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        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

           Monday, December 11, 2017, Vol. 20, No. 245

                            Headlines


A U S T R A L I A

ABSOLUTE EMBROIDERY: First Creditors' Meeting Set for Dec. 19
CONCRETE SUPPLY: Second Creditors' Meeting Set for Dec. 19
GO MARINE: Second Creditors' Meeting Slated for Dec. 18
JFS INVESTMENT: First Creditors' Meeting Slated for Dec. 18
LENNOD PTY: Second Creditors' Meeting Set for Dec. 15

SCANMAN CONSTRUCTION: Second Creditors' Meeting Set for Dec. 18
SIMPKISS PTY: First Creditors' Meeting Scheduled for Dec. 19
WESTERN AUSTRALIA RUGBY: Comes Out of Voluntary Administration


H O N G  K O N G

NOBLE GROUP: Faces Key Deadlines as Default Threat Looms
NOBLE GROUP: Selling Ethanol Producer to Mercuria for US$15.5MM


I N D I A

ADHI MANGALA: CRISIL Assigns B+ Rating to INR3.9MM LT Loan
AMARAVATHI SPINNING: CRISIL Cuts Rating on INR7MM Loan to 'D'
ASHTANGA EDUCATIONAL: CRISIL Cuts Rating on INR12.72MM Loan to D
BAL KISHAN: CRISIL Assigns B+ Rating to INR5MM Whse Receipts
DIAMONDSTAR: CRISIL Lowers Rating on INR13.38MM Loan to 'D'

HAJIPUR MUNICIPAL: ICRA Assigns B+ Long-Term Issuer Rating
ICA EDU SKILLS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
IENERGIZER LTD: S&P Ups CCR to B+ on Lower Debt, Outlook Stable
INDUS VALLEY: CRISIL Lowers Rating on INR12.5MM Term Loan to D
JINDAL OVERSEAS: Ind-Ra Withdraws BB Long-Term Issuer Rating

KGPS MECHANICAL: CRISIL Lowers Rating on INR5.24MM Cash Loan to D
LAKHI TIMBER: CRISIL Assigns B Rating to INR3MM Cash Loan
LAXVEER CERAMIC: ICRA Raises Rating on INR17cr Term Loan to B+
MAHESH INDUSTRIES: CRISIL Lowers Rating on INR60MM Loan to D
MAHI CORPORATION: ICRA Cuts Rating on INR5.0cr Cash Loan to D

MAKRANIA OIL: CRISIL Assigns B- Rating to INR6MM Cash Loan
MANTRAM TECHNOFAB: Ind-Ra Migrates BB- Rating to Non-Cooperating
MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
NANDINI FITNESS: ICRA Moves D Rating to Not Cooperating
NEPZPACK INDUSTRIES: CRISIL Assigns B+ Rating to INR3.75MM Loan

NEW ASIAN: CRISIL Assigns B+ Rating to INR25MM Term Loan
NIK-SAN ENGINEERING: ICRA Moves D Rating to Not Cooperating
ODISHA LTD: ICRA Downgrades Rating on INR10cr Loan to B+
PLASMA METAL: ICRA Lowers Rating on INR35cr Term Loan to D
RELIANCE COMM: More Chinese Banks Plan to Pursue Insolvency Bid

SAAGAR ECO: CRISIL Assigns B+ Rating to INR10.0MM Cash Loan
SASARAM MUNICIPAL: ICRA Assigns B+ Long-Term Issuer Rating
SHANKAR RICE: ICRA Reaffirms B Rating on INR74.50cr LT Loan
SHANTHA TRUST: ICRA Lowers Rating on INR8cr LT Loan to 'D'
SHIVAM INFRA-TECH: Ind-Ra Assigns BB LT Issuer Rating

SHRI MOOKAMBIGA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SJLT SPINNING MILLS: Ind-Ra Withdraws BB+ LT Issuer Rating
SJLT TEXTILES: Ind-Ra Withdraws BB+ LT Issuer Rating
SONI TRACTORS: CRISIL Assigns 'B' Rating to INR3.9MM LT Loan
SOUTHERN CASHEW: CRISIL Assigns B+ Rating to INR5MM Loan

SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR9MM Demand Loan
SRI VAIBHAVA: CRISIL Reaffirms 'C' Rating on INR17.2MM LT Loan
SUNDAR STEEL: CRISIL Assigns B+ Rating to INR20MM LT Loan
SURAKSHA TRADERS: ICRA Withdraws B Rating on INR2.50cr Loan
SYNERGY SHAKTHI: CRISIL Withdraws 'D' Rating on INR18.13MM Loan

TELUGU CINE: Ind-Ra Assigns B+ Rating to INR500MM Fund-based Loan
TRIKONA PHARMACEUTICALS: ICRA Assigns B+ Rating to INR8cr Loan
UJJAIN PACKAGING: CRISIL Ups Rating on INR4.57MM Term Loan to B


N E W  Z E A L A N D

CREDIT UNION SOUTH: S&P Affirms Then Withdraws 'BB-/B' Ratings


P A K I S T A N

PAKISTAN: Moody's Rates US Dollar-Denominated Notes 'B3'
PAKISTAN INT'L: Moody's Assigns B3 Rating to USD Trust Certs.


P H I L I P P I N E S

CALATA CORP: To be Delisted From PSE Today
LAND BANK: Moody's Hikes Baseline Credit Assessment to ba1


V I E T N A M

* VIETNAM: New Bill Allows Ailing Banks to Go Bankrupt


                            - - - - -


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


ABSOLUTE EMBROIDERY: First Creditors' Meeting Set for Dec. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Absolute
Embroidery Pty Ltd ATF The Trustee for The Green Family Trust,
trading as Absolute Embroidery & LG Digitising, will be held at
the offices of Worrells Brisbane, Level 8 102 Adelaide Street, in
Brisbane, Queensland, on Dec. 19, 2017, at 2:30 p.m.

Morgan Lane and Chris Cook of Worrells Solvency & Forensic
Accountants were appointed as administrators of Absolute
Embroidery on Dec. 7, 2017.


CONCRETE SUPPLY: Second Creditors' Meeting Set for Dec. 19
----------------------------------------------------------
A second meeting of creditors in the proceedings of Concrete
Supply Pty Ltd has been set for Dec. 19, 2017, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Suite
1103, Level 11, 147 Pirie Street, in Adelaide, SA.

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. 18, 2017, at 5:00 p.m.

Nick Cooper and Dominic Cantone were appointed as administrators
of Concrete Supply on Nov. 14, 2017.


GO MARINE: Second Creditors' Meeting Slated for Dec. 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Go Marine
Group Pty Ltd and Go Offshore Pty Ltd has been set for Dec. 18,
2017 at 10:30 a.m. at Level 20, 1 William Street, in Perth, WA.

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. 15, 2017 at 4:00 p.m.

Richard Scott Tucker, John Allan Bumbak and Scott Harry Langdon
of Kordamentha were appointed as administrators of on Oct. 20,
2017.


JFS INVESTMENT: First Creditors' Meeting Slated for Dec. 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of JFS
Investment Pty Ltd will be held at the offices of Jones Partners
Insolvency & Business Recovery, Level 13, 189 Kent Street, in
Sydney, NSW, on Dec. 18, 2017, at 11:00 a.m.

Joshua Philip Taylor of Jones Partners Insolvency was appointed
as administrator of JFS Investment on Dec. 6, 2017.


LENNOD PTY: Second Creditors' Meeting Set for Dec. 15
-----------------------------------------------------
A second meeting of creditors in the proceedings of Lennod Pty
Ltd has been set for Dec. 15, 2017, at 11:00 a.m. at the offices
of Suite 601, Level 6, 20 Queen Street, in Melbourne, Victoria.

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

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

Andrew Poulter of IRT Advisory was appointed as administrator of
Lennod Pty on Nov. 23, 2017.


SCANMAN CONSTRUCTION: Second Creditors' Meeting Set for Dec. 18
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Scanman
Construction Pty Ltd has been set for Dec. 18, 2017 at 11:30 a.m.
at Level 14, 330 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 15, 2017, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Scanman Construction on Nov. 13, 2017.


SIMPKISS PTY: First Creditors' Meeting Scheduled for Dec. 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpkiss
Pty Ltd, trading as Bridgestone Select Dural will be held at the
offices of Crouch Amirbeaggi, Suite 403, 55 Lime Street, in
Sydney, NSW, on Dec. 19, 2017, at 11:00 a.m.

Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Simpkiss Pty on Dec. 7, 2017.


WESTERN AUSTRALIA RUGBY: Comes Out of Voluntary Administration
--------------------------------------------------------------
Creditors of The Western Australia Rugby Union, also known as
RugbyWA, have voted to return control back to the directors and
therefore the implementation of the Restructuring Implementation
Deed.

KordaMentha Restructuring partner Scott Langdon said a
restructuring agreement had been reached with the directors of
RugbyWA, Rugby Australia and major creditors.

Scott Langdon said: "This reconstruction of RugbyWA provides the
platform for stability and future growth of Rugby in Western
Australia. It aligns and unifies RugbyWA and Rugby Australia in
support of Rugby in Western Australia for the long term.

"It's a credit to all involved that RugbyWA has come out of
administration so quickly and is a tremendous result for its
supporters, players and employees."

A core element of the agreement was that directors of RugbyWA and
Rugby Australia invested funds in WA community Rugby.

Rugby Australia CEO Bill Pulver said: "We are pleased to have
reached a solution that allows us now to focus on working with
RugbyWA to grow Rugby in Western Australia on the back of
increased investment in the community game."

The incoming Chairman of RugbyWA, Mr John Edwards, thanked Lavan
for their support through this process, "Lavan, as a major
creditor, sponsor and advocate, has been extremely generous in
their support for rugby in WA over the years and we thank them
for their cooperation in assisting Rugby WA being handed back to
the directors today."

KordaMentha Restructuring partners Scott Langdon, John Bumbak and
Richard Tucker of KordaMentha was appointed voluntary
administrators of Western Australia Rugby Union (Inc) (RugbyWA)
in November.



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


NOBLE GROUP: Faces Key Deadlines as Default Threat Looms
--------------------------------------------------------
Denise Wee at Bloomberg News reports that Noble Group Ltd., the
embattled commodities trader, faces several significant deadlines
as it wrestles with a $3.5 billion debt restructuring.

Once Asia's largest commodity trader, Noble's decline since 2015
has been marked by losses, concern it won't be able to pay its
debt and accusations from long-time foe Iceberg Research that it
inflated the value of some contracts. Bloomberg says the next few
weeks will be crucial, as Noble looks to push its debt
restructuring through.

One focus is Dec. 20, Bloomberg notes. According to the report,
lenders had agreed to waive certain rights under terms Noble
committed to for its $1.1 billion revolving credit facility until
that day. That means the company may need to reach a deal with
creditors by then to avoid a default, or seek another extension.

The company met with creditors in Hong Kong on Dec. 6, Bloomberg
reports citing people familiar with the matter. The meeting
follows talks that started last month in London and continued in
Hong Kong, and was to allow creditors to do further due diligence
on the sustainability of the company's operations, one of the
people said, Bloomberg relays.

"If Noble's revolving credit facility lenders don't extend the
covenant waiver, it will be a technical default on the facility,"
Bloomberg quotes Annisa Lee, head of Asia ex-Japan flow credit
analysis at Nomura International (HK) Ltd, as saying. "That could
trigger a cross default on the bonds. If that happens, Noble
faces the possibility of going into liquidation, or a debt
restructuring, depending on what creditors decide."

Bloomberg says the deadlines to watch in coming months are:

* Dec. 15: Shareholder meeting

Noble agreed to sell most of its oil business to Vitol Group in
October and will be holding a meeting in Singapore for
shareholders to vote on the sale, Bloomberg relates.

* Dec. 20: Waiver expires

A covenant waiver on Noble's $1.1 billion revolving credit
facility expires. According to Bloomberg, Noble's unsecured
lenders, which are ranked the same as its unsecured bondholders,
have extended the waiver before, but lenders could use it as a
bargaining chip to improve their position.

* Dec. 24: Perpetual coupon

A coupon payment is due for Noble's $400 million perpetual
securities, which have collapsed 46 cents in the past year to 8.5
cents on Thursday, according to Bloomberg-compiled data. Noble
has already deferred payment on the notes once.

* Jan. 29: Interest payment

Noble must pay about $39.7 million of interest on its $1.18
billion bonds maturing 2020, according to Bloomberg calculations.
Those notes have fallen 42.4 cents to 40.1 cents on the dollar in
the past year.

* March 20: Bond maturity

This is Noble's first significant bond maturity in 2018. It must
pay $379 million of securities on this day. The notes have
slumped 42 cents in the past year to 49.3 cents on the dollar on
Dec. 7.

* May 18: Credit facility matures

Noble faces its second significant debt maturity for 2018, when
its revolving credit facility matures, says Bloomberg.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR), senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'CC'
from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows
Noble's Nov. 15, 2017 announcement that it has commenced
discussions with stakeholders on its capital structure.


NOBLE GROUP: Selling Ethanol Producer to Mercuria for US$15.5MM
---------------------------------------------------------------
The Strait Times reports that Noble Group has found a new buyer
for its United States-based ethanol producer.

Mercuria Investments US has offered a base consideration of
US$15.5 million (S$21 million) for the unit - US$3 million more
than a bid from Zeeland Farm Services, the report relates.

According to the Strait Times, Noble had said on Nov. 27 that it
would sell the unit - Noble Americas South Bend Ethanol - to
Zeeland Farm for US$12.5 million, plus adjustments for working
capital, inventory and debt.

However, Noble told the Singapore Exchange on Dec. 8 it had
entered into a new agreement on Dec. 7 with Mercuria Investments,
a unit of Mercuria Energy, the report relays. This is on the same
terms as its Zeeland Farm deal, but with an increase in the base
consideration of US$3 million and the deletion of a provision.

Noble is expected to end its agreement with Zeeland Farm next
Monday with a termination fee of US$2 million imposed, the report
notes.

If the new deal with Mercuria is assumed to have been completed
on Oct. 1, the gross consideration would amount to about US$20
million, including a US$15.5 million base consideration, plus net
working capital of US$900,000 and an inventory value of US$3.6
million, with no debt for the business as of Sept. 30, according
to the report.

The Strait Times says Noble is expected to reap net proceeds of
about US$18 million from the sale, after deducting the
termination fee. It faces pressure to tackle its mounting debt
burden amid slipping cash holdings, the report notes.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR), senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'CC'
from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows
Noble's Nov. 15, 2017 announcement that it has commenced
discussions with stakeholders on its capital structure.



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


ADHI MANGALA: CRISIL Assigns B+ Rating to INR3.9MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Adhi Mangala Fabric (AMF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     3.9        CRISIL B+/Stable
   Cash Credit            3.6        CRISIL B+/Stable
   Long Term Loan         2.5        CRISIL B+/Stable

The rating reflects AMF's modest financial risk profile and small
scale of operations. These weaknesses are partially offset by
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile: Gearing was high at 2.59 times
as on March 31, 2017, owing to small networth of INR1.6 crore.
Net cash accrual to total debt and interest coverage ratios were
average at 17% and 3.43 times, respectively, in fiscal 2017. The
same is expected to marginally deteriorate over the medium term
with the proposed debt funded capex.

* Small scale of operations: Small scale of operations, with
revenue of INR18.2 crore in fiscal 2017, amid intense competition
limits pricing power with customers and suppliers, thereby
constraining profitability.

Strength

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

Outlook: Stable

CRISIL believes AMF will continue to benefit over the medium term
from the partners' experience. The outlook may be revised to
'Positive' if substantial increase in operating performance and
cash accrual strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in revenue or
profitability, large working capital requirement, or higher than
expected debt-funded capital expenditure weakens financial risk
profile.

Set up as a partnership firm in 2012, Tamilnadu based AMF
manufactures non-woven spun fabric products. Operations are
managed by Mr. A Madhavan.

Net profit and net sales were INR0.2 crore and INR18.2 crore,
respectively, in fiscal 2017, against INR0.1 crore and INR15.8
crore, respectively, in fiscal 2016.


AMARAVATHI SPINNING: CRISIL Cuts Rating on INR7MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Amaravathi
Spinning Mills (Rajapalayam) Private Limited (ASMRPL) for
obtaining information through letters and emails dated
January 19, 2017 and February 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .53       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Cash Credit            7.00       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

   Export Packing Credit   .50       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility      1.9       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facility
of ASMRPL to 'CRISIL D/CRISIL D/Issuer Not Cooperating' from
'CRISIL B-/Stable/CRISIL A4/Issuer Not Cooperating'.

The rating downgrade reflects delays in servicing of debt
obligations by the firm. The delays have been on account of weak
operational performance.

Incorporated in 1989, ASMRPL manufactures cotton yarn. Its
facility in Rajapalayam (Tamil Nadu) has a capacity of 12,168
spindles. Its operations are spread across Coimbatore, Karur,
Salem, and Erode (all in Tamil Nadu).


ASHTANGA EDUCATIONAL: CRISIL Cuts Rating on INR12.72MM Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Ashtanga Educational Trust (AET) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       .03      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Rupee Term Loan        12.72      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in debt servicing because of weak
liquidity marked by inadequate cash accruals for meeting
repayment obligations

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: Due to the start-up phase of the trust's
college, accrual was inadequate to meet debt obligation.

* Exposure to intense competition: The trust's Ayurveda hospital
and college have to compete with allopathic centers. Though
Ayurveda has its own set of patients, allopathy continue to
attract large number of patients and is expected to pose intense
competition to Ayurveda.

Strengths

* Extensive experience of trustees: Promoters have extensive
experience in Ayurveda and has established market position in the
region which will support business risk profile.

Set up in 2012, AET operates an Ayurveda hospital and a
residential Ayurveda college in Kottanad, Kerala. Operations are
managed by Mr. Narayana Namboodiri.


BAL KISHAN: CRISIL Assigns B+ Rating to INR5MM Whse Receipts
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Bal Kishan Om Prakash (BKOP).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Warehouse Receipts      5        CRISIL B+/Stable
   Cash Credit             2        CRISIL B+/Stable
   Proposed Inventory
   Funding                 3        CRISIL B+/Stable

The rating reflects BKOP's modest scale of operation in the
intensely competitive agro commodity trading business, low
operating profitability, and below-average financial risk
profile. These weaknesses are partially offset by the experience
of the promoter and his funding support.

Analytical Approach

CRISIL has treated part of the unsecured loans (Rs 2.18 crore in
fiscal 2017) extended to BKOP by the promoter as neither debt nor
equity. That's because these loans are subordinated to bank debt
and will remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation and intense competition: Small scale
of operations, with net sales of INR31.87 crore in fiscal 2017,
amid intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.

* Low operating profitability: Operating margin (4.56% in fiscal
2017) is expected to remain low over the medium term because of
trading nature of the operations, intense competition, and
limited value addition.

* Below-average financial risk profile: Networth has been modest
at INR82 lakh as on March 31, 2017, while total outside
liabilities to tangible networth ratio was high at 4.46 times.
Debt protection metrics remained modest with adjusted interest
coverage ratio excluding interest paid on unsecured loans was
1.77 times in fiscal 2017. However, unsecured loans from the
promoters supports the financial risk profile of the firm.

Strengths

* Experience of promoter and his funding support: Benefits
derived from the promoter's experience of over two decades and
healthy relations with suppliers and customers should continue to
support the business. He is also likely to continue extending
need-based funding support over the medium term.

Outlook: Stable

CRISIL believes BKOP will continue to benefit from the experience
of the promoter and his funding support. The outlook may be
revised to 'Positive' if substantial increase in profitability,
scale of operations, or equity infusion strengthens financial
risk profile. Conversely, the outlook may be revised to
'Negative' if stretched working capital cycle, lower-than-
expected cash accrual, or any significant, capital expenditure
weakens financial risk profile.

BKOP, a Sri Ganganagar-based firm established in 1962, trades in
agro commodities such as gram, guwar, and moong. Mr. Lalit Kumar
is the promoter.


DIAMONDSTAR: CRISIL Lowers Rating on INR13.38MM Loan to 'D'
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities
of Diamondstar to 'CRISIL D' from 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          8.91      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Post Shipment Credit   13.38      CRISIL D (Downgraded from
                                     'CRISIL A4+')
   Proposed Short Term
   Bank Loan Facility      9.71      CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating action follows instances of overdues in Packing Credit
by Diamondstar, which were outstanding for over 30 days. The
overdue is on account of company's weak liquidity due to stretch
in debtors.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR44.32 crore from partners as on March 31, 2017, as neither
debt nor equity. This is because these loans are expected to be
retained in the business over the medium term.For arriving at the
ratings, CRISIL has treated unsecured loans of INR44.32 crore
from partners as on March 31, 2017, as neither debt nor equity.
This is because these loans are expected to be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description

* Overdue in packing credit, which were outstanding for over 30
days on account of weak liquidity.

Weaknesses

* Modest scale of operations and exposure to intense competition:
The firm's scale of operation is modest, as reflected in revenues
of INR37.8 crore for fiscal 2017. The modest scale, along with
exposure to intense competition, precludes benefits from
economies of scale, and limits the bargaining power with
suppliers and customers.

* Stretch in working capital cycle: Operations are highly working
capital intensive, as reflected in high gross current assets
(GCA) of 698 days as on March 31, 2017 on account of high
receivable and inventory of 322 and 344 days, respectively.

Strength

* Extensive experience of the promoters in the diamond industry:
Mr. Chhotalal P Shah, along with his friends, set up Diamondstar
as a partnership firm in 1967. The firm, which has been engaged
in export of diamonds since then, became a family concern of Mr.
Shah in 1978, after his friends exited the business. Over the
years, the partners have built strong relationships with
customers.

Diamondstar, set up in 1967, cuts and polishes diamonds. It
predominantly deals in large diamonds in shapes such as marquise,
pear, and round. The firm has three partners, Mr. Rupesh Shah and
Mr. Nilesh Shah.Diamondstar, set up in 1967, cuts and polishes
diamonds. It predominantly deals in large diamonds in shapes such
as marquise, pear, and round. The firm has three partners, Mr.
Rupesh Shah and Mr. Nilesh Shah.


HAJIPUR MUNICIPAL: ICRA Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
ICRA has assigned the long-term issuer rating of [ICRA]B+ to the
Hajipur Municipal Council. The outlook assigned to the long-term
rating is Stable.

Rationale

The assigned rating derives comfort from the HMC's importance to
the Government of Bihar (GoB) as a provider of key municipal
services in Hajipur and rule-based transfers of assigned revenues
and grants from the state government, which assists the council
in making non-discretionary payments like salaries, pensions and
electricity bills. The rating also takes into consideration the
HMC's revenue surplus position in the last three years. ICRA also
notes the significant growth in the expenditure towards projects
related to construction of roads, streetlights, sewerage, water-
supply projects and solid-waste management, which were funded by
matching grants from the state government.

The rating, however, is constrained by the HMC's significantly
weak information systems with instances of inconsistency in data,
small size of the HMC's own revenues, which limits its ability to
fund the cash-flow mismatch in case of irregular transfers from
the GoB, and less-than-satisfactory service standards in the
areas of water supply, roads, street lights, solid-waste
management and drainage. Moreover, the poor service levels in key
services adversely impact the citizen's willingness to pay
various taxes and charges and accept any upward revision in
taxes. ICRA notes that, going forward, a significant amount of
capital expenditure will be required by the HMC to improve these
services to a desired level. ICRA also notes that the ability of
the HMC to improve its own revenue base, by exploiting various
tax and non-tax avenues available to it under the Bihar Municipal
Act, 2007 (Act), would be critical to improve its financial
position, going forward.

ICRA notes that the HMC proposes a large outlay for various
projects (Rs. 101.1 crore2 during FY2017 to FY2019), which would
primarily (90%) be funded by the Government of India (GoI) and
the GoB under the Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) scheme. The remaining 10% is proposed to
be contributed by the HMC (Rs. 10.1 crore). ICRA notes that the
financial position of the HMC would be adversely impacted if the
project assets, after commissioning, are unable to generate
adequate revenues to part fund the Operations & Maintenance (O&M)
costs, which are expected to increase significantly, going
forward. Although the council has implemented reforms such as
regular audit of financial statements, and introduction of e-
governance in some functions till date, effective implementation
of other key initiatives such as shifting to accrual-based
accounting system and revenue enhancement measures would be key
determinants of the HMC's ability to improve its overall
performance. Finally, adequate number of staff, coupled with
continuity of such staff, especially in critical functions, would
be crucial for timely implementation of key projects and reforms,
going forward.

Key rating drivers and description

Credit strengths

* Rule-based transfers from the state government: Grant released
by the GoB under the State Finance Commission (SFC) for payment
of salaries and operations, and maintenance of key municipal
services such as water supply, roads and drains.

* Revenue-surplus position in the last three years: The
corporation's own revenue base has increased consistently over
the years, albeit on a small base. Also, the HMC has generated a
revenue surplus in the past years.

Credit weaknesses

* Weak information systems: The management information system
(MIS) of the corporation remains weak with instances of
inconsistency in data.

* Low share of own revenues: The HMC's own sources of revenue
have remained low (although increasing) primarily on account of
poor coverage of residential and commercial properties under the
property tax ambit.

* Less-than-satisfactory service levels: The service levels for
the key functions have remained very poor.

* Lack of staff in key departments: The HMC suffers severe
shortage of manpower, as reflected in high vacancy in key
departments.

* Moderate credit quality of the GoB, which provides significant
financial support to the HMC: The corporation's own revenue base
is limited at present and therefore it depends significantly on
the finances from the state government, the credit quality of
which is moderate.

* Risk related to execution of large projects: A sizeable capital
outlay is required for the execution of large drainage projects
under the Atal Mission for Rejuvenation and Urban Transformation
(AMRUT). This could stretch the cash flows of the corporation.
Moreover, given the limited track record of the corporation in
executing large projects, timely execution of these projects
within the budgeted costs would be critical for the HMC's
financial position, going forward.

The Hajipur Municipal Council (HMC), being an urban local body
(ULB), provides civic services to Hajipur city, the head-quarter
of West Champaran district. According to Census 2011, the HMC,
covering an area of 19.64 sq. km., serves a total population of
1.47 lakh people. The HMC is governed by the Bihar Municipal Act,
2007 (Act), which is administered by the Urban Development and
Housing Department (UDHD), Government of Bihar (GoB). The highest
decision-making authority of the ULB is its council, which is
formed every five years by electing ward councillors from each of
the 39 municipal wards. The council is headed by a Chairman, who
is elected by the ward councillors. The overall operations of the
ULB are managed by the Executive Officer (EO), who is appointed
by the State Government. The heads of the respective departments
support the EO in managing the services of the HMC. The key
services extended by the ULB are construction and maintenance of
roads and drains, water supply, solid-waste management, street
lights and amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.

In FY2016, the HMC generated a revenue surplus of INR6.86 crore
on a total revenue income of INR13.68 crore compared to a revenue
surplus of INR7.24 crore on a total revenue income of INR13.99
crore in FY2015.


ICA EDU SKILLS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) affirmed ICA Edu Skills Pvt.
Limited (ICA) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR50 mil. Non-fund-based limit affirmed with IND
    BB+/Stable/INDA4+ rating; and

-- INR165 mil. Proposed non-fund-based limits* assigned with
    Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by ICA to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects the high execution risk stemming from
the sudden jump in ICA's order book to INR4181.5 million
resulting from the projects received from the government of
India. The order book is more than 4x of its FY17 turnover. The
company has a moderate scale of operations. Revenue improved to
INR1,029 million (FY16: INR618 million) due to the implementation
of the projects received from the government. The company expects
the order book to grow 7x of its present revenue size by end-
FY18, as the company receives further work orders from the
government of India.

Moreover, the company would incur capex to set up infrastructure
to complete these projects, which is going to be largely funded
through debt and is likely to impact the strong debt metrics and
liquidity of the entity. Interest coverage (operating
EBITDA/gross interest expense) was 11x in FY17 (FY16: 5x) and net
financial leverage (adjusted net debt/operating EBITDAR) was
negative 0.6x (negative 0.7x).

Furthermore, the entity needs to hire resources from different
fields of expertise for executing these contracts. This would
increase its fixed costs and thus impact its stable margins in
the coming years. Margins were in the range of 12%-13% over FY14-
FY17. Another risk emanating from these contracts is the timely
completion of some of these projects, which would require a
certain committed percentage (average 50%) of manpower.

The ratings are constrained by ICA's long net cash cycle of 99
days during FY17, due to a long receivable period of 103 days,
which is likely to increase on the back of the sudden increase in
the work orders.

The ratings are supported by the company's promoters' close to
two decades of experience in the education industry.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while maintaining the net financial leverage at the current
levels could result in a rating upgrade.

Negative: Lower-than-expected operating performance leading to
deterioration of the credit metrics could result in a rating
downgrade.

COMPANY PROFILE

Founded in 1999 by Narendra Kumar Shyamsukha, ICA is a vocational
training institute, specializing in computer training of accounts
and finance. The company began its operations in Kolkata; and has
over 100 centers throughout India. The company is also a
registered partner of National Skill development Corporation.


IENERGIZER LTD: S&P Ups CCR to B+ on Lower Debt, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on iEnergizer Ltd. to 'B+' from 'B'. The outlook is stable.

S&P said, "At the same time, we raised our long-term issue rating
on the India-based global business process outsourcing (BPO)
service provider's bank loan to 'B+' from 'B'.

"We raised the rating on iEnergizer because we believe that the
company will maintain low debt and generate positive free
operating cash flows over the next one to two years. We also
anticipate that the company will manage its acquisitions and
shareholder distributions such that it can sustain its financial
position.

"iEnergizer will maintain its healthy credit metrics over the
next one to two years, in our view. The company has nearly halved
its debt over the past two to three years using its free
operating cash flows. This will improve its cash flow leverage,
with the ratio of funds from operations (FFO) to debt rising to
more than 30% as of fiscal 2018 (year ending March 31, 2018),
from about 12% as of fiscal 2015.

"We estimate that iEnergizer will generate annual free operating
cash flows of US$20 million-US$22 million in fiscals 2018 and
2019, sufficient to meet its debt-servicing obligations. This,
coupled with an asset-light service delivery model and stable
profitability, will help the company maintain its cash flow
leverage sustainably above 30%."

iEnergizer is likely to have sufficient financial resources and
access to capital markets to manage its outstanding bank loan of
about US$45 million due in April 2019. S&P said, "We believe that
the company's available cash and free operating cash flow will be
enough to meet this maturity. That said, we expect iEnergizer to
refinance a part of the loan in a timely manner to maintain a
comfortable liquidity buffer."

S&P regards iEnergizer's small operating scale in a highly
competitive domestic and international BPO services industry, as
well as the company's limited client and geographic diversity as
key rating constraints. iEnergizer's operating performance has
stabilized over the past 12-18 months with new customer wins
across business segments. This has helped mitigate the
concentration risk and drive growth. Moreover, S&P does not see
the risk of any significant customer loss in the near term, given
that none of the company's key customer contracts are up for
renewal over the next few quarters.

iEnergizer's profitability (with EBITDA margin of 22%-24%) is
above the industry average and higher than that of some of its
domestic Indian peers. The company has historically earned good
margins from its high seat utilization. S&P's expect iEnergizer's
improving business diversification with greater focus on digital
and online dissemination of content to support its profitability.
S&P said, "The stable outlook reflects our expectation that
iEnergizer will maintain its stable operating performance and
leverage over the next 12 months. We also expect the company to
manage its upcoming debt maturity in April 2019 at least six
months prior to the due date."

S&P said, "We could lower the rating if iEnergizer finds it
difficult to refinance its debt well in advance of maturity, or
if its financial position deteriorates with the FFO-to-debt ratio
falling below 30% sustainably. This could happen if the company
loses a significant customer, or if it pursues substantial debt-
funded acquisitions or shareholder distributions.

"We see limited potential for an upgrade unless iEnergizer
significantly improves its operating scale and achieves higher
client diversity or if the company achieves a debt-free status
and commits to maintaining it on a consistent basis."


INDUS VALLEY: CRISIL Lowers Rating on INR12.5MM Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Indus Valley Promoters Limited (IVPL) to 'CRISIL D'
from 'CRISIL BB/Stable.' The rating downgrade reflects delays by
IVPL, in servicing the debt. CRISIL has held discussions with the
bankers, who have confirmed the ongoing delay.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     12.5       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan              12.5       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

Key Rating Drivers & Detailed Description

* Delays in servicing of bank debt, owing to weak liquidity
There have been recent instances of delays in servicing of bank
debt, due to stretched liquidity. The company has been highly
dependent on demand and inflow of customer advances to complete
its project, and lack of sufficient support led to the delay. If
marketing initiatives are not effective, slow booking of units
may constrain the progress of construction in ongoing projects.

Weakness

* Weak financial risk profile: Financial risk profile is marked
by a high total outside liabilities to adjusted networth ratio of
4.25 times, as on March 31, 2017. With high reliance on external
working capital debt, the financial risk profile may remain weak
in the medium term.

Strength

* Established regional position, along with extensive experience
of the promoters: IVPL was set up in 1996, by Mr. Sanjay Gupta
and Mr. Ajay Gupta. The promoters have been active in the real
estate sector since 1983. They have successfully built and sold
five projects in Meerut'Rajan Kunj (Roorkee Road), Saket Kunj
(Saket), Yashodha Kunj, Phase I, through its affiliate, and
Samrat Kunj (Samrat Place, Garh Road) - covering around 0.27
million sq ft. Their established track record in the real estate
sector in Meerut, will enable successful completion and sales of
units in ongoing and upcoming projects, over the medium term.

IVPL, incorporated in 1996, is managed by Mr. Sanjay Gupta and
Mr. Ajay Gupta. It constructs independent houses and villas in
Meerut, Uttar Pradesh. Sheel Kunj-3, the company's biggest
project, should be ready by fiscal 2018.


JINDAL OVERSEAS: Ind-Ra Withdraws BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jindal Overseas
Corporation's (JOC) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable. The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits withdrawn with WD rating; and

-- INR750 mil. Non-fund-based limits withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection and no dues certificates from
the lender. This is consistent with the Securities and Exchange
Board of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for JOC.

COMPANY PROFILE

Established as a partnership firm in 1986, JOC is engaged in the
trading of pulses. It imports pulses through brokers and directly
from companies in Singapore, Canada, the Netherlands, the US and
others, and sells them directly to traders/brokers in India. In
2007, JOC was constituted as a proprietorship firm.


KGPS MECHANICAL: CRISIL Lowers Rating on INR5.24MM Cash Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of KGPS Mechanical Private Limited (KGPS) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4' owing to continued
overutilization of the cash credit facility for more than 30
days.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             5.24      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility      2.26      CRISIL D (Downgraded from
                                     'CRISIL A4')

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity profile: A stretched working capital cycle and
weak liquidity profile has led to continued overutilization of
the working capital limit for more than 30 days.

Strength

* Experience of promoters and strong clientele: Benefits derived
from the promoters' experience of over two decades, strong track
record, and healthy relations with reputed customers (comprising
public sector undertakings and private sector entities) and
suppliers should continue to support the business.

Gujarat based, KGPS undertakes mechanical fabrication work for
tanks, structures, and piping, and material handling for
industries such as petroleum and chemicals, cement, and fast
moving consumer goods (FMCG). KGPS is promoted by Mr. Subramanian
Pachat and Mr. Santhosh Pachat.


LAKHI TIMBER: CRISIL Assigns B Rating to INR3MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Lakhi Timber Traders Private
Limited (LTTPL)

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3         CRISIL B/Stable
   Letter of Credit        2         CRISIL A4

The ratings reflect the company's modest scale of operations in
the highly fragmented trading industry and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of its promoter and established
relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With revenue of INR11.65 crore in
fiscal 2017, scale remains small in the intensely competitive
timber trading industry.

* Below-average financial risk profile: The company has a below
average financial risk profile marked by high gearing of around
2.92 times as on 31 March 2017 and low net cash accruals.

Strength:

* Extensive experience of promoter: Presence of over 20 years in
the timber trading industry has enabled the promoter to establish
strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes LTTPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if increase in scale of operations and
profitability leads to a better financial risk profile. The
outlook may be revised to 'Negative' if higher-than-expected
debt-funded capital expenditure further weakens financial risk
profile.

LTTPL was established in 1989 and is involved in the trading of
timber. It operates a showroom in Kirtinagar,New Delhi.


LAXVEER CERAMIC: ICRA Raises Rating on INR17cr Term Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating of [ICRA]B to [ICRA]B+ on
the INR17.00-crore term loans and the INR8.00-crore cash credit
facility of Laxveer Ceramic LLP. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 on the INR3.00-crore non-fund based
bank guarantee of LCL. The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Term
  Loan                   17.00      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

  Fund-based Working
  Capital Facilities      8.00      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

  Non-fund Based
  Bank Guarantee          3.00      [ICRA]A4; Reaffirmed

Rationale

The upgrade in the long-term rating takes into account the timely
commissioning of the project within the estimated cost and the
achievement of estimated operating parameters in terms of scale
and profitability. Nonetheless, the ratings continue to remain
constrained by the firm's relatively moderate scale of
operations, its high gearing and average coverage indicators.
Further, the ratings also factor in the highly fragmented nature
of the tiles industry which results in intense competition. The
cyclical nature of the real estate industry, the main consuming
sector, and the exposure of the company's profitability to
volatility in raw material and gas prices and to adverse foreign
exchange fluctuations are the other rating considerations. The
ratings, however, continue to favourably factor in the experience
of the partners in the ceramic industry, the benefits derived
from its established Group concerns in terms of marketing and
distribution. The locational advantage of LCL for raw material
procurement by virtue of its presence in Morbi (Gujarat) works in
favour of its credit profile.

Outlook: Stable

ICRA believes Laxveer Ceramic LLP will continue to benefit from
the extensive experience of its promoters. The outlook may be
revised to Positive if substantial growth in revenue and
profitability, and better working capital management, strengthens
the financial risk profile. The outlook may be revised to
Negative if cash accrual is lower than expected, or if any major
debt-funded capital expenditure, or stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

* Timely commissioning and stabilisation of operations: The firm
has completed the project within the estimated cost and
commissioned operations in a timely manner from January, 2017.
LCL has successfully stabilised its operations as reflected by
revenues of INR9.05 crore achieved in FY2017 (3M) and INR30.23
crore in FY2018 (5M).

* Extensive experience of the management in the ceramic industry:
The promoters have a longstanding experience of close to a decade
in the ceramic industry vide their association with other
companies in the ceramic industry.

* Proximity to manufacturing hub: The manufacturing facility of
the company 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 in Gujarat and
Rajasthan.

Credit challenges

* Moderate financial risk profile: The financial profile of the
company remains moderate as reflected by its small scale of
operations (operating income of INR30.53 crore in 5M FY2018),
high gearing levels (2.08 times as on August 31, 2017) and
average coverage indicators (Total Debt/OPBDITA at 7.78 times,
OPBDITA/I&F at 3.40 times and NCA/Debt at 21% for 5M FY2018).

* Margins subject to pressure from intense competition and
cyclicality of the real estate industry: The tile manufacturing
industry remains highly fragmented with competition from the
organised and unorganised segments, apart from imports. The large
number of players in the unorganised segment, with most of them
located in Gujarat and operating on low cost structures, creates
a pressure on the prices. Moreover, the demand for tiles remains
exposed to the cyclicality in the real estate sector, which at
present, is in a downward trend.

* Profitability susceptible to volatility in raw material and
fuel prices: Despite the locational advantage for raw material
procurement, the company has limited control over the prices of
other key inputs such as natural gas/coal, and thus its margins
remain exposed to any adverse movement in gas/coal prices.

* Profitability vulnerable to adverse fluctuation in foreign
currency exchange rate: The firm is an export market-oriented
player with exports (deemed and direct) forming 85% and 64% of
its revenues in 3M FY2017 and 5M FY2018 respectively. Given the
lack of a formal hedging policy, the increasing contribution of
export exposes the LCL's profitability to any adverse fluctuation
in foreign currency exchange rate.

Established in February, 2016 as a limited liability partnership
firm, Laxveer Ceramic LLP (LCL) commenced commercial production
in January, 2017 with its product profile comprising glazed
vitrified tiles of 600X600 mm, 800X800 mm, and 600X1200 mm. LCL's
manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat, and is equipped to manufacture
72,000 metric tonne (MT) of tiles per annum. In FY2017 (three
months of operations), it reported a net loss of INR1.30 crore on
an operating income of INR9.05 crore.


MAHESH INDUSTRIES: CRISIL Lowers Rating on INR60MM Loan to D
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mahesh
Industries Pvt Ltd (MIPL) through letters and emails dated
November 6, 2017 and November 28, 2017, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              12       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Negative')

   Foreign Letter           60       CRISIL D (Issuer Not
   of Credit                         Cooperating; Downgraded
                                     from 'CRISIL A4+')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MTPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the company. CRISIL believes that the information available is
consistent with 'CRISIL BB' category rating or lower as per
'Scenario 1' outlined in the 'Framework for assessing consistency
of information'.  Based on the last available information, CRISIL
has downgraded the rating at 'CRISIL D/CRISIL D' from 'CRISIL
BB/Negative/CRISIL A4+'.

The rating has been downgraded as the company's working capital
facilities were overdrawn for more than 30 days.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mahesh Timber Pvt Ltd (MTPL), its 100%
subsidiary Mahesh Timber Singapore Pte Ltd (MTSL), and MIPL. This
is because the companies, collectively referred to as the Mahesh
group, have a common management and are in related lines of
business.

MTPL, incorporated in 1998, trades in hardwood timber imported
from Malaysia. The company has sawmill operations in Gandhidham,
where timber logs imported at Kandla Port (both in Gujarat) are
sawn and then sold to timber traders in Haryana, Delhi, Punjab,
Uttar Pradesh, and other states. MIPL trades in softwood imported
from Europe and sells the sawn timber to traders and retailers in
the domestic market. MIPL operates around 22 sawmills whereas
MTPL operates around 10 sawmills.


MAHI CORPORATION: ICRA Cuts Rating on INR5.0cr Cash Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D 'ISSUER NOT
COOPERATING' from [ICRA]B+ 'ISSUER NOT COOPERATING' assigned for
the INR6.45-crore1 long term fund based bank facilities of Mahi
Corporation Private Limited (MCPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Term
  Loan                     1.45      [ICRA]D ISSUER NOT
                                     COOPERATING revised
                                     from [ICRA]B+ ISSUER
                                     NOT COOPERATING

  Fund based-Cash
  Credit                   5.00      [ICRA]D ISSUER NOT
                                     COOPERATING revised
                                     from [ICRA]B+ ISSUER
                                     NOT COOPERATING

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, despite the downgrade.

Rationale
The rating downgrade follows the delays in debt servicing by MCPL
to the lender(s), as confirmed by them to ICRA.


Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) processes guar seeds to obtain guar gum refined splits and
by-products like churi and korma. The company operates from its
facility located at Tankara in Rajkot district of Gujarat, with
an installed guar gum seeds processing capacity of 16,500 MTPA.


MAKRANIA OIL: CRISIL Assigns B- Rating to INR6MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of Makrania Oil Mill (MOM).

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

The rating reflects MOM's modest scale of operations and weak
financial risk profile. These weaknesses are partially offset by
the experience of the proprietor in the mustard oil industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with
revenue of INR28.96 crore as on March 31, 2017, limits pricing
power with suppliers and customers, thereby constraining
profitability.

* Weak financial risk profile: Gearing was high at 11.67 times as
on March 31, 2017. Interest coverage and net cash accrual to
total debt ratios were weak at 1.2 times and 0.01 time,
respectively, in fiscal 2017. Networth was small at INR0.79 crore
in fiscal 2017.

Strength

* Experience of proprietor: Benefits derived from the
proprietor's experience of over a decade and healthy relations
with suppliers and customers should continue to support the
business.

Outlook: Stable

CRISIL believes MOM will continue to benefit over the medium term
from the experience of the proprietor. The outlook may be revised
to 'Positive' if larger-than-expected cash accrual strengthens
capital structure. Conversely, the outlook may be revised to
'Negative' if substantial, debt-funded capital expenditure or
lower-than-expected profitability weakens financial risk profile.

MOM was set up in 2003 as a proprietorship firm by Mr. Kishan
Kumar. It manufactures and sells mustard oil. The processing
facility at Charkhi Dadri, Haryana, has installed capacity of
around 300 tonne per day.


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

-- INR200 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR89.52 mil. Long-term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR2.5 MIL. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2010, Madhya Pradesh-based MTPL manufactures and
supplies polypropylene/high-density polyethylene woven sack bags,
leno bags, multi-coloured BOPP laminated bags and other regular
woven sack bags.


MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Mount Velour Rubber Works
Private Limited (MVRWL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B+/Stable (Reaffirmed)

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

The rating continues to reflect its modest scale of operations,
exposure to intense competition in the rubber and tyre industry,
and below-average financial risk profile because of a small
networth. These weaknesses are partially offset by the extensive
experience of its promoters and established customer
relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment: With revenue
of INR85.5 crore in fiscals 2017, scale remains small due to
intense competition in the rubber and tyre industry.

* Below-average financial risk profile: Networth and gearing were
weak at INR3.2 crore and 2.57 times, respectively, as on March
31, 2017.

Strength

* Extensive experience of promoters and reputed clientele:
Industry presence of around four decades has enabled the
promoters to build a strong network of reputed customers.

Outlook: Stable

CRISIL believes MVRWL will continue to benefit over the medium
term from the extensive experience of its promoters in the rubber
industry. The outlook may be revised to 'Positive' if improvement
in scale of operations and operating profitability leads to a
better financial risk profile. The outlook may be revised to
'Negative' if financial risk profile deteriorates on account of
lower sales and profitability or large debt-funded capital
expenditure.

Set up in 1977 as a partnership firm by Mr. M Usman and his
associates and reconstituted as a private limited company in
2005, MVRWL manufactures block rubber. The company is based in
Nilambur, Kerala.Set up in 1977 as a partnership firm by Mr. M
Usman and his associates and reconstituted as a private limited
company in 2005, MVRWL manufactures block rubber. The company is
based in Nilambur, Kerala.


NANDINI FITNESS: ICRA Moves D Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the ratings for the INR7.00 crore bank facilities
of Nandini Fitness Pvt. Ltd. to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Fund         7.00      [ICRA]D ISSUER NOT CO-
  based                             OPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating category'

Rationale

The rating action is based on limited cooperation and no updated
information on the entity's performance since the time it was
last rated in June 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 NFPL, ICRA has been trying to seek information
from the entity so as to monitor its performance and has also
been sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING".

Key rating drivers

Credit strengths

* Experienced promoters Credit weaknesses

* Delays in debt servicing

NFPL was promoted by Mr. Sumit Goel and Mr. Hemant Kumar Singh in
2009, to set up a health and fitness business in Lucknow, Uttar
Pradesh under a franchisee agreement with Gold's Gym.


NEPZPACK INDUSTRIES: CRISIL Assigns B+ Rating to INR3.75MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Nepzpack Industries Private Limited (NIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             3        CRISIL B+/Stable
   Long Term Loan           3.75     CRISIL B+/Stable
   Buyer's Credit           1.75     CRISIL B+/Stable
   Cash Credit              1.50     CRISIL B+/Stable

The rating reflects the company's modest scale of operations, and
stretched liquidity because of large working capital requirement.
These weaknesses are partially offset by its promoters' extensive
experience in the flexible packaging material industry, and its
low gearing.

Analytical Approach

The promoters have extended unsecured loans of INR3.9 crore as on
March 31, 2017. The loans are expected to remain in business and
have no interest. Moreover, their quantum has increased over the
years. They have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The scale is modest, indicated by
operating income of INR7.1 crore in fiscal 2017. Till September
2017 in fiscal 2018, revenue was INR5 crore. However, with
capacity addition in October, the revenue should increase
(expected to cross INR12 crore in fiscal 2018).

* Stretched liquidity because of large working capital
requirement: Gross current assets were at 105 days as on
March 31, 2017. Cash accrual is low, but will suffice to meet
debt obligation. Funds from promoters in the form of unsecured
loans should support liquidity over the medium term.

Strengths

* Promoters' industry experience: Mr. Sushil Kant Gupta has been
associated with the company since its inception in 1994. His
experience of over two decades has led to healthy relationships
with customers and suppliers, which will help strengthen business
risk profile over the medium term.

* Low gearing: Company has a low gearing of 0.06 time as on
March 31, 2017,  and comfortable debt protection indicators
indicated by interest coverage ratio of 5.09 times in fiscal
2017. While contracting of term loan in fiscal 2018 will affect
the financial risk profile, it should remain comfortable over the
medium term.

Outlook: Stable

CRISIL believes NIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial improvement in business risk
profile driven by higher-than-expected revenue growth leading to
high cash accrual, along with efficient working capital
management. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual or larger-than-expected working
capital requirement or large, debt funded capital expenditure
leads to increased pressure on liquidity.

NIPL, set up in 1994 by Mr. Sushil Kant Gupta and his friends,
manufactures flexible packaging material such as carry bags,
garbage bags, corrugated boxes, and laminated pouches. It is
based and has a manufacturing facility in Noida, Uttar Pradesh.


NEW ASIAN: CRISIL Assigns B+ Rating to INR25MM Term Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facility of New Asian Infrastructure Development
Private Limited (NAIDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                25       CRISIL B+/Stable

The rating reflects exposure to risks related to hydrology and to
stretch in receivables from counterparty. These weaknesses are
partially offset by extensive experience of promoters, their fund
support and limited exposure to demand and price risk with
assured offtake through long term power purchase agreement (PPA).

Analytical Approach

Unsecured loans from promoters (Rs. 17.5 crores as on March 31,
2017) have been treated as neither debt nor equity as they are
interest free loans and expected to be maintained in the company.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to hydrology: Hydrology risk is
accentuated with project being rain-fed in nature. Adverse
weather conditions may lead to significantly low water flow, and
can impact NAIDPL's cash flows.

* Risk related to stretch in receivables from counterparty:
Though the long-term agreement with Maharashtra State Electricity
Distribution Company Ltd (MSEDCL) offers significant long term
revenue visibility, it also exposes the company to risk of delays
in payment from a single counterparty, which could result in a
potential stretch in liquidity.

Strengths

* Extensive experience of the promoters: Promoters have extensive
entrepreneurial experience of over 5 decade in civil construction
business, particularly irrigation. They have over the years
developed a strong reputation as contractors in executing
irrigation projects within Maharashtra. Established relationship
with the principal further strengthen the market position.

* Limited exposure to demand and price risk with assured offtake
through long term PPA: NAIDPL entered into 30 years PPA with
MSEDCL, for the entire capacity of 7 MW at a fixed tariff rate of
INR4.35 per kWh. The PPA ensures a revenue visibility for the
company over the medium term.

Outlook: Stable

CRISIL believes NAIDPL will maintain its credit risk profile over
the medium term, backed by long term PPA with MSEDCL. The outlook
may be revised to 'Positive' if accruals are significantly high
backed by improved plant load factor (PLF), and payment cycle
from counterparty reduces. The outlook may be revised to
'Negative' if PLF is lower than expected or if it faces delays in
receipt of bills leading to stretched liquidity.

NAIDPL operates a setup a 7MW hydro power project in Nilwande in
Ahmednagar, Maharashtra on BOT basis. The unit commenced
production from November 2015. The company is promoted by Mr.
Syed Abdur Rasheed and his sons, Mr. Syed Abdur Zubair and Mr.
Syed Abdur Umair.


NIK-SAN ENGINEERING: ICRA Moves D Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Nik-San Engineering Company Limited (NECL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term         8.64      [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund based-Cash         8.20      [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non-fund based-        12.00      [ICRA]D ISSUER NOT
  LC/DP/DA                          COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non-fund based-        (5.00)     [ICRA]D ISSUER NOT
  Buyers Credit                     COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non-fund based-        16.00      [ICRA]D ISSUER NOT
  Bank Guarantee                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non-fund based-         2.00      [ICRA]D ISSUER NOT
  Forward Contract                  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.

Nik-San Engineering Company Limited (NECL) was acquired by Mr.
Suresh Kumar Choudhary and Mr. Naresh Kumar Choudhary in 1993.
The company is involved in the manufacturing of distribution
transformers, low tension current transformers (LTCT) and current
and potential transformers, with its manufacturing facility being
located at Vadodara, Gujarat. These products find application in
the distribution of electrical power and measuring instruments.


ODISHA LTD: ICRA Downgrades Rating on INR10cr Loan to B+
--------------------------------------------------------
ICRA has revised the rating assigned to the INR10-crore fund-
based limits of The Industrial Development Corporation of Odisha
Ltd. (IDCOL) from [ICRA]BB- to [ICRA]B+. The outlook on the
rating is Stable.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund-based Limits     10.00      Downgraded to [ICRA]B+(stable)
                                   from [ICRA]BB-(Stable)


Rationale

While assigning the rating to IDCOL, the holding company, ICRA
has taken into consideration its consolidated financials along
with its wholly-owned subsidiaries, IDCOL Kalinga Iron Works
Limited (IKIWL) and IDCOL Ferro Chrome Alloys Limited (IFCAL), to
evaluate its business fundamentals and financial strengths.

The revision in the rating takes into consideration continued
weak financial performance of the consolidated entity, with
operating losses resulting in considerable erosion of the
consolidated entity's net worth. While both iron ore and high
carbon ferrochrome (HCFC) operations reported nominal operating
profits in FY2017 against operating losses in FY2016, chrome ore
operations reflected a considerable loss, primarily due to sale
of a large quantity of high-cost ore built up during FY2012-15,
when permission for external sale of chrome ore was withdrawn. As
the company is yet to exhaust the carry-forward inventory,
further bulk sale/captive consumption of the same may continue to
impact profitability, going forward. Moreover, continued non-
payment of substantial amount of interest accrued and due in the
books of IDCOL, pertaining to the debt taken from the State
Government, which owns the entire equity capital of IDCOL, also
has a further adverse impact on the ratings, although ICRA notes
that approval of waiver of the same, if granted by the state
government, is likely to improve the profitability of the
company. Overall debt levels have also increased substantially
due to incremental loans availed from the State Government for
funding of a voluntary retirement/separation scheme for employees
of IKIWL. ICRA also notes the exposure of IDCOL and its
subsidiaries to the inherently cyclical nature of the iron ore
and ferro-chrome industries, although the long-term demand
outlook for these industries remains positive.

The rating, nonetheless, continues to favourably factor in the
status of IDCOL as a 100% holding of the Government of Odisha and
the consolidated entity's long track record in steel and related
industries, as well as availability of iron and chromite ore from
captive mines that tend to reduce raw-material risks to some
extent. The superior quality of deposits in the entity's mines,
with high iron and chromium content, along with the ownership of
the railway sidings and rakes, augment its competitive position.
While ICRA notes that the state government has been considering a
number of proposals to restructure IDCOL/its subsidiaries'
businesses, however, this has not been considered while assigning
the rating due to uncertainty regarding the restructuring as of
now.

Key rating drivers

Credit strengths

* Status of being a wholly-owned company of the Government of
Odisha: IDCOL has been involved in the mining of chrome,
manganese and iron ore since 1993 and its subsidiaries, IFCAL and
IKIWL, have been producing carbon ferro-chrome (HCFC), pig iron
and spun pipes since 1969 and 1963, respectively3. The companies
are wholly owned by the Government of Odisha (GoO), with the
State Government providing both financial and administrative
support.

* Availability of iron and chromite ore from captive mines along
with the ownership of the railway sidings and rakes augment
competitive position: IDCOL's chromite mines are situated at
Sukinda which serves as a rich source of chromite ore. Similarly,
the company's iron ore mines are located at Keonjhar, Odisha,
which is known for its rich and high-quality iron-ore deposits.
These captive mines result in considerable cost savings for IDCOL
and its subsidiaries and reduce raw-material risks to some
extent. Additionally, the company has its own railway siding and
rakes located close to the mines, due to which it is able to save
on transportation costs.

Credit weaknesses

* Weak financial profile on a consolidated basis with continued
operating losses and negative net worth: The consolidated entity
has continued to report operating losses, which led to a
considerable erosion of net worth. While both iron ore and high
carbon ferrochrome (HCFC) operations reported nominal operating
profits in FY2017 against operating losses in FY2016, chrome ore
operations reflected a considerable loss, primarily due to sale
of a large quantity of high-cost ore built up during FY2012-15,
when permission for external sale of chrome ore was withdrawn.
Given that the company is yet to exhaust the carry-forward
inventory, further bulk sales of the same may continue to impact
profitability, going forward.

* Increasing debt levels, with coverage indicators remaining
weak/negative: The debt on IDCOL's books primarily comprises
loans from the Government of Odisha, which owns the entire equity
capital of the company. Debt levels have increased substantially
from FY2016 due to incremental loans availed from the state
government for funding of a voluntary retirement/separation
scheme for employees of IKIWL. This, combined with weak
profitability, led to subdued debt-coverage indicators. Moreover,
continued non-payment of a substantial amount of interest accrued
and due in the books of IDCOL, pertaining to the debt taken from
the state government, also has an adverse impact on the rating.
However, approval of waiver of the same, if granted by the state
government, is likely to improve the profitability of the
company.

* Exposed to inherently cyclical nature of ferro chrome, iron ore
and steel industry: ICRA notes the exposure of IDCOL and its
subsidiaries to the inherently cyclical nature of the iron ore
and ferrochrome industries, although the long-term demand outlook
for these industries remains positive.

The Industrial Development Corporation of Odisha Ltd. (IDCOL) was
established in March, 1962 as a Government of Odisha undertaking,
aimed at promoting and establishing industries in the state. With
this objective in mind, the company had set up 15 industrial
concerns encompassing various sectors, including cement, pig
iron, spun pipe, ferro-chrome, transmission line towers, cables,
jute, cotton yarn, chrome chemicals, fasteners, etc. However, due
to weak performance of the undertakings, IDCOL was restructured
in 1995 by the Government of Odisha, and several of the
subsidiaries were disinvested. At present, IDCOL is functioning
as the holding company for three remaining subsidiaries, namely
IDCOL Kalinga Iron Works Limited (IKIWL), IDCOL Ferro Chrome
Alloys Limited (IFCAL) and IDCOL Software Limited. IDCOL also has
mining rights for chrome ore, manganese ore and iron ore. A part
of the ore raised is consumed by IKIWL and IFCAL for the
production of pig iron, spun pipes and high carbon ferrochrome
(HCFC), and the balance is sold in the domestic market. However,
pig iron and spun pipe operations have been suspended since
February, 2015.


PLASMA METAL: ICRA Lowers Rating on INR35cr Term Loan to D
----------------------------------------------------------
ICRA has revised the rating of bank facilities of Plasma Metal
Processing Private Limited (PMP) to [ICRA]D from [ICRA]B. ICRA
has also moved the ratings to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term        35.00      [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Revised
                                    from [ICRA]B

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, despite the downgrade.

Rationale
The rating downgrade follows the delays in debt servicing by PMP
to the lender(s), as confirmed by them to ICRA.

Plasma Metal Processing Pvt. Ltd. (PMP) was established in the
year 2011 and will be engaged in the business of plasma cleaning
and coating of rebars, wire rods and wires. The company is
managed by its directors, Mr. Krishnakant Tekriwal, Mr. Shreekant
Tekriwal and Mr. Rishikant Tekriwal who have vast experience in
metal cleaning and metal coating processes and are involved in
steel long products processing industry. The factory is located
in Butibori, MIDC, Nagpur. PMP has two group companies namely
Triveni Wires Pvt. Ltd. and Tensile Wires Pvt. Ltd. which are
engaged in a similar line of business.


RELIANCE COMM: More Chinese Banks Plan to Pursue Insolvency Bid
---------------------------------------------------------------
Reuters reports that two major Chinese lenders plan to support a
move by China Development Bank to put Reliance Communications
(RCom) into insolvency court as they seek to recover about $2
billion in debt, said three people with knowledge of the matter.

Last month, CDB began insolvency proceedings against RCom, which
has been trying for months to restructure its debt via a debt-
for-equity swap. Now, Industrial and Commercial Bank of China
(ICBC), the country's biggest-listed lender by assets, and
Export-Import Bank of China, plan to back CDB, the sources said,
Reuters relates.

According to Reuters, the combined effort would be a rare tilt
against an Indian conglomerate by a group of Chinese lenders,
keen to boost their presence in India.

And it would also further jeopardize Anil Ambani-controlled
RCom's efforts to restructure out of court. RCom two weeks ago
said the majority of its creditors will oppose CDB's insolvency
bid, the report says.

With total debt of INR457.33 billion ($7.1 billion) as of end
March, RCom is the most-leveraged of all listed telecoms carriers
in India, Reuters states. The company has not reported its debt
level since then.

The CDB petition seeking insolvency proceeding against RCom is
not on behalf of all three Chinese banks, but the banks are "on
the same page", said one of the people with knowledge of the
development, Reuters relays.

If needed, the other two banks will file their own petitions at
India's National Company Law Tribunal, which hears bankruptcy
cases in the country, the person, as cited by Reuters, said.

Reuters relates that two other people with knowledge of the
Chinese banks' plans also confirmed that ICBC and Export-Import
Bank would seek to join the insolvency bid unless the parties
reach an out-of-court settlement.

The people spoke to Reuters on condition they not be named due to
the sensitivity of the matter.

India's National Company Law Tribunal sets next hearing date on
Dec. 18 for China Development Bank's insolvency plea against RCom
and RCom unit Reliance Telecom, Reuters said in a separate
report.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Moody's Investors Service has withdrawn Reliance
Communications Limited's (RCOM) Ca corporate family rating (CFR)
and its negative outlook. At the same time, Moody's has also
withdrawn the Ca rating on RCOM's senior secured notes.

On Nov. 6, 2017, RCOM announced that pursuant to the invocation
of Strategic Debt Restructuring (SDR) scheme by the lenders of
the company as per the Reserve Bank of India guidelines agreed in
June 2017, the company is under a debt standstill period until
December 2018, as it looks to complete a corporate and debt
restructuring. Accordingly, for the time being, no payment of
interest and/or principal is being made to any RCOM lenders
and/or bondholders.


SAAGAR ECO: CRISIL Assigns B+ Rating to INR10.0MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Saagar Eco Projects Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              2.5        CRISIL B+/Stable
   Cash Credit           10.0        CRISIL B+/Stable

   Letter of credit
   & Bank Guarantee       7.5        CRISIL A4

The ratings reflect the extensive experience of its promoters and
healthy relationship with larger construction companies in Andhra
Pradesh. These strengths are partially offset by exposure to
intense competition in a highly fragmented segment, modest scale
of operations leading to moderate average financial risk profile,
and concentrated order book.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and average financial risk profile
With an operating income of INR5.4 crore in fiscal 2017 and
networth of INR1.98 crore as on March 31, 2017, scale remains
small. Hence, financial risk profile is average, reflected in
weak gearing of 1.21 times as on March 31, 2017, and muted
interest coverage ratio of 1.45 times for fiscal 2017. Ability to
execute large orders and thus substantially increase scale of
operations will remain constrained.

* Exposure to intense competition: SEPPL operates in the highly
fragmented civil construction industry that is dominated by a few
large players such as Larsen & Toubro Ltd (rated; CRISIL
AAA/FAAA/Stable/CRISIL A1+), and several small regional players.
Also, the company commenced operations only in fiscal 2017.
Modest scale limits advantages of economies of scale available to
players with larger volumes.

* Geographical concentration in revenue: Majority of income is
derived from Andhra Pradesh, where the company sub-contracts
civil works for private and government entities from larger
construction companies. This exposes it to any delay in project
execution or payment.

Strengths

* Extensive experience of promoters and healthy relationship with
customers: Presence of more than 10 years in the civil
construction industry has enabled the promoters to establish
healthy relationship with large contractors and bag moderate
orders in first year of operations.

Outlook: Stable

CRISIL believes SEPPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if a significant increase in revenue and
profitability leads to a better financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
lower-than-expected business performance or inefficient working
capital management further weakens liquidity and credit metrics.

Incorporated in January 2016 in Hyderabad and promoted by Mr.
Saagar Bandaru and his wife, Ms Kalyani Bandaru, SEPPL undertakes
civil construction projects on a sub-contractor basis.


SASARAM MUNICIPAL: ICRA Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
ICRA has assigned the long-term issuer rating of [ICRA] B+ to the
Sasaram Municipal Council (SMC). The outlook on the long-term
rating is Stable.

Rationale
The assigned rating takes into account the SMC's importance to
the State Government as a provider of key municipal services to
the city of Sasaram and rule-based transfers of assigned revenues
and grants from the state, which assists the council in making
non-discretionary payments like salaries, pensions and other
administrative expenses. Such transfers in the past, though, have
remained miniscule in nature. The rating also factors in the
revenue surplus position of the SMC during the last four years,
though remaining nominal in absolute value. ICRA also notes the
significant growth in the expenditure towards projects related to
construction of roads, street lights, sewerage and solid-waste
management, which were funded by matching grants from the State
Government.

The rating, however, is constrained by the SMC's low revenue base
as the council has a small coverage area under its jurisdiction,
significantly weak information systems with instances of
inconsistencies in data, moderate share of the SMC's own revenues
(~17% in FY2016), which limits its ability to fund the cash-flow
mismatch in case of non-uniform transfers from the GoB and less-
than-satisfactory service standards in the areas of roads, street
lights, solid-waste management and drainage. Moreover, the less-
than-satisfactory service levels in key services adversely impact
the citizen's willingness to pay various taxes and charges and
accept any upward revision in taxes. ICRA notes that, going
forward, a significant amount of capital expenditure will be
required by the SMC to improve these services to a desired level.
ICRA also notes that SMC's ability to improve its own revenue
base, by exploiting various tax and non-tax avenues available to
it under the Bihar Municipal Act, 2007 (Act), would be critical
to improve its financial position going forward.

ICRA notes that the SMC proposes a large outlay for various
projects (Rs. 119.86 crore2 during FY2017 to FY2019), which would
primarily (90%) be funded by the Government of India (GoI) and
the GoB under the Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) scheme. The remaining 10% is proposed to
be contributed by the SMC (Rs. 11.98 crore). ICRA notes that the
financial position of the SMC would be adversely impacted if the
project assets, after commissioning, are unable to generate
adequate revenues to part fund the Operations & Maintenance (O&M)
costs, which are expected to increase significantly going
forward. Finally, an adequate number of staff, coupled with
continuity of such staff, especially in critical functions, would
be crucial for the timely implementation of key projects and
reforms going forward.

Key rating drivers

Credit strengths

* Rule based transfers from the State Government for payment of
salaries and operations & maintenance of key municipal services
such as roads and drains: The SMC receives grant from the GoB
based on the recommendations of the State Finance Commission
(SFC), and a share in stamp duty collected in the city by the
State Government. Together, both the transfers contribute to more
than 65% of the SMC's total revenue income. The rule-based nature
of these transfers provides comfort to the council to an extent.
However, the frequency of such transfers has not been regular in
the past years, as reflected by inconsistencies in the amounts
received.

* Revenue surplus position, though nominal: The SMC generated
revenue surpluses annually during the past four years primarily
on account of stagnant O&M expenses.

Credit weaknesses

* Weak information systems: The management information system
(MIS) of the council remains weak with instances of inconsistency
in data. While the council has started maintaining accrual-based
accounts, preparation of financial statements is yet to commence.
However, annual audit of existing statements is being done
regularly.

* Own revenue base has remained low over the years: The SMC has a
small area under its jurisdiction as a result of which the
revenue base has remained fairly low over the years. Own tax
revenues comprised only around 17% of the SMC's total revenue
receipts in FY2016. Since the transfers from the State Government
are not regular, growth in the own revenues of the council would
be critical to maintain revenue surplus position and fund the
cash flow mismatches in future years.

* Less than satisfactorily service levels and coverage of key
functions: The council's service standards in most of the
services have remained weak as reflected by low coverage of water
supply, surfaced roads, streetlight and a low collection
efficiency of municipal solid waste (MSW). Moreover, the city
lacks a sewerage network and scientific treatment facility for
MSW. Such low level of services standards indicates that a large
investment needs to be made by the council to improve the service
standards to acceptable levels.

* Lack of adequate staff in key departments: The SMC has a large
number of vacant positions especially in critical functions like
revenue, accounts and engineering. Lack of adequate staff for
critical positions is likely to have an adverse impact on the
overall performance of the council.

* Risk related to execution of large projects: A sizeable capital
outlay is required for the execution of large projects under
AMRUT, which could stretch the cash flows of the council.
Moreover, given the limited track record of the council in
executing large projects, timely execution of these projects
within the budgeted costs would be critical for the SMC's
financial position going forward.

The SMC, being an urban local body (ULB), provides civic services
to Sasaram city. According to Census 2011, the SMC, covering an
area of 12.00 sq. km., serves a total population of 1.47 lakh.
The SMC is governed by the Bihar Municipal Act, 2007 (Act), which
is administered by the Urban Development and Housing Department
(UDHD), Government of Bihar (GoB). The highest decision-making
authority of the ULB is its council, which is formed every five
years by electing ward councillors from each of the 39 municipal
wards. The council is headed by a Chairperson, who is elected by
the ward councillors. The overall operations of the ULB are
managed by the Executive Officer (EO), who is appointed by the
State Government. The heads of the respective departments support
the EO in managing the services of the SMC.

The key services extended by the ULB are construction and
maintenance of roads and drains, solid waste management, street
lights and amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.

In FY2016, the SMC generated a revenue surplus of INR1.08 crore
on a total revenue income of INR7.47 crore compared to a revenue
surplus of INR1.95 crore on a total revenue income of INR7.46
crore in FY2015.


SHANKAR RICE: ICRA Reaffirms B Rating on INR74.50cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating to [ICRA]B on the
INR74.50-crore (enhanced from INR44.00-crore) long-term fund-
based bank facilities of Shankar Rice & Gen. Mills (SRGM). The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  based Limits           74.50       [ICRA]B(Stable); reaffirmed

Rationale

ICRA's rating factors in the decline in the company's operating
income (OI), leveraged capital structure and weak coverage
indicators. Nevertheless, all these factors are mitigated by a
healthy growth in the company's operating profitability.
The rating continues to factor in the firm's modest scale of
operations, which together with low value-adding business and
intense competition in the industry, has resulted in low
profitability and weak debt-coverage indicators. The rating also
takes into account the working capital intensive nature of the
rice milling business due to the need to maintain substantial
inventories with significant inventory holding at the end of
FY2017. Furthermore, the incremental working capital requirements
have been primarily funded through bank borrowings, leading to a
highly leveraged capital structure. The rating is also
constrained by agro-climatic risks, which can affect the
availability of paddy in adverse conditions.

However, the rating continues to be supported by the firm's long
track record of operations and the experience of the promoters in
the rice industry. Proximity of the mill to a major rice growing
area (which results in easy availability of paddy), and the
stable demand outlook as rice is an important part of the staple
Indian diet are other credit positives.

Going forward, the ability of the firm to increase its scale of
operations and improve its profitability as well as maintain a
prudent capital structure and optimise the working capital
intensity will be the key rating sensitivities.

Key rating drivers

Credit strengths

* Experienced promoters with long industry presence: The
promoters and their family have been involved in the business of
rice milling, processing and sorting for more than four decades
and have gained a thorough knowledge of the market. Such a long
presence in the industry has helped the firm to establish strong
relationship with its suppliers and customers.


* Presence in a major rice growing area ensures easy availability
of rice: India's long-grain Basmati rice is cultivated in the
North Indian states of Punjab, Haryana, West Uttar Pradesh,
Uttarakhand and Himachal Pradesh. The Group's location ensures
easy raw material availability from all neighbouring states.

* Good demand prospects for the industry: Rice is one of the
important food crops and is the staple diet for a significant
part of the world population. Rice is among the top three food
grains in terms of worldwide production. Over 90% of the global
rice output and consumption is concentrated in Asia, and hence
the demand prospects of rice industry continue to be favourable
for Indian players. Also, the fact that India is the world's
second-largest producer and consumer of rice is a positive.

Credit weaknesses

* Weak debt-coverage indicators due to low profits: The operating
profit margin has remained moderate due to low value addition and
an intensely competitive industry, which limit the scope of
margin expansion. Low margin and high interest cost on borrowed
funds have led to weak debt-coverage indicators.

* Intense competition due to presence several organised and
unorganised players: The rice industry is highly competitive and
fragmented in nature because of the presence of established
players such as KRBL Limited, L T Foods Limited and Amira Foods
India Limited as well competition from numerous small players in
the unorganised sector. Given the low capex and technical
complexity of work, the entry barriers have remained low,
resulting in the entry of large number of small-to-medium scale
enterprises.

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

Incorporated in 2001, SRGM is a partnership firm involved in the
milling and processing of Basmati and non-Basmati rice. The
firm's plant is located in Moga, Punjab and has a milling and
sorting capacity of 5 tonne/hour. The firm is promoted by Mr.
Parveen Kumar, Ms. Santosh Rani, Mr. Amandeep and Mr. Kamaldeep.
SRGM recorded a net profit after tax (PAT) of INR0.69 crore on an
OI of INR92.86 crore in FY2017 as against a net profit of INR0.28
crore on an OI of INR122.94 crore in the previous year.


SHANTHA TRUST: ICRA Lowers Rating on INR8cr LT Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B+
assigned to the INR8.00-crore fund-based bank facilities of
Shantha Trust.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term-Fund-
  based                   8.00        [ICRA]D; Revised from
                                      [ICRA]B+(Stable)

Rationale

The rating revision reflects delays in servicing of debt
obligations falling due for payment in October, 2017 owing to
stretched liquidity position and cash-flow mismatch.

Key rating drivers

Credit strengths

* Long experience of the trustee members: Shantha Trust was
established by Mr. S. Senthil Kumar, who has long experience in
the education sector. One of the trustee members, Mr. E
Swamikannu, has an extensive experience of nearly three decades
in the field of education. The long presence of the trustee
members in the education sector supports growth prospects.

Credit weaknesses

* Risk of cash-flow mismatch: The financial profile of the Trust
is characterised by stretched cash accruals vis-a-vis large debt-
repayment obligations. The risk of cash-flow mismatch during the
year owing to varying fee collection and debt-servicing timelines
led to the recent delays in debt servicing.

* High intensity of competition: The intense competition in the
education sector exerts pressure on the trust's ability to
attract and retain quality faculty, and also admissions of
students.

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

Shantha Trust was registered in November, 2011 with four trustees
and is promoted by Mr. S. Senthilkumar. The Trust took over the
operations of E.S. College of Nursing (ESCON) from Shantha
Medical Foundation (SMF, a group entity), during FY2014. ESCON
started the operations in 2008. SMF takes care of the operations
of ES Hospitals. The Trust has started the operations of E.S.
Arts & Science College (ESASC) from the current academic year
2016-17.

ESCON offers courses in six specialisations: Bachelor of Science
in Nursing (B.Sc (N)), Diploma in General Nursing and Midwifery
(DGNM), Post Basic Bachelor of Science in Nursing (P.B.B.Sc (N)),
Diploma in Medical Laboratory Technology (DMLT), Auxiliary
Nursing and Mid-wifery (ANM) and Master of Science in Nursing (M.
Sc (N)). The College is recognised by the Indian Nursing Council
(INC) and Tamil Nadu Nurses and Midwives Council (TNC), and is
affiliated to The Tamil Nadu Dr. M.G.R. Medical University.

ESASC offers five Under-Graduate (UG) courses namely Bachelor of
Science in Maths, Bachelor of Science in Computer Science,
Bachelor of Science in Physics, Bachelor of Arts in English and
Bachelor of Commerce. The sanctioned strength for each course is
50 students.

Besides Shantha Trust, E.S. Group of Institutions has four other
trusts under its fold viz., E.S Educational Charities, ESSM
Educational & Charitable Trust (rated ([ICRA]BB+(Stable)),
Shantha Medical Foundation (SMF) and ESSK Educational Charities,
which offer various courses across streams such as engineering,
polytechnic, animation, teacher training and arts among others.
The entities are managed separately by different members of the
group.


SHIVAM INFRA-TECH: Ind-Ra Assigns BB LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivam Infra-
Tech Private Limited's (SIPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR20 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating;

-- INR100 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

-- INR50 mil. Proposed fund-based working capital limit assigned
    with Provisional IND BB/Stable/Provisional IND A4+ rating;
    and

-- INR50 mil. Proposed non-fund-based working capital limit
    assigned with Provisional IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SIPL's small scale of operations and moderate
EBITDA margin. Revenue grew at a CAGR of 19.3% over FY15-FY17
toINR340.9 million (FY16: INR323.1million) driven by timely order
execution. As of beginning October 2017, SIPL had an order book
of INR1140.4 million (3.3x of FY17 revenue), providing short-term
revenue visibility. 1HFY18 interim financials indicate revenue of
INR195 million. EBITDA margin grew at a CAGR of 14.1% over FY14-
FY17 (FY17: 10.1%, FY16: 7.2%) on account of execution of new
high-margin orders.

However, the ratings are supported by SIPL's comfortable credit
metrics and adequate liquidity. Net financial leverage (Ind-Ra
adjusted net debt/operating EBITDAR) was 0.7x at FY17 (FY16:
0.2x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 5.1x (21.3x). The company's average peak
utilisation of the fund-based limits during the 11 months ended
October 2017 was around 73%.

The ratings are also supported by the promoter's experience of
more than a decade in executing engineering, procurement and
construction works contracts.

RATING SENSITIVITIES

Negative: A decline in revenue and/or EBITDA margins leading to a
sustained deterioration in the credit metrics and/or liquidity
position will be negative for the ratings.

Positive:  A substantial improvement in revenue while maintaining
the operating profitability and credit metrics at the current
level will be positive for the ratings.

COMPANY PROFILE

Incorporated in March 2011, SIPL, formerly Shivam Road and
Infrastructures Private Limited, executes engineering,
procurement and construction contracts for civil, drinking water,
road, constructions, canal development and other infrastructure
projects.


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

-- INR230 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR24.5 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
November 25, 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 1983, Shri Mookambiga Spinning Mills manufactures
cotton yarn at its 12,000kg/day facility in Tamil Nadu.


SJLT SPINNING MILLS: Ind-Ra Withdraws BB+ LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SJLT Spinning
Mills Private Limited's (SJLT) Long-Term Issuer Rating of 'IND
BB+(ISSUER NOT COOPERATING)'. The instrument-wise rating actions
are:

-- INR284.4 mil. Term loan due on December 2020 withdrawn with
    WD rating;

-- INR330 mil. Fund-based working capital facilities withdrawn
    with WD rating; and

-- INR100 mil. Non-fund-based working capital facilities
    withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the
above bank facilities, as the agency has received no-objection
certificates from the lenders. Ind-Ra will no longer provide
analytical and rating coverage for SJLT.

COMPANY PROFILE

Incorporated in 2005, SJLT is a Tamil Nadu-based cotton yarn
manufacturing company. It has an installed capacity of 68,000
spindles. The company sources it raw materials primarily from
Gujarat and Andhra Pradesh as well as through imports.


SJLT TEXTILES: Ind-Ra Withdraws BB+ LT Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SJLT Textiles
Private Limited's Long-Term Issuer Rating of 'IND BB+'. The
Outlook was Stable. The instrument-wise rating actions are:

-- INR467.7 mil. Term loan due on December 2020 withdrawn with
    WD rating;

-- INR450 mil. Fund-based working capital facilities withdrawn
    with WD rating; and

-- INR180.4 mil. Non-fund-based working capital facilities
    withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated 31 March 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1994, SJLT Textiles is a Namakkal-based yarn
manufacturer with an installed capacity of 91,000 spindles.


SONI TRACTORS: CRISIL Assigns 'B' Rating to INR3.9MM LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Soni Tractors (SONI). The
ratings reflect company's small scale of operations and high
working capital cycle. These weaknesses are partially offset by
extensive experience of the promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        3.8       CRISIL B/Stable
   Long Term Loan          3.9       CRISIL B/Stable
   Channel Financing        .8       CRISIL B/Stable
   Bank Guarantee          1.0       CRISIL A4
   Cash Credit             0.5       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The firm has modest scale of
operations as evident from its revenues of around INR10 cr. in
2016-17. The modest scale limits the advantages of economies of
scale available to players with larger volumes. Besides, the
resilience of a player with a larger scale of operations to
external shocks is significantly higher than a player with
smaller scale of operations.

* Working capital intensive operations: The operations of the
company are expected to be working capital intensive owing to
high debtor and inventory holding. The utilization of the working
capital bank lines is expected to remain high due to high working
capital requirements.

Strengths:

* Extensive experience of the promoters: Soni tractor is a
partnership firm which was incorporated in 1981 and since then it
has been manage by the Soni family. The promoters of the company
has more than three decades of experience in the dealership
business of tractors.

Outlook: Stable

CRISIL believes that the SONI will benefit over the medium term
from extensive experience of the promoters and diversification
into hotel business over the medium term. The outlook may be
revised to 'Positive' if the company registers significant
increase in its revenue and profitability, resulting in
substantial cash accruals, and improves its working capital cycle
on a sustainable basis. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile, particularly
liquidity, weakens due to delays in realization of receivables or
unanticipated withdrawal of capital by promoters from the
business.

Soni Tractor is a partnership firm which was incorprated in 1988
and is a authorized dealer of Mahindra and Mahindra Ltd in
Lakhimpur Kheri, Uttar Pradesh. The company generates majority of
its revenue from the sales of tractors. The firm is also in the
process of constructing hotel cum banquet in the adjacent land to
the showroom which will be compeleted by April 2018. The firm
have healthy and longstanding relationship with Mahindra and
Mahindra ltd and there are only two dealers of Mahindra and
Mahindra in the whole district of Lakhimpur khiri.


SOUTHERN CASHEW: CRISIL Assigns B+ Rating to INR5MM Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Southern Cashew Exporters
(SCE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit in
   Foreign Currency         40       CRISIL A4
   Cash Credit               2       CRISIL B+/Stable
   Foreign Bill
   Discounting               5       CRISIL B+/Stable

The ratings reflect the extensive experience of the partners in
the cashew industry and established relationship with customers
and suppliers. These strengths are partially offset by working
capital-intensive operations, an average financial risk profile,
exposure to intense competition, and susceptibility of the
operating margin to volatile raw material prices.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: The total outside liabilities
to tangible networth ratio was high at 3.4 time as on March 31,
2017, while the interest coverage ratio was subdued at 1.31 times
in fiscal 2017. The financial risk profile is expected to remain
average over the medium term.

* Exposure to intense competition: Limited differentiation in
technology involved in processing cashew nuts and moderate
capital requirement have resulted in a low entry barrier, leading
to intense competition in both the organised and unorganised
segments.

* Working capital-intensive operations: Due to seasonal
availability of raw material, inventory requirement is large (220
days as on March 31, 2017). However, low receivables partially
offset this.

* Susceptibility of the operating margin to volatility in raw
material prices: Prices of cashew kernels are highly volatile due
to the commoditised nature of the product, and maintenance of a
large inventory exposes the firm to price risks.

Strength:
* Extensive industry experience of the partners and an
established relationship with customers and suppliers: Ten years
of experience in the cashew industry has enabled the promoters to
maintain an established relationship with key customers and led
to revenue of more than INR100 crore in each of the four fiscals
through 2017.

Outlook: Stable

CRISIL believes SCE will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of an increase in revenue and
profitability, or significant capital infusion, resulting in
improvement in the capital structure. The outlook may be revised
to 'Negative' in case of lower-than-expected cash accrual,
significant debt-funded capital expenditure, or a stretch in
working capital requirement, leading to deterioration in
liquidity.

SCE was set up as a partnership firm in 2004 by Mr. M Shamsudeen
and family. The firm processes raw cashew nuts and sells cashew
kernels. Its processing facility near Kollam, Kerala, has an
installed capacity of around 24 tonne per day.


SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR9MM Demand Loan
------------------------------------------------------------
CRISIL has assigned its rating on long-term bank facilities of
the Sri Lakshmi Kalavathi Cotton Company (SKLCC) at 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit &
   Working Capital
   demand loan              9        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       1        CRISIL B/Stable

CRISIL's rating on the long-term bank facilities of SKLCC
reflects its modest scale of operations with susceptibility to
volatility in cotton prices and to changes in government
regulations. The rating also factors its weak financial risk
profile marked by modest networth, high gearing and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the partners in the cotton industry and
the firm's established customer relationships.


Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm's small scale is reflected
in operating income of INR12.22 crore in fiscal 2017. Intense
competition in the fragmented cotton industry will keep the scale
modest over the medium term.

* Susceptibility to volatility in cotton prices and to changes in
government regulations: Cotton prices are affected by demand and
supply, and government policies, and any sharp change in prices
will impact the firm's profitability.

* Weak financial risk profile: Financial risk profile is
constrained by high total outside liabilities to adjusted
networth of 10.1 times as on March 31, 2017, modest networth of
INR1.44 crore and interest coverage ratios of 2.1 times,
respectively, in fiscal 2017.

Strength

* Extensive experience of the partners and established customer
relationships: Experience of two decades of managing partner Mr.
Balarama Krishnaiah and his established relationships with
customers and suppliers will continue to support SKLCC's business
risk profile.

Outlook: Stable

CRISIL believes SKLCC will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if capital structure improves because of a significant
increase in cash accrual or infusion of funds. The outlook may be
revised to 'Negative' if the firm undertakes debt-funded capital
expenditure or if operating margin is lower than expected,
resulting in deterioration in the financial risk profile.

Established in 2016 as a partnership firm, SLKCC is engaged in
Ginning, pressing of raw cotton and trading of cotton lint and
cotton seeds. The firm is promoted by Mr. Balarama Krishnaiah and
Mrs Seetharaomma.

SKLCC reported a profit after tax of INR0.18 crore on revenue of
INR12.50 crore in fiscal 2017.


SRI VAIBHAVA: CRISIL Reaffirms 'C' Rating on INR17.2MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Sri Vaibhava Lakshmi Enterprises Private Limited
(SVLEPL) at 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         17.2       CRISIL C (Reaffirmed)
   Open Cash Credit        2.8       CRISIL C (Reaffirmed)

The rating reflects a weak financial risk profile, because of
modest net worth, high gearing and weak debt protection metrics.
The rating is also reflects its exposure to inherent risks in the
poultry industry. However, the company benefits from the
extensive industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: SVLEPL's gearing was at 3.64 times
as on March 31, 2017 with a modest net worth of INR6 crore. Debt
protection metrics were weak with net cash accrual to total debt
(NCATD) of 5% in 2016-17. Furthermore, Net cash accrual will be
inadequate against the principal repayment of term debt
obligation over the medium term.

* Exposure to inherent risks in poultry industry: The poultry
industry is driven by regional demand and supply factors. Low
capital intensity and entry barriers facilitate entry of the
players in the unorganized sector resulting in intense
competition

Strengths

* Extensive entrepreneurial experience of promoters: The promoter
family has been active in the poultry industry for the past 13
years. The promoters have established relationships with key
customers and suppliers.

Set up in 2013, SVLEPL is engaged in the poultry business. It has
farms in Nandigama Village, Krishna District (Andhra Pradesh).
Mr. Venkata Narayan and his family are the promoters

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of INR0.22 Crores on operating income of INR14.45
Crores against PAT of INR0.39 Crores on operating income of
INR12.10 Crores in the previous fiscal.


SUNDAR STEEL: CRISIL Assigns B+ Rating to INR20MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
long-term bank facilities of Sundar Steel Industries (SSI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B+/Stable

The ratings reflect the weak financial risk profile and low
operating margin due to exposure to intense competition. These
weaknesses are partially offset by extensive experience of its
promoters in the steel trading industry and established
relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: As on March 31, 2017, networth was
low at INR2.19 crores and total outside liabilities to total
networth was high at 6.77 times. This is on account of high
dependence on external funds to meet its working capital.
Interest coverage was weak at 1.66 times for fiscal 2017, and is
expected to remain weak due to low operating margins.

* Low operating margin due to exposure to intense competition and
to volatility in steel prices: Profitability has been in the 1.5-
2.7% range in the last three fiscals due to intense competition
in the steel trading industry, which is fragmented with large
number of players. Sharp volatility in steel prices also affect
margin.

Strengths:

* Extensive experience of promoters and established client
relations: Longstanding presence in the steel trading industry
has enabled the promoters to successfully navigate business
cycles and develop strong relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes SSI will continue to benefit from the extensive
industry experience of its promoters and established customer
relationship over the medium term. The outlook may be revised to
'Positive' if sustained revenue growth and an improved operating
margin, leads to a better financial risk profile. The outlook may
be revised to 'Negative' if decline in revenues and
profitability, or a stretch in working capital cycle, weakening
the financial risk profile, especially liquidity.

SSI, set up in 1989 by Mr. Sundar Kumar Mittal, is engaged in
trading of stainless steel (SS) coils, SS scrap, thermo-
mechanically treated (TMT) bars, circles, and pig iron. The firm
commenced trading of TMT bars during 2016-17. The firm is based
in Vishakhapatnam, Andhra Pradesh.


SURAKSHA TRADERS: ICRA Withdraws B Rating on INR2.50cr Loan
-----------------------------------------------------------
ICRA withdraws the long-term rating outstanding of [ICRA] B
"ISSUER NOT COOPERATING", assigned to the INR2.50 crore fund
based limits and INR2.50 crore unallocated limits of Suraksha
Traders.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Fund
  based limits            2.50      [ICRA]B ISSUER NOT
                                    COOPERATING; Withdrawn

  Unallocated             2.50      [ICRA]B ISSUER NOT
                                    COOPERATING; Withdrawn

Rationale The rating is withdrawn in accordance with ICRA's
policy on withdrawal and suspension, and as desired by the
company.

Suraksha Traders was established in 2013 as a proprietorship
concern by Mr. B. Prasanna Kumar. The firm is involved in the
trading of maize, cotton lint, seeds & kapas. The firm sells the
products mainly in Andhra Pradesh and to the deemed exporters.
The procurement is done from the farmers, and from other traders
in and around Guntur region. Proprietor Mr. B.Prasanna Kumar, has
about 15 years of experience in the trading business.


SYNERGY SHAKTHI: CRISIL Withdraws 'D' Rating on INR18.13MM Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Synergy Shakthi Renewable Energy Limited (SSREL) at the company's
request and on complete closure of SSREL's bank facilities. This
is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              5         CRISIL D
   Funded Interest
   Term Loan                4.69      CRISIL D
   Long Term Loan          18.13      CRISIL D
   Proposed Long Term
   Bank Loan Facility       6.18      CRISIL D

Incorporated in 2007, SSREL is the maiden venture of the Lucas-
TVS group in the renewable energy space. Lucas Indian Service Ltd
is the single largest shareholder with a stake of around 47% in
SSREL's equity while other group companies hold the remainder.
SSREL has a 10 MW biomass power plant in Krishnagiri district,
Tamil Nadu. The plant had started commercial operations in
February 2010, but stopped operations in June 2015 due to adverse
changes in regulations. The company predominantly used to sell
power to industrial customers in the open market through short-
term agreements. It has not entered into any long-term power
purchase agreements.


TELUGU CINE: Ind-Ra Assigns B+ Rating to INR500MM Fund-based Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Telugu Cine Workers
Cooperative Housing Society Limited's (TCWCHSL) bank facilities
as follows:

-- INR500 mil. Fund-based working capital assigned with IND
    B+/Stable rating.

KEY RATING DRIVERS

The ratings are constrained by TCWCHSL's limited revenue size and
revenue sources. The society generates revenue in the form of
maintenance charges from flat owners and earns interest on fixed
deposits. According to the FY17 provisional financials, the total
income of the society was INR5.29 million.

Moreover, the society's operating margins are volatile (FY17:
18.04%; FY16: negative 30.94 %) due to its limited revenue
generation and high dependency on interest income. The average
operating margin during FY13-FY17 was 4.64%. Ind-Ra expects the
operating margin will increase from FY20 as the society's
maintenance fees charges start accumulating to the income, which
so far have been capitalised in the project account.

The ratings factor in TCWCHSL's high debt/current balance before
interest and depreciation (CBBID) due to its limited revenue
size. Debt/CBBID for FY17 surged to 61.99x from nil in FY16
because the society availed a working capital loan.

The ratings, however, are supported the society's strong
liquidity position. Its available funds (cash and unrestricted
funds) were INR31.46 million as of FY17 (FY16: INR25.71 million),
providing strong financial cushion to both financial leverage
(FY17: 31.14%) and operating expenditure (FY17: 859.28%).

RATING SENSITIVITIES

Positive: A sustained increase in the asset and revenue size of
the society can trigger a positive rating action.

Negative: A fall in the operating margins and liquidity position
of the society could negatively affect the ratings.

COMPANY PROFILE

TCWCHSL is registered under the Andhra Pradesh Co-Operative
Societies Act 7 of 1964. It was established in 1991 for the
construction and handover of housing units in Chitrapuri Colony,
Hyderabad.


TRIKONA PHARMACEUTICALS: ICRA Assigns B+ Rating to INR8cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR8.00
crore fund based limits of Trikona Pharmaceuticals Pvt. Ltd. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term Fund-
  Based Limits            8.00        [ICRA]B+(Stable); assigned

Rationale

The assigned rating is constrained by the company's nascent stage
of operations with Research and Development (R&D) completed for
six out of the eleven planned products coupled with pending
licence approval from the Drug Controller General of India (DCGI)
for commercialization; delay in project execution leading to high
dependence on promoters' funds towards timely repayment of debt
obligations as repayments begin from July 2018 and the revenues
are expected from Q3FY2019 against January 2018. The rating also
factors in the highly competitive and fragmented dermatology
segment with presence of many large players in the industry; and
limited experience of the management in the pharmaceutical
manufacturing industry.

The rating, however, positively takes into account over four
decades of experience of the promoters in the medical diagnostic
industry given the promoters are founder directors of Vijaya
Diagnostic Centre Pvt. Ltd (VDCPL, rated [ICRA]A-
(Stable)/[ICRA]A2+) having 44 centers in Telangana, Andhra
Pradesh and Bangalore; and moderate project gearing of 1.20 times
owing to regular infusion of equity by the promoters into the
business to fund the project.

Going forward, commencement of operations of the company as
planned and timely infusion of funds by promoters to meet its
debt obligations would be the key rating sensitivities from the
credit perspective.

Key rating drivers

Credit strengths

* Experienced promoters in the diagnostic industry: The promoters
have more than four decades of experience in the medical
diagnostic industry and have established relationships with
doctors and hospitals across three states. However, the promoters
do not have any prior experience in the manufacturing of
pharmaceutical formulations and are new in this segment.


* Promoters are founder directors of VDCPL: The promoters of
Trikona are founders and promoters of VDCPL, which run 44
diagnostic centers in Telangana, Andhra Pradesh and Bangalore.
The promoters also hold management positions in various other
research companies and hold a 59.14% stake in VDCPL. The strong
credit worthiness of promoters would ease the equity infusion in
the company as and when required.

Credit weaknesses

* Nascent stage of operations: The operations are at nascent
stage as the company has completed R&D for six out of eleven
products planned. The company will soon manufacture sample
batches and will apply for licence with Drug Controllor General
of India for commercialisation which is expected by June 2018.

* High dependence on promoter's funds: There is a delay in
execution of the project with revenues expected from Q3, FY2019
as against January 2018 owing to delay in finalising vendor and
terms for manufacturing of products under the loan license
agreement. This has led to high dependence on the promoters funds
for funding the increase in fixed overheads and timely repayments
of term loans.

* Highly fragmented and competitive dermatology segment: The
dermatology segment in highly competitive with presence of many
large players in the industry which might affect the revenues and
profitability of the company; however the company plans to
manufacture noval combinations which are expected to support the
company's revenues and margins to an extent.

Trikona Pharmaceuticals Pvt. Ltd. (Trikona) was incorporated in
2016 and is promoted by Dr. S. Surendranath Reddy and Mr. K.
Sunil Chandra. The promoters are also founders of Vijaya
Diagnostic Centre Pvt. Ltd which is into providing comprehensive
diagnostic services. Trikona is into R&D, product development and
manufacturing of formulations for dermatology segment which
includes creams, gels and ointments for treatment of anti-fungal,
wound healing, anti-bacterial and pigmentation categories. The
company has setup its own R&D centre and will get formulations
manufactured under loan license agreement from the third party
manufacturer.


UJJAIN PACKAGING: CRISIL Ups Rating on INR4.57MM Term Loan to B
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Ujjain Packaging Private Limited (UPPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.21      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan               4.57      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects firm's improved business risk profile due to
increase in scale of operations and sustenance of operating
margin of about 10-11 per cent backed by healthy utilisation of
capacity. CRISIL believe that the improved business profile would
result in sufficient net cash accruals generation vis-Ö-vis
repayments over the medium term.

The ratings continue to reflect UPPL's modest scale of operations
in the highly fragmented packaging industry and the company's
large working capital requirements. The rating also factors in
the pressure on UPPL's weak financial risk profile and liquidity.
These rating weaknesses are partially offset by the extensive
experience of UPPL's promoters in the packaging industry.

Analytical Approach

CRISIL has treated unsecured loans from the promoters as neither
debt nor equity as these were subordinate to bank debt and were
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented packaging
industry: UPPL's scale of operations is small, indicated by
revenue of INR14.7 crore in fiscal 2017. The company faces
competition from large and established players. Low capital and
technology requirement, lead time of just 12-18 months for
setting up a plant, and lack of product differentiation reduce
entry barriers and result in overcapacity in the industry.

* Large working capital requirement: UPPL's working capital-
intensive operations are reflected in its gross current assets of
330 days as on March 31, 2017, due to large raw material
inventory. Due to large working capital requirement, its bank
limit has remained fully utilized leading to stretched liquidity.

* Below-average financial risk profile: Financial risk profile is
characterized by small networth of 4.83 crore, gearing of 2.35
times. Debt protection metrics are characterized by interest
coverage of 1.91 times and NCATD of 0.07 times.

Strengths

* Promoters' extensive experience in the packaging industry: Mr.
Anand Bangur and Mr. Vishnu Jajoo have experience of 30 years in
the packaging industry. The promoters own the Packaging People
group, established in 1984 and comprising 23 entities all over
India, catering to different clienteles. The group produces
corrugated packing boxes, plastic packaging, and kraft paper. Its
packaging solutions cater to industries such as cosmetics,
pharmaceuticals, food and agricultural products, electrical
appliances, textiles, garments, and automotive ancillaries.

Outlook: Stable

CRISIL believes that UPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if UPPL generates
significantly higher cash accruals leading to improvement in
liquidity profile. Conversely, the outlook may be revised to
'Negative' in case of stretched working capital cycle, or further
decline in cash generation, impacting the company's financial
risk profile.

UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr. Vishnu
Jajoo. The company manufactures corrugated packing boxes. Its
manufacturing unit in Ujjain (Madhya Pradesh) has an automated
corrugation line.UPPL was incorporated in 2008 by Mr. Anand
Bangur and Mr. Vishnu Jajoo. The company manufactures corrugated
packing boxes. Its manufacturing unit in Ujjain (Madhya Pradesh)
has an automated corrugation line.



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


CREDIT UNION SOUTH: S&P Affirms Then Withdraws 'BB-/B' Ratings
--------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB-/B' ratings on
New Zealand-based Credit Union South (CUS). S&P then withdrew the
ratings at the issuer's request. At the time of the withdrawal,
the outlook on the ratings was stable.

S&P said, "The ratings on CUS reflected our expectation that the
credit union will maintain very strong capitalization; it was
around 15.8% according to our risk-adjusted capital ratio (as of
June 30, 2017). We expect CUS to remain a small lender in New
Zealand focused on personal loans and residential mortgage loans
to lower-socioeconomic members relative to larger peers. These
characteristics expose the credit union to higher through-the-
cycle loss rates and competition from larger, and more
diversified competitors. In addition, we consider that CUS'
material program of change, including multiyear technology
investments, exposes it to heightened operational risk, relative
to peers, though this is likely to moderate as implementation
progresses."



===============
P A K I S T A N
===============


PAKISTAN: Moody's Rates US Dollar-Denominated Notes 'B3'
--------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 to the
Government of Pakistan's (B3 stable) US Dollar-denominated notes.
The senior unsecured notes rank pari passu with all of the
Islamic Republic of Pakistan's current and future senior
unsecured external debt. The proceeds of the notes are intended
for general budgetary purposes.

RATINGS RATIONALE

Pakistan's B3 issuer rating reflects a credit profile that
balances robust growth potential and a relatively large economy,
against low income levels, infrastructure constraints and very
low global competitiveness. In recent years, the credit has been
supported by an improved track record of reforms started under an
International Monetary Fund (IMF) program, and a stronger outlook
for infrastructure investment driven by the China-Pakistan
Economic Corridor (CPEC) project. However, the government's high
debt burden, very narrow revenue base, fragile external payments
position and high political risk constrain the credit profile.

Pakistan's economy demonstrates relatively robust GDP growth,
limited by supply-side constraints on the economy. While the
scale of the economy is relatively large, Pakistan's per capita
income is very low, indicating limited capacity to absorb
negative shocks. Moving forward, implementation of the CPEC will,
over time, partly address supply-side constraints through
investment in power generation and transport infrastructure,
thereby bolstering Pakistan's growth potential and
competitiveness. However, security related issues and a weak
track record of public project implementation suggest the pace of
project execution will be relatively slow.

Pakistan's institutional strength is improving from a very low
base, a reflection of significant traction on reforms under and
following Pakistan's recent IMF program, which concluded in
September 2016, along with improvements in transparency. Key IMF
program goals included fiscal deficit reduction, strengthening of
the monetary policy framework, resolving constraints in the
energy sector, and state-owned enterprise reform. Continued
government commitment to implementation of reforms would help
reinforce fiscal and monetary policy discipline, thereby
preserving recent macroeconomic stability gains and strengthening
institutional effectiveness in the future. Such improvements
would help support the sovereign credit profile through enhanced
policy credibility and effectiveness.

Progress on these reforms balances key institutional constraints
from factious relations between the executive, military and
judicial branches of government. Institutional constraints are
also reflected in Pakistan's very low rankings in the Worldwide
Governance Indicators on government effectiveness, rule of law
and control of corruption.

Other factors that drive Pakistan's sovereign credit rating are
its very low fiscal strength and high susceptibility to event
risk. Key fiscal and external credit metrics are weak
intrinsically and relative to ratings peers. These factors are
compounded by the country's very narrow revenue base, low savings
and shallow capital markets, which hinder debt affordability and
increase the debt burden. The material foreign currency portion
of outstanding government debt (about 30% of total debt) also
exposes the government's balance sheet to foreign exchange risks.

However, the government is lengthening the maturity of debt which
will reduce gross financing needs. Government debt rollover risk
is also mitigated by sizeable recourse to domestic bank borrowing
and, to some degree, by a debt structure that consists of long-
tenor credits from multilateral and official bilateral creditors.

Political risk in Pakistan remains high, reflecting a high
probability of a high impact scenario involving an escalation of
violent terrorism or tensions between the different branches of
the government which could threaten political stability and
divert essential policy and economic resources.

The challenging operating environment, susceptibility to economic
risks and political shocks, coupled with high exposure of asset
quality to the sovereign, links the health of the banking system
very closely to that of the government. Banks are generally well
managed but remain vulnerable to cyclical economic risks and to
political shocks.

Moody's assesses Pakistan's external vulnerability risk as low,
reflecting a relatively modest current account deficit, half of
which is financed by stable foreign direct investment (FDI).
Moreover, foreign exchange reserves cover external debt payments
due over the next year. However, external pressures are now
building as a result of the recent widening of the current
account deficit driven by increased capital goods imports for
CPEC, financed in part by external debt, and the slowdown in
remittance inflows.

ISSUER RATING OUTLOOK

The stable outlook on the issuer rating reflects a balance of
positive and negative pressures.

On the upside, there is potential for further strengthening in
growth beyond Moody's current expectations, as successful
implementation of the CPEC project may transform the Pakistani
economy by removing infrastructure bottlenecks and stimulating
both foreign and domestic investment.

On the downside, the economic benefits of CPEC are still highly
uncertain and power supply may continue to constrain growth to a
greater extent than Moody's currently envisage. Moreover, the
fiscal costs related to the project and, more generally,
development spending could raise Pakistan's debt burden more
rapidly and significantly than Moody's expect. In addition,
recent indications of renewed increases in external pressure
could develop into greater external vulnerability.

WHAT COULD MOVE THE RATING UP/DOWN

Upward triggers to Pakistan's rating would stem from sustained
progress in structural reforms that would significantly reduce
infrastructure impediments and supply-side bottlenecks. This
would improve Pakistan's investment environment and eventually
aid a shift to a sustained higher growth trajectory. A lasting
strengthening in the external liquidity position or meaningful
reduction in the government deficit and debt burden would also be
credit positive.

Conversely, Moody's would view a stalling of the government's
post-IMF program reform agenda, including revenue reforms and the
strengthening of monetary policy and central bank independence,
to be credit negative. Continued material widening of the fiscal
deficit, ongoing weakening of the external payments position,
loss of multilateral/bilateral financial support, or significant
escalation in political tensions would also weigh on Pakistan's
credit profile.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.


PAKISTAN INT'L: Moody's Assigns B3 Rating to USD Trust Certs.
-------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating
of B3 to the US Dollar Trust Certificates issued by The Third
Pakistan International Sukuk Company Limited, a special purpose
vehicle established in Pakistan by the Islamic Republic of
Pakistan.

The B3 rating assigned is at the same level as the Government of
Pakistan's (B3 stable) issuer rating, reflecting Moody's view
that the sukuk certificate holders will effectively be exposed to
the sovereign credit risk incorporated in the government's issuer
rating.

Payment obligations represented by the securities to be issued by
The Third Pakistan International Sukuk Company Limited are ranked
pari passu with other senior, unsecured external debt issuances
of the Government of Pakistan.

Moody's also notes that its sukuk rating does not express an
opinion on the structure's compliance with Shari'ah law.

RATINGS RATIONALE

Pakistan's B3 issuer rating reflects a credit profile that
balances robust growth potential and a relatively large economy,
against low income levels, infrastructure constraints and very
low global competitiveness. In recent years, the credit has been
supported by an improved track record of reforms started under an
International Monetary Fund (IMF) program, and a stronger outlook
for infrastructure investment driven by the China-Pakistan
Economic Corridor (CPEC) project. However, the government's high
debt burden, very narrow revenue base, fragile external payments
position and high political risk constrain the credit profile.

Pakistan's economy demonstrates relatively robust GDP growth,
limited by supply-side constraints on the economy. While the
scale of the economy is relatively large, Pakistan's per capita
income is very low, indicating limited capacity to absorb
negative shocks. Moving forward, implementation of the CPEC will,
over time, partly address supply-side constraints through
investment in power generation and transport infrastructure,
thereby bolstering Pakistan's growth potential and
competitiveness. However, security related issues and a weak
track record of public project implementation suggest the pace of
project execution will be relatively slow.

Pakistan's institutional strength is improving from a very low
base, a reflection of significant traction on reforms under and
following Pakistan's recent IMF program, which concluded in
September 2016, along with improvements in transparency. Key IMF
program goals included fiscal deficit reduction, strengthening of
the monetary policy framework, resolving constraints in the
energy sector, and state-owned enterprise reform. Continued
government commitment to implementation of reforms would help
reinforce fiscal and monetary policy discipline, thereby
preserving recent macroeconomic stability gains and strengthening
institutional effectiveness in the future. Such improvements
would help support the sovereign credit profile through enhanced
policy credibility and effectiveness.

Progress on these reforms balances key institutional constraints
from factious relations between the executive, military and
judicial branches of government. Institutional constraints are
also reflected in Pakistan's very low rankings in the Worldwide
Governance Indicators on government effectiveness, rule of law
and control of corruption.

Other factors that drive Pakistan's sovereign credit rating are
its very low fiscal strength and high susceptibility to event
risk. Key fiscal and external credit metrics are weak
intrinsically and relative to ratings peers. These factors are
compounded by the country's very narrow revenue base, low savings
and shallow capital markets, which hinder debt affordability and
increase the debt burden. The material foreign currency portion
of outstanding government debt (about 30% of total debt) also
exposes the government's balance sheet to foreign exchange risks.

However, the government is lengthening the maturity of debt which
will reduce gross financing needs. Government debt rollover risk
is also mitigated by sizeable recourse to domestic bank borrowing
and, to some degree, by a debt structure that consists of long-
tenor credits from multilateral and official bilateral creditors.

Political risk in Pakistan remains high, reflecting a high
probability of a high impact scenario involving an escalation of
violent terrorism or tensions between the different branches of
the government which could threaten political stability and
divert essential policy and economic resources.

The challenging operating environment, susceptibility to economic
risks and political shocks, coupled with high exposure of asset
quality to the sovereign, links the health of the banking system
very closely to that of the government. Banks are generally well
managed but remain vulnerable to cyclical economic risks and to
political shocks.

Moody's assesses Pakistan's external vulnerability risk as low,
reflecting a relatively modest current account deficit, half of
which is financed by stable foreign direct investment (FDI).
Moreover, foreign exchange reserves cover external debt payments
due over the next year. However, external pressures are now
building as a result of the recent widening of the current
account deficit driven by increased capital goods imports for
CPEC, financed in part by external debt, and the slowdown in
remittance inflows.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.



=====================
P H I L I P P I N E S
=====================


CALATA CORP: To be Delisted From PSE Today
------------------------------------------
Doris Dumlao-Abadilla at The Philippine Daily Inquirer reports
that Calata Corp. will be stricken off the Philippine Stock
Exchange's (PSE) roster of listed companies by Dec. 11 this year.

In a memorandum on Dec. 8, PSE president Ramon Monzon noted that
Calata - which was facing delisting due to multiple violations of
disclosure requirements and trading restrictions - submitted a
motion for reconsideration (MR).

"After due consideration and evaluation of the arguments
presented in the MR, the exchange resolved to deny the company's
MR for lack of merit," the Inquirer quotes PSE president Ramon
Monzon as saying.

As such, Mr. Monzon affirmed with finality the delisting of
Calata's shares and the imposition of concomitant penalties, the
Inquirer states.

With the involuntary delisting of Calata, its officers and
directors were also banned from sitting on the board of any PSE-
listed company for five years, according to the Inquirer. Company
chair and CEO Joseph Calata has been banned from the boardroom of
any listed company indefinitely.

The Inquirer says the PSE found out that Calata had committed a
total of 29 violations of disclosure rules, having failed to
disclose numerous trade transactions over shares held by its
director/officer.  The Inquirer relates that the exchange also
established that Calata committed 26 violations of the "black-out
rule" which prohibits a director or principal officer of an
issuer from trading securities during the prescribed period
during which a material nonpublic information was obtained.


LAND BANK: Moody's Hikes Baseline Credit Assessment to ba1
----------------------------------------------------------
Moody's Investors Service has affirmed the Baa2/P-2 long-term and
short-term deposit ratings of Land Bank of the Philippines (LBP).

In addition, Moody's has upgraded the baseline credit assessment
(BCA) and Adjusted BCA of LBP to ba1 from ba2.

Moody's has also affirmed LBP's Counterparty Risk Assessment (CR
Assessment) of Baa2(cr)/P-2(cr).

The ratings outlook for LBP remains at stable.

RATINGS RATIONALE

The affirmation of LBP's deposit ratings of Baa2 takes into
account the one-notch upgrade of its BCAs to ba1, and a two-notch
uplift to reflect Moody's assumption that the bank will receive
support from the Government of the Philippines (Baa2 stable) in
times of need.

LBP's Baa2 ratings remain at the same level as the Philippines'
sovereign rating, and incorporate Moody's assessment of the
probability of government support for the bank as "government-
backed", which is in turn underpinned by the bank's (1) sizable
market shares of domestic deposits and loans; (2) full ownership
by the Philippine government; and (3) unique public policy role
of financing the country's priority sectors, including small
farmers and fishermen; agribusinesses; as well as
microenterprises and small and medium-sized enterprises.

The upgrade of LBP's BCA takes into account the bank's track
record of steady asset quality and robust capital and liquidity
buffers over the past three years. In particular, the bank's
asset quality and capital buffers are comparable with those of
its peers in the Philippines.

Nonetheless, the bank's BCA remains lower than that of other
Moody's-rated Philippine banks with BCAs of baa2-baa3, and
reflects its relatively weaker risk positioning, due to its high
credit concentration to single industry and large borrowers, and
weaker financial transparency.

The bank's BCA also reflects the stable operating environment for
banks in the Philippines, supported by a strong economy, and the
private sector's benign leverage and stable debt servicing
metrics. Philippine banks exhibit strong funding profiles that
are dominated by deposits, and demonstrate little reliance on
short-term wholesale funding. These factors are incorporated in
Moody's assessment of the macro profile of the Philippines of
Moderate(+).

WHAT COULD MOVE THE RATING UP

LBP's deposit ratings of Baa2 are at the same level as the
Philippines' sovereign rating. It is unlikely that the bank's
deposit ratings will be positioned higher than the sovereign
rating, given the high correlation of credit risk between the
bank and the sovereign. Assuming that LBP's credit metrics remain
robust, an upgrade of the sovereign rating would likely lead to
an upgrade of the bank's deposit ratings.

The following factors could result in an upward revision of LBP's
BCA: (1) an improvement in the timeliness and transparency of the
bank's financial reporting; and/or (2) significantly lower credit
risk concentration to individual borrowers and industry groups.

WHAT COULD MOVE THE RATING DOWN

LBP's BCA and, consequently, its ratings could be downgraded if:
(1) the operating environment weakens significantly or
underwriting practices become loose, resulting in a considerable
deterioration in the bank's asset quality; (2) the bank's
nonperforming loans rise without a corresponding increase in
loan-loss provisions; or (3) its capital buffer declines
materially, as a result of balance-sheet or credit losses.

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

Land Bank of the Philippines, headquartered in Manila, reported
total assets of PHP1.48 trillion at September 30, 2017.



=============
V I E T N A M
=============


* VIETNAM: New Bill Allows Ailing Banks to Go Bankrupt
------------------------------------------------------
Viet Nam News reports that the National Assembly voted on an
amended version of the country's Law on Credit Institutions on
Nov. 21.

With an overwhelming majority (88.8 per cent), the NA passed the
bill, which was amended to provide guideline for the restructure
of banks and financial institutions, special control mechanisms,
rehabilitation as well merger and acquisition activities, Viet
Nam News relates.

According to the report, the highlight of the new bill is that
future ailing banks will be allowed to go bankrupt while several
banks: CB Bank, Ocean Bank and GP Bank, purchased at zero value
by the State Bank of Vietnam (SBV) and DongA Bank, which was put
under special control by the SBV will continue to be restructured
under previously approved plan.

In a previous discussion with NA deputies, SBV Governor Le Minh
Hung said whether ailing banks are allowed to go bankrupt or not
SBV's highest priority was to safeguard the country's financial
system, the people's trust and lawful rights of depositors, the
report relays.

Viet Nam News says many deputies had voiced their concerns
against policies of buying out ailing banks with State's budget,
which is ultimately taxpayers' money, citing numerous
shortcomings and uncertainties within the country's current
banking regulations.

A report by NA's economics committee also advised against buy-out
policy, the report states.

"In some cases, the situations of financial institutions are
beyond saving. Rescuing them will be completely against market
economy principles and burden the State with even more risks and
liabilities," the report quotes the committee's chairman Vu Hong
Thanh as saying.

High bad debt ratio and a series of embezzlement and
mismanagement scandals hit the country's banking sector in recent
years threatened its financial system's stability and prompted
the Government to perform an overhaul on banking regulations,
according to Viet Nam News.

In a report by the SBV made public in April, the ratio of non-
performing loans could amount to 8.86 per cent including bad
debts managed by the Viet Nam Asset Management Company and debts
which potentially turned into non-performing due to a shortage of
mechanisms in handling bad debts and mortgaged assets, the report
adds.

With the outstanding loans totalling VND5.5 quadrillion (US$241
billion) as of the end of 2016, bad debts could amount to VND487
trillion, Viet Nam News notes.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***