TCRAP_Public/171207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, December 7, 2017, Vol. 20, No. 243

                            Headlines


A U S T R A L I A

ALL BRICK: Second Creditors' Meeting Slated for Dec. 14
ALLIANCE MINERAL: Court Seizes Substantial Shareholder's Shares
COMBINED COMM: Second Creditors' Meeting Set for Dec. 18
DRICONEQ AUSTRALIA: First Creditors' Meeting Set for Dec. 14
ENVIROTECH PTY: Second Creditors' Meeting Set for Dec. 14

PEPPER RESIDENTIAL: Moody's Ups Cl. F Notes Rating to Ba3
PERFORMANCE DEVELOPMENT: 2nd Creditors' Meeting Set for Dec. 14
SLATER AND GORDON: Shareholders Approve Recapitalisation Plan
SURFSTITCH GROUP: Billabong Makes AUD20MM Cash Offer for Retailer
THINK TANK 2017-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes


C H I N A

CENTRAL CHINA REAL: Moody's Lowers Senior Unsecured Rating to B1
COUNTRY GARDEN: Moody's Lowers Senior Unsecured Rating to Ba2
GUIRENNIAO CO: Moody's Assigns B1 CFR; Outlook Stable
GUORUI PROPERTIES: S&P Alters Outlook Negative, Affirms 'B' CCR
MODERN LAND: Moody's Lowers Senior Unsecured Rating to B3


H O N G  K O N G

YANLORD LAND: Moody's Lowers Senior Unsecured Rating to Ba3


I N D I A

AGRICO INDUSTRIES: ICRA Assigns B+ Rating to INR20.75cr Loan
ANJANEYA RICE: ICRA Moves B+ Rating to Not Cooperating Category
ASTHA INNOVATIONS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
B D MOTORS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
BARAMATI TOLLWAYS: ICRA Cuts Rating on INR36.17cr Loan to D

DAVANAM JEWELLERS: ICRA Moves B Rating to Not Cooperating
DHARTI DREDGING: CARE Lowers Rating on INR208cr LT/ST Loan to D
DOLL CERAMIC: ICRA Withdraws B Rating on INR3.06cr Term Loan
FRIENDS PAPER: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
GARG ISPATUDYOG: CARE Assigns B- Rating to INR9cr LT Loan

GAUTAM TRADING: Ind-Ra Raises Issuer Rating to B+, Outlook Stable
HIM CYLINDERS: CARE Cuts Rating on INR18cr LT Loan to D
HIM STEEL: CARE Lowers Rating on INR50cr LT Loan to D
HIM VALVES: CARE Lowers Rating on INR18.14cr LT Loan to D
ISKCON METALS: ICRA Reaffirms B+ Rating on INR8cr Cash Loan

JOYMAKALI COLD: CARE Assigns B Rating to INR5.62cr LT Loan
JEKPL PRIVATE: NCLT Rejects Exim Bank's INR625-crore Claim
JUMAX FOAM: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
KALPESH SYNTHETICS: ICRA Hikes Rating on INR12.63cr Loan to B/A4
KHUSHI FOODS: CARE Moves D Rating to Not Cooperating Category

LAXMI SREE: CARE Assigns B+ Rating to INR5.59cr LT Loan
LINERS INDIA: ICRA Moves C Rating to Not Cooperating Category
M V AGRO: ICRA Lowers Rating on INR11.50cr Term Loan to D
NARAYAN COLD: CARE Assigns B Rating to INR8.35cr LT Loan
NEHANI TILES: ICRA Reaffirms B+ Rating on INR8cr Cash Loan

NORTH EASTERN EDUCARE: Ind-Ra Moves BB- Rating to Non-Cooperating
ORANGE CERAMICS: ICRA Assigns B+ Rating to INR5.0cr Term Loan
SADAHARI SHAKTI: Ind-Ra Assigns B Issuer Rating, Outlook Stable
SAI SANNIDHI: ICRA Raises Rating on INR7cr LT Loan to B+
SATGURU METALS: CARE Assigns B+ Rating to INR4.95cr LT Loan

SHREE RAM: CARE Reaffirms B+ Rating on INR30cr LT Loan
SINGUR COLD: CARE Assigns B+ Rating to INR7.92cr LT Loan
SSPDL LTD: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SUCHI FASTENERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to 'B+'


N E W  Z E A L A N D

VERITAS INVESTMENTS: Shareholders Regret Buying Shares


                            - - - - -


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


ALL BRICK: Second Creditors' Meeting Slated for Dec. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of All Brick
Tasmania Pty Ltd has been set for Dec. 14, 2017, at 11:00 a.m. at
Hotel Grand Chancellor Hobart, 1 Davey Street, in Hobart,
Tasmania.

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. 13, 2017, at 4:00 p.m.

Stephen Robert Dixon of Grant Thornton was appointed as
administrator of All Brick Tasmania on Oct. 11, 2017.


ALLIANCE MINERAL: Court Seizes Substantial Shareholder's Shares
---------------------------------------------------------------
Rachel Mui at The Strait Times reports that Australian miner
Alliance Mineral Assets on Dec. 5 said the company was made aware
that a writ of seizure and sale dated Nov. 23, 2017 has been
issued by Singapore's High Court.

Some 40,029,786 Alliance Mineral shares belonging to substantial
shareholder Living Waters Mining Australia (LWMA) were seized,
the report says. LWMA is a private company wholly owned by
Alliance Mineral's chief executive Tjandra Adi Pramoko, and his
wife, executive director Simone Suen Sze Man.

The Strait Times relates that the seizure is, however, limited to
LWMA or Mr. Tjandra satisfying payment of about SGD5.48 million
to Grande Pacific. This amount includes SGD5.46 million pursuant
to the settlement agreement between the parties, being the
difference between the strike price of SGD0.50 per share and the
volume weighted average price of SGD0.3815 per share.

In a Singapore Exchange filing on Dec. 5, Alliance said that it
understands from LWMA's legal counsel that only the number of
seized shares required to satisfy the debt will be sold, the
report relays. According to the report, the actual number of
seized shares sold will be determined based on the prevailing
market price of the firm's shares at the time of the sale. Any
remaining unsold seized shares will be transferred back to LWMA.

Additionally, a further 46,074,788 shares in Alliance Mineral
held by LWMA continue to be frozen as security for the sum
payable, the report notes.

"The payment of the debt through the sale of the seized shares is
expected to satisfy the sum payable," Alliance Mineral said,
notes the report.

It added that once this has been fully paid, the injunction over
the frozen shares is expected to be discharged, the report says.

Alliance Mineral Assets Limited --
http://www.alliancemineralassets.com.au/-- engages in the
business of developing and exploiting Tantalite mineral resource
in Australia. The Company possesses the right to explore and mine
Tantalum at the Bald Hill Tantalite Mine and surrounding areas.
The Bald Hill Project covers an area of approximately 59,000
hectares and is located within the Eastern Goldfields Province of
the Archaean Yilgarn Block, within the Shire of Coolgardie,
approximately 50 kilometers east of Widgiemooltha. The Bald Hill
Project consists of over four mining leases, approximately eight
prospecting licenses, over eight exploration licenses, a general
purpose license, a retention license and other miscellaneous
licenses. Its Tantalum mineral resources comprise a total mineral
resource of over 2,580,000 tons averaging approximately 350 parts
per million (ppm) Tantalum pentoxide (Ta2O5). Its Tantalum is
used in production of capacitors in the electronics industry.


COMBINED COMM: Second Creditors' Meeting Set for Dec. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Combined
Communications Group Pty Ltd has been set for Dec. 18, 2017, at
10:00 a.m. at the offices of Oldhams Advisory, Level 20, 300
Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 14, 2017 at 4:00 p.m.

Glen Oldham of Oldhams Advisory was appointed as administrator of
Combined Communications on Nov. 13, 2017.


DRICONEQ AUSTRALIA: First Creditors' Meeting Set for Dec. 14
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Driconeq
Australia Pty Ltd will be held at QV1 Function Room, Level 2,
250 St Georges Terrace, in Perth, West Australia, on Dec. 14,
2017, at 10:30 a.m.

Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of Driconeq Australia on Dec. 4,
2017.


ENVIROTECH PTY: Second Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of EnviroTech
Pty Ltd has been set for Dec. 14, 2017, at 11:30 a.m. at Wesley
Mission, 220 Pitt Street, in Sydney, NSW.

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. 13, 2017 at 5:00 p.m.

Brent Trevor-Alex Kijurina and Joanne Freeman of Hall Chadwick
Chartered Accountants were appointed as administrators of
EnviroTech Pty on Nov. 10, 2017.


PEPPER RESIDENTIAL: Moody's Ups Cl. F Notes Rating to Ba3
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four
classes of notes issued by Pepper Residential Securities Trust
No. 18.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 18

-- Class C Notes, Upgraded to Aa3 (sf); previously on Mar 29,
    2017 Definitive Rating Assigned A2 (sf)

-- Class D Notes, Upgraded to A3 (sf); previously on Mar 29,
    2017 Definitive Rating Assigned Baa2 (sf)

-- Class E Notes, Upgraded to Baa3 (sf); previously on Mar 29,
    2017 Definitive Rating Assigned Ba1 (sf)

-- Class F Notes, Upgraded to Ba3 (sf); previously on Mar 29,
    2017 Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

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

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

As of October 2017, the note subordination for the Class C, Class
D, Class E and Class F notes had increased to 7.3%, 4.9%, 3.4%
and 2% from 5.9%, 4%, 2.8% and 1.6%, respectively at closing.

The notes will continue to pay down on a sequential basis until
at least the second anniversary of the transaction closing, which
will be in April 2019.

The performance of the mortgage portfolio is within Moody's
expectations. As of October 2017, 2.4% of the outstanding pool
was 30-plus day delinquent, and 0.6% was 90-plus day delinquent.
There were no losses to date.

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

Moody's has also decreased its MILAN CE assumption to 14% from
16.3% at closing, based on the current portfolio characteristics.

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

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

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

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

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

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


PERFORMANCE DEVELOPMENT: 2nd Creditors' Meeting Set for Dec. 14
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Performance
Development Group Pty Ltd has been set for Dec. 14, 2017 at
10:00 a.m. at the offices of Deloitte Financial Advisory Pty Ltd
Eclipse Tower, Level 19, 60 Station Street, in Parramatta, NSW.

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. 13, 2017, at 4:00 p.m.

Michael James Billingsley and Neil Robert Cussen of Deloitte
Financial were appointed as administrators of Performance
Development on Nov. 14, 2017.


SLATER AND GORDON: Shareholders Approve Recapitalisation Plan
-------------------------------------------------------------
Australian Associated Press reports that Slater and Gordon
shareholders have voted in favor of a recapitalisation plan that
hands control of the law firm to its lenders and sets the stage
for a boardroom cleanout by December.

Almost 70 per cent of votes at Slater and Gordon's annual general
meeting in Melbourne on Dec. 6 backed the plan which will see
hedge funds led by New York-based Anchorage Capital assume
control in a debt-for-equity deal, according to the AAP.

The report says Chairman John Skippen told shareholders the board
understood the deal was "disappointing" but the only way to
secure a future for the firm.

"The recapitalisation is essential for Slater and Gordon to avoid
insolvency," the AAP quotes Mr. Skippen as saying.

Slater and Gordon's value has plummeted and its debt has soared
in the wake of its disastrous expansion into the UK, via the
AUD1.2 billion acquisition of the professional services division
of the firm Quindell in 2015, the AAP discloses.

It has faced several class actions related to its market
disclosures in the wake of the firm's acquisition and subsequent
losses and writedowns, the report notes.

Slater and Gordon's market value fell from AUD2.8 billion in
April 2015 to a low of just AUD25 million in March.

The AAP adds that Mr. Skippen said he would remain as chairman
until the deal was finalised, most likely in December, after
which the new owners will appoint a new board of directors.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


SURFSTITCH GROUP: Billabong Makes AUD20MM Cash Offer for Retailer
-----------------------------------------------------------------
Bridget Carter at The Australian reports that Billabong is
believed to have made a cash offer for troubled retailer
Surfstitch worth up to AUD20 million.

The Australian says Billabong previously owned between 40% and
50% of Surfstitch and sold out for around AUD35 million, but now
remains an important customer for the surfwear brand. It comes
after Surfstitch went into administration in August, with FTI
Consulting appointed.

Founded in 2007, SurfStitch Group Limited --
https://www.surfstitch.com/ -- is fashion & surf store based in
Australia. It primarily engages in online retail, and online
advertising and publication activities. The Company provides
action sports brands primarily for teens and young adults through
its Websites, SurfStitch.com, Surfdome.com, and SWELL.com. It
also operates Magicseaweed, a user generated surf content network
that provides forecasting and live reporting of approximately
4,000 beaches worldwide; Stab, an online surf publishing network;
and Garage that produces and digitally distributes action and
sports long form files and TV content.

The Company was placed in administration in August 2017, after
being burdened with shareholder class actions, operating losses,
and a collapse of its share price. John Park, Quentin Olde and
Joseph Hansell of FTI Consulting were appointed as administrators
to the Company on August 24.


THINK TANK 2017-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of
the nine classes of small-ticket commercial mortgage-backed,
floating rate, pass-through notes to be issued by BNY Trust Co.
of Australia Ltd. as trustee of Think Tank Series 2017-1 Trust.

Think Tank Series 2017-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination for each class of rated note.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 3.0% of the outstanding balance
    of the rated notes, and principal draws, are sufficient under
    its stress assumptions to ensure timely payment of interest.
    S&P's cash-flow analysis also reflects that a minimum margin
    will be maintained on the assets.

-- The extraordinary expense reserve of A$250,000, funded from
    day one by Think Tank, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

  PRELIMINARY RATINGS ASSIGNED
  Class        Rating         Amount (mil. A$)
  A1           AAA (sf)       180.0
  A2           AAA (sf)        34.2
  B            AA (sf)         23.1
  C            A (sf)          23.7
  D            BBB (sf)        15.0
  E            BB (sf)         12.9
  F            B (sf)           5.7
  G            NR               2.4
  H            NR               3.0
  N.R.--Not rated.



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CENTRAL CHINA REAL: Moody's Lowers Senior Unsecured Rating to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded Central China Real
Estate Limited's (CCRE) senior unsecured ratings to B1 from Ba3.
The ratings outlook is stable.

This rating action concludes the rating review initiated on
October 27, 2017 following Moody's publication of its updated
cross-sector methodology "Notching Corporate Instrument Ratings
Based on Differences in Security and Priority of Claim" on
October 26, 2017.

RATINGS RATIONALE

The rating action reflects Moody's view that the company's senior
unsecured bond rating is lower than its corporate family rating
by one notch because of the risk of structural and legal
subordination.

This subordination risk reflects the fact that the majority of
claims of CCRE are at the operating subsidiaries, and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Central China Real Estate Limited is a leading property developer
in Henan Province. Founded in 1992, it listed on the Hong Kong
Stock Exchange in June 2008.


COUNTRY GARDEN: Moody's Lowers Senior Unsecured Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's senior unsecured rating to Ba2 from Ba1. The
ratings outlook is stable.

This rating action concludes the rating review initiated on 27
October 2017 following Moody's publication of its updated cross-
sector methodology "Notching Corporate Instrument Ratings Based
on Differences in Security and Priority of Claim"on October 26,
2017.

RATINGS RATIONALE

The rating action reflects Moody's view that the company's senior
unsecured bond rating is lower than its corporate family rating
by one notch because of the risk of structural and legal
subordination.

This subordination risk reflects the fact that the majority of
claims of Country Garden are at the operating subsidiaries, and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Country Garden Holdings Company Limited- founded in 1992 and
listed on the Hong Kong Stock Exchange -is a leading Chinese
integrated property developer. At the end of June 2017, its total
gross floor area (GFA) in China, including that of joint ventures
and associates, was 209.8 million square meters (sqm).

The company owned and operated 53 hotels with a total of 14,053
rooms at the end of June 2017. The hotels are located mainly in
Guangdong Province and complement its township development
projects.


GUIRENNIAO CO: Moody's Assigns B1 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) to Guirenniao Co., Ltd.

At the same time, Moody's has assigned a B1 rating to the
proposed senior unsecured notes to be issued by G Sports Limited
-- a wholly owned subsidiary of Guirenniao - and unconditionally
and irrevocably guaranteed by Guirenniao Co., Ltd.

The rating outlook is stable.

The bond rating reflects Moody's expectation that Guirenniao will
complete the bond issuance upon satisfactory terms and
conditions, including proper registrations with the National
Development and Reform Commission and the State Administration of
Foreign Exchange in China (A1 stable).

The proceeds from the issuance will be used mainly to refinance
existing indebtedness and for general corporate purposes.

RATINGS RATIONALE

"The B1 rating reflects Guirenniao's track record as a branded
sportswear manufacturer focused on China's lower-tier cities, and
its improving levels of business diversification and its
strengthening distribution channels," says Stephanie Lau, a
Moody's Vice President and Senior Analyst.

"We expect that Guirenniao's stabilizing own-brand sales and
newly acquired offline and online retail platforms will support
the overall group's EBITDA growth of around 7-10% in the next 12-
18 months," adds Lau, who is also Moody's Lead Analyst for
Guirenniao.

Founded in 2004 and headquartered in Jinjiang in Fujian Province,
Guirenniao is a Chinese sportswear apparel and footwear maker
that designs and produces its own-brand footwear, apparel and
accessories. It wholesales its own-brand sportswear. It is listed
on the Shanghai Stock Exchange in 2014.

Through the acquisitions of Jiezhixing and Mingxieku in 4Q 2016,
the company also retails other branded sportswear in China, such
as NIKE, Inc.(A1 stable), Adidas and LiNing.

The rating also considers Guirenniao's good profitability. The
company has gained experience in the management of its production
and suppliers, as well as cost optimization, as it has been
engaged in sportswear manufacturing since its inception. Such a
background accounts for its relatively high and stable adjusted
EBITA margins of 26%-31% since 2014.

Moody's projects Guirenniao's adjusted EBITA margin to decline to
around 20% in the next 12-18 months, compared to 31% and 27%
registered respectively in 2015 and 2016, reflecting lower
margins from its new retail businesses and stable profitability
for its own-brand sales. However, such a range is still solid
relative to its peers and appropriate for the company's current
rating category.

The rating also considers Guirenniao's projected trend in de-
leveraging, as achieved through EBITDA growth, as well as prudent
management of leverage and working capital.

Moody's projects leverage, as measured by lease-adjusted
debt/EBITDA, to decline gradually from end-FY2016's (proforma;
adjusted for full year impact from acquisitions) 5.5x to around
4.5-5.0x in the next 12-18 months; which is appropriate for its
current rating category.

The company has recently suspended plans to acquire a national
gym operator, Will's. Moody's expect it to pursue a more prudent
acquisition strategy by focusing on the integration of its newly
acquired businesses.

Guirenniao has made frequent acquisitions in 2016 and year-to-
date 2017. Between 2016 and 1H 2017, it spent around RMB1.3
billion to acquire Jiezhixing, Mingxieku and the licensed rights
for the distribution of the And 1 and Prince brand in China and
Korea.

On the other hand, the rating is constrained by Guirenniao's
modest scale - as measured by its revenue of around RMB2.3
billion in FY2016 -- compared to its rated global footwear peers.
There is also some degree of risk in regard to its product and
geographic concentration, because the majority of its revenue is
driven by sportswear consumption in lower-tier cities.

The rating also considers the sales volatility demonstrated in
Guirenniao's own-brand products between 2013 and 2016.

Nevertheless, Moody's expects that the company will gradually
improve its scale and business profile by widening its product
offering through its licensed rights to distribute both domestic
and international footwear and sportswear brands. Its newly
acquired business, Jiezhixing, is currently one of the top five
authorized distributors for Nike in China.

Accordingly, Moody's expects that the company's adjusted EBITDA
will grow around 20% to RMB850-900 million in the next 12-18
months from RMB702 million in FY2016 (pro-forma), underpinning
the faster growth of its retail businesses. Moody's project its
newly acquired retail businesses will account for around 30-35%
of forward EBITDA. Moody's further expect the remaining earnings
generated from Guirenniao's own-brand goods to remain relatively
flat.

Moody's expects good demand prospects from the international
retail brands represented under Guirenniao's new retail online
and offline platforms, which will in turn drive growth. For
instance, brands like Nike, Adidas and Vans achieved year-on-year
growth in sales of 12%, 10% and 26% respectively from Jiezhixing
and Mingxieku combined in 2016.

Guirenniao's liquidity is modest; as at September 30, 2017, it
had RMB2.3 billion in payment obligations for the next 12 months.

Guirenniao is likely to meet these obligations with a combination
of its cash position and refinancing activities. It has a good
record in fund raising through equity and domestic bond issuance.

Guirenniao's senior unsecured bond rating is not affected by
subordination to claims at the operating company level, because
the latter is not seen as material especially as Moody's expect
the majority of claims will remain at the holding company.

The stable outlook reflects Moody's expectation that Guirenniao
will maintain stable sales and margins for its own-brand goods,
while it continues to achieve EBITDA growth through the newly
acquired businesses. Moody's expect it to maintain a disciplined
approach to working capital management and acquisitions.

The rating could be upgraded if Guirenniao improves its scale and
product diversity, while maintaining strong organic earnings
growth, a prudent financial strategy, and adequate liquidity. The
continued broadening of its retail distribution activities would
also be a positive over time. Specifically, it would need to
sustain lease-adjusted debt/EBITDA below 4.0x and lease-adjusted
EBITA/interest coverage above 3.5-4.0x.

The rating could be downgraded if the company were to see a
sustained decline in revenue for its own-brand goods, or if it
were to undertake more sizable debt-funded acquisitions.

Specifically, the rating could be downgraded if its lease-
adjusted debt/EBITDA is sustained above 5.5x or its lease-
adjusted EBITA/interest coverage falls below 2.5-3.0x. Any
material change in its dividend distribution policy or liquidity
position could also pressure the rating.

The principal methodology used in this rating was Global Apparel
Companies published in May 2013.

Founded in 2004 and headquartered in Jinjiang, Fujian, Guirenniao
Co., Ltd. listed on the Shanghai Stock Exchange (CH:603555) in
2014 and was 77% owned by Chairman and CEO Mr. Tianfu Lin at end-
June 2017. The company posted revenues of RMB3.2 billion (USD0.5
billion) in the 12 months ended September 30, 2017. As at 1
December 2017, Guirenniao had a market capitalization of around
USD1.7 billion.


GUORUI PROPERTIES: S&P Alters Outlook Negative, Affirms 'B' CCR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Guorui Properties Ltd.
to negative from stable. At the same time, S&P affirmed its 'B'
long-term corporate credit rating on the China-based property
developer. S&P also affirmed its 'B-' long-term issue rating on
Guorui's outstanding senior unsecured notes.

S&P revised the outlook on Guorui to reflect the company's
weakening liquidity, stemming from its larger land acquisitions
than it expected in 2017.

At the end of June 2017, Guorui's ratio of unrestricted cash to
short-term debt was only 20%, significantly lower than 43% in
2016. The lower ratio indicates that the company relies more
heavily on debt refinancing. Although Guorui has been able to
refinance its debt obligations in the past, supported by its good
banking relationships, S&P sees risks in the company's ability to
continue to do so, given its accelerated expansion and the
tightening onshore credit environment in China.

The boost to Guorui's liquidity from an improvement in sales that
S&P expected is yet to materialize. This is partly due to
tightening government policies related to property sales in
satellite cities surrounding tier-one cities in China. For
example, the housing market in Langfang weakened significantly in
2017, after purchase restrictions on housing were implemented.
Guorui's Yongqing Glory City project, which contributed more than
a third of its contracted sales in 2016, was seriously affected.
In addition, the company's sales launch in some Beijing projects
has been slower than our expectation.

The outlook revision also reflects S&P's view that Guorui's
leverage could deteriorate further if the company continues its
debt-funded expansion. The company accelerated its land
acquisition in 2017, purchasing Chinese renminbi (RMB) 9.4
billion of land in the first three quarters, representing 130% of
its contracted sales during the period. As a result, its debt-to-
EBITDA ratio increased to 11.1x as of June 30, 2017, compared
with 7.1x in 2016. Most of the newly acquired projects are in
core locations that could sustain faster turnover and cash
returns. This could supplement the company's current projects
that have high margins but longer development cycles.

S&P said, "We affirmed the ratings on Guorui based on our
expectation that the company's liquidity could gradually improve
over the next 12-24 months, mainly driven by a significant
improvement in contracted sales. We estimate Guorui's saleable
resources will increase to RMB30 billion in 2018 (from RMB23
billion in 2017}, with over 50% in Beijing, Suzhou, Foshan, and
Haikou. Our view is supported by the increasing contribution from
the company's fast-churn projects in Suzhou, Foshan, and Beijing
that were purchased in 2016 and 2017. As such, the company's
contracted sales may reach RMB15 billion-RMB16 billion in 2018
(from RMB11 billion in 2016 and an estimated RMB12 billion in
2017), providing adequate cash flow to the company.

"We also note that Guorui's short-term debt as of June 30, 2017,
mainly constitutes bank loans that are pledged with project
assets. In general, the repayment risks of such project loans are
lower because their repayment schedules are tied to the sales
schedule of individual projects. We believe the larger repayment
risks will be related to Guorui's RMB3 billion corporate bonds
for which investors could exercise put options in late 2018.

"We expect Guorui's leverage to improve in 2018, after reaching a
peak in 2017. We believe the company's land-acquisition spending
in 2017 was opportunistic, given its large land reserve of around
8 million square meter that could support its growth in the next
three to four years. We estimate that Guorui's land acquisitions
will return to a more sustainable range of 30%-40% of contracted
sales in the next two years. Revenue will also pick up along with
the improvement in contracted sales. In our base case, we expect
the debt-to-EBITDA ratio to reach 12x-13x in 2017 but improve to
8x-9x in 2018, compared with 7.1x in 2016.

"We view Guorui's growing rental income as a support to its
credit profile. The company's newly opened Hademen Center (with
Grade A offices, and retail and parking space) is located at
Chongwenmen subway station, the central area of Beijing. The
company also has a retail project in Foshan that is scheduled for
launch in 2018.

"We estimate the company's rental income will grow to RMB600
million in 2018 and provide a longer term and less-costly funding
channel compared to peers'.

"The negative outlook reflects our view that Guorui's liquidity
and leverage may continue to worsen over the next 12 months
unless the company improves its sales and adopts a more prudent
approach to debt-funded expansion.

"We could lower the rating if Guorui's liquidity remains less
than adequate over the next 12 months, with liquidity sources
failing to improve from 0.8x of liquidity uses.

"We could also lower the rating if Guorui's debt-to-EBITDA ratio
increases further from its peak in 2017.

"We could revise the outlook to stable if Guorui significantly
improves its liquidity and financial leverage over the next 12
months through better sales execution and prudent land
acquisitions. A material improvement in the ratio of liquidity
sources to liquidity uses to 1.0x, and a decrease in the debt-to-
EDITDA ratio to at least 8x-9x may indicate such improvement."


MODERN LAND: Moody's Lowers Senior Unsecured Rating to B3
---------------------------------------------------------
Moody's Investors Service has downgraded Modern Land (China) Co.,
Limited's senior unsecured rating to B3 from B2. The rating
outlook is stable.

This rating action concludes the rating review initiated on 27
October 2017 following Moody's publication of its updated cross-
sector methodology "Notching Corporate Instrument Ratings Based
on Differences in Security and Priority of Claim" on October 26,
2017.

RATINGS RATIONALE

The rating action reflects Moody's view that the company's senior
unsecured bond rating is lower than its corporate family rating
by one notch because of the risk of structural and legal
subordination.

This subordination risk reflects the fact that the majority of
claims of Modern Land are at the operating subsidiaries, and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Modern Land (China) Co., Limited was founded in 2000 in Beijing
by Mr Zhang Lei, now its chairman, who is a real estate developer
in China. The company specializes in developing green housing
units, and is one of the few early leaders in China's green and
eco-friendly lifestyle market.

The company listed on the Hong Kong Stock Exchange in July 2013.
As of the end of 2016, it had a total land bank of approximately
5.4 million square meters in gross floor area, with 39 property
development projects in China (excluding investment properties
and properties held for its own use), located in cities such as
Beijing, Jiujiang, Nanjing, Nanchang, Taiyuan, Changsha, Xiantao,
Dongdaihe, Hefei, Wuhan, Shanghai, Suzhou and Foshan.



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


YANLORD LAND: Moody's Lowers Senior Unsecured Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has downgraded Yanlord Land (HK) Co.,
Limited's backed senior unsecured rating to Ba3 from Ba2. The
rating outlook is stable.

The rating action concludes the rating review initiated on
October 27, 2017 following Moody's publication of its updated
cross-sector methodology "Notching Corporate Instrument Ratings
Based on Differences in Security and Priority of Claim" on
October 26, 2017.

RATINGS RATIONALE

The rating action reflects Moody's view that Yanlord Land (HK)'s
backed senior unsecured bond rating is lower than Yanlord Land
Group Limited's (Ba2 stable) corporate family rating by one notch
because of the risk of structural and legal subordination.

This subordination risk reflects the fact that the majority of
claims of Yanlord Land Group Limited are at the operating
subsidiaries, and have priority over claims at the holding
company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Yanlord Land Group Limited is a major property developer in
China. It operates in the large Chinese cities of Shanghai,
Nanjing, Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu,
Tangshan, Zhongshan, Sanya and Wuhan. Yanlord Land Group Limited
was listed on the Singapore Stock Exchange in 2006. Its land bank
totaled 6.0 million square meters at the end of June 2017.



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


AGRICO INDUSTRIES: ICRA Assigns B+ Rating to INR20.75cr Loan
------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR30.0-crore fund-based facilities and proposed limits of Prasad
Agrico Industries Private Limited. The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits      9.25        [ICRA]B+(Stable) Assigned
  Unallocated
  (Proposed limits)     20.75        [ICRA]B+(Stable) Assigned

Rationale

ICRA's rating centrally factors in the execution and
implementation risks which are generally inherent to the projects
under construction. Further, the rating is also constrained by
the intensive competition in the rice milling industry which
would limit the company's profitability, and agro climatic risks
associated with the availability of paddy in adverse weather
conditions. Moreover, the rating also factors in PAIPL' small
scale of operations and weak financial profile, characterised by
weak return indicators, high gearing and weak debt-coverage
indicators.

However, the rating derives comfort from the well qualified and
professional promoters and the advantage of the company due to
the proximity of its storage facility to the different trading
items like potatoes, fruits, poultry etc. Going forward, PAIPL's
ability to achieve commercial production as per schedule and
achieve desired operating parameters will be the key rating
sensitivities
Key rating drivers

Credit strengths

* Location-specific advantage with cold-storage unit in Distt.
East Champaran (Bihar): The cold storage unit of PAIPL is located
strategically with close proximity to the different farm products
like vegetables, fruits and poultry items. This has helped the
company to save on the transportation cost.

Credit weaknesses

* Execution and implementation risks: PAIPL is setting up a rice
milling plant with a capacity of 52800 Metric Ton Per Annum
(MTPA). As the commercials operations are expected by March 2018
it exposes PAIPL to the execution and implementation risks which
are generally inherent to projects under construction.

* Vulnerability to the vagaries of monsoon and other agricultural
risks: Rice being an agricultural commodity is exposed to the
vagaries of monsoon and other agricultural risks such as the
outbreak of diseases, lower/higher-than-projected production
levels (that impact the supply and hence the price), poor storage
capacities and inconsistencies in quality. The company's ability
to buy paddy of consistent quality at the right price is the key
to success in the rice industry.

* Intense competition limits profitability: The rice industry is
highly competitive and fragmented in nature because of the
presence of established players as well as numerous small players
in the unorganised sector. Given the low capex and technical
complexity of the work, the entry barriers have remained low and
resulted in the presence of a large number of small-to-medium
scale enterprises. This in turn would put pressure on
profitability.

Prasad Agrico Industries Private Limited (PAIPL) was established
in November 2013 while became operational only in April 2015.
PAIPL provides cold-storage facilities for storing different
kinds of farm products on a rental basis with an installed
capacity to store 9000 MT along with trading of farm products.
The facility is located in Village Manguraha Distt East Champaran
(Bihar). The company is in process of setting up a rice milling
unit in the same premises. It will process basmati and non
basmati rice. The commercial production is expected from April
2018 with a milling capacity of 8 tons per hour (tph). The active
promoters are Mr. Yogendra Prasad and Mrs. Pratima Prasad.

PAIPL reported a net profit of INR0.23 crore on an operating
income (OI) of INR7.27 crore in FY2017 compared with a net loss
of INR1.43 crore on an OI of INR0.41 crore in the previous year.


ANJANEYA RICE: ICRA Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Anjaneya Rice Industries (ARI) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based             10.00      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Anjaneya Rice Industries was established as a partnership firm in
2009. The company is engaged in the milling of paddy and produces
raw and boiled rice. It is managed by Mr Voruganti Venkateshwarlu
(Managing Partner). The installed capacity of the plant is 8TPH
and is located at Miryalaguda in Nalgonda District of Telangana.


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

-- INR110 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Astha Innovations is a trader and consignment agent of iron &
steel products situated in Raipur, Chhattisgarh.


B D MOTORS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B D Motors Ltd's
(BDML) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR340.0 mil. Fund-based working capital limit affirmed with
    IND BB-/Stable rating;

-- INR12.0 mil. (reduced from INR30.6 mil.) Long-term loan due
    on March 2018 affirmed with IND BB-/Stable rating; and

-- INR1.0 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BDML's continued moderate credit
profile. In FY17, gross interest coverage (operating EBITDA/Gross
interest expense) was 1.3x (FY16: 1.2x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 6.3x
(6.2x). The marginal improvement in gross interest coverage was
due to a decrease in interest cost owing to the scheduled
repayment of long-term loan. The slight deterioration in net
financial leverage was due to a fall in operating EBITDA (FY17:
INR76 million; FY16: INR82 million). In addition, operating
margin slightly declined to 6.5% in FY17 from 7.2% in FY16,
primarily due to a fall in the sale of high-margin services and
spare parts. In FY17, revenue was INR1,172 million (up 2.2%yoy).

The ratings reflect BDML's tight liquidity, indicated by an
average utilisation of the fund-based limits of 99% for the 12
months ended October 2017.

The ratings continue to factor in BDML's association with Tata
Motors Limited in the Burdwan district, West Bengal.

The ratings, however, are supported by BDML's experience of
nearly a decade in the dealership of Tata Motors' vehicles in the
West Burdwan and Burdwan districts.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis will lead to a negative rating action.

Positive: An improvement in the credit metrics on a sustained
basis will lead to a positive rating action.

COMPANY PROFILE

BDML has been promoted by Mr Narendra Kumar Agarwal since. It is
engaged in automobile trading. It is working as a dealer for Tata
Motors' passenger vehicles. It has owned showrooms and workshops
across Burdwan, Durgapur and Asansol.


BARAMATI TOLLWAYS: ICRA Cuts Rating on INR36.17cr Loan to D
-----------------------------------------------------------
ICRA Ratings has downgraded the long-term rating to [ICRA]D from
[ICRA]BB+  with Stable outlook for the INR36.17 crore term loan
facilities of Baramati Tollways Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              36.17      [ICRA]D, rating downgraded
                                    from [ICRA]BB+ (Stable)

Rationale

The rating revision takes into account the stretched liquidity of
the company resulting in delays in debt servicing. The company's
cash flows have been impacted on account of exemption of toll on
passenger car vehicles on its project stretch with effect from
June 2015 in Maharashtra. While the exempted toll amount has to
be reimbursed by Maharashtra State Road Development Corporation
(MSRDC), the same is yet to be received by BTPL. The rating
further takes into account the delays in monetization of the land
asset which was to be handed over to the company as part of the
bidding terms. ICRA notes that the concession agreement
termination request placed by the company on grounds of default
by the authority due to its inability to provide clear possession
of entire 8.5 hectares of land piece is in advance stages and
timely conclusion of the matter would remain important.

ICRA, however, factors in the longstanding experience of the MEP
Group along with a demonstrated track record of operations in
toll management.

Key rating drivers

Credit strengths

* Part of MEP Group: BTPL is a part of the MEP Group which has an
established track record of operations in toll management. The
Group has a pan-India presence across eleven states and has
completed about 85 projects including 147 toll plazas and 943
lanes.

* Operational project: The project has an operating track record
of about seven years, having commenced commercial operations in
October 2010.

* Long tail period: The project debt has a long tail period of
about nine years providing financial flexibility for debt
refinancing.

Credit weaknesses

* Stretched liquidity profile resulting in delays in debt
servicing: The company has delayed in meeting its debt servicing
obligations owing to weak toll collections and inability to
monetize land asset as was envisaged at the time of bidding
impacting the revenues and project returns. Also, delays in
timely receipt of claims from the authority in lieu of toll
exemption have further worsened the liquidity of BTPL.

* Cash flows sensitive to traffic growth rate: BTPL's cash flows
are exposed to volatility in toll collections due to traffic
growth rate. Any moderation in traffic growth from anticipated
levels may lead to weakened project metrics.

* Absence of debt service reserve account: Absence of mandatory
debt service reserve account maintenance clause in the sanction
terms further weakens the credit profile of BTPL.

* Exposure to interest rate risk: BTPL's cash flows are exposed
to interest rate risk considering the floating nature of interest
rate for the project loan.

Baramati Tollways Private Limited (BTPL, the company), is a
Special Purpose Vehicle (SPV) set up by the MEP Infrastructure
Group for the purpose of toll collection, construction of a
bridge on Build Operate Transfer (BOT) basis and maintenance of
roads at Baramati City, Maharashtra, along with the development
of a land piece at Jalochi Grampanchayat.


DAVANAM JEWELLERS: ICRA Moves B Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Davanam Jewellers Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/A4 ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Cash
  Credit                  73.00      [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Non Fund based-
  Bank Guarantee           4.00      [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Unallocated              3.26      [ICRA]B (Stable)/A4 ISSUER
                                     NOT COOPERATING; Rating
                                     moved to the 'Issuer Not
                                     Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available limited
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Davanam Jewellers Private Limited (DJPL) is engaged in the
business of retailing of gold, silver, diamond jewellery in
Bangalore. It presently has three showrooms in Bangalore and
intends to add more stores based on the improving operating
environment. The company is run by the Davanam Family, which has
presence in the jewellery business since 1905.


DHARTI DREDGING: CARE Lowers Rating on INR208cr LT/ST Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dharti Dredging and Infrastructure Ltd (DDIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            79.96       CARE D Revised from
                                     CARE BBB-; Negative

   Long-term/Short-
   Term Bank
   Facilities           208.00       CARE D Revised from
                                     CARE BBB-; Negative/ CARE A3

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
DDIL, takes into account delays in servicing of debt obligation
owing to stretched liquidity position of the company led by delay
in realization of receivables.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position with delay in debt servicing: DDIL
had been experiencing stretched collection period in the last
three years led by significant delay in receipt of payments from
its clients. The average collection period has elongated to 311
days during FY17. Consequently, due to the inability of the
company to realize its receivables in a timely manner, there have
been delays in servicing the debt obligations. Deterioration of
capital structure and weak debt coverage indicators: Overall
gearing of the company has weakened from 0.92x as on March 31,
2016 to 1.06x as on March 31, 2017, due to the additional loan
availed by the company. Furthermore, in view of high debt
outstanding and lower gross cash accruals, total debt to gross
cash accruals (TDGCA) have also deteriorated from 4.82x during
FY16 to 6.96x during FY17.

Key Rating Strengths

Experienced promoter with long track record: The promoter; Mr. A.
Rajendra (Chairman and Managing Director) has long standing
experience of 20 years in the industry and looks after day to day
activities of the company. Under his leadership, the company has,
over the years, diversified into trenching and back-filling works
for the oil and gas industry for domestic as well as
international clients.

Improved margins at operating level albeit stable operating
income: Total operating income of the company remained stable at
INR 249.25 crore, (marginal growth of 1.40%) during FY17 against
INR 245.80 crore during FY16. Even though, the PBILDT margin
improved by 255 bps, PAT margin came down by 329 to 1.72% during
FY17 (against 5.01% during FY16) on account of higher interest
expenses.

Incorporated in 1993, Dharti Dredging and Infrastructure Ltd
(DDIL) is a Hyderabad-based company engaged in the work
of dredging, mainly capital dredging. In addition to dredging
activities, the company also undertakes trenching and back
filling works related to offshore pipeline installation, road
embankment projects, de-weeding of lakes, land reclamation etc.
DDIL has executed dredging projects in India, the Middle East,
Myanmar and Indonesia.


DOLL CERAMIC: ICRA Withdraws B Rating on INR3.06cr Term Loan
------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B,
outstanding on the INR6.06 crore fund-based facilities and
INR2.94 crore unallocated limits of Doll Ceramic Private Limited.
ICRA has also withdrawn the short-term rating of [ICRA]A4,
outstanding on the INR1.00 crore non-fund-based facility of DCPL.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash
  Credit                  3.00        [ICRA]B; Withdrawn

  Fund-based-Term
  Loan                    3.06        [ICRA]B; Withdrawn

  Unallocated Limits      2.94        [ICRA]B; Withdrawn

  Non-fund-based-
  Bank Guarantee          1.00        [ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Doll Ceramic
Private Limited have been withdrawn at the request of the
company, based on the no-due certificate provided by its banker.

Incorporated in April 2013, Doll Ceramic Private Limited
manufactures ceramic wall tiles of two sizes, 10" X 15" and 12" X
18". The manufacturing facility is located at Morbi in Gujarat
and has an installed capacity of manufacturing ~7,800 sqr. mtr.
per day. DCPL started its commercial production in November 2013
and is currently managed by four directors namely Mr. Ankit
Bavarva, Mr. Manoj Panchotiya, Mr. Dilip Kavar and Mr. Durlabhji
Chhaniyara along with other shareholders. The promoters of the
company have vast experience in the ceramic industry by virtue of
their association with other companies engaged in manufacturing
and trading of tiles.


FRIENDS PAPER: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Friends Paper
Mills (FPM) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit assigned with
    IND B+/Stable rating; and

-- INR89.195 mil. Long-term loans due on March 31, 2022 assigned
    with IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect FPM's small scale of operations, moderate
EBITDA margins, weak credit metrics and tight liquidity due to
its short operating record. It started commercial operations in
December 2016.

In FY17, revenue was INR86 million, EBITDA margins were 8.7%,
gross interest coverage was 1.3x, net financial leverage
(adjusted net debt/operating EBITDAR ) was 20x and net cash cycle
was 125 days. Its average utilisation of the fund-based limits
was 94% for the six months ended October 2017.

The ratings factor in the partnership structure of the
organisation.

The ratings, however, are supported by the firm's promoter's
experience of more than a decade in running a paper mill
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations,
profitability and credit metrics could lead to a positive rating
action.

Negative: Deterioration in the overall credit metrics and
liquidity position would lead to a negative rating action.

COMPANY PROFILE

FPM was incorporated on 2016. The firm manufactures kraft paper
in its 100MT/day facility in Pathankot, Punjab.


GARG ISPATUDYOG: CARE Assigns B- Rating to INR9cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Garg
IspatUdyog Limited (GIUL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Bank
   Facilities             9.00       CARE B-; Stable Assigned

   Short-Term Bank
   Facilities             6.00       CARE A4; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of GIUL are
constrained by its small scale of operations coupled with
operational losses, leveraged capital structure and stressed
coverage indicators. The ratings are further constrained on
account of susceptibility to volatility in prices of raw material
along with elongated working capital cycle and stretched
position. The ratings, however, draw comfort from experienced
promoters. Going forward, the ability of the company to increase
the scale of operations while improving its profitability margins
and capital structure shall be some key rating sensitivities.
Furthermore, managing its working capital requirement to support
the growing scale would also be key rating sensitivity.

Detailed description of the key rating drivers
Key Rating Weakness

Small scale of operations coupled with operational losses The
scale of operations of the company has remained small marked by a
total operating income and gross cash accruals of INR22.27 crore
during FY17 (FY refer to April 01 to March 31; based on
provisional results). The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Further during 4MFY18 (provisional) (refers to
the period April 01 to July 31), the company has achieved total
operating income of INR10.00 crores. Further the company has
incurred operational losses of INR 1.99 crores during FY17 on
account of adverse movement of raw material prices. With the low
base of own funds, its operations are highly susceptible to any
business shock, thereby limiting its ability to absorb losses or
financial exigencies. Furthermore, it also results into increased
vulnerability of its financial risk profile to any incremental
debt. The small scale limits the company's financial flexibility
in times of stress and deprives it from scale benefits.

Highly leveraged capital structure and stressed coverage
indicators The capital structure of the company stood highly
leveraged mainly on account erosion of networth base due to
operational losses in the recent past. Furthermore, the company
had taken loans for capacity expansion & working capital
requirements are mainly funded though bank borrowings.
Furthermore, debt coverage indicators marked by interest coverage
ratio and total debt to GCA stood weak on account of high
interest expense and high reliance on external borrowings.

Elongated Operating Cycle

The operating cycle of the company stood elongated at 157 during
FY17. The company is in the manufacturing of the customized
products and requires clearance from the customers before final
dispatch/delivery of finished goods. The same results into
average inventory period of 116 days as on March 31, 2017.The
company operates in a highly competitive industry and adopts a
liberal credit policy wherein it gives credit upto 120 daysits
customer and also receives credit upto 90 days from its
suppliers. Average working capital utilization remained around
90% for the past 12 month period ending September 30, 2017.

Susceptibility of margins to fluctuation in raw material prices
The prices of raw materials i.e. aluminum required for the
manufacture of fabricated sheets are volatile in nature. With the
cost of raw materials accounting for almost 75% of the total
production cost coupled with the absence of any long term supply
contract; an upward movement in the raw material prices may
adversely affect the profitability of the company. Furthermore,
the time lag between the procurement of raw material and bagging
up of order exposes the company to volatility associated with raw
material prices. The company being a small player is not able to
pass on the rise in raw material prices to its end consumer due
to stiff competition.

Key Rating Strengths

Experienced Directors

The operations of GIUL are currently managed by Mr. Manish Gupta,
Ms. Nidhi Gupta, Ms. Alka Gupta and Ms. Kamini Goyal. Mr. Manish
Gupta is a graduate by qualification and has an experience of one
and half decades in the manufacturing industry through his
association with GIUL. Ms. Alka Gupta is a matriculate by
qualification and has an experience of two decades in the
manufacturing industry through his association with GIUL. Ms.
Nidhi Gupta is a post-graduate by qualification and has an
experience of around half a decade decades in the manufacturing
industry through his association with GIUL.

Delhi based , Garg IspatUdyog Ltd. (GIUL) was incorporated in
1987 and is currently being managed by Mr. Manish Gupta, Ms.
Nidhi Gupta, Ms. Alka Gupta and Ms. Kamini Goyal. GIUL is engaged
is manufacturing of MS black pipes, scaffolding, PPG fabricated
sheets for Buildings, MS fabrications etc. GUIL procures key raw-
material viz. HR-coil, aluminium extrusion, aluminium form work
from traders. The company sells its products domestically to real
estate developers and construction contractors.


GAUTAM TRADING: Ind-Ra Raises Issuer Rating to B+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Gautam Trading
Company's (GTC) Long-Term Issuer Rating to 'IND B+' from 'IND B'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR 18.8 il. Term loan due on December 2020 assigned with IND
    B+/Stable rating; and

-- INR250 mil. Fund-based working capital limit long-term rating
    upgraded; short-term rating affirmed with IND B+/Stable/
    IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in GTC's revenue profile in
FY17 because of an increase in product demand. Revenue grew 9.97%
yoy to INR715.65million in FY17. Till November 2017, the company
earned revenue of INR500 million, which it expects to grow by 10%
over the medium term.

The upgrade also reflect the marginal improvement in GTC's credit
metrics due to the repayment of a term loan, with interest
coverage (operating EBITDAR/gross interest expense) of 1.27x in
FY17 (FY16: 1.21x) and leverage (adjusted net debt/operating
EBITDAR)of 8.54x (8.64x). The company expects credit metrics to
further improve over the medium term on account of the absence of
any debt-funded capex plan.

However, the scale of operations remains small and leverage high.
Also, the EBITDA margins are weak and fluctuated in the range of
2.5%-5% during FY14-FY17 due to the volatility in input prices
and foreign exchange on account of the commoditised nature of
business.

The ratings are supported by GTC's continued comfortable
liquidity position. Its utilisation of the fund based limits over
the 12 months ended October 2017 was 88% on average. Moreover,
the company's promoters have a decade-long experience in the
spices trading and processing business.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining or
improving the operating margins leading to an improvement in the
credit metrics will be positive for the ratings.

Negative: Any dip in the operating margins or decline in the
revenue leading to deterioration in the credit metrics and
pressure on liquidity will be negative for the ratings.

COMPANY PROFILE

GTC is a proprietorship firm, trading in whole spices, oil seeds
and agro commodities.


HIM CYLINDERS: CARE Cuts Rating on INR18cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Him Cylinders Ltd (HCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          18        CARE D Revised from
   Facilities                        CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

Delays in debt servicing:There have been on-going delays by HCL
in servicing of its debt obligations,resulting from stressed
liquidity. Detailed description of the key rating drivers As
reported by the bankers, there have been delays in payment of
principal and interest on term loan in HCL. These were mainly on
account of mismatch of cash flows.

Him Cylinders Ltd (HCL), incorporated on August 19, 1983 as a
private limited company, belongs to the Him Group of Companies of
New Delhi and is engaged in manufacturing of LPG Cylinders.
Subsequently, it was converted into a public limited company in
July 1999. The manufacturing facility of the company is located
in Una district of Himachal Pradesh having an installed capacity
to manufacture 15.56 lakh cylinders per annum. The company
manufactures the products according to the clients specifications
and sells its entire output to the public sector oil marketing
companies (OMC).


HIM STEEL: CARE Lowers Rating on INR50cr LT Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Him Steel Pvt Ltd (HSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              50        CARE D Revised from
                                     CARE BB-; Stable

   Short-term Bank
   Facilities               5        CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

Delays in debt servicing: There have been on-going delays by HSPL
in servicing of its debt obligations, resulting from stressed
liquidity.

Detailed description of the key rating drivers

As reported by the bankers, there have been delays in payment of
principal and interest in HSPL. These were mainly on account of
mismatch of cash flows.

Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 03, 2011 for the purpose of
trading in gold, silver and precious stones etc with the name
M/s. Shree Bullion Pvt Ltd. Thereafter in FY15, the management
decided to carry on the steel business and taken over an
automatic steel plant situated at Bilaspur, Himachal Pradesh,
with installed capacity of 1,26,667 Metric Tonnes Per Annum
(MTPA) in e-auction arranged by the Allahabad Bank dated August
31, 2015 and subsequently in September 2015, the company amended
its name and objects clause under the name and style of Him Steel
Pvt. Ltd. to carry on the business of manufacturing and sale of
TMT bars and wire rods. The total expense incurred was INR71.15
crore.

The company sources its raw material i.e. steel scrap and MS
ingot (based upon requirement) from Delhi, Gujarat and Punjab
whereas it sells its finished product viz. TMT bars under the
brand name of "Kamdhenu", a well known brand for TMT bars in
Northern India owned by KamdhenuIspat Limited.

The company is a part of Him group, founded in 1986 by Mr. Ashok
Raja, which is engaged in manufacturing of LPG cylinders, valves
and regulators and TMT bars.


HIM VALVES: CARE Lowers Rating on INR18.14cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Him Valves And Regulators Pvt Ltd (HVRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            18.14       CARE D Revised from
                                     CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

Delays in debt servicing: There have been on-going delays by
HVRPL in servicing of its debt obligations, resulting from
stressed liquidity.

Detailed description of the key rating drivers

As reported by the bankers, there have been delays in payment of
principal and interest in HVRPL. These were mainly on account of
mismatch of cash flows.

Him Valves and Regulators Private Limited (HVRPL), incorporated
on June 10, 1997, is promoted by Shri Ashok Prakash Raja and Shri
Shanti Swarup Raja. The company is engaged in manufacturing of
valves and regulators with an installed capacity of 17 lakh units
and 12 lakh units per annum respectively. The manufacturing
facility of HVR is located in Himachal Pradesh and is accredited
with ISO 9002:1994. The main raw materials used for manufacturing
are zinc alloys and brass rods which are mainly procured
domestically from local agents. The company manufactures the
products according to the client's specifications and sells its
output to the public sector oil marketing companies (OMC) and its
group companies OMID Engineering Ltd and HIM Cylinders Ltd.


ISKCON METALS: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+
assigned to the INR12.50 crore fund based facilities of Iskcon
Metals. The outlook on the long-term rating is Positive.


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  8.00      [ICRA]B+(Positive) Reaffirmed

  Fund-based-Term         4.50      [ICRA]B+(Positive) Reaffirmed
  Loan

Rationale

The reaffirmation in the rating with positive outlook takes into
account the improvement in capital structure and coverage
indicators during FY2017 due to capital infusion by partners. The
rating continues to positively factor in the extensive experience
of the promoters in the secondary steel industry and their
established relationships with clients due to their association
with other group concerns.

The rating, however, continue to remain constrained by IM's
limited value added nature of operations, and susceptibility of
operating profitability to fluctuation in raw material (MS
ingots) which remains linked to steel prices. This coupled with
intense competition in the secondary steel manufacturing industry
further constrains the profitability, which is visible from the
moderation in operating profitability during H1 FY2018.
Furthermore, the rating takes note the high dependence of IM's
products on construction and infrastructure sector exposes the
firm's product demand of these sectors which remains cyclical.
ICRA also notes that IM is a partnership firm and any significant
capital withdrawals could affect its net-worth; however, capital
infusion by partners in past two years provides comfort.

Going forward, IM's ability to grow in scale and maintain
adequate operating profitability given pressure witnessed during
in H1 FY2018, would remain key rating sensitivity. Furthermore,
IM's ability to maintain its working capital cycle to maintain
adequate capital structure will remain key monitorable.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the secondary steel
industry: The promoters of the firm have extensive experience in
secondary steel industry on account of their engagement with
associate concerns- Pragati Steel Industries and Maruti Steel Re-
Rolling Mill engaged in similar business.

* Sustainable improvement capital structure and coverage
indicators in FY2017: The partners have infused capital in the
past two fiscals. INR1.53 crore in FY2017 and INR1.10 crore in
FY2016 resulting in improvement in gearing from 2.65 times as on
March 31, 2016 to 1.43 times as on March 31, 2017 along with
improvement in debt coverage indicators.

Credit weaknesses

* Fluctuating operating profitability: The steel prices have
remained volatile during recent past given the cyclicality
associate with the industry. This has resulted into fluctuating
operating profitability for IM as marked by 4.76% in FY2015,
which increased to 6.67% in FY2016 and further to 7.43% in
FY2017; however, the same has moderated to 4.34% during H1FY2018
because of increase in steel prices during the same period.

* Fragmented industry structure: The secondary steel industry
remains fragmented with presence of various unorganised players
which are only engaged in re-rolling operations and do not have
backward integration to manufacture ingots. Furthermore, IM's
ability to pass on any adverse increase in raw material prices
remains limited.

* High dependence on construction and infrastructure sector: Long
structural steel products like MS angles and channels majorly
find application in construction and infrastructure sector, which
is cyclical in nature. Hence, the demand for these products
depends on the fortunes of construction and infrastructure
sectors.

* Risks inherent in partnership firm - Any substantial capital
withdrawal, given the partnership nature of the firm's
constitution, could impact the net-worth and gearing levels.
However, capital infusion by the partners in past two years
provides comfort.

Established in August 2012, as a partnership firm by the Patel
family, Iskcon Metals (IM) is engaged in the manufacturing of
long structural steel products, Mild Steel (MS) angles and
channels. The manufacturing facility of the firm is located at
Vijapur, Gujarat, with a production capacity of 29,500 tonnes per
annum. Currently, the partners of the firm are associated with
Pragati Steel Industries, which is engaged in the manufacturing
of structural steel products of smaller size.


JOYMAKALI COLD: CARE Assigns B Rating to INR5.62cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Joymakali Cold Storage Private Limited (JMCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.62       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of JMCS is constrained
by small size of operations with low profitability margins,
seasonality of business with susceptibility to vagaries of
nature, regulated nature of industry, risk of delinquency in
loans extended to farmers, leveraged capital structure with weak
debt coverage indicators and fragmented & competitive nature of
industry. The rating, however, derives strength from the
experienced promoters, long track record of operations and close
proximity to potato growing area.

Going forward, the JMCS's ability to increase its scale of
operations, improvement in profitability margins and ability to
manage working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with low profitability margins: JMCS is
a small player vis-a-vis other players in the domestic cold
storage industry marked by total operating income of INR1.69
crore (INR2.12 crore in FY16) with a PAT of INR0.03 crore (INR
0.11 crore in FY16) in FY17. Furthermore, the total capital
employed also remained low at INR6.63 crore (INR5.89 crore as on
March 31, 2016) as on March 31, 2017. The PBILDT margin of the
company remained healthy at 26.53% in FY17. However, the PAT
margin remained thin at 1.89% in FY17. In 7MFY18, the company has
achieved a turnover of INR1.37 crore.

Seasonality of business with susceptibility to vagaries of
nature: The cold storage business is seasonal in nature as potato
is a winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable 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 from December to
January. Moreover, 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.

Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
JMCS to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, JMCS provides advances to
farmers. Before the close of the season in November, the farmers
are required to pay their outstanding dues, including repayment
of the loan taken. In view of this, there exists a risk of
delinquency in loans extended to farmers as significant amount of
working capital remained blocked in advances given to the farmers
in case of downward correction in potato or other stored goods
prices as all such goods are agro commodities which may affect
the financial risk profile of the company.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained highly leveraged
marked by overall gearing ratio of 5.37x (4.84x as on March 31,
2016) as on March 31, 2017. Furthermore, the debt coverage
indicators marked by interest coverage of 1.50x and total debt to
GCA of 56.89x in FY17. Further, the total debt to GCA
deteriorated significantly to 56.89x in FY17 from 28.13x in FY16.

Competitive and fragmented nature of industry: 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.
JMCS is mainly into storage of potatoes which is highly
fragmented and competitive in nature due to presence of many
small players with low entry barriers. In such a competitive
scenario smaller companies like JMCS in general are more
vulnerable on account of its limited pricing flexibility.


Key Rating Strengths Long track record of operations and
experienced promoters: JMCS is into cold storage services since
1978 and thus has long operational track record. Due to long
track record of operations of the company, the promoters have
gained significant experience in the cold storage industry. The
Key promoter, Mr. Naba Kumar Kundu has a decade of experience in
cold storage business, looks after the overall management of the
company supported by other directors.

Proximity to potato growing area: JMCS's storage facility is
located at Hooghly, West Bengal which is one of the major potato
growing regions of the state. The favourable 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.

Incorporated in January 1978, JMCS is promoted by the Kundu
family of West Bengal. The company provides cold storage services
for potatoes to the farmers and traders on a rental basis. The
cold storage unit of the company is located at Hooghly, West
Bengal with a storage capacity of 15060 metric tonnes. 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 against potato stored.


JEKPL PRIVATE: NCLT Rejects Exim Bank's INR625-crore Claim
----------------------------------------------------------
The Economic Times reports that Allahabad bench of the bankruptcy
court has rejected a plea from Exim Bank to treat its claim of
INR625 crore on JEKPL Private Limited as financial debt after
insolvency proceedings have been filed against the Allahabad-
based firm.

ET relates that the decision of Allahabad National Company and
Law Tribunal (NCLT) is expected to further push lenders not to
dither in filing insolvency proceedings after similar action has
been taken by other creditors, said two officials aware of the
verdict.

According to the report, Exim Bank had approached NCLT after
resolution professional Mukesh Mohan rejected its claim to treat
the counter corporate guarantee of INR625 crore given to JEKPL as
a valid claim under 'financial debt' and to include it in
committee of creditors with a voting share proportional to amount
of claims.

The bank had invoked its claim on March 30, almost two weeks
after corporate insolvency resolution process (CIRP) was
initiated against the company on March 17, the report recalls.
Adjudicating authority had already declared moratorium period
when proceedings on the corporate debtor company are restrained,
ET notes.


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

-- INR50 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING); and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 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 1987, Jumax Foam manufactures polyurethane foam
and memory foam products with an installed capacity of 2,500MTPA
in the national capital region.


KALPESH SYNTHETICS: ICRA Hikes Rating on INR12.63cr Loan to B/A4
----------------------------------------------------------------
ICRA Ratings has revised the long-term rating from [ICRA]B+ to
[ICRA]B assigned to the INR12.63 crore1 bank limits of Kalpesh
Synthetics Private Limited. ICRA has also re-affirmed the short-
term rating of [ICRA]A4 assigned to the INR4.00 crore short-term
inter-changeable bank limit of the company. The outlook on the
long-term rating is Stable.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund-based and non-
  fund based limits        12.63      [ICRA]B(Stable)/[ICRA]A4;
                                      Revised from
                                      [ICRA]B+/[ICRA]A4

Rationale

The revision of rating considers the consistent revenue de-growth
of the company due to subdued demand in the domestic market and
reduction in trading operations. The ratings continue to be
constrained by KSPL's weak financial profile, as reflected by
high gearing and weak coverage indicators. As the operations of
the company are characterised by high competitive pressure and
limited value addition, the profitability continues to be modest.
The profitability is also vulnerable to volatility in currency
market as well as raw material prices. ICRA also notes the
deterioration in working capital position during FY2017 due to
increase in receivables and inventory. However, the ratings
positively factor in the long experience of the promoters in the
textile weaving industry and the operational support it receives
from its group companies.

Key rating drivers

Credit strengths

* Long experience of promoters in the textiles industry through
group concerns: KSPL is promoted by the Shah family, with its
rich experience in the textile industry. The operations are also
ably supported by other group companies who are engaged in the
textile weaving sector.

Credit weaknesses

* Consistent revenue de-growth due to subdued demand in the
domestic market and reduction in trading operations: The company
reported a sharp revenue de-growth in the last three years at a
negative compounded annual growth rate (CAGR) of around 47%. The
fall in revenue during FY2016 and FY2017 was impacted by a
significant reduction in traded goods sold, coupled with the
subdued demand in the domestic market. The operating income
declined from INR101.57 crore in FY2015 to INR72.47 crore in
FY2016, and further to INR29.03 crore in FY2017.

* High working capital intensity due to increase in receivables
and inventory: The working capital intensity increased from 30%
in FY2016 to 76% in FY2017 due to the steep rise in receivables
and inventory. The receivables increased as on March 31, 2017 due
to delay in receipt of payment from customers while the inventory
was very high, because of piling up of stocks owing to low sales.

* Weak financial profile characterised by high gearing and weak
coverage indicators: The capital structure was leveraged with the
gearing at 2.22 times as on March 31, 2017 (2.31 times as on
March 31, 2016). The company's debt profile comprises working
capital debt, loans from banks/financial institutions and
unsecured loan from related parties. The coverage indicators were
weak with the Total Debt/OPBDITA and NCA/Total Debt at 7.47 times
and 2%, respectively, in FY2017.

* Thin profitability due to low value-added nature of business
and intense competition in the textile industry: The company is
involved in manufacturing (which involves low value addition) and
trading of fabrics, and thereby the profit margins are thin.
Moreover, the textile industry is highly fragmented and dominated
by a large number of small players, which limits pricing
flexibility. However, KSPL's profitability improved in FY2017,
due to the reduced share of trading operations.

* Profitability is also vulnerable to volatility in the currency
market as well as raw material price movements: With most of the
products being exported, the receipts are exposed to adverse
movements in Indian Rupee against the US Dollar or Euro. The
volatility could have a significant impact on the margins of the
company. The major raw materials for the textile products
manufactured by KSPL are polyester and poly-cotton yarn, the
prices of which see fluctuation due to volatility in cotton and
polyester prices. Although, a portion of the purchases are order-
backed, the company's profitability is exposed to price
fluctuation risk on account of high inventory of finished goods.

Kalpesh Synthetics Private Limited was set up by Mr. Ashwin Kumar
Shah in 1987. It is involved in the trading of shirting and
suiting fabrics and the manufacturing of bathrobes, gowns and
table linen. The company receives orders from its customers and
outsources the manufacturing work on job-work basis to third
party manufacturing units. The company has increased its focus on
manufacturing operations in FY2017, because of which there has
been a decline in trading operations to 40% of the total sales
from 77% in FY2015 and FY2016.

KSPL's manufacturing facility is located in Valsad (Gujarat),
while its registered office is in Mumbai. KSPL largely caters to
the domestic market (64% of total sales in FY2017), and exports a
smaller portion of its products primarily to the USA and Middle
Eastern countries.

In FY2016, the company reported a net profit of INR0.16 crore on
an operating income of INR72.47 crore, and a net profit of
INR0.33 crore on an operating income of INR29.03 crore in FY2017
(provisional numbers).


KHUSHI FOODS: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE has been seeking information from Khushi Foods Limited to
monitor the ratings vide e-mail communications/letters dated
May 3, 2017, June 3, 2017, July 3, 2017, August 18, 2017,
September 18, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines, CARE's rating on Khushi Foods Limited
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

CARE gave these ratings:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             7.37       CARE D; ISSUER NOT
                                     COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating on August 17, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses
Delay in Debt Servicing

There are several instances of overdrawing in the cash credit
account coupled with delays in term loan repayment. The overall
conduct of the account is not satisfactory.

Khushi Foods Ltd. (KFL) earlier known as Khushi Foods Pvt. Ltd.
(changed from December 23, 2011) was incorporated on March 5,
2008 by Mr.Rajendra Sharma and Mr.Jagdish Sharma. KFL's
processing unit is located at Mahua, Bhavnagar spread over 464.51
sq.mtrs with an installed capacity of 3,200 metric tonne per
annum (MTPA). KFL is engaged in the business of dehydrated of
vegetables and processes instant ready to cook products. KFL has
developed ready to cook products such as garlic magic and pizza
magic which face less competition in the market. Such products
have heavy demand outside Gujarat and pan India at large for
which KFL is looking forward aggressively to promote its products
and secure business. KFL also exports its products to various
countries such as Nepal, Russia, Bulgaria and Poland.


LAXMI SREE: CARE Assigns B+ Rating to INR5.59cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Laxmi
Sree Rice Mill Private Limited (LSRMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.59       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.05       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of LSRMPL are
constrained by short track record and small scale of operations
with low profit margins, regulation by the government in terms of
MSP, seasonal nature of availability of raw material resulting in
high working capital intensity, exposure to vagaries of nature,
moderately leveraged capital structure with moderate debt
coverage indicators and fragmented and competitive nature of
industry. However, the ratings derive strength from experienced
promoters, close proximity to raw materials sources and favorable
industry scenario. Going forward, LSRMPL's ability to increase
scale of operations with improvement in profit margins and
effective management of its working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operation with low profit
margins: LSRMPL is into rice milling business since November 2013
and thus has short track record of operations. Furthermore, the
scale of operations of the company remained small marked by total
operating income of INR37.28 crore with a PAT of INR0.18 crore in
FY17. However, the total operating income has grown at a CAGR of
6.16% during FY15-FY17 on account of increasing demand of its
products in the market. The profit margins of the company also
remained low marked by PBILDT margin of 5.38% and PAT margin of
0.49% in FY17. In H1FY18, the company has reported turnover of
INR12.50 crore.

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

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature:
Agro product processing business is working capital intensive as
the millers have to stock paddy by the end of each season till
the next season as the price and quality of agro products are
better during the harvesting season. Accordingly, the working
capital intensity remains high impacting company's profitability.
Moreover, the average fund based working capital utilisation
remained high at 98% during the last twelve months ended on
August 31, 2017. Also, agro products cultivation is highly
dependent on monsoons, thus exposing the fate of the company's
operation to vagaries of nature.

Moderately leveraged capital structure with moderate debt
coverage indicators: The capital structure of the company
remained moderately leveraged marked by overall gearing ratio of
2.07x as on March 31, 2017. Furthermore, the debt coverage
indicators also remained moderate marked by interest coverage
ratio of 2.28x and total debt to GCA at 8.38x in FY17.

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

Key Rating Strengths

Experienced promoters: The key promoter, Mr. Sanjoy Ghosh has
around 11 years of experience in rice milling industry through
his partnership firm 'Laxmi Sree Rice Mill, looks after the
overall management of the company supported by other director,
Mr. Chitta Ranjan Ghosh who has more than four decades of
experience in the agro-commodity and chemical business. The
company is deriving benefits out of the wide experience of the
promoters.

Close proximity to raw material sources and favorable industry
scenario: LSRMPL's plant is located at Birbhum, West Bengal which
is close to the vicinity to a major rice growing area of West
Bengal. The entire raw material requirement is met locally from
local farmers/agents which helps the company to save substantial
amount of transportation cost and also procure raw materials at
effective price. Further, rice being a staple food grain with
India's position as one of the largest producer and consumer,
demand prospects for the industry is expected to remain good in
near to medium term.

LSRMPL was incorporated in November 2013 by taking over their
existing partnership firm 'M/s Laxmi Sree Rice Mill' which was
into rice milling business since 2006. The company was promoted
by Mr. Sanjoy Ghosh and Mr. Chitta Ranjan Ghosh. Since its
inception, the company has been engaged in processing and milling
of non-basmati rice. The manufacturing facility of the company is
located at Birbhum, West Bengal with aggregate installed capacity
of 37500 metric ton per annum, which is in the vicinity to a
major rice growing area.


LINERS INDIA: ICRA Moves C Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the long-term rating of [ICRA]C to the
INR34.20-crore fund based facilities, short term rating of
[ICRA]A4 to INR15.75 crore non-fund based limits, and the long
term / short term rating of [ICRA]C/[ICRA]A4 to INR0.05 crore
unallocated limits of Liners India Limited to the 'Issuer Non-Co-
operating' category. ICRA has also moved the rating of MC+ to the
INR5.00 crore FD programme of LIL to Issuer Non-Co-operating'
category. The rating is now denoted as "[ICRA]C/[ICRA]A4/MC+
ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based limits      34.20      [ICRA]C ISSUER NOT
                                    COOPERATING; Ratings
                                    moved to the 'Issuer
                                    Not Cooperating'
                                    category

  Non fund based         15.75      [ICRA]A4 ISSUER NOT
  limits                            COOPERATING; Ratings
                                    moved to the 'Issuer
                                    Not Cooperating'
                                    category

  Unallocated             0.05      [ICRA]C/[ICRA]A4 ISSUER NOT
                                    COOPERATING; Ratings moved
                                    to the 'Issuer Not
                                    Cooperating' category

  FD Programme            5.00      MC+ ISSUER NOT COOPERATING;
                                    Ratings moved to the 'Issuer
                                    Not Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

* Established position of the company in the Liners manufacturing
and mechanical engineering Industry: The promoters of the company
have more than three decades of experience in the liners
manufacturing and other mechanical engineering products,
resulting in established relationship as demonstrated by repeat
orders from most of its clients.

* Reputed client base: The company has a diversified client base
which includes reputed players in the auto sector namely Ashok
Leyland, Royal Enfield, Mahindra & Mahindra Limited, John Deere
etc, which in turn leads to lower counterparty risk and reduces
dependence on one customer.

Credit weaknesses

* Weak financial risk profile: The financial risk profile of the
company is weak with gearing at 2.28 times, interest coverage at
0.99 times, NCA/Total debt of 4% and TD/OPBDITA of 6.78 times as
on March 31, 2016.

* Weak liquidity position as reflected by high utilisation of
working-capital facilities: The average utilisation of cash-
credit facility was high at 99% for the period July,2015 to
July,2016 due to high inventory holding and raw-material
procurement on advance terms.

* Profitability indicators exposed to the volatility in price
movements of raw material: The margins of the company are
affected by the raw material price fluctuations, mainly Pig Iron
and Ferro Molybdenum, which in turn affects the sales
realisations. Any adverse movement in the price of raw materials
could have an adverse impact on the company's margins.

Liners India Limited was originally established in 1974 as a
partnership firm; the firm was reconstituted as a private limited
company in 1986 and to a public limited company in 1994. LIL has
two divisions: cylinder liner manufacturing and automobile
components trading. The manufactured products are supplied to
original equipment manufacturers of heavy, medium, and light
commercial vehicles, tractors, and diesel engines worldwide. The
company has manufacturing units in Vijayawada (Andhra Pradesh),
and Rudrapur (Uttarakhand) with an installed capacity of 24 crore
liners per annum.


M V AGRO: ICRA Lowers Rating on INR11.50cr Term Loan to D
---------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]D 'ISSUER
NOT COOPERATING' from [ICRA]B- 'ISSUER NOT COOPERATING' assigned
for the INR15.50-crore1 fund based bank facilities of M V Agro
Renewable Energy Private Limited. Further, ICRA has also revised
the long term/short term rating to [ICRA]D 'ISSUER NOT
COOPERATING' from [ICRA]B-/[ICRA]A4 'ISSUER NOT COOPERATING' for
the INR0.50-crore unallocated bank limits of M V Agro Renewable
Energy Private Limited.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long Term-Term Loan     11.50      [ICRA]D ISSUER NOT
                                     COOPERATING Revised
                                     from [ICRA]B-(Stable)
                                     ISSUER NOT COOPERATING

  Long Term-Cash Credit   4.00       [ICRA]D ISSUER NOT
                                     COOPERATING Revised
                                     from [ICRA]B-(Stable)
                                     ISSUER NOT COOPERATING

  Long Term/Short
  Term-Unallocated        0.50       [ICRA]D ISSUER NOT
                                     COOPERATING Revised
                                     from [ICRA]B-(Stable)/
                                     [ICRA]A4 ISSUER NOT
                                     COOPERATING

Rationale

The rating revision reflects delays in servicing of debt
obligations falling due for payment in the months of October and
November 2017, owing to stretched liquidity position and weak
cash flow from operations.

Key rating drivers

Credit strengths

* Substantial experience of the promoters in diverse industry
segments and setting up of new businesses: Mr. K Kiran Kumar, an
engineering graduate, is the managing director of the company. He
is also the promoter of MV Infra Services Pvt Ltd, M V Builders
and Developers, and MV Farms. He holds more than twenty five
years of experience in setting up of new businesses in diverse
industry segments.

* Proximity of the business to large biomass producing areas: The
plant is strategically located in Praskasham District in Andhra
Pradesh. The raw material required for the production of fuel
pellets i.e. Subabul, Eucalyptus and Juli Flora, are grown
extensively in 50 km radius.

* Eligibility for several government subsidies and benefits: The
company is eligible for several incentives like interest
reimbursement, VAT reimbursement, land conversion reimbursement,
power subsidy and capex subsidy from state government under
Industrial Development Policy 2015-2020 under
new/expansion/diversification category.

Credit weaknesses

* Small scale of operations and leveraged capital structure: The
financial profile of the company is characterized by small scale
of operations limiting economies of scale and by leveraged
capital structure on account of debt funded capital expenditure
incurred by the company for setting up of fuel pellets plant.

* Inability of the company to enter into any long term contracts
with prospective customers: The company has identified a few
potential customers for supply of its product. While it has
received a few orders from Hetero Labs Limited and Kellogg India
Private Limited, it has not been able to enter into long term
contracts with its prospective customers.

* Low bargaining power resulting in lower realizations: The
company has low bargaining power with its customers resulting in
lower than expected realisation per MT, directly impacting the
revenues of the company. Also being a new product, the market of
the same is not developed. The company plans to acquire new
customers by offering discounts.

M V Agro Renewable Energy Private Limited, incorporated in year
2014, manufactures bio fuel pellets from agro wastes, plant
residues, stems and plant biomass as the primary sources of raw
materials. The company has an installed capacity of 150 tons per
day and its manufacturing facility is located in Praskasham
District, Andhra Pradesh. The company started its operations in
2016.


NARAYAN COLD: CARE Assigns B Rating to INR8.35cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Narayan Cold Storage Private Limited (NCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.35       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of NCSPL is
constrained by small size of operations with low profitability
margins, seasonality of business with susceptibility to vagaries
of nature, regulated nature of business, risk of delinquency in
loans extended to farmers, leveraged capital structure with weak
debt coverage indicators and competition from other local
players. However, the rating derives strength from experienced
promoters and proximity to potato growing area. Going forward,
NCSPL's ability to increase its scale of operations, improvement
in profitability margins and effective management of working
capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with low profitability margins: NCSPL is
a small player vis-a-vis other players in the domestic cold
storage industry marked by total operating income of INR2.84
crore (INR4.67 crore in FY16) with a net loss of INR0.35 crore
(PAT of INR0.20 crore in FY16) in FY17. The profitability margin
of the company also remained low marked by PBILDT margin of
27.06% and net loss of 12.18% in FY17. In H1FY18, the company has
reported a turnover of INR2.94 crore.

Seasonality of business with susceptibility to vagaries of
nature: The cold storage business is seasonal in nature as potato
is a winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable 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 from December to
January. Moreover, 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.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
NCSPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, NCSPL provides advances to
farmers. Before the close of the season in November, the farmers
are required to pay their outstanding dues, including repayment
of the loan taken. In view of this, there exists a risk of
delinquency in loans extended to farmers as significant amount of
working capital remained blocked in advances given to the farmers
in case of downward correction in potato or other stored goods
prices as all such goods are agro commodities which may affect
the financial risk profile of the company.

Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio of 2.19x (2.21x as on March 31, 2016) as on
March 31, 2017. The debt coverage indicators also remained weak
marked by interest coverage below unity in FY17. However, the
company is regular in servicing of debt obligations.

Competitive and fragmented nature of industry: 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.
NCSPL is mainly into storage of potatoes which is highly
fragmented and competitive in nature due to presence of many
small players with low entry barriers. In such a competitive
scenario smaller companies like NCSPL in general are more
vulnerable on account of its limited pricing flexibility.

Key Rating Strengths

Experienced promoters & satisfactory track record of operations:
NCSPL has commenced operations since 1996 and thus has
satisfactory track record of operations of more than two decades.
The key promoter Mr. Naba Kumar Kundu has a decade of experience
in cold storage business, looks after the day to day operations
of the company. He is supported by other directors who also have
around a decade of business experience in the same industry.

Proximity to potato growing area: NCSPL's storage facility is
located at Hooghly, 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.

Incorporated in October 1995, Narayan Cold Storage Private
Limited (NCSPL) is promoted by the Kundu family of West Bengal.
The company provides cold storage services for potatoes to
farmers and traders on a rental basis. The cold storage facility
of the company is located at Hooghly, West Bengal with a storage
capacity of 29905 metric tonnes. The cold-storage unit is located
at Hooghly, West Bengal. 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 against potato stored.


NEHANI TILES: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ to
the INR8.00-crore (enhanced from INR6.00 crore) cash credit limit
and INR3.50-crore (reduced from INR4.50 crore) term loan
facilities of Nehani Tiles Private Limited. The outlook on the
long-term rating is Stable. ICRA has also reaffirmed the short-
term rating at [ICRA]A4 to the INR1.50-crore non-fund based
limits of NTPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit                 8.00       [ICRA]B+ (Stable); Reaffirmed

  Fund-based Term
  Loan                   3.50       [ICRA]B+ (Stable); Reaffirmed

  Non-fund Based
  Bank Guarantee         1.50       [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of ratings continue to remain constrained by
NTPL's average financial profile marked by its moderate scale of
operation, moderation in operating profitability, leveraged
capital structure and high working capital intensity arising from
stretched receivables. The ratings are further constrained by the
exposure of its profitability to volatility in raw material and
gas/coal prices and the company's limited ability to pass on the
same to its customers. The ratings also factor in NTPL's limited
product portfolio in a highly fragmented and competitive tiles
industry and susceptibility of operations and cash flows to the
performance of the real estate industry, which is the main end-
user sector.

The ratings, however, continue to positively consider the
extensive experience of the promoters in the ceramic industry and
marketing support from the existing network of the Group company
involved in a similar line of business. The ratings also take
note of NTPL's locational advantage with its unit in the ceramic
hub of Morbi, which benefits in terms of timely availability of
key raw materials, fuel and labour.

Going forward, the company's ability to reduce its working
capital requirements, particularly in the receivables cycle to
improve its liquidity, while improving the scale of operations
and the profit metrics, will remain the key rating sensitivities.
Conversely, in case of lower-than-expected profitability, or a
further stretch in the working capital cycle, resulting in
deterioration in NTPL's financial risk profile, especially its
liquidity could have a negative impact on the key credit metrics.

Key rating drivers

Credit strengths

* Longstanding experience of key promoters in the ceramic
industry with marketing support from group concern: The promoters
of NTPL have been involved in the ceramic tiles industry through
its Group concern Neha Ceramic Industries, involved in tiles
manufacturing. NTPL benefits from the established brand and
distribution network of the Group concern which supports its
existing dealer network of more than 30 distributors across
India.

* Location advantage virtue of being situated in the Morbi region
of Gujarat: NTPL's manufacturing facility is located in the
ceramic tiles manufacturing hub of Morbi (Gujarat), which
provides an easy access to quality raw materials like body clay,
feldspar and glazed frit, fuel, labour, and proximity to major
ports.

Credit weaknesses

* Average financial profile: The company's operating income
increased by 39% in FY2017 from INR31.27 crore in FY2016 to
INR43.52 crore in FY2017. However, the operating profit margins
moderated to 7.17% in FY2017 as against 10.05% in FY2016 due to
an increase in the raw material and employee expenses. Its
capital structure continues to remain stretched as reflected by a
high gearing of 2.66 times as on March 31, 2017. Further, the
working capital intensity has increased from 23% in FY2016 to 27%
in FY2017 due to stretched receivables.

* Vulnerability of profitability to fluctuation in raw material
and fuel prices; exposure to cyclicality in real estate industry:
Raw material and fuel are the two major cost components in the
ceramic tiles business determining the cost competitiveness of
the operations. NTPL being a marginal player in the ceramic tiles
industry, its ability to pass on any increase in the raw material
and fuel expenses, remains limited. Further, the cash flows are
also susceptible to the cyclicality in the real estate industry,
which is the main consuming sector.

* Intense competition and fragmentation in the ceramic industry:
The company faces stiff competition from other established as
well as unorganised players in the ceramic business due to the
fragmented industry structure and low entry barriers. This limits
its pricing flexibility and bargaining power with the customers,
putting pressure on its revenues and margins.

Incorporated in August, 2013, Nehani Tiles Private Limited (NTPL)
is involved in manufacturing digitally printed ceramic wall tiles
along with body clay. The company's manufacturing facility is at
Morbi, Gujarat, with an installed capacity of 27,000 MTPA of wall
tiles and 1,20,000 MTPA of body clay. NTPL manufactures wall
tiles in sizes of 12"x12", 12x18", 12"x24" and 10 x30". The
company is promoted by the Soriya family which has longstanding
experience in the ceramic industry, owing to their association
with the Group concern, Neha Ceramic Industries.

It recorded a profit after tax of INR0.66 crore on an operating
income of INR43.52 crore for the year ending on March 31, 2017,
as against a profit after tax of INR0.38 crore on an operating
income of INR31.27 crore for the year ending on March 31, 2016.


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

-- INR77.8 mil. Term Loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

North Eastern Educare & Research, promoted by Khetan and Goel
Group, provides boarding facilities to students enrolled in the
Kaziranga University. The services include accommodation,
cafeteria and transport. The company commenced operations in
August 2012.


ORANGE CERAMICS: ICRA Assigns B+ Rating to INR5.0cr Term Loan
-------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR8.00-crore fund-based facilities and the INR0.20-crore
unallocated limits of Orange Ceramics. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR0.80- crore non-fund
based bank facilities of OC. The outlook on the long-term rating
is Stable.


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                    5.00      [ICRA]B+ (Stable); Assigned

  Fund-based-Cash
  Credit                  3.00      [ICRA]B+ (Stable); Assigned

  Unallocated Limits      0.20      [ICRA]B+ (Stable); Assigned

  Non-fund based-
  Bank Guarantee          0.80      [ICRA]A4; Assigned

Rationale

The assigned ratings reflect OC's small scale of operations and
risks associated with stabilisation of recently commenced tile-
manufacturing operations as per the expected operating parameters
and the below average financial risk profile as marked by the
small scale of its current operations, low return indicators and
small net-worth base. The ratings are further constrained by the
intense competition in the ceramic industry and the vulnerability
of the firm's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector. ICRA
also notes the adverse fluctuations in prices of raw materials
and natural gas, which is the major cost component for tile
manufacturing.

The ratings, however, favorably factor in the past experience of
the partners in the ceramic industry and the logistical
advantages to the firm from its location in India's ceramic hub,
with easy access to quality raw material.

ICRA expects the firm's financial profile to remain stretched in
the near term with moderate capacity utilisation levels, coupled
with a high interest and debt-servicing burden. In ICRA's
opinion, the firm's ability to successfully stabilise its
operations of tile division, establish a market for its products
and scale up its operations in a profitable manner amid intense
competition and maintain a healthy credit profile, will be some
of the key rating sensitivities.

Key rating drivers

Credit strengths

* Experience of partners in the ceramic industry: The firm is
currently managed by 11 partners, having experience in the
ceramic tile industry by virtue of their earlier association with
other companies involved in the same sector. Till FY2017, the
firm was into the business of body clay manufacturing and some of
the partners are associated with the firm since its establishment
in November 2005, having a rich experience in this industry.

* Proximity to Morbi (Gujarat), India's ceramic hub: The firm is
benefitted in terms of lower transportation costs and access to
quality raw material due to its proximity to raw material
suppliers.

Credit weaknesses

* Small scale of current operations and nascent stage of its tile
division: The firm has a very small scale of operations and has
witnessed a de-growth in its operating income from INR4.94 crore
in FY2016 to INR3.29 crore in FY2017, marking a decline of ~33%.
Also, the operations of tile division commenced from August 2017,
hence its nascent stage of operations exposes the firm to
stabilisation risk.

* Below average financial risk profile: The financial risk
profile remains weak with low profitability and return
indicators. The operating profit of the firm stood at INR0.30
crore and return on capital employed at 4.96% in FY2017. A small
net-worth base of INR5.85 crore as on October 31, 2017 coupled
with debt-funded capex undertaken in the recent past is likely to
result in adverse capital structure and moderation in debt
coverage indicators in the near term.

* Intense competition and fragmented industry: The firm faces
stiff competition from other organised and unorganised players
present in the ceramic industry, which limits its pricing
flexibility and bargaining power with customers, thereby putting
pressure on its revenues and margins.

* Vulnerability of profitability to any adverse fluctuation in
raw material and natural gas prices and cyclicality inherent in
the real estate industry: The sales realisations of the firm are
largely affected by the raw material and natural gas price
fluctuations, which would in turn affect its margins. The real
estate industry is the main consuming sector for tiles, and
hence, the demand for tiles is also exposed to cyclicality in the
sector.

Established in November 2005, Orange Ceramic manufactures ceramic
body clay and glazed porcelain floor tiles at its plant situated
at Morbi (Gujarat). Till FY2017, the firm was involved in the
manufacturing of body clay only, however, from August 2017
onwards, it started manufacturing tiles as well through a process
of forward integration. It manufactures glazed porcelain floor
tiles of 600 X 600 mm, which are sold under the brand of 'Orex'.
The firm has an annual manufacturing capacity of 75,000 metric
tonnes (MT) body clay and 41,250 MT porcelain tiles. It is
currently managed by 11 partners with experience in the ceramic
industry by virtue of their earlier association with other
entities involved in a similar business.

In FY2017, the firm reported a net profit of INR0.14 crore on an
operating income of INR3.29 crore, as compared to a net profit of
INR0.12 crore on an operating income of INR4.94 crore in the
previous year.


SADAHARI SHAKTI: Ind-Ra Assigns B Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sadahari Shakti
Private Limited (SSPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR99 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings are constrained by SSPL's limited operational track
record and moderate scale of operations. The company commenced
commercial operations from February 2016 and, earned revenue of
INR503.95 million in FY17 (FY16: INR101 million). The revenue
improved due to regular orders from existing clients and the
addition of new clients. FY17 financials are provisional in
nature.

The ratings also reflect the company's weak credit metrics, low
EBITDA margins and tight liquidity. In FY17, EBITDA margins
improved to 2.61% (FY16: 0.36%) due to the economies of scale
achieved on account of bulk purchases. Interest coverage
(operating EBITDA/gross interest expense) declined to 1.04x in
FY17 (FY16: 3.27x) because the increase in interest cost, as
short-term limits were utilised to the maximum, was more than the
increase in EBITDA to INR13.17 million (INR0.36 million). Net
leverage (adjusted net debt/operating EBITDA) improved to 7.49x
in FY17 (FY16: 229.39x).

The ratings are also constrained by the company's tight liquidity
profile as evidenced by around 100% average utilisation of its
fund based limits for the 12 months ending November 2017.

However, the ratings are supported by over 20 years of experience
of SSPL's promoters in the manufacture and trading of thermos-
mechanically treated bars.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics will be negative
for the ratings.

Positive: Diversification of the business leading to a
significant improvement in the top line while improving the
credit profile will be positive for the ratings.

COMPANY PROFILE

SPL was incorporated in 2015 and is engaged in trading of TMT
bars and scrap and has its registered office at Noida, Uttar
Pradesh.


SAI SANNIDHI: ICRA Raises Rating on INR7cr LT Loan to B+
--------------------------------------------------------
ICRA Ratings has upgraded the long-term rating from [ICRA]B to
[ICRA]B+  for the INR8.00-crore fund-based facilities of Sai
Sannidhi Agro Tech (SSAT). The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term fund-
  based Term Loan         1.00      [ICRA]B+(Stable); Upgraded
                                    from [ICRA]B

  Long-term fund-
  based Cash Credit       7.00      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

Rationale
The revision in rating is driven by revenue growth over the years
and improvement in the cost structure due to lower manufacturing
and general and administration expenses, resulting in better
margins. The rating factors in the comfortable liquidity position
with undrawn working-capital limits with the firm. The rating
continues to derive comfort from the experience of the promoters
in the rice-milling business, presence of the firm in a major
paddy-growing area resulting in easy availability of the raw
material and favorable demand prospects for rice as India is the
second largest producer and consumer of rice, internationally.
The rating is, however, constrained by the intensely competitive
nature of the rice industry, coupled with limited value-additive
nature of the business, constraining the pricing flexibility of
the firm. The rating factors in the susceptibility of revenues
and profitability to agro-climatic risks as the availability of
paddy can be impacted during adverse weather conditions. Going
forward, the firm's ability to scale up its operations and
improve its capitalisation and coverage indicators would be the
key rating sensitivities.
Key rating drivers

Credit strengths

* Experienced management with more than 15 years of experience in
the rice-milling industry: The firm is involved in milling of
paddy to produce raw and steamed rice and derives 100% of its
revenues from the domestic market. The partners are involved in
the business of rice milling for more than a decade, which helps
the firm in managing the business risks effectively.

* Presence of the firm in a major paddy-growing area, which
results in easy availability of the raw-material: The firm's
plant is located in Raichur, which is surrounded by paddy-
cultivation areas, resulting in easy procurement of paddy with
low transportation cost for the firm. All the paddy requirements
are met locally through direct purchases from farmers and
occasionally from traders.

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

* Undrawn working-capital limits: The firm has INR7.00-crore
cash-credit facility. The average utilisation from November, 2016
to October, 2017 stood low at ~45%, providing liquidity cushion.

Credit weaknesses

* Intense competition in the industry keeps margins under check:
Rice-milling industry is highly competitive with presence of a
large number of organised and unorganised players. Intense
competition coupled with limited value-additive nature of the
business limits the margins.

* Moderate financial profile of the firm: The firm's financial
profile is characterised by leveraged capital structure with a
gearing of 2.15 times as on March 31, 2017. The coverage
indicators also remain moderate with an interest coverage ratio
of 2.66 times and NCA/total debt ratio of 15.33% for FY2017.

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

* Risks inherent to the partnership nature of the firm- SSAT is
exposed to risks associated with partnership firms including
capital-withdrawal risks.

Sai Sannidhi Agro Tech was founded in 2012 and is involved in
milling of paddy and produces raw rice and steamed rice. The firm
started its commercial production in February, 2013 and is
located in Manvi village in Raichur district, Karnataka. The
installed production capacity of the rice mill is 6 tonne per
hour. The firm is a part of the MRV Group, which also owns other
entities involved in similar business.

The firm reported an operating income of INR24.67 crore and a net
profit of INR0.39 crore as per the 7-month provisional results
for FY2018, against an operating income of INR39.16 crore and net
profit of INR0.67 crore in FY2017.


SATGURU METALS: CARE Assigns B+ Rating to INR4.95cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Satguru Metals and Power Private Limited (SMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.95       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SMPL is constrained
by its small scale of operations with low profitability margins,
working capital intensive nature of business, lack of backward
integration vis-a-vis volatility in raw material prices, highly
competitive and fragmented industry and cyclicality in the
steel industry. However, the aforesaid constraints are partially
offset by its experienced promoters along with satisfactory
track record of operations, comfortable capital structure and
moderate debt coverage indicators and strategic location of
the plant with proximity to source of raw materials.
The ability of the company to improve its scale of operations
along with profitability margins and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: SMPL is
a relatively small player in the iron & steel industry with total
operating income and net profit of INR52.53 crore and INR0.12
crore, respectively, in FY17. This apart, the company has
achieved INR35.33 crore in 7MFY18. Further, the net worth base
and total capital employed was low at INR12.73 crore and INR18.57
crore, respectively, as on March 31, 2017. This apart, the PBILDT
and PAT margin is low at 3.05% and 0.23% respectively, during
FY17. The company has achieved total operating income of INR35.33
crore during first seven months of FY18. The modest size
restricts the financial flexibility of the company in times of
stress and it suffers on account of economies of scale.

Working capital intensive nature of business: SMPL's business,
being manufacturing of m s ingots, cast iron and pig iron, is
working capital intensive by nature on the back of its strategy
to maintain raw material stock in view of expected rising raw
material prices coupled with the company's strategy to maintain
finished stocks as per demand in the marketplace. The same is
reflected by the average inventory holding period in the range of
91-127 days during FY15-FY17. This apart, the average collection
period also remained moderately high at 56 days in FY17 as SMPL
offers moderately high credit period to its customers to attract
them and retain them on the backdrop of intense competition. The
average utilization for the same was around 95% during the last
12 months ended October 31, 2017.

Lack of backward integration vis-a-vis volatility in raw material
prices: The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry.
SMPL does not have any backward integration for its basic raw
material (iron ore, pellet, coal etc.) and purchases the same
from the open market at spot rates. Since, the raw material is
the major cost driver (comprising around 71.79% of FY17's TOI)
and the prices of which are volatile in nature, the profitability
of the company is susceptible to fluctuation in raw material
prices. Hence, it is exposed to price volatility risk.

Highly competitive and fragmented industry: SMPL is engaged in
manufacturing of m s ingots, cast iron and pig iron which is
characterised by high fragmentation mainly due to presence of a
large number of unorganised players. The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of many organised as well as
unorganised players. Hence the players in the industry do not
have pricing power and are exposed to competition putting
pressure on profitability.

Cyclicality in the steel industry: Prospects of steel industry
are strongly co-related to economic cycles. Demand for steel
products is sensitive to trends of particular industries, such as
construction and infrastructure, which are the key consumers of
steel products. Slowdown in these sectors leads to decline in
demand of steel. Non-integrated players such as SMPL are more
susceptible to adverse industry scenario.

Key Rating Strengths

Experienced promoters along with satisfactory track record of
operations: The promoter of SMPL is Mr. Kripal Singh Dang,
Director, aged about 44 years, having around two decades of
experience in the iron & steel industry. He is being duly
supported by the other promoter director Mrs. Paramjeet Kaur,
having around decade long experience in similar line of business.
The promoters are actively involved in the strategic planning and
running the day to day operations of the company along with a
team of experienced personnel. Further, the company is in
operation for around a decade (since 2008) and has a satisfactory
track record of operation.

Strategic location of the plant with proximity to source of raw
materials: The manufacturing facility of SMPL is located in
Sundargarh, Orissa which is in close proximity to source of its
key raw materials, iron ore and coal, for manufacturing of its
products. This apart, the plant is well connected through road
and rail transport, thus facilitating easy transportation of raw
materials and finished goods. Human resource is also abundantly
available near plant at low cost.

Comfortable capital structure and moderate debt coverage
indicators: The capital structure of the company remained
comfortable marked by debt equity and overall gearing ratios of
0.02x and 0.43x, respectively, as on March 31, 2017. Furthermore,
the interest coverage ratio also remained moderate at 2.03x in
FY17. Furthermore, total debt to GCA improved as on March 31,
2017 to 6.75x from 7.40x as on March 31, 2016 due to decrease in
total debt during the period, remained moderate.

Incorporated in August 2008, Satguru Metals and Power Private
Limited (SMPL) is engaged in the manufacturing of m s ingots,
cast iron & pig iron with its facility located at Sundargarh,
Orissa with an aggregate installed capacity of 28,600 Metric
Tonne Per Annum (MTPA).

Mr. Kripal Singh Dang (aged, 44 years), having around two decades
of experience in iron & steel industry, looks after the day to
day operations of the company. He is supported by other director
Mrs. Paramjeet Kaur (aged, 65 years) and a team of experienced
professionals.


SHREE RAM: CARE Reaffirms B+ Rating on INR30cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Ram Cottex Industries Private Limited (SRC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            30.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRC continues to
remain constrained on account of its moderate scale of
operations, thin profitability, high leverage and modest debt
protection indicators. The rating is further constrained by the
susceptibility of its operating margins to volatile cotton prices
and its presence in a highly fragmented and working capital
intensive cotton ginning industry. The rating, however, continues
to favourably factor in the vast experience of the promoters in
the cotton ginning business and benefits derived from its
favourable location of being situated in the cotton-growing belt
of Gujarat. The ability of SRC to increase its scale of
operations and improve its profitability by moving up in the
cotton value chain; along with an improvement in its capital
structure and efficient management of its working capital would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations along with thin profitability: SRC
reported a Total Operating Income (TOI) of INR215 crore during
FY17 (refers to the period April 1 to March 31), which remained
largely in line with the TOI of FY16 (INR220 crore). PBILDT
margin also continued to remain modest at 1.78% during FY17
(1.77% in FY16) on account of low value addition inherent in
ginning industry. PAT margin also continued to remain modest at
0.12% during FY17 (0.10% during FY16).

High leverage and modest debt coverage indicators: SRC's overall
gearing remained high at 8.91x as on March 31, 2017 (9.52x as on
March 31, 2016) on account of high working capital requirements
of its operations which were met through bank borrowings and
unsecured loans from promoters.Debt coverage indicators remained
modest during FY17 with a total debt to GCA of over 70x in FY17,
on back of thin profitability and high debt levels.

Presence in a highly fragmented cotton ginning industry with
susceptibility of profitability to fluctuation in cotton prices:
Cotton ginning business involves very limited value addition and
is highly dominated by small and medium scale units, resulting in
high fragmentation, which restricts the pricing power of the
players. Furthermore, price of raw cotton is highly volatile in
nature and depends upon factors such as area under production,
yield for the year, international demand supply scenario, export
quota decided by the government and inventory carried forward
from last year. Thus, restricted pricing power, along with
volatile cotton prices, results in restricted profitability of
the players
Key Rating Strengths

Experienced promoters: SRC is managed by Mr. Ramnik Bhalala and
his brother Mr. Dinesh Bhalala. Mr. Ramnik Bhalala possesses more
than 25 years of experience in the cotton ginning industry and
looks after finance and marketing of SRC. Mr. Dinesh Bhalala has
extensive experience of more than 12 years and oversees
administrative and plant operations.

Favourable location with easy availability of raw cotton: Gujarat
produces a major portion of the national cotton production (27%
during FY17) and the processing facility of SRC is located in
Gondal (Gujarat). Hence, SRC's presence in the cotton producing
region of the country results in benefits of lower logistic
expenditure (both on transportation and storage) along with easy
availability and procurement of raw materials at effective
prices.

Gondal, Gujarat-based SRC is engaged in cotton ginning and
pressing to produce cotton bales. Initially, SRC operated as
partnership firm - Shree Ram Cottex Industries - and was
subsequently converted to a private limited company in September
2013. SRC is managed by Mr Ramnik Bhalala and Mr Dinesh Bhalala
and has a cotton ginning and pressing unit at Gondal (Rajkot) in
Gujarat. As on March 31, 2017, SRC was equipped with 32 ginning
machines with a production capacity of 360 bales per day.


SINGUR COLD: CARE Assigns B+ Rating to INR7.92cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Singur
Cold Storage Private Limited (SCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility               7.92       CARE B+; Stable Assigned

   Short-term Bank
   Facility               0.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SCSPL are
constrained by its small size of operations, regulated nature of
business, seasonality of business and susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
competition from local players, working capital intensive nature
of business. However, the aforesaid constraints are partially
offset by its experienced management and long track record of
operations, proximity to potato growing area, satisfactory
leverage ratios with satisfactory debt protection metrics.

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 management and long track record of operations: SCSPL
started its commencement from 1960 and thus has long track record
of operations. Mr. Piyush Mohan Agarwal (Director), he is also a
qualified Chattered Accountant and Mr. Shrivats Mohan Agarwal
looks after overall management of the company. Mr. Piyush Mohan
Agarwal has more than three decades of experience in cold storage
business and is supported by a team of experienced professionals
who have rich experience in the same line of business.

Proximity to potato growing area: SCSPL'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 favourable
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.

Satisfactory leverage ratios with satisfactory debt protection
metrics: The leverage ratios of the company were satisfactory
with debt equity ratio and overall gearing ratio being 0.12x and
1.00x, respectively, as on March 31, 2017. The interest coverage
ratio has shown improving trend over the last three years with
the same being comfortable at 1.57x in FY17.

Key Rating Weaknesses

Small size of operations: SCSPL is a relatively small player in
the cold storage business having total operating income and PAT
of INR3.65 crore and 0.03crore in FY17. The total capital
employed was also low at around INR1.96 crore as on March 31,
2017. During 7MFY18, the company has achieved total operating
income of INR1.80 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: SCSPL'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: SCSPL 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 90% during the last 12 months
ended October 31, 2016.

Singur Cold Storage Private Limited. (SCSPL), incorporated in the
year 1960, is a Kolkata (West Bengal) based company, promoted by
the Agarwal family. It is engaged in the business of providing
cold storage services to potato growing farmers and potato
traders, having an installed storage capacity of 233,710 quintals
in Singur Hoogly district of West Bengal. Besides providing cold
storage services, SCSPL also trades in potatoes, which accounted
for around 2.00% of the total revenue in FY17.

Mr. Piyush Mohan Agarwal (Director) and Mr. Shrivats Mohan
Agarwal looks after overall management of the company. Mr. Piyush
Mohan Agarwal have more than three decades of experience in cold
storage business and are supported by a team of experienced
professionals who have rich experience in the same line of
business.


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

The ratings were last reviewed on 11 November 2016. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

COMPANY PROFILE

SSPDL was incorporated in 1994 as a public limited company in
Banjara Hills, Hyderabad. In 2008, the company's name was changed
to SSPDL Limited.  The company is primarily engaged in the
business of real estate development and the construction of
buildings, commercial and residential complexes. SSPDLL's shares
are listed on the Bombay Stock Exchange.


SUCHI FASTENERS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suchi Fasteners
Private Limited (SFPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR67.50 mil. Fund-based working capital limit assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR1.14 mil. Working capital demand loan assigned with
    IND BB-/Stable rating;

-- INR86.5 mil. Non-fund based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect SFPL's small scale of operations and moderate
credit metrics on back of a small order book. During FY17, its
revenue increased to INR596.73 million (FY16: INR512.17 million)
on the back of an increase in sales volume. However, the credit
metrics deteriorated as reflected in its net leverage (adjusted
net debt/operating EBITDA) of 3.3x in FY17 (FY16: 3.2x) and gross
interest coverage (EBITDA/interest) of 1.4x (1.7x) due to a
decline in the operating profit margins to 3.4% (4.5%) because of
an increase in the selling and distribution expenses.

Moreover, the liquidity position of the company is moderate as
reflected in its around 97% average utilisation of the working
capital limits during the 12 months ended October 2017.

The ratings, however, are supported by over two decades of
experience of the company's directors in the manufacturing and
trading of stainless steel products.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to deterioration
in the credit metrics will be negative for the ratings.

Positive: An improvement in the scale of operations and credit
metrics will be positive for the ratings.

COMPANY PROFILE

SFPL manufactures all types of stainless steel washers.


VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to 'B+'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vizag Rebars Private Limited (VRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        95.00       CARE B+; Stable Revised
   Facilities                        from CARE BB

   Short term Bank
   Facilities             5.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of VRPL takes into consideration subdued financial
risk profile of the company backed by operating losses, increased
debt levels and negative net worth, susceptibility to price
fluctuations of steel products, working capital-intensive nature
of operations and presence in a highly fragmented and competitive
steel trading business. The ratings, however, derive comfort from
the increase in the operating income during FY17 (refers to the
period from April 1 to March 31) and long track record of the
promoters in the steel trading business.

The ability of the company to improve in profit margins and
capital structure and efficiently manage its working capital
requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weaknesses:

Operating losses during FY17: The company reported operating loss
of INR2.01 crore for FY17 as against operating profit of INR5.21
crore for FY16 due to increase in raw material prices and cost of
traded goods purchased which the company couldn't pass on to its
customers. Negative PBILDT along with high interest expense
resulted in net loss and cash loss during the year.

Leveraged capital structure with high debt levels and negative
net worth: The capital structure of the company has deteriorated
significantly on account of increased debt levels coupled with
erosion of net worth (negative net worth of INR4.03 crore as on
March 31, 2017) at the back of losses incurred during FY17.

Working capital intensive nature of business: VRPL is primarily
engaged in trading business which is generally associated with
high working capital requirements. Further, it is engaged in
steel manufacturing which is also working capital intensive. The
company has derives the highest share of revenue from trading
activity which is working capital intensive in nature. Thus, the
average working capital limit utilization of the company remained
high during the last 12 months ended October 2017.

Susceptibility to price fluctuation of steel product: Prices of
steel products are very volatile in nature which are driven by
the global prices and are also dominated by the demand-supply
scenario. Hence, any adverse fluctuation in the prices can
adversely affect the profitability margins of the company.

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

Key rating Strengths:

Experienced Promoters with ling track record: VRPL was promoted
by Mr. T Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr.
Mallikarjuna Rao. Mr Srinivasa Rao and Mr. Shiva Kumar have more
than two decades of business experience with a majority of their
experience in the trading business. Healthy growth in total
operating income: The total operating income of the company grew
by around 29% in FY17 to INR350.71 crore as against INR272.43
crore in FY16, primarily on account of increase in the sales
volume.

Incorporated on November 28, 1995, Vizag Re-bars Pvt Ltd (VRPL)
is primarily engaged in the trading of steel and steel products
at Vijayawada, Andhra Pradesh. The company is promoted by Mr. T
Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao.
During November 2012, the company has forayed into manufacturing
activity by taking a re-rolling mill (with an installed capacity
of 45,000 TPA) from Steel Exchange India Limited, a group
company.



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


VERITAS INVESTMENTS: Shareholders Regret Buying Shares
------------------------------------------------------
Madison Reidy at Stuff.co.nz reports that shareholders who have
bought into Mad Butcher's owner said they regret ever becoming
involved in the company.

Stuff relates that entering Veritas Investments' annual meeting
on Dec. 6, shareholder Robert Gray said the company had turned
out to be a "disaster".

When asked if he regretted buying Veritas shares, Mr. Gray said
"too right I do," Stuff relays.

The company needed a 12-month extension from its bank ANZ to turn
more profit and refinance the company, he said, the report notes.

According to Stuff, Veritas' debt repayments to ANZ were due on
October 2 but had been twice extended, first to November 30 and
again to February 28 next year, due to a number of scenarios
including asset sale proposals not being completed.

Shareholder Edwin Stranaghan said he also regretted buying into
Veritas, Stuff adds. He had lost a few thousand dollars from his
investment in Veritas, he said.

In the meeting, Mr. Stranaghan asked Veritas chairman Tim Cook if
the company was heading for liquidation.

Stuff relates that Mr. Cook said: "That does not mean liquidation
at this point . . . But I give no assurances or guarantees."

According to the report, Mr. Cook told shareholders its board
accepted responsibility for what shareholder Karl Trotter called
the "Nosh debacle".

ANZ forced NZX-listed Veritas to sell its troubled gourmet
supermarket brand Nosh late last year to repay debt, the report
says.

It sold the Nosh brand to Gosh Holdings, since renamed Nosh
Group, in February for NZ$4 million.

Nosh Group had since been liquidated and Veritas took legal
action against it over its alleged refusal to pay a NZ$1.9
million fee to creditors, the report notes.

Veritas Investments Limited (NZE:VIL) --
http://www.veritasinvestments.co.nz/-- is an investment company
with shareholdings in a range of New Zealand businesses in the
food and beverage and hospitality sectors. The Company's segments
include the Mad Butcher, Nosh, the BBC, Kiwi Pacific Foods and
Other. The Mad Butcher segment represents the activities of the
Mad Butcher franchisor business, as well as an owned retail
store. The Mad Butcher franchisor comprises the brand, franchise
system and franchisor rights for Mad Butcher stores across New
Zealand. Mad Butcher stores are retail butchers. Nosh includes
the business activities of Nosh Group Limited. Nosh is a chain of
specialty food stores based in New Zealand. The BBC segment
includes the business activities of The Better Bar Company
Limited, which operates a chain of approximately eight bars based
in Auckland and Hamilton. Kiwi Pacific Foods includes the 50%
joint venture interest the Company has in Kiwi Pacific Foods
Limited. Other includes the activities of the Company.



                             *********

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
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