/raid1/www/Hosts/bankrupt/TCRAP_Public/171129.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, November 29, 2017, Vol. 20, No. 237


                            Headlines


A U S T R A L I A

ANEMBO HOMES: First Creditors' Meeting Set for Dec. 5
APP INCOME: First Creditors' Meeting Set for Dec. 5
DIRECT FACTORY: First Creditors' Meeting Set for Dec. 7
KIMBERLEY DIAMONDS: Second Creditors' Meeting Set for Dec. 6
SKYEBE PTY: First Creditors' Meeting Set for Dec. 5

VOCATION LTD: Registration of Auditor Cancelled
WEST RE: First Creditors' Meeting Set for Dec. 7


C H I N A

CHINA COMMERCIAL: Incurs US$2.5 Million Net Loss in Third Quarter


I N D I A

AKULA BOARDS: CRISIL Reaffirms B Rating on INR11MM Cash Loan
ANNANYA INTERFACE: CRISIL Lowers Rating on INR2MM Cash Loan to D
CARE OFFICE: CARE Lowers Rating on INR65cr LT Loan to 'C'
CHANDRA PRABHU: Ind-Ra Lowers Issuer Rating to B+, Outlook Stable
CITY MOTORS: CRISIL Assigns 'B' Rating to INR19.75MM Loan

DEEPA INFRA: CRISIL Assigns B+ Rating to INR3.75MM Cash Loan
FIBRO PLASTICHEM: CRISIL Raises Rating on INR6.73MM Loan to B+
G M COLD: CRISIL Reaffirms B+ Rating on INR3.05MM Proposed Loan
G. VENKATA: CRISIL Assigns B+ Rating to INR2.9MM Cash Loan
GVR BEHARI: Ind-Ra Migrates D Term Loan Rating to Non-Cooperating

GVR PANNA: Ind-Ra Migrates D Term Loan Rating to Non-Cooperating
INABENSA BHARAT: Ind-Ra Moves D Issuer Rating to Non-Cooperating
INTEGRATED EQUIPMENT: CRISIL Assigns B Rating to INR25MM Loan
KWALITEE FABS: CRISIL Reaffirms B+ Rating on INR7MM Packing Loan
MINI DIAMONDS: CARE Lowers Rating on INR9cr LT Loan to 'D'

N R I ACADEMY: CRISIL Raises Rating on INR31.31MM Loan to B
NEW AGE: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
PRAKASHSTEELAGE LIMITED: CARE Moves D Rating to Not Cooperating
RAC PAPERS: CARE Assigns C Rating to INR13.30cr LT Loan
RANERGY SOLUTIONS: CARE Assigns B+ Rating to INR12.78cr Loan

RAVINDRANATH: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
RPL INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
SHITALPUR MOHINDER: CARE Revises Rating on INR8.85cr Loan to B
SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.03cr LT Loan
SHUBHAM PROPMART: CARE Assigns 'B' Rating to INR9.81cr LT Loan

SUN SHINE: CARE Moves B+ Rating to Not Cooperating Category
SURYA PANEL: CRISIL Assigns B Rating to INR15MM Term Loan
TOKAI ENGINEERING: CARE Assigns B- Rating to INR7cr LT Loan
UMESH INDUSTRIES: CARE Reaffirms B+ Rating on INR8.78cr LT Loan
UNIVERSAL POLYSACK: CARE Reaffirms B Rating on INR9.20cr Loan

VIN AUTO: CRISIL Lowers Rating on INR5MM Cash Loan to D
VINAYAKA CASHEW: CRISIL Reaffirms B Rating on INR12MM Loan
WALCHANDNAGAR INDUSTRIES: CARE Withdraws 'D' Term Loan Rating
ZEN TOBACCO: CARE Raises Rating on INR5.50cr LT Loan to B+


S I N G A P O R E

MARCO POLO: Meeting to Approve Restructuring Plan Set Dec. 14


S O U T H  K O R E A

KUMHO TIRE: Kumho Asiana Chief Won't Buy Back Former Tire Unit


                            - - - - -


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


ANEMBO HOMES: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Anembo
Homes Pty Ltd will be held at Maroochydore Library - Meeting
Rooms, 44 Sixth Avenue, in Cotton Tree, Queensland, on Dec. 5,
2017, at 11:30 a.m.

Michael Caspaney of Menzies Advisory was appointed as
administrator of Anembo Homes on Nov. 27, 2017.


APP INCOME: First Creditors' Meeting Set for Dec. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of App Income
Investments Pty Limited will be held at Level 5, 34 Queen Street,
in Melbourne, Victoria, on Dec. 5, 2017, at 11:30 a.m.

Trajan John Kukulovski of Chan Naylor was appointed as
administrator of App Income on Nov. 23, 2017.


DIRECT FACTORY: First Creditors' Meeting Set for Dec. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Direct
Factory Outlets Canberra Pty Limited will be held at OCBC
Building, level 5, 75 Castlereagh Street, in Sydney, New South
Wales, on Dec. 7, 2017, at 12:00 p.m.

Angus Carnegie Gordon of Macquarie Gordon & Co was appointed as
administrator of Direct Factory on Nov. 27, 2017.


KIMBERLEY DIAMONDS: Second Creditors' Meeting Set for Dec. 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Kimberley
Diamonds Ltd has been set for Dec. 6, 2017, at 11:00 a.m. at the
offices of Level 3, 1 Castlereagh Street, in Sydney, 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 Dec. 5, 2017, at 4:00 p.m.

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate
Recovery were appointed as administrators of Kimberley Diamonds
Ltd on June 10, 2017.


SKYEBE PTY: First Creditors' Meeting Set for Dec. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Skyebe Pty
Ltd will be held at the offices of Nicols + Brien, Level 2, 350
Kent Street, in Sydney, New South Wales, on Dec. 5, 2017, at
10:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Skyebe Pty on Nov. 23, 2017.


VOCATION LTD: Registration of Auditor Cancelled
-----------------------------------------------
The Australian Securities and Investments Commission on Nov. 27,
2017, announced it has accepted a request from Stephen James
Bourke of PricewaterhouseCoopers to cancel his registration as a
registered company auditor, following his decision to retire as
an auditor.

Mr. Bourke was lead auditor for the audit of the financial report
of Vocation Limited for the year ended June 30, 2014.

ASIC believes that Mr. Bourke should have gathered further audit
evidence post-balance date and prior to signing the audit opinion
concerning Vocation's dispute with the Victorian Department of
Education and Early Childhood Development.

In ASIC's view, Mr. Bourke should have obtained this further
evidence in connection with the recognition and recoverability at
year end of a material accrued revenue asset and consideration of
any possible impact on goodwill.

Accordingly, ASIC believes that Mr. Bourke did not carry out or
perform adequately or properly the duties of an auditor in this
respect.

Mr. Bourke denies this is the case and says he took all
appropriate steps.

Vocation Limited provided workforce based training and
development solutions to employees of Australian Corporate and
government clients. Vocation also provided training directly to
individual students.

On Nov. 25, 2015, Peter Gothard, Jim Sarantinos and George
Georges of Ferrier Hodgson were appointed Voluntary
Administrators under section 436A of the Act over Vocation
Limited and its associated entities.

At the second meeting of creditors held on Jan. 4, 2016, the
creditors resolved that Peter Gothard, Jim Sarantinos and George
Georges of Ferrier Hodgson be appointed Liquidators of Vocation
Limited and its associated entities, with the exception of TTS-
100 Pty Ltd.


WEST RE: First Creditors' Meeting Set for Dec. 7
------------------------------------------------
A first meeting of the creditors in the proceedings of West Re
Pty Ltd will be held at the offices of Cor Cordis, Mezzanine
Level, BGC Centre, 28 The Esplanade, in Perth, West Australia, on
Dec. 7, 2017, at 10:00 a.m.

Cliff Rocke and Jeremy Joseph Nipps of Cor Cordis were appointed
as administrators of West Re on Nov. 24, 2017.



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


CHINA COMMERCIAL: Incurs US$2.5 Million Net Loss in Third Quarter
-----------------------------------------------------------------
China Commercial Credit, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of US$2.51 million on US$132,502 of total interest and
fee income for the three months ended Sept. 30, 2017, compared to
a net loss of US$624,445 on US$722,380 of total interest and fee
income for the three months ended Sept. 30, 2016.

For the nine months ended Sept. 30, 2017, China Commercial
reported a net loss of US$8.53 million on US$295,294 of total
interest and fee income compared to a net loss of US$1.20 million
on US$1.20 million of total interest and fee income for the same
period a year ago.

The Company's balance sheet as of Sept. 30, 2017, showed US$7.71
million in total assets, US$8.48 million in total liabilities and
a total shareholders' deficit of US$774,251.

China Commercial stated that, "While management believes that the
measures in the liquidity plan will be adequate to satisfy its
liquidity and cash flow requirements for the twelve months after
the financial statements are available to be issued, there is no
assurance that the liquidity plan will be successfully
implemented.

Failure to successfully implement the liquidity plan will have a
material adverse effect on the Company's business, results of
operations and financial position, and may materially adversely
affect its ability to continue as a going concern."

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

                       https://is.gd/MEJEqF

                   About China Commercial Credit

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

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

China Commercial reported a net loss of US$1.98 million on
US$1.29 million of total interest and fee income for the year
ended Dec. 31, 2016, compared with a net loss of US$61.26 million
on US$2.98 million of total interest income for the year ended
Dec. 31, 2015.



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


AKULA BOARDS: CRISIL Reaffirms B Rating on INR11MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Akula Boards Pvt Ltd (ABPL) at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B/Stable (Reaffirmed)

   Letter of Credit          3       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       17       CRISIL B/Stable (Reaffirmed)

The ratings reflect ABPL's weak financial risk profile and modest
scale of and working capital intensive operations in the
competitive paper manufacturing industry. These weaknesses are
partially offset by the extensive entrepreneurial experience of
the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is marked
by modest networth, high gearing and weak debt protection
metrics. Networth was modest at INR9.8 crore as on March 31, 2017
and consequently gearing was high at 2.09 times. Of the total
debt, majority are unsecured loans from promoters'Rs 6.9 crore as
on March 31, 2017'and working capital borrowings. Debt protection
metrics were weak with net cash accrual to total debt and
interest coverage ratios of 5% and 1.58 times, respectively, as
on March 31, 2017.

* Working capital intensive operations: Operations are working
capital intensive as reflected by gross current assets of 255
days as on March 31, 2017, driven by high inventory and moderate
receivables of 194 and 48 days, respectively.

Strength

* Extensive entrepreneurial experience of the promoters: Benefits
from the promoters' decade-long experience in varied industries
such as real estate, cinema halls and agriculture and healthy
relationships with customers and suppliers, should support
business.

Outlook: Stable

CRISIL believes ABPL will maintain its business risk profile over
the medium term backed by the extensive experience of its
promoters. The outlook may be revised to 'Positive' if increase
in revenue and profitability leads to substantial cash accrual
and improved liquidity. The outlook may be revised to 'Negative'
if low revenue and profitability, or any large, debt-funded
capital expenditure weakens financial risk profile.

ABPL, promoted by Mr. A G V V N Satyanarayana and family,
commenced operations in 2008; it manufactures writing and
printing paper along with newsprint paper.

Profit after tax was INR0.22 crore on revenue of INR43.30 crore
in fiscal 2017, against INR0.24 crore on revenue of INR40.98
crore in fiscal 2016.


ANNANYA INTERFACE: CRISIL Lowers Rating on INR2MM Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Annanya Interface and Controls Pvt Ltd (AICPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            2.0        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility      .65       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan              1.91       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing debt due to weak
liquidity following stretched receivables.

The company also has a small scale of operations, large working
capital requirement, subdued financial risk profile because of
weak debt protection metrics and leveraged capital structure, and
exposure to intense competition. However, AICPL benefits from
promoters' experience in the automation industry and healthy
order book that provides near-term revenue visibility.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: Stretched receivables led to delays
in servicing instalments on term loan.

* Small scale of operations: With an operating income of INR11.3
crore in fiscal 2017 (INR8.3 crore in the previous fiscal), scale
remains modest because of competition from local and organised
players in the automation industry.

* Subdued financial risk profile: Gearing was high at 2.26 times
and networth small at INR2.6 crore, as on March 31, 2017. Also,
debt protection metrics remained subdued, with interest coverage
and net cash accrual to total debt ratios of 1.5 times and 0.04
time, respectively, for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
323 days as on March 31, 2017, due to stretched receivables and
moderate inventory of 255 days and 47 days, respectively.

Strength

* Extensive experience of promoters and healthy order book:
Presence of more than a decade in the automation and
electrification contract business will help promoters support
operations. Healthy order book will also aid business risk
profile.

Set up by Mr P S Pendharkar and Mr S P Pendharkar as a
partnership firm in 1989 and reconstituted as a private limited
company in 2004, AICPL primarily provides real time monitoring
and control systems, and automation solutions for water supply
schemes and electrical sub-stations. It installs, tests, erects,
and commissions control systems for water treatment plants, water
pumping stations, power stations, and sub-stations.


CARE OFFICE: CARE Lowers Rating on INR65cr LT Loan to 'C'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Care Office Equipment Limited (COEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         65.00      CARE C; Stable Revised
   Facilities                        from CARE BB+; Stable

   Long-term/Short-       15.00      CARE C; Stable/CARE A4
   term Bank                         Revised from CARE BB+;
   Facilities                        Stable/CARE A4+

Detailed Rationale& Key Rating Drivers

The revision in ratings of COEL is owing to forfeiture of its
distributorship for Dell's IT products which contributed a
sizeable portion of COEL's total operating income (TOI) leading
to increased stress on liquidity resulting in few instances of
overdrawals in the fund based working capital limits.

The ratings take cognizance of weak overall gearing, working
capital intensive nature of operations resulting in elongated
operating cycle and its presence in a highly competitive industry
with challenging business environment.

The ratings, however, derive strength from the vast experience of
COEL's promoters in IT peripheral and consumer electronics
trading business, its established distribution network across
Gujarat with presence in both retail & wholesale segments and
association with its key suppliers.

The ability of COEL to grow its scale of operations profitably in
a challenging and dynamic business environment, effectively
manage its working capital requirement along with improvement in
its debt coverage indicators and capital structure would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stressed liquidity on the back of a challenging business
environment: COEL faces stiff competition from online retailers,
large organized retailers and un-organized players. This along
with forfeiting of its distributorship for Dell's IT products
impacted its sales and has resulted in stressed liquidity along
with dispute over payment of dues. This has also resulted in few
instances of overdrawals in its fund based working capital
limits.

Deterioration in leverage and working capital intensive nature of
operations: COEL reported deterioration in its leverage as on
Mar. 31, 2016 mainly due to erosion in its networth owing to net
loss and withdrawal of unsecured loans from promoters which were
previously considered as quasi equity. In line with the same,
debt coverage indicators also deteriorated during FY16.
Furthermore, COEL's operations are highly working capital
intensive in nature as it has to maintain high level of trade
inventory to cater to both retail & wholesale demand from the
region and offer 45-60 days of credit to its sub dealers /
distributers in wholesale segment.

Key Rating Strengths

Vast experience of promoters with established distribution
network in Gujarat: COEL's promoters, Mr. Hemant Shah and Mr.
Kamlesh Shah, have over two decade of experience in handling the
trading of IT peripheral business. COEL is one of the leading
distributor and dealer of varied range of IT and consumer
electronic products in Gujarat, having operations in both retail
and wholesale segments of the business.

Incorporated in 1998, Care Office Equipment Limited (COEL) is a
dealer/ distributor of IT hardware products and consumer
electrical/ electronic products. COEL generates around 60% of its
total operating income from wholesale sales while the rest is
contributed through retail and service income.

Currently, COEL operates with five multi-brand outlets, three
Dell Exclusive outlets, and around 1493 sub-dealer network spread
across Gujarat. Its multi-brand show rooms and exclusive outlets
are located in Ahmedabad, Rajkot and Surat.


CHANDRA PRABHU: Ind-Ra Lowers Issuer Rating to B+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chandra Prabhu
International Limited's (CPIL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR10 mil. Fund-based limits dowgraded with IND B+/Stable/IND
    A4 rating; and

-- INR100 mil. (reduced from INR170 mil.) Non-fund-based limits
    downgraded with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects an overall deterioration in CPIL's credit
metrics in 1HFY18. The company reported an EBITDA loss of
INR19.83 million in 1HFY18 (1HFY17: INR1.80 million) on account
fluctuations in price of frozen agro products. Revenue grew to
INR351.43 million in 1HFY18 (1HFY17: 110.81 million) on account
of an increase in share of agro products in total sales.

However, the ratings are supported by the company's comfortable
liquidity position with around 59% average utilisation of fund-
based limits during the 12 months ended October 2017.

The ratings also remain supported by the promoters' more than
three decades of experience in trading of coal and synthetic
rubber.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1984, CPIL is engaged in the trading of coal and
synthetic rubber. The company is promoted by Mr. Gajraj Jain. The
company's head office is in New Delhi with branch offices at
Chandasi in Mughal Sarai (Uttar Pradesh), Guwahati (Assam),
Bhatinda (Punjab) and Gurugram (Haryana).


CITY MOTORS: CRISIL Assigns 'B' Rating to INR19.75MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of City Motors Private Limited (CMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1.69      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       .56      CRISIL B/Stable

   Cash Credit             3.00      CRISIL B/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                19.75      CRISIL B/Stable

The rating reflects CMPL's below-average financial risk profile,
marked by high total outside liabilities to adjusted net worth
(TOLANW) ratio along with weak debt protection metrics, low
profitability margins on account of initial stages of operations
in few locations and intense competition in the automobile
dealership industry. These rating weaknesses are partially offset
by promoter's extensive experience in automobile dealership
industry and their funding support in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
below-average with leveraged capital structure. Networth is
negative on account of losses accrued in the past. However the
same is supported by unsecured loans from promoters. Interest
coverage is also average, at 0.5 times for fiscal 2017.

* Low profitability margins on account of initial stages of
operations in few locations and intense competition in the
automobile dealership industry: CMPL's profitability has remained
stretched on account of the initial stage of operations leading
to lower absorption of fixed costs. The operating margin was low
at 2% in fiscal 2017. Further, passenger automotive sector is
intensely competitive with several players in the segment. The
company faces intense competition from the unorganised used
vehicles market and dealers of other established automobile
manufacturers in the segment.

Strength

* Promoters' extensive experience in automotive dealership
segment: Mr. VK Dhawan and his family have more than a decade's
experience in the automotive dealership segment through other
group entities and various dealerships. The promoters have
supported the business operations by extending unsecured loans as
well.

Outlook: Stable

CRISIL believes that CMPL will maintain stable business risk
profile on the back of steady demand for the products of Honda
Cars India Ltd. (Honda), its principal. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves on back of equity infusion or significant improvement in
the volumes and operating margins. The outlook may be revised to
'Negative' if CMPL's financial risk profile deteriorates due to
any large debt funded capital expenditure or significant
deterioration in its cash accruals, resulting in weakening of
debt protection indicators and thereby impacting its debt
servicing capability.

CMPL was incorporated in 1995 and commenced operations in 1997.
CMPL has HCIL's dealership in Bhubaneshwar, Sambalpur, Angul and
Vishakhapatnam. The company has one showroom in each city with 3S
facilities (Sales, Service and Spares) of the cars. CMPL is
managed by Mr. V K Dhawan and family.


DEEPA INFRA: CRISIL Assigns B+ Rating to INR3.75MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Deepa Infra Projects Private
Limited (DIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      1.75      CRISIL B+/Stable

   Bank Guarantee          2         CRISIL A4

   Cash Credit             3.75      CRISIL B+/Stable

The ratings reflect modest scale of operations and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of its promoters in the civil construction
business.

Analytical Approach

For arriving at the ratings, unsecured loans of INR3.50 crore
from promoters and their relatives have been treated as neither
debt nor equity as these are expected to be retained in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale remains small in the
competitive civil construction segment that has low entry
barrier. This affects players' ability to win tenders and
maintain profitability.

* Weak financial risk profile: Gearing was high at 18 times as on
March 31, 2017, while debt protection metrics were muted, with
interest coverage and net cash accrual to adjusted debt ratios of
1.80 times and 0.05 time, respectively, for fiscal 2017.

Strength

* Extensive experience of promoters: Presence of around 30 years
in the civil construction industry has enabled the promoters to
undertake several projects for Central Public Works Department
(PWD) without significant delays.

Outlook: Stable

CRISIL believes DIPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability leads to large cash accrual and
better financial risk profile, particularly capital structure.
The outlook may be revised to 'Negative' if sizeable, debt-funded
capital expenditure, failure to execute projects on time, or
aggressive bidding exerts pressure on margins.

Incorporated in 2011 and promoted by Mr Arun Pillai, DIPL is
class 1 civil contractor that undertakes projects for Central
PWD.


FIBRO PLASTICHEM: CRISIL Raises Rating on INR6.73MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Fibro Plastichem India Pvt Ltd (FPIPL) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable', while reaffirming the rating
on the short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Reaffirmed)

   Cash Credit             6.73      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        1.60      CRISIL A4 (Reaffirmed)

   Overdraft               2         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      0.41      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               2.24      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade factors in expected gradual strengthening in the
business risk profile with consistent increase in revenue and
improvement in operating margin. The rating upgrade also factors-
in the extensive experience of its promoters, which enables the
company to diversify its product lines in fiberglass segment and
acquire new customers. The strengths are partially offset by the
large working capital requirement and stretched liquidity
position.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations:  Operations remained
working capital intensive as reflected in gross current asset
days of 220 as on March 31, 2017 (240 as on March 31, 2016)
driven by high inventory holding on account of volatility in raw
material prices and longer manufacturing process.

* Stretched liquidity: Liquidity is stretched with bank limit
utilisation averaging 88% for the 6 months through October 2017.
Furthermore, net cash accrual remained tightly matched against
term debt obligations.

Strengths

* Improvement in business risk profile: Improvement in business
risk profile is marked by consistent increase in topline over the
three fiscals through fiscal 2017. Revenue grew from INR25.81
crore in fiscal 2016 to INR28.75 crore in fiscal 2017 (annual
growth of 11%) backed by increase in operating margin from 9.6%
to 10.5%, respectively.

* Extensive experience of the promoters: Benefits from the
promoters' four decade-long experience in the industry, technical
know-how of request for proposal (RFP) based products and healthy
relationships with customers and suppliers, should support
business.

Outlook: Stable

CRISIL believes FPIPL will continue to benefit from its
established relationships with customers, and the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability results in
higher cash accrual, and strengthens liquidity. The outlook may
be revised to 'Negative' if decline in revenue and profitability,
or stretch in working capital cycle and significant debt funded
capex, weakens financial metrics, particularly liquidity.

Incorporated in 1972, FPIPL manufactures FRP-based products. The
company has three revenue sources: the railways, the chemical
industry and water-treatment units. Most of its revenue accrues
from the railways. Mr Sumit Dutta and his brother Mr Moinal Dutta
manage the operations.


G M COLD: CRISIL Reaffirms B+ Rating on INR3.05MM Proposed Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of G M Cold Storage Private Limited (GMCSPL) at
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     3.05       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility              1.95       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to risks related to the
highly regulated and intensely competitive cold storage industry
in West Bengal. The rating also factors in a weak financial risk
profile and low profitability. These rating weaknesses are
partially offset by the extensive experience of promoters in the
cold storage and potato trading businesses.


Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to the highly regulated and intensely
competitive cold storage industry: The potato cold storage
industry in West Bengal is regulated by the West Bengal Cold
Storage Association. Rental rates are fixed by the state
government's department of agricultural marketing, which limits
the ability of players to leverage their strengths and
geographical advantages. Furthermore, the industry is highly
fragmented, with the largest player having a market share of less
than 0.5%. This further restricts bargaining power and forces
players to offer discounts to ensure healthy capacity
utilisation.

* Weak financial risk profile: The networth was small at INR4.15
crore and gearing moderate at 1.5 times, as on March 31, 2017.
Though low accretion to reserves will keep the networth subdued,
gradual term debt repayment will help improve the gearing.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over 25 years in the cold storage and
potato trading businesses. This has helped in the establishment
of a healthy relationship with traders and farmers, and given
them a good understanding of the industry, leading to optimum
utilisation (100% for fiscal 2017) of the storage capacity.

Outlook: Stable

CRISIL believes GMCSPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if improved cash accrual or infusion of
capital strengthens the financial risk profile and risk
absorption capacity. The outlook may be revised to 'Negative' if
stretched receivables, non-recovery of produce market loans
extended to farmers, a stretched working capital cycle, or large,
debt-funded capital expenditure weakens liquidity.

GMCSPL, incorporated in 1986, provides cold storage facilities to
potato farmers and traders and also trades in potatoes. The
company is owned by the Kolkata-based Gorai family, which has
over 25 years of experience in this business. The cold storage
unit is at Bankura, West Bengal.


G. VENKATA: CRISIL Assigns B+ Rating to INR2.9MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of G. Venkata Rao And Co. (GVR)

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         3.6        CRISIL A4
   Cash Credit            2.9        CRISIL B+/Stable

The rating reflects modest scale of operations and moderate
operating margins in the intensely competitive industry. Rating
also factors working capital intensive operations and
geographical concentration in revenue profile. These ratings
weaknesses are partially offset by Extensive experience of the
promoters in the construction industry and moderate financial
risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and moderate operating margin amid
intense competition: Scale of operations remains modest despite
Y-o-Y growth of around 227% from INR6.8 crore in Fiscal 2016 to
INR22.3 crore in Fiscal 2017. The modest scale limits the
company's ability to avail benefits associated with economies of
scale that players with larger operations are able to leverage
upon. Modest scale of operations and intense competition result
in moderate operating margins of around 11.6% in Fiscal 2017.

* Geographical concentration in revenue profile: GVR derives its
revenue primarily from Andhra Pradesh, which makes the company
susceptible to the risk arising from any slowdown in the
announcement or execution of orders in the state.

* Working-capital-intensive operations: GVR's operations are
working capital intensive as reflected in GCA of 140days as on
March 31 2017. GCA are high on account of large operating cycle
of the company.

Strength

* Extensive experience of promoters: The two-decade long
experience of the promoters has helped the company establish
healthy relationships with customers and suppliers ensuring
uninterrupted supply of raw materials and repeat orders, which
results in smooth operations. The same is reflected in the
consistent growth in revenue and operating profits. Since
inception GVR has executed many civil construction projects,
especially in Andhra Pradesh.

* Moderate financial risk profile: GVR's financial risk profile
is moderate supported by low gearing and moderate debt protection
metrics albeit constrained by modest net worth. Debt protection
metrics was moderate as reflected in interest coverage ratio and
net cash accruals to total debt of around 2.58 times and 22%
respectively for the fiscal 2017.

Outlook: Stable

CRISIL believes (GVR) will continue to benefit from the extensive
experience of its promoter in the civil construction industry and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if substantial increase in
revenue and profitability, while maintaining adequate liquidity
strengthens financial risk profile. The outlook may be revised to
'Negative' if sizeable, debt-funded capex or decline in revenue
or profitability weakens financial risk profile.

Incorporated in 1998 and based out of Guntur, Andhra Pradesh, GVR
is promoted by Mr. G. Venkata Rao and his family members. The
company is engaged in undertaking road and building construction
projects in A.P.


GVR BEHARI: Ind-Ra Migrates D Term Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Behari
Hanumana Tollway Private Limited's (GBHTPL) term loan rating to
'IND D' from 'IND C' on expected delays in debt servicing.

The agency has simultaneously migrated the rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. 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 detailed rating action is:

-- INR1,086.9 mil. Term loan due on October 2025 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

Ind-Ra expects GBHTPL to have fully utilised its debt service
reserve and cash, for debt payments due in 2QFY18. Hence,
subsequent debt servicing would be delayed. Also, Ind-Ra has not
received the no default statement.

COMPANY PROFILE

GBHTPL has been granted a 15-year design-build-fund-operate-
transfer concession by Madhya Pradesh Road Development
Corporation for the two-laning of the Behari-Hanumana section
from 110km of NH-75(E) to 243km of NH-7. The sponsor, GVR Infra
Projects Limited, is under the Sustainable Structuring of
Stressed Assets Scheme.


GVR PANNA: Ind-Ra Migrates D Term Loan Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Panna
Amanganj Tollway Private Limited's (GPATPL) term loan rating to
'IND D' from 'IND C' on expected delays in debt servicing.

The agency has simultaneously migrated the rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. 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 detailed rating action is:

-- INR870.7 mil. Term loans due on November 2025 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

Ind-Ra expects GPATPL to have fully utilised its debt service
reserve and cash for debt payments due in 2QFY18. Hence,
subsequent debt servicing would be delayed. Also, Ind-Ra has not
received the no default statement.

COMPANY PROFILE

GPATPL has been granted a 15-year design-build-fund-operate-
transfer concession by Madhya Pradesh Road Development
Corporation for two-laning of the Panna-Amanganj section of SH-47
for a length of 58.18km. The sponsor, GVR Infra Projects Limited,
is under the Sustainable Structuring of Stressed Assets Scheme.


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

-- INR150 mil. Fund-based working capital facilities (Long-
    term/Short-term) migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating; and

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

NOTE: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 30, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 2002, IBPL is engaged in the execution
of transmission and distribution projects, and trading activities
for group entities.


INTEGRATED EQUIPMENT: CRISIL Assigns B Rating to INR25MM Loan
-------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Integrated Equipment India Private Limited
(IEIPL), and assigned ratings of 'CRISIL B/Stable/CRISIL A4' to
the facilities. CRISIL had suspended the ratings on August 29,
2016, as IEIPL had not provided information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign the rating

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit          6       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Cash
   Credit Limit              5       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan                 8       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect small scale and working capital intensity in
operations, and susceptibility to cyclicality in the oil and gas
industry. These weaknesses are partially offset by the promoters'
extensive experience and funding support, and the company's
moderate financial risk profile.

Analytical Approach

Unsecured loans of INR2.10 crore extended by IEIPL's promoters,
as on March 31, 2017, have been considered as neither debt nor
equity as they carry an interest rate that is lower than the
market rate and will remain in the business in the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Revenue of INR31.5 crore in fiscal
2017, and INR67.6 crore expected in fiscal 2018, reflect the
small scale of operations.

* Large working capital requirement: Operations are highly
working capital intensive, with gross current assets of 660 days,
led by stretched receivables of 426 days and large inventory of
284 days as on March 31, 2017.

* Exposure to risks related to cyclicality in the oil and gas
industry: IEIPL derives its entire revenue from the oil and gas
industry, which is inherently cyclical, with performance strongly
linked to the overall economic scenario, and the trend in oil and
gas prices.

Strengths

* Extensive experience of the promoters and their funding
support: The two decade-long experience of the promoters, and
need-based funding support extended by them, should continue to
support the business risk profile.

* Moderate financial risk profile: Networth was modest at INR31.2
crore as on March 31, 2017, while gearing and total outside
liabilities to tangible networth ratios stood at 1.05 times, and
1.37 times, respectively. Debt protection metrics were also
moderate, marked by interest coverage and net cash accrual to
total debt ratios of 1 time and 0.18 time, respectively, as on
March 31, 2017.

Outlook: Stable

CRISIL believes IEIPL will continue to benefit from the extensive
experience of its promoters, and moderate financial risk profile.
The outlook may be revised to 'Positive' in case of sustained
growth in topline and profitability, and a stable capital
structure. The outlook may be revised to 'Negative' in case of
decline in revenue or profitability, stretch in working capital
cycle, or sizeable debt-funded capital expenditure, weakening the
financial risk profile.

IEIPL was set up in 2006, by promoters, Mr Ashish Sharma and his
father, Mr Brijmohanlal Sharma, at Pune. The company, promoted as
an export-oriented unit, manufactures pressure-control equipment
used in the oil and gas industry.


KWALITEE FABS: CRISIL Reaffirms B+ Rating on INR7MM Packing Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Kwalitee Fabs (KF) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit          7        CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility        0.5     CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of KF continue to reflect
its modest scale of operations in the intensely competitive home
furnishing industry, and average financial risk profile. These
weaknesses are partially offset by the extensive experience of
the firm's proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Despite
being in the home furnishing industry over a decade, scale of
operations remains modest with estimated revenue of INR24 crores
in fiscal 2017. Also, operating margin has remained low at 3.5-
4.5% over the four years through March 2017 on account of intense
competition.

* Average financial risk profile: The capital structure is
expected to be average with gearing at 2.42 times as of March 31,
2017. Debt protection metrics is estimated to be moderate with
interest coverage and net cash accrual to adjusted debt ratios of
2.78 times and 8%, respectively.

Strength

* Extensive experience of the proprietor: Benefits from the
proprietor's two decade-long experience in the industry and
healthy relationships with customers and suppliers, should
support business.

Outlook: Stable

CRISIL believes KF will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability, or capital infusion strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower cash accruals, or any large debt funded capital expenditure
programme weakens financial risk profile.

Set up in 2002, Karur (Tamil Nadu)-based KF manufactures home
furnishings and home textiles items such as table cloth, mat,
napkin, kitchen towel, apron, cushion covers, curtains, hammocks,
bed covers, and bolsters among others. Mr R A Kamaraj, the
proprietor, manages the operations.


MINI DIAMONDS: CARE Lowers Rating on INR9cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mini Diamonds (India) Limited [MDIL], as:

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

   Short-term Bank
   Facilities             6.00       CARE D Revised from
                                     CARE A4

Detailed Rationale

The revision in the rating assigned to bank facilities of Mini
Diamonds (India) Limited takes into consideration the delay in
debt servicing.

Ability of the company to establish a clear track record of
timely servicing of debt obligations with improvement in
liquidity position is key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: As per the interaction with the banker,
there were few instances of overdue in post shipment limit
exceeding for more than 30 days.

Established in 1987, Mini Diamonds (India) Ltd. [MDIL] is engaged
in processing of cut and polished diamonds. The company's main
promoters Upendra Shah, a postgraduate has around 45 years of
experience in the gems &jewellery industry followed by Mr.
Himanshu K. Shah, also a postgraduate and has around 22 years of
experience in the similar field. The entity sells its products
mainly through its own sales team and has customer base of around
120 customers. MDIL exports polished diamonds to Antwerp, Dubai,
USA &Hongkong.


N R I ACADEMY: CRISIL Raises Rating on INR31.31MM Loan to B
-----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
N R I Academy of Sciences (NRIAS) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         19.29      CRISIL A4 (Upgraded from
                                     'CRISIL D/Issuer Not
                                     Cooperating')

   Overdraft               9         CRISIL B/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

   Proposed Long Term
   Bank Loan Facility     31.31      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

   Term Loan               1.40      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

The rating upgrade reflects improvement in NRIAS's liquidity that
has enabled timely debt servicing for past four months through
October 2017. CRISIL believes that the company will continue to
meet its debt obligations in a timely manner over the medium term
backed by improved cash accruals and timely support from
promoters.

The ratings reflect geographic concentration in revenue profile
and susceptibility to regulatory changes in the education sector.
The weaknesses are partially offset by the societies its
promoter's extensive experience in the education segment
Established market position in the medical education segment
aided by healthy demand prospects for the education sector, and
steady revenue stream from multi-specialty hospital.

Key Rating Drivers & Detailed Description

Weakness

* Geographical concentration in the society's revenue profile:
NRIAS derives its revenues from its campus in Vijayawada, and the
students belong mainly to this region. This leads to a geographic
concentration in its revenue profile. Besides, NRIAS, like other
colleges in the area, faces competition from many reputed
universities and colleges in Vijayawada and in other parts of
Andhra Pradesh. CRISIL believes that any increase in competition
and slowdown in student intake because of shift in student
preference to other competing institutes can impact the society's
business risk profile

* Susceptibility to intense competition and regulatory changes in
the education sector: Business risk profile remains susceptible
to regulatory changes in education sector, along with limited
geographical diversity. The education sector faces a high degree
of regulation from various governmental and quasi-governmental
agencies. Same exposes the society to any adverse regulatory
changes in the education sector.

Strengths

* Established market position in the medical education segment
aided by healthy demand prospects for the education sector, and
steady revenue stream from multi-specialty hospital: The society
runs an educational institution, which offers degree and
postgraduate courses in medicine, nursing, and para-medicine
streams. NRIAS has developed an established brand, and has a
healthy positioning among private medical colleges in Andhra
Pradesh. The college offers undergraduate courses (MBBS), with an
annual intake of 200 students (increased to 200 for admission
year 2017-18) and postgraduate courses (MS) with an annual intake
of 90 students. The medical college has consistent healthy
occupancy levels of 100 per cent over the past five years.

* Extensive industry experience of promoter: NRIAS has an
established market position, supported by the longstanding
experience of its members in the field of medicine. NRIAS was set
up by 30 NRI doctors, with a corpus fund of about INR7 crore in
2003. The doctors have been providing fund support as well as
technical expertise over the past fourteen years. On account of
this continuous support, NRIAS has developed an established
brand, and has a healthy positioning among private medical
colleges in Andhra Pradesh.

Outlook: Stable

CRISIL believes that NRIAS will continue to benefit over the
medium term from its established regional market position in the
medical education and the healthcare segment. The outlook may be
revised to 'Positive' if there is substantial improvement in
liquidity owing to larger accruals or sizeable equity infusion by
the promoters. Conversely, the outlook may be revised to
'Negative' in case of a decline in the society's profit margins,
or any regulatory change adversely affects the operations of the
society, or if its liquidity comes under pressure either through
inadequate cash accruals or because of cash flow mismatches.

NRIAS was established in 2003 as a not-for-profit society under
the Societies Registration Act, 2001. The society has been
founded by 30 non-resident Indian doctors from the US.

The society runs an educational institution, which offers degree
and postgraduate courses in medicine, nursing, and para-medicine
streams. It also operates a 1280-bed multi-specialty hospital.
The educational institution and hospital, located in Vijayawada
(Andhra Pradesh), are recognised by the Medical Council of India.

During fiscal 2017, the company reported a profit after tax (PAT)
of INR9.90Crores on operating income of INR79.69 Crores against
PAT of INR7.98 Crores on operating income of INR77.21 Crores in
the previous fiscal.


NEW AGE: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of New Age False Ceiling Private
Limited (NAFCPL).

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

   Letter of Credit        2        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect NAFCPL's modest scale of
operations and below-average financial risk profile. These
weaknesses are partially offset by the experience of the
promoters in the false ceiling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations is
reflected in modest revenue of INR43 crore in fiscal 2017.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 5 times as on March 31,
2017, while interest coverage and net cash accrual to total debt
ratios were weak at 1.5 times and 0.06 time, respectively, in
fiscal 2017.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over two decades and relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes NAFCPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in scale of
operations and operating profitability along with prudent working
capital management strengthen financial risk profile. Conversely,
the outlook may be revised to 'Negative' if low cash accrual,
stretched working capital cycle, or debt-funded capital
expenditure weakens financial risk profile.

NAFCPL, incorporated in 2008, manufactures false ceilings at its
facility in Nagpur, Maharashtra. It started production in 2012;
before that, it traded in false ceiling materials. Mr Manoj Gupta
and family are the promoters.


PRAKASHSTEELAGE LIMITED: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------------
CARE has been seeking information from PrakashSteelage Limited to
monitor the rating(s) vide e-mail dated May 12, 2017, June 8,
2017, July 6, 2017, October 6, 2017, October 17, 2017,
October 18,  2017, October 23, 2017 and various telephonic
interactions. 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 on PrakashSteelage Limited's
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank        150.00      CARE D; Issuer not
   Facilities                        cooperating; Based
   (Fund Based)                      on best available
                                     information

   Short Term Bank        70.00      CARE D; Issuer not
   Facilities                        cooperating; Based
   (Non-Fund Based)                  on best available
                                     information


Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account the ongoing delays in servicing the
debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There has been
continuous delays in meeting debt obligations. As per Audited
Financial Statements of FY17 & Q1FY18 PrakashSteelage Ltd has
defaulted in repayment of the debt obligations amounting to
INR19.54 crore& INR7.92 crore respectively.

PSL, incorporated on May 9, 1991, was converted into a public
limited company on August 12, 1997 and was listed in August 2010.
PSL started its business with trading in the stainless steel (SS)
sheets, coils, plates and scrap. Till FY15 (refers to the period
April 1 to March 31), the company was engaged in the
manufacturing of stainless steel (seamless and welded) pipes and
tubes and trades into stainless steel sheets and coils. The
company products are used in heat exchanger, evaporators, heating
elements, fluid piping, pumps, valves, condensers and in many
other instrumentation equipments. The company exports its
products to several countries, such as USA, UAE, South Africa,
European countries, Canada, Singapore, Saudi Arabia, Turkey,
Vietnam, etc.

In February 2015, PSL had signed a joint venture agreement (JVA)
with Tubacex S. A. Spain, for hiving off its seamless pipes
division. Pursuant to the transfer of business as per the JVA,
PSL has received a consideration of INR209.16 crore, a major part
of which is being utilised to repay the bank debts. However, with
hive-off of seamless division, PSL will focus on welded products
and trading of stainless steel sheet and coils. Presently,
installed capacity of PSL stands at 10,000 MT.


RAC PAPERS: CARE Assigns C Rating to INR13.30cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RAC
Papers Limited (RAC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.30       CARE C; Stable Assigned

   Short-term Bank
   Facilitates            0.33       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RAC is constrained
by its small and fluctuating scale of operations, low
profitability margins coupled with leveraged capital structure.
The rating is further constrained by the working capital
intensive nature of operations along with stressed liquidity
position and presence of the company in highly competitive and
fragmented industry. The rating, however, draws comfort from
experienced promoters with long track record of operations in the
industry.

Going forward; the ability of the company to manage its working
capital requirements while improving its liquidity position,
increase its scale of operations along with improvement in the
profitability margins, and capital structure 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 has remained small marked by total
operating income and gross cash accruals of INR45.29 crore and
1.37crore in FY17 (FY refers to April 1 to March 31).

Furthermore, company's total operating income has been
fluctuating over the past three years (FY15-FY17). TOI has
registered a decline in FY15 and registers a growth in FY16. The
total operating income registered growth in FY16 over the
previous year owing to increase in number of orders executed.
Furthermore, the company's net worth base was low at INR11.78
crore as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. The company has achieved a total operating income
of INR 45.00 crore in 6MFY18 (refers to the period April till
October).

Low profitability margins coupled with leveraged capital
structure: The company's profitability margins stood low owing to
due to competitive nature of industry. Furthermore, being a small
player in the industry also restricted the bargaining power of
the company which also restricts the profitability margins PBILDT
margin of the company stood at 7.83% in FY17. Low PBILDT coupled
with higher depreciation and interest cost restricted the net
profitability of the company at around 0.50% for past three years
(FY15-FY17). The capital structure of the company stood leveraged
for the past three financial years (FY15-FY17) on account of high
dependence on external borrowings to meet the working capital
requirements. The overall gearing ratio stood above 1.60x on the
balance sheet date of last 2 financial years i.e. FY16-FY17 (FY
refers to period April 01 to March 31)

Working capital intensive nature of operations and stretched
liquidity position: Operations of the company are working capital
intensive marked by an average operating cycle of around 147 days
for FY17 mainly on account of high collection period. Being a
highly competitive business, the average collection period
remained high at around 185 days during FY17. The company has to
hold inventory of around a month in form of raw material for the
smooth running of business process and finished goods to meet the
immediate demand from its customers. Combining all entails high
working capital requirement. The high working capital
requirements were met largely through high payable period of
around 70 days and bank borrowings which resulted in a high
average utilization of almost full of its sanctioned working
capital limits for 12 months period ended October 31, 2017.
Further, the company has stretched liquidity position as
reflected from the instances of over utilization in the working
capital borrowings in the recent past.

Highly competitive industry along with susceptibility to
volatility in prices of raw material: RAC operates in competitive
segments of the industry due to low entry barriers. There are
numerous players in the unorganized sector which increases the
level of competition. Moreover, raw material cost normally
constitutes approximately 80% of the total cost of production.
Thus, margins are vulnerable to fluctuation in raw material cost.
Hence, the profitability of the company is based on the ability
of the company to absorb the increase in raw material prices
which will have an impact on the profitability margins and sales
realization.

Key Rating Strengths

Experienced Promoters and long track record of operations:

RAC is being managed by directors namely Mr. Sanjay Mittal, Mr.
Ajay Kumar Mittal, Mr.Kailash Chand Gupta, Manoj Gupta, Ramit
Kumar Mam. All of the directors are graduates by qualification
and hold experience of more than two decades in Paper Industry
through their association with this entity. All of them have been
associated with the company and managing the operations with
their expertise that they have earned while in the industry.

Delhi based, RAC Paper Limited (Formerly known as Nav Bharat
Duplex Limited) was established in 1985, promoted by Mr. Dayanand
Gupta and Mr. Raj Bala Gupta. The company is engaged into
manufacturing of Kraft paper, newsprint paper, duplex board etc.
The company has its manufacturing unit at Hapur, Ghaziabad. The
company sells its products to manufacturers of paper and
corrugated boxes located in the region of Delhi, Rajasthan, Uttar
Pradesh, Bihar, Uttarakhand etc. The main raw material is waste
paper, dyes etc. which is procured domestically.


RANERGY SOLUTIONS: CARE Assigns B+ Rating to INR12.78cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ranergy Solutions Private Limited (RSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12.78      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RSPL is primarily
tempered by small size of operations with limited track record of
the entity, fluctuating profitability margins, leveraged capital
structure and debt coverage indicators, highly fragmented and
competitive business segment due to presence of numerous players,
geographical concentration and working capital intensive nature
of operations. However, the rating derives comfort from vast
experience of the promoters in solar energy industry, growth in
total operating income, growing demand for solar energy enabled
power among residential and commercial units and Independent
Power Producer for Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with limited track record of the entity:
The company has small size of operations marked by a low net
worth base of INR1.29 crore as of March 31, 2017 (Prov.), with
increase from INR1.04 crore as of March 31, 2016. The networth of
RSPL has been increasing over the review period mainly on account
of accretion of profits associated with increased amount of
project execution. The operational track record the company is
limited to 4 years.

Fluctuating profitability margins: The PBILDT margins of the
company has been thin and fluctuating during review period due to
highly fragmented industry with presence of large number of
players and low value addition involved in execution of projects.
The high level of cost of sales mainly pertains to the cost
incurred for procuring raw materials to assemble the solar plant.
The PBILDT margin improved and stood satisfactory at 18.85% as of
FY17 (prov.) due to increase in absolute profit on account of
moderate order execution. However the PAT margin declined from
3.53% in FY16 to 1.71% in FY17 (Prov.) due to increased finance
costs associated with debt borrowings.

Leveraged capital structure and debt coverage indicators: The
capital structure of the company marked by overall gearing stood
leveraged at 11.10x as on March 31, 2017 (Prov.), albeit
improvement from 13.73x as on March 31, 2016 due to high debt
levels on account of unsecured loan borrowing from the directors
of the company. The total debt/GCA improved and stood moderate at
6.02 in FY17 (Prov.) compared to 344.75x in FY16 due to increase
in cash accruals. The interest coverage ratio stood satisfactory
during review period at 7.96x as of FY17 (Prov.) due to increase
in profits associated with execution of projects. The current
ratio of RSPL stood above unity at 1.76x as of March 31, 2017
(Prov.) due to comfortable receivables position along with
decline in inventory levels due to timely execution of orders
during FY17.

Highly fragmented and competitive business segment due to
presence of numerous players: The company is engaged into a
fragmented business segment and competitive industry. The market
consists of several small to medium-sized firms that compete with
each other along with several large enterprises. There are
several small sized firms in Tamil Nadu, which compete with RSPL.

Geographical concentration as the operations of the company is
restricted to Tamil Nadu state The clientele base of the company
is restricted to the state of Tamil Nadu.

Working capital intensive nature of operations: Being a system
integrator, the company is engaged in a working capital and
labour intensive nature of operations. RSPL employs around 15
permanent employees and hires contractual employees for
installation of plants at customer location. The company procures
raw materials like solar panel, battery, inverters, tracker
structure, AC and DC cables from suppliers which are assembled
and installed at the customer's location. The company avails
credit period upto 50 days from its suppliers. RSPL procures the
raw materials based on customer orders and specifications. The
inventory period reduced from 214 days in FY16 to 15 days in F17
(Prov.) on account of timely execution of projects. The company
receives payments in three installments and hence the collection
period reduced from 182 days in FY16 to 46 days in FY17 (Prov.).
With moderate creditors, debtors period and satisfactory
inventory period, the operating cycle of the company also stood
satisfactory at 13 days in FY17 (Prov.) as against 348 days in
FY16.

Key Rating

Vast experience of the promoters in solar energy industry:
Mr.Nagi Reddy, an engineering graduate has about one decade of
experience in windmill energy field. He also has an experience in
the construction industry through his association with Nu Tech
Associates. Mr.V.M.K Gopal, CEO of RSPL, possesses a total
experience of around 20 years in energy industry. He has also
worked with Siemens and IBM prior to the establishment of RSPL.

Growth in total operating income: The total operating income of
the company increased at a CAGR of 432.39% from INR0.10 crore in
FY14 to INR15.09 crore in FY17 (Prov.) on account of execution of
solar projects of 3.6 MW (worth INR18.75 crore) during FY17.

Growing demand for solar energy enabled power among residential
and commercial units: Due to favourable government regulations,
solar energy projects have gained momentum among residential as
well as commercial units. In India, the total solar power
generation capacity increased from 461 MW in 2011 to 6,763 MW in
2016. The solar power tariffs in India have fallen in nominal
terms from INR15 /Kwh in 2009 to INR2.44/ Kwh in 2017, due to
decline in module prices and improvements in capacity utilization
factor, thus increasing the demand among users.

Independent Power Producer for TANGEDCO: The company has signed a
power purchase agreement (PPA) with Tamil Nadu Generation and
Distribution Corporation (TANGEDCO) a subsidiary of Tamil Nadu
Electricity Board (TNEB), for a period of 25 years. RSPL has set
up 2 MW solar power plants for this purpose at Aruppukottai,
Tamil Nadu. The company sells power to TANGEDCO at a flat rate of
INR7.00 per unit and earns about INR0.20 crorerevenue every
month.

Ranergy Solutions Private Limited (RSPL) was incorporated in the
year 2013 by Mr.Nagi Reddy, Mr. V.M Kannappan and Ms. V.M
Kannammal. RSPL is engaged in providing solar power solutions and
entered into the business of system integration of solar (PV)
power plant in 2013. The company procures Solar panel, battery,
inverters, tracker structure, AC and DC Cables from suppliers
based in and around Chennai and installs at the clients place as
per their requirement. The company has its registered office in
Chennai, Tamil Nadu and one branch office in Aruppukottai, Tamil
Nadu.


RAVINDRANATH: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RAVINDRANATH'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:

-- INR20 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR100 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. 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RAVIDRANATH was established in 1999 by P Ravindranath as a
proprietorship concern. It is engaged in the construction of
hostels, colleges, warehouses and roads. It executes government
and semi-government orders on a tender basis. Its main customers
are RITES Limited, Hindustan Steel Works Construction Ltd. and
the government of Karnataka.


RPL INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RPL Industries
Limited's (RPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit affirmed with IND
    BB-/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limit affirmed with
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RPL's continued small scale of
operations and weak credit metrics. Revenue grew to NR420.1
million in FY17 (FY16: INR389.52 million) following the opening
of new depots in Mumbai and Ahmedabad each, which sell tyres
directly to customers as well as through distributorship. EBITDA
margins expanded to 4.40% in FY17 (FY16: 3.91%) due to a
reduction in rubber prices. In FY17, interest cover (operating
EBITDA/gross interest expense) improved to 2x (FY16: 1.59x) on
the back of an increase in operating profits to INR18.48 million
(INR15.23 million). However, net leverage (total adjusted net
debt/operating EBITDA) deteriorated to 6.03x in FY17 (FY16:
4.99x) due to an increase in debt.

The ratings are also constrained by RPL's continued tight
liquidity position as reflected by almost full utilisation of its
fund-based limits during the 12 month ended October 2017.

However, the ratings are supported by over 30 years of operating
experience of the company and its founders in the automobile
industry.

RATING SENSITIVITIES

Negative: Deterioration in the operating profits leading to
deterioration in the overall credit metrics could be negative for
the ratings.

Positive: A substantial improvement in the top line along with
operating profits leading to an improvement in the credit metrics
could be positive for the ratings.

COMPANY PROFILE

RPL was incorporated in 1982 as Radhu Pvt Ltd; it was renamed as
RPL in 2011. The company manufactures tyres for two-wheeler and
three-wheeler vehicles, passenger cars, utility vehicles, light
commercial vehicles and farm vehicles. The company's plant in
Ghaziabad (Uttar Pradesh) has an annual installed capacity of
3,60,000 tyres.


SHITALPUR MOHINDER: CARE Revises Rating on INR8.85cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shitalpur Mohinder Kalimata Himghar Private Limited (SMKHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         8.85       CARE B; Stable (Revised
   Facilities                        from CARE B; ISSUER NOT
                                     COOPERATING)

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
SMKHPL and in line with the extant SEBI guidelines, CARE revised
the ratings of bank facilities of the company to 'CARE B; 'ISSUER
NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE. CARE has carried out a full review
of the ratings and the ratings stand at 'CARE B; Stable '.

Detailed Rationale & Key Rating Drivers

The rating for bank facilities of Shitalpur Mohinder Kalimata
Himghar Pvt. Ltd. (SMKHPL) continues to remain constrained by its
small size of operations, regulated nature of business,
competitive scenario, seasonality of business with susceptibility
to vagaries of nature, working capital intensive nature of
business, high leverage ratios and risk of delinquency in loans
extended to farmers. The rating, however, derives strength from
its experienced management and proximity to potato growing area.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: The main promoter of SMKHPL, Shri Tarun
Kanti Ghosh (Managing Director, aged about 51 years) has around
three decades of experience in similar line of business and is
involved in the strategic planning and running the day to day
operations of the company. He is being duly supported by the
other director Shri. Arun Ghosh (Director, Age: 61 years), Shri.
Bimalendu Ghosh (Director, Age: 49 years), Shri. Biswanath Das
(Director, Age: 52 years) and Shri Krisna Chandra Nayek
(Director, Age: 44 years) and a team of experienced personnel.

Proximity to potato growing area: SMKHPL's storing facility is
situated in the Hooghly district of West Bengal which is one of
the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Key Rating Weaknesses

Small size of operations: SMKHPL is a relatively small player in
the cold storage business having total operating income and PAT
of INR2.98 crore and 0.12 crore in FY17. The total capital
employed was also low at around INR2.46 crore as on March 31,
2017. During 7MFY18, the company has achieved total operating
income of INR1.65 crore. Small scale of operations with low net
worth base limits the credit risk profile of the company in an
adverse scenario.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: SMKHPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SMKHPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Competition from other local players In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Working capital intensive nature of business: SMKHPL is engaged
in the cold storage business, accordingly its operation is
working capital intensive. The same is reflected by the higher
working capital requirement for the company and the average
utilization for the same remained at about 85% during the last 12
months ended January 31, 2016.

High leverage ratios: The overall gearing ratio of the company,
although improved to 1.57x as on March 31, 2017 vis-a-vis 4.51x
as on March 31, 2016, was high. Moreover, total debt to GCA has
improved in FY17 over FY16. However, the same remained moderately
high at 6.26x as on March 31, 2017.

Shitalpur Mohinder Kalimata Himghar Pvt. Ltd. (SMKHPL) was
incorporated on May 6, 2011 by Shri Tarun Kanti Ghosh, Shri.
ArunGhosh, Shri. Bimalendu Ghosh, Shri. Biswanath Das and Shri
Krisna Chandra Nayek of Hooghly West Bengal to provide cold
storage services with the facility being located at Dhaniakhali,
Hooghly, West Bengal. The company commenced commercial operation
since April, 2012. SMKHPL is currently engaged in the business of
providing cold storage facility at the same location primarily
for potatoes and is operating with a storage capacity of 1,98,450
quintals. Besides providing cold storage facility the unit also
works as a mediator between the farmers and marketers of potato,
to facilitate sale of potatoes stored and it also provides
interest bearing advances to farmers for farming purposes of
potato against potato stored.

Shri Tarun Kanti Ghosh (MD) looks after the day to day operations
of the unit.


SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.03cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shrinath Cotton Industries (SCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities              6.03      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SCI continues to
remain constrained due to moderate scale of operations, thin
profit margins, moderate capital structure, weak debt coverage
indicators along with moderate liquidity position during FY17.
Further, the rating continue to remain constrained on account of
its presence in highly competitive and fragmented cotton ginning
business with limited value addition, exposure to volatility
associated with raw-material prices along with constitution as
partnership nature of constitution. The rating, however, derives
strength from wide experience of partners in cotton ginning
industry and proximity to cotton producing regions of Gujarat.

The ability of SCI to increase its scale of operations along with
improvement in profit margins, solvency position, debt protection
metrics along with efficient working capital management are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations and thin profit margins: The total
operating income (TOI) of SCI remained moderate at INR35.69 crore
in FY17 (A) which was in line as compared to previous year.
Overall, profit margins stood low on the back of low value
addition nature of operations. Gross cash accruals (GCA) also
stood low at INR0.12 crore in FY17 which has declined from
INR0.16 crore in FY16 (A).

Moderately capital structure albeit debt coverage indicators
continues to remain weak: As on March 31, 2017, the capital
structure of SCI improved marginally and stood moderate as marked
by an overall gearing ratio of 1.32 times as on March 31, 2017 as
against 1.50 times as on March 31, 2016. However, owing to very
low level of cash accruals and higher debt level, debt coverage
indicators stood weak as marked by total debt to gross cash
accruals of 37.59 times as on March 31, 2017 as against 33.20
times as on March 31, 2016 and Interest coverage ratio stood of
1.19 times for FY17 as against 1.24 times.

Moderate liquidity position: The liquidity position as marked by
current ratio remained moderate at 1.59 times as on March 31,
2017 as against 1.53 times as on March 31, 2016. Working capital
cycle has shortened and remained moderate at 79 days as on March
31, 2017 as against 91 days as on March 31, 2016.

Presence in highly fragmented cotton ginning industry with
constitution as partnership firm: The cotton ginning industry is
highly fragmented and competitive industry resulting into low
entry barriers. As a result, the firm has to compete with many
small players in the region, restricting growth in its operating
margin. Further, being partnership nature of constitution, the
firm faces risk of withdrawal of capital by the firm which
restricts overall financial flexibility.

Key Rating Strengths

Experienced partners and location advantage with proximity to
cotton producing regions of Gujarat SCI was established as a
partnership firm by Mr. Bharat Popat and Mrs RakshaPopat having
wide experience in cotton ginning industry. Further SCI is
located in cotton producing region of Gujarat which provides easy
availability of raw material.

SCI is a partnership firm established in 2006 by three partners
Mr. KeshavlalPopat, Mr. Bharat Popat and Mrs. RakshaPopat which
was later reconstituted with the retirement of Mr. KeshavlalPopat
as on January 18, 2011. It is now managed by Mr. Bharat Popat and
Mrs. RakshaPopat. SCI is engaged in the cotton ginning and
pressing business. The firm is ISO 9001:2008 certified and
Technology Mission on Cotton (TMC) approved firm by the Ministry
of Textile, GOI. SCI operates with an installed capacity of
24,000 bales of cotton and 6,133 metric tonne per annum (MTPA) of
cotton seed as on March 31, 2017.


SHUBHAM PROPMART: CARE Assigns 'B' Rating to INR9.81cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Shubham Propmart Private Limited (SPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.81       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPPL is constrained
by limited exposure of promoters in the hospitality industry and
cyclical & seasonal nature of hospitality industry. The rating is
further constrained by implementation risk associated with debt
funded greenfield project and highly fragmented & competitive
nature of industry. The rating, however derives comfort from
strategic location of the resort and company having franchisee of
renowned Ramada group.

Going forward, the ability of the company to achieve projected
average room rent and occupancy levels shall remain key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited exposure of promoters in the hospitality industry: The
company is setting up its new hotel which is a new venture for
its promoters who do not have any previous experience in the
business. The promoters of SPPL have experience of more than a
decade in electrical industry through the installation of optical
fibres for various telecommunications companies. The promoters
have ventured into hospitality industry due to the increasing
demand and favorable government policies to support the same.
However, the management is supported by an experienced team
having an experience of more than a decade in hospitality
industry.

Implementation risk associated with debt funded greenfield
project: Execution risk is associated with green-field project
which is further exacerbated by the fact that the promoters do
not have any prior experience in hospitality industry. FY19 will
be the first year of full operations for the company. The total
cost of the green-field project is estimated at INR 14.13 crore
being financed with debt equity ratio of 7:3 times. As on May 18,
2017, the project has incurred an expenditure of INR 8.00 crore
which was funded through term loan of INR 5.50 crore and
promoter's contribution of INR 2.50 crore. Further, during the
initial phases of operations, the capital structure of the
company is expected to remain leveraged due to the term loans and
low capital base. The company has taken all the necessary
approvals for the project.

Cyclical and seasonal nature of hospitality industry: The demand
for hotel room changes direction in direct relation to the
economy, as both business and pleasure travel are easy
expenditures to eliminate in declining economy. Although in any
local market, the hotel business is likely to have its own
dynamics.

The hotel business in India is seasonal in nature, with
September-March being the peak period. This is primarily due to
the increased leisure tourism during this season. April-August is
a lean period for the hotel business due to the summer heat and
monsoons. The hotel business in Kasauli is seasonal in nature,
with March-July coupled with December-January is considered to be
the peak period. This is primarily due to the increased leisure
tourism as well as snow festival during this season.

Highly fragmented and competitive nature of industry: The Indian
hospitality industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across various regions. Cyclical nature of the hotel
industry and increasing competition from already established and
upcoming hotels due to low entry barriers may impact the
performance of SPPL.

Key Rating Strengths

Strategic location: The company is setting up a resort at Village
Sanawar, Kasauli, Himachal Pradesh, one of the most developed and
connected hill and holiday destination in Himachal Pradesh,
India. The resort site enjoys the benefit of advantageous
location, being located at the walking distance from bus stand,
railway station and famous Mall Road (one of the main attractions
of Kasauli Town). The resort is also well connected to other
tourist destinations in the town.

Franchisee of renowned Ramada group: The company's franchise
agreement with Wyndham Worldwide (WWW) for 'Ramada' brand
provides brand recognition to resort of SPPL with access to
global reservation systems which will further add in occupancies.
WWW is one of the world's largest and most diverse hotel company
with approximately 7410 hotels worldwide, more than 160 vacation
ownership resorts and over 93000 vacation rental properties.
Ramada brand of WWW is located over 800 locations in over 50
countries. The hotel would be maintained and operated as per the
global standards of WWW.

Shubham Propmart Private Limited (SPPL) was incorporated in 2010
and is promoted and managed by Mahesh Baliyan and Pawan Kumar.
SPPL is setting up a 4 star resort in Village Sanawar, Kasauli.
The proposed hotel is being developed on a land parcel of 8315
sq. meters (sqm) and will have 36 rooms (34 executive rooms and 2
suites), banquet hall, conference room, coffee shop, bar &
restaurant and other facilities (which include spa, health club,
swimming pool, steam & sauna, kids play section etc.). The hotel
is proposed to commence commercial operations by December, 2017.
The company has signed a Franchise agreement, in 2012 with Ramada
group for the proposed hotel. The arrangement is for a period of
20 years and renewable on mutually agreement. The proposed hotel
will be branded under the "Ramada Kasauli Sanawar Resort".

Eagle Construction Company and Shubham Construction Company are
the group associates,, established in 2007 and 2012 respectively
and are engaged in installation of optical fibers.


SUN SHINE: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------
CARE has been seeking information from Sun Shine Autos Private
Limited (SAPL) to monitor the rating(s) vide e-mail
communications/letters dated June 20, 2017, Sept. 4, 2017,
Sept. 14, 2017 and Oct. 5, 2017, Oct. 30, 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 on SAPL's bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term/Short       10.00       CARE B+; Issuer not
   term Bank                         cooperating; Based on
   Facilities                        best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 26, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Modest scale of operations coupled with low networth:

SAPL's total operating income has grown during the period FY13-16
with compounded annual growth rate (GAGR) of 12%.SAPL's PBILDT
margin remained low (in the range of - 2.49% to 2.74% during FY13
to FY16) on account of increase in other direct expenses along
with additional cash discount offered (for promotion). On account
of high reliance on WC bank facilities as well as low
profitability, SAPL's debt coverage indicators are weak.

Weak liquidity position:

The liquidity position is marked by low current ratio and high
level of utilization of its working capital limits. Further the
working capital cycle remained at 45 days during FY16.

Cyclicality of auto industry & presence in highly competitive
market: The auto industry is inherently vulnerable to the
economic cycles and is highly sensitive to the interest rates and
fuel prices of petrol and diesel. A hike in interest rates
increases the costs associated with the purchase leading to
deferral. Fuel prices have a direct impact on the running costs
of the vehicle and any hike in the same would lead to reduced
disposable income of the consumers, influencing new car purchase
decision. The company thus faces significant risks associated
with the dynamics of the auto industry. Further, the company is
exposed to external competition from dealers of other automobile
manufacturers such as Maruti, Tata, Hyundai and others which are
all present in Bihar. In order to capture the market share, the
auto dealers generally have to offer better buying terms like
providing credit period or allowing discounts on purchases. Such
discount creates margin pressure and may negatively impact the
earning capacity of the company.

Key rating strengths

Experienced promoters with established presence in automobile
dealership market in Aurangabad (Bihar): The overall management
of SAPL is vested in the hand of its promoter and MD, Mr. Sunil
Kumar Singh, who has been engaged in automobile dealership
business for more than two decades and looks after the day to day
operations of the company. Further, he is also supported by other
three directors of the company i.e. Mrs. Gayatri Singh, Mrs. Arti
Singh and Mr. Shashank S. Singh who are also actively involved in
the business having average experience of more than a decade and
also looks after the day to day operations of the company. The
promoter's extensive experience has helped the company to
establish strong relationship with reputed automobile company and
has derived automobile dealership in Aurangabad, Bihar for
Mahindra and Mahindra Limited.

Sun Shine Autos Private Limited (SAPL) was incorporated in 2008
by Mr. Sunil Kumar Singh and family members. SAPL is a dealer of
passenger cars, spares & accessories of Mahindra & Mahindra
Limited for Aurangabad (Bihar) having a showroom and services
center located at Aurangabad and stockyard at M.G. road
(Aurangabad city). SAPL is the sole Mahindra dealer in
Aurangabad, Bihar. SAPL has two group companies namely
Pushpanjali Coal and Coke Private Limited and Sun Shine Fules.


SURYA PANEL: CRISIL Assigns B Rating to INR15MM Term Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Surya Panel Private Limited (SPPL).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                15       CRISIL B/Stable

The rating reflects the company's exposure to risks related to
initial stages of operations and intense market competition, and
expected weak financial risk profile. These weaknesses are
partially offset by the experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks related to initial stages of operations and exposure to
intense competition: SPPL is expected to start commercial
operations from December 2017. The wood panel industry is
dominated by the unorganised sector. CRISIL believes additional
capacities and low price products, driven by large scale, will be
a deciding factor for stabilisation of operations and
profitability over the medium term. The company will also remain
exposed to risks associated with initial stages of operations.

* Expected weak financial risk profile: Gearing is expected to be
high at above 3 times as on March 31, 2018, on account of term
loan availed of setting up manufacturing unit. Furthermore,
networth is expected to be modest and debt protection metrics
average over the medium term.

Strength

* Extensive experience of promoters: The promoters have
experience for around 20 years in the civil construction segment,
which is expected to support the company during initial stage.

Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium
term from its promoters' previous experience in related
industries. The outlook may be revised to 'Positive' in case of
higher-than-expected scale of operations and operating margin and
efficient working capital management. The outlook may be revised
to 'Negative' if slowdown in growth, low profitability, or
substantial debt-funded expansion weakens business and financial
risk profiles.

Incorporated in December 2014 and promoted by Mr Sudharshan
Hadihalli Byregowda and Mr Rushil Krupesh Thakkar, SPPL is
setting up a manufacturing facility for high-density fibre boards
and medium-density fibre boards.


TOKAI ENGINEERING: CARE Assigns B- Rating to INR7cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tokai
Engineering Private Limited (TEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               7        CARE B-; Stable Assigned

   Short-term Bank
   Facilities               1        CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of TEPL are primarily
constrained by its small scale of operations with low net worth
base and leveraged capital structure. The rating is further
constrained by working capital intensive nature of operations
coupled with stretched liquidity position and competitive nature
of industry. The rating, however, draws comfort from experienced
promoters with moderate profitability margins.

Going forward, the ability of the company to improve its
liquidity position and managing it effective working capital
management to support the growing scale of operation, improve its
capital structure shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: The
scale of operations of TEPL stood small marked by total operating
income (TOI) and gross cash accruals of INR17.72 crore and 1.16
crore in FY17 (refers to the period April 1 to March 31).
Furthermore, the tangible net worth of the company stood small at
INR2.54 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it of scale benefits. Further, the company achieved TOI of around
INR8.00 crore in 4MFY18 (refers to period April 1 to July 31,
based on provisional results).

Leveraged capital structure: The capital structure of the company
as marked by debt equity and overall gearing stood leveraged as
on the balance sheet date of last three balance sheets (i.e.
FY15-FY17) owing to high reliance on external borrowings to meet
working capital requirements coupled with low net worth base.
Debt equity and overall gearing ratio stood at 2.17x and 3.65x as
on March 31, 2017 as against 1.76x and 3.93x in March 31, 2016.
The deterioration in capital structure was mainly attributable to
increase in unsecured loans and other business loans.

Working capital intensive nature of operations coupled with
stretched liquidity position: The operations of the company stood
working capital intensive marked by high operating cycle of
around 170 days for FY17 on account of prolonged inventory period
in form of raw material for smooth functioning of production
process and work in progress inventory. The products manufactured
by company are customized as per customer's specification which
also requires design approvals from the customers. Further, the
company requires clearance from its customers prior to delivery.
Entailing these resulted into average inventory of 225 days for
FY17. The same resulted into average collection period of 68 days
for FY17. The high working capital requirements are largely met
through high payable period and bank borrowings which results
into almost full utilization of the working capital limits for
the past 12 month period ending October, 2017 and low quick ratio
as on the last three balance sheet dates reflects working capital
intensive nature of operations. Further, the company has
stretched liquidity position as reflected from instances of
availment of adhoc facility by TEPL.

Competitive nature of industry: TEPL faces direct competition
from various organized players in the market due to low entry
barriers and lower capital requirements. There are number of
small and regional players and catering to the same market which
can exert pressure on its margins.

Key rating strengths

Experienced Promoters: TEPL is being managed by Mr Rajesh Khanna
and his wife Mrs.ShiluKhanna. Both the directors are post
graduates by qualification and have more than one decade of
experience in manufacturing of jigs and fixtures through their
association with TEPL. Prior to TEPL, Mr. Rajesh Khanna was
associated with manufacturing companies for 20 years.

Moderate profitability margins: The PBILDT margin of the company
stood moderate for the past 3 years (i.e. FY15-F17); The PBIDLT
margin were fluctuating in the said period due to large range of
products with varied profitability margins. TEPL's PBILDT and PAT
margin stood at 12.80% and 1.65% respectively in FY17.

Gurgaon (Haryana) based TEPL was incorporated on July 9, 2006.
The company is currently being managed by Mr. Rajesh Khanna and
Mrs.ShiluKhanna. TEPL is engaged in manufacturing of jigs and
fixtures, testing machines, and special purpose machines. It
mainly caters to automobile companies and the tenor of the orders
undertaken by the company varies up to 4 months. The company has
combined installed capacity to manufacture 800 units per annum as
on as on March 31, 2017 from its manufacturing facility is
located in Manesar, Gurgaon (Haryana). The major raw materials of
the company are MS Steel, cylinders, pneumatic items like
compressor etc which it procures from domestic manufacturers and
wholesalers.


UMESH INDUSTRIES: CARE Reaffirms B+ Rating on INR8.78cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Umesh industries Private Limited (UIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.78       CARE B+; Stable Reaffirmed

Detailed Rationale

The rating assigned to the bank facilities of UIPL continue to
remain constrained on account of thin profit margins, leveraged
capital structure, weak debt coverage indicators and moderate
liquidity position. The rating further continues to remain
constrained on account of its presence in lowest segment of
textile value chain, highly fragmented industry with low entry
barriers, seasonality of business with susceptibility of margins
to price fluctuations and supply and prices of cotton regulated
by government.

The above constraints are however offset by UIPL's experienced
promoters in cotton ginning industry along with location
advantage of being established in cotton producing belt of
Gujarat. The rating also factors in the increase in the scale of
operations during FY17 (refers to the period April 1 to March
31).

The ability of UIPL to increase its scale of operations along
with an improvement in its profitability, solvency position, debt
protection metrics along with efficient management of its working
capital requirement remains the key rating sensitivities.

Detailed description of key rating drivers

Key rating Weaknesses

Modest scale of operations with thin profit margins: The total
operating income (TOI) of UIPL remained moderate at INR68.05crore
(up by 11.34%) during FY17as against INR61.12crore duringFY16 due
toincrease in revenue generatedfrom its trading activities.During
FY17, PBILDT margin and PAT margin remained thin at 1.68% and
0.15% respectively as against 1.25% and 0.18% respectively during
FY16.

Leveraged capital structure, weak debt coverage indicators with
moderate liquidity position: The capital structure of the company
marked by an overall gearing stood leveraged at 3.07 times as on
March 31, 2017 as against 2.35 times as on March 31, 2016 on
account of increase in the total level of debt as on balance
sheet date.Total debt to GCA continued to remain weak at 19.69
times as on balance sheet date while interest coverage ratio
stood at 1.79 times during FY17 on account of an increase in
operating profits.

The liquidity position remained moderate marked by operating
cycle of 44 days during FY17, while average working capital
utilisation remained at 50% during past 12 months ended October
2017.

Presence in lowest segment of textile value chain and ina highly
fragmented industry with low entry barriers: Due to low entry
barriers in the cotton ginning industry which is lowest in
textile value chain, many small scale units are operating in this
segment. This has resulted in the fragmented nature of the
industry and intense competition within the players.

Seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government: The
prices of raw material, i.e. raw cotton is volatile in nature and
depends upon the vagaries of monsoonwhich exposes the company to
price volatility risk. Furthermore, the cotton prices in India
are highly regulated by government through MSP (Minimum Support
Price) along with export quotes decided by the government. Hence,
any adverse change in government policy may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for UIPL.

Key Rating Strengths

Experienced promoters: The key promoters of UIPL have an
experience of 15 years in the field of cotton ginning while UIPL
is primarily a family-driven business.

Location advantage resulting in easy access of raw material:
UIPL's presence in the cotton producing belt of Gujarat results
in benefits derived from a lower logistic expenditure, easy
availability and procurement of raw materials at effective prices
and consistent demand for finished goods.

Harij-based (Gujarat), UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and
subsequently the name of the company was changed to UIPL in
August 2010. UIPL is promoted by Mr. BabulalIshwarlalThakkar and
is engaged in manufacturing as well as trading of cotton bales
and cotton seeds since its inception. UIPL deals in 'Shankar 6'
type of cotton which is being sourced through local farmers and
also from agriculture marketing yards from Gujarat. UIPL operates
through its sole ginning and pressing unit located in Harij which
has an installed capacity to process 3,130 MTPA of cotton bales
and 5,723 MTPA of cotton seeds as on March 31, 2017.


UNIVERSAL POLYSACK: CARE Reaffirms B Rating on INR9.20cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Universal Polysack (India) Private Limited (UPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.20       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating of UPPL continues to remain constrained on account of
its modest scale of operations coupled with continuous net losses
in the highly fragmented and competitive woven sacks industry,
its high dependence on the prospects of the cement industry and
vulnerability of margins to fluctuation in the raw material
prices. The rating further, continues to remain constrained on
account of its weak solvency position and stressed liquidity
position.

The rating, however, continues to derive strength from
experienced promoters with financial support provided by them.
The rating, further, continues to derive strength from its
location advantage being situated near to user industries with
reputed customer base.

The ability of UPPL to increase its scale of operations while
improving profitability in light of the volatile raw material
prices and improvement in the solvency position as well as
efficient management of working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Weak solvency position

The solvency position of the company stood weak with overall
gearing of the company stood at 2.43 times as on March 31, 2017,
deteriorated from 2.00 times as on March 31, 2016 to owing to
increase in unsecured loans and higher utilization of working
capital bank borrowings. Further, debt coverage indicators stood
weak with total debt to GCA of 9.41 times as on March 2017,
however improved from negative total debt to GCA as on March 31,
2016 mainly on account of cash profit in FY17 as against cash
losses in FY16.

Furthermore, interest coverage ratio of the company stood
moderate at 1.77 times as on March 31, 2017.

Stressed liquidity position: The business of the company is
working capital intensive in nature with around 60%-80%
utilization of its working capital bank borrowings during last 12
months ended October, 2017. Further, the liquidity ratios of the
company stood weak with current ratio and quick ratio stood below
unity at 0.94 times and 0.33 times respectively as on March 31,
2017, due to higher short term debt comprising of working capital
borrowing to fund its working capital requirement coupled with
high inventory level. The working capital cycle of the company
stood comfortable at 69 days in FY17, deteriorated marginally
from 61 days in FY16 mainly on account of higher increase in
debtors and inventory as against increase in creditors period.

Modest scale of operations with moderate: Profitability margins
The scale of operations of UPPL stood modest as indicated by
Total Operating Income (TOI) of INR31.57 crore in FY17,
marginally declined by 2.83% mainly on account of decline in
sales realization of bags. UPPL caters mainly to cement
manufacturing companies located in the region directly.

Despite decline in TOI, PBILDT margin of the company improved by
615 bps in FY17 over FY16 owing to decline in raw material i.e.
Petro chemical prices as well as better utilization of its
resources. Further, it has registered continue net losses.
Furthermore, during FY17, the company has achieved cash profit of
INR 1.13 crore as against cash loss of INR 0.74 crore in FY16
mainly on account of improvement in PBILDT.

Key Rating Strength

Continuous infusion of funds by promoters: The promoters of the
company are continuously infusing funds in the company in form of
share capital and unsecured loans to support its operations.
During FY18, the promoters have infused share capital of INR1.98
crore in the company. Further, it has infused unsecured loans of
INR7.10 crore as on March 31, 2017 in the company out of INR5.91
crore are sub-ordinate to bank borrowings.

Experienced promoters albeit lack of experience in packaging
industry with Location advantage being situated near to user
industries: The promoters of the company, Mr. Govind Goyal and
Mr. Hitesh Goyal have wide experience of more than a decade in
the mineral industry. Both the promoters are engaged in the
crushing and trading of minerals through their associate concerns
for more than a decade. Although, the promoters do not have any
relevant experience in packaging industry, with longstanding
experience in mineral industry, promoters have developed broad
network of contacts in mineral and cement manufacturing concerns
in the region which may help the company in procuring orders for
woven sack bags. Further, the company's manufacturing facility is
strategically located at cement cluster of Rajasthan which
provides ample market for woven sack bags. The clientele of the
company includes Wonder Cement Limited, Shree Cement Limited and
Ambuja Cement Limited.

Beawar (Rajasthan) based Universal Polysack (India) Private
Limited (UPPL), incorporated in February 2010, promoted by Mr.
Govind Goyal along with Mr Hitesh Goyal. UPPL was incorporated
with an objective for manufacturing of woven sack bags at its
sole manufacturing facility located at Beawar (Rajasthan). The
company operates from its sole manufacturing facility located at
Beawar having an installed capacity of 4,752 Metric Tonnes Per
Annum (MTPA) as on March 31, 2017. Woven sack bags are
manufactured from Polypropylene (PP) or High Density Polyethylene
(HDPE) and find their application in packaging salt, cement,
rice, seeds and cattle feed etc. The company mainly sells woven
sack bags to cement manufacturing companies and its clientele
includes Wonder Cement Limited, Shree Cement Limited and Ambuja
Cement Limited.


VIN AUTO: CRISIL Lowers Rating on INR5MM Cash Loan to D
-------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of VIN Auto (VA) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Channel Financing        5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')
   Proposed Long Term
   Bank Loan Facility       2.35     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                2.65     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing of term debt and
overutilization of fund-based limits.

The rating also factors in the firm's below-average financial
risk profile, marked by high gearing and modest debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
established relationship with its principal, Tata Motors Ltd
(TML).

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: Slowdown in business operations and
the consequent liquidity dry-up led to delays in servicing
instalments on term loan and overutilization of fund-based
working capital limits.

* Weak financial risk profile: Total outside liabilities to
tangible net worth (TOLTNW) ratio was high at more than 5 times
and net worth small at around INR2.5 crore, as on March 31, 2017.
Also, debt protection metrics remained subdued, with interest
coverage and net cash accrual to total debt ratios of 1.4 times
and 0.06 time, respectively, for fiscal 2017.

Strength

* Extensive experience of promoter in auto dealership segment and
established relationship with TML: VA has established presence in
the auto dealership market in Tumkur, Tittur and Chitradurga,
with a nine-year relationship with TML.

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VINAYAKA CASHEW: CRISIL Reaffirms B Rating on INR12MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Vinayaka Cashew Company (VCC) at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           12       CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        4       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's below-average
financial risk profile and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its promoter, and the firm's established market position, in
processing and exporting cashew kernels.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was modest and
total outside liabilities to tangible networth high at INR6.6
crore and 3.6 times, respectively, as on March 31, 2017. Debt
protection metrics were below-average, with net cash accrual to
total debt and interest coverage ratios at NIL and 1.8 times,
respectively, in fiscal 2017.

* Working capital-intensive operations: Gross current assets were
high at 273 days as on March 31, 2017, driven by large inventory
and receivables.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's three decade-long experience in the industry and
healthy relationships with customers and suppliers, should
support business.

Outlook: Stable

CRISIL believes VCC will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if increase in cash accrual and efficient working
capital management strengthens financial risk profile. The
outlook may be revised to 'Negative' if stretch in working
capital cycle or decline in cash accrual because of lower revenue
or operating profitability, weakens liquidity.

VCC, a partnership firm set up in Kerala in 2005, processes and
exports cashew kernels.

Profit after tax and operating income increased to INR0.2 crore
and INR31.7 crore in fiscal 2017, respectively, from INR0.1 crore
and INR28.7 crore, respectively, in fiscal 2016.


WALCHANDNAGAR INDUSTRIES: CARE Withdraws 'D' Term Loan Rating
-------------------------------------------------------------
CARE has withdrawn the outstanding ratings of 'CARE D ' assigned
to the term loans of the long term bank facilities of
Walchandnagar Industries Limited with immediate effect. The above
action has been taken at the request of Walchandnagar Industries
Limited and 'No Objection Certificate' received from the bank(s)
that have extended the facilities rated by CARE.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities
   (Fund Based)          220.00      CARE D Review

   Short-term Bank
   Facilities            645.00      CARE D Review

Rating Rationale

The ratings reaffirmed to the bank facilities of Walchandnagar
Industries Limited (WIL) takes into account the delays in the
interest and debt servicing coupled with the over-drawals in the
cash credit facilities till September 2017. The ratings further,
factor in cash losses incurred by the company during Q1FY18
(refers to the period from April 1, 2017 to June 30, 2017)
resulting into erosion of networth base of the company as on
June 30, 2017.

Furthermore, the loss coupled with continued inordinate delay in
the realization of the receivables led to stress on the liquidity
profile of the company leading to increased working capital
utilization and over-drawals. The company in October 2017 has
received INR243 crores of credit facility from a financial
investorwhich was utilized towards repayment of the term debt and
regularisation of the other bank facilities. Going forward, the
ability of the company improves the operating performance and
ease in the liquidity position would be a key rating sensitivity.

WIL was established by industrialist Late Mr Walchand Hirachand
Doshi in the year 1908 as a concrete structure manufacturing
unit. During 1933, WIL entered in to organized farming business
and also started a sugar manufacturing unit. WIL established its
foundry in Satara, Maharashtra, in the year 1940 and from 1956,
entered in to heavy engineering segment with manufacturing for
sugar industry-related machinery at its Walchandnagar unit.
Currently, WIL's heavy engineering division is engaged in the
engineering, fabrication and manufacture of machinery for sugar
plants, cements plants, boilers, and heavy-duty gears for
equipment for the Indian space, defense and nuclear power plants.
WIL's foundry and machine shop division manufactures casting and
undertakes machining of precision components.

During FY17 and Q1FY18, WIL reported a total operating income of
INR 436.37 crore and INR87.71 crore and Net loss of INR
64.26crore and Rs8.45 respectively.

Walchandnagar Industries Limited (WIL) is established by
industrialist Late Mr. Walchand Hirachand Doshi in the year 1908
as a concrete structure manufacturing unit. During 1933, WIL
entered in to organized farming business and also started a sugar
manufacturing unit. WIL established its foundry in Satara,
Maharashtra in the year 1940 and from 1956 onwards, entered in to
heavy engineering segment with manufacturing for sugar industry
related machinery at its Walchandnagar unit.

WIL's heavy engineering division is engaged in the engineering,
fabrication and manufacture of machinery for sugar plants,
cements plants, boilers, and heavy-duty gears for equipment for
the Indian space, defense and nuclear power plants. WIL's foundry
and machine shop division manufactures casting and undertakes
machining of precision components.

During FY17 WIL reported total operating income (TOI) of
INR436.37 crore, (FY16: INR773.18 crore) and Net Loss of INR64.26
crore (FY16: INR71.68 crore).


ZEN TOBACCO: CARE Raises Rating on INR5.50cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Zen Tobacco Private Limited (ZTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.50       CARE B+; Stable Revised
   Facilities                        from CARE B

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
ZTPL is on account of increase in its scale of operations,
improvement in profit margins, capital structure and debt
coverage indicators during FY17 (refers to the period April 1 to
March 31).

The rating also derives strength from established operational
track record of ZTPL over a decade and the vast experience of the
promoters in the tobacco industry along with established sourcing
arrangements with tobacco vendors for the procurement of raw
materials and wide distribution network for its products.

The rating, however, continue to remain constrained on account of
its leveraged capital structure, weak debt coverage indicators
and moderate liquidity in FY17. The rating is further constrained
due to susceptibility of business operations to adverse changes
in government regulations, seasonality associated with the raw
material availability and susceptibility of its profitability to
volatility in raw materials prices.

The ability of ZTPL to increase its scale of operations along
with an improvement in its profit margins by managing raw
material price volatility risk and efficient management of its
working capital would remain the key rating sensitivities.
Further, improvement in its solvency position and debt protection
metrics would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Improved solvency position and debt coverage indicators: The
capital structure of the company improved y-o-y on the back of
decline in total level of debt coupled with an increase the level
of tangible net worth as on balance sheet date. However, it
continued to remain leveraged marked by an overall gearing of
5.16 times as on March 31, 2017. Debt coverage indicators of the
company also improved marked by total debt to GCA of 11.31x as on
March 31, 2017 and interest coverage of 1.49 times during FY17.

Moderate liquidity position: Liquidity position of the company
remained moderate marked by current ratio of 1.16 times as on
March 31, 2017, while operating cycle of the company improved and
remained moderate at 68 days during FY17. Average utilization of
working capital borrowings remained high at 95% during past 12
months ended October 2017.

Business operations vulnerable to government regulations: Tobacco
products have been the major source of revenue to the government
in the form of taxes and hence are subject to regular
modifications in taxation laws/tax rates with respect to the
same, while the hazardous nature of the same also subjects it to
mandatory government regulations for selling these products.

Seasonality associated with the raw material availability and
susceptibility to fluctuations in raw material prices: The price
of raw tobacco is volatile in nature and is contingent upon the
vagaries of weather along with demand of the same. However, due
to the demand of chewing tobacco having very low level of price
elasticity, the company is in a position to pass-on the increased
cost to its final consumers which mitigates the risk of raw
material price fluctuations to a certain extent.

Key Rating Strengths

Improved scale of operations and profit margins: The total
operating income (TOI) of ZTPL increased and continued to remain
modest at INR34.28 crore in FY17 from INR28.38 crore in FY16. The
PBILDT margin remained moderate at 10.30% in FY17 as against
9.49% in FY16. Consequently, the PAT margin also increased and
stood at 2.11% in FY17.

Established operational track record and experience of promoters
in tobacco industry: ZTPL is into the business for more than a
decade and is promoted by by Mr Rashmin Manjithia and Mr
PinakinGor who have an average experience of about 15 years in
the same line of business. Due to their long standing industry
presence, promoters have been able to establish strong
relationships with the suppliers.

Established sourcing arrangement and strong distribution network:
ZTPL sources various grades of tobacco and other raw materials
like flavour, perfumes, saffron, packaging material etc. from its
vendors with whom it has long-term relationships, while it
distributes its finished products via around 150 dealers spread
across various states of India.

Ahmedabad-based (Gujarat) ZTPL was established in the year 2003.
The main products of ZTPL are Chewing Tobacco (Zarda). Mr.
RashminManjithia, Managing Director, manages the day to day
operations of ZTPL. The company markets its products under the
brand 'Mazaa', 'Hero' and 'Eagle' across India. Its plant,
located at Ahmedabad operates with an installed capacity of
manufacturing 1,400 Metric Tonnes Per Annum (MTPA) of Chewing
Tobacco as on March 31, 2017.



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


MARCO POLO: Meeting to Approve Restructuring Plan Set Dec. 14
------------------------------------------------------------
The Business Times reports that Marco Polo Marine will hold an
extraordinary general meeting on Dec. 14 to seek shareholders'
approval for issuing new securities that are key to the oil and
gas company's restructuring plan.

According to the report, the company is proposing to issue 2.1
billion shares at 2.8 Singapore cents each to nine investors,
including founders of Singapore-listed Super Group and Soilbuild,
as part of a capital injection into the company. Following the
placements of shares, control of the company will shift to
Apricot Capital, the private investment firm of Super Group's Teo
family, the report says.

A further 1 billion shares at 3.5 Singapore cents each will be
placed with the company's creditors, BT discloses.

BT notes that Marco Polo Marine has sought debt restructuring
under two schemes of arrangement in Singapore for the holding
company and its key shipyard subsidiary, and for its Batam-based
subsidiary under Indonesia's Penundaan Kewajiban Pembayaran Utang
(PKPU) regime.

The report relates that the proposals tabled for the group of
companies are pleading for 69 per cent, 71 per cent and 95 per
cent debt forgiveness from its bank lenders, noteholders and for
its contingent liabilities, respectively.

They also offered a part-settlement of these liabilities with an
equity swap, the report adds.

According to BT, the company is also proposing to issue 269.2
million free warrants on the basis of eight warrants for every 10
common shares held to existing shareholders, who are being
diluted through the schemes. Each warrant has an exercise price
of 3.5 Singapore cents.

Another 57.1 million shares at 3.5 Singapore cents apiece will be
issued to RSM Corporate Advisory as consideration for
professional fees, the report adds.

                         About Marco Polo

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities.  Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries.  Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.


====================
S O U T H  K O R E A
====================


KUMHO TIRE: Kumho Asiana Chief Won't Buy Back Former Tire Unit
--------------------------------------------------------------
Yonhap News Agency reports that the chief of Kumho Asiana Group,
an airline-to-construction conglomerate, said Nov. 28 he won't
buy back the conglomerate's former tire unit Kumho Tire Co. now
controlled by creditor banks.

In a press conference held at its headquarters in Seoul, Kumho
Asiana Chairman Park Sam-koo made it clear that the group does
not have "any intention" to buy back the tire company, a
corporate spokesman said by phone, Yonhap relates.

"Frankly speaking, I had keen interest in Kumho Tire but now have
fully given up my right of first refusal (in an auction to sell
the tiremaker) for the company's future," the report quotes Mr.
Park as saying.

Under the right of first refusal, the chairman has the priority
to buy back the company when it is up for sale, the report notes.

Yonhap says the chairman hoped Kumho Tire will reemerge as a
financially healthy and competitive company after being acquired
by a company which is "better than" the group.

Currently, nine creditors led by the state-run Korea Development
Bank (KDB) have entered into a debt restructuring process for the
financially troubled tiremaker, Yonhap notes. They have extended
debt worth KRW1.3 trillion (US$1.1 billion) maturing this month
to the end of this year, the report says.

In March, Qingdao Doublestar, a Chinese tiremaker, signed a
KRW955 billion contract with the KDB-led creditors to buy a 42.01
percent stake in the Korean tiremaker.  The deal, however, was
scrapped when creditors rejected Doublestar's demand to cut the
purchase price by 16 percent to KRW800 billion, citing
deteriorating earnings, Yonhap states.

In the January-September period, Kumho Tire's net losses deepened
to KRW59.91 billion from KRW54.93 billion a year earlier, Yonhap
discloses.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.


                             *********

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

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

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


                            *********


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

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

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

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