TCRAP_Public/171012.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 12, 2017, Vol. 20, No. 203

                            Headlines


A U S T R A L I A

AUSDRILL LIMITED: Moody's Hikes CFR to Ba3, Outlook Stable
FIRESTONE ENERGY: First Creditors' Meeting Set for Oct. 19
MJ LOGISTICS: Second Creditors' Meeting Set for Oct. 19
RIB FORCE: Second Creditors' Meeting Set for Oct. 18
WATERBERG COAL: First Creditors' Meeting Set for Oct. 19


C H I N A

CHINA: Making Progress in Shrinking Shadow Banking, Fitch Says
CHINA COMMERCIAL: Incurs US$1.3 Million Net Loss in 3rd Quarter
TONGJI HEALTHCARE: Incurs $163K Net Loss in First Quarter


H O N G  K O N G

CHINA CITIC: Moody's Affirms (P)Ba1 Rating on LT Jr. Sub. Notes


I N D I A

A & D INTERNATIONAL: CARE Assigns B+ Rating to INR8.77MM Loan
ADVAITH BIO: ICRA Moves B- Rating to Not Cooperating Category
ANKITA IMPEX): CARE Assigns B Rating to INR0.52cr LT Loan
AROGYA HOSPITAL: CARE Assigns B+ Rating on INR7.35cr LT Loan
B S ENTERPRISE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

B S TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
BHAGABATI BUILD: ICRA Reaffirms B Rating on INR6cr Cash Loan
C.G. ISPAT: ICRA Moves B+ Rating to Not Cooperating Category
CHAMUNDA ELECTRICALS: ICRA Withdraws B+ Rating on INR1cr Loan
COOCH BEHAR: ICRA Reaffirms B- Rating on INR34.49cr Term Loan

GOODWEAR FASHIONS: Ind-Ra Migrates BB Rating to Non-Cooperating
HVR PROJECTS: CARE Assigns 'B' Rating to INR12.44cr LT Loan
K.K. LEISURES: CARE Assigns B Rating to INR11cr LT Loan
KEDIA PIPES: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
KRISHNA NATURAL: ICRA Moves B Rating to Issuer Not Cooperating

KYS MANUFACTURERS: CARE Raises Rating on INR11.50cr Loan to BB-
M J STEELS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
MAA BALA: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
MADHAVA HYTECH: ICRA Moves B Rating to Not Cooperating Category
MAHAVISHNU SPINNING: CARE Assigns B+ Rating to INR8.0cr Loan

MANGAL SPONGE: ICRA Lowers Rating on INR34.50cr Loan to B-
MILLENIUM EXIM: ICRA Moves B Rating to Not Cooperating Category
MODERN CONSTRUCTION: CARE Assigns B+ Rating to INR6.0cr Loan
PERFECT ENGINEERING: Ind-Ra Migrates B+ Rating to Non-Cooperating
PRASHANTHI AYURVEDIC: Ind-Ra Moves B+ Rating to Non-Cooperating

R K ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to 'B'
RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.70cr Loan
R T RICE: CARE Reaffirms B+ Rating on INR1.78cr LT Loan
SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR15.30cr Loan

SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR11.25cr Cash Loan
STANDARD FROZEN: CARE Reaffirms B+ Rating on INR23cr LT Loan
T K ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
T K ROADWAYS: Ind-Ra Migrates BB- Rating to Non-Cooperating
TIRUPATI ENTERPRISE: CARE Assigns B+ Rating to INR5.80cr Loan

TMT STEELS: CARE Lowers Rating on INR7.50cr Loan to 'D'
VA TECH: Appeals in Appellate Tribunal vs NCLT Insolvency Order
VASISTA MARINE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
VEE DEE: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
VIKRAM INFRASTRUCTURE: Ind-Ra Moves B+ Rating to Non-Cooperating

VIKRANT FORGE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
VIZAG PROFILES: CARE Lowers Rating on INR76MM Loan to 'D'


J A P A N

KOBE STEEL: Scandal Deepens as More Faked Data Emerge
TOSHIBA CORP: Removed From Delisting Watchlist at TSE


N E W  Z E A L A N D

PACIFIC EDGE: To Raise NZ$21.3MM in Deeply Discounted Offer
RENAISSANCE BREWING: Up for Sale After Voluntary Administration


                            - - - - -


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A U S T R A L I A
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AUSDRILL LIMITED: Moody's Hikes CFR to Ba3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Ausdrill Limited's
corporate family rating (CFR) to Ba3 from B1. At the same time,
Moody's has also upgraded the senior unsecured rating of Ausdrill
Finance Pty Ltd to Ba3 from B2. The outlook on all ratings is
changed to stable from positive.

RATINGS RATIONALE

"The ratings upgrade reflects Ausdrill's sustained improvement in
its credit profile and Moody's expectations that earnings will
continue to grow, driven by opportunities in both open pit and
underground mining services in Africa," says Shawn Xiong, a
Moody's Analyst.

Ausdrill's financial leverage, measured as adjusted debt-to-
EBITDA, has improved to around 2.8x for fiscal 2017 ended 30 June
2017 (FY2017), as a result of new contract wins and reduction in
debt. Moody's expects the company's financial leverage to improve
further to the range of 2.2x-2.5x over the next 12-18 months.

Ausdrill's significant exposure to the gold sector has been a
positive for the company as gold prices have held up relatively
well compared to other commodities. Although the Australian mining
services sector remains competitive, growth opportunities are
starting to emerge as some of the gold miners look to increase
capital expenditure at existing mines, as well as to develop new
mines over the next 12-24 months. Moody's expects Ausdrill to grow
its earnings by renewing existing contracts and winning new
contracts, particularly in Africa, over the next 12-18 months.

Ausdrill has also benefitted from a strong and stable EBITDA
margin due to cost initiatives and the more specialized nature of
the mining services it offers, despite challenging and competitive
market conditions. Moody's expects further slight improvement in
Ausdrill's EBITDA margin over the next 12-18 months.

Moody's considers Ausdrill's liquidity position to be strong,
supported by a cash balance of AUD167 million as at June 30, 2017
and an undrawn revolving credit facility of AUD200 million.
Additionally, Ausdrill has successfully completed an equity
raising of around AUD100 million on August 31, 2017, in
anticipation of growth opportunities in Africa over the next 12-18
months.

In FY2017, 52% of Ausdrill's revenue was generated in Africa and
Moody's expects the share to increase to the range of 60%-65% over
the next 12-18 months. The significantly increased share of
revenue from Africa increases the company's exposure to
jurisdictions which are subject to higher sovereign risk or which
demonstrate less-developed institutional environments.
Nevertheless, Moody's notes that Ausdrill's geographical and mine
diversification within the region, as well its long track record
of successfully operating in these higher-risk jurisdictions as
key mitigants.

The upgrade of the senior unsecured rating of Ausdrill Finance Pty
Ltd to Ba3 from B2, in line with Ausdrill Limited's CFR, reflects
Moody's expectation that there will be no need to utilize its
largely undrawn AUD-200 million senior revolving debt facility.

WHAT COULD CHANGE THE RATING

Ausdrill's CFR could experience positive momentum if the company
continues to maintain a track record of strong cash flow
generation and improved earnings, such that adjusted debt/EBITDA
is sustained below 2.0x. Additionally, the successful refinancing
of the company's USD300 million of unsecured notes due November
2019 will be another important consideration.

Ausdrill's stable outlook reflects its solid credit metrics and
Moody's expectations that the company will continue to renew its
existing contracts and win new contracts, which will keep its
credit metrics comfortably within Moody's tolerance level over the
next 12-18 months.

Ausdrill's rating could come under downward pressure if the
company cannot sustain and/or if operating conditions deteriorate
significantly, despite Moody's expectations for stabilization and
adjusted debt/EBITDA exceeds 3.25x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


FIRESTONE ENERGY: First Creditors' Meeting Set for Oct. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Firestone
Energy Ltd will be held at the offices of Pitcher Partners Perth,
Level 1, 914 Hay Street, in Perth, West Australia, on Oct. 19,
2017, at 11:30 a.m.

Bryan Kevin Hughes, Daniel Bredenkamp and Renee O'Driscoll of
Pitcher Partners were appointed as administrators of Firestone
Energy on Oct. 9, 2017.


MJ LOGISTICS: Second Creditors' Meeting Set for Oct. 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of MJ Logistics
Pty Ltd has been set for Oct. 19, 2017, at 10:30 a.m., at the
offices of SV Partners, SV House, 138 Mary Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 18, 2017, at 4:00 p.m.

Terrence John Rose of SV Partners was appointed as administrator
of MJ Logistics on Sept. 13, 2017.


RIB FORCE: Second Creditors' Meeting Set for Oct. 18
----------------------------------------------------
A second meeting of creditors in the proceedings of Rib Force
Inflatables Pty Ltd has been set for Oct. 18, 2017, at 2:30 p.m.,
at the offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 17, 2017, at 5:00 p.m.

Andrew Peter Fielding and Helen Newman of BDO were appointed as
administrators of Rib Force on Sept. 12, 2017.


WATERBERG COAL: First Creditors' Meeting Set for Oct. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Waterberg Coal Company Pty Ltd will be held at the offices of
Pitcher Partners Perth, at Level 1, 914 Hay Street, in Perth, West
Australian, on Oct. 19, 2017, at 10:30 a.m.

Bryan Kevin Hughes, Daniel Bredenkamp and Renee O'Driscoll of
Pitcher Partners were appointed as administrators of Waterberg
Coal on Oct. 9, 2017.



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CHINA: Making Progress in Shrinking Shadow Banking, Fitch Says
--------------------------------------------------------------
China's shadow-banking sector has shrunk in response to the
regulatory clampdown launched in early 2017, which could address
certain risks to the financial system if it continues over the
medium term, says Fitch Ratings. Declining shadow-banking activity
could create potential liquidity shortages, but the recently
announced targeted cut to the required reserve ratio (RRR)
illustrates that the authorities will use policy tools to guard
against a significant impact on prioritised sectors.

System-wide inter-bank assets had fallen by 13.8% yoy as of end-
August 2017, while interbank liabilities were down by 1.6%,
according to data from the China Banking Regulatory Commission
(CBRC). This was the first drop in both interbank assets and
liabilities since 2010. The decline was sharpest among joint-stock
commercial banks, which had been more aggressive in interbank
activities. Their inter-bank assets were down by 45% at end-August
2017 from the start of the year. Entrusted loans fell for the
first time since 2008 over the same period. Meanwhile, growth in
wealth management products (WMPs) continued to slow, with the
interbank WMP balance falling by CNY2.2 trillion from January to
August 2017. Fitch estimates the outstanding WMP balance has
declined by around 10% so far in 2017.

Shadow banking remains a key source of risk to financial stability
following years of rapid growth that has increased the
interconnectedness of the system and made some banks vulnerable to
strains on funding and liquidity. Outstanding WMP balances, for
example, reached roughly 40% of GDP at end-2016, having grown by
over 40% per year on average since 2013.

The CBRC reiterated its commitment to tackling these risks in late
September, emphasizing its role in identifying threats and
implementing necessary mitigating measures. The regulatory tone
was strong, stating that any failure by the regulators to spot and
handle risks in a timely manner would be viewed as a dereliction
of duty.

Shadow banking therefore appears likely to continue to face
greater regulatory scrutiny, at least while the authorities remain
comfortable with economic growth. Fitch expects the economy to
start slowing in 3Q17, but the deceleration is likely to be
gradual, with GDP forecast to grow by 6.3% in 2018, down from 6.7%
in 2017.

Liquidity shortages triggered by a deceleration in shadow-banking
activity are a potential risk to the growth outlook, but the
People's Bank of China's (PBOC) has highlighted that it will
continue to use its various monetary policy instruments to keep
liquidity stable and maintain its "prudent and neutral" policy
stance. One example of targeted support to prevent tighter
liquidity from having adverse effects on the real economy is the
PBOC announcement on 29 September of a cut to the RRR for banks
that meet criteria on lending to rural and micro enterprises.

The RRR cut is likely to encourage banks to support inclusive
finance, which is an important component of the authorities'
reform agenda. A bank's RRR will be lowered by 50bp if loans to
support inclusive finance exceed 1.5% of its total loan balance or
its new lending in the previous year. Most banks are likely to
reach this 1.5% threshold and be qualified for 50bp cut, but only
some will hit the 10% threshold required for a larger 150bp. The
adjustments will not be effective until 1 January 2018, but the
impact on lending to rural and micro enterprises is likely to come
through sooner as banks position themselves to qualify for the
cuts. This would alleviate pressure on borrowing costs for
targeted sectors, while maintaining a grip on banking sector
risks.


CHINA COMMERCIAL: Incurs US$1.3 Million Net Loss in 3rd Quarter
---------------------------------------------------------------
China Commercial Credit, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of US$1.28 million on US$106,776 of total interest and
fee income for the three months ended March 31, 2017, compared to
net income of US$1.13 million on US$234,801 of total interest and
fee income for the three months ended March 31, 2016.

As of March 31, 2017, China Commercial had US$20.27 million in
total assets, US$19.13 million in total liabilities and US$1.13
million in total shareholders' equity.

The Company said most loan customers are from textile industry,
which has been facing downward pressure.  Additionally adversely
affected by emergence of internet finance entities, the Company
was facing fierce competition.  Considering the high risks from
both customer base and competitors, management assessed the
Company would further reduced the loan business without strong
financial support.

"The Company is actively seeking other strategic investors with
experience in lending business.  If necessary, the shareholders of
Wujiang Luxiang will contribute more capital into Wujiang Luxiang.

"While management believes that the measures in the liquidity plan
will be adequate to satisfy its liquidity and cash flow
requirements for the twelve months after the financial statements
are available to be issued, there is no assurance that the
liquidity plan will be successfully implemented.  Failure to
successfully implement the liquidity plan will have a material
adverse effect on the Company's business, results of operations
and financial position, and may materially adversely affect its
ability to continue as a going concern."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/sIXvZj

                  About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- provides business loans
and loan guarantee services to small-to-medium enterprises,
farmers and individuals in China's Jiangsu Province.  Due to
recent legislation and banking reform in China, these SMEs,
farmers and individuals -- which historically had been excluded
from borrowing funds from State-owned and commercial banks -- are
now able to borrow money at competitive rates from microfinance
lenders.

China Commercial's independent accounting firm Marcum Bernstein &
Pinchuk LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has accumulated
deficit that raises substantial doubt about its ability to
continue as a going concern.

The Company had an accumulated deficit of US$76.25 million as of
June 30, 2017.  As of June 30, 2017, the Company had cash and cash
equivalents of US$1.907 million and total short-term borrowings of
nil.  Caused by the limited funds, the management assessed that
the Company was not able to keep the size of lending business
within one year from the filing of June 30, 2017, Form 10-Q.

China Commercial reported a net loss of US$1.98 million on US$1.29
million of total interest and fee income for the year ended Dec.
31, 2016, compared with a net loss of US$61.26 million on US$2.98
million of total interest income for the year ended Dec. 31, 2015.
As of June 30, 2017, China Commercial had US$6.75 million in total
assets, US$7.23 million in total liabilities and a total
shareholders' deficit of $480,945.


TONGJI HEALTHCARE: Incurs $163K Net Loss in First Quarter
---------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $163,189 on $338,396 of total operating revenue for
the three months ended March 31, 2017, compared to a net loss of
$125,305 on $501,666 of total operating revenue for the three
months ended March 31, 2016.

As of March 31, 2017, Tongji Healthcare had $8.32 million in total
assets, $14.70 million in total assets, $14.70 million in total
liabilities, and a total stockholders' deficit of $6.37 million.

Net cash used in operating activities primarily consists of net
loss, as adjusted by depreciation, stock option, and changes in
non-cash working capital items such as accounts receivable,
medical supplies, capital lease deposits, prepaid expense and
other current assets, accounts payables and accrued liabilities,
and other payables.

Net cash used in operating activities was $43,698 for the three
months ended March 31, 2017, a decrease of $62,358 or 334% as
compared with the net cash provided by operating activities of
$18,660 for the same period in 2016.  The decrease in net cash
provided in operating activities was primarily due to the reduced
revenue, resulting in a $37,884 increase in net loss.

Net cash used in investing activities was $0 for the three months
ended March 31, 2017, a decrease of $50,957 or 100%, as compared
with the net cash used in investing activities of $50,957 for the
same period in 2016.  The decrease in net cash used in investing
activities was primarily due to disposal of construction in
progress in 2016, resulting reduced cash contribution in the
current period.

Net cash provided by financing activities primarily consists of
proceeds from related party loans.

Net cash provided by financing activities was $37,940 for the
three months ended March 31, 2017, a decrease of $26,399 or 41%,
as compared with the net cash provided by financing activities of
$64,339 for the same period in 2016.  The decrease was primarily
attributable to decrease in funds advanced by related parties due
to disposal of construction in progress.

The Company's working capital was negative $6,947,247 as of
March 31, 2017, as compared with negative $6,745,663 as of
Dec. 31, 2016, a decrease of $201,584, which is primarily
attributable to the increase in related party loans of
approximately $128,054, decrease in accounts receivable of
approximately $48,778 and increase in other payables of
approximately $49,533.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/9FztT5

                    About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,600 on $2.35 million of total
operating revenue for the year ended Dec. 31, 2015.  As of June
30, 2017, the Company had $7.45 million in total assets, $14.47
million in total liabilities and a total stockholders' deficit of
$7.02 million.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the Company has
negative working capital of $6.746 million, an accumulated deficit
of $7.206 million, and shareholders' deficit of $6.163 million as
of Dec. 31, 2016.  The Company's ability to continue as a going
concern ultimately is dependent on the management's ability to
obtain equity or debt financing, attain further operating
efficiencies, and achieve profitable operations.



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CHINA CITIC: Moody's Affirms (P)Ba1 Rating on LT Jr. Sub. Notes
---------------------------------------------------------------
Moody's Investors Service has affirmed China CITIC Bank
International Limited's (CNCBI) Baa1 long-term deposit rating and
Prime-2 short-term deposit rating.

At the same time, Moody's has affirmed the bank's baa2 baseline
credit assessment (BCA) and adjusted BCA, and its A3(cr)/P-2(cr)
counterparty risk assessments.

The outlook on CNCBI's ratings is revised to stable from negative.
For a list of all affected ratings, please refer to the end of
this press release.

The rating action was prompted by the announcement by its parent
bank, China CITIC Bank Corporation Limited (deposits Baa2 stable,
BCA ba2) (CITIC Bank), on September 30, 2017, of CNCBI's plan to
raise HKD9.053 billion (about $1.2 billion) in capital from five
financial investors. After the capital injection, China CITIC Bank
will remain the controlling shareholder of CNCBI with a stake of
75%. The transaction is expected to close at the end of this year
once all approvals have been obtained.

RATINGS RATIONALE

The affirmation of CNCBI's baa2 BCA reflects the bank's overall
credit profile together with its enhanced capital position after
the capital injection. Despite challenging operating conditions,
the bank has maintained sound solvency and liquidity profile,
resulting in easing pressure on its credit worthiness.

The bank's capitalization level is modest, when compared with its
rated peers in Hong Kong, with tangible common equity (TCE) /
risk-weighted assets (RWA) of 12.4% at end-June 2017. The capital
injection will provide an immediate boost to its capital adequacy.
The amount of capital to be raised is equivalent to about 400
basis points of the bank's risk-weighted assets at end-June 2017.

The bank's funding profile has improved. Customer deposits grew by
7.4% during the first six months of 2017, with current accounts
and savings accounts amounting to 33% of total customer deposits
at end-June 2017, up from 29% at end-2016. Nonetheless, Moody's
expects the TCE/RWA ratio to return to below 14% over the next two
years as a result of rapid loan growth. In view of the bank's
strengthened cross-border collaboration with its parent bank,
Moody's expects its corporate loan exposure will likely grow
faster than the system average in 2017 and 2018. The bank's future
growth and modest profitability will weigh on its capitalization.

The credit benefits of the improved capitalization are also
discounted by the ongoing deterioration of CNCBI's asset quality,
given the risks associated with the bank's growing mainland
exposures. CNCBI's overall impaired loan ratio was 1.39% at end-
June 2017, up from 0.96% at end-2016 mainly due to lending
associated with a few specific Mainland customers. The bank's non-
bank mainland exposures, as indicated, continue to increase and
accounted for 46% of its total assets at end-June 2017.

CNCBI's deposit ratings incorporate one notch of government
support uplift, given Moody's expectation of a moderate likelihood
of indirect support from the mainland Chinese government (A1
stable) that would flow through its parent.

After the capital injection, CITIC Bank will hold 75% equity
interests in CNCBI. Given that CITIC Bank will remain as the
controlling shareholder of the bank, Moody's continues to factor
in one notch of uplift to CNCBI's deposit ratings and senior
unsecured debt programme ratings, positioning them at
Baa1/(P)Baa1.

The outlook on the bank's ratings has been revised to stable from
negative, in line with the stable outlook of the Chinese
government and its parent CITIC Bank. There is easing pressure on
the bank's credit worthiness given its resilient performance in
recent years despite subdued economic growth in Hong Kong.

WHAT COULD CHANGE THE RATING UP/DOWN

The bank's deposit ratings could be upgraded if the parent bank's
ratings are upgraded. Given its standalone credit assessments is
already three notches above that of its parent, an upgrade is not
likely in the near term.

The bank's deposit ratings could be downgraded if government
support diminishes or if the parent's ratings are downgraded. Its
standalone credit assessment will likely be downgraded if rapid
growth in its mainland or overseas exposure results in weakened
solvency and liquidity profiles.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.

China CITIC Bank International Limited is headquartered in Hong
Kong and reported total assets of HKD328 billion at end-June 2017.

Outlook Actions:

Issuer: China CITIC Bank International Limited

-- Outlook, Changed To Stable From Negative

Affirmations:

Issuer: China CITIC Bank International Limited

-- Adjusted Baseline Credit Assessment, Affirmed baa2

-- Baseline Credit Assessment, Affirmed baa2

-- Counterparty Risk Assessment, Affirmed A3(cr)/P-2(cr)

-- Long Term Deposit Rating, Affirmed Baa1, Outlook is changed
    to Stable from Negative

-- Short Term Deposit Rating, Affirmed P-2

-- Long Term Junior Subordinate MTN Program, Affirmed (P)Ba1

-- Long Term Subordinate MTN Program, Affirmed (P)Baa3

-- Long Term Senior Unsecured MTN Program, Affirmed (P)Baa1

-- Pref. Stock Non-cumulative Preferred Stock, Affirmed Ba2(hyb)

-- Subordinate Regular Bond/Debenture, Affirmed Baa3

-- Long Term Deposit Note/CD Program, Affirmed (P)Baa1

-- Short Term Deposit Note/CD Program, Affirmed (P)P-2



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A & D INTERNATIONAL: CARE Assigns B+ Rating to INR8.77MM Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of A & D
International Private Limited (A&D), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.77       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of A&D are primarily
constrained on account of its nascent stage of operations with net
loss, moderate solvency position and stressed liquidity position.
The ratings are, further, constrained on account of its presence
in highly competitive and fragmented nature of wooden industry and
vulnerability of margins to fluctuation in raw material and
foreign exchange rate.

The ratings, however, drive strength from experienced management
coupled with synergies derived from common marketing and
distribution network.

Improvement in the scale of operations with improvement in
profitability margins in light of volatile prices of raw
material and foreign exchange rates and improvement in the
liquidity and solvency position are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations with net loss: FY17 ( provisional, FY
refers to period from April 1 to March 31), being the first full
year of operation of the company, it has registered TOI of INR8.19
crore with PBILDT margin of 19.76%. It has generated 81% from
export and remaining through domestic market mainly to its group
concern. During 5MFY16 the company registered TOI of INR1.94
crore. However, the company registered net loss of INR0.47 crore
in FY17 mainly due to higher interest and finance expenses and
depreciation in initial years of operations. Further, the company
registered a turnover of INR5 crore till August 25, 2017.

Moderate solvency and stressed liquidity position: The capital
structure of the company stood moderate with overall gearing of
1.15 times as on March 31, 2017. Unsecured loans from promoters &
relatives of INR9.28 crore are subordinated to bank borrowings and
hence, considered as a quasi equity. The debt service coverage
indicators stood weak with total debt to GCA stood at 25.11 times
as on March 31, 2017. Further, the interest coverage ratio stood
low at 1.34 times in FY17.

The liquidity position of the company stood moderate marked by
working capital cycle of 90 days in FY17. Further, the current
ratio and quick ratio stood below unity level at 0.37 times and
0.18 times as March 31, 2017. The business of the company is
working capital intensive nature marked by almost full utilization
of its working capital bank borrowings during last twelve months
ended July, 2017.

Competitive and fragmented nature of wooden industry along with
foreign exchange fluctuation risk: The key raw materials required
by the wooden handicraft industry are sheesham and mango wood
which is procured by A&D from the domestic market and processes
the same to make handicrafts items. Due to competitive nature of
the industry, A&D is exposed to the risk of inability to pass on
the prices of raw material to its customers. Further, A&D is
exposed to foreign exchange fluctuation risk as the firm derives
majority of its revenue from the export sales. A&D keeps
its export receivables un-hedged which exposes it to foreign
currency fluctuation risk.

Key Rating Strengths

Experienced management coupled with synergies derived from common
marketing and distribution network: The promoters of the company
are present in the same line of business over two decade. The
overall affairs of the company are looked after by all the
directors. Mr. Ravi Kant Laddha and Mr. Dileep Baid, directors,
have more than two decade of experience in the industry and looks
after marketing and sales function of the company. Further, Mr.
Girish Mehta and Mr. Sandeep Mundra, director, who have more than
two decade of experience in the industry, look after
production and other functions of the company.

The promoters of the company have also promoted Art Asia and
Dileep Industries Private Limited which are in the same
line of business. A&D derives synergic benefits in form of
experienced promoter and common marketing as well as distribution
network between group concerns. Due to longstanding presence of
promoters in the industry, the group has established good
relations with its customers as well as suppliers and gets
repeated orders from its customers.

Jaipur (Rajasthan) based A&D was formed in 2007 as a private
limited company by Mr. Ravi Kant Laddha, Mr. Sandeep Mundra, Mr.
Girish Mehta and Mr. Dileep Baid under the name "Rustic Furnitures
Private Limited". However, in March, 2013 the company purchased a
land in SEZ area in Jaipur and later in November, 2013, the name
of the company was changed to "A & D International Private
Limited". Further, in March 2014, the company undertook a project
with total project cost of INR20.76 crore to set up a factory unit
with a total installed capacity of 2.50 lakh CFPA (Cubic Feet Per
Annum).

A&D is engaged in manufacturing and export of wooden furniture and
handicraft items like tables, chairs, cabinets, bed, sofas, racks,
drawers etc. It majorly exports to the USA, UK, China, Italy and
France. Apart from export, the domestic transactions of the
company are only with the group concerns. In FY17, more than 80%
of Total Operating Income (TOI) was from exports of wooden
furniture and handicraft items.


ADVAITH BIO: ICRA Moves B- Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Limited has moved the long-term rating outstanding of the
INR3.00-crore fund-based facilities and the INR3.00-crore term
loans of Advaith Bio Remedies (ABR) to 'Issuer Not Cooperating'
category from [ICRA]B-. The rating is now denoted as '[ICRA]B-
(Stable) ISSUER NOT COOPERATING'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash         3.00      [ICRA]B- (Stable) ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund Based-Term         3.00      [ICRA]B- (Stable) ISSUER NOT
  Loan                              COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on no updated information about the firm's
performance since the time it was last rated in March 2016.
Lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
same does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA. However, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with Advaith Bio Remedies, ICRA has been trying to seek
information from the entity to monitor its performance. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit Strengths

* Long experience of the promoter in the Ayurvedic medicinal
  Industry

* Continuous investment in marketing activities, research &
  development along with wide distribution network to support
  volume and revenue growth

Credit Weaknesses

* Small scale of operations restricts operational and financial
  flexibility

* Significant competition from established larger players in the
  industry

Advaith Bio Remedies is a partnership firm based out of Bangalore,
manufacturing herbal-based products for pharmaceutical and
cosmetic industry. The company sells products for hair care, face
care, baby care in the cosmetic segment and for diabetes,
neurological, heart diseases etc in the pharmaceutical segment
under the brand name, BIO CARE. It has its own research and
development centre and is closely associated with laboratories in
India like Bangalore Test House for research and analysis to
ensure highquality products.


ANKITA IMPEX): CARE Assigns B Rating to INR0.52cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ankita
Impex (ANI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             0.52       CARE B; Stable Assigned

   Short-term Bank
   Facilities             4.92       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Ankita Impex (ANI)
are constrained by its small scale of operations with low net-
worth base, leveraged capital structure and susceptibility of the
margins to fluctuation in raw material prices. The ratings are
further constrained by concentrated revenue stream, firm's
presence in highly competitive industry and proprietorship nature
of its constitution. The ratings, however, derive strength from
experienced proprietor along with moderate profitability margins &
interest coverage ratio, reputed customer base and favorable
location of plant.

Going forward, the ability of the firm to increase the scale of
operations with improvement of the overall solvency position would
remain the key rating sensitivity.

Detailed description of the key rating drivers

Weaknesses

* Small scale of operations with low net-worth base: Despite being
in operations for more than one decade, the firm's scale of
operations has remained small marked by Total Operating Income
(TOI) of INR17.55 crore in FY16 and net-worth base of INR0.92
crore as on March 31, 2016. Additionally, ANI's GCA was relatively
small at INR0.47 crore for FY16. The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits. Although, the TOI of the firm increased from INR
14.10 crore in FY14 to INR17.55 crore in FY16 on account of
increased sales volume, however, the same continues to remain
small.

* Leveraged capital structure: The total debt of the firm
comprised of term debt (including vehicle loans) of INR1.20 crore,
working capital borrowings amounting to INR2.07 crore and
unsecured loans from relatives of INR0.83 crore as on March 31,
2016. ANI has a leveraged capital structure marked by overall
gearing ratio of 4.45x as on March 31, 2016 on account of high
dependence upon borrowings and low net-worth base. The overall
gearing ratio deteriorated from 4.16x as on March 31, 2015 on
account of decline in networth base due to withdrawal of funds
amounting to INR 0.46 crore in FY16.

* Exposure to raw material price volatility:  The entities in
textile industry are susceptible to fluctuations in raw material
prices. Cotton (one of the main raw material) being an
agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods. It
being a globally traded product, its price is very volatile
depending on the demand-supply situation in the global markets.
The price of other raw material, i.e. acrylic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.

* Constitution of the entity being a proprietorship firm: ANI's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as the credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders. The proprietor withdrew
funds amounting to INR1.01 crore during FY14-FY16 period.

* Highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends:  ANI operates
in a highly fragmented industry wherein there is presence of a
large number of players in the unorganized and organized sectors.
There are number of small and regional players catering to the
same market which has limited the bargaining power of the firm.
The apparel sector is highly dependent on fashion trends, consumer
spending habits as well as economic cycles. Therefore, the
entities need to manage their inventories according to fashion and
changing trends. At times, a fashion is short-lived, thus, there
is a risk of inventory getting obsolete and does not meet the
taste and preferences of the customers leading to losses.

Strengths

* Experienced proprietor and long track record of operations:  ANI
has been in the manufacturing of readymade garments for more than
a decade which aids in establishing relationship with both
suppliers and customers. The firm is currently being managed by
Mrs. Indu Dhand who has an experience of around 12 years in the
textile industry which she gained through her association with
this firm only. She is supported by a team of experienced and
qualified professionals having varied experience in the technical,
finance and marketing fields.

* Moderate profitability margins and interest coverage ratio:  The
profitability margins of the firm stood moderate as reflected by
PBILDT and PAT margin of 5.29% and 1.28% respectively in FY16.
PBILDT margin moderated from 7.66% in FY14 as the firm compromised
on the margins to increase its market share. Consequently, PAT
margin also declined from 1.33% in FY14 to 1.28% in FY16.
Furthermore, interest coverage ratio stood moderate at 2.04x in
FY16 The same improved from 1.74x in FY14 due to decline in
interest expenses due to repayment of term loan.

* Association with reputed customer base though concentrated:  The
firm is into manufacturing of readymade garments like sweaters,
coats, jackets, tops, sportswear, etc. and is supplying to various
reputed players. However, the customer base is concentrated with
top 4 customers contributing ~ 45% of the total sales in FY16.
However, ANI has been able to receive repetitive orders from these
customers on account of quality products being delivered and also
due to long standing relationship with these clients.

* Favorable location of operations:  Ludhiana is a well-
established hub of manufacturing of textiles. The firm benefits
from the location advantage in terms of easy accessibility to
large customer base located in Ludhiana. Additionally, various raw
materials required in manufacturing of textiles are readily
available owing to established supplier base in the same location
as well.

Ankita Impex (ANI) is a proprietorship firm established in 2005 by
Mrs. Indu Dhand. ANI is engaged in the manufacturing of fabric and
readymade garments for women, men and kids at its manufacturing
facility located at Ludhiana, Punjab, which has a total installed
capacity of manufacturing 55 lakh pieces of textiles per annum, as
on March 31, 2016. The product line of the firm mainly comprises
sweaters, coats, jackets, tops, sports wear, shirts, trousers,
kurtis, etc.


AROGYA HOSPITAL: CARE Assigns B+ Rating on INR7.35cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Arogya
Hospital and Research Centre (AHRC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.35       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Arogya Hospital and
Research Centre (AHRC) is primarily constrained by its project
risk. Further, the rating also factors in partnership nature of
constitution, risk of unavailability or inability to attract
quality doctors and medical professionals, healthcare industry is
very sensitive to mishandling of a case or negligence on part of
any doctor and/or staff and highly fragmented and competitive
nature of industry. The rating, however, derives strength from
experienced partners in healthcare industry, wide service offering
and favorable industry outlook.

Going forward, the ability of the firm to complete the ongoing
project without any cost & time over run and derive benefit out of
it as envisaged will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project risk: AHRC is currently setting up a 50 bed multi-
specialty hospital at Bongaigaon, Assam to cater the growing
demand for healthcare services in the area. The cost of the
project is estimated at INR9.98 crore which will be financing
through partner's capital of INR2.63 and term-loan of INR7.35
crore. Till September 15, 2017 the partners have already infused
the entire proposed capital of INR2.63 crore. Further, the
financial closure for the project has been tied-up and thus the
project funding risk is mitigated. The company had placed orders
for majority of machinery & equipment's with the suppliers and the
same is expected shortly. The land developments including major
civil works have already been completed. The cost incurred till
Sept.15, 2017 is INR7.63 crore (i.e.76.45% of total project cost)
towards the project. Accordingly the project risk remains. The
hospital is expected to be operational by January 2018.

* Risk of unavailability or inability to attract quality doctors
and medical professionals: Undertaking new project facilities in
healthcare industry requires trained doctors and medical
personnel. Due to scarcity of trained medical persons including
doctors owing to unavailability of opportunity in the state of
Assam, it becomes relatively difficult to attract and retain
skilled pool of medical personnel. However all the partners are
experienced doctors and they have wide experience in the medical
industry which mitigates the aforesaid risk to a certain extent.

* Healthcare industry is very sensitive to mishandling of a case
or negligence on part of any doctor and/or staff: Healthcare
industry is a highly sensitive sector where any mishandling of a
case or negligence on part of any doctor and/or staff of the unit
can lead to distrust among the masses. Thus, all the healthcare
providers need to monitor each case diligently and maintain
standard of services in order to avoid the occurrence of any
unforeseen incident.

* Partnership nature of constitution: AHRC, being a partnership
firm, is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may
result in dissolution of the firm.

* Highly fragmented and competitive nature of industry: AHRC will
face competition from both established as well as private clinics
operating in industry. Moreover, large corporations such as the
Reliance ADA Group and Aditya Birla Group have entered the
industry to capitalize on the attractive growth that corporate
hospital chains have been experiencing. In Assam AHRC will face
competition from established hospitals such as 'The Apollo
Clinic', Narayana, etc.

Key Rating Strengths

* Experienced partners in healthcare industry: The key partners;
Dr. M.N Saikia (MS) retired surgeon from govt. of Assam having
more than three decades of experience in healthcare industry will
look after the overall management of the firm. He will be
supported by other partner Dr. Rituraj Boruah (Anesthesiologist)
working as anesthesiologist in different nursing home on part time
basis, Dr. Plaban Mazumdar (MD in Medicine) is engaged in IOCL,
BGR, Bongaigaon hospital since last 5 years and he also got
experience working at New Delhi health service and at GNRC,
Guwahati, Dr. Diganta Choudhury (MS) presently working under govt.
of Assam, Bongaigaon civil hospital and Dr. Gautam Das (MBBS, DGO)
working as in charge of M/s Chilarai Hospital and Research Center,
Bongaigaon and he will be managing the entire hospital
administration cum medical supervision. The firm is likely to
derive benefits out of the wide experience of the partners going
forward.

* Wide service offering: AHRC is setting up a multi-specialty
hospital which will be offering medical facilities in almost all
fields of medical science with specialists available round the
clock, exclusively for the hospital. The hospital proposes to
offer diagnostic services with high level of automation and is
proposed to be equipped with state of the art equipment and
qualified doctors & surgeons and well trained staff. The 50 beds
are proposed to encompass intensive care unit, intensive cardiac
care unit, intensive surgical care unit, general ward, sharing
room, special room, deluxe room, suites, etc. This apart, the
hospital proposes to house 4 operation theatres and indoor-outdoor
pharmacy.

AHRC was constituted as a partnership firm in July, 2012 by Dr.
M.N Saikia, Dr. Rituraj Boruah, Dr. Plaban Mazumdar, Dr. Diganta
Choudhury and Dr. Gautam Das. The firm is currently setting up a
50 bed multi-specialty hospital with four modular operation
theatres at Barpara - Bongaigaon, Assam with an aggregate project
cost of INR9.98 crore.


B S ENTERPRISE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B S Enterprise's
(BSE) 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:

-- INR19.4 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR45.29 mil. Term loan due on August 2020 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR1.13 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. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, BSE is engaged in providing LPG
transportation facilities in the eastern part of India.


B S TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B S Transport
Company's (BSTC) 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:

-- INR17 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR37.74 mil. Term loan due on August 2020 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR1 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. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, BSTC provides LPG transportation facilities
in the eastern part of India.


BHAGABATI BUILD: ICRA Reaffirms B Rating on INR6cr Cash Loan
------------------------------------------------------------
ICRA Limited has re-affirmed the long-term rating of [ICRA]B to
the INR6.0-crore cash credit and INR1.35-crore stand-by line-of-
credit and a short-term rating of [ICRA]A4 to the INR3.0-crore
non-fund based bank facilities of Bhagabati Build & Constructions
Private Limited. The outlook on the long-term rating is Stable.
ICRA has also removed the ratings from the 'Issuer Not
Cooperating' category.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash         6.00      [ICRA]B (Stable) Rating
  Credit                            reaffirmed and removed
                                    from the 'Issuer Not
                                    Cooperating' category

  Fund-based-Stand-       1.35      [ICRA]B (Stable) Rating
  by line of-credit                 reaffirmed and removed
                                    from the 'Issuer Not
                                    Cooperating' category

  Non-fund based-         3.00      [ICRA]A4 Rating reaffirmed
  Bank Guarantee                    and removed from the 'Issuer
                                    Not Cooperating' category.

Rationale

The re-affirmation of the ratings takes into account the continued
stretched liquidity position, primarily on account of high
working-capital requirement to support business, as also reflected
by high average utilisation of the working-capital limits of
around 98% during the period July 2016 to June 2017, thereby
reducing the financial flexibility to a large extent. The ratings
also factor in the highly fragmented industry structure,
characterised by intense competition from a large number of
players besides the sectoral concentration risk arising from
contracts that are mainly dependent on road projects in Odisha.
ICRA notes that the operating income of the company improved
during FY2017, led by faster execution/addition of new orders.
Nevertheless, the company's scale of operations, net worth and
profits at an absolute level remained modest, constraining the
rating.

The ratings, however, derive comfort from the long track record of
the promoters in the civil construction, particularly the road-
construction industry and its status as a super-class contractor
with the PWD, Odisha which enables the company to bid for large
contracts in the state. The ratings also draw comfort from BBCPL's
revenue growth visibility over the near to medium term as
reflected by the healthy order book position of around INR50 crore
as on August 31, 2017, translating into an order book/OI ratio of
around 1.5 times of FY2017 revenues.

Going forward, the company's ability to manage its working-capital
requirements efficiently while improving its scale as well
absolute profits will remain key rating sensitivities.

Credit strengths

* Experience of the promoters in the civil-construction industry,
particularly road construction:  Established in 2010, BBCPL is
involved in civil construction, particularly road construction, in
Odisha and is a registered super-class contractor with the PWD,
Odisha. The promoters of the company have an extensive experience
of over a decade in the construction segment.

* Healthy order-book position, providing adequate revenue
visibility for the short-to-medium term business prospects:  The
company has an healthy order-book position of around INR50 crore
as on August 31, 2017, translating into an order book/OI ratio of
1.5 times of FY2017 revenues, which provides revenue visibility
for the company in the short to medium term.

Credit weaknesses

* Small scale of operations of the company, at present:  The
operating income of the company remained low at around INR27-34
crore during the last two financial years. The addition of new
orders as well as faster execution of the same would remain
critical to the growth in BBCPL's scale of operations, going
forward.

* High working capital intensity due to build-up of inventory that
adversely impacts the liquidity position:  The net working capital
intensity of BBCPL's operations remains high, as reflected by
NWC/OI of 37% in FY2017 due to high work-in-progress inventory,
thus adversely impacting the liquidity position of the company.
BBCPL receives a credit period of approximately a month for all
its raw materials procured, except for bitumen for which it pays
in advance. The company receives payment within 10-15 days after
submission of running bills to the Government departments.
However, the work-in-progress inventory remained high on a
continuous basis.

* Highly fragmented industry, characterised by intense competition
from a large number of players:  BBCPL faces stiff competition
from other contractors in government tenders, given the low
complexity of work involved and low entry barriers in terms of
qualifications required for the tenders floated, which limits its
pricing flexibility, thereby putting pressure on its revenues and
margins.

* Sectoral and geographical-concentration risks:  BBCPL is exposed
to geographical and sectoral concentration risks as most of its
operations are restricted to Odisha and its contracts are mainly
dependent on road development.

Incorporated in 2010, BBCPL has been promoted by Mr. Bibhuti
Bhusan Routray and Mr. Bichitrananda Routray. It is involved in
civil construction, particularly road construction, in Odisha.
BBCPL is a registered Super-Class contractor with the PWD, Odisha,
which enables it to bid for large government contracts in the
state. In addition to the contracts awarded by the PWD, the
company executes contracts for the Rural Works (RW) division.

In FY2017, on a provisional basis, the company reported a net
profit of INR1.24 crore on an operating income of INR33.50 crore
compared to a net profit of INR1.03 crore on an operating income
of INR27.95 crore in the same period previous year.


C.G. ISPAT: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Limited has moved the ratings for the INR65.00 crore bank
facilities of C.G. Ispat Pvt. Ltd. Ltd. to the 'Issuer Not
Cooperating' category. The ratings are now denoted as: "[ICRA]B+
(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits      47.79      [ICRA]B+(Stable) ISSUER NOT
                                    CO-OPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non Fund Based         11.75      [ICRA]A4 ISSUER NOT CO-
  Limits                            OPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Untied Limits           5.46      [ICRA]A4 ISSUER NOT CO-
                                    OPERATING*; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The ratings are based on no updated information on the entity's
performance since the time it was last rated in March 21, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with C.G. Ispat Private Limited, ICRA has been trying to seek
information from the company so as to monitor its performance, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key Rating Drivers

Credit Strength

* Long experience of the promoters in steel business:  Presence of
experienced promoters with established track record of more than a
decade in steel industry, which strengthens business prospects for
the company.

Credit Challenge

* Weak financial profile of CGIPL as reflected by nominal profits
and depressed debt coverage indicators:  Weak financial profile of
CGIPL as reflected by nominal profits and depressed debt coverage
indicators. ICRA also notes that, CGIPL's exposure to the inherent
cyclicality of the steel industry, which is likely to keep the
company's profitability and cash flows volatile.

Incorporated in 2004, the company was acquired by the Raipur based
Vaswani group in October, 2010. CGIPL is engaged in the
manufacturing of MS Beam, Angles Channels and H-Beams, with an
installed capacity of around 60,000 MTPA of steel structurals.
CGIPL also works as a conversion agent for Steel Authority of
India Limited (SAIL). The flagship company of the group, Vaswani
Industries Limited (VIL) holds around 40% of the equity shares in
CGIPL. The Vaswani group on a consolidated level, has production
facilities for sponge iron, billets, steel structurals, power and
steel castings with annual capacities of 90,000 MT, 36,000 MT,
60,000 MT, 11.50 MW and 12,000 MT respectively.


CHAMUNDA ELECTRICALS: ICRA Withdraws B+ Rating on INR1cr Loan
-------------------------------------------------------------
ICRA Limited has withdrawn the long term rating of [ICRA]B+
assigned to the INR1.00 crore, long term fund based facility of
Chamunda Electricals (P) Limited. ICRA has also withdrawn the
short term rating of [ICRA]A4 assigned to the INR7.50 crore
non-fund based limits of CEPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash
  Credit                  1.00      [ICRA]B+; Withdrawn

  Non Fund Based-
  Bank Guarantee          7.50      [ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Chamunda
Electricals (P) Limited have been withdrawn at the request of the
company based on the no objection certificate provided by its
banker.

Incorporated in June 2013, Chamunda Electrical (P) Limited (CEPL)
is engaged 'Operation and Maintenance' services of GETCO from its
office located at Palanpur, Ahmedabad. CEPL is promoted by Mr.
Chirag Patel and his father Mr. Natvarlal Rathod. Mr. Patel is
engaged in the electrical contracting business since 1994 through
his partnership firm, which was later converted to proprietorship
firm viz- Chamunda Construction Co. that carried out the business
of electrical contracting services for Gujarat Energy Transmission
Corporation Limited (GETCO). CEPL has been registered as Class 'A'
electrical contractor for the 'Operation and Maintenance' services
and 'B' class electrical contractor for the erection work wherein
it can carry out erection of line on H- Frame Structure & Tower.


COOCH BEHAR: ICRA Reaffirms B- Rating on INR34.49cr Term Loan
-------------------------------------------------------------
ICRA Limited has reaffirmed the long-term rating of [ICRA]B- to
the INR34.49 crore term loans and INR0.51-crore unallocated limit
of Cooch Behar Mission Hospital Private Limited. The outlook on
the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits
  (Term Loans)           34.49      [ICRA]B- (Stable) reaffirmed

  Unallocated Limit       0.51      [ICRA]B- (Stable) reaffirmed

Rationale

The reaffirmation of the rating continues to take into account the
company's exposure to project execution risks and funding risks as
a significant portion of the total capex and the proposed equity
infusion are pending. The disbursement of a significant amount
(INR9 crore) of term loan has not taken place on account of delay
in infusion of the proposed incremental equity capital of INR8.65
crore, which is a pre-condition for further term-loan
disbursement, thereby affecting progress of the pending capex
programme. ICRA also notes that CBMH's revenues and cash flows
continue to be constrained by limited operational activities, with
regulatory approval to run only 50 beds in the hospital at
present, vis-a-vis the total proposed capacity of 136 beds.
Moreover, the amount of repayment obligation for the term loans
already availed by the company would shoot up in the near term,
which is likely to keep its liquidity position under pressure. The
company also remains exposed to geographical-concentration risks
with presence in a single location, accentuated further by
competition from other hospitals operating in the catchment area.
Besides, recruitment and retention of good doctors by CBMH would
remain key challenges. However, ICRA takes note of the favorable
demand outlook of the healthcare industry in the long term, and
long experience of one of the promoters as a doctor, which
mitigates operational risks to an extent.

The timeliness of the pending equity infusion, receipt of approval
to increase the number of beds in the hospital and CBMH's ability
to attain an optimum occupancy level subsequently, would remain
the key rating sensitivities.

Key rating drivers

Credit strengths

* Favorable demand outlook of the healthcare industry in the long
term:  The long-term demand outlook of the healthcare industry
remains favourable on the back of a significant demand-supply gap
in the country's healthcare service sector and an increasing trend
of medical tourism in India.

* Long experience of one of the promoters as a doctor:  Dr. Nirmal
Palit, one of the promoters of CBMH, is an established doctor
having long experience, which mitigates the operational risks
of the company.

Credit weaknesses

* Exposed to project execution and funding risks:  The company has
not yet been able to complete construction of the main hospital
building, and the construction of a proposed auxiliary building
has not been started. The slow progress of the project can be
mainly attributed to a delay in infusion of the proposed
incremental equity capital of INR8.65 crore by the promoters,
which is a pre-condition for disbursement of the pending term loan
of INR9 crore.

* Scale of operations restricted due to delay in receiving
regulatory approvals for incremental number of beds:  The hospital
is running with 50 beds at present vis-a-vis the proposed capacity
of 136 beds. Since January, 2016 CBMH did not get approval for any
additional number of beds due to slow augmentation of medical
infrastructure. This has adversely impacted the growth in turnover
and cash flows of the company. ICRA notes that CBMH's loan-
repayment obligation would increase significantly from Q3 FY2018,
which is likely to exert pressure on its liquidity position, given
the limited cash accrual from business.

* Presence in a single location exposes the company to asset and
geographical-concentration risks:  The company is operating with a
single hospital located in Cooch Behar, West Bengal. This exposes
CBMH to significant asset and geographical-concentration risks.

* Recruiting and retaining good doctors remain key challenges:
Given the current small scale of operation and limited medical
infrastructure, CBMH is likely to face challenges in recruiting
and retaining good doctors, which would remain critical to its
ability to attract patients.

Established in 2007, CBMH is in the process of setting up a 136-
bedded multi-specialty hospital and a nursing college in Cooch
Behar, West Bengal. One of the promoters of the company, Dr.
Nirmal Palit, has a long experience as a doctor. CBMH commenced
commercial operation with the initial regulatory approval obtained
in November, 2014, for running 20 beds. In January 2016, the
hospital obtained approval for additional 30 beds, and is running
50 beds at present. However, a significant portion of the proposed
infrastructure of the hospital is yet to be developed.


GOODWEAR FASHIONS: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Goodwear Fashions
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 BB(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR88 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) /IND A4+(ISSUER
    NOT COOPERATING) rating;

-- INR13.6 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR1 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. 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Goodwear Fashions Pvt. Ltd manufactures high-end woven and knitted
interlinings with an installed capacity of around 800,000 metres
per month


HVR PROJECTS: CARE Assigns 'B' Rating to INR12.44cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of HVR
Projects Private Limited (HVR), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.44       CARE B; Stable Assigned

   Short-term Bank
   Facilities             1.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HVR are constrained
due to short track record of company with low capitalization and
low order book, leveraged capital structure and weak debt coverage
indicators.

The ratings are further constrained on account of fragmented
nature of operations along with susceptibility of profitability
margins to volatility in raw material prices.

The above weaknesses are partially offset by experienced promoters
supported by qualified and experienced management team. The
ratings further derive strength from geographically diversified
client profile and moderate profitability.

Ability of the company to increase its scale of operations while
strengthening its order book and improve profitability and
solvency position and manage its working capital requirement
efficiently is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record of the company with low capitalization:  HVR
commenced operations in April 2015 with FY16 being first year of
operations. HVR's scale of operations is small with total
operating income of INR6.02 crore in FY16 and INR 21.46 crore in
FY17. Further, net worth of the company remained low at INR 5.61
crore as on March 31, 2017. Small scale of its operations deprives
it from scale benefits and limits its competitive ability in a
highly competitive scenario. Further the order book remained low
at INR 11.83 crore reflecting only short term revenue visibility.

* Leveraged capital structure with weak debt coverage indicators:
Owing to low networth base, total debt of the company remained on
higher side resulting in over 2x overall gearing. The same
resulted in weak debt coverage indicators despite moderate
profitability.

* Presence in fragmented industry and susceptibility to
fluctuation in raw material prices:  The company operates in
fabrication industry characterized by a number of players and low
entry barriers. Thus the company faces high competition from other
players in the market. The price of raw materials mainly stainless
steel required by HVR is volatile and the profit margins of the
company are exposed to any sudden spurt in the raw material
prices.

Key Rating Strengths

* Experienced promoters and qualified management team:  Mr.
Jitendra Jain (Director) is a commerce graduate and has an
experience of more than two decades in similar line of operations
and is responsible for the overall management of the company. Mr.
Anil Kumar Nevatia, Chartered Accountant has an experience of
around 25 years in diverse sectors. Ms Ranjana Jain has an
experience of around a decade in the manufacturing domain and is a
partner in NVJ Electronics and Services. Mr. Abhijeet Nandwana has
an experience of 5 years in the manufacturing. Further, the
promoters are well supported by a team of well qualified members
with enriched experience in similar line of operations. Reputed
and geographically diversified client profile: Customer profile of
the company is geographically diversified and spread across India
primarily in the states of Maharashtra, Assam, Rajasthan and
Gujarat etc.

Incorporated in April 2015, HVR Projects Private Limited (HVR) is
engaged in fabrication of heavy components and design and
fabrication of Pre-designed Building (PEB). The company operates
out of a facility located in Nagpur spread over 6000 sq ft having
a total installed capacity of 25,000 tonnes per annum.

Pre-designed buildings designed, fabricated and erected by HVR are
steel structures that can be designed as per requirement and have
wide applications as ware houses, sheds, shelters etc and can be
used for diverse purposes as required. Customer profile of the
company is geographically diversified and spread across India
primarily in the states of Maharashtra, Assam, Rajasthan, Gujarat
etc. Major raw material viz MS Sheets is sourced domestically with
major suppliers.

The company is managed by Mr. Jitendra Jain, Ms Ranjana Jain, Mr.
Anil Kumar Nevatia and Mr. Abhijeet Nandwana in the strength of
Directors. The directors look after the day to day affairs of the
company with adequate support from team of experienced and
qualified personnel.


K.K. LEISURES: CARE Assigns B Rating to INR11cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K.K.
Leisures and Tourism International Private Limited (KKLTIPL), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KKLTIPL is
constrained by the company's small scale of operations, weak
capital structure and debt protection metrics, limited
geographical diversification and exposure to regulatory risks. The
rating however derives strength from vast experience of the
promoters in hospitality sector along with the brand equity
enjoyed by the 'Broad Bean' chain of hotels in Kerala. Going
forward, the ability of the company to increase its scale of
operations and improve its profitability would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small Scale of operations:  KKLTIPL owns and operates hotels
across Kerala. The major chunk of the revenues is collected
through the sales of liquor which contribute around 50% of the
total sales in these hotels followed by the room rent which
contribute around 30% of the total revenues.

* High regulatory risk in hospitality business:  The hospitality
business of the company is exposed to high regulatory risk,
evident from the ban on serving of liquor in 3 and 4 star hotels
in Kerala during FY15 and the ban on liquor on National highways
during FY17.

* Weak capital structure:  The networth of the company eroded and
stood negative at INR0.09 crore as on March 31, 2017 (Prov) as a
result of declining income due to the ban on liquor on 3 and 4
star hotels in Kerala. The interest coverage also stood low at
0.58x (PY: 0.11x) during FY17.

* Limited Geographical Diversification:  The firm primarily has
all its operations concentrated in the state of Kerala. In FY 15
Kerala faced the ban on serving liquor in 3 stars and 4 star
hotels along with the closure of 732 bars in Kerala and then again
in FY16 the sales of the firm went down on account of the ban of
liquor on National highways which affected the sales of liquor in
the hotels of the concerned firm which heavily depend on the sales
of liquor for generating revenues.

Key Rating strengths

* Vast experience of promotes and strong group support:  K.K.
Leisures and Tourism International Private Limited (KKLTIPL) is a
part of KK Group of companies with KK Builders (rated CARE BB;
Stable/CARE A4) as their flagship entity. KKLTIPL is managed by
company's Managing Director Mr.K.K. Mohandas and director Mr.K.K.
Radhakrishnan. The promoters have an experience of more than 2
decades of managing construction and hospitality business in the
region of Kerala. The promoters constantly provide support for the
working capital requirements of the company with timely infusion
of funds in the form of unsecured loans.

KKLTIPL, incorporated on September 17, 2017 is engaged in the
hoteling business and has star hotels with brand name BROAD BEAN.
The company owns and operates hotels across Kerala which includes
Resort & Ayurvedic Spa with 5 star facilities, Munnar, Idukki
district, Four Star hotel at Vytilla Kochi in Ernakulam District
(erstwhile Nyle Plaza), Three star hotel at Chakkrakkal in Kannur
district and Three Star hotel at Kakkayangad in Kannur district.
The day to day operation of the company is managed by Mr. K.K.
Mohandas and Mr. K.K. Radhakrishnan.


KEDIA PIPES: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kedia Pipes' (KP)
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:

-- INR210 mil. Fund-based limits 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. 22, 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 1975, KP is a three decade old Kolkata-based
distributor of Tata GI pipes and Tata Structura (square and
rectangular hollow sections) in the seven districts of West Bengal
namely Kolkata, Howrah, north 24 parganas, south 24 parganas,
Nadia, Hoogly and east Midnapore.


KRISHNA NATURAL: ICRA Moves B Rating to Issuer Not Cooperating
--------------------------------------------------------------
ICRA Limited has moved the ratings for the INR9.95 crore bank
facilities of Krishna Natural Fibre Private Limited (KNFPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING"

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             8.90      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Term Loan               1.05      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating action is based on limited information on the entity's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Key rating drivers

Credit strengths

* Established experience of the promoters in the cotton ginning
business:  The company is promoted by Mr. Nathalal Jani and Mr.
Bipin Patel who have established experience in the cotton
industry.

* Location advantage:  KNFPL is located in the Kadi region of
Gujarat, an area with number of cotton ginning and cotton seed
crushing units. The company benefits from its location due to
availability of quality raw cotton and Gujarat being the largest
market for cotton seed oil consumption in India.

Credit weaknesses

* Weak financial risk profile:  KNFPL has weak financial profile
characterised by low profitability, leveraged capital structure
and weak coverage indicators.

* Competition and regulatory risks: The cotton ginning industry is
highly fragmented with the presence of numerous players operating
within Gujarat leading to intense competitive intensity. The
industry is also exposed to regulatory risks with the government
imposing MSP for purchase of raw cotton during over supply in the
market and restricting export of cotton bales in order to support
the domestic cotton textile industry.

* Margins remain exposed to adverse fluctuations in cotton prices:
The profitability remains vulnerable to fluctuations in the prices
of raw cotton on account of seasonality and harvest of cotton
crop.

Incorporated in October 1999, Krishna Natural Fibre Private
Limited (KNFPL) is engaged in the business of ginning and pressing
of raw cotton. The manufacturing facility of the company is
situated at Kadi in Mehsana district of Gujarat. The facility is
equipped with twenty-four ginning machines and one pressing
machine with total installed capacity to manufacture ~250 cotton
bales per day.


KYS MANUFACTURERS: CARE Raises Rating on INR11.50cr Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
KYS Manufacturers and Exporters Private Limited (KMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        11.50       CARE BB-; Stable Revised
   Facilities                        From CARE B+

Detailed Rationale and key rating drivers

The revision in the rating of the bank facilities of KYS
Manufacturers and Exporters Private Limited (KMPL) takes into
cognizance the continuous growth in the total operating income,
improvement in capital structure and debt coverage indicators.
However, the rating continues to remain constrained by its
relatively small scale of operations, lack of backward integration
vis-a-vis volatility in the raw material prices, stiff competition
due to fragmented nature of the industry with presence of many
unorganized players, working capital intensive nature of
operations. However, the rating continues to derive strength from
long track record of operations, experienced promoters, strategic
location of its plant and moderate capital structure.

The ability to increase its scale of operations with improvement
in profit margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Relatively small scale of operation:  KMPL is a relatively small
player in the iron and steel industry having total operating
income and PAT of INR53.29 crore (INR34.93 crore in FY16) and
INR0.24 crore (INR0.11 crore in FY16) respectively in FY17
provisional. The small scale of operation restricts the financial
risk profile of the company limiting its ability to absorb losses
or financial exigencies in adverse economic scenario. During
5MFY18, the management has stated to have achieved total operating
income of INR29.00 crore. The profitability level of the company
remained moderate marked by PBILDT margin of 4.80% (7.15% in FY16)
and PAT margin of 0.46% (0.33% in FY16) in FY17.

* Lack of backward integration vis-a-vis volatility in raw
material prices:  The degree of backward integration defines the
ability of the company to minimize price volatility risk and
withstand cyclical downturns generally witnessed in the steel
industry. The major raw materials for producing TMT Bars and
sectional products like angles, rounds, channels are M.S. ingots.
Since, raw material is the major cost driver for KMPL accounting
for about 91% of the total cost of sales in FY17, any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of the company. KMPL does not
have any backward integration for its raw materials and procures
the same from outside, exposing the company to price volatility
risk.

* Working capital intensive nature of business:  KMPL's business,
being manufacturing of TMT bars and sectional products like
angles, rounds, channels etc. is working capital intensive marked
by high average inventory period. The average inventory holding
period improved but remained high in the range of 99-115 days
during FY15-FY17on the back of its strategy to maintain increasing
inventory of the finished products to cater to the demands in the
market place coupled with stocking of raw materials to mitigate
price rise in future. Further, the utilization of its bank limit
was high at around 90% during the last 12 months ended on August
31, 2017.

* Stiff competition due to fragmented nature of the industry with
presence of many unorganized players:  The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in northern
and eastern India. Hence the players in the industry do not have
pricing power and are exposed to competition induced pressures on
profitability. This apart, KMPL's products being steel related, it
is subjected to the risks associated with the industry like
cyclicality and price volatility.

Key Rating Strengths

* Experienced promoter with long track record of operations:  The
current promoters of KMPL are Mr. Sandeep Malhotra and Mr. Mahesh
Kumar Sharma. Mr. Sandeep Malhotra is the Managing Director of
KMPL (having an experience of three decades in existing line of
business) and is involved in the strategic planning and running
the day to day operations of the company. He is being duly
supported by the other director coupled with a team of experienced
personnel. Further, KMPL commenced commercial operation since
March, 1997 and accordingly has a long track record of commercial
operations.

* Strategic location of the plant:  KMPL's plant is located in the
industrial belt of Jamshedpur where the raw materials are
available in abundance. Further, the coal and iron-ore rich states
of Jharkhand and Orissa are also located nearby. The proximity to
the raw material sources reduces the transportation cost to the
company. Besides, the region has large number of steel
manufacturers as well as end users. Hence, the company has a large
ready market to sell its products.

* Moderate Capital structure:  The capital structure of the
company improved and the same remained moderate at 1.16x as on
March 31, 2017.

KYS Manufacturers and Exporters Private Limited (KMPL)
incorporated in March 1997, was promoted by Mr. Sandeep Malhotra
and Mr. Mahesh Kumar Sharma, Jamshedpur with Mr. Sandeep Malhotra
being the main promoter. KMPL is engaged in manufacturing of TMT
bars and sectional products like angles, rounds, channels etc.at
its manufacturing facility in Jamshedpur (Jharkhand) and is
currently running with an installed capacity of 24,400 MTPA. KMPL
sells its products mainly in the states of Jharkhand, Bihar, Uttar
Pradesh and West Bengal. KMPL is also engaged in trading of iron
and steel related products and the same accounted for around 30%
of total operating income in FY17.


M J STEELS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.J. Steels Pvt.
Ltd.'s (MJSPL) Long-Term Issuer Rating of 'IND B+'. The Outlook
was Stable. The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limits withdrawn with
    WD ratings.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the bank
loan, as the agency has received a no-dues certificate from the
lender, stating the bank loan has been repaid in full. This is
consistent with the Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for MJSPL.

COMPANY PROFILE

Incorporated in 2004, MJSPL manufactures mild steel structural
items such as MS ingots at its 24,000 metric tons in Raipur,
Chhattisgarh.


MAA BALA: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maa Bala Sundri
Plywood Private Limited's (MBSPPL) 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:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR15 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
March 20, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MBSPPL was set up by Virender Bansal, Narinder Bansal and Mohinder
Bansal in December 2010. The company is engaged in the
manufacturing and trading of timber. MBSPPL procures wood from
foreign countries such as Malaysia, Nigeria and New Zealand.


MADHAVA HYTECH: ICRA Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Limited has moved the ratings for the INR19.00 crore bank
facilities of Madhava Hytech Infrastructures (India) Private
Limited (MHIIPL) to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]B(Stable)/[ICRA]A4/ISSUER NOT
COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  4.00      [ICRA]B(Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non Fund-based-
  Bank Guarantee         10.00      [ICRA]A4 ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Unallocated Limits      5.00      [ICRA]B(Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating moved to the 'Issuer
                                    Not Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in May 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with MHIIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Longstanding experience of promoters:  The promoters of the firm
have an established track record in construction industry having
executed multiple projects for various government departments in
Karnataka, Andhra Pradesh, Telangana, North-eastern states, etc.

Credit weaknesses

* Tight liquidity position of the company:  The liquidity position
of the company was stretched during FY2016 with full utilization
of working capital limits due to high receivables from various
government departments.

* High project and customer concentration risk:  The company has
derived majority of its revenues from Bruhat Bengaluru Mahanagara
Palike (BBMP) alone between FY2012 and FY2016 owing to which the
customer concentration risk is high. Further, the company only had
two work orders on hand as on February 2016 leading to high
project concentration risk.

* Small scale of operations:  The company's scale of operations in
the construction industry are small with revenues of INR22.89
crore in FY2016.

Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family
members. The company is involved in the construction of oads,
bridges, and railway tracks in states like Andhra Pradesh,
Karnataka, Tamil Nadu, and North-eastern states. MHIIPL was
incorporated post the demerger of Madhava Hytech Engineers Pvt.
Ltd. (MHEPL) with effect from April 1, 2009. MHEPL was
incorporated by Mr. Madhava Rao (father of Mr. K. Pradeep Kumar).
He has over 30 years of experience in the construction industry.
As per the court decision on demerger, MHIPL and MHEPL would
continue to retain the registrations and credentials of MHEPL.


MAHAVISHNU SPINNING: CARE Assigns B+ Rating to INR8.0cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahavishnu Spinning Mills Private Limited (MSMPL), as:

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

   Short-term Bank
   Facilities            1.75        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MSMPL are primarily
tempered by small scale of operations with fluctuating total
operating income, leveraged capital structure, working capital
intensive nature of operations and highly fragmented and
competitive business segment due to presence of numerous players.

However, the ratings derive comfort from experienced promoters in
manufacturing cotton yarn, clientele base in three states,
increasing profitability margins and improving debt coverage
indicators.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with fluctuating total operating
income: The company has small size of operations marked by total
operating income of INR29.65 crore in FY17. The networth of MSMPL
stood low at INR1.00 crore as of March 31, 2017 with an increase
from a negative networth of INR1.91 crore as on March 31, 2016.
The increase in networth corresponds with size of operations of
the company. Furthermore, the total operating income of the
company has been fluctuating during the review period depending
upon receipt of orders and execution of the same. However, the
total operating income increased from INR23.46 crore in FY16 to
INR29.65 crore in FY17 on account of increased orders of courser
count yarn. The production of courser count yarn is less time
consuming and voluminous in quantity. This was also backed by
improved and automated machinery installation.

* Leveraged capital structure: The capital structure of the
company marked by overall gearing stood leveraged at 9.79x as on
March 31, 2017 due to low networth base on account of high debt
levels.

* Working capital intensive nature of operations: Being in the
textile industry, the company is engaged in a working capital and
labour intensive nature of operations. MSMPL employs around 100
employees. The company predominantly purchase its raw materials
from CCI, Telangana and avails credit period of about 20-40 days.
While on sales, it provides credit of around 20-35 days to its
customers. Since the manufacturing process has to undergo various
stages like blowing, cording, drawing, spinning, packing etc. the
inventory is stocked for 2-3 months period. Furthermore, the raw
materials are stocked up at the start of the harvesting season for
its fine quality. With moderate creditors, debtors period and
elongated inventory period, the operating cycle of the company
also stood elongated at 85 days in FY17 as against 70 days in
FY16. The working capital utilization of MSMPL stood at around 95%
in the last one year ended July 31, 2017. The company gives credit
upto one month to its customers.

* Highly fragmented and competitive business segment due to
presence of numerous players: The company is into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized companies that compete with each
other along with several large enterprises.

Key Rating Strengths

* Experienced promoters in manufacturing cotton yarn: The
directors of MSMPL have experience of more than three decades in
the cotton industry. Prior to establishing MSMPL, the directors
were handling ginning of cotton fabric through their association
with MPG Ginning Factory established in 1985.

* Clientele base in three states: The company procures about 85%
of its raw material from the Cotton Corporation of India in
Telangana and procures a sizeable amount of raw material from
Maharashtra and Karnataka. MSMPL's clientele base comprises of
customers located in the states of West Bengal, Uttar Pradesh and
Tamil Nadu. The customers of MSMPL include Abhijeet Exports
Private Limited (Kolkata), Pallavi Yarns (Kanpur) and Sabari
Knittex (Tirupur).

* Increasing profitability margins: The profitability margin of
the company improved from 8.94% in FY16 to 12.37% in FY17 on
account of increased sales and cost effective measures taken by
the company to reduce the cost incurred on sales. The company has
installed automated machinery to reduce on production costs. The
PAT margin the PAT margin also improved in line with the PBILDT
margin on back of absorption of fixed charges and stood at 5.02%
as of FY17.

* Improving debt coverage indicators: The debt coverage indicators
of the company has been improving year-on-year and stood
satisfactory during FY17 due to improving profitability and cash
accruals. The interest coverage ratio, improved from 2.19x in FY16
to 3.60x in FY17 on account of increased production and sale of
cotton yarn resulting in increase in profit levels. The working
capital utilization of MSMPL stood at around 95% in the last one
year ended July 31, 2017. The TD/GCA has been improving year-on-
year and stood at 4.51x in FY17 due to improving cash accruals.

Mahavishnu Spinning Mills Private Limited (MSMPL) was incorporated
in February 23, 2000 by Mr. K. Subburaj, Mr. K. Kanagaraj, Mr. G.
Veluchamy, Ms. S. Vijayalakshmi, Ms. K. Prema and Ms. V. Susithra
in Kovilpatti, Tamil Nadu. The company is engaged in manufacturing
cotton yarn, which finds its application primarily in
manufacturing banyan and vests. The installed capacity of MSMPL
stood at approx. 5,000 kilogram per day with utilization capacity
of 95% as of August 28, 2017.


MANGAL SPONGE: ICRA Lowers Rating on INR34.50cr Loan to B-
----------------------------------------------------------
ICRA Limited has revised downward the long-term rating assigned to
the INR9.5-crore (revised from INR2.5 crore) term loan and INR25-
crore cash-credit facility of Mangal Sponge and Steel Private
Limited  to [ICRA]B- from [ICRA]B+. The outlook on the long-term
rating is Stable. ICRA has also reaffirmed the short-term rating
assigned to the INR1-crore (revised from INR8 crore) non-fund
based bank facility of MSSPL at [ICRA]A4.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      34.50      [ICRA]B- (Stable) downgraded
                                    from [ICRA]B+ Non-fund

  Based Limits            1.00      [ICRA]A4 reaffirmed

Rationale

The downward revision in the long-term rating mainly takes into
account a significant delay in implementation of the large debt-
funded capex undertaken by MSSPL for setting up a captive power
plant (CPP). The CPP, post successful commissioning, is expected
to enable MSSPL to generate power at a cheap rate and resume
production of billet which was discontinued a few years back
because of high power cost. However, the company's modest cash
accrual from business at present accentuates the risk of cash-flow
mismatches due to delayed project execution, as the repayment of
the term loan availed for the project is scheduled to commence in
the near term. The ratings continue to factor in MSSPL's weak
financial profile characterised by thin margins, depressed return
indicators and debt-coverage metrics, despite substantial non-
operating income reported over the last two fiscals. Moreover, the
company's high working-capital intensity of operations led to a
stretched liquidity and limited financial flexibility, reflected
by full utilisation of working-capital limit.

The ratings also remain constrained by the continuing weakness and
cyclicality inherent in the steel industry, which is likely to
keep the profitability and cash flows of the players in the
industry, including MSSPL, volatile going forward. However, ICRA
takes note of the company's long operational track record in the
steel industry and fixed supply of coal from South Eastern
Coalfields Ltd., ensuring availability of a significant portion of
MSSPL's coal requirement at a cheaper price than the market rate.
Going forward, demand outlook of the steel industry, MSSPL's
ability to expedite implementation of the ongoing project and
stabilise the CPP facility in line with the expected operating
parameters post commissioning would remain the key rating
sensitivities.

Key rating drivers

Credit strengths

* Long operational track record of the company in the steel
business:  The company has been involved in sponge iron
manufacturing for more than a decade. Its long operational track
record and the promoters' experience in the steel industry
alleviate operational risks to an extent.

* Fixed supply of coal from SECL at a cheaper price than the
market rate reduces the overall raw-material cost and mitigates
supply risk and ICRA takes note of the company's existing coal
linkages with South Eastern Coalfields Ltd. (SECL), valid for
around three years more, for supply of a fixed quantity of coal
for sponge-iron production. This assures availability of a
significant portion of MSSPL's coal requirement at a low price
compared to the prices in the open market.

Credit weaknesses

* Significant delay in the large debt-funded project may adversely
impact the company's cash flows, as the associated debt repayment
is to commence in the near term:  The company has embarked upon a
project for setting up a 6-mega watt (MW) captive power plant
(CPP). The cost of the CPP is estimated at INR38.13 crore, funded
by a term loan of INR24 crore and the balance by promoters'
contribution. The CPP was scheduled to be commissioned in October,
2017. However, so far only around INR10 crore has been incurred,
and around INR7 crore term loan has been disbursed, implying a
significant delay in project implementation. Given the company's
modest cash accrual from business at present, the delay in project
execution may have a further adverse impact on its cash flows, as
repayment of the term loan contracted for the CPP is scheduled to
commence in the near term (from January, 2018).

* Weak financial profile characterised by thin margins, depressed
return indicators and debt coverage, despite substantial non-
operating income:  Limited value addition in MSSPL's standalone
sponge-iron manufacturing operation led to a low operating margin,
which stood at 5.26% in FY2017 and declined further to 1.07% in Q1
FY2018. The company reported high non-operating income, aided by
profit from sale of shares in group companies in FY2016 (INR1.55
crore) and FY2017 (INR1.22 crore). However, the low operating
profitability coupled with substantial depreciation and interest
burden led to thin net margins (0.48% and 0.03% only in FY2016 and
FY2017, respectively). The low profits, in turn, kept MSSPL's ROCE
(3.75% in FY2017) and debt-coverage indicators depressed.

* High working capital intensity adversely impacted liquidity
position and financial flexibility:  The company's inventory days
remained very high (293 days in FY2017) mainly due to piling up of
iron ore stock. This led to an adverse working capital intensity
of operations, reflected by NWC/OI of around 100% over the last
two fiscals, which dented MSSPL's liquidity. The company's
stretched liquidity position led to full utilisation of the
working capital limit, implying its limited financial flexibility.

* The on-going weakness and cyclicality inherent in the steel
industry likely to keep MSSPL's cash flows volatile:  The growth
in steel consumption in the country continues to remain muted,
which is likely to restrict significant improvement in MSSPL's
sale volumes in the near term. Moreover, the inherent cyclicality
in the steel industry is likely to keep the cash flows of the
steel players, including MSSPL, volatile going forward.

Established in 1997, MSSPL is a closely-held company promoted by
the Bilaspur-based Agrawal family. The company started production
of sponge iron in FY2005 followed by mild steel (MS) billets in
FY2010. MSSPL's plant is located at Bilha Industrial Area,
Bilaspur (Chhattisgarh). MSSPL has facilities for manufacturing
sponge iron and billets with an annual capacity of 90,000 metric
tonne (MT) and 50,400 MT, respectively. The company has not been
manufacturing billets since FY2014 due to high power cost. MSSPL
plans to resume billet manufacturing after commissioning of a
captive power plant which is under implementation at present.


MILLENIUM EXIM: ICRA Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Limited has moved the ratings for the INR12.00 crore bank
facilities of Millenium Exim Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

ICRA gave these ratings:

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based limits        5.54       [ICRA]B (Stable) ISSUER NOT
                                      CO-OPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

  Non Fund-based limits    0.25       [ICRA]A4 ISSUER NOT CO-
                                      OPERATING; Rating moved to
                                      the 'Issuer Not
                                      Cooperating' category

  Fund Based/Non-fund      6.21       [ICRA]B (Stable)/[ICRA]A4
  Based Limit                         ISSUER NOT CO-OPERATING;
                                      Rating moved to the 'Issuer
                                      Not Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February 26, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with Millenium Exim Private Limited, ICRA has been trying to seek
information from the company so as to monitor its performance, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key Rating Drivers

Credit Strength

* Long experience of the promoters: Presence of experienced
promoters with established track record in the business of agro
based products, which strengthens business prospects for the
company.

Credit Challenge

* Weak financial profile characterized by losses at net level and
depressed coverage indicators: Weak financial profile
characterized by losses at net level and depressed coverage
indicators. Significant debt servicing obligations which along
with the proposed debt funded capacity expansion plan is likely to
keep its liquidity position stretched.

Incorporated in August 2007 as a private limited company,
Millenium Exim Private Limited (MEPL) was promoted by Mr.
Mananchand Agrawal, Mr. Rakesh Garg, and Mrs. Sumitra Garg. The
company is engaged in manufacturing instant noodles with an
installed capacity of 4,800 metric tons per annum. The noodles are
sold under the brand name, 'My Noodles'. MEPL commenced its
commercial production in February 2014. The company is also in the
process of doubling its manufacturing capacity by setting up an
additional unit, which is scheduled to commence operations by Q3
2016-17.


MODERN CONSTRUCTION: CARE Assigns B+ Rating to INR6.0cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Modern
Construction Co. (MCC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.0        CARE B+; Stable Assigned

   Short-Term Bank
   Facilities            10.0        CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCC are constrained
by its partnership nature of constitution, small scale of
operation, volatility in input prices, working capital intensive
nature of business and intense competition with tender driven
process risk. The ratings however, derive strength from the
experienced partners, long track record of operation and
satisfactory order book position. Going forward the ability of the
firm to maintain healthy order book position and timely receipt of
contract proceeds, ability to execute orders within stipulated
time period and to manage working capital effectively would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Partnership nature of constitution:  MCC, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

* Small scale of operations:  MCC is a relatively small player in
the construction industry marked by total operating income of
INR19.14 crore with a PAT of INR0.73 crore in FY16. Further, the
net worth base also remained low at INR11.69 crore as on
March 31, 2016. However, the total operating income has witnessed
an erratic trend during last three years (FY14-FY16), the total
operating income of the firm increased to INR19.14 crore (over
INR17.73 crore in FY15) in FY16 due to higher execution of orders
in hand. During FY17 (provisional), the firm has booked turnover
of INR16.66 crore, due to lower execution of orders on account of
slow order inflow during the period.

* Volatility in input prices:  The major input materials for the
firm are bitumen, asphalt, murram, stone chips and metals, the
prices of which are volatile. Further the orders executed by the
firm does not contain price escalation clause and thus the firm
remains exposed to the price volatility of the input materials.
This part, any increase in labor prices will also impact its
profitability being present in a highly labor intensive industry.

* Working capital intensive nature of business: The operations of
the firm remained working capital intensive as the firm executes
orders mainly for public sector units. The average inventory
period remained high with the same being at 201 days during FY16
due to work uncertified by the customers. However, payment comes
in within a week from the date of bill raised. Due to its working
capital intensive nature of operations, the firm stretches its
suppliers. Accordingly the average utilization of working capital
was on the higher side at around 90% during last 12 months ended
August 31, 2017.

* Intense competition and tender driven process risk: The firm has
to bid for the contracts based on tenders opened by the various
public sector units and government projects. Upon successful
technical evaluation of various bidders, the lowest bid is awarded
the contract. The firm receives projects which majorly are of a
short to medium tenure (i.e. to be completed within maximum period
of one to two years). Apart from this, present economic slowdown
is also having a negative bearing on the construction sector which
may also hinder the growth of the firm. Furthermore, orders are
tender driven floated by government units indicating a risk of
non-receipt of contract in a competitive industry.

Key Rating Strengths

* Experienced partners: Mr. Raj Kumar Agarwala (aged about 57
years), has more than two decades of experience in civil
construction industry, looks after the day to day operations of
the firm. He is supported by other partners Mrs. Anita Devi
Agarwala (aged about 52 years) who also has more than two decades
of experience in this line of business. The partners are supported
by a team of experienced professionals.

* Long track record of operations: MCC established and commenced
operation from the year 1992 and therefore has a long track record
of operation.

* Satisfactory order book position: MCC, has satisfactory order
book position of around INR36.57 crore (2.19x of FY17 TOI) as on
Aug.31, 2017 which is expected to be completed by March, 2018.

Modern Construction Co., (MCC) was established as a partnership
firm in 1992 by Mr. Raj Kumar Agarwala and Mrs. Anita Devi
Agarwala of Assam. Since its inception, the firm has been engaged
in civil construction activities in the segment like roads and
bridges etc. MCC participates in tenders and executes orders for
the public works department, PMGSY and various other state and
central projects. The firm has an order book position of INR36.57
crore (2.19x of FY17 total operating income) as on Aug. 31, 2017
which is to be completed by March 2018. During FY17 (provisional),
the firm has booked turnover of INR16.66 crore.

Mr. Raj Kumar Agarwala (aged about 57 years), has more than two
decades of experience in civil construction industry, looks after
the day to day operations of the firm. He is supported by other
partners Mrs. Anita Devi Agarwala (aged about 52 years) who also
has more than two decades of experience in this line of business.
The partners are supported by a team of experienced professionals.


PERFECT ENGINEERING: Ind-Ra Migrates B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Perfect
Engineering Corporation'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:

-- INR20 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR40 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. 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Perfect Engineering Corporation undertakes the construction of
storm water drains, sewerage projects, road works, building
repairs, desalting, construction of compound walls etc.


PRASHANTHI AYURVEDIC: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prashanthi
Ayurvedic Centre's (PAC) 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:

-- INR18 mil. Fund-based limit migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR52.5 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
Sept. 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PAC was incorporated in 1999 as a proprietorship concern and is
engaged in the trading of ayurvedic medicines and ayurvedic
treatment in Bengaluru, Karnataka.


R K ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R K Roadlines'
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:

-- INR15.7 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating

-- INR45.66 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR1 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. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

R K Roadlines was incorporated in 2011 and is engaged in providing
liquefied petroleum gas transportation facilities in the eastern
part of India.


RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to 'B'
---------------------------------------------------------
ICRA Limited has revised its long-term rating on the INR20.00-
crore fund-based facilities of Rajasthan Tube Manufacturing
Company Limited to [ICRA]B from [ICRA]B+. ICRA has reaffirmed its
short-term rating at [ICRA]A4 for the INR12.25-crore non-fund
based facilities of RTL. The outlook on the rating is Stable.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based             20.00     [ICRA]B(Stable); revised
                                   from [ICRA]B+

  Non-fund based         12.25     [ICRA]A4; reaffirmed

Rationale

ICRA's rating action factors in the decline in operating income in
FY2017, which coupled with deterioration in operating margins, has
resulted in losses at net level. The operating profit margin
deteriorated due to raw material price fluctuation, which the
company was unable to pass on to its end customers. Moreover, the
debt coverage indicators such as Interest Coverage and
Debt/OPBDITA have also shown a decline. ICRA also takes note that
the company reported losses at net level in Q1FY 2018.

ICRA's ratings continue to factor in the intense competition from
numerous organised and unorganised players, exacerbated by cheaper
imports from the Chinese markets. Moreover, the company's
financial profile continues to remain weak with high gearing, weak
coverage indicators and moderate net worth position. The ratings,
however, favourably take into account the long standing experience
of the promoters in the ERW pipe industry and the company's
distribution network across various states.

Going forward, the ability of the company to improve its scale of
operations as well as bring about a sustained improvement in
profitability, while maintaining a healthy capital structure and
an optimal working capital will be the key rating sensitivity.

Key rating drivers

Credit strength

* Long track record of promoters in ERW pipe industry:  The
company has been manufacturing ERW pipe for more than two decades,
helping it to forge strong relationship with several customers and
suppliers. Incorporated in 1985, Rajasthan Tube Manufacturing
Company Limited (RTL) is a public limited company. The main
products of the company include ERW steel pipes, which range
between 15 MM and 250 MM. Its installed capacity is 45000 MTPA.
The day-to-day operations of the company are managed by Mr. Harish
Jain.

* Wide distribution network:  The client base of RTMCL includes
dealers in different states. The company has eleven dealers across
five states -- five dealers in Rajasthan and two each in M.P,
Haryana and U.P. Apart from these states, the company has also
ventured into tender-based business for government organisations
such as Public Health Department, Rajasthan etc.

Credit weaknesses

* Losses in FY2017 and Q1FY2018:  The company has reported losses
in FY2017 and Q12018 due to raw material price fluctuation, which
it was unable to pass on to its end customers.

* Fragmented industry structure:  High degree of fragmentation due
to the presence of numerous unorganised players has led to high
competition, which limits the pricing power of the companies,
thereby affecting their margins.

* Exposure to inherent cyclicality in steel business:  The
company's profitability remains vulnerable to the inherent
cyclicality in the steel industry. Steel consumption is directly
related to the overall economic growth of developing countries and
is particularly sensitive to the performance of the automotive,
construction, durable equipment and other industrial product
industries.

RTL was incorporated in 1985 and became a public limited company
in 1995. The main products of the company include ERW (Electric
resistance welding) steel pipes, with size ranging from 15 mm to
250 mm. The company's manufacturing facility is located at Jaipur
(Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per
Annum (MTPA). The pipes manufactured by the company have varied
applications in water, gas and sewage pipes, structural purposes,
idlers/conveyors, water wells (casing pipes) etc.

In FY2017, RTL reported net loss of INR1.27 crore on an operating
income (OI) of INR73.85 crore, compared with a net profit of
INR0.23 crore on an OI of INR80.84 crore in the previous year.


RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.70cr Loan
---------------------------------------------------------------
ICRA Limited has reaffirmed the long-term rating of [ICRA]B-
assigned to the INR1.50-crore cash credit and the INR4.70-crore e-
DFS facilities of Reliance Industrial Consortium Limited. ICRA has
also reaffirmed the long-term rating of [ICRA]B- assigned to the
INR4.30-crore unallocated limits of RICL. The outlook on the long-
term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  1.50      [ICRA]B- (Stable); Reaffirmed

  Fund-based-e-DFS        4.70      [ICRA]B- (Stable); Reaffirmed

  Unallocated Limits      4.30      [ICRA]B- (Stable); Reaffirmed

Rationale

The reaffirmation of the rating takes into account the relatively
small scale of RICL's operations and inherently low margins of the
company on account of industry dynamics and commission structure
decided by the principal. Its weak financial profile is reflected
by low cash accruals, an aggressive capital structure and subdued
level of coverage indicators. The rating also considers RICL's
exposure to the cyclical nature of the Indian passenger-vehicle
industry and the competition faced from other automobile dealers
in the region. It also has high geographical-concentration risk as
its presence is limited to West Bengal only. The liquidity
position of the company has remained stretched in view of high
utilisation of working-capital limits, which also restricts its
financial flexibility.

The rating, however, derives comfort from the long experience of
the promoters in the automobile-dealership business and RICL's
established market position as the sole authorised dealer of Tata
Motors Limited (TML) in Siliguri and Malda, and one of the two
dealers in Behrampore, West Bengal. Moreover, the company has a
diversified revenue stream through the sale of vehicles, spare
parts/ accessories and service income.

In ICRA's opinion, the company's ability to scale up operations
while improving its capital structure, coverage indicators and
profitability, and manage its working-capital requirements
efficiently would remain key rating sensitivities, going forward.

Key rating drivers

Credit strengths

* Long experience of the promoters:  The company is promoted by
the Kolkata-based Himatsingka family, who has long experience in
the automotive-dealership business.

* Established position as an authorised dealer of TML:  The
company is an authorised dealer of TML since 2005. It is a sole
dealer of TML in Siliguri and Malda, and one of the two dealers in
Behrampore, which establishes RICL's market position.

Credit weaknesses

* Relatively small scale of operations:  The company's scale of
operations continued to remain relatively small, notwithstanding
the growth witnessed in the top-line from INR25.44 crore in FY2016
to INR32.08 crore in FY2017 (P), depicting an increase of ~26%.

* Intense competition among dealers, and commission structure
regulated by OEM:  The operating profit margin of auto dealers,
including RICL, is inherently low due to the nature of the
industry, which is characterised by intense competition among
dealers in a high-volume, low-margin business. Besides, they are
regulated by the OEM to a large extent, wherein the commission
structure is decided by the principal, which also restricts the
margin.

* Weak financial profile characterised by low cash accruals, an
aggressive capital structure and subdued level of coverage
indicators:  Historically, the cash accruals of the company have
remained low, given the small scale of operations. The capital
structure remained aggressive as depicted by a gearing of 8.99
times as on March 31, 2017. High debt level, coupled with low
profitability kept the debt-coverage indicators depressed.

* Stretched liquidity position:  The company has to maintain
sufficient inventory of different variants of vehicles to meet
customer demands, which results in high working-capital
requirements. This in turn, has stretched its liquidity position
and resulted in high utilisation of its working-capital limits as
reflected by an average utilisation of ~86% in the last six
months, which also restricts its financial flexibility.

* High geographical-concentration risk:  The company has three 3-S
facilities located in West Bengal only, thus limiting the
geographical presence.

* Exposed to the cyclicality of the industry:  The company remains
exposed to the inherent cyclicality of the Indian passenger
vehicle industry.

Incorporated in 1985, Reliance Industrial Consortium Limited
(RICL) is an authorised dealer of Tata Motors Limited (TML) since
2005. The company sells and services vehicles along with spare
parts and accessories. RICL has three 3-S facilities (sales-
services-spares), located in Malda, Siliguri and Behrampore in
West Bengal. The company is promoted by the Kolkata-based
Himatsingka family, who has long experience in the automotive-
dealership industry. In FY2017, on a provisional basis, the
company reported a net profit of INR0.23 crore on an operating
income of INR32.08 crore compared to a net loss of INR0.11 crore
on an operating income of INR25.44 crore in the previous year.


R T RICE: CARE Reaffirms B+ Rating on INR1.78cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
of R T Rice Industries (RTR), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            1.78        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            5.00        CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of R T Rice Industries
(RTR) continues to remain constrained by its proprietorship nature
of constitution, short track record of operation with low profit
margins, regulation by government in terms of MSP, Seasonal nature
of availability of raw material resulting in high working capital
intensity and exposure to vagaries of nature, leveraged capital
structure with moderate debt coverage indicators. The ratings,
however, continue to derive strength from its experienced
proprietor, close proximity to raw material sources and favourable
industry scenario. The ability of the entity to increase in its
scale of operations along with an improvement in the profitability
and effective management of working capital would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

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

* Short track record and small scale of operation with low profit
margins:  RTR has commenced operations from January 2015 and thus
has very short track record of operations. Further RTR is a
small player in the rice milling business with a PAT of INR0.10
crore (INR0.15 crore in FY16) on total operating income of
INR10.34 crore (INR9.00 crore in FY16) in FY17. Provisional and
total capital employed of INR5.46 crore (INR4.64 crore as on
March 31, 2016). The small size restricts the financial
flexibility of the entity in times of stress and deprives it from
benefits of economies of scale. Due to its small scale of
operations, the absolute profit levels of the entity also remained
low resulting in lower cash accruals. The profit margins of the
entity remained low marked by operating margin of 10.23%
and PAT margin of 0.96% in FY17 Provisional.

* Regulation by Government in terms of minimum support price
(MSP):  The Government of India: (GOI), every year decides a
minimum support price (MSP - to be paid to paddy growers) for
paddy, which limits the bargaining power of rice millers over the
farmers. The MSP of paddy has increased during the crop year 2017-
18 to INR1550/quintal (as suggested by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) from INR1470/quintal in crop year 2016-17. Given
the market determined prices for finished product vis-Ö-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
entity, especially in times of high paddy cultivation.

* Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature:
Agro product processing business is working capital intensive as
the millers have to stock paddy by the end of each season till the
next season as the price and quality of agro products are better
during the harvesting season. Further, while raw material is
sourced mainly on cash basis, the millers are required to extend
credit period of around three weeks to their customers.

Accordingly, the working capital intensity remains high impacting
entity's profitability. Accordingly, the average fund based
working capital utilisation remained high at 90% during the last
twelve months ended August 31, 2017. Also, agro products
cultivation is highly dependent on monsoons, thus exposing the
fate of the entity's operation to vagaries of nature.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the entity deteriorated and
remained leveraged marked by overall gearing of 4.93x as on March
31, 2017. However, the debt protection metrics of the entity has
remained moderate with interest coverage of 1.80 times and
moderate total debt to GCA of 9.65 years in FY17.

* Fragmented and competitive nature of the industry: RTR's plant
is located in Raipur, Chhattisgarh which is in close proximity to
hubs for paddy/rice cultivating region of Chhattisgarh. Owing to
the advantage of close proximity to raw material sources, large
numbers of small units are engaged in milling and processing of
rice in the region. This has resulted in intense competition which
is also fuelled by low entry barriers. Given that the processing
activity does not involve much of technical expertise or high
investment, the entry barriers are low.

Key Rating Strengths

* Experienced proprietor: Though the entity has very short track
record of operations, the proprietor Mr. Promod Kumar Jain has
more than two decades of experience in rice milling business
through his family business. Mr. Jain looks after the day to day
operations of the entity. He is supported by a team of experienced
professionals.

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

RTR was set up as a proprietorship entity in January 2015 by Mr.
Pramod Kumar Jain. The entity is into processing and milling of
non-basmati rice. The entity has commenced operations from January
2015 onwards at its plant located at Raipur in Chhattisgarh. The
plant has an installed capacity of 57600 metric ton per annum.
Apart from own rice milling, the entity also does custom milling
for Food Corporation of India, Government of Chhattisgarh. RTR
procure paddy from farmers & local agents and sells its products
through the wholesalers and distributors across Chhattisgarh.


SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR15.30cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Santaram Spinners Limited (SSL), as:

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Bank
   Facilities              15.30      CARE B+; Stable Reaffirmed

   Long Term/Short
   Term Bank Facilities    14.50      CARE B+; Stable/ CARE A4
                                      Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSL continue to
remain constrained on account of its thin profitability due to
limited value addition in the cotton ginning business, working
capital intensive operations leading to moderately leveraged
capital structure, susceptibility of its operating margin to
volatile cotton prices and its presence in highly fragmented
cotton ginning industry coupled with impact of changes in
government policy on cotton. The ratings, however, favorably takes
into consideration the vast experience of the promoters in the
cotton ginning business, its strategic location within the cotton
producing region of Gujarat and SSL's reputed clientele. SSL's
ability to increase its scale of operations while efficiently
managing its working capital requirements along with the
improvement in the profitability would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Decline in total operating income and profitability during FY17
although improvement witnessed in Q1FY18:  Total operating income
of SSL declined around 38% during FY17 over FY16 primarily on
account of demand disruption during demonetization. The
profitability continued to remain thin primarily on account of the
company's presence in the lowest segment of the cotton textile
value-chain with limited value addition. However, operating income
actually improved during Q1FY18 whereby the company registered a
Y-o-Y growth of more than 100%.

* Working capital intensive operations leading to moderately
leveraged capital structure:  Due to seasonal nature of business,
SSL is required to keep minimum amount of inventory to serve the
demand in non-season period. SSL extend high credit to its
customers which further enhance the working capital requirement.
SSL largely meets its working capital requirement through bank
borrowings resulting into moderately leveraged capital structure.
The working capital cycle elongated during FY17 due to higher
inventory holding coupled with decline in total operating income.
The liquidity indicators too remained weak as on March 31, 2017.

* Susceptibility of operating margins to volatile cotton prices:
Raw cotton is the key raw material for ginning and pressing
activities. Prices of raw cotton are highly volatile in nature.
Cotton ginners usually procure raw materials in large volumes to
bargain bulk discount from suppliers hence, the volatility in
cotton price along with the high inventory requirements results in
high susceptibility of operating margins to cotton price
fluctuations.

* Presence in highly fragmented cotton ginning industry and
government regulations: Cotton ginning business involves very
limited value addition and is highly dominated by small and medium
scale units resulting in highly fragmented nature of the industry.
Moreover, the competition in the ginning industry remains stiff
restricting the profitability margins. Furthermore, Government
policies with regard to minimum support price (MSP) and export-
import policy affect cotton prices.

Key Rating Strengths

* Vast experience of promoters in the cotton ginning business: Mr.
Kalyan J Shah, the Chairman & Managing Director has more than two
decades of experience in the ginning industry, actively manages
the routine operations of the company. The other directors of the
SSL also have vast experience in the cotton ginning business and
co-manage the business activities. The promoters are supported by
a team of technically qualified and experienced professionals.

* Strategically located manufacturing unit along with long
standing relationship with reputed customers: The ginning
facilities of SSL are located at Kadi in Mehsana District of
Gujarat. Gujarat is one of the largest producers of cotton in
India. SSL's presence in the cotton producing region results in
benefit derived from a lower logistic expenditure, easy
availability and procurement of raw materials at effective prices.
Further, SSL has a long standing relationship with some of the
reputed clients which includes leading textile companies.

SSL was incorporated in September 1983, as a private limited
company and subsequently got converted into public limited company
in December 1994. SSL is engaged in cotton ginning and pressing
with an installed capacity of 300 metric tonne per day (MTPD)
along with the trading of kapas, ginned cotton and cotton seeds.
SSL has also set up an oil mill with eleven oil expellers having
an installed capacity of 10 MTPD for manufacturing raw oil and de-
oiled cakes. The manufacturing facilities of the company are
located at Kadi, Gujarat. SSL has also commissioned wind turbine
generator of 0.80 MW at Jamnagar.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR11.25cr Cash Loan
-------------------------------------------------------------
ICRA Limited has reaffirmed the long-term rating at [ICRA]B+ to
the INR11.25 crore fund-based limits of Sri Lakshmi Srinivasa Raw
& Boiled Rice Mill (SLSRBRM) and reaffirmed the long term and
short term ratings at [ICRA]B+/[ICRA]A4 to the INR3.75 crore
unallocated limits of SLSRBRM. The outlook on the long-term rating
is 'Stable'.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund based limits-
  Cash credit              11.25     [ICRA]B+(Stable) re-affirmed

  Unallocated limits        3.75     [ICRA]B+(Stable)/[ICRA]A4
                                     re-affirmed

Rationale

The ratings take into account the small scale of operations of
SLSRBRM in the rice milling industry, and its weak financial
profile characterised by thin margins, high gearing and stretched
coverage indicators. In FY2017, the firm witnessed revenue growth
of 7.13%, however, operating margins declined from 3.94% to 3.48%
on account of higher raw material costs. The rating is further
constrained by intensely competitive nature of the rice-milling
industry restricting operating margins, and agro-climatic risks
which can affect the availability of paddy in adverse weather
conditions and thereby revenues.

However, the rating favorably factors in SLSRBRM's experienced
management, long track record of operations in the rice milling
industry and easy availability of paddy as the rice mill is
located in a major paddy-growing region. Moreover, ICRA takes into
account the favorable demand prospects of the industry as India is
one of the largest producers and consumers of rice.

The firm's ability to improve its scale of operations and
operating margins while managing its working capital requirements
would be the key rating sensitivities going forward.

Key rating drivers

Credit strengths

* Significant experience of the promoter in the rice-milling and
trading business:  The promoters have established presence in rice
milling industry with over over three decades of experience
resulting in established relationship with customers.

* Favorable demand prospects for rice:  Demand prospects of the
industry are expected to remain good as rice is a staple food
grain and India is the world's second largest producer and
consumer of rice.

* Presence of the firm in major paddy-growing region:  SLSRBRM is
located in Nellore district of Andhra Pradesh which is major rice
growing area resulting in easy availability of paddy.

Credit weaknesses

* Weak financial profile:  The firm's financial profile
characterised by thin operating margins of 3.48% for FY2017, high
gearing of 3.69x as on March 31, 2017 and stretched coverage
indicators with an interest coverage ratio of 1.34 times and
NCA/total debt ratio of 3% for FY 2017.

* Highly competitive nature of industry:  Rice milling industry is
highly competitive with presence of a large number of organised
and unorganised players impacting the margins.

* Industry susceptible to agro-climatic risks:  The rice-milling
industry is susceptible to agro-climatic risks, which can affect
the availability of the paddy in adverse weather conditions.

* Risk related to partnership nature of the firm:  The firm is
exposed to the risk inherent to the partnership nature of firm
including capital withdrawal risk.

Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) was
established as a proprietorship firm in 1983. In 2002, SLSRBRM was
reconstituted as partnership firm, SLSRBRM is engaged in the
milling of paddy, and produces raw and boiled rice. The firm has a
milling unit in Nellore District of Andhra Pradesh. SLSRBRM has a
milling capacity of 36000 MTPA of paddy. The firm sells its
products under the brand name "Suvanjali" and "ASR Gold".
In FY2017, the firm reported a net profit of INR0.12 crore on an
operating income of INR50.14 crore (provisional numbers) as
compared to a net profit of INR0.12 crore on an operating income
of INR46.80 crore in FY2016.


STANDARD FROZEN: CARE Reaffirms B+ Rating on INR23cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Standard Frozen Foods Export Private Limited (SFF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            23.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            12.00       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Standard Frozen
Foods Export Private Limited (SFF) continue to remain constrained
by foreign exchange fluctuation risk, highly competitive industry
and regulatory risk. The rating is further constrained by
stabilization risk associated with debt funded newly setup
manufacturing facility. The rating, however, draws comfort from
experienced promoters and favorable geographical location of
facilities. Going forward; ability of the company to profitably
increase its scale of operation shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weakness

* Foreign exchange fluctuation risk:  SFF is a predominately
export oriented unit and the processed meat is sold in China and
Middle East nations such as United Arab Emirates, Iraq, etc.
Majority of SFF's sales is done in export markets wherein the raw
material would be mainly procured from domestic markets. With
initial cash outlay for procurement in domestic currency and
entire sales realization in foreign currency, the company is
exposed to the fluctuation in exchange rates.

* Highly competitive industry:  Indian meat processing industry is
highly competitive resulting into pressure on the profitability
margins of the companies. There are numbers of abattoirs-cum-meat
processing plant registered with APEDA. Further, most of the meat
processing and export oriented units in the country are situated
in U.P., Punjab, Maharashtra and Andhra Pradesh.

* Regulatory and business risk:  The import of meat products by
many of countries is subject to regulatory approvals, which are
subject to adverse effects from change in trade policies of the
importing countries. The regular quality checks are undertaken and
done as per the regulatory guidelines of the respective countries.
Also, the approval given by the Indian government for the
operations of a slaughterhouse is to be renewed every year.
Moreover, change in the government fiscal policy with respect to
duty free import for export sector or change in the subsidized
interest rates will hamper the performance of the company and
affect its profitability margins. Furthermore, the meat processing
industry is also exposed to risks like risks of disease out-break.

* Stabilization risk associated with debt funded newly setup
manufacturing facility:  SFF had incurred a capital expenditure
of INR38.94 crore towards setting up new manufacturing facility of
its processing unit. The expenditure incurred has been funded
through term loan of INR20.00 crore and balance from the
promoters' contribution in the form of equity capital and
unsecured loans. SFF started with its commercial operations of
processing unit in April 2017 and has a relatively short track
record of operations as compared with other established players.
Furthermore, post project implementation risk in the form of
stabilization of operations of its processing unit to achieve the
envisaged scale of business in the light of competitive nature of
industry remains crucial for SFF.

Key rating strengths

* Experienced promoters:  Mr. Sachin Verma and Mr. Kamal Kant
Verma, promoters of SFF look after the overall operations of the
company. Both the promoters are post graduate by qualification and
have around one and a half decade of experience in meat industry
through their association with other group concerns engaged in
meat and poultry feed industry.

* Favorable geographical location of facilities:  India is
currently the world's largest exporter of buffalo meat. India is
endowed with 58% of the world's buffalo population. SFF is engaged
in processing of buffalo meat and its processing facility will be
located in Uttar Pradesh which is the one of the largest meat
processing hub in India, which provides an easy access to raw
material and skilled labor.

Uttar Pradesh based Standard Frozen Foods Export Private Limited
(SFF) was incorporated in 2012 by Mr. Sachin Verma and Mr. Kamal
Kant Verma. The company was incorporated with aim of setting up a
green field integrated cold chain and preservation facility for
buffalo meat processing at Unnao district, Uttar Pradesh. SFF is a
predominately export oriented unit and the processed meat is sold
in China and Middle East nations such as United Arab Emirates,
Iraq, etc. As on August 31, 2017, the installed capacity of the
facility is to process 1000 buffalo per day. The buffalos are
procured from agents located in Uttar Pradesh.

Jhilmil Trading Company, Standard Feed Industries, Standard
Agrovet Industries and Standard Agrovet Private Limited are
associate concerns of SFF. All these are engaged in
manufacturing/trading of poultry feeds supplements.


T K ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated T K Roadlines'
(TKR) 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:

-- INR12.3 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR35.32 mil. Term loan due on August 2020 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR1 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. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, TKR provides transportation facilities for
liquefied petroleum gas in the eastern part of India.


T K ROADWAYS: Ind-Ra Migrates BB- Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated T K Roadways'
(TKRW) 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:

-- INR16.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR45.65 mil. Term loan due on August 2020 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING) r
    rating; and

-- INR1 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. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, TKRW provides transportation facilities for
liquefied petroleum gas in the eastern part of India.


TIRUPATI ENTERPRISE: CARE Assigns B+ Rating to INR5.80cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Tirupati Enterprise (TE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.80       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Tirupati Enterprise
(TE) is constrained by its small scale of operation, constitution
as partnership firm, presence in highly competitive and fragmented
industry, working capital intensive nature of operations and
exposure to volatility of traded materials. The aforesaid
constraints are partially offset by its experienced management and
long track record of operations. Going forward, ability to
increase its scale of operation and profitability margins and
ability to manage working capital effectively are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operation: Tirupati Enterprise is a relatively
small player in business of trading of medicine, with total
operating income and PAT of INR18.10 crore and INR0.13 crore,
respectively, in FY16. The small size restricts the financial
flexibility of the entity in times of stress. Further, the total
capital employed was also low at INR1.66 crore as on Mar.31, 2016.
According to the management, during FY17, the entity has earned a
turnover of INR23.00 crore (provisional). Further, the management
has also mentioned that it has earned a turnover of INR12.30 crore
(approx.) for 5MFY18.

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

* Presence in highly competitive and fragmented industry: Tirupati
Enterprise operates in the wholesale trading industry. The
commodity nature of the product makes the medicine industry highly
fragmented with more than two-third of the total number of players
being in the unorganized sector. The product differentiation is
low due to the fragmented nature and low entry barriers in the
industry. The presence of large number of small and big players in
the medicine market leads to pressure on profitability.

* Working capital intensive nature of operations: The business of
Tirupati Enterprise is working capital intensive mainly on account
of trading nature of business. The average utilization of working
capital limits was high at round 95% in last 12 months ending
August, 2017.

* Exposed to volatility in traded materials: The prices of
medicines are highly volatile in nature. The management has stated
that to mitigate the risk of volatility in medicine prices they
purchase medicine on daily basis equivalent to the quantity sold.
However they are exposed to the risk of volatility in medicine
prices to the extent of inventory holding.

Key Rating Strengths

* Experienced management& long track record of operations: TE
started its commencement from 1998 and thus has satisfactory track
record of operations. Mr. SantanuDey (Partner) along Mrs. Rebecca
Dey (Partner) looks after overall management of the firm. Both the
partners have around two decades of experience in distributorship
business and are ably supported by a team of experienced
professionals who have rich experience in the same line of
business.

Tirupati Enterprise (TE) was established in 1998 by Mr.Santanu
Dey, Mrs. Rebecca Dey with a profit sharing ratio of 60% and 40%
respectively. Since its establishment the firm is engaged in the
wholesale trading of medicine at Kolkata, West Bengal.The firm has
authorized license agreement since its inception with Department
of Drug Controller under government of West Bengal.

Mr. Santanu Dey (aged, 49 years)having around two decades of
experience in the same line of industry, looks after the
day to day operations of the firm. He is supported by other
partner Mrs. Rebecca Dey (aged, 79 years) and a team of
experienced professionals.


TMT STEELS: CARE Lowers Rating on INR7.50cr Loan to 'D'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
TMT Steels Private Limited (TSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.50       CARE D Revised from
   Facilities                        CARE BB-

   Short-term Bank        7.50       CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
TSPL factors in overdrawals in cash credit accounts and
devolvement in Letter of Credit.

Detailed description of the key rating drivers

Key rating Weaknesses

* Overdrawals in cash credit and devolvement in letter of credit:
There have been continuous overdrawals in cash credit account
along with interest overdue and devolvement in letter of credit
due to stretched liquidity position.

* Working capital intensive nature of business: The company
derives the entire revenue from trading activity which is working
capital intensive in nature. Thus, the average working capital
limit utilization of the company remained high during the last 12
months ended August 2017.

* Susceptibility to price fluctuation of steel product: Prices of
steel products are very volatile in nature which are driven by the
global prices and are also dominated by the demand-supply
scenario.

* Leverage capital structure: The overall gearing of the company
has deteriorated from 2.88x as on March 31, 2016 to 4.89x as on
March 31, 2017 due to increase in working capital bank borrowing
and LC backed creditors.

* Intense competition: The steel trading industry is characterized
by low entry barriers due to minimal capital required and easy
availability of technology which has resulted in proliferation of
large number of small and large traders spread across the country.
Highly fragmented nature of the industry has resulted in intense
competition within the industry.

TMT Steels Private Limited (TSPL), incorporated in April 2005 is
promoted by Mr. Duvuru Vijaya Kumar Reddy of Nellore district,
Andhra Pradesh (A.P.). The company is engaged in trading of steel
and has been operating its trading activities in Nellore and
Bangalore. TSPL majorly deals in steel products of Rashtriya Ispat
Nigam Limited (RINL), Steel Exchange India Limited and is the sole
distributor for 'Simhadri TMT' brand of TMT bars of SEIL for
Coastal and Rayalaseema districts of A.P (viz. Nellore, Chittoor,
Prakasam, Kadapa, Anantapur) and also for Bangalore (Karnataka).


VA TECH: Appeals in Appellate Tribunal vs NCLT Insolvency Order
---------------------------------------------------------------
The Times of India reports that VA Tech Wabag Ltd has filed an
appeal with the National Company Law Appellate Tribunal (NCLAT)
after insolvency proceedings were initiated against it at the
National Company Law Tribunal (NCLT), Chennai bench, by
Consolidated Construction Consortium (CCCL).

TOI says the company clarified that that it is completely solvent.
"CCCL had worked as one of the sub-contractors for the company's
Dwarka project. CCCL had alleged non-payment of INR1,50,13,529 in
dues. It is important to note that, CCCL had not fully performed
their contractual obligations as per the contract with the company
and hence WABAG has disputed this claim," the company, as cited by
TOI, stated.

According to TOI, WABAG also said its "consolidated revenue in FY
2016-17 was INR3,207 crore and net profit INR102 crore and has
been reporting profits for the last 10 years with a credit rating
of AA- (Stable) for long term and A1+ for short term by ICRA. As
on March 31, 2017, the company had a net-worth of INR1,010 crore
and gross cash of INR261 crore."

NCLT passed an order for initiation of corporate insolvency
resolution process (CIRP) under the provisions of Insolvency and
Bankruptcy Code, 2016 (IBC) at a hearing held on October 6, TOI
notes.

Headquartered in Chennai, India, VA Tech Wabag Ltd is a water
technology company focused on water treatment for municipal and
industrial users.


VASISTA MARINE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vasista Marine's
(VM) 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:

-- INR400 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR10 mil. Non-fund based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 8, 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 2003 as a partnership firm by Mr Srinivasa Raju
and Mrs. Krishna Veni, VM is engaged in the processing and export
frozen shrimps, prawns, aquaculture black tiger shrimp and
vannamei products. The firm has a processing unit in Bhimavaram,
Visakhapatnam, with an annual installed capacity of 2,000MT.


VEE DEE: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vee Dee
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 actions are:

-- INR24 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR43.5 mil. Long-term Loan migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR0.35 mil. Non-fund-based working capital limits migrated
    to non-cooperating category with IND A4(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 5, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Vee Dee Enterprises is a proprietorship concern, started in 1996
by Viral Shah. The entity is mainly engaged in the packaging of
food products.


VIKRAM INFRASTRUCTURE: Ind-Ra Moves B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikram
Infrastructure Company's (VIC) 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:

-- INR150 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits migrated to non-cooperating
    category IND A4(ISSUER NOT COOPERATING) rating.

COMPANY PROFILE

Established in 1989, VIC is a partnership firm engaged in
infrastructure (civil construction), mining, and ready mix
concrete businesses.


VIKRANT FORGE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikrant Forge
Private Limited's (VFPL) 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:

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

-- INR336.86 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR100 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. 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VFPL manufactures open die forgings, which are supplied in the
black forged state or further processed into rough machined and
finish machined states.


VIZAG PROFILES: CARE Lowers Rating on INR76MM Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vizag Profiles Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             40         CARE D Revised from
                                     CARE BB+

   Short term Bank
   Facilities             76         CARE D Revised from
                                     CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Vizag Profiles Private Limited takes into consideration decline
in operating income and stretched inventory period during FY17
(April 1 to March 31) due to the subdued steel industry scenario
resulting in stretched liquidity position and consequently leading
to delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key rating Weaknesses

* Ongoing delays in meeting the debt obligations on time due to
stressed liquidity:  The total operating income of the company has
deteriorated by 23% from INR652.82 crore in FY16 to INR499.56
crore in FY17 primarily on account of deterioration in the steel
prices on account of low demand of steel due to subdued economic
scenario and slower industrialization. Subsequently, the inventory
holding period of the company deteriorated from 67 days in FY16 to
101 days in FY17, leading to stressed liquidity position.

* Working capital intensive nature of business:  The company
derives the entire revenue from trading activity which is working
capital intensive in nature. Thus, the average working capital
limit utilization of the company remained high during the last 12
months ended August 2017.

* Susceptibility to price fluctuation of steel product:  Prices of
steel products are very volatile in nature which are driven by the
global prices and are also dominated by the demand-supply
scenario.

* Leverage capital structure:  The overall gearing of the company
has deteriorated from 1.01x as on March 31, 2016 to 0.96x as on
March 31, 2017 due to accretion of profits to networth.

* Intense competition:  The steel trading industry is
characterized by low entry barriers due to minimal capital
required and easy availability of technology which has resulted in
proliferation of large number of small and large traders spread
across the country. Highly fragmented nature of the industry has
resulted in intense competition within the industry.

Incorporated on November 20, 1997, Vizag Profiles Pvt Ltd (VPPL)
is primarily engaged in the trading of steel and steel products
(like TMT Bars, billets, steel wires etc) at Vijayawada, Andhra
Pradesh. However the company is also engaged in cargo handling and
trading in oil and lubricants. The company is promoted by Mr.
Bandi Suresh Kumar who has more than two decades of experience in
the trading and manufacturing of steel and steel products. The
promoter being in the line of activity for more than two decades
has established long term relationships with both suppliers and
clients.



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


KOBE STEEL: Scandal Deepens as More Faked Data Emerge
-----------------------------------------------------
Bloomberg News reports that the scandal engulfing Kobe Steel Ltd.
deepened on Oct. 11 as the steelmaker said it may have falsified
data about two more products, triggering a further collapse in its
shares and intensifying concern that compromised material found
its way into cars, trains and aircraft.

After admitting on Oct. 8 that it provided false information about
the strength and durability of some aluminum and copper, Japan's
third-largest steel producer said data about iron ore powder and
another product may also have been faked, Bloomberg relays. Shares
plunged 18 percent in Tokyo, with $1.6 billion wiped off the
company's market value since the revelations were made, according
to Bloomberg.

As the affair reverberates across markets, it's a further blow to
the integrity of Japanese manufacturers after a string of
industrial scandals that's destroyed shareholder value, enraged
consumers and incurred the wrath of regulators, Bloomberg states.
Kobe Steel customers from Toyota Motor Corp. to Subaru Corp. are
scrambling to determine if they used the suspect materials and
whether safety has been compromised, the report states.

If you look at previous instances with "companies initially saying
it is a single, one-off, it has always expanded to more and more
parts of the business," Bloomberg quotes Alexander Robert Medd,
managing director at Bucephalus Research Partnership Ltd., as
saying.  "One usually finds out that it is reasonably systematic."

Kobe Steel's research institute found data that may have been
falsified for an iron powder product and another that's not
aluminum or copper, spokesman Tatsuro Kano said by phone on
Oct. 11, declining to identify the latter because investigations
are ongoing, Bloomberg reports. The Yomiuri newspaper earlier
reported iron ore powder was compromised, while a Nikkei newspaper
report said the institute faked testing data on semiconductor
material, Bloomberg notes.

A company spokesman earlier said the iron ore powder in question
had been delivered to one customer and Kobe Steel didn't see a
problem with the safety of the product, Bloomberg says.

As the scandal mushrooms, Japan's government has weighed in, the
report says. Deputy Chief Cabinet Secretary Kotaro Nogami said the
faked data undermined the basis of fair trade, calling it
"inappropriate". Kobe Steel Chief Executive Officer Hiroya
Kawasaki didn't respond to requests for comment.

One estimate from JPMorgan Securities Japan Co. put the potential
cost of replacing the copper and aluminum parts at about JPY15
billion (US$133 million), but the damage to the company that's
more than a century old -- both in reputational harm or possible
legal challenges-- may be much greater, according to Bloomberg.

Bloomberg says the market impact has already been savage as
investors take fright at the possible consequences. While at close
on Oct. 6, Kobe Steel had a market value of JPY498 billion ($4.4
billion), by Oct. 10 that was down to JPY389 billion, and it fell
further to about JPY319 billion on Oct. 11.

Investors have also rushed to unload Kobe Steel's bonds, causing
the extra yield demanded to hold the securities over Japanese
government notes to jump. The premium on the company's securities
maturing in November 2021 rose 148 basis points to about 202.5 on
Oct. 10, the highest since the firm issued them in late 2011,
according to Bloomberg-compiled data. The cost to insure Kobe
Steel's notes against non-payment has surged, Bloomberg notes.

Iron ore powder is mainly used in making automobile components,
according to Kobe Steel, Bloomberg relays. Powders can be hardened
to produce sintered parts, which are used in everything from the
engine to the steering mechanism as well as the brakes and
transmission, according to JFE Steel Corp., another Japanese
producer, Bloomberg adds.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is a steel manufacturer, as well as supplier of aluminum and
copper products.  Other businesses include welding consumables,
urban infrastructure and plant engineering services, and
industrial machinery.  Kobe Steel has offices in New York,
Singapore, Bangkok and Beijing.


TOSHIBA CORP: Removed From Delisting Watchlist at TSE
-----------------------------------------------------
Bloomberg News reports that the Tokyo Stock Exchange said it
removed Toshiba Corp. from its watchlist for delisting after
seeing better internal controls and efforts to improve corporate
governance.

Toshiba has made progress with its bookkeeping since an accounting
scandal in 2015 and the disclosure of multibillion-dollar losses
in its nuclear business in December, the exchange said in a
statement on Oct. 11, Bloomberg relays. The company still has
negative shareholders equity and could be delisted if it isn't
able to meet listing requirements, the exchange said. Bloomberg
says Toshiba signed an agreement on Sept. 28 to sell its flash
memory chip business to a group led by Bain Capital for about JPY2
trillion ($18 billion), in an effort to reach positive shareholder
equity.

Toshiba, which was demoted to the second section of the exchange
in August, needs to complete the deal by March, Bloomberg notes.
While the exchange's decision was mainly due to improved controls
and efforts to bolster corporate governance, it's also a sign that
financial authorities expect the Tokyo-based company's balance
sheet to recover, according to Bloomberg.

The Bain consortium includes major technology players Apple Inc.,
Dell Inc., SK Hynix Inc. and Japan's Hoya Corp., while Toshiba
itself will maintain a stake, the company said when it announced
the memory chip deal, Bloomberg discloses. The total value of the
transaction may change depending on capital expenditures. The deal
is aimed at keeping control of an important business in Japan,
while securing the funding needed to help Toshiba repair its
damaged balance sheet. Toshiba expects the deal to close by March
31, Bloomberg notes.

Bloomberg News meanwhile reports that on Oct. 11 proxy advisers
Glass Lewis & Co. and Institutional Shareholder Services Inc.
called Toshiba Corp.'s governance into question and recommended
that investors vote against approving earnings results at the
shareholders meeting later this month.

Bloomberg relates that the company hasn't been able to secure an
unqualified endorsement from its auditor, the two U.S. firms said
in separate reports, and recommended voting against President
Satoshi Tsunakawa's re-nomination to the board.

                         About Toshiba Corp

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2017, S&P Global Ratings said that it has affirmed its
'CCC-' long-term corporate credit and 'C' short-term corporate
credit and commercial paper program ratings on Japan-based capital
goods and diversified electronics company Toshiba Corp. S&P also
removed the ratings from CreditWatch. The outlook is negative.

S&P said, "At the same time, we raised the senior unsecured rating
one notch to 'CCC-' from 'CC' following completion of our review
of the rating. The review follows our publication of our revised
issue rating criteria, "Reflecting Subordination Risk In Corporate
Issue Ratings" on Sept. 21, 2017, after which we placed the rating
"under criteria observation" (UCO). With our criteria review
complete, we are removing the UCO designation from the rating. We
also removed the senior unsecured rating from CreditWatch with
negative implications following our affirmation of the long-term
corporate credit rating and resolution of the CreditWatch."



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


PACIFIC EDGE: To Raise NZ$21.3MM in Deeply Discounted Offer
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that Pacific Edge wants to
raise NZ$21.3 million in a deeply discounted rights issue, which
it says will fund the cancer diagnostics firm's goal of breaking
even on a cash flow basis in the March 2019 year.

According to BusinessDesk, the Dunedin-based company said it will
sell 66.6 million shares at 32 cents apiece in a one-for-six pro-
rata rights offer, a 27 percent discount to the theoretical ex-
rights price of 44 cents. The deal is fully underwritten by lead
manager First NZ Capital Securities, the report relays.

The funds will give Pacific Edge room to cover the cost of
operations until it breaks even on a cash flow basis, and it's
projecting a NZ$3.5 million inflow in the year ending March 31,
2019, the report states. The company anticipates lab throughput
rising to some 23,100 tests in the 2019 year from 11,246 in 2017,
helping drive an increase in revenue to NZ$27.9 million from
NZ$8.1 million, says BusinessDesk.

"We are making strong commercial progress and continue to focus on
gaining traction in the US and our other targeted markets,"
BusinessDesk quotes chair Chris Gallaher as saying. "We are
expecting a step-up in the number of tests processed and revenue
once we get underway with Kaiser Permanente and as our other
targeted large-scale organisations gain momentum."

The company's 2017 loss widened to NZ$21 million as revenue lagged
behind expectations after it took longer to close deals with large
US health administrators, BusinessDesk discloses. When reporting
those results in May, Pacific Edge said it had the Veterans
Administration and TRICARE Health Plan Network under contract,
which provides cover to 20 million US military personnel, was in
commercial talks with Kaiser Permanente, and was still chasing
regulatory approval for patients to get reimbursed under the
Centers for Medicare and Medicaid (CMS).

Today, it said, the US is still the primary market opportunity and
that it wants to wrap up commercial talks with Kaiser and is
seeking a local coverage determination to let it get reimbursed
under CMS, according to BusinessDesk. The Kaiser and CMS deals
underpin the company's 2019 forecast.

BusinessDesk relates that Pacific Edge also said it will review
its business to see where it can lift operations, reporting and
communications to support the drive to positive cash flow.

The rights offered won't be tradable on the NZX and new shares not
taken up will be offered to eligible investors through a bookbuild
run by the lead manager, BusinessDesk notes. The bookbuild price
will be set by the lead manager with the 32 cents subscription
price a minimum. The offer opens on Oct. 20 and closes on Nov. 8,
with the bookbuild scheduled for Nov. 10, BusinessDesk adds.

Pacific Edge Limited (NZX: PEB) is a New Zealand publicly listed,
cancer diagnostic company specialising in the discovery and
commercialisation of diagnostic and prognostic tests for better
detection and management of cancer. The company is developing and
commercialising its range of Cxbladder bladder cancer tests
globally through its wholly owned central laboratories in New
Zealand and the USA. The company's products have been tested and
validated in international multi-centre clinical studies.

Pacific Edge posted a net loss of NZ$21 million in the 12 months
ended March 31, 2017, widening from a loss of NZ$15.7 million a
year earlier.


RENAISSANCE BREWING: Up for Sale After Voluntary Administration
---------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Renaissance Brewing, the
first local company to raise capital through equity crowdfunding,
is up for sale after cash flow woes and product management issues
led to the appointment of voluntary administrators.

Shephard Dunphy's Iain Shephard and Jessica Kellow were appointed
as administrators of the Blenheim-based boutique beer brewer on
Oct. 9, BusinessDesk discloses citing Companies Office filing.

"We believe there's a hell of an asset here - the tide is still
coming in the craft beer market, they only entered one beer in the
awards that were held at the weekend in Christchurch and they won
gold for it," the report quotes Mr. Shephard as saying. "Staff are
still being employed, customers are still receiving their orders
and we're now seeking expressions of interest in respect of buying
the business."

Renaissance was the first company to raise money under the
country's three-year-old equity crownfunding regime in August
2014, securing its NZ$700,000 target in just a week and a half, a
quarter of the time the other was open, according to BusinessDesk.

Co-founder Brian Thiel, who owns almost 31% of Renaissance, is
listed as the sole director of the brewer, after his fello co-
founder Andrew Deuchars ceased to be a director on June 11,
Companies Office documents show, the report says. Former strategic
director David Pearce left the board on Feb. 21 and former chair
Gareth Lyne departed on May 15, 2016, having both joined the
brewer's board in November 2013. Alan Young cease being a director
after just six months on Feb. 21 this year.

Renaissance Brewing is a New Zealand-based craft beer producer.


                             *********

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 ***