TCRAP_Public/170817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 17, 2017, Vol. 20, No. 163

                            Headlines


A U S T R A L I A

ANGAS SECURITIES: Trust Co May Call in Receivers
AUSTRALIAN PROPERTIES: Second Creditors' Meeting Set for Aug. 24
GAP LOGISTICS: Second Creditors' Meeting Set for Aug. 23
GYPWORKS PTY: Second Creditors' Meeting Set for Aug. 25
MATISSE BEACH: Administrators Close in on Sale of Beach Club

MOSCOU HOLDINGS: Second Creditors' Meeting Set for Aug. 23
QUEENSLAND ONE: Faces Probe Over Alleged Illegal Phoenix Activity
SABJAB TRADING: First Creditors' Meeting Set for Aug. 23
VOGUE PERGOLAS: First Creditors' Meeting Set for Aug. 24


C H I N A

LOGAN PROPERTY: 2017 Interim Results Support Moody's Ba3 CFR
YINGDE GASES: S&P Ups CCR to CCC+ on Reduced Non-Repayment Risk


H O N G  K O N G

NOBLE GROUP: Moody's Cuts CFR to Caa3 on Significant Default Risk
NOBLE GROUP: S&P Lowers CCR to CCC- on High Non-Repayment Risk


I N D I A

4S SPINTEX: CARE Reaffirms B+ Rating on INR19.69cr LT Loan
AGH ALTECH: CARE Moves B- Rating to Issuer Not Cooperating
ARCH PHARMALABS: ICRA Moves D Rating to Issuer Not Cooperating
B. P. FOOD: ICRA Lowers Rating on INR75cr LT Loan to 'D'
BSCC INFRASTRUCTURE: CARE Assigns B- Rating to INR1.5cr Loan

DELTA ELECTROMECHANICAL: ICRA Cuts Rating on INR10cr Loan to D
FAROOQ CONSTRUCTIONS: ICRA Moves B- Rating to Not Cooperating
HEMANG RESOURCES: ICRA Cuts Rating on INR104.72cr Loan to D
HIMALYA INTERNATIONAL: ICRA Cuts Rating on INR136.11cr Loan to C-
INDIAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR2.5cr Loan

INFISSI FENESTRATION: CARE Assigns B Rating to INR9.85cr Loan
JANARDAN NIRMAN: Ind-Ra Assigns 'B' Long-Term Issuer Rating
JASBIR SINGH: CARE Moves B+ Rating to Issuer Not Cooperating
KARAN INTERMEDIATES: CARE Assigns B+ Rating to INR7.26cr Loan
KOMMINENI INFOTECH: CARE Reaffirms B+ Rating on INR6cr LT Loan

KRYSTAL STEEL: ICRA Withdraws 'D' Rating on INR12cr Cash Loan
METAL ORE: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3.5cr Loan
MISHTANN FOODS: ICRA Moves 'B' Ratings to Issuer Not Cooperating
MOOGAMBIGAI METAL: CARE Moves B+ Rating to Not Cooperating

PANDOUL FLOUR: ICRA Hikes Rating on INR4.0cr Term Loan From B+
PHR INVENT: ICRA Withdraws 'D' Rating on INR10.10cr LT Loan
PRAGATI COTTON: ICRA Cuts Rating on INR5cr Cash Loan to 'D'
RANGANATHAN RAJESWARI: ICRA Moves D Rating to Not Cooperating
SHREE SADBHAV: ICRA Withdraws 'B' Rating on INR5cr Cash Loan

SHREENATHJI COTTON: CARE Hikes Rating on INR15cr LT Loan to BB-
SREE JAYA: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
SUBICO FOOD: CARE Assigns B+ Rating to INR7.47cr LT Loan
SUJITHA POULTRY: CARE Assigns B+ Rating to INR5cr LT Loan
TEXPLAS INDIA: ICRA Assigns B- Rating to INR11.5cr Cash Loan

THIRUMALA KNIT: ICRA Moves B Rating to Issuer Not Cooperating
TORNETO FOODS: CARE Reaffirms B+ Rating on INR4.73cr LT Loan
TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR10cr Loan
UNITED HOTELS: ICRA Lowers Rating on INR23cr Loan to 'D'
UTTARAYAN STEEL: ICRA Lowers Rating on INR8.50cr Loan to 'B'

VMS INTERNATIONAL: Ind-Ra Affirms B+ LT Issuer Rating

* INDIA: Lenders Review Insolvency Process Against 12 Firms


J A P A N

SONY CORPORATION: Fitch Upgrades LT IDR to BB+; Outlook Positive


N E W  Z E A L A N D

ROSS ASSET: Liquidators Prepare to Submit Plan to Repay Victims


P H I L I P P I N E S

XAVIER-PUNLA RURAL: Aug. 24 Depositors Claims Filing Deadline Set


                            - - - - -


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


ANGAS SECURITIES: Trust Co May Call in Receivers
------------------------------------------------
Ben Wilmot at The Australian reports that the Trust Co is against
attempts by debenture company Angas Securities to draw out
repayments to investors and called for receivers to oversee
attempts to return the AUD135 million owed.

Angas asked investors at an Adelaide meeting to wait another two
years for their money to be returned, but Trust Co, controlled by
the listed Perpetual, has told investors that it expected losses.

It may call on the Federal Court for a receiver to be called in
depending on support for Angas, The Australian says.

In a letter to more than 2,000 investors, Trust Co said it and
the corporate regulator had "carefully considered" the Angas plan
and raised concerns about the adequacy of the document, which had
not been "fully addressed," The Australian relates.

According to the report, the trustee warned there was a risk that
debenture holders may not receive any "significant" payments from
Angas until the end of June 2019. It is also urging investors to
brace for losses, writing that "Angas will not return a surplus
and will in fact be unable to pay 100 cents in the dollar".

It noted Angas had paid back just AUD15 million against the
AUD145 million promised this time last year. The trustee said
valuations relied upon by Angas were out of date, "in some cases
by many years".

The Australian relates that Trust Co raised concerns about
excessive spending, saying Angas had spent AUD16.2 million
running its business in the last two years and had forecast
spending AUD12.1 million over the next two years.

With the total impost hitting AUD28.2 million, the trustee said a
receivership would involve lower operating costs and professional
fees, the report says.

An ASIC spokesman noted that the trustee had a duty under the
trust deed and Corporations Act to monitor Angas's ability to
repay the debentures and "has broad powers to appoint a receiver
where Angas does not meet its repayment obligations," adds The
Australian.

Angas Securities Limited engages in the issuance of fixed
interest securities for first mortgage lending in Australia. It
operates through Commercial Lending, Structured Finance,
Commercial Property Investments, and Investment Properties
segments.


AUSTRALIAN PROPERTIES: Second Creditors' Meeting Set for Aug. 24
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Properties International Pty Ltd has been set for Aug. 24, 2017,
at 11:00 a.m., at the offices of SV Partners, SV House, 138 Mary
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2017, at 4:00 p.m.

Anne Meagher of SV Partners was appointed as administrator of
Australian Properties on July 20, 2017.


GAP LOGISTICS: Second Creditors' Meeting Set for Aug. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Gap Logistics
Pty Ltd has been set for Aug. 23, 2017, at 10:00 a.m., at the
offices of Meertens Chartered Accountants, Level 10, 68 Grenfell
Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2017, at 4:00 p.m.

Austin Robert Meerten Taylor of Meertens was appointed as
administrator of Gap Logistics on June 28, 2017.


GYPWORKS PTY: Second Creditors' Meeting Set for Aug. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gypworks Pty
Ltd has been set for Aug. 25, 2017, at 2:00 p.m., at the
Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2017, at 4:00 p.m.

Dino Travaglini and Jeremy Joseph Nipps of Gypworks Pty were
appointed as administrators of Gypworks Pty on July 26, 2017.


MATISSE BEACH: Administrators Close in on Sale of Beach Club
------------------------------------------------------------
Sean Smith at The West Australian reports that administrators are
closing in on a sale of Scarborough's high-profile Matisse Beach
Club.

The sale, which would include the dormant beachfront club's
fixtures and fittings, its lease and the liquor licence, could be
struck this week, the report says.

According to the West Australian, administrators from insolvency
firm McGrathNicol have been talking to potential buyers since
being put into Matisse by its sole director, Sean Reid, a month
ago.

The report says the secured creditor, ANZ Bank, which is owed
AUD4.8 million, has first right to any cash.

Other creditors include the Australian Tax Office (AUD461,000)
and Colliers International (AUD1.19 million). The landlord,
Singapore property group Far East Orchard, is claiming AUD2
million.

Another AUD500,000 is owed to trade creditors, once more
underlining the fallout from such collapses. Often the biggest
victims are small businesses who can ill-afford the loss.

According to a list of creditors' claims filed by the
administrators, money is owed to a string of food and beverage
suppliers, including champagne maker Moet Hennessy (AUD24,900),
Lion Nathan (AUD12,000) and Kailis Bros (AUD2068), The West
Australian discloses.

Matisse's security firm is owed nearly AUD50,000, a family-owned
drinks business more than AUD60,000 and accountants KPMG at least
AUD11,000.

The club closed its doors in early July for what it said was "a
winter break," the report discloses.

According to the report, disruption from the State Government's
redevelopment of the Scarborough beachfront has been cited as a
major factor in the sustained trading losses which forced it
under.

However, McGrathNicol says start-up debt, the cost of the fit-out
and stress in the State's hospitality sector also played a part.
Some pubs, bars and nightclubs are finding it more difficult to
turn a profit because of a combination of WA's softer post-
resources boom economy, cautious consumers and stay-at-home
drinkers.

McGrath-Nicol last week won approval from the WA Supreme Court to
delay the second creditors' meeting for Matisse to September 26,
giving it more time to finalise a sale, the report adds.


MOSCOU HOLDINGS: Second Creditors' Meeting Set for Aug. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of Moscou
Holdings Pty Ltd, as trustee for The Penguin Trust formerly
trading as Penguin International, has been set for Aug. 23, 2017,
at 10:00 a.m., at the Conference Room, Plaza Level, BGC Centre,
28 The Esplanade, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2017, at 4:00 p.m.

Cliff Rocke and Jeremy Joseph Nipps of Cor Cordis were appointed
as administrators of Moscou Holdings on June 6, 2017.


QUEENSLAND ONE: Faces Probe Over Alleged Illegal Phoenix Activity
-----------------------------------------------------------------
Kathleen Skene at Gold Coast Bulletin reports that the collapse
of a Gold Coast building company has left 133 tradies and staff
more than AUD3.4 million out of pocket and 35 would-be home-
owners in limbo.

The Queensland Building and Construction Commission has suspended
the licence of Queensland One Homes, which was put into
liquidation last month, the Bulletin relates.

A related company, Empire Constructions Pty Ltd, is under
investigation for suspected illegal phoenix activity, according
to the report.

"The QBCC is investigating Empire Constructions Pty Ltd, and has
received allegations of illegal phoenix activity," a statement
from the Commission said on Aug. 14. "This information has been
provided to ASIC."

Company records show Paul Travis Callender, 34, is sole director
of Queensland One Homes and is also a previous director of Empire
Constructions, the Bulletin says.

His wife Amber Patrice Callender, a plastic surgery nurse, is now
the sole director of Empire Constructions, which is licensed for
developments between AUD3 million and AUD12 million.

A meeting of some of Queensland One Home's 133 creditors,
including tilers, painters, landscapers and more, heard
allegations money had been transferred from Queensland One Homes
to Empire Constructions shortly before the company failed.

Mr. Callender could not be contacted on Aug. 14 and a staff
member at the office of Empire Constructions said he was "not in
the office at the moment, but I can get him to give you a call
when he comes back in".

QBCC records show Queensland One Homes was contracted in 2016-17
to build 25 homes worth AUD5.7 million and 160 homes worth
AUD35.1 million the previous year.

Empire Constructions logged 17 homes worth AUD36 million in 2016-
17 and just one home worth AUD249,800 the previous year.

Mr. Callender had made his own claim as a creditor owed more than
AUD60,000 by his own company - but the creditors' meeting heard
the company balance sheet showed he and another company he
directs owe Queensland One Homes more than AUD520,000 in loans.

The liquidation of Queensland One Homes is being undertaken by
Michael Caspaney, of Menzies Advisory, who said the case was
"evolving every day" as information was received.


SABJAB TRADING: First Creditors' Meeting Set for Aug. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sabjab
Trading Pty Limited will be held at Young Business RIT, Level 14,
9 Hunter Street, in Sydney, on Aug. 23, 2017, at 11:00 a.m.

David Gregory Young of Young Business RIT was appointed as
administrator of Sabjab Trading on Aug. 11, 2017.


VOGUE PERGOLAS: First Creditors' Meeting Set for Aug. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vogue
Pergolas Canberra Pty Ltd will be held at Equinox Building 4,
Level 2, 70 Kent Street, in Deakin, ACT, on Aug. 24, 2017,
at 2:30 p.m.

Frank Lo Pilato RSM Australia was appointed as administrator of
Vogue Pergolas on Aug. 14, 2017.



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

LOGAN PROPERTY: 2017 Interim Results Support Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's 2017 interim results support its Ba3 corporate
family and B1 senior unsecured ratings.

The ratings outlook remains stable.

"Logan's 2017 interim results support its Ba3 credit profile,"
says Anthony Lee, a Moody's Analyst. "Its high leverage is offset
by robust revenue and sales growth, as well as the improvements
in gross margin and liquidity."

As a result of the healthy growth in contracted sales and selling
prices in late 2015 and 2016, Logan registered a robust year-on-
year revenue growth of 95% to RMB12.4 billion in 1H 2017, and its
gross profit margin expanded by 9.2 percentage points to 39.5%
for the same period; a result which was among the highest for its
rated Chinese property peers.

At the same time, its total adjusted debt - including perpetual
securities - at end-June 2017 rose 32% to RMB44 billion from
RMB33 billion at end-2016.

Part of the company's incremental borrowings are used to fund its
Ap Lei Chau project in Hong Kong, and pre-fund its USD250 million
bond that will mature in December 2017.

As a result, its leverage - as measured by revenue to debt -
remained high at 61%, despite its robust revenue growth, while
EBIT to interest coverage increased to 4.3x for the 12 months
ended 30 June 2017 compared to 62% and 3.8x for the fiscal year
ended 31 December 2016.

Moody's expects that the company's revenue/debt will trend
towards 70% and EBIT/interest coverage will register around 4.0x-
4.5x over the next 12 months. Such results which support its Ba3
rating.

Logan's liquidity position is strong. At end-June 2017, its cash
balance totaled RMB23 billion, and its cash to short-term debt
rose to 440% from 285% at end-2016.

Moody's notes that Logan continued its strong sales growth
momentum in 2017. In the seven months between January and July
2017, it achieved a 35.5% year-on-year growth in contracted sales
to RMB22.8 billion, benefiting from a 26% growth in its average
selling price.

As a result of the improved sales performance, Logan revised it
full-year contracted sales target to RMB37 billion from its
original target of RMB34.5 billion; representing a 29% year-on-
year growth.

Moody's believes that Logan can meet the revised full year
target, which will in turn provide strong cash flow to support
its business growth and reduce the needs for additional
borrowings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen. The company's principal
focus is on residential projects in Shenzhen, Shantou, Nanning
and Huizhou.

The company listed on the Hong Kong Stock Exchange in
December 2013. At end-June 2017, the company's land bank totaled
14.75 million square meters in gross floor area in Singapore and
across different cities in China, including Shenzhen, Shantou,
Nanning, Hong Kong and other cities in the Pearl River Delta
region.


YINGDE GASES: S&P Ups CCR to CCC+ on Reduced Non-Repayment Risk
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on Yingde Gases Group Co. Ltd. to 'CCC+' from 'CCC-'. The outlook
on the rating is positive. S&P said, "At the same time, we raised
the issue rating on the outstanding senior unsecured notes that
Yingde guarantees to 'CCC' from 'CC'. Yingde is a China-based
manufacturer of industrial gases.

"The upgrade reflects our view of an increased visibility that
Yingde will pay its outstanding debt. This follows the company's
successful and timely repayment of its offshore bank loan and
domestic notes in June and July 2017, respectively. We also
believe Yingde's controlling shareholder PAG Asia Capital (PAG),
a Hong Kong-based private equity firm, will provide liquidity
support when needed.

"In our view, imminent liquidity risk for Yingde has reduced
following the company's repayment of its onshore medium-term
notes and a offshore bank loan, totaling Chinese renminbi (RMB)
1.56 billion. Yingde used its cash on hand and funding from its
shareholder to repay the debt. However, we continue to view
Yingde's liquidity as weak, given that the company still has
large debt maturities in the next 12 months. Such debt includes
offshore US$395 million notes due in April 2018. Yingde's cash on
hand and funds from operations are unlikely to cover its debt due
for the next 12 months.

"We understand that PAG has been actively involved in the
refinancing negotiations. We believe the visibility of Yingde
securing a refinancing plan for its debt maturing in the next 12
months has improved after PAG took control in April 2017. Yingde
has a record of receiving timely support from PAG for debt
repayment in the form of shareholder loans."

Yingde's interim operating results for 2017 were stable, with
positive operating cash flows. Revenue grew 15% year-over-year,
mainly due to the commencement of operation of four additional
on-site gas production facilities. Gross profit margin was also
flat compared with the same period in 2016. Yingde's total debt
fell by 9% compared with the level as of Dec. 31, 2016, after the
company repaid some offshore loans. Capital expenditure of RMB300
million in the first half of 2017 is also in line with the
company's full-year guidance of RMB800 million-RMB1,000 million.
S&P said, "We believe creditors' confidence will increase if
Yingde can maintain stable operating cash flows.

"The positive outlook on Yingde reflects our expectation that PAG
will continue to provide liquidity support to Yingde and be
actively involved in helping the company refinance its senior
notes due in 2018 with long-term funding. At the same time, we
continue to expect its refinancing progress to be highly
dependent upon favorable business, financial, and economic
conditions over the next 12 months.

"We could revise the outlook to stable if Yingde continues to
rely on short-term financing with no credible plan to effectively
enhance its capital structure or to extend its debt maturity,
which would expose itself to continuing refinancing risk.

"We could upgrade Yingde if the company can continue to improve
its liquidity position and achieve a more sustainable capital
structure, including refinancing its senior notes with debt with
longer maturity."



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


NOBLE GROUP: Moody's Cuts CFR to Caa3 on Significant Default Risk
-----------------------------------------------------------------
Moody's Investors Service has downgraded Noble Group Limited's
corporate family rating and senior unsecured bond ratings to Caa3
from Caa1, and the rating on its senior unsecured medium-term
note (MTN) program to (P)Caa3 from (P)Caa1.

The rating outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects significant default risk for Noble within
the next several quarters, given its operating cash burn,
declining cash levels and large debt maturities. Moreover, should
it default, Moody's believes the prospect of a full recovery of
principal and interest will be low for unsecured bondholders,"
says Gloria Tsuen, a Moody's Vice President and Senior Analyst.

Noble's liquidity headroom - including readily available cash and
unutilized committed facilities - fell to $1.4 billion at end-
June 2017 from $2.4 billion at end-March 2017. This is
insufficient to cover the company's $2.6 billion in bank debt and
bonds due in the next 12 months.

The decrease in readily available cash to $635 million at end-2Q
2017 from $1.4 billion at end-1Q 2017 reflects both widening cash
outflow from operations and the repayment of a $650 million bank
loan in May 2017.

Noble's cash outflow from operations rose to $480 million in 2Q
2017 from $323 million in 1Q 2017, mainly because of an increase
in its adjusted operating loss from supply chains (before
exceptional items) to $267 million from $3 million and sizeable
working capital deficits.

The increased losses reflect in part a loss of confidence among
Noble's lenders, suppliers, customers, and other counterparties.
The company has also had to conservatively manage its liquidity,
scale back its risk positions, and have constraints placed on its
access to trade finance facilities, thus limiting its trading
operations.

The company also reported a large adjusted net loss of $1.8
billion in 2Q 2017 mainly because of the operating loss and
write-downs for net fair value gains. As a result, its equity
base shrank to $2.1 billion at end-June 2017 from $3.8 billion at
end-March 2017.

The company is selling its assets to help reduce debt: (1) it has
entered into an agreement to sell its North American gas and
power businesses for $248 million; (2) it plans to exit its
global oil liquids business; and (3) it will further dispose
assets over the next two years.

However, it is uncertain whether these sales will raise
sufficient proceeds to meet its debt maturities and cash outflow
over the next 12 months. In addition, the proposed disposals
would substantially reduce Noble's scale and global reach,
challenging its ability to generate profit and cash flow to
service the remaining debt.

The negative outlook on the ratings reflects the high likelihood
of a default over the next 12 months and the uncertain recovery
prospects for creditors.

The ratings outlook could return to stable or the ratings could
be upgraded if the company raises sufficient proceeds from asset
sales to meet its maturing debt and cash outflow from operations
over the next 12 months.

However, Noble's ratings are likely to be downgraded if (1) it
defaults on its payment obligations; (2) its liquidity
deteriorates further; or (3) the debt recovery in the case of
default is likely to be significantly lower than currently
anticipated.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Noble Group Limited is one of the major physical commodities
supply chain managers in Asia by revenue. Its activities across
the supply chain include the sourcing, storage, processing,
transportation, and distribution of over 20 commodity products.

Founder and Chairman Emeritus, Mr. Richard Elman, holds an
approximate 18% stake in the company. China Investment
Corporation - the Chinese sovereign wealth fund - owns about 10%.


NOBLE GROUP: S&P Lowers CCR to CCC- on High Non-Repayment Risk
--------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Noble Group Ltd. to 'CCC-' from 'CCC+'. The outlook is
negative. S&P said, "At the same time, we lowered the long-term
issue rating on Noble's outstanding senior unsecured notes to
'CC' from 'CCC'. Noble is a Hong Kong-based commodity trader.

"We downgraded Noble to reflect the heightened risk that the
company will not be able to meet its debt obligations in the next
six months. We believe Noble's cash on hand and the potential
proceeds from the sale of Noble Americas Gas & Power Corp. (NAGP)
will not be enough to cover the company's revolving credit
facilities (RCF) if Noble is not able to turnaround, or if it
breaches its financial covenants and fails to obtain a waiver
from banks.

"We estimate Noble has around US$700 million in unutilized
committed facilities as of the end of the second quarter of 2017.
However, the amount may not be enough to cover the RCF if the
weak operating performance and working capital cash outflow
persist in the third quarter. A default in any principal or
interest payment may trigger a cross-default of other debt
obligations."

Noble made a loss in the second quarter of 2017 even if we
exclude one-off write-downs. The company's net debt continued to
increase during the period, after an increase in the first
quarter from a recent low in the fourth quarter of 2016.
Operating cash flow remained negative in the second quarter due
to loss-making underlying operations and continued working
capital cash outflow after excluding one-off write-downs in fair
value gains in derivative instruments.

Noble is also in the process of selling its global oil liquids
business. Although the sale will likely reduce the debt balance
and need for working capital, Noble's scale will also reduce
significantly. In addition, the pricing and timing of the sale is
still uncertain.

S&P said, "The negative rating outlook on Noble reflects our view
of the continuing non-repayment risk over the next six months if
the company fails to obtain refinancing, its operating
performance remains weak or working capital cash outflow
continues, or banks do not grant further waivers for any covenant
breach.

"We could lower the rating on Noble if the company announces it
will not be able to meet its interest or debt repayment
obligations, or if we view default or distressed exchange is a
virtual certainty.

"We could revise the outlook to stable if Noble's liquidity
improves such that we do not see non-repayment risk on a six-
month horizon."



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


4S SPINTEX: CARE Reaffirms B+ Rating on INR19.69cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
4S Spintex India Private Limited (4SIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            19.69       CARE B+; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of 4SIPL continues to
be constrained by the short track record and nascent stage of
operations, highly fragmented industry and seasonal nature of
business resulting in high dependence on working capital bank
borrowings, profitability margins are susceptible to fluctuation
in raw material prices and changes in the government policies,
leveraged capital structure and weak debt coverage indicators.

The rating, however, derive benefit from experience of the
promoters for three decade in cotton industry, location advantage
with presence in cotton growing belt of Andhra Pradesh. The
rating also factors in achievement of satisfactory total
operating income during first year of commercial operations i.e.
8MFY17 (CA certified Provisional, refers to period from August 01
to March 31) along with, satisfactory PBILDT margin albeit thin
PAT margin and comfortable operating cycle.

Going forward, ability of the company to increase its scale of
operations and profitability margin amidst high competition,
improve its capital structure and debt coverage indicators and
manage its working capital efficiently are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and nascent stage of operations
The company has short track of business operations. The
commercial operations of the company started in August 2016.

Highly fragmented industry and seasonal nature of business
resulted in high dependence on working capital bank
borrowings
The cotton ginning industry is highly fragmented in nature with
several organized and unorganized players. Prices of raw cotton
are highly volatile in nature and depend upon the factors like
area under cultivation, crop yield, international demand-supply
scenario, export quota decided by the government and inventory
carry forward of the previous year.

Spinning operators procure raw materials in bulk quantities to
avail discount from suppliers to mitigate the seasonality
associated with availability of cotton resulting in higher
inventory holding period. Hence, there is significant requirement
for working capital funds especially during the peak season
towards stocking of inventory as the procurement is made
directly from farmers on cash basis.

Profitability margins are susceptible to fluctuation in raw
material prices and changes in the government policies
The profitability margins of the company might get affected on
back of fluctuation in raw material prices. Apart, the cotton
prices in India are regulated through fixation of Minimum Support
Price (MSP) by the government, and fortunes of cotton ginners
depend on the price parity between the price fixed by the
government and those prevailing in the market. Moreover, exports
of cotton are also regulated by government through quota systems
to suffice domestic demand for cotton. Hence, any adverse change
in government policy i.e. higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit.

Leveraged capital structure and weak debt coverage indicators
The debt equity ratio of the company remained leveraged at 2.45x
as on March 31, 2017 (CA Certified) as the company availed long
term loans of INR15 crore for setting up of cotton ginning unit
and to meet working capital requirement. The company availed cash
credit of INR 6 crore. Due to the above said factors the overall
gearing ratio of the company remained leveraged at 2.91x as on
March 31, 2017 (CA Certified) The debt coverage indicators of the
company remained weak during review period marked by PBILDT
interest coverage at 1.72x and total debt/GCA stood at 22.52x in
FY17 (CA Certified) due to low cash accruals on account of first
year of operations resulting in under absorption of overheads.

Key Rating Strengths

Experience of the partner for three decade in cotton industry
4SIPL is promoted by Mr. K Purushotham (Managing Director) and
Mr. D V VSatyanarayana (Director). Mr. K Purushotham has three
decades of experience in ground nut oil industry through its
associate concern (Sri Satya Sai Dall Ground nut oil and Flour
Mill). Mr. D V VSatyanarayana has two decades of experience in
cotton industry. He is one of the partners in Sridevi Cotton
Ginning Mill. Due to long term presence in the market, the
partners have established relations with the customer and
supplier.

Location advantage with presence in cotton growing belt of Andhra
Pradesh
The company's manufacturing unit is located at one of the cotton
growing coastal belts of Andhra Pradesh (Guntur District). 4SIPL
plans to procure raw cotton from the local farmers and traders
situated in and around Guntur which will result in low
transportation cost. The manufacturing unit is located near the
cotton producing region, resulting in adequate availability of
raw materials at competitive prices and lower logistic
expenditure.

Achieved satisfactory revenue during first year of commercial
operations
The company was established in 2012 and commercial operations
started in August 2016.The company has achieved satisfactory
total operating income of INR14.83 crore in 8MFY17 (CA Certified)

Satisfactory PBILDT margin albeit thin PAT margin
The company has achieved satisfactory PBILDT margin of 14.21% in
FY17 (CA Certified).However, PAT margin of the company remained
thin at 0.58% due to high interest and depreciation cost.

The operating cycle of the company remained comfortable at 33
days in FY17 (CA Certified). The company receives the payment
from its customer within 15-20 days and makes the payment to its
supplier (traders/dealers) within 50-65 days and within 10 days
to farmers

Stable outlook of textile industry
The future for the Indian textile industry looks promising,
buoyed by both strong domestic consumption as well as export
demand. With consumerism and disposable income on the rise, the
retail sector has experienced a rapid growth. The Government of
India has started promotion of its 'India Handloom' initiative on
social media like Facebook, Twitter and Instagram with a view to
connect with customers, especially youth, in order to promote
high quality handloom products. The Revised Restructured
Technology Up gradation Fund Scheme (RRTUFS) covers manufacturing
of major machinery for technical textiles for 5 per cent interest
reimbursement and 10 per cent capital subsidy in addition to 5
per cent interest reimbursement also provided to the specified
technical textile machinery under RRTUFS.

4S Spintex India Private Limited (4SIPL) was incorporated in the
year 2012 and promoted by Mr. K Purushotham and relatives. The
company has set up a spinning mill with an installed capacity of
8160 spindles of 32 counts. The company has successfully
completed the project without any cost and time overrun and
started its commercial operations from August 01, 2016. The
company purchases the raw material (raw cotton) from local
farmers and traders located at Guntur district. 4SIPL sells the
cotton yarn to the traders, dealers and merchant exporters
located at various places like Tamil Nadu, Andhra Pradesh and
Maharashtra. The manufacturing unit of the company is located at
Bhimavaram, Krishna District, Andhra Pradesh.


AGH ALTECH: CARE Moves B- Rating to Issuer Not Cooperating
----------------------------------------------------------
CARE has been seeking information from AGH Altech Private Limited
to monitor the rating(s) vide e-mail communications/ letters
dated June 27, 2017 and June 23, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. Further,
AGH Altech Private Limited has not paid the surveillance fees for
the rating exercise as agreed to in its rating agreement In line
with the extant SEBI guidelines CARE's rating on AGH Altech will
now be denoted as CARE B+ /CARE A4; ISSUER NOT COOPERATING. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B-; Issuer Not
                                     Cooperating; Based on
                                     best available information.

The rating assigned to the bank facilities of AGH Altech Private
Limited (AGH) continues to remain constrained by its small and
fluctuating scale of operations, net loss, leveraged capital
structure and working capital intensive nature of operations. The
rating is further constrained by susceptibility of margins to
fluctuation in raw material prices and foreign exchange
fluctuation risk. The rating, however, continues to draw comfort
from experienced promoters.

Going forward, the ability of the company to increase the scale
of operations while improving profitability margins, improve and
capital structure shall remain the key rating sensitivity. Also,
efficient management of working capital requirement shall be the
key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations

The scale of operations has exhibited fluctuating trend in the
past three financial years i e FY14-FY16 as the company is
engaged in manufacturing of aluminium volt tubes whose prices are
volatile in nature.Further during FY16 the total operating income
of the company improved and stood at INR 14.61 crores.The small
scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Net loss, leveraged capital structure and weak coverage
indicators
In FY16, the company had operational losses at INR 0.33 crores.
Further, the company continues to incur net loss of INR8.71 crore
in FY16 as against INR 0.46 crore in FY15 due to high interest
expense and depreciation.

Capital structure of the company stood leveraged for the past
three years (FY14-FY16). Overall gearing ratio stood at 65.43x as
on March 31, 2016 on account of high debt in the form of
unsecured borrowings and working capital borrowings. The debt
service coverage indicators company continued to remain stressed
marked by interest coverage and total debt to GCA which stood
negative at 0.13x and 6.59x respectively for FY16.

Working capital intensive nature of operations
The operation of the company is working capital intensive nature
marked by operating cycle of 178 days in FY16. The company
maintains raw material inventory upto 90 days for smooth
production process. Furthermore, the collection period stood
elongated at 178 days in FY16 because of adverse market condition
resulting in delayed realization from debtors.

Susceptibility of margins to fluctuation in raw material prices
The prices of raw materials i.e. aluminum required for the
manufacture of multi void tubes are volatile in nature. With the
cost of raw materials accounting for almost 75% of the total
production cost coupled with the absence of any long term supply
contract; an upward movement in the raw material prices may
adversely affect the profitability of the company.

Furthermore, the time lag between the procurement of raw material
and bagging up of order exposes AGH to volatility associated with
raw material prices. AGH is also not able to pass on the rise in
raw material prices to its end consumer due to stiff competition
both domestically and internationally.

Foreign exchange fluctuation risk
The company is mainly importing material from China, Korea and
Malaysia and its import procurement to raw material cost stood at
69% for FY16. With initial cash outlay for procurement in foreign
currency and significant chunk of sales realization in domestic
currency, the company is exposed to the fluctuation in exchange
rates which the company does not hedge. So, any adverse
fluctuations in the currency markets may put pressure on the
profitability of the company which already has quite low PAT
margins. The risk is more evident now that the rupee has
registered considerable volatility and could leave the company
carrying costly inventory in case of sudden appreciation.

Key Rating Strenghts

Experienced promoters

AGHL is currently managed by Mr. Gurvinder Pal Singh and Mr.
Amarjeet Kaur Seghal who has an experience of around two and a
half decades and around two decades in the same line of business
through his association with "Microsoft Azure" and AGHL
respectively.

Delhi-based AGH Altech Private Limited (AGH), is a private
limited company, incorporated in December 28, 2007 and is
promoted by Mr. Gurvinder Pal Singh. The company is engaged in
the manufacturing of multi-channel tubes of aluminium which finds
its application in automobiles and split air conditioner. The
company procures the key raw materials i.e. aluminium rod
directly from manufactures while other raw material such as
header pipe, zinc wire, tube roll etc are procured from dealers
and wholesalers in Delhi. The company also imports (67% of
purchases in FY15 - refers to the period April 1 to March 31)
aluminium rod from China, Korea and Malaysia. The company sells
its product directly to OEM such as Lloyd's Electric &
Engineering Ltd, Samsung India Electronics Private Limited, Blue
Star Limited, Zamil Air Conditioners India Pvt. Ltd etc. The
company derives 8% of it's revenue through its export to
Thailand.

During FY16 (refers to the period April 01 to March 31), AGH has
achieved a total operating income (TOI) of INR14.61 crore
with net losses of INR8.71 crore, respectively, as against TOI of
INR10.54 crore with net losses of INR0.46. crore in FY15.


ARCH PHARMALABS: ICRA Moves D Rating to Issuer Not Cooperating
-------------------------------------------------------------
ICRA has moved the rating for the INR300.00 crore Non-Convertible
Debenture facility of Arch Pharmalabs Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".

                           Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Non-Convertible           300.0      [ICRA]D ISSUER NOT
  Debenture programme                  COOPERATING; moved to
                                       Issuer not cooperating

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with APL, ICRA has been trying to seek information from the
company so as to undertake surveillance of the rating, but
despite repeated requests by ICRA, no information has been
provided yet. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the company's
rating is now denoted as: "[ICRA]D ISSUER NOT COOPERATING". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited information on the company's performance since
the time it was last rated.

Arch Pharmalabs Limited is engaged primarily in the manufacturing
of APIs and pharmaceutical intermediates and also provides
contract research and manufacturing services to international and
domestic pharmaceutical companies. Over the years, it has grown
organically and in-organically through acquisitions and currently
operates eleven manufacturing units acoss country (including two
facilities owned by its subsidiary Avon Organics Ltd. (AOL)), of
which three are US FDA approved (one of which owned by AOL).
Moreover, one of the USFDA unit is also been approved by EDQM,
TGA-Australia and PMDA-Japan. These facilities allow the company
to supply its products in regulated markets on registration and
approval of the products with the relevant authorities. The
company's key products include side chains of isoxazole
penicillin, APIs for Atorvastatin, Clopidogrel and Gemicitabine.
APL has been supported by three Private Equity Investors namely
ICICI Venture, IL&FS and Swiss Tec, who have been associated with
the company for more than five years.


B. P. FOOD: ICRA Lowers Rating on INR75cr LT Loan to 'D'
--------------------------------------------------------
ICRA has downgraded the long-term rating for the INR75.00 crore
fund based facility and the INR61.29 crore term loan of B. P.
Food Products Private Limited to [ICRA]D from [ICRA]BB earlier.
ICRA has also downgraded the short-term rating for the INR45.00
crore short-term, non-fund based limit of BPFP to [ICRA]D from
[ICRA]A4. The rating for unallocated facilities aggregating to
INR18.71 crore have also been downgraded to [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Fund-
  based limits           75.00      [ICRA]D/Downgraded from
                                    [ICRA]BB (Negative)

  Long-term: Term
  loan                   61.29      [ICRA]D/Downgraded from
                                    [ICRA]BB (Negative)

  Short-term: Non-
  fund based limits      45.00      [ICRA]D/Downgraded from
                                    [ICRA]A4

  Long-term/Short-       18.71      [ICRA]D/Downgraded [ICRA]BB
  term: Unallocated                  (Negative)/A4
  limits

Rationale

The ratings downgrade reflects multiple instances of delays in
debt servicing during the past few days. In the backdrop of high
working capital intensity of operations and fully utilised fund
based facilities, the inability to renew the line of credit
extended earlier by a large agro based aggregator, for
procurement of wheat weakened the company's liquidity. BPFP's
sales and margins have remained under pressure during the past
year (especially post demonetisation and removal of import duty
on wheat during Q4 FY2017) which has adversely impacted its debt
metrics and cash flow from operations.

Going forward, the company's debt servicing ability and hence its
credit profile will remain sensitive to its ability to
effectively manage its working capital cycle, improve its
capacity utilization and profitability and timely infuse equity
funds.

Key rating drivers

Credit weaknesses

* Irregularities in debt servicing: BPFP is facing liquidity
issues, which has driven multiple instances of delay in debt
servicing during the past few days. The company faced issues in
availing the line of credit extended earlier by a large agro
based aggregator, for procurement of wheat. With modest accruals
and almost full utilization of working capital limits, cash flow
position has worsened.

* Leveraged capital structure and weak debt coverage indicators:
The Company's operating performance had remained weak, even as
its debt levels increased sharply to pay off long standing
creditors pertaining to Malanpur plant expansion done in FY2016.

* Uncertainty regarding impact of GST on branded wheat products:
From July 1, 2017, the Government has stipulated 5% GST on supply
of branded wheat products. The development has major implications
for organised sector players, which may see decline in market
share (given the competition from unorganised sector) or margins
(given the limited ability to pass on the tax burden to the price
sensitive end consumers). While BPFP enjoys a healthy market
share in its core market - Madhya Pradesh, the actual impact of
implementation of GST on competitive intensity in this market and
pricing strategy adopted by the company and peers in the
industry, remain uncertain.

* Adverse impact of regulatory developments on revenues -
Reduction in import duty on wheat since September 2016 led to
increased competition from millers using cheaper imported wheat,
particularly in western and southern markets. Moreover,
demonetisation also (temporarily) impacted both- procurement of
agro based inputs and sales to FMCG product manufactures, leading
to decrease in sales volumes.

B. P. Food Products Private Limited, incorporated in December
1994, is engaged in the milling of wheat and manufacturing of
food products like whole wheat flour, refined flour, semolina,
bran for cattle feed and broken wheat. The company's promoters
include Mr. Ravi Prakash Bansal and Ms. Rekha Bansal, who also
serve as directors.

BPFP has followed an inorganic growth strategy by acquiring
unsuccessful plants and turning them around into profitable
units, while expanding capacity. Currently, the company has five
operational plants, one each at Sanchi, Gotegaon, Jabalpur,
Pithampur and Malanpur (all in Madhya Pradesh). Based on the
family settlement reached in 2011 and 2012, the plants at Indore
(Madhya Pradesh), Agra (Uttar Pradesh) and Gwalior (Madhya
Pradesh) were transferred to the brothers of the promoters.


BSCC INFRASTRUCTURE: CARE Assigns B- Rating to INR1.5cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
BSCC Infrastructure Private Limited (BIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.50       CARE B-; Stable Assigned

   Short-term Bank
   Facilities             6.00       CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BIPL are
constrained on account of its small scale of operations with low
profitability, moderate debt coverage indicators, modest
liquidity position and working capital intensive operations in
FY17 (refers to the period April 1 to March 31). Furthermore,
rating is also constrained due to high customer concentration
risk along with low order book position and presence in
competitive construction industry.

The rating, however, derives strength from extensive experience
of the company's promoters in the construction business and
comfortable capital structure.

BIPL's ability to successfully complete the existing orders in
hand along with successful bidding of new projects to strengthen
the order book resulting increase in operating income is the key
rating sensitivity. Further, improvement in overall financial
risk profile would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability
During FY16, TOI remained low at INR8.61 crore as against
INR10.93 crore during FY15 while net worth position stood at
INR7.13 crore as on March 31, 2016. During FY16, PBILDT margin of
BIPL dipped by 98 bps y-o-y to 8.48% in FY16 on account of
increase in material costs. However, PAT margin improved by 91
bps and stood moderate at 2.82% during FY16 on account of
decrease in depreciation and finance cost.

Moderate debt coverage indicators
The debt coverage indicators of the company remained moderate
marked by total debt to GCA of 8.97 times as on March 31, 2016
while Interest coverage ratio stood at 3.14 times during FY16.

Modest liquidity position and working capital intensive
operations
The current ratio of the company remained moderate at 1.43 times
as on March 31, 2016 as compared to 2.06 times as on March 31,
2015. This is due to the increase in outstanding receivables and
inventory as compared to outstanding creditors as on balance
sheet date. The average utilization of working capital limits has
remained high at 95% during past twelve months ended January,
2017.

High customer concentration risk along with low order book
position
At present BIPL have only 4 customers i.e. Dudhsagar Dairy,
Suzlon, BSNL and GSRTC and out of which most of the orders
were from Dudhsagar Dairy. Currently, the company has an
outstanding order book position worth INR 12.34 crore as on
January 31, 2017 which will be executed by September, 2017.
Presence in competitive construction industry BSCC operates into
competitive construction industry wherein small players operate
at regional level thereby creating intense competition within the
industry.

Key Rating Strengths

Extensive experience of the company's promoters in the
construction business
BIPL was established by MrBharatbhai S Chaudhary who holds more
than two decades of experience in the construction industry
through various business ventures.

Comfortable capital structure
As on March 31, 2016, capital structure of BIPL stood comfortable
marked by an overall gearing ratio of 0.58 times as against 0.62
times as on March 31, 2015. Improvement in capital structure was
mainly on account of scheduled repayment of vehicle loan in FY16.

Mehsana (Gujarat) based BSCC, is a private limited company
promoted by MrBharatbhai S Chaudhary. MrBharatbhai S
Chaudhary has an experience of 25 years in the construction
industry. It was originally set up as a partnership firm, which
was reconstituted as a private limited company in 2011. The
company primarily undertakes construction works, but is
also a distributor of BSNL pre-paid cards and SIM cards for
Mehsana district since 2002 (contributing revenue of INR2.5-3.5
crore per year). BIPL is 'B' class contractor with Government of
Gujarat.

BIPL has registered a total operating income (TOI) of INR8.61
crore and profit after tax (PAT) of INR0.24 crore during FY16
as against TOI of INR10.93 crore and profit after tax (PAT) of
INR0.21 crore during FY15. Till January 31, 2017, the company
had clocked a turnover of INR4 crore.


DELTA ELECTROMECHANICAL: ICRA Cuts Rating on INR10cr Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B+
for the INR6.00-crore fund-based bank facility of Delta
Electromechanical Private Limited. ICRA has also revised its
short-term rating to [ICRA]D from [ICRA]A4 for the INR10.00 crore
non fund-based bank facility of DEPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based              6.00      [ICRA]D; Downgraded from
                                    [ICRA]B+

  Non Fund-based         10.00      [ICRA]D; Downgraded from
                                    [ICRA]A4

Rationale

The revision in ratings of DEPL takes into account the ongoing
delays in debt servicing owing to strained liquidity position
arising from long overdue receivables and high inventory holding
period in business. The ratings also continue to take into
account the competitive pressures from other established players
in the industry and DEMPL's ability to execute projects in a
timely manner remains critical.

Key rating drivers

Credit weaknesses

* Delays in debt servicing obligation due to stretched liquidity
position arising out of long overdue receivables and high
inventory holding levels - The company's liquidity position is
strained owing to the high inventory holding, long overdue
receivables coupled with considerable cash lock in the form of
retention money, earnest money and security deposits as per the
terms in most of the contract awarded through tender bidding
process.

* Highly competitive business environment, characterized by
fragmented nature of industry - DEPL executes Heating Ventilation
& Air Conditioning (HVAC), electrical and plumbing contracts.
This industry is highly competitive and fragmented with presence
of numerous small as well as large players. Given the company's
moderate size, securing large orders going forward can be
challenging. Also, such a scenario impacts the pricing and thus
the profitability of the players.

Incorporated on 22nd November 2010, the company was initially
engaged in contracting business of Electrical and HVAC works.
Since 1st August 2014, it also commenced contracting business of
plumbing works. The company renders specialized services in HVAC,
electrical, plumbing & Fire Fighting works across sectors such as
hospitality, Residential, commercial buildings, hospitals, IT
parks, Educational Institutes and Industrial Complexes. DEMPL is
managed by Mr. Sunil Gupta and other family members.


FAROOQ CONSTRUCTIONS: ICRA Moves B- Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the INR12.00 crore bank facilities
of Farooq Constructions to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA] B- (Stable) ISSUER NOT
COOPERATING".

                           Amount
  Facilities            INR crore)     Ratings
  ----------           -----------     -------
  Long term-Fund-based     12.00       [ICRA]B- (Stable) ISSUER
                                       NOT COOPERATING*; Rating
                                       moved to the 'Issuer Not
                                       Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does 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.

As part of its process and in accordance with its rating
agreement with Farooq Constructions, 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. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key rating drivers

Credit strengths

* Longstanding experience of the firm in the construction
   industry in Kerala
* Availability of adequate man power and equipments

Credit weaknesses

* Small scale of operations with moderate profitability levels
* Substantial geographic and sectoral concentration with
   presence only in road projects in Kerala
* High competition for road sector projects in Kerala
* Vulnerability of profit margins to fluctuations in raw
   material and labor costs
* Risks associated with being a partnership entity

Description of key rating drivers:

The promoter of the firm, Mr. Baiju Rasheed, has long presence in
the construction industry for more than a decade. However, the
significant competitive intensity prevailing in the road
construction segment in Kerala has resulted in a low bid success
ratio in the past. The firm faces geographical and sectoral
concentration risks with its presence limited to road projects in
and around Alappuzha in Kerala. ICRA also notes that being a
partnership firm, any significant withdrawals from the capital
account by the promoters would have an adverse bearing on the
firm's gearing levels.

Farooq Constructions is a civil works contracting firm based in
Alappuzha town and was established in the year 2000 as a
proprietorship concern owned and promoted by Mr. Baiju Rasheed.
In the year 2009, it was converted to a partnership firm with Mr.
Baiju Rasheed and Mrs. Sajeela Baiju as its partners. The office
functions at North of Vazhicherry Bridge, Alappuzha. Farooq
Constructions undertakes Kerala State Public Works Department
(PWD) contract works especially roads, bridges and other major
civil works.


HEMANG RESOURCES: ICRA Cuts Rating on INR104.72cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the long-term rating for the INR18.28-crore
fund-based and non-fund based bank facilities of Hemang Resources
Limited (HRL) to [ICRA]D from [ICRA]B earlier. ICRA has also
downgraded the short-term rating for the INR181.72-crore non
fund-based bank facilities and proposed bank facilities of HRL to
[ICRA]D from [ICRA]A4.

                           Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Long-term fund-based
  bank facilities            12.00     [ICRA]D/downgraded

  Long-term non-fund
  based bank facilities       6.28     [ICRA]D/downgraded

  Short-term non-fund
  based bank facilities      77.00     [ICRA]D/downgraded

  Short-term unallocated/
  proposed                  104.72     [ICRA]D/downgraded

Rationale

The ratings downgrade takes into account liquidity issues being
faced by HRL, which has driven multiple instances of letter of
credit (LC) devolvement during the past few months. The liquidity
has deteriorated as HRL's trading volumes and contribution
margins have remained under pressure during the past one year,
which has adversely impacted its profitability, debt metrics and
cash flow from operations.

Going forward, HRL's debt servicing ability and hence the credit
profile will remain sensitive to its ability to report adequate
coal trading volumes by optimally managing its working capital
cycle, and deliver healthy profitability margins through prudent
management of risks arising out of volatility in commodity prices
and foreign exchange rates. Given the financial stress in group
entities, any intra-group transactions resulting in funding
support to group entities, will continue to be a determinant of
its credit profile.

Key rating drivers

Credit weaknesses

* Irregularities in debt servicing: HRL is facing liquidity
issues, which has driven multiple instances of letter of credit
(LC) devolvement during the past few months. The liquidity has
deteriorated as HRL's trading volumes and contribution margins
have remained under pressure during the past one year, which has
adversely impacted its profitability, debt metrics and cash flow
from operations.

* Severe financial stress in Bhatia Group entities: The Bhatia
Group of Indore has extensive experience in the imported coal
trading business; however, it has witnessed significant erosion
in market share over the past few years. This has been driven by
the group's weak liquidity position subsequent to large forex
losses and failure of its shipping venture. ICRA notes that
multiple entities of Bhatia Group are in severe financial stress
and have turned non-performing assets (NPAs) with banks. While
the management has cut down operational linkages with group
entities, however, given the common promoters, the possibility of
future operational and financial transactions cannot be

* Leveraged capital structure and weak debt coverage indicators:
Given the weak profitability and inadequate internal accrual
generation, the financial profile of HRL continues to be
characterised by a leveraged capital structure (TOL/TNW of about
6 times) and weak debt coverage indicators as reflected by
interest coverage of 0.4 times in FY2017 and 0.9 times in FY2016.

* Exposure to foreign currency fluctuation risk: Given the
nature of the coal import business, HRL has high foreign currency
payments as most of the coal is imported against letter of credit
(L/C). To mitigate the resulting foreign currency fluctuation
risk, the Bhatia Group followed a policy of partial hedging till
FY2013 whereby about 50% of its dollar exposure used to be
hedged. However, subsequent to large forex losses incurred by the
group, a more conservative policy of hedging the entire exposure
was adopted, wherein it started booking its dollar liability on
the date of issuance of the bill of loading. While this increased
the cost of goods and impacted profit margins, it mitigated the
forex risk.

* Exposure to volatility in commodity prices: Coal prices are
driven by many factors (like exchange rates, freight rates,
alternate fuel supply situation, seasonal factors, emergencies,
regulations, resource situation, exportable stocks, technological
developments etc.) that are beyond the realm of fundamental
demand and supply scenario, thereby driving volatility in prices
and hence exposing HRL to risks arising out of volatility in coal
prices in the backdrop of business on a stock and sale basis.

HRL (erstwhile Bhatia Industries and Infrastructure Limited) is
promoted by the Bhatia Group of Indore, and is involved in coal
trading, wherein coal is imported from coalfields in Indonesia
and South Africa, and is sold to domestic companies. It was
initially incorporated as BCC Finance Limited and was involved in
asset financing business. Subsequently in the year FY2007, it
surrendered its NBFC certificate and changed the name to Bhatia
Industries and Infrastructure Limited before being renamed HRL
from March 2015 onwards. Since then, the company has been trading
in coal as the main commodity, apart from commodities such as
sand and soybean (which is now discontinued). Within the Bhatia
Group, HRL is vested with the 'stock and sale' business with
focus on catering to small corporate entities and dealers.


HIMALYA INTERNATIONAL: ICRA Cuts Rating on INR136.11cr Loan to C-
-----------------------------------------------------------------
ICRA has revised the long-term rating for the INR204.75 crore
fund and non-fund based facilities of Himalya International
Limited (HIL) from [ICRA]B- to [ICRA]C-. Also, ICRA has
reaffirmed the short term rating assigned to the INR1.25 crore
non-fund based facilities of the company at [ICRA]A4.

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Term loan facilities    136.11      [ICRA]C-; Downgraded
                                      from [ICRA]B-

  Long term fund based     61.64      [ICRA]C- ; Downgraded
  Facilities                          from [ICRA]B-

  Long term non-fund        7.00      [ICRA]C- ; Downgraded
  based facilities                    from [ICRA]B-

  Short term non-fund
  based facilities          1.25      [ICRA]A4; Reaffirmed

Rationale

The rating action takes into account the liquidity constraints
being faced by HIL on account of delay in payment from some its
customers as well as limited financial flexibility with working
capital limits from banks almost fully utilised over the last 12
months. Additionally, the flooding of the company's Gujarat
facility in the month of July, 2017 is expected to impact
revenues as well as operating profitability in FY2018.

Despite muted growth in sales during FY2017, higher yields as
well as better capacity utilisation allowed HIL to report
improvement in operating performance with operating profit
increasing sharply and net loss being curtailed to INR2.4 crore
(net loss of INR20.9 crore was reported in FY2016).
Notwithstanding this, the company's liquidity remained stretched
evident from fully utilised working capital limits as well as
availment of higher credit period from suppliers. The ratings are
further constrained by the vulnerability of revenues to crop
failure and adverse weather conditions as witnessed in the recent
past. Other concerns include regulatory risks on account of high
geographic concentration of revenues with the US accounting for
most of HIL's export revenues. ICRA also takes note of the
susceptibility of margins to volatility in raw material prices,
adverse forex movements and inventory losses due to the
perishable nature of its finished products.

The assigned ratings also take into consideration the established
presence of HIL in the mushroom cultivation and processing
industry, along with its wide range of products in the processed
food space, which adds diversity to revenue streams. Going
forward, the ability of the company to scale up and increase
utilisation of its plants will be fundamental in stabilizing the
profitability metrics and cash accruals.

Key rating drivers

Credit strengths

* Established presence in mushroom cultivation and processing;
wide range of products in the processed food space adds diversity
to revenue streams: HIL's promoters have long standing experience
in this industry and the business is fairly diversified. HIL is
engaged in the cultivation and processing of mushrooms and
manufacturing of a wide range of processed foods including sweets
(kaju barfi, milk cake, pedas, laddoos, ras malai, etc), breaded
appetizers (French toast, French toast white, veggie burger,
breaded beans, cocktail samosas, etc) and milk products (paneer,
dahi, etc) which it sells in the domestic and international
markets.

* Improved yield in mushroom cultivation lead to improved
profitability: Mushroom yields have doubled over the past year
leading to better realisation coupled with lower employee costs
the operating margin has improved over the past year.

Credit weaknesses

* Limited financial flexibility, high dependence on external
debt for working capital funding: Even though the operating
profitability of the company has improved over the past year, the
coverage indicators remain stretched coupled with liquidity
constraints being faced by the company with elongating working
capital cycle. Further, the high working capital utilisation over
the past twelve months indicating high dependence of the company
on external financing for its short term requirements.

* Vulnerability of revenues to crop failure and adverse weather
conditions: The mushroom crop requires specific temperature and
humidity for a good yield and any adverse changes in the weather
conditions can destroy the crop or lower the yield. The recent
flooding of the Gujarat mushroom growing facility is expected to
impact the revenue as well as profits for FY2018.

* High geographic concentration of export revenues: The main
export destination of the company is the U.S, exposing it to
significant regulatory risk regarding import of food items.

* Margins remain susceptible to volatility in raw material
prices and forex; inventory loss due to perishable nature of
finished products: Mushrooms being a perishable commodity, the
inventory carrying risk is high. The cultivation of mushrooms is
also a complex process with the harvest time being limited and
any delay could lead to the crop being destroyed.

Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready
to eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast Sticks,
Bites, Veg Patty, Samosa). HIL has its manufacturing facility in
Sirmaur (Himachal Pradesh) and Mehsana (Gujarat).


INDIAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR2.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B+ to the
INR2.50-crore fund-based facilities and a short-term rating of
[ICRA]A4 to the non-fund based bank facilities of INR3.25 crore
of Indian Construction Company. The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-OD           2.50      [ICRA]B+ (Stable); Reaffirmed
  Non-fund based-
  Bank Guarantee          3.25      [ICRA]A4; Reaffirmed

Rationale
The ratings continue to favourably factor in the extensive
experience of the promoters spanning over two decades in the
construction industry, and its registration as an "AA" class
category contractor enables, ICC to bid for large contracts.
However, the ratings are constrained by the firm's relatively
small scale of operations and intense competition in the civil
construction segment though it reported a healthy growth of ~30%
in operating income in FY2017 with the execution of one major
order. This, coupled with the exposure to geographical risk with
presence in single state and vulnerability to subcontracting cost
as it sub-lets a majority of its work contracts to third parties,
result in modest and fluctuating profitability indicators. The
ratings are further constrained by its constitution as a
partnership firm, exposing it to deterioration in capital
structure due to substantial withdrawal by partners.

Key rating drivers

Credit strengths

* Experience of partners in the civil construction industry
spanning over two decades - Established in 1978, as a partnership
firm, Indian Construction Company is primarily involved in the
execution of Government tenders for civil construction contracts
of dams, canals, roads, bridges, underpass and other construction
works. The current partners of firm have an extensive experience
of more than 20 years in construction segment.

* Registration as an "AA" class category contractor - The firm
is registered as an "AA" class category contractor with the State
Government of Gujarat. This registration makes it eligible to bid
for most contracts floated by government entities in the state.

Credit weaknesses

* Small scale of operations with fluctuating profitability - The
firm has a small scale of operations and has witnessed
fluctuating trends over the last five-year period. The operating
income stood at INR16.13 crore in FY2017 as against INR12.48
crore in FY2016, translating into a healthy YoY growth of ~30%
with execution of one of the major order. The margins are largely
affected by the sub contracting cost as it sub-lets a majority of
its work contracts to third parties, which in turn affects the
profitability.

* High geographic concentration risks - The majority of the
projects executed in the past, along with the current orders in
hand, pertain to Gujarat, exposing ICC to economic and political
risks of a single state.

* Intense competition, given the low complexity of work involved
- The firm faces stiff competition from other contractors in
government tenders, given the low complexity of work involved and
low entry barriers in terms of qualifications required for the
tenders floated which limits its pricing flexibility, thereby
putting pressure on its revenues and margins.

* Risks associated with partnership status of ICC - ICC is a
partnership firm, any substantial withdrawal of capital can
adversely affect the capital structure of firm.

Indian Construction Co. (ICC) was established as a partnership
firm in 1978. The firm is primarily involved in the execution of
government tenders for civil construction contracts of dams,
canals, roads, bridges, underpass and other construction works.
ICC is registered as an "AA" class contractor in the construction
segment with the State Government of Gujarat, which makes it
eligible to bid for most contracts floated by the government
entities in the state. ICC mainly outsources its awarded
contracts to other sub-contractors.

It is currently managed by Mr. Bhagwanji Patel, Mr. Paresh
Vakeria, Mr. Bipin Vakeria, Mr. Rajesh Vakeria and Mr. Kush
Vakeria, who have a longstanding experience in the civil
construction business.

In FY2017, on a provisional basis, the company reported a net
profit of INR0.40 crore on an operating income of INR16.13 crore,
as compared to a net profit of INR0.34 crore on an operating
income of INR12.36 crore in the previous year.


INFISSI FENESTRATION: CARE Assigns B Rating to INR9.85cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Infissi Fenestration LLP, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            9.85        CARE B; Stable Assigned

Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of Infissi
Fenestration LLP is primarily constrained by the short track
record of
operations, volatility in prices of raw material, along with INF
presence in the competitive industry and partnership nature
of its constitution. The ratings, however, draw comfort from
experienced management in diversified business segment.
Going forward, the ability of the firm to achieve the envisaged
total operating income, profitability margins, maintaining a
favourable capital structure while managing its working capital
requirements shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Short track record of operations
The company started commercial operations in March 2016 and has
short of track record in this industry as compared to other
established players. FY17 (refer to period April 1 to March 31)
was first full year of operations for the company.

Further, The scale of operations was small marked by total
operating income of INR4.19 crore during FY17 (FY refers to
the period April 01 to March 31; based on provisional results).
The small scale limits the company's financial flexibility in
times of stress and deprives it from scale benefits.

Volatility in prices of raw material
The raw material prices of G.P Coils are highly volatile in
nature and depend on the fortunes of steel & iron industry. Since
the raw material cost is the major cost driver and any southward'
movement of finished goods price with no decline in raw material
price is likely to result in adverse performance. Though the
company tries to pass on the price volatility to the end users,
any adverse fluctuations in the prices may put pressure on the
profitability of the company which already has quite low PAT
margin. The risk is more evident now that the market has
considerable volatility and could leave the company carrying
costly inventory in case of sudden appreciation.

Competitive nature of the industry
INF operates in a highly fragmented industry marked by the
presence of a large number of players in the unorganized
sector. Further, with presence of various players, the same
limits bargaining power which exerts pressure on its margins.

Key Rating Strengths

Experienced partners in diversified business segment
Ms. Anchal Bansal, Mr. Rajinder Bansal and Mr. Abhiman Kansal and
Mr. Nakul Kansal collectively look after the operations of the
firm. The partners of the firm are graduates by qualification and
have been associated with the firm since inception. Though the
partners have limited experience in this industry. However, Mr.
Rajinder Bansal has more than three decades of experience in
diversified business segments such as hospitality, textiles, and
education industry. Further, Ms. Anchal Bansal has an experience
of around half a decade in the steel industry through her
association with INF and other family run businesses.

Haryana based Infissi Fenestration LLP (INF) was established in
2015 as Limited Liability Partnership. Mr. Abhiman Kansal, Mr.
Nakul Kansal, Mr. Rajinder Bansal and Ms. Aanchal Bansal are
partners and share profit and loss in the ratio of 16:17:17:50.
The firm is engaged in manufacturing of steel reinforcement which
find application in manufacturing of UPVC products (door, window
etc). it's the manufacturing facility located in Faridabad,
Haryana and has an installed capacity of 1600 tonnes per month as
on June 30, 2017. The firm sells its products domestically and
mainly caters to Northern and Central India. The main raw
material used for manufacturing is Galvanized Plain Coil (GP
coils) and sheets which firm procure mainly from suppliers
located in Haryana. The company is also engaged in trading of
hardware material like handles, locks etc. which is normally
procured from China, Turkey etc. and places nearby.


JANARDAN NIRMAN: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Janardan Nirman
Private Limited (JNPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits assigned with IND B/Stable
    rating; and

-- INR10 mil. Non-fund-based limits assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect JNPL's moderate credit profile. FY17
provisional financials indicate revenue of INR201 million (FY16:
INR216 million), net financial leverage (adjusted net
debt/operating EBITDA) of 5.2x (4.5x) and interest coverage of
2.8x (1.8x) and EBITDA margin of 13.8% (11.8%). The revenue
declined in FY17 due to a decline in the rate of execution of
work orders; however, the operating EBITDA margins improved due
to a fall in execution expenses, leading to improvement in the
interest coverage. However, the net leverage deteriorated due to
an increase in the total debt.

The ratings also reflect moderate revenue visibility. Order book
amounted to INR393.7 million on 31 July 2017 which is around 1.9x
its FY17 revenue.

The ratings are constrained by JNPL's tight liquidity as
reflected in several instances of overutilisation of working
capital limits during the 12 months ended June 2017, which was
however regularised within 27 days.

The ratings are supported by the company's promoters' around a
decade of experience in the civil construction and piling
business.

RATING SENSITIVITIES

Positive: Improvement in the liquidity profile of the company
would lead to a positive rating action.

Negative: Further deterioration in the liquidity profile of the
company would lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2008, JNPL executes civil construction projects
as well as piling work for government and private counterparties.


JASBIR SINGH: CARE Moves B+ Rating to Issuer Not Cooperating
------------------------------------------------------------
CARE has been seeking information from Jasbir Singh & Company to
monitor the rating(s) vide e-mail communications/ letters dated
July 7, 2017 and June 23, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. Further, Shiv Hari
Plywood Limited has not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. In line with the
extant SEBI guidelines CARE's rating on Jasbir Singh will now be
denoted as CARE B+; ISSUER NOT COOPERATING. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        8.00        CARE B+; Issuer Not
   Facilities                        Cooperating

Detailed description of the key rating drivers

At the time of last rating in May 13, 2016 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Low profitability margins coupled with leveraged capital
structure The profitability margins of the firm remained low in
11MFY16(refers to the period April 2015 to February 2016) as
reflected by PBILDT margin of 1.87% and PAT margin of 0.30%
respectively on account of low value addition. During initial
period of operations, the solvency position of the firm stood
leveraged marked by overall gearing ratio of 1.89x as on
February 29, 2016 on account of high dependence on working
capital requirement to support its operations.

Working capital intensive nature of operations
Being in retail business, the firm has to maintain inventory
levels of 10-15 days at its outlets throughout the year.
Furthermore, sales done by the firm at its outlets is on cash
basis and to vendors (hotel and bar owners), the firm provides
credit period ranging from 15 days to 1 month. The firm procures
the liquor from various distilleries and beer manufacturing
companies on cash and advance basis. The working capital limits
of the firm remained fully utilized during the past 12 months
ended March 31, 2016.

High and inconsistent duty structure and susceptibility to
regularity risk
The liquor industry is highly regulated as reflected by high tax
structure, restriction on movement of raw material and final
products between the states, prohibitions, restrictions on
advertising through mass- media, strong government control on
distribution and retailing of the products. Furthermore, the
strict government regulations pertaining to new licenses &
approvals also act as an entry barrier for new entrants in the
industry. High tax burden and lack of consistency across states
has resulted in anomalies and has hampered the growth of the
industry. Besides, the requirement of import permit-cum-pass for
every purchase outside the state results in operational
inefficiencies because of bureaucratic delays.

Government regulations can have a significant impact on the
profitability, particularly in states where the government
controls the pricing. In the retail segment, JSC is an L1 and L2
licence holder; the outlets are awarded through the draw of
lots. Hence, any reduction in number of outlets awarded directly
affects the revenue and consequently its profitability in
absolute terms. Accordingly, the business of JSC remains
sensitive to any additional duty imposition by the Government or
ban on consumption of alcohol.

Geographical concentration risk
JSC deals in IMFL, country liquor, wine and beer in Gurgaon
(Haryana). Thus, the firm is exposed to geographical
concentration risk and is vulnerable to demand-supply dynamics of
liquor in these cities and competition from other players in the
vicinity.

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

Key Rating Strengths

Experienced Partners
The operations of JSC are primarily managed by Mr. Rajendra
Singh, Mr. Deepak Sharma and Mr. Dhiraj Sehrawat. Mr. Rajendra
Singh has an experience of around three and a half decade in
trading of liquor through family run business. While Mr. Deepak
Sharma and Mr. Dhiraj Sehrawat has experience of more than a
decade in managing liquor business through family run liquor
business. Furthermore, they all are supported by other partners
in managing the overall operations of the firm.

Stabilization of operations
The operations of the JSC have been stabilized. The firm started
its operation from April 2015 and has completed eleven months of
operation. During the 11MFY16 (provisional) (refers to the period
April 2015 to February 2016) the firm has achieved Total
Operating Income of INR60 crore.

Gurgaon-based (Haryana), Jasbir Singh & Company (JSC) established
in April 2015 as partnership concern by six partners namely Mr.
Deepak Chaudhary, Mrs Jasbir Singh, Mr. Rajender Singh, Mr.
Dhiraj Sehrawat, Mr. Pankaj Chaudhary and Mr. Jai Prakash. They
collectively look after the overall operations of the firm.

The firm is engaged in retail sales of Indian made foreign liquor
(IMFL), country liquor and all kinds of wine and beer. Apart from
retail sales, the firm also sells the traded product to various
hotels and bars in Gurgaon. The firm holds L1 and L2 license, the
former license is for wholesale and latter for retail sales of
liquor. It also holds L13 and L14 license for sales of country
liquor. All these above mentioned licenses are awarded through
bidding every year. Currently it has 15 retail outlets in Gurgaon
(Haryana).

The firm sells liquor of various brands which it procures
directly from companies like United Spirit, United Breweries and
Pernod Ricard India Limited etc.


KARAN INTERMEDIATES: CARE Assigns B+ Rating to INR7.26cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Karan
Intermediates Private Limited (KIPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.26      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of KIPL is primarily
constrained on account of its small scale of operations and
moderate profitability, KIPL's presence in highly competitive and
fragmented chemical industry and susceptibility of its operating
margins to volatile raw material prices.

The rating, however, derives comfort from vast experience of the
promoters, location advantage, comfortable capital structure,
debt coverage indicators and liquidity position.

The ability of KIPL to increase its scale of operations with
improvement in profitability, capital structure and debt
protection metrics would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations
KIPL's scale of operations remained small marked by Total
Operating Income (TOI) of INR3.64 crore during FY17 (Rs.2.32
crore during FY16) and net worth base of INR3 crore as on March
31, 2017. Operating profit stood at moderate level while
it reported marginal loss during FY17.

Presence in highly fragmented and competitive chemical industry
KIPL is currently into manufacturing of pharmaceutical and
pesticide intermediates. The chemical industry is highly
fragmented in nature with presence of large number of organized
as well as unorganized players in it. KIPL being into chemical
processing faces high degree of competition from numerous
players.

Operating margins susceptible to volatile raw material prices
KIPL's profitability is susceptible to volatility in raw-material
price movement as it accounts for roughly 65% of the total cost
of sales and the entity holds high raw-material inventory for
smooth production process. Further, the entity does not have any
long term contracts with the suppliers for the purchase of the
same.

Key Rating Strengths

Experienced promoters
KIPL is promoted by Mr. Gautam Patel and Mr. Vakesh Patel. Mr.
Gautam Patel holds more than 25 years of experience in
manufacturing and marketing of chemicals and he looks after
overall management and operations of the company. Mr. Vakesh
Patel holds around two decades of experience in manufacturing and
developing chemicals.

Location advantage
KIPL has its plant located at Khambhat (Gujarat), which is having
good connectivity with rest of the country with welldeveloped
communication network and required manpower is also available at
reasonable rate. Further, basic raw materials and other required
raw materials are satisfied from the nearby local market of
Ahmedabad, Baroda etc.

Comfortable capital Structure and moderate debt protection
metrics though expected to deteriorate going forward
KIPL's capital Structure as on March 31, 2017 remained
comfortable marked by an overall gearing ratio of 1.14 times
(0.56 times as on March 31, 2016). The debt coverage indicators
stood at moderate level with moderate profitability and
comfortable capital structure. However, with availment of new
term loan for its completed project in April 2017 and consequent
increase in working capital bank borrowing to support growing
scale of operations, both capital structure and debt protection
metrics are envisaged to deteriorate.

Comfortable liquidity position
KIPL's overall liquidity position stood comfortable marked by
operating cycle of 12 days during FY17 (28 days during FY16). The
average working capital limit utilization remains at low level of
around 20-30% during past 12 months ended July, 2017.

Ahmedabad-based (Gujarat), KIPL was incorporated during July,
1994 by two promoters namely Mr. Gautam Patel and
Mr. Vakesh Patel. The company is in the business of manufacturing
pharmaceuticals and pesticides intermediates and operates with an
installed capacity of 480 Metric Tons per Annum (MTPA). Recently,
KIPL has implemented an expansion project worth INR7.23 crore.
The commercial production has commenced from April 2017.


KOMMINENI INFOTECH: CARE Reaffirms B+ Rating on INR6cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kommineni Infotech Private Limited (KIPL), as:

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

   Short-term Bank
   Facilities              5         CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Kommineni Infotech
Private Limited (KIPL) is constrained by the company's
small scale of operations, short-term revenue visibility from
order book position, fluctuating profitability margins,
tenderbased nature of operations due to high competition,
moderately leveraged capital structure and weak debt coverage
indicators and elongated operating cycle days. The rating is,
however, underpinned by the long track record of the company with
experience of the promoter for more than a decade in IT industry,
increase in total operating income during review period and
established relations with reputed customers and suppliers.
Going forward, the company's ability to increase its scale of
operations by bagging new orders in a competitive market,
improve the profitability margins and manage working capital
requirements efficiently are the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations
Despite, long track record of the company, the scale of
operations are relatively small marked by total operating income
(TOI) of INR7.07 crore during FY17 CA. Certified, Prov. (refers
to period April 01 to March 31) with low net worth base of
INR2.75 crore as March 31, 2017 CA. certified, Prov. as compared
to other peers in the industry.

Short-term revenue visibility from order book position
The company has an order book of INR11.75 crore as on April 17,
2017, which translates to 1.66x of total operating of FY17
(Provisional) supply of computer, networking products and related
computer peripherals to APSRTC, TSRTC and TSGENCO constitute
around 18% (INR2.15 crore) of total order book while balance 82%
of the order book pertains to AMCs worth INR9.60 crore from
public sector undertaking like Hindustan Aeronautics Limited,
Bharat Heavy Electricals, Food Corporation of India, West Bengal
Highway Development Corporation and others.

Tender based nature of operations due to high competition The
company receives 100% work orders from government organizations.
All these are tender-based and the revenues are dependent on the
company's ability to bid successfully for these tenders.
Profitability margins come under pressure because of competitive
nature of the industry. However, the promoter's long industry
experience of two decades mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the IT industry space highly
competitive.

Moderately leveraged capital structure and weak debt coverage
indicators
The company has moderately leveraged capital structure due to low
net worth and high dependence on working capital borrowing to
fund the operations. However, the capital structure of the
company marked by debt equity and overall gearing ratio of the
company improved from 1.00x and 1.87x respectively, as on
March 31, 2016 to 0.65x and 1.72x respectively as on March 31,
2017 CA. certified, Prov. at the back of increase in net worth on
account of infusion of equity share capital of INR1.86 crore in
FY17 (Provisional) along with accretion of profit to the net
worth of the company. The company has weak debt coverage
indicators due to low profit levels and cash accruals along with
high debt levels. The PBILDT interest coverage ratio of the
company deteriorated from 2.17x in FY16 to 1.24x in FY17 (CA.
Certified, provisional) CA. Certified, Prov. due to increase in
interest cost of the company. Total debt/GCA of the company,
though improved from 73.33x in FY16 to 50.63x in FY17 (CA
Certified Provisional) due to increase in cash accruals, stood
weak.

Increasing working capital cycle
The operating cycle days of the company has been increasing y-o-y
during review period from 17 days in FY15 to 123 days in FY17
majorly due to increase in average collection days and average
inventory days. With increase in scale of operations and
execution of some of the orders during Q4FY17, the average
collection days of the company increased from 68 days in FY16 to
89 days in FY17. Furthermore, the company keeps around two months
of stock of computers, laptops, printers, networking products and
related computer peripherals to meet the customers' requirements.

Generally, the company received payments from customers in
between 2-3 months' time. To meet the working capital
requirement, the company is utilizing cash credit facility and
average utilisation of the cash credit facility was 90% for the
last 12 months ended April 30, 2017.

Key Rating Strengths

Long track of the company with experienced promoter for more than
a decade in IT industry
KIPL was incorporated in the year 1998 and since then, it is
engaged in supply, installation and maintenance of computers,
laptops, printers, networking products and related peripheral
equipment's majorly to government organizations. Currently, the
business is managed by Mr. Praveen kumar who is the Managing
Director of the company. Mr. Praveen Kumar is a B. Tech graduate
and has more than a decade of experience in the IT industry. The
other director, Mrs Uma who is the mother of Mr. Praveen Kumar,
also has experience in the same line of business. The company is
likely to be benefitted from the experience of the promoters of
the company.

Increase in total operating income albeit fluctuation in
profitability margins during review period
The total operating income of the company increased significantly
from INR0.52 crore in FY15 to INR7.07 crore in FY17 (CA.
Certified, provisional) at the back of increase in execution of
work orders received from the government organizations.
Furthermore, the company has achieved sales of INR1.61 crore from
April 2017 till May 20, 2017.

The operating margin of the company depends upon the nature of
work order under execution. Furthermore, AMC works carries higher
profitability margins compared to supply of computers, laptops,
printers, networking products and related computer peripherals.
The PBILDT margin of the company has been fluctuating during
review period depending upon quantum of AMC works executed. The
PBILDT margin of the company declined to 2.98% in FY16 from 7.09%
in FY15 due to lower execution of AMC contracts. However, the
PBILDT margin increased by 439 basis points to 7.37% in FY17 (CA.
Certified, provisional) over FY16 mainly at the back of increase
in AMC revenues from INR0.33 crore in FY16 to INR2.26 crore in
FY17 (CA. Certified, provisional). Similarly, the PAT margin of
the company has been fluctuating during review period due to
lower growth in PBILDT compared to financial expenses. However,
the PAT margin of the company increased from 0.31% in FY16 to
0.84% in FY17 (CA. Certified, Prov.) due to increase in PBILDT
level.

Press Release
Established relations with reputed customers and suppliers
The company being into the same business from past two decades
and has been associated majorly with government organizations.
With the long track of the company, the promoters have
established relations with customers (government departments) and
suppliers. Furthermore, the promoters have gained significant
amount of experience in executing the tender based government
contracts.

Kommineni Infotech Private Limited (KIPL) was incorporated in the
year 1998 as a Private Limited company. Presently, the directors
of the company are Mr. Praveen Kumar (Managing Director), Mrs Uma
(Director), Mrs Y. Saila Rani (Director) and Mr. Ajay Kumar
(Director). KIPL has its registered office located at Hyderabad
and is engaged in supply, installation and maintenance of
computers, laptops, printers, networking products and related
computer peripherals. The company receives the orders from State
and Central government through participating in tenders (online
and offline bidding) for supply, repairs and annual maintenance
services (AMC) services. The company supplies its products and
renders services to government departments like Andhra Pradesh
State Road Transport Corporation (APSRTC), Telangana State Power
Generation Corporation Limited (TSGENCO), Canara Bank, State Bank
of India, Bharat Sanchar Niagam Limited, Urban Development
Department (Government of Karnataka) among others.


KRYSTAL STEEL: ICRA Withdraws 'D' Rating on INR12cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D outstanding on the
INR12.00-crore cash credit facility, INR4.99-crore term loan,
INR5.00 crore FCBP/FCBD, INR12.00 crore short term non fund based
facilities (including sublimit of INR5.50 crore) of Krystal Steel
Manufacturing Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loans             4.99       [ICRA]D; Withdrawn
  Cash Credit           12.00       [ICRA]D; Withdrawn
  FCBP/FCBD              5.00       [ICRA]D; Withdrawn
  PCFC                  (4.50)      [ICRA]D; Withdrawn
  Inland/Import
  Letter of Credit
  cum Buyers Credit     12.00       [ICRA]D; Withdrawn
  Bank Guarantee        (1.00)      [ICRA]D; Withdrawn

Rationale
The long-term and the short-term ratings assigned to Krystal
Steel Manufacturing Private Limited have been withdrawn at the
request of the company based on the no-due certificate provided
by its banker.

Incorporated in 2006, Krystal Steel Manufacturing Private Limited
(KSMPL) is a closely held private limited company by the Shah
family. The initial operations of the company consisted of
manufacturing of stainless steel's seamless and welded tubes with
its plant located at Vadodara, Gujarat. Since, FY2015, the
company has stopped manufacturing of welded tubes and pipes.
Currently, the installed capacity of seamless pipes and tubes
stands at 2500 MTPA. The company has currently increased its
focus on manufacturing bright annealed tubes as compared to
solution annealed tubes.


METAL ORE: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR13.00 crore fund based facilities and the short-term rating of
[ICRA]A4 to the INR50.00 crore non-fund based bank facilities of
Metal Ore. The outlook on the long-term rating is 'Stable'. The
long-term fund-based facility of INR13.00 crore is a sub-limit of
the short-term non-fund based facility of INR50.00 crore.

                           Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Fund-based-Cash Credit   (13.00)     [ICRA]B+ (Stable);
                                       Reaffirmed

  Non-fund based-Letter
  of Credit                 50.00      [ICRA]A4; Reaffirmed

Rationale

The rating reaffirmations take into account the established track
record and long experience of the partners in the steel-trading
business and established relationship with some reputed
customers, which ensures repeat orders for the firm.

The ratings, however, are constrained by an adverse capital
structure and depressed coverage indicators of the firm,
notwithstanding an improvement in FY2017. The ratings also take
into account the intensely competitive nature of the steel
trading industry, which exerts pricing pressures and Metal Ore's
exposure to price risks, given the high inventory levels and
cyclicality inherent in the steel industry. The ratings also take
into account the entity's status as a partnership firm, which
exposes it to the risk of capital withdrawal by the partners.

Key rating drivers

Credit strengths

* Established track record and experience of partners in the
steel trading business - Incorporated in 1994, Metal ore is
engaged in the trading of steel products including boiler quality
(BQ) plates, structural steel plates, alloy steel plates, etc.
* Strong relationship with reputed customers, which ensures
repeat orders - By being in business for more than two decades,
the firm has developed a good understanding of its customers'
requirements and the same has led to repeat trade orders from
them. Most of the regular customers of the firm are established
players in the market and so to that extent, the counterparty
credit risks remain low.

Credit weaknesses

* Adverse capital structure and depressed coverage indicators -
Despite witnessing an improvement, the firm's capital structure
remains leveraged (gearing of 5.37x as on March 31, 2017) on
account of low net-worth and high debt levels. The coverage
indicators, albeit improving, too remain depressed owing to thin
profitability.

* Highly fragmented nature of steel trading business, which
leads to pricing pressures - Presence of several small scale
players in the unorganized steel trading segment leads to high
degree of fragmentation and intense competition. This coupled
with limited value addition in trading business results in a thin
operating profitability.

* Risk associated with a partnership firm, including the risk of
capital withdrawals - The firm is exposed to the risk of capital
withdrawals which can pressurize the capital structure and in-
turn limit its financial flexibility.

* Exposure to price risks, given the high inventory levels -
Most of the inventory held by the firm is freehold in nature and
not backed by firm orders, which exposes it to price risks, given
the cyclicality inherent in the steel industry.

Incorporated as a partnership firm in 1994, Metal Ore trades in
steel products such as boiler quality plates, structural steel
plates, alloy steel plates, ship building steels, and quenched
and tempered steel. The focus of the firm is mainly on trading of
boiler/pressure vessel quality steel and structural steel plates
with thickness varying from 5 mm to 200 mm. The firm has four
warehouses at Panvel, Navi Mumbai.


MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ assigned to
the INR3.25 crore cash credit facility, the INR3.50 crore term
loan facility and the INR0.75 crore (revised from INR2.00 crore)
unallocated facility of Micro Precision. The outlook on long-term
rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Cash
  Credit                  3.25      [ICRA]B+ (Stable) reaffirmed

  Long-term: Term Loan    3.50      [ICRA]B+ (Stable) reaffirmed

  Long-term: Unallocated
  Facility                0.75      [ICRA]B+ (Stable) reaffirmed

Rationale

The rating considers the growth in revenues in FY2017 on account
of improvement in the pace of execution of the orders and entry
into new segment of refitting boats for the Indian Navy which is
also expected to drive revenue growth in near to medium term. The
rating also considers the significant experience of the promoters
in dealing with the defence sector agencies and in supplying
precision components, and the healthy growth in revenues
witnessed by the firm in the current fiscal through its
established clientele base supporting volumes through repeat
orders. The rating however remains constrained by the firm's
limited scale of operations which restricts its financial
flexibility, high customer concentration, stretched working
capital intensity owing to large inventory holding and the
inherent risk of capital withdrawal being a partnership firm.
Going forward, ability to grow its revenues while protecting its
profit margins and manage its working capital cycle efficiently
would be key credit monitorables.

Key rating drivers

Credit strengths

* Experience of the promoters in dealing with the defence
agencies and supplying precision components - Established in
1990, MP is a tier-1 supplier to the Army and Navy and supplies
components to various divisions of the defence sector. The firm
sources its orders through tenders floated by the agencies of the
defence sector. The firm has in the past, supplied components for
reputed projects with India Navy for 'Arihant' submarine.

* Established clientele supporting volumes through repeat orders
- The firm generates its revenues from supply of machined
components to the various organisations of the defence sector
(Army and Navy). The company has received repeat orders from
these entities which reflect well on its track record.

* Orders for refitting of tugs for Indian Navy expected to drive
revenue growth in the near to medium term- In FY2017, the firm
received the first order to refit a boat in Port Blair. Having
completed an order for refitting, the firm is now qualified to
bid for tenders for refitting of boats (other than in Port Blair)
and hence orders from this segment are expected to support the
revenue growth going forward.

Credit weaknesses

* Small scale of operation which restricts financial flexibility
- The firm has a small scale of operations with an operating
income of INR11.3 crore in FY2017, which limits its financial
flexibility to a major extent. The margins are largely affected
by the order mix for that year which affects the sales
realisations.

* High client concentration risk- The revenues from Army and
Navy contributed to ~54% and ~46% of the revenues during 9M,
FY2017, respectively, as compared to 26% and 74% respectively
during FY2016. Thus, the entire revenues are generated from
orders executed for the defence sector; however the concentration
between Army and Navy differs depending upon the orders secured
for a particular year.

* Stretched working capital intensity owing to high inventory
holdings and stretched receivables- The firm had a very high
working capital intensity of 73.2% for FY2017, and the same has
been on the higher side during the past few years. The working
capital requirements of the firm are quite on account of
elongated receivables cycle as well as concentration of revenues
towards the fourth quarter; and the high inventory holding levels
which is largely dependent upon the orders in hand during the end
of the year.

* Inherent risk of capital withdrawal being a partnership firm -
Being a partnership firm, it is exposed to risks of capital
withdrawal, as has been witnessed in the past.

Micro Precision (MP) is a partnership firm constituted in the
year 1989. The partners of the firm are Mr. D Magesh and his
wife- Mrs. M Sandhya. Micro precision, started by Mrs. M Sandya,
is a Tier-1 supplier of precision metal components to the defence
sector. The main products made by the Firm are supplied to
agencies/divisions under the Ministry of Defence and the Indian
Navy. Majority of the supplies are to the defence sector - army
and navy directly with the balance supplied to some other Tier-1
suppliers. The precision components supplied to the army are used
in Army tanks. The components supplied to the Navy include
valves, pressure fittings, fasteners, Regeneration boxes and
filters for ships and submarines. As the firm has obtained ISO
certification, it has secured orders from other shipyards like
Mazagon Dock Limited.

According to unaudited financial statements, the Company has
recorded operating income of INR11.2 crore with profit before of
INR0.5 crore in FY2017 and according to the audited financial
statements the Company has recorded operating income of INR10.3
crore with net profit of INR0.1 crore in FY2016.


MISHTANN FOODS: ICRA Moves 'B' Ratings to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR29.38 crore bank facilities
of Mishtann Foods Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA]B(Stable) ISSUER
NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits-      7.38      [ICRA]B(Stable) ISSUER NOT
  Term Loan                         COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based Limits-     22.00      [ICRA]B(Stable) ISSUER NOT
  Cash Credit                       COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating action is based on limited information on the entity's
performance since the time it was last rated in February 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does 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.

As part of its process and in accordance with its rating
agreement with MFL, ICRA has been trying to seek information from
the entity so as to monitor its performance and had also sent
repeated reminders to the company for payment of surveillance fee
that became overdue, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key rating drivers

Credit strengths

* Long experience of the key management personnel in the agro
industry - The promoters of the company have more than a decade
of industry experience in the agriculture sector and are engaged
in processing/cleaning/grading of agriculture products such as
rice, wheat and pulses, among others.

Credit weaknesses

* Intense competition owing to fragmented industry structure -
The agro industry is highly fragmented with a large number of
organised and unorganised players that limits its pricing
flexibility and bargaining power.

* Vulnerability of profitability towards regulatory and agro-
climatic risks - Inherent vulnerability to agro-climatic risks as
well as to changes in Government policies, which impact the
availability and prices that in turn affect the profitability of
the company.

Mishtann Foods Limited is a closely held public limited company
incorporated on February 27, 1981, as "HICS Cements Limited". It
was managed by Mr. Duleray Prabhudas Vyas, Mr. Vinodbhai Mohnalal
Buch, Mr. Shashin Vindonbhai Buch and Mr.Chandubhai Vallabhai
Patel for manufacturing cement. Subsequently, in February 2015,
Mr. Navinchandra Dahyalal Patel, Mr. Hiteshkumar Patel, Mr.
Ravikumar Patel, and Mr. Jatinkumar Patel took over the
management of the listed company from the erstwhile directors
with the change in name as "Mishtann Foods Limited". This was
undertaken because the company decided to change its core
business from manufacturing cement to processing/cleaning/grading
rice, wheat, pulses and other grains at its manufacturing plant
in Sabarkantha (Gujarat).
In FY2016, the company reported a net profit of INR0.39 crore on
an operating income of INR115.67 crore, as compared to a net
profit of INR0.04 crore on an operating income of INR0.23 crore
in the previous year FY2015(3M).


MOOGAMBIGAI METAL: CARE Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CARE has been seeking information from Moogambigai Metal
Refineries to monitor the ratings vide e-mail communications
dated January 23, 2017, February 23, 2017, April 19, 2017,
May 19, 2017, a letter dated July 3, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Moogambigai Metal Refineries's bank facilities will now be
denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING. Users of this
rating (including investors, lenders and the public at large) are
hence requested to exercise caution while using the above
rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities              2.39      CARE B+; Issuer not
                                     Cooperating

   Short term Bank
   Facilities              5         CARE A4; Issuer not
                                     Cooperating

Detailed description of the key rating drivers

At the time of last rating on May 26, 2016 the following were the
rating strengths and weaknesses

Key Rating Weaknesses
Limited track record and scale of operations with thin profit
margins: The firm started its operations in 2011 and has a short
track record of operations. Also, the scale of operations of MMR
is small with total revenue in the range of INR7.9 crore to
INR16.9 crore during the past three years ended FY15 (refers to
the period April 1 to March 31). Given the nature of business,
with low value addition, the profit margins are thin with PBILDT
in the range of 3.42% to 4.21% during the past three years ended
March 2015.

Leveraged capital structure and working capital intensive nature
of operations: With low net worth base, the capital structure of
the firm stood weak with overall gearing of 4.82x as on March 31,
2015.

The coverage indicators also remained weak with total Debt to GCA
at 15.52 years as on March 31, 2015.

During FY13-FY15, the inventory period increased due to increased
raw material holding and thereby led to an elongated operating
cycle of 68 days in FY15. The firm manages its operating cycle
with a cash credit limit of INR2 crore and the same was utilized
up to the brim during the past 12 month period ended February
2016.

Highly competitive nature of Industry: The plastic items industry
is a highly competitive industry with low entry barriers, large
presence of unorganized players and commoditized nature of
product. Therefore, the profitability margins of the players in
this industry are susceptible to the volatile raw material prices
& the entity's ability to pass on the same to the customers. The
company's product caters to the auto component industry. The auto
component industry is largely unorganized in structure,
contributing to 25-30% of the overall industry size.

Key Rating Strengths
Qualified and experienced promoters: The key promoters, Mr.
Anbalagan, Mr. Chandrasekaran, Mr. Ramalingam and Mr. Arumugam
each have vast experience of over 25 years in metal, battery and
plastic industry with Jayachandran group of companies. The group
has been in existence for over 2 decades with the promoters of
Jayachandran group starting the first lead smelting plant in
Mangalore in 1986.

MMR, incorporated in 2010, is a partnership firm belonging to the
Jayachandran (JC) group. MMR currently has 9 partners belonging
to the same family with equal profit sharing ratio of 11.11%
each.

Based in Mangalore, Karnataka, MMR is engaged in the
manufacturing of Aluminium & lead alloys as well as manufacture
of plastic granules with an installed capacity of 450 MT per
month.


PANDOUL FLOUR: ICRA Hikes Rating on INR4.0cr Term Loan From B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR3.50-crore
cash-credit facilities, INR4.00-crore term loans and INR5.52-
crore unallocated limits of Pandoul Flour Mills Private Limited
from [ICRA]B+ to [ICRA]BB-. The outlook on the long-term rating
is 'Stable'. ICRA has also reaffirmed the short-term rating
assigned to the INR0.13-crore non-fund based facilities of the
company at [ICRA]A4. The unallocated limits mentioned above has
also been rated on the short-term scale and the rating of
[ICRA]A4 has been reaffirmed for the same.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based facilities
  Cash Credit               3.50      Upgraded from [ICRA]B+ to
                                      [ICRA]BB- (Stable)

  Fund-based facilities
  Term Loan                 4.00      Upgraded from [ICRA]B+ to
                                      [ICRA]BB- (Stable)

  Non-Fund-based
  Facilities                0.13      [ICRA]A4 Reaffirmed

  Unallocated Limits        5.52      Upgraded from [ICRA]B+ to
                                      [ICRA]BB- (Stable) and
                                      Reaffirmed at [ICRA]A4

Rationale

The rating action takes into account the healthy growth in the
company's scale of operations during the last two years,
exhibited mainly by the increase in production volumes, sales
volume and operating income of the company. The ratings also
consider the significant experience of the promoters in the
flour-milling business for over two decades and the favourable
location of the company's plant in Darbangha, Bihar, which is in
close proximity to the major wheat-growing regions, leading to
lower freight costs towards procurement of raw materials. ICRA
also takes note of the favourable demand prospects for the flour-
milling products in the domestic market.

The ratings, however, are constrained by the low operating
profitability of PFMPL, given the trading nature of its
operations and the highly competitive nature of food-processing
industry on account of low entry barriers. The ratings also take
into account the vulnerability of the company's profitability to
agro-climatic risks and the Government regulations on pricing,
distribution and exports of agro commodities.

Key rating drivers

Credit strengths

* Healthy growth in the company's scale of operations during the
last two years- The company's production and sales volume have
increased substantially during the last two years, as also
reflected by a growth of 322% and 10% respectively in the
operating income of the company in FY2016 and FY2017.

* Experience of promoters in the flour-milling business- PFMPL
was promoted by Mr. Sunil Murarka, Mr. Naveen Kumar and Mr.
Niketan Gupta in 2010. The promoters have more than 25 years of
experience in the wheat-milling business. The promoters also own
three flour mills in Bihar and their experience helped commence
and stabilise the company's operations.

* Favorable location of the plant in Darbhanga, Bihar, which is
in proximity to wheat-growing regions, leading to low freight
costs- The major wheat growing states in the country are Uttar
Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Madhya
Pradesh, Bihar and Gujarat wherein Bihar accounts for
approximately 4% of the total wheat production in the country and
neighbouring state Uttar Pradesh is the largest wheat-growing
state, accounting for over 30% of the wheat production of the
country. Thus location of the company's facility in proximity to
wheat-growing regions results in low freight costs for wheat
procurement.

* Favorable demand prospects for flour-milling products in the
domestic market - Wheat and rice form an important part of the
staple Indian diet and thus are the two most widely-consumed food
grains in the country.

Credit weaknesses

* Low operating profitability given the low value additive nature
of the company's operations- The operating profitability of all
major flour-milling entities including PFMPL remains on the lower
side given the low value addition in the wheat-processing
business.

* Highly competitive nature of the food-processing industry on
account of low entry barriers - The flour-milling industry, owing
to low capital and technology-intensive nature and relatively
liberal regulations, has low entry barriers which results in
intense competition from numerous small and medium-sized local
players.

* Vulnerability of profitability to agro-climatic risks and
Government regulations on pricing, distribution and export of
agricultural commodities- Wheat is an agriculture crop (harvested
in rabi season) and its prices are mainly dependent upon harvest,
which in turn depends on rainfall and other climatic conditions.
PFMPL's profitability remains vulnerable to any unprecedented
change in the crop harvest. Moreover, wheat being an agricultural
crop and forming a part of staple Indian diet, it is subject to
Government interventions on pricing, distribution and exports of
the same.

PFMPL was established in 2010 by Mr. Sunil Murarka, Mr. Niketan
Gupta and Mr. Pawan Kumar. The company has a flour mill in
Darbhanga, Bihar, with an installed capacity of 15,000 MTPA and a
roller flour mill with an installed capacity of 45,000 MTPA. The
plant has been operational since November 2014.


PHR INVENT: ICRA Withdraws 'D' Rating on INR10.10cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to
the INR10.10-crore bank limits of PHR Invent Educational Society
(PHRIES), in accordance with ICRA's policy on withdrawal and
suspension at the request from the company based on no due
certificate from the lender.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term-Fund
  Based TL                10.10       [ICRA]D; Withdrawn


PHR Invent Educational Society (PHRIES) was formed in November
2004 in Vijayawada (Andhra Pradesh) to establish and operates
Delhi Public School (DPS) in Vijayawada. DPS Vijayawada commenced
operations in Academic Year (AY) 2008. The school currently
imparts education from LKG to class XII as per the CBSE
curriculum and has a total of 1560 students enrolled in various
classes during AY 2015-16.


PRAGATI COTTON: ICRA Cuts Rating on INR5cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B
on the INR5.00-crore fund based cash credit facility and INR1.55-
crore fund based term loan facility of Pragati Cotton Industries
and has also moved the rating to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based limits-
  Cash Credit             5.00       [ICRA]D ISSUER NOT
                                     COOPERATING*; Rating
                                     downgraded from [ICRA]B
                                     and moved to the 'Issuer Not
                                     Cooperating' category
  Fund-based limits-
  Term Loan               1.55       [ICRA]D ISSUER NOT
                                     COOPERATING*; Rating
                                     downgraded from [ICRA]B
                                     and moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by PCI
on account of stretched liquidity position.
As part of its process and in accordance with its rating
agreement with PCI, ICRA has been trying to seek information from
the entity so as to monitor its performance and had also sent
repeated reminders to the company for payment of surveillance fee
that became overdue, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key rating drivers

Credit strengths

* Diversified product portfolio: The derives revenue from
   ginning as well as crushing operations hence its product
   profile includes cotton bales, cotton seeds, cotton oil
   and cotton oil cake.

Credit weaknesses

* Delays in debt servicing: There have been delays in debt
   serving in the recent past on bank obligations.

* Lack of diversification in product profile; limited value
   addition and highly competitive & fragmented industry
   structure leads to low operating and net margins - The firm
   undertakes ginning process hence cotton bales and cotton seeds
   are the only products contributing to revenue. Moreover,
   cotton ginning has a limited value additive nature of business
   as well it is highly competitive industry. Hence, profit
   margin remains under pressure.

* Operations exposed price fluctuation - Cotton being is a
   commoditised product; it is prone to price fluctuation risk.
   It is also exposed to the regulatory risk as prices are
   decided through minimum support price by the government.

* Partnership firm; any substantial withdrawals from capital
   account would impact the net worth and thereby the gearing
   levels - PCI being a partnership firm, any substantial
   withdrawal by the partners causes deterioration in the capital
   structure of the firm and thereby by adversely affect the
   leverage position.

Established in 2011, Pragati Cotton Industries, as partnership
firm, is engaged in the business of ginning and pressing of raw
cotton and crushing of cottonseeds. The manufacturing facility of
the firm is located at Hirapar, Gujarat. The entire plant is
equipped with 24 ginning machines, 1 pressing machine and 4
expellers. The installed capacity of the plant is 220 cotton
bales and 2.5 MT of cottonseeds oil per day (24 hours operation).

In FY2015, the company reported a net profit of INR0.38 crore on
an operating income of INR17.87 crore, as compared to a net
profit of INR0.23 crore on an operating income of INR12.63 crore
in 5M FY2014.


RANGANATHAN RAJESWARI: ICRA Moves D Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the rating for the INR8.50 crore term loan
facility of Ranganathan Rajeswari Charitable Trust to the 'Issuer
Not Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Term Loan     8.50      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the same does 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. As a part of its process and in accordance with its
rating agreement with ACC, ICRA has been trying to seek
information from the entity to monitor its performance. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experience of the trustees in the education sector for over
three decades
Established in 2006, the trust owns and manages 'Ranganathan
Engineering College' ("REC"), 'Ranganathan Architecture College'
("RAC") and 'Ranganathan Polytechnic College' ("RPC") situated in
Coimbatore, Tamil Nadu. The trustees have over 30 years of
experience in the education sector

Credit weaknesses

* Delay in repayment of principal and interest obligations on the
term loan facility - Account is declared as irregular.

* Highly competition puts pressure on occupancy levels and hire
and retain of well-trained faculty- With increased number of
engineering colleges in the Coimbatore district, maintaining
occupancy levels and faculty attrition is a challenge.

* With debt funded capex plans in the anvil, capital structure
may be adversely impacted- With plans of debt capital expenditure
towards training centre in FY2016 and plan of starting an
International school which is in the nascent stage of discussion
in the medium term are expected to affect the capital structure
adversely.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
banker's feedback on the debt servicing track record of RRCT, its
business risk profile, financial risk drivers and management
profile.

Ranganathan Rajeswari Charitable Trust was established in 2006 to
impart professional education to students in Tamil Nadu. The
trust owns and manages 'Ranganathan Engineering College' ("REC"),
'Ranganathan Architecture College' ("RAC") and 'Ranganathan
Polytechnic College' ("RPC") situated in Coimbatore, Tamil Nadu.
The promoters of the trust are Dr. R. Murugesan, Dr. P.
Tamilarasi Murugesan, Mr. R. Karuna Boopathy, Mrs. K. Tamilarasi,
Mr. R. Subramanian, Mrs. B. Ezhilarasi and Mrs. M. Praveena. The
promoters have more than 30 years of experience in the education
sector.


SHREE SADBHAV: ICRA Withdraws 'B' Rating on INR5cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B outstanding on
the INR1.23-crore term loan facility and the INR5.00-crore cash
credit facility of Shree Sadbhav Cotton Industries.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Term
  Loan                    1.23       [ICRA]B; Withdrawn

  Fund-based Cash
  Credit                  5.00       [ICRA]B; Withdrawn

Rationale

The long-term rating assigned to SSCI has been withdrawn at its
request, based on the no objection certificate provided by its
banker.

Established in 2012, SSCI is a partnership firm. The firm is
owned by 18 partners but is actively managed by five - Mr.
Limbabhai Kamariya, Mr. Pravinbhai Kamariya, Mr. Nileshbhai
Bavarva, Mr. Jayantilal Kamariya and Mr. Hemendrabhai Gandhi.
SSCI is involved in the ginning and pressing of raw cotton as
well as crushing of cottonseeds. Its manufacturing facility is
located at Tankara in Rajkot District of Gujarat. At present, the
firm is equipped with 24 ginning machines, one pressing machine
and four expellers with an installed capacity to produce 180
cotton bales and 5 metric tonnes (MT) of Cottonseed oil per day
(24 hours operation). Its product profile consists of cotton
bales, cottonseed, cottonseed oil and cottonseed oil cake.


SHREENATHJI COTTON: CARE Hikes Rating on INR15cr LT Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreenathji Cotton Industries (SCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities            15.00       CARE BB-; Stable Revised
                                     From CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating assigned to the bank
facilities of Shreenathji Cotton Industries (SCI) takes into
account the growth in scale of operations, improvement in capital
structure and debt coverage indicators along with liquidity
position in FY17 (Prov.) (refers to the period April 1 to
March 31). The ratings, however, continue to remain constrained
on account of thin profitability, by its presence in the lowest
segment of textile value chain with limited value addition in the
cotton ginning business, seasonality associated with the
procurement of raw material resulting into working capital
intensive nature of operations and partnership nature of
constitution.

The ratings, however, continue to derive benefits from wide
experience of the partners in the cotton industry, location
advantage in terms of proximity to the cotton seed growing
regions in Gujarat.

The ability of SCI to increase its scale of operations, improve
its profit margins and capital structure and better working
capital management in light of the competitive nature of the
industry remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Partnership nature of constitution

Being a partnership firm, SCI is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners.

Moderate scale of operations along with thin profit margins

During FY17 (Provisional), the TOI of SCI increased by 28.33%
y-o-y and stood at INR42.53 as against INR33.14 crore on account
of increase in sales volumes backed up gradual growth in demand
from its customers.

PBIDLT margin stood at 1.80% during FY17 as against 2.75% in
FY16. PAT margin stood at 0.22% during FY17 as against 0.10%
during FY16.

Moderate debt coverage indicators
Debt coverage indicators of the firm stood moderate at 13.87
times as on March 31, 2017 as against 42.64 times as on March 31,
2016 on account of decline in total debt level coupled with
marginal improvement in GCA.

Moderate Liquidity
Liquidity position stood moderate marked by current ratio of 2.27
times as on March 31, 2017 as against 1.41 times as on March 31,
2016. Operating cycle improved and stood at 73 days during FY17
as against 114 days during FY16.

Presence in highly fragmented industry
High proportion of small scale units operating in the cotton
value chain has resulted in the fragmented nature of the industry
as well as intense competition within the players.

Key Rating Strengths

Comfortable capital structure
The capital structure of the firm improved and stood comfortable
marked by an overall gearing ratio of 0.61 times as on March 31,
2017 (Prov.) as against 1.79 times as on March 31, 2016.

Experienced promoters
SCI has been promoted by five partners and all partners are
holding healthy experience in the cotton industry.

Proximity to cotton-growing area of Gujarat
The manufacturing facilities of SCI are located at Anjar in
Gujarat. Gujarat produces around 30% of total national production
of cotton; hence, SCI's presence in the cotton producing region
results in benefit derived from a lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices.

SCI was formed in 2004 as a partnership firm promoted by five
partners. SCI is involved into the business of cotton ginning &
pressing and primarily deals in cotton bales and cotton seeds.
SCI operates with an installed capacity of 9252 Metric Tons Per
Annum (MTPA) for cotton bales and 15,934 MTPA for cotton seeds as
on March 31, 2017 from its sole manufacturing facility located at
Anjar (Gujarat). SCI has other associate concerns known as Shree
Krishna Cotton Industries and Shreenath Oil Industries. Shree
Krishna Cotton Industries which was established in 2012 and
engaged into manufacturing of cotton bales and cotton seeds,
promoted by Mr. Shivji K Chhabhadiya. Further, Shreenath Oil
Industries is also an associate concern of SCI promoted by Mr.
Shivji K Chhabhadiya in 2005 as proprietorship firm engaged into
processing of cotton seed for generation of oil.


SREE JAYA: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR7.50-
crore fund-based bank facilities of Sree Jaya Surya Hospital
Private Limited. The outlook on the long-term rating is 'Stable'.

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based-Term Loan      7.50      [ICRA]B (Stable); Assigned

Rationale

The rating factors in the significant experience of the promoters
in the healthcare business with two running hospitals in Tamil
Nadu and the location advantage for the proposed hospital as it
is in the well connected part of the city and there are only a
few multi-specialty hospitals in the vicinity. Moreover, with
focus on orthopaedics, gynaecology, general and trauma care, the
demand is expected to be favourable and support the occupancy
levels. The rating, however, is constrained by the project
execution risk on the proposed hospital as the hospital is yet to
commence operation. Moreover, in the initial phase, vulnerability
in patient footfall exposes the operations to revenue and margin
volatility. Also, the capital structure of the company is
expected to remain leveraged in the initial phases owing to the
dependence on term loans for the project funding. Going forward,
the promoters' ability to support the funding gaps during the
gestation phase and achieve desired occupancy levels and
profitability in a timely manner would be the key rating
sensitivities.

Key rating drivers

Credit strengths

* More than two decades of experience of the promoters in the
healthcare business: The company has been formed by two promoter
directors, Dr. M. S. Palanichamy, the managing director and his
wife Dr. D. Jayalakshmi. The directors have significant
experience in the healthcare business. Dr. D Jayalakshmi, after
21 years of medical service in Tamil Nadu Government, established
a 30 bed hospital in Rajapalayam in Obstetrics & Gynaecology
(O.G) related surgery and scan. Moreover, the son in law and
daughter of the promoters also have around 20 years of medical
experience and are successfully running the Sri Balaji Hospital
in Mogappair, which is located in close proximity to the proposed
hospital. The promoters, being specialists in their respective
field of medicine, are expected to rein in the control of the
operations efficiently once the hospital commences.

* Favorable location expected to support the occupancy levels:
The location advantage of good connectivity to the other parts of
the city and successfully running Sri Balaji hospital, Mogappair,
being in close proximity to the proposed hospital, are expected
to ensure that the patient inflow is smooth.

Credit weaknesses

* Underlying execution risk as the project is yet to be
completed and the operations are yet to commence; however, with
the land acquired and civil construction completed, the risks of
time and cost overruns associated with the construction phase is
partly alleviated: With portions of project cost yet to incurred,
the company is exposed to the execution risks. However, with
civil construction completed and the statutory approvals
obtained, the risks of time and cost overrun have been alleviated
to an extent. The operations are expected to commence in the
beginning of the third quarter of FY2018. However, in the initial
years, unless the operations stabilize completely, the occupancy
is expected to remain moderate.

* Lack of renowned brand name reduces the loyalty privileges
enjoyed by other reputed hospitals in the city: The intense
competition prevailing in the healthcare industry limits the
company's pricing flexibility and can put pressure on the debt
servicing capability of the company. The ability of the company
to provide value added services to the patients and build a
strong brand image at the earliest would be the key to improve
the occupancy levels faster.

* Leveraged capital structure as per the proposed funding
pattern: The total cost of the project is estimated to be around
INR10.30 crore with a project gearing of 2.7 times which is
expected to keep the capital structure leveraged during the
gestation phase. The promoters' ability to support the funding
gaps would be the key to maintain a comfortable capital
structure.

Incorporated in 2015, Sree Jayasurya Hospital Private Limited
(SJH) has been set up to run a multi- specialty hospital in the
Villivakkam district of Chennai. The hospital is proposed to have
50 beds, focusing majorly on Orthopaedics, physiotherapy,
obstetrics and gynaecology and general and physiological
treatments. Being situated near the accident prone Chennai Bypass
road, the hospital also plans to focus significantly on trauma
care and surgeries. The company is promoted by Dr. M. S.
Palanichamy and his wife Dr. D. Jayalakshmi, who has more than
two decades of experience in the healthcare industry.


SUBICO FOOD: CARE Assigns B+ Rating to INR7.47cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Subico
Food Products (SFP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.47       CARE B+; Stable Assigned

   Long-term/Short
   Term Bank Facilities   2.50       CARE B+; Stable/CARE A4
                                     Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of Subico Food
Products (SFP) are constrained on account of implementation
and stabilization risk associated with on-going debt funded
project, its presence in the highly competitive industry with
competition from large international and domestic players along
with susceptibility of margins owing to fluctuation in prices of
raw material.

The ratings, however, derive strength from the wide experience of
partners and its eligibility to receive fiscal benefits from the
government.

The ability of SFP to complete on-going capex within envisaged
timeline and cost parameters and achieve envisaged level of sales
and profitability remains the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with on-going
debt funded project
SFP is implementing a Greenfield project with the estimated cost
of INR11.11 crore which would be funded via debt-equity mix of
2.54 times. Till July 21, 2017, the company has incurred total
cost of around INR4.00 crore which was funded via share capital
of INR1.00 crore, and term loan of around INR3.00 crore. With
balance costs yet to incur, the firm is exposed to implementation
and consequent stabilization risk.

Presence in the highly competitive industry with competition from
large international and domestic players
The large multi nationals have massive production capacities and
majority of the market share. Also, these major players have vast
experience with strong presence along with strong supplier-
distribution network which lead to stiff competition
for small players like SFP.

Raw material price volatility leading to margin pressure
The major raw materials required for manufacturing of biscuits
are agri-products such as refined flour, milk powder, glycerin
monosterate, ammonium bicarbonate, liquid glucose etc. The prices
of such raw materials fluctuate as per the production and demand
and supply scenario.

Key Rating Strengths

Experienced partners
SFP was established by seven partners. The key promoters Mr.
Saidali Sunasara, Mr. Majharali Sunasara and Mr. Kararali
Sunasara have got an experience of more than a decade in the
field of biscuits manufacturing. Others have an experience of
more than 5 years in the business.

Fiscal benefits from the government
Government of Gujarat is providing various benefits for
encouraging small scale business via Gujarat Agro Industries
Corporation. SFP will be eligible for Interest Subsidy, Capital
Investment Subsidy and reimbursement in electricity duty.

Banaskantha (Gujarat) based Subico Food products (SFP) was
established in June 2015. It has proposed to take up the business
of manufacturing of biscuits with a total project cost of
INR11.11 crore which is expected to be funded via debt equity mix
of 2.05 times. The commercial production is expected to be
commenced from October 2017. The firm targets to export its
products to African and Gulf countries.


SUJITHA POULTRY: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sujitha Poultry Farm (SPF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5          CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPF is primarily
constrained on account of its modest  scale of operations with
thin profitability margins owing to fluctuation in the raw
material prices and its financial risk  profile marked by
leveraged capital structure with moderate debt coverage
indicators and moderate liquidity position.  The rating is
further constrained on account of its constitution as a
partnership firm with inherent risk of withdrawal of capital and
its presence in the highly fragmented industry.  The rating,
however, derives strength from established track record and
experience of the partners in poultry business  and stable demand
outlook of poultry products.

The ability of the firm to increase the scale of operations with
improvement in profitability and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with thin profitability margins owing
to fluctuation in raw material prices

The scale of operations of SPF has witnessed fluctuating trend in
last three financial years ended FY16. During FY15, TOI of the
company has declined by 6.34% over FY14 whereas in FY16, TOI has
increased by 16.14% over FY15. Furthermore, the scale of
operations of the company stood modest with TOI and PAT of
INR27.73 crore and INR0.03 crore in FY16 and  networth of INR1.46
crore as on March 31, 2016. The scale of operations of the firm
stood modest in a highly fragmented  and competitive industry. In
FY17, SPF has achieved TOI of INR24.50 crore.

Furthermore, profitability of the company has witnessed a
fluctuating trend in last three financial years ended FY16 owing
to volatile raw material prices. During FY16, the PBILDT margin
has declined by 103 bps over FY15 owing to high raw material
cost. In line with PBILDT margin, the PAT margin has also
declined by 11 bps over FY15.

Maize is relatively a small scale crop in India and being a rain-
fed crop, any monsoon failure will affect its harvest. The
poultry industry consumes more than 50% of the domestic maize
production and its demand is expected to exceed the overall
supply in the future. As the poultry industry is virtually a
buyers' market, any sharp increase in raw material prices may not
be fully passed on to the consumers thereby affecting the profit
margin of the company.

Leveraged capital structure with moderate debt coverage
indicators and moderate liquidity position

The capital structure of the firm stood leveraged with an overall
gearing of 3.22 times as on March 31, 2016, deteriorated
over March 31, 2015 owing to increase in utilization of working
capital bank borrowings and withdrawal of capital.

Furthermore, the debt coverage indicators of the firm stood
moderate marked by total debt to GCA of 10.63 times as on
March 31, 2016, deteriorated over March 31, 2015 mainly due to
increase in total debt and lower GCA level. Interest coverage
stood moderate at 2.03 times in FY16, deteriorated marginally
over FY15 mainly on account of decline in PBILDT level.

The liquidity position of the firm is working capital intensive
in nature with almost full utilization of working capital bank
borrowings in the last twelve month period ended May 2017. The
operating cycle stood moderate at 32 days in FY16. The current
ratio and quick ratio of the company stood weak at 0.81 times and
0.23 times respectively as on March 31, 2016.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital and presence in a highly
fragmented industry
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure. Furthermore, partnership firms have restricted
access to external borrowings as credit worthiness of the
partners would be key factors affecting credit decision for the
lenders.

Furthermore, SPF faces stiff competition in the poultry business
from a large number of established and unorganized players in the
market. Competition gets strong with the presence of unorganized
players leading to pricing pressures. However, improved demand
scenario of poultry products in the country augurs well for the
entity.

Key Rating Strengths

Established track record and experience of the partners in
Poultry business
SPF was established in the year 2001 and is promoted by Mr. P
Chinraj and Mrs C Shanthi (Spouse of Mr. P Chinraj). Mr. P
Chinraj and Mrs C Shanthi have around two decades of experience
in the poultry business. Due to long term presence in  the
market, Mr. P Chinraj has good relations with suppliers and
customers resulting into established customer base which  helps
to seek regular orders from existing customers.

Stable demand outlook of poultry products
Poultry products like eggs have large consumption across the
country in the form of bakery products, cakes, biscuits and
different types of food dishes in home and restaurants. The
demand has been driven by the rapidly changing food habits of the
average Indian consumer, dictated by the lifestyle changes in the
urban and semi-urban regions of the country. The demands for
poultry products are sustainable and accordingly, the kind of
industry is relatively insulated from the economic cycle.

Chennai (Tamil Nadu) based, SPF was incorporated in 2001by Mr. P
Chinraj and Mrs C. Shanthi (Spouse of Mr. P Chinraj).

SPF is dealing in the Poultry Layer Farm business, manufacturing
and sales of poultry feeds, sales of poultry layer farm eggs and
its allied activities. The poultry farm is located at Rasipuram
Taluka of Namakkal District of Tamil Nadu with installed capacity
to manufacture eggs of 5 Lakh Batches of Eggs Per Month (BEPM) as
on March 31, 2017. It supplies eggs to distributors across Tamil
Nadu.


TEXPLAS INDIA: ICRA Assigns B- Rating to INR11.5cr Cash Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR13.50-
crore fund-based facilities and a short-term rating of [ICRA]A4
to the INR3.50-crore non-fund based bank facilities of Texplas
India Private Limited. The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit                 11.50      [ICRA]B- (Stable); Assigned

  Fund-based Term Loan    2.00      [ICRA]B- (Stable); Assigned

  Non-fund Based Letter
  of Credit               3.50      [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by TIPL's modest financial
profile as reflected by its small scale of operations, weak
return indicators, elevated Debt/OPBDITA levels and working
capital intensive nature of operations. Moreover, the ratings
factor in the company's stretched liquidity position as reflected
by the low unutilised bank limits in the recent past.

Furthermore, the ratings are subdued on account of the year-on-
year decline of 50% in the company's operating income (OI) in
FY2017 caused by the factory shutdown for a period of six months
as a result of a Supreme Court order. ICRA also takes note of the
delays in collection from state utilities and the fluctuations in
revenues due to the order cycle. However, the ratings favourably
factor in the promoters' experience of over 13 years in the
insulator industry, and the company's established customer and
supplier base.

Going forward, the company's ability to profitably increase its
scale of operations as well as maintain an optimal working
capital intensity and attain a healthy liquidity profile will be
the key rating sensitivities.

Key rating drivers

Credit strengths

* Over 13 years of experience of promoters in the metal industry
- The company was incorporated in 2004 for the purpose of
manufacturing plastic moulded products and polymer insulators.
The products find application in various industries like thermal
power, home appliances, chemical industry and general engineering
industries.

* Long-term relationship with key customers and suppliers - The
company's client profile includes private players like BHEL.
However, most of its clients comprise state distribution
companies, which ensured repeat orders in the past. The main raw
materials required for manufacturing insulators are fibre glass
roving, EVA, polyster resin, rubber and prime coat, synthetic
rubber, HDPE and LDPE.

The fibre glass is mostly imported and hence the company has high
inventory days. Rest of the raw materials are sourced locally
from suppliers like Balaji Complex, Gunwati Polymers Pvt. Ltd.,
JAS Technology and Shree Balaji Trade House.

Credit weaknesses

* Small scale of operations; moderate and fluctuating
profitability indicators - The company's OI decreased in FY2017
to INR16.20 crore vis-a-vis sales of INR33.84 crore in FY2016.
This was on account of the stay order by the Supreme Court, which
led to the factory shut down for six months. The factory was de-
sealed in January 2017 and commenced operations thereafter. The
margins have been volatile in the past three years on account of
increasing competition, R&D3 expenses and factory shutdown.

* Financial profile characterised by moderately leveraged
capital structure and weak debt coverage indicators - The
company's debt profile predominantly consists of working capital
borrowings of INR16.94 crore and INR6.40 crore of unsecured
loans. The term loan of INR1.12 crore as on March 31, 2017 has
been repaid by the company in Q1 FY2018. Thus, the company does
not have any term loan repayment obligations left. The coverage
indicators were modest with interest coverage of 1.73 times, DSCR
of 0.86 times and NCA/Debt of 7.37% as on March 31, 2017.

* High working capital intensity due to increase in inventory
levels - The company's working capital intensity increased from
52% in FY2016 to 105% in FY2017. It was not able to honour its
order commitments completely in FY2017 because of the sudden shut
down of one of its major manufacturing units by the order of
Supreme Court. Thus, the company did not receive payments for the
part orders supplied to its clients, which led to high debtor
days by the year end. The debtors rose to the level of INR16.72
crore as on March 31, 2017 - almost equivalent to the total sales
in FY2017. Since the production began in late January, the
company was able to execute the pending part-orders, which led to
recovery from its clients.

* Intense competition owing to the low complexity of work
involved - The insulator industry is largely unorganised (with
only a few organised players). With limited fixed capital
intensity involved in the business, competitive pressures from
both organised and unorganised players are expected to remain
intense. Import threats from countries like China, however, are
expected to remain low, due to requirement of pre-qualifications
and state utilities' preference for domestic suppliers.

TIPL was incorporated in September 1975 and is managed by Mr. J.
C. Jain, his son Mr. Shriyance Jain and his wife Mrs. Sunita
Jain. The company manufactures three product lines, which include
composite materials, plastic moulding products and polymer-based
insulators. The products find application in various industries
like thermal power, home appliances, chemical industry and
general engineering industries.

In FY2017, on a provisional basis, the company reported a net
profit of INR0.46 crore on an OI of INR16.20 crore compared with
a net profit of INR0.34 crore on an OI of INR33.84 crore in the
previous year.


THIRUMALA KNIT: ICRA Moves B Rating to Issuer Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the INR3.78 crore term loan
facility, INR2.00 crore cash credit facility and INR4.22
unallocated facility of Thirumala Knit Finisher to the 'Issuer
Not Cooperating' category. The rating is now denoted as: "[ICRA]B
(Stable)/A4 ISSUER NOT COOPERATING"

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long term-Term Loan      3.78      [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Long term-Cash Credit    2.00      [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Long /short term-        4.22      [ICRA]B (Stable)/A4 ISSUER
  Unallocated facility               NOT COOPERATING; Rating
                                     Moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the same does 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. As a part of its process and in accordance with its
rating agreement with ACC, ICRA has been trying to seek
information from the entity to monitor its performance. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experience of the promoters in the business over a decade -
Established in 2006, the Firm is engaged in the processing of
knitted fabrics and operates on job work basis catering to the
requirements of garment manufacturers in and around Tirupur.

* Healthy margins due to job work nature of business- The
operating margins are healthy due to jow work nature of business.
The margins are determined chiefly by employee and power cost,
which together account of 50% of operating income. The net profit
margin has been improving since FY2012 due to declining interest
expenses and was better in FY2015 due to interest receipts.

Credit weaknesses

* Small scale of operation limits scale economies and financial
flexibility - With a capacity of 35 tons per day and catering to
clients located in and around Tirupur, the Firm's scale of
operations is limited when compared to other players in the
industry. The Firm also offers limited services in fabric
processing, focusing majorly in compacting, while other players
offers a wide range of services.

* Highly fragmented industry with presence of large number
players leading to intense competition and pricing pressures-
With the intense competition arising from a highly fragmented
nature of the domestic textile industry, this also limits its
pricing flexibility.

* High working capital intensity due to long credit period
extended to its customers- Working capital intensity of the firm
has been high historicaly, owing to the long collection period.
The Firm caters mostly to the needs of garment manufacturers in
the export segment. The collection from its debtors depend on the
the cash flow cycle of its customers, which inturn is affected by
the garment quality exported, credit period allowed. Also on
account of fragmented industry structure and high level of
competition, the Firm allows long collection period to its
customers, to retain them.

* Geared capital structure and moderate coverage - Being a
partnership firm, it is exposed to risks of capital withdrawal,
as has been witnessed in the past. The gearing has detriorated in
FY2014 and FY2015 due to increase in the working capial
borrowings in FY2014 and additional term loans taken during
FY2013 and FY2015 towards to fund capex towards increase in
capacity and replacement of existing machinery. The capital
structure is leveraged with gearing at 1.7 times in FY2015 with
moderate coverage indicators.

Thirumala Knit Finisher is a partnership firm established in
2006, and is providing fabric processing services on jobwork
basis. The firm is located in Tirupur (Tamilnadu) with
capabilities for tubular and open width compacting and operating
with an installed capacity 35 metric tons per day. The firm was
promoted by six partners, and is family-owned. Mr.Duraisamy is
the managing partner of the firm having experience of more than a
decade in the textile industry. The firm caters to about 300
customers, mostly, garment manufacturers' located in and around
Tirupur providing fabric processing services like compacting,
raising and sueding, among others.


TORNETO FOODS: CARE Reaffirms B+ Rating on INR4.73cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Torneto Foods International Private Limited (TFIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.73       CARE B+; Stable Reaffirmed

   Long-term/Short
   term Bank Facilities   3.00       CARE B+; Stable/CARE A4
                                     Reaffirmed

   Short-term Bank
   Facilities             0.25       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TFIPL is
constrained on account of its financial risk profile marked by
leveraged capital structure, moderate debt coverage indicators
and working capital intensive nature of operations. The rating is
further constrained on account of short track record of its
operations along with raw material price fluctuation risk and
competition from established players.

The rating, however, derives strength from the wide experience of
the promoters in the ceramic industry along with grading of
grains/pulses, locational advantage along with stabilization of
operations.

The ability of TFIPL to Increase the scale of operations along
with an improvement in the overall financial risk profile
marked by an improvement in profit margins and solvency position
along with efficient working capital management are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure and weak debt coverage indicators
The capital structure of TFIPL stood leveraged marked by an
overall gearing of 2.55 times as on March 31, 2017. Debt coverage
indicators remained weak as indicated by total debt to GCA of
15.38 times as on March 31, 2017. Further, with high interest
charges, interest coverage remained at 1.67 times during FY17
(Provisional).

Working capital intensive operations
The current ratio remained low at 1.12 times and quick ratio
remained below unity at 0.20 times as on March 31, 2017
(provisional) on the back of high raw material inventory. Its
cash credit limit of INR3 crore was utilized at around 95% over
the past 12 months ended June 2017.

Competition from established players
TFIPL operates into highly fragmented industry wherein large
numbers of organized and unorganized players are present;
where it has a very low bargaining power against both its
customers as well as its suppliers. Hence, nailing competition
from players who have been reigning the snack food industry over
decades remains a challenging task for the company and the
company has to resort to innovative marketing techniques to
market its products.

Raw material fluctuation risk
In India, the vagaries of the monsoon have a major effect on the
price of snack food staples like wheat, rice and potato. The
procurement will be done through local agents located in Idar and
Himmatnagar. Furthermore, to manufacture Indian ethnic snacks
item, company would require rice meal, wheat flour, gram flour,
chilli powder and other spices. On one hand, bumper yield of
commodities results in plummeting in prices and on the other hand
if the yield is poor, the prices of commodities skyrocket at an
alarming rate. Hence, the company will have to maintain a
constant check on the price of agri-commodities and market
movements to chalk out price fluctuation risk.

Key Rating Strengths

Experienced promoters in different industries albeit no relevant
experience in the food industry

TFIPL is promoted by Mr. Nilesh Kumar Patel, Mr. Rameshbhai
Patel, Mr. Jasmin Kumar Patel and Mr. Kundan Kumar Patel. All
promoters have business experience through its group entities. In
addition, the company has also appointed Mr. Dinesh Oza who is
qualified food technologist and having more than 3 decades of
experience as technical consultant in chips and ethnic snacks
items processing industry.

Location advantage
TFIPL has a locational advantage as its manufacturing facilities
are strategically located in terms of proximity to raw materials
like potatoes, oil and grains, easy availability of skilled
labourers, latest technology, communication, transportation, etc.
However, the risks of venturing into an entirely new line of
business without any past experience remains a constraining
factor.

Stabilization of operations
TFIPL completed project with stipulated time and without any cost
overrun and commenced commercial production from the May 2016.
During 11MFY17, TFIPL reported total operating Income (TOI)
INR13.27 crore. However, FY17 being first year of operations,
TFIPL reported moderate PBILDT margin of 9.67% and thin PAT
margin of 0.26% on account of high depreciation and interest and
finance charges.

Sabarkantha-based (Gujarat) TFIPL was incorporated in November
2015 to take up the business of manufacturing of  wafers and
Indian ethnic snacks. TFIPL is promoted primarily by Mr.Nilesh
Kumar Patel, Mr.Rameshbhai Patel, Mr.Jasmin  Kumar Patel and
Mr.Kundan Kumar Patel who have an experience of around one decade
in various industries ranging  from manufacturing of ceramic
tiles to cleaning as well as grading of grains/pulses. The
promoters forayed into an entirely  new line of business keeping
in view the increasing popularity and demand of snacks in the
food industry. TFIPL processes  and sells potato chips and
various Indian ethnic snacks in different size of packing under
its own brand name 'Macsy'.  TFIPL operates with an installed
capacity of 1,080 Metric Tonne Per Annum (MTPA) for Potato chips
and 2,520 Metric Tonne Per Annum (MTPA) for Indian Ethnic Snacks.

TFIPL achieved TOI of INR 13.27 crore during FY17 as operations
commenced from May 2016. During Q1FY18, TFIPL reported TOI of
INR3.75 crore.


TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR10cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long and short-term ratings of [ICRA]D to
the INR11.00-crore fund-based and non-fund based facilities of
Truform Techno Products Limited.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Limits        10.00      [ICRA]D; reaffirmed
  Non-fund Based Limits     1.00      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation of Truform factors in the continuing
delays witnessed in meeting term loan obligations and the
interest payments, resulting in overutilisation of the cash
credit limits. The financial profile of the company continues to
remain weak, marked by strained liquidity profile owing to the
considerable inventory built-up and a modest net worth leading to
a stretched capital structure. Funding through creditors and
external borrowings has translated into high total liabilities
while the high interest payouts have impinged the debt
protection, coverage indicators and the cash accrual position of
the company. The ratings also continue to be constrained by the
susceptibility of margins to volatility in raw material prices,
given the high inventory holding.

The ratings, however, take into account the experience of the
management in the iron casting industry and the credibility built
through approvals and certifications from various agencies. ICRA
also takes note of the YoY revenue growth registered and profits
reported in FY2016 and FY2017.

The company's ability to fasten inventory turnaround, keeping
optimal production capacity levels by maintaining the cost
economies, will be critical from the credit perspective to
facilitate timely servicing of debt obligations. In view of the
weak accruals, fund infusion from promoters will be critical to
support the impending debt repayments and to fund working capital
requirements. The company's ability to depict consistency in the
customer profile, report steady growth in operating income and
generate sufficient cash accruals will be a key monitorable.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the iron casting
industry - Truform is a manufacturer of casting and fittings for
more than two decades. The company caters to the Government as
well as private clients and provides customised products as per
their requirements.

* YoY revenue growth and profits reported in FY2016 and FY2017 -
The topline of the company remained flat from FY2013 up to FY2015
constrained by the thin order inflow, resulting in low capacity
utilisation levels. However, on the back of improved order inflow
from new customers, the company has been able to report profits
and record YoY revenue growth of ~25% and ~34% in FY2016 and
FY2017 (provisional) respectively.

Credit weaknesses

* Continuing delays in debt-servicing pertaining to term loans
and instances of overdrawals of the cash credit facility availed
- The strained financial profile of the company due to slow
inventory movement has resulted in delays in servicing of debt
obligations. Despite profits reported in FY2016 and FY2017, the
cash accruals have remained modest.

* Highly leveraged capital structure, due to erosion of net worth
base along with adverse debt protection metrics - The net worth
base of the company, which eroded till FY2015 on account of
accumulated net losses, grew minimally from the previous level in
FY2017. Nonetheless, the corresponding debt levels translated
into a leveraged capital structure, while the high interest
payouts have impinged on the coverage indicators.

* Strained liquidity profile primarily due to high inventory-
holding leading to high utilisation of bank limits and creditors
funding - Funding of working capital requirements through
creditors and external borrowings has translated into high total
liabilities. The considerable stocking of inventory necessitates
high utilisation of working capital limits and stretched payments
pertaining to its suppliers. Further, inventory pertaining to raw
materials and finished goods also renders vulnerability of the
stocked inventory and any adverse movements could lead to
inventory losses.

Established in 1993, Truform Techno Products Limited (Truform), a
closely held public limited company is involved in manufacturing
of cast iron and ductile iron pipes, fittings, flanges and
castings in various grades, which principally find application in
water line fittings as well as rough iron fittings used in
industrial applications. The company's manufacturing facility and
administrative and sales offices are located in Nagpur,
Maharashtra. Currently, business operations are managed by Mr.
Kaushal Mohta.


UNITED HOTELS: ICRA Lowers Rating on INR23cr Loan to 'D'
--------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR9.5-
crore1 (revised from INR12.97 crore) term loans, INR2.5-crore
(revised from INR3 crore) cash-credit facility and INR23-crore
(revised from INR19.03 crore) unallocated limit of United Hotels
& Properties Private Limited from [ICRA]B to [ICRA]D, and has
simultaneously reassigned the rating of [ICRA]C. ICRA has also
downgraded the short-term rating assigned to the aforementioned
unallocated limit of UHPL from [ICRA]A4 to [ICRA]D and has
simultaneously reassigned the rating of [ICRA]A4.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      12.00      Downgraded to [ICRA]D and
                                    simultaneously reassigned
                                    to [ICRA]C

  Unallocated Limits     23.00      Downgraded to [ICRA]D/[ICRA]D
                                    and simultaneously reassigned
                                    to [ICRA]C/[ICRA]A4

Rationale

The downward revision in both the long-term and short-term
ratings to [ICRA]D follows the irregularity in debt servicing by
UHPL in the recent past due to liquidity crunch. However, with
the subsequent regularisation of debt servicing, ICRA has
reassigned the ratings of [ICRA]C and [ICRA]A4.

While arriving at the ratings, ICRA has factored in the business
and financial risk profiles of UHPL and its group companies
namely S.P. Jaiswal Estates Private Limited (SPJEPL; rated
[ICRA]B+/[ICRA]A4), Orianna Hospitalities Private Limited (OHPL;
a 100% subsidiary of UHPL), Sharadhayane Lakshmi Hotels Private
Limited (SLHPL; a 100% subsidiary of SPJEPL), HHI Resorts Private
Limited (HRPL; a 100% subsidiary of SPJEPL) and Hind Palace
Private Limited. The ratings take into account UHPL's stretched
liquidity position due to insufficient cash accruals from the
business compared to the sizeable debt-repayment obligations in
the near term as well as high utilisation in the working capital
limits. This led to delay in debt servicing by the company in
recent past which has been regularised subsequently. The company
is likely to remain dependent on group/promoter support for
meeting the debt-repayment obligations in the near term. The
ratings also take note of the company's adverse capital structure
and modest net profit, notwithstanding an improvement witnessed
in FY2017, and its vulnerability to cyclicality associated with
the hotel industry.

The ratings draw comfort from the HHI Group's long operational
track record in the hospitality industry and established brand
name, as well as improved occupancy and average room rate (ARR)
of the Bhubaneswar property, which is likely to translate into
increased profitability and cash flows. The company's ability to
improve the revenue per available room (RevPAR) of the Pune
property, while maintaining the improved occupancy and growth in
ARR of the Bhubaneswar property would remain critical to its
credit profile, going forward.

Key rating drivers

Credit strengths

* Long operational track record and established market presence
of the HHI Group in eastern India - UHPL is a part of the HHI
Group, which has an operational track record of nearly five
decades in the hospitality industry. The established position of
the HHI brand in the eastern India lends operational strength to
the company.

* Increased occupancy and ARRs of the Bhubaneswar property are
likely to result in improvement in profitability and cash flows -
The occupancy and ARR of the Bhubaneswar property increased to
76% and INR3,406 per room night in FY2017 from 68% and INR3,176
per room night, respectively in the previous fiscal. The improved
operating performance of the Bhubaneswar property led to an
increase in UHPL's profitability in FY2017, which is likely to
sustain in the near term at least, given an improvement witnessed
in the demand scenario.

Credit weaknesses

* Stretched liquidity position led to delay in debt servicing in
the recent past; the same has been regularised, though UHPL would
remain dependent on promoter/ group support - The company's
liquidity remained stretched due to insufficient cash accruals
from the business compared to the sizeable debt repayment
obligations, aggravated further by high utilisation of the
working capital limits. This led to delay in payment of
instalment and interest on term loans in the recent past. The
same has been regularised subsequently. However, the company is
likely to remain dependent on promoter/group support for meeting
the high loan repayment obligations of around INR6.4 crore in
FY2018. Nevertheless, considerable reduction in the interest
rates for most of the bank facilities in the current fiscal
provides some comfort.

* Weak financial profile, as reflected by an adverse capital
structure and modest net profit - The company's low equity base
and losses incurred in the Pune property have kept its net worth
at a modest level. This coupled with sizeable debt level led to a
high gearing of around 4 times as on March 31, 2017,
notwithstanding a decline in the same compared to the previous
year. In addition to the long-term debt contracted for capex
incurred in the past and working capital facilities, the company
has received significant funding support (around INR31 crore as
on March 31, 2017) in the form of interest-free advances and
lease deposits from its group company, SPJEPL. As a result, its
TOL/TNW remained adverse (around 17 times as on March 31, 2017).
Significant depreciation and interest burden on account of the
Pune property kept the company's net profit at a modest level,
though the same increased during FY2017, led by improved
operating performance of the Bhubaneswar property.

* Exposure to cyclicality associated with the hotel industry -
The performance of the hospitality segment remains highly
susceptible to the economic cycles, which is likely to keep the
profitability and cash flows of the players in the industry,
including UHPL, volatile.

Incorporated in 1992, UHPL was acquired by the present management
in 2007. UHPL had leased out its assets (land, building and other
equipment) in Bhubaneswar to S. P. Jaiswal Estates Private
Limited (SPJEPL), the flagship company of the HHI Group, till
FY2012. From FY2013, the company is managing the Bhubaneswar
property and has set up a hotel in Pune, branded The HHI Pune.


UTTARAYAN STEEL: ICRA Lowers Rating on INR8.50cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+ on
the INR9.00-crore fund-based facilities of Uttarayan Steel
Private Limited (USPL). The outlook on the long-term rating is
'stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-         8.50      [ICRA]B (stable); revised
  Based-Cash Credit                 from [ICRA]B+

  Long-term Fund-         0.50      [ICRA]B (stable); revised
  Based-Unallocated                 from [ICRA]B+

Rationale

ICRA's rating revision takes into account the 66% decline in
USPL's capacity utilisation in FY2017 from 80% in the preceding
year, which led to a 24% decline in the company's operating
income in FY2017. The realisation of USPL's products had been
under pressure as the raw material prices did not decline to the
expected extent, leading to a 53% decline in contribution levels
in FY2016. However, the company was able to improve its
contribution margin in FY2017, though it still remains weak. The
rating continues to be constrained by the cyclical and
competitive nature of the steel industry, which limits the
pricing flexibility of the industry participants. The limited
value-added operations and the vulnerability to raw material
price volatility have resulted in modest profitability indicators
for USPL. High dependence on working capital debt along with
modest profitability has kept the debt coverage indicators at
moderate levels.
The rating is, however, supported by USPL's proven track record
of operations and its strong relationship with its customer base.
The company's ability to improve its capacity utilisation and
contribution margins while maintaining its liquidity will be the
key rating sensitivity.

Key rating drivers

Credit strengths

* Experience of promoters in steel industry - The promoters have
experience of more than four decades in the steel industry.
Initially they were engaged in trading of steel products and
subsequently ventured into manufacturing of steel products. Over
the years, they have setup various entities to expand their
business.

* Long-term relationship with key customers - Established
relationship with key customers enables the firm to secure repeat
orders. Customer concentration has been high; top five customers
accounted 75% of the total sales in FY2017.

Credit weaknesses

* Low capacity utilisation and contribution margins - The
company's scale of operation is moderate. Its operating income
(OI) has been declining over the last four years. It was 24% in
FY2017 as capacity utilisation eroded to 66% in FY2017 from 80%
in FY2016. The contribution margins are significantly affected by
raw material price fluctuation, which in turn affects the sales
realisations.

* Financial profile characterised by low profitability and weak
debt coverage indicators - The limited value-added operations and
the vulnerability to raw material price volatility have
translated into low profitability indicators for USPL. High
dependence on working capital debt, along with low profitability,
continues to keep debt coverage indicators at low levels.

* Susceptibility of profitability to adverse movement in steel
prices - The company does not hedge its raw material position in
the commodity exchanges. The firm's profitability is susceptible
to decline in steel prices.

* Fragmented industry structure with low entry barriers - The
company faces stiff competition from other unorganised players in
the steel industry. This limits the pricing flexibility and
bargaining power with customers, thereby putting pressure on
revenues and margins.

USPL manufactures mild steel ingots, which are subsequently
rolled into long steel products such as thermo mechanically
treated (TMT) bars, channels and angles. The company was acquired
by members of the Goel and the Singhal family in 2006. Its
manufacturing facility is located in Roorkee (Uttrakhand) and has
an installed capacity of 22,000 Metric Tonnes Per Annum (MTPA).


VMS INTERNATIONAL: Ind-Ra Affirms B+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed VMS
International's (VMS) a Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit affirmed with IND
    B+/Stable rating; and

-- INR7.5 mil. Term loan due on October 2018 affirmed with IND
    B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects VMS' continued small scale of operations
and moderate credit metrics. As per FY17 provisional financials,
revenue was INR198 million (FY16: INR193 million), interest
coverage (operating EBITDA/gross interest expense was 1.7x (1.7x)
and net financial leverage (total adjusted net debt/operating
EBITDAR was 4x (4.7x). The improvement in the net financial
leverage was on account of areduction in debt. Operating EBITDA
margin remained volatile at 8.7%-13.5% over FY14-FY17 (FY17:
8.9%, FY16: 8.7%, FY15: 13.5%) due to fluctuations in raw
material prices.

The company's liquidity profile remains weak with about 100%
utilisation of the working capital limits during the 12 months
ended July 2017, along with instances of over utilisation, which
were regularised within one day.

The ratings are further constrained by the partnership nature of
the business.

The ratings, however, continue to benefit from VMS' founders over
a decade of experience in the polyester business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit metrics could be positive for the ratings.

Negative: A decline in the scale of operations could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2003, VMS is a partnership firm engaged in
manufacturing of polyester staple fibre. The firm is managed by
Narendra Pokharna and his family and has its registered office in
Mumbai.


* INDIA: Lenders Review Insolvency Process Against 12 Firms
-----------------------------------------------------------
Financial Express reports that a group of top lenders on Aug. 7
met officials from the Indian Banks' Association (IBA) to review
the progress of insolvency proceedings against 12 companies sent
to the National Company Law Tribunal (NCLT).

FE relates that sources said it was attended by State Bank of
India (SBI) and Punjab National Bank (PNB), among others. Bankers
said the meeting was to take stock of the proceedings and discuss
the possibilities of recovery and resolution of these accounts.
"It was a regular exercise, aiming to review these accounts. We
want a proper co-ordination among all parties," a banker said.

Meanwhile, NCLT benches have admitted nine of the 12 companies
and appointed interim resolution professionals (IRPs) to manage
them, the report says. While large defaulters, including Bhushan
Steel, Bhushan Power & Steel, Essar Steel and Alok Industries,
have been admitted, insolvency applications against Lanco
Infratech, Era Infra and Jaypee Infratech are being heard, FE
discloses.

According to the report, the aggregate debt involved in seven
stressed companies, now cleared for insolvency proceedings, is
INR1.7 lakh crore. In June, the RBI had identified 12 companies,
which owe lenders INR2.4 lakh crore, that banks should refer to
the NCLT, the report discloses. Kotak Institutional Equities had
said in a report that there was probably no case where a stage of
resolution or liquidation has been reached under the code while
there were quite a few cases which were referred to upper benches
for interpretation of the law, the report says.



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


SONY CORPORATION: Fitch Upgrades LT IDR to BB+; Outlook Positive
----------------------------------------------------------------
Fitch Ratings has upgraded Sony Corporation's Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDR) and local-
currency senior unsecured ratings to 'BB+' from 'BB'. The Outlook
on the IDRs is Positive. Simultaneously, its Short-Term Foreign-
and Local-Currency IDRs are affirmed at 'B'.

The Positive Outlook reflects Fitch's expectations of higher
margins in Sony's non-financial businesses, deleveraging
following restructuring, and management's commitment to improve
profitability. Fitch believes that Sony will be able to regain
its investment-grade rating if margins stabilise and leverage
remains low.

KEY RATING DRIVERS

Improving Profitability: Fitch believes that Sony's margins in
its non-financial segments are likely to improve and Fitch does
not expects large one-off factors, such as restructuring and
impairment charges, which have been a feature of Sony's results
for a few years. Downsizing of the weak smartphone and TV
businesses and the disposal of the unprofitable battery business
will reduce volatility in profits. Fitch forecasts improved
profitability for the financial year ending March 2018 (FYE18),
with an operating EBIT margin of 4.4% (FYE17: 2.1%), excluding
Sony Financial Holdings (SFH).

Healthy Balance Sheet: Fitch expects Sony to deleverage further
over the next year or two due to stronger operating margins,
controlled working capital and modest capex. Excluding SFH, the
company plans to invest JPY310 billion in fixed assets and
intangible assets in FYE18, compared with JPY258 billion in
FYE17. Most of the increase will be spent on expanding the
production capacity for image sensors, which will add operating
cash flow immediately. Fitch forecasts FFO adjusted leverage,
excluding SFH, will fall to 2.3x in FYE18 and further to 2.0x by
FYE20 (FYE17: 2.6x).

Successful Game Business: The game business, which is likely to
generate more than half of operating profit for Sony's non-
financial business in FYE18, remains a key support to Sony's
profitability, driven by rising network sales for PlayStation4
(PS4) consoles. Such network sales provide a recurring revenue
stream and strengthen the PS eco-system with new sub-products
like PS VR (virtual reality). Fitch expects a slowdown in PS4
hardware shipments and price reductions, but think that effect of
these will be sufficiently offset by growing network sales. In
line with company estimates, Fitch expects unit sales of PS4s to
fall to 18 million in FYE18 (FYE17: 20 million).

Growing Image Sensor Business: Fitch believes the company's
technology leadership and market strength in image sensors will
be key competitive advantages. Demand for the image sensors is
likely to remain strong given increasing adoption of dual-lens
cameras in high-end smartphones, which will offset structural
weakness in the handset industry in the short term. Fitch expects
profitability for the semiconductor division to recover in FYE18
to low-teen levels, following a weak FYE17 due to supply
disruption caused by the Kumamoto earthquake.

Mature Consumer Electronics Market: Fitch believes stiffer
competition in the consumer electronics industry and a frail
industry outlook will be a key swing factor in Sony's revenue and
margin expansion. The company is focused on higher-end markets
and cost cutting, but stronger rivals, such as Samsung
Electronics Co., Ltd (A+/Stable) and Apple Inc., and the
emergence of Chinese competitors pose a greater challenge to
Sony's goal of increasing profit and market share in its
electronics segments.

DERIVATION SUMMARY

Sony's credit profile continues to improve with the benefit of
restructuring and is narrowing the gap with other Asia-based
consumer electronics companies, such as Panasonic Corporation
(Panasonic, BBB/Stable) and LG Electronics Inc. (LGE, BBB-
/Stable). Compared to Panasonic, Fitch believes Sony is still
weaker in terms of profitability as Panasonic has a superior
business structure that generates more stable margins with larger
exposure to B2B businesses. Sony's FFO adjusted leverage ratio
will become similar to Panasonic's of around 2.2x, however,
Panasonic has lower net leverage ratio. Fitch believes Sony's
financial profile is now slightly better than that of LGE's in
terms of profitability and leverage. However, Fitch will not
upgrade Sony until Fitch has greater evidence that profits can be
sustained.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Mid-single-digit revenue growth in FYE18 driven by strong
   sales in the Game & Network division and recovery in the
   Semiconductor segment
- Operating margin (excluding SFH) to improve to over 4.4% in
   FYE18, with the absence of one-off expenses and lower
   restructuring charges
- Capex (excluding SFH) on fixed assets to increase slightly to
   JPY310 billion in FYE18, from JPY258 billion in FYE17.
- Annual cash dividend of JPY25 billion.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to a
Rating Upgrade
- EBIT margins higher than 3.5% on a sustained basis
- FFO-adjusted leverage sustained below 2.5x

Developments That May, Individually or Collectively, lead to
revision of the Outlook Back to Stable
- EBIT margins lower than 3.5% on a sustained basis
- FFO-adjusted leverage sustained above 2.5x

LIQUIDITY

Adequate Liquidity: Fitch expects Sony's liquidity to remain
solid. Sony has cash and cash equivalents of JPY631 billion at
end-June FYE18, which sufficiently covers its short-term
obligation due within one year of JPY262 billion for its
operations, excluding SFH. Fitch assumes that Sony will record
positive free cash flow largely supported by modest capex and
efficiently managed working capital. In addition, the company is
also well-supported by Japanese banks with substantial credit
lines of JPY525 billion at end-March 2017. Sony procures funds
mainly from the financial and domestic capital markets through
Sony itself and its UK finance subsidiary, Sony Global Treasury
Services.

FULL LIST OF RATING ACTIONS

Sony Corporation
- Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB+'
   from 'BB'; Outlook Positive
- Short-Term Foreign- and Local-Currency IDRs affirmed at 'B'
- Local-currency senior unsecured rating upgraded to 'BB+' from
   'BB'


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


ROSS ASSET: Liquidators Prepare to Submit Plan to Repay Victims
---------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that almost five years
after its collapse, liquidators of New Zealand's largest ponzi
scheme are making preparations to finally return some money to
investors.

According to Stuff, lawyers acting for liquidators of Ross Asset
Management are working on a proposed formula for an interim
distribution, which will be presented to the liquidation
committee in the coming weeks.

Stuff relates that liquidator John Fisk of PwC, said the proposed
formula would then be sent to the High Court for consideration.

Assuming it is approved, liquidators could be freed to return
around 10 cents in the dollar of capital to be return to those
who had lost out, Stuff says.

Stuff relates that Mr. Fisk declined to say when investors might
receive a payment but hoped to file submissions with the courts
with "the next month or so".

"Everyone appreciates it should happen as soon as possible."

Stuff recalls that Ross Asset Management's offices were raided by
the Financial Markets Authority in late 2012, as clients of the
Wellington fund manager complained they could not contact founder
and principal David Ross. Hundreds of clients believed Ross was
managing a total of almost NZ$450 million on their behalf.
However, a report released just days after the collapse said
assets worth only around NZ$10m had been identified. Ross used
the investments of new investors to covers the withdrawals of
others.

Stripping out the inflated returns, investors lost around
NZ$110m, with Ross later jailed for more than 10 years.

Since then liquidators have managed to claw back just over NZ$10m
from investors who managed to withdraw money from Ross before it
collapsed, Stuff says.

Stuff notes that more might have been recovered, however the
Supreme Court ruled that Wellington lawyer Hamish McIntosh could
keep the original capital he invested in Ross but later withdrew.

Mr. McIntosh only had to return what were, in effect, fictitious
profits on top of the NZ$500,000 investment, a decision which has
implications for others who withdrew more than they originally
invested, Stuff says.

According to Stuff, liquidators are still trying to claw back
money from more than 100 investors, including in some cases
initiating more court proceedings.

Exactly how money might be with returned to investors is up for
debate, Stuff states.

Stuff relates that Mr. Fisk said typically investors would
receive money in proportion to their net loss at the time of the
liquidation.

Because Ross lasted longer than most ponzi schemes, the formula
presented to the court was also likely to attempt take account of
the time value of money, meaning longer term investors would
receive more, Stuff notes.

Stuff relates that Mr. Fisk said some investors were arguing that
those who had withdrawn some of their original investment from
Ross prior to the collapse should not be able to take part.

Bruce Tichbon, a Palmerston North investor who runs a group to
support group for those who lost money in the collapse said he
did not believe those had received some of their money back
should be able to participate, notes the report.

"We would like to get back to a situation where, basically,
everyone is equally disadvantaged," the report quotes Mr. Tichbon
as saying.  "We're now arguing about the crumbs underneath the
table, but if they're distributed more equally, then that is a
good thing."

Mr. Fisk said liquidators were examining the possibility of using
an amicus curiae to assist the court on the various options for
how to distribute the money, adds Stuff.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


XAVIER-PUNLA RURAL: Aug. 24 Depositors Claims Filing Deadline Set
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Xavier-Punla Rural Bank, Inc. to file
their deposit insurance claims on or before the last day of
filing claims for insured deposits on August 24, 2017 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, or personally during business hours at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Xavier-
Punla Rural Bank was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on August 20, 2015.

According to PDIC, deposit insurance claims for 415 deposit
accounts with aggregate insured deposits amounting to PHP1.0
million have yet to be filed by depositors. Data showed that as
of June 30, 2017, PDIC had paid depositors of the closed Xavier-
Punla Rural Bank the total amount of PHP21.7 million,
corresponding to 86.8% of the bank's total insured deposits
amounting to PHP25.0 million.

After August 24, 2017, PDIC shall no longer accept any deposit
insurance claims from depositors of Xavier-Punla Rural Bank.
Their recourse is to file claims against the assets of the closed
bank through PDIC as liquidator. Payment of claims shall depend
on available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



                             *********

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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  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 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***