TCRAP_Public/170920.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

         Wednesday, September 20, 2017, Vol. 20, No. 187

                            Headlines


A U S T R A L I A

BIGWAY INTERIORS: First Creditors' Meeting Set for Sept. 27
CIVCOMM: NBN Subcontractor Enters Administration
DARRYL'S BOBCAT: First Creditors' Meeting Set for Sept. 27
FINELINE HOME: Administrators Looking to Sell Business & Assets
FITHEALTH NUTRITION: First Creditors' Meeting Set for Oct. 2

KELLY LAW: First Creditors' Meeting Set for Sept. 27
KITCHEN DESIGN: First Creditors' Meeting Set for Sept. 28
TEN NETWORK: Creditors Back CBS Takeover Bid


C H I N A

TEXHONG TEXTILE: S&P Affirms 'BB' CCR on Adequate Cash Flow


H O N G  K O N G

SPI ENERGY: Agrees to Amend Deposit Agreement With BNY Mellon


I N D I A

AKILESH SELVA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
ASHIRBAD REAL: CRISIL Assigns B+ Rating to INR16.25MM Loan
ASOKE TIMBER: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
BAJAJ ENERGY: Ind-Ra Lowers Bank Loans Rating to BB-
BHOPAL SWITCHGEARS: Ind-Ra Migrates B+ Rating to Not Cooperating

BHRAMARI STEELS: Ind-Ra Moves BB+ Rating to Non-Cooperating
CALZINI FASHIONS: CRISIL Lowers Rating on INR7MM Cash Loan to B+
DEE-TECH PROJECTS: Ind-Ra Migrates BB Rating to Non-Cooperating
ELA NIRMAN: CRISIL Lowers Rating on INR3MM Cash Loan to 'D'
ENTECH OIL: CRISIL Lowers Rating on INR3.5MM Loan to B

GAYATRI SUGARS: CRISIL Reaffirms 'D' Rating on INR67.59MM Loan
IMPERIAL TUBES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
INDEXPORT LEATHER: Ind-Ra Migrates B+ Rating to Not Cooperating
INDIAN PEROXIDE: CRISIL Lowers Rating on INR62MM LT Loan to 'B'
JK SURFACE: CRISIL Lowers Rating on INR9MM Loan to 'D'

JOSCO FASHION: CRISIL Lowers Rating on INR123.5MM Cash Loan to B
KAVYARC TRADEX: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
MEENAKSHI ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR10MM Loan
NADAR PRESS: CRISIL Reaffirms B- Rating on INR4.91MM Term Loan
NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR14.44MM Cash Loan

PNP ENGINEERING: CRISIL Reaffirms B+ Rating on INR11MM LT Loan
RISHABH SOFTWARE: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
RUCHI SOYA: DBS Bank, StanChart Files Insolvency Process vs. Firm
SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR7MM Loan
SANJAY AGRAWAL: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

SARTHAK ENTERPRISE: CRISIL Reaffirms B+ Rating on INR2.75MM Loan
SECL INDUSTRIES: Ind-Ra Moves D Issuer Rating to Non-Cooperating
SHIVSHAKTI BARRELS: Ind-Ra Migrates B+ Rating to Non-Cooperating
SHREE GANESH: CRISIL Lowers Rating on INR9.47MM LT Loan to 'D'
SHREE JEE: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating

SHRI HARDAYAL: CRISIL Reaffirms B+ Rating on INR5.7MM Cash Loan
SHUBHYAN MOTORS: CRISIL Lowers Rating on INR6.3MM Loan to D
SHUKAN MICRO: CRISIL Reaffirms 'B' Rating on INR11.25MM Term Loan
SINCON INFRASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating
SREEMA MAHILA: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan

SRI SAI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SRI SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR6MM Loan
SUN FOODS: CRISIL Reaffirms 'B' Rating on INR10.5MM Cash Loan
SWAGATTAM PLASTICS: Ind-Ra Migrates B+ Rating to Non-Cooperating

TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch Developing
TULSI ROCKS: CRISIL Lowers Rating on INR15MM LT Loan to 'D'
V.S. BUILDCON: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan


S I N G A P O R E

TENDCARE MEDICAL: Placed Under Judicial Management


                            - - - - -


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


BIGWAY INTERIORS: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bigway
Interiors Pty. Ltd will be held at the offices of Farnsworth
Shepard, Level 5, 2 Barrack Street, in Sydney, NSW, on Sept. 27,
2017, at 3:00 p.m.

Benjamin Carson of Farnsworth Shepard was appointed as
administrator of Bigway Interiors on Sept. 16, 2017.


CIVCOMM: NBN Subcontractor Enters Administration
------------------------------------------------
Brendon Foye at CRN reports that QC Communications has wound up a
subcontractor following a spat over unpaid invoices.

According to the report, Sydney NBN subcontractor Civcomm was
accused of fraud by a NSW Supreme Court Judge after claiming it
was owed close to AUD150,000 in unpaid invoices for work performed
on behalf of QC.

QC stopped paying Civcomm after an audit conducted by NBN Co
looking into issues with the contractor's performance. Despite the
audit, Civcomm went ahead with commissioning an adjudicator to
chase its alleged outstanding payments, the report says.

CRN relates that Justice Michael Ball dismissed Civcomm's claims,
saying that the adjudicator's document was "procured by fraud" and
alleged that Civcomm regularly falsely topped up invoices.

Civcomm was accused of hiding fake charges in its invoices to QC,
which said it could not be compelled to pay the false invoices in
light of the evidence, the report notes.

After the court heard evidence from workers charged with digging
bores to lay cables, Mr. Ball said: "Amounts were claimed in the
invoices submitted by Civicomm to QC Communications for work done
at particular addresses which were not shown on the invoices
submitted by the subcontractors for the work that they did at
those addresses," CRN relays.

Civcomm's claim was dismissed, and the company was ordered to pay
for the costs of the proceedings. At the time, QC said it would
undertake a forensic investigation into Civcomm's invoices and
would go after the firm for any money it was owed, if necessary,
the report relays.

Administrators from SV Partners told CRN it was unclear how much
Civcomm owed to QC Communication, pending further investigation.


DARRYL'S BOBCAT: First Creditors' Meeting Set for Sept. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Darryl's
Bobcat Pty. Limited will be held at the offices of PKF, 755 Hunter
Street, in Newcastle, West NSW, on Sept. 27, 2017, at
9:30 a.m.

Simon John Thorn of PKF was appointed as administrator of Darryl's
Bobcat on Sept. 18, 2017.


FINELINE HOME: Administrators Looking to Sell Business & Assets
---------------------------------------------------------------
Eli Greenblat at The Australian reports BDO's Andrew Sallway and
James White, as administrators to Fineline Home Products Pty Ltd,
are calling for expressions of interest in the business and its
assets, which includes the retail outlets and stock as well the
business's intellectual property including its brand name.

"We are currently continuing to trade with a view to sell the
business," the report quotes Mr. Sallway as saying.

Fineline Home also trades as homewares retailer Moss River through
eight retail stores in Australia.  In New South Wales, Moss River
has stores in Woollahra, Waterloo, Mosman and Bowral. The business
operates a store in Fortitude Valley in Queensland, along with
three Victorian stores in Toorak, Canterbury and Carlton in
Melbourne.

"Since BDO's appointment, 3 stores have closed - Hyde Park in
South Australia, Hawksburn in Victoria and Mona Vale NSW - however
there is no intention to close further stores at this time," Mr.
Sallway, as cited by The Australian, said.

It's not the first time the chain has collapsed as Moss River went
into administration in July 2015 when it was owned by Residential
Homewares, the report adds.

The Moss River homewares retail chain has been in business since
1978 and specialises in manchester and premium linen. Its stores
are spread across Queensland, New South Wales and Victoria and
include sites in up-market suburbs such as Mosman and Woollahra in
Sydney and Canterbury and Toorak in Melbourne.  It employs
approximately 40 people.


FITHEALTH NUTRITION: First Creditors' Meeting Set for Oct. 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fithealth
Nutrition Pty Ltd will be held at the offices of Romanis Cant,
Level 2, 106 Hardware Street, in Melbourne, Victoria, on Oct. 2,
2017, at 11:00 a.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Fithealth Nutrition on  Sept. 19,
2017.


KELLY LAW: First Creditors' Meeting Set for Sept. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Kelly Law
Pty Ltd will be held at the offices of David Clout & Associates,
105A Bowen Street, in Spring Hill, Queensland, on Sept. 27, 2017,
at 11:00 a.m.

David Clout and Patricia Talty of David Clout & Associates were
appointed as administrators of Kelly Law on Sept. 15, 2017.


KITCHEN DESIGN: First Creditors' Meeting Set for Sept. 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Kitchen
Design Studio Australia Pty. Ltd. will be held at 165 Camberwell
Road, Hawthorn East 3123, on Sept. 28, 2017, at 10:00 a.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Kitchen Design on Sept. 19, 2017.


TEN NETWORK: Creditors Back CBS Takeover Bid
--------------------------------------------
Edward White, Hudson Lockett and Jamie Smyth at The Financial
Times reports that creditors of Ten Network on Sept. 19 voted in
favor of a takeover bid from CBS Corp, after the US broadcaster
sweetened its offer at the eleventh hour.

Just ahead of the meeting on Sept. 18, CBS upped its offer after a
rival bid linked to Rupert Murdoch's News Corp was raised late
last week, the FT relates.

According to the FT, the new proposal from CBS increased from
AUD3.4 million to AUD12 million the amount paid out to 21st
Century Fox (controlled by Mr. Murdoch) in the event that a deal
cannot be negotiated to allow Ten Network to continue carrying Fox
programming.

According to a note from the company's receivers, CBS's takeover
remains subject to approvals from the court and the Australian
Foreign Investment Review Board, the FT says.

The FT relates that details of the original CBS bid, released last
week as part of a report to Ten's creditors by KordaMentha, put
the total value at AUD201.1 million ($162 million). Unsecured
creditors will be paid AUD40.5 million under the CBS's latest
offer, compared to a pay out of AUD35 million under a rival bid
from a consortium led by Lachlan Murdoch, co-chairman of News
Corp.

According to the report, the result is a bitter blow to
Mr. Murdoch and his consortium partner Bruce Gordon, an Australian
media magnate, who have lost hundreds of millions of dollars on a
television network that ranks a distant third among Australia's
three main commercial TV networks.

Ten was placed in administration in July after support for a loan
guarantee was withdrawn by its Australian backers -- Mr. Murdoch,
casino magnate James Packer and Mr. Gordon. CBS, which was Ten
Network's biggest creditor, surprised the consortium led by Mr.
Murdoch by tabling a rival offer for Ten last month. It won the
support of Ten employees, who voted in favor of the CBS offer at
the creditors meeting, the FT relates.

"We are very happy with the vote. It's a good day for Channel Ten
and we look forward to the future," the FT quotes a CBS
representative attending the creditors meeting as saying.

The FT quotes Christopher Hill, Ten receiver and manager as well
as PPB Advisory partner, as saying "We believe the approval of
CBS's [deed of company arrangement] represents a positive outcome
for creditors, and ensures the iconic broadcaster continues on a
strong and stable footing under the ownership of one of the
world's largest media organisations."

                        About Network Ten

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.

Network Ten was forced to go into voluntary administration in June
2017 when its billionaire shareholders backed out from
guaranteeing a loan for the Company. KordaMentha Restructuring
partners Mark Korda, Jenny Nettleton and Jarrod Villani were
appointed as voluntary administrators.



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


TEXHONG TEXTILE: S&P Affirms 'BB' CCR on Adequate Cash Flow
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
rating on China-based textile manufacturer Texhong Textile Group
Ltd. The outlook is stable.

S&P said, "We affirmed the ratings on Texhong because we expect
the company will maintain its current liquidity levels over the
next 12 months, even under a hypothetical sovereign stress
scenario for Vietnam (BB-/Stable/B). The affirmation also reflects
the company's significant working capital cash inflow and reduced
short-term debt in the first half of 2017. Our view over the next
12 months takes into account that the company will likely increase
its short-term debt and working capital outflow in the second half
of 2017 given the procurement of prepaid cotton inventory.
However, we expect working capital and debt levels to normalize
again in the first half of 2018 as the company works through its
prepaid cotton inventory. We expect this cycle to occur annually.

"Although Texhong's EBITDA margins in the first half of 2017 came
in below our initial expectations due to slower demand and higher
cotton prices, we expect margins to improve in the second half on
better demand and stabilizing Chinese cotton prices. We largely
maintained our base-case estimates for 2018 and 2019 on higher
revenue growth, given planned capacity expansion, offset by lower
profit margins.

"We still expect Texhong to maintain sufficient liquidity to meet
its financial obligations even in a hypothetical sovereign stress
scenario for Vietnam. We assume that Vietnam represents about 45%
of the company's total production and only 25% of operating cash
flows from Vietnam can be used to repay the company's foreign
debt. Moreover, we expect Texhong to retain control of its
treasury functions at the parent company such that its cash
balance at its Vietnam subsidiary is limited, reducing exposure to
sovereign risks.

"The stable outlook reflects our expectation that Texhong's
increasing capacity in Xinjiang and Vietnam will continue to drive
strong sales volume growth over the next 12 months. We also expect
the company to maintain its debt-to-EBITDA ratio at around 2x. We
anticipate that the company will actively manage its capital
structure and working capital movements, such that it will have
sufficient liquidity to fulfill financial obligations even in a
hypothetical sovereign stress scenario for Vietnam.

"We could lower the rating if Texhong's debt-to-EBITDA exceeds
3.0x on a sustainable basis given higher-than-expected debt-funded
investment or a deterioration in the company's profitability and
cash flow due to volatile cotton and yarn prices. We could also
downgrade Texhong if its liquidity buffer decreases more than we
expect due to sustained high levels of working capital outflow and
an increase in short-term debt. If we lower the sovereign rating
on Vietnam, we could also downgrade Texhong if there are no
significant improvements in its liquidity buffer under a
hypothetical sovereign stress scenario for Vietnam.

"We could raise the rating if Texhong improves its debt-to-EBITDA
ratio to near 1.5x and materially improves its liquidity buffer on
a sustainable basis to meet its short-term liquidity needs even
under a hypothetical sovereign stress scenario for Vietnam."



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


SPI ENERGY: Agrees to Amend Deposit Agreement With BNY Mellon
-------------------------------------------------------------
SPI Energy Co., Ltd. entered into an amendment with The Bank of
New York Mellon, as depositary of the Company's American
Depositary Shares (ADSs), to amend the Deposit Agreement dated as
of Nov. 5, 2015, among the Company, the Depositary, and all owners
from time to time of ADSs issued thereunder.

The Amendment provides that upon the termination of the Deposit
Agreement all outstanding ADSs will be exchanged on a mandatory
basis for ordinary shares of the Company. The Amendment will
become effective on Sept. 18, 2017.

                          About SPI Energy

Hong Kong-based SPI Energy Co., Ltd. (NASDAQ:SPI) --
http://www.spisolar.com/-- is a global provider of photovoltaic
(PV) solutions for business, residential, government and utility
customers and investors. SPI Energy focuses on the EPC/BT, storage
and O2O PV market including the development, financing,
installation, operation and sale of utility-scale and residential
PV projects in China, Japan, Europe and North America. The Company
operates an online energy e-commerce and investment platform in
China, as well as B2B e-commerce platform offering a range of PV
and storage products in Australia. The Company has its operating
headquarters in Hong Kong and maintains global operations in Asia,
Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities, and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. The auditors said these factors
raise substantial doubt about the Group's ability to continue as a
going concern.



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


AKILESH SELVA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Akilesh Selva Maligi (ASM). The rating
reflects a modest scale of operations and susceptibility to
competition in the gold retail business and volatility in gold
prices. These weaknesses are partially offset by the extensive
industry experience of the proprietor and an established
relationship with suppliers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm was started in June 2017
and is expected to report modest scale of operations in its first
year.

* Susceptibility to competition in the gold retail business and
volatility in gold prices: The jewellery business in South India
is extremely competitive and fragmented, providing little scope
for differentiation. Gold prices are also susceptible to changes
in government policies.

Strengths

* Industry experience of the proprietor and an established
relationship with suppliers: The proprietor has an experience of
30 years in the jewellery industry and has thus been able to
establish a strong relationship with suppliers. This should
continue to support the business risk profile.

* Moderate financial risk profile: The firm is expected to report
moderate financial risk profile supported by proprietor's funds to
set up and support initial operations.

Outlook: Stable

CRISIL believes ASM will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of an increase in the scale of operations
and profitability, resulting in a better financial risk profile.
The outlook might be revised to 'Negative' in case of higher-than-
expected debt-funded capital expenditure or a stretched working
capital cycle, leading to deterioration in the financial risk
profile.

ASM was established by Mr. S Ekambaram in June 2017. The firm
retails gold, silver, and diamond jewellery at its store in Salem,
Tamil Nadu.


ASHIRBAD REAL: CRISIL Assigns B+ Rating to INR16.25MM Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Ashirbad Real Estate And
Transport Private Limited (ARETPL). The ratings reflect a modest
scale of operations, high customer concentration, fluctuating
operating margin, and small networth. These weakness are partially
offset by promoters' extensive experience and healthy unexecuted
orders.

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Proposed Cash Credit Limit    4        CRISIL B+/Stable
   Proposed Bank Guarantee      16.25     CRISIL B+/Stable
   Long Term Loan                7.4      CRISIL B+/Stable
   Bank Guarantee                2.35     CRISIL A4
   Cash Credit                   2        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and high customer concentration: The scale is
modest as reflected in revenue of INR12.2 crore in fiscal 2017.
The revenue has been volatile at INR6-20 crore in the past four
fiscals because of monsoons, and labour strike. Furthermore, high
level of client concentration exposes the company to risk of
delays or change in investment plans of a single client.

* Small networth and average capital structure: The financial risk
profile is constrained by a small networth of INR4.29 crore as on
March 31, 2017, driven by modest scale and low accretion to
reserve. Small networth restricts the financial flexibility, and
ability to scale up operations and meet incremental working
capital requirements.

Strength

* Promoters' extensive experience, and healthy unexecuted orders:
The promoters' experience of two decades and track record of
successfully executing 12 projects in Jharkhand and West Bengal
have helped the company bag large orders. A strong fleet of
equipment enables efficient execution of mining operations, giving
it an advantage over other small players in the sector. Unexecuted
orders, at INR216 crore as on August 31, 2017, from East Coalfield
Ltd (ECL) and Central Coalfield Ltd (CCL), provide healthy medium-
term revenue visibility.

Outlook: Stable

CRISIL believes ARETPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if sustained improvement in accrual or equity infusion
strengthens capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens due to lower-than-expected cash
accrual, or deterioration in working capital management or
substantially larger-than-expected capital expenditure.

ARETPL, incorporated in 2001, is engaged in overburden removal,
and excavation and transportation of coal from the mines for CCL
and ECL. The company, based in Salanpur, West Bengal, is promoted
by Mr. Arvind Singh, Mrs Rembhu Devi and Mr. Avinash Kumar Singh.


ASOKE TIMBER: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Asoke Timber
Co.'s (ATC) 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:

-- INR82.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR17.5 mil. Non-fund based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ATC is engaged in the trading of timber, veneer, plywood, marble,
granites and tiles. It is a proprietorship firm of Asoke Choudhary
formed in 1975. The firm's day-to-day operations are handled by
Asoke Choudhary and Arun Choudhary.

ATC procures timber from Vietnam and Indonesia and sells them in
the states of West Bengal, Jharkhand and Karnataka. It also
procures marbles from Rajasthan and sells them in West Bengal.


BAJAJ ENERGY: Ind-Ra Lowers Bank Loans Rating to BB-
----------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on Bajaj Energy Limited's (BEL) bank facilities:

-- INR14,446 mil. (reduced from INR14,454 mil.) Term loan due on
    September 2035 downgraded and maintained on RWN with IND BB-
    /RWN rating;

-- INR9,500 mil. Working capital facility downgraded and
    maintained on RWN with IND BB-/RWN/IND A4+/RWN rating; and

-- INR570 mil. Non-fund-based facility downgraded and maintained
    on RWN with IND BB-/RWN/IND A4+/RWN rating.

KEY RATING DRIVERS

Termination of Tariff Payments, Increase in Debt: The downgrade
reflects BEL's high liquidity stress as Uttar Pradesh Power
Corporation Limited (UPPCL) stopped making tariff payments to the
company since mid-July 2017. BEL has a debt service reserve of
about INR890 million, providing a short-term buffer. An increase
in debt repayment obligations subsequent to additional borrowing
of INR2,000 million (current outstanding INR1,909 million not
rated by Ind-Ra) has made BEL highly vulnerable to even a minor
fall in tariff receipts. Ind-Ra, in its earlier press release,
stated that any additional borrowing could result in a rating
downgrade.

Litigation on Power Purchase Agreement: UPPCL issued notice of
non-continuation of power purchase agreement (PPA) to BEL in July
2017 quoting high cost of power supplied. BEL has contended
UPPCL's notice in the court; however, uncertainty prevails over
the timeline and outcome of the legal proceedings. According to
the management, negotiations are underway between UPPCL and BEL
regarding the terms of the PPA. Ind-Ra has maintained the ratings
on RWN to reflect the continuing uncertainties in the project.

BEL's ratings were anchored on the long-term PPA which defines
two-part regulated tariff - availability-based capacity charges
and generation-based variable charges, and the escrow mechanism
for tariff payment which directs revenue from consumers of certain
areas under Uttar Pradesh distribution companies for payments to
BEL.

Increase in Debt: The company's outstanding debt of INR16,355
million as on July 31, 2017 includes rated term loan of INR14,446
million and additional long-term debt of INR1,909 million. Annual
debt service coverage ratio assuming business as usual revenue
receipt for FY18-FY22 declined close to 1.0x during FY18-FY22
because of the additional loan. In June 2017, utilisation of
working capital facility was about 41%. Although working capital
utilisation is low, the company might face resistance from lenders
for increasing the utilisation, given the contention on the PPA.

Approved Capital Cost: The impact of the project cost approved at
INR24.48 billion against BEL's claim of INR25.7 billion is
minimal. However, because of higher tariff recovery based on the
provisional tariff in the past, BEL estimates INR660 million is
payable to UPPCL.

Plant Performance: UPPCL stopped scheduling BEL after issuing the
notice of non-continuation. In 1QFY18, BEL's average plant
availability and plant load factor stood at 90% (1QFY17: 99%;
FY17: 85%) and 68% (71%; 54%), respectively.

RATING SENSITIVITIES

Ind-Ra expects the RWN to be resolved over a three-month period
based on developments on the litigation and the liquidity status
of BEL.

COMPANY PROFILE

BEL, a part of the Shishir Bajaj Group, has implemented five 90MW
plants at different locations in Uttar Pradesh. These plants
achieved commercial operations in April 2012, and operation and
maintenance is managed in-house. BEL is fully-owned by Bajaj Power
Ventures Private Limited. Bajaj Power Ventures also owns Lalitpur
Power Generation Company Limited, which has developed 1,980MW
coal-based power project and sells power to UPPCL under a long-
term PPA.


BHOPAL SWITCHGEARS: Ind-Ra Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhopal
Switchgears Pvt Ltd's (BSPL) 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:

-- INR67.5 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR22.50 mil. Non-fund-based working capital limits migrated
    to non-cooperating category with IND A4(ISSUER NOT
    COOPERATING) rating; and

-- INR2.23 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 3, 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 March 1992, BSPL is engaged in the design,
manufacture, supply, installation and commissioning of electrical
switchgears and control equipment. Its manufacturing facility is
located in the industrial area of Govindpura in Bhopal.


BHRAMARI STEELS: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhramari Steels
Pvt Ltd's (BHRA) 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:

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

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

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

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

COMPANY PROFILE

BHRA manufactures thermos-mechanically treated bars and MS ingots
at its plant in Uttrakhand.


CALZINI FASHIONS: CRISIL Lowers Rating on INR7MM Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Calzini Fashions Limited (CFL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              7       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit         1.5     CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term       1.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that liquidity will remain
constrained over the medium term because of expected modest cash
accrual of INR0.70-0.90 crore in fiscal 2018, which will remain
insufficient to meet incremental working capital requirement post
meeting debt obligations. Hence, reliance on bank debt will remain
high; despite enhancement, bank limit was fully utilised over the
12 months ended July 2017. In the absence of significant promoter
support, liquidity is expected to remain subdued over the medium
term.

Analytical Approach

For arriving at the ratings, unsecured loans (estimated at INR1.08
crore as on March 31, 2017) extended by promoters have been
treated as neither debt nor equity because these are interest-free
and are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite steady growth, scale and
profitability may continue to be constrained by intense
competition in the highly fragmented textile industry over the
medium term; revenue was small at INR37.62 crore in fiscal 2017.

* Working capital-intensive operations: Gross current assets
(GCAs) are estimated to be high at 148 days as on March 31, 2017,
because of large inventory and moderate receivables of 101 days
and 42 days, respectively. Hence, bank limit was fully utilised in
the 12 months ended July 2017. Working capital requirement is
likely to remain large over the medium term, with GCAs at 135-140
days.

Strengths

* Longstanding presence of promoters and established relationship
with foreign brands:  Experience of over two decades in
manufacturing socks, handkerchiefs, and caps has enabled the
promoters to develop strong relationship with customers and
suppliers. The company also exclusively manufactures for
international brands such as Hush Puppies and Arrow.

* Average financial risk profile: Total outside liabilities to
tangible networth ratio (TOLTNW) was moderate, estimated at 2.11
time as on March 31, 2017; may remain at similar level over the
medium term, owing to incremental debt funded working capital
requirements, and moderate accretion to reserves. Debt protection
metrics were average, with estimated interest coverage and net
cash accruals to total debt (NCATD) ratios of 1.68 times, and 0.09
time, respectively in fiscal 2017.

Outlook: Stable

CRISIL believes CFL will benefit over the medium term from the
experience of its promoters and strong relationship with foreign
brands. The outlook may be revised to 'Positive' if cash accrual
increases because of higher revenue and better working capital
management, or if capital structure improves substantially because
of equity infusion. The outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, weakens due to
decline in revenue and profitability, large debt-funded capital
expenditure, or increase in working capital requirement.

Set up in 2007 by Delhi-based Goenka family, CFL manufactures
socks, handkerchiefs, and caps at its facility in Noida. It has
exclusive licence to manufacture for Hush Puppies and Arrow and
also sells under its own brands, Calzini and Soxytoes. Mr. Aayush
Goenka and Mr. U S Goenka are the key promoters and manage
operations.


DEE-TECH PROJECTS: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dee-Tech Projects
Private Limited's (DTPPL) 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:

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

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

COMPANY PROFILE

Incorporated in 1995, DTPPL is engaged in the execution of water
engineering contracts, specialised engineering projects and power
sector projects, mainly for the governments of Tamil Nadu, Andhra
Pradesh and Karnataka.


ELA NIRMAN: CRISIL Lowers Rating on INR3MM Cash Loan to 'D'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Ela Nirman
Pvt Ltd (ENPL) for obtaining information through letters dated
Jan. 23, 2017, and February 13, 2017, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

CRISIL gave these ratings:

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

   Term Loan                3        CRISIL D (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL BB-/Stable')

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 they are arrived at without any management
interaction and are 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 ENPL. 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
ENPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' rating
category or lower. Based on the last available information, CRISIL
has downgraded its rating on the bank facilities of ENPL to
'CRISIL D/Issuer Not Cooperating' from 'CRISIL BB-/Stable'.

The downgrade reflects instances of delay in interest payments in
cash credit account.

Incorporated in January 2011, ENPL, promoted by Mr. Subhash
Agrawal and Ms Rekha Agrawal in Raigarh (Chhattisgarh), trades in
steel products such as ingots, billets, and other structural steel
items; it has also constructed a commercial mall in Raigarh. It is
currently setting up a multiplex and food court in the mall
premises; these are expected to become operational by March 2016.


ENTECH OIL: CRISIL Lowers Rating on INR3.5MM Loan to B
------------------------------------------------------
CRISIL Ratings has downgraded its long-term rating on the bank
facilities of Entech Oil & Gas Engineering Private Limited (EOGPL)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable,' and reaffirmed the
short-term ratings at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4 (Reaffirmed)

   Cash Credit            2.5        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Working       3.5        CRISIL B/Stable (Downgraded
   Capital Facility                  from 'CRISIL B+/Stable')

The rating downgrade reflects weakening of liquidity, due to
lower-than-expected revenue and cash accrual. Revenue has declined
to around INR2.7 crore estimated in fiscal 2017, from INR11.3
crore in fiscal 2016; and hence, cash accrual may remain lower
than CRISIL's earlier estimate. Lack of substantial order inflow
has led to low revenue visibility for the medium term.

The ratings continue to reflect the below-average financial risk
profile and the nascent stage of operations. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the industrial consultancy services business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With an operating income of INR2.7
crore for fiscal 2017, scale of operations remains modest, amidst
intense competition.

* Below-average financial risk profile: Financial risk profile was
below-average, marked by small networth estimated around INR2.6
crore as on March 31, 2017, constrained by low accretion to
reserves.

Strength

* Extensive experience of the promoters: The three decade-long
experience of the promoters, in providing consultancy services
related to electrical and instrumentation engineering to oil and
gas companies, and their healthy relationships with reputed
customers, will continue to support the business risk profile.

Outlook: Stable

CRISIL believes EOGPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if lower-than-expected revenue and operating margin
or stretch in the working capital cycle, weakens the financial
risk profile, particularly liquidity.

EOGPL was set up at Chennai in 2014, for offering consultancy
services to oil and gas companies, in the disciplines of
electrical and instrumentation. The company has been promoted by
Mr. V Balachandran and his son, Mr. B Venkata Kaushik.


GAYATRI SUGARS: CRISIL Reaffirms 'D' Rating on INR67.59MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating to the long
term bank loan facilities of Gayatri Sugars Limited (GSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            67.59      CRISIL D (Reaffirmed)

   Long Term Loan         59.88      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.27      CRISIL D (Reaffirmed)

   Term Loan               1.26      CRISIL D (Reaffirmed)

The rating reflects GSL's weak financial risk profile because of
negative net worth and weak debt protection metrics. The company
also has large working capital requirement, and is exposed to
risks related to the regulated nature of the sugar industry.
However, GSL benefits from its promoters' extensive experience in
the sugar industry.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term loan due to weak liquidity:  GSL is
delaying in servicing of term loans due to its weak liquidity. The
company has been generating insufficient net cash accruals to meet
its debt obligations.

* Weak financial risk profile: GSL's financial risk profile is
marked by a negative net worth and weak debt protection metrics.
The company's net worth was negative at INR82.2 crores as on March
31, 2017 which led to negative gearing. The company's interest
coverage ratio was around 1.9 times and its net cash accruals to
total debt (NCATD) ratio at around 0.1 per cent for 2016-17.

* Large working capital requirements:  GSL's business is highly
working capital intensive, as reflected in gross current asset
(GCA) days of 116 as on March 31, 2017. The high GCA days emanates
from the company's' high inventory levels of around 73 days.

* Exposure to regulatory risks in sugar industry:  The domestic
sugar industry is highly regulated because of central and various
government policies regarding sugarcane prices, export and import
of sugar, and the sugar release mechanism. Such stringent
regulations affect the credit quality of players in the sugar
industry.

Strengths

* Extensive experience of promoters in sugar industry:  GSL's
promoters have extensive experience of more than two decades in
the sugar industry. GSL is promoted by Ms. Indira Subbirami Reddy,
Mr. Sandeep Reddy and Ms. Sarita Reddy. The extensive experience
of the promoters has helped GSL scale up its operations and
establish long track record in sugar industry.

GSL was established in 1995 by Ms. Indira Subbirami Reddy, Mr.
Sandeep Reddy and Ms. Sarita Reddy. The company manufactures white
crystal sugar, rectified spirit/extra neutral alcohol and is also
involved in power generation. The company is based out of
Hyderabad and is listed in Bombay stock exchange (BSE).


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

The instrument-wise rating actions are:

-- INR400 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

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


INDEXPORT LEATHER: Ind-Ra Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated IndExport Leather
Export Private Limited's (IELEPL) 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:

-- INR86.4 mil. Fund-based working capital limit migrated
    to non-cooperating category with IND B+(ISSUER NOT
    COOPERATING) rating; and

-- INR4.5 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 31, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

IELEPL is a family-owned company based in Kolkata and was
established in 1988. It converted into a private limited company
under its current name in 2011. The company is involved in the
manufacturing of leather and leather handbags, wallets and other
leather accessories primarily for the European and American
markets. The company is managed by its two directors: Mr.
Ranbirdev Thakar and Mr. Saroj Thakar.


INDIAN PEROXIDE: CRISIL Lowers Rating on INR62MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Indian Peroxide Limited (IPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           62       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects delay in commencing operations, which were
scheduled to start in October 2017 but are now expected to begin
from April 2018. Delay was mainly due to lag in civil construction
work, which significantly increased dependence on promoter funding
for timely debt servicing until the company achieves breakeven.
Timely and successful commissioning of project without cost
overruns will remain key rating sensitive factor.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risk related to nascent stage of project:  Land to
set up the plant has already been purchased. Also, around 25% of
the project is being implemented by group company, Nuberg
Engineering Ltd (NBEL; rated 'CRISIL BBB/Stable/CRISIL A3+'),
which offers engineering, procurement, and construction services.

* Weak financial risk profile:  Capital structure is expected to
remain weak during initial phase of operations. Project is being
funded in a debt-equity mix of 2:1, resulting in high total
outside liabilities to tangible networth ratio over the medium
term.

Strength

* Extensive experience of the promoters in project implementation:
The promoters have more than three decades of experience in
executing large projects through NBEL, which will ensure timely
implementation of IPL's project.

Outlook: Stable

CRISIL believes IPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if the company implements and stabilises project on
time. The outlook may be revised to 'Negative' if project faces
time and cost overruns, leading to significant pressure on
liquidity.

Incorporated in 2007 and promoted by Mr. Anil Kumar Tyagi, Mr.
Vinod Kumar Gupta, Ms Shashi Gupta, Ms Sugandha Gupta, and Mr.
Amit Tyagi, IPL is setting up a hydrogen peroxide manufacturing
plant in Dahej, Gujarat.


JK SURFACE: CRISIL Lowers Rating on INR9MM Loan to 'D'
------------------------------------------------------
CRISIL Ratings has been consistently following up with JK Surface
Coatings Pvt Ltd (JKSC) for obtaining information through letters
dated July 13, 2017, and August 17, 2017, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.6       CRISIL D (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL A4')

   Overdraft               9.0       CRISIL D (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      1.95      CRISIL D (Issuer Not
   Bank Loan Facility                Co-operating; Downgraded
                                     from 'CRISIL B-/Stable')

   Rupee Term Loan         1.20      CRISIL D (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL B-/Stable')

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 they are arrived at without any management
interaction and are 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 JKSC. 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
JKSC is consistent with 'Scenario 3' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' rating
category or lower. Based on the last available information, CRISIL
has downgraded its rating on the bank facilities of JKSC to
'CRISIL D/CRISIL D/Issuer Not Cooperating' from 'CRISIL B-
/Stable/CRISIL A4'. The downgrade reflects instances of delay in
interest payments in cash credit account and irregularities in
principal and interest repayment in the term loan facility.

Incorporated in 1998, JKSC is a service-contractor of protective
surface coatings. The company, based in Navi Mumbai (Maharashtra),
and promoted by Mr. Ajay Sagar and Mr. Sanjiv Thakur, undertakes
contracts for application of surface-coatings at industrial sites,
on both work- and labour-contract bases.


JOSCO FASHION: CRISIL Lowers Rating on INR123.5MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Josco
Fashion Jewellers (JFJ) for obtaining information through letters
and emails dated June 14, 2017 and July 18, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            123.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB-/Negative')

   Short Term Loan          5.0      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A3')

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 JFJ. 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 JFJ
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 to 'CRISIL B/Stable/CRISIL A4'.

The Josco group was set up by Mr. P A Jose in Kottayam, Kerala, in
1978. The group's four entities: JFJ (established in 1978; five
showrooms), The Josco Fashion Jewellery (established in 1984; two
showrooms), Josco Jewellers Private Limited (established in 2008;
six showrooms) and Josco Bullion Traders Private Limited
(established in 2012; three showrooms) retail gold and diamond
jewellery.


KAVYARC TRADEX: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Kavyarc Tradex Private Limited (KTPL) at 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7         CRISIL B/Stable (Reaffirmed)
   Long Term Loan          1         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in
the intensely competitive agro-based industry, a below-average
financial risk profile, and susceptibility of the operating margin
to volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of the promoter in
processing food grains.

Analytical Approach

An unsecured loan of around INR0.87 crore is treated as neither
debt not equity as the interest rate is less than the market rate
and the amount is expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly competitive industry:
Turnover was modest at INR30 crore in fiscal 2017 due to intense
competition in the agro-based industry given the low entry
barriers.

* Weak financial risk profile:  The gearing is high and debt
protection metrics weak as low net cash accrual leads to reliance
on external debt for meeting working capital requirement

Strengths

* Extensive industry experience of the promoter:  The promoter,
Mr. Ritesh Kaushikbhai Patel, has been in the agro-commodity
business for the past 12 years. He has another firm, Amidhara
Industries, which is in the same line of business. This has led to
an established relationship with many distributors/retailers and
hence to consistent order flow.

Outlook: Stable

CRISIL believes KTPL 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 sales while
operating profitability is maintained, or a better capital
structure driven by higher-than-expected accretion to reserves or
equity infusion. The outlook may be revised to 'Negative' if
substantially low cash accrual or deterioration in working capital
management further weakens the financial risk profile.

Incorporated in 2014, KTPL processes wheat, rice, millet, and
maize at its facility in Bavla, Ahmedabad.

Profit after tax was INR 20 lakh on net sales of INR25.16 crore
for fiscal 2016, as against profit after tax of INR15 lakh on net
sales of INR36.12 crore for fiscal 2015.


MEENAKSHI ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR10MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Meenakshi Associates Pvt Ltd (MAPL) at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          10         CRISIL D (Reaffirmed)

   Cash Credit              7         CRISIL D (Reaffirmed)

   Letter of Credit         5.5       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        .08      CRISIL D (Reaffirmed)

   Term Loan                1.00      CRISIL D (Reaffirmed)

The company rating is driven by the continuous instances of
devolvement of letter of credit (LC) and delay in term loan
payments due to weak liquidity as a result of significant stretch
in receivables.

Financial risk profile is weak because of weak debt protection
metrics and high gearing, modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the promoters in heavy fabrication
industry, and established customer relationships.

Key Rating Drivers & Detailed Description

Weakness

* Devolvement of LC facility:  There are continuous instances of
devolvement of LC of INR5.5 crores for more than 30 days. This is
due to stretched working capital requirement. Moreover, there are
several instances of overutilisation of bank limit and also delay
in repayment of term loans.

* Weak financial risk profile:  Financial risk profile is weak,
with moderate gearing of 2.02 times and weak debt protection
metrics, with interest coverage ratio at 1.36 times and net cash
accrual to total debt ratio at 0.06 time for fiscal 2017.

* Modest scale of operations and intense competition:  With
revenue of INR27.98 crore for fiscal 2017, scale of operations
remains small in the intensely competitive pressure vessels
segment that has many small players executing medium-sized
projects. This limits the pricing power and restricts the
bargaining power of players with suppliers and customers.

Strengths

* Extensive experience of promoters:  Presence of over four
decades in the pressure vessels industry has enabled the promoter
family to understand market dynamics and establish strong
relationship with suppliers and customers.

Incorporated in 1985 and promoted by Mr. Ish Kumar Narang and
family, MAPL fabricates pressure vessels, heat exchangers, storage
tanks, and chemical gas cylinders mainly for the petroleum
refining and chemical industries. Its manufacturing unit is in
Noida.


NADAR PRESS: CRISIL Reaffirms B- Rating on INR4.91MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of The Nadar Press Limited (TNPL) at 'CRISIL B-
/Stable', and has assigned its 'CRISIL A4' rating to its short-
term bank facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .25       CRISIL A4 (Reassigned)

   Cash Credit           2.2        CRISIL B-/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       .59       CRISIL B-/Stable (Reaffirmed)

   Term Loan             4.91       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect a modest scale in the fragmented
printing industry and a below-average financial risk profile
because of small networth and weak debt protection metrics. These
weaknesses are partially offset by promoters' extensive experience
in the printing business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  Modest scale is reflected in
revenue of INR6 crore in fiscal 2017 in the highly fragmented
industry, with presence of several players. Small scale constrains
the bargaining power of players, with low product differentiation.

* Below-average financial risk profile:  Financial risk profile is
constrained by modest networth of INR3.3 crore as on March 31,
2017. Networth is expected to remain small over the medium term
due to limited accretion to reserve. Debt protection metrics were
moderate, with net cash accrual to total debt and interest
coverage ratios at 0.24 time and 2.5 times, respectively, for
fiscal 2017.

Strength

* Promoters' extensive experience and a strong dealer network:
The business risk profile benefits from the promoters' extensive
experience and established presence in the printing industry for
over nine decades. Longstanding relationships with major customers
has resulted in stable revenue over the years.

Outlook: Stable

CRISIL believes TNPL will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale and
profitability, or substantial equity infusion strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if aggressive, debt-funded capital expenditure, or low
revenue and operating profit margin lead to further deterioration
in the financial risk profile.

Established in 1922 in Sivakasi (Tamil Nadu), TNPL undertakes
printing of packaging material for textbooks, diaries, notebooks,
envelopes, and calendars.


NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR14.44MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Nandan Cotex Private Limited (NC) at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            14.44     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        .24    CRISIL B+/Stable (Reaffirmed)

   Term Loan                1.76    CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a weak financial risk profile
because of high gearing and low debt protection metrics, and a
small scale of operations in the highly fragmented cotton ginning
industry. These rating weaknesses are partially offset by the
extensive industry experience of the promoters and proximity to
cotton growing belts.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amid intense competition:  The
presence of several players with small capacities, and low entry
barriers-due limited capital and technology requirement and hardly
any differentiation in end products-result in intense competition.
This restricts the pricing and bargaining power of players.
Intense competition is expected to keep the scale of operations
modest over the medium term.

* Weak financial risk profile:  The gearing is high and debt
protection metrics low. For fiscal 2017 estimated gearing is
around 3.5 times and interest coverage ratio is around 1.3 times.

Strengths

* Extensive experience of the promoters:  The promoters have over
15 years of experience in the cotton industry and have gained
sound understanding of the local market. This has helped to
establish a healthy relationship with farmers and customers.

* Proximity to cotton-growing belts:  Gujarat accounts for nearly
33% of India's total cotton production. NC mainly procures raw
cotton from local mandis or farmers from Gujarat; this ensures
timely availability of raw material, resulting in cost-effective
operations. Proximity to one of the prominent cotton-growing belts
in the country will support operating efficiency over the medium
term.

Outlook: Stable

CRISIL believes NC will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in profitability and revenue leads to
higher cash accrual, or if the capital structure improves through
equity infusion. The outlook may be revised to 'Negative' if a
stretched working capital cycle or debt-funded capital expenditure
weakens the financial risk profile.

Incorporated in 2012, NC is promoted Mr. Bipinkumar Nathubhai
Bodar and Mr. Viralbhai Jaysukhbhai Parvadiya, based in Rajkot,
Gujarat. It gins and presses cotton and extracts oil.

Profit after tax was INR0.02 crore on net sales of INR99.23 crore
for fiscal 2016 as against profit after tax of INR0.04 crore on
net sales of R 101.74 crore for fiscal 2015.


PNP ENGINEERING: CRISIL Reaffirms B+ Rating on INR11MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of PNP Engineering Works Private Limited (PNP) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit             4        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's small scale of
operations and average financial risk profile because of modest
networth. These weaknesses are partially offset by the extensive
experience of its promoter in the engineering and construction
services business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations:  With estimated revenue of INR25.9
crore for fiscal 2017, scale remains modest because of tender-
based business. Subdued scale restricts flexibility to take on
multiple projects at a time, thereby limiting client base.

* Average financial risk profile:  Despite improving from the
previous year, networth remained small at INR6.36 crore as on
March 31, 2017, due to modest scale.

Strength

* Extensive experience of promoter:  The promoter has been in the
engineering and construction services business for more than a
decade.

Outlook: Stable

CRISIL believes PNP will continue to efficiently manage working
capital requirement over the medium term. Nevertheless, liquidity
will remain a key sensitivity factor given tender-driven business.
The outlook may be revised to 'Positive' in case of a substantial
improvement in cash accrual. The outlook may be revised to
'Negative' if there are delays in servicing debt on if financial
risk profile deteriorates because of decline in expected cash
accrual or any major debt-funded capital expenditure.

Set up by Mr. Subhas Chandra Panja in Haldia, West Bengal, in
1998, PNP provides engineering and construction services such as
installation of storage tanks, industrial piping, and structures
for oil refineries, petrochemical companies, and the steel
industry.

Profit after tax was INR1.38 crore on an operating income of
INR29.91 crore in fiscal 2016, against INR0.08 crore and INR25.79
crore, respectively, in the previous year.


RISHABH SOFTWARE: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Rishabh Software Private Limited (RSPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .25       CRISIL A4 (Reaffirmed)

   Drop Line Overdraft
   Facility              8.50       CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                .52       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .99       CRISIL B+/Stable (Reaffirmed)

   Term Loan             4.55       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in
highly fragmented software services business. The rating weakness
is partially offset by extensive experience of the promoters in
the software services business and the moderate financial risk
profile, marked by moderate networth, comfortable total outside
liabilities to adjusted networth and robust debt protection
metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  Net sales of INR 26.3 crore in
fiscal 2017, reflect modest scale of operations, restricting the
ability to negotiate with customers as the industry is highly
fragmented with several small players operating within the
country.

Strengths

* Extensive experience of the company's promoters in the software
services business:  The key promoter, Mr. Rajendra Shah has a
long-standing experience of over three decades in software
services business, aiding the company to register a healthy growth
in its revenue. Established relationship with several customers
and channel partners across domains and geographies further
strengthen the market position.

* Moderate financial risk profile:  Both capital structure and
debt protection metrics are expected to remain comfortable over
the medium term. The networth is estimated at INR16.7 crore as on
March 31, 2017, against INR16.6 crores a year earlier. Interest
coverage ratio is expected to remain robust at 2.5 times, driven
by substantial cash accrual.

Outlook: Stable

CRISIL believes RSPL will continue to benefit from the extensive
industry experience of the promoters. The outlook may be revised
to 'Positive' if revenue and profitability improve considerably,
while maintaining the capital structure. The outlook may be
revised to 'Negative' if revenue growth declines or inefficient
working capital management, adversely affects the financial risk
profile.

RSPL was established in 1997 by Mr. Rajendra Shah. The company
undertakes software development, software testing, application
development and various other technology related services for
international customers in the field of Banking, Financial
Services and Insurance (BFSI), telecom, healthcare and education.
In addition, the company has an engineering designing service,
which undertakes 2-D and 3-D modeling for mechanical and piping,
civil/structural, electrical and instrumentation, heating
ventilation and air conditioning (HVAC), related applications.


RUCHI SOYA: DBS Bank, StanChart Files Insolvency Process vs. Firm
-----------------------------------------------------------------
LiveMint.com reports that Standard Chartered Bank and DBS Bank Ltd
have initiated insolvency proceedings against Ruchi Soya
Industries Ltd, the company said in two separate stock exchange
filings on Sept. 15.

According to LiveMint.com, the company said the two foreign banks
have filed petitions to begin the corporate insolvency resolution
process (CIRP) under the Insolvency and Bankruptcy Code at the
National Company Law Tribunal.

Debt-ridden Ruchi Soya was on a list of 28 defaulters the Reserve
Bank of India had sent to banks, asking them to conclude their
debt resolution process by December 13, LiveMint.com relates.

Mint reported on September 7 that the company had announced it was
setting up a panel to explore corporate restructuring options for
its businesses, including oilseed extraction, edible oil refining,
and wind power.

Ruchi Soya's outstanding default payment to Standard Chartered
worth INR33.64 crore was due on February 1, while payments worth
INR150.74 crore were due to DBS Bank on March 6 and March 27,
LiveMint.com discloses.

The report relates that the exposure of both the banks to Ruchi
Soya is in external commercial borrowings, the company's latest
annual report shows. Ruchi Soya's total debt as of FY16-17 was
worth INR12,232.22 crore, nearly 12 times its equity, as per the
annual report.

Standard Chartered's total loans to Ruchi Soya are secured by the
windmills the company owns in Madhya Pradesh and Rajasthan, and by
refineries in Kakinada, Andhra Pradesh, as per the annual report.
DBS Bank's loans are secured by Ruchi Soya's fixed assets,
including refineries in Kandla, Gujarat, and in Madhya Pradesh,
according to LiveMint.com.

Ruchi Soya Industries Ltd. is engaged in crushing of oil seeds
and extraction/refining of edible oil along with manufacturing of
related products like vanaspati and textured proteins. It is also
engaged in import/export as well as domestic trading of various
agri-commodities. It is the flagship entity of the Indore, Madhya
Pradesh based Ruchi Group, which has business interests spread
across various sectors including edible oil, agri-commodity
trading, liquid and dry storage warehousing for agri-products and
real estate. RSIL has manufacturing presence at 20 locations
across India.


SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR7MM Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Sai Lekshmi Cashew Company (SLCC) at 'CRISIL B/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Buyer's Credit           2.5      CRISIL B/Stable (Reaffirmed)

   Export Packing Credit    7        CRISIL B/Stable (Reaffirmed)

   Foreign Bill Purchase    0.5      CRISIL A4 (Reaffirmed)

The ratings continue to reflect SLCC's modest scale of operations
in the intensely competitive cashew trading industry, and below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the proprietor and
established relations with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile:  Financial risk profile is
marked by small networth and weak debt protection metrics.
Networth and total outside liabilities to tangible networth ratio
estimated at INR2.8 crore and 6.36 times, respectively, as on
March 31, 2017. Interest coverage ratio was around 1.46 times in
fiscal 2017.

* Large working capital requirement:  Operations are working
capital intensive because of sizeable inventory of around 160 to
180 days, given the seasonal availability of raw material, and
limit credit from suppliers; all purchases are made against cash.
Thus, the working capital requirement is met through quick
realisation of receivables, through cash sales or advance
payments. The GCA of the firm for the fiscal 2017 is estimated at
270 days.

Strength

* Extensive experience of the proprietor in the cashew industry:
The two decade-long experience of the proprietor, longstanding
association with customers, and established network of raw cashew
nut suppliers, should continue to support the business risk
profile.

Outlook: Stable

CRISIL believes SLCC will continue to benefit from the extensive
experience of its proprietor over the medium term. The outlook may
be revised to 'Positive' if significant growth in revenue while
maintaining profitability, leads to higher-than-expected cash
accrual, and a better financial risk profile. The outlook may be
revised to 'Negative' in case of lower revenues or profits lead to
lower cash accruals, or if a stretch in working capital cycle, or
due to any major capital expenditure, weakens the financial risk
profile.

Set up in 1998, SLCC processes raw cashew nuts. Daily operations
are managed by the proprietor, Ms R Jalajakumari.


SANJAY AGRAWAL: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Sanjay
Agrawal's (Sanjay) 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 ratings will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

Fund-based working capital limit

-- INR40 mil. migrated to non-cooperating category with IND
    BB(ISSUER NOT COOPERATING) rating; and

-- INR600 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

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

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


SARTHAK ENTERPRISE: CRISIL Reaffirms B+ Rating on INR2.75MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on bank facilities of
Sarthak Enterprise (SE) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.25      CRISIL A4 (Reaffirmed)

   Letter of Credit       5.00      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.75      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of, and working
capital intensity in, operations with high customers, supplier
concentration, and SE's modest networth base. These weaknesses are
partially offset by extensive experience of promoters, and
adequate debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and customer and supplier
concentration in revenue:  Revenue of INR5.9 crore during fiscal
2017, reflects the modest scale of operations. Further, the firm
mainly operates within Gujarat, and thus, caters to a limited
customer base. Since bulk of the requirement is sourced from
Schneider Electric, supplier concentration risk is also high.

* Working capital intensity in operations:  High working capital
requirements driven by debtors and retention money with estimated
gross current assets of 10 months as on March 31, 2017.

* Modest net worth base:  SE had modest estimated net worth of
less than INR5 crore as on March 31, 2017.

Strengths

* Extensive experience of the promoters in the power industry:
The three decade-long experience of the promoters, through their
group company, Rajesh Power Services Pvt Ltd (rated 'CRISIL BBB-
/Stable/CRISIL A3'), and their healthy relationships with
customers and suppliers, will continue to support the business
risk profile.

* Adequate debt protection metrics:  With the firm primarily
relying on non-fund based limit, debt protection metrics were
comfortable, with estimated interest coverage ratio of 5 times for
fiscal 2017.

Outlook: Stable

CRISIL believes SE will benefit from the extensive experience of
its promoters over the medium term. The outlook may be revised to
'Positive' if the firm reports substantial and sustained growth in
revenue and profitability. The outlook may be revised to
'Negative' if any stretch in working capital cycle, weakens the
financial risk profile, particularly liquidity, or if slower order
booking adversely impacts the business risk profile.

SE was set up as a partnership firm in Ahmedabad, in 2011. The
firm deals in fault detection instruments, and installs electric
power systems.

For fiscal 2016, profit after tax of INR2.2 crore was reported on
sales of INR17.2 crore, against loss of INR0.2 crore on sales of
INR1.1 crore in the previous fiscal. For fiscal 2017, PAT and
sales are estimated at INR0.3 crore and INR5.9 crore.


SECL INDUSTRIES: Ind-Ra Moves D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SECL Industries
Private Limited's (SECL) 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 D(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR149.9 mil. Fund-based working capital limits (Long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR190 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND C(ISSUER NOT COOPERATING)
    rating;

-- INR317 mil. Non-fund-based limits migrated to non-cooperating
    category with IND C(ISSUER NOT COOPERATING) rating; and

-- INR663.8 mil. Term loans migrated to non-cooperating category
    with IND C(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 1, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

The company was established in 1995 as a partnership firm and has
been engaged in civil construction business as a government
contractor. The partnership firm was dissolved in 2006 and
Harvinder Pal Singla became its sole proprietor. In 2008, the
company was taken over by Singla Engineers and Contractors Pvt Ltd
which is promoted by Harvinder Pal Singh and Balam Ram Singla. The
name of the company was changed to SEPL on 17 October 2011.


SHIVSHAKTI BARRELS: Ind-Ra Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shivshakti
Barrels Pvt Ltd's (SBPL) 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:

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

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

-- INR13.5 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2000, SBPL manufactures mild steel barrels,
primarily used for packaging hazardous chemicals. Its plant is
located in Halol, Gujarat.


SHREE GANESH: CRISIL Lowers Rating on INR9.47MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Ganesh Education and Welfare Society (SGEW) for obtaining
information through letters and emails dated July 10, 2017, August
9, 2017, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          9.47       CRISIL D (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

CRISIL has downgraded its rating on the long-term bank facility of
SGEW to 'CRISIL D/issuer Not Cooperating' from 'CRISIL B+/Stable.'
The downgrade reflects delays in servicing debt obligation. CRISIL
held discussions with bankers, who have confirmed the ongoing
delay.

SGEW was set up on April 7, 2011, in Saharanpur, Uttar Pradesh.
The society is promoted by Mr. Dinesh Kumar, president; Ms.
Soniya, secretary; Mr. Om Singh, treasurer; and other members. It
provides educational services through its Dev Rishi Institute and
Dev Rishi International College.


SHREE JEE: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Jee Flour
Mills Pvt Ltd's (SJFM) 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:

-- INR100 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR2.2 Term loan migrated to non-cooperating category due on
    March 2018 migrated to non-cooperating category with IND
    BB+(ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 22, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2002, SJFM manufactures wheat products at
its 37,500mt plant in Asansol, West Bengal.


SHRI HARDAYAL: CRISIL Reaffirms B+ Rating on INR5.7MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Shri Hardayal Singh Sheetgrah Private Limited (SHSS)
to 'CRISIL B+/Stable'. Rating continues to reflect the small scale
of operations in the intensely competitive cold storage industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.7      CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility to delay in realisation
of loans and advances from farmers. These rating weaknesses are
mitigated by the average financial risk profile, and benefits from
the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations, with geographic concentration in
revenue:  Intense competition in the cold storage business, and
restricted geographic presence, have kept the scale of operations
small, as reflected in revenue of INR3.05 crore for fiscal 2017.

* Delay in advances from farmers during adverse market conditions:
Cold storages contract bank debt and offer it to farmers as a part
of government's initiative to support agriculture. However, the
primary responsibility of repayment lies with cold storage owners,
who often face stretched receivables, and hence, weak liquidity.
The situation worsens when agricultural commodity prices fall
significantly because at such a time, farmers do not lift the
stock from cold storages, to save on rental charges.

Strengths

* Average financial risk profile:  Financial risk profile remains
average, as reflected in average interest coverage and net cash
accrual to total debt ratios of 1.6 times and 0.13 time,
respectively, for fiscal 2017.

* Extensive experience of promoter:  Presence of more than a
decade in the cold storage industry has enabled the promoters to
establish strong relationship with farmers.

Outlook: Stable.  CRISIL believes SHSS will continue to benefit
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if significant improvement in revenue and
operating margin, strengthens the business and financial risk
profiles. The outlook may be revised to 'Negative' if decline in
sales or profitability, or delay in realisation of advances from
farmers, weakens the financial risk profile.

The Company is managed by Mr. Pravendra Kumar Yadav, SHSS operates
two cold storages for potatoes in Tundla and Jaswant Nagar, Uttar
Pradesh, with capacity of 170,000 quintal and 48,000 quintal,
respectively.


SHUBHYAN MOTORS: CRISIL Lowers Rating on INR6.3MM Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Shubhyan Motors Private Limited (SMPL) to 'CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Channel Financing       5.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Inventory Funding       5.0       CRISIL D (Downgraded from
   Facility                          'CRISIL A4')

   Long Term Loan          6.3       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term        .2      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan                2.0      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in payment of interest and principal
instalments on the term loan due to weak liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in Term Loan Repayments:  The company has delayed on its
term debt obligations due to inadequate generation of cash flows.

* Weak Financial Risk Profile:  The net worth of the company is
low at INR2.14 crore marked by high gearing ratio of 22.12 times
for FY17. The net cash accrual to total debt ratio is also low at
0.1 times for FY17.

* Modest Scale of Operations:  The Company achieved operating
income of INR154.59 crore for FY17 with an operating profit of
0.2% and the company faces tough competition in the market. SMPL's
operations are restricted around Pune region in Maharashtra.

Strengths

* Extensive experience of the Promoters:  The promoters of SMPL
have an experience of over two decades in the automotive industry.

* Established relationship with the Principals/OEMs:  Established
in the year 1998, SMPL's present in the business for over decades
has enabled it to establish strong relations in the market.

SMPL, incorporated in 1998, is promoted by Mr. Ranjeet Pawar. It
is an authorised dealer of commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML) and two wheelers manufactured by Hero
Motocorp Ltd (Hero Motocorp). The company operates three
showrooms, all in Maharashtra, one each in Ahmednagar and Satara
for TML's CVs and one for Hero Motocorp's two wheelers in Pune.
SMPL also deals in spares and provides vehicle servicing.


SHUKAN MICRO: CRISIL Reaffirms 'B' Rating on INR11.25MM Term Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Shukan Micro Mineral LLP at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .6        CRISIL A4 (Reaffirmed)

   Cash Credit            6.0        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .2       CRISIL B/Stable (Reaffirmed)

   Term Loan              11.25      CRISIL B/Stable (Reaffirmed)

The ratings reflect a small scale and early stage of operations in
the intensely competitive ceramics industry, and large working
capital requirement. These weaknesses are mitigated by the
extensive industry experience of the partners, and the favorable
location of the plant ensuring availability of raw material and
labor.

Analytical Approach

For arriving at the ratings, unsecured loans from partners have
been treated as neither debt nor equity as these carry a lower-
than-the-market interest rate, and will remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a competitive industry:
Operations began from August 2016. Cash accrual will be lower
during the plant stabilization period. Hence, scale of operations
will remain small over the medium term (revenue is estimated at
INR9.9 crore for fiscal 2017).This is compounded by intense
competition, which limits bargaining power with suppliers and
customers.

* Large working capital requirement:  Working capital requirements
are large as indicated in high GCA days of around 120 days as on
31st March 2017.

Strengths

* Extensive experience of the partners:  The partners have been in
the ceramics industry for over a decade through group companies.
This has enabled them to understand local market dynamics and
establish a strong relationship with suppliers and customers.

* Favorable location ensuring availability of raw material and
labor:  The plant is located in Morbi, Gujarat, the hub of India's
ceramic tiles segment. This ensures easy access to clay (main raw
material), and availability of contractors and skilled labor.

Outlook: Stable

CRISIL believes SMM LLP will maintain its business risk profile
backed by the experience of its partners. However, the financial
risk profile is expected to remain moderate over the medium term
with average gearing and debt protection metrics due to lower
accrual during the project stabilisation phase. The outlook may be
revised to 'Positive' if earlier-than-expected stabilisation of
operations improves the financial risk profile. The outlook may be
revised to 'Negative' in case of a lower-than-anticipated
operating margin, sizeable debt-funded expansion, or inefficient
working capital management, leading to weakening of the financial
risk profile.

SMM LLP was incorporated in June 2015 in Morbi, promoted byMr
Godhaviya Bhavesh Narbheram, Mr. Bhesadadia Hitesh Hardas, Mr.
Virangama Ramesh Amarsi, and Mr. Fultariya Gunvany Ravji. It has a
manufacturing unit for NA2O feldspar and K2O feldspar - purified
clay used in manufacturing of ceramic products.

In fiscal 2017, net loss was INR0.93 crore on an operating income
of INR9.90 crore.


SINCON INFRASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sincon
Infrastructure Private Limited's (SIPL) 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:

-- INR40 mil. Fund-based working capital migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR210 mil. Non-fund-based working capital migrated to non-
    cooperating category with IND A4+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

SIPL, previously known as M/S Vishal Builtech Pvt. Ltd, was
incorporated in April 1989 by Mr. Kartik Kumar in Patna, Bihar.
The company undertakes construction activities for bridges,
railways, roads and flyovers.

SIPL is managed by Mr. Vishal Kumar and Mr. Tarun Kumar.


SREEMA MAHILA: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently seeking information and a
discussion with the company's management since December 2016.
Despite several emails and telephone calls, Sreema Mahila Samity
(Sreema Mahila) has not submitted the requisite information.
CRISIL had, through letters dated July 6, 2017 and August 16, 2017
informed the company of the extant guidelines and requested
cooperation. The issuer, however, remains non-cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              6       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             15       Withdrawal/Issuer Not
                                    Cooperating

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

Detailed Rationale

CRISIL has reaffirmed its long-term rating on the INR6 crore bank
loan facilities of Sreema Mahila at 'CRISIL B+ /Stable'. CRISIL
has also withdrawn its long-term rating on cash credit facility of
INR15 crore.

The reaffirmation reflects CRISIL's inability to take a forward
looking view on the credit quality of Sreema Mahila due to
inadequate information and management non co-operation.

Sreema Mahila scores low on availability of past information. It
scores low on future information due to unavailability of
management's public stated stance on future expectations,
strategic decisions, and capital expenditure. It also scores low
on stability attributes, which makes it consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information' with 'CRISIL B' category or lower. On the basis of
the aforementioned, CRISIL has reaffirmed the long-term rating at
'CRISIL B+/Stable'.

Sreema Mahila, set up in 1972 as a not-for-profit organisation, is
primarily engaged in education and healthcare, poverty
alleviation, disaster management, and rural development,
especially among women in rural West Bengal (WB). It operates in
four districts'Nadia, North 24 Parganas, Burdwan and Murshidabad,
all in WB. Microfinance activities commenced in 2000 with loans
being offered to self-help groups. Since 2007, the society has
transitioned gradually to the joint liability group lending model.
As on December 31, 2015, it had 44,356 borrowers across 4362
groups, and an outstanding loan portfolio of INR21.4 crore.


SRI SAI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Sai
Enterprises' 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 ratings will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

-- INR97.50 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 27, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Sai Enterprises was incorporated in 2011 by C Jaganathan and B
Ragavendran for trading glass bottles, corrugated boxes, aluminium
caps, waste crafts and glass pieces, etc.


SRI SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facility of Sri Sai Srinivasa Rice Industries Private Limited
(SSSRIPL) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             9.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect working capital intensive
operations, below-average financial risk profile, with modest
networth, high gearing and weak debt protection metrics. The
rating also factors in susceptibility to unfavourable regulatory
changes and volatile paddy prices. These weaknesses are partially
offset by benefits from the extensive experience of the promoters
in the rice milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations:  SSSRIPL's operations are
working capital intensive as reflected in GCA of 137 days as on
March 31 2017. High GCA are on account of large inventory
requirements and moderate debtor cycle of the company. As rice Is
a seasonal product inventory requirements of the company, to
support its business operations, is high resulting in high
inventory of around 90 days of Cost of Goods sold as on March 31
2017.

* Below-average financial risk profile:  The financial risk
profile below average on account of modest networth, high gearing
and weak debt protection metrics. Net worth and gearing was around
INR 1.97 crore and 4.7 times, respectively, as on March 31, 2017.

Interest coverage and net cash accrual to total debt (NCATD)
ratios at 1.45 times and 3%, respectively, for fiscal 2017,
reflect weak debt-protection metrics, which should remain at
similar levels over the medium term.

* Susceptibility to unfavorable regulatory changes and volatile
paddy prices:  Strict regulations on paddy prices, export/import
policies and the rice release mechanism, affect credit quality of
players. Profitability of rice mills is determined by the minimum
support price of paddy and prevailing rice prices.  Paddy accounts
for 85-90% of production cost of millers. Hence, paddy prices are
susceptible to change in government policies.

Strength

* Extensive experience of promoters in rice milling industry:
Benefits from the three-decade long experience of promoters,
location of the mill at the centre of heavy paddy growing areas
and healthy relationships with local traders and farmers, would
continue. Promoters set up the firm to widen their scale of
operations and are well-known among the local rice growing and
milling communities. Being high networth individuals, they also
have healthy relationships with the lending community.

Outlook: Stable

CRISIL believes SSSRIPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if significant growth in revenue and operating profitability
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if aggressive, debt-funded expansions, sharp drop in
revenue and profitability or stretch in working capital weakens
financial metrics.

SSSRIPL was incorporated in 1998 by promoter, Mr. Piduru Venkata
Suresh Reddy and his family. The firm mills and processes paddy
into rice, bran, broken rice and husk. The manufacturing facility
is at Nellore, AP.

SSSRIPL reported a profit after tax of INR 0.1 crore on revenue of
INR 38.59 crore in fiscal 2017, against a net loss of INR 0.14
crore and revenue of INR42.67 crore in fiscal 2016.


STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR6MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Structural Solutions Private Limited at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)

   Letter of Credit        3        CRISIL A4 (Reaffirmed)

   Overdraft               4        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      6        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SSPL's modest scale and working
capital intensive nature of operations and its susceptibility to
risks inherent in tender-based business. These rating weaknesses
are partially offset by the benefits derived from the extensive
industry experience of SSPL's promoters and its moderate financial
risk profile marked by moderate total outside liabilities to
tangible net worth ratio (TOLTNW) and debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and working capital intensive nature of operations:
The scale is modest as reflected in revenues of INR17.59 crores in
2016-17. Modest scale restricts the company's bargaining power
with customer and suppliers given that SSPL deals with large
companies for its business.

* Susceptibility to risks inherent in tender-based business:  The
operations are tender based thus exposing its revenues to risks
related to tender based business model. This has also resulted in
volatile revenues and margins in the past.

Strength

* Promoters' experience in engineering equipment trading business:
SSPL's promoters have 24 years of experience in the engineering
equipment trading business aiding the company's growth over the
years.  SSPL has established relationship with a large client base
of around 200 customers across India.

* Moderate financial risk profile:  Moderate net worth coupled
with moderate debt and trade payables have resulted in TOL/TNW of
about 0.6 times as of March 31, 2017.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with key suppliers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in the company's revenue, along with stable
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of steep decline in SSPL's profitability
margins or lengthening of its working capital cycle, straining its
liquidity

Incorporated in 2003 by Mr. Visheswar Rao and Mr. M A Gaffer, SSPL
distributes specialised engineering products, such as simulation
chambers, sensors, accelerometers, shakers, and rate table
systems. The company is based in Hyderabad.

During fiscal 2017, the company reported a profit after tax (PAT)
of INR0.45Crores on operating income of INR0.85 Crores against PAT
of INR0.39 Crores on operating income of INR1.22 Crores in the
previous fiscal.


SUN FOODS: CRISIL Reaffirms 'B' Rating on INR10.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Sun Foods And Feeds (SFF) and has
removed the 'Issuer Not Cooperating' suffix as the client has now
shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10.5      CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

The rating continues to reflect 'SFF's modest scale of and working
capital intensive operations, weak financial profile and the
inherent risks associated with the poultry industry. These
weaknesses are partially offset by the benefits that SFF derives
from the extensive experience of its partners and established
customer relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of and working capital intensive operations:  Scale
of operations remains modest with operating income of INR50.8
crore in fiscal 2017. Moreover, working capital requirement is
large as reflected in gross current assets and inventory of 157
and 129 days, respectively, as on March 31, 2017.

* Weak financial risk profile:  Financial risk profile is
constrained by modest networth and high gearing of INR2.25 crore
and 4.83 times, respectively, as on March 31, 2017. Debt
protection metrics were subdued with interest coverage and net
cash accrual to total debt ratios of 1.33 times and 0.02 time,
respectively, in fiscal 2017.

* Exposure to intense competition and risks inherent in the
industry:  SFF faces intense competition from organised and
unorganised players catering to regional demands. Furthermore, the
industry is constrained by transportation facilities, perishable
nature of product and outbreak of diseases.

Strength

* Extensive experience of the partners and established customer
relationships:  Benefits from the partners' two decade-long
experience in the industry and established relationship with
various traders and feed suppliers should support business.

Outlook: Stable

CRISIL believes SFF will benefit from the extensive experience of
its partners. The outlook may be revised to 'Positive' if
improvement in scale of operations and profitability result in
high cash accrual or if capital infusion strengthens capital
structure and financial risk profile. The outlook may be revised
to 'Negative' if revenue and operating margin decline or if any
significant debt-funded capital expenditure or stretch in working
capital cycle weakens financial risk profile.

Established in 2001 as a partnership firm and based in Hyderabad,
SFF is engaged in the production of commercial eggs. Mrs N Vani
and Mrs B Surekha are the partners.

In fiscal 2017, profit after tax was INR0.15 crore on operating
income of INR50.77 crore as against INR0.13 crore and INR50.28
crore, respectively, in the previous fiscal.


SWAGATTAM PLASTICS: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Swagattam
Plastics' 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:

-- INR30 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING)rating;

-- INR5 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating; and

-- INR10.53 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 15, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Swagattam Plastics was established by Anil Kumar Babulal Malviya
in 2004. The firm is an ISO certified manufacturer of PVC pipes
and profiles.


TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch Developing
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Trinity
Transformers Private Limited (TTPL) remains on 'Rating Watch with
Developing Implications' while reaffirming its short term rating
at 'CRISIL A4':

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)

   Cash Credit            10        CRISIL B (Continues on
                                    'Rating Watch with Developing
                                    Implications')

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Long Term Loan         21        CRISIL B (Continues on
                                    'Rating Watch with Developing
                                    Implications')

   Open Cash Credit        7        CRISIL B (Continues on
                                    'Rating Watch with Developing
                                    Implications')

CRISIL had on June 6, 2017 placed the rating on watch following
announcement that two directors of the promoter company, Trinity
Infraventures Limited, have been taken into judicial custody in
connection with a land scam in Hyderabad.

CRISIL will continue to monitor developments in this regard and
take a final rating view after considering the final court order.

The ratings reflect TTPL's nascent stage- and working capital
intensive nature- of operations in an intensely competitive
transformer manufacturing industry. The rating also reflects its
below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and its customer
relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations in an intensely competitive
transformer manufacturing industry:  With revenue of INR40 crores
in fiscal 2016, its first year of operations for TTPL depicting
nascent stage of operations. Also, TTPL faces competition from
large and established players and small local players which makes
it exposed to intense competition and low pricing flexibility
constraining its profitability.

* Large working capital requirement:  Operations entail large
working capital management, with moderate work-in-progress (WIP)
inventory 30-45 days and high debtors. High gross current assets,
439 days as on March 31, 2016, are expected to improve over the
medium term.

* Below-average financial risk profile:  TTPL has below-average
financial risk profile marked by high gearing of 1.4 times and
modest networth of INR3.8 crores as on March, 2017. TTPL has
modest debt protection metrics marked by net cash accruals to
total debt (NCATD) and interest coverage of 0.09 times and 4.14
times for fiscal 2016.

Strengths

* Extensive experience of promoters and their established customer
relationships:  The promoters, with experience of almost three
decades in the electrical industry, have forger healthy
relationships with suppliers and customers. TTPL is promoted by
the Hyderabad-based Trinity Infrastructure Pvt Ltd (TIPL) which is
promoted and managed by Mr.PVS Sharma. TIPL is an investment
vehicle for the Trinity group.

Established in 2012 as a private limited company, TTPL is a
manufacturer of amorphous metal distribution transformers
(AMDT's). Based in Hyderabad (Telangana), the company is promoted
by Mr. P.V.S. Sarma and Mr.Reddi Subramanyam. The company started
its commercial operations in February, 2016.


TULSI ROCKS: CRISIL Lowers Rating on INR15MM LT Loan to 'D'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Tulsi Rocks
Private Limited (TRPL) for obtaining information through letters
dated May 31, 2017 and August 10, 2017 among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

   Export Packing Credit    3        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          15        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

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 they are arrived at without any management
interaction and are 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 TRPL. 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
TRPL 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 its rating on the bank facilities of TRPL to 'CRISIL
D/Issuer Not Cooperating' from 'CRISIL B-/Stable'. The rating
downgrade reflects instances of delays in debt servicing.

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).


V.S. BUILDCON: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of V.S. Buildcon (VS) at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              10        CRISIL D (Reaffirmed)

The rating reflects instances of delay in servicing debt due to
stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:  The total outside liabilities to
tangible networth ratio is high and debt protection metrics are
below-average on account of low profitability. The financial risk
profile will remain weak over the medium term owing to large
working capital borrowings.

* Large working capital requirement:  That's primarily because of
a long receivables collection cycle and large inventory, given the
long gestation period of infrastructure projects. Though part of
the requirement is met by negotiating with suppliers for longer
credit periods, working capital requirement will remain dependent
on external debt over the medium term.

* Small scale of operations:  VS is a small player in the highly
fragmented construction business in which there are several such
players and a few organised ones. This limits its ability to
exploit benefits associated with economies of scale. This also
exposes it to competitive pressures, and hence to low pricing
power with customers, thus not only impacting profitability but
also stretching receivables.

Strength

* Partners' extensive experience:  Operations will benefit over
the medium term from partners' experience, and healthy growth
prospects for the civil construction industry.

Set up in 2008 in Ghaziabad as a partnership firm between Mr.
Varun Chaudhary, his father, Mr. Subhash Chaudhary, and his wife,
Ms Reenu Chaudhary, VS undertakes civil construction work, mainly
road and irrigation projects, for government departments.



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


TENDCARE MEDICAL: Placed Under Judicial Management
--------------------------------------------------
Michelle Quah at The Business Times reports that Tendcare Medical
Group Holdings was this week placed under judicial management (JM)
by the Singapore courts -- and not without some controversy.

In court documents filed as part of the judicial management
application, the company once known as Tian Jian Hua Xia Medical
Group Holdings - which owns and operates hospitals in China - is
accused of refusing to cooperate with interim judicial managers
appointed in July, BT relates.

According to the report, director and majority shareholder Gong
Ruizhong is also said to have transferred a key operating
subsidiary in the Tendcare group to another company outside the
group soon after the JM application was filed.

BT relates that the claims have not gone unchallenged; in his
filings to the court, Mr. Gong argues that Tendcare is financially
healthy and solvent and on track to its planned public listing; he
claims that such plans were merely delayed, as a result of gross
mismanagement by a former manager who is now facing criminal
proceedings in China.

Mr. Gong has also argued that documents supporting claims of his
alleged refusal to cooperate have not been produced, the report
says.

The report says the current matter traces its roots back to 2014,
when, according to court documents, Tendcare had undergone a
restructuring with a view to listing "on an international stock
exchange".

It had secured, as third-party investors during the pre-IPO (pre-
initial public offering) phase, investors such as Olympus Capital
Asia (OCA), EFG Atlantis China Pre-IPO Master Fund, Atlantis China
Star Fund, Easom and China Merchants Capital Investment Co, Ltd
(CMC). All invested varying amounts, in various forms, in
Tendcare, the report relates.

Easom, for whom Hong Kong conglomerate Chow Tai Fook acted as
agent proxy or nominee, is said to have invested the largest sum
at just under US$60 million, according to court filings obtained
by BT.

Private equity firm OCA, represented in this latest action by Sim
Kwan Kiat and Mark Cheng from Rajah & Tann, had invested just
under US$20 million in Tendcare at this stage, the report notes.

OCA claims that, when the principal sum plus interest accrued but
unpaid, amounting to some US$25 million was due in May 2017,
Tendcare was unable to meet its obligation and defaulted on its
payment. OCA subsequently filed to place Tendcare under judicial
management, the report adds.

Subsequently, OCA said it found that Tendcare had - in the days
following OCA's application - transferred all its shares held
indirectly in a key operating subsidiary Beijing Tian Jian to
Shanxi Jin Bang, a company outside the group; OCA then filed for
an urgent order to place Tendcare under interim judicial
management, which was granted by the court in July 2017. Steven
Yit of FTI Consulting was appointed the interim JM, BT notes.

Around the same time, Tendcare's Hong Kong subsidiary, Tian Jian
HK, was placed under provisional liquidation by the Hong Kong
courts and Ernst & Young was appointed the provisional liquidators
(PLs), according to BT.

OCA's application to put Tendcare under judicial management,
supported by Chow Tai Fook, was heard and granted by the Singapore
High Court this week, the report notes.

Tendcare is represented by Smitha Menon --
smitha.menon@wongpartnership.com -- of WongPartnership, BT
discloses.




                             *********

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
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***