TCRAP_Public/170824.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 24, 2017, Vol. 20, No. 168

                            Headlines


A U S T R A L I A

ADVANT PTY: First Creditors' Meeting Set for September 1
BREAD AND ROSES: First Creditors' Meeting Set for August 31
BROOKER MARINE: First Creditors' Meeting Set for August 31
FORTESCUE METALS: FY2017 Results in Line w/ Moody's Expectations
JENNARDS PORT: Second Creditors' Meeting Set for August 31

LOCK FORWARD: Second Creditors' Meeting Set for August 31
RICH RIVER: Second Creditors' Meeting Set for September 7


C H I N A

BANK OF COMMUNICATIONS: Moody's Reviewing Ratings for Downgrade
BEIJING CAPITAL: Improved 1H 2017 Results Back Moody's Ba3 CFR
WEST CHINA CEMENT: Fitch Raises IDR & Sr. Unsecured Rating to BB-


I N D I A

ANIL CORNER: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
ATHENA FINANCIAL: Delisted from Bombay Stock Exchange
AVADH INFRA: ICRA Withdraws B+ Rating on INR50cr Term Loan
AZIZ ENTERPRISES: ICRA Moves B Rating to 'Issuer Not Cooperating'
BEARDSELL LIMITED: CRISIL Reaffirms FB+ Fixed Deposits Rating

BHOOMI COLD: ICRA Withdraws 'B' Rating on INR4cr Term Loan
COCHIN MINERALS: ICRA Moves D Rating to 'Issuer Not Cooperating'
DELTA SUGARS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
EASTMAN METTCAST: ICRA Moves C+ Rating to Not Cooperating
GOLHAR GINNING: ICRA Lowers Rating on INR4.75cr Loan to 'D'

INDIAN PRODUCTS: ICRA Cuts Rating on INR165cr Loan to D
JAYPEE INFRATECH: Apex Court to Hear Plea of Home Buyers Today
JR AGROTECH: Ind-Ra Migrates 'D' Issuer Rating to Not Cooperating
KAKINADA SEZ: ICRA Assigns 'D' Rating to INR212.50cr LT Loan
KURUNJI AGRO: CRISIL Reaffirms 'D' Rating on INR5.5MM LT Loan

LAGAN ENGINEERING: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
LAHERI COTTON: CRISIL Assigns B+ Rating to INR15MM Cash Loan
LAKME VITRIFIED: CRISIL Raises Rating on INR21MM Term Loan to B+
LEAP GREEN: CRISIL Upgrades Rating on INR31MM Term Loan to BB-
LEAPFROG ENGINEERING: ICRA Moves C Rating to Not Cooperating

LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR20MM Loan
MAGNOLIA LTD: Ind-Ra Moves 'BB+' Issuer Rating to Not Cooperating
MAHADEV IRON: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
MAHAKALI ISPAT: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
MAPLE RENEWABLE: CRISIL Ups Rating on INR178.82MM Loan to BB-

MLC PROPERTIES: CRISIL Lowers Rating on INR40MM LT Loan to 'B'
NIMRA EDUCATIONAL: ICRA Moves D Rating to Issuer Not Cooperating
NINA REALTORS: CRISIL Lowers Rating on INR10MM Term Loan to D
OM TRADING: ICRA Assigns B+ Rating to INR5.0cr Loan
ORCHID RENEWABLE: CRISIL Ups Rating on INR164MM Term Loan to BB-

PASOLITE ELECTRICALS: ICRA Moves B+ Rating to Not Cooperating
PIK STUDIOS: ICRA Assigns C+ Rating to INR12cr Cash Loan
PRAKASH AUTO: CRISIL Lowers Rating on INR11.7MM Loan to 'B+'
REAL GROWTH: ICRA Lowers Rating on INR21cr Fund Based Loan to D
RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR31MM Loan

ROSENTIQUES FINE: CRISIL Lowers Rating on INR4.30MM Loan to B
RUDHRAYAN POLYESTERS: CRISIL Reaffirms B Rating on INR4.90MM Loan
SHIV SHAKTI: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
SHREE RADHA: Ind-Ra Moves 'B' Issuer Rating to Not Cooperating
SHREE RENUKA: ICRA Reaffirms D Rating on INR3679.30cr Loan

SHRIMATI POORNA: CRISIL Lowers Rating on INR9MM LT Loan to 'D'
SOL CABLES: ICRA Assigns B+ Rating to INR0.40cr Fund Based Loan
SOLAPUR BIO-ENERGY: ICRA Reaffirms D Rating on INR27.63cr Loan
SP SUPERFINE: ICRA Lowers Rating on INR66.94cr Term Loan to 'D'
SRI LAKSHMI: CRISIL Lowers Rating on INR10MM Loan to 'D'

SRINIVASA EDUCATIONAL: ICRA Moves B Rating to Not Cooperating
SUSEE POLYMERS: CRISIL Reaffirms B+ Rating on INR6.5MM LT Loan
TNR ESTATES: ICRA Withdraws 'D' Rating on INR15cr Term Loan
TRIVEDI CORP: CRISIL Assigns 'D' Rating to INR15MM Cash Loan
VAMA WOVEN: Ind-Ra Migrates 'D' Issuer Rating to Not Cooperating

VREP CONSTRUCTION: CRISIL Cuts Rating on INR0.5MM Loan to 'C'
WINDSON CERAMIC: ICRA Withdraws B Rating on INR3.0cr Cash Loan

* Forced Insolvency Taking India Deals to $80BB, Moelis Says


J A P A N

TOSHIBA CORP: Enter Talks With Western Digital on Memory Sale
TOSHIBA CORP: Treading on Thin Ice, Leiko Tells Clients


N E W  Z E A L A N D

CAVALIAR CORP: Warns of Breaching Bank Covenants


S I N G A P O R E

NAM CHEONG: To Default on Bond Coupon, Principal Payments


                            - - - - -


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A U S T R A L I A
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ADVANT PTY: First Creditors' Meeting Set for September 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Advant Pty
Ltd and Pilmora Pty Ltd will be held at the offices of Grant
Thornton, The Rialto, Level 30, 525 Collins Street, in Melbourne,
Victoria, on Sept. 1, 2017, at 10:00 a.m.

Andrew Stewart Reed Hewitt and Matthew James Byrnes of Grant
Thornton were appointed as administrators of Advant Pty on Aug.
22, 2017.


BREAD AND ROSES: First Creditors' Meeting Set for August 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bread and
Roses Pty Limited will be held at Level 27, 259 George Street, in
Sydney, NSW, on Aug. 31, 2017, at 11:00 a.m.

Trent Andrew Devine and Henry Peter McKenna of Jirsch Sutherland
were appointed as administrators of Bread and Roses on Aug. 21,
2017.


BROOKER MARINE: First Creditors' Meeting Set for August 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Brooker
Marine Pty Ltd will be held at the offices of Mackay Goodwin,
Level 2, 10 Bridge Street, in Sydney, NSW, on Aug. 31, 2017, at
10:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Brooker Marine on
Aug. 21, 2017.


FORTESCUE METALS: FY2017 Results in Line w/ Moody's Expectations
----------------------------------------------------------------
Moody's Investors Service says that Fortescue Metals Group Ltd's
(Ba1 stable) results for the fiscal year ended June 30, 2017
(FY2017) were in line with Moody's expectations from an
operational as well as financial perspective.

"Stronger iron ore prices, combined with Fortescue's material
debt reduction and the continued low cost levels it achieved
during FY2017 have led to significant growth in the company's
earnings and the maintenance of strong credit metrics," says
Matthew Moore, a Moody's Vice President and Senior Credit
Officer.

"The improved cost position and lower debt levels support the
company's ability to generate solid earnings and credit metrics
in an environment where realised prices for iron ore are lower,"
adds Moore.

In FY2017, Fortescue's revenue increased by around 19% to USD8.4
billion, which led to a material improvement in underlying EBITDA
to around USD4.7 billion. As a result, the company's underlying
EBITDA margin grew to around 56% compared to around 45% in
FY2016. The largest contributor to revenue and EBITDA growth was
improved pricing, which contributed around USD1.3 billion to
EBITDA improvement.

Fortescue also continued to reduce its unit costs throughout
FY2017. It exited the fiscal year with C1 unit costs of USD12.16
per wet metric tonne (wmt) for the April to June 2017 quarter,
while the average C1 unit cost for FY2017 came in at
USD12.82/wmt, which was down around 17% on the previous year.
Fortescue has now delivered around USD3.9 billion of cost
reduction since FY2014.

While higher foreign exchange rates and increasing energy costs
will have a negative impact on unit costs, Moody's expects that
Fortescue will achieve net unit cost reductions in fiscal 2018.
Fortescue is aiming for a C1 cost of USD11-12/wmt for FY2018.

Fortescue continued to apply its free cash flow to reduce debt,
paying down USD2.7 billion of debt in FY2017. Higher earnings and
substantial debt repayments have led to Fortescue's leverage - as
measured by adjusted debt/EBITDA - improving to around 1.0x
versus 2.2x for FY2016. At the mid-point of Moody's current price
sensitivity ranges for iron, the agency expects that Fortescue's
adjusted debt/EBITDA will be around 1.3x-1.6x over the next 12-18
months, which is a strong level for the company's Ba1 rating.

Moody's says that the significant debt reduction achieved by
Fortescue has created significant headroom in the company's
credit metrics versus its current rating tolerance levels.

Moody's expects the company's credit metrics to remain strong for
its current rating level even if iron ore prices fall towards the
lower end of the rating agency's medium term price range of
USD45-USD65 per tonne.

Notwithstanding the debt repayments during FY2017, liquidity
remained solid during the year, with a cash balance of around
USD1.8 billion at June 30, 2017. The company also recently
entered into a USD525 million revolving credit facility, which
Moody's expects will remain undrawn.

Moody's expects that Fortescue will generate strong operating
cash flow, allowing the company to maintain solid liquidity over
the next 12-18 months. However, cash outflow should increase over
the next 12-24 months, reflecting the company's revised dividend
policy, higher capital expenditures, a fiscal 2016 true-up tax
payment, and assumed amortisation of iron ore prepayments.

Fortescue's new dividend policy will call for the company to
payout 50-80% of its net profit after tax (NPAT) in dividends
subject to market conditions. The final dividend for fiscal 2017
increased materially and represented around 70% of second half
NPAT, while dividends for the full year represented around 52% of
FY2017 NPAT.

Capital expenditures increased in FY2017 to around USD716 million
from around USD304 million in FY2016. Moody's expects that
Fortescue will increase capital spending over the next 2-3 years;
largely reflecting the need to replace its Firetail mine at its
Solomon operations, as well as an increase in sustaining capital
expenditures for fiscal 2018. Fortescue has indicated that its
capital expenditures should total around USD908 million for
fiscal 2018.

Fortescue Metals Group Ltd, based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China. Fortescue produces around 170mt of iron
ore annually, making it the fourth largest seaborne producer
globally. In the fiscal year ended June 30, 2017 (FY2017) it
generated USD8.4 billion of revenue and USD4.7 billion of
underlying EBITDA.

Moody's expects that Fortescue will maintain production at around
170mt in FY2018 and for unit cost to be maintained at around
USD12/wmt.


JENNARDS PORT: Second Creditors' Meeting Set for August 31
----------------------------------------------------------
A second meeting of creditors in the proceedings of Jennards Port
Macquarie Pty Ltd, trading as "Clark Rubber Port Macquarie" and
"Port Macquarie Clark Rubber", has been set for Aug. 31, 2017, at
10:00 a.m., at the offices of Deloitte Financial Advisory Pty
Ltd, Eclipse Tower, Level 19, 60 Station Street, in Parramatta,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 30, 2017, at 4:00 p.m.

Michael Billingsley and Neil Cussen of Deloitte Financial were
appointed as administrators of Jennards Port on June 21, 2017.


LOCK FORWARD: Second Creditors' Meeting Set for August 31
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lock Forward
Investments Pty Ltd has been set for Aug. 31, 2017, at
11:00 a.m., at the offices of 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. 30, 2017, at 4:00 p.m.

Terrence John Rose & David Michael Stimpson of SV Partners were
appointed as administrators of Lock Forward on May 26, 2017.


RICH RIVER: Second Creditors' Meeting Set for September 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rich River
Developments Pty Ltd has been set for Sept. 7, 2017, at
11:00 a.m., at the offices of Romanis Cant, Level 2, 106 Hardware
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2017, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Rich River on June 1, 2017.



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C H I N A
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BANK OF COMMUNICATIONS: Moody's Reviewing Ratings for Downgrade
---------------------------------------------------------------
Moody's Investors Service says that it is continuing to review
for downgrade, the ratings for Bank of Communications Co., Ltd.
(BoCom), Bank of Communications Financial Leasing (BoCom Leasing)
and Bocom Leasing Development HK Co. Ltd. (BLDHK).

RATINGS RATIONALE

Moody's expects to conclude the review in September 2017, after
incorporating the detailed results of BoCom's performance in the
first half of 2017, which will be available in late August 2017.

Moody's placed the long-term ratings of BoCom, BoCom Leasing and
BLDHK on review for downgrade on May 24, 2017.

Moody's review of BoCom's ratings focuses on assessing the impact
of the rise in its reliance on wholesale funds in recent years
and decline in profitability.

The review for downgrade for BoCom Leasing's A2 long-term issuer
rating and BLDHK's A3 long-term issuer rating follows the similar
rating action that Moody's took on BoCom.

The followings are on review for downgrade:

BoCom: baa3 BCA, baa3 adjusted BCA, A2 long-term deposit rating,
P-1 short-term deposit rating, A2(cr)/ P-1(cr) counterparty risk
assessment, Ba3(hyb) pref. stock non-cumulative

Bank of Communications Co., Ltd. HK Branch: A2 long-term senior
unsecured debt rating, (P)A2 senior unsecured MTN rating, (P)P-1
other short-term rating, A2(cr)/ P-1(cr) counterparty risk
assessment

Azure Orbit International Finance Limited: A2 backed senior
unsecured debt rating

Azure Orbit III International Finance Limited: A2 backed senior
unsecured debt rating

BoCom Leasing: A2 long-term issuer rating, P-1 short-term issuer
rating

BLDHK: A3 long-term issuer rating

Azure Nova International Finance Limited: (P)A2 backed senior
unsecured MTN rating, A2 backed senior unsecured debt rating

The principal methodology used in rating Bank of Communications
Co., Ltd., Bank of Communications Co., Ltd. HK Branch, Azure
Orbit International Finance Limited and Azure Orbit III
International Finance Limited was Banks published in January
2016. The principal methodology used in rating Bank of
Communications Financial Leasing, Bocom Leasing Development HK
Co. Ltd. and Azure Nova International Finance Limited was Finance
Companies published in December 2016.

Bank of Communications Co., Ltd. is a Chinese bank headquartered
in Shanghai, with assets totaling RMB8.73 trillion at end-March
2017.

Bank of Communications Co., Ltd. HK Branch is operating in
Hong Kong.

Azure Orbit International Finance Limited is incorporated in the
Cayman Islands, and is indirectly wholly owned by BoCom. It was
set up for the purpose of issuing bonds.

Azure Orbit III International Finance Limited is incorporated in
the Cayman Islands, and is indirectly wholly owned by BoCom. It
was set up for the purpose of issuing bonds.

Bank of Communications Financial Leasing is headquartered in
Shanghai. It reported assets of RMB172 billion at end-2016.

Bocom Leasing Development HK Co. Ltd., established in Hong Kong,
is Bank of Communications Financial Leasing's offshore treasury
center.

Azure Nova International Finance Limited is incorporated in the
Cayman Islands and indirectly wholly owned by Bank of
Communications Financial Leasing. It was set up for the purpose
of issuing bonds.


BEIJING CAPITAL: Improved 1H 2017 Results Back Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Beijing Capital Land
Limited's (BJCL, Ba3 negative) improved results for 1H 2017
support the company's recovering credit metrics and are in line
with Moody's expectations.

Moody's points out that BJCL's Ba3 corporate family rating
reflects its standalone credit profile and incorporates a two-
notch uplift because of Moody's assessment that the company will
receive financial and operating support from its parent, Beijing
Capital Group Co., Ltd. (Capital Group, Baa3 negative), in times
of need.

"BJCL's credit metrics are recovering, supported by its growing
revenue recognition and increasing profit margins; factors which
are in line with Moody's expectations," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer, and also the
International Lead Analyst for BJCL.

Moody's expects that the company will register revenue growth of
around 10%-20% year-on-year over the next 1-2 years, supported by
its strong contracted sales during the past 12-18 months. At end-
June 2017, the company indicated that it had locked in future
revenue of around RMB27 billion.

BJCL achieved RMB26.6 billion of contracted sales in the seven
months between January and July 2017, representing a 32.6% year-
on-year increase, and is on track to meet its full-year target
for contracted sales of RMB50 billion.

The company's overall gross profit margin increased significantly
to 33.4% in 1H 2017 from 10.9% in 1H 2016. The improvement was
mainly attributable to the delivery of high-margin primary land
development projects, which accounted for 20% of revenue in 1H
2017. The gross profit margin of its property development
projects also increased to 22% in 1H 2017 from 13% in 1H 2016,
with such gross profit calculated only after considering the
costs related to property sales.

Moody's expects that BJCL will maintain a gross profit margin of
around 20%-25% over the next 12-18 months, with more revenue
contribution from property development, supported by the
company's focus on first-tier and major second-tier cities.

Moody's further expects that BJCL's borrowing costs will remain
low, due to its relationship with the Beijing municipal
government. The company has a track record of reducing borrowing
costs, which fell to around 5.1% in 1H 2017 from 5.25% in 2016
and 6.4% in 2015.

Consequently, its EBIT interest coverage will likely trend up
towards 2.1x over the next 12-18 months from around 1.9x in the
12 months to June 30, 2017.

BJCL's adjusted debt fell slightly by 3% to RMB65.8 billion at
end-June 2017. Moody's expects that its debt level will rise
modestly by 5%-10% in 2H 2017, because of the company's need to
continually replenish its land bank.

As a result, Moody's estimates that its debt leverage - as
measured by revenue/adjusted debt - will stay at around 35% over
the next 12-18 months.

BJCL's estimated EBIT/interest coverage and debt leverage over
the next 12-18 months will support the company's standalone
credit strength.

The negative outlook on BJCL's rating mainly reflects the
weakened ability of its parent, Capital Group, to provide
financial and operating support; a situation which Moody's will
closely monitor in the near term.

The principal methodology used in this rating was Homebuilding
and Property Development Industry published in April 2015.

Incorporated in China, Beijing Capital Land Limited (BJCL) is a
mid-sized developer in China's residential property sector.

At end-June 2017, the company's land bank totaled 11.2 million
square meters in gross floor area, which will support the
company's developments over the next three years.

BJCL was founded in 2002 as the major property arm of its parent,
Beijing Capital Group Co., Ltd.

BJCL listed on the Hong Kong Stock Exchange in 2003.


WEST CHINA CEMENT: Fitch Raises IDR & Sr. Unsecured Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has upgraded West China Cement Limited's (WCC)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
to 'BB-' from 'B+'. The Outlook on the IDR is Stable.

The upgrade is driven by significant improvement in WCC's
financial profile, as evident in a substantial decrease in net
leverage and return to positive free cash flow (FCF) generation.
Net leverage dropped to 2.1x in 2016 from 3.6x in 2015, and Fitch
expects this to further drop to 1.8x in 2017 and 1.5x in 2018,
well below Fitch positive trigger of 3.5x.

The Stable Outlook reflects Fitch's expectation that WCC's
leverage will remain low over the rating horizon.

KEY RATING DRIVERS

Improving Profitability: WCC's gross profit per ton of its cement
products increased to CNY53 per ton (t) in 1H17, up from CNY38/t
in 2016. The increased profitability was due largely to a rise in
the average selling price (ASP) in WCC's core market of southern
and central Shaanxi where prices increased by 12.5% yoy to
CNY242/t and 42.5% yoy to CNY232/t, respectively. WCC's EBITDA
margin widened to 38.2% in 1H17 from 35.4% in 2016 as result of
the higher profitability.

Fitch expects WCC to maintain current levels of profitability
throughout 2017, however Fitch expects gross profit per ton to
contract slightly from 2018 - reflecting slowing domestic
economic growth and fixed-asset investment (FAI) investment.
Despite this, WCC's core western markets should be relatively
resilient due to China's focus on developing the western areas,
and FAI growth in western China has generally outpaced the rest
of the country.

Limited Capex, Lower Leverage: Fitch expects WCC's capex spending
will be limited in the near term due to a halt in capacity
expansion. WCC's cement utilisation rate was around 61% at end-
2016, which provides plenty of headroom to ramp up production
before additional capacity is needed. The lower capex is likely
to boost FCF generation and decrease net debt. Fitch expects
capex of CNY300 million each year between 2017 and 2019.

WCC's FFO-adjusted net leverage decreased to 2.1x in 2016 from
3.6x in 2015, as a result of resilient profitability and lower
capex. Fitch expects this trend to continue in the next 12-24
months, and net leverage should decrease to 1.8x in 2017 and 1.5x
in 2018.

Expansion into Aggregate Production: WCC is in the process of
constructing an aggregate production facility with annual
production capacity of around 16 million tons. Aggregates are
high-margin products, and Fitch expects WCC to sell around 8
million tons in 2018 when production commences. At current
prices, Fitch expects WCC's new aggregate business to add about
CNY640 million in sales and CNY320 million in gross profit in
2018.

Conch Shareholding Beneficial: Fitch expects continued
collaboration between WCC and Anhui Conch Cement Company Limited
(Conch, A-/Stable) might help WCC further improve its operating
efficiency and strengthen its market position in Shaanxi. Conch's
involvement with WCC has helped the company to reduce raw
material prices and boost profitability, as well as collaborating
on creating more stable market supply and higher pricing
discipline in Shaanxi and nearby regions. Conch is WCC's second-
largest shareholder, with a 21.16% stake, and also has two non-
executive directors on WCC's eight-member board.

DERIVATION SUMMARY

WCC is smaller in scale than China Oriental Group Company Limited
(COG, BB-/Positive), but maintains significantly wider margins
due to the nature of the cement industry versus steel. Both COG
and WCC dominate their home markets in their core businesses,
which allows them to defend profitability during industry down-
cycles. Both are likely to maintain less than 2.0x net leverage
in 2017 and 2018, while COG exhibits a greater level of financial
flexibility as it was able to deleverage while the market was
still down through liquidating working capital. WCC, by contrast,
was only able to deleverage when market fundamentals improved and
profitability increased.

KEY ASSUMPTIONS

- Capex of CNY300 million each year in 2017, 2018 and 2019.
- Fitch has taken a conservative approach when forecasting WCC's
   cash flows; Fitch expects the company to either increase
   dividend payments or boost M&A activity in the near term.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Significant increase in operating scale and geographic
   diversification
- Sustained net cash position


Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO net leverage above 3.5x on a sustained basis
- Failure to generate positive FCF on a sustained basis
- Significant increase in shareholder friendly activities
   such as share repurchases and dividends.

LIQUIDITY

Adequate Liquidity: WCC had about CNY1.5 billion in cash against
CNY973 million in short-term loans at end-1H17. WCC also
maintains close to CNY1 billion of unused banking facilities.

FULL LIST OF RATING ACTIONS

West China Cement Limited
- Upgraded Long-Term Foreign-Currency IDR to 'BB-'from 'B+'
- Upgraded senior unsecured rating to 'BB-' from 'B+'
- Upgraded USD400 million 6.5% senior notes due 2019 to 'BB-'
   from 'B+'



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ANIL CORNER: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Anil Corner
(AC) continues to reflect AC's modest scale of operations, large
working capital requirement, and average financial risk profile.
These weaknesses are partially offset by the proprietor's
extensive experience and healthy relationships with customers and
suppliers.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           6.5      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR1.49 crore received from the proprietor
have been treated as neither debt nor equity, as these are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition in the
hardware, bathroom, and modular kitchen fittings trading business
restricts scalability and bargaining power. The firm's revenue
was modest at INR26 crore in fiscal 2017.

* Large working capital requirements:
Working capital intensity persists, with sizeable gross current
assets, inventory and debtors of around 190, 135 and 50 days,
respectively, as on March 31, 2017.

* Average financial risk profile
The financial risk profile is constrained by modest networth of
INR2.2 crore, and high gearing of 3.01 times as of March 2017.
The debt protection metrics are average: interest coverage and
net cash accrual to total debt ratios are estimated at 1.4 times
and 0.03 time, respectively, for fiscal 2017.

Strength

* Proprietor's extensive experience and healthy relationships
with customers and suppliers
Proprietor, Mr. Dinesh Bhojwani, has experience of more than 27
years in trading in hardware and bathroom fittings. He has also
helped maintain healthy relationships with customers such as
Ozone Overseas Pvt Ltd (rated CRISIL A-/Stable/CRISIL A2+), Dorma
India, Jaguar & Company Pvt  Ltd, Tanishq Bath Fittings, and
Hettich India Pvt Ltd.

Outlook: Stable
CRISIL believes AC will continue to benefit over the medium term
from the extensive experience of the proprietor. The outlook may
be revised to 'Positive' if a substantial increase in cash
accrual, or fund infusion, leads to a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
a decline in revenue and profitability, or stretch in working
capital cycle, weakens financial risk profile.

AC, set up in 1990, is a sole proprietorship firm of Mr. Dinesh G
Bhojwani. The firm trades in hardware fittings, bathroom
fittings, and modular kitchen fittings, and has three showrooms
in Nagpur, Maharashtra.

Profit after tax and operating income were INR0.2 crore and
INR25.4 crore, respectively, for fiscal 2017 (Rs 0.3 crore and
INR29.5 crore, respectively, for the previous fiscal).


ATHENA FINANCIAL: Delisted from Bombay Stock Exchange
-----------------------------------------------------
The Economic Times reports that the Bombay Stock Exchange (BSE)
on August 21 said that it will compulsorily delist 200 companies
with effect from August 23 and will bar promoters of these
companies from accessing the securities market for ten years.

These companies belong to various sectors ranging from chemicals
and fertilizers, pharmaceuticals, finance and textile companies,
the report says.

According to the report, the exchange announced this in three
different circulars. The first circular pertained to 117
companies that have remained suspended for more than ten years.

According to this circular, as per the Securities and Exchange
Board of India's delisting regulations, promoters of these
delisted companies will be required to buy the shares from the
public shareholders as per the fair value determined by the
independent valuer appointed by the BSE, ET relates.

ET relates that the second circular mentioned 28 companies that
have remained suspended for more than a decade and are under
liquidation.

The third circular mentioned 55 companies that will be delisted
from BSE following their compulsory delisting from the National
Stock Exchange of India, the report notes.

According to ET, BSE said in these circulars that whole-time
directors, promoters and group companies of these delisted firms
will be debarred from accessing the securities market for ten
years from the date of compulsory delisting. Further, these
companies will be moved to the dissemination board of the
exchange for five years as advised by the SEBI, the BSE said.

Some of these companies include Athena Financial Services,
Arihant Industries, Credential Finance, Dolphin Investments,
Eupharma Laboratories, Ventron Polymers, Rajasthan Polyesters,
and Nagarjuna Finance, ET relays.

This move by BSE amid heightened scrutiny by regulators on shell
companies recently, the report notes. Earlier this month, SEBI
had directed exchanges to initiate action against 331 suspected
shell companies and keep them under graded surveillance measures
with immediate effect. Some of the companies have got relief from
the Securities Appellate Tribunal since then, adds ET.


AVADH INFRA: ICRA Withdraws B+ Rating on INR50cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR50.00 crores long term fund based term loan of Avadh
Infra.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long term fund
  Based-Term Loan        50.00        [ICRA]B+; Withdrawn

The ratings are withdrawn at the request of AI as the term loan
has been fully repaid.

Avadh Infra (AI) is a partnership firm incorporated in 2013, as a
Special PurposeVehicle (SPV) for construction of the residential
project named 'Avadh Kimberly' at Palsana, near Surat (Gujarat).
The firm is promoted by four partners, who have extensive
experience of nearly a decade in the field of real estate
construction in Surat and adjoining areas. Under different
partnership concerns, they have successfully executed several
residential and commercial projects in the past in Gujarat. The
projects are marketed under the brand of the 'Avadh' group.
The project, Avadh Kimberly entails the construction of 443 row
houses, classified into three categories, viz. A, B and C, with a
total saleable area of 8,95,311 square feet.


AZIZ ENTERPRISES: ICRA Moves B Rating to 'Issuer Not Cooperating'
-----------------------------------------------------------------
ICRA has moved the ratings for the INR8.0 crore bank facilities
of Aziz Enterprises to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA] B (Stable); ISSUER NOT
COOPERATING"

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  LT-Fund-based Limits     8.0       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer not
                                     Cooperating' category

Rationale

The rating is based on the extensive experience of the promoters
in the gems and jewellery industry. The ratings remain
constrained on the modest scale of operations, working capital
intensive nature of operations and exposure to forex risk. As
part of its process and in accordance with its rating agreement
with Aziz, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. 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
November 1, 2016, the company's rating is now denoted as: "[ICRA]
B(Stable) 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 or no
updated information on the company's performance since the time
it was last rated.

Credit Strengths

* The promoters have a significant experience in the gems
   and jewellery industry

Credit Challenges

* Modest scale of operations
* High working capital intensive nature of operations
* Higher exposures to foreign exchange risk
* Exposure to risks related to partnership concern

Incorporated in 1972 as a partnership firm, Aziz Enterprises is
engaged in the trading of precious gems, with product profile
including emerald and tanzanite stones with a focus on trading of
rough emerald stones. The firm has been managed by Mr. Ikramullah
and Mr. Salimullah, who have been engaged in this line of
business since 1975. However, in October 2014 Mr. Aminulla, Ms.
Sugra Begum, Ms. Yasmeen and Ms. Ghosiya Begum joined as the
partners of the firm. The firm is also a member of Gems &
Jewellery Export Promotion Corporation.


BEARDSELL LIMITED: CRISIL Reaffirms FB+ Fixed Deposits Rating
-------------------------------------------------------------
CRISIL's rating on the fixed deposit of Beardsell Limited
continues to reflect its moderate financial risk profile and
susceptibility of operating margin to volatility in raw material
prices and intense competition. These weaknesses are partially
offset by the extensive experience of its promoters and
longstanding customer relationship.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Fixed Deposits           5        FB+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of promoters: The promoters have been in
this business since 1936 and have established strong relationship
with customers and suppliers.

Weakness

* Susceptibility of operating margin to volatility in raw
material prices: Raw material prices are susceptible to
volatility in crude oil prices, thereby affecting operating
margin.

Outlook: Stable

CRISIL believes Beardsell will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the company diversifies
and scales up operations and sustainably improves profitability,
while maintaining capital structure. The outlook may be revised
to 'Negative' if financial risk profile, especially liquidity,
weakens because of a sharp decline in operating margin and
revenue, large, debt-funded capital expenditure, or stretch in
working capital cycle.

Incorporated in 1936 in Chennai and currently promoted by the
Anumolu family, Beardsell manufactures polystyrene sheets and
prefabricated panels. Operations are managed by Mr. Bharat
Anumolu. The company is listed on the National Stock Exchange.

Profit after tax was INR6.59 crore on net sales of INR167 crore
for fiscal 2017, against a net loss of INR3.28 crore on sales of
INR149.43 crore in fiscal 2016.


BHOOMI COLD: ICRA Withdraws 'B' Rating on INR4cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B outstanding on
the INR2.54 crore cash credit facilities and the INR4.00 crore
term loan facility of Bhoomi Cold Storage.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit Pledge           2.29      [ICRA]B; Withdrawn

  Fund-based Cash
  Credit Clean            0.25      [ICRA]B; Withdrawn

  Fund-based Term Loan    4.00      [ICRA]B; Withdrawn

Rationale

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

Bhoomi Cold Storage (BCS) was established in April 2015 as a
partnership firm. BCS is engaged in providing cold storage
facilities to potato farmers and traders on a rental basis. The
firm started commercial operations in February 2016. The cold
storage facility is located in Deesa, Gujarat, with a storage
capacity of 156,000 bags of 50 kilogram each. The firm is owned
by seven partners, of whom three partners - Mr. Nathabhai Lodha,
Mr. Narsinhbhai Lodha and Mr. Pravinbhai Lodha - manage the
operations of the firm.


COCHIN MINERALS: ICRA Moves D Rating to 'Issuer Not Cooperating'
----------------------------------------------------------------
ICRA has moved the long term rating for the INR28.97-crore term
loans and INR36.50-crore fund based limits of Cochin Minerals and
Rutile Limited (CMRL) to 'Issuer not cooperating' category. ICRA
has also moved the short-term rating for the INR41.40 crore non-
fund based facilities of the company to 'Issuer not cooperating'
category. The rating is now denoted as '[ICRA]D/ [ICRA]D ISSUER
NOT COOPERATING'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loans             28.97      [ICRA]D; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Long-term-Fund-        36.50      [ICRA]D; Rating moved to
  based Limits                      the 'Issuer Not Cooperating'
                                    category

  Short-term-Non-        41.40      [ICRA]D; Rating moved to
  fund Based                        the 'Issuer Not Cooperating'
  Facilities                        category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in July 2016. As part of its process
and in accordance with its rating agreement with Cochin Minerals
and Rutile Limited, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating has been moved to the "Issuer Not Cooperating"
category.

Key rating drivers

Credit Strengths

* Long experience of promoters: Incorporate in 1989, the company
has its manufacturing facility is in Aluva, Kerala, and the
promoters have over two decades of experience in the business.

Credit Weaknesses

* Liquidity position impacted by operating loss: The liquidity
of the company has been impacted by the operating losses incurred
by the company, owing to subdued demand and weak realizations for
synthetic rutile.

Incorporated in 1989, CMRL is engaged in the manufacture of
synthetic rutile at its facility located in Aluva, Cochin. The
company has a capacity to produce 45,000 tons per annum of
synthetic rutile. The Company sells the synthetic rutile and the
by-products produced during the manufacturing process (ferric
chloride, ferrous chloride and iron hydroxide) to customers in
Japan, Middle East, and India. The company's equity shares are
listed on the Bombay Stock Exchange.

In FY2017, the company reported a net loss of INR5.52 crore on an
operating income of INR145.39 crore, as compared to a net loss of
INR14.04 crore on an operating income of INR154.96 crore in the
previous year.


DELTA SUGARS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Delta Sugars Limited (DSL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B-/Stable (Reaffirmed)
   Term Loan                3       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's large working
capital requirement, weak financial risk profile, and exposure to
risks related to the regulated nature of the sugar industry.
These weaknesses are partially offset by the extensive experience
of its promoter.

Analytical Approach

For arriving at the rating, unsecured loans from promoter have
been treated as neither debt nor equity as these carry an
interest rate lower than the market rate, and will be maintained
in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement
Gross current assets were 326 days as on March 31, 2017, due to
sizeable inventory of 269 days.

* Weak financial risk profile
Networth has eroded significantly over the past few years due to
continued losses, despite steady funding support (equity and
unsecured loans) from promoter.

Strengths

* Extensive experience of promoter
The promoter, Mr. G Ganga Raju, has entrepreneurial experience of
more than three decades in the pharmaceuticals, biological, and
food processing sectors. He manages and controls various
companies engaged in herbal extracts and has also been in the
sugar industry for more than 10 years.

Outlook: Stable

CRISIL believes DSL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if a substantial and sustained increase
in revenue with significant profitability margins or sizeable
equity infusion improves capital structure. The outlook may be
revised to 'Negative' if continuing losses, large, debt-funded
capital expenditure, or stretched working capital cycle further
weakens financial risk profile.

DSL is a part of the Laila group of companies and is promoted by
Mr. G Ganga Raju. Based in Vijayawada, Andhra Pradesh, the
company manufactures sugar and also generates by-products such as
bagasse and molasses.

Net loss was INR1.90 crore on an operating income of INR80.33
crore in fiscal 2017, vis-a-vis net loss of INR11.14 crore on an
operating income of INR80.44 crore, in fiscal 2016.


EASTMAN METTCAST: ICRA Moves C+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term rating for the INR17.00-crore bank
facilities of Eastman Mettcast Limited (EML) to the 'Issuer Not
Cooperating' category. The long-term rating is now denoted as:
"[ICRA]C+; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      17.00      [ICRA]C+ 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,
which was based on detailed information. 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 EML, 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
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experienced promoters with long track record of operations.
* In house dies development facility helps in keeping costs
   and quality under control.
* Proximity to raw material (steel) suppliers in Ludhiana

Credit weaknesses

* Moderate scale of operations; increases the vulnerability
   to business cycles

* Stretched financial profile characterised by high gearing,
   low profitability and weak debt coverage indicators

* Vulnerability to fluctuations in steel price movement for
   both procurement and sales.

* Fragmented and unorganized nature of industry poses stiff
   competition.

* Promoter run business; high dependence on promoters for the
   operations of the company.

EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited. It
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries at its facility in
Hambran, Ludhiana, Punjab. In December 2013, the company was
taken over by Mr. Subhash Goel and his family and currently both
the families are jointly managing the company's operations.


GOLHAR GINNING: ICRA Lowers Rating on INR4.75cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B
assigned to the INR4.75-crore fund-based cash credit facility,
INR4.10-crore fund-based term loans facility and INR1.15-crore
unallocated limits of Golhar Ginning & Oils Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash        4.75        Revised to [ICRA]D
  Credit                             from [ICRA]B

  Fund-based-Term        4.10        Revised to [ICRA]D
  Loans                              from [ICRA]B

  Unallocated Limits     1.15        Revised to [ICRA]D
                                     from [ICRA]B
Rationale

The rating revision factors in the delays in debt servicing by
GGOPL on account of stretched liquidity position. The rating is
further constrained by the weak financial profile of the company
arising out of loss incurred in FY2016 both at the operating as
well as net level. Furthermore, the rating remains constrained by
vulnerability of the company's profitability to agro-climatic
risks and its exposure to stiff competition. The rating, however,
positively factors in the diversification achieved through
crushing facilities providing additional revenues.

Going forward, debt servicing ability and hence the credit
profile will remain sensitive to its ability to report adequate
revenue along with delivering healthy profitability margins will
continue to be a dominant of its credit profile.

Key rating drivers

Credit strengths

* Diversified product portfolio: The company derives revenue
from ginning as well as crushing operations hence its product
profile includes cotton bales, cotton seeds, cotton oil and
cotton oil cake giving it a wider scope of increasing revenue of
the business.

Credit weaknesses

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

* Weak financial profile characterised by loss in FY2016 -
FY2016, being the first full year of operations the company
incurred losses at operating level on account of increased raw
material consumption cost as a percentage of output.
Consequently, the company also incurred loss at net level.

* Pressurised capital structure because of negative net worth-
Losses in two consecutive years i.e. in FY2015 and FY2016 turned
net worth of the company negative. Hence, capital structure of
the company remained under pressure because of high debt level.


* Limited value addition and highly competitive & fragmented
industry structure leads to low operating and net margins -
Cotton ginning has a limited value additive nature of business as
well it is highly competitive industry because of low entry
barriers. Hence, the company has limited bargaining power with
the customers.

* 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.

Golhar Ginning & Oils Private Limited was incorporated in
November 2012 and commenced business operations since December
2014. It is in the business of ginning, pressing of cotton and
crushing of cotton seed oil. The factory is located in Hingaghat,
Dist. Wardha (Maharashtra). GGOPL is equipped with 24 ginning
machines and 1 pressing machine to carry out operations. It is
presently managed by Mr. Damodar Golhar and Mr. Dhanraj Golhar.

In FY2016, the company reported a net loss of INR3.20 crore on an
operating income of INR33.45 crore, as compared to a net loss of
INR0.62 crore on an operating income of INR24.47 crore in 4M
FY2015.


INDIAN PRODUCTS: ICRA Cuts Rating on INR165cr Loan to D
-------------------------------------------------------
ICRA has revised the rating outstanding on the INR45.00 crore
long term fund based facilities (sub limit) of Indian Products
Private Limited to [ICRA]D from [ICRA]BBB-. ICRA has also revised
the rating outstanding on the INR165.00 crore short term fund
based facilities and the INR28.00 crore short term non fund based
facilities of the company to [ICRA]D from [ICRA]A3.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  LT-Fund based-
  Sublimit              (45.00)     Rating revised from
                                    [ICRA]BBB- (Stable)
                                    to [ICRA]D

  ST-Fund based         165.00      Rating revised from
                                    [ICRA]A3 to [ICRA]D

  ST-Non fund based      28.00      Rating revised from
                                    [ICRA]A3 to [ICRA]D

Rationale

The revision in ratings factors in IPPL's delays in servicing its
export packing credit repayments in the last 1-2 months. The
company witnessed operational bottlenecks in June 2017 due to
billing related constraints as it was implementing software
changes; and delays in raw material arrivals. As a result, IPPL
was unable to honor its EPC repayments within the stipulated 180
day timeline.

Key rating drivers

Credit strengths

* Established track record of the Group and promoters in the
spice business - The company is part of the Jayanti Group, which
is one of the largest spice exporters from India. The promoters
have been in the business for over six decades.

* Wide customer base / geographical reach - The company enjoys
an established presence in Europe and North America, aided by its
strategic alliances with leading regional players in the
respective markets.

Credit weaknesses

* Volumes exposed to agro-climatic risks and price
competitiveness of Indian pepper - The company is engaged in
processing and exporting of spices such as ginger, pepper,
turmeric, and chillies. By virtue of these being agro
commodities, the supply would depend on agro-climatic conditions.
Given the limited value additions, price plays an important role
in determining volumes. Higher supply and better price
competitiveness would result in favourable volumes and revenues
for the company.

* Limited value addition results in restricted pricing
flexibility and thin margins- IPPL's processing involves limited
value addition. As a result, the company has low product
differentiation and witnesses intense competition. The low value
addition and high competition results in restricted pricing
flexibility and thin margins.

* Earnings remain vulnerable to commodity price fluctuations,
although order-backed procurement mitigates the threat to an
extent- The company's revenues depend on volumes and
realizations, while its earnings/profits depend on price
differentials between sold goods and procurement prices. Order
backed procurement mitigates fluctuations between goods sold and
purchase prices to a large extent.

* Financial profile characterised by relatively high gearing and
modest coverage indicators, owing to the working capital
intensive nature of operations - The company's operations are
working capital intensive due to high inventory levels. These
have resulted in relatively high debt levels. However, the
profits are relatively thin. As a result, IPPL's capital
structure and coverage metrics are stretched.

Indian Products Private Limited (IPPL) was incorporated in 1980
at Kolkata, with its registered office in Bangalore. IPPL
operates two manufacturing units in the Coimbatore district
(Kinathukadavu and Trade Centre) of Tamil Nadu and one at
Walayar, Kerala. IPPL was initially involved in processing and
selling of tea and black pepper for over two decades, and has now
extended its product profile to other tropical spices such as
ginger, pepper, turmeric, and chillies in the recent past. Spices
are exported in whole, crushed and powdered form in bulk as well
as in consumer packs as per customer specifications. The company
is also involved in the exports of de-caffeinated tea.

IPPL is part of the Jayanti Group, founded by Mr. Jayantilal Shah
in 1940. It is a closely-held Group with a presence in spices,
tea and coffee processing and exports. The Group enjoys an
established presence in Europe and North America, aided by its
strategic alliances with leading regional players in the
respective markets. The Group's manufacturing facilities are at
Coimbatore (Tamil Nadu), Walayar (Kerala) and Ahmedabad for
processing spices and tea. The Group has also entered into the
branded spices and herbs business with its own brand, "ON1Y",
which uses a range of innovative, ready-to-use blends and
packaging styles. In addition, the Group has entities operating
out of North America and the EU for marketing products sourced
from its two Indian companies.


JAYPEE INFRATECH: Apex Court to Hear Plea of Home Buyers Today
--------------------------------------------------------------
The Hindu BusinessLine reports that the Supreme Court has agreed
to hear today, August 24, a plea of several aggrieved flat-buyers
who had booked their dream home in several projects of Jaypee
Infratech, against whom insolvency proceedings have started.

BusinessLine relates that a bench comprising Chief Justice JS
Khehar and Justice DY Chandrachud said it will hear the plea of
flat-buyers who alleged that they will neither get a home nor a
refund of their hard earned money on account of being "unsecured
creditors".

"Around 32,000 buyers have booked their homes in 27 different
housing projects of Jaypee Infratech and they are left in the
lurch as the insolvency proceedings have been started against
it," senior advocate Ajit Sinha, appearing for 24flat-buyers,
said, BusinessLine relays.

He said the financial interest of secured creditors will be
safeguarded first in the insolvency proceedings and flat buyers,
being unsecured creditors, would virtually get nothing, according
to BusinessLine.

BusinessLine relates that referring to the provisions of the new
Insolvency and Bankruptcy Code (new insolvency law), Sinha said
the decrees and orders passed by the consumer courts and civil
courts in favour of home buyers cannot be executed due to
pendency of insolvency proceedings.

He urged that rights of the home buyers needed to be protected,
the report says.

BusinessLine notes that the plea was filed by a flat buyer Chitra
Sharma and 23 others seeking protection of their rights as flat
buyer.

The report says hundreds of home buyers have been left in the
lurch after the National Company Law Tribunal (NCLT), on
August 10, admitted the IDBI Bank's plea for initiating
insolvency proceedings against the debt-ridden realty company for
defaulting on a INR526 crore loan.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Moneycontrol said the Allahabad bench of the
National Company Law Tribunal on Aug. 9 accepted lender IDBI
Bank's plea and classified Jaypee Infratech as an insolvent
company.  With this, the board of directors of the company
remains suspended. According to the report, the Tribunal will now
appoint an insolvency resolution professional -- an official from
one of the seven accounting firms selected for this purpose. The
professional will sit with Jaypee's creditors to see if a
resolution of the company's debt is possible. The appointed
official will get 270 days to turn around the company's finances.
In case the turnaround doesn't happen, the company's assets will
be liquidated.

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.


JR AGROTECH: Ind-Ra Migrates 'D' Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded J.R. Agrotech
Pvt. Ltd.'s (JR Agro) Long-Term Issuer Rating to 'IND D' from
'IND BBB-'. The ratings have also been migrated to the non-
cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information and feedback from the banker that the company's
account has been classified as SMA-2. The rating will now appear
as 'IND D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:

-- INR2,800 mil. Fund-based limit (Long- and short-term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating;

-- INR150 mil. Term loan (long-term) downgraded and migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR400 mil. Proposed fund-based and non-fund-based limit
    withdrawn (as the company did not proceed with the instrument
    as envisaged) with WD rating.

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

KEY RATING DRIVERS

The downgrade reflects defaults on debt obligations by JR Agro
during the 12 months ended July 2017.

RATING SENSITIVITIES

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

COMPANY PROFILE

JR Agro is a rice milling company, established in 1998. The
company has plants in Dinanagar, Gurdaspur for the purpose of
drying, parboiling, sorting, milling and grading paddy. The
company sells basmati and non-basmati rice varieties under the
brand names of Mother Cook, Sacha Sauda and Adaab. JR Agro also
has an established distribution network, mainly in northern
India.


KAKINADA SEZ: ICRA Assigns 'D' Rating to INR212.50cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR212.50
crore enhanced term-loan facilities (enhanced from INR62.50 crore
earlier) of Kakinada SEZ Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term: Fund
  Based facilities       212.50     [ICRA]D; assigned/outstanding

Rationale

The rating takes into account the continued delays in debt-
servicing by KSL towards the rated facilities. The development
work on Phase-I of the project, which accounts for ~20% of the
SEZ notified area, is still in a nascent stage and sizeable
portion of the cost remains to be incurred. Further, despite
being in advanced stages of discussion with some potential
tenants and executing some MOUs (Memorandum of Understanding),
the occupancy at the SEZ is low as of now (with two tenants
occupying ~1.2% of the Phase-I area) resulting in negligible
rental inflows. In light of inadequate fund flow from operations
and sizeable funding requirement for debt obligations and SEZ
development, the company continues to remain dependent on funding
support from group companies, mainly GMR Infrastructure Limited
(GMR Infra). Though the company has been getting regular funding
from GMR Infra, such support has not been timely, resulting in
delays in debt-servicing by KSL.

Going forward, regularisation of debt-servicing by the company
would be the key rating sensitivity. In this context, the
company's ability to improve occupancy at the SEZ, refinance its
debt obligations with a longer-tenor debt to align with the
expected cash flows as well as get timely funding support from
GMR Infra towards meeting debt obligations and funding project
cost will be crucial.

Key rating drivers

Credit strengths

* Established track record of the group in implementing large
infrastructure projects - KSL is a 51% subsidiary of GMR Infra
which is undertaking development of a port based Special Economic
Zone in an area of 10,400 acres in the Kakinada region of Andhra
Pradesh. The group has a track record of executing large-scale
infrastructure projects which mitigates the execution risk to
some extent.

Credit weaknesses

* Continued delays in debt-servicing: Because of stretched
financial profile, the company continues to delay in servicing of
its debt obligations.

* Limited occupancy and resultant modest revenue base, which
together with sizeable debt obligations is resulting in funding
shortfalls: Till date, the company has leased out less than 1% of
the total leasable area in the SEZ. As a result, revenue base of
the company continues to be marginal. Given the insignificant
revenue base, ongoing expenditure on the project and sizeable
debt obligations, the company continues to be reliant on funding
support from promoter group for meeting its funding shortfalls.
Though the company has been getting regular funding from GMR
Infra in the form of interest-bearing unsecured loans, such
support has not been timely, resulting in continued delays in
debt-servicing by KSL.

Kakinada SEZ Limited (KSL, erstwhile Kakinada SEZ Private
Limited), 51% held by GMR Infrastructure Limited (GMR Infra)
through its wholly-owned subsidiary GMR SEZ and Port Holdings
Private Limited, is in the process of developing a multi-product
Special Economic Zone (SEZ) at Kakinada (Andhra Pradesh) along
with a deep water port in an area of ~10,400 acres. Land
acquisition for the project is under progress and various
approvals/clearances are also being obtained. Further, the title
for approximately 8,300 acres of land has already been
transferred to Kakinada SEZ Limited, while the title transfer of
the balance land, which is required for development of the port,
is in progress. SEZ notification is in place for approx 5,000
acres at present. The company is undertaking phase-wise
development of the area available for SEZ development. As a part
of the phase-1 of the SEZ development, the company has commenced
infrastructural development work in ~916 acres. Further, the
company has leased out about 5 acres of land to Pals Plush, its
first tenant, for a period of 20 years, which commenced
commercial operations in January 2016 and has also recently
signed term sheet with Delicate Frozen Seafoods for setting up
sea food processing facility in 7 acres of land.


KURUNJI AGRO: CRISIL Reaffirms 'D' Rating on INR5.5MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Kurunji Agro
Product (KAP) for obtaining information through letters and
emails dated May 24, 2017 and June 9, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           5.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Term Loan       1.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kurunji Agro Product. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Kurunji Agro Product is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL D'.

KAP was set up in 2009 and commenced operations in 2013. Based in
Dindigul, Tamil Nadu, the firm manufactures mango pulp. It was
set up by Mr. S Palanisamy, Mr. S A Kadar. and Mr. A
Muruganandham.


LAGAN ENGINEERING: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Lagan Engineering
Company Limited (LECL) for obtaining information through letters
and emails dated April 12, 2017 and May 04, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           3       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit              5.5     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit         0.5     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term       4.58    CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan                7.50    CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lagan Engineering Company
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Lagan Engineering Company
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'.

LECL (formerly, The Lagan Jute Machinery Company Ltd) was
acquired by the Kajaria family in 2000 following divestment by
the Government of India. LECL is among a handful of jute mill
machine manufacturers in the organised sector. Its product
profile includes spreaders, carding and drawing machines, and
spinning and twisting frames. Its manufacturing facilities are in
Hooghly and it supplies largely to jute mills in West Bengal and
Bangladesh.


LAHERI COTTON: CRISIL Assigns B+ Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable' rating on the long-
term bank facility of Laheri Cotton Industries (LCI). The rating
reflects the modest scale of operations, amidst intense
competition, large working capital requirement, and below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the promoters in the cotton
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, amidst intense competition: Limited
capacities and intense competition in the textile industry have
kept the scale of operations modest, as reflected in revenue of
INR42.78 crore in fiscal 2017, and limit the pricing flexibility,
thus constraining profitability.

* Working capital intensive operations: Operations are working
capital intensive, as reflected in gross current assets of 170
days as on March 31, 2017, led by sizeable inventory of 105 days,
to meet off-season demand.

* Below-average financial risk profile: Financial risk profile
was marked by the small networth of INR6.82 crore and high total
outside liabilities to tangible networth ratio of 2.15 times,
both as on March 31, 2017. With continued large working capital
debt, gearing may remain at similar levels over the medium term.
Debt protection metrics are weak, as reflected in interest
coverage and net cash accrual to total debt ratios of 1.86 times
and 0.04 time, respectively, for fiscal 2017.

Strength

* Extensive experience of the promoters in the cotton industry:
The 2 decade-long experience of the promoters, their keen grasp
over local market dynamics, and established relationships with
customers and suppliers, will continue to support the business
risk profile.

Outlook: Stable

CRISIL believes LCI will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial and sustained revenue growth, along
with improvement in profitability, strengthens the capital
structure. The outlook may be revised to 'Negative' if decline in
revenue and profitability, stretch in the working capital cycle,
or any major capital expenditure, weakens the financial risk
profile.

LCI, set up in 1997, is engaged in ginning and pressing of
cotton, and extracts oil from cotton seeds. The manufacturing
units are located in Palej, Bharuch (Gujarat). The firm is a
partnership concern of Mr. Ismail Laheri, Mrs Zarina Ismali
Laheri, Mr. Yusuf Umerji Laheri, Mrs Mehmuda Yusuf Laheri, Mr.
Mahmed Ismali Laheri and Mr. Sufiyan Gulam Laheri.

Profit after tax was INR1.97 crore on net sales of INR42.78 crore
in fiscal 2017, against INR1.22 crore and INR36.17 crore,
respectively, in fiscal 2016.


LAKME VITRIFIED: CRISIL Raises Rating on INR21MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Lakme Vitrified LLP to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed the short-term facilities at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         3.52       CRISIL A4 (Reaffirmed)

   Cash Credit           11          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan             21          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects earlier-than-expected commencement of
commercial operations resulting in a quick ramp-up in revenue and
expected moderate operating efficiency. The financial risk
profile is also better than expected because of higher funding
contribution from the promoters that resulted in a better capital
structure.

During fiscal 2017, revenue was INR14 crore with a healthy
operating profitability margin of 18%; the margin is expected to
remain moderate at 13-15% over the medium term. The partners
infused higher-than-expected equity of INR16.67 crore, thus
improving the capital structure. The networth and gearing were at
INR16.34 crore and 1.56 times, respectively, as on March 31,
2017. Liquidity remains moderate because of comfortable cash
accrual and support from the partners through unsecured loans.
This resulted in moderate bank limit utilisation at an average of
52% over the six months through June 2017. An increase in the
bank limit to INR11 crore from INR5.50 crore will also cushion
liquidity.

The ratings continue to reflect a modest, though improving, scale
of operations in the fragmented and competitive vitrified tile
manufacturing industry. The ratings also factor in susceptibility
of the operating margin to fluctuation in raw material and fuel
(gas) prices. These weaknesses are partly offset by the extensive
industry experience of the partners, favourable location of the
plant, and a moderate financial risk profile.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the partners and their family members as neither debt nor
equity. That's because the loans are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest, though improving, scale of operations in a fragmented
and competitive industry
As fiscal 2018 will be the first full year of operations, revenue
is likely to increase thereafter. However, it will remain modest
due to a presence in the ceramic tile manufacturing industry
which is intensely competitive and has many small and large
players.

* Working capital-intensive operations:
Gross current assets were high at 231 days, driven by receivables
and inventory of 92 days and 90 days, respectively, as on
March 31, 2017. Operations are expected to remain working capital
intensive over the medium term.

* Susceptibility of the operating margin to fluctuation in raw
material and fuel (gas) prices
That's because competition limits the ability to pass on input
price increases.

Strengths

* Extensive industry experience of the partners
The partners have an experience of over a decade in manufacturing
and trading in ceramic tiles; this will continue to support the
business risk profile.

* Moderate financial risk profile
The networth and gearing stood at INR16.34 crore and 1.56 times,
respectively, as on March 31, 2017. Debt protection metrics were
adequate: interest coverage and net cash accrual to total debt
ratios were 2.28 times and 0.15 time, respectively for fiscal
2017. With expected moderate operating profitability, the metrics
are likely to remain adequate over the medium term.

* Favorable location of the plant
The manufacturing facility at Morbi, Gujarat, which is a tile
manufacturing hub, benefits from easy availability of raw
materials and labour, resulting in moderate operating efficiency.

Outlook: Stable

CRISIL believes LVL will benefit over the medium term from the
extensive industry experience of its partners, their funding
support, and the favorable location of its plant. The outlook may
be revised to 'Positive' if revenue and profitability improve,
leading to higher-than-expected cash accrual, while working
capital is efficiently managed. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, a
stretched working capital cycle, or any large, debt-funded
capital expenditure, weakening the financial risk profile,
particularly liquidity.

LVL was established in 2016 as a limited liability partnership
(LLP) firm by Mr. Shaileshkumar Rojmala and Mr. Bhavesh Kundaria.
The firm manufactures double-charge vitrified tiles in Morbi; the
plant, with an installed capacity of 7,000 boxes per day,
commenced commercial operations from November 2016.

Revenue is INR14.05 crore and net loss is INR0.33 crore for
fiscal 2017. There were no commercial operations during fiscal
2016.


LEAP GREEN: CRISIL Upgrades Rating on INR31MM Term Loan to BB-
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Leap Green Energy Pvt Ltd and companies under Leap Green group
from 'CRISIL BBB-/Watch Negative' to 'CRISIL D'. Also, the rating
has been simultaneously upgraded to 'CRISIL BB-/Watch
Developing'. The Leap Green group comprises Leap Green Energy Pvt
Ltd (Leap Green), Maple Renewable Power Pvt Ltd (Maple), Olive
Ecopower Pvt Ltd (Olive), Clover Energy Pvt Ltd (Clover), Lotus
Clean Power Venture Pvt Ltd (Lotus), Tulip Renewable Powertech
Pvt Ltd (Tulip), Violet Green Power Pvt Ltd (Violet), Iris
Ecopower Venture Pvt Ltd (Iris), and Orchid Renewable Powertech
Pvt Ltd.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             31        CRISIL BB- (Revised from
                                   'CRISIL BBB-/Watch Negative'
                                   to 'CRISIL D' and
                                   simultaneously upgraded to
                                   'CRISIL BB-'; Placed on
                                   'Rating Watch with Developing
                                   Implications')

The rating revision to 'CRISIL D' reflects delay in debt
servicing reported in annual accounts of fiscal 2016 of Leap
Green group of companies during the period January 2016 - May
2016.

The rating upgrade to 'CRISIL BB-' considers the timely debt
servicing track record for more than 6 months. Further, rating
reflects the improvement in operational performance of the
existing assets (447.8 megawatts [MW]) due to resolution of
evacuation issues and better wind season, resulting in better
generation leading to an expected average consolidated Debt
Service Coverage Ratio (DSCR) of more than unity over the medium
term.  The rating also takes into account the diversification
benefit of assets along with fungibility of funds between various
Leap Green group of companies. The rating, however, continues to
be constrained by weaker than expected liquidity.

The rating watch is revised to 'Watch with Developing
Implications' from 'Watch with Negative implications'. Earlier in
April 2017, the rating was kept on a 'Watch with negative
implication' following Leap Green's announcement of acquisition
of wind energy assets with capacity of around 240 megawatts (MW)
from Inox Renewables Ltd (IRL, rated 'CRISIL A-/Watch
Developing') and Inox Renewables (Jaisalmer) Ltd (IRJL) on slump
sale basis. The Inox wind asset acquisition entails incremental
debt of INR1000 crore (Rs 750 crore of project debt plus INR250
crore short term debt). CRISIL will continue to monitor the
development, and is in discussion with management of Leap Green
group to better understand implications of the transaction on the
company's business and financial risk profiles. CRISIL will
remove the rating from watch and take a final rating action once
it has more clarity on the transaction, including information on
the operating performance of acquired assets, and potential
synergies.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 megawatt
[MW]) and its eight subsidiaries: Maple (61.50 MW), Olive (51.55
MW), Clover (71.50 MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris
(42.05 MW), Violet (33.00 MW), Orchid (66.90 MW) and Citron
Ecopower Pvt Ltd (75 MW). All these companies operate in the wind
energy and related space, have significant operational linkages,
and are under a common management. Furthermore, Leap Green has
extended guarantees for the debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing in fiscal 2016: During fiscal 2016,
there was substantial decline in PLFs and evacuation issues
leading to inadequate cash accruals vis-a-vis debt repayment
leading to stretched liquidity. The cash accruals were
significantly lower than debt repayment for large part of fiscal
2016 which resulted in consumption of the liquidity available in
the group. Moreover, the company was not able to tie-up working
capital limits/overdraft limits resulting in delays in debt
servicing during this period.

* Weaker than expected liquidity position:  Although the group's
operating performance improved during first three months of
current fiscal as compared performance in similar period in
previous fiscal, the group's liquidity (including debt service
reserve account) is less than  3 months of peak debt servicing as
at June 30, 2017. Further, the group also contracted debt of
around INR300 crore for acquisition of 75 MW asset in December
2016 which adversely impacted its liquidity.

* Increase in counterparty risk and liquidity requirement: Leap
Green, along with its special purpose vehicles (SPVs), had
installed wind energy capacity of 523 MW as on March 31, 2017
which shall increase to around 760 MW post completion of
acquisition. Earlier, nearly 75% of the capacity was in Tamil
Nadu under a group captive model and balance was established
under a preferential tariff model with long-term power purchase
agreements (PPAs) with power distribution companies (discoms) in
Rajasthan and Madhya Pradesh. As a result, the overall
counterparty risk was moderate.  However, post-acquisition, the
capacity under group captive shall come down to 50% and
concentration of capacity in Rajasthan shall increase to around
25% which is likely to increase the overall counterparty risk and
hence liquidity requirement. Nonetheless, further clarity is
awaited on the operating performance of acquired assets, and
potential synergies.

Strengths

* Enhanced revenue visibility, diversification benefit and
fungibility of funds:  In fiscal 2017, improvement in grid
evacuation in Tamil Nadu and better wind season resulted in
improvement in weighted average PLFs at around 21% and are
expected to remain around 20-21% over the medium term. Given the
improvement in the operational performance and established track
record of the existing assets, CRISIL expects the group to
maintain average consolidated DSCR of more than unity over the
medium term. As on July 31, 2017, the group has banked units
around 10 crore units which can be dipped into during the lean
season to cater to demand of its contracted customers.  The
banked units provide visibility on revenue and also aid the cash
flows during the lean season. Besides, the rating also benefits
from diversification because of fungibility of funds among the
Leap Green group companies. CRISIL expects the holding company
(Leap Green) and SPVs will continue to support each other in case
of a cash flow mismatch in any particular SPV. The companies have
extended inter-corporate deposits to each other in the past. Any
significant deviation from the above expectation will be a rating
sensitivity factor.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW
capacity in Tamil Nadu which is under group captive model and
overall capacity increased to 523 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors Mr. Rajeev Akshay, Mr.
Dev Anand V, Mr. Srihari Balakrishnan, and Mr. Narain
Karthikeyan, directly or through their companies. Leap Green is
managed by Mr. Rajeev Akshay (managing director) and Mr. Dev
Anand V (executive director).

In fiscal 2017, the group's net profit was INR36 crore on
operating income of INR405 crore as against a net profit of
INR0.3 crore on operating income of INR325 crore in previous
fiscal. In first three months of fiscal 2018, the group's
operating income was INR105 crore as against operating income of
INR66 crore in similar period during previous fiscal.


LEAPFROG ENGINEERING: ICRA Moves C Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR10.00 crore bank facilities
of Leapfrog Engineering Services Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]C
ISSUER NOT COOPERATING"

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Long term-Fund-based      6.00      [ICRA]C 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 Leapfrog Engineering Services Private Limited,
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 November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Significant experience of the promoters in the industry - The
company has a track record of over 10 years in project execution
in the domestic and overseas markets. The management has
technical and domain expertise in executing industrial projects
requiring higher design and execution capabilities.

* Diversified services profile and association with reputed
clients - The company has expertise in electrical and
instrumentation, fire protection and detection, IT
infrastructure, and electronic security systems. These
diversified services are offered to reputed clients across
different industries like oil & gas, infrastructure,
manufacturing etc, insulating the company from downturns in any
particular industry.

Credit weaknesses

* Small scale of operation with weak financial profile- The
scale of operations of the firm remained modest with an operating
income of INR19.35 crore in FY2015. The financial profile
remained weak characterized by low net-worth, weak cash accruals,
high gearing and weak coverage indicators in FY2015.

* Stretched liquidity position of the company - The company had
high working capital intensity of ~29% in FY2015, due to delays
in receipt from its customers. The liquidity position of the
company remained stretched with high utilisation of working
capital limits in FY2015.

Leapfrog Engineering Services Private Limited was incorporated in
2005 by Mr. Prabhav N Rao in Bangalore, Karnataka. The company
provides 'Design Build' solutions to its clients in the
electrical and instrumentation, fire protection and detection,
passive fire protection, and IT infrastructure and electronic
security systems domains. The company has significant expertise
in developing strategy, engineering and execution mechanisms for
a range of industrial, commercial, and allied projects. It has
successfully completed projects in India as well as overseas for
industry sectors such as oil and gas, process industries,
utilities and infrastructure, manufacturing and
telecommunications.


LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR20MM Loan
------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Love Kush Foods Private Limited (LKFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Reaffirmed)
   Warehouse Financing     20        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
exposure to intense competition. Revenue is estimated at INR58
crore in fiscal 2017, and INR39.71 crore for the four months
ended July 31, 2017; revenue is expected to grow at 10-15% per
fiscal over the medium term.

Liquidity is supported by absence of debt-funded capital
expenditure (capex) plans for the medium term. However, working
capital requirement is large, with gross current assets (GCAs)
estimated at 249 days as on March 31, 2017.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
The scale of operation is modest in comparison with the size of
the rice milling industry. The industry is fragmented because of
low capital requirement and limited value addition, which result
in low entry barriers. The fragmented nature of the industry and
the company's small scale of operations limit the ability to
bargain with suppliers and customers.

* Working capital-intensive operations:
GCAs were high due to substantial inventory of 244 days, on
March 31, 2017. Paddy, the major raw material, is available only
in the crop season (October to January). Therefore, players have
to procure paddy during this period for their off-season
requirement; this results in high inventory of 180 to 250 days.
Operations are likely to remain working capital intensive over
the medium term.

* Below-average financial risk profile:
The networth was low, estimated at around INR5.51 crore as on
March 31, 2017, with limited increase expected over the medium
term due to low accretion to reserves given the small scale of
operations and average operating profitability. The total outside
liabilities to tangible networth ratio was high, estimated at
6.97 times as on March 31, 2017, and is expected at 6.5-7.0 times
over the medium term due to considerable reliance on external
borrowing, despite the absence of any debt-funded capex plans.
Debt protection metrics were weak: interest coverage and net cash
accrual to total debt ratios were 1.26 times and 0.02 time,
respectively, in fiscal 2017; the ratios are projected at 1.20-
1.30 times and 0.02 time, respectively, over the medium term.

Strength

* Experience of the promoters:
The promoters have experience of a decade in the rice industry.
This has resulted in a diversified clientele of around 40 rice
exporters across Punjab and Delhi.

Outlook: Stable

CRISIL believes LKFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of improvement in the financial risk
profile, most likely through capital infusion, or substantially
higher cash accrual arising from a significant increase in scale
of operations and sustained or better profitability margins. The
outlook may be revised to 'Negative' if the financial risk
profile weakens further, most likely because of low cash accrual,
large, debt-funded capex, or a considerable increase in inventory
and bank borrowing.

LKFPL, set up in 2002 by Mr. Sunil Kumar, Mr. Jiwan Kumar, Mr.
Navjot Garg, and Mr. Prem Chand, mills basmati rice. Its
manufacturing unit in Patran, Punjab, has a milling capacity of 6
tonne per hour (tph) and a sorting capacity of 3 tph.

Profit after tax (PAT) was around INR0.13 crore on net sales of
INR58.93 crore in fiscal 2017, against PAT of INR0.63 crore on
net sales of INR53.47 crore in fiscal 2016.


MAGNOLIA LTD: Ind-Ra Moves 'BB+' Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Magnolia
Limited's (Magnolia) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR23.95 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR65 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Magnolia was incorporated in 2010 and commenced operations in
2013. It develops, manufactures and markets chemicals and
intermediates (CNIs), active pharmaceutical ingredients (APIs)
and finished dosage forms (FDFs). In FY16, Magnolia derived 30%
of revenue from CNIs and 20% from APIs, of which 90% was through
the domestic market and 10% from exports. The remaining 50% was
from FDFs, of which 100% was via exports.


MAHADEV IRON: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Mahadev Iron and
Steel Private Limited (MISPL) for obtaining information through
letters and emails dated April 13, 2017 and May 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                .94     CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Mahadev Iron and Steel Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Mahadev Iron and Steel Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'.

Ghaziabad (Uttar Pradesh)-based MISPL was established in 1980 by
Mr. Jugal Kishore Goel and Mr. Ajay Goel. It processes (including
decoiling of thermo-mechanically treated bars and its cutting)
and trades in steel, iron and its related products.


MAHAKALI ISPAT: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahakali Ispat
Private Limited (MIPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR45 mil. Fund-based limit assigned with IND B+/Stable
    rating; and

-- INR11.5 mil. Non-fund-based limit assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect MIPL's small scale of operations and moderate
credit metrics. According to provisional financials for FY17,
revenue was INR124 million (FY16: INR315 million), interest
coverage (operating EBITDA/gross interest expense) was 2.5x
(2.3x) and net financial leverage (adjusted net debt/operating
EBITDAR) was 2.4x (2.9x). Net financial leverage improved due to
a slight decline in the debt level.

The ratings are constrained by the company's tight liquidity
profile as reflected from its over full working capital
utilisation during the 12 months ended June 2017, which were
regularised within four days.

The ratings, however, are supported by the company's directors'
over 10 years of experience in manufacturing sponge iron.

RATING SENSITIVITIES

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

Negative: Further tightening of the liquidity will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2003, MIPL manufactures sponge iron. It has an
installed capacity of 100mt/day. It is managed by Mr. Bagaria and
family.


MAPLE RENEWABLE: CRISIL Ups Rating on INR178.82MM Loan to BB-
-------------------------------------------------------------
CRISIL has revised its rating on the bank loan facilities of
Maple Renewable Power Pvt Ltd (Maple) and companies under Leap
Green group from 'CRISIL BBB-/Watch Negative' to 'CRISIL D'.
Also, the rating has been simultaneously upgraded to 'CRISIL BB-
/Watch Developing'. The Leap Green group comprises Leap Green
Energy Pvt Ltd (Leap Green), Maple, Olive Ecopower Pvt Ltd
(Olive), Clover Energy Pvt Ltd (Clover), Lotus Clean Power
Venture Pvt Ltd (Lotus), Tulip Renewable Powertech Pvt Ltd
(Tulip), Violet Green Power Pvt Ltd (Violet), Iris Ecopower
Venture Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd
(Orchid).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             178.82     CRISIL BB- (Revised from
                                    'CRISIL BBB-/Watch Negative'
                                    to 'CRISIL D' and
                                    simultaneously upgraded to
                                    'CRISIL BB-'; Placed on
                                    'Rating Watch with Developing
                                    Implications')

The rating revision to 'CRISIL D' reflects delay in debt
servicing reported in annual accounts of fiscal 2016 of Leap
Green group of companies during the period January 2016 - May
2016.

The rating upgrade to 'CRISIL BB-' considers the timely debt
servicing track record for more than 6 months. Further, rating
reflects the improvement in operational performance of the
existing assets (447.8 megawatts [MW]) due to resolution of
evacuation issues and better wind season, resulting in better
generation leading to an expected average consolidated Debt
Service Coverage Ratio (DSCR) of more than unity over the medium
term.  The rating also takes into account the diversification
benefit of assets along with fungibility of funds between various
Leap Green group of companies. The rating, however, continues to
be constrained by weaker than expected liquidity.

The rating watch is revised to 'Watch with Developing
Implications' from 'Watch with Negative implications'. Earlier in
April 2017, the rating was kept on a 'Watch with negative
implication' following Leap Green's announcement of acquisition
of wind energy assets with capacity of around 240 megawatts (MW)
from Inox Renewables Ltd (IRL, rated 'CRISIL A-/Watch
Developing') and Inox Renewables (Jaisalmer) Ltd (IRJL) on slump
sale basis. The Inox wind asset acquisition entails incremental
debt of INR1000 crore (Rs 750 crore of project debt plus INR250
crore short term debt). CRISIL will continue to monitor the
development, and is in discussion with management of Leap Green
group to better understand implications of the transaction on the
company's business and financial risk profiles. CRISIL will
remove the rating from watch and take a final rating action once
it has more clarity on the transaction, including information on
the operating performance of acquired assets, and potential
synergies.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 megawatt
[MW]) and its eight subsidiaries: Maple (61.50 MW), Olive (51.55
MW), Clover (71.50 MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris
(42.05 MW), Violet (33.00 MW), Orchid (66.90 MW) and Citron
Ecopower Pvt Ltd (75 MW). All these companies operate in the wind
energy and related space, have significant operational linkages,
and are under a common management. Furthermore, Leap Green has
extended guarantees for the debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing in fiscal 2016: During fiscal 2016,
there was substantial decline in PLFs and evacuation issues
leading to inadequate cash accruals vis-a-vis debt repayment
leading to stretched liquidity. The cash accruals were
significantly lower than debt repayment for large part of fiscal
2016 which resulted in consumption of the liquidity available in
the group. Moreover, the company was not able to tie-up working
capital limits/overdraft limits resulting in delays in debt
servicing during this period.

* Weaker than expected liquidity position:  Although the group's
operating performance improved during first three months of
current fiscal as compared performance in similar period in
previous fiscal, the group's liquidity (including debt service
reserve account) is less than  3 months of peak debt servicing as
at June 30, 2017. Further, the group also contracted debt of
around INR300 crore for acquisition of 75 MW asset in December
2016 which adversely impacted its liquidity.

* Increase in counterparty risk and liquidity requirement: Leap
Green, along with its special purpose vehicles (SPVs), had
installed wind energy capacity of 523 MW as on March 31, 2017
which shall increase to around 760 MW post completion of
acquisition. Earlier, nearly 75% of the capacity was in Tamil
Nadu under a group captive model and balance was established
under a preferential tariff model with long-term power purchase
agreements (PPAs) with power distribution companies (discoms) in
Rajasthan and Madhya Pradesh. As a result, the overall
counterparty risk was moderate.  However, post-acquisition, the
capacity under group captive shall come down to 50% and
concentration of capacity in Rajasthan shall increase to around
25% which is likely to increase the overall counterparty risk and
hence liquidity requirement. Nonetheless, further clarity is
awaited on the operating performance of acquired assets, and
potential synergies.

Strength

* Enhanced revenue visibility, diversification benefit and
fungibility of funds:  In fiscal 2017, improvement in grid
evacuation in Tamil Nadu and better wind season resulted in
improvement in weighted average PLFs at around 21% and are
expected to remain around 20-21% over the medium term. Given the
improvement in the operational performance and established track
record of the existing assets, CRISIL expects the group to
maintain average consolidated DSCR of more than unity over the
medium term. As on July 31, 2017, the group has banked units
around 10 crore units which can be dipped into during the lean
season to cater to demand of its contracted customers.  The
banked units provide visibility on revenue and also aid the cash
flows during the lean season. Besides, the rating also benefits
from diversification because of fungibility of funds among the
Leap Green group companies. CRISIL expects the holding company
(Leap Green) and SPVs will continue to support each other in case
of a cash flow mismatch in any particular SPV. The companies have
extended inter-corporate deposits to each other in the past. Any
significant deviation from the above expectation will be a rating
sensitivity factor.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW
capacity in Tamil Nadu which is under group captive model and
overall capacity increased to 523 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors Mr. Rajeev Akshay, Mr.
Dev Anand V, Mr. Srihari Balakrishnan, and Mr. Narain
Karthikeyan, directly or through their companies. Leap Green is
managed by Mr. Rajeev Akshay (managing director) and Mr. Dev
Anand V (executive director).

In fiscal 2017, the group's net profit was INR36 crore on
operating income of INR405 crore as against a net profit of
INR0.3 crore on operating income of INR325 crore in previous
fiscal. In first three months of fiscal 2018, the group's
operating income was INR105 crore as against operating income of
INR66 crore in similar period during previous fiscal.


MLC PROPERTIES: CRISIL Lowers Rating on INR40MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with MLC Properties LLP
(MLPRLL) for obtaining information through letters and emails
dated Jan. 24, 2017 and Feb. 14, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      40       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BBB+(SO)/Stable')

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

Detailed Rationale

CRISIL has downgraded its ratings on the bank facilities of GSIPL
to 'CRISIL B/Stable' from 'CRISIL BBB+(SO)/Stable'. The 'SO'
suffix is being removed in line with CRISIL's policy with regards
to SO ratings.  The downgrade reflects CRISIL's inability in
maintaining the ratings of MLPRLLat 'CRISIL BBB+(SO)/Stable' due
to inadequate information and lack of management cooperation.
GIPL scores high ('L') on availability of past information on
account of availability of financial statements of the company.
It scores low ('L') on future information due to non-availability
of financials. It scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. Despite repeated attempts to engage with the
management, CRISIL failed to receive any information on either
the financial performance or strategic intent of MLPRLL. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for GIPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with 'CRISIL BBB rating category or lower.'
Therefore, on account of inadequate information and lack of
management co-operation, CRISIL has downgraded it's the rating to
'CRISIL B/Stable'.

MLC is a Limited Liability Partnership firm incorporated on 30
March 2013 and is based out of Bangalore. The firm, earlier, was
a partnership firm started on September 25, 2003 and is partnered
by the Sundarmurthy family. MLC derives its revenues from leasing
out commercial properties situated in Bangalore and Goa.
Presently, the firm has 3 properties- two in Bangalore and one in
Goa out of which only one is operational and the other two are
yet to become operations in 2015-16.


NIMRA EDUCATIONAL: ICRA Moves D Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR39.00 crore bank facilities
of Nimra Educational Society to the 'Issuer not co-operating'
category. The rating is now denoted as: "[ICRA]D; ISSUER NOT CO-
OPERATING".

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund-based Cash       4.00       [ICRA]D; ISSUER NOT
  Credit                           CO-OPERATING; Rating moved
                                   to the 'Issuer not co-
                                   operating' category

  Fund-based Term      35.00       [ICRA]D; ISSUER NOT
  Loan                             CO-OPERATING; Rating moved
                                   to the 'Issuer not co-
                                   operating' category

Rationale

As part of its process and in accordance with its rating
agreement with NES, ICRA has been trying to seek information from
the company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. 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 November 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 or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

* Significant experience of promoters in the field of education
and established presence of colleges under trust-The promoters
have more than 25 years of experience in educational sector and
has 4 colleges under the society; two engineering colleges, a
pharmacy college, and a business management college

* Diversified revenue source-The revenues of the company are
diversified by way of various courses offered by the society from
graduation to masters across various streams such as engineering,
business management and pharmacy which mitigates the risk
pretending to any particular course.

Credit weaknesses

* Highly regulated nature of the Indian education sector and fee
fixation by the State Government-The fees are fixed by the Fee
Regulatory Commission and other Government bodies, and the
society charges fees in accordance with principles laid down by
these bodies. For AY2012-13, the Andhra Pradesh Fee Regulatory
Commission fixed a uniform fee structure for both General Quota
(Category A) and Management Quota (Category B) of students, and
adopted a college-wise price fixation which restricts the margins
for the society

* High competition from other colleges in the vicinity-The
society's occupancy levels are fluctuating due to increase in
competition from other colleges in the vicinity; as all colleges
in the vicinity offer same facilities

* Delay in receipt of fee reimbursements- The government in
Andhra Pradesh reimburses the fee to the students enrolling for
the course, particularly those meeting certain criteria set by
government; which are generally delayed which negatively impacts
liquidity profile of the trust, impacting debt repayment
capability

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates four colleges in and around Vijayawada in Andhra
Pradesh, offering varied courses, such as bachelor of technology,
bachelor of pharmacy, Master of technology, Master of computer
application, Master of pharmacy and Master of business
administration. Currently, NES operates two engineering colleges,
one pharmacy college, and one business Management College, with
total student strength of 1584. All the colleges are affiliated
to the Jawaharlal Nehru Technical University, Kakinada (Andhra
Pradesh).


NINA REALTORS: CRISIL Lowers Rating on INR10MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Nina Realtors to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                10       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays in servicing term debt owing to
weak liquidity caused by cash-flow mismatches. The primary reason
from these cash-flow mismatches is low customer advances
following delay in construction in ongoing project.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing:
The firm has been consistently delaying on the installments of
its term loans due to its weak liquidity.  The demonetization
exercise in November 2016 led to delay in construction in the
ongoing project by more than six months and resulted in low
customer advances, thereby severely impairing the debt servicing
ability of the firm.

* Exposure to intense competition in real estate industry:
NR is undertaking a residential real estate development project
in Mumbai comprising one building at an estimated cost of
INR18.08 crores. NR faces competition from other ongoing projects
in nearby areas, such as Naminath Arihant Heights and Naina Kripa
Apartment which may impact future booking rates. Furthermore,
realisation and advances to be received for this project are
subject to fluctuation in the real estate prices. Any delay in
inflow of customer advances or bookings from current and future
customers may impact the project cash flows. CRISIL believes that
NR's business risk profile will remain exposed to intense
competition in the real estate industry.

* Weak financial risk profile:
NR's has a small net worth, estimated to be about INR2 crore as
at March 31, 2017. The small net worth and high gearing levels
have resulted in unhealthy total outside liabilities to tangible
net worth, estimated to be around 8.8 times as at March 31, 2017.
Also, the debt protection metrics are poor, as reflected by
Interest coverage and net cash accruals to total debt of 1.08
times and 5 percent respectively, for fiscal 2017. In the absence
of significant risk mitigating factors, CRISIL believes that NR's
financial risk profile will exhibit inherent weakness in the
medium term.

Strength

* Promoters' extensive experience in real estate business:
NR's main promoter, Mr. Sabbir Nirman, has around 15 years of
experience in the construction industry. He has successfully
completed around seven residential projects in Byculla, Bandra,
Khar, Dongri, and Pydhonie with total saleable area of 7.85 lakh
square feet (sq ft) under different entities. Mr. Nirman is also
currently undertaking five projects at Byculla, Duncan Road, and
Mustafa Bazar with a total area of over 8 lakh sq ft through
other group companies. CRISIL believes that NR will benefit over
the medium term from its promoters' extensive experience in the
real estate industry.

NR was set up in fiscal 2014 as a partnership firm by Mr. Sabir
Nirman, Mr. Musafir Moin Chashmawala, Mr. Nazir M. Munshi, Mr.
Salman N. Munshi and Mr. Tanveer N. Munshi. The firm is currently
undertaking a residential redevelopment project at Chakala Street
at Masjid Bandar, Mumbai.

NR made an estimated Profit after Tax (PAT) of INR0.15 crore on
estimated net sales of INR0 in fiscal 2017 as against reported
PAT of INR0.01 crore on reported net sales of INR0 in fiscal
2016.


OM TRADING: ICRA Assigns B+ Rating to INR5.0cr Loan
---------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.00
crore1 fund based bank facility of Om Trading Company. ICRA has
also assigned the long-term rating of [ICRA]B+ and a short-term
rating of [ICRA]A4 to the INR4.00 crore unallocated limit of the
firm. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limit        5.00      [ICRA]B+(Stable); Assigned
  Unallocated limit       4.00      [ICRA]B+(Stable)/[ICRA]A4;
                                    Assigned

Rationale

The assigned ratings are constrained by the company's leveraged
capital structure due to a low net worth base and its high
working capital intensity of operations, largely on account of
its stretched receivable position. The liquidity was impacted by
the firm's high working capital intensity, which was partly
supported by creditor funding, which further led to a high
TOL/TNW ratio3 in the last three fiscals. ICRA notes the high
level of competition in the network cable segment, leading to
pricing pressures and low bargaining power with customers. The
operations in the cable industry remain exposed to delays in end-
customer projects, which could lead to delays in product off-take
and volatility in order inflows.

However, the ratings favorably factor in the extensive experience
of the promoters spanning over three decades in the metals and
cables industry, and the operational support provided by the
group company, Sol Cables. The financial profile of OTC, which is
marked by consistent growth in turnover and healthy
profitability, was a rating comfort. ICRA also positively factors
in the healthy order book of the firm, which provides revenue
visibility in the near-term.

Key rating drivers

Credit strengths

* Extensive experience of the promoter in the cables industry -
The promoter of the firm, Mr. Sacchin Bora has an experience of
more than 25 years in the cables and metals business though other
family owned company.

* Operational support provided by the group company - The
operational support is provided by its group company, Sol Cables
which is its major supplier accounting for around 43% of the
total purchase in FY2017.

* Financial profile marked by consistent growth in turnover and
healthy profitability; healthy order book provides revenue
visibility in the medium term - The operating income of the
company has grown at a healthy Compounded Annual Growth Rate
(CAGR) of 91% in the last three years and stood at INR18.40 crore
in FY2017. The operating profit margin also grew in FY2017 to
11.16%, majorly due to the change in product profile, with the
addition of 2-core cables in the firm's product line, which
earned better realisation than other cables. Consequently, the
net profit margin increased to 8.29% in FY2017. OTC has orders-
in-hand of INR11.14 crore which are to be executed by the end of
October 2017. The healthy order book position of the firm lends
visibility to the revenues in the near-term.

Credit weaknesses

* Working capital intensive nature of operations due to high
receivables; reliance on creditors for funding the working
capital requirements resulting in leveraged capital structure -
The firm extends a credit period of 210 days to its major
customer, NEC India Private Limited, because of which the working
capital intensity stood high at 43% in FY2017. Subsequently, the
increase in working capital requirements was partly funded by
stretching the creditors which were at 127 days as on March 31,
2017. Due to the impact of creditor funding on the firm's
liquidity, the TOL/TNW ratio stood high at 5.15 times as on
March 31, 2017.

* Operations in the cable industry remain exposed to delays in
projects, which in-turn could lead to delays in product off-take
and weak order inflows - OTC faces project execution risks, since
order execution can be affected by delays from the client,
thereby delaying the dispatch and subsequent receipt of payment
for cables.

* High level of competition in the cable segment leading to
pricing pressures and low bargaining power with customers -
The cable industry is characterised by a high degree of
fragmentation, given the limited entry barriers and low product
differentiation. Given the high competition, and since customers
are typically large players in the networking/telecommunications
space, OTC has limited bargaining power with them. The same has
led to a limited scope for margin expansion, as well as higher
receivables period.

Om Trading Company is a proprietorship concern of Mr. Sacchin
Bora, which was established in 2005. The firm is a trader of
telecom kits and cables, with around 80% of sales in FY2017
coming from cables, and the rest from the sale of telecom kits.
Around 43% of the procurement in FY2017 was made from its group
company: Sol Cables (rated [ICRA]B+(Stable)/[ICRA]A4), while the
rest was procured from other local players. OTC is a registered
vendor with NEC India Private Limited and Zyxel India and sales
to NEC accounted for around 77% of OTC's sales in FY2017.

In Q1 FY2018, the firm reported a net profit of INR0.84 crore on
an operating income of INR5.29 crore, as compared to a net profit
of INR1.53 crore on an operating income of INR18.40 crore in
FY2017 (provisional numbers).


ORCHID RENEWABLE: CRISIL Ups Rating on INR164MM Term Loan to BB-
----------------------------------------------------------------
CRISIL has revised its rating on the bank loan facilities of
Orchid Renewable Powertech Pvt Ltd (Orchid) and companies under
Leap Green group from 'CRISIL BBB-/Watch Negative' to 'CRISIL D'.
Also, the rating has been simultaneously upgraded to 'CRISIL BB-
/Watch Developing'. The Leap Green group comprises Leap Green
Energy Pvt Ltd (Leap Green), Maple Renewable Power Pvt Ltd
(Maple), Olive Ecopower Pvt Ltd (Olive), Clover Energy Pvt Ltd
(Clover), Lotus Clean Power Venture Pvt Ltd (Lotus), Tulip
Renewable Powertech Pvt Ltd (Tulip), Violet Green Power Pvt Ltd
(Violet), Iris Ecopower Venture Pvt Ltd (Iris), and Orchid.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan       1       CRISIL BB- (Revised from
                                    'CRISIL BBB-/Watch Negative'
                                    to 'CRISIL D' and
                                    simultaneously upgraded
                                    to 'CRISIL BB-'; Placed on
                                    'Rating Watch with Developing
                                    Implications')

   Term Loan              164       CRISIL BB- (Revised from
                                    'CRISIL BBB-/Watch Negative'
                                    to 'CRISIL D' and
                                    simultaneously upgraded
                                    to 'CRISIL BB-'; Placed on
                                    'Rating Watch with Developing
                                    Implications')

The rating revision to 'CRISIL D' reflects delay in debt
servicing reported in annual accounts of fiscal 2016 of Leap
Green group of companies during the period January 2016 - May
2016.

The rating upgrade to 'CRISIL BB-' considers the timely debt
servicing track record for more than 6 months. Further, rating
reflects the improvement in operational performance of the
existing assets (447.8 megawatts [MW]) due to resolution of
evacuation issues and better wind season, resulting in better
generation leading to an expected average consolidated Debt
Service Coverage Ratio (DSCR) of more than unity over the medium
term.  The rating also takes into account the diversification
benefit of assets along with fungibility of funds between various
Leap Green group of companies. The rating, however, continues to
be constrained by weaker than expected liquidity.

The rating watch is revised to 'Watch with Developing
Implications' from 'Watch with Negative implications'. Earlier in
April 2017, the rating was kept on a 'Watch with negative
implication' following Leap Green's announcement of acquisition
of wind energy assets with capacity of around 240 megawatts (MW)
from Inox Renewables Ltd (IRL, rated 'CRISIL A-/Watch
Developing') and Inox Renewables (Jaisalmer) Ltd (IRJL) on slump
sale basis. The Inox wind asset acquisition entails incremental
debt of INR1000 crore (Rs 750 crore of project debt plus INR250
crore short term debt). CRISIL will continue to monitor the
development, and is in discussion with management of Leap Green
group to better understand implications of the transaction on the
company's business and financial risk profiles. CRISIL will
remove the rating from watch and take a final rating action once
it has more clarity on the transaction, including information on
the operating performance of acquired assets, and potential
synergies.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 megawatt
[MW]) and its eight subsidiaries: Maple (61.50 MW), Olive (51.55
MW), Clover (71.50 MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris
(42.05 MW), Violet (33.00 MW), Orchid (66.90 MW) and Citron
Ecopower Pvt Ltd (75 MW). All these companies operate in the wind
energy and related space, have significant operational linkages,
and are under a common management. Furthermore, Leap Green has
extended guarantees for the debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing in fiscal 2016: During fiscal 2016,
there was substantial decline in PLFs and evacuation issues
leading to inadequate cash accruals vis-a-vis debt repayment
leading to stretched liquidity. The cash accruals were
significantly lower than debt repayment for large part of fiscal
2016 which resulted in consumption of the liquidity available in
the group. Moreover, the company was not able to tie-up working
capital limits/overdraft limits resulting in delays in debt
servicing during this period.

* Weaker than expected liquidity position:  Although the group's
operating performance improved during first three months of
current fiscal as compared performance in similar period in
previous fiscal, the group's liquidity (including debt service
reserve account) is less than  3 months of peak debt servicing as
at June 30, 2017. Further, the group also contracted debt of
around INR300 crore for acquisition of 75 MW asset in December
2016 which adversely impacted its liquidity.

* Increase in counterparty risk and liquidity requirement: Leap
Green, along with its special purpose vehicles (SPVs), had
installed wind energy capacity of 523 MW as on March 31, 2017
which shall increase to around 760 MW post completion of
acquisition. Earlier, nearly 75% of the capacity was in Tamil
Nadu under a group captive model and balance was established
under a preferential tariff model with long-term power purchase
agreements (PPAs) with power distribution companies (discoms) in
Rajasthan and Madhya Pradesh. As a result, the overall
counterparty risk was moderate.  However, post-acquisition, the
capacity under group captive shall come down to 50% and
concentration of capacity in Rajasthan shall increase to around
25% which is likely to increase the overall counterparty risk and
hence liquidity requirement. Nonetheless, further clarity is
awaited on the operating performance of acquired assets, and
potential synergies.

Strengths

* Enhanced revenue visibility, diversification benefit and
fungibility of funds:  In fiscal 2017, improvement in grid
evacuation in Tamil Nadu and better wind season resulted in
improvement in weighted average PLFs at around 21% and are
expected to remain around 20-21% over the medium term. Given the
improvement in the operational performance and established track
record of the existing assets, CRISIL expects the group to
maintain average consolidated DSCR of more than unity over the
medium term. As on July 31, 2017, the group has banked units
around 10 crore units which can be dipped into during the lean
season to cater to demand of its contracted customers.  The
banked units provide visibility on revenue and also aid the cash
flows during the lean season. Besides, the rating also benefits
from diversification because of fungibility of funds among the
Leap Green group companies. CRISIL expects the holding company
(Leap Green) and SPVs will continue to support each other in case
of a cash flow mismatch in any particular SPV. The companies have
extended inter-corporate deposits to each other in the past. Any
significant deviation from the above expectation will be a rating
sensitivity factor.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW
capacity in Tamil Nadu which is under group captive model and
overall capacity increased to 523 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors Mr. Rajeev Akshay, Mr.
Dev Anand V, Mr. Srihari Balakrishnan, and Mr. Narain
Karthikeyan, directly or through their companies. Leap Green is
managed by Mr. Rajeev Akshay (managing director) and Mr. Dev
Anand V (executive director).

In fiscal 2017, the group's net profit was INR36 crore on
operating income of INR405 crore as against a net profit of
INR0.3 crore on operating income of INR325 crore in previous
fiscal. In first three months of fiscal 2018, the group's
operating income was INR105 crore as against operating income of
INR66 crore in similar period during previous fiscal.


PASOLITE ELECTRICALS: ICRA Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long term rating outstanding of [ICRA]B+ on
the INR8.00-crore fund based limits of Pasolite Electricals
Private Limited (PEPL) to '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 limits (CC)       8.00      [ICRA]B+ (Stable); Rating
                                     moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating is based on no updated information on the company'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 Pasolite Electricals Private Limited, 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 November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit Strengths

* Long-standing experience of the promoter in lighting
   solution business with pan-India presence facilitates
   client acquisition and repeat business.

* Strong growth potential of the LED based products in the
   lighting segment of the domestic market owing to its
   energy saving benefits.

* Pan India presence reduces the geographic concentration
   and provides a competitive advantage as only few other
   players have the reach on national level.

Credit Weaknesses

* Low entry barriers and highly competitive which impacts
   the bargaining power of the company.

* Limited value addition owing to trading nature of the
   operations in highly fragmented industry.

* High working capital intensity of operations on account
   of high level of inventory holdings.

Incorporated in 1997, Pasolite Electricals Pvt Ltd is based out
of Bangalore and is engaged in the business of trading wide range
of user friendly light fixtures with emphasis on energy saving
and custom design for two decades. Pasolite provide lighting
solutions to all indoor, outdoor, industrial and residential
applications. It also trades in exterior lighting, road and
street lighting, and landscape lighting.


PIK STUDIOS: ICRA Assigns C+ Rating to INR12cr Cash Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]C+ for the
INR12.00 crore fund-based cash credit limit of PIK Studios
Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  12.00     [ICRA]C+; Assigned

Rationale

The assigned rating is constrained by PIK's weak financial risk
profile as characterised by de-growth in turnover over the last
six years coupled with continued losses which have suppressed the
coverage and return indicators. Furthermore, significant
accumulated losses in the past have eroded PIK's net worth base
leading to an adverse capital structure, though some comfort is
drawn from the fact that a significant proportion of total debt
is from the promoters and relatives. ICRA also notes that the
company's liquidity profile is stretched owing to high inventory
holding on the backdrop of its product profile which has in turn
entailed full limit utilisation of fund based limits from the
bank. Moreover, the rating also factors in the vulnerability of
the company's revenues to adverse fluctuation in the key raw
material prices with the main raw material being polypropylene
granules, a crude oil derivative.

The rating, however, favorably takes into account the extensive
experience of the promoters in the writing instrument
manufacturing business.

Key rating drivers

Credit strengths

* Experience of the promoters in the manufacturing of writing
instruments of over 25 years - Established in 1965 as a
partnership firm, and thereafter converted into a private limited
company in 1998, PIK Pens Private Limited is managed by Rajiv
Sawhney who has an extensive experience in the writing
instruments industry. In 2016, the company ventured into
cosmetics (eye liner, perfumers and kajal) and thereafter the
name was changed to PIK Studios Private Limited.

Credit weaknesses

* Financial profile characterised by declining sales and
continued losses at operating level in past which has muted the
coverage and return indicators - PIK was unable to secure
sufficient orders and optimally utilise its production capacity
till FY2017 due to persistent labour disputes since FY2012 which
affected the company's operations. With an year on year decline
in the operating income, PIK was exposed to unabsorbed fixed and
operational costs, leading to continuous losses over a period six
years from FY2012 to FY2017. The disputes were resolved in the
last quarter of FY2016; however, the financial profile continued
to remain weak in FY2017.

* Weak capital structure marked by significant erosion of net
worth base owing to large accumulated losses in the past - The
net worth of the company has eroded as a result of continuous
losses since FY2012. Nevertheless, the promoters and relatives
have infused funds in form of interest bearing unsecured loans to
support the growth in the revenue. However, an increase in the
debt component and erosion of net worth has adversely impacted
the capital structure as indicated by a gearing ratio of 27.78
times and TOL/TNW of 42.27 times as on March 31, 2017. Further,
losses at operating level since the last three years has led to
negative coverage indicators thereby indicating weak financial
position of the company.

* Weakened liquidity profile emanating from rise in inventory
levels which has in turn entailed full limit utilisation - Given
the nature of the business, PIK has to hold high inventory for
the intermediary goods (pens and markers' components) to ensure
timely delivery of the finished goods to the consumers.
Consequently, this has resulted in high working capital intensity
of 75% as on March 31, 2017 and near to full utilisation of
working capital limit in the past 15 months from January 2016 to
March 2017.

* Vulnerability of profitability to any adverse fluctuation in
raw material prices - The company's profitability is vulnerable
to raw material price fluctuation, with the main raw material
being polypropylene granules, a crude oil derivative.

Established in 1965 as a partnership firm, V K Industries was
majorly into manufacturing various components used in writing
instruments like plastic body, nibs, ink and ink reservoir. The
firm was converted into a private limited company in 1998, and
renamed to 'PIK Pens Private Limited'. The company manufactures
wide range of writing instruments like fibre tip pens, permanent
markers, white board markers, highlighters, ball point pens, etc.
and sells it under the brand name 'PikPens'. In 2016, the company
ventured into cosmetics (eye liner, perfumers and kajal) and
thereafter the name was changed to PIK Studios Private Limited.
Further, PIK also undertakes job work for other writing
instrument manufacturers. PIK has its factory unit spread over
three acres in Umbergaon, with approximately 250,000 square feet
of built up area, and an installed capacity of manufacturing 69.6
million pen sets per annum.


PRAKASH AUTO: CRISIL Lowers Rating on INR11.7MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prakash Auto Pvt Ltd (PAPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding       11.7     CRISIL B+/Stable (Downgraded
   Facility                         from 'CRISIL BB-/Stable')

   Overdraft                0.3     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening liquidity due to stretch in
working capital cycle arising from pile-up of inventory in July
2017, and decline in sales due to implementation of the Goods and
Service Tax. Liquidity is expected to remain stretched due to
incremental working capital requirement over the medium term.
Hence, timely and commensurate funding from promoter will be a
key rating sensitivity factor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
With revenue of INR102 crore in fiscal 2017, scale is small. This
is compounded by competition from other Maruti Suzuki India Ltd
(MSIL; rated at 'CRISIL AAA/Stable/CRISIL A1+) dealers in the
vicinity, and from dealers of other passenger car manufacturers
such as Hyundai Motor India Ltd (rated 'CRISIL A1+') and Tata
Motors Ltd. Scale will remain modest over the medium term due to
regional presence.

* Low profitability
PAPL has limited pricing power with principal, given its marginal
contribution to MSIL's sales. Also, as the company has a non-
exclusive contract with principal, it is susceptible to
competition, leading to modest operating margin.

Strengths

* Extensive experience of promoter
The promoter has been in the automobile dealership segment for
around two decades. He has started focusing on car servicing and
sales of accessories to sustain operating margin in a competitive
environment.

* Above-average financial risk profile
Total outside liabilities to tangible networth ratio and debt
protection metrics are comfortable. Though financial risk profile
is constrained by a small networth, in the absence of capital
expenditure, and controlled reliance on bank debt, it will remain
steady.

Outlook: Stable

CRISIL believes PAPL will benefit over the medium term from its
longstanding association with MSIL. The outlook may be revised to
'Positive' if liquidity shores up with fund infusion from
promoter and sustained correction in working capital cycle. The
outlook may be revised to 'Negative' if financial risk profile
weakens due to lower profitability or large working capital
requirement.

Incorporated in July 2005 and promoted by Mr. Prakash Ahuja, PAPL
is an authorised dealer of MSIL's entire range of passenger
vehicles. It also deals in spare parts and car accessories, and
provides servicing. The company has three showrooms, one each in
Ulhasnagar, Kongaon, and Badlapur in Thane.

Provisional profit after tax (PAT) is INR0.7 crore on net sales
of INR102 crore for fiscal 2017; PAT was INR0.4 crore on net
sales of INR93.4 crore.


REAL GROWTH: ICRA Lowers Rating on INR21cr Fund Based Loan to D
---------------------------------------------------------------
ICRA has revised its long-term rating on the INR25.00-crore fund-
based and non-fund based facilities of Real Growth Commercial
Enterprises Limited to[ICRA]D from [ICRA]B+.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       21.00      [ICRA]D; revised from
                                     [ICRA]B+

  Non-fund Based Limits    4.00      [ICRA]D; revised from
                                     [ICRA]B+

Rationale

The rating revision is on account of instances of devolvement of
letter of credit (LC) owing to RGCEL's stretched liquidity
position. ICRA, however, takes note of the company's experienced
promoters.

ICRA also notes that the Securities and Exchange Board of India
(SEBI), vide its letter (reference no. SEBI
/HO/ISD/OW/P/2017/18183) dated August 7, 2017, has published a
list of 331 shell companies, as identified by the Ministry of
Corporate Affairs, and RGCEL is also a part of the list. ICRA is
in discussion with the company and will monitor developments in
this regard.
Going forward, the company's ability to improve its liquidity
position and service its debt in a timely manner will be the key
rating sensitivity.

Key rating drivers

Credit strength

* Experienced management provides a competitive edge - The
promoters have been involved in the steel-trading business for
around a decade and have a thorough knowledge of the market.
Credit weaknesses

* Stretched liquidity position leads to delays in debt servicing
- There have been recent instances of LC devolvement for more
than 30 days owing to the company's stretched liquidity position.

* Intense competition puts pressure on profitability - The
steel-trading business is highly competitive and fragmented in
nature because of the presence of a large number of organised and
unorganised players. Given the low investment required, the entry
barriers have remained low, resulting in the entry of a large
number of small-to-medium scale enterprises. This in turn has put
pressure on profitability.

RGCEL was incorporated in 1995 under the name KRS Financials Pvt.
Ltd. In 2001, it was taken over by the RG Group and its name was
changed to Rajesh Projects & Finance Limited, which was
subsequently renamed to Real Growth Commercial Enterprises Ltd.
in January 2011. The company was involved in the development of
commercial offices-cum-shopping complexes till 2007. It commenced
trading in stainless steel sheets of various dimensions in
January 2010 in Bhiwadi (Rajasthan).

In FY2017, RGCEL reported a net profit of INR0.46 crore on an
operating income (OI) of INR284.04 crore, compared with a net
profit of INR0.89 crore on an OI of INR245.42 crore in the
previous year.


RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR31MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the non-convertible
debentures of Relisys Medical Devices Limited at 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Non Convertible
   Debentures               31      CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect RMD's weak financial risk profile
because of a negative net worth, large working capital
requirement, and small scale of operations. These weaknesses are
partially offset by the extensive experience of its promoter in
the healthcare industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations
RMD's scale of operations is small, as reflected in its revenues
of about INR26.5 crore in fiscal 2017. The same is expected to
improve over the medium term on account of better scale of
operations and diversification of product portfolio.

* Weak financial risk profile
RMD's financial risk profile is weak, marked by a weak net worth
which is estimated at negative INR4.86 crore as on March 31,
2017. This in turn has resulted in weak gearing levels.

Strengths

* Experience of promoters in cardiac stent industry
RMD was promoted in 1998 by a group of doctors, including Dr. N G
Badari Narayan, Dr. B K S Sastry, Dr. N Krishna Reddy, and Dr. N
Ramakrishna Rao. Dr. Krishna Reddy is the managing director and
chairman of Quality Care India Ltd and has extensive experience
in the healthcare and medical industry. Also, the other promoters
have extensive industry experience which continues to benefit
RMD's business risk profile.

Outlook: Stable

CRISIL believes that RMD's business risk profile will be
supported by its promoters' extensive industry experience over
the medium term. The outlook may be revised to 'Positive' if RMD
reports substantial and sustained improvement in its scale of
operations and profitability, leading to higher-than-expected
cash accruals and hence improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if RMD is unable to scale up
its operations, resulting in low cash accruals, or if there is a
stretch in its working capital cycle, resulting in deterioration
in the company's financial risk profile.

Set up in 1998, RMD designs, develops and manufactures critical
care devices like stents, catheters and stent systems used to
treat cardiovascular, peripheral vascular, neurovascular (stroke)
and other life-threatening diseases. Currently, the business
operations of the company are actively managed by Dr. N Krishna
Reddy, Dr. N Ramakrishna Rao and Dr. Somaraju.

Provisional net profit was INR11.75 crore on revenues of INR26.48
crore in fiscal 2017; in fiscal 2016, net loss was INR5.36 crore
on revenues of INR19.66 crore.


ROSENTIQUES FINE: CRISIL Lowers Rating on INR4.30MM Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Rosentiques Fine
Jewellery (RFJ) for obtaining information through letters and
emails dated April 10, 2017 and May 8, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              3       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Mortgage Loan            4.3     CRISIL B (Issuer Not
   Facility                         Cooperating; Downgraded from
                                    'CRISIL BB/Stable')


   Proposed Long Term       2.25    CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rosentiques Fine Jewellery.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Rosentiques Fine Jewellery is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

Set up in 2006 in Mumbai, RFJ is a partnership between Mr.
Aadeesh Nahar, Mr. Siddharth Nahar, and Mr. Abhay Kumar Nahar.
The firm manufactures and trades in diamond-studded gold
jewellery, including rings, pendants, earrings, bracelets,
bangles, and necklaces.


RUDHRAYAN POLYESTERS: CRISIL Reaffirms B Rating on INR4.90MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rudhrayan Polyesters (RP) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            4.90      CRISIL B/Stable (Reaffirmed)
   Term Loan              1.25      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in a
fragmented industry and its below-average financial risk profile
with modest networth and weak debt protection metrics. These
rating weaknesses is partially offset by extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operation has been modest
with revenue estimated at INR17.6 crore in fiscal 2017, thus
reducing the bargaining power with customers and suppliers in the
fragmented yarn industry.

* Below-average financial risk profile: Financial risk profile is
marked by small networth of INR4.14 crore and low interest
coverage ratio of 1.4 times as on March 31, 2017.

Strengths

* Promoters' extensive industry experience: The promoters have
more than 10 years' experience in the textile industry and the
firm benefits from such extensive experience, understanding of
dynamics of the local market, and established relationships with
farmers and customers.

Outlook: Stable

CRISIL believes that RP will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations and profitability
increase significantly leading to improvement in its financial
risk profile. The outlook may be revised to 'Negative' if revenue
or profitability declines or if the financial risk profile
weakens, due to stretch in working capital cycle or any large
debt-funded capital expenditure undertaken.

RP, set up in 2010 as a partnership firm, manufactures texturised
and twisted polyester partially oriented yarn in the denier range
of 70-90.

Profit after tax (PAT) was INR0.07 crore on net sales of INR20.01
crore in fiscal 2016, against PAT of INR0.06 crore on net sales
of INR26.52 crore in fiscal 2015.


SHIV SHAKTI: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Shiv
Shakti Inter Globe Exports Private Limited (PIPL; formerly,
Priyanka Constructions (Baroda) Private Limited) at 'CRISIL
B+/Stable/CRISIL A4'. The ratings continue to reflect the
company's modest scale and working capital intensity in
operations in the intensely competitive civil construction
industry. These rating weaknesses are partially offset by the
extensive experience of the promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit              6       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       4       CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan       4       CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans (INR1 crore as on March 2017) extended by the
promoter, have been treated as neither debt nor equity because
the loans bear interest at rates lower than that of the market,
and will remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The tender-driven nature of
business, and geographic concentration in operations continue to
restrict scalability: revenue was modest at INR21 crore in fiscal
2017, and will remain dependent on ability to bid successfully in
tenders.

* Large working capital requirements: Operations are working
capital intensive, with gross current assets exceeding 257 days
as on March 31, 2017, mainly on account of sizeable debtors and
security deposits maintained.

Strength

* Extensive experience of promoter in civil construction:
Benefits from the experience of around 30 years, of key promoter,
Mr. Utkarsh Mehta, a civil engineer, and the company's status as
a registered 'Class AA' contractor with Roads & Buildings
Department, Vadodara Municipal Corporation, and Gujarat
Industrial Development Corporation, should continue to support
business.

Outlook: Stable

CRISIL believes PIPL will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant ramp-up in
scale of operations, profitability, and cash accrual, or infusion
of substantial equity by the promoter, considerably strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in revenue or operating margin, stretch in
working capital cycle, or any large capital expenditure
constrains financial metrics, including liquidity.

Set up in 1996 as a partnership firm, PIPL (formerly, Priyanka
Constructions (Baroda) Private Limited) was reconstituted as a
private limited company in 2002. It is promoted by the Vadodara-
based Mr. Utkarsh Mehta. The company undertakes civil contract
works, mainly building construction and industrial civil works.

Profit after tax (PAT) was INR0.33 crore on net sales of INR21.75
crore in fiscal 2017, against net loss of INR0.13 crore on net
sales of INR23.11 crore in fiscal 2016.


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

-- INR35 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2000 and managed by Mr. Rajesh Goyal and his son
Mr. Vikas Goyal, SRVGM imports, supplies and trades timber logs
and ply. The company imports timber logs from New Zealand,
Malaysia, South Africa and others, and processes and cuts them
according to customer requirements.


SHREE RENUKA: ICRA Reaffirms D Rating on INR3679.30cr Loan
----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D on the long-term and
the short-term scale outstanding on the INR6,513.47 crore bank
limits of Shree Renuka Sugars Limited.

                         Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Term Loans              3679.30      [ICRA]D reaffirmed
  Fund Based Limits       1218.00      [ICRA]D reaffirmed
  Non-Fund Based Limits   1616.17      [ICRA]D reaffirmed

Rationale

The reaffirmation of the rating takes into account the on-going
delays in debt servicing by the company owing to its stretched
liquidity position arising from inadequate accruals from core
operations and high debt repayment obligations. The rating
continues to remain impacted by the weak consolidated financial
profile of the company as poor weather conditions in Brazil and
increased liabilities on USD-denominated loans due to
depreciation of the Brazilian currency have affected the
company's plans of turning around its Brazilian subsidiaries in
the sugar business. While loans for Renuka Vale do Ivai has been
restructured with lower interest rates and longer repayment
tenure, the management is currently in discussions with the
lenders for a one-time settlement with a significant haircut for
Renuka do Brasil. The rating also takes into account the risks
arising out of the inherent cyclicality in sugar business,
exposure to agro-climatic risks and vulnerability to regulatory
policies, apart from the exposure to price fluctuations for the
company's trading business. The company has seen a sharp decline
in its domestic sugarcane crushing volumes due to lower
availability of sugarcane in the surrounding areas which has also
affected the operations of the co-generation and distillery
operations. ICRA has also taken note of the sizeable amount of
corporate guarantees extended by SRSL to its subsidiaries.

ICRA, however, positively notes the company's complete forward
integration into distillery and co-generation operations and
advantage of being located in Maharashtra and Karnataka states
that are regions with high recovery rates, long crushing season
and relatively flexible Fair & Remunerative Price (FRP) based
cane price regime.

SRSL has recently announced additional equity infusion by Wilmar
Group (which has a 27% stake in SRSL currently) of INR784 crore
in the form of 0.01% compulsorily convertible preference shares
subject to successful completion of a debt restructuring package
and other requirements. As part of the proposed restructuring
process, the existing lenders will also be converting part of the
debt into fresh equity capital as well as convertible securities.
This apart, the equity contribution from the Wilmar Group will be
entirely used for debt repayments. The timeliness and the
progress of the debt restructuring package remains a key
monitorable from the credit perspective.

Key rating drivers

Credit strengths

* Fully forward integrated into distillery and co-generation
operations resulting in substantial de-risking of core sugar
business- The company is forward integrated into distillery and
co-generation operations that de-risks the core sugar business of
the company and supports its profitability during periods of
sugar cyclicality. During the last few years, while performance
of sugar business has remained subdued, the distillery business
has performed satisfactorily with PBIT margins of 24-25%.

* Location of plants close to port and substantial in-house
refinery capacity enabling it to export sugar when international
markets are lucrative and import in periods of domestic shortage-
The company's refining units also enjoy locational advantages
being situated close to the ports, since bulk of the raw material
is imported, while a significant portion of the refined sugar is
exported to foreign markets. Since the company procures the raw
sugar from international markets against favourable LC terms, it
operates on a negative working capital cycle which reduces the
interest burden.

* Firm sugar realisations have supported improvement in
contribution levels from the sugar business- Sugar realisations
have seen sharp improvement over the past twelve to fifteen
months on the back of lower sugarcane availability and healthy
sugar demand. The prices have increased from ~ INR21-22/ kg in
June 2015 to almost INR35-36/ kg in June 2017. This has led to
improvement in the segmental performance with PBIT of INR137.6
crore in FY2017 as against losses at PBIT2 level of INR119.3
crore in FY2016.

Credit weaknesses

* Financial profile continues to remain stretched- The company's
cash flow position has continued to remain weak owing to the
subdued profitability levels. High leveraging levels have led to
high interest expenses which continued to result in net losses
for the company during FY2017.

* Operations exposed to agro-climatic risks and cyclical trends
in sugar business- The operations of the company remains exposed
to the agro-climatic and cyclical risks associated with sugarcane
production. During FY2017, the crushing volumes were
significantly impacted owing to lower availability of sugarcane
in Maharashtra and Karnataka due to weak monsoon scenario.

* Vulnerability to government/regulatory policies- The sugar
industry is highly regulated, with various Government Acts
governing virtually all aspects of the business, which include
the availability and pricing of sugarcane, sugar trade and by-
product pricing.

* Exposure of the company's trading business to market risks,
especially price fluctuations- The company is also engaged in
trading of raw sugar, white sugar and certain distillery products
and remains exposed to price fluctuations.

* Planned turnaround for Brazilian subsidiaries has not yet
materialised owing to poor weather conditions in Brazil and
increased liabilities on USD loans due to depreciation of
Brazilian Real- Subsequent to the acquisition of the Brazilian
entities, poor weather conditions in Sao Paulo affected the
performance, delaying the planned turnaround of the entity. While
the sugarcane crushing volumes gradually improved later, the
financials of the Brazilian subsidiaries remained weak due to
subdued global sugar prices and increased US Dollar denominated
debt liabilities following the sharp depreciation of Brazilian
Real against the US Dollar. While loans for Renuka Vale do Ivai
has been restructured with lower interest rates and a longer
repayment tenure, the management is currently in discussions with
the lenders for a one time settlement with a significant haircut
for Renuka do Brasil.

Shree Renuka Sugars Limited (SRSL) is one of the largest private
sector sugar manufacturers in the country, promoted by first
generation entrepreneurs, viz. Murkumbi family, with a combined
crushing capacity of about 42,000 TCD (across seven units) in
India and 59,520 TCD (across four units) in Brazil. The plants in
India are located in the states of Maharashtra and Karnataka. The
company has significant presence in South Brazil through
acquisitions of Renuka Vale do Ivai in March 2010 (100% owned)
and Renuka do Brasil (formerly Euipav Acucar e Alcohol) in July
2010 (50.34% stake, which was increased to 59.4%3 by March 2012).

SRSL has been one of the first mills to be fully forward
integrated into distillery (using molasses, a by-product of
sugar) and co-generation (based on bagasse) operations. SRSL
mainly manufactures fuel grade ethanol that can be blended with
petrol. Global distillery capacity of SRSL is 4,160 KL per day
(KLPD) with Indian distillery capacity at 930 KLPD (630 KLPD from
molasses to ethanol and 300 KLPD from rectified spirit to
ethanol) and Brazil distillery capacity at 3,230 KLPD. The
company has a total co-generation capacity of 584 MW with a total
exportable surplus of 356 MW. The company also carries out
refining activity, i.e. conversion of raw sugar to white sugar,
from its 2,500 TPD unit at Haldia (West Bengal) and 3,000 TPD
unit at Kandla (Gujarat).

Renuka Vale do Ivai was previously a distressed Brazilian sugar
and ethanol producer with a total crushing capacity of 3.1
million MT per annum and it has strategic stake in warehouses and
loading facilities at Paranagua port in Brazil. Renuka do Brasil
has sugar/ethanol mills with integrated co-generation facilities.
It has about 10.5 million MT annual crushing capacity along with
co-generation capacity of 295 MW.


SHRIMATI POORNA: CRISIL Lowers Rating on INR9MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Shrimati Poorna Devi Memorial Trust (SPDMT) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan           9       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects a recent instance of delay by SPDMT in
servicing interest on the term loan. The delay has been caused by
weak liquidity.

The rating also factors in the trust's modest scale of
operations. However, it is expected to benefit from the healthy
demand prospects for nursing courses in India.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: There was a recent instance of delay
in servicing interest on term loan.

* Modest scale of operations: At the end of fiscal 2017, its
first year of operation, the trust's fee income was modest at
under INR1 crore.

Strengths

* Healthy demand prospects for nursing courses: The demand for
nursing courses is expected to remain healthy over the medium
term, supporting the prospects for educational trusts such as
SPDMT.

SPDMT was set up in May 2015 by Mrs Deepti Rawat, Mr. Toshit
Rawat, and Mrs Lakshmi Rana to establish a nursing and
paramedical college at Shankarpur village, District Dehradun.

For fiscal 2016, the trust reported excess of expenditure over
income of INR27 lakh on nil fee receipts. For fiscal 2017, the
fee receipts are estimated at INR88 lakh.


SOL CABLES: ICRA Assigns B+ Rating to INR0.40cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR0.40
crore fund based bank facility of Sol Cables. The outlook on the
long-term rating is 'Stable'. ICRA has also assigned the long-
term rating of [ICRA]B+ and a short-term rating of [ICRA]A4 to
the INR2.60 crore unallocated limit of the firm.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limit        0.40      [ICRA]B+(Stable); Assigned
  Unallocated limit       2.60      [ICRA]B+(Stable)/[ICRA]A4;
                                     Assigned

Rationale

The assigned ratings are constrained by the company's small scale
of operations and the high level of competition in the network
cable segment, leading to pricing pressures and low bargaining
power with customers. The ratings are also constrained by the
firm's high working capital intensity of operations, largely on
account of its stretched receivable position, which adversely
impacted its liquidity in the last three fiscals. ICRA notes that
although a high creditor funding supported the firm's liquidity
to some extent, it kept the total outside liabilities relative to
tangible net-worth at a high level in the last three years. The
operations in the cable industry remain exposed to delays in end-
customer projects, which could lead to delays in product off-take
and volatility in order inflows.

However, the ratings favorably factor in the extensive experience
of the promoters spanning over three decades in the metals and
cables industry, and the operational support derived from its
group company, Om Trading Company (rated at
ICRA]B+(Stable)/[ICRA]A4), which is engaged in similar line of
business.

Key rating drivers

Credit strengths

* Extensive experience of the promoter in the cables industry -
The promoter of the firm, Mr. Sacchin Bora has experience of more
than 25 years in the cables and metals business though other
family owned company.

* Operational support provided by group company - The
operational support is provided by its group company, Om Trading
Company which is its major customer accounting for around 65% of
the total sales in FY2017.

Credit weaknesses

* Small scale of operations - The operations started in June
2010 and despite having improved at a Compounded Annual Growth
Rate (CAGR) of around 92% over the FY2013-FY2017 period, the
firm's operating income is still small at ~INR9.85 crore in
FY2017, limiting economies of scale.

* High reliance on creditors for funding the working capital
requirements resulting in TOL/TNW of 2.78 times as on March 31,
2017 - The firm's significant receivables level led to a high
working capital intensity of operations. Subsequently, the
increase in working capital requirements was partly funded by
stretching the creditors which were at 149 days as on March 31,
2017. Due to the impact of creditor funding on the firm's
liquidity, the TOL/TNW ratio stood high at 2.78 times.

* Operations in the cable industry remain exposed to delays in
projects, which could lead to delays in product off-take and weak
order inflows - SC faces project execution risks, since order
execution can be affected by delays from the client, thereby
delaying the dispatch and subsequent receipt of payment for the
cables.

* High level of competition in the cable segment leading to
pricing pressures and low bargaining power with customers -
The cable industry is characterised by a high degree of
fragmentation, given the limited entry barriers and low product
differentiation. Given the high competition, and since customers
are typically large players in the networking/telecommunications
space, SC has limited bargaining power with them. The same has
led to a limited scope for margin expansion, and also higher
receivables period.

Mahalaxmi Industries was incorporated in June 2010; the firm was
renamed as Sol Cables in April 2014. SC is a partnership firm,
closely held within the Bora family. The firm manufactures
various categories of network cables, with 2-core and Cat-5
cables forming majority of the revenue in the last 2 years. The
cables are sold in the domestic market, mainly to its group
company, Om Trading Company. SC's manufacturing facility in
Kundaim, Goa with a production capacity of around 900 km. of
cables per month.

In FY2017, on a provisional basis, the firm reported a net profit
of INR0.42 crore on an operating income of INR19.21 crore, as
compared to a net profit of INR0.88 crore on an operating income
of INR9.86 crore in the previous year.


SOLAPUR BIO-ENERGY: ICRA Reaffirms D Rating on INR27.63cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the term
loans and fund-based limits, aggregating to INR29.63 crore of
Solapur Bio-Energy Systems Private Limited (SBES). ICRA has also
reaffirmed the short-term rating of [ICRA]D to the non-fund based
limits, aggregating to INR1.20 crore of SBES.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term: Term
  Loans                  27.63       [ICRA]D re-affirmed

  Long-term: Fund-
  based Limits            2.00       [ICRA]D re-affirmed

  Short-term: Non-
  fund-based limits       1.20       [ICRA]D re-affirmed

Rationale

The rating reaffirmation reflects the irregularity in the
company's debt servicing on account of the significant delay in
project commissioning and also in the sale of power that has led
to cash flow mismatches. While the company commissioned a 3-MW
capacity in January 2013, significant deviations in the design
parameters and the quality of waste supplied by Solapur Municipal
Corporation (SMC) have led to the need for changes in the
digesters and segregators. As a result, the plant was unable to
achieve optimum utilisation levels, which has resulted in muted
cash accruals and stretched liquidity position. However, the
company has carried out design changes in the plant equipment and
has commenced one line of 2MW capacity in March 2017. It is
expected to commission other line of 2MW capacity in the near
term. Further, the sizeable cost over-run has impacted the
project metrics, and the company is seeking an increase in the
tariff rates. The rating also takes into account the overall
modest size of operations (planned plant capacity at 4MW) and the
limited past of experience of its parent company viz. Organic
Recycling Systems Private Limited (ORS), in setting up power
plants based on Municipal Solid Waste (MSW) as fuel. ICRA notes
that in view of the unconventional fuel-based power plant being
setup by the company, its ability to achieve the envisaged
operating parameters would be critical for overall profitability
and debt coverage, going forward.

ICRA, however, positively notes the low execution risks as the
design changes needed to process the different quality waste are
over and the 2-MW capacity has already commenced operation and
the other 2-MW capacity is expected to start soon. Moreover, the
low fuel supply risks for the company with the requisite MSW
supply guaranteed by SMC; the low demand risk with long-term
Power Purchase Agreement (PPA) in place with Maharashtra State
Electricity Distribution Company Limited (MSEDCL); and the
additional revenues likely to be generated from sale of
compost/bio-fertilizers and Refused Derived Fuel (RDF) (by-
product).

Key rating drivers

Credit strengths

* Low fuel supply risks - The raw material required for the
project is provided by SMC for free of cost. The fuel
availability risk remains low as the MSW collected by SMC
currently is not being utilised for any alternative purpose and
is only being dumped.

* Low demand risk - The company has long-term PPA in-place with
MSEDCL at a levellised tariff of INR4.88/unit. However, the
company is seeking an increase in tariff rates post completion of
modification works. As Maharashtra Electricity Regulatory
Commission (MERC) had accepted the company's plea for the
inclusion of cost incurred on the pre-treatment process (into the
total project cost) which was earlier excluded by the tribunal
while fixing the tariff of INR4.88/unit.

* Technology for the project developed in consultation with
Waste Works (Ireland); experienced player in anaerobic digestion
systems - ORS has entered into a technical consultancy with Waste
Works of Ireland. Accordingly, ORS has developed the technology
in-house considering the Indian MSW characterization for the
project. Waste Works had extended its support & knowledge for the
project. ORS is utilising the same technology for other similar
projects that has been awarded.

Credit weaknesses

* Irregularity in debt servicing due subdued PLF levels - The
company continues to delay its debt servicing requirements owing
to poor plant performance. The PLF reported in FY2016 was
substantially low as compared to design PLF. However, with full
commissioning of plant in the near term, PLF levels are expected
to improve.

* Limited past experience of ORS in setting up power plants
based on MSW processing- SBES is the wholly owned subsidiary of
ORS which was formed with the aim of acting as a provider to
construct, operate and maintain waste processing plants in the
country for effective processing and disposal of Municipal Solid
Waste generated. SBES is the first special purpose vehicle (SPV)
of ORS based on the success of which ORS plans to open more
plants in other cities.

* Ability to ramp up production levels to achieve optimum
utilisation in near term remains critical for achieving healthy
profitability and debt coverage- Given that company has completed
the design changes in the equipment, the ability of the company
to achieve desired capacity utilisation level in the near future
remains crucial.

SBES, promoted by ORS, is a special purpose vehicle (SPV) set up
to convert MSW into energy and compost. The company has set up a
plant in Solapur (Maharashtra) and commissioned 3-MW capacity by
January 2013. The remaining 1-MW capacity was expected to be
commissioned by Q2 FY2017.

However, because of significant deviations in the design
parameters and the quality of waste supplied by SMC, the company
carried out design changes in the equipment. It now expects to
commission full capacity of 4-MW in FY2018. The company has
entered into a long-term PPA with MSEDCL for sale of power at a
tariff of INR4.88/unit for the 2.83 MW capacity and has also
signed an in-principle PPA with MSEDCL for the remaining 1-MW
capacity. The operations of the plant are based on bio-
methanation Process, based on anaerobic digestion, designed by
the company in collaboration with Waste Works of Ireland.


SP SUPERFINE: ICRA Lowers Rating on INR66.94cr Term Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR66.94-crore term loans, the INR8.00-crore fund-based
facilities and the INR28.52-crore proposed facilities of SP
Superfine Cotton Mills Private Limited (SPSCM) from [ICRA]B- to
[ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan Facilities        66.94      [ICRA]D; downgraded from
                                    [ICRA]B-

  Long-term: Fund-
  based Facilities        8.00      [ICRA]D; downgraded from
                                    [ICRA]B-

  Long-term:             28.52      [ICRA]D; downgraded from
  Unallocated                       [ICRA]B-
  Facilities

Rationale

The downgrade in rating reflects the delays in debt servicing on
the back of deterioration in the liquidity position of the
company. The weaker than expected earnings from operations owing
to the challenging demand scenario, high working capital
intensity and sizeable debt repayment obligations had constrained
the cash flows of the company. The company has requested for
restructuring of its bank loans to tide over the tight liquidity
position. SPSCM's financial profile remains weak, characterized
by negative net-worth stemming from past accumulated losses,
inadequate coverage metrics on the back of low operating
profitability and working capital intensive nature of operations.
With the debt repayments remaining high over the medium term, the
ability of the company to improve its revenues and accruals and
manage its working capital cycle would be critical to improve its
liquidity position and regularize debt servicing.

Key rating drivers

Credit strengths

* Long standing experience of the promoters and operational
track record spanning over two decades: Relatively diversified
customer base on the back of its operational track record and
product presence spanning coarser and medium counts has supported
revenues of SPSCM to an extent over the years

* Strained liquidity position leading to delays in debt
servicing: Cash flows of SPSCM has been strained owing to the
pressure on earnings from operations, which coupled with high
debt repayment obligations has led to delays in debt servicing

* Weak financial profile characterized by negative net-worth and
inadequate coverage metrics: Large accumulated losses carried
forward coupled with lower than expected profits and high working
capital intensity has resulted in capital structure and coverage
metrics of the company remaining stretched

* Small scale of operations and intense competition limits scale
economics and pricing flexibility: Earnings of the company have
been constrained by low economies of scale and exposure to
fluctuations in raw material prices as witnessed during FY2017;
pricing flexibility is limited on the back of intense competition
in a highly fragmented industry with minimal product
differentiation and challenging demand scenario

Promoted by Mr. Velusamy in 1995, SPSCM is engaged in
manufacturing of cotton yarn in the count range of 40s to 80s,
with 40-50s forming a major share of the production. The Company
has an installed capacity of 28,224 spindles and its spinning
unit is located in Attur, Tamil Nadu.


SRI LAKSHMI: CRISIL Lowers Rating on INR10MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Lakshmi Saraswathi Spintex Limited (SLSSL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'. The ratings
downgrade reflects instances of delay in servicing term debt; the
delays were on account of stretched liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             2       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Inland Guarantees       0.5     CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Letter of Credit       10.0     CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Packing Credit          9.65    CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Post Shipment Credit    5.0     CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Term Loan               1.85    CRISIL D (Downgraded from
                                   'CRISIL A4+')

The ratings continue to reflect the company's modest scale of
operations in the intensely competitive textile industry. This
weakness is partially offset by the extensive industry experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: At current capacities, scale of
operations is expected to remain modest over the medium
term'revenue was estimated at INR75 crore in fiscal 2017.

* Exposure to intense competition: The presence of a large number
of small scale players in the industry leads to intense
competition, which constrains SLSSL's pricing power.

Strength

* Extensive experience of the promoters: The promoters' two-
decade long experience in the industry and established
relationship with customers has resulted in stable revenue
growth, and steady order flow.

Incorporated in 2010, Chennai-based SLSSL manufactures and
exports hosiery garments. Its facility is in Tiruppur and
operations are managed by promoters, Mr. C S Aditya Praveen and
Mr. S Naveen Chandra.

Profit after tax was INR0.79 crore on net sales of INR66.35 crore
for fiscal 2016 against INR0.78 crore and INR54.23 crore,
respectively, for fiscal 2015.


SRINIVASA EDUCATIONAL: ICRA Moves B Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for INR10.00 crore bank facilities of
Srinivasa Educational Society (SEC) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Term Loans               3.62      [ICRA]B(Stable)ISSUER NOT
                                     COOPERATING Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Long-term fund-based     0.70      [ICRA]B(Stable)ISSUER NOT
                                     COOPERATING Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Long-term unallocated    5.68      [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 SEC, 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
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 society members in the education industry -
The society was started in 2004 and the society members have
significant experience in the education industry.

Credit weaknesses

* Small scale of operations- With operating income of INR6.9
crore in FY2015, the scale of operations of the society is small
limiting financial flexibility

* High competition- The institute faces high competition from
several other engineering colleges in the East Godavari district.

* High receivables from government: The society receives
significant proportion of revenues from government (as fee
reimbursement); any delay in receipts would stretch the liquidity
profile

Srinivasa Educational Society, started in 2004 by Mr. B.
Srinivasa Rao, has set up Kakinada Institute of Technology and
Science (KITS, the institute) in 2008 which is affiliated to
Jawaharlal Nehru Technical University, Kakinada (JNTUK). The
institute offers 6 courses in B-tech, 6 specializations in M-
tech, 2 specializations in M Pharmacy, MBA, and three polytechnic
courses.


SUSEE POLYMERS: CRISIL Reaffirms B+ Rating on INR6.5MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Susee Polymers Private Limited (SPPL) at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.2      CRISIL A4 (Reaffirmed)

   Cash Credit             3.3      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      6.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations in
the highly fragmented woven sacks industry, susceptibility to
volatility in raw material prices, and a below-average financial
risk profile because of a negative networth and weak debt
protection metrics. These weaknesses are partially offset by the
extensive industry experience of the promoters and their funding
support.

Analytical Approach

To arrive at the ratings, unsecured loans of INR8.5 crore from
the promoters as on March 31, 2017, are treated as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and susceptibility to volatility in
raw material prices: With estimated net sales of INR24.8 crore in
fiscal 2017, the scale remains small in the intensely competitive
woven sacks industry with low entry barriers, limited gestation
period, and easy availability of raw materials. Hence, the
segment has many unorganised players with small capacities
catering to regional demand. The modest scale restricts growth
opportunities and limits pricing and bargaining power.
Competition is also faced from jute bags used to pack agro
commodities because of the government's initiative to encourage
the jute industry. As the key input, polypropylene (PP) granules,
is a crude oil derivative, its prices are highly volatile. Though
limited bargaining power against large suppliers aggravates the
risk, an order-backed model and quotation of prices based on
existing inventory rates help alleviate the pressure.

* Below-average financial risk profile: Losses incurred in the
three fiscals through 2015 due to low capacity utilisation
following frequent power cuts are likely to have resulted in a
negative networth of INR3.8 crore as on March 31, 2017. Despite
unsecured loans of INR8.9 crore from the promoters, financial
flexibility will remain constrained. Debt protection metrics were
moderate, with interest coverage and net cash accrual to total
debt ratios estimated at 2 times and 0.22 time, respectively, for
fiscal 2017. The metrics will remain in a similar range over the
medium term.

Strengths

* Extensive industry experience of the promoters and established
relationship with customers: A presence of more than a decade in
the woven sacks segment has given the promoters a strong insight
into market dynamics and enabled them to establish a healthy
relationship with customers and suppliers. This has led to a
compound annual growth rate of 25% in revenue over the three
fiscals through 2017.

Outlook: Stable

CRISIL believes SPPL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of more-than-expected revenue and sustainable
improvement in the operating margin. The outlook may be revised
to 'Negative' if the financial risk profile deteriorates because
of lower-than-expected cash accrual, increased working capital
debt, or large, debt-funded capital expenditure.

SPPL, incorporated in August 2007, is part of the Susee group,
managed by Mr. Soundararajan Subramania Nadar, Mr. Manivannan
Soundararajan, and Ms Nanthini. The company manufactures high-
density PP woven sacks at its plant in Vellore, Tamil Nadu, which
has an installed capacity of 350 kilogram per hour.

Profit after tax (PAT) was INR0.45 crore on operating income of
INR24.76 crore in fiscal 2017, against INR0.44 crore and INR23.64
crore, respectively, in fiscal 2016.


TNR ESTATES: ICRA Withdraws 'D' Rating on INR15cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to
the INR15.00-crore term loan limits of TNR Estates Private
Limited (TEPL), in accordance with ICRA's policy on withdrawal
and suspension at the request from the company based on No
Objection Certificate (NOC) from lending bank.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan              15.00       [ICRA]D Withdrawn

TNR Estates Private Limited (TEPL) was incorporated in 2005 with
the main objective of building and developing housing projects.
The company is led by Mr. T.Ravinder Rao, Mr. M.Naveenkanth Reddy
and Mr. S.Vikranth Reddy who have prior experience in real estate
and building activities. The company is currently working on two
projects: 1) "TNR North City Residences", a residential project
at suchitra junction, jeedimetla, Hyderabad with a total build up
area of 2,55,847 sft in 153 flats and 2) " TNR North City Mall &
Multiplex", a commercial project at same location with a total
build up area of 3,34,728 sq. ft.


TRIVEDI CORP: CRISIL Assigns 'D' Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Trivedi Corp Private Limited (TCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Working Capital
   Term Loan                13        CRISIL D
   Bank Guarantee            5        CRISIL D
   Cash Credit              15        CRISIL D

The rating reflects a delay in meeting term debt obligations and
irregular utilisation of the cash credit facility for over six
month. The working capital facility has been over-utilised and
payment of interest on the facility delayed.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting term debt obligation and over-utilisation of
the working capital facility: There has been a delay in term debt
repayment in the past three months by over 15 days each month.
The principal repayment and interest for June 2017 was
outstanding and has been paid in the month of July. The working
capital limit has been over-utilised in the 12 months through
June 2017. A low order book resulted in reduced cash accrual, and
hence in delay in payment of interest on the working capital
limit.

Strengths

* Established market position and the extensive experience of the
promoters in the stone products industry: The promoters, Mr.
Kiran Trivedi and his family, have an industry experience of over
25 years. Over the years, they have successfully managed the
business and supplied various stone products to established
customers such as Uttar Pradesh Rajkiya Nirman Nigam Ltd (UPRNN
Ltd), Oberoi Hotels, and ICICI Bank.

Incorporated in 1991, TCPL manufactures stone products such as
monuments, columns, and carved panels, and processes stones such
as marble, at its facility at Abu Road, Rajasthan.

Profit before tax (PBT) is estimated at INR1.1 crore on net sales
of INR34.65 crore for fiscal 2017; PBT was INR6.62 crore on net
sales of INR54.86 crore in fiscal 2016.


VAMA WOVEN: Ind-Ra Migrates 'D' Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vama Woven Fab
Private Ltd's (VWPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR120 mil. Term loans (long-term) migrated to
    non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR65 mil. Fund-based limits (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, VWPL manufactures woven sacks, rice
packing, and packaging for agricultural produce and other food
products. Its plant has a processing capacity of 4,800mt/annum of
HDPE/PP woven bags. Its registered office is in Mumbai.


VREP CONSTRUCTION: CRISIL Cuts Rating on INR0.5MM Loan to 'C'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Vrep Construction and Consultants Private Limited (VCCPL) to
'CRISIL C/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        4.5       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           0.5       CRISIL C (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delays in servicing term debt owing to
weak liquidity caused by stretch working capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing:
The company has delayed on the installments of its term loans due
to its weak liquidity. The downgrade reflects delays in servicing
term debt owing to weak liquidity caused by stretch working
capital cycle

Strengths

* Extensive industry experience of promoter
VCCPL with an established track record of around a decades. The
company, started by Mr. S. Saikumar, Mechanical engineering with
25 years of experience and background for setting up of
Industrial project for beverages, breweries, dairy, garments,
soaps & detergents etc. Over a period, the company has
established a strong relationship with major industry players
such as Hindustan Coca-Cola beverages Pvt Ltd , Larsen And Toubro
Limited  , Mahle Engine Components India Private Limited. These
clients have given repeat orders, which have enabled S. Saikumar
company to grow in the size of INR25-30 crore over the past few
years This has led to continuous increase in top line of the
company with a CAGR of 32 per cent over the past three years
ending March 31, 2016.

VCCPL initially established as a partnership firm by Mr. S.
Saikumar (Mechanical engineering with 25 years of experience and
background for setting up of Industrial project for beverages,
breweries, dairy, garments, soaps & detergents etc) in 2008 with
registered office in Bangalore, Karnataka, was converted into a
private limited company in 2012. The company undertakes civil
works, mainly commercial and residential projects, from private
players by bidding through tenders. The promoters of the company
have over 25 years of experience in the construction industry.

VCCPL is estimated to report profit after tax (PAT) of INR0.95
crore on net sales of INR31.01 core for fiscal 2017 and PAT of
INR1.11 crore on net sales of INR28.85 crore in fiscal 2016.


WINDSON CERAMIC: ICRA Withdraws B Rating on INR3.0cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B, outstanding
on the INR5.38 crore fund-based facilities of Windson Ceramic
(WC). ICRA has also withdrawn the short-term rating of [ICRA]A4,
outstanding on the INR1.00 crore non-fund-based facility of WC.
Further, ICRA has also withdrawn its long-term rating of [ICRA]B
and its short-term rating of [ICRA]A4 assigned to the INR1.12
crore unallocated limits of WC.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  3.00      [ICRA]B; Withdrawn

  Fund-based-Term
  Loan                    2.38      [ICRA]B; Withdrawn

  Non-fund-based
  Bank Guarantee          1.00      [ICRA]A4; Withdrawn

  Unallocated limits      1.12      [ICRA]B/A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Windson Ceramic
have been withdrawn at the request of the firm, based on the no-
objection certificate provided by its banker.

Formed in March 2013, Windson Ceramic (WC) is engaged in
manufacturing of ceramic wall tiles at its production facility
located at Morbi, Gujarat. The firm commenced commercial
operations from October 27, 2013 and currently manufactures
digitally printed ceramic wall tiles of two sizes 8" X 12" and
12"X12" with total installed capacity of ~5,000 boxes per day.
The firm is promoted by ten partners who have experience in
ceramic industry by way of their association with other related
companies, with one of the partners having been associated with
Johnson Tiles as an employee.


* Forced Insolvency Taking India Deals to $80BB, Moelis Says
------------------------------------------------------------
Nupur Acharya and George Smith Alexander at Bloomberg News report
that overseas fund managers and companies are tracking India's
efforts to force its biggest defaulters into insolvency
proceedings as interest in buying distressed assets grows,
according to investment bank Moelis & Co.

A dozen companies in sectors including steel, power and
construction may become buyout targets after the Reserve Bank of
India ordered lenders to take them to insolvency court and set in
motion a timeline for them to devise a restructuring plan or face
liquidation, Bloomberg says. The "finite" process under a 2016
law means some offshore investors may have the confidence to
"take a shot" and bid for good-quality assets, said Manisha
Girotra, chief executive for the India operations of Moelis, the
investment bank founded by Kenneth Moelis, Bloomberg relays.

"After they see a couple of test cases move smoothly, then you
will probably see more interest," Bloomberg quotes Girotra as
saying in an interview this month in Mumbai. "Let's see how these
12 pan out but, generally, the view is far more confident on
these assets getting restructured today compared to seven months
ago."

According to Bloomberg, resolving India's $180 billion pile of
stressed debt has become a priority for Prime Minister Narendra
Modi as he struggles to kick-start capital spending in the
private sector and create much-needed jobs. The central bank's
list of 12 companies, which account for about $31 billion of
soured loans, is said to include Essar Steel India Ltd., Bhushan
Steel Ltd., Jyoti Structures Ltd, Jaypee Infratech Ltd. and ABG
Shipyard Ltd., people familiar with the matter said earlier,
Bloomberg discloses.

Bloomberg says the National Company Law Tribunal has agreed to
start insolvency proceedings against Essar Steel, Monnet Ispat &
Energy Ltd., Jaypee Infratech and Bhushan Steel among others. A
repayment plan must now be completed within 180 days, with a 90-
day extension allowed, Bloomberg notes citing the Insolvency &
Bankruptcy Code 2016. If a plan can't be agreed on or no plan is
submitted, the companies will move into liquidation, the report
says.

"It is still early stage," Girotra said of the interest among
global players, Bloomberg relays. "Initially there is always
caution on whether this is going to go through, or how smooth it
is going to be."

She expects such stressed deals along with domestic consolidation
in the financial services and fintech space to drive merger and
acquisition volumes of around $70 billion to $80 billion this
fiscal year, with some outbound purchases as well by
pharmaceutical and technology firms, Bloomberg relays.

Companies struggling to meet their debt obligations have pushed
defaults on bonds and syndicated loans to a record of almost $2
billion so far this year, compared with $494 million for all of
2016, according to data compiled by Bloomberg.

Ashok Wadhwa, group chief executive of Ambit Private Ltd.,
estimates that about 100 companies are stressed with debt of
around three trillion rupees, Bloomberg reports. Even considering
a 50 percent haircut for banks, there will be around $25 billion
of deals over the next three years, he said.

"It's a significant new business opportunity," Bloomberg quotes
Wadhwa, who leads a home-grown investment bank, as saying. "A lot
of these assets are in the infrastructure space. Pension funds,
infrastructure funds and sovereign funds are likely to bid along
with Indian companies."

A joint venture set up by Bain Capital Credit and Indian
conglomerate Piramal Enterprises Ltd. expects to complete two
stressed-asset deals before March 31, Piramal Group Chairman Ajay
Piramal said Aug. 1, according to Bloomberg. Investors including
Canadian pension fund Caisse de depot et placement du Quebec, TPG
and KKR & Co have also shown interest in investing in such
assets, the report notes.



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


TOSHIBA CORP: Enter Talks With Western Digital on Memory Sale
-------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. has begun
negotiations with business partner Western Digital in hopes of
reaching an agreement this month to sell its flash memory arm and
salvage a vital part of its turnaround plans.

A consortium including Western Digital, Kohlberg Kravis Roberts
of the U.S., the public-private Innovation Network Corp. of Japan
and the state-backed Development Bank of Japan has tendered a
roughly JPY1.9 trillion ($17.3 billion) bid for Toshiba Memory,
Nikkei relates. The American hard-drive manufacturer would
contribute hundreds of billions of yen in funding without
initially receiving voting rights. Its plan is to take a stake of
less than 20% after the deal clears antitrust reviews.

Nikkei says the Western Digital camp is expected to complete due
diligence on the memory unit as early as next week. Toshiba aims
to sign a final deal after getting the board's blessing at a
meeting this month.

But talks could hit an impasse if the two sides cannot agree on
terms.  If negotiations fall through, Toshiba will consider other
options to get back on its feet, such as a capital increase,
Nikkei relates.

Western Digital, which invests in chip fabrication facilities in
Japan with Toshiba, has locked horns with its partner over the
Toshiba Memory sale since the plan came to light early this year,
according to Nikkei. The American company filed a request for
arbitration in May seeking to block the sale, arguing that any
transfer of the unit without its consent would violate joint-
venture agreements. The ensuing legal wrangling has soured
relations.

Yet the risk of an injunction against the sale has stymied
progress on talks with Toshiba's original preferred bidder, an
American-Japanese-South Korean consortium, and Western Digital is
starting to feel the impact of the dispute on its chip business,
Nikkei says. The two sides have been left with little choice but
to try burying the hatchet. Western Digital told Toshiba earlier
this month that the arbitration request will be withdrawn if a
deal is reached.

According to Nikkei, Toshiba President Satoshi Tsunakawa informed
lenders this month that his company will prioritize talks with
the Western Digital-KKR team. Representatives from Western
Digital arrived in Japan this week and are now holding talks with
counterparts from Toshiba and other related parties. Toshiba will
likely demand that engineers and other employees be kept on as a
condition of any sale.

Nikkei says the DBJ and the INCJ are currently part of the three-
country consortium, which also includes Bain Capital of the U.S.
and South Korean chipmaker SK Hynix. But they are likely to team
up with whichever group offers the best prospects for an early
sale, at the behest of the Ministry of Economy, Trade and
Industry. The two intend to jump ship to Western Digital's camp
if the company reaches an accord with Toshiba.

Once a buyer is chosen, antitrust reviews are expected to take
six to nine months, Nikkei notes. Toshiba hopes to complete the
sale within the fiscal year ending March 2018 in order to return
its shareholders' equity to positive territory after crippling
losses on U.S. nuclear operations -- a must for staying on the
Tokyo Stock Exchange, says Nikkei.

                         About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Toshiba Corp. on
CreditWatch with negative implications.  The long- and short-term
ratings on Toshiba have remained on CreditWatch with negative
implications since December 2016, when S&P also lowered the long-
term ratings because of a likelihood that the company might
recognize massive losses in its U.S. nuclear power business.  S&P
kept them on CreditWatch negative when it lowered the long- and
short-term ratings in January 2017 and when S&P lowered the long-
term ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.


TOSHIBA CORP: Treading on Thin Ice, Leiko Tells Clients
-------------------------------------------------------
Toshiba have been put in the spot light after much controversy as
the company narrowly avoided delisting from the Tokyo Stock
Exchange (TYO) for delaying its financial results, noted Leiko
Tokyo Securities.

With the company's financial future still uncertain and a lack of
capital at hand, the company has not advanced in talks with the
sale of its 'chips unit business' for the financial resources it
so desperately needs to stay afloat.

Leiko Tokyo Securities reported to its clients that the 140 year
old company is treading on thin ice in regards to coming closer
to a delisting. The Tokyo Stock Exchange triggers a company to
drop of its exchange once a company has recorded a negative net
worth and its liabilities over grow its assets for more than two
years in a row.

Toshiba have been battling to win approval over its shareholders
as it lost trust over the last few years. Having inflated its
profits within the last few years and a dispute between PwC that
highlighted that some of its losses that were booked in the
business year of 2017 should have been recorded in its previous
year, Toshiba disagreed.

"Toshiba's long-term prospectives are fading, the company needs
to find an injection of capital to sustain the heavy losses,"
said Koyasu Oda who heads up the research depatment at Leiko
Tokyo Securities.

Its flash memory department recorded significant growth
accounting for over 90% of its sales at 96 billion yen compared
to the previous year at only 16 billion yen, showing the big
leap.

With Toshiba looking to sell its semiconductor division, many
companies have been mentioned yet nothing has come off it.

                About Leiko Tokyo Securities (LTS)

Founded in 2007, Leiko Tokyo Securities is a leading wealth
management firm based in Tokyo, Japan. Today Leiko Tokyo
Securities manage over 12.4 billion in assets under management.

                         About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Toshiba Corp. on
CreditWatch with negative implications.  The long- and short-term
ratings on Toshiba have remained on CreditWatch with negative
implications since December 2016, when S&P also lowered the long-
term ratings because of a likelihood that the company might
recognize massive losses in its U.S. nuclear power business.  S&P
kept them on CreditWatch negative when it lowered the long- and
short-term ratings in January 2017 and when S&P lowered the long-
term ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.



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


CAVALIAR CORP: Warns of Breaching Bank Covenants
------------------------------------------------
Chris Hutching at Stuff.co.nz reports that Cavalier Corp. said a
repeat of the past year's poor performance raised the risk it
might breach banking covenants.

According to the report, Chief executive Paul Alston said that
over for the next 12 months the company will keep a tighter rein
on spending, reduce stock, and debt.

Cavalier was hit by a "dramatic drop" in wool prices, caused by
reduced demand from China, Stuff says.

It affected wool buying subsidiary Elco Direct as farmers and
traders held onto wool in the hope prices would rise.

The performance was reflected in the share price which has fallen
from 90 cents a share a year ago to 30c, according to Stuff.

Australian sales, accounting for 60 per cent of sale, were also
down, the profitability of scouring was "hit hard", and bank debt
rose, Mr. Alston said, Stuff relays.

But Mr. Alston said the NZ$1.86 million after tax loss partly
reflected the amount of restructuring over the past 12 months in
the Christchurch, Wanganui and Napier factories, paving the way
for growth, relates Stuff.

The effect of falling sales was evident in the fall in revenue
from NZ$190 million in 2016 to NZ$156m for the year ending June
2017, the report discloses.

Cavalier's woollen felted production, initially manufactured in
Christchurch, was struggling to meet increasing demand
particularly from the Australian market.

The felted yarn facility was relocated from Christchurch to
Wanganui.

Stuff quotes Mr. Alston as saying that: "While the decision to
consolidate was necessary, it proved to be more costly than
estimated and took longer.

"Redundancy and plant relocation expenses were in-line with
expectations, but the inefficiencies and disruption inherent in a
major rationalisation took longer to be eliminated, affecting
sales.

"The rationalisation regrettably affected production of woollen
ranges and therefore the company's ability to meet our customers'
demand and our sales targets.

"This was particularly apparent in the Australian market where we
sell a higher proportion of woollen carpets."

Mr. Alston said restructuring was largely completed and he
forecast operational improvements.

In recent weeks, general manager New Zealand sales Warren
Drinkwater resigned after 15 years, and Sarah Hipkiss resigned
from her position as chief financial officer, adds Stuff.



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


NAM CHEONG: To Default on Bond Coupon, Principal Payments
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Marissa Lee at The Strait Times reports that ailing Malaysian
shipbuilder Nam Cheong has confirmed that it will default on the
SGD2.25 million coupon and SGD90 million principal owed to the
holders of its Series 002 bonds on Aug. 28.

Nam Cheong will also fail to pay the SGD5 million coupon owed to
holders of its SGD200 million Series 003 bonds, which is due on
Aug. 26, The Strait Times relates.

According to the report, Nam Cheong said in a bourse filing on
Aug. 23 that although these bonds are secured by deposits
equivalent to two coupon payments each for the Series 002 and
Series 003 bonds which are held in an escrow account by DBS
Trustee, the company is still in communication with DBS Trustee.

However, Series 004 bond holders have been slightly more
fortunate. Nam Cheong said that it had on Aug. 1 paid the coupon
owed to holders of its SGD75 million Series 004 bonds, the report
says.

This amount - SGD2.44 million originally due on July 23 - had
been paid out of the deposit in the escrow account for the Series
004 bonds.

The Strait Times meanwhile reports that an informal steering
committee comprising nine bondholders has been formed to
facilitate meetings with Nam Cheong. Rajah & Tann has been
engaged to advise this committee.

The Strait Times relates that Nam Cheong said it intends to hold
discussion groups with bondholders commencing this week.

Trading of Nam Cheong shares were suspended last month, after it
said it wanted to "temporarily cease" all debt repayments in a
final bid to conserve cash and avoid liquidation, according to
The Strait Times.

Nam Cheong Ltd is an investment holding company. The Company and
its subsidiaries operate as an offshore marine company. It
operates through two segments: Shipbuilding and Vessel
chartering. The Company's business is the construction and supply
of offshore support vessels (OSVs) used in the offshore oil and
gas exploration and production, and oil services industries,
including safety standby vessels, anchor handling tug supply
(AHTS) vessels, accommodation work barges and maintenance work
vessels. AHTS vessels are designed to provide anchor handling for
offshore drilling rigs, tow offshore drilling rigs, barges and
other types of OSVs. Accommodation Work Barges are vessels
designed to house and accommodate crew. Maintenance Work Vessel
are vessels designed as a platform for the loading and unloading
of cargo. Platform Supply Vessel is designed for the
transportation of supplies and equipment to and from offshore oil
and gas support production platforms and offshore drilling rigs.



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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
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insolvent balance sheets obtained by our editors based on the
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definitive compilation of stocks that are ideal to sell short.
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sheet for liabilities that may never materialize.  The prices at
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S U B S C R I P T I O N   I N F O R M A T I O N

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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