT MACHINES: CARE Assigns 'D' Rating to INR6.20cr LT Loan
SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
TIWANA OIL: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating

VICHITRA PRESTRESSED: ICRA Maintains C+ Rating on Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Moody's Lowers CFR to B3, Outlook Negative


S I N G A P O R E

STRATECH GROUP: Court Appoints BDO as Liquidators


S O U T H  K O R E A

SOUTH KOREA: Central Bank Warns of Fast Household Debt Growth


                            - - - - -


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


BIG UN: Second Creditors' Meeting Set for Sept. 27
--------------------------------------------------
A second meeting of creditors in the proceedings of Big Un
Limited has been set for Sept. 27, 2018, at 11:00 a.m. at the
offices of Deloitte Financial Advisory Pty Ltd, Eclipse Tower
Level 19, 60 Station Street, in Parramatta, 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. 26, 2018, at
4:00 p.m.

Neil Robert Cussen and Matthew James Donnelly of Deloitte
Financial were appointed as administrators of Big Un on Aug. 24,
2018.


FOLD CONSULTING: Second Creditors' Meeting Set for Sept. 26
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Fold
Consulting Pty Limited has been set for Sept. 26, 2018, at
10:00 a.m. at the offices of Grant Thornton Australia at Level
17, 383 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 25, 2018, at 4:00 p.m.

John McInerney and Philip Campbell-Wilson of Grant Thornton
Australia were appointed as administrators of Fold Consulting on
Sept. 3, 2018.


FLOODLIGHT DISTRIBUTION: 2nd Creditors' Meeting Set for Sept. 28
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Floodlight
Distribution Pty Ltd has been set for Sept. 28, 2018, at 11:00
a.m. at the offices of PKF, 755 Hunter Street, in Newcastle West,
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. 27, 2018, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of Floodlight
Distribution on Aug. 24, 2018.


GOODCHILD ABATTOIR: Second Creditors' Meeting Set for Sept. 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Goodchild
Abattoir Pty Ltd has been set for Sept. 25, 2018, at 10:30 a.m.
at the offices of PwC at Level 15, 125 St Georges Terrace, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 21, 2018, at 12:00
p.m.

Simon Guy Theobald and Daniel Bryant of PwC were appointed as
administrators of Goodchild Abattoir on Aug. 20, 2018.


IMPERIAL EAGLE: Second Creditors' Meeting Set for Oct. 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Imperial
Eagle and Dragon Pty Limited has been set for Oct. 2, 2018, at
2:30 p.m. at the offices of Worrells Solvency & Forensic
Accountants, 44 Lydiard Street South, in Ballarat, Victoria, and
at teleconfrence facility: Worrells Solvency & Forensic
Accountants, Level 1, Unit 5, 72 Gheringhap Street, in Geelong,
Victoria.

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 Oct. 1, 2018, at 5:00 p.m.

Nathan Deppeler of Worrells Solvency was appointed as
administrator of Imperial Eagle on Aug. 28, 2018.


WINBROCK PTY: First Creditors' Meeting Set for Sept. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Winbrock
Pty. Ltd will be held at Qantas Meeting Room, Townsville Airport
Cnr Halifax Street & Stinson Avenue, in Garbutt, Queensland, on
Sept. 28, 2018, at 3:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Winbrock Pty on Sept. 18, 2018.



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


GUANGZHOU R&F: Fitch Assigns BB-(EXP) Rating to New USD Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co. Ltd.'s (BB-/Negative) proposed US dollar senior
notes a 'BB-(EXP)' expected rating. The notes are rated at the
same level as Guangzhou R&F's senior unsecured rating because
they constitute its direct and senior unsecured obligations. The
final rating is subject to the receipt of final documentation
conforming to information already received.

The proposed notes will be issued by Guangzhou R&F's subsidiary,
Easy Tactic Limited. Guangzhou R&F has granted a keepwell deed
and a deed of equity interest purchase undertaking to ensure that
the guarantor, R&F Properties (HK) Company Limited, also a wholly
owned subsidiary of Guangzhou R&F, has sufficient assets and
liquidity to meet its obligations. Guangzhou R&F intends to use
the net proceeds from the note issue for debt refinancing and
general corporate purposes.

Guangzhou R&F's ratings are constrained by its high leverage,
measured by net debt/adjusted inventory, of around 60% at end-
June 2018 and 60.2% at end-2017. Guangzhou R&F's high leverage
stems from aggressive land acquisitions in 2017, when it
replenished 18 million sqm of attributable gross floor area of
land bank for CNY58 billion, resulting in an increase in its land
acquisition/contracted sales value ratio to 0.7x from 0.1x-0.3x
in the previous three years, and the acquisition of hotel and
office assets from Dalian Wanda Commercial Management Group Co.,
Ltd. (Wanda; BB+/Stable).

The Negative Outlook reflects limited headroom for leverage,
which is around the threshold where Fitch would consider
downgrading Guangzhou R&F's ratings. The company's pursuit of
expansion, to CNY180 billion in 2019 of contracted sales, from
CNY82 billion in 2017, could see its land acquisition pace
increase above its expectations, which could push leverage beyond
65%.

KEY RATING DRIVERS

Sustained High Leverage: Fitch expects Guangzhou R&F's leverage,
which was above its negative threshold of 60.0% at end-June 2018
and end-2017, to rise to 65.0% in the next year or two. The
company plans to spend 30%-40% of contracted sales proceeds on
land acquisitions in 2018-2019 and increase its construction
expenditure to support growth in contracted sales scale towards
CNY180 billion by 2019. Guangzhou R&F's accelerated land
acquisitions raised its net debt to above CNY123 billion at end-
June 2018 and CNY112 billion at end-2017 (end-2016: CNY77
billion).

Higher Non-Development EBITDA: The company's hotel and rental
income revenue surged by 68% yoy to CNY3.9 billion in 1H18 (2017:
CNY3.3 billion), driven by contributions from the newly acquired
Wanda hotels. Fitch expects Guangzhou R&F's non-property
development revenue to reach CNY8.1 billion in 2018 with full-
year contributions. However, the company's non-property
development EBITDA/gross interest expense ratio will only
moderately improve to 0.24x in 2018-2019, from 0.17x in 2017,
partially offset by possible higher operating costs following the
migration to the Wanda hotels.

Stabilising Margins: Guangzhou R&F had an EBITDA margin of 27%
and a gross profit margin of 39% in 1H18, an improvement from 26%
and 35% in 2017, and 21% and 28% in 2016, respectively. The
margins will be supported by the company's unrecognised property
sales of CNY107 billion, which carried a gross profit margin of
39% as at June 2018 (2017 booked property sales gross profit
margin: 37%). These sales will be recognised over the next year
or two, and will be supported by a recovery in the contracted
average selling price to CNY13,176 per sq m in 8M18, from
CNY12,961 per sq m in 2016.

DERIVATION SUMMARY

Guangzhou R&F's geographical diversification is comparable with
'BB+' and 'BB' rated peers. Its homebuilding scale in contracted
sales is comparable with CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY104 billion in 2017 and is higher than the CNY40
billion-70 billion of 'BB-' rated peers, such as Yuzhou
Properties Company Limited's (BB-/Stable) CNY40 billion.

However, Guangzhou R&F's ratings are constrained by its weakening
financial profile, following the completion of substantial hotel
and office asset acquisitions from Wanda, as well as its
aggressive land acquisitions. The company's leverage ratio,
measured by net debt/adjusted inventory, of 60% at end-2017 is at
the higher range of the 50%-60% of 'B+' rated peers, such as
China Evergrande Group's (B+/Positive) 60%. Guangzhou R&F will
also need to maintain a land bank of five to six years to support
its expansion in contracted sales, which could limit room for
deleveraging in the next two to three years. Fitch expects the
company's leverage to reach 65% in 2018-2019.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to reach CNY131 billion in
    2018 and CNY167 billion in 2019 (2017: CNY82 billion)

  - EBITDA margin of 24%-25% in 2018-2019, slightly lower than
    the 26% in 2017 due to higher operating costs from the Wanda
    asset migration

  - Hotel and property rental revenue to reach CNY8 billion-9
   billion in 2018-2019

  - Land bank life reduced to and sustained at four to five
    years, from a high of almost eight years at end-2017

RATING SENSITIVITIES

Developments that May Lead to a Revision in the Outlook to Stable
Include:

  - Net debt/adjusted inventory sustained below 65% (2017: 60%)

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

  - Continued decline in property contracted sales

  - Net debt/adjusted inventory of over 65% for a sustained
    period

LIQUIDITY

Weak but Manageable: Guangzhou R&F had a cash balance of CNY36
billion, including restricted cash of CNY17 billion as at end-
June 2018, which was insufficient to cover CNY45 billion of debt
maturing in one year. Its cash/short-term debt ratio declined to
0.8x at end-June 2018 from 1.1x at end-2017 and 1.4x at end-2016.
However, cash balances probably improved following record-high
contracted sales of CNY13.5 billion in June 2018 and another
CNY10.5 billion in July 2018. The company has also completed the
issuance of CNY0.5 billion and CNY0.7 billion in 270-day short-
term onshore bonds in August and September 2018, respectively.
Hence, Fitch does not believe Guangzhou R&F will have major
difficulty in refinancing its short-term credit facilities.


HNA GROUP: In Talks with Banks on Sale of CWT Logistics Unit
------------------------------------------------------------
Reuters reports that HNA Group is in talks with banks to find a
buyer for its CWT logistics firm just nine months after acquiring
the Singaporean company in a $1 billion deal, six people familiar
with the matter said.

Reuters relates that the sale, if completed, would be the latest
in a series of divestments aimed at slashing debt at the
aviation-to-financial services conglomerate that is restructuring
its far-flung operations.

According to Reuters, the asset divestment drive follows HNA's
$50 billion worth of deal-making over the past few years,
including hotels in the United States and a stake in Deutsche
Bank, that has sparked intense scrutiny.

For CWT, HNA is targeting a non-Chinese buyer, three of the
people said, Reuters relays. Another person familiar with the
matter said only a part of CWT would be put up for sale.

The sources declined to be named as HNA's talks with investment
banks on finding a buyer were confidential, Reuters notes.

A spokeswoman for HNA, which completed its $1.04 billion
acquisition of CWT in December last year via a wholly owned
subsidiary, declined to comment, adds Reuters.

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


ZHENRO PROPERTIES: Moody's Assigns B3 Rating to Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes mainly
to refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will improve Zhenro's liquidity
profile," says Cedric Lai, a Moody's Assistant Vice President and
Analyst. "The issuance will also not materially affect its credit
metrics, because the company will use the proceeds to refinance
existing debt."

Zhenro's short-term refinancing needs are strong, as seen by its
reported short-term debt of RMB26 billion at June 30, 2018,
including RMB2 billion in puttable bonds.

The proposed bond issuance will help lengthen Zhenro's debt
maturity profile.

Zhenro's B2 corporate family rating reflects the company's
quality and geographically diversified land reserve, large scale,
and strong sales execution. On the other hand, the rating is
constrained by its weak financial metrics, as a result of its
debt-funded rapid growth, weak liquidity position, and limited
access to funding.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently,
the expected recovery rate for claims at the holding company will
be lower.

Moody's expects that Zhenro's total contracted sales will
continue to grow at an annual rate of 40%-50% to around RMB100
billion in 2018. Such a scale is larger than for most single B-
rated Chinese property developers.

Moody's forecasts that Zhenro's debt leverage - as measured by
revenue/adjusted debt - will improve to around 50%-60% over the
next 12-18 months from 48% for the 12 months ended June 30, 2018
and 44% in 2017. Its adjusted EBIT/interest will largely stay
flat at around 2.0x over the next 12-18 months compared to 2.0x
for the 12 months ended June 30, 2018 and 1.8x in 2017.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward ratings pressure could emerge, if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong
contracted sales growth.

Credit metrics indicative of upward ratings pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained
basis.

The ratings could be downgraded if: (1) Zhenro fails to
deleverage or its EBIT/interest coverage falls below 1.25x-1.50x,
due to aggressive land acquisitions; (2) its contracted sales or
revenues fall short of Moody's expectations; or (3) its liquidity
position weakens or its cash/short-term debt falls below 0.8x on
a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in Januray 2018.
Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2018, Zhenro had 121 projects in 24
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.70% of Zhenro Properties at August 27, 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company
as of the same date.


* CHINA: Sets New Debt Reduction Targets for 30 State Firms
-----------------------------------------------------------
Reuters, citing China Securities Journal, reports that more than
30 highly-leveraged Chinese state-owned enterprises (SOEs) have
drawn up new plans to cut debt, part of a plan to cut debt ratios
in the state sector by 2 percentage points by 2020.

China is in the middle of an ambitious corporate restructuring
programme aimed at reducing debts and improving the performance
of its huge but lumbering state-owned sector, the report says.

Reuters notes that since the reforms began in 2015, Beijing has
pushed through several big industry mergers, closed down dozens
of zombie" enterprises and allowed new ownership structures and
debt-to-equity deals that will see more private capital injected
into state firms.

Reuters relates that the 96 giant firms now administered by the
central government are under pressure to cut their total debt
ratios by 2 percentage points by the end of the decade.

Citing latest Ministry of Finance data, Reuters discloses that
total debts among China's state-owned firms amounted to
CNY112.2 trillion (GBP12.4 trillion) by the end of July, up 8.8
percent on the year. The total debt amounted to 64.9 percent of
assets, down 1 percentage point compared to last year.

New guidelines published by the cabinet last week said China
would establish a system enabling financial institutions to take
action against state-owned enterprises when their debt-asset
ratios exceeded warning lines, which range from 60 to 70 percent
depending on the sector, according to Reuters.

Reuters adds that amid concerns about rising local government
debt, the guidelines also prohibited authorities from
"disguising" liabilities by borrowing through corporate debt
channels.



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AHITRI SPINNING: ICRA Assigns B+ Rating to INR18cr Term Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR18.00-crore term loan facilities and the INR1.00-crore cash
credit facilities of Ahitri Spinning Mills Pvt. Ltd. ICRA has
also assigned the short-term rating of [ICRA]A4 to the INR1.35-
crore bank guarantee of ASMPL. The outlook on the long-term
rating is Stable.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based-
   Term Loan         18.00       [ICRA]B+ (Stable); Assigned

   Fund-based-
   Cash Credit        1.00       [ICRA]B+ (Stable); Assigned

   Non-fund Based-
   Bank Guarantee     1.35       [ICRA]A4; Assigned

Rationale

The assigned ratings favorably factor in the fiscal benefits
received by the company from the state government and the
proximity of the plant to cotton growing areas in state of
Gujarat.

However, the assigned ratings are constrained by the small scale
of the company's operations in a highly fragmented cotton
spinning industry, which is characterised by intense competition
and commoditised nature of products. These factors limit the
pricing flexibility and profitability of the company. ICRA also
notes that the company is vulnerable to fluctuations in cotton
and yarn prices as well as to regulatory risk with regard to MSP
(minimum support price) for raw cotton and export policy. The
assigned ratings also take into account ASMPL's weak financial
profile, characterised by high gearing (because of debt-funded
capex) and modest coverage indicators.

Outlook: Stable

ICRA believes that ASMPL will continue to benefit from the
proximity of the plant to cotton growing regions. The outlook may
be revised to Positive, if the company successfully scales up its
operations, generates healthy revenue and profitability and
manages working capital efficiently, thereby strengthening its
financial risk profile. The outlook may be revised to Negative if
cash accruals are lower than expected, or any major debt-funded
capital expenditure or stretch in working capital cycle weakens
the company's liquidity position.

Key rating drivers

Credit strengths

Benefits available under Gujarat Textile Policy: ASMPL is
eligible to receive interest subsidy, power tariff subsidy and
electricity duty refund from the state government under Gujarat
Textile Policy. These subsidies are expected to improve the cash
flows in the near to medium term.

Proximity to cotton growing arears provides competitive
advantage: ASMPL's manufacturing unit is in the Dholi village,
Dholka district of Gujarat. This region is in proximity to cotton
growing areas, thereby leading to easy availability of better
quality raw cotton and savings in logistic costs.

Credit challenges

Company's modest scale and limited track record: ASMPL commenced
its operations in September 2017 with an installed capacity of
13056 spindles. It achieved operating income of INR10.6 crore in
FY2018 on a provisional basis.

Highly leveraged capital structure and moderate coverage
indicators: ASMPL has set up textile spinning mill at cost of
INR29.61 crore, which was funded through debt equity mix of 1.83
times. The coverage indicators stood moderate, with interest
coverage of 1.03 times, TOL/TNW of 2.99 times and DSCR of 1.03
times in FY2018 on a provisional basis. Moreover, the high debt
repayment, coupled with the long gestation period, is likely to
keep ASMPL's credit profile constrained in the near term.

Profitability exposed to fluctuations in raw cotton prices along
with seasonality and government regulations: The profit margin of
the company is exposed to fluctuation in raw cotton price, which
is determined by the market demand-supply situation, the total
production, area under cultivation, acreage of crop, export
policy etc. Further, it is exposed to the regulatory risks as
prices are decided through minimum support price set by the
government.

Intense industry competition: The spinning industry is highly
fragmented and competitive with the presence of large number of
organised and unorganised players. Intense industry competition
coupled with commoditised nature of the products limits ASMPL's
pricing flexibility and bargaining power.

Incorporated in June 2014, Ahitri Spinning Mills Pvt. Ltd.
(ASMPL) is promoted by Mr. Haresh Trivedi, Mr. Hirabhai Ahir,
Mrs. Jyotiben Ahir, Mrs. Parul Trivedi and family members. ASMPL
is engaged in spinning cotton and manufactures 100% carded cotton
yarn, in the range of 28s to 34s counts. The commercial
operations commenced in September 2017. The manufacturing
facility is in Dholi village, Ahmedabad, and has an installed
capacity of 13056 spindles per annum. The key promoters have
experience in the textile industry through their association with
entities in cotton ginning.


ALAKNANDA SPONGE: Ind-Ra Maintains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Alaknanda
Sponge Iron 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 these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR2.5 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
October 27, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Alaknanda Sponge Iron is an ISO 9001:2008
certified companies engaged in manufacturing TMT bars.


AMT INTERNATIONAL: Ind-Ra Maintains B- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained AMT
International'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:

-- INR50 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT COOPERATING)
    rating; and

-- INR50 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
December 30, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, AMT International is a partnership firm
engaged in the manufacturing of electric overhead travelling
cranes, ladle cars, transfer cars, slag pots, slag pot cars and
steel rolling mill plants. Its manufacturing units are located in
Mandi Gobindgarh, Punjab.


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

The instrument-wise rating actions are:

-- INR6.3 mil. Term loan maintained in non-cooperating category
    with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Fund-based working capital limit maintained in
    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
October 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Autopal Industries manufactures LED lighting products.


BHRAMARI STEELS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhramari
Steels 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 these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR172.5 mil. Fund-based limits maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR11 mil. Term loan due on March 2018 maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 21, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhramari Steels manufactures thermo-mechanically treated bars and
mild steel ingots at its plant in Uttarakhand.


BUILD WALLINFRA: Ind-Ra Maintains D LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Build
Wallinfra India 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR75 mil. Term loan (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR30 mil. Fund-based working capital limit (long-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Build Wallinfra India manufactures autoclaved aerated concrete
blocks in Valsad, Gujarat.


DEE-TECH: Ind-Ra Maintains BB LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dee-Tech
Projects 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 these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR220 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR310 mil. Non-fund-based working capital limit maintained
    in 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 16, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Dee-Tech Projects executes water
engineering contracts, specialized engineering projects and power
sector projects, mainly for the governments of Tamil Nadu, Andhra
Pradesh and Karnataka.


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

The instrument-wise rating action is:

-- INR84 mil. 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
October 21, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1994, Durga Marble and Minerals is a
proprietorship concern engaged in the mining and processing of
marbles, granites, natural stones and slates. The entity has its
own quarry of green marble at Keshriyaji, Udaipur, and fully
mechanized and scientifically developed sandstone stone mines at
Khatu.


EASTERN AUTOMOTIVE: CARE Assigns B Rating to INR8cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Eastern Automotive, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facility               8.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of Eastern Automotive is
constrained by its proprietorship nature of constitution,
small scale of operation with moderate profitability margin,
intensely competitive nature of the industry with presence of
many unorganized players, exposure to volatility in raw material
prices, working capital intensive nature of business and
weak capital structure with weak debt coverage indicators.
However, the aforesaid constraints are partially offset by its
experienced proprietor and close proximity to raw material
sources.

The ability of the entity is to increase its scale of operations
along with improvement in profitability margin and ability to
manage working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced proprietor with satisfactory track record of
operation: The entity is into auto component business since March
2007 and thus has around 11 years of operational track record.
Mr. Sanjay Dubey (Proprietor), who has 20 years of experience in
the similar line of business look after the day to day operation
of the entity. The entity is further supported by a team of
experienced professionals.

Close proximity to raw material sources: Automobile components
manufacturing unit is located in Jamshedpur. Most of the raw
materials are met from the nearby location. Accordingly the
entity is able to save simultaneously on transportation cost and
automobile component cost.

Key Rating Weaknesses

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

Small scale of operation with moderate profitability margin: The
entity is a relatively small player vis-a-vis other players in
the auto component industry marked by its total operating income
of INR3.87 crore (INR3.75 crore in FY17) with a PAT of INR0.11
crore (INR0.15 crore in FY17) in FY18 (Provisional).  The small
size restricts the financial flexibility of the entity in terms
of stress and deprives it from benefits of economies of scale.
Due to its relatively small scale of operations, the absolute
profit levels of the entity also remained low.  Furthermore, the
profitability margins of the entity remained moderate marked by
PBILDT margin of 15.83% (FY17: 10.67%) and PAT margin of 2.91%
(FY17: 3.98%) in FY18 (Provisional). This apart, the entity has
achieved sale of INR0.85 crore during 4MFY19.

Intensely competitive nature of the industry with presence of
many unorganized players: Auto components industry is highly
fragmented and competitive in nature due to presence of many
small and medium
players in this sector owing to its low entry barriers and due to
low capital requirement. High competition restricts the pricing
flexibility of the industry participants and has a negative
impact on the profitability.

Exposure to volatility in raw material prices: The entity is
engaged in manufacturing of automobile components. The major raw
materials required for the same are iron, steel coils etc. The
entity purchases raw materials from the domestic market at spot
prices. Since the prices of the raw materials such as iron and
steel coils are volatile in nature and it is basically determined
by demand and supply situation at a particular time. Thus the
entity is exposed to volatility in raw materials prices.

Working capital intensive nature of business: The operations of
the entity remained working capital intensive as it maintains
adequate inventory of raw materials for smooth running of its
production process. Accordingly, the average inventory period
remained around a month. The inventory also remains in the work
in progress stage as the auto component manufacturing involves
various manufacturing processes like cutting of steel coils,
fabrication, welding, drilling, turning making sub-assemblies,
painting which also resulted in working capital intensity of its
operations. Accordingly, the average working capital utilization
remained around 95% during last 12 months ended July, 2018.

Weak capital structure with weak debt coverage indicators: The
capital structure of the entity was weak marked by negative net
worth in FY18 on account of carried forward past losses.
Furthermore, the debt coverage indicators remained weak with
total debt to GCA ratio of 34.25x in FY18 (provisional). Interest
coverage ratio remained moderately low at 1.25x in FY18
(provisional).

Eastern Automotive was established in March 2007. The objective
of the entity is to manufacture different types of automobile
components like beam, MS channel, MS sheet, axle, rim,
suspension, rim, hydraulic cylinder, fasteners etc. The
manufacturing unit of the entity is located at NH-33, Beliguma,
Mango, Dist: East Singhbhum, Jamshedpur-831018 with an installed
capacity of 500 complete trailers per annum of various automobile
components. The entity is also involved in trading of automobile
components. The entity earned around 15% revenue by trading of
automobile components in FY18. Mr. Sanjay Dubey (Proprietor), who
has 20 years of experience in the similar line of business look
after the day to day operation of the entity. The entity is
further supported by a team of experienced professionals.


FAMOUS STATIONERY: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Famous
Stationery 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 these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 16, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in June 2013, Famous Stationery manufactures and
exports office and school stationery, excise notebook and other
innovative paper bound stationery.


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

The instrument-wise rating action is:

-- INR75 mil. Fund-based limits maintained in non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ghanshyam Dall Mill's main business is processing of all types of
pulses and gram flour.


HARRIN POULTRY: CARE Reaffirms B+ Rating on INR11cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Harrin Poultry Farm (HPF) as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        11.00      CARE B+; Outlook: Stable
   Facilities                       Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HPF continues to be
constrained by working capital intensive nature of operation, net
losses incurred in FY18 (C.A. Certified Provisional), weak debt
coverage indicators during FY18, leveraged capital structure as
on March 31st 2018 (C.A. Certified Provisional), inherent risk in
poultry in terms of disease outbreaks, competition from
established integrated players in the poultry industry and lack
of operational track record due to recent start of operations.
However, the ratings derive comfort from experience of proprietor
in the similar line of business and easy availability of raw
material from group entity and achievement of Commercial
Operation Date (COD).

Going forward, the ability of the firm to improve its scale of
operations, capital structure and to efficiently manage its
working capital requirements will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Lack of operational track record due to recent start of
operations: HPF started commercial operations from May 05, 2017
with 1 batch of birds (50,000 per batch), which is the chick
stage. The entity is in the nascent stage of operations.

Competition from more established integrated players in the
poultry industry: Indian poultry industry is largely unorganized
with very few integrated players having presence across the value
chain. The economics of the commercial poultry farming business
is largely dependent on the realizations of eggs, broilers and
the cost of feed. The prices of large integrated poultry players
act as a yardstick for small poultry players like HPF.

Inherent risk in poultry in terms of disease outbreaks: The
margins of the HPF are susceptible to the volatility associated
with the realizations of eggs and inherent risk of disease
outbreak associated with the poultry industry which can lead to
demand collapse. Commercial poultry operations especially in the
broiler segment tend to be highly volatile, given the low level
of capital investment required in the business and the fragmented
nature of the industry. Changes in the prices of live birds,
table eggs and feed costs have a strong impact on the
profitability and cash flows of the companies operating in
poultry industry. Further there are large variations in the
production and consumption of poultry meat and egg in India
across various states. The consumption is affected by various
factors including taste preferences, religious practices, per
capital income, urbanization, etc.

Leveraged capital structure: The capital structure of the firm
stood leveraged marked by overall gearing ratio of 2.70x as of
March 31, 2018 (Prov. & Auditor Certified), owing to recently
completed debt funded project and net losses incurred in FY18
(C.A. Certified Provisional).

Net losses in FY18 (C.A. Certified Provisional): The firm
incurred net losses in FY18 (C.A. Certified Provisional), to a
tune of INR 0.09 crore, owing to the under-absorption of fixed
costs- interest and depreciation expenses; as a result of
initiation of business operations.

Weak debt coverage indicators during FY18 (C.A. Certified Prov.):
The TDGCA of the firm was marked at 100.18x as on March 31st 2018
(C.A. Certified Prov.), on account of relatively high debt
borrowed to fund the business set up, against minimal cash
accruals generated due to under absorption of fixed costs.
Further, the interest coverage ratio stood at 1.16x during FY18
(C.A. Certified Prov.).

Working capital intensive nature of operations: The average
inventory period stood high at 92 days in FY18 (C.A. Certified
Provisional) due to stagnation of inventory with moderation in
sales of eggs, coupled with inherent nature of business wherein
the firm is required to keep high inventory level of parent bird
and raw material stock to feed the birds in different growing
stages. The customers are given credit up to 60-130 days in order
to increase sales. And on procurement of raw materials from its
associate entity, Harrin Feeds, HPF gets a credit period of up to
90 days. Due to elongated inventory period and collection period,
the operating cycle also stood elongated at 165 days in FY18
(C.A. Certified Provisional).

Key Rating Strengths

Experience of proprietor in the similar line of business: HPF is
managed by Mr.Senthilkumar, who has around two decades of
experience in the similar line of business and overall
administration activities are supported by a team of supervisors.

Easy availability of raw material from group entity: The entity
procures feeds from its own associate concern and is not
dependant on outside parties for the feed. Captive feed mills
ensure the smooth supply of feed. The quality of feed is very
important as the chicks are at a growing stage which others would
affect the quality of egg produced. However, the overall impact
was relatively low as compared to other major poultry players due
to the availability of captive feed mills.

Harrin Poultry Farm (HPF) is promoted by Mr.Senthilkumar as a
Proprietorship firm. The firm started its commercial operations
on May 5, 2017 with 1 batch of birds (50,000 per batch), which is
the chick stage. HPF is engaged in poultry farming. Currently,
the operations of HPF include farming of chicks for production of
eggs. HBF's chick shed construction was completed in March 2017
after which the first batch of 50,000 birds were purchased and
housed in the chick shed for 8 weeks (chicks up to 8 weeks),
grower shed for another 8 weeks (chicks up to 16 weeks old
chicks) after which they were ready for laying eggs (chicks above
17 weeks up to 80 weeks). After 80 weeks, the birds are sent for
culling. The birds are purchased through brokers in Namakal,
Tamil Nadu and then sold to wholesalers. The entity has proposed
to fetch 750 lakh eggs per annum, which would be sold at an
average rate of INR 3.90. The firm has around 15 vans for
transportation of eggs. The administrative office of the firm is
located in Namakkal, Tamil Nadu.


IL&FS CLUSTERS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on IL&FS Clusters Development Initiative Limited's
(CDI) bank loan facilities:

-- INR300 mil. Fund-based working capital downgraded with
    IND BB+ (SO)/Negative/IND A4+ (SO) rating; and

-- INR60 mil. (reduced from INR150 mil.) Non-fund-based working
    capital downgraded with IND BB+ (SO)/Negative/IND A4+ (SO)
    rating.

KEY RATING DRIVERS

Similar Action on Guarantor's Rating: The rating downgrade and
Outlook revision reflect a similar rating action on ISDC's
parent, IL&FS Education and Technology Services Limited (IETS;
'IND BB+'/Negative). ISDC has strong legal linkages with IETS;
the latter has provided corporate guarantees for ISDC's bank
facilities. IETS' ratings are based on a consolidated view of
IETS' business and financials. CDI is a wholly owned subsidiary
of IETS.

Strong Operational Linkages: IETS and CDI have a similar nature
of businesses, common need for government dealings and common
directors on the board.

At FYE18, IL&FS Financial Services Ltd ('IND D') had routed loans
totaling INR1.8 billion through CDI to support group companies.
The loans are secured by a charge on current assets, including
the loans and advances given to group companies, and a demand
promissory note.

CDI's revenue mainly comprises fee income and grant income. While
fee income mainly comes from advisory services, grant income is
derived from the skills business. Its portfolio includes advisory
services to the Telangana government, Bihar government, Tripura
government, central government (Ministry of Food Processing etc.)
and cluster SPVs. Not only B2G, management is now increasing its
engagement in the B2C segment and expanding its presence in
Africa by implementing projects awarded by the Ministry of
Commerce, USAID, etc.

RATING SENSITIVITIES

Negative: Any further rating downgrade for IETS may lead to a
similar action on CDI.

Positive: A rating upgrade for IETS may lead to a similar action
on CDI.

COMPANY PROFILE

Set up in September 2006, CDI specializes in cluster development
and project management consultancy services. It focuses on 10
sectors and has a diversified client base comprising government,
private sector, bilateral and multilateral institutions. CDI
reported revenue of INR414 million, EBITDA loss of INR62 million
and a net loss of INR59 million for FY18.


IL&FS SKILLS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on IL&FS Skills Development Corporation Limited's
(ISDC) bank loan facilities:

-- INR100 mil. Non-fund-based limit/fund based limit* downgraded
     with IND BB+ (SO)/Negative/IND A4+ (SO) rating.

*The limit is fungible.

KEY RATING DRIVERS

Similar Action on Guarantor's Rating: The rating downgrade and
Outlook revision reflect a similar rating action on ISDC's
parent, IL&FS Education and Technology Services Limited (IETS;
'IND BB+'/Negative). ISDC has strong legal linkages with IETS;
the latter has provided corporate guarantees for ISDC's bank
facilities. IETS' ratings are based on a consolidated view of
IETS' business and financials.

Strong Operational Linkages: Strong operational linkages exist
between IETS and ISDC on account of the similar nature of the
business and government dealings in both the companies. ISDC uses
the training content developed by IETS. Also, both the companies
have common management and board representation.

Strong Strategic Ties: ISDC is of a high strategic importance to
IETS, as the new skills business is instrumental in expanding the
parent's overall addressable market. The company's business is
also synergistic with the existing businesses of IETS. ISDC
operates as a special purpose vehicle for the parent's skills
business. The company has hitherto not required any tangible
support from IETS.

RATING SENSITIVITIES

Negative: Any further rating downgrade for IETS may lead to a
similar action on ISDC.

Positive: A rating upgrade for IETS may lead to a similar action
on ISDC.

COMPANY PROFILE

ISDC is a joint venture between IETS; (80.01% share) and National
Skill Development Corporation (19.99% share). The company aims at
providing training to 4 million people by 2022 through a network
of 300 plus institutes of skills on hub and spoke model. The
training will be targeted towards providing solutions for
infrastructure deficiencies, trainer quality, supply driven
curriculum, linkages with the job market and employability
issues. The company addresses training needs across government
organizations, private companies, international bodies and
trainees themselves. ISDC reported revenue of INR1,998 million,
EBITDA of INR291 million and a net income of INR110 million for
FY18.


IMPERIAL TUBES: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Imperial Tubes
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:

-- INR400 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 3, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1978, Imperial Tubes manufactures steel tubes and
pipes of various sizes and grades at its manufacturing facilities
in Howrah, West Bengal.


INDIAN STEEL: ICRA Reaffirms D Rating on INR1,046.82cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term and short-term rating of
[ICRA]D for INR2,520.53-crore bank limits of Indian Steel
Corporation Limited (ISCL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans         793.61       Reaffirmed at [ICRA]D

   Fund-based
   Limits             205.36       Reaffirmed at [ICRA]D

   Non-fund-
   based Limits     1,046.82       Reaffirmed at [ICRA]D

   Unallocated        474.74       Reaffirmed at [ICRA]D

Rationale

The rating reaffirmation factors in the continued delays in debt
servicing, overdraw of fund-based (FB) limits and instances of
devolvement of letters of credit (LC) over the last two to three
years on account of ISCL's stretched liquidity profile. Given the
weak market conditions, it has reported a decline in its turnover
over the last three years along with significant losses. In
addition, the company has been facing working capital funding
constraints, which have further limited its scale of operations.
Further, the conversion of devolved LCs into FB limits has
resulted in higher working capital borrowings and increase in
overall debt. Moreover, continued losses at net level have
resulted in a negative net worth, which coupled with increased
debt has deteriorated ISCL's leverage profile. The rating also
continues to factor in the competitive nature of the steel
industry, which limits the pricing flexibility of industry
participants, including ISCL, and adversely impacts the
profitability of the same. The company's profitability also
remains exposed to foreign exchange risk, given the significant
level of raw material imports.

However, ICRA takes note of the extensive experience of ISCL's
promoters and the company's established operational track record
in the steel industry. It has a wide customer base, which
includes reputed players of the auto and white goods sectors.
ICRA also takes into account the management support and technical
assistance available to ISCL from Mitsui & Co. Limited, Japan.

Outlook: Not applicable

Key rating drivers

Credit strengths

* Established track record: The company started commercial
operations in 2004 and has an established track record of
operations in the industry. Moreover, the promoters have even
longer experience (more than 20 years) in the steel industry,
which has helped the company establish a healthy customer base
and strong dealer network.

* Technical support from Mitsui: The company was promoted by the
Ruchi Group of Industries, India and Mitsui & Company, Japan in
2002. The Mitsui Group holds around 20% stake in the company and
provides technical know-how and assistance in international trade
(procurement and sales) to the company.

Credit weaknesses

* Vulnerability of operations to cyclical downturn in steel
industry economy: Given the inherent cyclicality in the steel
industry, the company witnesses high volatility in the demand for
its products. This makes its revenue growth vulnerable to
cyclical downturns.

* Profitability remains exposed to fluctuations in raw material
prices and competitive pressures: Raw material costs constitute a
significant proportion of ISCL's overall cost structure. Hot
Rolled (HR) coil is the major raw material for the company and
hence, its profitability remains exposed to adverse movements in
steel prices. Further, the company faces competitive pressures
from global players as well domestic peers.

* Continuing delays in debt servicing: Given the decline in
turnover and stretched liquidity profile, the delays in debt
servicing continue. Further, there are instances of overdraw of
FB limits and devolvement of LC over the last few years.

* Adverse leverage profile: Over last few years company's debt
has increased significantly with the conversion of devolved LCs
into debt and addition of unpaid interest. Further, continuing
losses have resulted in negative net worth for the company. Its
coverage indicators have also deteriorated significantly over
last few years.

ISCL was jointly promoted by the Ruchi Group of Industries, India
and Mitsui & Company, Japan in 2002. The company is involved in
manufacturing cold rolled (CR) coils and sheets along with
galvanised plain (GP), galvanised corrugated (GC) sheets and
colour-coated galvanised sheets. The company has set up its
manufacturing facilities at the Bhimasar village near Kandla
port, Gandhidham (Gujarat) in close proximity to the Mundra port.
The company has an established operational track record in the
steel industry, having commenced operations in 2004. Further,
ISCL's promoters have a vast experience of over two decades in
the steel manufacturing industry.

For the full year, ISCL reported a net loss of INR84 crore in
FY2018 on an operating income (OI) of INR1,245 crore (provisional
financials) against net loss of INR198 crore on an OI of INR1,533
crore in FY2017.


ISHWAR CABLES: ICRA Migrates B Rating to No Cooperating
-------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of
Ishwar Cables Private Limited (ICPL) have been moved to 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) and [ICRA]A4; ISSUER NON-COOPERATION".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term:         6.00       [ICRA]B (Stable) ISSUER NON-
   Fund Based                    COOPERATION; Moved to 'Issuer
   Cash Credit                   Not Cooperating' category

   Short Term:        1.00       [ICRA]A4 ISSUER NON-
   Non-Fund Based-               COOPERATION; Moved to 'Issuer
   Bank Guarantee/               Not Cooperating' category
   Letter of Credit

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

ICPL was established on February 10, 2006 by Mr. Rahul Chaudhary
and his family as a private limited company to cater to the
cables and wires requirements of its group company IMI. However,
in FY2014, the shareholding was transferred to Mr. Arpit
Chaudhary and Ms. Sunita Matoria. The firm manufactures high and
low voltage wires and cables, mostly used by state power
utilities. The manufacturing unit of the firm is located in
Jaipur Industrial Area, Rajasthan.


ISHWAR METAL: ICRA Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR43.49 crore bank facilities of
Ishwar Metal Industries (IMI) have been moved to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) and [ICRA]A4; ISSUER NON-COOPERATION".

                     Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term:           20.00       [ICRA]B+ (Stable) ISSUER NON-
   Fund Based-                      COOPERATION; Moved to 'Issuer
   Cash Credit                      Not Cooperating' category

   Long Term:            0.99       [ICRA]B+ (Stable) ISSUER NON-
   Fund Based-                      COOPERATION; Moved to 'Issuer
   Term Loan                        Not Cooperating' category

   Short Term:          22.50       [ICRA]A4 ISSUER NON-
   Non-Fund Based-                  COOPERATION; Moved to 'Issuer
   Bank Guarantee/                  Not Cooperating' category
   Letter of Credit

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

IMI was established in 1985 as a partnership firm by Mr. Rahul
Chaudhary and his family. The firm is involved in manufacturing
and installation of substation structures, transformer tanks,
core clamps, meter pillar boxes, cables and conductors,
electronic meters and electric lamination. The manufacturing unit
of the firm is located in Jaipur Industrial Area, Rajasthan.


J.G. RICE: CARE Reaffirms B+ Rating on INR7.49cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
J. G. Rice Mill, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facility               7.49      CARE B+; Stable Reaffirmed

   Short term Bank
   Facility               2.00      CARE A4 Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of J. G. Rice Mill
are constrained by its proprietorship nature of constitution;
small scale of operation with low profitability margins,
regulated nature of industry, volatile agro-commodity (paddy)
prices with linkage to vagaries of the monsoon, working capital
intensive nature of operation, intensely competitive nature of
the industry with presence of many unorganized players, and
leveraged capital structure with moderate debt coverage
indicators. However, the aforesaid constraints are partially
offset by its long track record of operation, experienced
proprietor and close proximity to raw material sources and
favorable industry scenario.

Going forward, ability to increase its scale of operation,
improve profitability margins and ability to manage working
capital effectively would remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record of operation: JGRM, established and commenced
operation from February 2004 has a long track record of
operations.

Experienced proprietor: Mr. Sanjay Agarwal (proprietor), having
more than a decade of experience in rice milling, looks after the
day to day operations of the entity. He is supported by a team of
experienced professionals.

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

Key Rating Weaknesses

Proprietorship nature of constitution: J. G. Rice Mill, being a
proprietorship entity, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Small scale of operation with low profitability margins: J. G.
Rice Mill is a relatively small player in the rice milling and
processing business having total operating income and PAT of
INR41.99 crore (INR24.62 crore in FY17) and INR0.31 crore
(INR0.20 crore in FY17), respectively, in FY18 (provisional).
The PBILDT and PAT margins of the entity were also low at 2.93%
(FY17: 4.67%) and 0.74% (FY17: 0.82) in FY18 (provisional). The
net worth of the entity was also low at around INR2.84 crore as
on March 31, 2018 (provisional). Small scale of operations with
low net worth base limits the credit risk profile of the entity
in an adverse scenario. This apart, the entity has achieved sale
of INR21.00 crore during 4MFY19.

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

Volatile agro-commodity (paddy) prices with linkage to vagaries
of the monsoon: JGRM is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the
peak arrival of crop at major trading centres begins in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.

Working capital intensive nature of operation: Rice milling is a
working capital intensive business as the rice millers have to
stock rice by the end of each season till the next season as the
price and quality of paddy is better during the harvesting
season. Further, the millers are required to extend a credit
period of around 30 days to its customers. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the
fate of the entities' operation to vagaries of nature.
Accordingly, the working capital intensity remains high leading
to higher stress on the financial risk profile of the rice
milling units. Furthermore, the average utilization of working
capital remained at about 90% during the last 12 months ended
July 31, 2018.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. High competition
restricts the pricing flexibility of the industry participants
and has a negative bearing on the profitability.

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the entity remained leveraged as
marked by overall gearing ratio of 2.51x as on March 31, 2018
(provisional). Furthermore, the debt coverage indicators remained
weak with total debt to GCA ratio of 13.69x in FY18
(provisional). Interest coverage ratio remained satisfactory at
1.73x in FY18 (provisional).

M/s J.G. Rice Mill (JGRM) established and commenced operation
from February, 2004. The entity is engaged in processing and
milling of non-basmati rice. The milling unit of JGRM is located
at Mill - Sirri, Kharora, Raipur, Chhattisgarh, with processing
capacity of (Rice- 2856 MTPA, Broken Rice - 1320 MTPA and Rice
Bran - 2760 MTPA). JGRM procure paddy from farmers & local agents
and sells its products through the wholesalers and distributors
across Chhattisgarh. Mr. Suresh Agarwal (Proprietor) has died on
November 30, 2017 as per the death certificate registration
number 2017- 01-008332. Mr. Sanjay Agarwal son of Mr. Suresh
Agarwal has become the proprietor of J. G. Rice Mill as per the
will of Mr. Suresh Agarwal. Mr. Sanjay Agarwal (Proprietor),
having 20 years of experience in rice milling, looks after the
day to day operations of the entity. He is supported by a team of
experienced professionals.


LINUS AGROVENTURES: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Linus
Agroventures Pvt. Ltd.'s (LAPL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite 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 actions are:

-- INR120 mil. Fund-based facilities (Short-term) affirmed with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR180 mil. Long-term loans (long term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
LAPL.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

LAPL processes fish and sea food for both the domestic and
overseas markets.


K S INFRA: ICRA Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA said the ratings for the INR9.50 crore bank facilities of
K S Infra Transmission Private Limited (KSIPL) have been moved to
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) and [ICRA]A4; ISSUER NON-COOPERATION".

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

   Short Term:        2.50       [ICRA]A4 ISSUER NON-
   Non-Fund Based-               COOPERATION; Moved to 'Issuer
   Bank Guarantee/               Not Cooperating' category
   Letter of Credit

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

KSIPL was established in 2013 and is promoted by Mr. Rahul
Chaudhary and his family as a private limited company. The
company manufactures fabricated structures such as cross arms,
clamps, lattice towers, substation structures and transformer
tanks. In addition, it also manufactures line hardware made up of
Aluminium Casting and Iron Casting. It caters to the cables and
wires requirements of its various state discoms, private sector
entities and its group companies. The manufacturing facility of
the company is located in Jaipur, Rajasthan.


K P BUILDCON: ICRA Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the long and short-term ratings for the bank
facilities of K P Buildcon Private Limited (KPBPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       15.55       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

   Non Fund           1.50       [ICRA]A4 ISSUER NOT
   Based-Bank                    COOPERATING; Rating moved to
   Guarantee                     the 'Issuer Not Cooperating'
                                 category

   Unallocated        0.20       [ICRA]B+ (Stable)/[ICRA]A4
                                 ISSUER NOT COOPERATING; Rating
                                 moved to the 'Issuer Not
                                 Cooperating' category

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

The entity's credit profile may have changed since the time it
was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

K P Buildcon Private Limited (KPBPL) commenced commercial
production in the year 2001. The company was primarily engaged in
industrial construction and gradually shifted and developed its
core competence into manufacturing of telecom towers. However,
due to slow down in telecom towers demand in recent years,
because of passive tower sharing by telecom service providers
with a view to cut cost, the company has diversified its
operations and is now catering to tower and metal structure needs
of solar and wind power segment. The company also provides other
services like OFC (Optical Fiber Cable) laying and maintenance,
fault rectification, site clearance etc.


KADVANI FORGE: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
The ratings for the INR36.28-crore bank facilities of Kadvani
Forge Limited continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING" for the bank facilities of the company.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based-        1.48       [ICRA]B (Stable) ISSUER NOT
   Term Loans                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund-based-       25.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund-based-        1.30       [ICRA]B (Stable) ISSUER NOT
   Working Capital               COOPERATING; Rating continues
   Demand Loan                   to remain under 'Issuer Not
                                 Cooperating' category

   Short Term Fund    5.00       [ICRA]A4 ISSUER NOT
   Based Limits                  COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short Term Non-    3.50       [ICRA]A4 ISSUER NOT
   fund Based                    COOPERATING; Rating continues
   Limits                        to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance with repeated reminders for payment of an
overdue surveillance fee. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on the best
available/dated/limited information on the issuer's performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating, as it may not adequately reflect the credit risk profile
of the entity.

Incorporated in 1995, Kadvani Forge Limited (KFL) is involved in
manufacturing of closed die steel forged products in carbon,
alloy and stainless steel with its plant located at GIDC Lodhika
in Rajkot, Gujarat. KFL was initially promoted by Kadvani family
and was taken over by Mr. Vitthal Dhaduk in February 2009.
Currently the plant has an installed capacity of 30,000 MTPA.


KERALA INFRASTRUCTURE: Fitch Assigns BB LT Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned Kerala Infrastructure Investment Fund
Board's (KIIFB) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) of 'BB'. The Outlook is Stable.
Concurrently, Fitch has assigned KIIFB's INR50 billion
medium-term note (MTN) programme an expected rating of 'BB(EXP)'.
Notes issued under the MTN programme may be denominated in Indian
rupees or any other currency.

The notes under the MTN programme may be issued by KIIFB directly
and will be unconditionally and irrevocably guaranteed by the
Government of Kerala, acting through the Finance Department of
Kerala. The proceeds will be used for its infrastructure project-
related activities and other general corporate purposes.

The MTN programme's rating is for the programme in general, but
each individual may not be assigned the same rating as the
programme's.

The final ratings on the proposed MTN programme and drawdowns are
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Rating Equalised with Kerala: KIIFB's ratings are equalised with
Fitch's internal assessment of the credit profile of Kerala. The
linkage is reflected in KIIFB's special legal status, Kerala's
unconditional and irrevocable guarantee to KIIFB's payment
obligations as well as the financial impacts on Kerala's
creditworthiness if KIIFB defaults. Hence, KIIFB is considered as
a government-related entity under Fitch's criteria.

Kerala's Creditworthiness: Kerala is strategically located on the
trans-national trade route connecting Europe and the Pacific Rim.
It has a strong social-economic profile underpinned by its
leading social indicators, including high literacy level, low
infant mortality rates and high life expectancy, as well as its
above-average GDP per capita. The state's welfare spending for
human development has resulted in a higher committed expenditure
for public welfare, and therefore pressured its capex budget over
the years.

'Very Strong' Status, Ownership, Control: KIIFB was founded by
the state government in 1999 as a statutory body. It has a
special legal status whereby its liabilities are automatically
transferred to the state in case of default. KIIFB strictly
follows the state government's plan to finance and implement
various infrastructure projects. Its board consists of existing
government officers and independent experts. In addition, a fund
trustee and advisory commission acts as KIIFB's trustee to ensure
there is no diversion of funds.

'Very Strong' Support Record, Expectations: The state government
is statutorily mandated to guarantee the payment of principal and
interests of any fund proposed to be raised by KIIFB. In
addition, the state government has created a dedicated ring-
fenced fund for KIIFB by allocating the entire petroleum cess and
a progressive step-up share (up to 50%) of the motor vehicle tax
collected in the state to help the latter's debt servicing.

'Strong' Socio-Political Default Implications: KIIFB was
established as an exclusive agency for the financing of critical
infrastructure development projects, which span across various
public sectors, including transportation, energy, social
infrastructure, IT and water sanitation. The development of these
sectors closely complies with the state government's plan of
accelerating investment in infrastructure and remains crucial to
the state's living standard improvement and economic sustainable
growth.

'Very Strong' Financial Default Implications: KIIFB aims to
finance large-scale and capital-intensive projects in the state
with a total planned project outlay of INR500 billion over the
upcoming five years. In view of the legal guarantee provided by
the state government, KIIFB's creditworthiness is directly linked
to that of the state. Any default by KIIFB would lead to direct
repercussions on the credibility of the state.

RATING SENSITIVITIES

Links with the State: An upgrade of Fitch's internal assessment
of the creditworthiness of Kerala may trigger a positive rating
action on KIIFB. A significant weakening of KIIFB's strategic
importance to the state, dilution of the provincial government's
shareholding and/or reduced state government support, may result
in a downgrade. A downgrade may also stem from weaker fiscal
performance or increased indebtedness of the province, leading to
a deterioration in its creditworthiness.

Any rating action on KIIFB's IDRs would result in a similar
action on the ratings of the MTN programme and the drawdowns.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR24.28 mil. Term loan maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in October 2010, Madhav Stores trades in kitchen
alliances, groceries, baby toys and crockery.


MAHESHWARI TECHNOCAST: CARE Reaffirms B+ Rating on INR6.9cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Maheshwari Technocast Limited (MTL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            6.90       CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities            2.50       CARE A4 Reaffirmed

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of MTL are continues
to remain constrained by its small scale of operations with low
profit margins, volatility in raw material prices, working
capital intensive nature of business, leveraged capital structure
with moderate debt coverage indicators and its presence in an
intensely competitive and cyclical industry. However, the ratings
continue to derive comfort from the promoter's extensive
experience in this line of business, long track record of
operations and reputed & diversified clientele.

Going forward, MTL's ability to increase its scale of operations,
improve profitability margins and effective management of working
capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total
operating income of INR32.67 crore (INR30.17 crore in FY18,
provisional) with a PAT of INR0.13 crore for last two years. The
company has booked revenue of INR11.91 crore in Q1FY19 as
maintained by the management. Furthermore, the profit margins of
the company remained low marked by PBILDT margin of 4.16% and PAT
margin of 0.40% in FY18, provisional.

Volatility in raw material prices: MTL does not have backward
integration for its basic raw-materials (coke, foundry chemicals,
coal, welding electrodes, gases etc.) and it procures the same
from open market at spot prices. 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 business: The operations of
the company remained working capital intensive marked by high
inventory holding period. The average inventory period of the
company remained on the higher side during last three years.
Further, the company allows credit of about four weeks to its
clients which also resulted into working capital intensive nature
of its operations. However, it receives credit of about two
months. Accordingly, the average fund based bank limit
utilization remained on the higher side at about 80% during last
twelve months ending on July 31, 2018.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leverage marked by debt equity and overall gearing ratios of
0.74x and 2.89x respectively as on March 31, 2018. The debt
coverage indicators of the company also remained moderate marked
by interest coverage of 1.42x and total debt to CGA of 20.43x in
FY18, provisional.

Intensely competitive and cyclical industry: The operating
spectrum of the company is highly fragmented and competitive
marked by the presence of numerous players in the region. Hence
the players in the industry do not have pricing power and are
exposed to competition induced pressures on profitability. This
apart, MTL's product being intermediary iron & steel products,
are used primarily by steel industry. Accordingly, it is
subjected to the risks associated with the industry like
cyclicality and price volatility.

Key Rating Strengths

Experienced promoters with long track record of operations: MTL
is into manufacturing of rolling mill spare parts since 1974 and
thus has long track record of operations. Being in the same line
of business since long period, the promoters have built up
established relationship with its clients and the company is
deriving benefits out of this. Mr. Suresh Kumar Mantri has more
than four decades of experience in the same line of business,
looks after the overall management of the company supported by
other directors Mr. Prashant Kumar Mantri who also has around 15
years of experience in same line of business.

Reputed and diversified clientele: MTL has been associated with a
number of reputed customers since its inception and has marked a
remarkable presence as a supplier of bearings and spare parts.
The client portfolio of MTL includes reputed names like Bhilai
Steel Plant (a unit of Steel Authority of India Ltd, Rated: CARE
AA-; Negative/A1+), Beekay Steel Industries Limited, National
Aluminium Company Limited (NALCO), Hindustan Copper Limited and
so on. Considering the client profile, the risk of default is
minimal.

MTL, promoted by Mr Suresh Kumar Mantri, was originally set up as
a partnership firm in 1974 and the same was converted into
limited company with effect from August 14, 1996.MTL is the
ancillary unit of Bhilai Steel Plant, a unit of Steel Authority
of India Limited. Since its inception, MTL has been engaged in
manufacturing of rolling mill spare parts. The manufacturing
facility of the company is located at Bhilai, Chhattisgarh with
an aggregate installed capacity of 3000 MTPA of foundry and 1500
MTPA of fabrications.


MANJEERA CONSTRUCTIONS: ICRA Withdraws C Rating on INR30cr Loan
---------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]C ISSUER NOT COOPERATING
assigned to the INR60.00 crore bank facilities of Manjeera
Constructions Limited (MCL).

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       15.00      [ICRA]C ISSUER NOT COOPERATING;
                                Withdrawn

   Bank Guarantee    30.00      [ICRA]C ISSUER NOT COOPERATING;
                                Withdrawn

   Unallocated       15.00      [ICRA]C ISSUER NOT COOPERATING;
   Limits                       Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request of the company, based on
no-due certificate provided by its banker.

Outlook: Not Applicable

Key rating drivers

Manjeera Constructions Limited (MCL) was incorporated in the year
1987 by Mr. G. Yoganand. The company was later converted into a
public listed company, with the shares being listed on BSE as
well as NSE. From FY2007, the company started executing civil
work contracts involving construction of apartments, hostels etc.


MS HANDLOOM: CARE Lowers Rating on INR9cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MS Handloom Cottage Pvt Ltd (MSHC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.00       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   'CARE B+; Stable'

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MSHC vide e-mail
communications/letters dated May 8, 2018, May 22, 2018, June 15,
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 rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on MSHC's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

The rating takes into account its small scale of operation, thin
profitability margin due to trading nature of business, working
capital intensive nature of operation, intensely competitive
nature of industry with presence of many unorganized players,
leveraged capital structure and weak debt protection metrics and
fortunes linked to textile industry. However, the aforesaid
constraints are partially offset by its experienced promoters and
moderate track record of operation.

Detailed description of the key rating drivers

Key Rating Weaknesses:

Small scale of operations: MSHCPL has relatively small scale of
operation over past three years as reflected by total operating
income of INR41.04 crore in FY17. Thin profitability margins due
to trading nature of business and leveraged capital structure
with weak debt protection metrics Profitability margins of the
company remained thin and range bound over the past years due to
inherent low margin nature of trading business with no control
over the purchase and selling prices. The capital structure of
the company has remained leveraged as on past account closing
dates marked by overall gearing of 4.05x as on March 31, 2017.

Working capital intensive nature of business: MSHCPL requires
high level of working capital to maintain the required inventory
levels. This apart, lower cash accruals acts as a constraint on
the liquidity position of the company, thereby forcing it to rely
heavily on bank borrowings. Working capital cycle has been high
during last three account period and the same was at 92 days
during FY17.

Intensely competitive nature of industry with presence of many
unorganized players: MSHCPL is engaged into wholesaling and
trading of handloom products like saree, salwar etc., which is
highly fragmented and competitive in nature due to low entry
barriers. Further many entities are into similar line of business
with a little product differentiation resulting into price driven
sales. In such a competitive scenario smaller entities like
MSHCPL are more vulnerable on account of its limited pricing
flexibility.

Fortunes linked to the textile industry: Indian Textile industry,
which is the second largest employer after agriculture is
inherently cyclical in nature. Any adverse changes in the global
economic outlook as well as demand - supply scenario in the
domestic market directly impacts demand of the textile industry.
Textile industry as a whole remains vulnerable to various factors
such as fluctuations in prices of cotton, mobilization of
adequate workforce and changes in government policies for overall
development of the textile industry. Any significant changes in
such factors will have direct impact on the business operations
of the company like MSHCPL.

Key Rating Strengths

Experienced Promoters: Mr. Subodh Kumar Bajoria (aged, 51 years)
having more than two decades of experience in the same line of
industry, looks after the day to day operations of the company.
He is supported by other director Mr. Shivam Kumar Bajoria (aged,
28 years), along with the team of experienced professionals.

Moderate track record of operation: MS Handloom Cottage Private
Limited (MSHCPL) has commenced operation since 2008 and has about
nine years of established operation.

MS Handloom Cottage Private Limited (MSHCPL) was incorporated in
2008 by Mr. Subodh Kumar Bajoria. Since its incorporation the
company is engaged in the trading of different handloom products
like saree, salwar etc. The company's trading unit and its office
is in Kolkata, West Bengal.

Mr. Subodh Kumar Bajoria, having more than two decades of
experience in the same line of industry, looks after the day to
day operations of the company. He is supported by other director
Mr. Shivam Kumar Bajoria, along with a team of experienced
professionals.


OYSTER STEEL: CARE Lowers Rating on INR100cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oyster Steel and Iron Private Limited (OSIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      100.00     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable
                                  on the basis of best available
                                  information

   Short-term Bank      20.00     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from OSIPL to monitor the
ratings vide email communications/letters dated August 16, 2018,
August 7, 2018, August 3, 2018, August 1, 2018, July 10, 2018,
July 6, 2018, June 29, 2018, June 1, 2018, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.  The ratings on OSIPL's bank facilities
will now denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
OSIPL takes into account ongoing delays in debt servicing by the
company.

Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.


PERMALI WALLACE: ICRA Migrates D Rating to Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR66.48 crore bank facilities of
Permali Wallace Private Limited has been moved to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based/        41.23     [ICRA] D ISSUER NOT COOPERATING;
   Term Loans                   Rating moved to the 'Issuer Not
                                Cooperating' category

   Fund-based/        12.00     [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

   Non Fund-based     10.00     [ICRA] D ISSUER NOT COOPERATING;
   limit/Letter                 Rating moved to the 'Issuer Not
   of Credit                    Cooperating' category

   Non Fund-based/     3.25     [ICRA] D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating moved to the 'Issuer Not
                                Cooperating' category

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

Permali Wallace Private Limited (PWPL) was established in 1961 in
technical and financial collaboration with Permali Limited,
Gloucester, U.K. and Chase Lowe & Co., Manchester, U.K. The
company started as a manufacturer of wood based densified
impregnated laminates for industrial and engineering applications
and expanded its products range to include veneer based
components, glass reinforced composites, sheet moulding compounds
(SMC), dough moulding compounds (DMC), moulded components, epoxy
resin castings, etc.


PARAS COMMERCIAL: Ind-Ra Maintains 'B' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Paras
Commercial Corporation'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:

-- INR45 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Paras Commercial Corporation is engaged in the sale and marketing
of food products for leading FMCG companies.


R R PRESTRESS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R R Prestress
Industries' 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:

-- INR40 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR14.5 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 30, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on 2007, R R Prestress Industries manufactures
electrical products and pre-stressed concrete poles in Jaipur.


R. AYUSH: CARE Assigns 'B' Rating to INR10cr Long-Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.
Ayush Enterprises (RAE), 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 RAE is primarily
constrained by its short track record coupled with small scale of
operations, leveraged capital structure and weak debt coverage
indicators. Further, the rating is also constrained by working
capital intensive nature of operations, risk associated with
constitution of the entity being a proprietorship firm and highly
fragmented nature of industry characterized by intense
competition. The rating, however, draws comfort from experienced
proprietor coupled with moderate profitability margins.

Going forward; ability of RAE to profitably increase its scale of
operations while improvement in its capital structure along with
efficient management of its working capital requirements shall be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record coupled with small scale of operations: The
firm started its commercial operations from April, 2016 and has a
relatively short track record in this business as compared to
other established players. RAE's scale of operations remained
small as evident from total operating income and gross cash
accruals of INR34.53 crore and INR0.35 crore, respectively,
during FY18 (refers to the period April 1 to March 31; based on
provisional results). Furthermore, the net worth base of the firm
stood relatively small at INR0.89 crore as on March 31, 2018. The
small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Leveraged capital structure and weak debt coverage indicators:
The firm has debt mainly in the form of unsecured loans and
working capital borrowings. The capital structure of the firm
stood leveraged marked by overall gearing of above 15x as on past
two balance sheet dates ending March 31, '17-'18 on account of
low net worth base and high dependence on external borrowings to
meet the working capital requirements. Further, owing to high
debt levels, debt service coverage indicators as marked by
interest coverage and total debt to GCA stood weak below 1.30x
and above 35x respectively, for past two financial years (FY17-
FY18).

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature as marked by
operating cycle of 124 days for FY18. Owing to large product
portfolio coupled with seasonal nature of commodities, the firm
is required to maintain adequate inventory of traded goods to
cater the immediate demand of the customers resulting in an
average inventory holding period of around 114 days for FY18.
Further, being present in a highly competitive industry, the firm
normally extends credit period of around 10-20 days to its
customers resulting in an average collection period of 17 days in
FY18. Moreover, the firm procures the traded products from its
suppliers with maximum credit period stood at around a week. The
average utilization of working capital limits remained around 90%
utilized during the past 12 months period ended July, 2018.

Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the
firm operates is highly fragmented and competitive marked by the
presence of numerous players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability. Moreover, the
value addition is low on account of trading nature of business
operations which further impacts the profitability margins.

Key Rating Strengths

Experienced proprietor coupled with moderate profitability
margins: Mr. Ayush Bansal looks after the overall operations
of the firm and holds experience of nearly one decade in trading
industry through his family run business.

The profitability margins of the firm stood moderate marked by
PBILDT and PAT margin of above 3% and 0.70% respectively during
past two financial years (FY17-FY18) on account of long standing
presence in the market.

Delhi based R. Ayush Enterprises (RAE) was established in April,
2016 as a proprietorship firm and is currently managed by Mr.
Ayush Bansal. The firm is engaged in the wholesale trading of dry
fruits, spices, kirana items, herbs, etc. to local traders based
in Delhi. The firm is managing its operations from Khari Baoli,
Delhi.


R.S.H. AGRO: ICRA Maintains B Rating on INR5cr Term Loan
--------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
R. S. H. Agro Products Pvt Ltd continue to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based-        5.00       [ICRA]B (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund-based-       10.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015 at is facility located
in Assam. The company is managed by the Harlalka family, and is a
part of the Harlalka Group which operates other companies in agro
products, coke etc.


RAMA PAPER: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the rating of INR71.81 crore bank facilities of Rama
Paper Mills Limited (RPML) continues to be in 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       18.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in
                                non-cooperating category

   Fund Based-       53.81      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain in
                                non-cooperating category

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

Rama Paper Mills Limited (RPML), which is in the business of
manufacturing and selling of paper and board related products was
established in December 1985 at Kiratpur, (District Bijnor, Uttar
Pradesh). The company has been promoted by Mr. Pramod Agarwal and
his brother Mr. Arun Goel, who are professionally qualified.
While RPML started off with an initial installed capacity of
61000 Metric Ton (MT). With four production lines, RPML has a
presence in product segments such as Newsprint, cream woven
paper, duplex board and poster paper.


RAMESHWAR INDUSTRIES: ICRA Cuts Rating on INR7.67cr Loan to D
-------------------------------------------------------------
ICRA has revised the rating of bank facilities of Rameshwar
Industries (RI) to [ICRA]D from [ICRA]B. Also, the rating
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term           7.67      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Revised from [ICRA]B (Stable)
                                 and continue to remain under
                                 'Issuer Not Cooperating'
                                 category

   Unallocated         1.08      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Revised from [ICRA]B (Stable)
                                 and continue to remain under
                                 'Issuer Not Cooperating'
                                 category

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

Rationale

The rating downgrade follows the delays in debt servicing by RI
to the lender, as confirmed by them to ICRA.

Established in May 2013 as a partnership firm, Rameshwar
Industries is in the business of ginning and pressing of raw
cotton and cotton seed crushing. The firm commenced its
commercial operations in January 2014. Its manufacturing facility
is located at Tankara in Rajkot, Gujarat and is equipped with 24
ginning machines, 1 pressing machine and 5 crushing machines with
processing capacity of ~17,740 Metric Tonnes Per Annum (MTPA) of
cotton bales and ~13,140 MTPA of cotton seed oil. The promoters
of the firm have extensive experience in the cotton industry.


RHC HOLDINGS: Daiichi Sankyo Moves NCLT to Stay Proceedings
-----------------------------------------------------------
Livemint.com reports that Daiichi Sankyo Inc. has moved the
National Company Law Tribunal (NCLT) to stay the insolvency
proceedings against RHC Holdings Pvt. Ltd initiated by HDFC Bank
Ltd. A two-member NCLT bench has asked RHC Holdings and HDFC Bank
to file a reply over the move within a week, the report says. The
tribunal has directed the matter be listed on October 4 for the
next hearing.

Daiichi Sankyo, which has filed an intervention application in
the insolvency plea filed by HDFC Bank, said it has a decree to
recover money against RHC Holdings, the report relates. The Delhi
high court has already granted status quo over sale of assets by
RHC Holdings.

According to the report, a tribunal in Singapore had passed the
award in favor of Daiichi Sankyo holding that Singh brothers --
Malvinder Singh and Shivinder Singh -- had while selling its
shares concealed information that the Indian company was facing
probes by the US Food and Drug Administration (FDA) and
Department of Justice.

Livemint.com says the high court had on January 31 had upheld the
international arbitral award passed in the favor of Daiichi
Sankyo and paved the way for enforcement of the 2016 tribunal
award against the brothers, who had sold their shares in Ranbaxy
Laboratories to Daiichi Sankyo in 2008 for INR9,576.1 crore.

Sun Pharmaceuticals Ltd had later acquired Ranbaxy Laboratories
from Daiichi Sankyo, the report relates.

Daiichi Sankyo had moved the high court seeking direction to the
Singh brothers to take steps towards paying its INR3,500 crore
arbitration award, including depositing the amount, Livemint.com
recalls. It had also urged the court to attach their assets,
which may be used to recover the award.

RHC Holding Private Limited operates as a holding company. The
Company, through its subsidiaries, invests in healthcare and life
sciences sectors.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR600 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
January 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M/s Sanjay Agrawal was incorporated in 2000 as a partnership
firm. It undertakes construction projects for government entities
such as the Public Works Department, Hospital Services
Consultancy Corporation and NBCC (India) Limited across seven
states, including Chhattisgarh, Rajasthan and Jharkhand.

Mr. Sanjay Agrawal is the managing partner of the firm. Mr. Ajay
Agrawal, Mr. Amit Agrawal, Mr. Siddhartha Agrawal and Mr. Aditya
Agrawal are the other partners.


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

The instrument-wise rating actions are:

-- INR215 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 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
November 13, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1994, SAS International manufactures and exports
high-end garments under its own brand Pashma.


SELEO CERAMIC: ICRA Maintains B Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for INR9.78 crore bank facilities of Seleo
Ceramic Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term          6.48       [ICRA]B (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        2.30       [ICRA]B (Stable) ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term         1.00       [ICRA]A4 ISSUER NOT
   Non-fund-based                COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated in March 2013, Seleo Ceramic Private Limited ('SCPL'
or 'the company') manufactures ceramic wall tiles from its
facility located at Morbi, Gujarat. The company commenced its
commercial operations in January 2014 and currently manufactures
digitally printed ceramic wall tiles of four sizes, 10" X 15",
12" X 18", 12" X 12" and 10" X 10" with total installed capacity
of ~16,80,000 boxes per annum (~18,480 Metric Tonnes Per Annum).
The company is promoted by Mr. Nanji Kavar, Mr. Atul Kavar and
Mr. Tarun Kavar who have past experience in ceramic industry by
way of their former association with other tile trading and
manufacturing companies.


SHAKUN GASES: Ind-Ra Maintains 'B-' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shakun Gases
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 these ratings. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits maintained in non-cooperating
    category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR190 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shakun Gases manufactures industrial gases, which are used in
shipbreaking activities.


SHIVA POLYTUBES: Ind-Ra Retains BB+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shiva
Polytubes 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 these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR44 mil. Fund-based limits (cash credit) maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR6.6 mil. Fund-based limit (standby line of credit)
    maintained in non-cooperating category with IND A4+ (ISSUER
    NOT COOPERATING) rating;

-- INR33.35 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR21.5 mil. Term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2014 Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1994 by Mr. Ramesh Chandra Gupta, Shiva Polytubes
manufactures polyvinyl chloride pipes, filters and pipe fittings
at its 14,500 metric tons per annum manufacturing facility,
located in Sabalpur, Patna.


SHIVSHAKTI BARRELS: Ind-Ra Maintains B+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shivshakti
Barrels 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:

-- INR1.88 mil. Term loan maintained in non-cooperating category
    with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR45 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR13.5 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
December 16, 2014. 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, Shiv Shakti Barrels manufactures mild steel
barrels in Halol, Gujarat.


SMT MACHINES: CARE Assigns 'D' Rating to INR6.20cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of SMT
Machines (INDIA) Limited (SMI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            6.20       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SMI is constrained
by delays in debt servicing due to stretched liquidity position.
The company has small and fluctuating scale of operations along
with net losses in FY17 (refers to the period April 1 to March
31) and weak solvency position. Further, the company has working
capital intensive nature of operations, foreign currency
fluctuation risk, presence in a highly fragmented and competitive
industry and susceptibility of margins to fluctuations in raw
material prices. The rating, however, takes account of the
experienced promoters.

Going forward, the ability of SMI to increase its sales while
improving its profitability margins and improvement in gearing
and liquidity position would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Tight liquidity position: As per the discussion with the banker,
there are instances of overutilization of the working capital
limit for more than 30 days. The delays are on account of weak
liquidity as the company is unable to generate sufficient
funds on timely manner leading to cash flow mismatches.

Small and fluctuating scale of operations along with net losses
in FY17: The company's scale of operations has remained small
marked by Total Operating Income (TOI) of INR 16.19 crore in
FY17. The small scale of operations limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Moreover, the total operating income of the
company witnessed a fluctuating trend in FY15-FY17 period, the
TOI has decreased from INR 24.21 crore in FY16 to INR 16.19 crore
in FY17 owing to lesser quantity sold due to lesser demand
received. The company has reported total operating income of INR
16.55 crore in FY18 (Provisional).  The PBILDT margin of the
company stood moderate at 13.30% in FY17. However, the company
incurred net losses of INR 1.93 crore in FY17 due to deferred tax
payment.

Weak solvency position: The capital structure of the company
stood leveraged reflected by overall gearing ratio of 3.36x as on
March 31, 2017. The same deteriorated from 3.06x as on March 31,
2016 due to decline in net worth owing to net losses incurred in
FY17. Furthermore, the debt coverage indicators of the company
stood weak as characterized by interest coverage ratio of 1.20x
in FY17 and total debt to GCA of 32.56x for FY17. (PY: 1.22x and
33.74x, respectively).

Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 295 days for FY17 (PY:
223 days). SMI is required to maintain adequate inventory of raw
materials for smooth production process and as well as finished
goods to meet the demand of the customers. Owing to the highly
competitive and fragmented nature of industry, the company
extends a credit period of around 30-40 days to its customers. On
the supplier side, the company gets a credit period of around a
month. The working capital limits remained fully utilised for the
past 12 months period ended June, 2018.

Foreign currency fluctuation risk: SMI exports the traded goods
like transformers, (AC & DC) motors etc. to various countries
like Africa, Iran, Pakistan, Mauritius, United Arab Emirates etc.
(exports constituted ~28% of the total sales in FY17) while it
makes raw material purchases in domestic currency, thereby
exposing the company to risks associated with adverse
fluctuations in the foreign currency. With cash outlay for sales
in domestic currency & sales realization in foreign currency and
in the absence of any hedging mechanism, the company is exposed
to the fluctuation in exchange rates. However, the company gained
INR 0.05 crore in FY17 from foreign currency fluctuations.

Susceptibility of margins to fluctuations in raw material prices:
The main raw materials used by the company are steel castings and
forgings, mild steel plates, cast iron castings etc. Raw material
cost is a major contributor to total operating cost, thereby
making profitability sensitive to raw material prices mainly due
to the reason that the major raw material is commodity in nature
and witnesses frequent price fluctuations. The prices of steel
are driven by international prices, apart from domestic demand
supply factors and therefore remain volatile. Thus any adverse
change in the prices of the raw material may affect the
profitability margins of the company.

Highly fragmented and competitive industry: The spectrum of the
iron and steel industry in which the company operates is highly
fragmented and competitive marked by the presence of numerous
large and small players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability. This apart, its
products are subjected to the risks associated with the industry
like cyclicality and price volatility.

Key rating strengths

Experienced promoters: Mr. Surinder Kumar Mittal has almost four
decades of industry experience gained through his association
with the SMI and other regional entities engaged in trading of
capital goods. Whereas, Mr. Raman Mittal has 6 years of industry
experience gained through his association with SMI only. The
promoters have adequate acumen about various aspects of business
which is likely to benefit the company in the long run.

The entity, an ISO 9001:2008 certified company, was incorporated
in June, 1992 as a private limited company by the name of Aman
Multilateral Private Limited, however, in December, 1994, the
constitution and name was changed to SMT Machines (India) Limited
(SMI). The company is currently being managed by Mr. Surinder
Kumar Mittal and Mr. Raman Mittal. SMI is engaged in
manufacturing of capital goods like shearing machines, conveyors,
straightening machines, mill stands, gear boxes, cooling bed,
etc. which find their application in steel and iron rolling mills
at its manufacturing plant located in Mandi Gobindgarh, Punjab.
The company sells its products directly to various rolling mills
based in Uttarakhand, Rajasthan, West Bengal, Punjab, Assam,
Haryana, Himachal Pradesh, Madhya Pradesh etc. under the brand
name of "SMT".


SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR12.00-crore cash credit facilities of Sri Someshwara
Fertilizers & Chemicals (SSFCL). The outlook on the long-term
rating is Stable. ICRA has also reaffirmed the short-term rating
at [ICRA]A4 for the INR10.07-crore short-term non-fund-based
facilities of the company. ICRA has also removed the ratings of
[ICRA]B+ (Stable) and [ICRA]A4 from the 'ISSUER NOT COOPERATING'
category as the company has now submitted its 'No Default
Statement' ("NDS") which validates that the company is regular in
meeting its debt servicing obligations.

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term-Fund      12.00      [ICRA]B+ (Stable) Reaffirmed;
   Based-Cash                     removed from non-cooperating
   Credit                         category

   Short-term-Non      10.07      [ICRA]A4 Reaffirmed; removed
   fund-based                     from non-cooperating
   Bank Guarantee                 category

Rationale

The ratings reaffirmation takes into account the firm's moderate
scale of operations with decline in revenues in FY2017 and
FY2018, on account of lower sales volumes of fertilizers due to
weak monsoons. The ratings are constrained by the moderate
financial profile of the firm marked by high gearing and moderate
coverage indicators. The ratings also take into account the
moderate profitability of the firm given the trading nature of
operations, and the sizeable repayment obligations towards
housing loans. The ratings are also constrained by the stretched
liquidity and cash flow position in FY2018 due to increase in
working capital intensity. Further, the geographical
concentration risk remains high with the operations being
restricted to Karnataka. ICRA also notes the vulnerability in
business to agro-climatic conditions given that demand for
fertilizers in India is linked to monsoon conditions to a large
extent.

However, the ratings continue to draw comfort from the experience
of the promoters in the fertilizer industry, and association with
sister concern - Someshwara Fertilizers Pvt. Ltd, involved in
manufacturing of NPK fertilizers, for which SSFCL undertakes
trading. The ratings also factor in the firm's established
relationship with reputed suppliers of fertilizers such as Indian
Potash Limited, Krishak Bharati Cooperative Limited, Gujarat
State Fertilizers & Chemicals Limited, Green Star Fertilizers,
Rashtriya Chemicals & Fertilizers Limited and National
Fertilizers Limited etc. The ratings also favourably factors in
the low customer concentration risk, coupled with the repeat
orders from its established customers.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SSFCL will
continue to benefit from the extensive experience of the
promoters. The outlook may be revised to Positive if there is
improvement in the scale of operations and profitability.
Conversely, the outlook may be revised to Negative if there is
any deterioration in the coverage indicators or capital structure
of the company.

Key rating drivers

Credit strengths

Extensive experience of promoters in the fertiliser-trading
business: The promoter has significant experience in fertilizer-
trading business, spanning across three decades. Over the years,
the promoter has also established strong relationship with
dealers, which aids the operations. Further, the promoter is
associated with Sri Someshwara Transport, which provides
transport facilities and Someshwara Fertilizers Private Limited,
which manufactures and supplies chemical fertilizers to the firm.

Established associations with reputed suppliers of fertilizers:
The firm has dealership of established players in fertilizer
industry like Indian Potash Limited, Krishak Bharati Cooperative
Limited, Gujarat State Fertilizers & Chemicals Limited, Green
Star Fertilizers, Rashtriya Chemicals & Fertilizers Limited and
National Fertilizers Limited. The firm also undertakes trading
for sister concern - Someshwara Fertilizer Pvt. Ltd.

Low customer concentration risk, coupled with reputed client
profile and repeat orders: The firm has a network of 170
fertilizer retailers. The customer concentration risk is low with
the top-ten customers contributing to 13% of total sales for
FY2018. It also has a diversified product portfolio consisting of
products from all three categories of fertilizers- nitrogenous
(N), phosphatic (P) and potassic (K), which mitigates the impact
of fluctuation in demand in a particular sector.

Credit challenges

Relatively modest scale of operations, limiting the benefit from
economies of scale: The firm's operating income declined to
INR30.04 crore in FY2018 as against INR35.38 crore in FY2017,
owing to weak demand for fertilisers from Karnataka region, due
to weak monsoons. The modest scale restricts the economies of
scale, market position, ability to influence pricing and
operational efficiency of the firm.

Moderate financial profile of the firm marked by high gearing and
moderate coverage indicators: The firm's debt levels is high
owing to housing and vehicle loans. Further, the capital
structure is leveraged with a gearing of 1.33 times as on March
31, 2018. The coverage indicators are moderate with interest
coverage at 1.86 times, NCA/TD of 6.21% and Total debt/OBIDTA at
8.18 times during FY2018. Going forward, the firm has sizeable
repayment obligation towards the house and vehicle loans; thus,
the ability of the firm to scale up operations and profitability
would be key to generating adequate cash flows for debt
servicing.

Demand for fertilizers tied to regulatory risks as well as agro-
climactic conditions: Being an agricultural input, the demand for
fertilizers and pesticides is influenced by agro climatic
conditions in the state. In times of weak monsoons, the off-take
would be limited by customers and impact revenue and
profitability as was witnessed by firm over past three years.
Additionally, firm's exposure to a single state - Karnataka,
aggravates these risks.

Increase in working capital intensity: The firm's working capital
intensity increased to 73% in FY2018 from 16.40% in FY2017,
resulting in stretched liquidity and cash flow position. This was
on account of high outstanding receivables in FY2018. The
payments from customers were delayed owing to weak monsoon and
increased inventory with them.

Sri Someshwara Fertilizers & Chemicals was incorporated as a sole
proprietorship concern in 1990 and commenced commercial
operations in 1991. The firm is engaged in the wholesale and
retail trading of chemicals and chemical fertilizers such as
Nitrogen Phosphorous-Potassium (NPK), Single Super Phosphate,
Urea, Monoammonium Phosphate, Borax, Zinc Sulphate and Gypsum.
The firm is based in Mandya district of Karnataka.

As per provisional results for FY2018, the firm reported net
profit of INR1.17 crore on an operating income (OI) of INR30.04
crore, as against a net profit of INR1.29 crore on an OI of
INR35.38 crore in FY2017.


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

The instrument-wise rating actions are:

-- INR15.06 mil. Term loan maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR82.50 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 26, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Tiwana Oil Mills is among leading cattle feed manufacturers in
north India. The company sells its product under the brand Tiwana
Feed.

In addition, Tiwana Oil Mills has a solvent extraction plant to
extract oil directly from sunflower seeds, peanuts, cotton seed
and variety of other materials. The plant mainly operates during
November-April every year. Moreover, it started a poultry feed
plant in April 2014.


VICHITRA PRESTRESSED: ICRA Maintains C+ Rating on Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR20.00-crore bank facilities of
Vichitra Prestressed Concrete Udyog (P) Ltd. continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as [ICRA]C+/A4 ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term:         5.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Cash Credit                   Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Bank Guarantee    15.00       [ICRA]A4 ISSUER NOT
                                 COOPERATING; Continues to remain
                                 under the 'Issuer Not
                                 Cooperating' category

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

Based in Delhi, Vichitra Prestressed Concrete Udyog (P) Ltd.
(VPC) was incorporated on 27th March 1989. The company is closely
held by promoters. The company undertakes contracts for
manufacture and lying and water and sewerage pipes for various
government agencies like Haryana Urban Development Authority
(HUDA), U.P. Jal Nigam, Rajasthan Urban Sector Development
Investment Program (RUSDIP), etc. VPC undertakes manufacturing of
different types of pipes like Prestressed Concrete Pipes, RCC
Pipes and MS Pipes. The main manufacturing facility of the firm
is located in Gurgaon, Haryana. Apart from this, the company also
has two other manufacturing units-located at Nashik (Maharashtra)
and Unnav (U.P.).



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


LIPPO KARAWACI: Moody's Lowers CFR to B3, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Lippo Karawaci Tbk to B3 from B2.

Moody's has also downgraded the backed senior unsecured rating of
the bonds issued by Theta Capital Pte. Ltd., a wholly-owned
subsidiary of Lippo Karawaci, to B3 from B2. The bonds are
guaranteed by Lippo Karawaci and some of its subsidiaries.

The rating outlook is negative.

RATINGS RATIONALE

"The downgrade reflects our expectation that Lippo Karawaci's
operating cash flows at the holding company level will weaken
further over the next 12-18 months, such that the company's
ability to service its debt servicing obligations will be subject
to its ability to execute asset sales," says Jacintha Poh, a
Moody's Vice President and Senior Analyst.

As part of its asset sales plan, on September 18, 2018, Lippo
Karawaci announced the sale of (1) its 100%-stake in Bowsprit
Capital Corporation Limited, which in turn owns 7% of First REIT,
to OUE Limited and OUE Lippo Healthcare Limited for SGD99
million; and (2) its 10.6%-stake in First REIT to an indirect
wholly-owned subsidiary of OUE Lippo Healthcare Limited for
SGD103 million.

"Lippo Karawaci will receive a liquidity boost of SGD202 million
(IDR2.2 trillion) in November 2018, if the sale is completed.
However, these sales do not address the fundamental weakening of
Lippo Karawaci's operating cash flows," says Poh, who is Moody's
Lead Analyst for Lippo Karawaci.

"We also estimate that the added liquidity will only be
sufficient to cover the company's cash needs until September 2019
given the company cash burn rate of around IDR1.1 trillion in
2018 and around IDR1.3 trillion in 2019," adds Poh.

Moody's expects Lippo Karawaci to continue generating negative
operating cash flows at the holding company level -- that is,
total consolidated cash flows excluding the cash flows of the key
listed subsidiaries, Siloam International Hospitals Tbk (P.T.)
and Lippo Cikarang Tbk (P.T.), but including any intercompany
cash flows (dividends and proceeds from asset sales) -- over the
next 12-18 months.

Moody's expectation of negative operating cash flows at the
holding company level is driven by (1) lackluster marketing sales
of inventories; (2) a decline in asset management fees from the
sale of Bowsprit Capital Corporation, manager of First REIT
Limited; (3) a decline in dividend cash flows from its Singapore-
listed real estate investment trusts owing to its reduced stake
in First REIT and weaker dividends per unit from Lippo Malls
Indonesia Retail Trust; as well as (4) higher interest expense on
its US dollar debt as a result of the weaker Indonesian rupiah
against the US dollar and higher cost of debt.

Further, Lippo Karawaci remains exposed to refinancing risk
because there is insufficient liquidity to address its total
outstanding debt maturities in 2018 and 2019.

As of March 31, 2018 -- and proforma for the partial refinancing
of its syndicated loan with UBS AG and Deutsche Bank -- Lippo
Karawaci had around IDR1.3 trillion of debt coming due in 2018
and 2019. This includes (1) IDR590 billion of bank loans with
various local banks maturing in 2018 and 2019; and (2) the
remaining $50 million a syndicated loan with UBS AG and Deutsche
Bank that was originally due September 2018, but for which Lippo
Karawaci has extended the maturity to April 2019.

The negative outlook reflects uncertainty around the execution of
Lippo Karawaci's asset sales, which could result in a further
deterioration of the holding company's liquidity over the next
12-18 months.

Given the negative outlook, Lippo Karawaci's ratings are unlikely
to be upgraded over the next 12-18 months. The outlook is
unlikely to return to stable as long as the company's ability to
service its debt is contingent upon its ability to execute assets
sales. Improvement in company's core property development
business with successful project launches that results in higher
operating cash flows at the holding company level could stem the
downward rating pressure.

On the other hand, the ratings could be further downgraded if
operating cash flow continues to deteriorate at the holding
company level and result in further weakening of Lippo Karawaci's
liquidity. This situation could arise if the company fails to
execute further asset sales of at least IDR2.0 trillion over the
next six months.

Lippo Karawaci's senior unsecured bond rating could also be
lowered if debt is incurred at its subsidiaries.

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

Lippo Karawaci Tbk (P.T.) is one of the largest listed property
company in Indonesia, with a sizable land bank of around 1,327
hectares as of March 31, 2018. It owns and/or manages - either
directly or via its real estate investment trusts - 48 malls, 33
hospitals and nine hotels. Lippo Karawaci also owns a 28% stake
in First REIT and a 30% stake in Lippo Malls Indonesia Retail
Trust.



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


STRATECH GROUP: Court Appoints BDO as Liquidators
-------------------------------------------------
Vivien Shiao at The Strait Times reports that The Stratech Group
announced on Sept. 20 that a Singapore Court has granted
applications to wind up the company, and has appointed
liquidators from BDO to carry out the process.

According to the report, the court sanction for winding up came
after Stratech failed to garner enough support from its creditors
on proposed schemes of arrangement. In particular, a secured
creditor holding more than 50 per cent of the company's secured
debt opposed the company's latest proposal, the company said, the
report relays. Since the scheme requires approval from every
class of creditors, the inability to win support from secured
creditors led the court to approve winding up.

The Strait Times relates that Stratech said that its controlling
shareholders are working with advisers towards a stay or
rescission of the winding-up orders and a possible appeal against
the court's decision. Stratech is currently controlled by the
husband-and-wife team of executive chairman David Chew and
executive director and chief corporate officer Leong Sook Ching,
who holds a 34 per cent shareholding, the report discloses.

The company had previously entered into a US$20 million share
placement agreement with Boulevard Capital Partners, and intended
to convert debt owed to Mr. Chew and Ms. Leong into equity, the
report discloses. Mr. Chew and Ms. Leong have also signed a
binding term sheet to refinance their personal property to inject
additional funds into the company. If Stratech is able to obtain
sufficient funds in time, it could apply to stay the winding-up
order, the company, as cited by The Strait Times, said.

In the meantime, Stratech said that it is still "committed to
execute the ongoing contracts and provide full support to their
customers". It said that it will hold discussions with
liquidators on how to proceed, the report relays.

Trading in Stratech's shares remains suspended, the report notes.

The Stratech Group Limited is principally engaged in proprietary
real-time video and image-based intelligent Vision technology.
The Company combines video analytics with advanced electro-optics
sensor technology to provide surveillance and security solutions
for the aerospace, land transport, and maritime surveillance and
security industries.



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


SOUTH KOREA: Central Bank Warns of Fast Household Debt Growth
-------------------------------------------------------------
South Korea's central bank warned on Sept 20 that household debt
was growing much faster than the Organization for Economic
Cooperation and Development average as large mortgages and high
rents drive up indebtedness.

"Since the end of the global financial crisis, South Korea's
household debt growth has significantly exceeded that of the
OECD, and the trend will continue," the Bank of Korea (BOK) said
in a financial stability report.

Debt-to-disposable income at South Korean households was at 161.1
percent in the second quarter, up from 159.8 percent at the end
of 2017, the report showed.

Total household debt stands at 1,493.2 trillion won ($1.33
trillion) as of the second quarter, up 7.6 percent from a year
earlier.

The BOK also warned that the number of households vulnerable to
debt default is increasing as their debt-servicing capacity is
stretched by rising interest rates and low wage growth.

Rising interest rates in the United States have driven up South
Korean borrowing costs, leaving households little cash for
discretionary spending as they are squeezed by large mortgages
and high rents in a red-hot property market.



                             *********

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

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

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


                            *********


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

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

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

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

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



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