/raid1/www/Hosts/bankrupt/TCRAP_Public/171218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 18, 2017, Vol. 20, No. 250

                            Headlines


A U S T R A L I A

AUTO ZONE: First Creditors' Meeting Scheduled for Dec. 22
BULLIBUILT PTY: First Creditors' Meeting Set for Dec. 22
CQPC DRILLING: First Creditors' Meeting Set for Dec. 22
EDWARDS CONSTRUCTIONS: To Emerge From Administration
IMAGING CENTRAL: Second Creditors' Meeting Set for Dec. 22

MERINO AND JUMBUCK: Second Creditors' Meeting Set for Dec. 21
MESOBLAST LIMITED: Named Global Leader in Cell Therapy Industry
PEPPER I-PRIME 2017-3: S&P Assigns B(sf) Rating to Class F Notes
SPRING GULLY: Exits Administration; Creditors Paid in Full
WATERSUN LAND: Second Creditors' Meeting Set for Dec. 22


C H I N A

JIANGSU NEWHEADLINE: Fitch Affirms BB+ LT IDRs; Outlook Stable
LEECO: China Places Founder on Debt Blacklist


I N D I A

ACCORD LIFE: ICRA Lowers Rating on INR50cr Term Loan to D
APNATECH CONSULTANCY: Ind-Ra Moves BB Rating to Non-Cooperating
BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR8cr LT Loan
BIG FLY: ICRA Withdraws B- Rating on INR96.50cr Cash Credit
EMBASSY INN: ICRA Hikes Rating on INR75cr Loan to BB-

EYE-Q VISION: ICRA Reaffirms 'B+' Rating on INR4cr Loan
FRIENDS TIMBER: CARE Reaffirms B+ Rating on INR6cr LT/ST Loan
GENESIS RESORTS: CARE Moves D Rating to Not Cooperating Category
INDIABULLS REAL: Moody's Puts B1 CFR on Review for Downgrade
KAMSRI PRINTING: ICRA Withdraws B Rating on INR8.80cr LT Loan

KD LIQUOR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
KHALATKAR CONSTRUCTION: Ind-Ra Moves BB Rating to Non-Cooperating
KWALITY TOWNSHIP: ICRA Moves D Rating to Not Cooperating Category
L N FIELDS: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
LAXMI TRADERS: CARE Assigns B+ Rating to INR10cr LT Loan

MADHUPRIYA FASHIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
MANGALORE SEA: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
MANISHA CONSTRUCTION: ICRA Moves B+ Rating to Not Cooperating
NARMADA FIBRES: CARE Assigns B+ Rating to INR15cr LT Loan
NEWAGE LAMINATORS: ICRA Reaffirms B+ Rating on INR5.34cr Loan

PAMI METALS: Ind-Ra Hikes Issuer Rating to BB+, Limits Enhanced
PARAMOUNT STEELS: ICRA Reaffirms 'B' Rating on INR10cr Loan
PRECISE SEAMLESS: Ind-Ra Lowers Issuer Rating to 'D'
PROVOGUE INDIA: CARE Moves D Rating to Not Cooperating Category
RAJASTHAN TUBE: CARE Assigns B Rating to INR8cr LT Loan

RAMAPRIYA SOLAR: ICRA Moves 'B' Rating to Not Cooperating
RSAL STEEL: ICRA Moves D Rating to Not Cooperating Category
S S OFFSHORE: Ind-Ra Corrects August 9 Release
S. J. LOGISTICS: ICRA Assigns B+ Rating to INR17cr Cash Loan
SAIKRUPA FIBRES: CARE Reaffirms B Rating on INR16.33cr LT Loan

SANGHAVI JEWEL: CARE Lowers Rating on INR85cr LT Loan to D
SOMNATH AGRO: ICRA Reaffirms B Rating on INR5cr Cash Loan
SUJAY FEEDS: CARE Assigns B+ Rating to INR8.80cr LT Loan
SVARN TEX: ICRA Reaffirms B+ Rating on INR8.25cr LT Loan
SVSVS PROJECTS: ICRA Assigns B+ Rating to INR48cr Loan

VEHLNA STEEL: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
VIBFAST PIGMENTS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
VIKRANT ISPAT: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR5.60cr Term Loan


S R I  L A N K A

BANK OF CEYLON: Moody's Affirms B1 Long-Term LC Deposit Rating


                            - - - - -


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


AUTO ZONE: First Creditors' Meeting Scheduled for Dec. 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Auto Zone
Superior Vehicles (Aust) Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants Suite 4, Level 3, Bryant
House, 26 Duporth Avenue, in Maroochydore, Queensland, on
Dec. 22, 2017, at 9:30 a.m.

Dane Hammond -- dane.hammond@worrells.net.au -- and Lee
Crosthwaite -- lee.crosthwaite@worrells.net.au -- of Worrells
Solvency were appointed as administrators of Auto Zone on
Dec. 14, 2017.


BULLIBUILT PTY: First Creditors' Meeting Set for Dec. 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Bullibuilt
Pty Ltd will be held at the offices of SM Solvency Accountants,
Level 8/490 Upper Edward Street, in Spring Hill, Queensland, on
Dec. 22, 2017, at 11:30 a.m. and 12:30 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Bullibuilt Pty on Dec. 14, 2017.


CQPC DRILLING: First Creditors' Meeting Set for Dec. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of CQPC
Drilling Pty Ltd will be held at the offices of Morton's Solvency
Accountants, Level 11, 410 Queen Street, Brisbane, in Queensland,
on Dec. 22, 2017, at 11:00 a.m.

Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of CQPC Drilling on Dec. 13, 2017.


EDWARDS CONSTRUCTIONS: To Emerge From Administration
----------------------------------------------------
Brendan Crabb at the Illawarra Mercury reports that sub-
contractors affected by Edwards Constructions (NSW) Pty Ltd's
financial woes appear set to receive some monetary relief.

Edwards Constructions - which was building the new Bellambi
Bunnings - went into administration in October, the report
recalls.

The Mercury relates that an administrator at the time estimated
that the company owed "between AUD4 million and AUD6 million of
creditors".

More than 200 creditors are reportedly affected, the report says.

However, the building contractor will emerge from administration
after having secured the support of creditors last week for a
proposal for directors to maintain AUD3.3 million in ongoing
support, according to the report.

Under the proposal, known as a deed of company arrangement (DOCA),
sub-contractors and other unsecured creditors will receive
payments from the sale of company assets and proceeds of an
insurance claim, the Mercury notes.

Although not wanting to reveal cents-in-the-dollar figures,
administrators Michael Slaven and Aaron Torline from Ernst & Young
reviewed and recommended the proposed DOCA on the basis, "that it
provided for a substantially greater return to creditors then
would be achieved if Edwards Constructions were placed into
liquidation," according to the Mercury.

The Mercury notes that the company will be returned to the
directors and the arrangements to settle creditors' claims will be
managed by the current administrators.

Mr. Torline told the Mercury in October that the company went into
administration "as they were experiencing cash flow issues".

"This arrangement will keep people in work, it will keep our
projects going and it will put the company in a position to
rebuild," the report quotes Edwards Constructions' managing
director Sam Edwards as saying.  "I know many subcontractors have
had to drastically change their businesses following my company's
problems."

Edwards Constructions has been in operation since 1981, and has
completed a number of high-profile Illawarra developments,
including the Wollongong Courthouse and Shoalhaven Entertainment
Centre, the Mercury discloses.

According to the report, Mr. Edwards said that earlier this year,
a concrete pour collapsed on an Edwards Constructions project in
Bonnyrigg.

He said while no one was injured, the incident had a
"catastrophic" impact on the business, leading to the appointment
of administrators, the report relays.

"I really regret that some have been left without full payment for
their hard work and have only had a choice between a set of
unsatisfactory options," Mr. Edwards, as cited by the Mercury,
said.

"The rebuilding process will ensure that those risks that came to
bear in these past couple of years will be mitigated through
better practices, learning and keeping an eye out for those kinds
of risks."


IMAGING CENTRAL: Second Creditors' Meeting Set for Dec. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Imaging
Central North Pty Ltd has been set for Dec. 22, 2017, at 2:00 p.m.
at Level 28, 108 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2017, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of Imaging Central on Dec. 12,
2017.


MERINO AND JUMBUCK: Second Creditors' Meeting Set for Dec. 21
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Merino and
Jumbuck Company (Australia) Pty Ltd has been set for Dec. 21 at
11:30 a.m. at the offices of Chartered Accountants Australia and
New Zealand, Level 18, 600 Bourke Street, in Melbourne, Victoria.

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

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

Laurence Andrew Fitzgerald and Michael James Humphris of William
Buck were appointed as administrators of on Dec. 20, 2017.


MESOBLAST LIMITED: Named Global Leader in Cell Therapy Industry
---------------------------------------------------------------
Mesoblast Limited has been named by Frost & Sullivan as the 2017
Global Technology Leader in the Cell Therapy Industry.

Frost & Sullivan Analyst and Industry Manager, Transformational
Health, Sanjeev Kumar, said: "Mesoblast is an international
industry leader due to its cutting edge mesenchymal lineage cell
technology platform, deep intellectual property portfolio,
late-phase clinical assets, and industrialized manufacturing
capabilities."

Mesoblast is a biopharma company specializing in cell therapies.
It has used its proprietary technology platform to establish one
of the industry's most clinically advanced and diverse portfolio
of cell-based product candidates.  It currently has three cell
therapy product candidates in Phase 3 clinical trials, in acute
Graft versus Host Disease, chronic heart failure, and chronic
lower back pain caused by disc degeneration.  The Company expects
to report primary endpoint results from its Phase 3 trial in
pediatric acute Graft versus Host Disease in Q1 2018.

Mesoblast Chief Executive Silviu Itescu welcomed the award,
stating: "We are honored to be the first company named by Frost &
Sullivan as the Global Technology Leader in the Cell Therapy
Industry.  This award recognizes the efforts of the whole
Mesoblast team and our investors whose support has been
instrumental in the development of our innovative cell therapy
product candidates."

Frost & Sullivan's Best Practices Awards recognize companies that
lead the development and successful introduction of high-tech
solutions to customers' most pressing needs, altering the industry
or business landscape in the process.  Its industry analyst team
benchmarks market participants and measures their performance
through independent, primary interviews, and secondary industry
research to evaluate and identify best practices.

                     About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in
collaboration with clients to leverage visionary innovation that
addresses the global challenges and related growth opportunities
that will make or break today's market participants.  For more
than 50 years, they have been developing growth strategies for the
global 1000, emerging businesses, the public sector and the
investment community. www.frost.com

                       About Mesoblast

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

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for the
year ended June 30, 2015.  As of Sept. 30, 2017, Mesoblast had
US$671.89 million in total assets, US$112.30 million in total
liabilities and US$559.59 million in total equity.

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


PEPPER I-PRIME 2017-3: S&P Assigns B(sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2017-3 Trust. Pepper
I-Prime 2017-3 Trust is a securitization of prime residential
mortgages originated by Pepper HomeLoans Pty Ltd.

The ratings reflect:

-- S&P views of the credit risk of the underlying collateral
    portfolio, including our view that the credit support is
    sufficient to withstand the stresses it applies.

-- The credit support for the rated notes comprises note
    subordination. The underwriting standard and centralized
    approval process of the seller, Pepper Homeloans.

-- The availability of a yield-enhancement reserve, amortization
    reserve, and overcollateralization amount, which will all be
    funded by excess spread to cover potential yield shortfalls
    and loss reimbursements and to repay principal on the notes
    at various stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.2% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

  RATINGS ASSIGNED

  Class       Rating         Amount (mil.)
  A1-S        AAA (sf)       131.0
  A1-L        AAA (sf)       189.0
  A2          AAA (sf)        48.0
  B           AA (sf)         12.0
  C           A (sf)           7.0
  D           BBB (sf)         5.5
  E           BB (sf)          3.5
  F           B (sf)           2.0
  G           NR               2.0

  NR--Not rated.


SPRING GULLY: Exits Administration; Creditors Paid in Full
----------------------------------------------------------
Valerina Changarathil at The Advertiser reports that Spring Gully
Foods is well and truly out of the pickle it found itself in four
and a half years ago, paying back every cent and more to its
creditors.

A final repayment to unsecured creditors on Dec. 15 means the
company is now back in control of its own future, which has
operated under external administration since its "near death"
experience in 2013, The Advertiser says.

The Advertiser relates that the final dividend cheques, signed by
administrator Austin Taylor of Meertens Chartered Accountants, was
handed over to creditors on Dec. 15.

The award-winning business entered voluntary administration
on April 11, 2013, with debts to unsecured creditors of AUD4.9
million, the report notes.

Unprecedented support from South Australian consumers, which led
to products flying off the shelves and boosting production, helped
the company to continue trading, entering a Deed of Company
Arrangement (DOCA) on July 1 that year and promising to repay
unsecured creditors 100 cents in the dollar, according to the
Advertiser.

This amount was later increased to 102 cents in the dollar, the
report notes.

An emotional Kevin Webb, managing director of the family-owned
business, told The Advertiser on Dec. 15 it was the overwhelming
support from loyal customers, supermarket retailers, contractors
and staff that had helped the company overcome its troubles.

"I am a bit numb and there have been a few emotional moments this
week after we made the final payment in front of all our staff,"
the report quotes Mr. Webb as saying.  "That early show of support
from customers continues to this day and has helped us grow from
strength to strength."

The Advertiser relates that Spring Gully Foods said its
substantial contract with Victorian food producer Rosella had
helped revenues grow and kept up production despite the shortage
of honey impacting on the business.

Spring Gully, famous for its gherkin rounds and green tomato
pickle, has grown the number of products under its own labels,
which now make up 55 per cent of the business, the report says.

"Going through the adversity that we did, we are now in a position
to sell more of our own products while also attracting more
contract work," Mr. Webb told The Advertiser.  "It's keeping us
busy Saturday to Sunday with our summer and winter range of
products," he said.

Spring Gully has AUD20 million turnover and employs 45 staff,
including casuals, at its Dry Creek facility.


WATERSUN LAND: Second Creditors' Meeting Set for Dec. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Watersun Land
Holdings Pty. Ltd. has been set for Dec. 22, 2017, at 10:00 a.m.
at the offices of PKF Melbourne, Level 13, 440 Collins Street, in
Melbourne.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2017, at 4:00 p.m.

Glenn Jeffrey Franklin and Benjamin Joseph Conrad of PKF Melbourne
were appointed as administrators of Watersun Land on Nov. 17,
2017.



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JIANGSU NEWHEADLINE: Fitch Affirms BB+ LT IDRs; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Jiangsu NewHeadLine Development Group
Co., Ltd.'s (Jiangsu NHL) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook.

KEY RATING DRIVERS

Links to Lianyungang Municipality: Jiangsu NHL's ratings are
credit-linked to Lianyungang municipality in China's north-eastern
Jiangsu province. This is reflected in full state ownership;
moderate municipal oversight of its financials; strategic
importance of the entity's operation to the municipality; and its
legal status. These factors result in a high likelihood that the
municipality will provide Jiangsu NHL with extraordinary support,
if needed. Therefore, Jiangsu NHL is classified as a credit-linked
public-sector entity under Fitch's criteria.

Lianyungang's Weakened Creditworthiness: Lianyungang
municipality's fiscal performance weakened with lower fiscal
income and increased debt, attributable partly to the value-added-
tax reform that led to a shrinking of business tax revenue
together with a larger share of the tax revenue shared by central
government. Nonetheless, its overall credit profile is still in
line with its peers.

Moderate Control and Supervision: Lianyungang ETDZ's management
committee appoints most of Jiangsu NHL's board members, and
approves its major projects. The management committee also closely
monitors Jiangsu NHL's financing plan and debt levels, and the
company is required to regularly report its operational and
financial results to the municipality and Lianyungang ETDZ's
management committee.

Strategic Importance Assessed at Mid-Range: Jiangsu NHL is an
integral part of the municipality's flagship economic zone, the
Lianyungang Economic and Technology Development Zone (Lianyungang
ETDZ). The company plays an important role in implementing the
blueprint of Lianyungang municipality and the Lianyungang ETDZ's
management committee. It is a significant municipal entity for
developing large-scale urban infrastructure projects and providing
ancillary services in the Lianyungang ETDZ.

Integration Assessed at Mid-Range: According to Jiangsu NHL,
Lianyungang ETDZ is committed to providing at least CNY400 million
in subsidies each year from 2016 to 2020 to support the entity's
operations. Jiangsu NHL received more than CNY2 billion in
government subsidies between 2012 and 2016.

Weak Financial Profile: Jiangsu NHL has incurred large capex,
negative free cash flow and high leverage over the past three
years. Fitch expects this trend to continue in the medium term,
driven by ongoing infrastructure construction and a long
receivables settlement period. A large amount of receivables are
from Lianyungang ETDZ and its finance bureau. An extension in
receivable settlement could have an adverse effect on the
company's liquidity. Fitch sees ongoing subsidies and capital
injections as potential mitigants to Jiangsu NHL's liquidity risk.

RATING SENSITIVITIES

An upgrade of Fitch's credit view on Lianyungang municipality and
a stronger or more explicit support commitment from the
municipality may trigger positive rating action on Jiangsu NHL.

Significant weakening of Jiangsu NHL's strategic importance to the
municipality, a dilution of the municipality's shareholding to
below 75%, or reduced explicit and implicit municipality support
may result in a downgrade. A downgrade could also result from the
municipality's weaker fiscal performance or increased
indebtedness, leading to a deterioration in the sponsor's
internally assessed creditworthiness - and, as a result, of
Jiangsu NHL's ratings.

FULL LIST OF RATING ACTIONS

Jiangsu NewHeadline Development Group Co., Ltd.

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable

ZHIYUAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)

USD300 million of 6.2% senior unsecured notes due 2019 affirmed
  at 'BB+'


LEECO: China Places Founder on Debt Blacklist
---------------------------------------------
Reuters reports that the high-profile founder of struggling
Chinese tech conglomerate LeEco has been placed on an official
blacklist of debt defaulters, a further blow to a firm that had
spent heavily to compete in areas from smart cars to online
entertainment.

Mr. Jia Yueting had his name and ID number splashed on China's
defaulter website after failing to satisfy a court order to pay
Ping An Securities Group (Holdings) more than CNY470 million
(US$96 million), Reuters relates citing a notice dated
Dec. 11.

Reuters says the move underscores the abrupt fall from grace of
one of China's most prominent entrepreneurs, who created a tech
empire with assets ranging from a Netflix-like online content
platform to a smart-car unit looking to rival electric car giant
Tesla.

According to Reuters, the latest twist - which follows court cases
and Mr. Jia being ousted as chief executive of the main-listed
unit of the group he founded - is symbolic more than anything else
of the firm's wider demise.

Being named on the list means a person can be restricted from
frequenting luxury hotels, purchasing airline and high-speed train
tickets, going to golf courses, sending his children to expensive
schools and even shopping online for luxury goods, the report
states.

Reuters notes that the entertainment, electronics and electric
vehicles group has struggled to pay its debts after rapid
expansion led to a cash crunch, share price plunge and multiple
defaults. Mr. Jia had expanded his business from its video-
streaming roots 13 years ago to include telephones, TV sets and
cars, and had even looked to push into the United States. At its
peak, LeEco owed creditors CNY10 billion, Reuters discloses.

Mr. Jia was still talking about his dream to "revolutionise the
auto industry" via his start-up Faraday Future after he stepped
down as CEO from listed Leshi Internet Information & Technology
Corp Beijing in July, Reuters adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2017, The Financial Times said that a Chinese court has
frozen millions of dollars in assets belonging to embattled tech
conglomerate LeEco, dealing another blow to the company as it
struggles to stay afloat.  The FT related that an order issued by
the court backed up a request by China Merchants Bank to freeze
CNY1.24 billion of assets from three LeEco subsidiaries as well
as the personal assets of LeEco founder Jia Yueting and his wife
Gan Wei, LeEco confirmed.  The assets were frozen because of
missed interest payments on a loan taken out by LeEco's mobile
phone subsidiary, the company added.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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ACCORD LIFE: ICRA Lowers Rating on INR50cr Term Loan to D
---------------------------------------------------------
ICRA Ratings has revised the rating assigned to the INR50-crore
fund based term loan facilities of Accord Life Spec Private
Limited from [ICRA]BB- (Stable) to [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund based-Term        50.00        [ICRA]D; downgraded from
  Loan                                [ICRA]BB- (Stable)

Rationale

The revised rating factors in the delay in servicing the interest
by the company on loans availed for setting up the manufacturing
facility; the facility is expected to commence operations by April
2018. ICRA has also noted that the principal repayment of the
availed term loans is yet to start.
Key rating drivers

Credit strengths

* Project under final stages of implementation: The construction
of the manufacturing facility, for manufacture of generic oncology
drugs has moved largely in line with committed timelines and the
commercial operations are expected to start by April 2018 (minor
delay of 1 month). As confirmed by the management, the company has
infused its commitment equity of INR85.5 crore and drawdown ~70%
of the term loans for the INR225.5-crore project.

* Long standing experience of the promoter in managing various
institutions: The company is part of the Accord group of companies
whose portfolio ranges across hospitality, liquor and educational
sectors. The long-standing experience of the promoters in managing
various institutions spanning across industries lends comfort to
its credit profile.

Credit weaknesses

* Delay in interest servicing: ICRA has noted that there has been
a slight delay in servicing of interest in the recent past as
confirmed by the lender.

* Maiden venture in the pharmaceutical industry by the group:
Accord Life is the maiden venture of the Accord group in the
pharmaceutical industry, with limited experience in the industry.
However, the long standing experience of the promoter in managing
various institutions and commissioning new projects across
industries mitigates the risk to an extent.

* Uncertainty in product portfolio and customers: Being a contract
manufacturing facility there is uncertainty with respect to the
product portfolio and customers in the absence of any concrete
agreements with pharmaceutical companies. Although the company is
in negotiations with few companies in export markets, the
agreement terms are yet to be finalized.

* Limited buffer time between commencement of operations and
repayments: The company has limited buffer time between
commencement of operations which is expected in April 2018 and
debt repayments commencing in June 2018. However, lower repayment
obligations in FY2019 owing to the ballooning repayment structure
mitigates the risk to an extent.

Accord Life was incorporated in 2014 with the aim of setting up a
manufacturing facility for oncology drugs from its facility built
over an area of 11 acres in SIPCOT, Chennai. The said
manufacturing facility would have a capacity to manufacture 4.5
crore tablets per annum, 1.8 crore capsules, 37 lakh lyophilized
vials and 18 lakh liquid vials. The facility will also include a
Research and Development unit which is expected to be operational
by early 2018. The management expects to commission the
manufacturing facility by April 2018. Apart from this company
promoters have ownership interests in liquor manufacturing through
A.M.Breweries Private Limited ([ICRA]BB- (Stable)/[ICRA]A4);
hotels through J Hotels Private Limited and Jam Hotels and Resorts
Private Limited. The promoters are also management trustees in Sri
Lakshmi Ammal Educational Trust ([ICRA]BBB+(Stable)/[ICRA]A2)
which runs engineering, medical and arts colleges in Tamil Nadu.


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

-- INR18.40 mil. Fund-based facilities migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR94.75 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Lucknow-based ACSPL was engaged in the
supply of manpower and the operation and maintenance of telecom
towers. In 2015, the company ventured into electrical line and
substation installation.


BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balaji
Industries (BI), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BI is constrained by
small scale coupled with short track record of operation, thin
profit margins, leveraged capital structure and weak debt service
coverage indicators. The rating is further constrained by working
capital intensive nature of operations, vulnerability to
fluctuation in raw material prices along with its presence in
highly fragmented and regulated industry and constitution of
entity as a partnership firm limiting financial flexibility in
times of stress.

The rating however, derives strength from long experience of the
promoters, locational advantage emanating from proximity to raw
material and support from group with presence in related
businesses.

The ability of the entity to increase its scale of operations with
improvement in profitability and capital structure along with
efficient management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale coupled with short track record of operation with thin
profit margins: BI commenced commercial production at its plant in
October 2013. Hence, it has short track record of about three and
a half years with FY14 being the first year of operation for the
entity. The operations of the entity remained small with total
operating income of INR 44.90 crore in FY17 and low networth base
of INR2.57 crore as on March 31, 2017 thus limiting financial
flexibility of the entity in times of stress. Moreover, by being
in the business of processing of pulses, entailing low value
additions, the entity's operating margin stood low.

Leveraged capital structure and debt service coverage indicators:
The relatively low net worth base of the entity led to increased
reliance on working capital borrowings and unsecured loans to
support the business operations, hence resulting in leveraged
capital structure. Moreover, with low profitability and high debt
profile, the debt coverage indicators of the entity remained weak.

Working capital intensive nature of operations: Operations of the
entity remained working capital intensive with high gross current
assets of 100 days in FY17 owing to high inventory period. The
working capital requirements are met by the cash credit facility
availed by the entity utilization of which remained high.

Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and lead
to volatility in raw material prices.

Presence in highly fragmented and regulated industry: The
competitive nature of agro-product processing industry due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector
translate in inherent thin profitability margins. Further, the raw
material (whole dal) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the millers.

Constitution as a partnership firm limiting financial flexibility:
BI, being a partnership concern, is exposed to inherent risk of
partner's capital being withdrawn at times of personal contingency
and limited ability to raise capital. Moreover, poor succession
planning may result in dissolution of firm.

Key Rating Strengths

Experienced partners: BI is currently managed by Mr. Ramanrao
Bholla. He is well-versed with the intricacies of the business on
the back of about two decades of experience in agro based
industries through the associate concerns. He looks after the
overall function of the firm and is ably supported by his spouse
Mrs Vijayalaxmi Bholla and a team of qualified professionals. Long
experience of the promoter has supported the business risk profile
of the entity to a large extent.

Locational advantage emanating from proximity to raw material:
BI's unit has close proximity to local grain markets of Nagpur,
major raw material procurement destinations for the entity.
Furthermore, the plant is having good transportation facilities
and other requirements like good supply of power, water etc.
Accordingly, BID has locational advantage in terms of proximity to
raw material and connectivity.

Support from group with presence in related businesses: The firm
belongs to a group of seven entities managed by Mr.Ramanrao Bholla
and Mrs. Vijayalaxmi Bholla. Furthermore, BI benefits from the
marketing and distribution network of its various group entities
and extensive experience and established relations of its
promoters.

BI based out of Nagpur, Maharashtra is a partnership firm promoted
by Mr. Ramanrao Bholla and Mrs Vijayalaxmi Bholla (Spouse of Mr.
Ramanrao Bholla). The firm was established in October 2013 and is
engaged in the business of processing of roasted gram dal with its
processing facility located at Nagpur, Maharashtra. Apart from
this, the entity is also into trading of food grains (around 10-
15% of total operating income).

The entity procures the raw material from farmers during the peak
season while during the off season it procures raw material from
domestic suppliers based in Nagpur, Chikli, etc. and further sells
the finished products in the domestic market.


BIG FLY: ICRA Withdraws B- Rating on INR96.50cr Cash Credit
-----------------------------------------------------------
ICRA Ratings has withdrawn the long term rating of [ICRA]B-
assigned to the INR9.65 crore, bank facilities of Big Fly Hygiene
Products Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  6.50      [ICRA]B-; Withdrawn

  Fund-based-Term
  Loan                    1.66      [ICRA]B-; Withdrawn

  Unallocated Limits      1.49      [ICRA]B-; Withdrawn

Rationale

The long-term rating assigned to Big Fly Hygiene Products Limited
has been withdrawn at the request of the company based on the no
objection certificate provided by its banker.

Incorporated on February 2012, Big Fly Hygiene Products Limited
(BFHPL) is a public limited company engaged in processing and
sorting of Wheat, Cumin seeds and Sesame Seeds through its plant
located at Rajkot, Gujarat.


EMBASSY INN: ICRA Hikes Rating on INR75cr Loan to BB-
-----------------------------------------------------
ICRA Ratings has downgraded the long-term rating assigned to the
INR75.0-crore non convertible debentures of Embassy Inn Private
Limited (EIPL) to [ICRA]D from [ICRA]BBB- and simultaneously
upgraded the rating to [ICRA]BB-. The outlook on the long-term
rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Non convertible      75.00       Downgraded to [ICRA]D and
  Debentures                       simultaneously upgraded to
                                   [ICRA]BB- (Stable)

Rationale

The revision in rating to [ICRA]D takes into account the delay in
payment of interest that was due on May 30, 2017. The simultaneous
upgrade in rating considers the timely servicing of subsequent
debt servicing obligations, as confirmed by the company.

Outlook: Stable

The outlook on the rating for the NCD is stable and supported by
the execution progress and financial closure achieved in the
underlying project. In September 2017, the NCDs were purchased by
Embassy Property Developments Private Limited (sponsor of the
issuer) from the earlier debenture holder(s).

Key rating drivers

Credit strengths

* Track record of Embassy group in Bangalore real estate market:
The Embassy group has a long track record in Bangalore real estate
market, particularly in the development of commercial real estate.
The group is also currently undertaking multiple high end
residential projects and has strong brand strength in this
segment.

* Embassy One project profile is aided by its prime location, tie-
up with Four Seasons brand: Embassy One is developing a luxury
project spanning residential, retail, commercial and hospitality
segments: the project profile is aided by its prime location (near
Mekhri Circle), tie-up with Four Seasons brand and limited
competition in the high end segment in the vicinity.

Credit weaknesses

* Delay in debt servicing in the past: The company made the
payment of interest due on the NCDs by May 30, 2017 in June 2017.
The company has confirmed that interest payments due subsequently
have been made as per the terms of the NCD and instructions of the
debenture holder(s). In September 2017, the NCDs were purchased by
Embassy Property Developments Private Limited (sponsor of the
issuer) from the earlier debenture holder(s).

* Significant balance cost to be incurred on the Embassy One
project: There is significant balance cost to be incurred on the
Embassy One project. Nonetheless, ICRA notes that Embassy One has
completed the refinancing of its project debt with higher limits,
which can be utilized for the repayment of advances from EIPL;
this has not been exercised due to focus on development
completion.

* High market risks associated with high end luxury products: The
project has a mix of hospitality, residential, office and retail
development. The market risks associated with the residential
development is quite high given the premium nature of the offering
and the general market slowdown witnessed in this segment in
recent years. ICRA notes that the recent sales traction of certain
units, including the penthouse, is a positive sign for the
project.

Embassy Inn Private Limited (EIPL) is a wholly owned subsidiary of
Embassy Property Developments Private Limited (EPDPL). The company
was incorporated as Shamika Properties Private Limited, a
subsidiary of Udhyaman Investments Private Limited, an Embassy
group company, and did not have any significant operations till
FY2014. In July 2014, the company name was changed to EIPL and the
shareholding transferred to EPDPL. EIPL is the holding company for
Embassy group's equity investments in Embassy One Developers
Private Limited, a company developing a 1.3 million square feet
(msf) mixed used real estate project in Bangalore. Currently, EIPL
does not have any other business operations other than its
shareholding in Embassy One.

Embassy One was incorporated in August 2007 as City View Bangalore
Properties Private Limited to develop a mixed use real estate
project in Bangalore. The project consists of a 237 key Four
Seasons hotel, around 110 residential apartments (being branded as
Four Seasons Private Residences), commercial office space and
boutique retail space. The developments are spread across three
towers on a 6.5 acre land parcel located in north Bangalore, near
Mekhri Circle. During FY2015, Embassy group and Blackstone
purchased the company from its erstwhile owners, ie, Century Real
Estate Holding Private Limited and Goldman Sachs group.


EYE-Q VISION: ICRA Reaffirms 'B+' Rating on INR4cr Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ for
the USD 4-million NCD Programme of Eye-Q Vision Private Limited.
The outlook on the long-term rating is Negative.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Non Convertible         4.0        [ICRA]B+; Reaffirmed
  Debenture (NCD)                    (Negative) outlook assigned
  Programme

Instruments with [ICRA]B rating are considered to have high risk
of default regarding timely servicing of financial obligations.
The modifiers ["+"(plus)/"-"(minus)] used with the rating symbols,
reflect the comparative standing within the rating category.

Rationale

The rating reaffirmation takes into account Eye-Q's continued sub-
optimal operating performance, as reflected in the operating
losses being reported by the company primarily in light of high
corporate overheads and the initial gestation period of the new
centres in its portfolio. The improving profitability of mature
hospitals in the entity's portfolio together with initiatives
taken to optimise the overall cost structure were expected to
improve its return indicators. However, Eye-Q's performance has
been weaker than expected due to the demonetisation effect, which
adversely impacted discretionary spending during H2 FY2017. The
aggressive capital expenditure undertaken by the company, in the
recent past, has resulted in a large proportion of its centres
being in the initial gestation phase. The resultant muted growth
in turnover together with high corporate overhead structure has
resulted in the company incurring consistent cash losses over the
years. Accordingly, Eye-Q remains reliant on debt refinancing and
private equity proceeds for funding its cash losses. While the
company has adequate liquidity to tide over short-term funding
requirements, the Negative outlook reflects Eye-Q's heightened
exposure to refinancing risk, in light of large scheduled debt
repayments over the next two years and estimated lack of adequate
cash accruals from operations to service the same. The rating is
also constrained by the revenue concentration among the company's
top-performing centres and in its largest segment.

The rating favourably takes into account the rich experience of
Eye-Q's promoters in the ophthalmic healthcare industry. Its
demonstrated track record of raising private equity (PE)
investments on a regular basis, as also re-established in a fresh
investment in the company by a new strategic investor during the
current financial year impact the credit profile positively.
Besides the rating factors in the healthy operational performance
of its mature centres and expected improvement in the overall
maturity profile of the centres in light of the proposed reduction
of its capex plans.

Key rating drivers

Credit strengths

* Healthy profitability of mature centres provides prospect of
future improvement in overall profitability: The centres
operational for more than four years in Eye-Q's portfolio have a
good performance record. The average revenues of these mature
properties are thrice that of the growing centres with over 80% of
these centres reporting positive EBDITA and an average gross
margin of 21% (before corporate overheads). On the basis of past
performance record, the company's scale and profitability are
expected to improve as more centres enter higher maturity profile.

* Focus on under-penetrated tier-III and tier-IV cities: Over 90%
of Eye-Q's centres are located in tier II and lower tier towns and
cities. This strategy provides Eye-Q with a competitive advantage
given the low presence of other organised players in these cities
and opens up avenues for strong brand building from these places.
However, Eye-Q has so far not yet achieved optimal operational
efficiency in these locations as reflected in 60% of its centres
still reporting EBDITA losses (before corporate overheads).

* Qualified promoters with rich experience in the healthcare
sector: Eye-Q's promoters have been involved in the ophthalmic
services domain of the healthcare industry for over two decades in
the capacity of surgeon and at managerial positions. The
qualification and experience of promoters has helped Eye-Q in
attracting renowned investors (IFC, Helion Ventures, Nexus India,
Hoya) in multiple funding rounds over the years.

Credit weaknesses

* Consistent cash losses due to aggressive expansion, initial
gestation period of centres and high corporate overheads: Eye-Q
has pursued an aggressive expansion strategy which is reflected in
the brisk pace of centre additions over the past five years.
However, the greenfield centre additions typically exhibit an
initial gestation period of two to four years. As a result,
despite scaling up revenues, Eye-Q's profitability has remained
weak which is reflected in continued operating and cash losses
reported over the years. Nevertheless, the company has recently
scaled down its future expansion plans besides taking measures to
optimise costs in order to improve profitability of its existing
portfolio of centres.

* Concentration of revenues: Eye-Q has a high dependence on its
top-performing centres for maintaining its scale as reflected in
its top-five centres accounting for 44% of the total revenues of
the company. Eye-Q also has a segmental concentration of revenues
as reflected in ~50% of the revenues coming from a single
treatment category (cataract).

* Large scheduled repayments with limited flexibility to raise
long-term debt funds: Eye-Q has a low collateral base given that
many of the centres are operated on a leasing basis. This may pose
a challenge in raising longer term debt for servicing of large
cash outflows scheduled in the next three years.

Incorporated in 2006 by Mr. Ajay Sharma and Mr. Rajat Goel, Eye-Q
Vision Private Limited (Eye-Q) owns and operates a chain of 38
super-specialty eye-care hospitals and two vision centres in India
and one overseas centre in Lagos Nigeria in a joint venture with
Skippersiel Limited. The hospitals operated by Eye-Q provide
services in the specialties of cataract, cornea and refractive,
retina, orbit and oculoplasty, glaucoma, optical and medicines
among others.

The company has presence in 28 cities in North and West India
(Delhi National Capital region (NCR), Haryana, Uttar Pradesh,
Uttarakhand, Gujarat and Maharashtra). While 31 eye-care hospitals
are located in North India, remaining seven are located in West
India (Gujarat and Maharashtra). Its business model is focused on
providing high-quality eye-care services at affordable prices. As
a business strategy, it is primarily present in tier-III and tier-
IV cities having no or limited access to quality eye-care
services. Eye-Q is empanelled with Ex-servicemen Contributory
Health Scheme (ECHS) as well as Central Government Health Scheme
(CGHS) and has arrangements with major insurance companies and
third-party administrators (TPAs).

Eye-Q has received multiple rounds of funding over the years from
renowned private equity funds. The entity has also issued a USD 4-
million NCD programme for business expansion. The funding was
received in two tranches of USD 3 million and USD 1 million in
December, 2015 and October, 2016 respectively.


FRIENDS TIMBER: CARE Reaffirms B+ Rating on INR6cr LT/ST Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Friends Timber Private Limited (FTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long/Short term        6.00       CARE B+; Stable/CARE A4
   Bank Facilities                   Re-affirmed

   Short-term Bank
   Facilities            16.25       CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of FTPL continue to
remain constrained on account of fluctuating scale of operations
with thin profitability margins owing to trading nature of
business, leveraged capital structure and weak debt coverage
indicators. The ratings are also tapered down by exposure of
profitability margins to fluctuation in raw material prices, its
presence in competitive industry, working capital intensive nature
of operations and high reliance on imports for procurement of
timber along-with exposure to change in government policies.

The ratings however, draw support from the experience of promoters
in timber industry, long track record of operations of company and
geographically diversified revenue stream along-with diversified
customer base.

The ability of the company to increase its scale of operations,
improve its solvency position and profitability margins alongwith
efficient management of working capital requirements remains the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating scale of operations with thin profitability margins
and exposure to fluctuation in raw material prices alongwith
foreign exchange fluctuation risk: Despite being in operations for
around four and half decade, the scale of operations of the
company remained modest with total operating income of INR51.33
crore in FY17 and low networth base of INR6crore, as on March 31,
2017, thereby limiting its financial flexibility. Furthermore,
owing to limited value addition nature of business and high
competition, the profitability margins of the company remained
low. Moreover, the company imports timber from Myanmar and
Thailand and is exposed to foreign exchange fluctuation risk and
revenues. The company does not hedge the foreign exchange
fluctuation risk arising from imports and exports.

Presence in highly competitive industry: The timber industry is
further marked by low entry barriers and limited value addition,
which results in intense competition which has a cascading effect
on the player's margins and exposes the company to high
competition.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of FTPL remained leveraged owing to its
increased reliance on external borrowings to support business
operations. Moreover, with low profitability and high debt
profile, the debt coverage indicators also continued to remain
weak.

Working capital intensive nature of operations: The operations of
FTPL remained working capital intensive with high gross current
assets of 271 days during FY17.The working capital requirements
are met by the cash credit facility availed by the company,
utilization of which remained high.

Raw material fluctuation risk and exposure of company to adverse
change in Government policy: The business activity of FTPL
involves importing timber (hard logs), cutting it into various
sizes in its saw mill and supplying them domestically to various
wholesalers and retailers. Thus, any adverse movement in raw
material price has significant impact on profitability margins of
company. Furthermore, the operations of the company are also
exposed to adverse changes in government policies with respect to
timber exports.

Key Rating Strengths

Experienced directors with long track record of operations of
company: FTPL, established in 1974 is promoted by Kohli and
Jaiswal family of Nagpur. The key partners have a trading
experience of four decades in timber industry and look after the
operations of the company. The experience of directors has aided
FTPL in establishing a foothold in timber industry.

Geographically diversified revenue stream along with diversified
customer base: FTPL supplies timber logs to the wholesalers in
domestic as well as international market, resulting in
geographically diversified revenue stream. Moreover, the
contribution from top 10 customers to total operating income is
less than 50%.

Nagpur (Maharashtra) based, Friends Timber Private Limited (FTPL)
was established as partnership concern named 'Friends Timber' in
the year 1974 and later reconstituted into private limited company
in 1999 with Mr. Anand Kohli, as its Managing Director (MD).

The manufacturing facility of company, having 13 saw mills is
spread over an area of 2.5 acres. FTPL imports majority of its
timber (teak round log) requirement from Yangon, Myanmar. The
imported timber is then cut into different sizes in the saw mills
and supplied to wholesalers of timber majorly belonging to the
state of Maharashtra and also exported (~70%) majorly to countries
such as Belgium, United States of America and Netherlands, etc.


GENESIS RESORTS: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Genesis Resorts Pvt
Ltd. to monitor the rating(s) vide e-mail communications dated
November 28, 2017; November 27, 2017; November 16, 2017; May 10,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Genesis Resorts Pvt Ltd. bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank        118.91      CARE D; ISSUER NOT
   facilities                        COOPERATING

   Short term bank         2.00      CARE D; ISSUER NOT
   Facilities                        COOPERATING

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

The rating of Genesis Resorts Pvt Ltd. factors in delay in
servicing of Bank loans by the company due to weakened liquidity
caused by the delay in project completion.

Detailed description of the key rating drivers

At the time of last review on March 23, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing

There were delays in debt servicing due to delay in project
completion along with cost overrun resulting into weak liquidity.

Genesis Resorts Pvt. Ltd. (GRPL) is a private limited company
founded by the promoters of Gajalee Group, a well known
restaurateur group. GRPL was incorporated on September 10, 2012 to
construct a four star hotel in Vile Parle, Mumbai. The proposed
four-star hotel is in the vicinity of domestic and international
airports, and would comprise of 102 rooms, two specialty
restaurants, one 24 hour coffee shop, and one banquet hall, among
other facilities. The project was initially expected to commence
operation from April 2014 at an estimated cost of INR183.81 crore.
However, there has been a delay in the project completion with the
total cost of the project being revised to INR220.33 funded with a
D:E of 1.59x.


INDIABULLS REAL: Moody's Puts B1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating of Indiabulls Real Estate Limited (IBREL) on review for
downgrade.

Moody's has also placed the B1 senior unsecured debt rating of the
USD-denominated bonds issued by IBREL's wholly owned subsidiary,
Century Limited, and guaranteed by IBREL on review for downgrade.

RATINGS RATIONALE

"The review reflects the weakening of IBREL's financial profile,
following its full acquisition of Indiabulls Properties Investment
Trust (IPIT), which concluded on December 7, 2017," says Saranga
Ranasinghe, a Moody's Assistant Vice President and Analyst.


"With the acquisition of IPIT, the company will benefit from
annuity revenue from its quality buildings, which will partially
offset the inherent volatility in the property development
business. However, this situation is balanced by IBREL's weakened
financial profile," adds Ranasinghe. Also Moody's Lead Analyst for
IBREL.

Moody's expects IBREL's consolidated leverage - as measured by
adjusted debt/homebuilding EBITDA - will remain elevated at around
6.0x over the next 12-18 months; a result which would be weaker
than other B1-rated regional peers.

Since the reorganization of the company's commercial and leasing
assets to a new entity named Indiabulls Commercial Assets Limited
(IBCAL) in April 2017, IBREL has been evaluating options related
to monetizing a minority stake in IBCAL. Moody's expect proceeds
from such an asset sale to be utilized to repay debt. Such a
reduction in debt will improve IBREL's financial profile.

Moody's review will focus on whether IBREL can monetize a minority
stake of the IBCAL business to repay IBCAL's outstanding debt.

Absent debt reduction at IBCAL to bring IBREL's financial profile
in line with its B1-rated peers, IBREL's rating could be possibly
downgraded by atleast one notch.

IBREL's operating performance has consistently been weaker than
Moody's expectations and similarly rated peers. Nevertheless,
revenue from operations improved about 13.6% in the first half of
the fiscal year ending 31 March 2018 (for the six months to
September 30, 2017) compared to the previous comparable period.

Moody's expects operating sales to improve over the next 12-18
months - supported by improving housing affordability - due to
reducing home loan rates and improving consumer sentiment,
following the implementation of the Real Estate Regulation and
Development Act and the rollout of the goods and services tax.
While the improved sales will be positive, it will be insufficient
to return leverage to a level commensurate with a B1 rating
without a further reduction in debt.

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

Indiabulls Real Estate Limited is one of the largest real estate
developers in India. The company focuses on the Mumbai
Metropolitan Region and National Capital Region.


KAMSRI PRINTING: ICRA Withdraws B Rating on INR8.80cr LT Loan
-------------------------------------------------------------
ICRA Ratings has removed the rating from "Issuer not cooperating"
category and withdrawn the outstanding long-term rating of [ICRA]B
assigned to the INR8.80 crore fund-based limits of Kamsri Printing
and Packaging Pvt. Ltd.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term fund-         8.80      [ICRA]B; Withdrawn Removed
  based Cash Credit                 from Issuer not cooperating

Rationale

ICRA has removed its earlier rating of [ICRA]B from the 'ISSUER
NOT COOPERATING' category as the company has now submitted its 'No
Default Statement' ("NDS") which validates that the company is
regular in meeting its debt servicing obligations. The company's
rating was moved to the 'ISSUER NOT COOPERATING' category in
November, 2017. Subsequently ICRA has withdrawn the rating in
accordance with ICRA's policy on withdrawal and suspension, and as
desired by the company.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The company is engaged in
manufacturing of specialized, high quality offset printed cartons,
tags and speciality primary packaging products made out of paper
boards. KPPPL's operations primarily consists of converting
customer designs and ideas in to packaging by offset printing on
high-end paper boards, adding value with various textures and
finishes as per customer requirements and punching and folding in
to finished cartons.


KD LIQUOR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KD Liquor and
Fertilizer Private Limited (KDLFPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR110 mil. Fund-based working capital limit assigned with
    IND BB+/Stable rating;

-- INR5 mil. Proposed fund-based working capital limit* assigned
    Provisional IND BB+/Stable rating;

-- INR15 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect KDLFPL's moderate scale of operations and
credit profile due to changes in government policy and
geographical concentration. KDLFPL depends on the West Bengal
government for the sale of its products. During FY17, revenue was
INR633 million (FY16: INR615 million), operating EBITDA margin was
10.3% (7.8%), net financial leverage (net debt/EBITDA) was 1.8x
(2.9x) and gross interest coverage (EBITDA/gross interest) was
4.4x (2.5x).

However, the ratings are supported by its moderate liquidity
position, as reflected from its 88% average maximum utilisation of
the fund-based facility during the 12 months ended October 2017.
The ratings are also supported by the company's and its promoter's
experience of more than two decades in the production and
packaging of country liquor.

RATING SENSITIVITIES

Negative: Substantial deterioration in the revenue or operating
profitability resulting in overall deterioration in the credit
metrics will be negative for the ratings.

Positive: A sustained increase in the revenue and operating
profit, resulting in an improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

KDLFPL was incorporated in 1995, by Mr. Pradyut Sinha, Mr. Kamal
Pandey and Mr. Kedarnath Banshal. The company is engaged in the
production and packaging of country liquor, in the state of West
Bengal.


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

-- INR27.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR135 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR27.6 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1985 by Jayant Khalatkar, Khalatkar is a
proprietorship firm primarily engaged in the construction
business. The firm has ventured into the toll collection business,
but continues to generate a majority of its revenue from the
construction business.


KWALITY TOWNSHIP: ICRA Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR5.0 crore bank
facilities of Kwality Township Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D;
ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  LT-Fund-based           5.0         [ICRA]D; ISSUER NOT
  Limits                              COOPERATING; Rating
                                      moved to the 'Issuer not
                                      Cooperating' category

Rationale

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

Credit Strengths

* The promoters of the company have a healthy track record in the
real estate business, having developed project by the name ARK
City in the same area and also their experience in the real estate
underwriting business

Credit Challenges

* Irregularities in debt servicing track record as indicated by
the banker

Incorporated in 2009, KTPL develops housing projects and townships
and undertook its first township project, "ARK City" in 2009. In
this project located in Meerut, Uttar Pradesh, the company sold
300 plots and is developing single storey and duplex houses on
another 100 plots as row houses. KTPL commenced the construction
of its second project "ARK Residency", Meerut, in 2012. This is a
mixed use project, comprising 72 commercial units and 45
residential units. The total project cost is estimated at INR19.72
crore, which is proposed to be funded by customer advances (40%),
promoter's contribution (35%) and debt (25%).


L N FIELDS: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated L N Fields Pvt
Ltd's (LNFPL) 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:

-- INR120 mil. Fund-based limits migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded by Arvind Karnani in 1998, LNFPL is engaged in the trading
of agro chemicals and agro commodities. Its target customers are
tea plantation companies such as Jayshree Tea & Industries Ltd and
Goodricke Group Limited.


LAXMI TRADERS: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Laxmi
Traders (LT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LT is constrained by
small scale coupled with short track record of operation with thin
profit margins, leveraged capital structure and weak debt service
coverage indicators. The rating is further constrained by working
capital intensive nature of operations, its presence in highly
fragmented and competitive industry and constitution of entity as
a proprietorship firm limiting financial flexibility in times of
stress.

The rating however, derives strength from long experience of the
promoters, established relations with suppliers and customers and
support from group with presence in related businesses.

The ability of the entity to increase its scale of operations with
improvement in profitability and capital structure along with
efficient management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: LT commenced its commercial operations
in January 2013. Hence, it has short track record of about five
years with FY14 being the first year of operation for the entity.
The operations of the entity remained small with total operating
income of INR52.30 crore in FY17 and low net-worth base of INR2.18
crore as on March 31, 2017 thus limiting financial flexibility of
the entity in times of stress. Moreover, by being in the business
of trading of agro products, entailing low value additions, the
entity's operating margin stood low in FY17.

Leveraged capital structure with moderate debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings and unsecured
loans to support its business operations, hence resulting in
leveraged capital structure. Moreover, with low profitability and
high debt profile, the debt coverage indicators of the entity
remained weak.

Working capital intensive nature of business: Operations of the
entity remained working capital intensive with high gross current
assets of 103 days in FY17 owing to high inventory period due to
seasonal nature of the products traded. The working capital
requirements are met by the cash credit facility availed by the
entity; utilization of which remained high.

Presence in highly fragmented and competitive industry: The
competitive nature of agro-product processing industry due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector
translate in inherent thin profitability margins.

Constitution as a proprietorship firm limiting financial
flexibility: LT, being a proprietorship concern, is closely held
and is subject to limited disclosure norms. Further, owing to the
constitution of the entity, it is exposed to the risk of
withdrawal of capital as well as long-term existence of business
operations under the entity.

Key Rating Strengths

Experienced proprietor: LT is currently managed by Mr. Ramanrao
Bholla. He is well-versed with the intricacies of the business on
the back of about two decades of experience in agro based
industries through the associate concerns. He looks after the
overall function of the firm and is ably supported by a team of
experienced professionals. Long experience of the proprietor has
supported the business risk profile of the entity to a large
extent.

Established relations with suppliers and customers: LT has long-
standing relationship with its suppliers and customers due to the
experience of the proprietor in the same segment. The clients have
been associated with LT over the years. However, being in a highly
competitive business, customer retention is a constant challenge
for the entity.

Support from group with presence in related businesses: The firm
belongs to a group of seven entities managed by Mr.Ramanrao Bholla
and Mrs. Vijayalaxmi Bholla. Furthermore, LT benefits from the
marketing and distribution network of its various group entities
and extensive experience and established relations of its
promoters.

Nagpur based, Laxmi Traders (LT) is a proprietorship concern
promoted by Mr. Ramanarao Bholla and commenced operation in
January 2013. Since inception, the entity has been engaged in the
trading of food grains i.e. rice, dal, chana, wheat etc. The
traded goods are purchased from the farmers based in Nagpur and
domestic suppliers situated at Andhra Pradesh, Tamil Nadu,
Karnataka and further sells the same in the domestic market of
Delhi, Haryana, Madhya Pradesh and Nagpur.


MADHUPRIYA FASHIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Madhupriya Fashions Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MFPL continues to
remain constrained on account of small scale of operations, low
profit margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The rating further
remained constrained on account of susceptibility of its profit
margins to fluctuations in raw material prices coupled with
presence in highly fragmented and competitive industry.
The rating, however, continues to derive benefit from the
experience of promoters and the company being strategically
located in textile sector.

MFPL's ability to increase its scale of operations and improve its
profitability, capital structure and debt coverage indicators are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations, low profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position: The operation of MFPL stood small marked by total
operating income of INR34.06 crore. The profit margins stood low
on account of being in trading business along with presence in the
highly competitive segment of the textile industry. On account of
higher total debt along with low networth base, capital structure
stood leveraged marked by overall gearing ratio of 3.51 times as
on March 31, 2017. As a result of its low profitability along with
high total debt, the debt coverage indicators stood weak marked by
high ratio of total debt to GCA of 24.55 times as on March 31,
2017. The liquidity position stood moderate marked by current
ratio of 1.36 times as on March 31, 2017. During H1FY18
(Provisional), MFPL has reported TOI of INR30 crore.

Susceptibility of its profit margins to fluctuations in raw
material prices: The price of key raw material i.e. grey fabric
has been volatile in nature and therefore cost base remains
exposed to any adverse price fluctuations in the prices of raw
materials. Accordingly, the profit margin of the company is
susceptible to fluctuation in raw material prices.

Presence in highly fragmented and competitive industry: The Indian
textile industry is highly fragmented in nature with presence of
large number of organized as well as unorganized players into the
processing and trading of fabric. MFPL being into processing and
trading of fabric segment faces high degree of competition from
numerous other processors in the Gujarat textile market.
Furthermore, due to the fragmented nature of the fabric processing
industry, bargaining power of fabric manufacturers with raw
material suppliers and customers are restricted which is also
reflected in the low profit margins.

Key rating strengths

Experienced promoters: Mr. Vinod Chiranjilal Agarwal and Mrs.
Swati Agarwal are the directors of MFPL and holds experience of
more than a decade in textile industry. Both directors look after
the day to day operations of the company.

Presence in the textile cluster with easy access to raw material
and labor: MFPL is based in Surat, Gujarat which is one of the
largest textile manufacturing hubs in India. The region comprises
of a large number of textile manufacturing and processing units.
MFPL's presence in the textile manufacturing region results in
benefit derived from lower logistics cost (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices.


MANGALORE SEA: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ for
the INR2.50-crore term loans and the INR5.00-crore fund-based
facilities of Mangalore Sea Products (MSP). The outlook on the
long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Term
  Loans                   2.50      [ICRA]B+ (Stable); reaffirmed

  Long-term-Fund
  Based Facilities        5.00      [ICRA]B+ (Stable); reaffirmed

Rationale

The reaffirmation of the rating reflects the healthy revenue
growth witnessed in FY2017 driven by increase in production and
sales volumes aided by increased availability of raw fish and the
high demand for fish meal and fish oil in the domestic market. The
firm's plan to venture into export sales in the near to medium
term also support growth prospects. The rating continues to factor
in the experience of the promoters of more than a decade in
processing of marine products and the proximity of the unit to
India's west coast thereby facilitating easy and timely
procurement of raw materials. The rating however remains
constrained by the moderate financial profile of the firm marked
by weak capital structure and coverage indicators and high working
capital intensity, albeit improved in FY2017, which in turn,
results in high utilization of the sanctioned working capital
limits. The rating factors in the small scale of operations that
limits economies of scale to an extent and the high customer-
concentration risk with ~78% of the revenues derived from the top
five customers during FY2017. The rating also factors in the high
competitive intensity with the presence of large number of players
in Mangalore that limits the bargaining power with the suppliers
and the customers to an extent and the inherent risks related to
MSP's constitution as a partnership firm. Going forward, the
ability of the firm to scale up its operations and improve its
financial profile, while effectively managing its working capital
requirements would be the key rating monitorables.

Key rating drivers

Credit strengths

* Long experience of the promoters in the processing of marine
foods: MSP was purchased in 2014 by Mr. Abdul Khader and his
family members, the firm is engaged in manufacturing of fish meal
and fish oil and is primarily dependent on the availability of
marine fish sea-catches for its production. Overall, the promoters
have more than a decade of experience in the business of marine
foods.

* Healthy growth in revenues: In FY2017, with increased
availability of raw fish sales volumes witnessed strong growth.
The operating income witnessed a growth of ~51% from INR17.2 crore
in FY2016 to INR26.0 crore in FY2017.

* Proximity of the unit to India's west coast: The shelf life for
raw fish is low at about one to two days due to which proximity to
the material source is critical for the seafood industry. The
firm's manufacturing plant is located in Mangalore, which is a
coastal districts and fishing areas of Kerala,Udipi, Malpe,
Gangoli, Bhatkal, in Karnataka. The firm procures most of the raw
materials from agents located in these areas and thus benefits
from easy and timely procurement of raw materials in addition to
lower transportation cost.

Credit weaknesses

* Moderate financial profile: The financial profile of the firm is
moderate characterised by weak capital structure and coverage
indicators and high working capital intensity, in turn, resulting
in high utilization of the sanctioned working capital limits.

* Moderate scale of operations resulting in limited economies of
scale: The firm has moderate scale of operations restricting
operational and financial flexibility to an extent.

* High client concentration risk: The firm is exposed to
significant client concentration risk. About 78% of its total
sales in FY2017 are contributed by its top five customers exposing
the revenues to vulnerability to variability in demand from these
clients.

* High competitive intensity: The industry is characterised by
presence of large number of players manufacturing fish meal and
fish oil. This makes procurement of good quality fish difficult
for all players and also limits the pricing flexibility with the
suppliers and the customers to some extent.

* Partnership nature of business:  Risk inherent in the
partnership nature of the firm such as limited ability to raise
funds, withdrawal of capital, etc.

Mangalore Sea Products was bought by Mr. Abdul Khader from Mr.
H.S. Nissar on January 28, 2014. It is a partnership firm closely
held by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The
firm is engaged in manufacturing of fish meal and fish oil : which
are primarily used as raw material (along with maize and soya) for
aqua-feed manufacturing. The firm's plant is located in Ullal,
Mangalore, district of Karnataka, with an installed crushing
capacity of 200 tonnes per day. The firm procures its raw
material, the raw fish, from the local agents and sells fish meal
and oil in the domestic market.

The company reported a net profit of INR0.7 crore on an operating
income of INR26.0 crore in FY2017 compared to a net profit of
INR0.5 crore on an operating income of INR17.2 crore in the
previous year.


MANISHA CONSTRUCTION: ICRA Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has moved the long-term and short-term ratings for
the bank facilities of Manisha Construction Co. to the 'Issuer Not
Co-operating' category. The ratings are now denoted as
"[ICRA]B+(Stable)/[ICRA]A4;ISSUER NOT CO-OPERATING."

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund based-Cash
  Credit                 3.00      [ICRA]B+(Stable);ISSUER NOT
                                   CO-OPERATING; Rating moved to
                                   the 'Issuer Not Co-operating'
                                   category

  Non fund based-       15.50      [ICRA]A4; ISSUER NOT CO-
  Bank Guarantee                   CO-OPERATING; Rating moved to
                                   the 'Issuer Not Co-operating'
                                   category

  Unallocated limit      1.50      [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT CO-OPERATING;
                                   Rating moved to the 'Issuer
                                   Not Co-operating' 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 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.

Manisha Construction Co. was established as a partnership firm in
1985 and the company constructs petty roads (such as stone
pavements, cement concrete pavements, paver blocks and asphalt
roads), lays sewerage pipelines and culverts, and repairs roads
and buildings for government clients. The firm is registered as an
'AA Class' contractor with the Municipal Corporation of Greater
Mumbai (MCGM) and as a 'Class 1' contractor with the Public Works
Department (PWD) of Maharashtra. Apart from this, MCC is also
involved in job work, which comprises sub-contract work and
leasing of machinery and labour. The firm has its registered
office in Mumbai. MCC, along with its group company, K.R.S. & Jain
Associates {Rated [ICRA]B(Stable)/[ICRA]A4} is involved in the
same line of business. K.R.S. & Jain Associates is a
proprietorship firm established in 2005 and operates in the Mumbai
region.


NARMADA FIBRES: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Narmada
Fibres LLP (NF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            15.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of NF is tempered on
account of project stabilisation risk with debt yet to be tied up,
vulnerability to fluctuations in prices of agro-based input
material, susceptibility to government regulations, its presence
in highly fragmented industry and constitution of entity as a
partnership firm limiting financial flexibility in times of
stress.

The ratings, however, draw support from the experience of the
partner and location advantage emanating from proximity to its raw
material.

The ability of the firm to stabilise its operations is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project stabilization risk with debt yet to be tied up: The entity
is in process of setting up its ginning and pressing unit.
However, as on November, 2017; the facility has been set up with
the entire cost incurred which was funded through partner's
contribution. Financial closure has not yet been achieved. The
entity is expected to commence its operations from January, 2018.
Vulnerability to fluctuations in prices of agro-based input
material which is seasonal in nature and highly fragmented
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from March to July and the
harvesting season is spread from November to February. Hence, the
working capital utilization will remain high in the peak season
i.e. November to May. Further, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. NF will face stiff competition from other
players operating in the same industry in the Marathwada region,
which will further result in low bargaining power of NF against
its customers.

Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. Furthermore, the price of raw
cotton is highly volatile in nature and depends upon factors like
area under production, yield for the year, international demand-
supply scenario, export quota decided by government and inventory
carried forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for NF.

Partnership nature of constitution: Being a partnership firm, NF
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Experienced partner: NF is promoted by Mr. Madhav Ambadas Nirmal.
Mr. Nirmal is associated with cotton ginning and pressing industry
for more than a decade through its group entity, as a result the
partner has more than a decade of business relationship with the
suppliers. He will look after overall management of the entity
with adequate support from other director and a team of
experienced professionals to support the growth of operations of
the entity. Being in the industry for more than a decade will help
the promoter to gain adequate acumen about the business which will
aid in smooth operations of NF.

Location advantage owing to proximity of proposed manufacturing
facility to raw material: The manufacturing facility of the entity
will be located at Dist: Beed, Maharashtra. Maharashtra produces
around 21% of total cotton production of India. Out of the total
production of Maharashtra, Marathwada region produces around 25%
of total cotton production of Maharashtra. Hence, raw material
will be available in adequate quantity. Furthermore, the presence
of NF in cotton producing region will fetch a location advantage
of lower logistics expenditure. Moreover, there is a robust demand
of cotton bales and cotton seeds in the region due to presence of
spinning mills in the region.

Narmada Fibres LLP (NF) based out of Nagpur, Maharashtra is a
partnership firm promoted by Mr. Madhav A Nirmal and Mrs. Aparna M
Nirmal and was established in July 2017. The entity will be
engaged in the business of cotton ginning and pressing at its
manufacturing facility located at Dharur, Beed, Maharashtra.


NEWAGE LAMINATORS: ICRA Reaffirms B+ Rating on INR5.34cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR5.34-crore fund-based facilities and the short-term rating
of [ICRA]A4 to the INR1.20-crore non-fund based facilities of
Newage Laminators Private Limited. ICRA has also reaffirmed the
rating of [ICRA]B+(Stable)/A4 to the INR3.46-crore unallocated
limits of NLPL. The outlook on the long-term rating is Stable.
ICRA has also removed the ratings from the 'Issuer Not
Cooperating' category.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       5.34      [ICRA]B+ (Stable); Reaffirmed
                                    and removed from 'Issuer Not
                                    Cooperating' category

  Non-fund Based Limit    1.20      [ICRA]A4; Reaffirmed and
                                    removed from 'Issuer Not
                                    Cooperating' category

  Unallocated             3.46      [ICRA]B+ (Stable)/A4;
                                    Reaffirmed and removed from
                                    'Issuer Not Cooperating'
                                    category

Rationale

The rating reaffirmation factors in the marginal decline in
operating income (OI) in FY2017 which was however accompanied with
improvement in gearing levels and working capital intensity.
ICRA's ratings continue to take into account the highly
competitive business environment NLPL operates in and its modest
scale of operations and low profitability. The ratings, however,
continue to positively consider the extensive experience of the
promoters in the manufacturing of extrusion lamination products,
and the favorable demand outlook for the company's products in the
near-to-medium term.

Going forward, the company's ability to profitably grow its scale
of operations while improving capital structure and maintaining an
optimal working capital cycle will be the key rating
sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of promoters in extrusion lamination
business: The company is involved in extrusion lamination
product's manufacturing since long time for real estate and
packaging industry. The promoters have more than two decades of
experience in the industry which ensures repeated orders from
customers.

* Improvement in financial risk profile: The financial risk
profile has improved in FY2017 on account of repayment of term-
loan and a decline in working capital debt. The debt coverage
indicators have improved in FY2017 as compared to FY2016.

Credit weaknesses

* Decline in FY2017 revenue due to demonetisation and renovation
of existing factory: The company posted lower sales turnover in
FY2017, mainly due to the impact of demonetisation and obstruction
of factory operations as the renovation was taking place. It had
an unusable installed production capacity, which has become usable
after the renovation.

* Vulnerability of profitability to fluctuations in raw material
prices: The main raw materials used by the company are high
density polyethylene (HDPE) and polypropylene (PP) woven fabric,
polymer films, inks, solvents and adhesives etc. The raw materials
are crude oil derivatives and account for bulk of the
manufacturing costs. The profitability, thus, remain exposed to
adverse fluctuations in the prices of the same, given NLPL's
limited price flexibility, owing to intense competition.

* Intensely competitive nature of the industry: The extrusion
lamination industry is very fragmented and characterised by
intense competition. The company not only faces stiff competition
from the dominant unorganised players but also from a few well
established organised players, which limits pricing flexibility
and exerts pressure on the margins.

Incorporated in 1966, NLPL manufactures extrusion lamination
products like HDPE/ PP laminated paper and bags, Polycoated Paper
and Polyester/Biaxially Oriented Polypropylene (BOPP) laminated
HDPE/PP Fabric. The company has been promoted by Mr. Arun Kohli,
Mr. Harish Kohli and Mr. R. P. Kohli.


PAMI METALS: Ind-Ra Hikes Issuer Rating to BB+, Limits Enhanced
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Pami Metals Pvt.
Ltd.'s (PAMI) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR340 mil. (increased from INR296.5 mil.) Fund-based limits
    long-term rating upgraded; short-term rating affirmed with
    IND BB+/Stable/IND A4+ rating;

-- INR31.7 mil. (reduced from INR46.19 mil.) Term loan due on
    January 2022 upgraded with IND BB+/Stable rating; and

-- INR10 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects Ind-Ra expectation of a sustained improvement
in PAMI's scale of operations in the near term on account of new
customer additions. Revenue grew to INR877 million in FY17 (FY16:
INR764 million) due to an increase in sales volume. The company
achieved revenue of INR576.3 million in 1HFY18, with an order book
of INR600 million to be executed by March 2018.

The ratings also factor in the company's sustained moderate credit
metrics with interest coverage of 1.6x in FY17 (FY16: 1.6x) and
net leverage of 4.9x (4.7x). Ind-Ra expects the credit metrics to
improve in the near term owing to a reduction in interest cost and
debt repayments. The company does not plan to borrow any
additional loans in the near term. In 1HFY18, the company's
interest coverage stood at 1.9x. Operating EBITDA margin declined
to 9.9% in FY17 (FY16: 10.7%) due to an increase in raw material
and overhead expenses.

The ratings also reflect PAMI's sustained moderate liquidity
position with 91% average use of its working capital limits during
the 12 months ended October 2017. Cash flow from operations
improved, but remained moderate at INR7 million in FY17 (FY16:
negative INR13 million) on the back of an improvement in absolute
EBITDA to INR87 million (INR82 million).

However, the ratings benefit from PAMI's reputed client base which
includes companies such as ABB India Limited, TATA Steel
Processing and Distribution Limited, Bharat Heavy Electrical
Limited (BHEL: 'IND AA+'/Stable), among others.

The ratings also continue to benefit from the promoters' more than
two decades of experience in the manufacturing of copper
components and fabricated sheet metals.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue along with an
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1989, PAMI is a Kolkata-based company managed by
Mr. Gopi Kishan Damani and Mr. Rajesh Kumar Damani. The company
manufactures copper components, copper extrusions and fabricated
sheet metals for companies in the power and infrastructure
sectors. It also undertakes assembling of high tension panels. The
company has two manufacturing and assembly units located in
Kolkata (West Bengal) and Vadodara (Gujarat) each.


PARAMOUNT STEELS: ICRA Reaffirms 'B' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating on the INR10.00-
crore fund-based facilities of Paramount Steels Limited at
[ICRA]B. The outlook on the rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      10.00      [ICRA]B(Stable); reaffirmed

Rationale

The rating reaffirmation factors in fragmented and competitive
nature of the iron and steel industry on account of low
technological complexity of the manufacturing process and
vulnerability to variation in the prices of raw materials. The
rating is also constrained by low networth base coupled with
relatively higher debt which has resulted in adverse capital
structure. Also, the liquidity of the company continues to be
stretched because of elevated working capital caused by high
receivables, leading to high utilisation of the working capital
limits availed from the bank.

However, the rating continues to derive comfort from the
experienced promoters with a long track record in the iron and
steel industry. The rating also continues to draw comfort from the
company's established relationship with its customers, which
enables it to secure repeat orders from the same.

Going forward, the company's ability to improve its scale of
operations in a profitable manner, enhance its capital structure
and maintain an optimal working capital intensity will remain the
key rating sensitivities.

Key rating drivers

Credit strengths

* Experienced management lends competitive edge: The management
has an experience of more than three decades in the iron and steel
industry. Over the years, the promoters have gained a thorough
knowledge of the markets. Such a long presence in the industry has
helped the company in establishing relationships with several
suppliers and customers.

* Established relationship with key customers ensures repeat
orders: The customers of the company include traders and
manufacturers of different types of iron products used in
construction. The company has well-established relationships with
several customers as is demonstrated by repeat orders from the
same.

Credit weaknesses

* Exposure to price risk as inventory procurement is not backed by
orders from customers: PSL typically maintains an inventory of
around 50 days and its product procurement is usually not order
backed. Furthermore, the inventory levels are occasionally
increased if the management expects raw material prices to
increase in the near future. This exposes PSL's profitability to
adverse movements in raw material prices. However, the same being
an industry practice, the company is generally able to pass on
some increase in raw material prices to its customers.

* Intense competition due to low entry barriers: The iron and
steel manufacturing industry is marked by a large number of
participants across different levels of the value chain. PSL is a
moderate -sized player in the industry. Furthermore, the company
is involved in manufacturing rounds and bars, which entails
relatively low value addition. This segment of the industry is
highly fragmented, given the low entry barriers as well as
relatively low technical and capital intensity, which limits the
pricing flexibility of the participants, including PSL.

Paramount Steels Limited (PSL), incorporated in 1981, manufactures
steel ingots and rolls them into hex bars and rounds. The
manufacturing unit of the company is in Ludhiana, Punjab and has a
rolling unit and induction furnace with annual capacities of
21,000 metric tonnes each.

PSL reported a net profit of INR0.38 crore on an OI of INR59.84
crore in FY2017 compared with a net loss of INR2.83 crore on an OI
of INR51 crore in the previous year.


PRECISE SEAMLESS: Ind-Ra Lowers Issuer Rating to 'D'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Precise
Seamless Apparels Private Limited's (PSAPL) Long-Term Issuer
Rating to 'IND D' from 'IND BB'. The Outlook was Stable. The
instrument-wise rating actions are:

-- INR170.19 mil. Term loan December 2020 downgraded with IND D
    rating;

-- INR150 mil. Fund-based limit downgraded with IND D rating;

-- INR80 mil. Non-fund-based limit downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects PSAPL's continuous delays in term debt
servicing during the six months ended October 2017, due to tight
liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

PSAPL was incorporated in 2005 and manufactures and exports
garments. Its 500,000 pieces per month manufacturing facility is
located in Gurugram.


PROVOGUE INDIA: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Provogue India
Limited to monitor the rating(s) vide e-mail communications dated
November 28, 2017; November 27, 2017; November 16, 2017; May 10,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on Provogue
India Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        218.68      CARE D; Issuer not
   Facilities                        cooperating; Based
                                     on best available
                                     Information

   Short-term Bank        30.47      CARE D; Issuer not
   Facilities                        cooperating; Based
                                     on best available
                                     Information

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

The rating takes into account delay in servicing of Bank loans by
the company due to liquidity issues faced by it, subsequest
invocation of SDR (strategic debt restructuring) by Joint Lender
Forum under extant RBI guidelines, further decline in total
operating income and deterioration in profitability paramters and
further increase in net loss.

Detailed description of the key rating drivers

At the time of last review on March 27, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing liquidity stress: There are ongoing delays in servicing of
debt obligations by the company on the back of substantial
deterioration in operational and financial performance of the
company which has impacted the liquidity position of the company.

Deterioration in financial performance: The company continued to
report net loss of INR179.81 crore in FY17 (vis-Ö-vis loss of
INR194.10 crore) against the total operating income of INR465.88
crore. The company's profitability and gross margin further
deteriorated to -30.65% and -21.00% respectively.

Provogue (India) Limited (PIL), founded in 1997, is engaged in the
manufacture, sale and retail of the fashion apparel products and
accessories for men and women under its well-known brand
'Provogue'. PIL operates in the lifestyle retail segment through
more than 150 stores spread across 80 locations across India.
Furthermore, the company has garment manufacturing plants at two
locations, namely, Daman (Gujarat) and Baddi (Himachal Pradesh).
Also, the company is engaged in the export of fabrics and garments
to African countries.

PIL reported a total operating income of R.465.88 crore and net
loss of INR179.81 crore in FY17 compared to INR429.15 crore and
net loss of INR194.10 crore in FY16.


RAJASTHAN TUBE: CARE Assigns B Rating to INR8cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rajasthan Tube Manufacturing Company Limited (RTL), as:

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

   Short-term Bank
   Facilities             7.00       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RTL are primarily
constrained on account of continuous decline in Total Operating
Income (TOI) in last three financial years ended FY17 with
continuous cash losses, weak solvency and liquidity position. The
ratings are, further, constrained on account of its presence in
the highly fragmented and competitive iron and steel products
industry and vulnerable of margins to fluctuation in raw material
prices.

The ratings, however, favorably take into account the experienced
management with long track record of operations and availability
of raw material at concessional rate through MOU signed with NSIC.

The ability of the company to stabilize its operations coupled
with achievement of envisaged level of TOI and efficient working
capital management successfully would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continuous decline in total operating income coupled with
continuous cash losses: The company has witnessed continuous
decline in TOI during last three financial years ended FY17.
During FY17, TOI of the company has decreased by 8.66% over FY16
and 12.34% in FY16 over FY15 mainly on account of decline in sales
volume of ERW steel pipes.

Fluctuations in steel prices globally due to demand-supply changes
attributes to fluctuation in profitability of the company. During
FY17, PBILDT margins of the company stood at 1.27% and net loss of
INR1.72%. Furthermore, the company has registered cash losses of
INR 1.71 crore in FY17 as against cash loss of INR 0.70 crore in
FY16. As per H1FY18 results, RTL has achieved TOI of INR34.95
crore and reported net profit of INR0.02 crore.

Financial risk profile marked by highly leveraged capital
structure and stressed liquidity position: The capital structure
of the company stood moderate and stagnant with an overall gearing
of 2.94 times as on March 31, 2017 mainly on account of decretion
of profits to reserves which offsets to an extent with lower
utilization of working capital bank borrowings as on March 31,
2017. Further, the debt service coverage indicators stood weak and
negative due to negative GCA level.

Liquidity position of the company stood stressed marked by 90-95%
utilization of working capital bank borrowings during last twelve
months ended October, 2017. Further, the operating cycle of the
company stood elongated at 84 days due to higher inventory holding
and receivables. The company maintains inventory of 90-100 days,
makes payment to its suppliers in 60-65 days and receives payment
from customers within 45-50 days. The current ratio of the company
stood at 1.10 times as on March 31, 2017; however, quick ratio
stood at 0.49 times due to higher inventory holding.

Presence in highly fragmented and competitive iron and steel
products industry with Vulnerability of margins to volatile raw
material prices: RTL operates in the highly competitive steel
industry which is cyclical in nature due to dependence on other
sectors - such as consumer durables, infrastructure, and real
estate which are strongly correlated to the state of the economy.
Furthermore, the industry is characterized by low entry barriers
and intense competition from a large number of organized and
unorganized players, thereby limiting the bargaining power with
customers. Further, the main raw material of the company is H.R.
Coils which it procures from SAIL (Steel Authority of India) as
well as from local markets. In the past, the prices of the raw
material have witnessed a fluctuating trend. The company is
exposed to fluctuation in raw material prices due to its presence
in the highly competitive and fragmented industry and no
bargaining power with its customers.

Key Rating Strengths

Long track record of operations with experienced management and
established distribution network: The company was incorporated in
1985 and hence, has a track record of more than two decades in the
iron and steel industry. Mr. Harish Chand Jain, Director, has more
than four decades of experience in the steel industry and looks
after overall affairs of the company. Mr. Sunil Kumar Jain,
Director, has also more than two decade of experience and looks
after marketing functions of the company. Mr Deepesh Jain,
Director, CA by qualification, looks after the finance function of
the company. Further, the promoters of the company are assisted by
the 2nd tier management. Due to longstanding presence in the steel
industry, the company has established good relations with its
customers as well as suppliers and gets repeated orders from its
customers. Further, the company has established strong
distribution network through 80-100 selling agents in various
states.

Memorandum of Understanding (MOU) with National Small Industries
Corporation (NSIC) for the supply of products of SAIL/RINL: The
firm has signed MOU with NSIC for purchase of 8000 Metric Tonne
(MT) of HR Coils of Steel Authority of India (SAIL) for FY18.
Consequently the firm will get the raw materials on demand as well
as at concessional price and will meet up the customer demands and
possible market requirements.

Jaipur (Rajasthan) based Rajasthan Tube Manufacturing Company
Limited (RTL) was incorporated in 1985 with an objective to set up
plant to manufacture Steels Pipes and Tubes. The company commenced
its operations from 1988-89 and listed on BSE in 1995. The company
is engaged in the business of manufacturing of Electric Resistance
Welding (ERW) steel, galvanized pipes and hot rolled steel sheets
and sells product under the brand name of "RTL". The manufacturing
facility of the company is situated at Chomu (Jaipur) with a
capacity of 45000 Metric Ton Per Annum (MTPA) as on March 31, 2017
and plant of the company is International Organization for
Standardization (ISO) certified. The company procures steel
majorly from National Small Industries Corporation Limited (NSIC)
and Steel Authority of India (SAIL) and sells its product mainly
in the state of Rajasthan and Madhya Pradesh through 80-100
agents.


RAMAPRIYA SOLAR: ICRA Moves 'B' Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Ramapriya Solar Energy Private Limited (RSEPL) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B (Stable) ISSUER NOT COOPERATING."

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund based-Term       10.50      [ICRA]B (Stable) ISSUER NOT
  Loan Proposed                    COOPERATING; Rating moved
                                   to the 'Issuer Not Cooperating'
                                   category

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

Ramapriya Solar Energy Private Limited (RSEPL) was incorporated in
May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW Solar
Power Project in Chitradurga District, Karnataka under the
Farmer's Scheme allotted to Mr. T R Bheemaneedi. The solar power
plant was commissioned in December 2016 and a Power Purchase
Agreement (PPA) has been signed by SPD with BESCOM for a period of
25 years.


RSAL STEEL: ICRA Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
ICRA Ratings has moved the rating for the INR277.07-crore bank
facilities of RSAL Steel Private Limited (RSPL) 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      70.52       [ICRA]D ISSUER NOT COOPERATING;
  Based Limits                    Rating moved to the 'Issuer Not
                                  Cooperating' category

  Short Term Non     206.55       [ICRA]D ISSUER NOT COOPERATING;
  Fund Based Limits               Rating moved to the 'Issuer Not
                                  Cooperating' category

Rationale

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

Key rating drivers

Credit strengths

* Large promoter group with diversified interest; although many
companies in the group are loss making at present: RSPL is a part
of Ruchi Group of Industries which has interests in businesses
ranging from steel to food products. The group is involved in soya
processing, extracting edible oils, manufacturing dairy products,
cold rolled sheets and coils and galvanized sheets and coils. The
group's sales turnover is estimated to exceed USD 5 billion.
Although many of the rated entities in the group have reported
losses in the recent years.
Credit weaknesses

* Significant decline in scale and large losses from operations:
RSPL's scale of operations has declined by over 85% from ~INR1000
crore in FY2013 to ~INR140 crore in FY2017, with a sharp decline
in profitability as well. Over the past two financials years, RSPL
incurred sizeable cash losses.

* Irregularities in debt servicing as also reflected in NPA status
of the account: Given the losses from operations, RPSL's debt
servicing has been irregular in the recent past and effective from
March 2017, the accounts of the company have turned NPA.

* Stretched receivables: As on March 31, 2016, company had ~58% of
its receivables more than six months with an overall average
receivable turnover period of 63 days.

RSAL Steel Private Limited (RSPL) was incorporated in December
2010 as a wholly owned subsidiary of Ruchi Strips & Alloys Limited
(RSAL), a Ruchi Group Company, with the objective of taking over
the steel business of the holding company. RSAL was founded in
1987 and is promoted by the Shahra family. RSAL's manufacturing
facility is situated in Village- Sejwaya, District Dhar, Madhya
Pradesh, around 60 Kms from Indore. The plant commenced commercial
production in the year 1991, then under the name of RSAL. RSPL
manufactures of cold rolled steel coils (CRC), with an installed
capacity of 1 lakh metric tonnes (MT) per annum. RSPL also trades
in various commodities such as soya meal, CRC steel etc.


S S OFFSHORE: Ind-Ra Corrects August 9 Release
----------------------------------------------
India Ratings and Research (Ind-Ra) issued a correction on a
ratings release on S S Offshore Private Limited dated Aug. 9, 2017
to include the Outlook for the term loan in rating history.

The amended version of the ratings release is as follows:

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

-- INR30 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR138.7 mil. Term loan limit migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2008, S S Offshore runs a marine transportation
business. The company, located in Mumbai, provides crew and
vessels on a contractual basis and operates only for eight months
from October till May.


S. J. LOGISTICS: ICRA Assigns B+ Rating to INR17cr Cash Loan
------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR24.80 crore (enhanced from INR22.00 crore) fund-based
facilities of S. J. Logistics (India) Limited (erstwhile S. J.
Logistics (India) Pvt. Ltd.). ICRA has also assigned the long-term
rating of [ICRAB+ to the INR0.20 crore of unallocated limit of the
company. The outlook on the long-term rating is Stable.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund-based-Cash
  Credit                17.00      [ICRA]B+ (Stable); Outstanding

  Fund-based-Foreign
  Currency Demand
  Loans (Sublimit
  of Cash Credit)     (15.00)      [ICRA]B+ (Stable); Outstanding

  Fund-based-Working
  Capital Demand Loan   1.00       [ICRA]B+ (Stable); Assigned


  Fund-based-Foreign    6.80       [ICRA]B+ (Stable); Assigned/
  Currency Term Loan               Outstanding

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

Rationale

The assignment of ratings favourably takes into account the
extensive experience of the promoters and established track record
of the group in the freight forwarding industry. ICRA notes the
company's capability of providing end-to-end shipping and
logistics solutions for international shipments; and its
established clientele.

The ratings, however, are constraint by the weak in the financial
profile of the company as reflected by sluggish growth in
operating income along with a declining operating profitability
from 6.34% in FY2016 to 4.61% in FY2017. Moreover, the aggressive
capital structure traditionally maintained by the company due to
high working capital borrowings and low net worth base has
resulted in high gearing of 3.25 times as on March 31, 2017 and
weak coverage ratios depicted by TD/OPBDITA of 6.26 times and
TOL/TNW of 3.72 times as on March 31, 2017. ICRA also takes into
account the company's weak liquidity position owing to high
receivable days and tight payable days. Further, the ratings
continue to remain constrained by the exposure of SJL's revenues
and margins to cyclicality present in international trade. ICRA
further notes the intense competitive pressure from other
organised as well as unorganised players operating in the
fragmented freight forwarding industry, and risks arising from
forex exposure wherein significant payables are denominated in
foreign currency.

Key rating drivers

Credit strengths

* Extensive experience of the promoter and established track
record of the SJL Group in the freight forwarding industry: SJL is
a part of the Mumbai-based SJL Group, which is engaged in the
clearing and forwarding business. The company was started by Mr.
Rajen Shah in December 2003 for providing shipping services for
international shipments (export/import). The extensive experience
of promoters and established track record of the Group in the
freight forwarding industry have resulted in the company's growth.

* Multi-modal freight forwarder providing end-to-end shipping and
logistics solutions; established and diversified client base: As a
freight forwarder, SJL organises safe, time efficient and cost
effective movement of goods on behalf of shippers, from their
factories/warehouses to respective export destinations through
air, sea and land. This has ensured an established and diversified
client base for the company.

Credit weaknesses

* Sluggish growth in operating income and declining operating
profitability: The operating income of the company has grown at a
low rate of about 4% p.a. in the past three years even though the
volumes of cargo handled has increased by more than 70% since
FY2014, due to steeply decreasing realisation during the same
period from INR104,648 per TEU in FY2014 to INR65,064 per TEU in
FY2017. This has further strained the profitability of the company
which has traditionally been low at ~1.00-1.70%% at net level
since FY2014.

* Aggressive capital structure with weak coverage indicators: The
capital structure of the company has remained aggressive since its
inception because of low equity base, modest accruals and high
reliance on bank borrowings to meet funding needs and has resulted
in low coverage indicator depicted by TD/OPBDITA of 6.26 times and
TOL/TNW of 3.72 times as on March 31, 2017.

* Tight liquidity position arising out of long receivable and
short payable periods leading to high working capital
requirements: The working capital cycle of the company generally
remains stretched due to elongated receivable turnaround time and
a tight payable period. The working capital intensity by the end
of FY2017 remained at 25% account of very high debtor days. The
company had to offer more liberal credit to its clients during
FY2017 due to weak demand scenario and intense competitive
pressures. This also resulted in near to full utilisation of
working capital limits.

* Highly fragmented and competitive industry with a large number
of unorganised players, limiting pricing power: Competition in the
freight forwarding, logistics and supply chain management industry
remains intense with global as well regional and local players.
The competitors also include integrated transportation companies
that operate their own aircraft/vessels, cargo sales agents and
brokers, surface freight forwarders and carriers, airlines,
associations of shippers organised to consolidate their members'
shipments to obtain lower freight rates. This limits the
bargaining power of SJL with its customers and suppliers.

* Exposure to fluctuations in foreign exchange rates: SJL receives
payment in Rupee terms from its customers after converting it at
the prevailing exchange rate on the day of payment. This exposes
the company to currency fluctuation risks. The risk is enhanced
further by the large time lag between payment to shipping lines
and receipt of payment from shippers. The company does not have
any firm hedging policy in place.

SJL is the flagship company of the Mumbai-based SJL Group, which
is engaged in the clearing and forwarding business. The company
was started by Mr. Rajen Shah as a proprietary concern in 2000 for
providing shipping services to international shipments
(export/import). It was later converted into a private limited
company in December 2003. Over the years, the promoter has
gradually expanded the business by adding various value added
services to provide end-to-end shipping and logistics solutions
for exporters/importers.

The SJL Group currently has four entities operating in the
country, who provide shipping services such as ocean and air
freight forwarding, customs clearance, transportation, etc. The
group mainly concentrates on ocean export shipments. Each entity
specialises in handling particular cargo/commodities.

In FY2017, on a provisional basis, the company reported a net
profit of INR1.59 crore on an operating income of INR90.82 crore,
as compared to a net profit of INR1.36 crore on an operating
income of INR89.91 crore in the previous year.


SAIKRUPA FIBRES: CARE Reaffirms B Rating on INR16.33cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
of Saikrupa Fibres Private Limited (SFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           16.33        CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SFPL continues to
be moderated by thin profit margins inherent to seasonal
availability of raw material (raw cotton) and volatility in cotton
prices, working capital intensive nature of operations and
presence in a highly fragmented cotton ginning industry. The
rating further takes note of deterioration in the profitability
margin and debt coverage matrix during FY17 (refers to the period
April 1 to March 31).

The rating continues to derive strength from the long track record
and experience of promoters in the cotton ginning industry and
locational advantage with respect to close proximity of raw
material.

Going forward, the ability of SFPL to improve its scale of
operations and profitability margins along-with effective
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial risk profile characterized by thin profit margins
and weak solvency ratios and low capacity utilization: Total
operating income (TOI) showed a y-o-y de-growth of 25.92% and
stood at INR70.09 crore in FY17. This was primarily on account of
lower quantity production and sale of cotton bales. The
profitability of the company remained thin due to limited value
addition in the final product and increase in cotton prices.
PBILDT margin was 2.65% in FY17 (P.Y.:2.89%).

Capital structure of the company was leveraged reflecting in long
term debt to equity of 0.26x as on March 31, 2017 (P.Y.: 0.35x)
and overall gearing of 1.00x as on March 31, 2017 (P.Y.: 1.11x).
Further, due to high dependence on external borrowings and thin
profit margins, debt coverage was weak with total debt to GCA
ratio of 28.94x (P.Y.: 13.33x). Furthermore, PBILDT interest
coverage ratio in FY17 is 1.29x (P.Y.: 1.70x) led by low
profitability of the company.

Overall capacity utilization had remained low at around 35% (55%
for FY16).

Seasonal availability of raw material leading to higher working
capital requirement: Raw material procurement is done majorly
during the period October to March in order to take advantage of
the seasonal availability and cheaper price of the cotton. The
process results in heavy inventory build-up with elongated working
capital cycle.

Fragmented cotton ginning industry with low entry barriers leading
to stiff competition: Cotton ginning industry business is
characterized by low entry barriers leading to high degree of
competition with a large numbers of units operating in cotton
ginning business.

Customer concentration risk: The customer profile is concentrated
with top 10 customers accounting for70% of total sales in FY17.

Press Release

Key Rating Strengths

Satisfactory track record of operations along with experienced
promoters: Established in March 2011, SFPL has a track record of
over six years in the cotton ginning sector. The entity is
promoted by Mr. Satish Bhadghare. With the experience of directors
in cotton ginning sector they are well versed with the functioning
and all the risks associated with this sector.

Strategic Location of Manufacturing unit with close proximity to
raw material source: SFPL is having close proximity to leading
cotton-growing regions of Maharashtra and Gujarat which helps it
in easy procurement and lower logistic expenditure related to raw
material.

Strong customer base: SFPL caters to the domestic market with
moderately diversified customers across India.

Saikrupa Fibers Private Limited (SFPL) is a Wani (Maharashtra)
based company engaged in cotton ginning and pressing. SFPL is
promoted by Mr. Satish Bhatgare who has an experience of 6 years
with SFPL in the cotton ginning industry.

SFPL procures its raw material i.e. cotton from local farmers and
brokers in the Wani region, Maharashtra. SFPL sells its products
to traders based in Maharashtra state.

The company is engaged in cotton business having a product profile
of cotton seed and cotton bale and oil with an installed capacity
of 0.75 lakh (nos.) of cotton bales per annum and 2.50 lakh
quintals of cotton seeds per annum.


SANGHAVI JEWEL: CARE Lowers Rating on INR85cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings assigned to bank facilities
of Sanghavi Jewel Pvt. Ltd. (SJPL) on account of delays in debt
servicing due to lower collections from customers which resulted
in weakened liquidity profile of the company.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        85.00       CARE D Revised from
   Facilities-                       CARE B+; Stable
   Fund Based

   Short term Bank        1.00       CARE D Revised from
   Facilities-                       CARE A4
   Non Fund Based

Ability of the company to regularize the debt servicing by
improving overall liquidity profile of the company remains key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Due to lower collection from customers
the liquidity profile of SJPL were weakened which resulted in bank
facilities being overdue for 30-45 days.

Sanghavi Jewels Pvt Ltd. (SJPL) is a part of the Sanghavi Group,
wherein Mr. Jayesh Sanghavi is the current Managing Director.
Sanghavi Exports International Pvt Ltd (SEIPL) (rated CARE D; Non
co-operation), the flagship company of the group, holds 91.02%
shares in SJPL. SEIPL is engaged in the processing of rough
diamonds and export of cut and polished diamonds. SJPL is engaged
in the manufacturing and export of studded gold, silver and
platinum jewellery using polished diamonds, precious and other
semi-precious stones. In FY17 top two destinations (United States
of America and Hong Kong) contributed approx. 80% of net sales.
Gold is purchased mainly from the Bank of India under the gold
loan scheme. SJPL has its factory at SEEPZ, Mumbai.


SOMNATH AGRO: ICRA Reaffirms B Rating on INR5cr Cash Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B for
the INR5.00 crore cash credit limit. ICRA has also reaffirmed the
short-term rating at [ICRA]A4 for the non-fund based facility of
Somnath Agro Industries. ICRA has also reaffirmed the long-term
rating at [ICRA]B and short-term rating at [ICRA]A4 to the
unallocated bank limits of SAI. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Term
  Loan                    0.42       [ICRA]B(Stable); Reaffirmed

  Fund based-Cash
  Credit                  5.00       [ICRA]B(Stable); Reaffirmed

  Fund based- Export
  Packing Credit         (1.00)      [ICRA]A4; Reaffirmed

  Unallocated             0.42       [ICRA]B(Stable)/[ICRA]A4;
                                     Reaffirmed

Rationale

The reaffirmation of the ratings continue to remain constrained by
the weak financial profile as reflected by relatively small scale
of operations, low profitability margins, weak coverage indicators
and negative cash flows. The ratings further take into account the
high competitive intensity in the agro commodity business
resulting from low entry barriers; exposure of firm's
profitability to any adverse regulatory changes and availability
of agro commodities as the same is linked to seasonality and crop
harvest. ICRA also notes the potential adverse impact on the net
worth and the gearing levels in case of any substantial withdrawal
from capital accounts.

The ratings however, continue to favorably consider the long-
standing experience of the partners in agro commodities business
and its favorable location in Gujarat, enabling easy procurement
of various agro products.

Outlook: Stable

ICRA believes that Somnath Agro Industries will continue to
benefit from the past experience of its partners in agro
commodities business and benefits emanating from proximity to raw
material (agro commodities) sources. The outlook may be revised to
'Positive' if substantial growth in scale and profitability and
improvement in capital structure to strengthen the financial risk
profile. The outlook may be revised to 'Negative' if there is any
mismatch in cash flows following any debt funded capex leading to
adverse capital structure, or stretch in working capital cycle
leading to further stress on liquidity.

Key rating drivers

Credit strengths

* Extensive experience of partners in the agro commodities
business: The firm is managed by Mendha family who has extensive
experience in agro-commodities business through their association
with Dariyalala Trading Co. and Varun Agro Products which are also
in the similar line of business.

* Favourable location benefits in terms of procurement of agro
products: The firm derives majority of revenue from processing of
sesame seeds (36% in FY2017 and 67% in FY2016) with Gujarat
accounting for 22% of the total sesame seeds production in the
country. The firm also benefits in terms of procurement for other
agro commodities available in Gujarat and neighbouring states like
Rajasthan and Madhya Pradesh.

Credit weaknesses

* Weak Financial risk profile: SAI's scale of operations remains
relatively small with total operating income of INR49.91 crore in
FY2017 (compared to INR45.63 crore in FY2016). Further, the
profitability also remains low due to trading nature of business
as evident from operating margins at 1.42% and net margins at
0.11% in FY2017. The return indicator also remain weak with ROCE
at 8.54% in FY2017. The capital structure also remains leveraged
with gearing at 2.77 times as on March 31, 2017 due to low net-
worth. Further, on account of low profitability, the coverage
indicator remains weak with interest coverage ratio of 1.28 times
and NCA/Debt of 3% in FY2017.

* Negative cash flow and fully utilised working capital limits:
The cash flow of the firm has continued to remain negative in
FY2017 due to low profitability and high working capital
requirement. The working capital utilisation also remained high
with average utilisation of ~98% for the past fifteen months from
August, 2016 to October, 2017.

* Business exposure to agro-climatic and regulatory changes;
Intense competition due to low entry barriers: The agro commodity
trading business remains dependent on the performance of the
agricultural sector, which is further impacted by a combination of
factors like climatic conditions, prevailing demand-supply
scenario, regulatory changes pertaining to export incentive etc.
Further, the low value additive nature of operations, coupled with
intense competition in the industry, exert pressure on
profitability.

* Adverse impact on net-worth: SAI, being a partnership firm is
exposed to adverse capital structure risk in case of any
substantial withdrawal from its capital accounts.

Established in 2012, Somnath Agro Industries (SAI) is involved in
the business of processing and trading of agro-commodities such
sesame seeds, cumin seeds, mustard seeds, coriander etc.. The
firm's processing facility is located at Halvad in Gujarat with an
installed capacity of 21,600 metric tonnes per annum (MTPA). The
partners of the firm have long-standing experience in the agro-
commodities business through their association with Dariyalala
Trading Co. and Varun Agro Products which are also in the similar
line of business.

In FY2017, the firm reported a net profit of INR0.06 crore on an
operating income of INR49.91 crore, as compared to a net profit of
INR0.05 crore on an operating income of INR45.63 crore in the
previous year.


SUJAY FEEDS: CARE Assigns B+ Rating to INR8.80cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sujay
Feeds (SF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8.80      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SF is tempered by
thin profitability margins, weak debt coverage indicators, working
capital intensive nature of operations, highly fragmented with
intense competition from large number of players and constitution
of the entity as Hindu undivided family (HUF) with inherent risk
of possibility of withdrawal of the capital at the time of
personal contingency. The rating, however, derives its strengths
from experienced promoter of the entity, increase in total
operating income, moderate capital structure with stable outlook
demand of poultry products.

Going forward, ability of the HUF to increase its scale of
operations and profitability margins, improve the capital
structure and debt coverage indicators and manage working capital
requirements efficiently would be the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Declining PBILDT margin and thin PAT margins during FY14-FY16: The
entity has declining PBILDT margin during review period. The
PBILDT Margin declined from 4.74% in FY14 to 3.27% in FY16 due to
fluctuations of poultry feeds costs like Maize, Soya, Sun Flower
Oil Cake, Shell Grit and Minerals and manufacturing expenses along
with intensely competitive business segment. The PBILDT margin of
entities engaged in Poultry business depends heavily on material
costs (small chicks & feed) since material costs form significant
portion of the total costs. Furthermore, the PAT margin of the
entity has been thin in the range of below 1% during review period
due to low operating profit along with high financial expenses on
account of full utilisation of working capital limits.

However, the PAT margin increased from 0.04% in FY14 to 0.68% in
FY16 due to decreased interest and finance charges.

Weak debt coverage indicators and working capital intensive nature
of operations: The entity has weak debt coverage indicators during
review period. However, Total debt/GCA improved y-o-y from 20.72x
in FY14 to 15.53x in FY16 due to y-o-y increase in cash accruals.
The PBILDT interest coverage ratio, though weak, improved from
1.32x in FY14 to 1.87x in FY16.

The operating cycle of the entity is elongated during review
period increasing average collection period from 75 days in
FY14 to 100 days in FY16 along with inventory holding of around 3
months due to rearing of parent chicks, producing eggs and finally
selling cull birds and to mitigate fluctuation in raw material
prices. These chicks go through four different stages of
development for laying eggs and ultimately sold as cull bird to
complete one business cycle. The four different development stages
are Chick stage (0 day-8th week), Grower stage (9th-18th week),
Egg stage (19th-72nd week) and Cull bird (after 72nd week). The
Day Old Chicks (DOCs) are reared throughout the business life
cycle and these chicks start laying eggs from third stage i.e.
from 19th week. The operating cycle stood at 97 days in FY16 as
compared to 93 days in FY15. The average utilization of working
capital facility of the entity was 100% for the last 12 months
ended August 31, 2017.

Highly fragmented industry with intense competition from large
number of players: SF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. Going further,
low entry barriers in these highly competitive segments would lead
to oversupply situation which in turn may affect the profitability
of the entity. However, improved demand scenario of poultry
products in the country enables well for the entity.

Constitution of the entity as HUF with inherent risk of withdrawal
of capital: Constitution as a HUF has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure.  Furthermore, a HUF has restricted access to external
borrowings as credit worthiness of the Karta would be key factors
affecting credit decision for the lenders.

Key Rating Strengths

Long track record and experience of the promoter for around one
decade in Poultry business: SF was established in the year 1991 by
late Mr. B R Murthy. After the demise of Mr. B R Murthy, his son
Mr. B R Sujay, who has an experience of a decade in poultry
business, is actively involved in day to day operations of the
business. Due to long term presence in the market, the firm has
established good relationship with its customers and suppliers.
Furthermore, the operations of the firm have improved its quality
of feed with technical guidance of Dr. B S V Reddy, Professor of
Dept. of Nutrition, Veterinary College, Hebbal. Furthermore,
established presence of the brand 'Sujay Feed' in all the regions
of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala led to
positive demand outlook for poultry feed, eggs and chicken.

Increase in total operating income during review period: The total
operating income of the entity has increased at a CAGR of around
8% from INR51.20 crore in FY14 to INR 60.01 crore in FY16 due to
increase in demand of broiler chicken, poultry feed and eggs from
existing customers as well as addition of new customers.
Furthermore, In 5MFY17, the firm achieved the sales of INR 25
crores.

Moderate capital structure: SF has moderate capital structure
during review period. SF's debt profile is dominated by the
working capital borrowings due to increasing average collection
period and inventory holding of around 3 months due to rearing of
parent chicks, producing eggs and finally selling cull birds. The
debt equity ratio of the entity stood at 0.01x as on March 31,
2016 on account of minimal amount of long term loan i.e, INR0.15
crore. The overall gearing ratio of the entity improved from
1.83x as on March 31, 2015 to 1.72x as on March 31, 2016 due to
repayment of term loan coupled with increase in tangible net
worth.

Stable outlook demand of poultry products: Poultry products like
eggs and cull birds have large consumption across the country in
the form of bakery products, cakes, biscuits and different types
of food dishes in home and restaurants. The demand has been driven
by the rapidly changing food habits of the average Indian
consumer, dictated by the lifestyle changes in the urban and semi-
urban regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Bangalore based, Sujay Feeds (SF) was established in 1991 by its
founder Late Mr. B R Murthy. In the year 1991, Late Mr. Murthy
started his commercial feed plant with the capacity of producing
2700 tons per month of poultry mash feed and sold under the brand
name of "SUJAY FEEDS". From 2012 onwards, Mr. B R Sujay looks
after the day to day operations of the firm. In 1994, the promoter
has undertook the expansion of SF by starting a new project of
Broiler parent breeding activity i.e, Hatching and processing of
chicken under the brand name of "Uncle Chicken" . Presently, the
firm has four outlets for selling its chicken product to its
customers and is likely to increase its outlets in the near future
to expand its customer base.


SVARN TEX: ICRA Reaffirms B+ Rating on INR8.25cr LT Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ and
short-term rating at [ICRA]A4 on the INR25.00-crore bank limits of
Svarn Tex Prints Private Limited (STPL). The outlook on the long-
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  Based-Cash credit       8.25      [ICRA]B+ (stable); reaffirmed

  Long-term Fund-
  Based-Term Loans        2.00      [ICRA]B+ (stable); reaffirmed

  Short-term Non
  Fund-based              7.00      [ICRA]A4; reaffirmed

  Long-term Unallocated   7.75      [ICRA]B+ (stable); reaffirmed

Rationale

ICRA's ratings continue to factor in the extensive experience of
the promoters in fabric processing and their established
relationships with reputed garment exporters of Delhi-NCR. ICRA
also takes into account an increase in the company's contribution
margins which has led to a marginal improvement in the company's
operating profit margins in FY2017.

The ratings however continue to be constrained by the intensely
competitive and fragmented nature of the fabric processing
industry. ICRA also notes that the company has changed its sales
mix in over the past few years with increasing focus on sale of
processed fabric as compared to job work, which has increased its
working capital requirements. The ratings also take into account
the stretched liquidity profile of STPPL with the high working
capital intensity on account of high inventory holding and slow
traction in receivable collection.

Going forward, an increase in scale of operations along with
effective utilisation of working capital will be key the rating
sensitivities. Any large debt funded capital expenditure will be a
key monitorable.

Key rating drivers

Credit strengths:

* Long standing experience of promoters: STPL was incorporated in
2008 by Mr. Suresh Singhal, Mr. Sadhu Ram Gupta, Mr. Vijay Gupta
and Mr. Ajay Gupta. The company is primarily engaged in fabric
processing which involves dying and processing of fabric with
facility based out of Kosi, Uttar Pradesh. The promoters have a
long experience in fabric processing business and established
customer base helps in healthy order inflow.

* Decline in customer concentration; acquisition of new customers:
STPL's revenues from top 10 customers has declined to 13% of the
total operating income in FY2017 from 72 % of the total operating
income in FY2016 as the company has added five to six new
customers in FY2017.

Credit weaknesses:

* Intensely competitive fabric processing industry: The garment
industry is intensely competitive due to the commoditised nature
of the product with minimum differentiation in final output which
results in aggressive pricing and limits the operating
profitability margins.

* High gearing and moderate debt coverage indicators: The company
has a high gearing of ~1.90 times as on March 31, 2017 and any
debt funded capital expenditure is expected to pressurize the
gearing. The company's debt coverage indicators remained moderate
as on March 31, 2017 with interest coverage of 1.63 times and DSCR
of 1.25 times.

* High working capital intensity: The Company has a high working
capital intensity of ~27% in FY2017 on account of high inventory
holding and slow traction in receivable collection.

STPL was incorporated in 2008 and is engaged in processing of
fabrics in its facility based in Kosi, Uttar Pradesh.. The company
is a part of the Svarn Group, promoted by Mr. Sadhu Ram Gupta, Mr.
Vijay Gupta, Mr. Ajay Gupta and Mr. Suresh Singhal. The group has
a presence in the manufacturing of passive telecom infrastructure
components as well as processing of fabric.


SVSVS PROJECTS: ICRA Assigns B+ Rating to INR48cr Loan
------------------------------------------------------
ICRA Ratings has assigned long-term rating of [ICRA]B+ to the
INR2.50-crore cash credit and INR48.00-crore non fund-based limits
of SVSVS Projects Private Limited (SPPL). The outlook on the long-
term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  2.50       [ICRA]B+ (Stable); Assigned

  Non Fund Based         48.00       [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by the company's small scale of
operation in a highly competitive construction industry which
keeps the margins under pressure. The rating is constrained by
high geographical and sectoral concentration risk as entire order
book of the company consist of projects pertaining to road
construction & maintenance works in Bihar and Andhra Pradesh. ICRA
also notes the stretched liquidity position as evidenced by high
utilisation of fund based limits owing to large receivable and
inventory levels. The rating however, positively factors in long
track record of promoters in construction industry and healthy
order book of INR267.03 crore, with unexecuted order book / OI
ratio of 5.95 times for FY2017, providing revenue visibility for
medium term.

Going forward, the company's ability to increase the scale of
operations with executing current orders in a timely manner and
manage the rising working capital requirement given the high order
book, would remain the key sensitivities from credit perspective.

Key rating drivers

Credit Strengths

* Significant experience of the management: The management has a
decade of experience in the construction industry, mainly in
execution of road projects, which supports the order inflow for
the company.

* Healthy unexecuted order book/ revenue for FY2017 of 5.95 times
provides revenue visibility in the medium term: The company has an
unexecuted order book of INR267.03 crore as on August 31, 2017.
The unexecuted order book/ revenue for FY17 is 5.95 times which
provides visibility to revenue in the medium term. The projects
pertain to road construction and maintenance projects in Bihar and
Andhra Pradesh.

Credit Weaknesses

* Small scale of operations with revenue de-growth in FY2017: The
company's operations have remained small over the years and
witnessed de-growth of ~26% in revenue from INR60.49 crore in
FY2016 to INR44.85 crore in FY2017 on account of delays in the
execution of orders. The small scale of operations restricts
financial flexibility.

* High competitive intensity in construction industry: The
industry is characterised by high competition from numerous other
players where work orders, largely tender based, are awarded to
the lowest bidder by value. Hence this keeps the profit margins
under pressure.

* High geographic and sectoral concentration risk: The geographic
concentration risk of order book is high as a large proportion of
the work orders are to be executed in Bihar and Andhra Pradesh.
Further, the work order execution is largely limited to
construction and modernisation of roads.

* Stretched liquidity as reflected by overutilization of working
capital limits:  The company's liquidity is constrained owing to
high receivables and inventory levels with NWC/OI of 24% in
FY2017. The same is reflected in high average as utilization of
working capital limits.

SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in executing construction of roads,
bridges, dams, buildings and irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar and Andhra
Pradesh.


VEHLNA STEEL: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed long-term rating of [ICRA]B+ for the
INR6.00-crore fund-based bank facility and INR1.78-crore
unallocated limit of Vehlna Steel and Alloys Private Limited. The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             6.00      [ICRA]B+ (Stable); reaffirmed
  Unallocated             1.78      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation continues to factor in the promoter's
long track record in steel industry and the company's partially
integrated nature of operations, which mitigates raw material
availability risks to some extent. The rating, however, remains
constrained by the company's moderate scale operations and below-
average financial profile as reflected by low profitability,
leveraged capital structure and weak debt-coverage metrics.
VSAPL's operating margin usually remains low, given the limited
value addition in its business and competitive nature of the
industry. The company's liquidity position also remains stretched,
as is evident from the consistently high utilisation of working
capital limits that restricts its financial flexibility. ICRA also
takes note of the company's vulnerability to the cyclicality
associated with the steel industry which has been passing through
a weak phase over the past few years. In addition, the continuing
sluggishness in the construction and real estate industries, which
are predominantly VSAPL's end-user industries, constrain the
ratings. Nevertheless, the government's protective measures to
curb cheap steel imports and thrust on affordable housing and
infrastructure are likely to translate into improved steel demand
in the country in the near-to-medium term. Going forward, the
demand scenario in the domestic steel industry and the company's
ability to manage its working capital efficiently would be the key
rating sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of promoters: VSAPL has been involved in
manufacturing ingots and long structural products since 1999. The
promoter's long track record in the steel industry and established
relationship with customers help secure business for the company.

* Partially integrated nature of operations: VSAPL has partially
backward integrated operations. As such, about half of the mild
steel (MS) ingots required are manufactured in-house, thereby
mitigating raw material availability risks to an extent.

* Well-established market position in Uttar Pradesh and Delhi-NCR:
Given its relatively long track record of operations, the company
has been able to establish long relationships with its customers
in Uttar Pradesh and Delhi.

Credit weaknesses

* Below-average financial profile: The company's operating profit
margin has remained in the range of 3-4% over the past few years.
This in turn has impacted the net margin, which was further
affected by high depreciation and interest cost and remained
subdued at around 0.07% in FY2017. Though the company has no long-
term repayment obligations and no near-term debt-funded capital
expenditure (capex) plan, its capital structure remains leveraged
with gearing of 1.26 times as of March 2017 on account of modest
net worth base and limited accretion to reserves.

* High working capital limits utilisation: The company's liquidity
position remained tight as evident from the consistently high
utilisation of its working capital limits which restricts
financial flexibility. The company's working capital utilisation
levels have remained high because of the high inventory holdings
that also expose the company to price risk.

* Vulnerability to cyclicality in steel industry, albeit expected
improvement in demand: The steel industry has been passing through
a sluggish phase over the last few years, which has been affecting
the profitability and cash flows of the players. However, some
improvement has been witnessed since H2 FY2017 on the back of
better realisation in the domestic market. Protective measures
undertaken by the Government to curb cheap steel import and better
realisation in the international market drove the improvement.
Moreover, the Government's thrust on affordable housing and
infrastructure is expected to positively impact steel demand in
the country in the near-to-medium term.

* Thin profitability due to intense competition, fragmented nature
of industry and cyclicality inherent in steel industry: The
secondary steel manufacturing segment is highly fragmented due to
the commoditised nature of the product. In addition, intense
competition from numerous small organised and unorganised players
limits the pricing flexibility of manufacturers. The realisation
depends on the price of raw material (MS ingots and steel scrap).
Although the prices generally move in tandem, there could be
short-term mismatches in the raw material and end product prices,
leading to volatility in margins.

Incorporated in 1999, VSAPL manufactures MS ingots and long
structural steel products like MS angles, girders and channels.
Its manufacturing facility is located at Muzaffarnagar, Uttar
Pradesh and has installed capacities of 15,000 metric tonne per
annum (MTPA) of MS ingots and 51,075 MTPA of structural products.
VSAPL has partially backward integrated operations, and as such
most of the MS ingots required are manufactured in-house and are
captively consumed. Structurals like angles and channels are sold
under the company's own brand name.


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

-- INR93.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR11 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 19, 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 1993, VPPL (erstwhile Vibgyor Chemtex)
manufactures, supplies, and exports a wide assortment of dyes and
pigments to European and Asian countries. The company is headed by
Amit Banthia.


VIKRANT ISPAT: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vikrant Ispat
Udyog's (VIU) Long-Term Issuer Rating to 'IND B+' from 'IND BB-
(ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-
wise rating actions are:

-- INR135 mil. (reduced from INR145 mil.) Fund-based working
    capital limits downgraded with IND B+/Stable/IND A4 rating;

-- INR20 mil. Non-fund-based working capital limits downgraded
    IND A4 rating;

KEY RATING DRIVERS

The downgrade reflects weaker credit metrics due to a fall in
operating margin and an increase in debt in FY17. During the
period, EBITDA margin declined to 0.94% (FY16: 1.25%), as the firm
had been foregoing margins to a certain extent to secure more
orders. In FY17, interest coverage (operating EBITDA/gross
interest expense) was 0.94x (FY16: 1.51x) and net leverage (total
adjusted net debt/operating EBITDA) was 10.03x (6.62x).

The ratings reflect VIU's tight liquidity, indicated by about 98%
utilisation of its fund-based limits during the 12 months ended
November 2017.

However, the ratings are supported by moderate scale of operations
and year-on-year improvement in revenue in FY17. Revenue increased
13% yoy to INR2,435.04 million, driven by the addition of
clientele.

RATING SENSITIVITIES

Negative: Further deterioration in EBITDA margin leading to
further deterioration in credit metrics could be negative for the
ratings.

Positive: A significant improvement in EBITDA margin leading to an
improvement in the credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 1976, VIU is a partnership firm engaged in the
dealership of the products of Tata Steel Limited ('IND AA'/RWE).
The key products offered by the firm include thermo-mechanically
treated bars, wires, pipes, angles, steel bars, steel angles,
coils and plates.

VIU is promoted by Mr Bhupinder Kumar Bansal and Mr Pramod Kumar
Singhal.


WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR5.60cr Term Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed a long-term rating of [ICRA]B+ to the
INR5.61-crore fund-based facilities of Workspace Metal Solutions
Pvt. Ltd. ICRA has also reaffirmed a long-term rating of [ICRA]B+
to the INR2.50-crore non-fund based facilities and INR7.04-crore
unallocated limits of WMSPL. The outlook on the long-term rating
is 'Stable'.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund based-Overdraft    1.75       [ICRA]B+ (Stable); Reaffirmed

  Fund based-Term Loan    3.86       [ICRA]B+ (Stable); Reaffirmed

  Non-fund based-Bank
  Guarantee               2.50       [ICRA]B+ (Stable); Reaffirmed

  Unallocated             7.04       [ICRA]B+ (Stable); Reaffirmed

Rationale
The rating reaffirmation takes into account the strengths derived
from being a part of the Pyrotech Group, the operational synergy
between Group companies that manufacture B2B industrial modular
furniture and the adequate current order book. The rating
favourably takes into account the improvement in the operating
profitability of the company, which has enabled it to generate
positive cash accruals in FY2017. The rating draws comfort from
the funding support being provided by the promoters in the form of
equity infusion.

However, the rating continues to be constrained by the company's
small scale of operations. Further, the weak return and debt-
coverage metrics of the company despite ramp up in sales and cash
accruals impacts the rating.

Outlook: Stable

ICRA believes that WMSPL will continue to benefit from the
extensive experience of its promoters and the group synergy in
terms of common client base and consequently easy availability of
orders. The outlook may be revised to 'Positive' if the company is
able to revive its operating scale and improve its profitability
and debt-coverage indicators. The outlook may be revised to
'Negative' if the profitability decline than expected, or if any
sudden increase in capital expenditure or stretch in the working
capital cycle weakens liquidity.

Key rating drivers

Credit strengths

* Strengths derived as a part of the Pyrotech Group: The company
is a part of the Pyrotech Group that has different lines of
businesses. The company, on a consolidated level, benefits from
common client relationships that help in repeat business and
common supplier that helps in higher credit terms.

* Improved operating metrics: The company has posted operational
losses in the last two years, as the overhead expenses and fixed
manufacturing cost have been significantly higher than the
capacity utilised in this period. However, the company has
registered positive operating margin and cash accruals in FY2017
on the back of improved order book and execution.

* Healthy order book position: In the last one year, the company
has added various new clients. This has improved its order book,
which stood at INR28.95 crore as on November 16, 2017.

Credit challenges

* Small scale of operations and weak coverage indicators - The
company's scale of operations has remained small despite it being
operational since 2011, though improving on a YoY basis over the
last three years. Despite the ramp up in sales and improvement in
the operating margins in FY2017, the company remained dependent on
promoters support for debt servicing. ICRA notes that historically
the promoters have supported the entity via infusion of equity to
fund operational losses. Till FY2017, the promoters have infused
INR18.51 crore as equity, which led to increase in the net worth
position of the company despite continuous losses. This in turn
kept leverage at low levels. This apart, the company receives
extended credit from Group entities.

WMSPL was set up to manufacture metal-based furniture to be used
in offices and retail spaces. The company is a part of the
Udaipur-based Pyrotech Group which has interests in manufacturing
control panels, electronic equipment, temperature sensors and
industrial cables. The Group company, Pyrotech Workspace,
manufactures wooden modular furniture used in offices, control
room furniture etc. With capacities in metal-based furniture, the
Group will have a wider product portfolio to offer to its
customers.

In FY2017, the company reported a net loss of INR1.08 crore on an
operating income (OI) of INR10.47 crore compared with a net loss
of INR2.30 crore on an OI of INR7.1 crore in the previous year.



================
S R I  L A N K A
================


BANK OF CEYLON: Moody's Affirms B1 Long-Term LC Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the long-term ratings of
three banks in Sri Lanka (B1 negative).

The rating actions follow the affirmation of Sri Lanka's B1
sovereign rating.

The affected banks are: (1) Bank of Ceylon; (2) Hatton National
Bank Ltd.; and (3) Sampath Bank PLC. The baseline credit
assessments (BCAs) and Adjusted BCAs of the three banks were
affirmed at b1. The counterparty risk assessments (CRAs) of the
three banks were affirmed at Ba3(cr)/NP(cr).

The outlook on the ratings of the three banks, where applicable,
are maintained at negative.

Operating conditions for Sri Lanka's banks have weakened because
of the high loan growth over the last two years, driven by a
loosening of underwriting standards. As a result, Moody's has
changed Sri Lanka's Macro Profile to "Weak +" from "Moderate -",
and considered the new Macro Profile in the affirmation of the
three Sri Lankan banks.

RATINGS RATIONALE

The affirmation of the three banks ratings and the maintained
negative outlooks follow Moody's affirmation of Sri Lanka's B1
sovereign rating with a negative outlook on December 12, 2017.

The ratings and outlooks of banks typically follow the ratings and
outlooks of their respective governments if the banks' ratings are
positioned at the same level as the sovereign rating, which is the
case for Bank of Ceylon, Hatton National Bank Ltd. and Sampath
Bank PLC.

Typically, such linkages between the sovereign credit profile and
the credit metrics of the domestic banks are driven by the banks'
large investments in sovereign bonds, as well as by common drivers
of the underlying operating conditions.

The key factor driving the negative outlook on Sri Lanka's
sovereign rating is Moody's view that persistently high government
liquidity and external vulnerability risks continue to pressure
Sri Lanka's credit profile. Specifically, measures to build
reserves and smooth the profile of external payments may be
insufficient to stem imminent government liquidity and balance of
payments pressures starting in 2019, when large international debt
repayments come due and Sri Lanka's three-year International
Monetary Fund (IMF) Extended Fund Facility (EFF) program
concludes.

Moody's has also changed the Macro Profile for Sri Lanka to
"Weak +" from "Moderate -", reflecting Moody's view that operating
conditions have weakened for Sri Lankan banks. In particular,
Moody's has adjusted downwards the credit conditions score by one
notch to reflect rapid credit growth in Sri Lanka over the last
three years to end June 2017, growing at a compounded annual
growth rate (CAGR) of 21%.

Because Sri Lanka is an underpenetrated banking market, strong
credit growth in itself is not necessarily a cause for concern.
However, the current episode of strong credit growth has come
against a backdrop of moderating economic growth. Thus, the credit
growth multiplier (credit growth/nominal GDP growth) has increased
rapidly to around 2x over the three years to end 2016. The
negative adjustment to credit conditions reflects Moody's concern
that the divergence between credit growth and underlying economic
conditions may be unsustainable.

The lowering of Sri Lanka's Macro Profile to "Weak +" from
"Moderate -" has no impact on the BCAs of the three Sri Lankan
banks.

RATIONALE BEHIND THE AFFIRMATION OF BANKS' BCAs, ADJUSTED BCAs,
AND CRAs

Moody's has affirmed the b1 BCAs and b1 Adjusted BCAs of the three
banks.

For Bank of Ceylon, its b1 BCA and adjusted BCA, as well as its
B1/B2 local and foreign currency deposit ratings, were affirmed
owing to the bank's broadly stable asset quality with a 3.3%
problem loans ratio at the end of September 2017 (2016: 2.9%,
2015: 4.3%), as well as Moody's expectation that its profitability
will remain stable. Moody's expects there could be some
improvement in the bank's capital buffers as it prepares to comply
with Basel III capital norms.

For Sampath Bank, its b1 BCA and adjusted BCA, as well as its
B1/B2 local and foreign currency deposit ratings, were affirmed
because of the bank's healthy asset quality and profitability
metrics. The bank's problem loans ratio stood at 1.7% at the end
of September 2017, broadly unchanged from 1.6% at year-end 2016.
Return on average assets over the nine months ended September 30,
2017 was also stable at 1.6% from 1.6% at year-end 2016. The
ratings were affirmed to also reflect its improving capital ratio
following its recent rights issue. Finally, the BCA also captures
the potential risk to the bank's asset quality on account of the
very strong loan growth seen over the last three years. The bank's
BCA of b1 is constrained by the Sri Lankan sovereign rating of B1.

For Hatton National Bank Ltd., its b1 BCA and adjusted BCA, as
well as its B1/B2 local and foreign currency deposit ratings, were
affirmed because of the bank's largely stable solvency and
liquidity metrics. The bank posted a mild increase in its problem
loans ratio to 2.6% of gross loans at the end of September 2017,
from 1.8% at year-end 2016. However, this risk was balanced by the
rights issue in the third quarter of 2017, when the bank attracted
LKR14.5 billion in line with the July 2017 implementation of Basel
III capital rules in Sri Lanka. Following the capital increase,
its tangible common equity to adjusted risk weighted assets ratio
improved to 13.7% in the third quarter of 2017, from 11.0% in the
previous quarter.

The Counterparty Risk Assessments of the three banks were affirmed
because of the affirmation of their Adjusted BCAs.

WHAT COULD MOVE THE RATING UP/DOWN

Given the negative sovereign outlook, there is no potential for an
upward revision of the long-term credit ratings of the three Sri
Lankan banks. This is because the banks' long-term ratings are
positioned at the same level as Sri Lanka's sovereign B1 rating.

A downgrade of Sri Lanka's sovereign rating will result in a
downgrade of the long-term credit ratings of the three Sri Lankan
banks.

The BCAs of the three banks could be lowered if there is a
material deterioration in solvency factors, such as asset quality,
profitability and capital. Tighter liquidity and an increased
reliance on market funding would also be negative for the BCAs.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

Bank of Ceylon

* Long-term local currency deposit rating affirmed at B1.

* Long-term foreign currency deposit rating affirmed at B2.

* Long-term foreign currency issuer rating affirmed at B1.

* BCA and Adjusted BCA affirmed at b1

* Long-term/ short-term Counterparty Risk Assessments (CRA)
affirmed at Ba3(cr)/NP(cr).

* Outlook on all ratings, where applicable, are maintained at
negative.

Sampath Bank PLC

* Long-term local currency deposit rating affirmed at B1.

* Long-term foreign currency deposit rating affirmed at B2.

* Long-term foreign currency issuer rating affirmed at B1.

* BCA and Adjusted BCA affirmed at b1

* Long-term/ short-term Counterparty Risk Assessments (CRA)
affirmed at Ba3(cr)/NP(cr)

* Outlook on all ratings, where applicable, are maintained at
negative.

Hatton National Bank Ltd.

* Long-term local currency deposit rating affirmed at B1.

* Long-term foreign currency deposit rating affirmed at B2.

* BCA and Adjusted BCA affirmed at b1

* Long-term/ short-term Counterparty Risk Assessments (CRA)
affirmed at Ba3(cr)/NP(cr)

* Long-term foreign currency issuer rating affirmed at B1

* Outlook on all ratings, where applicable, are maintained at
negative.

Bank of Ceylon, headquartered in Colombo, reported total assets of
LKR1,932 billion at September 30, 2017.

Sampath Bank PLC, headquartered in Colombo, reported total assets
of LKR782 billion at September 30 2017.

Hatton National Bank Ltd., headquartered in Colombo, reported
total assets of LKR1,004 billion at September 30, 2017.

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



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***