TCRAP_Public/170825.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

           Friday, August 25, 2017, Vol. 20, No. 169

                            Headlines


A U S T R A L I A

BUBS BABY: Shoppers Left Without Product Lay-By Answers
KADMATIC ENTERPRISES: First Creditors' Meeting Set for Sept. 1
OUTBACK FUEL: Second Creditors' Meeting Set for Sept. 1
OUTBACK TRAVEL: Second Creditors' Meeting Set for Sept. 1
PRIME PROJECT: Second Creditors' Meeting Set for Sept. 4

SURFSTITCH GROUP: In Administration; Creditors Meeting on Sept. 5
UMINA ELECTRICAL: First Creditors' Meeting Set for Aug. 31
ZIGBUILT PTY: First Creditors' Meeting Set for Sept. 4


I N D I A

AAMBY VALLEY: Up for Auction at INR37,392 crore Reserve Price
AGNI INDUSTRIAL: CRISIL Lowers Rating on INR4.25MM Loan to D
ANSAL HOUSING: Ind-Ra Lowers Issuer Rating to 'D' Not Cooperating
BHANDARI EXPORTS: Ind-Ra Puts BB+ Issuer Rating, Outlook Stable
BINJRAJKA INDUSTRIES: CARE Assigns B Rating to INR9.63cr Loan

BRIGHT FAME: CARE Reaffirms B+ Rating on INR8cr Loan
CHANDRA PRABHU: Ind-Ra Alters Outlook to Neg.; Affirms BB- Rating
CLOVER ENERGY: CRISIL Hikes Rating on INR216.4MM Loan to BB-
DHANRAJ DIAMONDS: CARE Assigns B+ Rating to INR11cr LT Loan
DREAMAX INFRA: CRISIL Cuts Rating on INR3.5MM Cash Loan to B

GEORGE MAIJO: Ind-Ra Moves 'BB-' Issuer Rating to Not Cooperating
GLOBARENA TECHNOLOGIES: Ind-Ra Moves B+ Rating to Not Cooperating
HANUMAN RICE: CRISIL Raises Rating on INR14MM Cash Loan to B+
HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan
ISHWAR CABLES: CARE Assigns B+ Rating to INR6.0cr LT Loan

KAMAL IDEAL: CARE Lowers Rating on INR15.79cr LT Loan to 'D'
KEVIN METPACK: CARE Reaffirms B+ Rating on INR12cr LT Loan
M.P. AGARWALA: CRISIL Reaffirms 'B' Rating on INR6MM Loan
MAINI CONSTRUCTION: CARE Cuts Rating on INR9cr LT Loan to 'D'
MANIDHARI GUAR: Ind-Ra Moves B- Issuer Rating to Not Cooperating

OASIS OVERSEAS: Ind-Ra Withdraws BB+ Issuer Rating
PENTAGON ALUMINIUM: CARE Reaffirms B Rating on INR18cr LT Loan
PIONEER NF: CRISIL Raises Rating on INR5MM Cash Loan to B+
POLYCHEM EXPORTS: CARE Reaffirms B+ Rating on INR15cr Loan
REHMAT OVERSEAS: CARE Assigns B Rating to INR1.0cr LT Loan

RM ROCKS: CARE Assigns 'B' Rating to INR8.0cr LT Loan
SACHDEVA RICE: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
SAMRUDDHI REALTY: CRISIL Reaffirms D Rating on INR75MM NCDs
SATHE SYNTHETICS: CRISIL Reaffirms B+ Rating on INR12MM Loan
SHAHWAR MOTIVES: CRISIL Lowers Rating on INR7MM Cash Loan to B

SHAKTI COMPONENT: Ind-Ra Moves BB- Rating to Not Cooperating
SHELAR AUTOMOTIVE: CRISIL Lowers Rating on INR8.5MM Loan to B
SHREEYASH PRATISHTHAN: CRISIL Cuts Rating on INR3.3MM Loan to B
SIDDHRAJ INFRABUILD: CARE Assigns 'B' Rating to INR6.24cr Loan
SOLAN SPINNING: CARE Assigns B+ Rating to INR8.50cr LT Loan

SRI GOWRI: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
SWE FASHIONS: CRISIL Cuts Rating on INR7.0MM Term Loan to B
UNITED CONSTRUCTIONS: CARE Assigns B+ Rating to INR10.60cr Loan
V S EDUCATION: Ind-Ra Assigns 'B' Rating to INR75MM Bank Loan


J A P A N

* Hundreds of Disabled Workers Laid Off Amid Workshop Closures


M A L A Y S I A

EKA NOODLES: Shell Malaysia Demands Payment for Fuel
TH HEAVY: Net Loss Widens to MYR16.8MM in Q2 Ended June 30


                            - - - - -


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A U S T R A L I A
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BUBS BABY: Shoppers Left Without Product Lay-By Answers
--------------------------------------------------------
Emma Koehn at SmartCompany reports that customers have taken to
Facebook with questions about lay-by orders and the future of
stores after baby supplies retail chain Bubs Baby Shops collapsed
into voluntary administration last week, leaving 70 workers with
uncertain futures.

SmartCompany relates that a note on the company's Facebook page
last week informed shoppers that the business had shut down its
website and Worrells had taken control of all affairs and product
lay-bys ahead of closing down sales.

"We will be having a closing down sale and all stock must go.
Follow our Facebook page for updated sale details," the company
said, SmartCompany relays.

Customers with lay-by arrangements were told to register with
Worrells for further information.

Speaking to SmartCompany, administrator Simon Cathro said
Worrells is "still assessing the layby position".

According to SmartCompany, more than 2,000 Facebook users,
including customers and suppliers to Bubs stores, have commented
on the news to express both sadness and concern over pending
orders.

One supplier, Babygoods Australia, invited any customers who had
ordered one of its products through Bubs Baby to contact its
sales team directly for assistance, the report says.

SmartCompany relates that administrators said at this stage it
appears "falling sales and stronger competition in that sector"
had an impact on the company's performance in the lead up to the
appointment of voluntary administrators.

Approximately 70 staff work across eight Bubs Baby Shops outlets
located in Queensland and New South Wales, and Mr. Cathro said
the group "is in a wind-down process during the administration
and sale campaigns have commenced," according to SmartCompany.

On Aug. 17, 2017, Simon Cathro and Christopher Cook of Worrells
Solvency were appointed as voluntary administrators of nine
company entities that operated the Bubs Baby Shops network, which
was founded 2000. The companies are:

-- Bubs Baby Shops Pty Ltd;
-- Brisbane Bubs Pty Ltd, trading as Brisbane Bubs & Bubs
    Aspley;
-- Kawana Bubs Pty Ltd, trading as Bubs Boutique Maroochydore
    & Bubs Boutique Noosa;
-- Bubs Baby Shop Gold Coast Pty Ltd;
-- Bubs Baby Shop Logan Pty Ltd;
-- Bubs City Pty Ltd, trading as Bubs City Fortitude Valley;
-- Baby Shop Direct Pty Ltd;
-- Bubs Baby Shop Tuggarah Pty Ltd; and
-- Bubs Baby Shop Rutherford Pty Ltd.


KADMATIC ENTERPRISES: First Creditors' Meeting Set for Sept. 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kadmatic
Enterprises Pty Ltd and Kinetic Concrete Plumbing will be held at
the offices of Worrells Solvency & Forensic Accountants, Suite
1103, Level 11, 147 Pirie Street, in Adelaide, SA, on Sept. 1,
2017, at 11:30 a.m.

Nicholas David Cooper and Dominic Cantone of Worrells Solvency
were appointed as administrators of Kadmatic Enterprises on Aug.
23, 2017.


OUTBACK FUEL: Second Creditors' Meeting Set for Sept. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Outback Fuel
Distributors Pty Ltd has been set for Sept. 1, 2017, at 10:00
a.m., at the offices of Ferrier Hodgson, Level 28, 108 St Georges
Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 31, 2017, at 4:00 p.m.

Wayne Rushton and Martin Bruce Jones of Ferrier Hodgson were
appointed as administrators of Outback Fuel on June 14, 2017.


OUTBACK TRAVEL: Second Creditors' Meeting Set for Sept. 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Outback
Travel Centres Pty Ltd has been set for Sept. 1, 2017, at 11:00
a.m., at the offices of Ferrier Hodgson, Level 28, 108 St Georges
Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 31, 2017, at 4:00 p.m.

Wayne Rushton and Martin Bruce Jones of Ferrier Hodgson were
appointed as administrators of Outback Travel on June 14, 2017.


PRIME PROJECT: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Prime Project
Development (Cairns) Pty Ltd has been set for Sept. 4, 2017, at
11:00 a.m., at the offices of Vincents, Level 34, 32 Turbot
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 Sept. 1, 2017, at 4:00 p.m.

Nick Combis of Vincents was appointed as administrator of Prime
Project on Aug. 1, 2017.


SURFSTITCH GROUP: In Administration; Creditors Meeting on Sept. 5
-----------------------------------------------------------------
Stephanie Bennett and Glen Norris at The Courier-Mail report that
troubled online retailer SurfStitch has been placed into
administration after a tough period which has seen the company
battling multiple legal cases, the attempted overthrow of their
chairman, and a share price collapse.

The Courier-Mail says the Queensland-based surf and lifestyle
retailer has been battling two class actions from shareholders as
well as an ASIC investigation.

Earlier this year major shareholder Crown Financial attempted to
have chairman Sam Weiss removed, but the action was voted down,
the report relates.

According to the report, the company said the ongoing legal
issues had left the company with high material costs and high
levels of uncertainty.

"Today's decision reflects the exceptional circumstances that
have impacted the SurfStitch Group for well over a year," the
report quotes Mr. Weiss as saying.

FTI Consulting has been appointed to act as administrators,
effective immediately, the report discloses.

The Courier-Mail relates that Surfstitch said its subsidiaries
would continue to trade as normal despite administrators being
appointed to its parent companies.

FTI Consulting said the group's online companies, Surfstitch
(Aus), SurfDome (UK) and Swell (US), were unaffected by the
administration appointments, the report relays.

Customers will continue to receive their merchandise as usual and
suppliers and employers will be paid, it said.

A creditors' meeting will be held on September 5.


UMINA ELECTRICAL: First Creditors' Meeting Set for Aug. 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Umina
Electrical Service Pty Ltd will be held at the offices of TPH
Insolvency, 133 Macquarie Street, in Sydney, NSW, on Aug. 31,
2017, at on Aug. 31, 2017, at 10:30 a.m.

Tim Heesh of TPH Insolvency was appointed as administrator of
Umina Electrical on Aug. 21, 2017.


ZIGBUILT PTY: First Creditors' Meeting Set for Sept. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Zigbuilt
Pty Ltd will be held at The Rialto, Level 30, 525 Collins Street,
in Melbourne, Victoria, on Sept. 4, 2017, at 11:00 a.m.

Stephen Dixon and Ahmed Bise of Grant Thornton were appointed as
administrators of Zigbuilt Pty on Aug. 23, 2017.



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


AAMBY VALLEY: Up for Auction at INR37,392 crore Reserve Price
-------------------------------------------------------------
Vinod Sharma, the Official Liquidator of the Bombay High Court,
issued a notice for the auction of Aamby Valley City.

"The Official Liquidator invites the Prospective Bidders to
submit their KYC Form and on qualification, invites bids from
Intending bidders along with an amount of 15% of the Reserve
Price as Earnest Money to be paid through RTGS or NEFT for the
sale of Aamby Valley City through Auction I and Auction II," the
liquidator said.

"The Prospective Bidders shall obtain digital signatures from the
licensed certifying authorities namely Safe Scrypt, IDRBT, NIC,
Tata Consultancy Services, (n)code solutions, emudhra, CDAC,
Capricorn and NSDL."

The details of the Properties under Auction for a Reserve Price
of INR37,392 crore can be accessed at:

http://www.mstcecommerce.com/auctionhome/officialliquidatorbombay
/aambyvalley/index.jsp

The Properties are being sold under two distinct phases of the
Auction - Auction I and Auction II over a period of two days as
an alternate to the other.

The Properties being auctioned under Auction are being
sold/leased along with all the subsisting licenses, consents,
permissions, registrations, approvals, grants and pending
applications for the same (as applicable) in respect to the
Properties pursuant to the vesting order of the Hon'ble Supreme
Court of India dated July 25, 2017.

                        About Aamby Valley

Aamby Valley Limited (AVL) was incorporated on March 24, 2006
under the Companies Act, 1956 in the Jurisdiction of Registrar of
Companies, Mumbai, Maharashtra and having its registered office
at Hotel Sahara Star, Opp. Domestic Airport, Vile Parle (East),
Mumbai- 400099. Originally it was an undertaking of Sahara India
Commercial Corporation Limited (SICCL) which was at later stage
to improve operational efficiency had been demerged and
subsequently whole undertaking had been transferred into Aamby
Valley Limited.

AVL is engaged in the development of Integrated Hill City
Township namely "Aamby Valley City" the first of its kind
Megalopolis, spread over 10,609 undulating acres of verdant
expanse, is snugly nested amidst picturesque environs of the
great Sahyadri Mountain range. It offers superlative lifestyle;
the ultra-exclusive chartered city has residential options
ranging from the chic & cozy Timber chalets to fabulously modern
and customized villas in distinct architectural styles.


AGNI INDUSTRIAL: CRISIL Lowers Rating on INR4.25MM Loan to D
------------------------------------------------------------
CRISIL has downgraded the long-term bank facilities of Agni
Industrial Fire Services Limited (AISL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Working
   Capital Facility         2.75     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                4.25     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delay in servicing debt due to weak
liquidity, driven by working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
Scale of operations has been modest, with revenue of INR20 crore
in fiscal 2017, due to intense competition and the tender-based
nature of business.

* Weak financial risk profile
Low accretion to reserve led to small networth and large working
capital debt, arising from sizeable inventory and receivables,
have led to highly leveraged capital structure.

The financial policy has been aggressive, with total outside
liabilities to tangible networth ratio at 4.51 times as on
March 31, 2015. [latest financials not available,thus leading to
highly leveraged capital structure with fully utilised bank
limits. Financial risk profile is likely to remain weak over the
medium term.

* Delay in debt servicing
As cash accrual is not sufficient to service repayment
obligation, the repayment is funded by promoter's loans, advances
and other short-term borrowing, however the same is with delay

Strength

* Experience of promoter
Benefits from the promoter's experience of over two decades
should continue to support the business.

Established as a proprietorship concern and reconstituted as a
private-limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by
Mr Debashish Chakraborthy.

Profit after tax is estimated at INR0.32 crore on net sales of
INR20 crore for fiscal 2017 against Profit after tax is estimated
at INR0.30 crore on net sales of INR17 crore for fiscal 2016.


ANSAL HOUSING: Ind-Ra Lowers Issuer Rating to 'D' Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ansal Housing
& Construction Limited's (AHCL) Long-Term Issuer Rating to
'IND D(ISSUER NOT COOPERATING)' from 'IND BB(ISSUER NOT
COOPERATING)'.

The ratings continue to be in the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Thus, the
rating action is on the basis of best available information. The
instrument-wise rating actions are:

-- INR750 mil. Secured overdraft limits downgraded with IND
    D(ISSUER NOT COOPERATING) rating;

-- INR716.3 mil. Non-fund-based limits downgraded with IND
    D(ISSUER NOT COOPERATING) rating; and

-- INR1,400 mil. Fixed deposit programme with IND D(ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the instances of delays in debt servicing
by AHCL during FY17, as stated by the statutory auditor in the
latest audited annual report of the company. Further details of
delays are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1983, AHCL operates a real estate business with a
key focus on northern India. The company is listed on the Bombay
Stock Exchange and National Stock Exchange. The company primarily
operates in Delhi NCR, Mumbai and Tier II and Tier III towns and
commands a premium of 10%-15% over its local peers.


BHANDARI EXPORTS: Ind-Ra Puts BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhandari Exports
Industries Limited (BEIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR280 mil.Fund-based working capital limit assigned with IND
    BB+/Stable/IND A4+ rating; and

-- INR80 mil. Non-fund-based limit assigned with IND A4+ rating;
    and

-- INR30 mil. Term loan due on March 2020-March 2023 assigned
    with IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect BEIL's moderate credit profile due to the
competitive nature of the textile industry. According to
provisional financials for FY17, revenue was INR1,127.04 million
(FY16: INR1020.70 million), EBITDA margin was 4.94% (5.27%),
gross interest coverage (operating EBITDA/gross interest expense)
was 1.53x (1.37x) and net financial leverage (adjusted net
debt/operating EBITDA) was 5.13x (5.95x). The marginal decline in
EBITDA margin was owing to volatile raw material prices. The
improvement in credit metrics was primarily driven by a fall in
debt, due to term loan repayment.

The ratings also reflect BEIL's weak-to-moderate liquidity
position, indicated by an average utilisation of working capital
limits of 98% during the 12 months ended June 2017.

The ratings, however, are supported by the management's
experience of over 10 years in the textile industry.

RATING SENSITIVITIES

Negative: A substantial fall in EBITDA margin leading to weaker
credit metrics will be negative for the ratings.

Positive: An improvement in the credit profile, with gross
interest coverage exceeding 2.5x, on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, BEIL was purchased by the Satia group in
2010 after it was declared a sick business in 2002. It is engaged
in the manufacturing of cotton and polyester yarn, with counts
ranging from 10s to 40s. It has a production site in Lalru
(Punjab), with an installed capacity of 16,000 spindles.


BINJRAJKA INDUSTRIES: CARE Assigns B Rating to INR9.63cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Binjrajka Industries Private Limited (BIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.63       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BIPL are primarily
constrained by small scale of operations with fluctuating total
operating income, financial position characterized by leveraged
gearing, weak debt coverage indicators and stressed liquidity
position, thin profitability margins albeit increasing year-on-
year, highly fragmented and competitive business segment due to
presence of numerous players and working capital intensive nature
of operations. However, the ratings derive comfort from vast
experience of the key promoter and geographically diversified
clientele base and growing demand of steel components.

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

Detailed description of the key rating drivers

Key Rating Strengths

Rating Strength 1: Vast experience of the key promoter
Mr. Ramesh Chandra Agarwal, the key promoter of BIPL, has around
four decades of experience in the steel industry. Mr. Rakesh
Binjrajka, is associated with BIPL since its inception. The
company has three sister concerns run by close relatives of the
promoters namely Shango Tube, Nippon Pipes and Binjrajka Value
Steel. BIPL derives operational support from its sister concerns
as all the entities are engaged in similar activities. The day to
day operations of the company are managed by Mr. Rakesh
Binjrajka.

Rating Strength 2: Clientele base in four states
The company's clientele base comprises of customers located in
the states of Kerala, Telangana, Andhra Pradesh and Karnataka.
The customers of BIPL include S B Enterprise, NTL Trading, Minar
Iron & Steel and Pavan Roofing. The company procures 70% of its
raw material being V P Coil from ESSAR Steel in Gujarat, Uttam
Value Steels in Wardha (Maharashtra) and 30% from local producers
in and around Telangana state.

Rating Strength 3: Growing demand of steel components
Based on increased capacity addition in anticipation of upcoming
demand, and the new steel policy, that has been approved by the
Union Cabinet in May 2017, India is expected to boost India's
steel production.

Key Rating Weaknesses

Rating weakness 1: Small scale of operations with fluctuating
total operating income
The company has small size of operations marked by low networth
base of INR2.05 crore as on March 31, 2017 (Prov.) and total
operating income of INR24.21 crore in FY17 (Prov.) compared to
other peers in the industry. Furthermore, the total operating
income of the company has been fluctuating during the review
period. The total operating income (TOI) of the company increased
by 31.20% in FY16 and stood at INR25.44 crore due to increase in
orders for steel tubes and pipes from existing as well as new
customers. However, TOI decreased marginally by around 5% to
INR24.21 crore in FY17 (Prov.) over FY16 on account of moderation
of orders during the financial year. The company has moderate
order book position of 1200 tonnes which is expected to be
completed in August 2017, thus providing stable revenue. The
company's stable income generation was backed by increased
production and availability of power.

Rating weakness 2: Weak financial position characterized by
leveraged gearing, weak debt coverage indicators and stressed
liquidity position
The financial position of BIPL stood weak marked by leveraged
gearing of 3.72x as of March 31, 2017 (Prov.) as against
0.97x as of March 31, 2015 on back of increase in total debt
associated with unsecured loans from the directors and
overdraft facilities from Punjab National Bank. However, debt
equity ratio stood at zero as of March 31, 2017 (Prov.) as
compared to 0.17x as of March 31, 2015 on back of conversion of
term loan into bank overdraft facility (since the company did not
utilize the term loan, the banker converted the same into a bank
overdraft facility). The debt protection metrics of the company
stood very weak marked by TD/GCA of 121.10x in FY17 (Prov.) as
compared to 78.76x in FY16 since the increase in total debt
surpassed the increase in gross cash accruals. TD/GCA stood
negative in FY15 due to cash loss incurred. Interest coverage
ratio decreased from 1.30x in FY16 to 1.13x in FY17 (Prov.) due
to increase in interest expense. The liquidity position of the
company was stressed in FY17 (Prov.) due to increase in short
term debt. The current ratio stood at 0.68x in FY17 (Prov.).

Rating weakness 3: Thin profitability margins albeit increasing
year-on-year
The profitability margins of the company have been thin during
the review period due to highly fragmented and competitive
business segment due to presence of numerous players on account
of low value addition associated with manufacturing process.
However, the PBILDT margin of the company has been increasing
year-on-year from 0.61% in FY15 to 2.24% in FY17 (Prov.) due to
increased income generation from sale of steel pipes and tubes
resulting in
absorption of fixed overheads. The company installed upgraded and
automatic machines replacing the manually operated machinery that
has larger production capacity. Furthermore, the PAT margin
increased year-on-year in line with the increase in PBILDT during
the review period resulting in absorption of financial expenses
and stood at 3.42% in FY17 (Provisional) compared to net losses
incurred in FY15.

Rating weakness 4: Working capital intensive nature of operations
Being in the steel industry, the company is in a working capital
and labour intensive nature of operations. BIPL employs around 25
skilled employees on a permanent basis. The company predominantly
purchase its raw materials on cash and carry basis and at few
instances avails credit period of about a week. While on sales,
it provides credit of around 15 days to its customers. Since the
manufacturing process has to undergo various stages like
slitting, moulding, welding, cutting etc. the inventory is
stocked for 1-2 months period. With moderate creditors and
inventory period, the operating cycle of the company also stood
moderate at 62 days in FY17 (Prov.) as against 47 days in FY16.
The working capital utilization of BIPL stood at around 45% in
the last one year ended June 30, 2017.

Binjrajka Industries Private Limited (BIPL) was incorporated in
June 26, 2014 by Mr. Ramesh Chandra Agarwal, Mr. Rakesh Binjrajka
and Ms. Sabita Binjrajka in Secunderabad, Telangana. The company
is engaged in manufacturing steel tubes and pipes which finds its
application primarily in engineering industries. The installed
capacity of BIPL stood at Approx.45,000 tonnes per annum with
utilization capacity of 45% as of July 20, 2017. The company also
executes job work orders which include conversion of raw material
provided by the customer into steel pipes tubes.


BRIGHT FAME: CARE Reaffirms B+ Rating on INR8cr Loan
----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bright Fame International (BFI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/short-       8.00       CARE B+; Stable/
   Term Facilities                   CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Bright Fame
International (BFI) are constrained on account of its very thin
operating profit margin owing to trading nature of operations,
high leverage due to reliance on debt to fund its working capital
intensive operations and weak debt coverage indicators. The
ratings, however, derive strength from experienced promoters,
locational benefit and export led income growth. The ability of
BFI to increase its scale of operations along with improving
profit margins and capital structure amidst competitive nature of
industry are the key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weakness

Very thin operating profit margin: BFI's PBILDT margin continued
to remain thin owing to trading nature with material cost
constituting 97% of total cost. The same however, improved by 22
bps in FY17 mainly because of marginal rate differences in prices
of seeds which were not entirely passed on to its clients.
Moreover, firm's PAT margin too improved, in line with increase
in absolute PBILDT.

High leverage and weak debt coverage indicators: BFI's operation
is working capital intensive in nature as significant amount of
employed capital is deployed to fund working capital requirement.
Its overall gearing as on Mar. 31, 2017 continued to remain high
due to increase in the working capital borrowing. Also, Firm's
interest cover indicator PBILDT/ Interest was moderate at 2.03
times. However, total debt to GCA remained week during FY17.

Key Rating Strength
Export led growth in scale of operation along with proximity of
its facility to agriculture belt of Gujarat: The total operating
income (TOI) of the firm grew by 54% Y-o-Y during FY17 (Prov.)
backed by increase in export orders as a result of increased
demand in the international markets. The unit of BFI is located
in Visnagar, north Gujarat region near Unjha. Unjha is one of the
key agricultural belts of Gujarat. BFI is benefited in terms of
easy availability of seeds resulting in lower inventory holding
and savings in logistics costs.

Experience & resourceful promoter: BFI is promoted by Mr.
Nirajkumar Parbhudas Patel who has an experience of more
than a decade in the trading of agro commodities. He has infused
need based unsecured loans from time to time. Unsecured loans as
on Mar. 31, 2017 to the tune of INR0.73 crore has been has been
subordinated to bank debt and hence has been considered as a part
of equity as per the sanction terms of working capital facility.

Incorporated on September 20, 2011, BFI, a proprietorship firm is
engaged in trading of cumin seeds, sesame seeds and fennel seeds
wherein cumin seeds contributes to majority (88% in FY17) of its
TOI. The firm undertakes trading of agro commodities into
international markets based on prior orders received from
customers. The firm has set up its unit at Visnagar region of
Gujarat, which has rich abundance of seeds and spices.


CHANDRA PRABHU: Ind-Ra Alters Outlook to Neg.; Affirms BB- Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Chandra Prabhu
International Limited's (CPIL) Outlook to Negative from Stable
while affirming its Long-Term Issuer Rating at 'IND BB-'. The
instrument-wise rating actions are:

-- INR10.00 mil. Fund-based limits Rating affirmed; Outlook
    revised to Negative from Stable with IND BB-/Negative/IND A4+
    rating; and

-- INR170.00 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The Negative Outlook reflects CPIL's decline in the top line and
operating EBITDA margins during FY17-1QFY18, leading to
deterioration in the credit metrics.

In FY17, revenue declined to INR282.65 million (FY16: INR355
million), primarily on account of a decline in contribution from
the coal trading business. Operating margins remained thin at
1.14% in FY17 (FY16: 1.21%) on account of the trading nature of
business coupled with volatility in synthetic rubber prices.
Subsequently, credit metrics deteriorated with interest coverage
(operating EBITDA/gross interest expense) at 0.47x in FY17 (FY16:
1.08x) and net leverage (total adjusted net debt/operating
EBITDAR) at 18.75x (1.27x).

For 1QFY18, revenue declined further to INR119.20 million because
of non-allocation of coal from Coal India Ltd., with EBITDA
margins turning negative 4.97% mainly due to the huge costs
incurred by the company to start trading of frozen agro products.

The ratings, however, are supported by more than three decades of
promoters' experience in the trading business.

RATING SENSITIVITIES

Negative: Further deterioration in the credit metrics and/or
stress on liquidity could be negative for the ratings.

Positive: Diversification/expansion of the business leading to
growth in the top line and improvement in the overall credit
metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1984, CPIL is broadly engaged in the trading of
coal and synthetic rubber. The company is promoted by Mr. Gajraj
Jain. The company has its presence all over India with head
office in New Delhi and branch offices at Chandasi in Mughal
Sarai (Uttar Pradesh), Guwahati (Assam), Bhatinda (Punjab) and
Gurgaon (Haryana).


CLOVER ENERGY: CRISIL Hikes Rating on INR216.4MM Loan to BB-
------------------------------------------------------------
CRISIL has revised its rating on the bank loan facilities of
Clover Energy Pvt Ltd (Clover) 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, 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
   ----------           ---------     -------
   Proposed Term Loan     10.57       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              216.4       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.


DHANRAJ DIAMONDS: CARE Assigns B+ Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Dhanraj Diamonds (DD), as:

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

Detailed Rationale & Key Rating Drivers

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Dhanraj Diamonds
(DD) is constrained on account of growing albeit modest scale of
operations, moderate capital structure, weak debt coverage
indicators and working capital intensive nature of operations
with stretched liquidity position. The rating is also constrained
on account of its presence in a highly fragmented and competitive
Gems & Jewellery (G&J) industry, margins susceptible to
fluctuations in price of diamonds and partnership nature of
constitution of firm. The rating however, derives strength from
long track record of operation and experienced promoters in the
industry and moderate profit margins.

The ability of DD to increase its scale of operations and improve
capital structure and liquidity position with efficient
management of working capital cycle are the key rating
sensitivities.

Detailed description of Key rating drivers

Key rating Weakness
Modest albeit growing scale of operations: The scale of
operations remains modest with TOI of INR31.25 crore and net
worth of INR16.57 crore as on March 31, 2017. However, the TOI
has grown at a moderate rate with a CAGR of 56.49% for the past
three years. Growth in TOI in FY17 was on account of growing
affluence of the middle class and the rising millennial base in
India along with India'. s strong macro-demographics and the
consumer'. s affinity towards conspicuous jewellery. DD being a
partnership entity, the risks associated with withdrawal of
partners'.  capital exists thereby limiting its ability to raise
capital and poor succession planning may result in dissolution of
entity.

Moderate capital structure and weak debt protection metrics: The
capital structure of the company stood moderate marked by on
account of moderately high reliance on external debt and
relatively low net worth base. The debt service coverage
indicators remained weak owing to high debt level leading to high
interest charges.

Working capital intensive nature of operations with stretched
liquidity position: The operations of the entity remained working
capital intensive in nature with high inventory period and with
limited credit period received from its suppliers, utilization of
working capital limits remained high.

Margins susceptible to fluctuations in price of diamonds: The
firm has to maintain significant value of inventory owing to
requirement for display at the store and to meet immediate demand
of clients. Hence, with higher inventory holding period, the firm
runs an inherent risk of volatility in roughs as well as C&P
diamond prices.

Presence in a highly fragmented and competitive Gems & Jewellery
(G&J) industry: The Gems & Jewellery industry in India is highly
fragmented with presence of numerous unorganized players apart
from some very large integrated G&J manufacturers leading to high
level of competition. Further, the competition is also based on
the quality, design, availability and pricing of the high value
products in G&J industry. Therefore, this competitive and
fragmented nature of the industry can have an impact on the
profitability margin of the firm.

Key rating Strengths
Experienced promoters and long track record of operations: The
promoters of Dhanraj Diamonds hold an average experience of more
than two decade in trading of diamond studded jewellery. On
account of long track record of operations and experience of the
promoters, the firm has gained a reputation and has established
good relationships with its customers & suppliers.

Moderate profit margins: The profitability of the entity remained
at moderate level in the range of 8.33%-14.34% during last three
years ending FY17 owing to DD'. s presence in premium retail
jewellery operations with long heritage in fine quality jewellery
along with high margin carat diamond studded jewellery in the
sales mix fetching moderate margins.

Dhanraj Diamonds (DD) was established in 1965 as a proprietorship
firm in the name of Mr. Ramesh D. Murpana. Later in 2015, it was
converted into partnership firm with Mr. Ramesh D. Murpana and
Mr. Sumeet D. Murpana as the partners of the firm. The firm is
primarily engaged in retail trading of diamond studded jewellery
ranging from 0.01 cent to 3 carat.  The firm has a showroom
located at Bandra (W), Mumbai. The firm buys readymade jewellery
from wholesalers and manufacturers in Mumbai.


DREAMAX INFRA: CRISIL Cuts Rating on INR3.5MM Cash Loan to B
------------------------------------------------------------
CRISIL has been consistently following up with Dreamax Infra
Developers Private Limited (DIPL) for obtaining information
through letters and emails dated January 25, 2017 and February
15, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3.4       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/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 Dreamax Infra Developers
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 Dreamax Infra
Developers 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 downgraded the long term rating
to 'CRISIL B/Stable' and reaffirmed the short term rating at
'CRISIL A4'.

Set up in 2010 as a partnership firm and reconstituted as a
private limited company in 2012, DIPL undertakes civil
construction works as a sub-contractor.


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

-- INR100 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 2
June 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 1962, Maijo has been the sole product distributor
in India for Yamaha Motor Co. Ltd., Japan for the last three
decades.


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

-- INR70 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
20 July 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 April 2000 by M.P. Chary, GTPL is an IT enabled
service organisation which offers a wide range of learning,
examination and assessment solutions.

Around 84.9% of GTPL's shares are held by Charys Investments
Private Limited.


HANUMAN RICE: CRISIL Raises Rating on INR14MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Hanuman Rice and General Mills (HRM) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             14       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term       1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The upgrade reflects improvement in liquidity driven by adequate
cash accrual to meet debt obligation, and moderate bank limit
utilisation at an average of around 57% during the 12 months
through May 2017. The adjusted networth improved to INR5.1 crore
as on March 31, 2017, from INR3.48 crore a year earlier following
capital infusion of INR1.45 crore in fiscal 2017. With improved
liquidity, supporting the incremental working capital
requirements, the firm's operating income is expected to improve
leading to improvement in business risk profile.

The rating continues to reflect a weak financial risk profile
because of high gearing and weak debt protection metrics. The
rating also factors in a small scale of operations, high
dependence on the monsoon, and susceptibility to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of the partners in the basmati rice
industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Though networth has improved,
gearing was high, estimated at 2.8 times as on March 31, 2017.
Debt protection metrics remained weak with the interest cover
ratio estimated at 1.4 times and the net cash accrual to adjusted
debt ratio at 0.04 time for fiscal 2017.

* Small scale of operations: Revenue remained modest in fiscal
2017 estimated at INR 35 crore.

* High dependence on the monsoon and exposure to changes in
government policies: The PUSA 1121 variety of basmati rice is
grown primarily in Haryana, Uttar Pradesh, Uttarakhand, Punjab,
Rajasthan, and Madhya Pradesh, and being a kharif crop is
harvested only between September and December. Though these
states have good irrigation systems, the water requirement for
basmati is high and there is significant dependence on the
monsoon. This exposes the firm to the risk of limited
availability of raw material in case of a weak monsoon.

Strength

* Extensive industry experience of the partners: The partners
have an experience of three decades in the basmati rice industry.
This has helped the firm establish a strong relationship with
suppliers and customers, and increase the customer base.

Outlook: Stable

CRISIL believes HRM will continue to benefit from the extensive
industry experience of its partners. The financial risk profile
is, however, likely to remain weak because of working capital-
intensive operations. The outlook may be revised to 'Positive' in
case of significant improvement in the financial risk profile,
supported by capital infusion, or a substantial increase in scale
of operations or profitability leading to better cash accrual.
The outlook may be revised to 'Negative' if larger-than-expected,
debt-funded capex weakens the capital structure.

HRM was established in 1997 as a partnership firm; it is
currently managed by Mr Raj Kumar. The firm mills and shells rice
at its plant in Cheeka, Haryana.

On a provisional basis, profit after tax (PAT) was INR15 lakh on
net sales of INR35 crore in fiscal 2017; PAT was INR4.16 lakh on
net sales of INR33.3 crore in fiscal 2016.


HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Holistic Remedies Private Limited (HEPL), as:
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Holistic Remedies
Private Limited (HEPL) is tempered on account of modest
scale of operations, weak profitability; highly leveraged capital
structure coupled with weak debt coverage indicators. The
rating is further tempered by working capital intensive nature of
operations and presence in highly competitive and
fragmented industry.

Above weakness are partially offset by long track record of
operation and experience of promoters and their demonstrated
financial support in past.

The ability of HEPL to increase its scale of operations and
improvement in profitability margins and capital structure along
with efficient management of working capital requirement are the
key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness
Modest scale of operations coupled with low profitability: Over
the past three years, HEPL'. s operating income has grown
steadily at a CAGR of 7.5% to INR21.77 crore in FY16.
Nonetheless, with a modest net-worth base of INR1.35 crore as on
March 31, 2016, its scale of operations remains relatively modest
restricting its financial flexibility. Further, due to stiff
competition faced from local organized and unorganized sector
manufacturers, as well as reliance on high cost external
borrowings to fund working capital, HRPL'. s profitability has
remained thin.

Highly leveraged capital structure coupled with weak debt
coverage indicators: HEPL higher reliance on external borrowings
to fund its working capital requirements led to leveraged capital
structure. The aforementioned, coupled with low profitability led
to HRPL'. s weak debt protection metrics. Working capital
intensive nature of operations with weak liquidity position:
HRPL'. s operations are working capital intensive in nature with
funds largely being blocked in receivables and inventory. The
company has long standing business relations with its clientele
and offers credit of 60-90 days to them. Furthermore, due to low
profitability, it relies heavily on bank borrowings to fund
working capital requirements leading to a weak liquidity
position.

Presence in highly competitive and fragmented industry: HEPL
operates in the niche market of Homeopathic remedial products
which largely constitutes of manufacturers in unorganized segment
and clinics formulating their own pills with Homeopathic liquids
being imported from European manufacturers such as Germany. The
industry is categorized as a highly competitive and fragmented
industry facing stiff competition from conventional medicine as
well as Ayurveda.

Key rating Strengths

Experienced and resourceful promoters along with strong group
support: HEPL is promoted by Dr. Nalini Batra who is a
practitioner in the field of Homeopathy for nearly 3 decades. Her
medical expertise helps the company to develop and update its
products as well as help gain customers such as the reputed
Homeopathic clinic chain of Dr. Batra'. s. She is further support
by her son Mr. Pranav Batra who has been involved with the
company since its inception. Furthermore, the promoters have
demonstrated financial support for the operations of the company
by way of infusion of interest free unsecured loans.

Incorporated in the year 1986 by Dr. Pranav Batra and Dr. Nalini
Batra, Holistic Remedies Private Limited (HRPL) is engaged into
manufacturing of Homeopathic medicines in collaboration with
Bioforce AG (a Switzerland based company) at its facility in
Kundhan Village, Thane which is spread over 52040 sq. ft. Its
products are marketed under the brand name 'Bioforce'.  and
'Blooume'.  across India. The company supplies Homeopathic
products to Dr. Batra'. s Positive Health Clinic Private Limited.


ISHWAR CABLES: CARE Assigns B+ Rating to INR6.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ishwar
Cables Pvt Ltd (ICPL), as:

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

   Short-term Bank
   Facilities             1.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Ishwar Cables Pvt
Ltd (ICPL) are constrained on account of weak financial risk
profile marked by thin profitability margins, leveraged capital
structure and moderate debt coverage indicators. The ratings are
further constrained on account of stressed liquidity position and
presence in the highly competitive and fragmented industry.

The ratings, however, derive strength from the experience of
management with more than two decades of track record of group,
operational synergies with group companies and healthy order book
position. The ratings also factor in continuous increase in Total
Operating Income along with stable demand outlook for power
transmission and distribution industry.

ICPL's ability to increase its scale of operations while
improving profitability and capital structure as well as
efficient management of working capital and continuing support
from group entities would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the company stood leveraged
with an overall gearing of 4.50 times as on March 2017;
deteriorated marginally from 4.32 times as on March 31, 2016 on
account of availing of ad-hoc working capital limit sand infusion
of unsecured loans by directors. Debt coverage indicators like
debt to GCA and PBILDT interest coverage ratio stood moderate in
FY17.

Thin profitability margins: PBILDT margin of the company has
declined by 549 bps to 2.28% in FY16 on account of higher raw
material consumption cost and commencement of trading of
aluminium rod and ingot which fetch lower margins.

However, PBILDT margin of ICPL improved by 23 bps to 2.52% in
FY17 on account of lower job work expense.

Stressed liquidity position: Liquidity position of the company
remained stressed marked by almost full utilization of working
capital limits during last 12 months ending June, 2017 and
frequent availing of ad-hoc limits. However, operating cycle of
the company improved from 48 days in FY16 to 39 days in FY17 with
an increase in scale of operations.

Key Rating Strengths

Experienced management: Ishwar group was started with Ishwar
Metal Industries in 1992. The group incorporated ICPL in 2006 to
cater to cable and wire requirement of IMI. Mr. Rahul Chaudhary,
CEO, has more than a decade of experience in industry through
IMI. He is assisted by Mr. Arpit Chudhary, director, who has
around five years of experience in the industry.

Benefits derived from group synergies as well as healthy order
book position: Ishwar Group has wide range of product portfolio
catering to the needs of T&D segment of power industry. ICPL
derives synergies from its group companies in terms of purchase
of raw material as well as supply of finished products. ICPL
purchases raw material like aluminium wires, aluminium rod and
PVC compound etc. from IMI. Whereas, it sells twisted aluminium
wire and cables etc. to IMI and KSITPL. ICPL derived more than
45% of its gross sales from group entities and procured more
around 23% of its raw material requirements from group entities
in FY17. As on July 31, 2017, ICPL has total outstanding orders
of INR51.68 crore.

Stable demand outlook for Indian transmission industry: Power
sector, in any country, is critical for the socio-economic
development. India is expected to add 278 GW of generation
capacity till FY22 including conventional and nonconventional
energy sources. Further, investments to modernize the existing
T&D network to improve efficiency augur well for the T&D sector
and for the companies engaged in business of supplying cable and
wires as well laying power transmission lines etc. The same
augurs well for suppliers of electrical equipment and structures
including ICPL.

Increasing Total Operating Income: TOI of the company has
increased at healthy CAGR of 165% during last three financial
years ending FY17 on account of increase in sales volume of the
twisted aluminum wires and cables as well as increasing trading
sales of aluminium rod and ingots. Further, the company has
started manufacturing and sale of copper wire as well in FY17.

Jaipur (Rajasthan)-based Ishwar Cables Pvt Ltd (ICPL) was
incorporated in 2006 by Mr. Rahul Choudhary and his family
members. Subsequently, in 2014, majority of shareholding was
transferred to Mr. Arpit Choudhary and Mrs Sunita Matoria. ICPL
is engaged manufacturing of aluminum wire twisted, copper wire,
cables and conductors as well as trading of aluminium wire and
ingot. It has installed manufacturing capacity of 10,000 tonnes
for aluminum wire twisted as on March 31, 2017.


KAMAL IDEAL: CARE Lowers Rating on INR15.79cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kamal Ideal Infratech Private Limited (KIIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        15.79       CARE D Revised from
    Facilities                       CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facility of KIIPL
takes into consideration the ongoing delays in debt servicing by
the company.

Detailed description of the key rating drivers

Ongoing Delays in Debt Servicing
The rating downgrade reflects the inability of the company to
service its debt obligations in a timely manner owing to its
stressed liquidity position due to slow sales progress and
customer collection.

Subdued Industry Scenario
The real estate sector is moving towards a more rational regime
with developers now focusing on project execution and delivery.
Further, with the introduction of RERA Act, the sector will move
ahead to transparent and credible measures with sustenance for
organized players. Moreover, the expected renewed interest by the
banks in funding the developers is likely to result in the timely
completion of the projects. As per market sentiments the India
Real Estate Market may not witness a sharp reversal in FY17 but
its long term the growth prospects remain strong as the sector
continues to remain troubled with issues of high unsold
inventory.

Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is
engaged in real estate development. The company is currently
developing a group housing project in Nangal Kalan village,
sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi
Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have
been involved in the real estate development of residential and
commercial properties in the NCR region.


KEVIN METPACK: CARE Reaffirms B+ Rating on INR12cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kevin Metpack Private Limited (KMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             4.00       CARE A4 Reaffirmed

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of KMPL continues to
remain constrained by small scale of operations, leveraged
capital structure and stressed coverage indicators. The ratings
are further constrained by operating losses, elongated operating
cycle, residual project execution and competitive and fragmented
nature of industry. The aforementioned rating weaknesses, however
continues to draw comfort from the experienced management in the
packaging industry and established group associates.

Going forward, the ability of the company to timely execute the
ongoing capital expansion within estimated costs and profitably
scale up its operations and improve its capital structure shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations of KMPL
continues to small as marked by total operating income (TOI)
and gross cash accruals (GCA) of INR11.05 crore and INR1.42
crore, respectively in FY16 (refers to the period April 1 to
March 31). The small scale of operations and low base of net
worth restricts the company's financial flexibility in case of
exigency.

Weak financial risk profile: KMPL's capital structure continues
to remain leveraged as evident from debt-equity and overall
gearing ratio of 4.50 times and 4.58 times, respectively in FY16.
Additionally, company's coverage indicators remained stressed as
evident from interest coverage and total debt to gross cash
accruals (TD/GCA) of -1.04 times and 28.07x, respectively in FY16
on account of operational losses and high debt levels. The
company continues to incur operating losses on account of fixed
expenses, higher depreciation charged during the year coupled
with increasing interest and finance cost resulting into negative
operating profit.

Elongated operating cycle: KMPL's operations continue to remain
highly working capital intensive as evident from elongated
operating cycle of 145 days in FY16 against 110 days in FY15. The
elongated operating cycle emanates from inventory holding and
collection period of 118 days and 36 days, respectively in FY16
against 90 days and 29 days respectively in FY15. The average
utilization of fund based working capital limits remains around
98 per cent during the trailing 12 months ending July 31, 2017.

Residual project execution risk: Company is exposed to residual
project risk, as they are undertaking capital expansion of
Rs.11.4 crore, which is funded in the ratio of debt and
equity/promoter contribution (4:1). The debt for the same has
tiedup.

The company has already placed an order for importing machinery,
which is in transit. The new facility is expected to become
operational in January 2018. Any delay in commencement of same or
any cost overrun would have a direct impact on financial risk
profile of the company.

Competitive and fragmented nature of industry: KMPL operates in a
highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. The industry is
characterized by low entry barriers due to minimal technological
inputs and easy availability of standardized machinery for the
production. This further leads to high competition among the
various players and low bargaining power with the suppliers. This
restricts KMPL's pricing power with limited ability to pass on
any increase in input cost due to intense competition, will have
an impact on profitability profile.

Key Rating Strengths

Experienced management and established promoter group: Mr. Vikas
Malu, Director of KMPL has around 20 years of experience in the
packaging industry through an association with KMPL and other
group concerns. Besides that, company has dedicated team of
production manager, quality inspector, supply chain procurement
manager, accounts and finance manager, marketing personnel, who
have around 15 years of experience of their respective field.
KMPL belongs to Kuber Group, which is managed by Mr. Mul Chand
Malu and Mr. Vikas Malu. The group has presence in diverse
businesses such as tobacco, food products, securities trading
etc.

The promoters/group associates have infused funds in the form of
unsecured loans worth INR23.10 crore in last three financial
years (FY14-FY16) to set up the manufacturing facilities, to meet
the liquidity requirement also to support the losses making
operations of the company. The amount of unsecured loans extended
by the promoters stood at INR38.23 crore as on March 31, 2016.

New Delhi-based KMP, was incorporated in November 2007 by Mr.
Vikas Malu and his family members. The main objective to setup a
new manufacturing facility to manufacture metallized cast
polypropylene and polyethylene terephthalate shrink film, and
thermoforming grade polyester for the packaging industry. The
company commenced commercial production in 2013. KMPL
manufacturing facilities are based out in Delhi and Gandhi Nagar
(Gujarat), with annual production capacity of 4100 metric tonne
per annum, as on March 31, 2017. Polyester film and amorphous
polyester resin are key raw material for manufacturing of varied
range of packaging materials, which is procured from
suppliers operating in domestic markets.


M.P. AGARWALA: CRISIL Reaffirms 'B' Rating on INR6MM Loan
---------------------------------------------------------
CRISIL has been consistently following up with M.P. Agarwala
(MPA) for obtaining information through letters and emails dated
April 12, 2017 and May 4, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           9        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              6        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 M.P.Agarwala. 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 M.P.Agarwala 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/CRISIL A4'.

Established in 2010, MPA is a proprietorship firm set up by Mr.
Mahabir Prasad Agarwala. The firm undertakes civil construction
of buildings, roads, and bridges for the public works departments
of Assam and Meghalaya, and for the North- East Council.


MAINI CONSTRUCTION: CARE Cuts Rating on INR9cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maini Construction Equipments Private Limited (MCEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.00       CARE D Revised from
   Facilities                        CARE BB-; Stable

   Short-term Bank        1.90       CARE D Revised from
   Facilities                        CARE A4


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCEPL is primarily
constrained on account of delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing
The account of the company is running irregular due to non-
payment of SLC and invocation of BG and further one of the
creditors of the company has gone to NCTL for recovery of his
dues.

Delhi-based MCEPL was incorporated in 1996 by Mr. Ajay Maini and
Mr. Pramod Maini. MCEPL is engaged in the business of
manufacturing of aluminum and steel framework, cuplock,
scaffolding and wall framework. The company also provides
consultancy services such as supervision for designing and
installation of structure. It has a manufacturing facility
situated at Bawal, Rewari having an installed capacity of 100
Tonnes Per Day (TPD) for iron scaffolding and 5 Tonnes Per Day
(TPD) for aluminum scaffolding as on March 31, 2016.

In April 2015 Mr. Pramod Maini, Director, has resigned from
company and new director Mr. Rakshak Maini was appointed in the
company.


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

-- INR80 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 1998, MGGI manufactures guar gum, guar gum powder
and guar gum mixture at its 500 quintals per day facility located
in Adarsh Nagar, Barmer, Rajasthan.


OASIS OVERSEAS: Ind-Ra Withdraws BB+ Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oasis Overseas
Exports Private Limited's (OOEPL) Long-Term Issuer Rating of 'IND
BB+'.  The Outlook was Stable. The instrument-wise rating actions
are:

-- INR202.6 mil. Fund-based working capital limits withdrawn
    with WD rating;

-- INR23.6 mil. Non-fund-based working capital limits withdrawn
    with WD rating; and

-- INR288.9 mil. Term loans due on September 2019 withdrawn with
    WD rating.

KEY RATING DRIVERS

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

COMPANY PROFILE

OOEPL was incorporated in 2007 to manufacture and sell liquor and
allied products. In 2013, the company acquired Adie Broswon
Distillers & Bottlers Pvt. Ltd. from Chadha Group of Companies,
which was constructing a 120,000 litres/day ENA manufacturing
facility in Ambala, Haryana at that time. After acquisition,
Oasis group finished the balance commissioning of the plant and
started commercial operations in May 2014.


PENTAGON ALUMINIUM: CARE Reaffirms B Rating on INR18cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pentagon Aluminium Company Private Limited (PAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              18        CARE B; Stable Reaffirmed

Detailed Rational and key rating drivers

The rating assigned to the bank facility of Pentagon Aluminium
Company Private Limited (PAPL) continues to be constrained on
account of residual project execution and stabilization risk
associated with the debt-funded green-field project and raw
material price fluctuation risk. The rating further continues to
be constrained by competitive nature of the industry and presence
of large players in the organized segment. The rating, however,
draws comfort from the experienced management.

Going forward, the ability of the company to successfully
implement the residual project within estimated time and cost
and achievability of envisaged revenue and profitability shall be
the key rating sensitivity.

Detailed description of key rating drivers

Key rating weakness

Residual project execution and stabilization risk regarding
operations: As on March 31, 2017, PAPL had incurred an
expenditure of INR13 crore towards the total project cost of
INR25.14 crore. The expenditure incurred has been funded through
term loan of INR4.50 crore and balance through promoter'. s
contribution. The term loan of INR 13 crore has already been
sanctioned by the bank and the repayment is scheduled to start
from June, 2018. Initially the company was expected to start by
September, 2016; however, due to delay in getting the requisite
clearances from government, there has been delay in commencement
of operations. The commercial operations is now expected to
commence from September, 2017 and FY19 will be the first full
year of operations. The execution of the project with the
envisaged time and cost and thereafter stabilization and
streamlining of production remains to be seen. Furthermore,
during the initial phases of operations, the capital structure of
the company is expected to remain leveraged due to capex term
loans and low capital base.

Raw material price fluctuation risk: The prices of raw materials,
especially metal such aluminium ingots, required for the
manufacturing of automobile and household appliances are volatile
in nature. Any adverse movement in the raw material prices would
adversely affect the profitability of the company. Further PAPL
is not able to pass on the rise in raw material prices to its end
consumer due to stiff competition.

Competitive nature of industry with presence of large players in
the organized segment as well as competition from imports: PAPL
operates in a competitive industry marked by the presence of
large players in the organized sector. In addition to the
competition in domestic market the company also faces competition
from imports. Furthermore, the industry is characterized by low
technological inputs and standardized machinery for the
production. Thus, going forward, this gives an opportunity to
mid-size players in the unorganized segment to enter into the
industry which would further intensify the competition for the
company.

Key rating strengths

Experienced management: Mr. Abhishek Kaushik is the managing
director of the company and holds nearly a decade of experience
in the trading of aluminum extruded products and flat rolled
products through its associate concerns and will handle marketing
department of the company. Mr. Amit Sharma is the promoter
director of the company and holds more than one and a half decade
of experience in trading of aluminum extruded products and flat
rolled products through its associate concerns and will looks
after the overall operations of the company.

Delhi-based, Pentagon Aluminum Company Private Limited (PAPL) was
incorporated in February 2014 by Mr. Amit Sharma and Ms
Shakuntala Kaushik. PAPL is setting up a manufacturing (Hot
rolling mill) unit at Una, Himachal Pradesh with the objective to
manufacture aluminum products such as aluminum sheets, plates and
coils of various shapes and sizes with proposed installed
capacity of 24000 TPA (Tonnes per annum). The key raw material
for the company would be aluminum ingots.


PIONEER NF: CRISIL Raises Rating on INR5MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Pioneer NF Forgings India Private Limited (PNFL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming the short
term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .05       CRISIL A4 (Reaffirmed)

   Cash Credit            5          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Cash
    Credit Limit          2.25       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan               .7        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that PNFL shall
sustain its operating income and profitability over the medium
term while simultaneously improving its financial risk profile,
especially liquidity. PNFL has reported revenues and operating
profitability of around INR15 crore and 11 percent respectively
for fiscal 2017, which have remained stable over the past 3 years
ended March 2017. The company is expected to generate cash
accruals of around INR1 crore per year over the medium term,
against repayment obligations of around INR0.75 crore for fiscal
2018, post which the company is expected to be term debt free.
The improvement in liquidity is also reflected in reduction in
bank limit utilisation at around 75 to 80 percent during fiscal
2017 as against 85 to 90 percent a year earlier.

The ratings reflect PNFL's small scale of operation and
susceptibility of PNFL's margins to volatility in raw material
prices. These weaknesses are partially offset by PNFL's
established business risk profile supported by diversified
revenue stream and presence in niche non-ferrous forging
components segment and its moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations
PNFL is one of the smallest players in the organised Indian
forging industry. The company's scale of operations with
estimated sales of around INR15 crore for fiscal 2017 are
significantly lower in comparison with various CRISIL-rated peers
such as Happy Forgings Ltd ('CRISIL BBB/Stable/CRISIL A3+'), and
Kalyani Forge Ltd ('CRISIL BBB+/Stable/CRISIL A2'). The
operations of PNFL are mainly carried out in the non-ferrous
forge segment, where the volumes are low and the value is high.
On account of the small market size of these specialized forges,
the scale of operations of the company will continue to remain
constrained

* Susceptibility of margins to volatility in raw material prices
PNFL's operating margin is susceptible to raw material price
volatility as it maintains large inventory. PNFL maintains an
inventory of about three months primarily consisting of steel.
However, it does not have any long-term sales contract and so its
profitability is vulnerable to any steep decline in steel prices.
The company's margins in the past three years have remained in
the range of 9 to 12 per cent due to volatility in the raw
material prices. CRISIL believes that PNFL's margins will
continue to be susceptible to volatility in raw material prices
as it maintains inventory of around three to four months.

Strengths

* Business risk profile supported by diversified revenue stream
and presence in niche non-ferrous segment
PNFL has a well-diversified revenue stream which reduces its
dependence on any one particular sector. The company has
established relationships with its customer which includes Brakes
India Limited, Mahindra and Mahindra Limited, ABB Limited, Ashok
Leyland Limited. The company is also engaged in the manufacturing
of specialised non-ferrous alloys which is a high value low
volume segment.

* Moderate Financial Risk Profile
PNFL's financial risk profile is moderate marked by a modest
networth and healthy gearing. The networth is estimated at INR5
crore as on March 31, 2017, while the gearing is expected to be
healthy at around 1 time. The capital structure is expected to be
healthy over the medium term supported by moderate accretion to
reserves and absence of debt funded capex plans. The debt
protection metrics are healthy marked by an interest coverage and
net cash accruals to total debt of around 2.5 times and 20
percent for fiscal 2017.

Outlook: Stable

CRISIL believes that PNFL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations while
maintaining its profitability, leading to healthy cash accruals.
Conversely, the outlook may be revised to 'Negative' if PNFL's
financial risk profile deteriorates because of a large debt-
funded capital expenditure (capex), or if its liquidity
deteriorates, owing to a decline in operating profitability.

Set up in 2006, PNFL manufactures forgings for the automotive and
automotive ancillaries sectors, and for the electro-mechanical
equipment sector. The operations of the company are managed by
the director, Mr. Niranjan Sankar.

PNFL reported a profit after tax (PAT) of around INR0.24 crore on
an operating income of around INR15.22 crore on a provisional
basis for fiscal 2017 against PAT of around INR0.14 crore on
operating income of around INR13.72 crore for fiscal 2016.


POLYCHEM EXPORTS: CARE Reaffirms B+ Rating on INR15cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Polychem Exports (PCEX), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-
   Term Bank
   Facilities            15.00       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities             23.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PCEX continue to
remain constrained on the back of thin operating profit margins
owing to the trading nature of operations, presence in fragmented
industry setup restricting its ability to pass on the volatility
in commodity prices to its customers, leveraged capital structure
and weak debt coverage indicators. The ratings, however, continue
to derive strength from experience of the proprietor in the dyes
& chemical trading business and need based support extended in
the form of unsecured loans to support the business operations.

The ability of the firm to improve its profitability and
rationalize the debt levels while managing its working capital
requirements efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Thin operating profit margin, moderate leverage and weak debt
coverage indicators
PCEX reported marginal decline in its operating profit margins
during FY17 on the back of low traded margins generated
during the year and its trading nature of operations. The
chemical industry is a highly fragmented and is characterized by
the presence of a large number of unorganized players which leads
to high competition in the industry. Also, on account of its
trading nature of business, the entry barriers are low leading to
stiff competition restricts firm's ability to fully pass on the
volatility in price to its customers.

It continued to operate at moderate leverage, the marginal
increase in leverage as on March 31, 2017 was on account of
infusion of funds by promoters in the form of unsecured loans
during FY17. Debt coverage along with interest coverage
marginally declined on the back of thin cash accruals owing to
thin operating profit margins.

Constitution as a partnership firm
PCEX, being a partnership firm, is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners. Further, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be key factors affecting credit
decision for lenders.

Key Rating Weaknesses
Resourceful promoters with established track record in trading
business
Polychem Exports has four partners namely Mr. Brijlal Bhatia, Mr.
Rajesh Bhatia, Mr. Rameshchandra Bhatia and Mr. Ravi Bhatia. Mr.
Brijlal Bhatia has an experience of more than four decades in
manufacturing and trading of dyes and chemicals prior to PCEX he
has experience as a proprietor of Bhatia Color Co. PCEX is
operating since the year 1994 and has a track record of
operations of more than two decades. During FY17, promoters have
infused incremental unsecured loans of INR5.29 crore which are
subordinated to bank borrowings.

Growth in scale of operations on the back of improved sales
volumes coupled with product diversification on traded products

As per the provisional results of FY17, PCEX's Total operating
income showed growth of 35% (Y-o-Y) in FY17, on the back
of improvement in Sales volumes. During FY17, PCEX ventured in
Trading of Plastic Granules, thereby adding diversification to
its existing trading portfolio.

Surat (Gujarat)-based, PCEX was established in 1994 by Mr.
Brijlal Bhatia. PCEX is engaged in trading of textile dyes,
chemicals and yarn. Currently PCEX has four partners Mr. Brijlal
Bhatia, Mr. Rajesh Bhatia, Mr. Rameshchandra Bhatia and Mr. Ravi
Bhatia. The partners collectively look after overall management
of the firm. The partners have an experience of more than three
decades in the industry.


REHMAT OVERSEAS: CARE Assigns B Rating to INR1.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Rehmat Overseas (Rehmat), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities             5.00       CARE A4 Assigned

Detailed Rationale and Key Rating Drivers

The ratings assigned to bank facilities of Rehmat Overseas
(Rehmat) are primarily constraint on account of small scale of
operations with low net worth base, low profitability margins,
leveraged capital structure and weak debt service coverage
indicators. The ratings are further, constraint on account of
high competition coupled with low entry barriers and constitution
of the entity being a partnership firm. The aforementioned
ratings weaknesses are partially offset by experienced partners
and moderate operating cycle.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Rehmat has small scale of operations
as evident from total operating income (TOI) and gross cash
accruals (GCA) of INR24.12 crore and INR0.23 crore respectively
in FY17 (refers to the period April 1 to March 31; based on
provisional results). The small scale of operations and low base
of net worth restricts the company's financial flexibility in
case of exigency.

Though, the risk is partially mitigated by the fact that the
scale of operations has been growing on y-o-y basis in last 3
financial years (FY15-FY17) with a CAGR of 60.02% and grew by
around 48% from INR16.30 crore in FY16 to INR24.12 crore during
FY17 (based on provisional results), attributable to higher
quantity sold to existing and new customers.

Low profitability margins, leveraged capital structure and weak
coverage indicators: The firm has low profitability margins since
it is operating in trading activity wherein the margins are
inherently limited owing to no value addition and competitive
nature of industry. With a view to garner increased market share,
the firm compromised on it margins and settled for little margin
of profit and also due to change in product mix, there is a
decline in PBILDT margin which stood at 2.03% in FY17 as against
3.26 %in FY16. Further, Rehmat has leveraged capital structure on
account of low net worth base and high reliance on external
borrowings in order to support working capital requirements.
Furthermore, owing to high debt levels against low profitability
position; the company has weak coverage indicators as reflected
from interest coverage and total debt to gross cash accruals
(TD/GCA) of 1.38 times and 11.72x, respectively in FY17.

Highly competitive industry & low entry barriers: Rehmat is
operating in trading of food product industry, which is highly
fragmented and competitive in nature coupled with more than two-
third of the total number of players being unorganized. Due to
low entry barriers in the industry and low value added nature of
products, high competition is the inherent risk associated with
the industry.

Key Rating Strengths

Experienced partners: Mr. Tejinder Singh and Mrs. Jagjot Kaur,
Partners have experience of around 30 years and 8 years,
respectively in trading of dry fruit business. Prior to this, Mr.
Tejinder has undertaken trading of dry fruit business, in his
personal capacity. Further, Rehmat has healthy association with
its customers and suppliers with whom partners are associated
more than 15 years.

Moderate operating cycle: Rehmat has moderate working capital
intensive evident from operating cycle of 35 days in FY17. The
firm average collection period stood at 25 days and inventory
holding period stood around 105 days, which is partially
mitigated by payable period of 95 days as on March 31, 2017. The
average utilization of working capital limit stood around 80 per
cent trailing twelve months ended May 2017.

Delhi based Rehmat is a partnership firm and was established in
March 2009. The firm is currently being managed by Mr. Tejinder
Pal Singh and Mrs. Jagjyot Kaur sharing profits & losses in the
ratio of 25% and 75% respectively. Rehmat is engaged in trading
of dry fruits. It imports dry fruits from Afghanistan, Iran and
UAE and sell the same in domestic market to wholesaler and
retailers.

Firm is operating from its office based out Khari Baoli, Delhi.


RM ROCKS: CARE Assigns 'B' Rating to INR8.0cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RM
Rocks & Sand Private Limited (RMRSPL), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RMRSPL take into
consideration short track record with small scale of operations,
leveraged capital structure and weak debt coverage indicators,
geographic concentration risk and highly fragmented industry with
intense competition from other established and upcoming players.
The ratings are, however, underpinned by the moderate experience
of promoter in rock metal industry, growth in total operating
income during review period, comfortable PBILDT margin albeit
thin PAT margin during review period, location advantage of the
quarry and stable outlook of rock metal industry.

Going forward, the ability of the company to increase its scale
of operations in competitive environment and improve its capital
structure would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations
The company though established in 2011 started its commercial
operations in October 2013. The total operating income of the
company stood at INR4.05 crore during FY17 (Prov.) with low net
worth of INR 3.04 crore as on March 31, 2017 (Prov.) as compared
to other peers in the industry.

Highly leveraged capital structure and weak debt coverage
indicators
The capital structure of the company remained leveraged for the
last three balance sheet date ended March 31, 2017 (Prov.) marked
by debt equity and overall gearing ratio of 3.25x and 3.32x
respectively as on March 31, 2017 as compared to 1.77x and 1.87x
as on March 31, 2016 on account of increase in unsecured loan,
machinery and equipment loans. The debt coverage indicators of
the company remained weak marked by total debt to GCA and
interest coverage which stood at 36.42x and 1.66x respectively in
FY17 (Prov.), due to high financial expenses and decrease in
PBILDT levels in FY17(Prov.).

Geographic concentration risk
The company is engaged in manufacturing of rock metals and sand
and supplies the finished products to its customers who are based
in Kerala. The company has around 40 customers with them and all
the customers are based in Kerala. Even though the revenue of the
company is going up y-o-y, it has geographic risk as all the
customers are based in only one region.

Highly fragmented industry with intense competition from other
established and upcoming players
The company RM Rocks & Sand Private Ltd is facing stiff
competition from many organized and unorganized players in the
business of rocking of metals and stones as many companies easily
enter into the business due to low capital intensity nature of
the business.

Key Rating Strengths

Moderate experience of promoter in rock metal industry
RMSPL was promoted by Mr. Mathai Roger who is qualified BBA and
has total 3 years'.  of experience in the field of granite and
rock industry since the inception of company. Ms Minu Roger who
is qualified Msc (Botany) and also has similar experience in rock
metal industry.

Growth in total operating income during the review period
The total operating income of the firm more than doubled from
INR1.61 crore in FY15 to INR4.05 crore in FY17 (Prov.) due
to increase in sale of rock and stones to the customers. The
company has around 40 customers in the field of home interiors
and real estate entities. Indtech Interior & Contractors Private
Limited, Sanu Industries, SeenaiEldho and Roger Mathew & company
are some of the major customers who contribute around 15 to 20
per cent of the revenue on daily basis.

Comfortable PBILDT margin albeit thin PAT margin during review
period
The company has strong PBILDT margins during review period. The
PBILDT margin of the company is fluctuating during review period
i.e., in the range of 17.31%-67.34% due to fluctuation in power
and fuel cost coupled with increase in employee cost in FY17.Due
to the above said reason coupled with fluctuating PBILDT in
absolute terms, the PAT margin fluctuated within the range of 1%-
2% and remained thin during review period.

Comfortable operating cycle
The operating cycle of the company improved and remained
comfortable at 39 days in FY17 (Prov.). The operating cycle
improved from 164 days in FY15 to 39 days in FY17 (Prov.).due to
improvement in average collection and inventory days from 71 days
and 95 days respectively in FY15 to 24 days and 18 days
respectively in FY17 (Prov.). With increase in scale of
operations, the inventory movement was relatively faster.
Furthermore, the company was able to receive payments on timely
manner over the review period due to reduction in extended credit
period. The average working capital utilization remained 90-95%
for the last twelve month ended July 31, 2017.

Location advantage of the quarry
The location of the quarry from which the company is carrying out
its business activities is 24kms from Kochi city which is
an upcoming metropolitan city. Due to the above said factor, the
customers based of Kochi and Alleppy district can reduce the
transportation cost.

Stable outlook of rock industry
India is among the leading countries in mining and export of
granite. Geographically, the southern and eastern belts of
India are abundant in granite deposits. Indian granite stone has
become most sought after and extensively used stone material in
building constructions and massive structures throughout the
world.

Kerala Based, R.M. Rocks and Sand Private Limited (RMSPL) was
incorporated in the year 2011 promoted by Mr. Rohit Mathai Roger
and Mrs. Miinu Roger. The company carries quarrying and mining of
rocks activities on its own quarry land and then converts the
blocks of rock into small stones. The rock is converted into
metal aggregate of different sizes and sells the products to its
customers Viz. Indtech Interior & Contractors Private Limited
(Interior designers), Sanu Industries, SeenaiEldho and Roger
Mathew & company among all. All the customers are based out of
Kerala.


SACHDEVA RICE: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Sachdeva Rice and
General Mills (SRGM) 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              10       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Warehouse Receipts        8       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 Sachdeva Rice and General
Mills. 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 Sachdeva Rice and General Mills 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'.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka, Punjab. The firm
processes paddy into basmati rice; it has a processing capacity
of 6 tonnes per hour.


SAMRUDDHI REALTY: CRISIL Reaffirms D Rating on INR75MM NCDs
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the INR75 crore non-
convertible debentures (NCDs) of Samruddhi Realty Limited (SRL)
at 'CRISIL D'. CRISIL has withdrawn its rating on the INR60 crore
NCDs. Of this INR60 crore, only INR40 crore was placed which has
been redeemed. The remaining INR20 crore was not issued and the
rating on these NCDs has been withdrawn based on the company's
request. The rating action is in line with CRISIL's policy on
withdrawal of ratings.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Non Convertible
   Debentures             75          CRISIL D (Reaffirmed)

The rating on INR75 crore NCDs continues to reflect delay in
paying interest due to weak liquidity. The company also remains
exposed to cyclicality inherent in the real estate sector and to
project implementation risks. However, SRL benefits from the
experience of its promoters.

Analytical Approach

For arriving at the rating, CRISIL has taken a standalone view on
SRL.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing
SRL has delayed paying interest on the INR75 crore NCDs due to
weak liquidity. This is primarily because of slowdown in sales
and customer advances. Sales are expected to remain subdued in
the near term due to continued decline in overall demand. With
significant dependence on customer advances to fund current and
future projects, liquidity is expected to remain under pressure.

* Susceptibility of cash flow to cyclicality inherent in the real
estate sector
The real estate sector is cyclical and volatile, resulting in
fluctuations in cash inflow on account of volatility in
realisations and saleability. On the other hand, cash outflow
relating to project costs and debt repayment is relatively fixed
and can lead to substantial cash flow mismatch. The residential
real estate sector has remained under pressure due to weak demand
and bearish consumer sentiment over the past few years, resulting
in increased refinancing needs.

* Project implementation risks
Although ongoing projects are in advanced stages of development,
the company remains exposed to implementation risk due to
sizeable project pipeline over the medium term. Hence, any time
or cost overrun will adversely affect repayment ability given
high dependence on customer advances.

Strength

* Moderate industry experience of the promoters
Presence of around 20 years in the real estate industry has
enabled the promoters to establish contacts with land owners and
build a healthy portfolio of ongoing and planned projects of
around 4.0 million square feet (sq ft).

Set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal, and Mr
Ravindra Madhudi, SRL develops real estate in Bengaluru and
currently undertakes only residential projects. The company has
around 1.7 million sq ft of ongoing and 2.3 million sq ft of
planned projects. SRL is listed on the Bombay Stock Exchange in
the SME segment.

Net loss was INR0.4 crore on an operating income of INR13.3 crore
in fiscal 2017, against a net profit of INR1.8 crore on an
operating income of INR47.6 crore in fiscal 2016.


SATHE SYNTHETICS: CRISIL Reaffirms B+ Rating on INR12MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Sathe Synthetics (Prop. Rakesh Fuels
Private Limited) (SS; part of Sathe Group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             12       CRISIL B+/Stable (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

CRISIL had, on July 20, 2017, reaffirmed the long-term rating to
'CRISIL B+/Stable' with an 'issuer not co-operating' remark as
the company had not provided the requisite information. It has
now shared this information, enabling CRISIL to assign ratings to
its bank facilities.

The rating continues to reflect moderate scale of operations and
exposure to intense competition. Revenue, estimated at INR115
crore in fiscal 2017, is expected to grow at 5-10% per fiscal
over the medium term backed by experience of the partners. Its
operating margins has been significantly fluctuating because of
is susceptibility to prices of its major raw material i.e.
polypropylene. Low and volatile margins have led to weak interest
cover and high total outside liabilities to adjusted networth in
SS.

Liquidity is supported by absence of debt-funded capital
expenditure (capex) plans over the medium term and sustenance of
efficient working capital management reflected in low gross
current assets (GCAs) estimated at 78 days as on March 31, 2017.

Analytical Approach

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of SS and Dev Bhoomi Textiles Private
Limited (DBTPL) (established in the year 2016 and 2016-17 was
first year of operations for the company), together referred as
Sathe group. The two entities, together referred to as the Sathe
Group, are in the same business, have the same promoters and
management. However there is no interparty transactions between
both.

Key Rating Drivers & Detailed Description

Weakness

* Low operating margin:
The major raw material is polypropylene and the group is exposed
to risks related to volatility in its prices as these are crude
oil derivatives and thus remain largely dependent on
international crude oil prices. This is also reflected in the
company's operating margin of which has remained low around 0.5
to 3per cent over the last four years through FY 2017. As a
result, CRISIL believes that Sathe group profitability will
remain vulnerable to the risk of sharp volatilities in raw
material prices.

* Moderate scale of operations:
Revenue was moderate at INR115 crore in fiscal 2017, and is
expected at INR121 crore in fiscal 2018. Yarn manufacturing is a
highly fragmented and competitive industry with the presence of
many small and medium players catering to regional demand.
Further, yarn manufacturing is a highly fragmented and
competitive industry with presence of many small and medium sized
players catering to regional demand. Moderate scale of operations
of the company constrains its barging power with its suppliers
and customers.

* Below-average financial risk profile:
SS's networth was modest, estimated at INR4.70 crore as on March
31, 2017, it is expected to grow due to steady accretion to
reserves over medium term. The total outside liabilities to
tangible networth ratio was high, estimated at 4.80 time as on
March 31, 2017, and is expected to be in the range of 4-3 times
over the medium term, due to considerable reliance on external
borrowing, despite the absence of any debt-funded capex plans.
With low profitability and high debt, SS has weak debt protection
metrics , with the interest coverage ratio at 1.49 times for
fiscal 2017 and is expected to be in the range of 1.5-2.0 times
over medium term.  Furthermore, DBTPL donot have any debt, the
company has only unsecured loans from promoters and company has
been into operations for only 6 months.

Strengths

* Extensive experience of the promoter:
The promoter has been in the multifilament yarn manufacturing
industry for more than two decades. This resulted in establishing
a healthy relationship with customers and suppliers and in
healthy revenue growth.

CRISIL expects that the business risk profile will be benefitted
by the promoter extensive experience over medium term.

Outlook: Stable

CRISIL believes Sathe group will continue to benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant improvement in the
scale of operations and profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual, or large working capital requirement, or
sizeable, debt-funded capital expenditure constrains liquidity
and weaken financial risk profile.

Established in 1995 and based in Delhi, SS is promoted by Mr
Rajiv Mohan Garg. The firm manufactures multifilament yarn used
in filter fabrics, belts, bags, tapes, and other products.

DBTPL is established in the year 2016 and 2016-17 was first year
of operations for the company. It is engaged in the manufacturing
of non-woven fabrics.

Profit after tax is estimated at INR0.96 crore on net sales of
INR115 crore for fiscal 2017; net loss was INR1.42 crore on net
sales of INR89 crore for fiscal 2016.


SHAHWAR MOTIVES: CRISIL Lowers Rating on INR7MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Shahwar Motives
Private Limited (SMPL) 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              7        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/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 Shahwar Motives 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 Shahwar Motives 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 downgraded the rating at 'CRISIL B/Stable'.

SMPL, incorporated in 2003, has been an authorised dealer for
Nissan's passenger cars since April 2004. The company has two
showrooms and one service station in Bengaluru. It sells Nissan's
passenger cars, including Teana, Micra, Sunny, Terrano, and
Datsun Go; it also sells spare parts and accessories and
undertakes servicing of vehicles.


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

-- INR0.85 mil. Term loan migrated to non-cooperating category
     with IND BB-(ISSUER NOT COOPERATING) rating.

-- INR70 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 6 May 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 2006, Faridabad-based Shakti Component Ventures
manufactures engine components at its 150 tonnes per month
facility.


SHELAR AUTOMOTIVE: CRISIL Lowers Rating on INR8.5MM Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with The Shelar
Automotive (TSA) for obtaining information through letters and
emails dated April 10, 2017 and May 08, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding       8.5       CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term      1.5       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 The Shelar Automotive. 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 The Shelar Automotive 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'.

TSA, a proprietorship firm of Mr. Samir Shelar, was established
in 1998 as Mauli Automobiles and got its present name in 2009.
The firm was initially a sub-dealer for TVS, and in 2009, became
an authorised dealer of TVS in Pune. It operates two 3S (sales-
service-spares) and two 2S (sales-spares) showrooms, all in Pune.


SHREEYASH PRATISHTHAN: CRISIL Cuts Rating on INR3.3MM Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Shreeyash
Pratishthan (Shreeyash) for obtaining information through letters
and emails dated April 10, 2017 and May 08, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     3.3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan              1.7        CRISIL B/Stable (Issuer Not
                                     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 Shreeyash Pratishthan. 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 Shreeyash Pratishthan 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'.

Established in 2007, Shreeyash is an educational trust currently
running three institutes in Aurangabad, Maharashtra, which
provide engineering and management education courses. Its
institutes are affiliated to Dr.Babasaheb Ambedkar Marathwada
University and Maharashtra State Board of Technical Education. It
is managed by its founder'president,Mr.Basavraj V Mangrule.


SIDDHRAJ INFRABUILD: CARE Assigns 'B' Rating to INR6.24cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Siddhraj Infrabuild Private Limited (SIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.24       CARE B; Stable Assigned

   Short-term Bank
   Facilities             1.52       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Siddhraj
Infrabuild Private Limited (SIPL) are constrained on account of
its fluctuating trend in scale of operations, decline in profit
levels during FY17 (Provisional, Refers to the period April 01 to
March 31), its leveraged capital structure and moderate debt
coverage indicators. The ratings are further constrained due to
geographical concentration risk and its tender driven nature of
business with presence in highly competitive construction
industry.

The ratings, however, derive strength from experienced promoters
in the similar line of business and healthy order book position
from reputed customers. The ability of SIPL to tap more projects
and diversify the client base geographically as well with
increasing return will be the key rating sensitivity. Further,
improvement in profit levels, solvency position and debt coverage
indicators would also remain crucial.

Key Rating Weaknesses

Fluctuating trend in scale of operations and decline in profit
levels
As per FY17 (provisional), total operating income of the company
declined by 85.49% to INR4.40 crore as compared with INR30.30
crore for FY16 on account of lower order execution coupled with
sub-contractorship nature of business. On the back of decline in
TOI, PBILDT and PAT reported significant decline during FY17
compared to previous year.

Leveraged capital structure and moderate debt coverage indicators
The capital structure of the company remained leveraged as on
March 31, 2017 marked by an overall gearing of 2.18 times. It
improved y-o-y on account of decline in portion of long term
loans and lower balance of unsecured loans. The debt coverage
indicators, though deteriorated remained moderate marked by total
debt to GCA of 7.90 times as on March 31, 2017 and interest
coverage of 2.74 times during FY17 Geographic concentration risk
with most of the projects concentrated in Gujarat SIPL is a
regional player in the construction industry and has executed
various projects in Gujarat that too is focused within Saurashtra
Region. SIPL majorly covers Gujarat based main states. The major
work is focused in the Gujarat region reflecting geographical
concentration risk.

Tender driven nature of business with high competitive intensity
SIPL participates in the tender passed by the government and
private construction company. Further, the construction industry
is highly fragmented in nature with presence of large number of
unorganized players and a few large organized players. Further,
the profitability also varies among the projects. Hence, the
aggressive bidding by the players in order to bag the contracts
with high competition may lead to dip in its profitability.

Key Rating Strengths

Experienced promoters in construction business
SIPL is a Private Limited Company promoted by Mr. Rajubhai
Odedra, Mr. Babulal Odedra and Mr. Karshanbhai Odedra. The
promoters of SIPL have more than two decades of experience in the
various business line of operation including construction
business.

Healthy order book position along with orders from reputed
contractor
The company is mainly into sub-contracting work and receives
contracts from 'A' class contractors like L&T Projects Limited &
Hindustan Project etc. Also, the company is receiving pipeline
plant work from certain government departments. Currently, the
company has healthy order book position of around INR51.72 crore
which is to be completed by March 31, 2018.

Ranavav (Porbandar) based and incorporated in July, 2012,
Siddhraj Infrabuild Private Limited (SIPL) is promoted and
managed by four promoters. The company is engaged into the
construction project of road, plants and earth work related
activities and is recognized as a 'Class B' contractor.


SOLAN SPINNING: CARE Assigns B+ Rating to INR8.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Solan
Spinning Mills Private Limited (SSM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            8.50        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSM is constrained
by its small and fluctuating scale of operations with low PAT
margin and susceptibility of margins to fluctuation in raw
material prices. The rating is further constrained by the
company'. s presence in highly competitive industry. The rating,
however, derives strength from experienced promoters along with
long track record of operations, moderate solvency position and
moderate operating cycle.

Going forward, the ability of the company to scale up its
operations and improve its profitability margins would remain its
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations with low PAT margin:
The company'. s scale of operations has remained small marked by
total operating income (TOI) of INR39.85 crore in FY17 (refers to
the period April 01 to March 31). Furthermore, the scale of
operations of the company witnessed a fluctuating trend during
FY15-FY17. The PBILDT margin stood moderate at 7.12% in FY17,
however, the PAT margin stood low at 0.32% in FY17.

Susceptibility of margins to fluctuation in raw material prices:
Prices of cotton bales which are dependent upon the prices of raw
cotton are volatile in nature and depend upon various factors.
Any wide fluctuation in the price of its key raw material and
inability to timely pass on the complete increase in the prices
to its customers is likely to affect the company'. s
profitability margins.

Highly competitive industry: Textile is a cyclical industry and
closely follows the macroeconomic business cycles. High
competitive intensity in the textile industry, volatility of
cotton prices and sluggish demand outlook from developed
markets are the major cause of concern for the Indian textile
industry.

Key Rating Strengths

Experienced promoters and long track record of operations: Mr.
Sansar Singh Sirohi has an industry experience of three and a
half decades through his association with SSM and other entities,
namely, Shitanshu Textiles and Vandana Textiles. Mr. Arvind Kumar
Arora and Mr. Aseem Gupta have industry experience of three
decades each. Prior to SSM, Mr. Arvind Kumar Arora was associated
with firms, namely, Arvind Handlooms and Ahuja Textiles. On the
other hand, Mr. Aseem Gupta is also associated with group
concern- Prasad Azad & Company, while Mr. Shitanshu Sirohi has
experience of five years through his association with SSM only.
Due to long track record of operations, SSM enjoys established
relationship with customers and suppliers with better
understanding of the market.

Moderate solvency position: The capital structure of the company
stood moderate with overall gearing ratio of 2.09x as on
March 31, 2017. The same improved marginally from 2.34x as on
March 31, 2016, mainly on account of repayment of term loans
coupled with lower utilization of working capital limits as on
last balance sheet date as compared with previous year. The debt
coverage indicators of SSM stood moderate marked by interest
coverage ratio of 2.44x in FY17 and total debt to GCA ratio of
6.97x for FY17 in comparison with interest coverage ratio of
2.69x in FY16 and total debt to GCA ratio of 6.70x for FY16.

Moderate operating cycle: The average operating cycle of the
company stood moderate at 70 days for FY17 (85 days for FY16).
SSM is required to maintain adequate inventory of raw materials
for smooth production process and also maintains inventory of
finished goods to meet the immediate demand of the customers.
This has led to average inventory period of 72 days for FY17 (88
days for FY16). The same improved from previous year due to
decrease in finished goods inventory level. The company offers a
credit period of upto 10 days to its customers and receives a
similar credit period from its suppliers. As per the banker, the
average utilization of the working capital limits remained at 85%
for the last 12 months period ended May 2017.

Solan Spinning Mills Private Limited (SSM) was incorporated in
August 2003 as a private limited company and is currently being
managed by Mr. Shitanshu Sirohi, Mr. Aseem Gupta, Mr. Sansar
Singh Sirohi and Mr. Arvind Kumar Arora, as its directors. SSM is
engaged in the manufacturing of grey cotton yarn of varied counts
ranging from 18s to 30s at its manufacturing facility located in
Baddi, Himachal Pradesh, with total installed capacity of
manufacturing 3500 tonnes of cotton yarn per annum as on
March 31, 2017. The cotton yarn manufactured by the company is
used in the manufacturing of denims, bed sheets, curtains, pillow
covers, etc.


SRI GOWRI: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Sri Gowri Cashews
(SGC) 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              6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term       .51      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/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 Sri Gowri Cashews. 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 Sri Gowri Cashews 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 as a proprietorship firm in 2006, SGC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi District,
Karnataka, has capacity to process around 8 tonnes of cashew
kernels per day. The operations are managed by the proprietor,
Mr. Mohan Das Hegde.


SWE FASHIONS: CRISIL Cuts Rating on INR7.0MM Term Loan to B
-----------------------------------------------------------
CRISIL has been consistently following up with SWE Fashions
Private Limited (SFPL) for obtaining information through letters
and emails dated November 11, 2016 and December 14, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          .02        CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit            5.00        CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit       1.00        CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term     0.98        CRISIL B/Stable (Issuer Not
    Bank Loan Facility                Cooperating; Downgraded
                                      from 'CRISIL B+/Stable')

   Term Loan              7.00        CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B+/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 SWE Fashions 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 SWE Fashions 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
downgraded the long term rating to 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter-director, Mr.
S Princeton, oversees the company's daily operations. The
promoter began operations through a proprietorship firm, Snow
White Enterprises, which was acquired by SFPL in April 2014.


UNITED CONSTRUCTIONS: CARE Assigns B+ Rating to INR10.60cr Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of United
Constructions and Projects (Bangalore) Private Limited (UCPPL),
as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.60      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of United
Constructions and Projects (Bangalore) Private Limited (UCPPL) is
constrained by its small scale of operations with declining total
operating income, leveraged capital structure, long duration for
completion of projects, margin susceptible to change in raw
material prices and customer concentration risk. The rating,
however, derives strength from experienced management in
construction industry, assured flow of rental income from reputed
client, strong profitability margins and satisfactory debt
coverage indicators.
Going forward, ability of the firm to execute orders in a timely
manner along with improvement in the capital structure is
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced top-management: The directors of the company, Mr.
Shahid Mohsin and Mr. Ashok Kumar Rai, have a business experience
of more than 15 years in the construction industry. Mr.Ashok
Kumar Rai, the Managing Director of the company manages the
overall functioning of the company. Furthermore, the company has
a team of well qualified and experienced personnel and has well
classified divisions for smooth execution of the projects in
future

Regular flow of rental income: UCPPL entered into a rental
contract of the warehouse with HCBPL for 15 years. The agreement
contains price escalation clause by which the rentals increase by
15% every 3 years. The maintenance of the warehouse is the
responsibility of the UCPPL. Currently, the monthly rental of the
warehouse is about INR40 Lakh. This price is due to be revised in
FY17 as per agreement.

Strong profitability margins and satisfactory debt coverage
indicators : The company has strong PBILDT margins due to lower
maintenance cost associated with managing the warehouse. The
PBILDT margin of the company stood at 98.25% in FY16 compared to
99.06% in FY15 due to increase in cost of maintenance of the
warehouse. The PAT margin of the company also declined from
44.18% in FY15 to 40.81% in FY16 due to decrease in PBILDT and
increase in amount of tax paid.

The debt coverage indicators marked by interest coverage and
TD/GCA remained satisfactory at 2.95x and 5.38x respectively in
FY16, in spite of high debt levels and financial expenses, due to
strong profitability margins and satisfactory cash accruals
commensurate to the size of operations.

Key Rating Weaknesses

Small scale of operations with declining total operating income
and leveraged capital structure : The tenant HCBPL advanced INR2
crore to UCPPL during the construction period of the warehouse.
HCBPL has been adjusting this advance by deducting an amount
equal to INR14.75 lakh for a period of 25 months starting from
March,2015. This has resulted in the decline of the total
operating income to INR4.44 crore in FY16 as compared to INR 4.60
crore in FY15. The company has leveraged capital structure due to
low networth and high debt levels associated with term loans
raised for construction of warehouse. However, the capital
structure marked by an improving overall gearing ratio which
stood at 3.14x as on March 31,2016 as compared to 6.71x as on
March 31, 2015 due to reduction in debt levels and improving net
worth of the company.

Long duration for completion of projects: UCPPL is involved in
construction of warehouses as per the requirements of the client.
The completion of the construction of the warehouses takes
considerable amount of time during which no income is generated.
Thus, the expenditure incurred is not absorbed by any income
resulting in high creditor period.

Margin susceptible to change in raw material prices: The prices
of raw materials i.e. sand, cements, bricks and steel etc. have
remained fluctuating in past and are also dependent upon the
availability of these raw materials. Further, the average cost of
unskilled labour has reflected increasing trend in the recent
past. Hence, UCPPL remains exposed to raw material and labour
price fluctuation risk and any adverse movement in the key raw
material or unskilled labour cost may have direct bearing on the
net margins of the UCPPL.

Customer concentration risk: UCPPL has one warehouse in Bidadi
area of Karnataka which is rented to Hindustan Coca-Cola
Beverages Private Limited (HCBPL) for 15 years. These rentals
contribute to the entire operating income of the company thus
resulting in customer concentration risk to the company.

United Constructions and Project (Bangalore) Private Limited
(UCPPL) was incorporated in the year 2005 by Mr. Shahid Mohsin as
a private limited company. Though the company was incorporated in
2005, the commercial operations commenced only in 2014. It is
involved in the business of providing warehousing services to
various domestic and multinational companies. UCPPL purchases the
land and constructs the warehouses as per the requirements of the
client and gives them on lease/rent. Currently, it has a
warehouse in Bidadi, Karnataka and has leased it out to Hindustan
Coca- Cola Beverages Private Limited (HCBPL) for 15 years. The
warehouse is currently 100% occupied and is generating monthly
rental income of approximately of INR 40 lakhs per month. The
funding of the project was done through the deposit of 10 months
rental collected in advance from the client, loans from the
financial institutions and unsecured loans infused by the
promoters. The current warehouse is built in an area of about 10
acres out of the 14.50 acres of the land owned by the company.
The company is currently negotiating with HCBPL regarding the
expansion of the current warehouse in the remaining land.


V S EDUCATION: Ind-Ra Assigns 'B' Rating to INR75MM Bank Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned V S Education
Foundation's (VSEF) bank facility the following rating:

-- INR75 mil. Term loan issued on Mar 2017, due on March 2024
    assigned with IND B/Stable rating.

KEY RATING DRIVERS

The rating is constrained by VSEF's limited operational track
record. The foundation runs a school - Delhi Public World School
(DPWS) Ludhiana - which commenced operations in April 2017 and
had 26 students in the first academic session 2017-2018.

Ind-Ra expects VSEF to report scale of operations, debt/current
balance before interest and depreciation (CBBID), debt service
coverage ratio and interest service coverage ratio as projected
by the management for FY18 with a sustained improvement in CBBID,
driven by headcount and tuition fee growth.

The trust plans to incur INR159.22 million capex during FY18-
FY21, which will be funded majorly through internal accruals or
equity infusion. The required capex is meant for maintenance and
advancement of the existing infrastructure and construction of a
new building within the same campus.

The rating is further supported by VSEF's collaboration with DPS
World Foundation (DPSWF) which operates the established brand of
Delhi Public World Schools, and the likelihood of a high demand
for DPWS Ludhiana on account of the Central Board of Secondary
Education curriculum and infrastructure quality in the city.

Moreover, the collaboration model allows VSEF to concentrate on
developing efficient and cost-effective operating systems and
delivery mechanisms, and reduce brand-building efforts.

RATING SENSITIVITIES

Negative: Any unexpected fall in the student demand, along with a
higher-than-expected rise in debt-led capex, resulting in a
strained liquidity position could trigger a negative rating
action.

Positive: A sustained rise in student enrolment leading to a
higher income resulting in an improved liquidity position could
trigger a positive rating action.

COMPANY PROFILE

VSEF was established in 2015 by Mr. Vishal Kansal. The trust has
established its first school in collaboration with DPSWF
Ludhiana, Punjab. The school offers education from Nursery to
Class VII.



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


* Hundreds of Disabled Workers Laid Off Amid Workshop Closures
--------------------------------------------------------------
Kyodo News Agency reports that hundreds of people with
disabilities have been laid off because workshops supporting
their employment have closed due to financial difficulties,
sources close to the matter said on August 22.

About 280 people employed at a total of seven workshops run by
two entities in western Japan prefectures were laid off in July,
while another company operating workshops in central and eastern
Japan is preparing to shut them down later this month, possibly
affecting around 100 workers, the sources said, Kyodo relates.

Kyodo says workshop operators receive state subsidies according
to the number of disabled workers accepted.

The labor ministry, however, introduced tougher criteria for the
subsidies in April in an effort to encourage the workshops to be
operated on a sound financial footing without relying heavily on
public funds, according to Kyodo.

Under a revised ministerial ordinance, operators have been
prohibited from using state-provided benefits to pay the workers'
wages, Kyodo says.

Kyodo notes that the benefits have been provided to workshop
operators offering vocational training to people with
disabilities on condition that job contracts are signed and the
workers are guaranteed minimum wages set by prefectural
governments. Over 40 percent of the workers have mental
disorders.

For example, at least JPY5,000 per worker is paid to the operator
of a workshop employing 20 people or less, Kyodo says.

According to Kyodo, the number of workshops has increased sharply
in recent years, with around 3,600 as of fiscal 2016 compared
with about 700 in fiscal 2010. But the number that closed in
fiscal 2015 doubled from the previous year to 141.

While critics claim some of the companies involved lack
motivation to operate profitably without overly relying on the
state subsidies, an official at the Health, Labor and Welfare
Ministry said it is "difficult to tell" which companies truly
intend to make their businesses self-supporting, Kyodo states.

Kyodo says the ministry is looking into workshop operators'
financial conditions and is urging those laying off workers to
help them find new jobs.  But even if the laid-off workers are
able to find new jobs, experts say it could take up to a year for
mentally disabled people to adapt to their new environments.

In Kurashiki, Okayama Prefecture, five workshops run by the two
entities abruptly notified their employees on June 29 that they
would be laid off in one month's time. A total of 223 people were
laid off in late July, Kyodo discloses.

Kyodo says two more workshops in Takamatsu, Kagawa Prefecture,
operated by one of the two entities, were also shut down in late
July, with 59 people laid off.

Many of the workers will continue to look for jobs while
receiving unemployment benefits, the sources said, adds Kyodo.



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


EKA NOODLES: Shell Malaysia Demands Payment for Fuel
----------------------------------------------------
Eka Noodles Berhad said that Kilang Bihun Bersatu Sdn Bhd
("KBBSB") and Kilang Bihun Bersatu (East Malaysia) Sdn Bhd
("KBBEM"), the Company's wholly-owned subsidiaries had on
Aug. 15, 2017 been served with the Notices of Demand in relation
to the sum due and owing to Shell Malaysia Trading Sdn Bhd
("SMTSB").

According to the Notices dated Aug. 10, 2017, KBBSB and KBBEM
respectively had incurred the sum of MYR45,374.83 and MYR1,856.59
worth of fuel transactions following the usage of the Shell
Standard Fleet Card at various petrol stations in Malaysia.

SMTSB had through a firm of lawyers acting on its behalf demanded
the sum of MYR45,374.83 and MYR1,856.59 due and owing by KBBSB
and KBBEM respectively to be paid within 7 days from Aug. 10,
2017, failing which SMTSB would commence legal proceedings
against KBBSB and KBBEM for the recovery of the total outstanding
sum together with all interest and costs without further
reference to KBBSB and KBBEM.

EKA Noodles Berhad (KLSE:EKA) -- http://www.ekanoodles.com/-- is
an investment holding company. The Company is engaged in the
manufacturing and marketing of various types of rice, sago sticks
(vermicelli), sago starch and related products in Malaysia. The
Company's product categories include Bihun, Bihun Siam, Instant
Bihun, Laksa, Instant Noodles and Others. The Company's brands
include Bihun EKA, Laksa EKA and Instant Noodle EKA. The Company,
through its subsidiaries, is engaged in manufacturing and trading
of beehoon and beehoon laksa, and manufacturing and trading of
noodles and its related products. The Company sells its products
primarily to small wholesalers and retailers. The Company's
subsidiaries include Kilang Bihun Bersatu Sdn. Bhd., Rasayang
Food Industries Sdn. Bhd., Bersatu Noodles Industries Sdn. Bhd.,
EKA Foodstuff Sdn. Bhd. and Kilang Bihun Bersatu (East Malaysia)
Sdn. Bhd.

EKA Noodles Berhad has been considered a PN17 Company pursuant to
Paragraph 8.04 and Paragraph 2.1 (a) of Practice Note 17 (PN17).

The PN17 criteria was triggered as EKA's shareholders' equity on
a consolidated basis is 25% or less of the issued and paid-up
capital of EKA and such shareholders' equity is less than
MYR40.0 million in EKA's unaudited interim financial results for
the 2nd quarter ended June 30, 2016.


TH HEAVY: Net Loss Widens to MYR16.8MM in Q2 Ended June 30
----------------------------------------------------------
Sun Daily reports that TH Heavy Engineering Bhd (THHE) saw its
net loss widen to MYR16.8 million in the second quarter ended
June 30, 2017 on lower fabrication activities and unrealised
foreign exchange loss of MYR1.4 million.

This came on a more than two-thirds fall in revenue to MYR2.4
million for the quarter under review, compared with MYR7.7
million for the same quarter in 2016, Sun Daily discloses. The
group made a net loss of MYR6.8 million in Q2 of 2016.

The group, which is trying to regularise its financial condition
through a scheme of arrangement with its creditors that is yet to
be revealed, is cautiously optimistic of its business prospects,
the report says.

Sun Daily relates that the group said it expects the fabrication
business to remain challenging in view of the present competitive
environment and capital expenditure cut by major oil companies.

THHE, however, has ventured into shipbuilding, with plans to
expand into refurbishment and maintenance works and non-oil and
gas-related fabrication works, which are expected to provide more
stable and recurring income, the report notes.

As at June 30, 2017, the group, via THHE Destini Sdn Bhd, a
joint-venture company between THHE Fabricators Sdn Bhd and
Destini Shipbuilding and Engineering Sdn Bhd, has an order book
for supply, delivery, testing and commissioning of three offshore
patrol vessels for Malaysian Maritime Enforcement Agency of
MYR738.9 million, according to Sun Daily.

Net loss for the six months ended June 30, 2017, however,
narrowed slightly to MYR38 million for the period, compared with
a net loss of MYR40.3 million for the same period in 2016. This
was on a 79% fall in revenue to MYR4.6 million for the six-month
period, compared with MYR22.2 million for the same period in
2016, Sun Daily discloses.

The stock closed unchanged at 5 sen, with 535,000 shares traded.
It has a market capitalisation of MYR56.1 million, Sun Daily
notes.

                        About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel
structures and the provision of other related offshore oil and
gas engineering services in Malaysia. The Company operates
through three segments: Construction services, Offshore crane
works and Others. The Construction services segment includes
engineering, procurement, construction, installation and
commissioning (EPCIC) capabilities. Its EPCIC activities include
fabrication, construction and maintenance of offshore structures;
construction and maintenance of onshore plants; offshore and
onshore crane manufacturing and servicing; marine operations and
support services; hook-up and commissioning (HUC), and engineered
packages. The Others segment includes management services and
transportation services. Its subsidiary, O&G Works Sdn. Bhd.,
produces a range of marine and offshore pedestal cranes.

TH Heavy slipped into Practice Note 17 (PN17) status in April
this year after the company's independent auditors expressed a
disclaimer opinion on its accounts for the financial year ended
Dec. 31, 2016.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***