TCRAP_Public/171018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 18, 2017, Vol. 20, No. 207

                            Headlines


A U S T R A L I A

ABSINTHESALON PTY: Ferrier Hodgson Appointed as Liquidators
BAYSIDE SHEDS: First Creditors' Meeting Set for Oct. 25
BRYNHILD PTY: First Creditors' Meeting Set for Oct. 26
COUNTRY CREDITS: First Creditors' Meeting Set for Oct. 24
DARRYL'S BOBCAT: Second Creditors' Meeting Set for Oct. 24

FERRARI RACING: Second Creditors' Meeting Set for Oct. 23
KELLY LAW: Second Creditors' Meeting Set for Oct. 23
LUDOVICO MEDIA: First Creditors' Meeting Set for Oct. 24
MESOBLAST LIMITED: Proposes to Issue Ordinary Shares & Options
PEPPER RESIDENTIAL: Moody's Hikes Rating on Class F Notes to Ba2

QUEENSLAND NICKEL: Palmer Loses Appeal to Stop Liquidators Suit
SAFE HOMES: Second Creditors' Meeting Set for Oct. 23
WALLACE2 PTY: First Creditors' Meeting Set for Oct. 23


C H I N A

ELION RESOURCES: S&P Assigns B Corp Credit Rating, Outlook Stable
ZHONGRONG INT'L: S&P Rates New US$-Denom. Sr. Unsec. Notes 'BB-'


I N D I A

4G IDENTITY: CRISIL Reaffirms 'D' Rating on INR35MM Bank Loan
BEE KAY: CARE Moves B+ Rating to Issuer Not Cooperating Category
CHERAN STEELS: CRISIL Reaffirms 'D' Rating on INR5MM Cash Loan
CHERAN STEEL ROLLING: CRISIL Reaffirms C Rating on INR5.75M Loan
CONTEC SYNDICATE: Ind-Ra Moves BB Rating to Non-Cooperating

CORNERVIEW CONSTRUCTIONS: ICRA Ups Rating on INR110cr Loan to B
ESSAR STEEL: IRP Seeks Applicants for Resolution Plan by Oct. 23
ESSEL MARKETING: ICRA Moves B Rating to Not Cooperating Category
GANESH SAW: CARE Assigns B/A4 Rating to INR2.50cr Bank Loan
GOKUL STEELS: CRISIL Reaffirms 'D' Rating on INR6.5MM Cash Loan

HANSA METALLICS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
INDIAMCO: CARE Lowers Rating on INR14.50cr ST Loan to D
J.P.S. FOUNDATION: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
JAGRATI TRADE: CARE Moves B+/A4 Rating to Not Cooperating
JYOTI GENERAL: ICRA Moves 'B+' Rating to Not Cooperating Category

KALSI BROTHERS: ICRA Moves B+ Rating to Not Cooperating Category
KASHIPUR SITARGANJ: Ind-Ra Puts D Loan Rating to Not Cooperating
LATA EXPORTS: CARE Lowers Rating on INR7.50cr LT Loan to 'D'
LAXMI RICE: ICRA Moves 'B' Rating to Not Cooperating Category
LB COTTON: ICRA Moves 'D' Rating to Not Cooperating Category

LODHA DEVELOPERS: Fitch Affirms B LT IDR; Outlook Stable
MAA VINDHWASINI: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
MANISH FLEXIPACK: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
MAXOUT INFRASTRUCTURES: CRISIL Reaffirms D Rating on INR12MM Loan
MAP REFOILS: Ind-Ra Affirms 'BB' LT Issuer Rating; Outlook Stable

MAYUR CONSTRUCTION: Ind-Ra Migrates B+ Rating to Non-Cooperating
MITTAL COT: ICRA Moves 'B' Rating to Not Cooperating Category
NEW ASIAN: ICRA Raises Rating on INR26.13cr LT Loan to B
P.D. AGRO: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
PACIFIC GLOBAL: CARE Assigns 'B' Rating to INR19.50cr LT Loan

PAL PRATEEK: CRISIL Reaffirms B+ Rating on INR5MM Loan
PASHUPATI CASTINGS: CRISIL Reaffirms B+ Rating on INR19.76MM Loan
POOJA INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR5MM Loan
PRAGANA DANWAR: CRISIL Reaffirms B- Rating on INR6.0MM Term Loan
PRAGYA RICE: ICRA Moves 'B+' Rating to Not Cooperating Category

PREMIER ALLOYS: CRISIL Assigns 'B' Rating to INR7MM Cash Loan
PRIME TECHNOPLAST: Ind-Ra Moves D Rating to Non-Cooperating
PUPNEJA RICE: CRISIL Reaffirms D Rating on INR13.15MM Cash Loan
RADIANT BIZCOM: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
RANGOTSAV SAREES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating

REGENCY GANGANI: ICRA Lowers Rating on INR49.71cr Loan to D
REGENCY YAMUNA: ICRA Lowers Rating on INR21.37cr Loan to 'D'
S. A. PLYWOOD: CRISIL Lowers Rating on INR12.50MM Loan to 'D'
SATISH STEEL: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
SHREE RAJ: CARE Reaffirms B+ Rating on INR5.0cr LT Loan

SHREE SITA: CRISIL Reaffirms 'B+' Rating on INR6MM Cash Loan
SRIBALAJI HATCHERIES: ICRA Moves C Rating to Not Cooperating
SRI MANAKULA: ICRA Moves B+ Rating to Not Cooperating Category
SRI SAI SHIVANAGERE: ICRA Moves 'B' Rating to Not Cooperating
SUSAAH LABORATORIES: CRISIL Reaffirms B+ Rating on INR4.25MM Loan

T.K. TRADERS: CRISIL Reaffirms 'B' Rating on INR1.5MM Cash Loan
TANMAY POLYFIMS: ICRA Moves 'B-' Rating to Not Cooperating
VINAYAK POLYMERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
VIRAJ SPINNERS: CRISIL Raises Rating on INR31.99MM Loan to BB-
VISAGE INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR2MM Loan

VIZEBH COMPOSITECH: CARE Assigns 'D' Rating to INR15cr LT Loan


M A L A Y S I A

LION DIVERSIFIED: Contracts Out Mining Work for Lack of Capital
PERISAI PETROLEUM: Trading Suspension, Delisting Deferred


M O N G O L I A

MONGOLIA: Fitch Assigns B- Rating to Proposed USD Bonds


N E W  Z E A L A N D

NOSH GROUP: Creditors Call for Second Probe Into Former Directors


                            - - - - -



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


ABSINTHESALON PTY: Ferrier Hodgson Appointed as Liquidators
-----------------------------------------------------------
Robyn Duggan and Morgan Kelly of Ferrier Hodgson were appointed
Liquidators of Absinthesalon Pty Ltd and Alexamo Pty Ltd on
Oct. 6, 2017.

The Liquidators now control the Companies and are assessing their
financial position.

The Companies are no longer trading.

"The Liquidators will be writing to creditors shortly providing
further details of their appointment," Ferrier Hodgson said in a
statement.

Absinthesalon Pty Ltd operated a small bar in Surry Hills and
Alexamo Pty Ltd operated an absinthe importing business.


BAYSIDE SHEDS: First Creditors' Meeting Set for Oct. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bayside
Sheds Pty Ltd will be held at the offices of PPB Advisory, Level
27, Central Plaza One, 345 Queen Street, in Brisbane, Queensland,
on Oct. 25, 2017, at 10:30 a.m.

David Webb and Kenneth Whittingham of PPB Advisory were appointed
as administrators of Bayside Sheds on Oct. 14, 2017.


BRYNHILD PTY: First Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Brynhild
Pty. Ltd. will be held at the offices of Veritas Advisory, Level
5, 123 Pitt Street, in Sydney, New South Wales, on Oct. 26, 2017,
at 11:30 a.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Brynhild Pty on Oct. 16, 2017.


COUNTRY CREDITS: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Country
Credits Pty Ltd will be held at the offices of Pearce & Heers,
Level 12, 127 Creek Street, in Brisbane, Queensland, on Oct. 24,
2017, at 10:00 a.m.

Mark William Pearce of Pearce & Heers was appointed as
administrator of Country Credits on Oct. 12, 2017.


DARRYL'S BOBCAT: Second Creditors' Meeting Set for Oct. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Darryl's
Bobcat Pty. Limited has been set for Oct. 24, 2017, at 11:00
a.m., at the offices of PKF, 755 Hunter Street, in Newcastle,
West New South Wales.

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

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

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


FERRARI RACING: Second Creditors' Meeting Set for Oct. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ferrari
Racing and Breeding Pty Ltd has been set for Oct. 23, 2017, at
2:00 p.m., at the Conference Room, Plaza Level, BGC Centre,
28 The Esplanade, in Perth, West Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 20, 2017, at 4:00 p.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Ferrari Racing on Sept. 18, 2017.


KELLY LAW: Second Creditors' Meeting Set for Oct. 23
----------------------------------------------------
A second meeting of creditors in the proceedings of Kelly Law Pty
Ltd has been set for Oct. 23, 2017, at 3:00 p.m., at the offices
of David Clout & Associates, 105A Bowen Street, in Spring Hill,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 20, 2017, at 4:00 p.m.

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


LUDOVICO MEDIA: First Creditors' Meeting Set for Oct. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ludovico
Media Pty Ltd will be held at the offices of Rodgers Reidy, Level
9, 46 Edward Street, in Brisbane, Queensland, on Oct. 24, 2017,
at 11:00 a.m.

David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Ludovico Media on Oct. 15, 2017.


MESOBLAST LIMITED: Proposes to Issue Ordinary Shares & Options
--------------------------------------------------------------
Mesoblast Limited intends to issue 158,901 ordinary shares for
US$240,000 issue price.  The full amount of shares are to be held
in voluntary escrow until Oct. 6, 2018.

The Company also plans to issue 300,000 unquoted options to
acquire ordinary shares at a price per share of A$2.23, vesting
in three equal tranches on June 28, 2018, June 28, 2019, and June
28, 2020, respectively, and expiring 27 June 2024; and 100,000
unquoted options to acquire ordinary shares at a price per share
of A$1.54, vesting in three equal tranches on Sept. 16 2018,
Sept. 16, 2019, and Sept. 16, 2020, respectively, and expiring 15
September 2024.

The 158,901 ordinary shares will be issued as consideration for
services in connection with the license of intellectual property
relating to cell targeting technology (ex vivo fucosylation) from
a third party.  The 400,000 unquoted options to acquire ordinary
shares will be issued pursuant to the Company's Employee Share
Option Plan.

A full-text copy of the regulatory filing is available at:

                       https://is.gd/To8v81

                          About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.  Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic  conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016.

As of June 30, 2017, Mesoblast had US$655.7 million in total
assets, US$138.9 million in total liabilities and US$516.8
million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.


PEPPER RESIDENTIAL: Moody's Hikes Rating on Class F Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
classes of notes issued by Pepper Residential Securities Trust
No. 15.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 15

-- Class D, Upgraded to A1 (sf); previously on Apr 19, 2017
    Upgraded to A2 (sf)

-- Class E, Upgraded to Baa2 (sf); previously on Apr 19, 2017
    Upgraded to Baa3 (sf)

-- Class F, Upgraded to Ba2 (sf); previously on Apr 19, 2017
    Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrade was prompted by the increase in note subordination
during the sequential pay period.

In addition, the mortgage portfolio has been performing within
Moody's expectations. Both scheduled and indexed loan to value
(LTV) ratios have decreased since the last rating action and have
led to lower MILAN CE for the transaction.

As of August 2017, the note subordination for the Class D, Class
E and Class F notes had increased to 9.5%, 6.6%, and 4.0% from
4.3%, 3.0%, and 1.8%, respectively at closing date.

The notes will continue to pay down on a sequential basis until
at least the second anniversary of the transaction closing, which
will be in November 2017.

The performance of the mortgage portfolio is within Moody's
expectations. As of August 2017, 7.6% of the outstanding pool was
30-plus day delinquent, and 4.0% was 90-plus day delinquent.
Cumulative losses amounted to AUD708,582, or 0.2% of the closing
pool balance.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.7% as a percentage
of the closing pool balance.

Moody's has also decreased its MILAN CE assumption to 14.2% from
15.4% in April 2017, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumption are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than
Moody's expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.


QUEENSLAND NICKEL: Palmer Loses Appeal to Stop Liquidators Suit
---------------------------------------------------------------
Vanessa Marsh at The Courier-Mail reports that embattled
businessman Clive Palmer has lost an appeal to halt his legal
battle with Queensland Nickel liquidators who are attempting to
freeze more than AUD200 million of his personal assets.

During a hearing in the Court of Appeal, Mr. Palmer said the
commercial impact of an asset freeze could be "catastrophic" to
his businesses and employees, the report says.

The Courier-Mail relates Mr. Palmer warned the livelihood of his
"hundreds" of staff could be at risk and said the application
should be put on hold until a separate appeal relating to the
case had been finalised.

Barrister Matthew Hickey, who appeared on behalf of the
government-appointed liquidators, urged Justice Philip McMurdo
not "to place much weight" on Mr. Palmer's submission regarding
prejudice to his businesses, saying the bias "will exist in any
event" given the amount of public interest in the case.

Justice McMurdo denied Mr. Palmer's application and ordered him
to pay costs in the matter, The Courier-Mail says.

Outside court Mr. Palmer told reporters, "you win some, you lose
some," before leaving in a chauffeur-driven Bentley, adds The
Courier-Mail.

                     About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On January 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


SAFE HOMES: Second Creditors' Meeting Set for Oct. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of Safe Homes
Constructions Pty Ltd has been set for Oct. 23, 2017, at
3:30 p.m., at the offices of Worrells Solvency & Forensic
Accountants, Level 15, 114 William Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 20, 2017, at 5:00 p.m.

Matthew Jess and Matthew Kucianski of Worrells Solvency were
appointed as administrators of Safe Homes on Sept. 15, 2017.


WALLACE2 PTY: First Creditors' Meeting Set for Oct. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wallace2
Pty Ltd will be held at Level 3, 90 William Street, in Melbourne,
Victoria, on Oct. 23, 2017, at 11:00 a.m.

Kristen Beadle and Mat Muldoon of Sellers Muldoon Benton were
appointed as administrators of Wallace2 Pty on Oct. 11, 2017.



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ELION RESOURCES: S&P Assigns B Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Elion Resources Group Co. Ltd. The outlook is stable.
Elion Resources mainly engages in engineering and construction
(E&C) projects related to desertification control and ecology
restoration, as well as real estate development.

S&P said, "Our rating on Elion Resources mainly reflects our view
of the company's E&C and real estate development businesses. We
expect these segments to contribute to around 70% of the
company's profit in the next two to three years, with each
contributing almost equally. The company's other business
segments, including chemicals, utilities, and trading, are much
smaller in terms of profit contribution.

"We expect Elion Resources to enlarge its operating scale in the
E&C business, with revenue from this segment rising to around
Chinese renminbi (RMB) 21 billion in 2019, from RMB2.7 billion in
2016. However, the company will still remain much smaller than
its peers. Elion Resources also has a concentrated geographical
exposure, with operations in northwest and north China. Moreover,
with the Chinese government pushing for environmental protection
and the prospect for fast growth, the company is likely to face
increasing competition from existing players and new entrants.
However, Elion Resources' 30 years of experience and specialized
technology in desertification control should help it to continue
to win contracts. In our view, the company also has a flexible
cost structure and reasonable working capital management."

For the real estate business, Elion Resources has reasonable
geographical diversification and low land costs. The company has
operations in Inner Mongolia, Tianjin, Hebei, and Fujian, and is
expanding into other places in China as well as overseas. Elion
Resources can also acquire land at a low cost for some projects
related to ecology restoration. However, the company's business
size is small, with forecast revenue of around RMB19.0 billion in
2019 and a small land bank of 1.4 million square meters as of
end-2016. The company also has a low market share and limited
brand recognition in China's property development market.

S&P said, "We expect Elion Resources' financial metrics to
gradually improve in the next two to three years, with higher-
margin businesses such as E&C and real estate development
contributing to a greater portion of total profit. Nonetheless,
we believe the company will remain highly leveraged to support
fast expansion. We also anticipate that Elion Resources will
continue to have high working capital outflows because of its
large spending on land purchase for real estate development and
uncertainty in collection of receivables for E&C projects. We
estimate the company's debt-to-EBITDA ratio to be 6.0x-9.0x in
2017-2018 and its ratio of free operating cash flow (FOCF) to
debt to remain negative owing to high working capital outflow and
large capital expenditure."

Elion Resources' other businesses offer moderate diversification
to the company's business and result in lower earnings volatility
during an economic cycle. However, the company's operations are
mostly in China, and the correlation between the E&C and real
estate businesses temper such benefits.

Elion Resources has sufficient experience in desertification
control and ecology restoration. The company has developed an
industry value chain that extends from E&C to pharmaceuticals,
utilities, and real estate development. This unique business
model not only helps to restore the environment but also aids in
poverty alleviation in certain less-developed regions in China by
employing locals. As a result, Elion Resources' business model is
favored by local governments, as evidenced by the company's
increasing inflow of strategic cooperation agreements for E&C
projects. Elion Resources also receives government support
through low-cost long-term borrowings from policy banks and the
National Special Construction Fund for some of its E&C projects.
S&P believes the above strengths give the company a better
competitive advantage over its peers in the E&C industry.

S&P said, "The stable outlook on Elion Resources reflects our
expectation that the company's financial position will improve
but remain highly leveraged over the next two to three years
owing to the fast expansion of its E&C and real estate
businesses. The outlook also reflects our view that the company
will maintain its small business scale and current market
position in its core business segments over the period.

"We would downgrade Elion Resources if the company sees
heightened liquidity risk due to weaker cash flows than we expect
or deteriorating standing in the credit market. We could also
downgrade the company if its financial metrics deviate
significantly from our forecasts and worsen over the next two to
three years, possibly due to weaker working capital management or
higher debt than we estimate.

"We would upgrade Elion Resources if its debt-to-EBITDA ratio
approaches 5.0x for a sustained period. Such improvement could
come from increasing profit and cash flow due to business growth
and improving margins, better working capital management, or
lower debt. However, we believe the upside is limited in the next
12-24 months."


ZHONGRONG INT'L: S&P Rates New US$-Denom. Sr. Unsec. Notes 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
the proposed issuance of U.S. dollar-denominated fixed-rate
senior unsecured notes by Zhongrong International Resources Co.
Ltd., a special purpose financing vehicle of Zhongrong Xinda
Group Co. Ltd. (BB-/Stable/--). Zhongrong Xinda and certain of
its offshore subsidiaries provide an unconditional and
irrevocable joint guarantee.

The ratings on the notes are subject to S&P's review of the final
issuance documentation. The issuer intends to use the issuance
proceeds for general corporate purposes.

Zhongrong Xinda's capital structure consists of Chinese renminbi
(RMB) 2.9 billion of secured debt and RMB23.3 billion of
unsecured debt issued by Zhongrong Xinda, and RMB6.1 billion of
unsecured debt issued by its subsidiaries.

The rating on the proposed notes is the same as the corporate
credit rating because no significant elements of subordination
risk are present in the capital structure. The issue is not
contractually subordinated and it is not secured.

As of end 2016, Zhongrong Xinda has RMB2.9 billion in
consolidated secured debt, less than the notching threshold of
50% of consolidated total debt. At the subsidiary level,
unsecured debt totals RMB6.1 billion and the priority debt ratio
is less than the 50% notching threshold. As such, S&P has not
applied any notching from the corporate credit rating.

On Aug. 30, 2017, Zhongrong Xinda released its 2017 interim
report. The company's revenue increased by 45% year on year
during the first half of 2017 to RMB36.6 billion, mainly due to
higher coke prices. Operating profit increased by 85% year on
year to RMB2.4 billion during the same period. S&P said, "Net
income profit was higher than our expectation, at RMB1.8 billion
(our previous estimate for full-year 2017 was RMB1.3 billion). We
believe the performance in the first half of 2017 is supportive
of the company's current credit metrics."



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4G IDENTITY: CRISIL Reaffirms 'D' Rating on INR35MM Bank Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with 4G
Identity Solutions Private Limited (4G Identity; part of the 4G
group) for obtaining information through letters and emails dated
June 19, 2017 and July 20, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              9        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         6        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Bank           10       CRISIL D (Issuer Not
   Loan Facility                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of 4G Identity Solutions Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for 4G Identity Solutions Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 4G Identity and its wholly owned
subsidiary, 4G Informatics Pvt Ltd (4G Informatics). This is
because these two companies, together referred to as the 4G
group, are under a common management, in a similar line of
business, and have significant operational linkages and fungible
cash flows.

4G Identity was set up in 2007 by Dr. Sreeni Tripuraveni and his
family members. The company provides identity management
solutions by leveraging smart cards and biometric technologies.
It also provides software development, system integration, and
data management for e-governance activities. 4G Informatics also
provides identity management solutions for government and private
institutions.


BEE KAY: CARE Moves B+ Rating to Issuer Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Bee Kay Precision
Private Limited (BKP) to monitor the ratings vide emails dated
August 24, 2017 and June 27, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. Further,
Bee Kay Precision Private Limited has not paid the surveillance
fees for the rating exercise as agreed to in its rating aggrement
In line with the extant SEBI guidelines CARE's rating on Bee Kay
Precision Private Limited will now be denoted as CARE B+/ A4;
ISSUER NOT COOPERATING. Users of this rating (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        8.00        CARE B+; Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available information

   Short term Bank       1.00        CARE A4; Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available information

The rating assigned to the bank facilities of Bee Kay Precision
Private Limited continues to remain constrained by its small
scale of operations, low profitability margins, leveraged capital
structure and weak coverage indicators, and working capital
intensive nature of operations, The rating is further constrained
by susceptibility of margins to volatility in prices of raw
material.

The rating, however, draws comfort from experienced promoters and
reputed though concentrated customer base. Going forward, the
ability of the company to increase its scale of operations while
improving its profitability margins and capital structure, and
effective management of working capital requirements shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations: The scale of
operations is small as marked by a total operating income and
gross cash accruals of INR35.98 crore and INR0.99 crore
respectively during FY16. The small scale limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.

Weak financial risk profile

The financial risk profile of the company is characterized by low
profitability margins, leveraged capital structure and weak
coverage indicators. The profitability margins of the company
stood low on account of reduced cost of production, the same
continues to remain low on account of company's presence in
highly competitive nature of industry. Also, high financial
charges and depreciation cost restricts the net profitability of
the company. The capital structure of the company stood leveraged
on account of higher debt and lower networth base. The debt
coverage indicators remained weak owing to lower profitability
and higher interest cost.

Working capital intensive nature of operations: BKP has working
capital intensive nature of operations as marked by operating
cycle of 132 days in FY16 mainly on account of high inventory
period. Suppliers allow around three months days of credit period
to BKP. The company also grants similar credit period to its
customers.

Susceptibility of margins to volatility in prices of raw
material: Steel is the major RM for the company whose prices
remain volatile. With industry being competitive players
(especially smaller ones like BKP) are unable to pass on any RM
price hike to customers. Also on the supply side it does not have
any long term agreement for RM procurement which adds to the
problem

Key Rating Strenghts

Experienced promoters: The operations of (BKP) are currently
managed by Mr Ram Chandra Sharma and Mr Neeraj Sharma. Mr. Ram
Chandra Sharma has an experience of around two decades in
manufacturing of auto parts through family run business by the
name BK Enterprises and BKP. Mr Neeraj Sharma has around a decade
of experience through his association BKP.

Concentrated though reputed customer base: The company had
established good relationship with numerous Original Equipment
Manufacturers (OEMs) such as Tata Motors Limited. These customers
are spread across different segments of the automobile industry
which aids the company in compensating for the slowdown in one or
more specific segment. BKP gets repeat orders from its clients.
The top 2 customers constituted majority of total sales. In the
event of change in procurement policy of these customers the
business of the BKP will be adversely impacted.

Kanpur-based (Uttar Pradesh), Beekay Precision India Private
Limited (BKP) was incorporated in 2006 by Mr Ram Chandra Sharma
and Mr Neeraj Sharma. The company has succeeded an erstwhile
proprietorship BK Enterprises, the proprietorship concern of Mr
Ram Chandra Sharma. BKP is engaged in manufacturing of sheet
metal components for two wheelers and four wheelers. Also company
is engaged in manufacturing of machinery parts for loom machines.
Further the company manufactures military shirts and parts of
arms and ammunitions for Small Arms Factory. The company ventured
into textile industry in FY14 ( refers to the period of April 1
to March 31). The company majorly procures the raw material from
Tata Steel Limited (rated CARE AA+), Bhushan Steel Limited (rated
CARE D) and Rastriya Ispat Nigam Limited and any shortfall is met
through suppliers located in the local area. BKP has contracts
with Tata Motors Limited (rated CARE AA+) and Lohia Corp Limited
for supply of sheet metal components.


CHERAN STEELS: CRISIL Reaffirms 'D' Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cheran
Steels Private Limited (CSPL) for obtaining information through
letters and emails dated July 17, 2017 and August 14, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Overdraft                1        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       2        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                2        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Based in Pollachi (Tamil Nadu), CSPL was incorporated in 2008.
The company had accumulated losses when it was acquired by Mr.
Mohan in 2012. It is currently managed by Mr. D Mohan along with
his relative Mr. M Karunanidhi. CSPL manufactures thermo-
mechanically treated bars and sells its products under the brand
Cheenu.


CHERAN STEEL ROLLING: CRISIL Reaffirms C Rating on INR5.75M Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cheran
Steel Rolling Mills (CSRM) for obtaining information through
letters and emails dated July 17, 2017 and August 14, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            5.75       CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft              1.00       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      .25       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Cheran Steel Rolling Mills.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Cheran Steel Rolling Mills is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL C/CRISIL A4'.

Incorporated in 1993 by Mr. D Mohan along with his relative Mr. M
Karunanidhi, CSRM, is based in Coimbatore, Tamil Nadu, and
manufactures steel structural products such as angles and joists.
CSRM sells its products under the brand Cheenu.


CONTEC SYNDICATE: Ind-Ra Moves BB Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Contec Syndicate
Private Limited's (CSPL) 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:

-- INR30 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR120 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
Sept. 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CSPL, incorporated in 1996, is managed by Vemulapalli Vishnupriya
and Vunnam Vishnupriya. The company is involved in the
construction of bridges, roads, earthworks and other
infrastructure work. It belongs to the category of special class
civil contractors with the governments of Andhra Pradesh and
Telangana.


CORNERVIEW CONSTRUCTIONS: ICRA Ups Rating on INR110cr Loan to B
---------------------------------------------------------------
ICRA Ratings has revised the long-term rating for the INR110.00
crore non-convertible debentures of Cornerview Constructions &
Developers Pvt. Ltd. to [ICRA]B from [ICRA]D. The outlook on the
long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Non-        110.00      [ICRA]B (Stable); revised
  Convertible                       from [ICRA]D
  Debentures

Rationale

The revision in rating factors in the favourable debt refinancing
leading to elongated repayment schedule. CCDPL has acquired 96
units from Acme Housing India Pvt. Ltd. in the project, "Acme
Ozone", at a cost of INR70.50 crore by issuing NCDs. These NCDs
will be repaid through eventual sale of the identified units. The
NCD is to be repaid in October 2019, which allows flexibility in
repayment such that the entire amount is repaid at maturity,
giving a pre-determined assured return. The rating also takes
into account established position and track record of the
promoter group in real estate development in Mumbai with an
experience of over four decades.

The rating, however, is constrained by the high execution risks
of the underlying project; given that only ~65% of the estimated
construction cost has been incurred in the project till July
2017. The rating also takes into account the exposure to high
market risks with only 1% of the area of the identified units
being sold till July 2017, and slowdown in the real estate
sector. However, the favourable location of the project provides
some comfort. The rating is further constrained by CCDPL's high
dependence on the Acme Group for the sale of its share of the
identified units.
Going forward, the company's ability to liquidate the units in a
timely manner and achieve healthy realisation remains critical.

Key rating drivers

Credit strengths

* Favorable debt refinancing leading to elongated repayment
schedule: The company has redeemed INR27.50 crore of NCDs (Series
A) and repaid INR8.50 crore of inter corporate deposits and
INR7.00 crore of overdue interest by issueing fresh series of
NCDs amounting to INR43.00 crore (Series A2) in May 2017. The
repayment of total NCDs of INR70.5 crore (Series A2 and B) is due
in October 2019. ICRA draws comfort from sufficient cushion
available with the company to improve its bookings and cash flows
before the redemption date.

* Extensive experience of promoters and support from strong
parent: CCDPL is a part of the Acme Group of Companies, promoted
by the Mumbai-based Doshi family. The group is primarily
engaged in real estate development, operating in the residential,
commercial and retail spaces in Mumbai through various group
companies. The group has successfully completed more than 63
residential and commercial projects and has developed more than
20 lakh sq. ft. of construction in the western suburbs of Mumbai.

* Favorable location of the project: 'Acme Ozone' is located near
Manpada, Off Ghodbunder Road, Thane. There are industrial belts
like Waghle Estate, where in several SME units as well as IT/ITeS
companies are located. The micro market also has a well-developed
infrastructure and connectivity to Greater Mumbai as well as
affordability. It is situated in proximity to Ghodbunder Road,
located ~0.4 km off the main road as well as the proximity to
Eastern Express highway (~3 km) provides it with ease of
accessibility and connectivity.

Credit weaknesses

* Delays observed in project execution; exposure to high
execution risk as the development of identified towers is in
early stage of development: The completion of MMRDA building was
delayed by more than nine months, while the scheduled completion
date of other towers has been revised by three to nine months.
While, the budgeted construction cost of the project is estimated
to be INR791.00 crore and the company has incurred a total cost
of 65% till July 2017. Taking into consideration the units
identified by the investor in three buildings (Dandelia, Alpinia
and Herbilia), the project is relatively in early stage of
execution since only in Dandelia and Aplinia, the reinforced
cement concrete is completed and is in finishing stage. In
Herbilia, the company has only completed the ground floor slab
till July 2017. Thus, the execution risks in terms of time and
cost overrun remains on the higher side.

* Exposure to high market risks with only 1% of the area of the
identified units being sold: Of the total units of 1,611, the
company has received bookings for 1,062 units till July 2017
accounting for 66% of the total saleable area. The company has
received INR~735.00 crore against a booked value of Rs. 1004.94
crore. The project's market risk remains moderate as 34% of the
inventory in the project is still unsold and around 95% of the
area in identified units remains unsold. The sales of identified
units at projected price will remain critical for NCD repayment
and to earn pre-determined return.

Incorporated in FY2014, CCDPL is a closely held private limited
company. It is part of the Acme Group of companies (Acme),
promoted by the Mumbai-based Doshi family. The group is primarily
engaged in real estate development and caters to the residential,
commercial and retail space in Mumbai through various group
companies. The group has many on-going projects across
residential and commercial spaces in Mumbai. A major project
being Acme Ozone, which is a residential project being developed
by Acme Housing India Private Limited ('AHIPL' or the
'developer'). CCDPL has acquired 96 units in the project, funded
through Non-convertible Debentures (NCDs) of INR70.50 crore. The
units would, thereafter, be sold by CCDPL. The sales proceeds
thus generated would be utilised to provide an exit to the
investors. CCDPL has no other on-going projects. The company has
not recognised any sales from sale of identified flats.


ESSAR STEEL: IRP Seeks Applicants for Resolution Plan by Oct. 23
----------------------------------------------------------------
Mr. Satish Kumar Gupta, the Resolution Professional for the Essar
Steel India Limited, invites all potential applicants to submit
resolution plans for the company by Oct. 23, 2017.

Potential applicants can submit expression of interest along with
relevant documents through email: satishkg.ip@gmail.com or
ip.essarsteel@gmail.com or can send copies to:

          Satish Kumar Gupta
          Alvarez & Marsal India Pvt. Ltd.
          Unit 703/704, 7th Floor
          Tower A, Peninsula Corporate Park
          G. K Marg, Lower Parel
          Mumbai, Maharashtra 400013
          India

The consideration, evaluation and approval of eligible resolution
plans will be by the Committee of Creditors under the provisions
of the Insolvency and Bankruptcy Code and Corporate Insolvency
Resolution Process Regulations.

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT), Ahmedabad, admitted
Essar Steel's insolvency case on Aug. 2, 2017. State Bank of
India's suggested interim resolution professional (IRP) Satish
Kumar Gupta, of Alvarez and Marsal India, has been appointed as
IRP.

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $ 450.67 million to SCB in debt.

Both petitions filed by State Bank of India (SBI) and Standard
Chartered Bank (SCB) for initiating insolvency proceeding under
Insolvency & Bankruptcy Code (IBC) against the steel major Essar
Steel Ltd have been admitted by NCLT on Aug. 2, according to ET.


ESSEL MARKETING: ICRA Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR12.20-crore bank
facilities of Essel Marketing and Promotions Private Limited 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        10.20      [ICRA]B (Stable); ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Non Fund-based-         2.00      [ICRA]A4; ISSUER NOT
  Letter Of Credit/                 COOPERATING; Rating moved to
  Buyers Credit/                    the 'Issuer Not Cooperating'
  Bank Guarantee                    category

Rationale

The rating is based on limited cooperation from the company since
the time it was last rated in March 2016. As part of its process
and in accordance with its rating agreement with Essel Marketing
and Promotions Private Limited, ICRA has been sending repeated
reminders to the company for payment of surveillance fee that
became due. However, despite multiple requests by ICRA, the
company's management has remained non-cooperative. In the absence
of requisite cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's ratings have been moved to the "Issuer Not Cooperating"
category.

Key rating drivers

Credit strengths

* Extensive experience of promoters in the supply of a wide range
of promotional products EMPPL's key promoter has longstanding
experience in supply of wide range of promotion products mainly
to Fast Moving Consumer Goods (FMCG) and pharmaceutical companies
The extensive experience of the promoters have facilitated the
company to establish strong relationship with customers as well
as suppliers

* Established relationship with reputed clients with track record
of repeat orders: Over the years, the company has established a
strong relationship with multinationals in FMCG and
Pharmaceutical companies. The company has been getting repeat
orders from most of its customers thereby exhibiting good client
relationships and stability to revenues.

Credit weaknesses

* Moderate scale of operations limiting economies of scale and
flexibility in pricing: Despite steady growth in company's
operating income, its scale of operation continue to remain
moderate. This limits the economics of scale benefits and
flexibility in pricing.

* Regular dividend payouts in the last three fiscals has been
impacting cash accruals; net worth has remained modest over
years: The company's capital structure has remained weak as
depicted by a gearing of 2.87 times as on March 31, 2017 on
account of modest networth. The NCA/ total debt has remained
moderate at 12% on account of regular dividend payouts by the
company impacting its cash accruals.

* Stretched liquidity position owing to slow realisation of
payments from customers: EMPPL has limited bargaining power
against its clientele leading to liberal credit terms offered to
its key customers. This has led to high utilisation of working
capital limits.

* High customer concentration risk with top three customers
contributing to more than 70% of the total sales: While comfort
is drawn from the company's established relationship with reputed
customers, its operation continues to remain exposed to high
customers concentration risk with the top 3 customers
contributing more than 75% of the total sales in FY2017.

* Intense competition due to highly fragmented industry
structure: The company faces intense competition across the value
chain on account of high fragmentation and low entry barriers.
EMPPL continues to face competition from numerous small players,
both in the organised and unorganised sectors.

Essel Marketing and Promotions Private Limited, incorporated in
2006 by Mr. Rohit Lamba, is engaged in the supply of a wide range
of promotional products typically required in the trade/retail
promotional campaigns of FMCG and pharmaceutical companies.
Additionally, the company has a dedicated team to look into the
software development and management for its clients. EMPPL
supplies products such as toys, pencil boxes, plastic jars,
stickers, pens, and other customized gift articles. Mr. Lamba is
a first generation entrepreneur, supported by a team of
professionals in the daily operations of the company.

In FY2017, the company reported a net profit of INR1.79 crore on
an operating income of INR80.86 crore, as compared to a net
profit of INR1.65 crore on an operating income of INR76.91 crore
in FY2016.


GANESH SAW: CARE Assigns B/A4 Rating to INR2.50cr Bank Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ganesh
Saw Mills Private Limited (GSMPL), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long/Short-term       2.50        CARE B; Stable/CARE A4
   Bank Facilities                   Assigned

   Short-term Bank
   Facilities            5.00        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GSMPL are tapered
down by the small scale of operations with low capitalization,
highly fluctuating profit margins, elongated working capital
cycle, limited value addition leading to low entry barriers and
vulnerability to fluctuation in prices of timber logs.

The ratings however, derive strength from the extensive
experience of the promoters along with its long track record of
operations and comfortable capital structure and debt coverage
indicators.

Ability of company to increase its scale of operations, maintain
and stabilize its profitability and solvency position along
with efficient working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low capitalization and highly
fluctuating profitability: The scale of operations of the
entity remained small with total operating income (TOI) and net-
worth base of INR4.84 crore and INR3.58 crore as on March 31,
2017 (Provisional). The small scale of operations limits the
financial flexibility of the company. Furthermore, the total
operating income and profit margins remained highly volatile in
the past three years ended FY17 (refers to a period from April to
March) owing to fluctuation in prices of traded goods.

Elongated working capital cycle: The operations of the entity are
working capital intensive with funds being mainly blocked in
debtors as reflected by high gross current asset days of over 251
days during the year ending March 2017. The same resulted in
delayed payments to the suppliers.

Limited value addition: The business activity of GSMPL involves
importing timber and supplying them domestically to various
wholesalers and retailers. There is limited value addition
involved in the business leading to low profitability margins.
Furthermore, due to limited value edition involved in the process
the industry is subject to low entry barriers.  Thus, the nature
of business has attracted a number of importers in the timber
business, putting downward pressure on the margins and creating
huge competition in the otherwise fragmented sector.

Vulnerability to fluctuation in prices of timber logs and
currency rates: GSMPL imports timber from Singapore, Dubai,
Burma, and Ghana etc. This exposes the firm to adverse changes in
the government policies in these countries with respect to timber
exports and timber prices. Moreover, GSMPL does not employ any
hedging mechanism for the purchases made in foreign currency;
hence, the margins remained susceptible to volatility in the
prices of timber and exchange rate fluctuation.

Key Rating Strengths

Experienced promoters and established track record of operations:
GSMPL was established by Mr. Ratansi Patel and succeeded by Mr.
Khetalal Ratansi Patel and Mr. Nitesh Khetalal Patel
respectively. The Patel family is involved in the trading of
timber logs business from more than four decades. The promoters
have a considerable track record in the timber sector which has
resulted in long term relationships with the key suppliers and
customers.

Comfortable capital structure and debt service coverage
indicators: The capital structure of the company remained
comfortable. Moreover, low reliance on external debt and low
interest cost resulted in comfortable debt coverage indicators.

Incorporated in 1997 Ganesh Saw Mills Private Limited (GSMPL) is
engaged in the business of importing and trading of timber logs
and is promoted by Mr. Khetalal Patel, Mr. Nitesh Patel and Mr.
Ratansi Patel. GSMPL imports timber logs and sells them in the
domestic market to the wholesalers and retailers. The main
variety of wood which the company imports is teak wood which is
mainly used for making doors, windows, furniture etc.


GOKUL STEELS: CRISIL Reaffirms 'D' Rating on INR6.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gokul
Steels Private Limited (GSPL) for obtaining information through
letters and emails dated July 13, 2017 and August 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      3.05      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               6.45      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set
up a steel structural rolling mill in Fatwa, Patna District. The
mill commenced operations in May 2014. The Kasera family does not
have any prior experience of operating a rolling mill. However,
the family has extensive experience of over two decades in
trading in iron and steel products.


HANSA METALLICS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hansa Metallics
Ltd's (HML) 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 action is:

-- INR770 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR229.2 mil. Long-term loans migrated to non-cooperating
    category with IND BB(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

Incorporated in 1997, HML manufactures ERW precision tubes at its
manufacturing facilities in Lalru, Punjab. The company's day-to-
day operations are managed by Mr. Surender Garg.


INDIAMCO: CARE Lowers Rating on INR14.50cr ST Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
INDIAMCO, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Bank       14.50       CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE A4 on the basis
                                     of best available
information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from INDIAMCO to monitor the
ratings vide e-mail communications/letters dated January 16,
2017, February 14, 2017, March 29, 2017, August 2, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating of INDIAMCO's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above ratings.

The rating has been revised on account of delay in debt
servicing.

Detailed description of the key rating drivers:

Key Rating Weaknesses

Delay in debt servicing: As per the interaction with the banker,
the account has turned NPA.

Established in 1972, Indiamco is engaged in trading of rough and
polished diamonds, antique and precious stones. The entity is
currently not a DTC sight holder and procures rough and semi-
finished diamonds locally from Surat and also imported (from USA)
around 94.47% in FY15 (vis-Ö-vis around 57.90% of total purchases
in FY14) of its requirements. During FY15, Indiamco earned
majority of its revenue by exports contributing around 97.82% of
total income (vis-Ö-vis 79.78% in FY14) with exports to USA and
Hong Kong and the balance from the domestic market.


J.P.S. FOUNDATION: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with J.P.S.
Foundation (JPSF) for obtaining information through letters and
emails dated July 10, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       1        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of J.P.S. Foundation. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for J.P.S. Foundation is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower. Based
on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B+/Stable'.

JPSF, set up in 1986 and registered in 1992, functions as a not-
for-profit society. Based in Lucknow, the society implements
various schemes, operated by the state and central government in
Unnao, Raebareli and surrounding areas.

JPSF has been operating a primary school up to inter-college
level, since 1994 and established a college that offers
graduation programmes, in 2007. It also operates various
government schemes, including old age homes under social welfare
and women welfare, vocational training for women under District
Urban Development Agency (DUDA), among others.


JAGRATI TRADE: CARE Moves B+/A4 Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Jagrati Trade
Services Private Limited (JTPL) to monitor the ratings vide
letters/e-mail communications dated May 5, 2017, May 10, 2017,
August 18, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of ratings, CARE is unable
to express opinion on the ratings. Further, JTPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI guidelines CARE's
rating on JTPL's bank facilities will now be denoted as CARE
B+/A4; ISSUER NOT COOPERATING. Users of these ratings (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above ratings.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term/Short-        0.50        CARE B+/A4; Issuer not
   Term Bank Facilities                Cooperating

   Short-term Bank         4.40        CARE A4; Issuer not
   Facilities                          cooperating

Detailed description of the key rating drivers

At the time of last rating in March 16, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Small scale of operations with operating loss in FY16; however
there is no cash loss: JTPL is a relatively small player in the
jute industry having Total Operating Income (TOI) and PAT of
INR23.00 crore and INR0.51 crore respectively in FY16. JTPL
incurred operating loss during FY16 in view of higher operating
cost. In spite of operating loss, the company earned net profit
in FY16 primarily on the back of profit amounting to INR1.82
crore earned from investing in real estate activities through
joint venture with different entities. Accordingly, the company
did not incur cash loss during FY16. The GCA declined from
INR0.75 crore in FY15 to INR0.58 crore in FY16. Further, the
interest coverage ratio was negative during FY16 on the back of
operating loss incurred during FY16. JTPL was servicing the
interest expenses from the non-operating income aggregating
INR1.82 crore earned from investing in real estate activities
through joint venture formed with different entities.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players: The jute industry in which
the company operates is highly fragmented and competitive marked
by the presence of numerous players across India. Hence, the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.

Working capital intensive nature of business: JTPL's business,
being trading of raw jute is working capital intensive mainly
due to high average collection period. The average collection
period remained high in the range of 167-187 days during
FY14-FY16 on the back of delays in receipt of payments from its
clients on the back of weak sentiment prevalent in the jute
textile industry. The company mainly uses non-fund based trade
limits to finance its working capital requirements.

Key Rating Strengths:

Experienced promoter with long track record of operations: JTPL
is currently managed by Mr Jagdish Sarda and Mr. Krishna Chandra
Senapati of Kolkata, West Bengal. Mr Jagdish Sarda has around
three decades of experience in the jute industry, looks after the
overall management of the company. Further, JTPL commenced
commercial operation since 1986 and accordingly has a long track
record of operations of more than two decades.

Comfortable leverage ratios: Both the long term debt equity and
the overall gearing ratio (including acceptances) remained
comfortable at below unity as on the last three accounts closing
dates with the same remaining at 0.13x and 0.53x as on March 31,
2016.

JTPL was incorporated on September 11, 1986 by Mr. Jagdish Sarda
and Mr. Krishna Chandra Senapati, based out of Kolkata, West
Bengal. Since inception, the company is engaged in trading of raw
jute primarily in the state of West Bengal. Further, JTPL is also
engaged in trading of shares and it also derives revenue from
money lending activities to corporate entities.


JYOTI GENERAL: ICRA Moves 'B+' Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings has moved the long-term rating for the INR7.20-crore
bank facilities of Jyoti General Industries (JGI) to the 'Issuer
Not Cooperating' category. The long-term rating is now denoted
as: "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             7.20      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

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

Key Rating Drivers

Credit Strengths

* Experienced promoters with long presence in the industry

* Rice being a staple food grain and the position of India as
world's second largest producer and consumer, demand prospects
for the industry are expected to remain good

Credit Concerns

* Modest profitability and debt coverage indicators

* High gearing owing to funding of working capital requirements
mainly through bank borrowings

* Intensely competitive nature of the industry characterized by a
number of small players

* Inherent risks arising out of partnership business

* Agro climatic risks, which can affect the availability of the
paddy in adverse weather conditions

Jyoti General Industries was established in 1981 by Mr. Than Mal
Totla and Mr. Prabhulal Totla as a partnership firm. In 2004 the
partnership was reconstituted with Mr Than Mal Totla, Mr. Vinod
Kumar Totla, Ashok Kumar Totla, Shiv Kumar Totla as partners in
an equal ratio. JGI is engaged in the processing and trading of
rice. The manufacturing facility of the company is located on
Chittor road, Bundi Rajasthan.


KALSI BROTHERS: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR23.00 crore bank
facilities of Kalsi Brothers 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
  ----------       -----------    -------
  Long-Term Fund       15.00      [ICRA]B+ (Stable) ISSUER NOT
  Based                           COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

  Short-Term Non        8.00      [ICRA]A4 ISSUER NOT
  Fund Based                      COOPERATING; Rating
                                  moved to the 'Issuer Not
                                  Cooperating' category

Rationale

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

Key rating drivers

Credit strengths

* Long experience of the promoters in civil construction sector:
Kalsi Brothers was reconstituted as a partnership concern in 2005
with nine partners. Firm's eligibility as class I contractor
enables it to bid for large number of orders in the construction
segment. Also, the management has established relations with its
clients which are primarily government entities and suppliers.

Credit weaknesses

* Stretched liquidity: The revenues of the company have
significantly declined and networking capital intensity has
increased. The company has high inventory level in the past three
years which are majorly contributed by work in progress. This has
led to full utilization of its working capital requirements and
stretched liquidity.

* Intense competition: The highly fragmented and competitive
nature of the industry has led to variability in the
profitability of the company in the past.

Kalsi Brothers was established as a Hindu Undivided Family (HUF)
in 1983 and was converted into a partnership firm in 2004. The
firm currently has nine partners with Mr. Daljit Singh Kalsi as
the Managing Partner. The firm is located in Mohali, Punjab and
is a registered 'Class-I' contractor with various government
departments in Punjab which undertake civil construction work.
The firm handles civil, public health engineering works,
electrical, road and other allied works pertaining to housing
colonies, multi-Storied framed structure buildings, industrial
buildings, hostels, hotels, hospitals, and medical and
engineering colleges. Most of the firm's projects are in Himachal
Pradesh, Punjab and Haryana.


KASHIPUR SITARGANJ: Ind-Ra Puts D Loan Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kashipur
Sitarganj Highways Pvt Ltd's (KSHPL) bank loans to Long Term 'IND
D' from 'IND BB+' while migrating the ratings to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information and feedback from a banker. Investors and other users
are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The rating action is:

-- INR4,220 mil. Senior long-term rupee loans (Long term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects KSHPL's defaults on debt obligations
during the trailing 12 months.

RATING SENSITIVITIES

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

COMPANY PROFILE

KSHPL is an SPV incorporated to implement a 77.2km lane expansion
project (two-to-four laning) between Kashipur and Sitarganj in
Uttarakhand on NH-74, under a 21-year concession from National
Highways Authority of India ('IND AAA'/Stable). The estimated
project cost of INR7,574.1 million is being funded by a term loan
of INR4,220 million, sponsor's contribution of INR1,124.1 million
and INR2,230 million in a grant by the concessioner. Lender
Independent Engineer has indicated that company has recently
achieved the commercial operations date.


LATA EXPORTS: CARE Lowers Rating on INR7.50cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lata Exports Apparels Private Limited (LEAPL), as:

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

   Short-term Bank
   Facilities            6.75        CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of LEAPL
takes into consideration the delay in debt servicing.

LEAPL's ability to establish clear track of servicing of its debt
obligations with generation of sufficient cash accruals is the
key rating sensitivity.

Key updates

Delay in debt servicing: As per the interaction with the banker,
the account has been classified as NPA.

Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. It
exports its products to USA, UK, Germany, Mexico and Australia
(contributing ~56.30% to total income) and domestically to
retailers and wholesalers (contributing ~13.72% to total income).
Furthermore, LEAPL undertakes job work of garment manufacturing
for other entities and brands such as Ashima Limited and India
Fashions Limited (contributing ~29.98% to total income during
FY16). LEAPL has its manufacturing facility at Bhiwandi with an
installed capacity of 75,000 pieces per month having capacity
utilisation of 65% during FY16.


LAXMI RICE: ICRA Moves 'B' Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR14.80 crore bank
facilities of Laxmi Rice Mills to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER
NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-Term Fund         14.80      [ICRA]B (Stable) ISSUER NOT
  Based                             COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating is based on limited or no updated 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 Laxmi Rice Mills, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience of the promoters in rice industry: Laxmi Rice
Mills established in the 2009 as a partnership concern with Mr.
Darshan Lal Garg and Mrs. Anita Rani as partners. The promoters
have extensive experience in the rice industry which has resulted
in growth in turnover in the past few years.

Credit weaknesses

* Modest scale of operations and presence in intensely
competitive industry: The firm has moderate scale of operations
and is present in a highly competitive rice milling industry
which puts further pressure on its profitability which is already
vulnerable to fluctuations in raw material prices.

LRM is a partnership concern which came into existence in 2009.
Presently the firm has two partners viz. Mr. Darshan Lal Garg and
Mrs. Anita Rani. The firm is primarily engaged in the business of
milling and processing of rice and has an installed milling
capacity at Muktsar, Punjab of 8 tonnes per hour of paddy
and a sorting capacity of 6 tonnes per hour of rice.


LB COTTON: ICRA Moves 'D' Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR10.00 crore bank
facilities of LB Cotton Industries LLP to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit-       5.00      [ICRA]D; ISSUER NOT
  Cash Credit                       COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund Based Limit-       5.00      [ICRA]D; ISSUER NOT
  Term Loan                         COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

Key rating drivers

Credit strengths

* Significant experience of promoters of trading in agricultural
commodities; established relations with farmers through
sister/associate concern: LB Cotton Industries LLP was
established in 2011 to undertake ginning and pressing of cotton.
The promoters have significant experience in trading of agro
commodities and established relations with farmers through its
group concerns.

Credit weaknesses

* Delays in debt servicing on account of the seasonal nature of
operations resulting in stretched liquidity during cultivation
season: The firm delayed in debt-servicing in March 2016 on
account of cash flow mismatches due to the seasonal nature of
operations of LB Cotton Industries LLP (LCIL).

* Subdued profitability, on account of limited value addition and
a highly competitive and fragmented industry structure due to low
entry barriers: The cotton ginning and pressing industry is a
highly fragmented industry with the presence of a large number of
unorganized players owing to the low entry barriers, which
results in high competition in terms of raw material procurement,
causing pricing pressures.

* Profitability is vulnerable to the movement of raw cotton
prices, which are subject to crop seasonality, global demand-
supply indicators, and government regulations: The industry is
exposed to regulatory risks with the government restricting the
export of cotton bales in order to support the domestic cotton
textile industry. Furthermore, the profitability remains
vulnerable to fluctuations in prices of raw cotton on account of
the seasonality and harvesting of the cotton crop.

Promoted by Mr. Dharmendra Pande and his four brothers in August
2011, LBCIL commenced ginning and pressing activities in October
2013, while the crushing activity commenced from December 2014.
The firm's facility is located in Dharmabad, Nanded, over a land
area of about 2.30 hectares and is equipped with 24 double
rolling ginning machines, one pressing machine and seven
expellers, with an installed production capacity of 240 bales per
day and a seed-crushing capacity of 850 quintals per day.


LODHA DEVELOPERS: Fitch Affirms B LT IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed India-based homebuilder Lodha
Developers Private Limited's Long-Term Issuer Default Rating
(IDR) at 'B' and assigned the rating a Stable Outlook. The rating
on the outstanding USD200 million 12% senior unsecured notes
issued by Lodha Developers International Limited and guaranteed
by Lodha and certain subsidiaries has also been affirmed at 'B',
with Recovery Rating of 'RR4'. Simultaneously all ratings have
been removed from Rating Watch Negative, on which they were
placed on July 28, 2017.

The affirmation of the ratings follows the company's confirmation
that it has secured GP517 million in construction finance for the
development of its property project at One Grosvenor Square
(1GSQ) in London's Mayfair, and successfully refinanced the
bridging loan of GBP225 million. The Stable Outlook on Lodha's
Long-Term IDR reflects the strong performance of Lodha's Indian
operations, with healthy presales and cash collections in spite
of challenging market conditions.

KEY RATING DRIVERS

London Refinancing Addressed: With the completion of its 1GSQ
financing, Lodha has now achieved financial closure for both its
London projects. The new loan will be drawn down in stages until
the completion of the project, which the company expects will be
by end-2019, with bullet principal repayment several years later.
Lodha launched the project in May 2017 and has had GBP45 million
of sales from the project at end-June 2017. Demand for Mayfair
prime property has been less affected than other prime areas in
Central London since the UK's vote to leave the EU last year, and
supports Fitch view that sales for these projects will remain
healthy.

Earlier this year, the company also secured 30-month construction
financing of GBP290 million for its project in London's Carey
Street, with a bullet repayment of principal. Lodha launched
sales of this project, which is smaller than 1GSQ, in April 2016,
and had sold around GBP130 million of property by June 2017.

Strong Sales, Cash Collection: Lodha continued to report robust
property presales and cash collections in India for the fiscal
first quarter ended 30 June 2017. Fitch expects around INR70
billion in presales and INR77 billion in cash collection for the
fiscal year ending 31 March 2018 (FY18), compared with INR69.2
billion and INR76 billion, respectively, in FY17. The company's
collections are speeding up due to a number of its large projects
being completed this year. Sales were strong in FY17, driven by
the Palava project in Maharashtra, which benefited from the
Indian government's push to provide affordable housing that
included providing tax and interest-cost incentives to buyers.

Steady Leverage Expected: Fitch currently expects Lodha's
leverage to remain steady at around 70% in the next two years,
supported by the company's strong domestic performance. On a pro
forma basis as of 31 March 2017, Fitch estimates that Lodha's
consolidated leverage (defined as net adjusted debt/adjusted
inventory) would have dropped to 72% if the London projects were
amalgamated, from 80% without the amalgamation.

DERIVATION SUMMARY

Lodha's rating compares well against peers Indiabulls Real Estate
Limited (IBREL, B+/Stable) and Xinyuan Real Estate Co., Ltd.
(B/Stable). Lodha has a stronger business profile compared with
IBREL with nearly twice the operating scale, and a better track
record of sales and execution over the last three to four years.
However, Lodha's leverage is considerably higher than IBREL's,
which drives its lower rating. Xinyuan is a small regional
developer in China that has weaker business risk compared with
Lodha. A key weakness for Xinyuan is its need to constantly
replenish its land bank amid rising land costs. However,
Xinyuan's substantially lower leverage compared with Lodha
balances out these risks.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- India presales of around INR70 billion and INR90 billion in
   FY18 and FY19
- India cash collections of around INR75 billion-80 billion
   annually in FY18-FY19
- India construction cost of more than INR40 billion in FY18
- London properties' annual presales of around INR30 billion in
   FY18-FY20
- London properties' cash collections of around INR17 billion in
   FY19 and INR60 billion in FY20
- London properties' construction cost and other expenses of
   around INR12 billion annually in FY18-FY19

Key Recovery Rating Assumptions:
- The recovery analysis assumes Lodha would be liquidated in a
   bankruptcy rather than continue as a going-concern because it
   is an asset trading company.
- For the liquidation value, 100% of the London properties are
   consolidated into Lodha's assets and liabilities.
- Accounts receivable includes unbilled revenue, which will be
   billed when the property projects complete construction
   milestones. Fitch has assumed a 75% advance rate against
   receivables and unbilled revenue.
- Fitch has assumed a 100% advance rate against the book value
   of Lodha's consolidated adjusted inventory (including London
   assets). Fitch estimates that the market value of Lodha's
   inventory is 2.0x that of its book value. This is because
   Lodha has posted a gross profit margin of around 50% over the
   last few years.
- All of Lodha's pro-forma consolidated debt at FYE17, apart
   from the outstanding US dollar senior notes, have been treated
   as prior-ranking or secured debt. Prior-ranking debt also
   includes the full drawdown of GBP750 million of London debt,
   which is allowed as a carve-out under the amended bond
   documentation consequent to the consent solicitation process
   completed in August.
- The above estimates result in a recovery of between 91% and
   100% of Lodha's secured and unsecured debt, corresponding to a
   'RR1' Recovery Rating for the senior notes after adjusting for
   administrative claims. Nevertheless, Fitch has rated the
   senior notes at 'B' with a Recovery Ratings of 'RR4' because
   under Fitch's Country-Specific Treatment of Recovery Ratings
   criteria, India falls into 'Group D' of creditor friendliness.
   Instrument ratings of issuers with assets in this group are
   subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt/adjusted inventory sustained below 65%
- EBITDA margin sustained above 30% (FY17: 36.7%)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt / adjusted inventory sustained at more than 80%-
- A significant weakening in liquidity

LIQUIDITY

Satisfactory Liquidity: Lodha has approved and undrawn onshore
credit lines of INR25 billion at 30 September 2017, compared with
INR18 billion of onshore debt that is falling due in the next six
months to end-March 2018. The company also has more than INR60
billion of completed inventory for which it has received the
occupancy certificates from local authorities, part of which is
unencumbered, and can be pledged for incremental financing if
required. Fitch expects Lodha to generate negative free cash flow
in FY18, for which Fitch believes the company to be able to
secure financing given its business risk profile as one of
India's leading homebuilders.


MAA VINDHWASINI: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maa
Vindhwasini Mahila Prashikshan Evam Samaj Sewa Sansthan
(MVMPESSS) for obtaining information through letters and emails
dated September 20, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term       1       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Maa Vindhwasini Mahila
Prashikshan Evam Samaj Sewa Sansthan. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
Maa Vindhwasini Mahila Prashikshan Evam Samaj Sewa Sansthan is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.

MVMPESSS, set up in 1993, is a not-for-profit society. It
implements state and central government schemes in and around
Deoria in Uttar Pradesh.


MANISH FLEXIPACK: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Manish
Flexipack A unit of Nagrani Wara Housing Pvt Ltd (MF) for
obtaining information through letters and emails dated July 13,
2017 and August 9, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              7        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                6.6      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Manish Flexipack A unit of
Nagrani Wara Housing Pvt Ltd. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Manish
Flexipack A unit of Nagrani Wara Housing Pvt Ltd is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

Indore based Manish Flexipack (MF) a unit of Nagarani Warehousing
Pvt Ltd was set up in 2013. MF is engaged in the manufacturing
and distribution of plastic bags, particularly BOPP bags,
laminated/Un-laminated sacks, Leno Bags, PP/BE Bags and wide
width fabrics.


MAXOUT INFRASTRUCTURES: CRISIL Reaffirms D Rating on INR12MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maxout
Infrastructures Private Limited (MIPL) for obtaining information
through letters and emails dated June 19, 2017 and July 20, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           12       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit               8       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

MIPL, incorporated in 2007, undertakes railway projects, and
develops roads, bridges, sewage water treatment plants, waste and
waste water treatment plants and works, mainly in North India.
The company is promoted and managed by Mr. Pramod Kumar Singh and
his brother Mr. Praveen Kumar Singh.


MAP REFOILS: Ind-Ra Affirms 'BB' LT Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MAP Refoils
India Limited (MRIL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR670 mil. (increased from INR319 mil.) Fund-based working
    capital limits affirmed with IND BB/Stable/IND A4+ rating;

-- INR302.7 mil. (increased from INR127.5 mil.) Term loan limits
    due on December 2022 affirmed with IND BB/Stable rating;

-- INR350 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to reflect MRIL's moderate, albeit improved,
credit profile. Revenue increased to INR4,813.3 million from
INR1,482.1 million in FY16. The revenue improved as FY17 was the
first full year of operations for MRIL's 200-tonne-per-day
capacity (came online in October 2015), along with an additional
450-tonne-per-day capacity coming online in November 2016.  In
FY17, net leverage (Ind-Ra-adjusted net debt/operating EBITDAR)
was 7.5x (11.3x), interest coverage (operating EBITDA/gross
interest expense) was 2.4x (1.9x) and EBITDA margin was 3.2%.
(2.6). The improvement in credit metrics, despite an increase in
debt (FY17: INR1,427.9 million; FY16: INR441.2 million), was due
to a rise in absolute EBITDA (INR182.5 million; INR38.8 million).
The improvement in EBITDA margin was driven by scale benefits.
FY17 financials are provisional in nature.

The ratings also continue to reflect the company's presence in a
highly fragmented and competitive edible oil industry and raw
material price fluctuations due to the seasonal nature of
availability of cotton seeds. Moreover, the company's liquidity
continues to be tight, indicated by an average peak utilisation
of its fund-based working capital facilities of 98% for the 12
months ended August 2017.

The ratings, however, continue to be supported by MRIL's location
advantage, given its plant is in Kadi, Gujarat, where the
company's main raw material (i.e. cotton seeds) is available in
abundance. Moreover, the ratings continue to be supported by its
promoters' over three-decade experience in various cotton-related
businesses (cotton ginning and pressing, trading of cotton bales
and wash oils, and manufacturing of cotton seed oils) that leads
to established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in revenue and/or profitability leading to a
sustained deterioration in credit metrics and/or liquidity could
lead to a negative rating action.

Positive: Substantial revenue growth leading to a sustained
improvement in profitability and credit metrics could lead to a
positive rating action.

COMPANY PROFILE

Established in 2015, MRIL is engaged in the production of cotton
seed oil at its plant in Kadi. The site has a daily installed
capacity of 650 tonnes. Its registered office is in Ahmedabad,
Gujarat.

It also manufactures other edible oils such as groundnut oil, sun
flower oil, soybean oil, mustard and corn oil. Its sales are made
in Gujarat, Maharashtra, Punjab, Haryana, Rajasthan, Madhya
Pradesh and others.


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

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

-- INR70 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
Sept. 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1997, MCC is engaged in contract-based construction
work, mainly for organisations such as National Highways
Authority of India ('IND AAA'/Stable); Public Works Department,
Jaipur; Central Public Works Department; Larsen & Toubro Limited;
TATA Projects Limited ('IND AA-'/Stable); and various central and
state government bodies.


MITTAL COT: ICRA Moves 'B' Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR6.50 crore bank
facilities of Mittal Cot Fibers to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER
NOT COOPERATING".

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-Term Fund        6.50      [ICRA]B (Stable) ISSUER NOT
  Based                           COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating is based on limited or no updated 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 Mittal Cot Fibers, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience of the promoters in the industry: The promoters
have extensive experience in the cotton ginning industry, and
their established relationships with customers, has helped the
firm in the initial phase of operations.

Credit weaknesses

* Modest scale of operations and presence in intensely
competitive industry: The firm faces stiff competition from mills
located in the vicinity. Due to low bargaining power vis-Ö-vis
its customers and high competition in the textile industry, the
off take risk increases and the profitability may be impacted.

MCF is a partnership concern, incorporated in June 2014, and has
been promoted by Mr. Mahesh Kumar Mittal and his brothers; the
partners have been associated with the cotton ginning and trading
business for more than two decades. The firm manufactures lint
from kapas (raw cotton) and undertakes pressing operation to
produce cotton bales. Cotton seed, which is a by-product of the
ginning operation, is sold to oil extraction units. The firm's
manufacturing facility is located at Sendhwa, Madhya Pradesh and
is equipped with 24 ginning mills and 1 press with a total
ginning capacity of 16,906 metric tons per annum (MTPA).


NEW ASIAN: ICRA Raises Rating on INR26.13cr LT Loan to B
--------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]B from
[ICRA]D assigned to the INR26.13 crore (earlier INR29.50 crore)
fund based bank facility of New Asian Infrastructure Development
Private Limited. ICRA has also upgraded the long term rating to
[ICRA]B for the unallocated limits of INR3.37 crore. The outlook
on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term loans        26.13      [ICRA]B(Stable); upgraded
                                    from [ICRA]D

  Unallocated limits      3.37      [ICRA]B(Stable); upgraded
                                    from [ICRA]D

Rationale

The rating upgrade takes into account the regularisation of debt
servicing obligations by NAIDPL for the past six months. The
ratings also derive comfort from presence of a power purchase
agreement for the 7MW hydro power generation unit which was
commissioned in January 2016 and from the capital subsidies to be
received that are likely to support the cash flows to an extent.
The ratings are, however, constrained by limited track record of
operations of the hydro power project being developed by the
firm. The project has witnessed significant time over run of more
than three years which has further resulted in cost overrun of
27% over the budgeted cost. ICRA also notes the weak financial
profile of the company characterized by low profit levels, highly
leveraged capital structure given the debt-funded nature of the
project and weak credit metrics. The revenues and cash flows of
NAIDPL also remain vulnerable to the variability on plant load
factor (PLF). Going forward, the ability of the company to
improve PLF and thereby generate sufficient cash flows to fulfill
its debt servicing requirement, and the availability of adequate
water in the catchment area will be the key rating sensitivities.
Further, timely support from the promoters for meeting future
funding requirements, if any, will remain crucial for timely
servicing of debt in the near term.

Key rating drivers

Credit strengths

* Revenue and cash flow visibility following presence of power
purchase agreement (PPA) for entire generation capacity: The
company entered into a PPA with Maharashtra State Electricity
Distribution Company Limited (MSEDCL) for a period of thirteen
years from the date of commercial operation, i.e. January 2016 at
a tariff of INR4.35 per unit. The agreement covers 100% off-take
of the project, thus mitigating the market risks for the company.

* Eligibility for capital subsidy from the Ministry of New and
Renewable Energy (MNRE) likely to generate additional cash
inflows for the project in the coming years: The hydro power unit
is also eligible for a capital subsidy of INR4.90 crore from the
Ministry of New and Renewable Energy (MNRE, formerly Ministry of
Non-Conventional Energy Sources). The capital subsidy, which is
expected to be received by FY2018, would be adjusted against the
term loans as per the sanction terms. This subsidy is likely to
provide some support to NAID's cash flows in the coming years.

Credit weaknesses

* Delays in debt servicing track record, despite the account
having been regular in the recent past: The company had been
delaying in repayment of interest as well as principal of the
term loans availed following delays in commissioning of the
project leading to low cash accruals. Commercial operations
started from January 2016 and being in its initial phase of
operations the cash accruals remained weak. However, from April
2017 the debt servicing requirements have been met in a timely
manner supported by funding from promoters in the form of
interest free unsecured loans.

* Limited track record of operations with COD achieved in January
2016: The initial anticipated commercial operation date (COD) of
the unit was October 2012. There were delays in commissioning of
the project on account of delays in construction of transmission
lines owing to lack of requisite approvals from the Maharashtra
State Electricity Board (MSEB). From January 2016, the power unit
commenced operations, and in FY2016, the unit generated 3.25 MU
of electricity and reported revenues of INR1.37 crore. FY2017 was
the first full year of operations of NAID and in FY2017, net
units sold stood at 21.81 MUs and the company reported a sale of
INR9.21 crore supported by a good monsoon which accelerated the
generation of electricity.

* Despite an improvement in the financial profile, it continues
to remain weak as indicated by low profit levels, highly
leveraged capital structure and weak credit metrics: NAIDPL
reported an operating profit of INR1.10 crore in FY2016 and with
the economies of scale it has improved to INR8.26 crore in
FY2017. However, high depreciation and interest cost have dented
the net profit and the company has reported net loss of INR1.41
crore in FY2016. In FY2017, the company has reported a net profit
which remained subdued at 0.16 crore. The losses incurred in
FY2016 have eroded the net worth which has led to a highly
leveraged capital structure as reflected by a gearing of 29.32
times as on March 31, 2016 and 27.02 times as on March 31, 2017.
Nevertheless, interest free unsecured loans from promoters to the
tune of INR17.75 crore of the total debt of INR50.96 crore as on
March 31, 2017, provides some comfort. Although the coverage
indicators have improved in FY2017 following improvement in
profit levels, the interest coverage indicator, as reflected by
OPBDITA/Interest continues to be weak at 1.23 times as on March
31, 2017 following high interest charges.

* Debt metrics for hydro power projects remain sensitive to PLF
levels; as a result, any adverse variation in water availability
may impact PLF and consequently affect the cash flows: The design
energy of the project at 75% dependable year is 16.65 million
units (MU), which results in a low PLF of 27%, and hence the
hydrology risk is accentuated with the project being rain-fed in
nature. ICRA notes that the risk of adverse weather fluctuations
can result in inadequate water flow, which can affect the
performance of the plant.

New Asian Infrastructure Development Private Limited is a closely
held company established in 2005 by Mr. Syed Abdur Rasheed and
his sons, Mr. Syed Abdur Umair and Mr. Syed Abdur Zubair. NAID
has developed a 7MW hydro power project at Nilwande village in
the Ahmednagar district of Maharashtra, on a Build-Operate-
Transfer (BOT) basis. The unit commenced operations from January
2016 after a time over-run of ~38 months. The company entered
into a PPA with the MSEDCL in May 2013 for a period of 13 years
from the commercial operation date (COD).

The group company, New Asian Construction Company (NACC),
undertakes construction of dams, power houses, pump houses,
canals and bridges. NACC was rated at [ICRA]D in December 2016.


P.D. AGRO: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with P.D. Agro
Processors (PDAP) for obtaining information through letters and
emails dated September 19, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                4.55     CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of P.D. Agro Processors. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for P.D. Agro Processors is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower. Based
on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B/Stable'.

PDAP was established in July 2013 as a partnership firm by Mr.
Bhupender Agarwal and Ms. Kamla Agarwal. The firm processes non-
basmati rice (Sona Masuri, Samba Masuri, HMT) at its unit in Rae
Bareilly, Uttar Pradesh, which has installed milling and sorting
capacity of 15 tonne per hour. PDAP commenced operations in
January 2014.


PACIFIC GLOBAL: CARE Assigns 'B' Rating to INR19.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Pacific Global (PG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           19.50        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Pacific Global (PG)
are constrained by project execution risk, seasonality associated
with procurement of raw material, competition from established
players and constitution of entity being partnership firm.

The rating however, derives strength from experienced and
resourceful proprietor and strategic location of plant and
receipt of approval from regulatory authorities.

The ability of PG to timely execute the project within envisaged
cost and subsequently stabilize its operations while managing its
working capital requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Project execution risk: Till August 31, 2017, the total
expenditure incurred was INR15.64 crore (74.48% of the total
project cost INR21.00 crore) which was mainly funded through
contribution from partners and bank borrowings. Hence the entity
faces risk of timely execution of balance project and
subsequently achieving the envisaged level of sales in light of
existing competition.

Seasonality associated with procurement of raw material: Being in
the food processing segment, Pacific Global has to depend on
agro-based raw material availability of which is seasonal in
nature, also susceptible to the vagaries of the Indian monsoon.
As require raw material is an agricultural produce which has a
seasonal characteristic, hence there remains risk of non-
availability of material in case of changes happen in arrival of
monsoon as well as wastage of raw material during storage
process.

Competition from established players: PG operates in a highly
fragmented industry wherein large numbers of organized
& un-organized players are present, where it has a very low
bargaining power against both its customers as well as its
suppliers.

Presence in highly fragmented industry: The firm is exposed to
intense competition in the manufacturing of food industry with
the presence of numerous organized as well as unorganized
players. This fragmented and highly competitive industry results
into price competition thereby affecting the profit margins of
the companies operating in the industry.

Risk of withdrawal of funds due to partnership nature of its
constitution: Pacific Global, being a partnership entity,
involves with high risk of fund withdrawals from business. The
entity is being managed by the partners and amounts in the form
of drawings from business, shall be critical factor.

Key rating Strengths

Experienced and resourceful partners: PG was established in 2015
by Mr. Vikram Ashok Rupani and other partners. Further Mr. Vikram
Rupani has done a course on manufacturing of pasta from Italy.
Also it has experienced and qualified second line of management
to carry out day-to-day operations having around 20 years of
experience in FMCG Industry.

Strategic location of plant: Key raw material for manufacturing
of pasta is durum wheat, thus it shall benefit due to the plant
being located in Madhya Pradesh, which has one of the highest
cultivation of durum wheat thereby resulting in lower
transportation cost for raw material which would accounts for
around 80% of the total cost of sales. Further the entity has
received approval from FSSAI.

Pacific Global was established in the year 2015 by Mr. Vikram
Ashok Rupani and other partners, Pacific Global has undertaken
manufacturing high quality dry pasta (Spaghetti, Penne, Fusilli
etc.) with total installed capacity of approx. 750 tonnes of
pasta production per month at its plant located at Pitampur
Madhya Pradesh.

The key raw material namely Semolina (regular and duram wheat)
will be sourced from local suppliers and others and sales will be
done in domestic market as well exports to countries namely
Bangladesh, Nepal, West Africa countries, Japan, Korea and
Australia.


PAL PRATEEK: CRISIL Reaffirms B+ Rating on INR5MM Loan
------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Pal Prateek Auto Sales Private Limited (PASL) at
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            1        CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                5        CRISIL B+/Stable (Reaffirmed)

The rating reflects PASL's modest scale of operations, and short
track record of business with principal Nissan Motors India Pvt
Ltd (NMPL); and modest networth and high leverage. These rating
weaknesses are partially offset by extensive experience of
promoters in automotive dealership business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and short track record of business
with NMPL: PASL's scale of operations has remained modest driven
by its short track record of operations (operations commenced in
2012). Further, PASL operates in Uttarakhand region and faces
competition from dealers of other original equipment
manufacturers (OEMs) such as Maruti, Hyundai, etc. In fiscal
2017, net sale was INR 19 crores and is expected to remain modest
over the medium term.

* Modest networth and high leverage: Networth was INR1.3 crores
as on March 31, 2017, on account of modest accretion to reserves.
Total outside liabilities to adjusted networth (TOLANW) over the
three fiscals ended March 31, 2017 was 5.2-6.9 times and is
expected to remain high over 4 times over the medium term.

Strengths

* Extensive experience of promoters in automotive dealership
business: PASL's promoters have been in the automotive dealership
business for around a decade through group company Pal Prateek
Motors Pvt Ltd (PPML; rated 'CRISIL BB/Stable'). The promoters'
experience has enabled PASL to gain an understanding of the
customer profile and market in Uttarakhand region. Benefits from
promoter experience is expected to continue over the medium term.

Outlook: Stable

CRISIL believes that PASL will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if the company improves its
financial risk profile, most likely because of ramp-up in
operations and improvement in operating margin, or witnesses
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if PASL's financial risk profile
deteriorates, most likely because of low cash accruals, large
working capital requirements, or debt-funded capital expenditure.

PASL, established in 2012, is an authorised dealer for NMPL's
passenger cars in the Kumaon region (Uttarakhand). It has one
showroom and authorised service station at Haldwani in Nainital
(Uttarakhand). The company is promoted by Mr. Suresh Pal and his
wife, Mrs. Meera Pal. PASL commenced operations in August 2012.


PASHUPATI CASTINGS: CRISIL Reaffirms B+ Rating on INR19.76MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pashupati
Castings Limited (PCL) for obtaining information through letters
and emails dated July 10, 2017 and August 9, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            19.76       CRISIL B+/Stable (Issuer
                                      Not Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

Incorporated in 1996 in Aligarh and promoted by Mr. Yogendra
Kumar Yadav and Mr. Ashok Kumar Yadav, PCL manufactures mild-
steel ingots and TMT bars under the Pashupati TMT brand.


POOJA INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR5MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pooja
Industries (Indore) (PI) for obtaining information through
letters and emails dated July 13, 2017 and August 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Term Loan                1        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


PRAGANA DANWAR: CRISIL Reaffirms B- Rating on INR6.0MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pragana
Danwar Food Processor Private Limited (PDFPPL) for obtaining
information through letters and emails dated July 11, 2017 and
August 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            0.8       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan              6.0       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr Nag Banish Singh, Mrs Raj Mani Devi, Mr Vivek Singh Nag
and Mr Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.


PRAGYA RICE: ICRA Moves 'B+' Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings has moved the long-term rating for the INR8.00-crore
bank facilities of Pragya Rice Mill (PRM) to the 'Issuer Not
Cooperating' category. The long-term rating is now denoted as:
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Cash Credit             8.00     [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

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

As part of its process and in accordance with its rating
agreement with PRM, 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 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key Rating Drivers

Credit Strengths

* Experienced promoters with long presence in the industry

* Presence in a major rice growing area results in easy
availability of rice

* Rice being a staple food grain and the position of India as
world's second largest producer and consumer, demand prospects
for the industry are expected to remain good

Credit Concerns

* Intensely competitive nature of the industry characterized by a
number of small players

* Agro climatic risks, which can affect the availability of the
paddy in adverse weather conditions.

* Risk inherent in partnership firm.

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice.
The firm's plant at Raebareli (Uttar Pradesh) has a milling
capacity of 4 tonnes per hour. The firm commenced commercial
operations in September 2013 and primarily sells non basmati
(Sama Mansoori) rice through export as well as domestic sales.
The direct exports are made to Nepal and the balance is sold
through exporters to countries like Dubai, Saudi Arabia etc.


PREMIER ALLOYS: CRISIL Assigns 'B' Rating to INR7MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank loan facility of Premier Alloys (PA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Assigned)

The rating reflects a modest scale of operations in the intensely
competitive steel products industry and susceptibility to
volatility in steel prices. These weaknesses are partially offset
by the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive
industry: Revenue was a modest INR18.55 crore in fiscal 2017. The
firm is exposed to intense competition in the mild steel (MS)
ingots industry, which is highly fragmented, thus putting further
pressure on the margin.

* Susceptibility to volatility in steel prices: Steel prices have
been highly volatile in the past few years, thus impacting
profitability. Prices are expected to remain volatile over the
medium term.

Strength

* Extensive industry experience of the partners: The partners
have been engaged in manufacturing and trading in steel products
for over 20 years. This has enabled the firm to grow in scale and
maintain an established relationship with customers and
suppliers.

Outlook: Stable

CRISIL believes PA will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of improvement in the scale of operation
and operating profitability, leading to higher cash accrual. The
outlook may be revised to 'Negative' in case of significant debt-
funded capital expenditure, a stretched working capital cycle, or
a decline in revenue or profitability leading to lower-than-
expected cash accrual, resulting in deterioration in liquidity.

Established in 2005, PA is a Palakkad, Kerela based partnership
firm engaged in the manufacturing of MS Ingots.

Net Profit was INR0.18 crore on net sales of INR20.95 crore in
fiscal 2017, vis-a-vis PBT of INR0.17 crore on net sales of
INR17.45 crores in fiscal 2016.


PRIME TECHNOPLAST: Ind-Ra Moves D Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prime
Technoplast Private Limited's (PTPL) Long-Term Issuer Rating to
'IND D' from 'IND BB(suspended)' while migrating the ratings to
the non-cooperating category. The issuer did not participate in
the surveillance exercise despite continuous requests and follow-
ups by the agency. Thus, the rating is on the basis of best
available information. The rating will now appear as 'IND
D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:

-- INR270 mil. Fund-based working capital limit (Long-term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating;

-- INR46.5 mil. Long-term loan (Long-term) downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits (Short-term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects PTPL's delays in debt servicing during the
12 months ended September 2017 due to tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

PTPL is a private limited company, incorporated in April 2009. It
is managed by Mr. Mehtab Hussain, the CEO and chairman, and his
close family members. The company manufactures woven sacks made
of high density polyethylene or polypropylene. The sacks are used
for the packaging of food grains, sugar, chemicals and
fertilisers, among others. The company has its manufacturing
plant in Howrah, West Bengal, with an installed capacity of
18,000 bales per month.


PUPNEJA RICE: CRISIL Reaffirms D Rating on INR13.15MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pupneja
Rice Mills (PRM) for obtaining information through letters and
emails dated July 10, 2017 and August 9, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            13.15       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Long Term Loan           .20       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Warehouse Financing     6.00       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

PRM was established in 1982 as a partnership firm in Jalalabad,
Punjab. The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In
2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm,
and subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and
Mr. Rajan Pupneja took over the business. PRM hulls and mills
paddy rice. It has a processing mill with a capacity of 5 tonne
per hour.


RADIANT BIZCOM: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Radiant Bizcom
Private Limited's (RBPL) Long-Term Issuer Rating to 'IND D from
'IND BB-' while simultaneously migrating the ratings to the non-
cooperating category. The Outlook was Stable. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of best available information. The rating will now appear
as 'IND D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating action is:

-- INR250 mil. Fund-based facilities (Long-term/Short-term)
    downgraded and  migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects RBPL's delays in debt servicing,
details of which are not available.

COMPANY PROFILE

Incorporated in August 2014, RBPL is engaged in the business of
television and digital content, including digi beta tapes, video
tapes and cassettes. It has its own library and owns the rights
to 670 episodes across various genres such as drama, comedy,
thriller and action in regional Indian languages.


RANGOTSAV SAREES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rangotsav Sarees
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 ratings will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-ISSUER NOT COOPERATING)
    rating;

-- INR10 mil. Non-fund-based working capital limits (Standby
    Line of credit) migrated to non-cooperating category with
    IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR7.50 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
April 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rangotsav Sarees was incorporated in June 1999. The company
manufactures and trades sarees and salwar suits. The company has
its showroom and factory at Park Street and Garment Park.

Narendra Kumar Agarwal, Pista Devi Agarwal and Suman Agarwal are
the directors of the company.


REGENCY GANGANI: ICRA Lowers Rating on INR49.71cr Loan to D
-----------------------------------------------------------
ICRA Ratings has revised its long-term rating on the INR49.71-
crore (reduced from INR57.40 crore) fund-based facilities of
Regency Gangani Energy Private Limited to[ICRA]D from [ICRA]B.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      49.71      [ICRA]D; revised from [ICRA]B


Rationale

The rating revision factors in delays in debt servicing by the
company on account of stretched liquidity position. The rating
continues to be constrained by high capital cost of the project
(INR116 crore as against originally expected cost of INR70 crore)
on account of cost over runs due to cloud bursts that have
occurred twice in the past few years. The rating also continues
to factor in the hydrological risks due to shortage of water or
loss of generation due to silting. ICRA takes note of company's
qualified and experienced promoters and Trust and Retention
Account (TRA) mechanism, which is in place for debt servicing.
Going forward, the company's ability to improve its liquidity
position and service its debt in a timely manner will be the key
rating sensitivity.

Key rating drivers

Credit strength

* Experienced management who have successfully executed various
hydro projects: The Regency Group, which is based in Paonta
Sahib, Himachal Pradesh, has commissioned four hydro power
projects with a total commissioned capacity of 27.50MW.

Credit weaknesses

* Stretched liquidity position leads to delays in debt servicing:
There have been recent instances of delays in repayment of term
loans owing to stretched liquidity position.

* RGEPL is prone to hydrology risk: The company is prone to
hydrological risks due to shortage of water or loss of generation
due to silting. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to the risk of
cash flow mismatches.

RGEPL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 9.5 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited
(RCL). Subsequently, the company diversified into power
generation mainly for meeting the captive power requirement of
RCL. Thereafter, the group has commissioned a number of other
units as well, with a total commissioned capacity of 27.50MW.

In FY2017, RGEPL reported a net profit of INR0.42 crore on an
operating income (OI) of INR15.68 crore, compared with a net
profit of INR0.50 crore on an OI of INR17.07 crore in the
previous year.


REGENCY YAMUNA: ICRA Lowers Rating on INR21.37cr Loan to 'D'
------------------------------------------------------------
ICRA Ratings has revised its long-term rating on the INR21.37-
crore (reduced from INR26.00 crore) fund-based facilities of
Regency Yamuna Energy Limited to[ICRA]D from [ICRA]B.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      21.37      [ICRA]D; revised from
                                    [ICRA]B

Rationale

The rating revision factors in delays in debt servicing by the
company on account of stretched liquidity position. The rating
continues to be constrained by high capital cost of the project
(INR66 crore as against originally expected cost of INR31.42
crore) on account of cost over runs due to cloud bursts that have
occurred twice in the past few years. The rating also continues
to factor in the hydrological risks due to shortage of water or
loss of generation due to silting. ICRA takes note of company's
qualified and experienced promoters and Trust and Retention
Account (TRA) mechanism, which is in place for debt servicing.
Going forward, the company's ability to improve its liquidity
position and service its debt in a timely manner will be the key
rating sensitivity.

Key rating drivers

Credit strength

* Experienced management who have successfully executed various
hydro projects: The Regency Group, which is based in Paonta
Sahib, Himachal Pradesh, has commissioned four hydro power
projects with a total commissioned capacity of 27.50MW.

Credit weaknesses

* Stretched liquidity position leads to delays in debt servicing:
There have been recent instances of delays in repayment of term
loans owing to stretched liquidity position.

* RGEPL is prone to hydrology risk: The company is prone to
hydrological risks due to shortage of water or loss of generation
due to silting. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to the risk of
cash flow mismatches.

RYEL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 5.70 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited
(RCL). Subsequently, the company diversified into power
generation mainly for meeting the captive power requirement of
RCL. Thereafter, the group has commissioned a number of other
units as well, with a total commissioned capacity of 27.50MW.

In FY2017, on a provisional basis, RYEL reported a net profit of
INR0.63 crore on an operating income (OI) of INR7.45 crore,
compared with a net profit of INR0.57 crore on an OI of INR8.31
crore in the previous year.


S. A. PLYWOOD: CRISIL Lowers Rating on INR12.50MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of S. A. Plywood Industry Private Limited (SAPIPL) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Cash Credit           12.50       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan         2.79       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility     3.46       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delay in servicing of the term loan
obligation.

The ratings also reflect modest scale and working capital
intensity in operations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
plywood industry.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Sizeable gross current
assets (around 333 days as on March 31, 2017) continue to keep
working capital under pressure.

* Modest scale of operations and intense competition: Intense
competition in the plywood industry constrains scalability:
revenue was modest around INR25 crore in fiscal 2017.

Strengths

* Extensive experience of the promoters in the plywood industry:
The promoters have vast experience of more than 35 years in the
plywood industry. Over the years, the promoters have gained good
insight of the industry and have managed to establish market in
West Bengal, Bihar, and Odisha. It also has a marginal presence
in Andhra Pradesh (AP) and Rajasthan. The company markets its
products under the brands Globe, Glider and Grand which are
widely known, especially in eastern India. The company has a
network of around 200 dealers across various states.

SAPIPL, formed in 1979 as a partnership concern by Mr Arun Saha
and Mr Salil Shah, was reconstituted as a private limited company
in 2009. The company manufactures plywood, block board and flush
door at its facility in Mathabhanga in Coochbehar (West Bengal).
The company sells its products under the brands Globe, Glider and
Grand.


SATISH STEEL: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Satish Steel Re Rolling Mills (SS) at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit             6.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile
marked by high TOLTNW and weak debt protection metrics along with
small scale of operation. These weaknesses are partially offset
by proprietor's extensive experience and long standing
relationships with customers and supplier and moderate working
capital intensive operations.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile is
constrained by high TOLTNW ratio of 3.28 times as of March 2017.
The debt protection metrics remained average with interest
coverage and net cash accrual to total debt ratios of 1.3 times
and 0.03 time, respectively, in fiscal 2017.

* Small scale of operation: SS has dealership for SAIL. The
company did revenues of INR48.71 crores in fiscal 2017 at an
operating margin of 2.0%.

Strengths

* Proprietor's extensive experience and longstanding
relationships with customers and suppliers: The proprietor's
experience of over three decades in the steel industry has helped
establish longstanding relationships with customers and
suppliers. SS has been authorized vendorer for Steel Authority of
India for last 3 decades.

* Moderate working capital requirement: Operations are working
capital intensive as indicated by moderately high gross current
assets of 155 days as on March 31, 2017. This is primarily
attributable to high inventory of 70 days

Outlook: Stable

CRISIL believes SS will continue to benefit over the medium term
from the longstanding presence of promoters in the steel
industry. The outlook may be revised to 'Positive' in case of
substantial growth in revenue and profitability, along with
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile
weakens due to lengthening of working capital cycle or lower-
than-expected profitability margins,

Established in 1986, SS promoted by the Delhi-based Kanodia
family, is an authorised vendor of Steel Authority of India Ltd
(SAIL), and trades in iron and steel products such as cold-rolled
coils and sheets. Operations are managed by Mr Sushil Kanodia and
his wife, Ms Mamta Kanodia.


SHREE RAJ: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Raj Metalloys Private Limited (SMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            5.00        CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities            1.50        CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SMPL continue to
be constrained by its relatively small scale of operation,
volatility in prices of trading materials and forex rates, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players, working capital intensive
nature of business and leverage capital structure. The ratings,
however, continue to draw comfort from experienced promoter with
long track record of operations and strategic location of the
unit.

Going forward, the ability of the company to increase the scale
of operations and profitability margins and ability to manage
working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operation: SMPL is a relatively small
player in the iron & steel industry with total operating income
and PAT of INR12.24 crore and INR0.08 crore, respectively, in
FY17 (Prov.). Furthermore, total capital employed of the company,
though increased as on March 31, 2017 (Prov.), but remained low
at INR10.27 crore as against INR9.12 crore as on March 31, 2016.
As per management, the company has booked the revenue of INR5
crore during 5MFY18.

Volatility in prices of trading materials and forex rates: SMPL
is engaged in trading of iron and steel related products the
prices of which is subject to market fluctuations. Since, cost of
traded material is the primary cost driver of SMPL accounting for
about 77% of the total cost of sales during FY16 any volatility
witnessed in the prices of traded products can narrow the
profitability margins. Further, the company does not have any
long term agreements with the suppliers and procures goods at
market price which is subject to price fluctuation risk. Further
around 80% of the total purchase of SMPL are met through import
from Singapore, Thailand, Korea, Japan, U.K., Malaysia, thus,
exposing SMPL to foreign exchange rate fluctuation risk as well.
SMPL has availed forward contract to cover around 33% of the
forex risk and does not have any delineated policy to hedge the
residual forex risk and management enters into forward contracts
based on market conditions for the same. Further, being net
importer of goods, the impact of rupee depreciation can have an
impact on SMPL's operational performance.

Rationale

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, SMPL's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Working capital intensive nature of business: SMPL's business,
being trading of iron and steel related products is working
capital intensive marked by high average inventory period and
moderate collection period. The average inventory holding period
remained high at 156 days in FY17 (Prov.) on the back of
increasing inventory of the finished products due to lower off
take on account of sluggish demand on the back of slowdown in the
steel sector. Furthermore, the average collection period also
remained moderately high at 95 days during FY17 (Prov.) and the
same deteriorated during FY17 (Prov.) over FY16 on the back of
the company's strategy to provide higher credit period to
customers and to attract them and retain them on the back of
increased competition. The aforesaid reason led to high
utilization of its bank limit at around 95% during the last 12
months ended on Aug. 31, 2017.

Leveraged capital structure: The capital structure of the company
deteriorated as on March 31, 2017 with deterioration in overall
gearing to 2.38x vis-a-vis 1.96x March 31, 2016 due to availment
of higher working capital limits during the period. Moreover,
total debt to GCA, deteriorated to 53.40x in FY17 (Prov.) as
against 52.05x in FY16 owing to increase in total debt level on
account of higher usage of working capital limits.

Key Rating Strengths

Experienced promoter with long track record of operations: Mr.
Navin Bansal, Mrs. Navita Bansal and Ms. Preksha Bansal are the
directors of SMPL and looks after the overall management of the
company. Mr. Navin Bansal having more than two decades of
experience in the iron & steel industry and are ably supported by
other directors, Mrs. Navita Bansal and Ms. Preksha Bansal along
with the team of experienced professional who have rich
experience in the same line of business. Further, SMPL commenced
commercial operation since July, 1991 and accordingly has a long
track record of commercial operations.

Strategic location of the unit: SMPL's unit is located at Kolkata
which is in the vicinity of industrial belt of Durgapur and
Jamshedpur where the trading materials are available in
abundance. The proximity to the trading 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.


SHREE SITA: CRISIL Reaffirms 'B+' Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree Sita
Ispat and Power Private Limited (Shree Sita) for obtaining
information through letters and emails dated June 9, 2017 and
July 10, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

   Proposed Long Term      0.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Shree Sita was incorporated in 2004, promoted by Mr. Manoj
Agarwal along with his relative, Mr. Kailash Agarwal. The company
manufactures sponge iron with a capacity of 1 kiln of 100 tonne
per day.


SRIBALAJI HATCHERIES: ICRA Moves C Rating to Not Cooperating
------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR6.50 crore bank
facilities of Sribalaji Hatcheries Private Limited (SHPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]C ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  5.00      [ICRA]C ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Unallocated Limits      1.50      [ICRA]C ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in 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 SHPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experienced Promoters: The promoters have significant
experience in the poultry industry

* Association with Venkateshwara Hatcheries: The company has
close association with Venkateshwara Hatcheries, which commands
major market share in the domestic broiler and layer market

Credit weaknesses

* Modest scale of operations: Modest scale of operations in the
poultry breeding industry

* Raw Material Volatility: The volatility in cost of feed is
expected to adversely affect profitability

* Weak capital structure: The capital structure is weak
characterized by negative net-worth levels

* High competitive intensity: The company faces competition from
both large and small breeders; expected to continue, given the
low entry barriers in the poultry business

M/s. Balaji Hactheries was founded as a partnership firm during
the year 1971 by Dr. V Sundar Naidu along with his family
members. The firm was changed into a private limited company
during the year 2013 and the name was changed to Sri Balaji
Hatcheries Private Limited (SBHPL). The group companies - V.S.N.
Hatcheries Private Limited (VHPL), Balaji Livestock & Poultry
Breeders Private Limited and Balaji Hatcheries Private Limited -
were amalgamated into SBHPL effective from April 1, 2014. The
company is engaged in breeding broiler and layer chickens
(exclusive layer franchise of Venkateshwara Hatcheries Private
Limited) as well as feed processing.


SRI MANAKULA: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the long-term and short-term ratings for
the INR174.57 crore bank line facilities of Sri Manakula Vinayaga
Educational Trust 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
  ----------         -----------    -------
  Cash Credit-Fund      149.19      [ICRA]B+ (stable) ISSUER
  Based                             NOT COOPERATING; Rating
                                    moved to the 'Issuer not
                                    Cooperating' category

  Unallocated            10.93      [ICRA]B+ (stable)/A4 ISSUER
  (Long-term/                       NOT COOPERATING; Rating
  Short-term)                       moved to the 'Issuer not
                                    Cooperating' category

  BG-Non fund based      14.45      [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 March 30, 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 Sri Manakula Vinayaga Educational Trust, ICRA has
been trying to seek information from the company so as to
undertake a surveillance of the ratings, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+/A4 ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key Rating Drivers

Credit Strength

* Long and established track record of the trust in education
sector: The trust was established in 1996 and the Engineering
College and Medical College was setup in the year 1998 and 2006
with various disciplines.

* Healthy increase in total number of students: Regular
investment by the trust in infrastructure and accreditations has
helped in regular increase in the new admissions. The increase in
sanctioned intake of under-graduate courses over the years has
contributed to growth in revenues

Credit Challenge

* Significant amount of Capital-expenditure incurred for
infrastructure development: Significant debt-funded capital
expenditure incurred towards expansion of infrastructure facility
which might exert pressure on the capital structure and debt
protection metrics.

* High regulatory intensity of the educational sector: The
revenue of the trust continues to remain vulnerable on back of
tight regulatory structure in the higher education sector in
India.

Sri Manakula Vinayaga Educational Trust (SMVET) was formed in
1996, under the leadership of Mr. N. Kesavan with a view to
provide technical and medical education to the weaker sections of
the society. The first educational institution to be opened under
the aegis of this trust was Sri Manakula Vinayagar Engineering
College (MVEC). Later, in 2006, the trust established Sri
Manakula Vinayagar Medical College Hospital (MVMCH) with a first
batch of 150 students. MVMCH also has a 900-bed hospital attached
to the college, which has witnessed healthy occupancy and
outpatient flow. In all, the Trust operates six colleges in the
Union Territory of Pondicherry spanning engineering, nursing,
teacher training, medical and polytechnic courses with a total
student base of more than 3,000. The Trustees also run the Mailam
Subramaniya Swami Educational Trust which operates an engineering
college in Tamil Nadu.


SRI SAI SHIVANAGERE: ICRA Moves 'B' Rating to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has moved the long term rating outstanding of
[ICRA]B to the INR5.60-crore long term unallocated facilities of
Sri Sai Shivanagere Solar Power Private Limited (SSSSPL) to
'Issuer not cooperating' category. The outlook on the long term
rating is 'Stable'. The rating is now denoted as '[ICRA]B
(Stable) ISSUER NOT COOPERATING'.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term-           5.60       [ICRA]B (Stable); ISSUER NOT
  Unallocated                     COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in 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 Sri Sai Shivanagere Solar Power Private Limited,
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Key rating drivers

Credit Strengths

* Long term power purchase agreement in place: The Company has
entered into a 25 year power purchase agreement (PPA) with
Bangalore Electricity Supply Company (BESCOM) with a high feed-in
tariff of INR8.40 INRper unit.

* Favorable Regulatory Environment for private renewable power
generation: Favourable regulatory environment with both central
power regulators and KERC (Karnataka Electricity Regulatory
Commission) incentivizing private renewable power generation.

Credit Weaknesses

* Small scale of operations: The Company is expected to have
small scale of operations with only 1.1 MW of power generation
capacity limiting economies of scale.

* Debt protection metrics remain sensitive to plant load factor
(PLF): The debt protection metrics for solar power projects
remain sensitive to PLF levels; as a result, any adverse
variation in weather conditions may impact PLF and consequently,
affect the cash flows.

Sri Sai Shivanagere Solar Power Private Limited (SPL) was
incorporated in June 2015. SPL has set up a 1.1 MW solar power
plant at Kallukote Village, Sira Taluk, Tumkur District,
Karnataka. The Company has entered into a 25 year power purchase
agreement (PPA) with Bangalore Electricity Supply Company
(BESCOM) with a feed-in tariff of INR8.40 INRper unit.


SUSAAH LABORATORIES: CRISIL Reaffirms B+ Rating on INR4.25MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Susaah
Laboratories Private Limited (SLPL) for obtaining information
through letters and emails dated July 18, 2017 and August 17,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            4.25       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan         3.75       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Established in 2007 as a private limited company, SLPL is a
manufacturer of active pharmaceutical ingredients (APIs) and bulk
drug intermediaries. Based in Hyderabad, Telangana, the company
is promoted and managed by Mr. K Srinivas.


T.K. TRADERS: CRISIL Reaffirms 'B' Rating on INR1.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank loan
facilities of T.K. Traders (TKT) at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1.5        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       4.5        CRISIL A4 (Reaffirmed)

The ratings continue to reflect a modest scale of operations and
susceptibility to intense competition in the cement industry.
These rating weaknesses are partially offset by the extensive
industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm's scale of operations is
modest as reflected in estimated revenues of INR25.6 crore in
fiscal 2017.

* Susceptibility to intense competition: The firm is exposed to
intense competition from both organised and unorganised segments
in the cement industry.

Strength

* Extensive industry experience of the proprietor: The
proprietor, Mr Godwin Xavier, has close to 10 years of experience
in trading in and manufacturing of bricks.

Outlook: Stable

CRISIL believes TKT will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual considerably
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, or deterioration in
working capital management weakens the financial risk profile.

Set up in 2010 by Mr Xavier, TKT trades in cement.


TANMAY POLYFIMS: ICRA Moves 'B-' Rating to Not Cooperating
----------------------------------------------------------
ICRA Ratings has moved the ratings for the INR10.50 crore bank
facilities of Tanmay Polyfims Private Limited (TPPL) 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       3.00      [ICRA]B-(Stable) ISSUER NOT
  Credit                          CO-OPERATING; Rating moved to
                                  the 'Issuer Not Co-operating'
                                  category

  Fund-based-Term       3.50      [ICRA]B-(Stable) ISSUER NOT
  Loan                            CO-OPERATING; Rating moved to
                                  the 'Issuer Not Co-operating'
                                  category

  Non fund based-       4.00      [ICRA]A4 ISSUER NOT
  Letter of Credit                CO-OPERATING Rating moved to
                                  the 'Issuer Not Co-operating'
                                  category

Rationale

As part of its process and in accordance with its rating
agreement with TPPL, ICRA has been trying to seek information
from the company so as to undertake a surveillance of the
ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] B- (stable)/A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

* Diversified product profile: The company has diversified
product portfolio consisting of various types of plastic films
namely; stretch films, flexible films, shrink films, cling films,
agriculture films, three layer laminated flexible films, garbage
bags, nursery bags etc. The company has also forayed into liquid
packing films, BOPP bags (biaxially oriented polypropylene) and
LDPE bags (low-density polyethylene) for packaging industry and
protective plastic films (scratch guards).

* Moderate Capacity Utilization in the past: The manufacturing
capacity of the company stood at ~100 ton per month during FY2015
and the company has utilized ~64% indicating moderate capacity
utilisation.

Credit weaknesses

* Modest scale of operations, limited track record: The
operations of the company were initiated in June 2013 with the
manufacture of stretch plastic films. In its first 10 months of
operation, the company recorded an operating income of INR4.15
crore. The company completed its first full year of operation in
FY2015 and recorded an operating income of INR9.98 crore backed
by increase in volumes sold.

* Profitability vulnerable to raw material price and foreign
currency fluctuations: The raw material required includes various
types of polyethylene granules namely, HDPE (High density
Polyethylene), LDPE (High density Polyethylene) and PP
(Polypropylene) depending upon the quality requirements of
customers. The company procures almost 70% of its raw material
requirements from Middle East nations. The domestic procurement
of raw materials is majorly done from Reliance Industries
limited. The raw material price remains contingent on crude oil
prices. With the absence of export operations providing natural
hedging and active hedging strategies followed by the company,
operations of the company are highly exposed to currency risk.

* Stretched financial profile with net losses, leverage capital
structure and high working capital intensity in the past: The
company had incurred losses at an operating level in FY2014 and
FY2015. In FY2014, high raw material consumption cost and high
input cost along with other preliminary expenses led to an
operating loss of INR0.75 crore. Further, in FY2015, relatively
high input cost on lower operating base due suboptimal capacity
utilization levels led operating loss of INR0.46 crore. The
company's net worth stood negative as of March 31,2015 owing to
significant accumulated losses from the past, leading to
stretched capitalization and coverage indicators The losses in
the past had eroded the company's net worth, which stood negative
at INR1.45 crore as on March 31, 2015 leading to a leveraged
capital structure. However, a significant portion (55%) to the
tune of INR4.91 crore of total debt comprise of unsecured loan
from the directors. The operating losses in past had kept
coverage indicators under pressure. The debt servicing has been
majorly funded through infusion of additional funds through
unsecured loan by the promoters.

* High working capital intensity of operations: The company's
working capital intensity of operations for FY2015 stood high at
34%. The same was on account of liberal credit terms offered to
customers to seize entry in the competitive market against a
relatively tight credit period from suppliers in addition to
high inventory levels of around two months.

* Intense competition, given the low complexity of work involved:
The company faces stiff competition from other unorganised
players supplying plastic film packaging material which limits
its pricing flexibility and bargaining power with customers,
thereby putting pressure on its revenues and margins.

Established in 1987, VFPL is primarily engaged in manufacturing
of rubber coated fabrics, rubber sheets and inflatables. The
company has its plant in Khamgaon, Maharashtra with installed
capacity of ~14 lakh meters annually. The company mainly provides
cotton and nylon rubber coated fabrics and also has facility to
provide finished end products like waterproof sheets, air
pillows, water bags etc.


VINAYAK POLYMERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Vinayak Polymers Inc. (VPI).
The ratings continue to reflect the firm's weak financial risk
profile because of capital structure and weak debt protection
metrics; exposure to volatility in raw material prices; and
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the petrochemical trading business, and diversified product and
customer base.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+ (Reaffirmed)
   Letter of Credit         5        CRISIL A4 (Reaffirmed)

Analytical Approach

Unsecured loans of INR2.4 crore have been treated as neither debt
nor equity as they are subordinated to bank debt and are likely
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Low profitability and sizeable
working capital debt continue to keep financial risk profile
weak. Total outside liabilities to tangible networth ratio was
5.7 times as on March 31, 2017.

* Susceptibility to volatility in raw material prices, and
working capital-intensive operations: Absence of any price
agreement with suppliers and customers renders profitability
susceptible to volatility in raw material prices. Operations are
working capital intensive, driven by sizeable receivables.

Strengths

* Extensive experience of the promoters: The promoters'
experience of over three decades in the petrochemical trading
business should help the firm ramp up operations over the medium
term. The promoters' experience enabled the firm to become a
consignment stockist for GAIL (India) Ltd (GAIL) and Brahmaputra
Cracker and Polymer Ltd (BCPL) for Andhra Pradesh and Hyderabad
in fiscal 2018. The firm is likely to open a branch in Mumbai in
fiscal 2018.

* Diversified product and customer base: Expansion in product
portfolio and customer base will continue to strengthen business
risk profile over the medium term.

Outlook: Stable

CRISIL believes VPI will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in financial risk profile because of fresh capital infusion or
higher-than-expected cash accrual. The outlook may be revised to
'Negative' if stretch in working capital cycle, low cash accrual,
or large capital expenditure weakens financial metrics, including
liquidity.

Set up in 2007 by Mr. Rahul Agarwal and his family members, VPI
trades in polymers such as polypropylene (PP), polyethylene (PE),
and high-density polymers (HDP). The firm trades polymers of
GAIL, Indian Oil Corporation Ltd (IOCL), and Haldia
Petrochemicals Ltd (HPL). It also procures from domestic traders
and companies based in Korea, Taiwan, Saudi Arabia, and Iran. It
is a consignment stockist for GAIL and BCPL.

Profit after tax (PAT) was INR80 lakh and operating income was
INR181 crore in fiscal 2017, against a PAT of INR65 lakh on
operating income of INR199 crore in fiscal 2016.


VIRAJ SPINNERS: CRISIL Raises Rating on INR31.99MM Loan to BB-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Viraj Spinners Limited (VSL) to 'CRISIL BB-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            8.01       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan        31.99       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The revision reflects CRISIL's expectation of an improvement in
business risk profile, backed by growth in revenue and stable
operating margin. On a provisional basis, revenue and operating
margin of INR61.8 crore and 18.8% were reported in fiscal 2017,
vis-a-vis INR43.2 crore and 24%, respectively, in the previous
fiscal. Growth will continue to be aided by an increase in
exports and stable domestic demand for cotton yarn. The upgrade
also factors in comfortable liquidity, with expected cash accrual
of INR7 crore, being sufficient to cover debt obligation of
INR3.8 crore for fiscals 2018 and 2019. Moderate bank limit
utilisation (below 80% over the 12 months through August 2017),
and timely enhancements, should also enhance financial
flexibility. Working capital management will however, be
monitored closely in the medium term.

The rating continues to reflect the extensive experience of
promoters in the cotton spinning industry, strategic location of
the plant and comfortable debt protection metrics. These rating
strengths are partially offset by modest scale of operations,
exposure to intense competition, and sizeable working capital
requirement.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the promoters: The decade-long
experience of VSL's promoter in the cotton spinning industry, and
the strong customer and supplier network built over the years,
will continue to support the business risk profile.

* Locational advantage: The facility, located at Vita, Sangli
(Maharashtra), enables easy access to cotton (key raw material),
and skilled laborers.

* Comfortable debt protection metrics: Net cash accrual to total
debt and interest coverage ratios were comfortable at 0.19 times
and 2.6 times, respectively, in fiscal 2017, owing to moderate
profitability and ramp up in operations.

Weakness

* Large working capital requirement: Gross current assets of 136
days as on March 31, 2017, were driven by sizeable inventory and
receivables of 86 and 53 days, respectively.

* Moderate scale of operations amidst intense competition:
Intense competition in the cotton spinning industry has kept the
scale of operations moderate, as indicated by turnover of INR61.8
crore for fiscal 2017.

Outlook: Stable

CRISIL believes VSL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial revenue growth and stable profitability
leads to sizeable cash accrual. The outlook may be revised to
'Negative' if decline in revenue or profitability, leading to low
cash accrual, further stretch in the working capital cycle, or
any major capital expenditure, weakens the financial risk
profile, particularly liquidity.

VSL was set up by the promoter, Mr. Sadashiv Patil in 2010. The
company has a manufacturing facility at Vita (Maharashtra), and
commenced commercial operations in January 2015, with an
installed capacity of 18,720 spindles.


VISAGE INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR2MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Visage
Infrastructure Private Limited (VIPL) for obtaining information
through letters and emails dated September 19, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           5         CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit              2         CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Visage Infrastructure Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Visage Infrastructure Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

VIPL, a private limited company established in 2013, is promoted
by Mr. Narinder Singh, his cousin Mr. Ravindra Singh, and
business associate Mr. Ankur Saxena. It undertakes civil
construction for government institutions; and construction,
procurement, and commissioning of power sub-stations. It is part
of Paras group, which has interests in dairy products, hospitals,
and real estate development in Delhi.


VIZEBH COMPOSITECH: CARE Assigns 'D' Rating to INR15cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vizebh
Compositech Private Limited (VCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            15.00       CARE D Assigned

Detailed Rationale & Key Rating Drivers

Ongoing delay in debt servicing: The rating assigned to the bank
facilities of Vizebh Compositech Private Limited is primarily due
to irregularity in servicing its debt obligations owing to weak
liquidity position.

Gujarat (Vadodara) based VCPL was incorporated in October, 2013
by Mr. Pradeep Mahalik, Mr .Amrish Patel, and Mr. Jinesh Patel.
VCPL is into manufacturing of different variants of composites,
including non-composites, sheet-moulding compound/dough-moulding
compound/bulk-moulding compound, fiber-reinforced polymers,
carbon composites, composites advanced material, and
thermoplastic polymer products. The company has started its
commercial production from March 2016.



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


LION DIVERSIFIED: Contracts Out Mining Work for Lack of Capital
---------------------------------------------------------------
The Star Online reports that Lion Diversified Holdings Bhd (LDHB)
is giving exclusive right to Lion Tin Sdn Bhd, a company
ultimately owned by its chairman Tan Sri William Cheng and
managing director Tan Sri Cheng Yong Kim, to prospect and mine on
800 acres in Kuala Langat, Selangor.

According to the report, the Practice Note 17 company said its
unit Banting Resources Sdn Bhd (BRSB) entered into a contract-to-
work agreement with Lion Tin on Oct. 11 as it was short of
financial resources to undertake the mining activities itself.

The Star relates that LDHB told Bursa Malaysia that BRSB would be
paid a mining tribute equivalent to 10% of the revenue net of
royalty from each type of mineral mined, processed and sold in
exchange for giving Lion Tin the mining right for the six pieces
of land.

Lion Tin will carry out mining activities for a period of 10
years. In the event the initial term is extended, it will be for
a further period of five years, the report says.

The Star notes that BRSB will also give Lion Tin the option to
buy the mining land at any time starting from six months from
today and expiring on the expiry or termination of the contract-
to-work agreement. The price will be determined based on the
average of the market values of the mining land as assessed by
two land valuers (to be separately appointed by the parties
respectively).

"The proposed award of contract will allow BRSB to realise
potential earnings from the mining activities to be undertaken on
the mining land without incurring material operational and
capital costs in the process as Lion Tin is responsible for
bearing such costs to extract the minerals," LDHB, as cited by
the Star, said.

The company noted that it had limited financial resources to
undertake the mining activities itself, being a PN17 affected
issuer, adds the Star.

                       About Lion Diversified

Based in Kuala Lumpur, Malaysia, Lion Diversified Holdings
Berhad, an investment holding company, primarily manufactures,
trades, and sells steel products in Malaysia and internationally.

The company fell into PN 17 status as its auditors Ong Boon Bah &
Co expressed an emphasis of matter on the group's ability to
continue as a going concern based on its net loss of MYR245.6
million for the year ended June 30, 2013, and the group's current
liabilities exceeding its current assets by MYR1.9 billion.


PERISAI PETROLEUM: Trading Suspension, Delisting Deferred
---------------------------------------------------------
The Sun Daily reports that the trading suspension and delisting
of Perisai Petroleum Teknologi Bhd will be deferred pending the
decision on its application for an extension of time to submit a
regularisation plan.

"The application is subject to Bursa Malaysia Securities Bhd's
consideration and an announcement in relation to the outcome will
be released in due course," the report quotes Perisai as saying
in a stock exchange filing on Oct. 16.

The Sun Daily relates that Perisai had on Oct. 12, 2016 triggered
the PN17 criteria as it defaulted on debt repayment and had to
submit a regularisation plan by Oct. 11, 2017. However, it had on
Oct. 11, 2017 submitted an application to Bursa Securities for an
extension of time to comply with the requirement.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



===============
M O N G O L I A
===============


MONGOLIA: Fitch Assigns B- Rating to Proposed USD Bonds
-------------------------------------------------------
Fitch Ratings has assigned Mongolia's forthcoming US dollar-
denominated bonds an expected rating of 'B-(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with Mongolia's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B-' with a Stable
Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Mongolia's Long-
Term Foreign-Currency IDR.

On Feb. 19, 2017, Fitch affirmed Mongolia's Long-Term Foreign-
Currency IDR at 'B-' with a Stable Outlook. The Long-Term Local-
Currency IDR is also 'B-'.



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


NOSH GROUP: Creditors Call for Second Probe Into Former Directors
-----------------------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that creditors of the
failed gourmet supermarket Nosh are calling for an investigation
into the company's former directors.

Nosh was sold by NZX-listed Veritas Investments, and owner of the
Mad Butcher, to a consortium of local investors earlier this year
for a loss of NZ$2.6 million, Stuff recalls.

This was after Veritas' bank, ANZ, had forced the company to look
to sell the troubled supermarket chain in order to repay some of
its debt.

According to Stuff, debt recover firm Bishop Warden filed a
complaint to the New Zealand stock exchange on Oct. 17 about
Veritas' directors, after hearing nothing about the investigation
undertaken by liquidators Shephard Dunphy.

The complaint was supported by 43 creditors, Stuff states.

Stuff notes that the company which bought Nosh, Gosh Holdings,
has since gone into receivership, while the entity which used to
own the brand, Old NGL, went into liquidation last month.

Shephard Dunphy's first report said the 150 creditors were owed
about NZ$1.6 million.

Stuff notes that in September, Shephard Dunphy said it would
investigate Veritas' directors.  But Bishop Warden spokesman
Kirk MacGibbon said it had heard nothing of the investigation
since it began, and was calling on the NZX to investigate.

In its complaint, Bishop Warden said the former directors should
be questioned on their decision to sell Nosh to twice bankrupt
businessman Jonathan Denize, Stuff says.

"This is independent and it may end up as part of Shephard
Dunphy's investigation. We just wanted to light the fire and do
what we could," Stuff quotes Mr. MacGibbon as saying.

"We're not looking for any money, we want a moral victory.

"We don't know what Shephard Dunphy have done. They've had three
weeks to put something together to say what their strategy was.
We think there are issues and we're sending them to the NZX, FMA,
and Companies Office to see what they think."

Shephard Dunphy insolvency manager Jessica Kellow said Bishop
Warden should talk to the liquidator about the issues and would
not comment further, adds Stuff.

                         About Nosh Group

Based in News Zealand, Nosh Group Limited operated a chain of
food retail stores. It offers various gourmet treats; ham and
turkey products; and a range of cheeses, breads, flowers, coffee,
and chocolates. The company also engaged in the online retail of
flowers, platter, and other gift products. Nosh Group Limited was
formerly known as Veritas Holdings Limited and changed its name
to Nosh Group Limited in September 2014.

Steven Khov and Damien Grant from Waterstone Insolvency were
appointed as receivers of Nosh Group Limited on July 14, 2017.



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, 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 Nina Novak at 202-362-8552.



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